TCRLA_Public/160412.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

            Tuesday, April 12, 2016, Vol. 17, No. 71


                            Headlines



A R G E N T I N A

ARGENTINA: GDP Revamp Stuns Bond Traders Haunted by Bad Memories


B R A Z I L

MINAS GERAIS: S&P Affirms 'BB-' Rating; Outlook Negative


C A Y M A N  I S L A N D S

ALPS REAL: Creditors' Proofs of Debt Due April 29
ANGLO ASIA: Creditors' Proofs of Debt Due May 10
BRADFORD EXCHANGE: Commences Liquidation Proceedings
CHEYNE DISCOVERY: Creditors' Proofs of Debt Due April 29
ECR MASTER: Creditors' Proofs of Debt Due April 29

EOS CREDIT: Creditors' Proofs of Debt Due April 29
FARNDALE INVESTMENTS: Creditors' Proofs of Debt Due May 10
HC ASSET: Commences Liquidation Proceedings
LOBSTER INVESTMENT: Creditors' Proofs of Debt Due May 10
MARIAM INVESTMENT: Creditors' Proofs of Debt Due May 10

PIC CAYMAN: Commences Liquidation Proceedings
SION ASSETS: Creditors' Proofs of Debt Due May 10
SKYLA HOLDINGS: Placed Under Voluntary Wind-Up
WASHINGTON LOAN: Creditors' Proofs of Debt Due April 20


C H I L E

EMPRESA ELECTRICA: S&P Lowers CCR to 'BB+'; Outlook Remains Stable


H O N D U R A S

HONDURAS: To Implement IMF's General Data Dissemination System


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until April 14
CANEJAS S.E.: Hires C. Conde & Assoc. as Legal Counsel
PUERTO RICO: Rescue Bill Nears Completion in House Committee


T R I N I D A D  &  T O B A G O

ARCELORMITTAL: Electricity Rates Could Go Down With Closure
ARCELORMITTAL: Worry Over Firm's Ability to Pay Creditors
TRINIDAD & TOBAGO: Shelves Mass Transit Project


X X X X X X X X X

LATAM: ECLAC Predicts Caribbean Economies Will Contract This Year
LATAM: Fitch Forecasts Continued Growth Underperformance in 2016


                            - - - - -


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


ARGENTINA: GDP Revamp Stuns Bond Traders Haunted by Bad Memories
----------------------------------------------------------------
Carolina Millan at Bloomberg News reports that President Mauricio
Macri of Argentina has become a market favorite by undoing many of
the heavy-handed policies of his predecessor.

But now some bond analysts say that he's taking a page out of her
playbook, according to Bloomberg News.

The government said it will change the way it measures the
economy, sparking concern that holders of warrants tied to
Argentina's growth will get fewer payouts, Bloomberg News notes.
It also said it will use a different consumer price index, which
shows less inflation, to determine payments on inflation-linked
bonds, Bloomberg News relays.

The revisions sparked a selloff in the so-called GDP warrants as a
sense of deja vu descended over investors who had regained
confidence in Argentina with Macri's election in November,
Bloomberg News notes.  During Cristina Fernandez de Kirchner's
tenure, the credibility of economic data was repeatedly
questioned, Bloomberg News says.

Many investors and analysts were convinced the government
manipulated the data to reduce bondholder payments, Bloomberg News
discloses.  The International Monetary Fund even took the
unprecedented step of censuring Argentina for inaccurate
statistics in 2013, Bloomberg News recalls.

"I'm sure the government has its justifications, but foreigners
often see things in black and white, and the reality is that the
memory of what happened in the years of the Kirchner governments
is still quite fresh," Javier Kulesz, an executive director at
Jefferies Group LLC, said at the Bloomberg Argentina Summit on
April 5.  "To come out with something like this left a bitter
taste with some investors," he added.

The Finance Ministry referred questions about economic data to the
statistics agency, which declined to comment on comparisons with
the previous administration, Bloomberg News notes.

Argentina's economic data is being overhauled after years of
alleged distortions. The GDP revision is in line with this
mandate, said a statistics agency official who asked not to be
identified citing agency policy.

The warrants have tumbled 5.9 percent since March 30, when the
government said it would revise growth data from 2004 and 2015 and
use a different base year to calculate expansion, Bloomberg News
relays.  The move has sown confusion about the value of the
securities, according to Barclays Plc, Bloomberg News notes.  They
surged 44 percent from the end of September through February on
optimism the economy was poised to grow faster under Macri, who
took office in December with promises to bolster transparency and
lure foreign investment, Bloomberg News discloses.

A payout is triggered when the economy expands more than 3
percent.

"The coupons are extremely sensitive," said Siobhan Morden, the
head of Latin America fixed-income strategy at Nomura Holdings
Inc., Bloomberg News relays.  "There's a risk that there will be
less, if any, excess GDP and that investors won't be eligible for
a coupon," he added.

