TCRLA_Public/160425.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

            Monday, April 25, 2016, Vol. 17, No. 80


                            Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: Moody's Hikes $300MM Notes Rating to 'B3'
ARAUCO ARGENTINA: Moody's Ups CFR to 'B1', Outlook Now Stable
ARCOR S.A.I.C.: Moody's Hikes Senior Unsecured Notes Rating to B1
ARGENTINA: Fitch Assigns 'B' Rating to USD2.75BB Bonds
ARGENTINA: Moody's Assigns B3 Rating to $16.5BB Bond Issuance

ARGENTINA: Moody's Hikes Ratings of Financial Institutions, Banks
BANCO DE LA NACION: Fitch Raises Issuer Default Rating to 'B'
BANCO HIPOTECARIO: S&P Assigns 'B-' Rating to Series 29 Sr. Notes
BANCO MACRO: Moody's Hikes Subordinated Debt Rating to Caa3
BUENOS AIRES: Moody's Ups Issuer and Debt Ratings to B3/(P)B3/B3

CORDOBA: Moody's Hikes Foreign Currency Debt Ratings to 'B3'
EMPRESA DISTRIBUIDORA: Moody's Ups $63MM Sr. Notes Rating to 'B3'
LA SEGUNDA: Moody's Upgrades GLC IFS Rating to 'B2'


B O L I V I A

BANCO DE LA NACION: Moody's Hikes GS Deposit Ratings to B3


C A Y M A N  I S L A N D S

ATLAS ASSET: Creditors' Proofs of Debt Due May 2
BEDFORD INVESTMENT: Placed Under Voluntary Wind-Up
CELLO LONG/SHORT: Creditors' Proofs of Debt Due May 11
DALTON DISTRESSED: Commences Liquidation Proceedings
DECOR INVESTMENT: Court Enters Wind-Up Order

EQUITY SOUTH: Creditors' Proofs of Debt Due May 2
EVO CAPITAL: Creditors' Proofs of Debt Due May 11
PENDRAGON EVENT: Creditors' Proofs of Debt Due May 2
SUNRISE GLOBAL: Creditors' Proofs of Debt Due May 4
TROPHY LV: Creditors' Proofs of Debt Due May 2

TROPHY LV MASTER: Creditors' Proofs of Debt Due May 2
WILTSHIRE CREDIT: Commences Liquidation Proceedings
ZAIS INVESTMENT: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Envoy Sees Strong UK Ties, But Doubt Lingers
FALCONBRIDGE DOMINICANA: To Resume Operations, But Not on Mountain


J A M A I C A

JAMAICA: J$93MM for Projects Under Poverty Reduction Program


M E X I C O

HIPOTECARIA SU: Moody's Cuts BRHSCCB 05U Cert. Rating to Caa2(sf)


P U E R T O    R I C O

PUERTO RICO: Accepts Revenue Cut in TT$115MM Transportation Deal
SPORTS AUTHORITY: Proposes August 29 Governmental Bar Date
SPORTS AUTHORITY: Seeks Approval of PBS Vendor Agreement


U R U G U A Y

BANCO DE LA NACION: Fitch Raises Issuer Default Rating to 'B'
COOPERATIVA DE AHORRO.: Fitch Affirms 'B' IDR; Outlook Neg.
COOPERATIVA DE AHORRO: Fitch Affirms Viability Rating at 'b'


V E N E Z U E L A

EMPRESAS POLAR: To Stop Brewing Beer Because of Shortages


X X X X X X X X X

* BOND PRICING: For the Week From April 18 to April 22, 2016


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: Moody's Hikes $300MM Notes Rating to 'B3'
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo upgraded to
B3 from Caa1 the global scale debt and issuer ratings for various
utilities and infrastructure companies operating in Argentina.
Global scale rating for Edenor was also upgraded to B3, from Caa2.
The action follows Moody's recent upgrade of the Argentine
government's bond rating to B3 from Caa1. The outlook for the
affected issuers is now stable.

At the same National scale ratings (NSRs) for the affected issuers
are being placed under review direction uncertain pending a
potential revision of the Argentina's NSR map. Following the
recent upgrade of Argentina's sovereign rating and the increase of
its local currency country ceiling to Ba3 from B1, the current
mapping of global scale ratings to national scale ratings may no
longer adequately serve one of its intended purposes, which is to
provide greater credit differentiation among issuers in Argentina
than is possible on the global rating scale. As a result, the
lowest global scale rating that maps to Aaa.ar is likely to rise
to Ba3 in line with the new country ceiling, and the new map is
likely to associate lower NSRs with a given global scale rating
than does the current map. Assuming the map is revised in line
with current expectations, we would anticipate that the large
majority of NSRs being placed under review will be confirmed at
their current levels when the reviews conclude, though a small
number may be raised or lowered.

Issuers and ratings included in this action are as follows:

1) Aeropuertos Argentina 2000 S.A. (AA2000)

Corporate Family Rating, USD 300 million 2020 Senior Unsecured
Notes and Class "A" and Class "C" Senior Unsecured Local Notes

Upgraded to B3 from Caa1.The rating outlook is now stable.

Baa1.ar National Scale Rating on review, direction uncertain.

2) Empresa Distribuidora de Electricidad de Salta S.A. (EDESA)

USD 63.00M Senior Unsecured Amortizing Notes:

Upgraded to B3 from Caa1 The rating outlook is now stable.

Baa3.ar National Scale Rating on review, direction uncertain.

3) Camuzzi Gas Pampeana S.A.

Corporate Family rating:

Upgraded to B3 from Caa1. The rating outlook is now stable.

Baa1.ar National Scale Rating on review, direction uncertain.

4) Gas Natural Ban S.A.

Corporate Family rating:

Upgraded to B3 from Caa1. The rating outlook is now stable.

Baa1.ar National Scale Rating on review, direction uncertain.

5) Transportadora de Gas del Sur S.A. (TGS):

2017 and 2020 Senior Unsecured Notes: Upgraded to B3 from Caa1.
The rating outlook is now stable.

Baa1.ar National Scale Rating on review, direction uncertain.

6) Hidroelectrica El Chocon S.A.

Corporate Family rating:

Upgraded to B3 from Caa1. The rating outlook is now stable.

