TCRLA_Public/160415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, April 15, 2016, Vol. 17, No. 74


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Boss Departs; Airline Keeping Reason Under Wraps


A R G E N T I N A

CORDIAL COMPANIA: Moody's Withdraws Caa1/Not Prime Deposit Ratings
PUENTE S.A.: Moody's Withdraws Caa1 Local Currency Issuer Rating


B R A Z I L

SAO PAULO: S&P Affirms 'BB' ICR; Outlook Remains Negative
OI S.A.: Egan-Jones Cuts LC Sr. Unsecured Debt Rating to CCC-


C A Y M A N  I S L A N D S

ANTIPASTO LTD: Shareholders Receive Wind-Up Report
BRADFORD EXCHANGE: Shareholders to Hear Wind-Up Report on April 22
ECR MASTER: Shareholders to Hear Wind-Up Report on May 13
EOS CREDIT: Shareholders to Hear Wind-Up Report on May 13
GAMATONO ASSET: Shareholders to Hear Wind-Up Report on May 10

KUNDERA LTD: Shareholders Receive Wind-Up Report
LEXI LIMITED: Shareholder to Hear Wind-Up Report on May 6
LOBSTER INVESTMENT: Sole Member to Hear Wind-Up Report on May 10
MOUNTAIN CAPITAL: Shareholders to Hear Wind-Up Report on May 8
RENJIAN ANTONG: Shareholders to Hear Wind-Up Report on April 20

SIROM LIMITED: Shareholders to Hear Wind-Up Report on April 29


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Joins Regional Pension Network of the IDB
DOMINICAN REPUBLIC: Leader Warns Against a Spiraling Foreign Debt


J A M A I C A

JAMAICA: Surpasses IMF Primary Surplus Target


M E X I C O

BANCO AHORRO: S&P Affirms 'B' ICRs; Outlook Remains Stable


P A N A M A

AVIANCA HOLDINGS: S&P Lowers CCR to 'B'; Outlook Stable


P U E R T O    R I C O

ALONSO & CARUS: Applies for Final Decree Closing Case
EFRON DORADO SE: Court Set to Hear Bid to Use Cash Collateral
SPORTS AUTHORITY: Hires Irell & Manella as Special Counsel
SPORTS AUTHORITY: Mirick, Sullivan File Rule 2019 Statement
SPORTS AUTHORITY: Clark Hill Files Rule 2019 Statement

SPORTS AUTHORITY: Davidoff Hutcher Representing Vendors
SPORTS AUTHORITY: Laufer Files Rule 2019 Statement


V I R G I N   I S L A N D S

BARING PRIVATE: Moody's Affirms B1 Corporate Family Rating


X X X X X X X X X

LATAM: IMF Says Region Can Expect a 2-Speed Economy


                            - - - - -


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


LIAT: Boss Departs; Airline Keeping Reason Under Wraps
------------------------------------------------------
Caribbean360.com reports that regional airline LIAT, operating as
Leeward Islands Air Transport, confirmed reports that its British-
born Chief Executive Officer David Evans has resigned.

But it has not addressed media reports that his decision followed
"a heated meeting" with the Board in Barbados, according to
Caribbean360.com.

After meeting earlier, the Board of Directors announced in a
statement that it had accepted Evans' resignation which came just
shy of his two-year anniversary at the carrier, the report notes.

Director of Finance Julie Reifer-Jones, who served as interim
chief after the resignation of Captain Ian Brunton in September
2013 and before Evans was appointed on April 22, 2014, will again
act as CEO, the report relays.

"The Board of Directors thanks Mr. Evans for his service and
wishes him every success in his future endeavors," the Antigua-
based airline said in a brief statement, giving no hint as to the
reason for the sudden departure of the CEO who has more than 35
years of experience in senior roles in the aviation industry, the
report notes.

Antigua and Barbuda Prime Minister Gaston Browne had told local
media that he was informed that the Board had not accepted Evans'
resignation, the report says.

Minister Browne held out hope that Evans might reverse his
decision and stayed on with the company, the report adds.

                           About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, Caribbean360.com said that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer


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


CORDIAL COMPANIA: Moody's Withdraws Caa1/Not Prime Deposit Ratings
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Cordial Compania
Financiera S.A. for business reasons.

The following ratings of Cordial Compania Financiera S.A. were
withdrawn:

-- Long and short-term global local-currency deposit ratings,
    Caa1/Not Prime

-- Long and short-term global foreign-currency deposit ratings,
    Caa2/Not Prime

-- Long- term global local and foreign currency MTN debt rating:
    (P)Caa1

-- Long- term global local currency debt rating: Caa1

-- Long-term National Scale local-currency deposit rating:
    Baa2.ar

-- Long-term National Scale foreign-currency deposit rating:
    Ba2.ar

-- Long-term National Scale local and foreign currency MTN debt
    rating: Baa2.ar

-- Long-term National Scale local currency debt rating: Baa2.ar

-- Long and short term Counterparty Risk Assessment,
    B3(cr)/NP(cr)

-- Adjusted Baseline Credit Assessment, caa1

-- Baseline Credit Assessment, caa1

-- Outlook, Changed To Rating Withdrawn From Positive(m)

Cordial Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and as of December 2015 it had ARS 2,741.6 million in
assets and ARS 283.97 million in equity.


