TCRLA_Public/160413.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, April 13, 2016, Vol. 17, No. 72


                            Headlines



A R G E N T I N A

METROGAS SA: Moody's Affirms Caa1 CFR, Outlook Changed to Positive


B R A Z I L

TONON BIOENERGIA: S&P Affirms 'D' CCR & Sr. Unsec. Debt Ratings


C A Y M A N  I S L A N D S

EASTGATE GEMS: Commences Liquidation Proceedings
ENERGON PHIL: Creditors' Proofs of Debt Due April 19
KHANJAR OF OMAN: Creditors' Proofs of Debt Due April 28
MSF CAPITAL INSTITUTIONAL: Placed Under Voluntary Wind-Up
MSF CAPITAL MASTER: Commences Liquidation Proceedings

MSF CAPITAL OFFSHORE: Commences Liquidation Proceedings
NORTHERN STAR: Creditors' Proofs of Debt Due April 22
PICASSO PHARMA: Commences Liquidation Proceedings
PORTMAN AQUA: Creditors' Proofs of Debt Due April 28
SHERLOCK FINANCE: Creditors' Proofs of Debt Due April 28

WHITE OAK: Creditors' Proofs of Debt Due April 29
WINGS OF OMAN: Creditors' Proofs of Debt Due April 28


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Talks With Haiti to Resume 'In the Coming Days'


J A M A I C A

DIGICEL GROUP: Waives Dividends for Business Improvement


M E X I C O

NAYARIT: Moody's Ups Rating on MXN2,900MM Loan to Baa2/Aa2.mx


P E R U

CAMPOSOL SA: Fitch Affirms Issuer Default Rating at 'B-'
CAMPOSOL SA: S&P Lowers CCR to 'CC'; Outlook Negative
CAMPOSOL SA: Moody's Assigns Caa1 Rating to New US$200MM Notes
FERREYCORP SAA: S&P Affirms 'BB+' CCR; Outlook Remains Stable


P U E R T O    R I C O

GOVERNMENT DEVELOPMENT BANK: S&P Lowers Issuer Credit Rating to SD
PUERTO RICO: Unveils New Restructuring Deal as Cash Dwindles


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Gets De-listed From ECSE


X X X X X X X X X

LATAM: IDB Urges Region to Tackle Reforms, Seize the Initiative


                            - - - - -


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


METROGAS SA: Moody's Affirms Caa1 CFR, Outlook Changed to Positive
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
affirmed the global scale local currency ratings assigned to local
gas distribution companies (LDCs) operating in Argentina and
changed their rating outlook to positive from negative.  At the
same time Moody's upgraded the assigned national scale ratings
(NSRs) of those issuers and the companies' stock ratings.  The
detailed list of issuers and ratings:

  a) Camuzzi Gas Pampeana S.A. (CGP)
  Corporate Family rating: Caa1 rating affirmed, outlook changed
  to positive from negative; national scale rating upgraded to
  Baa1.ar from Baa3.ar and the stock rating to Level 2 from Level
  3.

  b) Gas Natural Ban S.A. (GNB)
  Corporate Family rating: Caa1 rating affirmed, outlook changed
  to positive from negative; national scale rating upgraded to
  Baa1.ar from Baa3.ar and the stock rating to Level 3 from Level
  4.

  c ) Distribuidora de Gas Cuyana S.A. (DGCU)
  Corporate Family rating: Caa1 rating affirmed, outlook changed
  to positive from negative; national scale rating upgraded to
  Baa1.ar from Baa2.ar and the stock rating to Level 3 from Level
  4.

  d) Metrogas S.A.
  Corporate Family rating and Debt program for up to US 600
  million: Caa1 and (P)Caa1 ratings affirmed respectively,
  outlook changed to positive from negative; national scale rating
  upgraded to Baa3.ar from Ba1.ar.

                       RATINGS RATIONALE

The rating actions incorporates our expectation of a continuously
improving operating environment for LDCs going forward and reflect
recent positive industry developments.  These include a government
announced tariff increase for regulated gas distribution companies
that will materially improve the companies' financial position.
Moody's also notes that regulatory authorities have given
themselves one year to conduct a comprehensive tariff review, a
reasonable time frame that, if effectively conducted, would
materially improve LDCs future cash flow predictability.

Resolution 31/2016 from the Ministry of Energy provides all the
companies with provisional, significantly higher (over 200%
increase in the distribution margin) tariffs for both distribution
and transportation.  Under the provisional tariff scheme, LDCs
will be able to transfer costs to end-consumers and start covering
their operational expenses with their own generated revenues.
Moody's anticipates that LDCs will stop requiring government
transfers and running large accounts payable with gas suppliers.
In addition, Moody's anticipates that LDCs will be able to start
covering their mandated network investment plan.  Moody's
estimates that total top line revenues for LDCs will multiply
between 3 to 4 times annually when compared to fiscal year 2015.

              WHAT COULD CHANGE THE RATINGS UP/DOWN

Currently, the LDCs ratings at Caa1 and positive outlook are at
the same level that the Argentine government bond rating.  Given
recent developments and the positive outlook, an upgrade of the
government of Argentina's rating could result in a further upgrade
to the assigned ratings.

