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

            Monday, April 4, 2016, Vol. 17, No. 65


                            Headlines



A R G E N T I N A

ARGENTINA: Congress OKS Payments to Holdout Creditors
ARGENTINA: GDP Warrants Sink to Two-Month Low on Data Revision
BUENOS AIRES: Fitch Upgrades Issuer Default Ratings to 'B'


B O L I V I A

FORTALEZA VIDA: Moody's Puts B2 Global Local-Currency IFS Rating


B R A Z I L

BANCO RCI: Moody's Assigns Ba3 Foreign Currency Deposit Ratings
BANCO VOTORANTIM: S&P Puts 'BB/B' Sub. Debt Rating on Watch Neg.
BRAZIL: Economy to Contract 3.5% This Year, Central Bank Says
MAGNESITA REFRATARIOS: S&P Affirms 'BB' CCR; Outlook Negative
NEOENERGIA SA: S&P Affirms 'BB' CCR; Outlook Remains Negative

OMNI SA-CREDITO: Fitch Keeps 'B' IDR on Banco Pecunia Acquisition
PETROLEO BRASILEIRO: Unveils New Voluntary Layoff Plan
VOTO-VOTORANTIM: S&P Puts US$400MM Bonds' BB+ Rating on Watch Neg.


C A Y M A N  I S L A N D S

ARK MASTERS: Creditors' Proofs of Debt Due April 12
ARK MASTERS FUND: Creditors' Proofs of Debt Due April 12
BERMA LIMITED: Creditors' Proofs of Debt Due April 15
BK - SAMUI: Creditors' Proofs of Debt Due April 14
DEMETER HEDGING: Creditors' Proofs of Debt Due April 15

DEMETER HEDGING (AMERICAS): Creditors' Proofs of Debt Due April 15
DINVEST CONCENTRATED: Members Receive Wind-Up Report
FORCE CAPITAL: Creditors' Proofs of Debt Due Today
MAYFAIR PANTHER: Members Receive Wind-Up Report
MOONCREST LTD: Creditors' Proofs of Debt Due April 15

QUEST BRAZIL: Shareholder Receives Wind-Up Report
SBT VENTURE: Shareholders to Hear Wind-Up Report on April 8
SOLSTICE ABS: Shareholder to Hear Wind-Up Report on April 8
THA LIMITED: Creditors' Proofs of Debt Due April 14
ZAIS INVESTMENT: Shareholder to Hear Wind-Up Report on April 8


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Imports Fall US$404.8 Million in 2015


M E X I C O

BANCA MIFEL: S&P Raises Global Scale Ratings to 'BB'


P A R A G U A Y

PARAGUAY: S&P Assigns 'BB' Rating on US$600MM Unsubordinated Bonds


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Loses 2 Senior Executives


V I R G I N  I S L A N D S

VIRGIN ISLANDS WATER: Moody's Reviews Ba1 Rating for Downgrade


X X X X X X X X X

* BOND PRICING: For the Week From March 28 to April 1, 2016


                            - - - - -


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


ARGENTINA: Congress OKS Payments to Holdout Creditors
-----------------------------------------------------
bernama.com reports that Argentina's Congress has passed a bill
that will allow the government to repay holders of debt that the
South American country defaulted on in 2001, including a group of
litigating hedge funds that won judgments in a New York court.

After more than 12 hours of debate on March 30 in the Senate, the
bill passed by a vote of 54-16, according to bernama.com.  It had
been approved in the lower house of Congress on March 16.

The report notes that President Mauricio Macri's business-friendly
administration had earlier reached settlement deals with holdout
creditors that had refused to accept steep haircuts on the
sovereign bonds -- issued under U.S. law -- in 2005 and 2010 debt
restructurings, but he needed Congress' approval to make the
payments by the April 14 deadline.

The ruling coalition received the support of many opposition
lawmakers, including members of the Front for Victory, or FPV, the
party of President Macri's predecessor, Cristina Fernandez, the
report says.

The head of that party's bloc in the Senate, Miguel Angel
Pichetto, raised the ire of the staunchest supporters of Fernandez
and her late husband, Nestor Kirchner, by announcing that he and
several of his colleagues would support the bill, the report
discloses.

"I'm going to vote with responsibility and conviction.  I'm not
going to support this bill. It's unfair for our children,
grandchildren and great-grandchildren to fund this government,"
FPV Sen. Nancy Gonzalez said, the report relays.

The bill also gives President Macri's administration permission to
sell some US$12 billion in bonds on international financial
markets to finance the debt repayments, the report notes.

A US$4.65 billion settlement was reached in late February between
President Macri's administration and four U.S. hedge funds,
including Elliott Management Corp. founder and CEO Paul Singer's
NML Capital Ltd., that had successfully sued Argentina in a New
York federal court, the report discloses.

As a result of that legal battle, U.S. District Judge Thomas
Griesa in Manhattan issued a ruling in 2012 that blocked Argentina
from making interest payments to its exchange bondholders (those
that had accepted the 2005 and 2010 restructurings) unless it
first paid the holdouts in full or settled with them, the report
relays.

Judge Griesa finally moved to lift that injunction in February,
just over two months after President Macri succeeded leftist
Cristina Fernandez, who had slammed the hedge funds as "vultures,"
the report notes.

Judge Griesa said in his Feb. 19 decision, which was conditioned
on Argentina repealing laws that prevented the country from
settling with the holdouts, that President Macri's election had
"changed everything" and that the country was now making a "good-
faith willingness" to negotiate, the report discloses.

President Macri moved quickly to reach a settlement to pave the
way for Argentina's return to capital markets after a 15-year
hiatus.

The judge's ruling put pressure on NML Capital and the three other
large holdout hedge funds to settle with Argentina and accept a
deal that gave them roughly 75 percent of their claims, the report
relays.

The Wall Street Journal reported in early March that Singer and
Jay Newman, an Elliott portfolio manager, saw an opportunity when
Argentina's government debt was trading at 20 cents on the dollar
"in the early days of George W. Bush's first term," or the start
of 2001, the report notes.

The financial daily added that Elliott would be handsomely
rewarded for its patience, adding that the hedge fund will have
made a US$2.4 billion profit on its Argentina bet, or a gain of
"roughly 10 to 15 times its original investment," the report
discloses.

The paper said that profit takes into account "over $100 million
for lawyer fees and other considerations," the report notes.

The origins of Argentina's late 2001 default, which was then the
largest in history and occurred amid a financial meltdown and
economic depression, go back to Argentina's 1976-1983 military
regime, which presided over a 465 percent expansion in public
indebtedness, the report adds.

                         *     *     *

On Aug. 1, 2014, the Troubled Company Reporter-Latin America
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  U.S. District Judge Thomas
Griesa had ruled that the interest payment couldn't be made unless
the hedge funds led by Elliott Management Corp., got the US$1.5
billion they claimed.  The country hasn't been able to access
international credit markets since its US$95 billion default 13
years ago.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.

On Nov. 27, 2015, Moody's Investors Service has changed the
outlook on Argentina's Caa1 issuer rating to positive from stable.
The outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

Mr. Macri has been working to repair relations with the
international financial world, which has largely shunned Argentina
for more than a decade.

In line with this, Argentina had requested that the injunction be
lifted after it made an offer to pay $6.5 billion to settle
lawsuits from other holdout bondholders on Feb. 5.  The lower
house of Argentina's legislature has approved the holdout debt
deals, and the bill was being weighed by the Senate, which was
expected to vote by March 30.

However, there was another group of bondholders not included in
the $4.65 billion deal between Argentina and the four hedge funds
who have argued that they will get far worse terms if they agree
to Argentina's $6.5 billion proposal.

NML Capital appealed Judge Griesa's ruling, and the matter has
since been held up because the appeals court stayed the ruling.

On March 24, 2016, Fitch Ratings has upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.

ARGENTINA: GDP Warrants Sink to Two-Month Low on Data Revision
--------------------------------------------------------------
Carolina Millan at Bloomberg News reports that Argentine
securities tied to economic growth fell to a two-month low on
concern that a revision to the way expansion is measured will
result in reduced returns.

The warrants dropped 5.2 percent to 9.95 cents at 1:09 p.m. in New
York on April 2, reaching the lowest price since Jan. 25,
Bloomberg News relays.  Prices have fallen 11 percent since the
government said March 30 that it will change the time series used
to calculate gross domestic product, Bloomberg News notes.

The move is fueling speculation that government tallies of annual
economic growth are now more likely to come in under the 3 percent
threshold that triggers payouts on the securities, according to
Siobhan Morden, the head of Latin America fixed-income strategy at
Nomura Holdings Inc., Bloomberg News discloses.

The warrants had surged 44 percent from the end of September
through February on wagers that the Argentine economy was poised
for faster growth under President Mauricio Macri, who took office
in December, Bloomberg News relays.

"We would not rule out data revisions that conveniently bias for
lower debt service," Morden wrote in a note, says the report.