PUENTE S.A.: Moody's Withdraws Caa1 Local Currency Issuer Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Puente S.A. for
business reasons.

The following ratings of Puente S.A. were withdrawn:

Long-Term Global Scale Local Currency Issuer Rating: Caa1,
positive outlook

Long-Term Global Scale Local and Foreign Currency MTN Debt Rating:
(P)Caa1

Long-Term Global Scale Local Currency Debt Rating: Caa1, positive
outlook

Long-Term National Scale Local Currency Issuer Rating: Baa2.ar,
positive outlook

Long-Term National Scale Local and Foreign Currency MTN Debt
Rating: Baa2.ar

Long-Term National Scale Local Currency Debt Rating: Baa2.ar,
positive outlook

Baseline Credit Assessment: caa1

Adjusted Baseline Credit Assessment: caa1

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.
Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com.ar.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

Puente S.A. is headquartered in Buenos Aires, Argentina, and as of
December 2015 it had ARS 2,158.4 million in assets and ARS 499.8
million in equity.


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


SAO PAULO: S&P Affirms 'BB' ICR; Outlook Remains Negative
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale 'BB'
long-term foreign and local currency issuer credit ratings on the
state of Sao Paulo.  S&P also affirmed its national scale 'brAA-'
rating on the state.  The outlook on the long-term foreign and
local currency and national scale ratings remains negative.

                             RATIONALE

The ratings on Sao Paulo mainly reflect its average budgetary
flexibility, strong budgetary performance, as well as its
satisfactory financial management compared with those of its
domestic and international peers.  Despite recession, S&P expects
the state's own-source revenue to remain above 90% of its total
revenue in fiscal 2016 and 2017.  And S&P expects that Sao Paulo
will maintain satisfactory financial management and strong
budgetary performance in the next couple of years as a result of
fiscal adjustment measures to keep deficits low in 2016 and 2017.

The state economy, with an estimated GDP per capita of $12,000 for
2015, is stronger than those of other states such as Minas Gerais.
However, S&P assess Sao Paulo's economy as weak in light of its
4.1% contraction in 2015 and Brazil's likely prolonged recession.
As a result, the state's main tax revenue has shrunk during 2015
and so far in 2016.  Also, S&P's view of Sao Paulo's liquidity as
weak and its debt burden as high are rating constraints that will
remain unchanged in the next couple of years.  However, S&P views
the state's contingent liabilities as moderate.  Sao Paulo has
limited ability to cut its operating expenses because about 75% of
them consist of debt interest payments, personnel costs, and
transfers to municipalities.  These budgetary constraints are
exacerbated by the limited access to external liquidity and the
borrowing limits that the nation's Fiscal Responsibility Law
imposes on local and regional governments (LRGs).

Sao Paulo has what S&P views as strong budgetary performance
compared with those of its domestic and international peers, with
a deficit after capital expenditures (capex) of less than 1%.  S&P
includes in its debt analysis the state's payments to service
suppliers.  S&P don't expect Sao Paulo's overall budgetary
performance to weaken significantly in 2016 and 2017, even if
access to external financing becomes more uncertain than in the
past few years.

S&P estimates that the state's operating surplus will be about 4%
of its operating revenue in 2016, down from 5% in 2015 and 8% in
2014.  Due to recession, S&P assumes that Sao Paulo's tax revenue
will continue to decline in real terms in 2016 and start to
recover in 2017 if economic performance picks up.  In S&P's
opinion, for Sao Paulo to maintain its strong budgetary
performance, it would have to restrict or cut its operating and
capital expenses.  Deficits after borrowings close to 5% of total
revenue could hurt the state's finances amid limited external
liquidity, tightening credit conditions, and already high debt
burden.  S&P's base-case scenario for 2016 excludes a potential
debt refinancing agreement with the federal government, which
could reduce Sao Paulo's annual debt service cost.  However, S&P
considers that if this refinancing occurs, it wouldn't fully
compensate for the state's difficulties in financing this year's
budget.

Sao Paulo may have to maintain its capex levels similar to 2015 or
reduce them if its internal cash flows drop to avoid widening
deficits after capex higher than 1% of total revenue this year.
Our base-case scenario for 2016 assumes the state will obtain
approximately R$5 to $6 billion in loans from government-owned
banks--mainly Banco do Brasil and Caixa Economica Federal--and
from multilateral lending agencies.  Sao Paulo will use these
funds mainly to finance public transportation projects.

Sao Paulo's consolidated debt reached R$275 billion as of Feb. 29,
2016, or equivalent to 140% of its expected operating revenue for
that year, which is in line with S&P's base case.  Although the
state's debt level is likely to remain high, the debt-to-revenue
ratio should drop to no more than 120% after 2018.  Sao Paulo's
debt level is higher than those of most of its domestic peers such
as Santa Catarina but lower than those of its global peers' with
the same rating such as the Autonomous Community of Valencia
(BB/Stable/B).  The state's contingent liabilities are moderate;
S&P's analysis incorporates the impact from the cross-default
clauses in Sao Paulo's government-related entities' loan
agreements with the Brazilian Development Bank (BNDES).