In light of the positive outlook, Moody's does not anticipate a
rating downgrade in the near term.  Yet, the assigned ratings
would face downward pressure if the government of Argentina's
rating or outlook were to be downgraded.  Or if a the approved
tariff increase does not materialize in an improved credit profile
as expected.  Quantitatively Interest coverage (FFO + interest to
interest) below 2.5 times, CFO pre working capital to debt below
20% and RCF to debt below 10% could exert negative pressure on the
LDCs national scale ratings.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.


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


TONON BIOENERGIA: S&P Affirms 'D' CCR & Sr. Unsec. Debt Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D' global scale
corporate credit and senior unsecured debt ratings on Tonon
Bioenergia S.A.  The recovery rating on the company's senior
secured debt remains at '4', reflecting S&P's expectation of
average recovery (30-50%; lower half of the range) of principal
for noteholders in the event of a payment default.  The recovery
rating on senior unsecured debt remains at '6', reflecting S&P's
expectation of negligible recovery (0-10%) of principal for
noteholders in the event of a payment default.

The affirmation reflects absence of additional material
information after the company's filling for judicial recovery in
December 2015, which S&P considered as equivalent to default.
Tonon has recently presented the restructuring plan for creditors'
review and approval, which should occur within next 120 days.

Once the restructuring process is completed, S&P will reassess the
company's overall credit quality, including its updated capital
structure.


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

EASTGATE GEMS: Commences Liquidation Proceedings
------------------------------------------------
On March 15, 2016, the sole shareholder of Eastgate Gems SPV 5
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
          PO Box 506513
          Dubai
          United Arab Emirates
          Telephone: +971 4 363 7919
          e-mail: sophie.kassam@walkersglobal.com


ENERGON PHIL: Creditors' Proofs of Debt Due April 19
----------------------------------------------------
The creditors of Energon Phil Holdings are required to file their
proofs of debt by April 19, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 4, 2016.

The company's liquidators are:

          Deepti Kapoor
          Hu Siew Lok
          1 George Street, # 14-04, One George Street
          Singapore 049145
          Telephone: +65 6713 0046/+65 6592 0081
          Facsimile: +65 6220 0042


KHANJAR OF OMAN: Creditors' Proofs of Debt Due April 28
-------------------------------------------------------
The creditors of Khanjar of Oman Limited are required to file
their proofs of debt by April 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 16, 2106.

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


MSF CAPITAL INSTITUTIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On March 14, 2016, the sole shareholder of MSF Capital Offshore
Institutional Fund 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:

          Maitland Administration Limited
          90 Fort Street, 5th Floor
          George Town Financial Center
          P.O. Box 259 Grand Cayman KY1-1104
          Cayman Islands


MSF CAPITAL MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On March 17, 2016, the sole shareholder of MSF Capital Offshore
Master Fund 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:

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


MSF CAPITAL OFFSHORE: Commences Liquidation Proceedings
-------------------------------------------------------
On March 17, 2016, the sole shareholder of MSF Capital Offshore
Fund 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:

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


NORTHERN STAR: Creditors' Proofs of Debt Due April 22
-----------------------------------------------------
The creditors of Northern Star Charters, Ltd. are required to file
their proofs of debt by April 22, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 29, 2016.

The company's liquidator is:

          Campbells Directors Limited
          Floor 4, Willow House, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


PICASSO PHARMA: Commences Liquidation Proceedings
-------------------------------------------------
On March 15, 2016, the sole shareholder of Picasso Pharma SPV
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:

          Mohammed Abdullah A Alali
          Pankaj Gupta
          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


PORTMAN AQUA: Creditors' Proofs of Debt Due April 28
----------------------------------------------------
The creditors of Portman Aqua Investments Limited are required to
file their proofs of debt by April 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2016.

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


SHERLOCK FINANCE: Creditors' Proofs of Debt Due April 28
--------------------------------------------------------
The creditors of Sherlock Finance Limited are required to file
their proofs of debt by April 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2106.

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


WHITE OAK: Creditors' Proofs of Debt Due April 29
-------------------------------------------------
The creditors of White Oak Opportunity Master Fund, L.P. 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 15, 2016.

The company's liquidator is:

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


WINGS OF OMAN: Creditors' Proofs of Debt Due April 28
-----------------------------------------------------
The creditors of Wings of Oman Limited are required to file their
proofs of debt by April 28, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 16, 2106.

The company's liquidator is:

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


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


DOMINICAN REP: Talks With Haiti to Resume 'In the Coming Days'
--------------------------------------------------------------
Dominican Today reports that Dominican Republic Foreign Minister
Andres Navarro announced talks with Haiti government officials in
the coming days, to improve Santo Domingo-Port-au-Prince ties.

"In the coming days we will receive officially, the new Haitian
Foreign Minister Pierrot, to resume talks on how to improve our
relations with Haiti," said Mr. Navarro after a meeting with
retail, business, and industrial leaders and executives of free
zone companies, according to Dominican Today.

Mr. Navarro said the Dominican Republic and Haiti will discuss
their common problems at the talks, the report notes.

At the center of the talks broken off late last year figured
Haiti's ban on 23 Dominican products of mass use and foods,
especially eggs and chicken meat, the report relays.

