TCRLA_Public/160408.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, April 8, 2016, Vol. 17, No. 69


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Affirms 'B-' ICR; Outlook Remains Stable
METROGAS SA: S&P Revises Outlook to Pos. & Affirms 'CCC' CCR


B A R B A D O S

BARBADOS: Most of Barbadians' Debt in Mortgages, Report Shows
BARBADOS: On The Way to Being Financial Centre of Choice


B R A Z I L

DESENBAHIA-AGENCIA: Moody's Assigns Ba2 Rating; Outlook Negative


C A Y M A N  I S L A N D S

ACHIEVEMENT CONCENTRATED: Shareholders Receive Wind-Up Report
AD MOVIE: Shareholders Receive Wind-Up Report
DQ LTD: Members Receive Wind-Up Report
ENERGY RECOVERY: Shareholder to Hear Wind-Up Report on April 22
GOLDEN FUNDING: Shareholder to Hear Wind-Up Report on April 22

GREENWOOD CAPITAL: Members Receive Wind-Up Report
HAMBURG FINANCE: Shareholders to Hear Wind-Up Report on April 20
HANDU ESELL: Shareholders Receive Wind-Up Report
HAV3 (12): Shareholder to Hear Wind-Up Report on April 22
JKT HOLDINGS: Members to Hear Wind-Up Report on April 18

JSA INTERNATIONAL 4683: Shareholders Receive Wind-Up Report
JSA INTERNATIONAL 36879: Shareholders Receive Wind-Up Report
SEEED INC: Shareholders to Hear Wind-Up Report on April 20
TARA INVESTMENTS: Shareholder to Hear Wind-Up Report on April 19
WR LTD: Members Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Customs Revenue Jumps 9.6% to US$180.4MM in March


M E X I C O

MINERA FRISCO: Moody's Cuts CFR to B3/B1.mx; Outlook Stable


P U E R T O    R I C O

ALLIED FINANCIAL: Seeks to Hire Ismael Isern Suarez as Appraiser
ALLIED FINANCIAL: Employs Leomarie Pabon as Real Estate Broker
DF SERVICING: Schedules $94.7M in Assets, $159.9M in Debt
EMPRESAS OMAJEDE: Wins Approval of Reorganization Plan
PUERTO RICO: Governor Signs Bill Allowing Halt to Debt Payments


T R I N I D A D  &  T O B A G O

TRINIDAD  &  TOBAGO: To Allow Dollar to Fall to TT$7 to US$1


V E N E Z U E L A

VENEZUELA: Eyes U.N. Certification of its Gold, Diamond Reserves



                            - - - - -


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A R G E N T I N A
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BANCO HIPOTECARIO: S&P Affirms 'B-' ICR; Outlook Remains Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' local
currency and foreign currency issuer credit and debt ratings on
Banco Hipotecario S.A.  The outlook remains stable.

S&P's ratings on Banco Hipotecario reflect its adequate business
position, moderate capital and earnings, adequate risk position,
and adequate liquidity, which is mitigated by its below-average
funding profile.  In addition, the local currency rating and the
T&C assessment on Argentina continue to limit the local and
foreign currency ratings on the bank.  S&P rarely rates financial
institutions higher than the sovereigns where the former operate
because S&P considers it unlikely that these institutions would
remain unaffected by developments in domestic economies.  The
foreign currency ratings on the bank are currently limited by the
'B-' T&C assessment on Argentina.  This assessment reflects S&P's
view of the likelihood of a sovereign restricting access to
foreign exchange if a domestic entity needs to cover its debt
service obligations.

S&P also revised the bank's stand-alone credit profile (SACP) to
'b' from 'b+' following the revision of S&P's capital and earnings
assessment on Banco Hipotecario to moderate from adequate.

S&P's bank criteria use its Banking Industry Country Risk
Assessment (BICRA) economic and industry risk scores to determine
a bank's anchor, the starting point in assigning an issuer credit
rating.  S&P's anchor SACP for a commercial bank operating only in
Argentina is 'b+'.

The stable outlook on Banco Hipotecario mirrors the outlook on
sovereign's local currency rating, which in turn reflects the
newly elected government's market-friendly economic policies.  S&P
expects the government to implement policies that gradually rein
in inflation and reduce its fiscal deficit, slowly strengthening
the macroeconomic pillars of the economy.

If Argentina cures the default on its foreign currency debt and
S&P was to raise the foreign sovereign rating to 'CCC', it would
lower the foreign currency rating on the bank to this level.  In
addition, an ongoing sovereign default on foreign currency debt,
along with an unexpected deterioration in economic policy and
political stability, could dim investors' confidence, prompting
S&P to lower the sovereign local currency rating and consequently
downgrade the bank.