The state administration of Geraldo Alckmin from the Brazilian
Social Democracy Party, who's currently serving his second term,
maintains prudent fiscal policies that restrict operating spending
amid falling revenue.  In addition, S&P believes the
administration will continue improving the quality of public-
sector spending ("smart spending initiatives") and promoting
public-private partnerships and large infrastructure investments
during 2016.  The governor has been actively participating with
his counterparts from the Rio de Janeiro and Minas Gerais states
in negotiations with the federal government on debt refinancing
agreements, because these three states owe the bulk of debt
Brazilian LRGs owe to the federal government.

Sao Paulo generates more than 30% of Brazil's GDP; therefore, its
growth prospects are tightly linked with the country's.  The state
is home to about a quarter of the nation's 190 million people.
Given S&P's expectations that Brazil will continue to face grim
economic prospects for the next two years, S&P expects the state
of Sao Paulo's economy to follow a similar trend in 2016 and 2017.

Sao Paulo, similar to its domestic peers, operates in what S&P
views as an evolving and unbalanced institutional framework in
Brazil with a weakening trend.  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 significant changes in
the intermediate term, and if they do occur, it will reassess its
opinion on Brazilian LRGs' credit quality.

Liquidity

S&P considers Sao Paulo's liquidity as weak based on S&P's view of
its relatively high debt service costs and limited access to
external liquidity amid weak economy, which could delay its
already approved loan disbursements.  S&P also incorporates in its
base-case scenario the federal government's restrictions in
authorizing the state's new borrowings.  S&P expects Sao Paulo to
have a liquidity-to-debt service coverage ratio of about 60% in
2016.  The state's debt service cost continues to be high in 2016
reaching R$18 billion.  As of February 2016, the state payed debt
service of R$2.5 billion compared to R$2.2 billion same period
last year.

If the state and the federal government agree on debt refinancing
during 2016, it could save up to R$3 billion in annual debt
service costs, which would benefit its liquidity position mostly
in 2017.  However, due to uncertainty over this agreement, S&P is
excluding the savings in its base-case scenario for 2016.

                             OUTLOOK

The negative outlook on Sao Paulo reflects the outlook on Brazil
because S&P don't believe that the state could have a higher
rating than the sovereign.  Also, the negative outlook reflects
the weakening trend in the institutional framework, and the
downward reassessment on the latter would likely trigger
downgrades of most of Brazilian LRGs.  S&P could also take a
negative rating action if Sao Paulo's deficits after capex rise to
more than 5% of total revenue, while the state finances them
through additional debt or depletes its cash reserves in doing so.
S&P could revise the outlook to stable to mirror a similar action
on the sovereign.

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

Sao Paulo (State of)
Issuer Credit Rating
Global Scale                           BB/Negative/--
Brazil National Scale                  brAA-/Negative/--


OI S.A.: Egan-Jones Cuts LC Sr. Unsecured Debt Rating to CCC-
-------------------------------------------------------------
Egan-Jones Ratings Company downgraded local currency senior
unsecured rating on debt issued by Oi S.A. to CCC- from B+ and
foreign currency senior unsecured rating to CCC- from BB+ on March
29, 2016.  EJR also lowered the Company's local currency
commercial paper rating to C from A3 and foreign currency
commercial paper rating to C from B.

Oi SA is a Brazil-based company engaged in the operation of
switched fixed-line telephony services (STFC) concessions. The
Company is active in the provision of STFC as a local and
intraregional long-distance carrier.


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


ANTIPASTO LTD: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Antipasto Ltd. received on March 23 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


BRADFORD EXCHANGE: Shareholders to Hear Wind-Up Report on April 22
------------------------------------------------------------------
The shareholders of Bradford Exchange A.G. will hear on April 22,
2016, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


ECR MASTER: Shareholders to Hear Wind-Up Report on May 13
---------------------------------------------------------
The shareholders of ECR Master Fund Limited will hear on May 13,
2016, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

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: Shareholders to Hear Wind-Up Report on May 13
---------------------------------------------------------
The shareholders of EOS Credit Recovery Offshore Limited will hear
on May 13, 2016, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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


GAMATONO ASSET: Shareholders to Hear Wind-Up Report on May 10
-------------------------------------------------------------
The shareholders of Gamatono Asset Management Co will hear on
May 10, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands


KUNDERA LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Kundera Ltd. received on March 23, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


LEXI LIMITED: Shareholder to Hear Wind-Up Report on May 6
---------------------------------------------------------
The shareholder of Lexi Limited will hear on May 6, 2016, at
9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LOBSTER INVESTMENT: Sole Member to Hear Wind-Up Report on May 10
----------------------------------------------------------------
The sole member of Lobster Investment Ltd. will hear on May 10,
2016, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands


