TCRLA_Public/160420.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 20, 2016, Vol. 17, No. 77


                            Headlines



A R G E N T I N A

ARGENTINA: IMF Rejects Consensus Call of Missing Inflation Target
ARGENTINA: S&P Rates US$15BB Planned Global Bond Issuance 'B-'


B R A Z I L

BANCO FIBRA: S&P Affirms 'B-/C' Ratings; Outlook Negative
BIOSEV S.A.: Fitch Cuts LT Issuer Default Ratings to 'B+'
BRAZIL: Hopes an End to Political Crisis Will Improve Economy
DIPLOMATA S/A INDUSTRIAL: Files Chapter 15 Petition in Florida
JALLES MACHADO: Fitch Affirms 'B+' LT FC, LC IDR; Outlook Stable

ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'BB-'; Outlook Negative

* Fitch Says Growth, Fiscal Prospects Still Key Rating Focus


C A Y M A N  I S L A N D S

BLACKHORSE ENHANCED: Commences Liquidation Proceedings
GANNA LTD: Members' Final Meeting Set for May 2
GREEN BUSINESS: Shareholder to Hear Wind-Up Report on April 26
GUANGDONG ALLIANCE: Members' Final Meeting Set for May 4
LAFAYETTE SQUARE: Creditors' Proofs of Debt Due May 11

MONOCT LTD: Creditors' Proofs of Debt Due May 2
PURSUIT CAPITAL: Shareholders' Final Meeting Set for April 21
PURSUIT OPPORTUNITY: Shareholders' Final Meeting Set for April 21
SUNSEPT LTD: Creditors' Proofs of Debt Due May 2
SYNERGETIC ELEMENTS: Shareholders Receive Wind-Up Report

TRAFALGAR VOLATILITY: Shareholders' Final Meeting Set for April 22
TUEDEC LTD: Creditors' Proofs of Debt Due May 2
ZIPCOM TRADING: Shareholders' Final Meeting Set for April 26


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: IMF Keeps Close Tabs on Economy's Performance
DOMINICAN REPUBLIC: No More Tax Reforms, Needs Fiscal 'Revolution'


M E X I C O

MEXICO: Has $13.6 Billion Surplus to Pay Debt, Boost Oil Fund


P U E R T O    R I C O

FIRSTBANK PUERTO RICO: S&P Affirms B+ Issuer Credit Rating
INSITE CORPORATION: Court Dismisses Suit vs. Walsh Construction
SPANISH BROADCASTING: Incurs $27 Million Net Loss in 2015


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Moody's Confirms Ba3 Rating on Sr. Unsecured Debt
PETROLEUM CO: S&P Affirms 'BB' CCR; Outlook Stable


                            - - - - -


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A R G E N T I N A
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ARGENTINA: IMF Rejects Consensus Call of Missing Inflation Target
-----------------------------------------------------------------
David Biller at Bloomberg News reports that Argentina's inflation
will slow to the very top of its target range by year-end, the
International Monetary Fund forecast, showing more optimism than
most economists.

Inflation will slow to the 25 percent ceiling of Argentina's
target range by year-end, the IMF said in its World Economic
Outlook, according to Bloomberg News.  That is lower than all
estimates from economists surveyed by Bloomberg except that of
Pantheon Macroeconomic Advisors, which has the same forecast as
the IMF. Economists' median forecast is for consumer prices to
rise 34.2 percent this year, Bloomberg News notes.

Argentine policymakers will head to the IMF's spring meeting in
Washington just months after Mauricio Macri became president of
South America's second-largest nation, Bloomberg News relays.  Mr.
Macri has sought to overhaul the statistics agency that, under his
predecessor, underreported price increases and drew censure from
the multinational lender, Bloomberg News says.  His government has
signaled slowing inflation is a key priority to rebuild
confidence.

Argentina's central bank has sought to quell inflation by boosting
interest rates on short-term notes to as high as 38 percent,
Bloomberg News notes.  With tighter monetary policy, inflation has
probably peaked already, bank president Federico Sturzenegger said
in an interview at the Bloomberg Argentina Summit on April 4,
Bloomberg News relays.

Consumer prices rose 36 percent in the 12 months through February,
according to an index compiled by the province of San Luis,
Bloomberg News says.  Mr. Macri's government is using that gauge
while it overhauls the national statistics agency, Bloomberg News
discloses.

Argentina's economic reporting has been questioned since 2007 when
then-President Nestor Kirchner replaced senior officials at the
national statistics agency and Christine Lagarde, the IMF's
managing director, censured Argentina in 2013 for providing
unreliable numbers, Bloomberg News relays.

Argentina is targeting 17 percent inflation in 2017.  The IMF
forecasts inflation will exceed that level, slowing only to 20
percent, in line with the median forecast from economists surveyed
by Bloomberg.

                         Growth Slowdown

In its report, the IMF reduced its 2016 economic outlook for Latin
America and the Caribbean to a 0.5 percent recession, from a 0.3
percent decline as of January.  That was due largely to a deeper
recession forecast for Brazil, now estimated to contract 3.8
percent -- roughly the same as in 2015, Bloomberg News notes.

The lower forecast for Latin America's largest economy stems from
domestic uncertainties that continue to constrain the government's
ability to formulate and execute policies, according to the
report, Bloomberg News relays.

The IMF forecast Mexico will grow 2.4 percent this year, down from
a 2.6 percent outlook previously, Bloomberg News discloses.  Its
forecast for Argentina to contract 1 percent remained unchanged,
and the IMF said the push to correct macroeconomic imbalances and
microeconomic distortions has improved medium-term growth
prospects in the country, Bloomberg News notes.

The IMF lowered its Chile growth forecast to 1.5 percent from 2.1
percent due to lower copper prices and tighter financial
conditions, Bloomberg News relays.  It foresees 3.7 percent growth
in Peru from 3.3 percent previously -- this was the IMF's only
increase to growth forecasts among major Latin American nations,
Bloomberg News adds.

                             *     *     *

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

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

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

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

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

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

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

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


ARGENTINA: S&P Rates US$15BB Planned Global Bond Issuance 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue rating
on Argentina's planned global bond issuance of around
US$15 billion.

At the same time, S&P has affirmed and changed to "solicited" its
'B-/B' formerly unsolicited local currency long-term and short-
term sovereign credit ratings on Argentina.  S&P will also change
Argentina's long-term foreign currency sovereign credit rating
(which remains at 'SD' reflecting its default in July 2014) to
"solicited."

In addition, S&P affirmed its transfer and convertibility (T&C)
assessment at 'B-'.

                             RATIONALE

The U.S. Court of Appeals for the Second Circuit recently upheld
an earlier lower court ruling that had lifted an injunction that
blocked Argentina from paying its foreign currency debt.  The
lower court had ruled that it would lift its injunction on
payments once Argentina's Congress authorized payment to the
holdouts from the 2005 and 2010 debt exchanges and once payment
had been made.  Subsequently, the Argentine Congress approved a
new "Holdouts Law" on March, 31, 2016, authorizing the government
to issue new debt to pay holdouts once the injunction against
payments were lifted, opening the path to cure that default.  The
recent Court of Appeals decision has facilitated the lifting of
the injunction on debt payments.

According to S&P's ratings methodology, it will assign a 'B-'
rating on the global bonds issued to fund payment to the holdouts;
our selective default ('SD') foreign currency ratings that stem
from Argentina's nonpayment of part of its external debt will
remain.  On July 30, 2014, Argentina failed to make a $539 million
interest payment on its discount bonds due in December 2033.  As
of the end of March 2016, the government has missed an estimated
$2.1 billion in interest payments on debt issued after its 2005
debt exchange.  Once Argentina cures its 2014 default by resuming
payment on those bonds, S&P will reassess its general credit
standing and assign a new long-term foreign currency sovereign
credit rating, subject to S&P's assessment of any remaining legal
issues that could impair payment of future debt service.

S&P's ratings on Argentina reflect ongoing challenges to
successfully implement difficult measures that address the
country's substantial economic imbalances, including high
inflation and a large fiscal deficit, in a context of a still
polarized society and an unfavorable external environment.  The
Macri Administration has been able to cut fiscal subsidies,
liberalize and unify the exchange rate, eliminate capital
controls, reduce and eliminate some export duties, and begin the
restructuring of Argentina's statistical agency.  Importantly, it
was able to gain Congressional approval of the "Holdouts Law,"
despite lacking a majority in the Congress.  Nevertheless,
inflation remains high, likely above 40%, and S&P expects GDP to
contract this year (in part because of fiscal and monetary
tightening), demonstrating the political and economic challenges
that lie ahead.

S&P expects a slow economic recovery for Argentina.  S&P expects
GDP to contract 0.5% in 2016 and only expand around 1.9% in 2017.
Successful implementation of economic reform would improve
investor and consumer confidence and could boost GDP growth toward
3.5% in 2018.  A recovery in external demand, as well as good
access to external funding from official and private sources,
would facilitate economic recovery.  However, prolonged low
commodity prices, recession in Brazil, and general uncertainty in
global markets could dampen Argentina's growth prospects.  Over
the long term, one of Argentina's main challenges is to avoid its
historical pattern of very volatile economic performance, with
periods of rapid growth followed by crises and low growth.