S&P could raise the ratings on Banco Hipotecario in the next 12-18
months if S&P was to raise the sovereign's local and foreign
currency ratings because the bank's SACP is higher than its issuer
credit ratings.


METROGAS SA: S&P Revises Outlook to Pos. & Affirms 'CCC' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Metrogas
S.A. to positive from stable.  At the same time, S&P affirmed its
'CCC' corporate credit and issue-level ratings on the company.

The outlook revision follows Argentina's Department of Energy and
Mines' (MINEM) recent request for the natural gas industry
regulator (ENARGAS) to revise the rate-setting process within the
next 12 months.  MINEM also defined terms and conditions for the
transition period (12 months) and provided new rate charts until
the regulator completes the process.

The natural gas rates increased, so Metrogas will have to comply
with mandatory investments and service quality targets during the
transition period while recovering the higher operating costs due
to inflation.  S&P believes the new price-setting process could
improve the company's ability to recover its fixed and variable
operating costs, and capital expenditures, reducing short-term
financial pressures.  In S&P's view, the proposed plan will
increase cash flow predictability, lowering the company's
dependence on discretionary monetary support from the government.

During the past two years, ENARGAS established new rates for the
natural gas paid by all customers, which boosted rates for gas
transportation and distribution segments.  However, the increases
didn't include a pass-through mechanism for major expenses such as
gas purchase cost, salary increases, and capital expenditures in
the long term.  Therefore, although Metrogas' profitability rose,
it quickly dropped, resulting in an EBITDA shortfall and negative
net worth.

S&P believes the extraordinary rate hike and the pending price
setting mechanism would improve Metrogas' finances because rates
should more closely reflect the effective cost of gas
distribution.  However, S&P still believes that it would take more
than 12 months for the company's operating performance to recover.
Moreover, it remains uncertain to what extent the new regulatory
framework and its implementation can bolster Metrogas' credit
quality and its ability to improve its capital structure in the
long term.


===============
B A R B A D O S
===============


BARBADOS: Most of Barbadians' Debt in Mortgages, Report Shows
-------------------------------------------------------------
Caribbean360.com reports that the majority of Barbadians' debt
with financial institutions is tied up in mortgages.  This is one
of the findings of the 2015 Financial Stability Report published
by the Central Bank of Barbados and the Financial Services
Commission, according to Caribbean360.com.

According to the financial stability report, mortgages account for
43 per cent of commercial banks' total credit, 48 per cent in the
case of credit unions and 85 per cent for trust and finance
houses, Caribbean360.com notes.  Moreover, 66 per cent of
household debt is attributed to mortgages, especially those for
locally based private residential dwellings, Caribbean360.com
relays.

On the performance of mortgages, the report notes that the
increase in the proportion of banks' mortgages in Non-performing
loans (NPLs) outpaced the growth of mortgages as a proportion of
total loans, Caribbean360.com discloses.

"Bank's mortgages in non-performing loans rose substantially from
17 per cent to 42 per cent between 2008 and 2015, while the growth
of mortgages as a proportion of total loans rose from 27 per cent
to 43 per cent," the report stated, Caribbean360.com says.

At end-September 2015, banks' NPL ratio stood at 10.8 per cent, of
which just under half (4.5 per cent) related to mortgages,
Caribbean360.com notes.

More Barbadians have defaulted on their mortgage payments in
recent years: the default rate in the mortgage portfolio moved
from 0.5 per cent in 2008 to around 4.5 per cent at September
2014, Caribbean360.com relays.

The report noted, however, that many of the NPLs included in this
figure are older loans that banks have already written off,
Caribbean360.com reports.  Their retention in the NPL ratio
reflects the slow pace at a legal resolution to these defaults,
Caribbean360.com says.

However, while the impact of non-performing mortgages remains
higher than desired, the elevated levels do not directly threaten
the financial stability of the commercial banks, notes the report.
This assertion is supported by stress tests which affirmed that
banks are adequately capitalized, Caribbean360.com discloses.

As reported in the Troubled Company Reporter-Latin America on
April 5, 2016, Moody's Investors Service downgraded Barbados'
government bond rating and issuer rating to Caa1 and changed the
outlook to stable.


BARBADOS: On The Way to Being Financial Centre of Choice
--------------------------------------------------------
Caribbean360.com reports that Barbados' vision of becoming the
international financial wealth management center of choice in the
western hemisphere is closer to reality.