MOUNTAIN CAPITAL: Shareholders to Hear Wind-Up Report on May 8
--------------------------------------------------------------
The shareholders of Mountain Capital CLO IV, Ltd. will hear on
May 8, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Darren Riley
          c/o Summit Management Limited
          Suite # 4-210
          Governors Square
          23 Lime Tree Bay Avenue
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands


RENJIAN ANTONG: Shareholders to Hear Wind-Up Report on April 20
---------------------------------------------------------------
The shareholders of Renjian Antong International Holdings Limited
will hear on April 20, 2016, at 9:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902


SIROM LIMITED: Shareholders to Hear Wind-Up Report on April 29
--------------------------------------------------------------
The shareholders of Sirom Limited will hear on April 29, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Citron 2004 Limited
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          23-25 Broad Street
          St Helier
          Jersey
          JE4 8ND
          Telephone: 01534 282147


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


DOMINICAN REPUBLIC: Joins Regional Pension Network of the IDB
-------------------------------------------------------------
Dominican Today reports that the Inter-American Development Bank
launched a project that seeks to improve the institutional and
technical capacity of pension institutions in Latin America and
the Caribbean, the bank said in a statement.

Through the project called Pension Network in Latin America and
the Caribbean (PLAC Red), the IDB will finance activities for
pension institutions in the region have access to the best
practices of other countries and the rest of the world, according
to Dominican Today.  "This international cooperation includes
courses, workshops, technical assistance consultancies government
officials and international experts," the report notes.

"The limited coverage and insufficient implementation of social
security laws pose significant challenges for Latin America and
the Caribbean.  Achieving universal coverage is necessary to
rethink pension systems in the region, said Solange Berstein, IDB
Pension specialist, during the presentation of the PLAC network,"
the report relays.

The project has a budget of US$400,000 and so far have formalized
their integration into the PLAC 13 countries: Brazil, Chile,
Colombia, Costa Rica, El Salvador, Haiti, Honduras, Jamaica,
Mexico, Panama, Peru, Dominican Republic and Uruguay, the report
notes.

The presentation in the Uruguayan capital formed part of the
annual meeting of the International Association of Pension Fund
Supervisors (IDRA), 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'.


DOMINICAN REPUBLIC: Leader Warns Against a Spiraling Foreign Debt
-----------------------------------------------------------------
Dominican Today reports that the National Business Council (CONEP)
president Rafael Blanco said one of his sector's priorities is to
make the Dominican economy an exporter, because in his view, if
the country doesn't solve the trade deficit, "development may will
difficult."

Mr. Blanco suggested a halt to external borrowing and avert going
to the International Monetary Fund, according to Dominican Today.

"There's also the issue of labor reform, because until the Labor
Code is modernized the country won't be able to increase wages the
way they should be," Mr. Blanco said, the report notes.

Mr. Blanco said changes must be made because the foreign debt is
taking very high portion of GDP and leads to the consumption of a
very important part of tax revenues, the report relays.  "And any
fiscal deficit may end up being covered with external debt,
because there's no ability to raise those resources internally,"
he added.

Mr. Blanco said that the only way to stop this process is through
an electricity pact to eliminate sector subsidies and a fiscal
pact that really rationalizes government spending and allows it to
increase tax revenues, notes the report.

"I don't want to think that the Dominican Republic would have to
go back to an agreement with the International Monetary Fund to
manage the country's economy, and that scenario could arise from
not taking serious measures in the Dominican Republic to control
the issue of debt," Mr. Blanco said, after a gathering with major
opposition party (PRM) presidential candidate Luis Abinader, the
report notes.

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'.


=============
J A M A I C A
=============


JAMAICA: Surpasses IMF Primary Surplus Target
---------------------------------------------
RJR News reports that Jamaica surpassed the International Monetary
Fund's (IMF) Primary Surplus target for the 11-month period ending
February this year.

It amounted to J$80.1 billion, according to RJR News.

Co-Chairman of the Economic Program Oversight Committee (EPOC),
Richard Byles, says this was J$800 million above budget, and puts
the country in a good position to achieve the $120.7 billion
target for the January to March quarter, the report notes.

During the EPOC's monthly media briefing, Mr. Byles added that
Jamaica's Net International Reserves totaled US$2.4 billion at the
end of March, ahead of the IMF's target of US$1.5 billion, the
report relays.

According to Mr. Byles, tax inflows continue to perform well,
despite the overall revenue intake of $387.2 billion at the end of
February, being $1.5 billion below target, the report relays.

Mr. Byles indicated that the tax revenue out turn amounted to
$354.6 billion which was $1.5 billion above budget, the report
notes.

The EPOC Co-Chairman said the top performing categories were -
company tax, which was $1.9 billion above target; tax on interest
which was $1.7 billion over budget; and Special Consumption Tax,
up $1.5 billion, the report discloses.

The under-performing categories included: telephone tax, which
declined by $1.4 billion; customs duty, down $1.2 billion and tax
on dividends, which fell by $900 million, the report adds.