During the gathering at the Business Building and promoted by the
Foreign Ministry jointly with business associations, the
participants spoke about various problems they face, stressing a
lack of security, and transparency and hurdles for greater
opportunities to increase exports, 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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J A M A I C A
=============


DIGICEL GROUP: Waives Dividends for Business Improvement
--------------------------------------------------------
RJR News, citing the Irish Times newspaper, reports that Denis
O'Brien, Chairman of Digicel Group, waived about US$20 million in
cash dividends from the telecommunications company last year.  Mr.
O'Brien has promised Digicel's lenders he will not take further
payments until business improves, according to RJR News.

The report notes that Mr. O'Brien made the commitment as he led a
series of meetings with Digicel Group bondholders in London, New
York, Boston and Miami, after providing them with details in late
February of a decline in revenues and earnings.

Digicel Group's earnings before interest, tax depreciation and
amortisation fell 5% to between US$1.1 billion and US$1.2 billion
for the 12 months to the end of December last year, the report
relays.

While Mr. O'Brien is forgoing quarterly cash dividends, it is
understood that they may be paid at a future date, the report
notes.

Revenues also fell during the period as the mobile operator in the
Caribbean and South Pacific was dogged by currency weakness
against the US dollar and rising competition in some of its main
markets, the report says.

A Digicel spokesman, in response to questions from the Irish
Times, said the decision to hold dividends is not surprising, as
Digicel is investing US$300 million to US$400 million in cable and
high-speed broadband, the report discloses.

The Irish Times has also reported that the bondholder road show
was the first since Mr. O'Brien last October pulled an initial
public offering of Digicel shares, in which the company was
seeking to raise up to US$2 billion, the report notes.  The money
was to help lower Digicel's debt, expand its operations, and list
on the New York Stock Exchange, the report relays.  The group
blamed volatility in US and global markets at the time.

According to the Irish Times, Mr. O'Brien and his management team
used the investor meetings to pitch plans to improve business and
earnings, particularly in Jamaica, Papua New Guinea and El
Salvador, during the current calendar year, the report adds.

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL

  -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
     Outlook;

  -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
     'B-/RR5';

  -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
     -/RR5'.

DL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- USD 250 million 7% senior notes due 2020 at 'B/RR4';

  -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';

  -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

  -- Long-term IDR at 'B' with a Stable Outlook;

  -- Senior secured credit facility at 'B+/RR3'.


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


NAYARIT: Moody's Ups Rating on MXN2,900MM Loan to Baa2/Aa2.mx
-------------------------------------------------------------
Moody's de Mexico upgraded the Global (local currency) and
National Scale (Mexico National Scale) debt ratings of the
following seven enhanced loans:

  Municipality of Cuautitlan Izcalli, MXN 81 million loan from
   Interacciones (original face value) to Baa2/Aa2.mx from
   Baa3/Aa3.mx

  State of Durango, MXN 400 million loan from BBVA Bancomer
   (original face value) to A3/Aaa.mx from Baa1/Aa1.mx

  State of Nayarit, MXN 2,900 million from Banobras (original face
   value) to Baa2/Aa2.mx from Baa3/Aa3.mx

  Municipality of Nicolas Romero, MXN 68 million from
   Interacciones (original face value) to Ba1/A1.mx from Ba2/A2.mx

  State of Sinaloa, MXN 1,339 million from Banorte (original face
   value) to Baa1/Aa1.mx from Baa2/Aa2.mx

  Municipality of Zacatecas, MXN 110 million from Banorte
   (original face value) to Ba1/A1.mx from Ba2/A2.mx

  Municipality of Zacatecas, MXN 40 million from Banobras
   (original face value) to Ba1/A1.mx from Ba2/A2.mx

                         RATINGS RATIONALE

The rating actions follow the strengthening of debt service
coverage (DSC) under the base case and stress case scenarios for
these enhanced loans.  Moody's reviewed cash flow analyses of the
rated enhanced loans to estimate future monthly DSC ratios.  From
this review, DSC for these enhanced loans improved, allowing for
greater uplift from the issuer ratings as described in the
Enhanced Municipal and State Loans in Mexico rating methodology
(refer to:
https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
172119).  As a result, the rating actions reflect the lower
probability of default.

The debt ratings of the enhanced loans in the action were affirmed
on April 1 at the same time that the outlooks for the issuers in
the action were modified to negative from stable.

At that time, the expected growth of participaciones, which are
the pledged revenues for debt service, was lowered for 2016 and
2017.  However, after further review of the new long-term
assumptions for participaciones growth and interest rates, Moody's
considers that the expected growth in forecasted DSC ratios of
these seven loans is in line with the higher ratings assigned
today.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the links between the loans and the credit quality of the
obligors, an upgrade of an issuer rating would likely result in an
upgrade of its enhanced loan ratings.  The ratings could also face
upward pressure if observed and projected debt service coverage
ratios increase above current thresholds.

Conversely, a downgrade of an issuer rating could also exert
downward pressure on the debt ratings of the loans.  In addition,
the ratings could face downward pressure if debt service coverage
levels fall materially below Moody's expectations.

The principal methodology used in these ratings was Rating
Methodology for Enhanced Municipal and State Loans in Mexico
published in June 2014.

The period of time covered in the financial information used to
determine state or municipality related rating is between
01/01/2010 and 12/31/2015 (source: issuers).