That's the view of International Business Minister Donville
Inniss, as the Barbados Stock Exchange (BSE) launched the
International Securities Market (ISM), according to
Caribbean360.com.   Mr. Inniss said the move was in sync with his
ministry's goals for the development of the country's
international business and financial services sector, the report
notes.

An ISM is a market for the listing and trading of securities of
issuers, which might or might not be incorporated in Barbados,
that would otherwise be listed and traded on other exchanges
around the world, the report relays.

While commending the CEO and General Manager of the Stock
Exchange, Marlon Yarde, and his team for piloting the initiative,
Mr. Inniss made it clear that the work was not fully completed,
the report relays.

"As these products are activated here, they have the immediate
impact of placing Barbados on the same or, rather, equal footing
as many of our competitor jurisdictions such as the Bermuda Stock
Exchange, and the Cayman Stock Exchange.  We must therefore be
aware that flexibility is a crucial component in the formulation
of a successful matrix of products, the provision of services and
legislation," the minister contended, the report discloses.

The minister said it was anticipated that participants in the ISM,
likely to be international offshore banks and international
business companies, would continue to be subjected to prudential
regulation by the Central Bank of Barbados, the report relays.

"They would also continue to be regulated by the Financial
Services Commission for takeovers, insider trading and market
manipulation. This would enable the BSE to ensure a strong
regulatory focus for the ISM which is absent in many less
regulated offshore international centers," Minister Inniss
explained, the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 5, 2016, Moody's Investors Service downgraded Barbados'
government bond rating and issuer rating to Caa1 and changed the
outlook to stable.


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


DESENBAHIA-AGENCIA: Moody's Assigns Ba2 Rating; Outlook Negative
----------------------------------------------------------------
Moody's America Latina assigned global scale long and short-term
local currency issuer ratings of Ba2 and Not Prime, and Brazilian
national scale issuer ratings of Aa2.br and BR-1, for long and
short-term respectively, to Desenbahia-Agencia de Fomento do
Estado da Bahia S.A. (Desenbahia), owned by the state of Bahia
(Ba2 negative).  At the same time, Moody's assigned the entity a
baseline credit assessment (BCA) of ba3.  The outlook on the
global scale issue rating is negative, in line with the negative
outlook assigned to its controlling shareholder's rating.  This is
the first time Moody's assigns ratings to Desenbahia.

These assessment and ratings were assigned to Desenbahia --
Agencia de Fomento do Estado da Bahia S.A.:

  Baseline credit assessment of ba3
  Long-term local currency issuer rating of Ba2, negative outlook
  Short-term local currency issuer rating of Not Prime
  Long-term Brazilian national scale issuer rating of Aa2.br
  Short-term Brazilian national scale issuer rating of BR-1

                         RATINGS RATIONALE

The Ba2 issuer rating incorporates Desenbahia's ownership by the
state government of Bahia (Ba2 negative), as well as its policy
role as the development agency for the state government, engaged
in providing long-term financing to municipalities and to small
and micro enterprises.  Moody's noted that in accordance with its
rating methodology for government related issuers (GRI), the
ratings for Desenbahia reflect the combination of two inputs: (1)
the agency's intrinsic financial profile, which is reflected in a
baseline credit assessment (BCA) of ba3; and 2) the incorporation
of the probability of a high support and very high dependence from
its shareholder.  Moody's support e assessment takes into account
the agency's role as a financial arm of the government with full
strategic alignment to the state's social and economic development
initiatives.  It also incorporates the consistent dividend
reinvestment policy and conservative capital levels maintained by
shareholders, indicative of the state government's commitment and
willingness to support the agency's operations, while enhancing
its financial flexibility.  For that reason, Desenbahia's Ba2
issuer rating benefits from a one-notch uplift from its standalone
ba3 assessment.

In assigning an unsupported baseline credit assessment of ba3,
Moody's notes that Desenbahia is a small regional franchise with
limited business diversification and relative concentrated loan
portfolio by borrower and by sector .  While the asset quality
indicators have historically remained better than the average
presented by its peer development agencies, there are indications
of deterioration over the past 12 months in the form of an
increase in loan renegotiations and rising credit costs.  About
34% of its loan book relate to agribusiness, an important economic
segment for the state of Bahia.  Desenbahia also lends to
municipalities, which made roughly 16% of total loans in 2015, a
portfolio that is predominantly guaranteed by tax transfers from
the state government, and therefore, carry limited credit risk, as
reflected in the agency's asset quality.  The largely secured
nature of the loan book also compensate the risks of relative loan
concentration to a single class of borrowers or to specific
segments.  Future plans to enter private-public participation
deals with large corporations investing in the state, such as in
the energy sector, a strategy aligned to its policy role, could
increase concentration risk.