Inflation-linked bonds due in 2033 have dropped 0.9 percent since
March 29, when the government said it will use San Luis province's
inflation index instead of a gauge that measured the cost of
living in Buenos Aires, Bloomberg News notes.  Prices in San Luis
rose 2.7 percent in February, versus 4 percent in the capital,
Bloomberg News says.

The central bank changed the inflation index for the country
because the cost of living in San Luis is more in line with the
rest of Argentina, central bank President Federico Sturzenegger
said at the Bloomberg Argentina Summit, Bloomberg News relates.  A
new national inflation index will be published July 15, according
to the statistics agency's publication calendar, Bloomberg News
notes.

In Fernandez's last month in office, the official inflation rate
of 14 percent was half of what economists estimated, Bloomberg
News relays.  In 2014, she stunned investors when she changed the
base year for the nation's GDP index from 1993 to 2004, nullifying
a $3 billion payment to holders of warrants, Bloomberg News notes.

"Regardless of the ostensible logic behind the decision, CPI-
linker holders justifiably fear that a chunk of their returns are
being confiscated," said Walter Stoeppelwerth, chief investment
officer of Balanz Capital in Buenos Aires, 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'.


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


MINAS GERAIS: S&P Affirms 'BB-' Rating; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale 'BB-'
long-term foreign and local currency credit ratings on the state
of Minas Gerais.  S&P also affirmed its national scale 'brA'
rating on Minas Gerais.  The outlook on the long-term foreign and
local currency and national scale ratings remains negative.

                             RATIONALE

The ratings on Minas Gerais reflect its satisfactory financial
management, moderate contingent liabilities, average budgetary
flexibility, and weak economy.  S&P expects the state's budgetary
performance to remain weak in the next two years, compared with
our view of it as strong back in 2014.  The state's high debt and
weak liquidity constrain its ratings.

The Feb. 17, 2016, downgrade of Minas Gerais was based on Brazil's
downgrade and on the state's weaker budgetary performance, as seen
in wide fiscal deficits during 2015.  S&P expects Minas Gerais to
continue posting double-digit fiscal deficits in the next 12-18
months as it struggles to stabilize its finances amid recession.
According to S&P's base-case scenario, Minas Gerais' operating
deficit will deepen to 4% of operating revenue in 2016 and will
start decreasing in 2017, reflecting the fiscal adjustment the
state recently has begun to implement.  The latter consists of a
recently announced a R$2 billion budget cut, the state tax
increases, a tighter tax collection mechanism, and a program for
recovering overdue taxes ("d°vida ativa").  S&P assumes that Minas
Gerais will successfully implement most of these measures,
although Brazil's recession will continue to shrink tax revenue
for all local and regional governments (LRGs).

Although the state's operating revenue rose at a slightly higher
pace than the nation's nominal GDP growth rate, its operating
spending grew 14% in nominal terms.  Public-sector employee costs
alone climbed 19% in nominal terms.  The state's deteriorating
finances in 2015 pushed up the fiscal deficit to R$8 billion,
despite the sharp drop in capital expenditures (capex) to 5% from
9% in 2014 of total spending.  Public servants' salary increases
that the previous administration granted prior to the 2014
election, coupled with mandatory salary hikes for public school
teachers, should continue to pressure Minas Gerais' spending in
2016.  According to S&P's base-case scenario for 2016, these
expenses will continue to grow above the inflation rate.  S&P
expects this spending to moderate in 2017 and 2018 because Minas
Gerais needs to comply with the Fiscal Responsibility Law's fiscal
limits for public-sector employee costs by slowing salary
increases and eliminating job positions created by the previous
administration ("cargos comissionados").

S&P views Minas Gerais' budgetary flexibility as average.  S&P
expects the state to continue generating around 81% of its
operating revenue due to higher value added and vehicle taxes and
the recent fiscal adjustment measures.  This percentage is
slightly lower than those of the states of Sao Paulo and Rio de
Janeiro, but higher than Santa Catarina's and of Minas Gerais'
international peers.  Nevertheless, the state has limited ability
to cut its expenditures, the bulk of which consist of personnel
costs and debt interest payments.  Capex levels have continued to
fall, despite an increase in 2013, reaching 5% of total spending
in 2015.  S&P expects capex to remain at a similar level for the
next two years due to a slower pace of borrowing.

Minas Gerais' budgetary performance will remain weak in 2016 due
to high spending on public-sector employee wages and debt interest
payments.  S&P expects its fiscal deficit to reach R$9 billion in
2016 or 14% of total revenue.  Although S&P expects Minas Gerais
to continue borrowing to finance its fiscal gap in 2016 and 2017,
S&P don't expect it to expand its borrowing base in this period.
S&P's base-case scenario for 2016 and 2017 assumes that Minas
Gerais will only have access to previously authorized credit lines
from the state bank, Banco do Brasil S.A., and the international
development banks, with the amount from the latter at around R$2
billion.