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P E R U
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CAMPOSOL SA: Fitch Affirms Issuer Default Rating at 'B-'
--------------------------------------------------------
Fitch Ratings has affirmed at 'B-' the foreign and local currency
Issuer Default Ratings for Camposol Holding Ltd (Camposol) and its
wholly-owned subsidiary Camposol S.A. In addition, Fitch has
affirmed Camposol S.A.'s $US200 million senior unsecured existing
notes at 'B-/RR4'and assigned a 'B-/RR4exp' rating to its five-
year $US200 million proposed senior secured notes. The Rating
Outlook was revised to Negative from Stable.

Camposol is proposing to exchange any and all of its outstanding
$US200 million 9.875% notes due Feb. 2, 2017 for a 10.5% senior
secured notes due 2021. The purpose is to extend the maturity of
its existing notes. The exchange offer commences on April 11, 2016
and will expire at midnight on May 6, 2016. If the exchange offer
does not consummate as expected, a multi-notch downgrade would
follow to reflect limited refinancing options for the 2017 notes.

KEY RATING DRIVERS

Negative Outlook
The Negative Outlook reflects the company's tight cash flow
situation. The company covered its interest expenses by only 1.7x
during 2015 and ended the year with $US27 million of cash and
$US46 million of short-term debt. Any unexpected downturn in
prices or volumes would further tighten liquidity and would lead
to financial stress higher at the existing 'B-' level.

Debt Exchange Neutral to Ratings
Fitch considers Camposol's debt exchange offer neutral for the
existing bondholders because the new notes do not impose a
material reduction in terms compared with the existing contractual
terms of its outstanding senior unsecured notes. The debt exchange
is done at par until April 22, 2016. The coupon is being increased
to 10.5% from 9.875%. The new notes are secured on a first-
priority basis by collateral consisting of land, biological
assets, machinery and equipment and all licenses, including water
licenses. These assets have an estimated immediate realization
value of approximately $US300 million, which is equivalent to
about half of the company's total assets. The covenant package for
the new notes will be the same as the existing notes and will
provide capacity for any remaining existing notes to be secured by
the same collateral package on a pari passu basis.

Shareholders Tangible Support
Fitch factors into its affirmation the shareholders' continued
commitment to the company. In March 2016, $US5 million were
injected by the shareholders. In addition, a shareholders's
subordinated debt to the existing and new notes for$US10 million
was approved by the board to fund expansion capex of 540 Has for
additional blueberry plantations. The subordinated debt will be
drawn only if Camposol is not able to increase its lines of credit
from banks.

Leverage to Improve
Camposol's net leverage was 5.3x as of YE 2015, which is lower
than 6.7x during 2014 and Fitch's 5.6x projection. Higher prices
for avocados and blueberries, as well as robust fourth quarter
sales of blueberries were driving factors in the improvement. In
contrast to asparagus and shrimp, the yield on blueberries was not
impacted by El Nino. Fitch projects that the company's net
leverage will decline to around 4.0x by the end of 2016. The
deleveraging is due to a projected increase in EBITDA to $US54
million in 2016 from $US42 million in 2015. The growth in EBITDA
is projected to come from increased yields by the company's
avocado and blueberry plantations, as only 57% of total planted
areas have reached peak yields, and improvements in shrimp
production.

Strategy Focused on Profitability
Camposol has focused its strategy on expanding into the fresh and
frozen segment where the company is more competitive. Fresh
product sales accounted for 56% of total sales during 2015 and it
is expected to increase in the next year as the company is exiting
the preserved business. During 2015, avocado, blueberry and
asparagus accounted for 19.7%, 17.6% and 15.7% of the company's
sales, respectively. This differs from 2014 when asparagus
accounted for 25.7%, while blueberries were only 3.8% of sales.
Blueberry output will grow materially as 74% of 1,050 hectares of
plantations are still in an unproductive phase. The company's goal
is to double blueberry plantations as this crop has much higher
margins than others. Sales of shrimp and other seafood products
represented about 21% of revenues. The company expects to improve
profitability in this business through investments in intensive
ponds and the development of other seafood products to maximize
utilization of processing plants.

Negative FCF for 2016
Free cash flow generation (FCF) for 2015 was positive due to lower
capex and a better working capital management. This is explained
by the reduction on inventories of preserved products given the
company's focus on the fresh and frozen segments. Following years
of intensive capex oriented to increase and diversify the product
portfolio, capex for 2015 was $US28.6 million and it is expected
to be around $US36.2 million in 2016. For 2016, FCF is expected to
be negative due to increased capex for new blueberry plantations.

Exposure to Climatic Risks and International Prices
Camposol is exposed to seasonality, volatility on prices and
external factors such as climatic events like the 'El Nino' or 'La
Nina' phenomenon. The proliferation of existing or new crop
diseases also poses risk. All of which could negatively impact
production yields and cash flow generation. Camposol has faced
multiple weather related changes during the last five years that
have negatively impacted crop yields and caused higher mortality
for the company's shrimp farms. For 2016, Fitch expects a recovery
of seafood segment due to the conversion of shrimp semi-intensive
ponds to intensive ponds.

High Product and Geographical Concentration:
Camposol's product, customer and regions are concentrated. 100% of
production is located in the north of Peru. The company has been
diversifying its production, but 50% of Camposol's revenues are
based on three products (avocados, blueberries and asparagus). Any
variation in prices, costs and volumes of these products have an
important impact on the company's results. In addition, 90% of
Camposol's revenues are originated in Europe (50%) and the United
States (40%).