Baa2.ar National Scale Rating on review, direction uncertain.

7) Genneia S.A.

Senior secured Class 2, 3 and Senior Unsecured Class13 Notes and
Corporate Family rating:

Upgraded to B3 from Caa1. The rating outlook is now stable.

Baa2.ar National Scale Rating on review, direction uncertain.

8) Generacion Independencia S.A.

Senior Unsecured Class 3 Notes and Corporate Family rating:

Upgraded to B3 from Caa1. The rating outlook is now stable.

Baa2.ar National Scale Rating on review, direction uncertain

9) Empresa Provincial de Energia de Cordoba (EPEC):

USD 565 million Senior Secured Notes and Corporate Family rating:

Upgraded to B3 from Caa1. The rating outlook is now stable.

Ba1.ar National Scale Rating on review, direction uncertain

10) Empresa Distribuidora Norte S.A. (EDENOR)

2017 and 2022 Senior Unsecured Notes and Corporate Family Rating:

Upgraded to B3 from Caa2. The rating outlook is now stable

Ba2.ar National Scale Rating on review, direction uncertain

11) Metrogas S.A.

Corporate Family rating and Debt program for up to US 600 million:
Caa1 and (P)Caa1 ratings upgraded to B3 and (P)B3 respectively,
outlook changed to stable;

Baa3.ar National Scale Rating on review, direction uncertain

12) Distribuidora de Gas Cuyana S.A. (DGCU)

Corporate Family rating:

Upgraded to B3 from Caa1. The rating outlook is now stable.

Baa1.ar National Scale Rating on review, direction uncertain

RATINGS RATIONALE

The global scale ratings for Argentine infrastructure issuers have
been upgraded so they align with Moody's foreign currency bond
rating for Argentina. The upgrade also acknowledges the recent
positive developments in favor of most of the infrastructure
companies in the country, namely: 1) the increase in power prices
that reduced energy subsidies thus reducing power companies and
Cammesa's (the wholesale electricity market administrator)
vulnerabilities; 2) the increase of electricity distribution
tariffs for the federal and provincial distribution companies; 3)
the increase in the tariffs for both gas distribution and
transportation companies. Recent measures will not only improve
the affected companies' financial strength in 2016 but also will
bring credit-positive structural changes to Argentina's regulatory
frameworks in particular for regulated companies. The opening of a
one-year period for the regulatory authorities and the companies
mandated by the Energy Ministry to put forward a more transparent
and predictable framework for tariff reviews (RTI) is in our
opinion a clear indication of a positive structural change. The
Ministry mandated that regulatory authorities undertake --within a
year- an integral review of the current framework, which we expect
will increase transparency and predictability. Once in place, we
expect the revised framework to set a clear path for the
utilities' future tariff revisions and for the timely recovery of
their increased costs while providing enough returns to allow
required investments in network maintenance, increased efficiency
and eventually necessary expansions.

The stable outlook for all these companies mainly reflects Moody's
stable outlook for Argentina's government bond rating and Moody's
view that the creditworthiness of these companies continues to be
highly dependent on the credit quality of the Argentine
government.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A further rating upgrade of the sovereign could result in positive
rating actions for these companies. We note however that an
upgrade for regulated utilities would also require the timely
finalization of the RTI.

In light of the recent upgrade and stable outlook, Moody's does
not anticipate a rating downgrade in the near term. Yet, the
assigned ratings would face downward pressure if the government of
Argentina's rating or outlook were to be downgraded. Or if the
approved tariff increases does not materialize in improved credit
profiles as expected. Quantitatively, if regulated utilities
report Interest coverage (FFO + interest to interest) below 2.5
times, CFO pre working capital to debt below 20% and RCF to debt
below 10%, there could be negative pressure. Generation companies,
on the other hand could experience negative rating momentum if
light of ambitious expansion programs that materially increase
their leverage. Quantitatively interest coverage below 2 times and
cash flow to debt below 10% for an extended period could create
negative pressure on power companies' ratings.


ARAUCO ARGENTINA: Moody's Ups CFR to 'B1', Outlook Now Stable
-------------------------------------------------------------
The rating actions on the companies' global scale ratings follow
Moody's Investors Service upgrade on April 15, 2016 of Argentina's
government bond rating to B3 from Caa1, with the outlook changed
to stable from positive. For more information, please see "Moody's
upgrades Argentina's issuer rating to B3 with a stable outlook"
available at moodys.com.

RATINGS RATIONALE

Arauco Argentina S.A.

Lead Analyst: Veronica Amendola

Person Approving Credit Rating: Brian Oak

Moody's upgraded Arauco's corporate family rating (CFR) to B1 from
B2, with the outlook changed to stable from positive.

The rating action was triggered by the strong credit and financial
profile of Arauco Argentina. The B1 CFR considers the company's
modest scale and limited geographical diversification as all of
the company's assets are located in Argentina. In addition, it
incorporates the risks associated with the country's operating
environment. The B1 CFR benefits from both, its strong standalone
credit profile, and by explicit support from Celulosa Arauco y
Constitucion (Baa3, stable), its parent company, which guarantees
outstanding notes.

The stable outlook mainly reflects the strong and adequate
financial metrics for its rating category and our belief that the
company will be able to maintain its current operating margins
even in a challenging macroeconomic environment.

Arcor S.A.I.C.

Lead Analyst: Veronica Amendola

Person Approving Credit Rating: Peter Abdill

Moody's upgraded Arcor's CFR and senior unsecured notes' ratings
to B1 from B2, with the outlook changed to stable (multiple) from
positive.

Arcor's rating upgrade to B1 from B2 are supported by its leading
market position as one of the largest global producers and
exporters of candy and leading manufacturer of cookies, processed
food and corrugated cardboard. The ratings are also supported by
the limited volatility in products as the majority of its revenues
are derived from the relatively stable food business and
attractive expansion opportunities in its local and international
business mainly in Argentina, Brazil, Chile, Mexico and Peru. Its
international business gives it access to fast-growing developing
markets.

The stable outlook reflects Moody's expectation that Arcor will be
able to increase revenues and earnings over the near term based on
its operating plants' efficiency and commercial initiatives thus
allowing the company to preserve adequate access to external
financing sources to meet its short-term debt obligations while
maintaining adequate levels of cash generation in relation to
debt.