The ba3 BCA also reflects rapid loan growth pace in 2015, despite
the rising risk conditions in Brazil, which, however, is supported
by a robust capitalization of 52.75% as of December 2015, an
important buffer against credit losses.  While Desenbahia's high
profitability in 2015 was boosted by non-recurring gains from the
sale of its former headquarters, we note that the company's
recurring earnings generation will remain pressured by higher
credit costs on the back of the negative macro trends.  The
agency's plans to tap international credit facilities from
multilateral banks is a positive diversification of its funding
sources, however, these high cost resources may further strain its
future profitability.

By the same token, in its role as a policy entity, Desenbahia may
be exposed to political interference from the local government in
its asset allocation decisions, and despite its track record of
good governance practices.  Moody's views these challenges as
constraining factors to the ratings.

                 WHAT COULD MAKE THE RATING GO UP

At this juncture, there is no upward rating pressure on
Desenbahia's standalone ratings, particularly given Brazil's
challenging operating environment.

                WHAT COULD MAKE THE RATING GO DOWN

A weakening of entity's financial fundamentals, particularly
resulting from a significant deterioration in the quality of the
loan book, would have negative effect on the BCA.  A downgrade of
its shareholder's rating would also affect Desenbahia's supported
issuer rating of Ba2.

                        USED METHODOLOGIES

The principal methodology used in rating Desenbahia was
Government-Related Issuers published in October 2014.

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.

Desenbahia -- Agencia de Fomento do Estado da Bahia S.A. is
headquartered in Salvador, Bahia and had total assets of BRL1,124
million ($284.1 million) and total equity of BRL570 million
($144.1 million) as of Dec. 31, 2015.


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


ACHIEVEMENT CONCENTRATED: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Achievement Concentrated Master Fund Ltd.
received on April 7, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Achievement Asset Management LLC
          c/o Donna MacDonald
          141 West Jackson Boulevard, Suite 800
          Chicago, IL 60604
          United States of America
          Telephone: +1 (312) 444 8707
          e-mail: dmacdonald@achievem.com


AD MOVIE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Ad Movie Inc. received on April 6, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          P.O. Box 2075, Grand Cayman, KY1-1105
          Cayman Islands
          Telephone: 345-949-9710


DQ LTD: Members Receive Wind-Up Report
--------------------------------------
The members of DQ Ltd. received on April 7, 2016, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Simon Conway
          c/o Kadie Prospere
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8745
          Facsimile: (345) 945 4237


ENERGY RECOVERY: Shareholder to Hear Wind-Up Report on April 22
---------------------------------------------------------------
The shareholder of Energy Recovery (Cayman) Ltd. will hear on
April 22, 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
          Telephone: (345) 943-3100


GOLDEN FUNDING: Shareholder to Hear Wind-Up Report on April 22
--------------------------------------------------------------
The shareholder of Golden Funding Company will hear on April 22,
2016, at 9:30 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


GREENWOOD CAPITAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Greenwood Capital, Inc. received on April 5, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HAMBURG FINANCE: Shareholders to Hear Wind-Up Report on April 20
----------------------------------------------------------------
The shareholders of Hamburg Finance Company A.G. will hear on
April 20, 2016, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gladys Patino
          Pineapple Grove #5
          Lyford Cay
          P.O. BOX SP 64284
          Nassau, Bahamas
          Telephone: (305) 372-0404


HANDU ESELL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Handu Esell Holdings Limited received on
April 6, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          P.O. Box 2075, Grand Cayman, KY1-1105
          Cayman Islands
          Telephone: 345-949-9710


HAV3 (12): Shareholder to Hear Wind-Up Report on April 22
---------------------------------------------------------
The shareholder of HAV3 (12) Limited will hear on April 22, 2016,
at 9:15 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


JKT HOLDINGS: Members to Hear Wind-Up Report on April 18
--------------------------------------------------------
The members of JKT Holdings will hold their final meeting on
April 18, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


JSA INTERNATIONAL 4683: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of JSA International Aircraft 4683, Ltd. received
on April 7, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JSA INTERNATIONAL 36879: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of JSA International Aircraft 36879, Ltd.
received on April 7, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SEEED INC: Shareholders to Hear Wind-Up Report on April 20
----------------------------------------------------------
The shareholders of Seeed Inc. will hear on April 20, 2016, at
9:00-10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hao Pan
          136 Ningxia Street
          Qingyang District
          Chengdu City
          Sichuan Province
          PRC