             *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


BANCO AHORRO: S&P Affirms 'B' ICRs; Outlook Remains Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
and 'mxBBB-/mxA-3' national scale issuer credit ratings on Banco
Ahorro Famsa S.A. Institucion de Banca Multiple (BAF).  The
outlook remains stable.

The issuer credit ratings on BAF reflect its core status to Grupo
Famsa (GFamsa; B/Stable/--) because S&P believes both entities
share the same customer base, brand, and reputation.  Also, BAF's
strategy is closely linked with the group's; therefore, it's
highly unlikely that bank will be sold.  GFamsa has shown a strong
long-term commitment to the bank by supporting it in the previous
few years under stressful conditions.  The issuer credit rating on
BAF received one notch of support, higher than its stand-alone
credit profile (SACP) of 'b-', due to the bank's core status.

The ratings also reflect S&P's view of the bank's business
position as weak mainly due to a revenue concentration in the
Famsa's credit card business.  S&P also views its capital and
earnings as adequate, based on its forecasted risk-adjusted
capital (RAC) ratio of 8.7% on average for the next 18 months.
The ratings also reflect S&P's assessment of BAF's risk position
as very weak because its nonperforming assets (NPAs) and net
charge-offs (NCOs) ratios--although gradually improved in the past
12 months--remain weaker than those of banks that operate in
countries with the same Banking Industry Country Risk Assessment
(BICRA) economic risk score and of the Mexican financial system
average.  The ratings also incorporate S&P's assessment of BAF's
funding as average and its liquidity as adequate.


===========
P A N A M A
===========


AVIANCA HOLDINGS: S&P Lowers CCR to 'B'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Avianca Holdings S.A. to 'B' from 'B+'.  The outlook is
stable.

At the same time, S&P lowered its issue-level rating on the
company's $550 million senior unsecured notes due 2020 to 'B-'
from 'B'.

The downgrade reflects continued weakness in the company's
continued operating performance, leading to key credit metrics
that fell short of S&P's original expectations--around $764
million of EBITDA and $508 million of FFO, with a debt to EBITDA
ratio of 5.9x and FFO to debt of 11.3x, respectively.  Although,
S&P projects that financial performance would gradually improve in
2016, it believes its key credit metrics will be in line with a
highly leveraged financial risk profile (debt to EBITDA roughly
below 5.0x and FFO to debt of 13.5% over the next 12 months).  In
S&P's opinion, its key credit metrics will continue to be highly
exposed and sensitive to regional macroeconomic and foreign
exchange conditions.

Avianca has faced a combination of challenges in 2015 and during
the first quarter of 2016, including regional sluggish
macroeconomic growth that impacted ticket demand and consumption
patterns.  It also faced exchange rate volatility with a 40%
depreciation of the Colombian peso (COP) in 2015 (COP2,749)
compared to 2014 (COP2,000 per U.S dollar).  In S&P's view, these
challenges also hampered the company's ability to increase fares
and to pass through costs to consumers, which hurt its margins.
The stable outlook reflects S&P's view that Avianca's credit
metrics will remain exposed to sluggish economic growth and a
volatile exchange rate over the next 12 months, which would result
in a highly leveraged financial risk profile with debt to EBITDA
of about 5.0x and FFO to debt slightly above 12%.

A downgrade is possible if adverse industry conditions--such as
lower-than-expected economic growth and foreign exchange
volatility, a prolonged spike in jet fuel prices, increased
competition, or the incurrence of additional debt for fleet
renewal program--weaken the company's operating margins and lead
to debt to EBITDA of more than 5.0x or FFO to debt below 12% on a
sustained basis.

Although unlikely in the short to medium term, S&P could raise the
ratings if the company's operating performance is above S&P's
expectations, which would result in debt to EBITDA well below 5.0x
and FFO to debt well above 12% as a consequence of improved
conditions in the markets (such as a boost in regional economic
growth or COP appreciation against the dollar).


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


ALONSO & CARUS: Applies for Final Decree Closing Case
-----------------------------------------------------
Alonso & Carus Iron Works, Inc., asks the U.S. Bankruptcy Court
for the District of Puerto Rico for the issuance of a final decree
closing its Chapter 11 case.

The Debtor contends that the Plan has been substantially
consummated and accordingly, the Court can issue a final decree if
no opposition to its application is filed.

Alonso & Carus Iron Works is represented by:

          Charles A. Cuprill-Hernandez, Esq.
          CHARLES A. CUPRILL, P.S.C. LAW OFFICES
          356 Fortaleza Street, Second Floor
          San Juan, PR 00901
          Telephone: (787)977-0515
          Facsimile: (787)977-0518
          E-mail: ccuprill@cuprill.com

                  About Alonso & Carus Iron Works

Alonso & Carus Iron Works, Inc., is the largest integrated
structural steel and tank builder in Puerto Rico.  The Company
provides a full range of design, engineering, construction and
erection services through an innovative, responsive and customer
focused organization.  The Company has participated in the
construction of hundreds of demanding and challenging projects,
including many landmarks in Puerto Rico and the Caribbean that
showcase the superior capabilities of steel.

Alonso & Carus Iron Works sought Chapter 11 protection (Bankr.
D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March
27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debt.