Cablevision S.A.

Lead Analyst: Veronica Amendola

Person Approving Credit Rating: John Diaz

Moody's upgraded Cablevision's CFR and ratings of the senior
unsecured notes to B3 from Caa1. The outlook was changed to stable
from positive.

Cablevision rating upgraded to B3 from Caa1 principally reflects
Cablevision's position as the major player in the local media
industry, with the largest base of subscribers and an a dominant
market position in the Pay TV industry as well as broadband
services. The ratings also reflect Cablevision's strong credit
metrics for its rating category and the company's advantage,
derived from having presence in the most populated and profitable
areas of the country.

The stable outlook is based on our belief that Cablevision
management will maintain financial policies appropriate for its
current ratings as it pursues its growth strategy. The stable
outlook also reflects our expectation that the company's should
maintain leverage at around current levels given its high cash
generating capacity. We expect that, if a large investment
opportunity comes up or if capex for the cable business segment
increases materially, the company would be able to maintain its
current credit and financial profile.

Raghsa S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's upgraded Raghsa' senior unsecured notes' ratings to B3
from Caa1, with the outlook changed to stable (multiple) from
positive.

The rating upgrade to B3 from Caa1 is supported by Raghsa's
expected growth in operating cash flow generation as a result of
the new Madero project due mid-year 2016, high occupancy rates and
healthy tenants base. Also supporting the B3 rating are Raghsa's
good credit metrics, moderate leverage for the rating category and
high quality assets, mostly unencumbered, that support its
liquidity profie

Raghsa's stable outlook reflects Moody's view that the
creditworthiness of the company will be supported steady revenue
growth and cash flow generation derived from the broad base of
tenants, high occupancy rates and multiple-year lease contracts.

YPF S.A.

Lead Analyst: Nymia Almeida

Person Approving Credit Rating: Steve Wood

Moody's upgraded YPF's senior unsecured notes' ratings to B3 from
Caa1 and the MTN program rating to (P) B3 from (P) Caa1, with the
outlook changed to stable (multiple) from positive.

The action incorporates YPF's vulnerability to the local energy
policy framework, as well as its status as the largest industrial
corporate and energy company in Argentina, where it generates the
bulk of its revenues. In addition, this action reflects the close
relationship between YPF and the government of Argentina, since
YPF is majority owned and controlled by the latter. YPF's B3
ratings reflect the application of Moody's joint default rating
methodology for government-related issuers. YPF's B3 rating
combines its underlying b3 Baseline Credit Assessment, which
expresses a company's intrinsic credit risk, and Moody's view of
moderate support from and high dependence of the government and
the company on credit factors that could cause stress on both
simultaneously.

YPF's stable outlook assumes that the Argentine government has
incentives to maintain prices at a level that makes it
economically attractive for oil companies to invest to increase
production and reduce the country's dependence on imports of oil
and gas.


ARCOR S.A.I.C.: Moody's Hikes Senior Unsecured Notes Rating to B1
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, upgraded
the global scale ratings of several companies with operations in
Argentina, with the outlook changed to stable from positive.
Moody's also placed under review with direction uncertain the
National scale ratings (NSRs) of several Argentine companies.

The rating actions on the companies' global scale ratings follow
Moody's Investors Service upgrade on April 15, 2016 of Argentina's
government bond rating to B3 from Caa1, with the outlook changed
to stable from positive. For more information, please see "Moody's
upgrades Argentina's issuer rating to B3 with a stable outlook"
available at moodys.com.

The NSRs are being placed under review direction uncertain as a
result of a potential revision of the Argentina's NSR map.

RATINGS RATIONALE

Companies whose global scale ratings were upgraded and national
scale ratings were placed under review:

Arcor S.A.I.C.

Lead Analyst: Veronica Amendola

Person Approving Credit Rating: Peter Abdill

Moody's has upgraded the global scale rating of Arcor's senior
unsecured notes' to B1 from B2 and placed under review with
direction uncertain the Aa1.ar national scale rating. At the same
time, Moody's Investors Service has upgraded Arcor's CFR and
senior unsecured notes to B1 from B2 in the global scale. The
company's outlook was changed to stable (multiple) from positive,
to recognize a stable outlook for the global scale ratings and the
placement of the national scale ratings under review.

Arcor's rating upgrade to B1 from B2 are supported by its leading
market position as one of the largest global producers and
exporters of candy and leading manufacturer of cookies, processed
food and corrugated cardboard. The ratings are also supported by
the limited volatility in products as the majority of its revenues
are derived from the relatively stable food business and
attractive expansion opportunities in its local and international
business mainly in Argentina, Brazil, Chile, Mexico and Peru. Its
international business gives it access to fast-growing developing
markets.

The stable outlook reflects Moody's expectation that Arcor will be
able to increase revenues and earnings over the near term based on
its operating plants' efficiency and commercial initiatives thus
allowing the company to preserve adequate access to external
financing sources to meet its short-term debt obligations while
maintaining adequate levels of cash generation in relation to
debt.

Asociacion de Cooperativas Argentinas Coop. (ACA)

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Peter Abdill

Moody's upgraded ACA's CFR and ratings of the senior unsecured
bank credit facilities to B2 from B3 in the global scale. In
addition, Moody's placed under review with direction uncertain
ACA's A2.ar national scale CFR and ratings of the senior unsecured
bank credit facilities. The company's outlook was changed to
stable (multiple) from stable, to recognize a stable outlook for
the global scale ratings and the placement of the national scale
ratings under review.

The rating upgrade to B2 from B3 is supported by ACA's position as
one of the leading grain exporters and our expectations that the
company will benefit from recent changes on export tax
regulations. Also, the upgrade is supported by ACA's efficient
business model, based on the strong relationships it has forged
with its member cooperatives, with solid logistics capacity and a
broad range of services to members. ACA's strong credit metrics
for its rating category also support the B2 rating.

ACA's stable outlook mainly reflects our expectations that the
solid position of ACA as a leader grain exporter and long track
record in the local market will allow for revenue growth and
margin stabilization in the next 12-18 moths, with particular
benefits from tax elimination/reductions on exports, which
represent approximately two thirds of revenues.