TPCG, a Buenos Aires-based brokerage, recommended investors sell
the warrants because of "vast" uncertainties and risks "strongly
skewed to the downside," Bloomberg News adds.


                         *     *     *

On Aug. 1, 2014, the Troubled Company Reporter-Latin America
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.

On Nov. 27, 2015, Moody's Investors Service has changed the
outlook on Argentina's Caa1 issuer rating to positive from stable.
The outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

Mr. Macri has been working to repair relations with the
international financial world, which has largely shunned Argentina
for more than a decade.

In line with this, Argentina had requested that the injunction be
lifted after it made an offer to pay $6.5 billion to settle
lawsuits from other holdout bondholders on Feb. 5.  The lower
house of Argentina's legislature has approved the holdout debt
deals, and the bill was being weighed by the Senate, which was
expected to vote by March 30.

However, there is another group of bondholders not included in the
$4.65 billion deal between Argentina and the four hedge funds who
have argued that they will get far worse terms if they agree to
Argentina's $6.5 billion proposal.  NML Capital appealed Judge
Griesa's ruling, and the matter was held up because the appeals
court stayed the ruling.

On March 30, after more than 12 hours of debate in the Senate,
Argentina's Congress passed a bill that will allow the government
to repay holders of debt that the South American country defaulted
on in 2001, including a group of litigating hedge funds that won
judgments in a New York court. The bill passed by a vote of 54-16.

On March 24, 2016, Fitch Ratings has upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.


BUENOS AIRES: Fitch Upgrades Issuer Default Ratings to 'B'
----------------------------------------------------------
Fitch Ratings has upgraded several Argentine local and regional
governments' long-term foreign and local currency Issuer Default
Ratings (IDRs) and related issue ratings.

                        KEY RATING DRIVERS

These rating actions follow Fitch's upgrade of Argentina's Country
Ceiling to 'B' from 'CCC'.

The long-term and local currency IDRs and Country Ceiling upgrades
are driven by the improved consistency and sustainability of
Argentina's policy framework, reduced external vulnerability, and
the expected easing of fiscal financing constraints.  These
improvements balance risks related to relatively weak external
liquidity, continued macroeconomic underperformance compared with
peers, and deterioration of public finances in recent years.
Argentina's ratings also balance structural strengths such as GDP
per capita and social indicators against a weak debt repayment
record.

Fitch has upgraded these ratings:

City of Buenos Aires

   -- Long-term foreign and local currency IDR to 'B' from 'CCC';
      assigned Outlook Stable;
   -- Short-term foreign and local currency IDR to 'B' from 'C';
   -- Euro medium-term note programme (EMTN) to USD2,290 million
      long-term rating to 'B' from 'CCC';
   -- Series 10 for USD415 million long-term rating to 'B' from
      'CCC';
   -- Programme of Short-Term Treasury Bills up to ARP950 million:
      short-term rating to 'B' from 'C'.

Municipality of La Plata

   -- Long-term foreign and local currency IDR to 'B' from 'CCC';
      assigned Outlook Stable.

Province of Salta

   -- Long-term foreign and local currency IDR to 'B' from 'CCC';
      assigned Outlook Stable;
   -- Secured Note (Provincial Law 7,691) for USD 185 million
      long-term rating to 'B' from 'CCC'.

Province of Neuquen

   -- Long-term foreign and local currency IDR to 'B' from 'CCC';
      assigned Outlook Stable.

                        RATING SENSITIVITIES

An upgrade in the Sovereign's country ceiling accompanied by a
sound fiscal performance of the subnationals could lead to a
change in the same direction on the Argentine Local and Regional
Governments' ratings.


=============
B O L I V I A
=============


FORTALEZA VIDA: Moody's Puts B2 Global Local-Currency IFS Rating
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo ("Moody's")
has assigned a B2 global local-currency (GLC) insurance financial
strength (IFS) rating and a Aa3.bo Bolivian national scale IFS
rating to Compania de Seguros de Vida Fortaleza S.A. ("Fortaleza
Vida"). Both ratings carry a stable outlook.

RATINGS RATIONALE

Fortaleza Vida is a start-up Bolivian life insurer that is
privately owned by a local family, and is part of Grupo Financiero
Fortaleza, a local financial conglomerate that includes affiliates
engaged in the brokerage, finance, banking, and leasing
businesses. The company began operations in 2016 providing credit-
life coverage to the client base of Banco Fortaleza (rated
B2/Aa3.bo with stable outlook for bank deposits). Grupo Financiero
Fortaleza also comprises a Bolivian property and casualty insurer
(Compa§°a de Seguros y Reaseguros Fortaleza, B2/Aa3.bo stable IFS
rating), which is operationally integrated with Fortaleza Vida.

According to Moody's, Fortaleza Vida's ratings are based primarily
on the insurer's high degree of operational integration with Banco
Fortaleza as its main distribution channel and revenue source.
This integration provides Fortaleza Vida with the potential to
expand its business volume, representing a competitive advantage
for the company. The high granularity of the credit-life coverage
of Banco Fortaleza's client base is also a positive credit
consideration. Moody's lead analyst for Fortaleza Vida, Diego
Nemirovsky, commented: "Fortaleza Vida's ratings benefit from its
integration and synergies with Fortaleza Group, given its
established presence in Bolivia, leveraging Fortaleza Vida's
operations."

Moody's pointed out, however, that these strengths are tempered by
several credit concerns and challenges for the company including
the following: 1) Fortaleza Vida's lack of operating history and
uncertain future performance; 2) the investment risk associated
with its concentration in Bolivian sovereign bonds as well as
local bank deposits, common for most Bolivian insurers; and 3) the
company's narrow product focus and very modest market presence,
reflecting the captive-nature of its operations.

Commenting on factors that could result in an upgrade for
Fortaleza Vida's ratings, Moody's cited the following: 1) an
upgrade of one or more affiliates of Fortaleza Group; 2) a
significant and sustainable growth of the company's market share;
3) a good track record of profitability, with sustained return on
capital metrics of at least 20% and combined ratio below 85%; and
4) a significant improvement in Bolivia's government bond rating.
Conversely, Fortaleza Vida's ratings could be downgraded for the
following reasons: 1) a downgrade of one or more affiliates of
Fortaleza Group; 2) a consistent negative return on capital; 3) a
deterioration in its capital adequacy (e.g. adjusted shareholders'
equity being less than 25% of total assets); and/or 4) a
significant deterioration in Bolivia's government bond rating
and/or the country's insurance operating environment.

Headquartered in La Paz, Bolivia, Fortaleza Vida reported total
assets and shareholders' equity of BOB 10 million as of December
31, 2015. As of that date, the company posted a net loss of BOB
58,000.


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


BANCO RCI: Moody's Assigns Ba3 Foreign Currency Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service assigned long and short-term global
local currency deposit ratings of Ba1 and Not-Prime, respectively,
to Banco RCI Brasil S.A. (Banco RCI), with a stable outlook. At
the same time, Moody's assigned to Banco RCI long and short-term
foreign currency deposit ratings of Ba3 and Not-Prime, with a
negative outlook, as well as long- and short-term Brazilian
national scale deposit ratings of Aa1.br and BR-1. Moody's also
assigned to Banco RCI a standalone baseline credit assessment
(BCA) of ba3, an adjusted BCA of ba1, and counterparty risk
assessments of Baa3(cr) and Prime-3(cr), long and short-term
respectively.

This is the first time Moody's has assigned ratings to Banco RCI.

At the same time, Moody's withdrew its long-term issuer and
corporate family ratings of Ba1 assigned to Companhia de Credito,
Financiamento e Investimento RCI Brasil (RCI Brasil). Moody's also
withdrew RCI Brasil's long-term Brazilian national scale issuer
rating of Aa1.br.

The following ratings and assessments were assigned to Banco RCI
Brasil S.A:

-- Long-term global local currency deposit rating of Ba1, stable
    outlook

-- Short-term global local currency deposit rating of Not-Prime

-- Long-term foreign currency deposit rating of Ba3, negative
    outlook

-- Short-term foreign currency deposit rating of Not-Prime

-- Long-term Brazilian national scale deposit rating of Aa1.br

-- Short-term Brazilian national scale deposit rating of BR-1

-- Baseline credit assessment of ba3

-- Adjusted baseline credit assessment of ba1

-- Long-term counterparty risk assessment of Baa3(cr)

-- Short-term counterparty risk assessment of Prime 3(cr)

Moody's withdrew the following ratings of Companhia de Credito,
Financiamento e Investimento RCI Brasil:

-- Long-term global local currency corporate family rating of Ba1

-- Long term global local currency issuer rating of Ba1

-- Long term Brazilian national scale local currency issuer
    rating of Aa1.br

RATINGS RATIONALE

The withdrawal of the ratings assigned to RCI Brasil and the
assignment of ratings to Banco RCI follow the incorporation of the
finance company by Banco RCI in 29 January 2016, whereupon RCI
Brasil ceased to exist as a standalone entity. In 14 October 2015,
the Brazilian bank regulator authorized the conversion of
Companhia de Arrendamento Mercantil RCI Brasil S.A., a leasing
company whole-owned by RCI Brasil, into Banco RCI Brasil S.A., a
universal bank. Approximately 80% of the bank's assets were
transferred from RCI Brasil, while the remainder belonged to the
former leasing company. Shareholders' participation in the bank's
equity position remains the same as it was previously in the
finance company, with RCI Banque maintaining control and Banco
Santander (Brasil) S.A. holding a minority share. Please refer to
the Moody's Investors Service's Policy for Withdrawal of Credit
Ratings, available on its website, www.moodys.com.

