TCRLA_Public/160421.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

            Thursday, April 21, 2016, Vol. 17, No. 78


                            Headlines



A R G E N T I N A

BANCO MACRO: Fitch Hikes Issuer Default Ratings to 'B'
BANCO SANTANDER: Fitch Hikes Issuer Default Rating to 'B'
BANCO SUPERVIELLE: Fitch Hikes LT Issuer Default Ratings to 'B'
BBVA BANCO: Fitch Hikes Issuer Default Rating to 'B'
COMPANIA DE TRANSPORTE: S&P Affirms 'CCC' Rating; Outlook Positive

TARJETA NARANJA: Fitch Hikes Issuer Default Rating to 'B'


B R A Z I L

FIBRIA CELULOSE: S&P Affirms 'BBB-' CCR; Outlook Stable
RIO DE JANEIRO: Warns of Fiscal Collapse, States Seek Debt Relief


C A Y M A N  I S L A N D S

AHL ALPHA: Creditors' Proofs of Debt Due May 10
ALTA INVESTMENTS: Creditors' Proofs of Debt Due May 11
ATLAS ASSET: Creditors' Proofs of Debt Due May 2
FCA CATALYST: Creditors' Proofs of Debt Due May 10
GLG ASIAN: Creditors' Proofs of Debt Due May 10

GLG ATLAS: Creditors' Proofs of Debt Due May 10
GLG ATLAS MASTER: Creditors' Proofs of Debt Due May 10
HIGH TOR: Creditors' Proofs of Debt Due May 2
LMSF-C: Creditors' Proofs of Debt Due May 2
MARINER INTERMEDIATE: Creditors' Proofs of Debt Due May 2

MARINER SILVERMINE: Creditors' Proofs of Debt Due May 2
MARINER SILVERMINE OFFSHORE: Creditors' Proofs of Debt Due May 2
VIRGIN (BEL): Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Low Production the Key Hurdle to Innovate


J A M A I C A

JAMAICA: JEA Rejects Call for Country to Boycott Goods From T&T


M E X I C O

ARENDAL S. DE R.L.: Facing $100 Million Maturity Next Month


P U E R T O    R I C O

ALLIED FINANCIAL: Seeks $50K Financing From Allied Management
GOODMAN AND DOMINGUEZ: Wants Plan Exclusivity Extended to Aug. 1
MEDICAL EDUCATIONAL: Chapter 11 Case Dismissed
VENT ALARM: Court Refuses to Stay Bird Contract Assumption Order


T R I N I D A D  &  T O B A G O

NATIONAL GAS: Sends Home 15 After Repsol Job Cuts


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A R G E N T I N A
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BANCO MACRO: Fitch Hikes Issuer Default Ratings to 'B'
-------------------------------------------------------
Fitch Ratings has upgraded Banco Macro, S.A.'s (Macro) Viability
Rating (VR) to 'b' from 'ccc' and its Foreign and Local Currency
(FC & LC) Long-term Issuer Default Ratings (IDR) to 'B' from
'CCC'. The Rating Outlook is Stable. Fitch has also upgraded
Macro's senior unsecured long-term debt to 'B/RR4' from 'CCC/RR4'
and subordinated debt to 'CCC/RR6' from 'CC/RR6'. A full list of
rating actions follows at the end of this press release.

The upgrade of Macro's VR and LC and FC IDRs was driven by the
same action on Argentina's sovereign rating. Fitch upgraded the
sovereign's LC IDR and Country Ceiling to 'B' from 'CCC' on March
22, 2016 (see 'Fitch Affirms Argentina's FC IDR at 'RD'; Upgrades
LC IDR to 'B'; Outlook Stable'). At the time of the sovereign's LC
upgrade, Fitch indicated the resumption of timely debt service on
defaulted bonds would lead to the upgrade of the long-term foreign
currency IDR, most likely to the level of the long-term local
currency IDR.

KEY RATING DRIVERS

VR AND IDRs
Macro's VR and IDRs are driven by the still volatile and adverse
economic and operating environment, despite some recent structural
improvements to Argentina's policy framework that could benefit
the company's performance, specifically the decreased level of
intervention in the financial system. Macro's ratings also factor
in the bank's sound and stable franchise, adequate and resilient
earnings, well-controlled asset quality, high loss absorption
capacity, and stable funding and good liquidity. However, the
reversal of sovereign risk improvements cannot be underestimated.

In Fitch's view, regardless of its overall reasonable financial
condition, Macro's ratings are currently capped by the LC
sovereign rating due to the weak operating environment, although
the sovereign has made big progress towards normalizing its
situation with foreign creditors. The new government is taking
measures in the right direction and reducing political and
regulatory intervention into the banking system, but the local
environment in Argentina is still characterized by ample economic
imbalances. Measures are being taken gradually and so recovery of
the economy will likely take some time to materialize.

Macro focuses primarily on low- and middle-income individuals and
small- and medium-sized companies. As of December 2015, it ranked
third among private sector banks in the country for loans and
fourth for deposits with a market share of 6.4% and 5%,
respectively. The bank's strongest presence in the country is
outside of the federal capital, where its franchise is rather
moderate. Macro exhibits good diversification by product,
geography, revenues and customers.

Macro has sustained earnings (considering the high inflation in
the country) underpinned by its ample and broadly diversified
revenue base, sustained growth, well-contained operating costs,
and relatively moderate loan loss provisions despite its appetite
for riskier loans. Macro's performance has been consistently
higher than the average for private banks in Argentina in recent
years. This trend is expected to be maintained due to a more
benign operating and regulatory environment. Macro's profitability
could benefit from the lower level of intervention in the
financial system.

Macro has a relatively higher risk appetite than its closest peers
due to its focus on the retail business, low- and middle-income
individuals and small- and medium-sized companies. Nonetheless, it
has demonstrated sound capacities to control overall risks.
Impairments remain under control and below 2% of total loans. As
of December 2015 non-performing loans (NPLs) represented 1.58% of
the total gross loans (vs. 1.97% as of December 2014), a level
that remains low and in line with the median of private sector
banks. Considering loans charged-off, Macro's irregular loans
accounted as of December 2015 2.06% (2.28% to December 2014), a
level Fitch considers manageable. However, the bank has yet to be
tested in a normalized economy.

Macro has kept impairment levels under control, while the reserve
coverage ratio is also ample. At the same date, loss loan
provisions accounted 148.6% of non-performing loans and 2.3% of
total loans (160.2% and 3.1% respectively a year earlier).
Furthermore, approximately 90% of personal loans are payroll loans
and loans to retired people, which substantially reduces Macro's
credit risk. Fitch expects a moderate deterioration in
impairments, reserve coverage and charge-offs ratios given that
economic environment in the country remain volatile and a more
stability is expected in the medium to long term. Fitch also
expects that Macro will be able to contain a possible additional
deterioration of its loan portfolio since the bank constantly
adjusts its credit process to be prepared in case of reversal of
economic conditions.