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:

-- Increasing production mainly in blueberries and avocados as
    new plantations are entering into high-yield phases;
-- Recovery in shrimp production and processing other seafood
    products in order to maximize utilization capacity of new
    facilities;
-- Three-year average prices for most agriculture products;
-- Fixed costs at level reduced in 2015 (13% of revenues);
-- Capex at $US36 million for 2016, $US25 million for 2017 and
    thereafter;
-- No dividend payments;
-- Successful refinancing of its $US200 million senior unsecured
    notes;
-- Shareholders' tangible support;
-- A strong 'El Nino' impact is not considered into base case
    assumptions.

RATING SENSITIVITIES
Negative Rating Action: Factors that could lead to a rating
downgrade include failure to refinance by mid-2016, further
deterioration of Camposol's liquidity without any tangible support
from shareholders and/or profitability as a result of lower
production volumes and yields due to climatic events. Another
potential detriment to Camposol's ratings would be a decline of
product prices due to lower demand for its key markets resulting
in gross leverage levels consistently above 6.0x and/or interest
coverage declining to 1.5x or lower. Shareholder-friendly actions
such as aggressive dividend payouts and/or debt-funded
acquisitions negatively affecting Camposol's credit profile could
also lead to Fitch taking a negative rating action.

Positive Rating Action: Factors that could lead to Fitch reversing
the outlook to stable would be successful on refinancing coupled
with improvement in Camposol's cash flow generation leading to
lower gross adjusted leverage at levels consistently below 5.0x
and a material improvement in liquidity.

LIQUIDITY

Camposol's liquidity has deteriorated over the last year. As of
December 2015, liquidity relies primarily on cash on hand of $US27
million while Camposol's debt is primarily composed of its $US200
million unsecured bond due on Feb. 2, 2017. The company is in
process to refinance its bond prior to maturity. The interest
coverage ratio (EBITDA/interest) was 1.7x in 2015 and it is
expected to be more than 2.0x in 2016 following EBITDA improvement
and successful on refinancing.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Camposol Holding Ltd.
-- Long-term foreign currency IDR 'B-';
-- Long-term local currency IDR 'B-'.

Camposol S.A.
-- Long-term foreign currency IDR 'B-';
-- Long-term local currency IDR 'B-';
-- Senior unsecured notes 'B-/RR4'.

Fitch has assigned the following rating:

Camposol S.A.
-- Senior secured notes 'B-/RR4exp'.

The Rating Outlook is Negative.


CAMPOSOL SA: S&P Lowers CCR to 'CC'; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Camposol S.A. to 'CC' from 'CCC'.  At the same time, S&P
lowered its issue-level rating on the company's $200 million
senior unsecured notes to 'CC' from 'CCC'.  The outlook is
negative.

The downgrade follows Camposol's announcement to exchange its
existing $200 million 9.875% senior unsecured notes due February
2017 for new five-year 10.5% secured notes.  S&P views such
transaction as a distressed exchange because the new securities'
maturities extend beyond the original.  Moreover, in S&P's view,
there is possibility of conventional default when the notes come
due.

The negative outlook reflects S&P's view that Camposol is
tantamount to default on its financial obligations due February
2017.  If the company completes the exchange offer, S&P will lower
the issue-level rating to 'D' and corporate credit rating to 'SD'.
Subsequently, S&P will review its ratings on Camposol based on its
new capital structure and liquidity assessment.


CAMPOSOL SA: Moody's Assigns Caa1 Rating to New US$200MM Notes
--------------------------------------------------------------
Moody's Investors Service has assigned Camposol's new USD 200
million 10.5% Senior Secured notes due 2021 Caa1.  At the same
time, Camposol Holding Ltd.'s global scale corporate family rating
and senior unsecured notes due 2017 at Caa1 remain unchanged.  The
outlook for the ratings remains stable.  Proceeds from the new USD
200 million 5-year Non-Callable 2- years 10.5% senior secured
notes will be used to refinance the USD 200 million notes due
February 2017.

The ratings are:

Issuer: Camposol Holding Plc
   -- Corporate Family Rating: Caa1 (global scale)

Issuer: Camposol S.A.
   -- USD200 million Senior Unsecured Notes due 2017: Caa1
     (foreign currency)
   -- USD200 million 10.5% Senior Secured Notes due 2021: Caa1
     (foreign currency)

Outlook: Stable

                        RATINGS RATIONALE

Camposol's Caa1 ratings are supported by the company's position as
the largest fully integrated agribusiness corporation in Peru that
includes production, packaging and distribution of agricultural
products.  The rating reflects Camposol's large holdings of arable
land as well as its diversified product mix comprised of a varied
range of fruits and vegetables which allows the company to drive
growth through expansion and product mix shifts without
substantial additional capital expenditures needs.

The Caa1 ratings reflect the company's small operating scale, weak
credit metrics, tight liquidity, and limited historical track
record in its current business model.  Although Moody's notes some
improvement in metrics as for fiscal year ended 2015, the ratings
also consider results from the Camposol's deteriorated performance
and debt metrics, as well as expectations for continued
challenging conditions for the Peruvian agricultural business,
particularly given the risks of a moderate to strong El Ni┬žo
event.  While the company's leverage, as measured by Moody's
adjusted debt-to-EBITDA, has been deteriorating by the impact of
weak performance explained by lower volumes of avocados, asparagus
and shrimp, given adverse weather conditions, Moody's estimates
leverage to remain above 8 times over the next two years.  Despite
some improvements in the company's operating results as of 4th
quarter 2015, Camposol credit and financial metrics continue to be
weak.  However, Moody's expects Camposol to continue its
diversification strategy by increasing the production in the
blueberries and seafood segments, as well the reinforcement of its
direct sales to retailers, which could lead to higher operating
margins in a longer term horizon.