TARA INVESTMENTS: Shareholder to Hear Wind-Up Report on April 19
----------------------------------------------------------------
The shareholder of Tara Investments Ltd will hear on April 19,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


WR LTD: Members Receive Wind-Up Report
--------------------------------------
The members of WR Ltd. received on April 7, 2016, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Simon Conway
          c/o Kadie Prospere
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8745
          Facsimile: (345) 945 4237


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REP: Customs Revenue Jumps 9.6% to US$180.4MM in March
----------------------------------------------------------------
Dominican Today reports that Dominican Republic Customs Agency
said March revenue jumped 9.6% to RD$8.3 billion (US$180.4
million), or RD$729.3 million more than the same month last year.

It said the figure is also 100.8% of the revenue estimated in the
National Budget of RD$ 8.2 billion, or RD$63.5 million higher,
according to Dominican Today.

"Until March 31, revenues totaled RD$22.15 billion, an increase of
9.0%, equivalent to an additional RD$1.8 billion, compared with
the same period in 2015," Customs said in a statement obtained by
Dominican Today.

The total collected during the January-March 2016 period (RD$22.15
billion) correspond to 98.43% of the amount estimated in the
General Budget Law, which was RD$ 22.5 billion," the report notes.

                                  Goal

Customs added that its 2016 revenue goal is RD$103.1 billion, a
7.8% jump compared with the RD$95.6 billion collected in 2015, the
report adds.

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'.


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


MINERA FRISCO: Moody's Cuts CFR to B3/B1.mx; Outlook Stable
-----------------------------------------------------------
Moody's de Mexico downgraded to B3/B1.mx from B2/Ba1.mx the
ratings of Minera Frisco. S.A.B. C.V. (Minera Frisco). The rating
outlook is stable. These actions reflect Moody's perception of
increased credit risk for the mining sector, and also an effort to
align ratings with the fundamental shift in the credit conditions
of the global mining sector. These rating actions conclude the
review initiated on January 21, 2016.

The rating actions on Minera Frisco incorporate a deep
deterioration in credit conditions for the global mining industry,
with sharp price declines over the past year. Moody's believes
that this downturn will be deeper and longer, and represent an
unprecedented shift for the mining industry. China's slowing
economic growth brings additional market imbalances and requires
further adjustments in the industry, including in supply levels.
In addition, the strong US dollar is a further factor contributing
to weakening demand and driving prices lower since most metals are
traded in dollars. Deteriorating industry fundamentals require a
recalibration of the global mining portfolio rated by Moody's.

Downgrades:

-- Issuer: Minera Frisco, S.A.B. De C.V.

-- Corporate Family Rating, Downgraded to B3/B1.mx from B2/Ba1.mx

-- Long -Term Senior Unsecured Medium-Term Note Program,
    Downgraded to (P) Caa1/Caa1.mx from (P)B3/B1.mx

-- Senior Unsecured Regular Bond/Debenture, Downgraded to
    Caa1/Caa1.mx from B3/B1.mx

Affirmations:

-- Short-Term Senior Unsecured Medium-Term Note Program, Affirmed
    at MX-4

Outlook Actions:

-- Issuer: Minera Frisco, S.A.B. De C.V.

-- Outlook, Changed To Stable

In addition, Moody's is correcting its database to reflect that
the Senior Unsecured Short-Term portion of its Local dual Program
of Minera Frisco, rated MX-4, was not placed on Review for
Downgrade as noted in the January 21, 2016 press release.

RATINGS RATIONALE

"The downgrade of Minera Frisco's ratings reflects the pressure in
the company's credit metrics from deteriorating market conditions,
and the low likelihood that cash flows and credit metrics will
improve meaningfully over the next 12 to 18 months. Despite our
expectations of operational improvement during this period,
financial results will continue to be affected by lower metals
price, reducing the company's cash generation ability.
Additionally, Minera Frisco's refinancing risk continues despite
its recent efforts to de-lever and to improve its capital
structure. Minera Frisco's B3/B1.mx corporate family ratings
continue to reflect its good mine diversification and expected
further metal diversification by 2017 once Tayahua mine doubles
its copper production."