Macro's capitalization has historically been sound, which
historically has been above its closest peers and is supported by
its strong internal capital generation and earnings retention (75%
to 80% in years when the bank was able to pay dividends). The more
stringent tangible equity to tangible assets ratio has remained in
double-digit territory in recent years but has gradually declined
due to the bank's sustained growth. Fitch core capital (FCC) to
risk weighted assets (RWAs) ratio is consistently greater than
14.5% or very close to 15%. While the bank plans to continue
growing over the medium term, either organically or through
acquisitions, Fitch expects Macro's capitalization ratios to
remain sound throughout the cycle.

Macro's main funding source is its ample retail deposit base,
which has continued increasing at a pace relatively similar to
loans, preventing deterioration of the funding mix. As of December
2015, customer deposits accounted for 80% of total liabilities
(including interest-bearing liabilities). At that time, 12.5% of
Macro's customer deposits came from public-sector employee; one of
the bank's main strengths is its role as a financing agent in
various provinces.

The bank's deposit base shows a certain degree of concentration,
also partially explained by the financing agent business. As of
December 2015, top 20 depositors represented 19.2% of total
deposits (top 20 19.3% at year-end 2014). In Fitch's opinion, the
risk of this concentration is mitigated by the bank's adequate
liquidity. Macro operates with high levels of liquidity. As of
December 2015, liquid assets (cash, central banks securities, and
other short term assets) represented 36.4% of total deposits.
Fitch estimates that liquidity levels may decrease once the credit
demand increases in the country in the mid-term, although Macro's
liquidity levels are expected to remain adequate.

SUPPORT RATING AND SUPPORT RATING FLOOR
Macro's Support Rating (SR) of '5' and Support Rating Floor (SRF)
of 'NF' reflect that, although possible, external support for this
bank, as with most Argentine banks, cannot be relied upon given
the ample economic imbalances. In turn, the sovereign ability and
willingness to support banks is highly uncertain.

SENIOR AND SUBORDINATED DEBT
The 'B/RR4' rating on Macro's senior unsecured notes reflects that
the notes are senior unsecured obligations ranking pari passu with
other senior indebtedness and so align with the bank's long-term
'B' IDRs.

The 'CCC/RR6' rating on Macro's subordinated notes due 2036 is two
notches below Macro's viability rating (VR) due to the notes'
loss-absorbing features and reflects that they are subordinate to
all of Macro's senior debt and therefore carry low recovery
prospects. The notching factors in both the loss severity in a
potential liquidation scenario and non-performance risk, since
coupons of the notes are deferrable on a non-cumulative basis.

The rating of the subordinated notes also considers high
compression arising from the issuer's low VR.

RATING SENSITIVITIES

VR AND IDRs
Given their low level, Macro's ratings would move in line with any
change of Argentina's sovereign rating. In addition, Macro's
ratings could be affected if the worsening operating environment
drives material deterioration in asset quality, earnings, and/or
loss absorption capacity. Material increases in liquidity and/or
refinancing risks could also put downward pressure on Macro's
ratings.

Under current circumstances, Fitch considers unlikely that
Argentine banks could be rated above the sovereign. Therefore,
upside potential in the Macro's ratings is heavily contingent upon
positive developments in the sovereign rating dynamics.

SUPPORT RATING AND SUPPORT RATING FLOOR
Changes in the SRs and SRFs of Macro are highly unlikely in the
foreseeable future.

SENIOR AND SUBORDTINATED DEBT
The bank's notes could move in the same magnitude and direction of
Macro's IDRs since is a senior unsecured debt.

Due to the current compression in the rating of Macro's
subordinated notes, a potential upgrade of the bank's VR will not
necessarily result in a similar action on the 'CCC/RR6' rating of
these notes.

Fitch has upgraded the following ratings:

Macro
-- Foreign Currency Long-Term IDR to 'B' from 'CCC'; Outlook
    Stable;
-- Foreign Currency Short-Term IDR to 'B' from 'C';
-- Local Currency Long-Term IDR to 'B' from 'CCC'; Outlook
    Stable;
-- Local Currency Short-Term to 'B' from 'C';
-- Viability rating to 'b' from 'ccc';
-- $US150 million senior bonds class 2 due 2017 to 'B/RR4' from
    'CCC/RR4';
-- $US150 million subordinated debt due 2036 to 'CCC/RR6' from
    'CC/RR6'.

Fitch has affirmed the following ratings:

-- Support Rating at '5';
-- Support Rating Floor at 'NF'.


BANCO SANTANDER: Fitch Hikes Issuer Default Rating to 'B'
---------------------------------------------------------
Fitch Ratings has upgraded Banco Santander Rio S.A.'s (Santander
Rio) Viability Rating (VR) to 'b' from 'ccc' and its local
currency (LC) long-term Issuer Default Rating (IDR) to 'B' from
'CCC'. The Rating Outlook is Stable. A full list of rating actions
follows at the end of this press release.

The upgrade of Santander Rio's VR and LC IDR was driven by the
same action taken on Argentina's sovereign rating, the LC IDR and
Country Ceiling to 'B' from 'CCC'. (see 'Fitch Affirms Argentina's
FC IDR at 'RD'; Upgrades LC IDR to 'B'; Outlook Stable', dated 22
March 2016 at www.fitchratings.com). At the time of the
sovereign's local currency upgrade, Fitch indicated the resumption
of timely debt service on defaulted bonds would lead to the
upgrade of the long-term foreign currency (FC) IDR, most likely to
the level of the long-term LC IDR.

KEY RATING DRIVERS - VR AND IDRs

Santander Rio's ratings are driven by the still volatile and
adverse economic and operating environment, although some
structural recent improvements in Argentina's policy framework
could benefit the bank's performance, specifically the lower level
of intervention in the financial system. Santander Rio's ratings
benefit from the ample experience of its main shareholder, Spain's
Banco Santander S.A. (Santander; rated 'A-'/Stable Outlook), as
well as from its strong and growing franchise as the largest
private sector bank in the country. The bank's ratings also
reflect its healthy asset quality, sound and consistent
profitability, its adequate capitalization, as well as robust
liquidity.

In Fitch's view, regardless of Santander Rio's overall reasonable
financial condition, its ratings are currently capped by the LC
sovereign rating, due to the weak operating environment, although
the sovereign has made great progress in normalizing its situation
with foreign creditors. Although the new government is taking
steps in the right direction and reducing political and regulatory
intervention into the banking system, the local environment in
Argentina is still characterized by ample economic imbalances and
gradual reform; therefore, the recovery of the economy will likely
take some time to materialize.

Santander Rio is a universal commercial bank with a strong
position in the financing of enterprises and individuals.
Santander Rio is one of the oldest banks in the country and
currently is the largest private bank measured by loans and
deposits, with market shares of 10.2% and 10.3%, respectively, as
of March 31, 2016.