Car Security S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's upgraded Car Security's CFR to B3 from Caa1 in the global
scale. In addition, Moody's placed under review with direction
uncertain the Baa2.ar national scale CFR. The company's outlook
was changed to stable (multiple) from positive, to recognize a
stable outlook for the global scale rating and the placement of
the national scale rating under review.

The rating upgrade to B3 from Caa1 is supported by Car Security's
leading position in Argentina's SVRS market and strong credit
metrics for its rating category, despite its small size relative
to global peers. The rating action also reflects its strategy for
growth and its evolving business model, which relies on a
significant amount of recurring revenues from automobile insurance
companies.

Car Security's stable outlook mainly reflects the company's broad
base of recurrent revenues derived from insurance companies, which
will support revenue growth despite economic slowdown expected in
2016.

Holcim (Argentina) S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's upgraded Holcim (Argentina)'s CFR to B2 from B3 in the
global scale. In addition, Moody's placed under review with
direction uncertain the A2.ar national scale CFR. The company's
outlook was changed to stable (multiple) from positive, to
recognize a stable outlook for the global scale rating and the
placement of the national scale rating under review.

The rating upgrade to B2 from B3 is supported by Holcim's strong
credit metrics for its rating category, with low leverage and good
liquidity profile, and our expectation that the company will
continue to benefit from its position as one of the largest
players in the local cement industry, serving around 27% of the
local demand. Moreover, the B2 rating is also supported by the
strong credit profile and the ongoing support provided by its
parent company, LafargeHolcim Ltd., (Baa2 stable).

Holcim (Argentina)'s stable outlook reflects our expectation that
the company will be able to maintain its strong credit metrics by
taking advantage of increased construction activity in Argentina,
mainly driven by public work activity, particularly as a result of
significant energy and infrastructure projects.

Longvie S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's upgraded Longvie' CFR and senior unsecured notes' ratings
to B3 from Caa1 in the global scale. In addition, Moody's placed
under review with direction uncertain the Baa2.ar national scale
CFR and senior unsecured notes' ratings. The company's outlook was
changed to stable (multiple) from positive, to recognize a stable
outlook for the global scale ratings and the placement of the
national scale ratings under review.

The rating upgrade to B3 from Caa1 is supported by Longvie's
position as one of the largest Argentine gas and electric
appliances manufacturers, with a wide product range and well-known
brand name, which will provide difersification to support revenue
growth despite Argentina's economic slowdown. Additionally, the
upgrade considers Longvie's strong credit metrics for its rating
category. It also considers its well-established relationships
with parts suppliers and proven track record of operations,
serving the local market since 1918.

Longvie's stable outlook reflects Moody's view that the
creditworthiness of the company will remain strong despite
economic downturn, with an adequate liquidity profile and low
leverage.

Mirgor S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's upgraded Mirgor' CFR to B3 from Caa1 in the global scale.
In addition, Moody's placed under review with direction uncertain
the Baa2.ar national scale CFR. The company's outlook was changed
to stable (multiple) from positive, to recognize a stable outlook
for the global scale rating and the placement of the national
scale rating under review.

The rating upgrade to B3 from Caa1 is supported by Mirgor's
position as one of the leader players in the Argentine domestic
auto-parts business and a sound business model in the electronics
industry, as well as long-established, coordinated, operations
with local automakers and, more recently, with the international
brands of electronic goods that Mirgor manufactures. The rating
upgrade is also supported by Mirgor's good credit metrics for its
rating category and adequate liquidity profile.

Mirgor's stable outlook reflects Moody's view that the
creditworthiness of the company will be supported by the company's
sound business and strong liquidity profile.

Raghsa S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's upgraded Raghsa' CFR and senior unsecured notes' ratings
maturing in 2017 to B3 from Caa1 in the global scale. At the same
time, Moody's Investors Service has upgraded Raghsa's senior
unsecured notes' ratings maturing in 2021 to B3 from Caa1. In
addition, Moody's placed under review with direction uncertain the
Baa3.ar national scale CFR and senior unsecured notes' ratings.
The company's outlook was changed to stable (multiple) from
positive, to recognize a stable outlook for the global scale
ratings and the placement of the national scale ratings under
review.

The rating upgrade to B3 from Caa1 is supported by Raghsa's
expected growth in operating cash flow generation as a result of
the new Madero project due mid-year 2016, high occupancy rates and
healthy tenants base. Also supporting the B3 rating are Raghsa's
good credit metrics, moderate leverage for the rating category and
high quality assets, mostly unencumbered, that support its
liquidity profie

Raghsa's stable outlook reflects Moody's view that the
creditworthiness of the company will be supported steady revenue
growth and cash flow generation derived from the broad base of
tenants, high occupancy rates and multiple-year lease contracts.

Sullair Argentina S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's upgraded Sullair Argentina' CFR B3 from Caa1 in the global
scale. In addition, Moody's placed under review with direction
uncertain the Baa2.ar national scale CFR. The company's outlook
was changed to stable (multiple) from positive, to recognize a
stable outlook for the global scale ratings and the placement of
the national scale ratings under review.

The rating upgrade to B3 from Caa1 is supported by Sullair's
strong credit metrics, solid franchise and long track record in
the equipment rental market in Argentina, as well as by its
growing business in Uruguay. Sullair's long-established commercial
relationship with its main suppliers, also supports the company's
business model and ratings.

Sullair's stable outlook reflects Moody's view that the company's
long track record and broad base of clients will support revenue
growth, driven by expected growth in the construction and energy
sectors.

Telecom Argentina S.A.

Lead Analyst: Marcos Schmidt

Person Approving Credit Rating: John Diaz

Moody's upgraded Telecom Argentina S.A.'s ("Telecom") CFR to B3
from Caa1 in the global scale. In addition, Moody's placed under
review with direction uncertain the Baa1.ar national scale CFR.
The company's outlook was changed to stable (multiple) from
positive, to recognize a stable outlook for the global scale
rating and the placement of the national scale rating under
review.

The rating upgrade reflects Telecom's track record of sustainable
growth over the last few years, despite a challenging economic and
political environment in Argentina as well as the company's solid
credit profile, supported by low leverage as evidenced by a
sustained gross debt/EBITDA ratio below 0.5 time as adjusted by
Moody's throughout the FY2010 to FY2015 periods.