"The bank's ratings reflect its franchise as a captive finance
operation of automakers Renault and Nissan. With the consolidation
of both finance and leasing companies' operations, the bank will
provide credit lines and financial leases to individuals for the
acquisition of cars and will also finance dealers' inventories.
The rating also reflects the strong credit risk profile of Banco
RCI's loan book, which is explained by the low-risk nature of new
car financing. In past years, RCI Brasil's loan delinquency
metrics remained well below the banking system's average non-
performing ratios for auto loans. We anticipate a similar
performance for the bank given its close relationship with the two
automakers and authorized dealers. The rating is also supported by
comfortable capitalization and reserves, which provide important
buffers to absorb potential loan losses."

These credit strengths are offset by risks associated with Banco
RCI's mono-line operation, which results in low earnings
diversification as well as profitability metrics closely tied to
the sales volumes of Renault and Nissan. In addition, as was also
the case with RCI Brasil, Banco RCI is expected to continue to
depend heavily on undiversified sources of wholesale market
funding, comprised mostly of debt issued domestically and time
deposits with financial institutions, notwithstanding the bank's
ability to take deposits.

Banco RCI's long-term global local currency deposit rating of Ba1
is two notches above the bank's standalone BCA, which incorporates
Moody's assessment of a high willingness by the bank's France-
based affiliate RCI Banque (Baa1/Baa1 stable, baa3) to provide
support in the event that Banco RCI faces financial stress. The
assessment of high willingness to provide support stems from the
bank's and its parent's shared business focus. The long-term
foreign currency deposit rating is constrained by the country's
ceiling for foreign currency deposit and has a negative outlook in
line with the negative outlook on Brazil's debt sovereign rating.

WHAT COULD MAKE THE RATING GO DOWN

A weakening of Banco RCI's asset quality indicators resulting from
continued deterioration in the economic scenario would have
negative effect on the BCA. A decline in profitability owing to an
industry-wide slump in auto sales could also result in a lower BCA
for Banco RCI, which would result in a downgrade of the bank's
global local currency deposit rating. A downgrade of its parent's
standalone BCA would lead to a downgrade of the bank's global
local currency deposit rating, while a downgrade of the bank's
global foreign currency deposit rating would follow a downgrade of
the Brazilian government's rating. Upward pressure on the ratings
is unlikely at this time given Brazil's challenging operating
environment.

LAST RATING ACTION

The last rating action on RCI Brasil occurred on 3 November 2014,
when Moody's affirmed RCI Brasil's long-term global local currency
issuer rating at Ba1, long-term local currency corporate family
rating (CFR) of Ba1, local currency issuer rating on the Brazilian
national scale at Aa1.br and the company's BCA at ba3. All ratings
had a stable outlook.


BANCO VOTORANTIM: S&P Puts 'BB/B' Sub. Debt Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Rating Services placed its 'BB/B' global scale
and 'brA+/brA-1' national scale ratings on Banco Votorantim S.A.
(BV), S&P's 'brA-' subordinated debt rating on BV Leasing
Arrendamento Mercantil S.A., and S&P's 'brA+/brA-1' ratings on
Votorantim Financas on CreditWatch negative.  The rating action
followed a similar action on the bank's shareholder, the
Votorantim group.

Ratings on BV are one notch above its stand-alone credit profile
(SACP) due to S&P's assessment of the bank as a moderately
strategic subsidiary of Votorantim S.A., its ultimate parent.  S&P
considers BV to be part of the Votorantim group's GCP of 'bb+',
although S&P acknowledges the potential support stemming from
Banco do Brasil, especially in regards to liquidity.  Therefore,
S&P adds one notch above BV's SACP to reflect that support from
the Votorantim group, in line with S&P's group rating methodology.

Under the GCP assessment for the Votorantim group, S&P's financial
analysis and forecasts incorporate a potential contingent
liability from BV through Votorantim Financas that may spill over
to the holding level.  This stems from S&P's understanding that
under the Law 9,447/1997, the individual or legal entities
exercising control over financial institutions, subject to
intervention or liquidation, are jointly and severally liable for
the latter's unpaid liabilities.  On the other hand, public banks
such as Banco do Brasil are insulated from these potential
liabilities because the Brazilian law prevents the central bank
from freezing assets or intervening in public banks.  S&P also
incorporates in its analysis of the group the mitigating factors,
which includes the group's shared control of the bank with Banco
do Brasil and BV's 'bb-' SACP.  Although the responsibility of a
Brazilian controlling shareholder to support the bank is not
equivalent to a financial guarantee, S&P expects ratings effect
from this potential event.


BRAZIL: Economy to Contract 3.5% This Year, Central Bank Says
-------------------------------------------------------------
EFE News reports that Brazil's gross domestic product (GDP) will
contract 3.5 percent this year and inflation will hit 6.6 percent,
the Central Bank said in a report.

The Central Bank's latest projections are far more pessimistic
than those in its December bulletin, which estimated that GDP
would decline by 1.9 percent and inflation would reach 6.2 percent
in 2016, according to EFE News.

The government reported on March 3 that Brazil's economy
contracted 3.8 percent in 2015, marking the worst economic
downturn in the past 25 years, the report relays.

If the Central Bank's 2016 forecast turns out to be correct,
Brazil's economy will contract for two years in a row for the
first time since 1930, the report notes.

The Central Bank's outlook is still more positive than that of
private sector analysts, who expect Brazil's economy to contract
by 3.66 percent this year and inflation to come in at 7.31
percent, the report discloses.

The Central Bank report projected that the benchmark SELIC rate
would remain at 14.25 percent this year, the highest level in nine
years, while the exchange rate of the real and U.S. dollar would
stabilize, with the U.S. currency trading at BRL3.70, the report
notes.

The Central Bank report estimated that the inflation rate in Latin
America's largest economy would fall to 4.9 percent in 2017, the
report says.

Brazil's economic situation is subject to "the uncertainty caused
by the effects of non-economic events" that are "intensifying" the
negative outlook, the Central Bank said, referring to the
political crisis in the country, the report notes.

Congress is threatening to impeach and remove President Dilma
Rousseff from office, and Vice President Michel Temer's Brazilian
Democratic Movement Party, or PMDB, the country's largest
political party, decided last week to leave the government, the
report relays.

The decision by the PMDB, the most important member of the
coalition that supports Rousseff, is crucial ahead of a possible
impeachment, the report discloses.

Rousseff, who was re-elected in 2014, is trying to line up support
in Congress against efforts to remove her from office, the report
says.

Rousseff's administration has had problems implementing its fiscal
austerity policy in the face of a divided Congress and a
corruption scandal involving state-controlled oil giant Petrobras,
the report adds.


MAGNESITA REFRATARIOS: S&P Affirms 'BB' CCR; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brA+' national scale corporate credit ratings on Magnesita
Refratarios S.A.  S&P also affirmed its 'BB' issue-level ratings
on the company's senior unsecured debt.  The outlook on the
corporate ratings on both scales remains negative.

The recovery ratings of '4', indicating S&P's expectations of
meaningful (30%-50%; in the higher end of the range) recovery in
the event of payment default, remains unchanged.

The ratings on Magnesita reflect its geographic diversification,
contracted position with long-term clients, and fairly stable and
predictable margins.  These factors compensate for the company's
small scale of operations, generally low value-added products, and
exposure to cyclical industries--such as steel and cement--and to
multiple currencies, which adds volatility to Magnesita's
financial metrics.  In addition, S&P expects the company's
competitive position in key markets to support stable revenues,
while Brazil's currency depreciation reduces Magnesita's cost
structure for export-oriented production, which will improve
credit metrics in 2016.

Still, weak market conditions in Brazil, which represent around
25% of the company's revenues, will reduce demand for Magnesita's
products in 2016 among steel and cement clients.  Steel import
restrictions should bolster domestic production and related demand
for refractories in the U.S., while S&P expects fairly stable
demand from Europe and slight increase in other large markets.

Nonetheless, given the current oversupply in the global steel
industry, the industry players will continue to focus on reducing
costs, which may limit Magnesita's ability to increase prices.
However, S&P don't expect pricing pressures mainly due to the
small contribution of refractories to steelmakers' variable costs
and due to Magnesita's geographic diversity with a broad client
base.  The weaker Brazilian real should bolster the company's
export and foreign operations' revenue, and reduce its fixed costs
amid rising domestic production for exports.  The real's
depreciation should also compensate for lower minerals prices in
dollars, although sales of this commodity generate less than 10%
of Magnesita's total revenues.