EFRON DORADO SE: Court Set to Hear Bid to Use Cash Collateral
-------------------------------------------------------------
A bankruptcy court is set to hear a motion of Efron Dorado SE to
use the cash collateral of PR Asset Portfolio 2013-1 International
Sub 1, LLC.

The U.S. Bankruptcy Court in Puerto Rico will take up the motion
at a hearing on May 18, 2016.

PRAPI asserts a lien on the company's accounts receivable arising
from the operation of a shopping center in Dorado, Puerto Rico.

Efron Dorado is the owner of the real property where the shopping
center is located, according to court filings.

PRAPI had earlier opposed the use of its cash collateral, saying
it should not be forced to finance a bankruptcy proceeding that
"appears to have a minimum, if any, probability of
reorganization."

                       About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan.
20, 2016.  The petition was signed by David Efron, partner.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as its bankruptcy counsel.

In its petition, the Debtor listed total assets of $33.2 million
and total debt of $15.2 million.  According to the schedules, the
Debtor owns the shopping mall known as Paseo Del Plata Shopping
Center located in Dorado, Puerto Rico; a parcel of land consisting
of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of
land consisting of 30 Cuerdas known as Hernandez Farm.


SPORTS AUTHORITY: Hires Irell & Manella as Special Counsel
----------------------------------------------------------
Sports Authority Holdings, et al. seek authorization from the U.S.
Bankruptcy Court for the District of Delaware to employ Irell &
Manella LLP as special counsel, nunc pro tunc to March 4, 2016, to
represent them in connection with the DIP Credit Agreement and any
further issues that might arise in which the Court or the parties
believe that the Applicant Debtors should be represented by
separate counsel.

In connection with these services, Irell anticipates preparing, on
behalf of the Applicant Debtors, any necessary legal papers;
appearing in Court and protecting the interests of the Applicant
Debtors before the Court; and performing all other legal services
for the Applicant Debtors that may be necessary and proper in
these proceedings for the purposes of this engagement.

Irell & Manella will be paid at these hourly rates:

       Jeffrey M. Reisner           $1,135
       Michael H. Strub, Jr.        $895
       Kerri Lyman                  $870

Irell & Manella will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jeffrey M. Reisner, partner of Irell & Manella, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

The Bankruptcy Court will hold a hearing on the motion on April
26, 2016, at 11:30 a.m.  Objections were due April 6, 2016.

Irell & Manella can be reached at:

       Jeffrey M. Reisner, Esq.
       Michael H. Strub, Jr., Esq.
       IRELL & MANELLA LLP
       840 Newport Beach Blvd.
       Newport Beach, CA 92660
       Tel: (949) 760-0991
       Fax: (949) 760-5200
       E-mail: jreisner@irell.com
               mstrub@irell.com

                About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.  Lawyers at
Pachulski Stang Ziehl & Jones LLP represent the Official Committee
of Unsecured Creditors.


SPORTS AUTHORITY: Mirick, Sullivan File Rule 2019 Statement
-----------------------------------------------------------
Mirick, O'Connell, DeMallie & Lougee LLP and Sullivan Hazeltine
Allinson LLC disclosed in a court filing that they were hired by
WS Asset Management, Inc. to represent TSA Stores Inc.'s
landlords.

WS Asset is the managing agent of Route 140 School Street LLC and
Cape Town Plaza LLC, which hold claims against TSA Stores, an
affiliate of Sports Authority Holdings Inc.

The law firms further disclosed that they were also hired by New
England Development Inc., the managing agent of CLPF - Marketplace
LLC, Solomon Pond Mall LLC and Westwood Marketplace Holdings LLC.

TSA Stores owes the landlords under their lease contracts,
according to the firms.  Both firms said they do not hold any
claims against or interests in TSA Stores and its affiliates.

The firms made the disclosure pursuant to Rule 2019 of the Federal
Rules of Bankruptcy Procedure.

The firms can be reached through:

     Elihu E. Allinson III
     Sullivan Hazeltine Allinson LLC
     901 North Market Street, Suite 1300
     Wilmington, DE 19801
     Tel: (302) 428-8191
     Fax: (302) 428-8195

          -- and --

     Paul W. Carey, Esq.
     Mirick, O'Connell, DeMallie & Lougee, LLP
     100 Front Street
     Worcester, MA 01608-1477
     Phone: (508) 791-8500
     Fax: (508) 791-8502
     E-mail: pcarey@mirickoconnell.com

               About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.


Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.