Minas Gerais' debt burden is high, according to S&P's criteria.
Its debt level accounted for 165% of operating revenue in 2015,
20% of which is denominated in foreign currency.  The depreciation
of the Brazilian real and high inflation increased Minas Gerais'
debt stock to R$107 billion in 2015 from almost R$94 billion in
2014.  Its debt is higher than those of the state's domestic and
international peers, such as the state of Santa Catarina's 104%,
Sao Paulo's 146%, and the Mexican state of Michoacan's 32%.  S&P
expects the state's debt level to fall to 140%-145% of operating
revenue in the next two to three years.  Debt service costs are
likely to be about 10% of operating revenue, and interest expenses
at 5% for the next three years.  S&P's base-case scenario for the
next three years excludes the current debt refinancing proposal,
which would extend repayment schedules of debt LRGs owe to the
federal government by 20 years and could save Minas Gerais R$1
billion in debt service costs annually.  Furthermore, S&P's debt
assessment excludes the changes in the interest on debt LRGs owe
to the federal government.  Congress approved the change in 2014
and implemented it in December 2015, but Minas Gerais and the
federal government have yet to agree on the details.

S&P assess the state's financial management as satisfactory
because it has maintained relatively prudent financial policies
for the past five years, except for 2015, posting operating
surplus consistently above 5% of operating revenue.  The state is
attempting to adjust its finances to rein in its expenditure,
albeit at some political cost (especially with public-sector
unions due to lower-than-expected salary increase announcements).

S&P views Minas Gerais' economy as weak.  S&P estimates the
state's three-year average GDP per capita at $9,159 for 2015,
lower than Brazil's $10,951.  Minas Gerais' economy generated
9.2%, or R$486.9 billion, of the national GDP in 2013, according
to the latest data available from the Brazilian Institute of
Geography and Statistics.  Only the states of Sao Paulo and Rio de
Janeiro generate higher shares of Brazil's GDP, at 32% and 12%,
respectively.  Minas Gerais' economy grew 2.4% in 2011 but swung
to a 4.9% contraction in 2015, according to the state's
statistical institute (Fundacao Joao Pinheiro).  While Minas
Gerais' economic base is similar to the Latin American sovereigns,
the state economy is more dependent on the mining sector, which
generates around 7.5% of the state's GDP.  As a result, the state
is vulnerable to swings in commodity prices and to China's
decelerating economy.  In recent years, Minas Gerais has taken
measures to diversify its economy by offering tax incentives and
promoting investments in sectors other than mining.  As a result,
the food and beverage companies have expanded their production in
Minas Gerais.

The state has moderate contingent liabilities, the largest of
which are several state-owned companies including Companhia
Energetica de Minas Gerais (CEMIG; BB-/Negative/--), which S&P
considers as self-supporting.  The company, one of the country's
largest electric utilities, has adequate credit metrics and a
diversified portfolio of assets in the electricity generation,
transmission, and distribution segments.  In addition, the state
owns a development bank, Banco de Desenvolvimento de Minas Gerais
S.A. (BDMG; BB-/Negative/--), which we also consider as self-
supporting.  S&P believes that there are no significant contingent
liabilities as a result of cross-default clauses in BNDES loans to
the state entities.

Minas Gerais, similar to its domestic peers, operates in what S&P
views as an evolving and unbalanced institutional framework.  The
system that divides the fiscal powers between the central and the
local and regional governments in Brazil is based on three key
parameters that have remained in place for a long time and have
gained strong political and economic support.  S&P don't expect
major changes in the intermediate term, and if they do occur, S&P
will reassess its opinion on Brazilian LRGs' credit quality.

                            Liquidity

S&P views Minas Gerais' liquidity as weak because its average cash
reserves are likely to cover only 10.6% of the projected debt
service costs in 2016.  The state doesn't have a structural
mismatch between revenue and spending, and it generates adequate
internal cash flow.  Still, Minas Gerais faces a high annual debt
service at about R$6.7 billion (5% of operating revenue), though
most of debt is owed to the federal government and is deducted
from the latter's tax revenue transfers to the state.

S&P assess Minas Gerais' access to external liquidity as limited
despite its ability to obtain new credit lines from multilateral
agencies and international and domestic banks, which has allowed
the state to complete its public-works investments in recent
years.  However, S&P believes new borrowings will tighten for the
next two years as a result of Brazil's weak economy and federal
government fiscal policies.

                              OUTLOOK

The negative outlook reflects a one-in-three likelihood that Minas
Gerais' credit quality could deteriorate as a result of S&P's view
that Brazil's institutional framework is weakening.  The outlook
also reflects Minas Gerais' very limited ability to cut its
operating costs which will continue to pressure its ratings.  S&P
expects the state to report high fiscal deficits in the next two
years, while struggling to control and cut its expenses and
increase revenue amid Brazil's prolonged recession.  The negative
outlook also considers that the state will continue to implement
its fiscal adjustments to prevent its finances from weakening
further during 2016.  S&P could lower its ratings on Minas Gerais
in the next 12-18 months if deficits after borrowing are
consistently wider than S&P's expectations, which would further
erode the already weak cash position.  On the other hand, S&P
could raise the ratings if Minas Gerais improves its budgetary
performance, with operating surplus around 5% of operating revenue
and the narrowing deficit after capex, which could eventually
bolster the state's liquidity position.  Under this scenario, S&P
could also revise the outlook to stable.