The company's financial metrics weakened in 2015 due to a FOCF
shortfall and Brazil's weak currency, which had greater effect on
Magnesita's debt than on its revenues.  However, if S&P excludes
the exchange-rate effects, the company's financial metrics were
somewhat stable through 2015, and S&P expects them to remain so in
2016.  Some margin gains in Brazil due to higher exports should
partly compensate for overall lower refractories volumes.  Also,
S&P expects the company to pay down some of its maturing debt with
its cash.


NEOENERGIA SA: S&P Affirms 'BB' CCR; Outlook Remains Negative
-------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB' global scale
and 'brAA-' national scale corporate credit ratings on Neoenergia
S.A. and its core subsidiaries, Companhia de Eletricidade do
Estado da Bahia (Coelba), Companhia Energetica de Pernambuco
(CELPE), and Companhia Energetica do Rio Grande do Norte (Cosern).
The outlook remains negative.  S&P also affirmed its 'brA-1'
short-term national scale rating.

At the same time, S&P affirmed its 'brA+' issue-level ratings on
Neoenergia's subsidiaries, NC Energia S.A., Termopernambuco S.A.
and Itapebi Geracao de Energia S.A., based on the parent company's
unconditional and irrevocable guarantee of these entities' notes.

The SACP revision reflects S&P's belief that Neoenergia's credit
metrics will weaken relative to its previous expectations, as a
result of the more challenging macroeconomic environment and
higher debt to fund the group's sizeable capex plan, as well as
the additional debt stemming from proportional guarantees to the
Belo Monte and Teles Pires projects.  In S&P's view, Brazilian
electricity distributors are vulnerable to the weakening of
economic activity because it depresses electricity consumption,
may lead to power surpluses, and higher delinquencies from end-
users.

The ratings on Neoenergia are limited by the foreign currency
rating on Brazil.  In S&P's view, Brazil's electricity sector is
highly regulated, especially the distribution and transmission
segments, because the regulator, Agencia Nacional de Energia
Eletrica (ANEEL) sets the rates.  S&P believes that Neoenergia, as
other regulated utilities in Brazil, could be subject to
government interference under a sovereign default scenario, based
on what S&P has seen with other countries in the region.

S&P withdrew its recovery ratings based on its understanding that
Neoenergia, as a regulated electric utility, is not subject to
Brazil's insolvency regime in case of default, unless after the
concession expires, according with Law 12,767/2012.  Despite of
S&P's view that, in general, a debt restructuring could maximize
recoveries for the creditors, this law reduces the predictability
in a default scenario for the regulated electric utilities.
Issue-level ratings remain unchanged and S&P now uses its
traditional issue rating notching guidelines.  Some of the group's
senior unsecured debt issued at smaller subsidiaries but
guaranteed by Neoenergia S.A. is rated a notch lower than the
corporate credit rating, because of structural subordination, but
this is somewhat mitigated by the existence of assets at the
issuer level.

The negative outlook on Neoenergia mirrors the sovereign rating
outlook.

If S&P was to downgrade Brazil, S&P could take the same rating
action on the company.  S&P could also downgrade Neoenergia if its
credit metrics deteriorate in the next years, leading to FFO to
debt consistently below 13% and adjusted debt to EBITDA
consistently above 4.5x, coupled with a weaker liquidity position.

The sovereign rating currently caps the rating on Neoenergia, and
S&P don't foresee an upgrade potential in the short term.  If S&P
was to upgrade Brazil, S&P could take the same rating action on
Neoenergia, if all else remains equal.


OMNI SA-CREDITO: Fitch Keeps 'B' IDR on Banco Pecunia Acquisition
-----------------------------------------------------------------
Fitch Ratings considers the announced acquisition of Banco Pecunia
by Omni S.A. -Credito, Financiamento e Investimento as neutral to
Omni's ratings.

On Feb. 18, 2016, Omni entered into a Share Purchase and Sale
Agreement to acquire 100% of Pecunia shares held by Banco Societe
Generale Brasil S.A. ('AAA(bra)'/Outlook Stable) taking over the
remaining operations of Pecunia in Brazil.  The completion of the
acquisition is subject to regulatory approvals, which are expected
in time for Omni to begin operating the bank in January 2017.  The
purchase will be fully paid in cash and the acquired assets are
expected to be very liquid.

In the meantime, Pecunia will continue to allow the remaining
portfolio to runoff or be sold thus when the purchase finally
takes place, the remaining assets are expected to be in similar
size of the equity which is estimated to be equivalent to about
10% of the equity of Omni.  The increase in assets will be
insignificant as the transaction will result in an expansion of
only about 2% of Omni's consolidated assets.

In effect, Omni is buying the banking license of a bank that is
currently operating.  The existing vehicle portfolio on Omni will
continue to be booked in the finance company and the finance
company will own the bank which is expected initially to be used
as a funding vehicle.  Over time, other banking products are
expected to enable Omni to diversify its revenues, but initially
the main purpose of the purchase is to allow the Omni group of
financial institutions to benefit from the greater funding
diversification generally available to banks, and to gain greater
access to investors that had restricted themselves to bank risk as
they were uncomfortable with exposure to finance companies.

Management also expects the acquisition to also benefit the group
through lowering operational costs through greater efficiencies
and eliminate the company's dependence on correspondent banks for
services it did not have access to as a non-bank.

Fitch believes the Pecunia acquisition has adequate
complementarity with Omni's business model and can help the bank
expand its funding diversification and improve efficiencies
depending also on the development of Brazil's operational
environment.  However, this purchase is not expected, alone, to
positively or negatively impact Omni's ratings, nor impact Omni's
Fitch core Capital Ratio.  Fitch will continue to monitor the
evolution of Omni's credit metrics focusing on its profitability,
liquidity, capitalization and asset quality especially given the
challenging operating environment.

Fitch currently rates Omni as:

   -- Long-term foreign currency Issuer Default Rating (IDR) 'B';
      Outlook Stable;
   -- Long-term local currency IDR 'B; Outlook Stable;
   -- Short-term local currency IDR 'B';
   -- Short-term foreign currency IDR 'B';
   -- National long-term rating 'BBB(bra)'; Outlook Stable;
   -- National short-term rating 'F3(bra)';
   -- Support rating '5';
   -- Support rating floor 'NF'.


PETROLEO BRASILEIRO: Unveils New Voluntary Layoff Plan
------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. disclosed a new
voluntary layoff program, part of a broader cost-cutting plan,
saying it expects it can convince 12,000 of its 57,046 employees
to leave the company.

A similar program launched in 2014 already has led to a reduction
of 6,254 jobs, while 1,055 other employees who accepted that
program are due to exit Brazil's biggest company by May 2017,
according to EFE News.

All employees regardless of age or tenure are eligible for
Petrobras' latest voluntary termination program and have between
April 12 and Aug. 31 to apply, the company said in a statement,
the report notes.

Petrobras currently has 12,000 retirement-eligible staff.  If all
of those employees were to choose to participate, the program's
cost would be roughly BRL4.4 billion (some $1.2 billion), the
company said, adding that shrinking its workforce by that amount
would result in BRL33 billion ($8.9 billion) in savings through
2020, EFE News notes.

Petrobras, which has launched a series of cost-cutting measures
since last year, said the goal of the new program was to "adapt
its workforce to the needs of the company's Business Plan," the
report relays.

Petrobras' board approved a structural overhaul that, among other
things, cut the company's managerial staff by 43 percent, the
report notes.

The restructuring strips 2,279 employees in Petrobras' non-
operating areas of the title of manager, which offers better
salaries and benefits than more junior positions, the company said
in a statement, the report relays.

Those employees will not be laid off but will see a reduction in
their remuneration, the report discloses.

The overhaul moreover reduced the number of Petrobras business
units from seven to six by combining the company's natural gas and
refining divisions and also redistributed the units' different
activities, the report notes.

The report says that the company estimates that restructuring will
result in an annual reduction of operating costs of nearly BRL1.8
billion (some $500 million).

It says the changes are necessary due to the sharp decline in oil
prices and the steep depreciation of the real against the dollar,
the report notes.

Petrobras posted a record net loss of BRL34.8 billion ($9.7
billion) in 2015, a year in which it slashed its 2015-2019 capital
expenditure plan to $98.4 billion, a reduction of $32 billion, as
part of an effort to lower its record debt burden, generate more
cash flow and tackle a crisis triggered by the oil-price plunge,
the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb.
26, 2016, Moody's Investors Service downgraded all ratings for
Petroleo Brasileiro S.A. - PETROBRAS ("Petrobras")'s and ratings
based on Petrobras' guarantee, including the company's senior
unsecured debt and Corporate Family Rating to B3 from Ba3. The
company's baseline credit assessment (BCA) was lowered to caa2
from b3. At the same time, Moody's downgraded Petrobras Argentina
S.A. ("PESA")'s ratings, including its senior unsecured medium
term note program and Corporate Family Rating to B3 from B2, in
line with the senior unsecured rating of Petrobras.