The global scale stable outlook for Telecom reflects Moody's view
that the creditworthiness of the company will remain sound over
the next quarters, with acceptable liquidity and low leverage.

YPF S.A.

Lead Analyst: Nymia Almeida

Person Approving Credit Rating: Steve Wood

Moody's upgraded YPF's issuer rating to B3 from Caa1 in the
global. In addition, Moody's placed under review with direction
uncertain the Baa1.ar national scale issuer rating. At the same
time, Moody's Investors Service has upgraded YPF's global scale
senior unsecured notes' ratings to B3 from Caa1 and the MTN
program rating to (P) B3 from (P) Caa1, with the outlook changed
to stable from positive. The company's outlook was changed to
stable (multiple) from positive, to recognize a stable outlook for
the global scale ratings and the placement of the national scale
rating under review.

The action incorporates YPF's vulnerability to the local energy
policy framework, as well as its status as the largest industrial
corporate and energy company in Argentina, where it generates the
bulk of its revenues. In addition, this action reflects the close
relationship between YPF and the government of Argentina, since
YPF is majority owned and controlled by the latter. YPF's B3
ratings reflect the application of Moody's joint default rating
methodology for government-related issuers. YPF's B3 rating
combines its underlying b3 Baseline Credit Assessment, which
expresses a company's intrinsic credit risk, and Moody's view of
moderate support from and high dependence of the government and
the company on credit factors that could cause stress on both
simultaneously.

YPF's stable outlook assumes that the Argentine government has
incentives to maintain prices at a level that makes it
economically attractive for oil companies to invest to increase
production and reduce the country's dependence on imports of oil
and gas.

Companies with unchanged global scale ratings and national scale
ratings placed under review

Carboclor S.A.

Lead Analyst: Nymia Almeida

Person Approving Credit Rating: Steve Wood

Moody's placed under review with direction uncertain Carboclor's
Baa3.ar national scale CFR and Aaa.ar national scale rating of the
senior unsecured notes guaranteed by Administracion Nacional de
Combustibles (ANCAP, B1 stable). Global scale CFR is unchanged at
Caa1 and senior unsecured notes ratings' at B1, both with stable
outlook. The company's outlook was changed to stable (multiple)
from stable, to recognize a stable outlook for the global scale
ratings and the placement of the national scale ratings under
review.

Electroingenieria S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's placed under review with direction uncertain
Electroingenieria's Baa3.ar national scale CFR and senior
unsecured notes rating. Global scale CFR and senior unsecured
notes ratings are unchanged at Caa1 with stable outlook. The
company's outlook was changed to stable (multiple) from stable, to
recognize a stable outlook for the global scale ratings and the
placement of the national scale ratings under review.

Newsan S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Glenn Eckert

Moody's placed under review with direction uncertain Newsan's
A1.ar national scale CFR and senior unsecured notes rating. Global
scale CFR and senior unsecured notes ratings are unchanged at B3
with positive outlook. The company's outlook was changed to
positive (multiple) from positive, to recognize a positive outlook
for the global scale ratings and the placement of the national
scale ratings under review.

Petrobras Argentina S.A.

Lead Analyst: Nymia Almeida

Person Approving Credit Rating: Steve Wood

Moody's placed under review with direction uncertain Petrobras
Argentina's A3.ar national scale senior unsecured notes ratings,
guaranteed by Petroleo Brasileiro S.A. (B3 negative). Global scale
CFR and senior unsecured notes ratings are unchanged at B3 with
negative outlook. The company's outlook was changed to negative
(multiple) from negative, to recognize a negative outlook for the
global scale ratings and the placement of the national scale
ratings under review.

Quickfood S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Peter Abdill

Moody's placed under review with direction uncertain Quickfood's
Ba1.ar national scale CFR. Global scale CFR is unchanged at Caa1
with stable outlook. The Ba1 global scale and Aaa.ar national
scale ratings of Quickfood's senior notes guaranteed by BRF S.A.
(Ba1 negative) remain unchanged with negative outlook. The
company's outlook stays as stable (multiple) to recognize a stable
outlook for the global scale CFR, a negative outlook for the
guaranteed notes and the placement of the national scale ratings
under review.


ARGENTINA: Fitch Assigns 'B' Rating to USD2.75BB Bonds
------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to Argentina's
international bonds:

   -- USD2.75 billion maturing 2019 with a coupon of 6.25%;
   -- USD4.5 billion maturing 2021 with a coupon of 6.875%;
   -- USD6.5 billion maturing 2026 with a coupon of 7.5%;
   -- USD2.75 billion maturing 2046 with a coupon of 7.625%.

The bond proceeds will be directed towards the payment of
settlement agreements between Argentina and holdout creditors that
did not participate in the 2005 and 2010 bond debt restructurings
with the balance being used for general purposes of the
government.

                       KEY RATING DRIVERS

On March 22, 2016, Fitch upgraded Argentina's long-term local
currency IDR to 'B' with a Stable Outlook reflecting the improved
consistency and sustainability of Argentina's policy framework,
reduced external vulnerability, and the expected easing of fiscal
financing constraints.  These improvements balance risks related
to relatively weak external liquidity, continued macroeconomic
underperformance compared with peers, and deterioration of public
finances in recent years.

The rating on Argentina's international bonds is above the
sovereign's current long-term foreign currency Issuer Default
Rating (IDR) of 'RD'.  At the time of the 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.

Since the last review of Argentina's sovereign rating, the
government has continued to make progress toward removing the
injunction that presently constrains Argentina from servicing its
restructured debt.

The Argentine congress has approved legislation to remove the Lock
Law and Sovereign Payments Law (two pieces of legislation that
prevented authorities from negotiating with holdouts), and the
government has successfully raised funds to pay for the settlement
with holdout creditors.  On April 13, the Court of Appeal
confirmed these preconditions to lift the injunction.

                       RATING SENSITIVITIES

The rating would be sensitive to Argentina's sovereign rating once
it cures the default on restructured debt.  On the other hand,
Argentina's failure to cure its default would result in a
downgrade of the bond ratings.  On April 15, 2016, Fitch assigned
an expected 'B(EXP)' rating to Argentina's international bond
issuance.