As of December 2015, the bulk of Minera Frisco's MXN 23.9 billion
outstanding debt was a syndicated facility with step up
amortizations, including $US 80 million (around MXN 1.4 billion)
in 2016 and $US 200 million (MXN 3.4 billion) in 2017. Such
maturities compare with a modest cash balance position of MXN 117
million. Although Minera Frisco was able to reduce debt by MXN 3
billion in 2015 and generate free cash flow of MXN 1.2 billion,
cash generation in 2016 will be pressured by capital expenditures
of around $US 130 million (MXN 2.3 billion) related with an
expansionary copper project. Under the current environment,
Moody's considers it is uncertain whether the company will be able
to cover its upcoming debt commitments with internal cash
generation. Further pressuring liquidity is Minera Frisco's
limited alternative sources of liquidity as it does not have
committed credit lines.

Minera Frisco's volume should gradually recover going forward. In
2015, gold and copper volume drop by 3% and 19%, respectively.
Production was affected by intense rainfalls during the second
half of 2015. Since then, output capacity has been resumed, being
fully recovered in the first quarter of 2016. Also affecting
production in 2015 were some mines with declining reserves in the
Mar°a mine, lower grade and recovery of ore. The company continues
to focus in increasing the ore recovery, looking to achieve a
higher efficiency in the metallurgical recovery processes. It has
also identified new objectives to restart operations in 2016 in
the Mar°a mine. These measures should gradually result in higher
volume, further supported by the start of the expansionary copper
project by the end of 2016.

Despite these improvements, credit metrics will not recover over
the next 12 to 18 months due to the weak metal prices environment.
For 2016, Moody's applies base price sensitivities for gold,
silver and copper prices at $1,100/oz, $15/oz, and $2.15/lb,
respectively. For the following years Minera Frisco's strategy of
hedging most of its production should result in a slightly more
resilient performance.

"The (P)Caa1/Caa1.mx rating on Minera Frisco's senior unsecured
debt dual program of local notes reflects its structural
subordination to the company's existing guaranteed debt. The
syndicated facility is guaranteed by operating subsidiaries.
Considering capital structure as of December 31, 2015 around 80%
of total debt is guaranteed. Although this portion could drop if
the company issues debt under the rated local program, we consider
that structural subordination will still be material."

"The stable outlook reflects our expectation that the company will
maintain stable credit metrics over the next twelve to eighteen
months despite the weak operating environment due to measures
taken to improve production and efficiency."

An upgrade would require improvements in liquidity and credit
metrics. Quantitatively, an upgrade would require leverage below
4.5 times and EBIT/interest expense above 2.0 times on a sustained
basis, both as adjusted by Moody's.

The ratings could be downgraded if Minera Frisco experiences any
significant operational difficulties, substantial increase in
operating costs, or further deterioration in liquidity position. A
downgrade would also be considered should debt/ EBITDA increase to
above 5.5x as adjusted by Moody's on a sustained basis and if the
company's liquidity continues to deteriorate if it is not able to
roll over debt maturities.

Minera Frisco is dedicated to the exploration and exploitation of
mining lots for the production and sale of mainly gold and silver
dore bars, as well as copper cathode and copper concentrate, lead-
silver and zinc concentrates. The company operated through nine
mining units in Mexico: El Coronel, San Felipe, El porvenir,
Concheno, Mar°a, Ocampo, Tayahua, Asientos, and San Francisco del
Oro. Additionally, it has two developing projects. For the last
twelve months ended in December 31, 2015, the company generated
about MXN 13,611 in revenues.


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


ALLIED FINANCIAL: Seeks to Hire Ismael Isern Suarez as Appraiser
----------------------------------------------------------------
Allied Financial, Inc., sought and obtained authority from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ
Ismael Isern Suarez from I.S. Appraiser Group, PSC, as appraiser.

The Debtor says it seeks to employ Ismael Isern Suarez in order to
emit an opinion related to the market value of each of the
Debtor's real estate properties.

The Appraiser's compensation for the work to be done will be as
follows:

   (a) Non Residential Properties:

       * $800 for new appraisal; and
       * $200 for each additional property in the same project;

   (b) Update of a Non Residential Property:

       * 50% of the Original Report fee for the first year; and
       * 75% of the Original Report fee after the year; and

   (c) Residential Properties single unit:

       * $400 for each new appraisal;
       * $300 for an update of existing appraisal during the
         first year and $400 after the year; and
       * $100 each additional unit in the same lot.

The Appraiser will submit the original appraisal and one copy in
or within 30 calendar days after the inspection and the submittal
of all the necessary information.

The total amount to be paid by the Debtor is generated from the
operation of its business.  Approval by the Court of this
application will constitute approval of the flat fee amount for
the preparation of the appraisal and the described payment terms.

Ismael Isern Suarez assures the Court that he is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.