S&P expects investment and external sectors to be the key sources
of economic growth and to depend to a large extent on external
financing by multilaterals and capital markets.  Argentina
continues to suffer from high inflation, as well as poor inflation
data.  Currently, Argentina has no official inflation index
because the government is reviewing the methodology for inflation
calculation.  Using an average of the inflation in the province of
San Luis and the City of Buenos Aires, inflation stood at 29.3% in
2015, higher than the 23.9% published by INDEC, the government's
statistical agency, for the previous year.  S&P expects inflation
to increase to 42% in 2016 (above the central bank's target of
20%-25% by year-end) as a result of pass through to prices from
the depreciation of the peso, as well as increases in administered
prices.  The government increased tariffs for electricity, water,
gas and transportation in order to reduce its subsidy bill and
stabilize fiscal accounts.  The central bank has raised its
benchmark interest rate to almost 40% and reduced the growth of
the monetary base to counteract inflationary pressures.

S&P expects inflation to decelerate in 2017 toward 30% and decline
thereafter.  However, success in gradually stabilizing the economy
will depend, in large part, on containing salary increases for
government and private-sector employees consistent with a
declining inflation trajectory.  Regaining access to external
commercial funding will help the government reduce its reliance on
central bank funding, thereby improving the conduct of monetary
policy and contributing to lower inflation.

Cutting the fiscal deficit through spending cuts, including
subsides, will require skillful management by the Administration
in the context of low economic growth, high inflation, and high
political polarization.  With preliminary official information,
S&P estimates the general government fiscal deficit at about 6.3%
of GDP for 2015, the largest deficit for the past 20 years.  S&P
expects that the fiscal deficit may decline modestly in 2016 to
about 5.8% of GDP, assuming some expenditure control.  Reductions
in energy, transportation, gas, and water subsidies would save
about 1.5% of GDP (overall subsidies are estimated at 4% of GDP).
However, some other recent actions, such as the reduction of
export duties and a narrowing of the income tax base, could reduce
tax revenues (an estimated loss of 1.5% of GDP).  Midterm
Congressional elections in 2017 could also make it difficult for
the Macri Administration to maintain austerity policies,
especially if the economy performs worse than we expect.

"We expect that continued, although declining, fiscal deficits are
likely to contribute to a rising debt burden in coming years.  We
expect Argentina's net general government debt to gradually
increase to 52.2% of GDP at year-end 2016 from 41% in 2014.  We
estimate the change in general government debt at an average of
nearly 10.1% of GDP in 2016-2018.  Nonetheless, as a result of
limited access to international capital markets, the government
has relied mostly on the local market for debt issuance in recent
years.  Partly as a result, 62% of its total debt stock is held by
government-owned agencies--mainly the social security agency
(ANSES), Banco de la Nacion, and the central bank--diminishing the
roll-over risk on that debt.

Gross central government debt totaled $222.7 billion at the end of
December 2015, equivalent to 54% of GDP.  Argentina's debt burden
will depend strongly on the value of the pesos versus the dollar
because around 67% of the government's debt is denominated in
foreign currency, a ratio that could increase further as the
government finances its fiscal deficits with external funding.
Keeping sustainable debt levels will depend to a large extent on
the government's capability to reduce fiscal deficits over the
next couple of years while promoting economic growth.

"Our expectation for deterioration in the current account deficit
for 2016 at 3.1% of GDP from 2.7% in 2015 is explained by lower
external demand (mainly from Brazil) together with low commodity
prices that would offset the positive effect of the devaluation
and the elimination of export taxes and restrictions.  We expect
current account deficits to be lower in 2017 and onward on the
expectation of a gradual recovery in commodity prices, lower
dependence on oil imports, and trade partners' gradual recovery.
Argentina is exposed to significant volatility in terms of trade
because of its dependence on commodity exports," S&P said.

Regaining access to international capital markets will be
important for the government to implement its strategy of
correcting Argentina's main macroeconomic imbalances.  An enhanced
inflow of external funding would boost liquidity for the
sovereign, as well as for Argentine provinces and the private
sector, helping to stabilize the economy.  S&P expects the
government to use $8.5 billion (from the total planned issuance of
around $15 billion, equivalent to 6.7% of the central government's
total debt as of end December 2015 and 2.6% of 2015's estimated
GDP) to pay holdout creditors and the remaining to finance part of
the projected fiscal deficit.  On top of that, S&P expects several
provinces to tap the external market.

However, more external financing will moderately weaken
Argentina's external indicators.  S&P expects that narrow net
external debt to current account receipts will reach 184% in 2016,
up from an average of 140.5% in 2013-2015, and could average 177%
in the next three years.  S&P expects gross external financing
needs to usable reserves and current account receipts to reach
115.3% in 2016, up from an average 103.4% in 2013-2015.  After the
nominal depreciation of the exchange rate of about 49% since
Dec. 10, 2015, as of the exchange rate of 14.5 Argentine peso/1
U.S. dollar, Argentina's GDP per capita is estimated at $11,213
for 2016.

                              OUTLOOK

The stable outlook on the local currency rating balances S&P's
expectation for improvement in economic policies and gradual
stabilization of the economy with the political challenges facing
the new Administration.  Within the next 12 to 14 months, S&P
expects the government to implement policies that gradually
contain the fiscal deficit, bring inflation down toward the
central bank's targets, and set the stage for greater investment
and a return to GDP growth.

The foreign currency ratings will remain 'SD' until Argentina
cures the 2014 default.  Once Argentina resumes payment on those
bonds, S&P will re-assess its general credit standing and likely
assign a new long-term foreign currency sovereign credit rating
similar to the one S&P has assigned to the planned issue of global
bonds, subject to its assessment of any lingering legal threats
that could impair future debt service.

A track record of consistent policies that gradually reduce
economic imbalances and maintain access to market funding would
boost investor confidence.  The combination of greater policy
predictability and credibility, along with improving macroeconomic
performance, could lead to a higher credit rating.

Conversely, a combination of continued default on foreign currency
debt, along with an unexpected deterioration in economic policy
and political stability, could reverse the recent increase in
investor confidence.  The resulting higher risk could put pressure
on the local currency rating and lead to a downgrade.

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 agreed that all key rating factors were unchanged.

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

New Rating

Argentina (Republic of)
Senior Unsecured                       B-

Ratings Affirmed

Argentina (Republic of)
Sovereign Credit Rating
  Foreign Currency                      SD/--/D
  Local Currency                        B-/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        B-


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


BANCO FIBRA: S&P Affirms 'B-/C' Ratings; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-/C' global
scale ratings and its 'brB-/brC' national scale ratings on Banco
Fibra.  The outlook is negative on both scales.

Standard & Poor's bases its ratings on Fibra on the bank's weak
business position due to the poor performance of its lending
activities and its concentration on midsize companies, its
moderate capital and earnings, underpinned by S&P's forecasted
risk-adjusted capital (RAC) ratio of 5.8% for the next two years,
its moderate risk position, below average funding, and adequate
liquidity.

The negative outlook for the next 12 months reflects S&P's view
that the bank's financial profile could further weaken, bearing
down on the bank's capital and liquidity position amid slow
activity and challenging conditions in Brazil's economy.  It also
reflects the negative trend in Brazil's BICRA economic risk and
S&P's belief that the bank could experience financial
deterioration from pressures on the Brazilian banking system as a
result of the impact of fiscal and monetary tightening on S&P's
economic assessment of Brazil.

S&P could lower the ratings on Fibra following a revision of
Brazil's BICRA to '7' from '6'.  Furthermore, S&P could lower the
ratings if it sees that the bank reduces its liquidity, and if S&P
sees weakness in its capacity to meet its financial commitments in
the event of adverse business, financial, or economic conditions.
Furthermore, S&P could take a negative rating action if it
believes the bank's shareholders will not support the bank with
capital injections (if needed) to keep its Basel III ratio above
11%.

On the other hand, if the negative trend in Brazil's BICRA
economic risk is revised to stable, and the bank succeeds in
improving its performance through better profitability and better
asset quality metrics, S&P could revise the outlook to stable.


BIOSEV S.A.: Fitch Cuts LT Issuer Default Ratings to 'B+'
---------------------------------------------------------
Fitch Ratings has downgraded Biosev S.A.'s (Biosev) long-term
foreign and local currency Issuer Default Rating (IDR) to 'B+'
from 'BB-' and its long-term national scale rating to 'A-(bra)'
from 'A+(bra)'. The Rating Outlook is revised to Stable from
Negative.