SPORTS AUTHORITY: Clark Hill Files Rule 2019 Statement
------------------------------------------------------
Clark Hill PLC disclosed in a court filing that it represents
these companies in the Chapter 11 cases of Sports Authority
Holdings and its affiliates:

     (1) Ramco-Gershenson Properties, L.P.
         c/o Bryan William, Legal Liaison
         Ramco-Gershenson, Inc.
         31500 Northwestern Highway, Ste. 300
         Farmington Hills, MI 48334

     (2) Janaf Shopping Center, LLC
         c/o Maggie Spillane, Regional Director
         McKinley, Inc.
         5900 E. Virginia Beach Blvd., Suite 520
         Norfolk, VA 23502

     (3) U.S. 41 & 1285 Company, LLC
         c/o Megan Luhrman, JD
         Mall Properties, Inc.
         550 New Albany Rd. East, Ste. 200
         New Albany, OH 43054

     (4) Bayshore Town Center, LLC
         c/o Megan Luhrman, JD
         Mall Properties, Inc.
         550 New Albany Rd. East, Ste. 200
         New Albany, OH 43054

     (5) Edens Plaza, LLC
         c/o Douglas McMahon, VP and Associate
         General Counsel
         Joseph Freed and Associates LLC
         11 E. Madison St., Suite L-100
         Chicago, IL 60602

The companies hold unsecured claims, unsecured rejection claims
and administrative claims for unpaid rent and other charges, the
firm further disclosed.

Clark Hill made the disclosure pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure.

The firm can be reached through:

     David M. Blau, Esq.
     Clark Hill PLC
     151 S. Old Woodward Ave., Ste. 200
     Birmingham, MI 48009
     Phone: 248-988-1817
     Fax: 248-988-2336
     Email: dblau@clarkhill.com

               About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.


SPORTS AUTHORITY: Davidoff Hutcher Representing Vendors
-------------------------------------------------------
To comply with Rule 2019 of the Federal Rules of Bankruptcy
Procedure in In re Sports Authority Holdings, Inc., et al., two
law firms disclose that they represent three consignment vendors
individually and the three clients do not constitute a committee
in Sports Authority's chapter 11 cases.

The three consignment vendors are:

      -- Castlewood Apparel Corp.;
      -- Warnaco Swimwear Products. Inc.; and
      -- GI Sportz Inc.

The two law firms are:

          David H. Wander, Esq.
          DAVIDOFF, HUTCHER & CITRON, LLP
          605 Third Avenue
          New York, New York 10158
          Telephone: (212) 557-7200
          E-mail: dhw@dhclegal.com

                -and-

          Frederick B. Rosner, Esq.
          Scott J. Leonhardt, Esq.
          THE ROSNER LAW GROUP LLC
          824 North Market Street, Suite 810
          Wilmington, Delaware 19801
          Telephone: (302) 777-1111
          E-mail: rosner@teamrosner.com
                  leonhardt@teamrosner.com

                 About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.  Lawyers at
Pachulski Stang Ziehl & Jones LLP represent the Official Committee
of Unsecured Creditors.


SPORTS AUTHORITY: Laufer Files Rule 2019 Statement
--------------------------------------------------
Laufer and Padjen LLC disclosed in a court filing that it
represents these creditors in the Chapter 11 cases of Sports
Authority Holdings and its affiliates:

     (1) West Vail Mall Corp.
         299 Milwaukee Street
         Suite 500
         Denver, Colorado 80206

     (2) Gart Real Estate Company LLP
         299 Milwaukee Street
         Suite 500
         Denver, Colorado 80206

     (3) 1000 BDWY Co., LLP
         299 Milwaukee Street
         Suite 500
         Denver, Colorado 80206

     (4) Najem Co., LLP
         West Vail Mall Corp., a Colorado corporation
         299 Milwaukee Street
         Suite 500
         Denver, Colorado 80206

     (5) 1001 Lincoln Limited Liability Company
         299 Milwaukee Street
         Suite 500
         Denver, Colorado 80206

The creditors may hold unsecured claims and administrative claims
for unpaid rent and other charges, the firm further disclosed.

Laufer made the disclosure pursuant to Rule 2019 of the Federal
Rules of Bankruptcy Procedure.

The firm can be reached through:

     Joel Laufer, Esq.
     Laufer and Padjen LLC
     5290 DTC Parkway, Suite 150
     Englewood, CO 80111
     Phone: (303) 830-3172
     Email: jl@jlrplaw.com

               About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.


Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.


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


BARING PRIVATE: Moody's Affirms B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the corporate family rating
(CFR) of Baring Private Equity Asia VI Holding (1) Ltd (Vistra) at
B1.

At the same time, Moody's has affirmed the B1 rating on the USD515
million first lien term loan due 2022 (of which EUR238 million was
funded in Euros) and on the USD50 million revolving credit
facility, as well as the B2 rating on the USD185 million second
lien term loan due 2023 (of which EUR78.5 million was funded in
Euros).

The rating outlook has been revised to negative from stable.

List of affected ratings:

Affirmations:

-- Issuer: Baring Private Equity Asia VI Holding (1) Ltd (Vistra)

-- Corporate Family Rating, at B1

-- $50 million SR SEC REVOLVING CREDIT FACILITY due 2020, at B1

-- $257.5 million SR SEC 1ST LIEN TERM LOAN B due 2022, at B1

-- EUR238 million SR SEC 1ST LIEN TERM LOAN B due 2022, at B1

-- $100 million SR SEC 2ND LIEN TERM LOAN due 2023, at B2

-- EUR78.5 million SR SEC 2ND LIEN TERM LOAN due 2023, at B2

Outlook Actions:

-- Issuer: Baring Private Equity Asia VI Holding (1) Ltd (Vistra)

-- Outlook, changed to Negative from Stable

RATINGS RATIONALE

"The change in Vistra's outlook to negative reflects the larger-
than-expected share of debt-funding used for its recent
acquisitions, and our view that it could take longer to deleverage
than we had earlier anticipated if it continues its current pace
of acquisitions," says Brian Grieser, a Moody's Vice President and
Senior Analyst.