Net income and core profits continue growing at a solid pace,
driven by the bank's expanding core businesses which allow it to
generate strong and recurrent fees. Net fees and commissions are
the key strength of Santander Rio's source of revenue, covering
roughly 55% of non-interest expenses.

As with other major banks in the system, delinquency remains at
historically low levels, aided by strong loan growth and
inflation. Thus, Santander Rio's non-performing loans (NPLs)
remain at very satisfactory levels, favored by conservative
lending policies and good risk management. At Dec. 31, 2015, NPLs
represented a low 0.94% of the total loan portfolio, while loan
reserves covered impaired loans 1.75x.

The bank's capital adequacy metrics stand at reasonable levels,
albeit lower than its closest peers in part due to stronger loan
growth. The Fitch core capital-to-risk-weighted assets ratio was
12.0% as of Dec. 31, 2015, below the level shown at YE2014 due to
the strong growth in lending, which was partly offset by the sound
level of profitability. Fitch estimates that the bank's
capitalization will remain at satisfactory levels, supported by
its strong earning generation capacity and the regulatory
requirement to retain an excess of 75% over the minimum capital
requirement to pay dividends, which should be sufficient to face
the strong growth expected by the bank.

Santander Rio's main funding source is core customer deposits.
These are growing at a solid pace and account for 78.2% of the
bank's total liabilities. Santander Rio's ratio of loans to
deposits is one of the strongest among the largest Argentine banks
as a result of its retail-oriented focus. Historically, such
ratios have been below 85%. The bank's liquidity levels are ample
and benefit from strong deposit growth and low demand for long-
term credit. At Dec. 31, 2015, the bank's liquid assets covered a
sound 42.7% of total customer deposits. Fitch estimates that its
liquidity will remain adequate during 2016 but is expected to
gradually decrease as credit continues to grow strongly.

KEY RATING DRIVERS - SUPPORT RATING

The Support Rating of '5' reflects that, although possible,
external support for Santander Rio from Spain's Santander, cannot
be relied upon, given country risks in Argentina that may limit
the ability to provide support to local subsidiaries of foreign
bank groups.

RATING SENSITIVITIES

IDRs AND VR
Given their currently low level, Santander Rio's ratings would
move in line with any change in Argentina's sovereign rating.
Also, the bank's ratings could be affected if the difficult
operating environment drives material deterioration in asset
quality, earnings, and/or loss absorption capacity. Material
increases in liquidity and/or refinancing risk could also put
downward pressure on Santander Rio's ratings.

Upside potential in Santander Rio's ratings is heavily contingent
upon positive developments in the sovereign rating.

RATING SENSITIVITIES - SUPPORT RATING

Changes in the SR of Santander Rio are highly unlikely in the
foreseeable future.

Fitch has upgraded the following ratings:

Santander Rio:
-- Local Currency Long-Term IDR to 'B' from 'CCC'; Outlook
    Stable;
-- Viability rating to 'b' from 'ccc'.

Fitch has affirmed the following rating:
-- Support Rating at '5'.


BANCO SUPERVIELLE: Fitch Hikes LT Issuer Default Ratings to 'B'
---------------------------------------------------------------
Fitch Ratings has upgraded Banco Supervielle S.A.'s (Supervielle)
foreign currency (FC) and local currency (LC) long-term Issuer
Default Ratings (IDRs) to 'B' from 'CCC' and its Viability Rating
(VR) to 'b' from 'ccc'. A full list of rating actions follows at
the end of this press release.

The upgrade of Supervielle's VR and LC IDR was driven by the same
action on Argentina's sovereign rating, the LC IDR and Country
Ceiling to 'B' from 'CCC' (see 'Fitch Affirms Argentina's FC IDR
at 'RD'; Upgrades LC IDR to 'B'; Outlook Stable' dated March 22,
2016 on www.fitchratings.com). At the time of the sovereign's
local currency upgrade, Fitch indicated the resumption of timely
debt service on defaulted bonds would lead to the upgrade of the
long-term FC IDR, most likely to the level of the long-term LC
IDR.

KEY RATING DRIVERS - VR AND IDRs

Banco Supervielle's VR and IDRs are driven by the still volatile
and adverse economic and operating environment, albeit some
structural recent improvements to Argentina's policy framework
could benefit the bank's performance, specifically the lowest
level of intervention in the financial system. The ratings also
consider the bank's relatively tight loss absorption capacity in
the form of core capital and/or loan loss reserves, but also
considering its good profitability, sound and stable asset
quality, adequate funding and liquidity profile, and gradually
strengthening franchise.

In Fitch's view, regardless of its overall reasonable financial
condition, Supervielle's ratings are currently capped by the LC
sovereign rating, due to the weak operating environment, although
the sovereign has made big progress to normalize its situation
with foreign creditors. Although the new government is taking
measures in the right direction and reducing political and
regulatory intervention into the banking system, the local
environment in Argentina is still characterized by ample economic
imbalances and measures are being taken gradually and, therefore,
the recovery of the economy will likely take some time to
materialize.

Supervielle remains a medium-sized bank with roughly 2.49% of the
system's loans (ranks 13th) and 1.78% of deposits, but it is
gradually improving its competitive position in core business
lines. It has a strong presence in factoring, leasing, and retail
loans, with a particularly sound regional franchise in certain
provinces.

Although sound and recurrent core earnings are among Supevielle's
top strengths, its profitability ratios are under some pressure
due to the regulatory caps on interest rates on personal loans and
floors on interest rates of retail time deposits, which affect
more heavily Supervielle than the financial system average due to
its strong retail focus. Rising costs and higher loan loss
provisions have also undermined the bank's profitability. Fitch
believes that Supervielle will continue recording adequate
profitability metrics based on its expanding portfolio's capacity
to generate operating income. In addition, the normalization of
the regulatory environment will benefit the bank's revenues as
most of the distorting regulatory measures taken by the previous
administration have been removed and will now allow the bank to
resume growth in the lower segments.

Fitch considers that Supervielle's asset quality is adequate.
However, at a consolidated level, Supervielle's impairment level
is somewhat higher than that of the Argentine financial system, at
3.18% of total loans as of Dec. 31, 2015 compared to 3.05% at Dec.
31, 2014, and 1.6% for the system at Dec. 31, 2015. The higher
level of Supervielle's impaired loans relative to the financial
system is explained by its stronger focus in SME and retail
lending and the sizeable portion of those coming from relatively
riskier segments of the population through a consumer finance
subsidiary (roughly 10.4% of gross consolidated loans). As with
the rest of the financial system, Supervielle's asset quality is
slowly deteriorating due to the worsening economic conditions, a
trend Fitch expects to continue in the medium term as the economic
recovery will likely be seen towards the end of 2016 or 2017.