                     About Allied Financial

Allied Financial, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Puerto Rico Case No. 16-00180) on Jan. 15, 2016.  The
petition was signed by Rafael Portela as president of the Board of
Directors.  The Debtor disclosed total assets of $10.28 million
and total debts of $9.14 million.  C. Conde & Assoc. represents
the Debtor as counsel.  Mildred Caban Flores has been assigned the
case.


ALLIED FINANCIAL: Employs Leomarie Pabon as Real Estate Broker
--------------------------------------------------------------
Allied Financial, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Leomarie Pabon,
doing business as L Pabon Realty, as real estate broker to act as
exclusive sales agent of the Debtor's property located at 309
Carmen Street, Urb. Cumbres de Mirandero, in Mayaguez, Puerto
Rico.

Leomarie Pabon, doing business as L Pabon Realty will receive a
commission fee of 5% of the sale amount payable upon the execution
of the corresponding deed of sale.  Approval by the Court of this
application will constitute approval of the commission fee amount
and the payment terms.

According to the pending closing statement attached to the
application, the Property is proposed to be sold to David
Velazquez and Malky Rivera for $175,000, less debits to the
Debtor/Seller for a net proceed of $161,814.

Leomarie Pabon assures the Court that she is a disinterested
person and her employment is in the best interest of the estate.

                     About Allied Financial

Allied Financial, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Puerto Rico Case No. 16-00180) on Jan. 15, 2016.  The
petition was signed by Rafael Portela as president of the Board of
Directors.  The Debtor disclosed total assets of $10.28 million
and total debts of $9.14 million.  C. Conde & Assoc. represents
the Debtor as counsel.  Mildred Caban Flores has been assigned the
case.


DF SERVICING: Schedules $94.7M in Assets, $159.9M in Debt
---------------------------------------------------------
DF Servicing, LLC disclosed $94,661,858 in assets and $159,898,325
in liabilities in its amended schedules of assets and liabilities:

   Name of Schedule                   Assets       Liabilities
   ----------------                   ------       -----------
A. Real Property                  $2,160,000
B. Personal Property             $92,501,858
C. Property Claimed as Exempt
D. Creditors Holding
   Secured Claims                                  $99,948,964
E. Creditors Holding Unsecured
   Priority Claims                                        $798
F. Creditors Holding Unsecured
   Non-priority Claims                             $59,948,561
                               --------------   --------------
TOTAL                             $94,661,858     $159,898,325

A copy of the company's schedules is available without charge at
http://is.gd/BhoWuO

                      About DF Servicing

Engaged in the business of purchase and sale of construction
projects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC,
and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.
D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015. The
petitions were signed by Mark Mashburn, the president.

Charles A Cuprill, PSC Law Office, serves as counsel to the
Debtors, CPA Luis R. Carrasquillo & Co, P.S.C. as financial
consultant, AFS CPA Group, LLC, serves as auditor, and Salichs Pou
& Associates, PSC, as special counsel.


EMPRESAS OMAJEDE: Wins Approval of Reorganization Plan
------------------------------------------------------
Empresas Omajede, Inc., in mid-March 2016 won an order confirming
its Plan of Reorganization dated Nov. 20, 2015.  The Economic
Development Bank for Puerto Rico's secured claim of $114,000 and
Banco Popular de Puerto Rico's $2.50 million claim are unimpaired.
Unsecured creditors are impaired -- they will be paid 100% of
their claims, as fully determined and allowed by the Court,
without interest, in deferred equal consecutive monthly
installments commencing in June of 2016 and continuing on the 30th
day of the following 55 months, with a balloon payment in the 57th
month for the balance owed.  Equity holders will retain their
shares.

A copy of the Amended Plan is available for free at:

    http://bankrupt.com/misc/American_Eagle_516_DS.pdf

A copy of the Summary of Claims and Plan Payments filed together
with the Plan is available for free at:

    http://bankrupt.com/misc/Empresas_O_331_Claims_Payment.pdf

                      About Empresas Omajede

Empresas Omajede, Inc., is a Single Asset Real Estate as defined
in 11 U.S.C. Sec. 101(51B) with principal assets located at La
Ectronica Building, 1608 Bori St., in San Juan, Puerto Rico.

Empresas Omajede filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012.

The Debtor tapped G.A. Carlo-Altieri & Associates as counsel and
Nelson E. Galarza as financial advisor.

The Debtor disclosed $16,718,614 in assets and $4,935,883 in
liabilities in its schedules.