KEY RATING DRIVERS

The rating downgrade incorporates Biosev's challenges to achieve
positive free cash flow (FCF) and reduce leverage to levels
compatible with the previous IDR. While the scenario for sugar and
ethanol prices have improved recently and larger crushed volumes
are expected for Biosev in the ongoing crop season, the
combination of Biosev's heavy agricultural and industrial
investments needed to improve agricultural yields and reduce idle
capacity of its mills with high interest and FX rates are expected
to hold back expected improvements of its FCF and leverage ratios.

Positively, Biosev has demonstrated it retained its capacity to
tap medium- and long-term financings with financial institutions
and the parent company, as well as presents satisfactory cash to
short-term debt coverage ratio at the end of fiscal year despite
the sector's increased refinancing risks in 2015. The ratings
continue to reflect Biosev's large crushing and storage capacity
combined with a differentiated business model built on clusters.
Fitch also considers as positive its affiliation with Louis
Dreyfus Group (LD Group) as this relationship brings operational
and financial benefits to the company on top of its capacity to
take advantage of LD Group's proven expertise in the global
agricultural commodities market.

Negative FCF to Remain

Fitch expects Biosev to report negative FCF over the 2016/2017 and
2017/2018 seasons due to the investments needed to improve
productivity of its cane fields and capacity utilization at its
mills. While Fitch expects Biosev's cash flow from operations
(CFFO) to benefit from higher sugar and ethanol prices and larger
crushed volumes in the ongoing crop season, Fitch forecasts
negative FCF of around BRL300 million in fiscal year ending March
31, 2016. Fitch expects a 50% increase in CFFO in fiscal 2017 due
to larger volumes and better prices, though higher spending on
planting and crop care is expected to increase the company's
investments by 20%, leaving FCF in negative territory at over
BRL200 million.

In the latest 12 months (LTM) ended Dec. 31, 2015, funds from
operations (FFO) and CFFO amounted to BRL419 million and BRL761
million, respectively, which compared to BRL555 million and BRL528
million reported for the same period of the previous year. In the
latest 12 months (LTM) ended Dec. 31, 2015, CFFO was not enough to
cover the company's capex of BRL1.1 billion, leading to negative
FCF of BRL321 million.

Increased Leverage

The BRL devaluation and negative FCF generated did not allow
Biosev to substantially reduce net adjusted leverage ratios in
fiscal 2016. In Fitch's view, the company's capacity to deleverage
will depend on its ability to benefit CFFO from a combination of
higher yields and capacity utilization at its mills with the
maintenance of favorable sugar and ethanol prices. As of Dec. 31,
2015, the company reported net adjusted debt to EBITDAR of 5.1x
comparing favorably with 5.3x reported for Dec. 31, 2014. In the
nine months ended Dec. 31, 2015, the company reported net FX
losses of BRL700 million. Biosev's USD-denominated debt accounts
for 75% of its total adjusted debt.

Large-Scale Not Benefiting Performance

Biosev's large scale has not yet benefited the company's
operational metrics. While Fitch expects Biosev to report higher
crushed volumes and capacity utilization in 2015/2016, Fitch
expects the company to run its operations with relevant idle
capacity compared to peers of similar size. The company closed the
nine months through Dec. 31, 2015, with average agricultural yield
of 82.7 ton/ha, comparing unfavorably with the average 85.8 ton/ha
reported in Brazil's Center South. In terms of sugar content the
company reported 129 kilos per ton, a 0.4% increase year-over-year
while the Center South region of Brazil posted a 4% decline to 131
kilos per ton.

Biosev has the second largest crushing capacity of S&E global
industry (36.4 million tons spread over 11 mills) with prominent
storage capacity for both products. Its hefty storage capacity
allows the company to wait for more favorable moments to sell its
products. The organization of its industrial and agricultural
assets around clusters generates operating synergies as well as
secures an adequate supply of sugar cane to its mills, helping to
fend off potential competitors by imposing high entry barriers.
The mills and cane fields are located in regions with access to
good quality soil, being near Brazil's main consumer centers and
having efficient logistics access to port terminals. The company
produces a broad portfolio of products and some of its plants are
able to export ethanol to the United States.

Fitch expects no acquisitions from Biosev in the short and medium
term. After a series of acquisitions, the agency expects the
management to improve profitability of the current assets before
moving to inorganic growth opportunities as it was in the past.
Fitch views the profitability strategy at the current moment as
positive and supportive to the current ratings.

Positive Affiliation with the LD Group

The affiliation with LD Group translates into positive synergies
and gives Biosev access to a broad range of data and information
on the current shape of the S&E global markets, inventory and
demand levels for both products, price trends, and the performance
of foreign currencies across the globe, among others. The LD Group
is one of the main clients for the sugar produced by Biosev. The
adoption of efficient risk management practices has been
reflecting positively on the attractive level of hedged sugar
prices and has also helped to reduce the impact of the recently FX
volatility. Support from LD also comes in the form of advances
received from the Group for future delivery of very high
polarization (VHP) sugar. These proceeds are used in the financing
of Biosev's working capital needs. This debt has lower refinancing
risk when compared to regular bank debt due to its inter-company
nature. Typically, intra-group sales amount to a range of 700,000
tons to 900,000 tons of VHP sugar per year.

KEY ASSUMPTIONS

-- Increase in crushed volumes of 6% in fiscal 2017 and 2% from
    fiscal 2018 onwards.
-- Increases in total recoverable sugar in tandem with the
    expected growth in crushed volumes. Fitch projects production
    mix bending towards sugar over the next crop years to reach
    55% sugar and 45% ethanol.
-- International sugar prices forecast to remain flat at USD15
    cents/pound during the whole projected period, which should
    translate into average sugar prices of BRL1,400/ton.
-- Increases in ethanol prices keeping pace with the expected
    inflation rate in the period.
-- Increase of 20% in capex in fiscal 2017 primarily on higher
    spending on planting and crop care. Fitch forecasts annual
    increases of 7% from fiscal 2018 on.


RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Any demonstration of diminishing support from LD Group would
    be viewed negatively by Fitch
-- Net adjusted debt to EBITDAR ratio of 4.5x or above on a
    sustainable basis
-- Cash plus CFFO over short-term debt below 1.0x.

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- Cash plus finished product inventories at market value to
    short-term debt equal to or above 1.5x.
-- Net adjusted debt to EBITDAR ratio of 3.0x or below on a
    sustainable basis
-- Positive FCF generation.

LIQUIDITY

Fitch expects Biosev to report a cash position of over BRL2
billion and short-term debt below that level on March 31, 2016
following the much higher ethanol prices seen during the fourth
quarter of fiscal 2016 (4Q16), inter-harvest period for the
Brazilian sugar cane industry. As of Dec. 31, 2015, Biosev
reported inventories of over BRL1.1 billion comprising 372,000
tons of sugar and 272 million liters of ethanol, up 1.3% and down
42%, respectively, from the same period of the previous year. The
45% increase in average market hydrous ethanol prices seen during
the 4Q16 compared to the same period of previous year fully
offsets the lower inventories position in the comparable period.

Biosev has retained access to medium- and long-term finances with
its parent company and financial institutions and has managed to
roll over some of its short-term debt, also contributing to the
satisfactory liquidity position expected to be posted for March
31, 2016. As of Dec. 31, 2015, Biosev reported cash position of
BRL983 million unfavorably comparing with short-term debt of
BRL2.2 billion to yield a 0.45x coverage. As of Dec 31 2014, the
company reported a cash to short-term debt coverage of only 0.10x.
At the end of fiscal 2015, Biosev reported a cash position of BRL2
billion and short-term debt of BRL1.8 billion.


BRAZIL: Hopes an End to Political Crisis Will Improve Economy
------------------------------------------------------------
Raymond Colitt and David Biller at Bloomberg News report that a
political crisis and a two-year corruption scandal have brought
Latin America's largest economy to its knees. Now the country is
looking to the lower house to end the political stalemate.  There,
legislators prepare to vote whether to move ahead with an
impeachment of President Dilma Rousseff that could end with Vice
President Michel Temer taking the reins, Bloomberg News relays.
The government is appealing in the Supreme Court to halt the vote.

Bloomberg News says that while financial markets have rallied on
the prospect that a business-friendly Temer administration could
put the economy back on track, the reality is that Brazil is mired
in its deepest recession in a century.  Consumer-led growth has
run out of steam, the commodities boom is long over and exporters
can expect little help from China, which has its own problems,
Bloomberg News notes.  And there's little scope for stimulus
measures either, given the size of Brazil's budget deficit and
above-average inflation, Bloomberg News says.

                        Too Optimistic?

"The market may be exaggerating, Mr. Temer won't necessarily fix
the problems," said Andre Perfeito, chief economist at Gradual
Cctvm, a Sao Paulo-based brokerage, Bloomberg News relays.  "There
are no growth engines in the economy -- there's only a medium and
long-term solution."