In Fitch's view, Supervielle has sound practices regarding funding
and liquidity. Customer deposits are the main source of funding.
In addition, the bank has a well-diversified mix of local and
foreign bank facilities, local and foreign debt programs, and a
stable and recurring securitization mechanism.

Supervielle's capital adequacy is tight in Fitch's view. As of
Dec. 31, 2015, its tangible common equity to tangible assets ratio
was 7.71%, below the figure shown the previous year (8.27%) and
the Argentine financial system's average (12.5%). The Fitch core
capital to risk-weighted assets ratio has improved in the past
three years (to 7.06% at Dec. 31, 2015) along with higher capital
requirements and, although is still relatively tight, it is
adequate for the current rating level of the bank.

Grupo Supervielle, which is Banco Supervielle's parent company, is
currently assessing an initial public offering of its Class B
shares of common stock in a global offering in the United States
and other countries outside Argentina and a concurrent offering in
Argentina during 2016, market conditions permitting, which will
significantly boost its capital levels. Grupo Supervielle intends
to use a substantial amount of the offering proceeds to increase
the volume of assets and loans of its subsidiaries (including
Banco Supervielle).

Should this capital increase not take place, and given the rule of
the central bank that dividends can only be paid if eligible
capital exceeds required capital by at least 75%, and higher
capital requirements as regulations move towards Basel III, Fitch
expects that capital metrics will continue improving, but most
likely at a slow pace.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

Supervielle's SR of '5' and SRFs of 'NF' reflect that, although
possible, external support for this bank, as with most Argentine
banks, cannot be relied upon given the ample economic imbalances.
In turn, the sovereign ability and willingness to support banks is
highly uncertain.

KEY RATING DRIVERS - SUBORDINATED DEBT

The 'B-/RR6' rating of Supervielle's subordinated debt reflect the
low expected recoveries for these bonds in case of bank
liquidation given the bank's low capital levels. However, these
are notched only once due to ratings compression arising from the
low VR of the issuer. These securities are plain-vanilla
subordinated liabilities, without any deferral feature on coupons
and/or principal.

RATING SENSITIVITIES

IDRs AND VR

Supervielle's ratings would move in line with any change of
Argentina's sovereign rating. In addition, Supervielle's ratings
could be affected if the operating environment drives a material
deterioration in its financial profile, resulting in a Fitch core
capital ratio falling and remaining below 3%, which Fitch's sees
unlikely in the short term.

Under current circumstances, Fitch considers unlikely that
Argentine banks could be rated above the sovereign. Therefore,
upside potential in the Supervielle's ratings is heavily
contingent upon positive developments in the sovereign rating
dynamics.

RATING SENSITIVITIES -SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in the SRs and SRFs of Supervielle are highly unlikely in
the foreseeable future.

RATING SENSITIVITIES -SUBORDINATED DEBT

The rating of the subordinated debt will likely remain one notch
below Supervielle's VR under most circumstances while this rating
is below 'bb+', meaning that this issue rating would move
accordingly with any change in the bank's VR.

Fitch has upgraded the following ratings:

Banco Supervielle:
-- Foreign and local currency long-term IDRs to 'B' from 'CCC';
    Outlook Stable;
-- Foreign and local currency short-term IDRs to 'B' from 'C';
-- Viability rating to 'b' from 'ccc';
-- Subordinated debt to 'B-/RR6' from 'CC/RR5'.

Fitch has affirmed the following ratings:

-- Support at '5';
-- Support Floor at 'NF'.

BBVA BANCO: Fitch Hikes Issuer Default Rating to 'B'
----------------------------------------------------
Fitch Ratings has upgraded BBVA Banco Frances S.A.'s (BBVA
Frances) Viability Rating (VR) to 'b' from 'ccc' and its Long-term
Issuer Default Rating (IDR) to 'B' from 'CCC'. The Rating Outlook
is Stable. A full list of rating actions follows at the end of
this press release.

The upgrade of BBVA Frances's VR and LC IDR was driven by the same
action on Argentina's sovereign rating. Fitch upgraded the
sovereign's LC IDR and Country Ceiling to 'B' from 'CCC' on March
22, 2016 (see 'Fitch Affirms Argentina's FC IDR at 'RD'; Upgrades
LC IDR to 'B'; Outlook Stable'). At the time of the sovereign's
local currency upgrade, Fitch indicated the resumption of timely
debt service on defaulted bonds would lead to the upgrade of the
long-term foreign currency IDR, most likely to the level of the
long-term local currency IDR.

KEY RATING DRIVERS

VR AND IDR
BBVA Frances' VR and IDRs are driven by the still volatile and
adverse economic and operating environment, although some
structural recent improvements to Argentina's policy framework
could benefit the bank's performance, specifically the lowest
level of intervention in the financial system.

BBVA Frances' ratings benefits from the ample track record,
policies and procedures sharing with its main shareholder the
Spanish Banco Bilbao Vizcaya Argentaria (BBVA; rated 'A-'/Outlook
Stable), as well as from its strong franchise as the fourth
largest private bank in Argentina in terms of loans to the private
sector and the third in terms of deposits from the private sector.
The bank's ratings also factor its sound and recurrent
profitability, its robust asset quality, strong liquidity
management as well as its sustained loss absorption capacity.

BBVA Frances' ratings continue to be capped by the LC sovereign
rating, due to the still weak operating environment. Although the
new government is taking measures in the right direction to
normalize the situation with foreign creditors and reducing
political and regulatory intervention into the banking system, the
local environment in Argentina is still characterized by ample
economic imbalances and measures are being taken gradually and,
therefore, the recovery of the economy will likely take some time
to materialize.

BBVA Frances' asset quality is sound. NPLs stood at a healthy
0.66% of total loans as of December 2015. Delinquency continues as
one of the best in the Argentine financial system which
characterizes for having a good asset quality. Reserve coverage
has been consistently high, according to its internal policy to
reserve in excess of the central bank requirements for each risk
category. Loan loss reserve coverage stood at 3x at YE15.

The bank's profitability has been stable and sound over the past
years mainly underpinned by continuous increase of earning assets
(2013-2015 31%), adequate management of operating costs and
contained credit expenses (reserves). The bank has been able to
sustain its net interest margins and fee revenues at adequate
levels.

BBVA Frances' loss absorption capacity is adequate for the
business model. Despite high asset growth capital ratios have
remained sound supported by its strong and sustained internal
capital generation and in the past few years by regulatory
requirements that limited dividend payments. BBVA Frances' Fitch
core capital ratio was a comfortable 15.64% at YE15. Recently the
central bank authorized a dividend payment related to retained
earnings of 2014 for about ARS400m; an additional dividend is
pending approval for about ARS900 million related to earnings of
2015.

BBVA Frances has around 7% market share in deposits from
Argentina's private sector. The bank's main funding source is core
customer deposits that have continued to increase steadily. As of
December 2015, these accounted for 80% of the interest bearing
liabilities. Demand deposits represented 57% of the total deposits
and the other 43% are term deposits. The loan to deposit ratio
calculated by Fitch stood at 81.3% as of December 2015.