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

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

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

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

RATINGS LIST

Ratings Affirmed

Minas Gerais (State of)
Issuer Credit Rating
Global Scale                           BB-/Negative/--
Brazil National Scale                  brA/Negative/--


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


ALPS REAL: Creditors' Proofs of Debt Due April 29
-------------------------------------------------
The creditors of Alps Real Asset Income Fund (Cayman) Ltd. are
required to file their proofs of debt by April 29, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2016.

The company's liquidator is:

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


ANGLO ASIA: Creditors' Proofs of Debt Due May 10
------------------------------------------------
The creditors of Anglo Asia Investments Limited are required to
file their proofs of debt by May 10, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


BRADFORD EXCHANGE: Commences Liquidation Proceedings
----------------------------------------------------
On March 10, 2016, the sole shareholder of Bradford Exchange A.G.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Richard W. Tinberg
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


CHEYNE DISCOVERY: Creditors' Proofs of Debt Due April 29
--------------------------------------------------------
The creditors of Cheyne Discovery Fund I Inc. are required to file
their proofs of debt by April 29, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 10, 2016.

The company's liquidator is:

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


ECR MASTER: Creditors' Proofs of Debt Due April 29
--------------------------------------------------
The creditors of ECR Master Fund Limited are required to file
their proofs of debt by April 29, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 8, 2016.

The company's liquidator is:

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


EOS CREDIT: Creditors' Proofs of Debt Due April 29
--------------------------------------------------
The creditors of EOS Credit Recovery Offshore Limited are required
to file their proofs of debt by April 29, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 7, 2016.

The company's liquidator is:

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


FARNDALE INVESTMENTS: Creditors' Proofs of Debt Due May 10
----------------------------------------------------------
The creditors of Farndale Investments Limited are required to file
their proofs of debt by May 10, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


HC ASSET: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on March 18, 2016, the members of
HC Asset Finance (Cayman) Ltd. resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


LOBSTER INVESTMENT: Creditors' Proofs of Debt Due May 10
--------------------------------------------------------
The creditors of Lobster Investment Ltd. are required to file
their proofs of debt by May 10, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


MARIAM INVESTMENT: Creditors' Proofs of Debt Due May 10
-------------------------------------------------------
The creditors of Mariam Investment Holdings Limited are required
to file their proofs of debt by May 10, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


PIC CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
On March 15, 2016, the sole shareholder of PIC Cayman 1 resolved
to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Pankaj Gupta
          Mohammed Abdullah A Alali
          c/o Sophie Kassam
          Walkers (Dubai) LLP
          The Exchange Building, Fifth Floor
          DIFC
          P.O. Box 506513 Dubai
          United Arab Emirates
          Telephone: +971 4 363 7919
          e-mail: sophie.kassam@walkersglobal.com


SION ASSETS: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
The creditors of Sion Assets Limited are required to file their
proofs of debt by May 10, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 14, 2016.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


SKYLA HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
On Feb. 29, 2016, the sole member of Skyla Holdings Ltd. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Turners Management Ltd.
          Century Yard, 4th Floor
          Cricket Square, Elgin Avenue, George Town
          Grand Cayman KY1-1102
          Cayman Islands
          c/o Alan Turner
          Telephone: +1 (345) 814 0700


WASHINGTON LOAN: Creditors' Proofs of Debt Due April 20
-------------------------------------------------------
The creditors of Washington Loan Funding 2015-MP Ltd. are required
to file their proofs of debt by April 20, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 15, 2016.

The company's liquidator is:

          Andre Slabbert
          Appleby Trust (Cayman) Ltd.
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 345 949 4900






=========
C H I L E
=========


EMPRESA ELECTRICA: S&P Lowers CCR to 'BB+'; Outlook Remains Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Empresa Electrica Guacolda S.A. (Guacolda) to 'BB+' from
'BBB-'.  At the same time, S&P lowered its issue-level rating on
the company's $500 million senior unsecured notes due 2025 to
'BB+' from 'BBB-'.  The outlook remains stable.

The downgrade reflects S&P's revised EBITDA and cash flow
estimates due to Guacolda's substantially weaker results in 2015
than S&P's previous base-case forecast of adjusted leverage of 3x-
4x.  The company's EBITDA dropped about 30% from S&P's previous
base-case scenario due to the early termination of a power
purchase agreement with Compania Minera Nevada SpA (Pascua Lama)
after a long arbitration process initiated by the company and the
subsequently greater exposure to the spot market.  Moreover,
prices at the spot market dropped about 30% in 2015 and energy
demand in Chile lowered, stemming from the commodities price
collapse, China's decelerating economy, and a flood in Chile's
northern region that contracted the mining output in early 2015.

Following the start-up of the company's fifth turbine in December
2015, Guacolda added 152 megawatts (MW) of new capacity.  Given
the current exposure of the new power generation to spot prices,
S&P don't believe additional cash flows will be sufficient to
align the company's leverage with an investment-grade rating in
the very short term.