Bloomberg News notes that the speed of Brazil's decline has been
astounding.  In 2010 Brazil was a Wall Street darling, growing at
7.5 percent.  Today, it's haunted by an economic depression and
has lost its much-coveted investment grade rating, Bloomberg News
relays.  Alleged attempts to cover the country's budget deficit by
dipping into the coffers of state-owned banks are at the heart of
the impeachment drive, which has forced Rousseff to put her own
economic agenda on ice, Bloomberg News discloses.

Rising unemployment, falling wages, and the highest borrowing
costs in over a decade are a bitter pill for many of the 40
million people that emerged from poverty during the boom years and
had just gotten used to the comfort of owning their first car or
house, Bloomberg News notes.

                           Back in Poverty

Some 3.7 million members of Brazil's middle class fell back down
the social ladder in the first 11 months of last year, according
to a study by Banco Bradesco SA, Bloomberg News relays.  Average
real wages in six major metropolitan areas fell last year for the
first time in over a decade, Bloomberg News notes.

Brazil's economic outlook is actually worsening as the drive to
impeach Rousseff gathers pace, Bloomberg News discloses.
Investments in Brazil have fallen for 10 consecutive quarters to
16.8 percent of gross domestic product in December of last year,
roughly half of that in China, Bloomberg News relays.  Honda Motor
Co. said in March it will delay opening a plant under construction
until the country emerges from its political and economic crisis,
Bloomberg News notes.

Economists surveyed by the central bank now estimate the economy
will contract 3.8 percent this year, compared with a contraction
of 1 percent forecast six months earlier, Bloomberg News says.  On
top of last year's 3.8 percent slump, that would make for Brazil's
deepest recession in over a century, Bloomberg News discloses.

                      Temer's Challenge

"You need to recover private sector confidence, and that's really
the key to Brazil and that's what Temer's big challenge is," said
Edwin Gutierrez, head of emerging-market sovereign debt at
Aberdeen Asset Management in London, who oversees an $11 billion
portfolio, Bloomberg News relays.

Still, some people began to see an opportunity in the turmoil of
recent months, Bloomberg News notes.  Luis Carlos Pereira, a
wholesale food distributor, turned to peddling plastic horns and
Brazilian flags at protests in Brasilia to supplement his
faltering income. Business boomed, with Pereira selling almost
BRL3,000, or more than three times a monthly minimum wage, in a
day, Bloomberg News says.

"At first it was good money," said 56 year-old Pereira.  "But with
protesters having stocked up on their paraphernalia, even crisis-
related sales are drying up in Brazil," Mr. Pereira added.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.


DIPLOMATA S/A INDUSTRIAL: Files Chapter 15 Petition in Florida
--------------------------------------------------------------
Diplomata S/A Industrial e Comercial, Attivare Engenharia e
Eletricidade Ltda, Jornal Hoje Ltda, Klassul Indstria de Alimentos
S/A and Paper Midia Ltda each filed a Chapter 15 petition in the
U.S. Bankruptcy Court for the Southern District of Florida on
April 13, 2016, seeking recognition in the United States of a
proceeding pending in Brazil.

Capital Administradora Judicial Limitada signed the petitions in
its capacity as the court-appointed Judicial Administrator and
duly-authorized foreign representative of the Debtors in the
Brazilian proceeding pending before Judge Pedro Ivo Lins Moreira
of the First Civil Court of Cascavel -- Judiciary Branch of the
State of Parana pursuant to Federal Law No. 11.101 of Feb. 9,
2005.

The Judicial Administrator asked the Bankruptcy Court to grant
additional relief, including without limitation, a stay of the
commencement or continuation of any action or proceeding without
its consent concerning the Debtors' assets in the United States.

According to documents filed with the Bankruptcy Court, the
Debtors' principal assets in the United States are the funds held
in an escrow account maintained by Kobre & Kim LLP at Citibank,
N.A. in Miami, Florida.  The Debtor does not have a place of
business in the United States and are also not currently party to
any pending lawsuits.

                      Brazilian Proceeding

On Aug. 3, 2012, the Debtors jointly petitioned the Brazilian
Court for court-supervised reorganization.

John D. Couriel, Esq., at Kobre & Kim LLP, counsel for the
Judicial Administrator, disclosed that the Debtors claimed in
their petition that they were suffering from a temporary decline
in liquidity and decrease in revenues caused generally by the
global financial crisis of 2008.  The Debtors also claimed that
the poultry production business was negatively affected by the
increased cost of animal feed production in 2012 due to crop
damage and drought.

To justify the joint filing, the Debtors contended that their
operations were interrelated and that the companies had
effectively submitted to Diplomata's control, Mr. Couriel noted.
Specifically, the Debtors represented that Klassul provided eggs
to Diplomata, Attivare maintained the construction of Diplomata's
buildings, and that Jornal Hoje and Paper Midia produced
Diplomata's marketing materials and a company newspaper for
Diplomata's employees.

According to Mr. Couriel, the Debtors had reported losses of
approximately R$314.3 million at the time of the petition.

On Aug. 17, 2012, the Brazilian Court granted the Debtors'
petition commencing the Brazilian Proceeding as a "judicial
reorganization" under Brazilian Bankruptcy Law, and appointed
Darci Pessali as the bankruptcy trustee.

The Judicial Administrator said the Debtors refused to cooperate
with the bankruptcy trustee (at that time, Mr. Pessali) or provide
access to their books and records from the outset of the Brazilian
Bankruptcy Proceeding.

               Deloitte Investigation; Plan Rejection

The Judicial Administrator disclosed that contrary to the Debtors'
cited causes of the need for court-supervised reorganization, the
Debtors' major creditors reported to the Brazilian Court their
concerns that the Debtors' insolvency was caused by the pre-
petition fraudulent conduct of Jacob Alfredo Stoffels Kaefer, a
congressman from the Brazilian state of Parana, who was the
Debtors' ultimate owner at that time.

Upon the creditors' accusations, the Brazilian Court appointed
Deloitte Touche Tohmatsu Consultores LTDA as the new bankruptcy
trustee, and assigned Deloitte the task of investigating the
fraudulent acts identified by the creditors.

While Deloitte pursued its investigation, a reorganization plan
was approved by a vote of the creditors on April 29, 2014.

On Dec. 1, 2014, the Brazilian Court entered an order rejecting
the Debtors' reorganization plan, and declaring the Debtors
bankrupt following the Brazilian Court's discovery of "significant
and rampant pre-petition fraud, voter manipulation, the non-
operational status of four of the five Debtors, and the Debtors'
failure to make their first payment under the pending
reorganization plan."  At the time of the conversion from a
judicial reorganization to a bankruptcy pursuant to Brazilian
Bankruptcy Law, the Brazilian Court appointed the Petitioner as
the Judicial Administrator.  Since then, the Petitioner continues
to fulfill its obligations under Brazilian Bankruptcy Law and the
supervision of the Brazilian Court to collect and liquidate the
Debtors' assets.

In addition, the Brazilian Court extended the bankruptcy to
include 22 additional related entities and 13 of their principals,
including Kaefer and his family members.

According to the Judicial Administrator, a creditors' list was
established in May 2015 disclosing an outstanding amount of
allowed claims against the Debtors' estate of R$1,486,775,218, in
contrast to the relatively minimal assets remaining in the
Debtors' possession.

                        About Diplomata

Diplomata S/A Industrial e Comercial began operations in 1996 as a
poultry producer and distributor.  Diplomata maintains its
headquarters in Capanema, Parana, Brazil, and its management
center in Cascavel, Parana, Brazil.  As of July 2012, Diplomata
was the largest employer in Capanema, with approximately 5,000
employees working in its processing and animal feed plants.

Klassul Indstria de Alimentos S/A began operations in 1981 as a
company that produces fertile poultry eggs, manufactures animal
feed, and wholesales pesticides, fertilizer, and soil products.
Klassul has not been operational since 1995.

Attivare Engenharia e Eletricidade Ltda began operations as a
construction company in 2005, but has not been operational since
2011.

Jornal Hoje Ltda began operations as a newspaper publisher and
printer in 1998, but has not been operational since it transferred
its publications to Paper MĀ°dia in 2000.

Paper Midia Ltda began operations as a newspaper publisher and
printer in 2000 upon receiving transfer of the Jornal Hoje
publications.

The Debtors' Chapter 15 cases are assigned to Judge Laurel M
Isicoff.

Kobre & Kim LLP serves as the Judicial Administrator's counsel.


JALLES MACHADO: Fitch Affirms 'B+' LT FC, LC IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Jalles Machado S.A.'s (Jalles Machado)
long-term foreign and local currency Issuer Default Rating (IDR)
at 'B+' and its long-term national scale rating at 'A-(bra)'. The
Rating Outlook has been revised to Stable from Negative

KEY RATING DRIVERS

The revision of the Outlook to Stable reflects more favorable
short- to medium-term prospects for the volatile Brazilian sugar
and ethanol (S&E) industry. In addition, Fitch considered Jalles
Machado's improvement of its operating cash flow generation and
liquidity despite the still difficult refinancing scenario for the
sector. The company should report positive free cash flow (FCF)
and cash to short-term debt ratio of around 1.0x in fiscal year
ended March 31, 2016.