Vistra's acquisition of IL&FS Trust Company Limited (ITCL), the
largest independent Corporate Trust Services provider in India,
will be its fifth acquisition since Baring Asia acquired and
merged Vistra and the Orangefield Group in October of 2015. Vistra
announced the ITCL acquisition on 12 April 2016.

"Pro forma for the ITCL acquisition, we expect the company's gross
leverage to be around 6.5x from just over 6.0x at close of Baring
Asia's leveraged buy-out."

The B1 rating balances Vistra high post-acquisition leverage with
the expectation that solid growth prospects, both organic and
acquired, will lead to rapid deleveraging in 2016 and 2017.

"While the B1 CFR captures Vistra's intention to execute strategic
bolt-on acquisitions, the velocity of these acquisitions relative
to its free cash flow generation and EBITDA growth has exceeded
expectations," adds Grieser, who is also the lead analyst for
Vistra.

The B1 CFR continues to capture (1) Vistra's strong market
position in the fragmented corporate and trust services industry;
(2) the high barriers to entry, fostered by its long-standing
relationships with a well-diversified customer base; (3) revenue
and cash flow visibility driven by the multi-year nature of its
structures; and (4) its good liquidity profile, supported by high
cash balances.

Vistra's ratings could be downgraded if its integration plans fail
to provide synergies, the company deviates further from its plan
to deleverage, new litigation or regulatory standards weaken its
cash flow or earnings profile, or if the company undertakes
another transformative acquisition over the next 12-18 months.

Specifically, its ratings could be downgraded if (1) adjusted
debt-to-EBITDA does not trend towards or below 5.0x in the next 6-
12 months; (2) sustained adjusted EBITA-to-interest expense drops
below 2.0x; or (3) adjusted retained cash flow-to-net debt falls
below 10%.

A ratings upgrade is unlikely over the next two years given the
negative outlook, and its high leverage. However, the outlook
could return to stable if Vistra demonstrates a more balanced
acquisition appetite, on a sustained basis, and its leverage
trends towards or below 5.0x in the next 6-12 months.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014. Please see
the Ratings Methodologies page on www.moodys.com for a copy of
this methodology.

Vistra is a provider of corporate & trust services for companies
(private companies, SMEs, listed companies), high net worth
individuals and funds, with around 50% of gross fees generated in
Asia, the rest primarily generated in Europe. Services include
company formation and renewal services, corporate administration
services, trustee and fiduciary services, fund services and family
office services. Vistra employs over 2,200 employees in 58 offices
across 39 jurisdictions.



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


LATAM: IMF Says Region Can Expect a 2-Speed Economy
---------------------------------------------------
EFE News reports that the economy of Latin America and the
Caribbean will contract some 0.5 percent this year, the
International Monetary Fund said, though the northern part of the
region is set to fare notably better than the south.

These projections appear in the World Economic Outlook report,
presented at the start of a joint meeting of the IMF and the World
Bank in Washington, according to EFE News.

The IMF says that, though the overall GDP of Latin America and the
Caribbean will deflate in 2016 for the second straight year,
economic growth will return to the region in 2017 with an
expansion of 1.5 percent, the report notes.

But in 2016 the plunging prices of oil and other commodities are
dividing the region in two, the report relays.

In this context, the IMF estimates that Mexico will continue
growing at the moderate pace of 2.4 percent this year and 2.6
percent in 2017, thanks to the "robust U.S. economy" and healthy
domestic demand, the report says.

In Central America, Guatemala will grow by 4 percent this year, El
Salvador by 2.5 percent, Honduras by 3.5 percent, Costa Rica by
4.2 percent, and Panama by 6.1 percent, the report notes.

In the Caribbean, the Dominican Republic in 2016 will show a hike
of 5.4 percent, the report adds.

The other side of the coin is South America, where the drop in
commodity prices and the deeper-than-forecast recession in Brazil
are dragging the numbers down into negative territory, the report
discloses.

In 2016, Brazil will have its second straight year with a 3.8
percent decrease, the report relays.

Among South American exporters of petroleum, Colombia will grow
this year by 2.5 percent, down from 3.1 percent in 2015, while
Venezuela will continue this year "sunk in a deep recession," as
GDP dwindles a full 8 percent, following a 5.7 percent drop in
2015, the report notes.

The Ecuadorian economy will shrink 4.5 percent in 2016.

Argentina, according to the IMF, will drop 1 percent this year,
while Chile will be up 1.5 percent in 2016, the report says.

In Peru, growth will surge 3.7 percent this year, the IMF said,
the report adds.



                            ***********


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

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

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


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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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