BBVA Frances' liquidity ratios are ample, liquid assets (cash plus
securities) accounted for almost 60% of total deposits at YE15,
which is considered high. Liquidity Coverage Ratio stood at a
healthy 368%. Over the medium term, if central bank securities
reduce their interest rates and credit demand increases, excess of
liquidity can start to be placed in loans. However, Fitch
estimates that the bank's liquidity will be maintained at adequate
levels and supported by the continued growth of demand deposits.

SUPPORT RATING
The Support Rating of '5' reflects that, although possible,
external support for BBVA Frances from Spain's BBVA, cannot be
relied upon, given country risks in Argentina that may limit the
ability to provide support to local subsidiaries of foreign bank
groups.

RATING SENSITIVITIES

VR AND IDR
Given their low level, BBVA Frances' ratings would move in line
with any change of Argentina's sovereign rating. Although not
Fitch's base-case scenario a sustained deterioration of the
capital, profitability and asset quality metrics as wells as from
increased liquidity risks could put downward pressure on the
bank's ratings.

Under the current circumstances, Fitch considers it unlikely that
Argentine banks could be rated above the sovereign. Therefore,
upside potential in the BBVA Frances' ratings is heavily
contingent upon positive developments in the sovereign rating
dynamics.

SUPPORT RATING
Changes to BBVA Frances's support rating are highly unlikely in
the foreseeable future.

Fitch has upgraded the following ratings:

-- Local Currency Long-Term IDR to 'B' from 'CCC'; Outlook
    Stable;
-- Viability rating to 'b' from 'ccc'.

Fitch has affirmed the following rating:

-- Support Rating at '5'.


COMPANIA DE TRANSPORTE: S&P Affirms 'CCC' Rating; Outlook Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its corporate and
issue-level ratings on Compania de Transporte de Energia Electrica
en Alta Tension Transener S.A. at 'CCC'.  The outlook remains
positive.

The 'CCC' rating on Transener reflects the company's very high
dependence, with current tariff levels and its cost structure, on
disbursements from the government to continue to maintain its
operations and to service its debt in the short-term.

Those disbursements have, in S&P's view, a significant lack of
predictability as they don't have a formal schedule, and because
the amount of the payments is derived from regulation.  This
situation adds a high degree of volatility to S&P's cash flow
projections.

The positive outlook reflects S&P's view of the more-favorable
business conditions for the utilities in the country after the
Department of Energy's recent rulings aiming at revamping the
regulatory framework.

A one notch upgrade in the next 12 months would most likely be
subject to S&P's assessment of the company's liquidity prospects
under a new regulatory framework scenario.  This could occur if a
new regulatory framework either sets the legal grounds for a new
tariff setting process or determines committed-cash economic
assistance from the government in order to fund maintenance costs,
committed capital expenditures, and to service debt.

S&P could revise the outlook to stable if it sees further delays
in the regulatory framework's revision for Transener and/or if the
proposed tariff scheme is well below S&P's expectations.  S&P
could also revise the outlook to stable or downgrade Transener if
an unexpected deterioration in the energy policy, such as reducing
discretionary economic assistance, results in a deterioration of
the company's liquidity prospects, putting in doubt its ability to
service debt obligations in the next 12 months.


TARJETA NARANJA: Fitch Hikes Issuer Default Rating to 'B'
---------------------------------------------------------
Following the upgrade of Argentina's sovereign, Fitch Ratings took
positive rating actions on five Argentine Financial Institutions
(FIs).

The upgrade on the FIs ratings was driven by the same action on
Argentina's sovereign rating. Fitch upgraded the sovereign's local
currency (LC) Issuer Default Rating (IDR) and Country Ceiling to
'B' from 'CCC' on March 22, 2016 (see 'Fitch Affirms Argentina's
FC IDR at 'RD'; Upgrades LC IDR to 'B'; Outlook Stable'). At the
time of the sovereign's local currency upgrade, Fitch indicated
the resumption of timely debt service on defaulted bonds would
lead to the upgrade of the long-term foreign currency IDR, most
likely to the level of the long-term local currency IDR.

Argentine FIs ratings are driven by the still volatile and adverse
economic and operating environment, albeit some structural recent
improvements to Argentina's policy framework could benefit FIs'
performance, specifically the lower level of intervention in the
financial system.

In Fitch's view, regardless of its overall reasonable financial
condition, Argentine FIs' ratings are currently capped by the LC
sovereign rating, due to the weak operating environment. Although
the new government is taking measures in the right direction to
normalize the situation with foreign creditors and reducing
political and regulatory intervention into the banking system, the
local environment in Argentina is still characterized by ample
economic imbalances and measures are being taken gradually and,
therefore, the recovery of the economy will likely take some time
to materialize.

Fitch has published individual Rating Action Commentaries (RACs)
for each company, which are available at 'www.fitchratings.com'.
These RACs include each issuer's key rating drivers and
sensitivities, as well as the list of all rating actions taken.

Fitch has taken the following rating actions:

Banco Macro S.A.:

-- Foreign and local currency long-term IDRs upgraded to 'B' from
    'CCC'; Outlook Stable;
-- Foreign and local currency short-term IDRs upgraded to 'B'
    from 'C';
-- Viability rating upgraded to 'b' from 'ccc';
-- $US150 million senior bonds class 2 due 2017 upgraded to
    'B/RR4' from 'CCC/RR4';
-- $US150 million subordinated debt due 2036 upgraded to
    'CCC/RR6' from 'CC/RR6';
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF'.

Banco Santander Rio S.A.:

-- Local currency long-term IDR upgraded to 'B' from 'CCC';
    Outlook Stable;
-- Viability rating upgraded to 'b' from 'ccc';
-- Support Rating affirmed at '5';

BBVA Banco Frances S.A.:

-- Local currency long-term IDR upgraded to 'B' from 'CCC';
    Outlook Stable;
-- Viability rating upgraded to 'b' from 'ccc';
-- Support Rating affirmed at '5'.

Banco Supervielle S.A.:

-- Foreign and local currency long-term IDRs upgraded to 'B' from
    'CCC'; Outlook Stable;
-- Foreign and local currency short-term IDRs upgraded to 'B'
    from 'C';
-- Viability rating upgraded to 'b' from 'ccc';
-- Subordinated debt upgraded to 'B-/RR6' from 'CC/RR5';
-- Support affirmed at '5';
-- Support Floor affirmed at 'NF'.

Tarjeta Naranja S.A.:

-- Foreign and local currency long-term IDRs upgraded to 'B' from
    'CCC'; Outlook Stable;
-- Foreign and local currency short-term IDRs upgraded to 'B'
    from 'C';
-- $US200 million senior unsecured bonds upgraded to 'B/RR4' from
    'CCC/RR4'.