Moody's notes that Camposol's liquidity would improve if the
company successfully issues the new USD 200 senior secured notes
to refinance outstanding USD 200 million bonds due February 2017,
extending the Camposol's debt amortization profile until 2021.  In
addition, the recent equity contribution of USD 5 million to
Camposol made by the main shareholder coupled with the approval of
the board of directors of a subordinated loan disbursement for an
additional USD 10 million, in case such liquidity is needed, is a
credit positive for the company.

The stable ratings outlook is based on Moody's expectation that
Camposol will improve operating margins over the intermediate to
long term, especially in the growing blueberries segment. The
stable outlook also reflects our assumption that with the issuance
of the new senior secured notes the company will be able to
rollover its short term debt and fund its near-term investment
program without increasing negative free cash flow or requiring
material further external funding.

An upgrade of the ratings would require improvements in Camposol's
operating performance and metrics.  Quantitatively, upward
momentum could result if Camposol's total adjusted debt to EBITDA
is sustained below 6 times on a 3-year average basis and retained
cash flow to adjusted net debt is sustained above 15% on a 3-year
average basis.

A downgrade of the ratings would result from further deterioration
in the company's credit metrics and liquidity.  Quantitatively, a
downgrade could be caused if adjusted debt/EBITDA remains above
15.0x or EBITDA to interest expense continues below 1.0 time for
an extended period of time.

Camposol is a private company headquartered in Peru.  The company
plants, harvests, processes and exports avocadoes, white and green
asparagus (fresh, frozen and preserved), blueberries, mangoes,
peppers, table grapes and shrimps for the last twelve months ended
December 2015, the company reported total revenues of USD 273
million.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.


FERREYCORP SAA: S&P Affirms 'BB+' CCR; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit and issue-level ratings on Ferreycorp S.A.A.  The outlook
on the corporate credit rating remains stable.

Over the past few years, Ferreycorp has demonstrated the
resilience of its business model even during an economic slowdown.
More specifically, the company's performance benefits from
products and services diversification and operation in diverse end
markets.  Some of its business lines such as spare parts and
rental services cushion the impact from a potential economic
slowdown, because despite deferrals of new equipment purchases,
companies continue to service existing fleets.  In addition,
Ferreycorp has a track record of prudent financial policy, which
aligning the credit metrics with S&P's expectations.

S&P's assessment of Ferreycorp's business risk profile as fair
reflects the company's solid and established relationship with
Caterpillar Inc. (A/Stable/A-1) as the unique distributor of the
manufacturer's machinery and equipment in Peru, its leading market
position in domestic capital goods market, extensive product
portfolio with strong brand recognition, and diversified end
markets and client base.  It also reflects the company's long
track record and expertise in delivering premium quality after-
sale services, which are critical to Caterpillar's global business
model.  Ferreycorp's business risk profile also incorporates the
company's exposure to the construction sector and cyclical and
resource-based industries, such as energy and mining.  Moreover,
Ferreycorp's geographic diversification is narrower than those of
its global peers because it generates about 86% of its sales in
Peru.  Although S&P expects a gradual geographic diversification
and further consolidation in Latin America, S&P believes that
Ferreycorp's revenue base will continue to be highly concentrated
in its domestic market.

The significant financial risk profile assessment reflects the
company's debt level due to various bolt-on acquisitions in the
past few years to increase its presence in Latin America.


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


GOVERNMENT DEVELOPMENT BANK: S&P Lowers Issuer Credit Rating to SD
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its issuer
credit rating on Government Development Bank for Puerto Rico to
'SD/--/D' (SD: selective default) from 'CC/Negative/C'.

"The rating action follows the announcement on Friday April 8,
that Puerto Rico's Governor Alejandro Garcia Padilla passed an
executive order to declare an "emergency period" at the island's
Government Development Bank (GDB)," said Standard & Poor's credit
analyst Shameer Bandeally.  This action, which was effective
immediately, prevents GDB's depositors, including municipalities
and public agencies, from withdrawing funds from the bank, except
for the purpose of funding "essential services."  Essential
services include government payroll, police, fire, medical, and
education services, among other things.  Moreover, all obligations
guaranteed by GDB were also temporarily suspended.  S&P views the
selective blockage of depositors' access to funds as a default on
the bank's counterparty obligations.  As a result, S&P is lowering
its issuer credit rating on GDB to 'SD/--/D' from 'CC/Negative/C'.

The governor did not exercise his authority to declare a
moratorium on GDB's $423 million May 2nd debt payment, reflecting
continuing restructuring negotiations between GDB and its
creditors.  As GDB grapples with how to prioritize its obligations
and utilize the remaining roughly $560 million in available
liquidity it reported as of April 1st, S&P continues to believe
that a default on the upcoming May payments is "virtually
certain".  S&P's 'CC' issue-level ratings on GDB's funded debt
reflect this expectation.  S&P will lower its issue-level ratings
on any defaulted or exchanged debt issue to 'D', when and if GDB
defaults on its debt service payment, executes a distressed debt
exchange, or potentially in the event that a moratorium on funded
debt is implemented.