Jalles Machado's ratings benefit from a strong business model,
moderate financial leverage and robust operating margins. The
company has a premium portfolio of products that includes branded
organic and crystal sugar, as well as a remaining portion of its
energy production. Positively, Jalles Machado has fiscal
incentives on the sale of sugar and ethanol and relatively low
land lease costs. The ratings incorporate the company's strong
agricultural performance due to its adequate investments in the
cane fields, the use of irrigation over a relevant portion of its
harvest area and self-sufficiency in sugar cane, which explain the
lower volatility of Jalles Machado's operating cash flow
generation compared to its peers.

Expectation of Positive FCF

Fitch forecasts positive FCF at an average of BRL100 million for
Jalles Machado in fiscal years 2016 and 2017. The company reported
positive FCF of BRL30 million in fiscal 2015 and BRL106 million in
last 12 months (LTM) ended Dec. 31, 2015 despite the challenging
sugar price scenario for most of the period. Cash flow from
operations (CFFO) amounted to BRL378 million in the LTM ended Dec.
31, 2015, up 48% from BRL254 million reported in fiscal 2015 and
sufficient to cover capex of BRL261 million. Jalles Machado's cash
flow has benefited from record sugar cane crushed volumes, focus
on high-value added products and a disciplined approach toward
capex.

The company crushed 4.6 million tons of sugar cane in the
2015/2016 season, comparing favorably with 4.4 million in the
previous season. The end of the ramp up period at Usina Otavio
Lage (UOL) combined with recent investments in expansion of
harvest area and above average agricultural yields is expected to
ensure good crushing performance for the next season ending March
31, 2017. The price momentum for sugar and ethanol is positive as
international sugar prices have begun to reflect the expectation
of a deficit and declining stocks-to-use ratio in the current
global season, also contributing to Jalles Machado's positive FCF
expected for the ongoing season.

Moderate Leverage

Fitch expects Jalles Machado to report net adjusted leverage at
around 2.2x in fiscal 2016, comparing favorably with 3.1x reported
for March 31, 2015, and well below the average of the sector. The
company posted net adjusted leverage of 2.6x as of the LTM ended
on Dec. 31, 2015. Fitch's projected decline in leverage ratios for
fiscal 2016 reflect the expectation of positive FCF for the year
and the recent strengthening of the BRL against the USD compared
to Dec. 31, 2015. As of Dec. 31, 2015, consolidated adjusted debt
including obligations related to land lease was BRL1.2 billion, of
which USD-denominated debt accounted for 36%. Principal and
interest payments up to March 2017 are protected through
derivatives.

EBITDAR Margins Above Industry Peers

Jalles Machado offers a differentiated product portfolio that
contributes to EBITDAR margins within a range of 66% and 75%,
which compare favorably with the industry average. As of the LTM
ended Dec. 31, 2015, net revenues increased by 16% to BRL625
million and EBITDAR amounted to BRL468 million, at a 75% margin.
The company's premium portfolio of products includes the sale of
branded organic and crystal sugar, the latter holding relevant
market share in Brazil's Northern and Northeastern retail markets.
Prices for both products command large premiums compared to VHP
sugar. Product mix also includes sale of hydrous, anhydrous and
industrial ethanol.

High operating margins also reflect the company's fiscal
incentives provided by the State of Goias on the sale of sugar and
ethanol. In the nine months through Dec. 31, 2015, tax incentives
added BRL28 million to Jalles Machado's EBITDAR. The company's low
land lease costs, well below the average of the State of Sao
Paulo, also play a role. The self-sufficiency in sugar cane has a
positive accounting impact on Jalles Machado's margins. As
spending on the cane fields is accounted for as capital
expenditure rather than cost, the higher the share of own cane in
the mix, the larger the capital expenditure and the lower the
impact on EBITDAR.

KEY ASSUMPTIONS
-- Crushed volumes of 4.6 million tons and capacity utilization
    around current levels in 2016/2017 season and beyond;
-- Additional capex needed to increase Usina Otavio Lage crushed
    volumes to 2.2 million tons by 2018/2019 season from the
    current 1.7 million tons;
-- Product mix relatively unchanged compared to the 2015/2016
    season and maintenance of high premiums for organic sugar;
-- Average sugar prices at USD15 cents/pound from 2016/2017
    season on;
-- Petrobras will keep increasing domestic gasoline prices,
    paving the way for a gradual increase in hydrous ethanol
    prices.

RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Net adjusted debt to EBITDAR of 3.5x or above on a sustainable
    basis;
-- Cash plus CFFO over short term debt below 1.0x.

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- Net adjusted debt to EBITDAR equal to or below 2.0x on a
    sustainable basis;
-- Cash plus finished product inventories at market value to
    short-term debt equal to or above 2.0x.;
-- Generation of positive FCF on a sustainable basis.

LIQUIDITY

Fitch expects Jalles Machado to report cash position near BRL280
million and cash to short-term debt ratio at around 1.0x in fiscal
2016. This would compare favorably with cash to short-term debt
coverage of 0.45x as of Dec. 31, 2015. The maintenance of weak
cash position in the third quarter of fiscal 2016 was largely
motivated by the company's strategy of building up inventories in
expectation of higher sugar and ethanol prices during the
offseason. While its cash and short-term debt positions amounted
to BRL93 million and BRL317 million, respectively, the company
reported robust inventories position of BRL340 million at market
values. The strategy paid off as crystal sugar and ethanol prices
increased substantially in the last quarter of fiscal 2016. In
2015, Jalles Machado's liquidity also benefited from the sale of
its 65% stake into Codora Energia Ltda (Codora) to Albioma
Participacoes do Brasil (Albioma).


ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'BB-'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Odebrecht Engenharia e Construcao S.A.
(OEC) to 'BB-' from 'BB' and its national scale long-term rating
to 'brA-' from 'brA+'.  S&P also lowered its short-term corporate
credit rating on the company to 'brA-2' from 'brA-1'.  The outlook
on the corporate credit ratings remains negative.

S&P also lowered its issue-level ratings on Odebrecht Finance Ltd.
(OFL) to 'BB-' from 'BB'.  At the same time, the recovery rating
of '4' on this debt, indicating S&P's expectation that lenders
would receive average (30%-50%; the lower range of the band)
recovery of their principal in the event of a payment default,
remains unchanged.

The downgrade reflects S&P's view of strains in business
conditions for OEC as the corruption investigations exacerbate the
company's reputation risks.  S&P views the recent termination of
OEC's committed credit facility as a potential sign of lower
financial stability.  This is mitigated by the company's large
cash balance, light balance sheet, and manageable maturity
profile.

Although OEC has so far maintained its current margins and project
execution, S&P views its weaker competitive position exposing it
to greater risks of contract backlog value changes and a lesser
ability to replenish backlog and to fund capital needs.  S&P also
expects the company's operating efficiency to suffer if it shrinks
its backlog.  This might increase customer concentration, which
adds to the risk of having about 15% of its contract base exposed
to OEC's sister companies, which had their overall credit quality
weakened.


* Fitch Says Growth, Fiscal Prospects Still Key Rating Focus
------------------------------------------------------------
The focus of Brazil's sovereign ratings assessment remains on the
policy environment and whether measures are taken to improve the
outlook for growth and public finances and slow down government
debt accumulation following the vote by Brazil's Chamber of
Deputies in favor of impeachment proceedings against President
Dilma Rousseff, according to Fitch Ratings. The vote reflects the
erosion of government's congressional support and the growing
possibility of impeachment.

Twenty-five more deputies voted for impeachment than were required
for the two-thirds majority needed to send the impeachment motion
to the Senate, which could vote in the coming weeks whether or not
to start formal impeachment. If the Senate votes in favor of
impeachment, President Rousseff would need to temporarily step
down and Vice-President Michel Temer of the PMDB party, which
withdrew from the governing coalition in late March, would take
over.

"The increase in political uncertainty late last year when the
Lower House speaker accepted the request to start impeachment
proceedings was one of the drivers of our downgrade of Brazil's
sovereign rating to 'BB+' in December. The scope for continued
deterioration in growth and public finances is reflected in the
Negative Outlook on the rating."

If the president was impeached or there were a change of
administration during the process, Fitch's ratings assessment
would remain focused on how the policy environment evolves and
whether this supports an effective fiscal correction. Besides any
political realignment in Congress, we would also consider how the
Lava Jato investigations, popular protests and economic
contraction affect overall governability.

"Any Brazilian administration would face a struggling economy and
weak public finances. We forecast real GDP to shrink by 3.5% in
2016 and grow by just 0.7% next year due to political uncertainty,
depressed confidence and external challenges, with risks skewed to
the downside."