Considering S&P's expectations of adjusted debt to EBITDA in the
4x-5x range and funds from operations (FFO) to debt in the 15%-19%
range over the next couple of years, S&P revised the company's
financial risk profile to aggressive from significant.


===============
H O N D U R A S
===============


HONDURAS: To Implement IMF's General Data Dissemination System
--------------------------------------------------------------
A mission of the International Monetary Fund's Statistics
Department visited Tegucigalpa during March 28-April 1, 2016, to
assist the authorities with the implementation of the Enhanced
General Data Dissemination System (e-GDDS), which was endorsed by
the IMF's Executive Board in May 2015.  This makes Honduras the
first IMF member in the Western Hemisphere to implement the
recommendations of the e-GDDS.

The mission supported the development of the National Summary Data
Page (NSDP), which will be posted on the Central Bank of Honduras
website, utilizing the Statistical Data and Metadata Exchange
(SDMX) software. The page aims to serve as a one-stop publication
vehicle for key macroeconomic data.

Publication of these data through the new NSDP will provide
national policy makers, domestic and international stakeholders-
including investors and rating agencies-with easy access to
information that the IMF's Executive Board has identified as
critical for monitoring economic conditions and policies. Making
this information easily accessible and based on an Advance Release
Calendar, will allow all users to have simultaneous access to
timely data and will bring greater data transparency.

The Honduran authorities are encouraged by the progress the
country has made to achieve this important milestone in its quest
for a more orderly publication of statistics. The NSDP will give
users access to full information about Honduras' e-GDDS data
categories by June 1, 2016.


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


ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until April 14
---------------------------------------------------------------
ACC Claims Holdings, LLC on April 8 announced the extension of
offers to Eligible Holders (as defined below) to exchange (i)
class A limited liability company interests of ACC Claims
Holdings, LLC for up to all of the outstanding ACC Senior Notes
Claims (Class ACC 3) allowed under the Plan of Reorganization,
including any post-petition pre-effective date interest and post-
effective date interest to and including the extended expiration
date of the offers (the "Senior Claims"), against Adelphia
Communications Corporation, and (ii) class B limited liability
company interests of ACC Claims Holdings, LLC for up to all of the
outstanding ACC Trade Claims (Class ACC 4) allowed under the Plan
of Reorganization, including any post-petition pre-effective date
interest and post-effective date interest to and including the
extended expiration date of the offers (the "ACC 4 Claims"), and
ACC Other Unsecured Claims (Class ACC 5) allowed under the Plan of
Reorganization, including any post-petition pre-effective date
interest and post-effective date interest to and including the
extended expiration date of the offers (the "ACC 5 Claims" and,
together with the ACC 4 Claims, the "Other Claims"; the Senior
Claims and the Other Claims, together, the "Claims"), against
Adelphia Communications Corporation until 5:00 p.m., New York City
time, on Thursday, April 14, 2016.  The exchange offers were
previously scheduled to expire at 5:00 p.m., New York City time,
on Thursday, April 7, 2016.  As of 5:00 p.m., New York City time,
on Thursday, April 7, 2016, Eligible Holders of $3,501,856,416
original principal amount of Senior Claims outstanding, Eligible
Holders of $249,534,265.15 of ACC 4 Claims outstanding and
Eligible Holders of $43,927,491.92 of ACC 5 Claims outstanding had
validly tendered their Claims pursuant to the exchange offers.

ACC Claims Holdings, LLC recognizes that the Claims will continue
to accrue post-effective date interest between the original
expiration date and the extended expiration date.  Therefore, the
consideration offered to Eligible Holders will be increased by a
corresponding amount.

Except as set forth herein, the terms and conditions of the
exchange offers remain unchanged.  ACC Claims Holdings, LLC
reserves the right to further extend the exchange offers prior to
the termination of the extended expiration date.  ACC Claims
Holdings, LLC does not contemplate any such additional extensions
of the exchange offers at this time.

The exchange offers are being made pursuant to (i) the offers to
exchange, dated March 3, 2016, and supplemented and amended on
March 9, 2016, March 21, 2016, April 1, 2016 and on the date
hereof and (ii) the related letter of transmittal, dated as of
March 3, 2016 and supplemented and amended on March 21, 2016.

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

The managing member of ACC Claims Holdings, LLC may, in its sole
discretion, waive the restriction on tenders by Benefit Plan
Investors.  However, the managing member is not required to accept
a tender in whole or in part from an investor that is a Benefit
Plan Investor, and reserves the right to reject in its complete
discretion any tender by a Benefit Plan Investor.

This press release is neither an offer to purchase or exchange nor
a solicitation of an offer to sell or exchange securities.  The
exchange offers are being made pursuant to the terms and
conditions contained in the offers to exchange and the related
letter of transmittal, copies of which may be obtained from D. F.
King & Co., Inc., the information agent and exchange agent for the
exchange offers, by telephone at (800) 761-6523 (toll-free) or at
(212) 269-5550 (collect for banks and brokers only) or in writing
at D. F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York,
New York 10005, Attention: Krystal Scrudato.  Persons with
questions regarding the exchange offers should contact Deutsche
Bank Securities Inc., the dealer manager for the exchange offers,
by telephone at (855) 287-1922 (toll-free) or 212-250-7527
(collect).