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


FIBRIA CELULOSE: S&P Affirms 'BBB-' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' corporate
credit rating on Fibria Celulose S.A.  S&P also affirmed its
'BBB-' debt rating on its financing vehicle Fibria Overseas
Finance Ltd.  The outlook is stable.

The affirmation reflects S&P's view that the company's financial
performance should remain on track with our base case and that its
working capital management and dividend cuts should be buffers
against any potential weakness from lower prices or a stronger
Brazilian real.  Also, S&P believes there is some room for capital
expenditures (capex) management in 2016 if needed--at least 10%-
20% of S&P's capex assumptions for 2016 could be postponed if
needed, without compromising the Project Horizonte 2 start-up.

The affirmation also reflects S&P's conclusion that Fibria's
ratings are fairly insulated from Brazilian domestic risks, and
that its export oriented business would help it endure a scenario
of sovereign distress with currency controls.  However, the fact
that Fibria's assets are entirely located in Brazil limits its
ratings to one notch above the 'BBB-' transfer and convertibility
(T&C) assessment on Brazil.

The stable outlook reflects S&P's view that leverage metrics
should strengthen towards 2018 after a leverage peak in 2016.

S&P believes downside pressure could come from lower pulp prices
and/or a stronger real.  S&P estimates that if prices were to
average $700 per ton in 2016 (compared to $730 in S&P's base case)
and the real were to depreciate to R$3.70 (average), the adjusted
debt-to-EBITDA ratio may slightly exceed 3x in 2016 while FFO-to-
debt could dip to 25% in the absence of mitigating measures.  In
that sense, S&P could consider a downgrade if adjusted debt-to-
EBITDA stabilized above 3.5x and FFO-to-debt remained below 25%
beyond 2016.

Also, a one notch downgrade could be driven by a revision of
Brazil's T&C assessment to 'BB' from current 'BBB-', given the
maximum one notch differential between Fibria's ratings and
Brazil's T&C.

An upgrade is at this point unlikely, given the size of Fibria's
future investments.  Assuming Brazil's T&C assessment remains at
'BBB-', S&P could consider a one-notch upgrade if debt to EBITDA
drops below 2x while FFO to debt remains above 45%.  Such a
scenario could be propelled by an increase in EBITDA generation of
around 60% compared to 2015, considering the incremental debt the
company is taking on for the expansion.


RIO DE JANEIRO: Warns of Fiscal Collapse, States Seek Debt Relief
-----------------------------------------------------------------
Carla Simoes at Bloomberg News reports that Rio de Janeiro said
it's running out of money to pay for basic services months before
the Olympic Games while other Brazilian states warned of similar
financial crises if the federal government doesn't provide debt
relief.

Six state governors and a representative for Rio de Janeiro said
their fiscal woes are forcing them to make cutbacks that could
lead to a breakdown of social services, according to Bloomberg
News.  Rio has been delaying payment of salaries to public
servants since the beginning of the year, notes the report.

The states argued before the Supreme Court that the situation has
become so dire that they should be allowed to pay simple rather
than compound interest on debts owed to the federal government,
Bloomberg News notes.

The court will rule on the matter April 27, Justice Luiz Edson
Fachin said, Bloomberg News relays.  The change would cost the
Treasury BRL313 billion ($88 billion) in lost revenue, according
to the Finance Ministry, Bloomberg News says.

Brazil's state debt crisis is deepening as the country faces its
worst political crisis in decades and austerity measures are put
on hold, Bloomberg News discloses.  The high court's decision will
have a profound impact on the finances of both state and federal
governments as tax revenues plunge amid the worst recession in
decades, Bloomberg News notes.

                            Olympic Games

According to the report, Rio de Janeiro Chief of Staff Leonardo
Espindola warned that the crisis comes as the state prepares to
host the Olympic Games in August, possibly making it difficult to
carry out basic functions such as fueling police cars and
maintaining hospitals.

"We're talking about the image of the country," Bloomberg News
quoted Mr. Espindola as saying.  "We are nearing a social collapse
in our state," he added.

Bloomberg News notes that Finance Minister Nelson Barbosa argued
before the Supreme Court that the federal government also pays
compound interest on its debt, and that changing that calculation
would spark legal uncertainty.

"The governors' demand reflects an immediate problem that needs to
be dealt with, but it's the wrong solution," Mr. Barbosa said,
adding that the way out of the crisis is to renegotiate and extend
debt maturities, Bloomberg News relays.

Santa Catarina got a Supreme Court injunction earlier this month
in favor of changing the interest calculation, encouraging other
states to demand the same. Governors from Sao Paulo, Minas Gerais,
Rio Grande do Sul, Santa Catarina, Mato Grosso do Sul, and Alagoas
were received in the Supreme Court, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 14, 2016, Standard & Poor's Ratings Services lowered its
global scale rating on the state of Rio de Janeiro (Rio) to 'BB-'
from 'BB'.  At the same time, S&P lowered its national scale
rating on the state to 'brA' from 'brAA-'.  The outlook is
negative.


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


AHL ALPHA: Creditors' Proofs of Debt Due May 10
-----------------------------------------------
The creditors of AHL Alpha Mac 32 Ltd. are required to file their
proofs of debt by May 10, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 30, 2016.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


ALTA INVESTMENTS: Creditors' Proofs of Debt Due May 11
------------------------------------------------------
The creditors of Alta Investments Ltd are required to file their
proofs of debt by May 11, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 29, 2016.

The company's liquidator is:

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


ATLAS ASSET: Creditors' Proofs of Debt Due May 2
------------------------------------------------
The creditors of Atlas Asset Management Limited 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 Feb. 23, 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


FCA CATALYST: Creditors' Proofs of Debt Due May 10
--------------------------------------------------
The creditors of FCA Catalyst Master Fund SPC are required to file
their proofs of debt by May 10, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2016.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG ASIAN: Creditors' Proofs of Debt Due May 10
-----------------------------------------------
The creditors of GLG Asian Equity Long-Short Offshore Fund Ltd.
are required to file their proofs of debt by May 10, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2016.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG ATLAS: Creditors' Proofs of Debt Due May 10
-----------------------------------------------
The creditors of GLG Atlas Macro Offshore Fund Ltd. are required
to file their proofs of debt by May 10, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2016.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG ATLAS MASTER: Creditors' Proofs of Debt Due May 10
------------------------------------------------------
The creditors of GLG Atlas Macro Master Fund Ltd. are required to
file their proofs of debt by May 10, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2016.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


HIGH TOR: Creditors' Proofs of Debt Due May 2
---------------------------------------------
The creditors of High Tor Limited are required to file their
proofs of debt by May 2, 2016, to be included in the company's
dividend distribution.

The company's shareholders will hold their final meeting on May 3,
2016, at 9:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Feb. 24, 2016.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


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

The company commenced liquidation proceedings on Feb. 24, 2016.