The combined impact of economic contraction denting revenues,
automatic spending growth in some areas and shrinking room for
further discretionary spending cuts makes structural fiscal reform
key to stabilizing Brazil's public finances. These remain under
pressure. The 12-month rolling public sector primary deficit rose
to 2.1% of GDP in February from 1.9% in December. The 12-month
rolling social security deficit rose to 1.57% of GDP from 1.45% in
the same period, and the regional governments' aggregate 12-month
rolling primary surplus is diminishing. Gross general government
debt continues to climb, reaching 67.6% of GDP in February from
66.5% in December.


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


BLACKHORSE ENHANCED: Commences Liquidation Proceedings
------------------------------------------------------
On March 23, 2016, the sole shareholder of The Blackhorse Enhanced
Vietnam Inc. 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:

          John Francis Engle
          56 Cecil Street
          #06-01 Far Eastern Bank Building
          Singapore 069544


GANNA LTD: Members' Final Meeting Set for May 2
-----------------------------------------------
The members of Ganna Ltd. will hold their final meeting on May 2,
2016, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GREEN BUSINESS: Shareholder to Hear Wind-Up Report on April 26
--------------------------------------------------------------
The sole shareholder of Green Business Trading Ltd. will hear on
April 26, 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:

          Mr. Ezio Jose Ribeiro De Salles
          c/o Peter de Vere
          Campbells
          Cricket Square, Willow House, Floor 4
          George Town
          Grand Cayman KY1-1103
          Telephone: +1 (345) 949-2648
          Facsimile: 1-345-949-8613


GUANGDONG ALLIANCE: Members' Final Meeting Set for May 4
--------------------------------------------------------
The members of Guangdong Alliance Limited will hold their final
meeting on May 4, 2016, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The meeting will be held at the 36th Floor of Tower Two, Times
Square, 1 Matheson Street, in Causeway Bay, Hong Kong.

Lain Fergusotfertjee is the company's liquidator.


LAFAYETTE SQUARE: Creditors' Proofs of Debt Due May 11
------------------------------------------------------
The creditors of Lafayette Square CDO Ltd. are required to file
their proofs of debt by May 11, 2016, to be included in the
company's dividend distribution.

The company's liquidator is:

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


MONOCT LTD: Creditors' Proofs of Debt Due May 2
-----------------------------------------------
The creditors of Monoct Ltd. are required to file their proofs of
debt by May 2, 2016, to be included in the company's dividend
distribution.

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

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


PURSUIT CAPITAL: Shareholders' Final Meeting Set for April 21
-------------------------------------------------------------
The shareholders of Pursuit Capital Partners Master (Cayman) Ltd.
will hold their final meeting on April 21, 2016, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Anthony Schepis
          Frank Canelas
          c/o Ashleigh Dixon, Carey Olsen
          Willow House, Cricket Square
          P.O. Box 10008 Grand Cayman KY1-1001
          Cayman Islands
          Telephone: +1 (345) 749 2023


PURSUIT OPPORTUNITY: Shareholders' Final Meeting Set for April 21
-----------------------------------------------------------------
The shareholders of Pursuit Opportunity Fund I Master, Ltd. will
hold their final meeting on April 21, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Anthony Schepis
          Frank Canelas
          c/o Ashleigh Dixon, Carey Olsen
          Willow House, Cricket Square
          P.O. Box 10008 Grand Cayman KY1-1001
          Cayman Islands
          Telephone: +1 (345) 749 2023


SUNSEPT LTD: Creditors' Proofs of Debt Due May 2
------------------------------------------------
The creditors of Sunsept Ltd. are required to file their proofs of
debt by May 2, 2016, to be included in the company's dividend
distribution.

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

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


SYNERGETIC ELEMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Synergetic Elements Inc. received on March 20,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Summit Management Limited
          c/o David Egglishaw
          Suite # 4-210, Governors Square
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 945 7676


TRAFALGAR VOLATILITY: Shareholders' Final Meeting Set for April 22
------------------------------------------------------------------
The shareholders of Trafalgar Volatility Fund will hold their
final meeting on April 22, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lee Robinson
          Altana Wealth
          8 Pollen Street
          London
          W1S 1NG
          Telephone: +44 (0) 207 079 1095


TUEDEC LTD: Creditors' Proofs of Debt Due May 2
-----------------------------------------------
The creditors of Tuedec Ltd. are required to file their proofs of
debt by May 2, 2016, to be included in the company's dividend
distribution.

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

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


ZIPCOM TRADING: Shareholders' Final Meeting Set for April 26
------------------------------------------------------------
The shareholders of Zipcom Trading Ltd. will hold their final
meeting on April 26, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Ezio Jose Ribeiro De Salles
          c/o Peter de Vere
          Campbells
          Cricket Square, Willow House, Floor 4
          George Town
          Grand Cayman KY1-1103
          Telephone: +1 (345) 949-2648
          Facsimile: 1-345-949-8613


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


DOMINICAN REPUBLIC: IMF Keeps Close Tabs on Economy's Performance
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic Central banker
Hector Valdez Albizu met with International Monetary Fund (IMF)
Western Hemisphere Dept. director Alejandro Werner, to review the
Dominican economy's performance and strengthen technical
cooperation.

At the meeting, the official also expressed concern with the
closing of the correspondence with banks, a decision he affirms is
hurting international trade and could have negative consequences
on financial systems worldwide, according to Dominican Today.

In a statement, the Central Bank said the Staff Report prepared by
the IMF mission that visited the country for consultation, was
approved without debate by its Executive Board, due to the
Dominican Republic's good performance, the report relays.

Mr. Valdez's visit took place as part of the spring meetings of
the IMF and the World Bank, from April 13 to 16.

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: No More Tax Reforms, Needs Fiscal 'Revolution'
-----------------------------------------------------------------
Dominican Today reports that the president of the Greater Santo
Domingo industrial companies association (AEIH) said more than
another tax reform, the Dominican Republic needs a fiscal
revolution that deals with income and spending, and organizes the
model of issuing public debt, which he affirms poses a high cost
to the country.

Antonio Taveras Guzman hailed that president Danilo Medina himself
addressed the topic of the fiscal pact in public, as an
alternative to curb the spiraling debt and cautioned against the
temptation to make "new tax patches," according to Dominican
Today.

The industrialist said is essential to be clear from the outset of
the talks leading to the pact, established in the National
Development Strategy (END), that the reform should focus on the
long term and should professionalize the tax collecting agency so
it functions effectively against evasion, the report notes.

"We have extremely high levels of evasion and we have repeated it
on many occasions.  We have an unfair tax system in which many
don't pay anything and very few pay everything. We have to break
with that regressive aspect which operates sometimes with the
connivance of politicians," Mr. Guzman stressed, the report
relays.

                        Public Debt and Reform

Mr. Taveras said a fiscal revolution must solve the problem
involving public finances have two debt issuers with varying
financial costs, citing on the one hand the Central Bank, and the
Finance Ministry on the other, the report notes.  "That does not
exist anywhere in the world," Mr. Taveras added.

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


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


MEXICO: Has $13.6 Billion Surplus to Pay Debt, Boost Oil Fund
-------------------------------------------------------------
Nacha Cattan and Eric Martin at Bloomberg News report that Mexico
will use $13.6 billion from a central bank surplus to pay down
debt and boost its rainy day fund, shoring up finances as it
prepares a support plan for the beleaguered state oil company
Petroleos Mexicanos.

The Finance Ministry will spend MXN167 billion ($9.5 billion) of
the transfer to buy back debt and reduce bond issuance this year,
while MXN70 billion pesos will go to boost the nation's budget
revenue stabilization fund, according to Bloomberg News.  A plan
to help Pemex will be released in coming days, the ministry said
in a statement released after the central bank disclosed the
surplus, Bloomberg News notes.

The government's response comes after Pemex reported a record $32
billion-loss for 2015, which prompted Moody's Investors Service to
cut its credit rating two notches in March, Bloomberg News relays.
Finance Ministry officials have repeatedly said that they could
give Pemex a capital injection once the company presents a
credible business plan, Bloomberg News says.

"What is important is not the funds that you transfer to Pemex,
but the quid pro quo for receiving those funds," said Alberto
Ramos, the chief Latin America economist at Goldman Sachs Group
Inc., in a telephone interview with Bloomberg.  "If that leads to
a leaner and meaner company, I think that's understandable. Pemex
needs to adjust to the new oil price reality and to the more
competitive sector," he added.

By boosting its rainy day fund, Mexico could have the flexibility
to add gasoline prices to its oil hedge program next year if the
nation decides to remove set prices for fuel, the Finance
Ministry's chief economist, Luis Madrazo, said in an interview,
Bloomberg News relays.  Adding fuel to the program wouldn't
necessarily expand the size or cost of hedging as Mexico may even
reduce the price tag by using more self-insurance in place of some
hedging, he added.

Led by Governor Agustin Carstens, Banxico said it will transfer
funds from exchange rate gains on its international reserves to
government coffers, Bloomberg News relays.  It will use the
remaining MXN139 billion in profits it earned last year to boost
its capital and to protect its international reserves from an
appreciation of the peso against the dollar, Bloomberg News says.