The exchange offers are not being made to holders in any
jurisdiction in which the making of such offers would be unlawful
under applicable state securities, or "blue sky" laws, or
applicable securities laws of any other jurisdiction.

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

                 About Adelphia Communications

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

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

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

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

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

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


CANEJAS S.E.: Hires C. Conde & Assoc. as Legal Counsel
------------------------------------------------------
Canejas, S.E., seeks authority from the Bankruptcy Court to employ
Carmen D. Conde Torres, Esq., from the Law Offices of C. Conde &
Assoc., as its legal counsel, to:

   (a) advise the Debtor with respect to its duties, powers and
       responsibilities in this case under the laws of the United
       States and Puerto Rico in which the Debtor-in-Possession
       conducts its operations, do business, or is involved in
       litigation;

   (b) advise the Debtor in connection with a determination
       whether a reorganization is feasible and, if not, help the
       Debtor in the orderly liquidation of its assets;

   (c) assist the Debtor with respect to negotiations with
       creditors for the purpose of arranging the orderly
       liquidation of assets and/or for proposing a viable plan of
       reorganization;

   (d) prepare on behalf of the Debtor the necessary complaints,
       answers, orders, reports, memoranda of law and/or any other
       legal papers or documents;

   (e) appear before the bankruptcy court, or any other court in
       which the Debtor asserts a claim interest or defense
       directly or indirectly related to this bankruptcy case;

   (f) perform other legal services for the Debtor as may be
       required in these proceedings or in connection with the
       operation of/and involvement with the Debtor's business,
       including, but not limited to notarial services;

   (g) employ other professional services, if necessary.

The compensation for professional services to be rendered in this
case is agreed as follows:

           Carmen D. Conde Torres           $300 per hour
           (Senior Attorney)

           Associates                       $275 per hour

           Junior Attorney                  $250 per hour

           Paralegal or In house            $150 per hour
           Special Clerical Services
           or Accounting Analyst

The Debtor has agreed to reimburse the firm for its costs and
expenses.

The Debtor paid the firm a retainer of $15,000.

Carmen D. Conde Torres represents she is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.

                           About Canejas

Canejas, S.E., a single asset real estate, filed a Chapter 11
bankruptcy petition (Bankr. D. P.R. Case No. 16-02644) on April 4,
2016.  The petition was signed by Diego Chevere as managing
partner.  The Debtor listed total assets of $11.1 million and
total debts of $8.55 million.  C. Conde & Assoc. represents the
Debtor as counsel.  Judge Mildred Caban Flores is assigned to the
case.

PUERTO RICO: Rescue Bill Nears Completion in House Committee
------------------------------------------------------------
Mary Williams Walsh, writing for The New York Times' DealBook,
reported that legislative staff members in Washington were said to
be close on April 8 to completing a revised bill that would give
Puerto Rico extraordinary powers to wipe out debt under close
federal supervision.

According to the report, aides at the House Natural Resources
Committee, working through the spring recess, were still grappling
with sensitive constitutional issues raised by the rescue package,
even after lawmakers in San Juan took matters into their own hands
on April 6 suddenly authorizing a unilateral debt moratorium for
the island.

The Puerto Rican lawmakers told the DealBook they were forced to
act because Congress was taking too long.  Their island's
Government Development Bank has a debt payment of about $422
million due May 1, and only $562 million in available cash; the
law they enacted would let the bank delay the payment lawfully --
at least as far as Puerto Rico is concerned, the report related.
Puerto Rico owes even bigger debt payments, totaling about $2
billion, on July 1, the report noted.


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


ARCELORMITTAL: Electricity Rates Could Go Down With Closure
-----------------------------------------------------------
Andre Bagoo at Trinidad and Tobago Newsday reports that the
closure of ArcelorMittal has triggered trauma and pain for 644
workers left without jobs and pensions.

But one possible silver lining in the matter emerged when
Government officials confirmed that energy prices might be lowered
because of the fact that the closure of the firm has created a
surplus in energy supply, according to Trinidad and Tobago
Newsday.

However, the matter would be one for the Regulated Industries
Commission (RIC), the statutory body in charge of rate
adjustments, the report notes.

At a post Cabinet media briefing, Minister in the Office of the
Attorney General and Legal Affairs, Stuart Young, said the closure
of the steel firm had bolstered supply, the report notes.

"I think there is now a surplus with electricity supply with
Arcelor-Mittal -- who was the single-largest drawer of electricity
in Trinidad and Tobago --closed," the report quoted Mr. Young as
saying.  "We know what is happening with their operations.  I
don't think there is any issue right now with respect to the
supply of electricity," Mr. Young added.