VOTO-VOTORANTIM: S&P Puts US$400MM Bonds' BB+ Rating on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+ (sf)' rating on
Voto-Votorantim Overseas Trading Operations IV Ltd.'s (VOTO's)
US$400 million 7.75% notes on CreditWatch negative following the
CreditWatch actions on Votorantim S.A., the ultimate guarantor of
the notes.

In June 2005, VOTO issued US$400 million of notes on behalf of
Votorantim Group, a Brazilian industrial conglomerate comprising
Votorantim Participacoes S.A. (VPAR), Votorantim Celulose e Papel
S.A., now called Fibria Celulose S.A. (FC), and Cimento Rio Branco
S.A., now called Votorantim Cimentos S.A. (VC), which jointly,
severally, unconditionally, and irrevocably guarantee the timely
payment of all amounts due on the notes.  FC's and VC's liability
is limited to 50% of the notes' outstanding amount, and thus VPAR
fully guarantees 100% of the notes' outstanding amount.

On Jan. 13, 2016, S&P withdrew its 'BBB-' global scale and 'brAAA'
national scale corporate credit ratings on VPAR following the
merger of VPAR and Votorantim Industrial S.A. (VID). VID, now
called Votorantim S.A., is currently the ultimate holding company
of the Votorantim Group and S&P's 'BB+ (sf)' rating on the notes
reflects its rating on this entity.

On March 24, 2016, S&P placed its 'BB+' global scale corporate
credit rating on Votorantim S.A. and its 'brAA+' Brazilian
national scale credit rating on CreditWatch negative.

The CreditWatch negative placement indicates that there is at
least a 50% likelihood that S&P could lower its global scale
rating on Votorantim S.A. by one notch during the next 90 days as
a result of a potentially higher simulated contingent liability
from Banco Votorantim under the hypothetical scenario of a
sovereign default in Brazil.  This would lead to a downgrade on
the notes in line with a downgrade on Votorantim S.A.


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


ARK MASTERS: Creditors' Proofs of Debt Due April 12
---------------------------------------------------
The creditors of Ark Masters Management Limited are required to
file their proofs of debt by April 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 16, 2016.

The company's liquidator is:

          Mr. Keiran Hutchison
          Thomas Bussanich
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 8977
          e-mail tom.bussanich@ky.ey.com


ARK MASTERS FUND: Creditors' Proofs of Debt Due April 12
--------------------------------------------------------
The creditors of Ark Masters Fund are required to file their
proofs of debt by April 12, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 16, 2016.

The company's liquidator is:

          Mr. Keiran Hutchison
          Thomas Bussanich
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 8977


BERMA LIMITED: Creditors' Proofs of Debt Due April 15
-----------------------------------------------------
The creditors of Berma Limited are required to file their proofs
of debt by April 15, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 17, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


BK - SAMUI: Creditors' Proofs of Debt Due April 14
--------------------------------------------------
The creditors of BK - Samui Limited are required to file their
proofs of debt by April 14, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2016.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          Royal Bank House, 3rd Floor
          Shedden Road, George Town
          P.O. Box 10632 Grand Cayman KY1-1006
          Cayman Islands


DEMETER HEDGING: Creditors' Proofs of Debt Due April 15
-------------------------------------------------------
The creditors of Demeter Hedging Ltd. are required to file their
proofs of debt by April 15, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


DEMETER HEDGING (AMERICAS): Creditors' Proofs of Debt Due April 15
------------------------------------------------------------------
The creditors of Demeter Hedging (Americas) Ltd. are required to
file their proofs of debt by April 15, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


DINVEST CONCENTRATED: Members Receive Wind-Up Report
----------------------------------------------------
The members of Dinvest Concentrated Opportunities III Exquity
Realization Ltd. received on March 31, 2016, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 949 7500
          Facsimile: +1 (345) 949 8258
          e-mail: selectfunds@deloitte.com


FORCE CAPITAL: Creditors' Proofs of Debt Due Today
--------------------------------------------------
The creditors of Force Capital Ltd. are required to file their
proofs of debt today, April 4, 2016, to be included in the
company's dividend distribution.

The company's shareholders will hold a meeting on April 5, 2016,
at 9:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


MAYFAIR PANTHER: Members Receive Wind-Up Report
-----------------------------------------------
The members of Mayfair Panther Limited received on March 29, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


MOONCREST LTD: Creditors' Proofs of Debt Due April 15
-----------------------------------------------------
The creditors of Mooncrest Ltd are required to file their proofs
of debt by April 15, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


QUEST BRAZIL: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Quest Brazil Equity Fund received on March 22,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Walter Maciel Neto
          c/o Giorgio Subiotto
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SBT VENTURE: Shareholders to Hear Wind-Up Report on April 8
-----------------------------------------------------------
The shareholders of SBT Venture Capital, Ltd. will hear on
April 8, 2016, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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


SOLSTICE ABS: Shareholder to Hear Wind-Up Report on April 8
-----------------------------------------------------------
The shareholder of Solstice ABS CBO II, Ltd. will hear on April 8,
2016, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

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


THA LIMITED: Creditors' Proofs of Debt Due April 14
---------------------------------------------------
The creditors of Tha Limited are required to file their proofs of
debt by April 14, 2016, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 22, 2016.

The company's liquidator is:

          Zedra Holdings (Cayman) Limited
          c/o Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


ZAIS INVESTMENT: Shareholder to Hear Wind-Up Report on April 8
--------------------------------------------------------------
The shareholder of Zais Investment Grade Limited VI will hear on
April 8, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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


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


DOMINICAN REPUBLIC: Imports Fall US$404.8 Million in 2015
---------------------------------------------------------
Dominican Today reports that the National Statistics Office said
Dominican Republic imports fell US$404.8 million in 2015 compared
to 2014, when it posted a 3.7% growth.

ONE preliminary figures reveal imports of US$17.3 billion in 2015,
or 2.3% lower than the previous year, according to Dominican
Today.

"This reduction is justified by the reduction of approximately
US$1.4 billion in the amounts for imports of fuels and mineral
oils as well as products for distillation, a result of reductions
in international prices some of these products, representing
33.6%," the agency said in a statement obtained by the news
agency.

It said the main imported product was crude oil in 2015, although
the ONE notes a decline in value of 16.8% compared with 2014, the
report notes.

"The category accounted for 10.6% of total imports with a value of
US$1.8 billion.  This is followed by cars for personal use in the
amount of US$759.2 million, representing 4.4% of imports; these
showed a decrease of 0.2% compared with 2014," the statement
added, says the report.

The ONE listed drugs with a 26.6% decline to around US$456.7
million, followed by fossil fuels at US$395.4 million, for a 47.7%
decrease, the report relays.

It adds that despite that the US continues to lead all countries
on imports into the Dominican Republic during 2015 with 41.3%, or
nearly US$7.2 billion, the figure is 1.6% less than in 2014, the
report says.

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


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


BANCA MIFEL: S&P Raises Global Scale Ratings to 'BB'
----------------------------------------------------
Standard & Poor's Ratings Services raised its global scale ratings
to 'BB' from 'BB-' and its long-term national scale counterparty
credit ratings to 'mxA' from 'mxBBB+' on Banca Mifel S.A.  S&P
also affirmed its short-term national scale 'mxA-2' counterparty
credit rating on the bank.  The outlook remains stable.  S&P also
raised its rating on the bank's fixed-rate cumulative subordinated
preferred notes to 'B' from 'B-'.

The upgrade reflects Banca Mifel's improved RAC, which S&P now
projects to be 7.5% on average for the next two years.  This ratio
reflects the MXN800 million capital injection from Advent
International in 2015, which represented 21% of the bank's total
capital base, and S&P's expectation that the bank's stronger
internal capital generation will compensate for growth in risk-
weighted assets in the next two years.  Consequently, S&P revised
its capital and earnings assessment on Banca Mifel to adequate
from moderate and S&P's stand-alone credit profile (SACP) to 'bb'
from 'bb-'.

The stable outlook reflects S&P's expectation that Banca Mifel's
use of a recent capital injection for loan growth for the next two
years will maintain its RAC ratio at 7.5% on average amid adequate
asset quality and profitability.

S&P could downgrade the bank if it uses the capital injection
sooner than S&P expects, leading to loan higher-than-expected
portfolio growth that's not compensated with internal capital
generation.  Under such scenario, the RAC ratio would fall below
7%.  Projected RAC ratio could also be under pressure if asset
quality deteriorates and requires higher loan loss provisions that
pressure bottom-line results or if the bank makes dividend
payments.

Under S&P's base case scenario, it don't expect to upgrade the
ratings in the next 12 months.


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


PARAGUAY: S&P Assigns 'BB' Rating on US$600MM Unsubordinated Bonds
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
on the Republic of Paraguay's unsubordinated issuance of US$600
million bonds due in 2026.  It will use the proceeds to finance
new infrastructure and investments, as well as to refinance
existing debt.  The long-term rating on Paraguay remains 'BB',
with a positive outlook.