The company's liquidators are:

          Mourant Ozannes
          Tim Stumpff
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          c/o Mourant Ozannes, Attorneys-at-law
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MARINER INTERMEDIATE: Creditors' Proofs of Debt Due May 2
---------------------------------------------------------
The creditors of Mariner Silvermine Intermediate Fund, Ltd. are
required to file their proofs of debt by May 2, 2016, to be
included in the company's dividend distribution.

The company's shareholders will hold their final meeting on May 3,
2016, at 9:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on March 29, 2016.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


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

The company's shareholders will hold their final meeting on May 3,
2016, at 9:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Feb. 24, 2016.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


MARINER SILVERMINE OFFSHORE: Creditors' Proofs of Debt Due May 2
----------------------------------------------------------------
The creditors of Mariner Silvermine Fund Offshore Ltd. are
required to file their proofs of debt by May 2, 2016, to be
included in the company's dividend distribution.

The company's shareholders will hold their final meeting on May 3,
2016, at 9:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on March 29, 2016.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


VIRGIN (BEL): Commences Liquidation Proceedings
-----------------------------------------------
On March 16, 2016, the sole shareholder of Virgin (Bel) Limited
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:

          Bronwyn King
          3601 Two Exchange Square
          8 Connaught Place, Central
          Hong Kong


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


DOMINICAN REPUBLIC: Low Production the Key Hurdle to Innovate
-------------------------------------------------------------
Dominican Today reports that low production and absorption of
knowledge and weak regulatory and business environment are the
main obstacles challenging innovation in the Dominican Republic,
Inter-American Development Bank (IDB) representative Flora
Montealegre affirmed.

In the conference "Looking into the future: innovation and
technology in the process of economic and social development" as
part of a joint meeting of the Board of Trustees and the Academic
Council of the Santo Domingo Technological Institute's (INTEC),
Montealegre cited the Global Innovation Index 2015 where Dominican
Republic reaches a classification of 30.6 out of 100, ranking 89
among 141 countries that face persisting major obstacles in the
field, according to Dominican Today.

For the specialist, among the country's main challenges figure
education, institutionalism and investment, on which she proposes
progress in implementing institutional reforms, increase and
improve the quality of investment in physical and human capital,
and manage technologies and more efficient organizational models,
the report notes.

"The gap between developed countries and laggards can be expanded
if there's no increase in investment in R & D, human capital and
technological infrastructure," Montealegre said, the report
relays.

INTEC and IDB collaborate in joint projects such as the launch of
the Observatory of Logistics and Freight Forwarding of the
Dominican Republic, an initiative coordinated by the of Economy
Ministry, and the vice presidency's first Diploma on the Health
Services Management Network, which trained 230 hospital
administrators, the report discloses.

INTEC and IDB also presented the study "Impact of the crisis in
the electricity sector in the Dominican economy" in October 2015,
which analyzes the economic consequences of the shortcomings of
the energy service in homes and companies, the report notes.

In the INTEC conference also participated Board of Regents
president Claudia De los Santos; Vice President, Mary Fernandez
and Secretary George Manuel Blas, as well as Mercedes Lidia
Hernandez, Frank Ranieri and Jordi Portet, members, the report
adds.

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


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


JAMAICA: JEA Rejects Call for Country to Boycott Goods From T&T
---------------------------------------------------------------
RJR News reports that Sandra Glasgow, General Manager of the
Jamaica Exporters Association (JEA), is the latest business leader
to reject the call for Jamaicans to boycott goods from Trinidad
and Tobago.

Ms. Glasgow who was speaking in an interview with RJR News at the
recent EXPO Jamaica said such a move could backfire.

"What if the Trinidadians decide they're going to boycott our
patties and our juices and all the products that we produce? I
don't think that is the solution frankly," the report quoted Ms.
Glasgow as saying.

Calls for a boycott of goods from Trinidad and Tobago were revived
in the aftermath of the latest episode of Jamaicans being denied
entry to the twin island republic, the report relays.

Jamaica imports US$500 million worth of products from Trinidad and
Tobago and exports under US$10 million worth of products to that
country, the report adds.
                             *     *     *

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


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


ARENDAL S. DE R.L.: Facing $100 Million Maturity Next Month
-----------------------------------------------------------
Stephanie Gleason at Daily Bankruptcy Review reports that Mexico's
Arendal S. de R.L. de C.V. may not be able to pay off $100 million
in bonds maturing next month, according to a ratings company.

Arendal, which is heavily involved in the oil and gas sector as a
pipeline builder, has yet to refinance its May 23 bond maturity of
$100 million, Fitch Ratings noted, increasing the likelihood that
the debt won't be paid on time, according to Daily Bankruptcy
Review.

Additionally, 70% of its total debt load -- MXN3.9 billion ($2.2
billion) -- will mature in the next three months, Fitch said, the
report notes.

As reported in the Troubled Company Reporter-Latin America on
April 19, 2016, Fitch Ratings has downgraded the ratings for
Arendal, S. de R.L. de C.V. (Arendal) to 'C' from 'CCC'. A full
list of rating actions follows at the end of this press release.



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


ALLIED FINANCIAL: Seeks $50K Financing From Allied Management
-------------------------------------------------------------
Allied Financial, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to authorize it to obtain postpetition
financing from Allied Management Group, Inc.

The Debtor relates that it has worked diligently to identify
substantial unsecured financing, but has been unable to secure
such financing.  The Debtor further relates that the only source
of postpetition financing that it has been able to obtain is from
Allied Management Group Inc.

The proposed postpetition financing contains these terms:

   (a) Allied Management Group, Inc. will provide $50,000 in
secured financing to the Debtor;

   (b) The debt will accumulate interest at a rate per annum equal
to the Prime Rate in effect on the date of the Order approving the
secured post-petition financing, annually and will receive a
second
rank mortgage over the Debtor's Morovis Property.

   (c) Of this financing, the Debtor will use the proceeds to pay
expenses in the normal and ordinary course of business;

   (d) The Debtor will repay this obligation along with other
eligible and allowed administrative expenses on the Effective Date
of Debtor's Plan of Reorganization or as otherwise agreed between
the parties.

The Debtor contends that this proposed financing is in the best
interests of the estate and the creditors because it will allow
the
Debtor to continue generating revenue for payment to the unsecured
creditors under a Plan of Reorganization.