ARGENTINA: Moody's Assigns B3 Rating to $16.5BB Bond Issuance
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the
Government of Argentina's $16.5 billion bond issuance. The full
list of rated bonds is detailed below.

Assignments:

Issuer: Argentina, Government of

-- US$1.188 billion 6.250% Senior Unsecured Regular
Bond/Debenture (Foreign Currency) due Apr 22, 2019, Assigned B3

-- US$1.562 billion 6.250% Senior Unsecured Regular
Bond/Debenture (Foreign Currency) due Apr 22, 2019, Assigned B3

-- US$1.944 billion 6.875% Senior Unsecured Regular
Bond/Debenture (Foreign Currency) due Apr 22, 2021, Assigned B3

-- US$2.556 billion 6.875% Senior Unsecured Regular
Bond/Debenture (Foreign Currency) due Apr 22, 2021, Assigned B3

-- US$2.808 billion 7.500% Senior Unsecured Regular
Bond/Debenture (Foreign Currency) due Apr 22, 2026, Assigned B3

-- US$3.692 billion 7.500% Senior Unsecured Regular
Bond/Debenture (Foreign Currency) due Apr 22, 2026, Assigned B3

-- US$1.188 billion 7.625% Senior Unsecured Regular
Bond/Debenture (Foreign Currency) due Apr 22, 2046, Assigned B3

-- US$1.562 billion 7.625% Senior Unsecured Regular
Bond/Debenture (Foreign Currency) due Apr 22, 2046, Assigned B3

RATINGS RATIONALE

Argentina's B3 issuer and government bond rating balances the
country's strengths which include high economic development and a
move toward more sustainable economic policies since the new
administration assumed office in December 2015, with credit
weaknesses that include a high fiscal deficit, high levels of
inflation and the ongoing challenges of improving the country's
institutional framework.

Argentina's economic strength is supported by its $22,299 GDP per
capita (2014, PPP basis), significantly higher than the $6,645
median for B-rated sovereigns. And Argentina's $500 billion
economy (2015 estimate) is many times larger than the $21 billion
peer median.  "We expect a drop in real GDP for 2016 as the
government pushes measures to reduce both inflation and the fiscal
deficit, but economic growth is likely to return in 2017 bolstered
by increased investment."

A very weak institutional framework has acted as a key ratings
constraint for Argentina. Weak institutions led to misreporting of
macroeconomic data since 2007 but the new government is in the
process of revamping the national statistics institute. We rely on
inflation results as a proxy for policy effectiveness, and
Argentina has one of the highest inflation rates among rated
sovereigns at over 30%, an indication of weak monetary policy
implementation.

While the government's debt burden remains moderate, estimated at
44% of GDP in 2015, the government debt ratio will rise sharply
this year mainly due to the devaluation of the peso. The increase
in government debt is mitigated in part by a favorable debt
structure. As of end of September 2015 - latest available data -
73% of Argentina's debt was owed to multilateral institutions and
to public sector entities (i.e., intra-public sector debt) that
present very low rollover risk.

The new government aims to break with the past in terms of
economic policy making. It has announced it will seek to address
macroeconomic imbalances with special attention given to reducing
the fiscal deficit and bringing down inflation. The change in
policy stance represents an important credit positive development,
but a full return to a more sustainable macroeconomic position
will likely take years.

OUTLOOK

The stable outlook on Argentina's B3 rating balances our
expectations for continued positive reform momentum and
stabilization of reserve levels, with the still formidable
macroeconomic challenges, particularly in reducing high fiscal
deficits and inflation.

GDP per capita (PPP basis, US$): 22,299 (2014 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2.1% (2015 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 23.9% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -2.5% (2014 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -1.5% (2014 Actual) (also known as
External Balance)

External debt/GDP: 26.6% (2014, Actual)

Level of economic development: Moderate level of economic
resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

On April 13, 2016, a rating committee was called to discuss the
rating of the Argentina, Government of. The main points raised
during the discussion were: The issuer's institutional
strength/framework, have materially increased. The issuer's
governance and/or management, have materially increased. The
issuer has become less susceptible to event risks. An analysis of
this issuer, relative to its peers, indicates that a repositioning
of its rating would be appropriate.


ARGENTINA: Moody's Hikes Ratings of Financial Institutions, Banks
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
has upgraded the global scale local and foreign currency deposit,
issuer, corporate family, and/or debt ratings, as well as the
baseline credit assessments, of 29 financial institutions, and
upgraded the long term counterparty risk assessment of 24 banks.
At the same time, Argentina Macro Profile was raised to Weak --
from Very Weak. MLA also affirmed the BCAs of Banco de la
Provincia de Cordoba and Banco Cetelem Argentina, and the BCA,
global local currency deposits and debt ratings of Banco Finansur
and Banco de Servicios y Transacciones, and the corporate family
rating of Control Union Argentina. In addition, all corresponding
NSR deposit, debt ratings, and corporate family ratings below
Aaa.ar have been placed under review with direction uncertain.

These rating actions follow Moody's Investors Service decision on
April 15 to upgrade Argentina's government bond rating to B3 from
Caa1, the country's foreign currency bond ceiling to B2 from Caa1,
the foreign currency deposit ceiling to Caa1 from Caa2, and the
local currency bond and deposit ceilings to Ba3 from B1 (please
see "Moody's upgrades Argentina's issuer rating to B3 with a
stable outlook"). The rating actions take into account the high
degree of inter-linkages between the banks' credit risk profiles
and that of the sovereign.

The outlook on the global ratings is stable in all cases with the
exception of Banco Patagonia S.A.'s local currency deposit and
debt ratings and GPAT Compania Financiera S.A.'s local currency
corporate family rating, which carry negative outlooks.

At the same time, MLA withdrew the BCA and Adjusted BCA of Rombo
Compania Financiera for its own business reasons.

A complete list of the companies affected are available here:

                       http://is.gd/iHHPdF


BANCO DE LA NACION: Fitch Raises Issuer Default Rating to 'B'
-------------------------------------------------------------
Fitch Ratings has upgraded Banco de la Nacion Argentina's
(Sucursal Uruguay) (BNAUY) Foreign Currency (FC) and Local
Currency (LC) long-term Issuer Default Ratings to 'B' from 'CCC'.
Simultaneously, its Support Rating (SR) has been upgraded to '4'
from '5'.