S&P's ratings on Paraguay reflect its sound economic performance,
anchored by prudent macroeconomic policy and strengthening
economic institutions, as well as steps it is taking to boost
infrastructure.  These factors are balanced by Paraguay's still-
developing political institutions that will continue to challenge
the government's ability to implement its agenda.  President
Horacio Cartes' Administration will continue facing resistance
from within its own political party and in Congress as it advances
its reform plans, as well as challenges related to the weak
implementation capacity of key public-sector institutions.

Paraguay's track record of low fiscal deficits has contributed to
low government debt.  In S&P's opinion, the country's low debt
level continues to be a rating strength and leaves it with space
to issue external bonds without affecting its credit quality.  S&P
expects that net general government debt will be 12%-15% of GDP
over the next three years.

Although the process of diversifying the economy is advancing,
Paraguay's economic performance is still relatively vulnerable to
weather-related risks and commodity price shocks.  Paraguay's
external position is likely to continue to moderately weaken in
the next three years as a result of current account deficits.
External deficits will be mainly a result of lower commodity
prices and the government's investment strategy, which will result
in greater industrial-related imports.  However, S&P expects the
country's external position to remain relatively robust thanks to
low external debt and solid external assets supported by gradual
economic diversification.

Economic weakness in trading partners, such as Brazil, will
constrain Paraguay's re-exports to those countries.  Despite
noticeable advances in economic resilience over the past year,
Paraguay has yet to fully demonstrate a longer track record in
withstanding shocks from external events.  Also, because
dollarization remains fairly high (almost 50% of total credits are
denominated in dollars), which still limits monetary policy
flexibility, a significant depreciation in the guarani, coupled
with inadequate policy response, could raise risks of deposit
outflows and external volatility.  Nevertheless, an elevated level
of international reserves sustains confidence in the stability of
Paraguay's currency.

The positive outlook on the long-term rating on Paraguay continues
to reflect a one-in-three chance that S&P could raise ratings in
the next one to two years.  Continued economic growth and
resilience, as well as better fiscal policy with a proven track
record, could result in an upgrade.  Conversely, S&P would
consider revising its rating outlook to stable if S&P perceives a
weakening commitment to policies that sustain macroeconomic
stability, or an inadequate response to adverse external
developments.  Also, further political polarization that could
block or reverse the government's structural reform agenda and
disrupt economic policy implementation could result in an outlook
revision to stable.  The resulting decline in investor sentiment
and economic growth could weaken Paraguay's credit profile,
leading to a downgrade.

RATINGS LIST

Republic of Paraguay
Sovereign Credit Rating                       BB/Positive/B

New Rating

Republic of Paraguay
Unsubordinated US$600 mil. bonds due 2026     BB


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


CARIBBEAN AIRLINES: Loses 2 Senior Executives
---------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited has lost
two of its senior executives.

Canadian George Reeleder, the airline's vice-president, Commercial
and Customer Service, and Gregory Spicer, vice-president, Program
Management and Strategy, have both left the company, CAL
confirmed, according to Trinidad Express.

Mr. Reeleder joined CAL in August 2014 and was an executive at Air
Canada for 30 years, the report notes.

Mr. Spicer, a finance executive who has worked with a local
manufacturing company and a commercial bank, joined CAL in October
2015, the report notes.

CAL Corporate Communications head Dionne Ligoure confirmed that
both executive managers are no longer with the airline, the report
relays.

                         About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.



==========================
V I R G I N  I S L A N D S
==========================


VIRGIN ISLANDS WATER: Moody's Reviews Ba1 Rating for Downgrade
--------------------------------------------------------------
Moody's Investors Service (Moody's) has placed on review for
downgrade the Virgin Islands Water and Power Authority (VI WAPA)'s
Baa3 electric system revenue bonds rating and the Ba1 electric
system subordinated revenue bonds rating. The authority has
approximately $127 million in electric system revenue bonds
outstanding and approximately $100 million in subordinated
electric system revenue bonds.

The review is prompted by VI WAPA's limited financial flexibility
and weak liquidity profile. The authority's liquidity profile will
be very tight in the next three months in the absence of
additional financing or funding from the government. The authority
has outstanding credit lines of around $23 million that mature end
of June 25, 2016. While we view the extension of the credit lines
as likely, VI WAPA's financial flexibility will likely remain
constrained by limited internal cash sources, high outstanding
amounts of government receivables and a supportive but slow
regulatory process. Internal and external liquidity sources
including access to a recently approved but as yet undrawn $13
million Rural Utilities Service (RUS) loan are limited. Senior and
subordinated bondholders benefit from a debt service reserve fund,
which is fully cash funded.

The Baa3 senior electric system revenue bonds rating considers the
authority's high leverage and weak financial profile, historically
slow payment patterns of VI WAPA's governmental customers which
constrains VI WAPA's cash flow generation. In addition, timely
recovery of costs can be affected by the fact that unlike the
majority of publicly owned electric utilities in the US, VI WAPA's
rates are subject to approval by the Virgin Islands Public Service
Commission (PSC) with an approval process that can be slow.

VI WAPA's rating also reflects the challenges of operating within
an island economy with relatively sluggish growth, high
unemployment and a narrow local economy that is dependent on
discretionary tourism. It considers the ongoing struggle of the
authority to cover its cost base and operate its facilities
efficiently given significant excess capacity, the age of its
equipment and high retail rates. The rating recognizes the
regulatory support the utility has received as it has progressed
toward the near completion of a project to convert its base-load
generation resources from oil-fueled to tri-fueled (initially
propane), thereby lowering the cost of electricity for Virgin
Islands ratepayers while reducing its deferred fuel balances. It
also recognizes the recently approved emergency rate filing and
the government's efforts to reduce outstanding receivable balances
which reached an all-time high in fiscal year 2015.

Rating Outlook

The ratings are placed on review for downgrade.

Moody's review will focus on: (1) VIWAPAs ability to refinance
outstanding credit lines of around $23 million that mature at the
end of June, 2016; (2) the authority's and the government's
efforts to address the high amount of outstanding government
receivables on a sustainable basis, which stood at an all-time
high at the end of 2015 and which limits VI WAPA's cash flow
generation; (3) the impact of a recently approved emergency rate
increase on VI WAPA's financial performance; (4) the authority's
approach towards long-term financial management and (5) the
ability to regain lost customers at current lower electricity
rates.

Factors that Could Lead to an Upgrade

A rating upgrade is currently unlikely given that the ratings have
been place on review for downgrade.

Sustained increase in revenue and reduction in the balance of
receivables supported for instance by improving economic
conditions

Moody's consolidated DSCR maintained above 1.15x

Days cash on hand maintained above 30 on a sustained basis

Factors that Could Lead to a Downgrade

Failure to maintain Moody's consolidated DSCR around or above 1.0x

Deterioration in VIWAP's liquidity profile, evidenced by days cash
on hand falling below 20

Inability to extend or replace revolving credit lines before their
maturity

Inability to recover cost of service through rates

Inability to improve collections of past due receivables,
including those from the government

Credit negative regulatory decisions

Legal Security

VIWAPA's senior lien electric system revenue bonds are secured by
a pledge of net electric revenues and certain other funds as
defined in the bond resolution (water revenues are not pledged).
The electric system revenue bonds have a rate covenant of 1.25x
and a debt service fund requirement equal to the lesser of (i) 10%
of aggregate bond proceeds, (ii) maximum aggregate annual debt
service or (iii) 125% average aggregate annual debt service.

The subordinate bonds have a subordinate lien on the same type of
net revenues, a similar debt service reserve fund requirement and
a rate covenant of 1.15x maximum aggregate senior and subordinate
bond debt service. Both debt service reserve are fully cash
funded.

In addition, VIWAP must maintain at least 1.0x its aggregate
combined debt service in each fiscal year.

Based on the approved emergency rate increase end of December,
2015 we expect that the authority will be able to comply with its
rate covenants in fiscal year 2015 and 2016.

Use of Proceeds

Not applicable.

Obligor Profile

VIWAPA is an independent governmental agency of the U.S Virgin
Islands and was created in 1964. Its electric system is a monopoly
provider of electric service to nearly 55,000 customers on St.
Thomas, St. Croix, St. John, Water Island and Hassel Island. Its
water system, although not a virtual monopoly provider, provides
water service to more than 12,000 customers. Unlike the majority
of publicly owned entities, the rates of both the electric and
water systems are regulated by the PSC (Virgin Islands Public
Services Commission). The water and the electric system are
independently financed with separate liens on net revenues
securing the outstanding debt of each system. We only rate debt of
the electric system and the authority provides separate accounting
for each system.