Mexico is permitted to use 70 percent of the central bank's
transfer from exchange rate gains to pay down national debt and 30
percent for other purposes such as investments, Bloomberg News
adds.


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


FIRSTBANK PUERTO RICO: S&P Affirms B+ Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Popular Inc. to positive from negative and its outlooks on
FirstBank Puerto Rico and OFG Bancorp to stable from negative.  At
the same time, S&P affirmed its ratings on these banks.  S&P also
affirmed its 'BBB-/A-3' ratings on Santander BanCorp., and its
outlook remains negative.

These commercial banks continue to face substantial challenges
related to Puerto Rico's deteriorating economy and the budgetary
problems that are likely to cause the Commonwealth's government to
default.  S&P's speculative-grade ratings on these banks--
excluding Santander, whose rating benefits from S&P's view of its
moderately strategic importance to and ownership by Banco
Santander SA, one of the world's largest banks--reflect these
challenges as well as the banks' high nonperforming assets (NPAs).

S&P continues to believe that a government default is virtually
certain and could lead to incremental deterioration in the banks'
asset quality.  Yet, over the past year, all the rated Puerto
Rican banks have continued to reduce their direct exposure to the
government and its related entities and have added to their
reserves to some extent.  Moreover, given the banks' high capital
ratios, S&P believes they could absorb a very high level of losses
before jeopardizing their compliance with regulatory capital
requirements.  Most of their remaining government loan exposures
are lower-risk loans to municipalities, which independently
generate a large proportion of their revenues from property taxes,
which could fare better than other government exposures.

These banks also benefit from certain structural benefits, such as
access to the Federal Home Loan Bank, the U.S. Federal Reserve's
discount window, and deposit insurance from the Federal Deposit
Insurance Corp., that should help support their funding profiles
and stabilize their deposits.  Therefore, while a government
default scenario could amplify the stress within the banks'
business and risk profiles, S&P expects their capital and funding
metrics should remain fairly resilient.

                           POPULAR INC.

S&P revised its outlook on Popular to positive from negative
because the bank not only has improved its capital levels, but it
also has strengthened its earnings.  This allowed for a partial
reversal of its allowance for deferred tax assets, as well as
enabled the bank to repay government funds from the Troubled Asset
Relief Program (TARP), exit two regulatory orders, restructure its
U.S. operations, and add to its dominant market position in Puerto
Rico through the Doral Bank transaction.  S&P also expects the
bank to remain profitable over the next year, in part because of
its improved loan performance, which is somewhat better than its
local peers.

S&P will upgrade the bank if S&P gains confidence that it will
maintain a Standard & Poor's risk-adjusted capital (RAC) ratio
above 10% consistently.  Although it had a RAC ratio close to 12%
at year-end 2015, S&P believes potential losses on its high level
of NPAs could hurt its capital base.  S&P could revise the outlook
to stable or negative if it sees any outsize increase in its
nonperforming loans and credit costs and if profitability does not
measure up to S&P's expectations.

                      FIRSTBANK PUERTO RICO

S&P affirmed its ratings on FirstBank Puerto Rico at 'B+' and
revised the outlook to stable from negative.  The rating action
reflects S&P's belief that its improved capitalization should give
it an ability to absorb the high losses that could result from its
poor asset quality.  S&P continues to assess the bank's risk
position as weak, in part because of its persistently high
nonperforming loan balances, despite large bulk loan sales in
recent years.  S&P also views the bank's business position as
weak, reflecting subdued growth potential given weaknesses in the
Puerto Rican market.  The bank's very high, though declining,
reliance on brokered deposits continues to weigh heavily on its
funding profile as well.  S&P could raise the rating if the
company makes material progress in lowering NPAs and if S&P's
concerns abate further that weakness in Puerto Rico's economy or a
default of its government could result in a significant
deterioration in the bank's business or financial position.  S&P
could lower the rating if NPAs rise significantly, or if S&P
expects the company's RAC ratio to fall below 10%.

                            OFG BANCORP

The outlook revision is largely based on OFG's substantial
reduction in its Puerto Rican government-related loan exposures
over the past two years, coupled with its higher reserves for
problem loan exposures.  Specifically, the company's loan and
securities exposures to the Commonwealth of Puerto Rico, certain
public entities, and municipalities totaled roughly $433 million
as of Dec. 31, 2015, down from $842 million on Dec. 31, 2013.
Based on the latest proposals pursuant to ongoing negotiations,
S&P thinks additional losses on remaining government-related
exposures will not be substantial after taking into consideration
existing reserves.  However, these positive developments are
roughly offset by weak loan performance, net losses, and
challenges in the local economy, in S&P's opinion.  S&P views
favorably the company's efforts to preserve capital levels and
expect the company to return to profitability.

S&P could lower the rating on OFG within the next year if loan
performance weakens substantially, or if the company does not
return to profitability.  Conversely, S&P could raise the rating
within the next year if NPAs decline significantly, capital ratios
rise materially, and government-related loan exposures continue to
decline, or if the local economy shows meaningful improvement.
S&P will also be closely monitoring OFG's growing reliance on
brokered deposits, which could limit any consideration for ratings
upside if recent trends continue.

                         SANTANDER BANCORP

S&P affirmed its ratings on Santander at 'BBB-/A-3', with a
negative outlook, as S&P continues to assess the bank's business
position as weak.  S&P's negative outlook on Santander reflects
the bank's very high geographic and business concentration in the
weak Puerto Rican economy, sizable Puerto Rican government-related
loan exposures relative to its capital, and persistently high
NPAs.  It also reflects the bank's stagnant growth and its market
share in the Puerto Rican market, which has diminished in recent
years.  S&P would lower the rating if credit costs rise steeply,
or if we project that the RAC ratio will fall below 15%.  S&P also
continues to monitor the bank's transition to a U.S. intermediate
holding company and the challenges that may arise.  S&P could
revise the outlook to stable if loan performance improves
substantially beyond S&P's expectations, or if the local economy
shows meaningful improvement.

RATINGS LIST

Ratings Affirmed; Outlooks Revised
                             To                 From
FirstBank Puerto Rico
Issuer Credit Rating        B+/Stable/--       B+/Negative/--

OFG Bancorp
Issuer Credit Rating        B/Stable/--        B/Negative/--

Popular Inc.
Issuer Credit Rating        B+/Positive/C      B+/Negative/C

Ratings Affirmed

Santander BanCorp.
Issuer Credit Rating        BBB-/Negative/A-3


INSITE CORPORATION: Court Dismisses Suit vs. Walsh Construction
---------------------------------------------------------------
In an Opinion and Order dated March 28, 2016, which is available
at http://is.gd/UNh69Gfrom Leagle.com, Judge Mildred Caban Flores
of the United States Bankruptcy Court for the District of Puerto
Rico denied Insite Corporation's motion for reconsideration, and,
considering that Insite withdrew the singular remaining cause of
action against Walsh Construction Company Puerto Rico regarding
the seizure of seized tools and materials, the adversary
proceeding is dismissed.

The adversary case is INSITE CORPORATION Plaintiff, v. WALSH
CONSTRUCTION COMPANY PUERTO RICO Defendant, Adversary Case No.
12-00281 (Bankr. D.P.R.).

The bankruptcy case is IN RE: INSITE CORPORATION, Chapter 11,
Debtor, Case No. 11-11209 (MCF)(Bankr. D.P.R.).

INSITE CORPORATION, Plaintiff, is represented by DAVID A. CARRION
BARALT, Esq.

WALSH COSNTRUCTION COMPANY, PUERTO RICO, Defendant, is represented
by PAUL T. DEVLIEGER, Esq. -- DeVLIEGER HILSER, PC.


SPANISH BROADCASTING: Incurs $27 Million Net Loss in 2015
---------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $26.95 million on $146.89 million of net revenue for
the year ended Dec. 31, 2015, compared to a net loss of $19.95
million on $146.28 million of net revenue for the year ended
Dec. 31, 2014.

For the quarter ended Dec. 31, 2015, Spanish Broadcasting reported
a net loss of $7.06 million on $40.27 million of net revenue
compared to a net loss of $5.96 million on $36.33 million of net
revenue for the quarter ended Dec. 31, 2014.

"During the fourth quarter, we made continued progress in
executing our multi-platform strategy and growing our total
audience shares," commented Raul Alarcon, Jr., Chairman and CEO.
"Our AIRE radio network gained traction with listeners,
advertisers and our station partners and is progressing in line
with our plan.  Our radio stations continue to increase their
audience shares across the nation's largest Hispanic media markets
and we further strengthened our digital platform and reach, most
notably through the highly successful launch of our new La Musica
app.  Moving forward, we are focused on continuing to build on our
strong multi-platform audience shares and digital capabilities to
connect brands with the rapidly expanding Latino population on-
air, online, and via mobile."

As of Dec. 31, 2015, Spanish Broadcasting had $451.74 million in
total assets, $550.29 million in total liabilities and a total
stockholders' deficit of $98.54 million.