Allied Financial is represented by:

          Carmen D. Conde Torres, Esq.
          C. CONDE & ASSOC.
          254 San Jose Street, 5th Floor
          Old San Juan, PR 00901-1523
          Telephone: (787)729-2900
          Facsimile: (787)729-2203
          E-mail: condecarmen@condelaw.com

                      About Allied Financial

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


GOODMAN AND DOMINGUEZ: Wants Plan Exclusivity Extended to Aug. 1
----------------------------------------------------------------
Goodman and Dominguez, Inc. d/b/a Traffic ("G&D"), Traffic, Inc.
("TI"), Traffic Las Plazas, Inc. ("Las Plazas"), and Traffic Plaza
Del Norte, Inc. ("Plaza del Norte") ask the U.S. Bankruptcy Court
for the Southern District of Florida to grant them, pursuant to 11
U.S.C. Sec. 1121(d), 90-day extensions of their exclusive right to
file a plan of reorganization and to solicit acceptances thereto,
thereby (a) extending the time during which the Debtors shall have
the exclusive right to file a plan of reorganization from May 3,
2016 to and including August 1, 2016; and (b) extending the time
during which the Debtors shall have the exclusive right to solicit
acceptances thereto for such plan from July 1, 2016 to and
including Sept. 29, 2016.

The Official Committee of Unsecured Creditors supports the
Debtors' requested extensions.

The Debtors' current exclusive period to file a plan expires on
May 3, 2016.

Pursuant to the "Notice of Chapter 11 Bankruptcy Case, Meeting of
Creditors & Deadlines" dated January 7, 2016, the general bar date
for entities to file proofs of claim is May 5, 2016.  The General
Bar Date falls less than one week after the current deadline of
May 3, 2016 for the Debtors to file a proposed plan.

In addition, the Bar Date Notice set a deadline of July 5, 2016
for governmental units to file proofs of claim.  The Governmental
Bar Date falls almost two months after the current May 3 deadline
for the Debtors to file a proposed plan.

Further, the deadline for creditors to file any section 503(b)(9)
claims is June 6, 2016.

As of April 15, 2016, 44 proofs of claim have been filed.

The Debtors contend that, in order for them to provide adequate
information regarding expected distributions to creditors in the
disclosure statement, it is necessary to extend the Exclusivity
Period and Acceptance Period until after the passage of the Bar
Dates to provide the Debtors sufficient time to review and analyze
the claims that are filed to determine the proper amounts of the
claims for inclusion in the disclosure statement.

The Debtors note that they have made good faith progress towards
their reorganization.  The Debtors are in meaningful discussions
and negotiations with their landlords regarding potential lease
modifications and rent reduction which will greatly enhance the
Debtors reorganization efforts.  The Debtors need additional time
to continue and finalize these negotiations as part of the plan
process.

In addition, the Debtors have been working collaboratively
throughout their chapter 11 cases with the Committee, the
prepetition secured creditor and the Office of the U.S. Trustee on
issues that have arisen in these chapter 11 cases.

Counsel to the Debtors are:

     Peter D. Russin, Esq.
     Joshua W. Dobin, Esq.
     MELAND RUSSIN & BUDWICK, P.A.
     3200 Southeast Financial Center
     200 South Biscayne Boulevard, Ste 3200
     Miami, FL 33131
     Telephone: (305) 358-6363
     Telecopy: (305) 358-1221
     E-mail: prussin@melandrussin.com
             jdobin@melandrussin.com

Goodman and Dominguez, Inc. -- dba Traffic, Traffic Shoe, Goodman
& Dominguez, Inc., Traffic Shoes, and Traffic Shoe, Inc. -- is a
retailer headquartered in Medley, Florida.  It operates 83 stores
in malls across nine states and Puerto Rico.  It also sells its
teen fashion products at http://www.trafficshoe.com/

Goodman and Dominguez, Inc, et al., filed Chapter 11 petitions
(Bankr. S.D. Fla. Case No. 16-10056) on January 4, 2016.  Judge
Robert A Mark presides over the case.  Lawyers at Meland Russin &
Budwick, P.A., represent the Debtors.

In its petition, Goodman and Dominguez estimated $1 million to $10
million in both assets and liabilities.  The petition was signed
by David Goodman, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flsb16-10056.pdf


MEDICAL EDUCATIONAL: Chapter 11 Case Dismissed
----------------------------------------------
Medical Educational and Health Service, Inc., sought and obtained
from Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico, the dismissal of its Chapter 11 case.

The Debtor contended that it sought the dismissal of its
bankruptcy case because of the will of its directors and because
it no longer appears justified to continue under the protection of
the Bankruptcy Court.

Medical Educational and Health Service is represented by:

          Rafael Gonzalez Velez, Esq.
          1806 Calle McLeary
          Suite 1-B - Ocean Park
          San Juan, PR 00911
          Telephone: (787)726-8866
          Facsimile: (787)726-8877
          E-mail: rgvlo@prtc.net

            About Medical Educational & Health Service

Headquartered in Mayaguez, Puerto-Rico, Medical Educational and
Health Services Inc. was created, specifically, to promote and
advance the establishment and operation of medical educational
facilities and institutions along the western areas of Puerto
Rico. The Company filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 10-04905) on June 3, 2010.  The Company
estimated US$10 million to $50 million in assets and $1 million to
US$10 million in liabilities.  The Debtor is represented by Rafael
Gonzalez Velez, Esq.


VENT ALARM: Court Refuses to Stay Bird Contract Assumption Order
----------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico denied Bird Group, LLC, and Putnam LAC
Holding, LLC's motion for stay pending appeal of the order
authorizing Vent Alarm Corporation to assume a contract relating
to the Ciudadela Project, a mixed-use residential, retail, office
and parking real estate project.

According to the judge, Bird and Putnam are unlikely to succeed on
appeal because there are no material defaults on the Debtor's
part.

Any delay in the projected schedules does not constitute an
incurable non-monetary default because the Debtor may be able to
cure the delay in the course of the construction project, the
judge said.  The Debtor, the judge noted, has provided adequate
assurance through payment and performance bonds as well as a
postpetition financing agreement with United Surety and Indemnity
Company.

Moreover, the judge pointed out that a brief review of the
remaining factors reflects that Bird, Putnam and Debtor will be
caused harm if the executory contract is stayed because it will
delay the Debtor and other subcontractor's performance, thus
adversely affecting the entire project's schedule and projected
substantial completion date.

A full-text copy of Judge Caban Flores's April 18, 2016, Opinion
and Order is available at http://bankrupt.com/misc/VACop0418.pdf

Vent Alarm Corporation, dba Valcor, aka Samcor Valcor, sought
Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 15-09316)
on Nov. 24, 2015.  The Debtor's counsel is Alexis Fuentes
Hernandez, Esq., at Fuentes Law Offices, LLC, in San Juan, Puerto
Rico.  The Debtor has assets totaling $7.95 million and
liabilities totaling $7.55 million.  The petition was signed by
Fernando Sosa, president.


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


NATIONAL GAS: Sends Home 15 After Repsol Job Cuts
-------------------------------------------------
Trinidad Express reports that the National Gas Company (NGC) is
letting go 15 contract workers and is redeploying or sending to
study 69 more following a US$500,000 lease with Spanish energy
giant Repsol.

NGC said yesterday it was discontinuing the operation of its
offshore facilities and associated maintenance departments for its
Teak and Poui compression platforms which will be leased to
Repsol, according to Trinidad Express.


                            ***********


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,
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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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