Asked if rates might be affected as a result, Minister of Public
Administration and Communications Maxie Cuffie, also at the St
Clair briefing, said, "The prices are determined by the RIC so you
have to wait on whatever determination they arrive at," the report
notes.  Energy Minister Nicole Olivierre announced the State had
approved an application from BHP Billiton in relation to the Block
2C field gas sales contract as it pertains to the Angostura field.

"The Standing Committee on Energy met and deliberated on it and we
agreed to approve the extension," Ms. Olivierre said, the report
adds.  "Block 2C is the subject of a production-sharing contract
which was initially agreed between BHP Petroleum and Elf
(Exploration) Ltd in 1996 for a 25-year period."

In October 2013, the production-sharing contract was extended for
a further five years, the report relays.

BHP subsequently requested an extension in the gas supply contract
to NGC.

Ms. Olivierre continued, "Having reviewed the various elements
prescribed, the Standing Committee of Energy agreed to the
extension.  It should be noted that from the start-up of this
field in 2011, gas supply from this field was 220 million standard
cubic feet a day.  Currently, the field delivers in excess of 235
standard cubic feet per day," the report added.

As reported in the Troubled Company Reporter-Europe on Feb. 15,
2016, Standard & Poor's Ratings Services affirmed its 'BB/B' long-
term and short-term corporate credit ratings on global integrated
steel producer ArcelorMittal.  The outlook is negative.


ARCELORMITTAL: Worry Over Firm's Ability to Pay Creditors
---------------------------------------------------------
Antigua Observer reports that ArcelorMittal Point Lisas Limited
owes US$315 million to creditors, a figure that is four times its
assets of US$70 million.  This was disclosed at a meeting of the
creditors at the Queen's Park Oval, Port-of-Spain.

The event itself, however, was full of high drama as a group of
former workers, led by Steel Workers Union president Christopher
Henry, forced its way into the meeting after initially being
denied entry by security officers, according to Antigua Observer.

The workers, who were adamant that they should be part of the
meeting since they considered themselves creditors as well,
converged on the entrance to the facility, smashing a glass door,
the report notes.  This caused a major concern and a large
contingent of heavily armed police officers was called in to
support the security on site, the report relays.

With things getting tense and a little physical, the workers
eventually were allowed in, the report discloses.

During the meeting, it was disclosed hundreds of companies were
owed money, the report says.

In a document leaked to the T&T Guardian, some of the creditors
and money owed in US currency include:

* The National Gas Company -- $12,635,661;
* ArcelorMittal Treasury -- $85,771,547;
* ArcelorMittal Finance -- $66,576,910; and
* Super Industrial Services Limited -- $143,023.

At the meeting, the process of dissolving the company commenced
with the appointment of liquidator Christopher Kelshall to oversee
the process, the report relays.

The process is to ensure the creditors are paid out of the money
that will be collected from the sale of the plant, the report
notes.

Speaking with the media after the meeting, Mr. Henry said while
the figures did not look realistic the union would not give up the
fight for some sort of relief and justice, the report discloses.

"The process of liquidation just started and we are saying the
issue of investors will now come into play in a week or two.  We
await that because there are investors who are still interested,"
the report quoted Mr. Henry as saying.  "We would like to see and
would be very keen in taking a position. We will be looking at the
whole process closely because the lives of the workers depend on
it."

One of the questions posed by Mr. Henry was the company's
obligation to the workers in the area of pension.

According to the report, Mr. Henry said: "We asked the question as
it relates to the Privy Council judgment that we would have won
but we did not get that clear response.

"Any payment to the workers as it relates to a severance for the
workforce. . . . because while the company would have terminated
the services of 644 workers, we had that in the court because we
did nothing to be terminated.

"That was a ploy to use to get away from the severance payment
they owe us and the process of the winding up.  The liquidator
must explain and say where we are as it relates to that."

As reported in the Troubled Company Reporter-Europe on Feb. 15,
2016, Standard & Poor's Ratings Services affirmed its 'BB/B' long-
term and short-term corporate credit ratings on global integrated
steel producer ArcelorMittal.  The outlook is negative.


TRINIDAD & TOBAGO: Shelves Mass Transit Project
-----------------------------------------------
Antigua Observer reports that the Trinidad and Tobago government
says it has shelved plans for a multi-billion dollar mass transit
project given the economic problems facing the oil rich twin
island republic.

The former people's Partnership government of Kamla Persad
Bissessar had warned that the project would cost TT$22 billion
(One TT dollar =US$0.16 cents) and would bankrupt the country,
according to Antigua Observer.

Finance Minister Colm Imbert told legislators that it was the
intention of the Keith Rowley government to build the project, but
the depressed oil and gas prices on the global market have made it
difficult to follow through on the election promise, the report
notes.

"As we indicated during the 2015 election campaign, it was our
intention upon assuming office to immediately request technical
assistance from the Inter-American Development Bank to review the
cost and feasibility of this project," the report quoted Finance
Minister Imbert as saying.  "We have done so, and it has been
determined by the experts at the IDB that the proposed mass
transit project is expensive and not feasible at this time in the
present environment of severely depressed oil and gas prices."