The upgrade to BNAUY's 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').

                     KEY RATING DRIVERS - IDRs

BNAUY is a branch of Banco de la Nacion Argentina (BNA) and part
of the same legal entity.  BNA and BNAUY are wholly owned by the
government.  BNAUY's IDRs reflect the high likelihood of support
from the Republic of Argentina, should it be required.  BNA's
liabilities (including its branches abroad) are fully guaranteed
by the government.

BNAUY FC IDR is above the sovereign's FC IDR of 'RD' which
reflects the current default status of certain debt securities
affected by a court ruling.  However, in Fitch's view, Argentina's
payment capacity for its LC and FC debt securities issued under
Argentina's Law is rated 'B'.  At the time of the Argentina's
local currency upgrade, Fitch indicated the resumption of timely
debt service on defaulted bonds would lead to the upgrade of the
FC IDR, most likely to the level of the LC IDR.  The government is
moving ahead with the external debt issuance to pay for the
settlement with holdout creditors.

Although the Argentina's 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 measures are
only being taken gradually and, therefore, the economic recovery
will likely take some time to materialize.

As a fully state-owned financial institution, deeply integrated
with government strategy, BNA's and BNAUY's creditworthiness are
intrinsically aligned with that of the sovereign given the
explicit guarantee in place.  The head office, BNA, has a leading
franchise and systemic importance in Argentina.  It is the largest
bank in terms of loans and deposits, with international coverage
through branches and representative offices in nine countries that
mainly attend to domestic needs related to intraregional foreign
trade supporting the commercial activity of Argentina in the
region.  BNAUY is the smallest bank in the country due to its
narrow business focus.

BNAUY is fully integrated with the head office's strategies,
corporate governance practices and risk management procedures.
BNAUY operates through only one main office and its activities are
reported to the International Banking area of BNA.  BNAUY has
modest profitability, a fairly liquid balance sheet and adequate
capitalization metrics.

KEY RATING DRIVERS - SUPPORT RATING
BANUY's Support Rating of '4' considers that there are significant
uncertainties as to the ability of the sovereign to provide
support, given Argentina's weak credit profile, which results in
limited probability of support.

RATING SENSITIVITIES - IDRS & SUPPORT RATING
BNAUY's ratings are sensitive to changes in Argentina's sovereign
rating and/or willingness or ability to provide support to BNA and
its branches.

Fitch has upgraded these ratings:

   -- Foreign Currency Long-Term IDR to 'B' from 'CCC'; Outlook
      Stable;
   -- Local Currency Long-Term IDR to 'B' from 'CCC'; Outlook
      Stable;
   -- Support Rating to '4' from '5'.


BANCO HIPOTECARIO: S&P Assigns 'B-' Rating to Series 29 Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B-'
issue-level rating on Banco Hipotecario S.A.'s (B-/Stable/--)
Series 29 senior unsecured notes with a fixed rate (9.75%) and
final maturity on Nov. 30, 2020.  The bank already issued $200
million in November 2015 and plans to issue a second tranche of
between $100 million and $200 million.

The rating on the notes reflects their pari passu ranking with the
bank's other senior unsecured debt obligations and its foreign
currency denomination.  As a result, the rating is the same as the
long-term issuer foreign currency credit rating on the bank.  S&P
expects part of the proceeds of the issuances to be applied to
cancel existing debt, with no major impact on the bank's current
funding profile.  As of December 2015, deposits accounted for 73%
of its funding base; and the remaining 27% was senior unsecured
debt obligations.  Also, given the tenure of the notes and the
bank's adequate liquidity management, S&P believes refinancing
risk remains manageable.

The ratings on Banco Hipotecario continue to reflect its adequate
business position, moderate capital and earnings, adequate risk
position, below average funding and adequate liquidity.

RATINGS LIST

Banco Hipotecario S.A.
Issuer credit rating                 B-/Stable/--

Rating Assigned

Banco Hipotecario S.A.
Series 29 due 2020                  B-


BANCO MACRO: Moody's Hikes Subordinated Debt Rating to Caa3
-----------------------------------------------------------
Moody's Investors Service upgraded the foreign currency debt
ratings of Banco Macro, Banco Supervielle, Banco de Galicia y
Buenos Aires and Banco Hipotecario, following the upgrade of the
banks' deposit ratings by Moody's Latin America Agente de
Calificacion de Riesgo S.A.

The rating action also follows Moody's decision on April 15 to
upgrade the government bond rating of Argentina to B3 from Caa1,
the foreign currency bond ceiling to B2 from Caa1, the foreign
currency deposit ceiling to Caa1 from Caa2, and the local currency
bond and deposit ceilings to Ba3 from B1 (please see "Moody's
upgrades Argentina's issuer rating to B3 with a stable outlook").
The banks rating actions take into account the high underlying
inter-linkages between the banks' standalone credit risk profiles
and that of the sovereign.

The following rating of Banco Macro was upgraded:

-- Global Foreign Currency Subordinated Debt Rating: to Caa3
    (hyb) from Ca (hyb)

The following rating of Banco de Galicia y Buenos Aires was
upgraded:

-- Global Foreign Currency Subordinated Debt Rating: to Caa1 from
    Caa2

The following rating of Banco Supervielle was upgraded:

-- Global Foreign Currency Subordinated Debt Rating: to Caa1 from
    Caa2

The following rating of Banco Hipotecario was upgraded:

-- Global Foreign Currency Senior Unsecured Debt Rating: to B3
    from Caa1, with a stable outlook

RATINGS RATIONALE

UPGRADES OF THE BANKS FOREIGN CURRENCY DEBT RATINGS

The upgrades consider that the country's, and consequently the
banking system's, susceptibility to event risk has declined with
the government's access to global capital markets restored
following its recent agreement with holdout creditors. In
addition, banks' operating environment has improved since the new
administration took office in December 2015 and softened or
eliminated various burdensome government controls on the financial
system, including interest rate caps, deposit rate floors, and
fees caps. These changes should help support earnings despite
economic conditions that remain challenging, with inflation still
very high and GDP expected to contract by 1.5% this year. The new
government's market-friendly policy approach, including the
relaxation of capital controls and reduction of export taxes, is
expected to bolster investor confidence and restore economic
growth in 2017.