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


* BOND PRICING: For the Week From March 28 to April 1, 2016
------------------------------------------------------------

Issuer Name               Cpn    Price   Maturity   Country  Curr
-----------               ---    -----   --------   -------  ----
Alpha Star Holding II Lt   8.45   66.477  3/19/2034     EC  USD
Andino Investment Holdin   5.36   74.336  11/25/2020    EC  USD
Andino Investment Holdin    8.5     37.1  4/10/2018     VE  USD
Anton Oilfield Services   11.75       41  10/21/2026    VE  USD
Anton Oilfield Services   8.875     19.5  3/29/2017     MN  USD
BA-CA Finance Cayman 2 L      8    6.625  12/31/2018    CL  USD
BA-CA Finance Cayman Ltd   5.75   69.812  12/1/2034     KY  USD
Banco Bilbao Vizcaya Arg  4.375    46.75  4/25/2025     KY  USD
Banco BPI SA/Cayman Isla    7.5    61.25   4/3/2017     BR  USD
Banco do Brasil SA/Cayma    7.5    45.88                KY  USD
Banco do Brasil SA/Cayma    7.5     44.2                KY  USD
Banco do Brasil SA/Cayma     10  128.271  12/31/2020    KY  USD
Banco do Brasil SA/Cayma  4.625   69.075   3/1/2021     KY  USD
Banco Santander Puerto R    7.5       45  4/25/2019     HK  USD
BCP Singapore VI Cayman   8.625     68.5  11/1/2018     AE  USD
BCP Singapore VI Cayman  0.9551    42.75  12/1/2039     KY  USD
CA La Electricidad de Ca   5.93   73.652  11/1/2021     EC  USD
Caixa Geral De Depositos    9.5    29.75  4/23/2019     BR  USD
China Shanshui Cement Gr  7.375   69.875  1/31/2020     PE  USD
China Shanshui Cement Gr    6.5   69.989  12/1/2023     EC  USD
China Shanshui Cement Gr      7    47.25  4/21/2020     KY  USD
CSN Islands XI Corp        5.93   73.051   1/1/2022     EC  USD
CSN Islands XI Corp       10.75   34.639  2/12/2023     BR  USD
CSN Islands XII Corp          7    73.33  1/17/2023     CO  COP
CSN Islands XII Corp       3.95   61.977  3/15/2022     KY  USD
Decimo Primer Fideicomis  6.375   73.875  5/15/2043     CR  USD
Decimo Primer Fideicomis    7.7   68.067   7/1/2029     EC  USD
Delta Investment Horizon   5.36   75.108  12/30/2020    EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes    7.5   65.375   4/3/2017     BR  USD
Ecuador Government Domes      6   43.875   4/5/2023     KY  USD
Ecuador Government Domes   6.25   73.089   4/6/2017     VE  USD
Ecuador Government Domes  6.375   73.835  5/15/2043     CR  USD
Ecuador Government Domes      6       31  5/16/2024     VE  USD
Ecuador Government Domes   9.75    36.95  5/17/2035     VE  USD
Ecuador Government Domes  4.625     69.5  5/21/2023     CN  USD
Ecuador Government Domes    8.5    75.01  5/25/2016     CN  USD
Ecuador Government Domes      3   74.109  5/26/2020     ID  USD
Ecuador Government Domes   8.45   65.784  5/30/2034     EC  USD
Ecuador Government Domes   9.25       35   5/7/2028     VE  USD
Ecuador Government Domes  4.875   75.819   6/1/2027     KY  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes    7.7   68.164  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes   8.45   65.975  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes    7.7   68.158  6/12/2029     EC  USD
Ecuador Government Domes    7.7   68.195  6/12/2029     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   7.75   70.121  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes  5.125    43.35  6/26/2022     KY  USD
Ecuador Government Domes  5.125   44.625  6/26/2022     KY  USD
Ecuador Government Domes  7.125     43.5  6/26/2042     KY  USD
Ecuador Government Domes  7.125       42  6/26/2042     KY  USD
Ecuador Government Domes   5.25       43  6/27/2029     KY  USD
Ecuador Government Domes   6.35    31.25  6/30/2021     KY  USD
Ecuador Government Domes   6.35     31.5  6/30/2021     KY  USD
Ecuador Government Domes    7.7   68.032   7/1/2029     EC  USD
Ecuador Government Domes    7.7   68.067   7/1/2029     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes   8.45   65.863   7/1/2034     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes 13.625       62  8/15/2018     VE  USD
Ecuador Government Domes 13.625       45  8/15/2018     VE  USD
Ecuador Government Domes 13.625   49.881  8/15/2018     VE  USD
Empresa de Telecomunicac   5.64   71.931  12/30/2021    EC  USD
Empresa de Telecomunicac   5.42       50  3/28/2019     NO  NOK
Empresa Generadora de El   8.25    45.75  4/25/2018     KY  BRL
Empresa Generadora de El  4.625   72.512  5/21/2023     CN  USD
ESFG International Ltd     5.25       52  4/12/2017     VE  USD
General Exploration Part  5.125    34.75  12/15/2017    BR  EUR
General Shopping Finance   6.21   71.552  11/25/2023    EC  USD
General Shopping Finance  11.75    70.75  4/23/2018     KY  USD
Global A&T Electronics L   7.75   69.333  11/7/2028     EC  USD
Global A&T Electronics L   5.93   73.359  12/1/2021     EC  USD
Global A&T Electronics L     10    62.75   2/1/2019     SG  USD
Global A&T Electronics L   8.45   66.646   2/6/2034     EC  USD
Gol Finance Inc            6.75    23.75  10/1/2022     KY  USD
Gol Finance Inc           8.625    67.75  11/1/2018     AE  USD
Gol Finance Inc            4.15     71.5  11/14/2035    KY  EUR
Gol Finance Inc            5.25    47.25  3/15/2042     KY  USD
Gol Finance Inc           5.375    31.45  4/12/2027     VE  USD
Gol Finance Inc             5.5    32.64  4/12/2037     VE  USD
Gol Finance Inc            8.25    45.75  4/25/2018     KY  BRL
Golden Eagle Retail Grou      6    70.25  10/25/2041    PA  USD
Golden Eagle Retail Grou   6.95       65   4/1/2025     KY  USD
Greenfields Petroleum Co  12.75     42.4  2/17/2022     VE  USD
Honghua Group Ltd           6.5    67.24  11/15/2020    KY  USD
Honghua Group Ltd          8.45   66.414   4/2/2034     EC  USD
Instituto Costarricense    7.75   69.149  11/8/2028     EC  USD
Instituto Costarricense     7.5   51.602  4/15/2031     KY  USD
Inversiones Alsacia SA      7.5   46.274  11/6/2018     CN  USD
Inversiones Alsacia SA       10    62.75   2/1/2019     SG  USD
Inversora Electrica de B    7.5       34  4/25/2019     HK  USD
Kaisa Group Holdings Ltd   5.64   70.192  11/25/2021    EC  USD
Kaisa Group Holdings Ltd   5.61   68.567  12/1/2022     EC  USD
MIE Holdings Corp          7.75   70.495  10/23/2028    EC  USD
MIE Holdings Corp          6.21   71.691  11/1/2022     EC  USD
MIE Holdings Corp             8    57.65  4/15/2021     KY  USD
Mongolian Mining Corp       5.5     36.5  10/23/2020    BR  USD
Mongolian Mining Corp     8.875       16  3/29/2017     MN  USD
NB Finance Ltd/Cayman Is   7.75   69.111  11/8/2028     EC  USD
Newland International Pr  12.75    44.25  2/17/2022     VE  USD
Newland International Pr      7   46.125  4/21/2020     KY  USD
Noble Holding Internatio  6.625       22  10/1/2022     KY  USD
Noble Holding Internatio   5.75    61.11  10/24/2023    BR  USD
Noble Holding Internatio  4.125    61.46  11/1/2022     BR  USD
Noble Holding Internatio      6    30.75  11/15/2026    VE  USD
Noble Holding Internatio   5.93   71.815  11/25/2022    EC  USD
Noble Holding Internatio    7.5     46.5  11/6/2018     CN  USD
Noble Holding Internatio   7.75   69.371  11/7/2028     EC  USD
Noble Holding Internatio  9.875    31.05  11/9/2019     BR  USD
Odebrecht Drilling Norbe   7.25   53.375  1/18/2018     KY  USD
Odebrecht Drilling Norbe   7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         7    38.55                BR  USD
Odebrecht Finance Ltd         7     39.5                BR  USD
Odebrecht Finance Ltd     5.753        1                KY  EUR
Odebrecht Finance Ltd      7.75    37.25  10/13/2019    VE  USD
Odebrecht Finance Ltd      8.25    35.75  10/13/2024    VE  USD
Odebrecht Finance Ltd         9    35.75  11/17/2021    VE  USD
Odebrecht Finance Ltd         4   70.666  11/4/2023     AR  USD
Odebrecht Finance Ltd    0.9551    42.75  12/1/2039     KY  USD
Odebrecht Finance Ltd      7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         8     74.5  12/20/2049    CN  CNY
Odebrecht Finance Ltd         6    33.25  12/9/2020     VE  USD