The report relays that Minister Imbert said that if oil prices
were still US$100 per barrel, it would be a different story, but
with oil at US$37 per barrel, "we simply cannot as a country
afford to proceed with this project at this time.

"Accordingly, we are shifting focus towards improving our road
infrastructure in order to ease traffic congestion and to assist
the travelling public, we will also put more public transportation
vehicles on the road, thus facilitating public transport at
subsidized prices," Minister Imbert told legislators during the
mid-year review.

Minister Imbert said that some of the road improvement projects
will be started immediately since "most of these projects have the
advantage that they have already been designed and are ready for
the immediate invitation of tenders, while others are in an
advanced stage of preparation, the report relays.

"And as we proceed into 2017, it is our intention to construct
interchanges at all major intersections along the Churchill
Roosevelt Highway all the way to Piarco in the first instance, as
this is one of the country's most heavily trafficked roads, as
well as a number of other improvements to heavily trafficked areas
in and around Chaguanas, Diego Martin and Tobago, among other
areas," Minister Imbert 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.


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


LATAM: ECLAC Predicts Caribbean Economies Will Contract This Year
-----------------------------------------------------------------
Antigua Observer reports that Economic Commission for Latin
America and the Caribbean (ECLAC) has revised downward its growth
projections for the region's economic activity, forecasting an
average contraction of -0.6 per cent in 2016.

ECLAC said that this new estimate reflects that the contraction
experienced by regional Gross Domestic Product (GDP) in 2015 (-0.5
percent) will extend to the current year, according to Antigua
Observer.

"The new projections evidence the difficult global scenario in
which low growth continues in developed countries, there is a
significant deceleration in emerging economies (China in
particular), increasing volatility and costs in financial markets,
and low prices for commodities-especially hydrocarbons and
minerals," ECLAC said, the report notes.

"In addition, there is greater weakness in internal demand in the
region's countries, with the decline in domestic investment
accompanied by a deceleration of consumption," it added, the
report relays.

As in 2015, during 2016, ECLAC said the growth dynamic shows
marked differences between countries and sub-regions.

The economies of South America-which are specialized in the
production of commodities, especially oil and minerals, and have a
growing degree of trade integration with China-will record a
contraction of -1.9 percent, ECLAC said, the report says.

Meanwhile, the growth rate for Central American economies is
forecast at 3.9 percent, below the figure registered in 2015 (4.3
percent), the report discloses.

If Central America and Mexico are taken together, ECLAC said
projections for 2016 are 2.6 percent, below the 2.9 percent
reached in 2015, the report says.

For the English- or Dutch-speaking Caribbean, estimated growth
will be around 0.9 per cent in 2016, ECLAC said.

"This new scenario for the economies of northern Latin America and
the Caribbean reflects a weaker-than-expected recovery in the
United States and shows the effects official policy adjustments
that have been adopted in some economies of this sub-region," the
United Nations agency said, the report notes.

According to ECLAC, ending this phase of deceleration and
invigorating growth in the current situation entails a series of
challenges for the region's economies, the report says.

On the one hand, ECLAC said it is essential to stimulate
investment and increase productivity to resume a path of sustained
and sustainable growth in the long term, the report discloses.

Additionally, it said efforts should be made to protect the social
gains achieved in recent years and avoid rollbacks in the face of
a lower economic growth scenario, the report notes.

In this context, ECLAC said countries need policies that sustain
social and productive investment in the framework of smart fiscal
adjustments, the report relays.

ECLAC said it is necessary to attain sustainability in the
region's public finances, with policies that take into account the
impact on growth capacity in the long term, as well as the social
conditions of the region's inhabitants, the report adds.


LATAM: Fitch Forecasts Continued Growth Underperformance in 2016
----------------------------------------------------------------
In its Latin American Sovereign Overview, Fitch Ratings forecasts
that regional GDP will contract by 1% in 2016 after an estimated
contraction of 0.9% in 2015, with risks largely skewed to the
downside.  Latin America continues to suffer from lower commodity
prices, moderating China growth and external financial volatility.
In some cases, political conditions are dampening the investment
and growth outlook.

Most sovereign ratings in the region have Stable Outlooks.  Only
Brazil, Costa Rica and Suriname have Negative Outlooks.
Nevertheless, in the absence of an adequate policy response,
rating pressures could build selectively given subdued economic
prospects, rising government debt and deterioration in external
metrics.

Since Fitch's October 2015 Latin America Sovereign Overview, the
agency has downgraded Brazil and Suriname by one notch each (both
countries remain on Negative Outlook), while upgraded Jamaica by
one notch and assigned Positive Outlook to the Dominican Republic
ratings.  Fitch has recently upgraded Argentina's LC rating
although its FC IDR remains in 'RD'.  The agency also initiated
the coverage of Nicaragua in December 2015.

The full Latin American Sovereign Overview provides a summary of
the credit profile of each of the 19 rated sovereigns in Latin
America and the Caribbean, as well as an overview of recent
macroeconomic developments and rating trends.


                            ***********


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


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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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