PUERTO RICO: Governor Signs Bill Allowing Halt to Debt Payments
---------------------------------------------------------------
Mary Williams Walsh, writing for The New York Times' DealBook,
reported that Gov. Alejandro Garcia Padilla of Puerto Rico has
signed a bill that would allow him to declare a state of emergency
and give him authority to halt payments on the island's crushing
$72 billion debt.

According to the report, the measures capped two days and nights
of marathon debate in Puerto Rico's legislature, where lawmakers
from the main opposition party called any unilateral debt
moratorium dangerous and members of the governor's party insisted
that doing nothing would be even worse.

The report related that in Washington, House Republicans seeking
to rescue Puerto Rico prepared to release a revised plan that
includes a federal oversight panel.  The proposal has been
contentious on the island, where the governor and his top advisers
are increasingly at odds with investors over how to restructure
the debt, most of it in the form of municipal bonds, the report
said.

"This legislation provides us with the tools to address the
highest priority of needs -- providing essential services to our
people -- without fear of retribution," the DealBook cited the
governor as saying.  He accused Puerto Rico's creditors of
hampering federal assistance by "misinforming the public and
dissuading Congress from doing what is right for our 3.5 million
American citizens," the report further related.

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


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


TRINIDAD  &  TOBAGO: To Allow Dollar to Fall to TT$7 to US$1
------------------------------------------------------------
Trinidad and Tobago Express reports that Trinidad and Tobago will
allow its dollar to fall to TT$7 to US$1 by the end of 2016, and
to $7.50 to US$1 by the end of 2017, Scotiabank analysts in Canada
have forecast in the bank's March executive briefing released in
Canada and Port of Spain.

"After maintaining the (TT dollar's) quasi-fixed exchange rate of
6.3-6.4 per US dollar (USD) for several years, the Central Bank of
Trinidad and Tobago (CBTT) is open to greater currency
flexibility," a team of Scotiabank analysts led by Pablo Breard
said in the briefing, according to Trinidad and Tobago Express.

"Indeed, foreign exchange reserves have declined by over 15 per
cent since the end of 2014 to US$9.5 billion in February 2016 as
policymakers have fought to defend the peg amidst the sharp
downturn in global energy prices and USD strength on the back of a
bias towards monetary tightening by the Fed," Mr. Breard added.

As reported in the Troubled Company Reporter-Latin America on
March 2, 2016, citing Trinidad Express, Prime Minister Dr. Keith
Rowley said that Trinidad and Tobago is "certainly not bankrupt"
but we do have "cash flow" problems.


=================
V E N E Z U E L A
=================


VENEZUELA: Eyes U.N. Certification of its Gold, Diamond Reserves
----------------------------------------------------------------
EFE News reports that Venezuela is looking to obtain U.N.
certification of its reserves of diamonds, gold and other precious
stones and minerals this year, a necessary step to ensure a
"corresponding fair price," the Central Bank said.

"This year, I hope in the first half of the year, we'll get the
Kimberley certification; it's extremely important for the country
to be certified by this global organization," Nelson Merentes, the
bank's governor, said, according to EFE News.

Members of the Kimberley Process Certification Scheme, or KPCS,
which was set up by the United Nations to ensure that diamond
purchases are not financing violence by rebel movements seeking to
undermine legitimate governments, will arrive in Venezuela,
Merentes said in a government event televised by state-run VTV,
the report notes.

Venezuela's deputy mining minister, Richard Lozada, said on Feb.
23 that the KPCS would certify that the South American country had
diamond "reserves amounting to 33 million carats, but also a
potential wealth" of up to 3 billion carats, the report relays.

President Nicolas Maduro is promoting the so-called "Orinoco
Mining Arc," an approximately 111,000-sq.-kilometer (42,850-sq.-
mile) region of east-central Venezuela, south of the Orinoco
River, that is rich in gold, coltan, diamonds, iron ore, bauxite
and other minerals, the report discloses.

In addition to the region's diamond potential, Venezuela estimates
the mining arc also contains 14 billion tons of iron ore and 2
billion tons of bauxite, as well as potential coltan reserves
valued at more than $100 billion, the report says.

Venezuela's certified gold reserves amount to 4,000 tons,
according to Lozada, who said "7,000 tons, equivalent to much more
than $200 billion, could be incorporated," reports EFE.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2016, Moody's Investors Service has affirmed Venezuela's
Caa3 issuer and government bond ratings and changed the outlook to
negative from stable.  The government's senior secured and senior
unsecured government bond ratings were affirmed at Caa3, as were
the senior unsecured shelf and MTN program ratings at (P)Caa3.


                            ***********


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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