PUERTO RICO: Unveils New Restructuring Deal as Cash Dwindles
------------------------------------------------------------
Danica Coto at Associated Press reports that Puerto Rico released
a new proposal to restructure part of its $70 billion debt to buy
time to implement a fiscal growth plan as multimillion-dollar
payments loom for a U.S. territory facing dwindling cash reserves.

Government officials propose to exchange $49 billion of debt into
up to $28 billion of base bonds and nearly $2 billion of tax-
exempt capital appreciation bonds, according to Associated Press.
Officials said the voluntary exchange proposal would allow
creditors to recover the full principal they invested regardless
of future economic growth rates, the report notes.

The report relays that the plan also includes a special clause for
those who live in Puerto Rico and hold certain bonds.  Officials
said that group could receive up to $8 billion of local holder
base bonds that repays the full principal they originally invested
at a 2 percent interest rate, the report says.

According to the report, government officials said Puerto Rico
could cut $12 billion to $16 billion from its debt load under the
new deal.  They said this would allow the government to keep
providing essential services, pay back local vendors and
suppliers, boost liquidity and fund retirement systems, among
other things.

"The fact is that we will only be able to address these issues by
working together," said Secretary of State Victor Suarez, the
report notes.

Investors' groups have proposed tougher terms.  They did not
return a message for comment on the new plan, which could mean a
loss for some. Puerto Rican officials said they discussed the plan
with investors' advisers in late March, the report relays.

David Tawil, co-founder and portfolio manager of New York-based
Maglan Capital, said bondholders will likely not consider the deal
aggressive enough, but said it was a smart move by government
officials amid uncertainty of how courts and U.S. Congress will
respond to the island's economic crisis, the report adds.

"This is a good-faith effort in the sense that it's holistic," he
said in a phone interview, the report notes.  "It provides for
varying types of recovery depending on whether you want to be part
of (Puerto Rico's) future or whether you want to go ahead and cash
out in your investment immediately."

Earlier this month, a group of investors holding $5 billion worth
of general obligation bonds offered to defer repayment of nearly
$2 billion in principal for the next five years to help the island
avoid a default in July, the report relays.  They also offered
$750 million in liquidity through another general obligation bond
sale. Puerto Rico's government rejected the deal, saying it would
only incur more debt and lead to cash shortfalls, the report
discloses.

Government officials say the new deal would reduce the debt
service-to-revenue ratio on tax-supported debt from 36 percent to
15 percent; they note that's still higher than the most indebted
U.S. states, the report notes.  Creditors, however, have
questioned the validity of financial statistics that Puerto Rico's
government has provided, the report relays.

The plan comes as Puerto Rico urges U.S. Congress to approve a
debt-restructuring mechanism.  The local government recently
approved a debt-moratorium bill and declared a state of emergency
at the Government Development Bank, which issues loans and
oversees debt transactions, the report notes.  The move means in
part that officials will only allow withdrawals to fund necessary
costs for health, public safety and education services, the report
notes.  It does not place a moratorium on the bank's principal or
interest payments.

Officials have warned the bank could default on a nearly $423
million payment due to creditors in May.

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 CEMENT: Gets De-listed From ECSE
-----------------------------------------
RJR News reports that Trinidad Cement Limited was de-listed from
the Eastern Caribbean Securities Exchange (ECSE), effective March
1 of this year.

TCL's trading symbol was removed from the ECSE's trading board and
all securities were transferred to the Trinidad and Tobago Central
Depository, according to RJR News.

TCL stated that the reasons for delisting were that trading
volumes and frequency were minimal and there were negative
financial consequences of annual listing maintenance charges that
are required to be paid to the ECSE, the report notes.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2015, Standard & Poor's Ratings Services raised its
corporate credit rating on Trinidad Cement Limited Group (TCL) to
'B-' from 'CCC', and removed it from CreditWatch with positive
implications.  The outlook is stable.  At the same time, S&P
assigned its 'B-' issue- level rating to the company's $200
million senior secured term loan.


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


LATAM: IDB Urges Region to Tackle Reforms, Seize the Initiative
---------------------------------------------------------------
The Inter-American Development Bank wrapped up its annual meeting
encouraging Latin American and Caribbean countries to strengthen
their fiscal positions and prioritize infrastructure investments
in order to emerge stronger from the economic slowdown.

In a speech to the Boards of Governors of the IDB and the Inter-
American Investment Corporation, IDB President Luis Alberto Moreno
said: "The backlog of reforms is daunting, and the short-term
challenges are great, but this is not the time to hesitate. It is
time to seize the initiative."

The Boards of Governors are the top policymaking bodies of the IDB
and the IIC, which last year approved a total of $12.2 billion in
loans and grants for economic, social and institutional
development projects.  Most governors are finance ministers,
central bank presidents and other high-ranking officials in the
IDB's 48 member countries.

According to the IDB's annual macroeconomic report presented
during the meeting, regional economic growth in 2016 will be
negative for a second year in a row.  That weighted average,
however, masks strikingly different performances, with some small
Latin American economies growing at high rates while larger
economies are mired in recessions.