Odebrecht Finance Ltd      3.38   63.175   2/7/2035     KY  EUR
Odebrecht Finance Ltd    3.8734       98  3/21/2017     KY  USD
Odebrecht Finance Ltd         7       36  3/31/2038     VE  USD
Odebrecht Finance Ltd      7.45    53.07  4/15/2027     KY  USD
Odebrecht Finance Ltd     6.875   73.411  4/22/2016     CN  CNY
Odebrecht Offshore Drill  9.375    37.75  1/13/2034     VE  USD
Odebrecht Offshore Drill      6   29.125  10/28/2022    VE  USD
Odebrecht Offshore Drill  7.125    65.73  12/15/2021    KY  USD
Odebrecht Offshore Drill   7.75   69.066  12/19/2028    EC  USD
Oi SA                         7    73.33  1/17/2023     CO  COP
Oi SA                         8        6  12/31/2018    CL  USD
Pesquera Exalmar SAA     2.8791   73.715  11/30/2032    CL  USD
Pesquera Exalmar SAA       7.65     35.5  4/21/2025     VE  USD
Petroleos de Venezuela S   6.25    54.25                KY  USD
Petroleos de Venezuela S   8.75    28.25                BR  USD
Petroleos de Venezuela S   0.99   43.333                KY  EUR
Petroleos de Venezuela S   5.95    50.25  1/30/2018     NO  NOK
Petroleos de Venezuela S  7.375     73.5  1/31/2020     PE  USD
Petroleos de Venezuela S   5.93   73.967  10/1/2021     EC  USD
Petroleos de Venezuela S  6.625   22.375  10/1/2022     KY  USD
Petroleos de Venezuela S    5.5    35.59  10/23/2020    BR  USD
Petroleos de Venezuela S  4.125       62  11/1/2022     BR  USD
Petroleos de Venezuela S     11   70.125  11/13/2020    PE  USD
Petroleos de Venezuela S     10    63.75   2/1/2019     SG  USD
Petroleos de Venezuela S  10.75   34.125  2/12/2023     BR  USD
Petroleos de Venezuela S   6.05       49   3/1/2041     KY  USD
Petroleos de Venezuela S    6.8       50  3/15/2038     KY  USD
Petroleos de Venezuela S   7.95    55.25   4/1/2045     KY  USD
Petroleos de Venezuela S      8    66.25  4/15/2021     KY  USD
Polarcus Ltd               7.75   69.371  11/7/2028     EC  USD
Provincia del Chaco           6       45   4/5/2023     KY  USD
PSOS Finance Ltd              7     41.5  12/1/2018     VE  USD
Rabobank Chile             5.25    41.55  6/27/2029     KY  USD
Republic of Ecuador Mini   8.45   65.752  5/30/2034     EC  USD
Republic of Ecuador Mini      9    37.25   5/7/2023     VE  USD
Republic of Ecuador Mini    6.4   72.465  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini   8.45    65.97  6/12/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   65.789  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   9.25     36.1  7/20/2020     BR  USD
Republic of Ecuador Mini   9.25       38  7/20/2020     BR  USD
Republic of Ecuador Mini   7.75   69.949  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    4.9   73.401   8/1/2020     KY  USD
Republic of Ecuador Mini   7.75   69.885   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini    6.2   50.923   8/1/2040     KY  USD
Republic of Ecuador Mini  12.75       43  8/23/2022     VE  USD
Republic of Ecuador Mini  11.95     40.5   8/5/2031     VE  USD
Republic of Ecuador Mini    7.7    67.63  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini   8.45   65.552  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   7.75   69.687  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini  5.625    72.25  9/11/2042     BR  USD
Republic of Ecuador Mini   9.75   33.382  9/15/2016     BR  BRL
Republic of Ecuador Mini   9.75   33.625  9/15/2016     BR  BRL
Republic of Ecuador Mini  9.125   67.887  9/15/2017     VE  USD
Republic of Ecuador Mini   9.25       40  9/15/2027     VE  USD
Republic of Ecuador Mini  6.875    55.25  9/21/2019     KY  USD
Republic of Ecuador Mini  6.875       57  9/21/2019     KY  USD
Republic of Ecuador Mini   7.45   45.015  9/25/2019     CN  USD
Republic of Ecuador Mini   7.45   45.125  9/25/2019     CN  USD
Republic of Ecuador Mini    6.5     58.5  9/26/2017     AR  USD
Republic of Ecuador Mini  5.375    61.25  9/26/2024     BR  USD
Republic of Ecuador Mini  5.375    53.75  9/26/2024     BR  USD
Republic of Ecuador Mini    7.7   67.506  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini   8.45   65.454  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Samarco Mineracao SA      0.719       43                KY  EUR
Samarco Mineracao SA       7.75   69.436  10/23/2028    EC  USD
Samarco Mineracao SA       11.5   35.375  11/13/2018    CA  USD
Samarco Mineracao SA      1.353   73.375  12/17/2017    KY  EUR
Samarco Mineracao SA       6.21   68.503  12/30/2023    EC  USD
Samarco Mineracao SA       8.45   66.646   2/6/2034     EC  USD
Seagate HDD Cayman         7.75   70.495  10/23/2028    EC  USD
Seagate HDD Cayman          6.5   69.477  11/25/2024    EC  USD
Shelf Drilling Holdings   5.125   34.584  12/15/2017    BR  EUR
Shelf Drilling Holdings       8    52.15  4/15/2027     KY  USD
Siem Offshore Inc            10    67.99   2/1/2019     SG  USD
Siem Offshore Inc           7.5     79.5  3/10/2020     CN  USD
Telemar Norte Leste SA        9       68                KY  USD
Telemar Norte Leste SA     6.25    50.25                KY  USD
Telemar Norte Leste SA     5.75    61.25  10/24/2023    BR  USD
Telemar Norte Leste SA     7.75   69.149  11/8/2028     EC  USD
Telemar Norte Leste SA    6.875       49   2/6/2018     HK  USD
Telemar Norte Leste SA     5.25   43.273  3/21/2019     VE  USD
Telemar Norte Leste SA      5.6       45  3/30/2022     AE  USD
Transocean Inc               10       55                KY  USD
Transocean Inc                9    69.75                KY  USD
Transocean Inc             7.25       54  1/18/2018     KY  USD
Transocean Inc             4.54   58.625  10/25/2041    PA  USD
Transocean Inc               11       70  11/13/2020    PE  USD
Transocean Inc             6.75  104.4036 11/5/2021     PY  USD
Transocean Inc              7.5   75.375  12/10/2028    PR  USD
Transocean Inc             8.45   66.618   2/6/2034     EC  USD
US Capital Funding IV Lt   7.75   70.502  4/25/2028     EC  USD
US Capital Funding IV Lt   9.75    37.65  5/17/2035     VE  USD
Usiminas Commercial Ltd      10       55                KY  USD
Usiminas Commercial Ltd    8.45   66.451  3/19/2034     EC  USD
USJ Acucar e Alcool SA      6.5   69.901   1/1/2024     EC  USD
USJ Acucar e Alcool SA     5.93   73.323  12/30/2022    EC  USD
Vale SA                    6.21   71.086   1/1/2023     EC  USD
Vantage Drilling Interna  9.875    33.25  11/9/2019     BR  USD
Venezuela Government Int    6.5   69.654                IE  USD
Venezuela Government Int   8.75   30.125                BR  USD
Venezuela Government Int   6.75    24.01  10/1/2022     KY  USD
Venezuela Government Int    4.3   54.766  10/15/2022    KY  USD
Venezuela Government Int    5.5     35.5  10/23/2020    BR  USD
Venezuela Government Int    6.5   70.288  11/1/2023     EC  USD
Venezuela Government Int      6    31.21  11/15/2026    VE  USD
Venezuela Government Int      9     33.9  11/17/2021    VE  USD
Venezuela Government Int    8.5    53.55  11/2/2017     VE  USD
Venezuela Government Int   8.45   66.477  3/19/2034     EC  USD
Venezuela Government Int    7.5   68.052   4/3/2017     BR  USD
Venezuela Government Int      6    30.25  5/16/2024     VE  USD
Venezuela Government Int    8.5    75.01  5/25/2016     CN  USD
Venezuela Government Int   8.45   65.784  5/30/2034     EC  USD
Venezuela Government Int      9     12.5  5/31/2017     US  CAD
Venezuela Government Int    7.7   68.195  6/12/2029     EC  USD
Venezuela Government TIC   8.45   66.414   4/2/2034     EC  USD
Venezuela Government TIC    9.5    30.05  4/23/2019     BR  USD
Venezuela Government TIC  4.375       41  4/25/2025     KY  USD
VRG Linhas Aereas SA        8.1   53.131  12/15/2041    KY  USD
VRG Linhas Aereas SA       8.45   66.386   4/2/2034     EC  USD
XLIT Ltd                    8.5       53  11/2/2017     VE  USD

                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any 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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