A full-text copy of the Form 10-K is available for free at:

                       http://is.gd/5rtOgK

                     About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


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


PETROLEUM CO: Moody's Confirms Ba3 Rating on Sr. Unsecured Debt
---------------------------------------------------------------
Moody's Investors Service downgraded National Gas Company of
Trinidad & Tobago's foreign currency bond rating to Baa3 from
Baa2.  NGC's ba1 baseline credit assessment remained unchanged.
At the same time, Moody's confirmed Petroleum Co. of Trinidad &
Tobago (Petrotrin)'s Ba3 senior unsecured debt ratings.
Petrotrin's b3 BCA remained unchanged.  The outlook for both
companies is negative.  These rating actions follow Moody's
April 15, 2016, downgrade of Trinidad & Tobago, Government of bond
ratings to Baa3 from Baa2, with a negative outlook.

This concludes the ratings reviews initiated on March 7, 2016, for
NGC and on Jan. 21, 2016, for Petrotrin.

Downgrade:

Issuer: National Gas Company of Trinidad & Tobago
  Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from
   Baa2

Confirmations:

Issuer: Petroleum Co.of Trinidad & Tobago (Petrotrin)

  Corporate Family Rating, Confirmed at Ba3
  Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3

Outlook Actions:

Issuer: National Gas Company of Trinidad & Tobago
  Outlook, Changed to Negative from Rating Under Review

Issuer: Petroleum Co.of Trinidad & Tobago (Petrotrin)

  Outlook, Changed to Negative from Rating Under Review

                         RATINGS RATIONALE

The downgrade of NGC's rating, which is now equalized with that of
Trinidad & Tobago, Government of, follows the Government's rating
downgrade since Moody's believes that there is a strong linkage
between the company and government.  In its joint default
analysis, Moody's assumes a high default correlation between the
company and the sovereign, its sole shareholder and a very high
support probability from the Government to NGC, in case of need.

NGC's Baa3 rating and ba1 BCA reflect the company's long track
record as a profitable and conservatively-managed company as well
as its monopoly position in the transmission and distribution of
natural gas from Trinidad and Tobago's offshore gas fields to the
domestic petrochemical, electrical power generation, steel and
light industrial sectors.  However, the BCA also considers the
highly cyclical nature of the petrochemical sector and longer term
natural gas supply risk.  The BCA incorporates the company's
economic burden of serving as a conduit for Trinidad & Tobago,
Government of for national development, including the need to
extend special credit terms and lower prices to the less
profitable gas consuming electric utility company.  Moody's
assumes that, given NGC's adequate credit metrics and cash
generation, it could be more vulnerable to a government's decision
to increase the company's dividend upstream that could weaken its
liquidity profile in the short to medium term.

Petrotrin's ratings confirmation was based on Moody's view that,
notwithstanding the company's weak intrinsic credit profile,
reflected in its b3 BCA, the default correlation between the
company and the Government is high and the Government will
continue providing extraordinary support to the company, as
necessary.

Petrotrin's Ba3 debt rating and its b3 BCA reflect the company's
weak credit metrics and liquidity, its high refinancing risk, the
cyclical nature of earnings and cash flows, inconsistent operating
performance reflected in its low refinery utilization and the
concentration risk of its reliance on a moderately-complex single
refinery.  The BCA also captures the small size and maturity of
its hydrocarbon reserves, and its considerable investment needs
given its mature asset base.  However, the BCA also considers
Petrotrin's effective monopoly position in the wholesale
distribution and export of refined petroleum products and the
modest degree of operational integration provided by its
exploration and production segment.

Moody's assumptions of high default correlation and very high
support by Trinidad & Tobago, Government of to both NGC and
Petrotrin to avoid default of its oil companies result in a one
notch uplift to NGC's ba1 BCA and in a three-notch uplift to
Petrotrin's b3 BCA.  However, the high level of dependence on
credit factors, such as the oil and gas industry dynamics, that
could cause stress to both the Government and the companies
simultaneously, hinders the Government's ability to provide
extraordinary support.  Moody's believes that further
deterioration in the ratings of Trinidad & Tobago, Government of
could lead to a reduction in the uplift provided to the companies'
ratings.  Trinidad and Tobago has strong dependence on the oil and
gas industry dynamics.  Moody's estimates that over 35% of the
country's GDP depends on the oil and gas industry, which has
suffered from and will continue to be sensitive to lower
international prices as well as the country's limited reserves.

The negative outlook on Petrotrin rating reflects the company's
high intrinsic credit risk and the negative outlook for Trinidad
and Tobago's government bond ratings.  In turn, the negative
outlook on NGC's rating reflect Moody's view that the
creditworthiness of the company is highly dependent on the credit
quality of Trinidad and Tobago's government.

NGC's ratings could be downgraded because of materially weakened
margin or cash flow performance, greater government interference
via increased taxation or dividends that could jeopardize the
company's liquidity profile, or a diversion of the company away
from its core gas pipeline operations into public policy programs,
including the extension of special credit terms to less profitable
state entities.  In addition, NGC's Baa3 rating could be
downgraded as a result of a decreased likelihood that Trinidad &
Tobago, Government of would provide extraordinary support to NGC,
or as a result of a downgrade of the Government's Baa3 rating.

NGC's BCA could be upgraded if size and scale improves, in
combination with sustainable low leverage and satisfactory
returns.  Although unlikely at this point, an upgrade of Trinidad
& Tobago, Government of bond rating would provide a lift to the
company's rating.

If Petrotrin experiences extended refinery downtime or even weaker
liquidity, its ratings could be downgraded.  In addition, the Ba3
ratings could be downgraded if Moody's believes that there is a
lower likelihood that Trinidad & Tobago, Government of would
provide extraordinary support to Petrotrin, or as a result of a
downgrade of the Government's Baa3 rating.

Petrotrin's successful increase in refinery utilization rates and
growth in its oil production, in tandem with materially reduced
financial leverage (debt/capitalization sustained at less than
40%), could be positive for its Ba3 rating and b3 BCA.  An upgrade
of the ratings for Trinidad & Tobago, Government of will not
necessarily lead to an upgrade of Petrotrin's ratings.

The principal methodology used in rating National Gas Company of
Trinidad & Tobago was Global Midstream Energy published in
December 2010.  The principal methodology used in rating Petroleum
Co. of Trinidad & Tobago (Petrotrin) was Refining and Marketing
Industry published in August 2015.  Other methodologies used
include the Government-Related Issuers methodology published in
October 2014.

NGC is a diversified natural gas transmission and distribution
company 100% owned by the Trinidad and Tobago's government.  NGC
is Trinidad & Tobago's sole purchaser, transporter, and
distributor of natural gas to the domestic natural gas-based
energy sector and is also the designated agent of the Trinidad and
Tobago's government to promote and facilitate natural gas-based
investment in the country.

Petrotrin is an integrated petroleum company which has an
effective monopoly position in refining and wholesale marketing
operations and some exploration and production operations.
Petrotrin owns the country's sole refinery.  During 2015, its
total crude oil production reached 45,960 bpd.  While Petrotrin's
refinery supplies the local retail marketing sector, it is mainly
an exporter of petroleum products: roughly 80% of production is
sold in the Caribbean region and internationally.


PETROLEUM CO: S&P Affirms 'BB' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit and senior unsecured debt ratings on Petroleum
Co. of Trinidad & Tobago Ltd (Petrotrin).  The outlook on the
corporate credit rating remains stable.

The ratings on Petrotrin continue to reflect S&P's opinion that
there is a very high likelihood that its owner, the Republic of
Trinidad and Tobago (A/Negative/A-1) would provide timely and
sufficient extraordinary support to the company in the event of
financial distress.

S&P's assessment of a very high likelihood of extraordinary
government support is based on S&P's view of Petrotrin's very
important role as the country's sole producer of refined oil and
gas and as a key supplier to Trinidad and Tobago National
Petroleum Marketing Co. Ltd., the country's major retail gas
station network.  The company also has a very strong link with the
government, particularly regarding debt authorization, budget
approval, and tax payments.  The entity is 100% owned by the
government that has an active participation in the day-to-day
operations and key decisions and there is a strong track record of
it providing support to the company.

The 'b-' SACP assessment incorporates S&P's view of the company's
business risk profile as vulnerable versus the previously weak
assessment and Petrotrin's still highly leveraged financial risk
profile.

The revised business risk profile, which has no effect on the SACP
and corporate credit and issue-level ratings on Petrotrin,
reflects mainly S&P's view of a higher volatility of profitability
and cash flows, particularly amid the oil and gas industry's
current slump.  It continues to reflect the company's relatively
small scale, operation of one refinery, and the low level of the
plant's utilization that should remain at about 75% in the
upcoming years.  The mitigating factors are Petrotrin's
monopolistic position, because it's the only refinery company in
the country, and the financial flexibility and market access due
to its government ownership.


                            ***********


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
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Information contained herein is obtained from sources believed to
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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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