In the report the IDB recommended that countries make necessary
fiscal adjustments sooner rather than later and rebalance public
spending to productivity-boosting investments, such as modernizing
or repairing infrastructure.

It also advised governments to take advantage of opportunities
such as the currently low oil prices to cut fossil fuel subsidies
or raise gasoline taxes.

In his speech to the Governors, Moreno touched on the
international furor set off by the leak of data on offshore
structures.

"The new citizenry of the region demand a decisive stance to close
any gaps allowing corrupt practices leading to tax evasion and
money laundering," he said. The IDB will continue working with
governments committed to greater financial transparency, Moreno
added.

Moreno also voiced hopes that Cuba may soon join the IDB.
Commenting on U.S. President Barack Obama's recent visit to
Havana, he said: "Let us work together so we can also say 'Yes We
Can'."

                 Highlights of the Annual Meeting

Caribbean issues featured prominently in the agenda of the annual
meeting, the first one held in this region since 1979, with a
strong emphasis on energy and climate change.

Special seminars focused on the prospects of transforming the
Caribbean's energy matrix, which currently depends heavily on
liquid fossil fuels for electricity generation and motor vehicle
transportation.

The IDB is assisting several borrowing member countries in
developing low-carbon alternative energy sources, including wind,
solar and geothermal plants.

Those efforts will get a boost from up to $3 billion in financing
provided by the Japan International Cooperation Agency for an IDB-
led program to promote renewable energy and energy efficiency
investments across the region.

Climate-proofing infrastructure was another central topic of the
annual meeting, with panel discussions on how countries can use
cost-effective, natural solutions to prevent shoreline erosion and
fight against the threat of rising sea levels.

The future of Latin American and Caribbean cities was also
analyzed by speakers who underscored the need to improve urban
planning to avoid sprawl, strengthen citizen security, and
modernize public transportation to raise the region's living
standards and economic vitality.

One of the highlights of the annual meeting was a series of
presentations by innovators from various Caribbean and Latin
American countries, who are tackling problems ranging from
disease-carrying mosquitos to raising the productivity of small-
scale farmers.

In a special session, the governor of the People's Bank of China,
Zhou Xiaochuan, briefed Latin American and Caribbean finance
ministers about the priorities on the agenda of the next meeting
of the G20. The Chinese government currently heads that
international body.

In addition, the IIC and the China-LAC Industrial Cooperation
Investment Fund signed a memorandum of understanding to
collaborate on projects in borrowing member countries.

The IDB and the IIC also hosted a meeting of the Americas Business
Dialogue, which brought together finance ministers and business
leaders to discuss productivity and economic policies.

                 Resolutions Adopted by the Governors

Climate Change Finance. Governors endorsed the goal of doubling
the financing for climate-related projects to 30 percent of the
IDB Group's loan approvals by the end of 2020. The lending target
is subject to demand from borrowing countries and clients and
access to external sources of concessional financing.

Climate investment needs in Latin America and the Caribbean are
forecast to rise to around $80 billion a year next decade --
almost three times what the region invests. The IDB Group will
focus on projects that will help countries implement the
commitments made last December at the Paris Climate Conference to
reduce greenhouse gas emissions and to build resilience to climate
change.

Complementing the Governors' endorsement of the financing goal,
the IDB announced the creation of a new Climate Change and
Sustainability Department, which will be responsible for the
Bank's work on cities, rural development, tourism, environment and
natural disasters, in addition to coordinating the IDB's actions
on climate change and sustainability.

Sustainability of Concessional Lending. Governors instructed the
IDB management to prepare a proposal to merge the financial
resources of the Fund for Special Operations (FSO) -- the source
of concessional lending for the poorest and most vulnerable member
countries -- with the Ordinary Capital (OC), the Bank's principal
source of financing.

The goal of the merger is to ensure the sustainable flow of
concessional resources to the poorest countries. The merger will
also strengthen the IDB's balance sheet, as recommended by the G-
20, by optimizing the Bank's capital base. The transfer of the
FSO's net assets, valued at nearly $5.1 billion as of December 31
of 2015, would increase the OC's equity by about 20 percent.

Grant Facility Transfers for Haiti. Governors approved a
modification to the mechanism for transferring funds from the
IDB's Ordinary Capital to its Grant Facility, which finances the
IDB's grants for Haiti. Between 2011 and 2015, a total $1 billion
were transferred in blocs of $200 million a year.

Going forward, transfers will be made in amounts consistent with
the disbursement requirements of the Bank's projects in Haiti,
ensuring that the Grant Facility always has sufficient funds to
meet projected operational needs.

Ratifying its support for Haiti's reconstruction and development,
the Board of Governors also authorized the Bank to continue
approving more grants for Haiti over the coming years, totaling up
to $1 billion.

Multilateral Investment Fund. Governors instructed the IDB's
management to draft a proposal on the future operation and
financing of the Multilateral Investment Fund (MIF), which serves
as an innovation lab to test alternative ways of promoting
development through the private sector.

At present, using resources made available by its 39 donor
countries, the MIF can provide as much as $88 million a year in
grants through 2018. The proposal will include options to ensure
the MIF's long-term financial sustainability.

                  Annual Meetings of 2017 and 2018

Next year's annual meeting of the Boards of Governors of the IDB
and the IIC will take place in Asuncion, Paraguay. The Governors
also welcomed an offer from the government of Argentina to host
the meeting in 2018.


                            ***********


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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