Notwithstanding the difficult operating environment in recent
years, banks' financial metrics remain sound. Capitalization is
sufficient to absorb expected losses, and asset quality remains
stable, with non-performing loans holding steady in the 2-3% range
system-wide. Slow loan growth over the last two years as a result
of the restrictive regulatory framework and weak economic activity
has led to a build-up of liquidity that would help lenders weather
a rise in market stress.

WHAT COULD CHANGE THE RATING UP/DOWN

The banks' ratings remain constrained by the sovereign.
Consequently, the ratings are likely to face upward pressure if
Argentina's government bond rating is upgraded again. On the other
hand, the ratings could go down if the operating environment
deteriorates, affecting the entities' business prospects or
financial fundamentals, or if the country ceiling or Argentina's
government bond rating is downgraded.


BUENOS AIRES: Moody's Ups Issuer and Debt Ratings to B3/(P)B3/B3
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo upgraded
the global scale issuer and debt ratings in both -- local and
foreign currency -- of all of its rated Argentine provinces and
municipalities. Additionally, Moody's changed the outlooks to
stable from positive except in the cases of the Provinces of Chaco
and Formosa, where the outlooks remain positive. In the same
rating action Moody's placed the national scale ratings of all its
rated provinces and municipalities on review with direction
uncertain. This rating action follows Moody's Investors Service
upgrade of Argentina's Sovereign bond ratings to B3/ stable from
Caa1/positive, on 15 April 2016.

RATINGS RATIONALE

GLOBAL SCALE RATINGS AND OUTLOOKS

The ratings upgrade on the global scale in both local and foreign
currency follows a similar rating action on Argentina's sovereign
bonds and issuer ratings --both in local and in foreign currency-
and reflects the very close economic and financial linkages that
exist between Argentina's sovereign and sub-sovereign governments.
While the idiosyncratic risks associated with each of the sub-
sovereign entities varies, the relatively low sovereign rating and
the inability of a sub-sovereign entity to be rated higher than
the sovereign given the linkages noted above results in a
compression of ratings on the provinces and municipalities.

The stable outlooks on all but the Provinces of Chaco and Formosa
reflect the stable outlook on the sovereign ratings and the close
relationship described above. The positive outlooks on the ratings
of the Provinces of Chaco and Formosa reflect our view that an
improving trend in their respective financial metrics could, if
continued, lead to an upgrade and alignment of their ratings with
their peers.

NATIONAL SCALE RATINGS AND OUTLOOKS

The national scale ratings (NSRs) of all the rated sub-sovereigns
are being placed under review, direction uncertain, pending a
potential revision of Argentina's NSR map. Following the recent
upgrade of Argentina's sovereign rating and the increase of its
local currency country ceiling to Ba3 from B1, the current mapping
of global scale ratings to national scale ratings may no longer
adequately serve one of its intended purposes, which is to provide
greater credit differentiation among issuers in Argentina than is
possible on the global rating scale. As a result, the lowest
global scale rating that maps to Aaa.ar is likely to rise to Ba3
in line with the new country ceiling, and the new map is likely to
associate lower NSRs with a given global scale rating than does
the current map. Assuming the map is revised in line with current
expectations, we would anticipate that the large majority of NSRs
being placed under review will be confirmed at their current
levels when the reviews conclude, though a small number may be
raised or lowered.

ISSUERS AND RATINGS AFFECTED

The specific rating actions taken are described below:

1) Moody's upgraded the Global Scale local and foreign currency
issuer and debt ratings of the following issuers, restoring their
outlooks to stable. Their National Scale issuer and debt ratings
were placed on review with direction uncertain.

-- Province of Buenos Aires: foreign and local currency issuer
and debt ratings upgraded to B3/(P)B3/B3 from Caa1/(P)Caa1/Caa2
(on Global Scale local/foreign currency respectively). The
province's Baa3.ar/B1.ar local and foreign currency issuer and
debt ratings on Argentina's national scale were placed on review
with direction uncertain.

-- Province of Cordoba: foreign and local currency issuer and
debt ratings upgraded to B3/B3 from Caa1/Caa2 (on Global Scale
local/foreign currency respectively). The province's Baa3.ar/B1.ar
local and foreign currency issuer and debt ratings on Argentina's
national scale were placed on review with direction uncertain.

-- Province of Mendoza: foreign and local currency issuer and
debt ratings upgraded to B3/(P)B3/B3 from Caa1/(P)Caa1/Caa2 (on
Global Scale local/foreign currency respectively). The province's
Baa3.ar/B1.ar local and foreign currency issuer and debt ratings
on Argentina's national scale were placed on review with direction
uncertain.

-- City of Buenos Aires: foreign and local currency debt ratings
upgraded to B3/(P)B3/(P)B3 from Caa1/(P)Caa1/(P)Caa2 (on Global
Scale local/foreign currency respectively). The city's
Baa1.ar/B1.ar local and foreign currency debt ratings on
Argentina's national scale were placed on review with direction
uncertain.

2) Moody's upgraded the Global Scale local currency issuer and
debt ratings of the following issuers, restoring their outlooks to
stable. Their National Scale issuer and debt ratings were placed
on review with direction uncertain.

-- Province of Chubut: local currency issuer and debt ratings
upgraded to B3 from Caa1 on Global Scale. The Global Scale local
currency debt ratings of BODIC 1 and BODIC 2 Notes were also
upgraded to B3 from Caa1. The province's Baa2.ar/Baa1.ar local
currency issuer and debt ratings and BODIC 1 and BODIC 2's local
currency debt ratings on Argentina's national scale were placed on
review with direction uncertain.

-- Municipality of Cordoba: local currency issuer and debt
ratings upgraded to B3/(P)B3 from Caa1/(P)Caa1 on Global Scale.
The Global Scale local currency debt ratings of Series 1 and
Series 2 Bonds were also upgraded to B3 from Caa1. The city's
Baa3.ar local currency issuer and debt ratings and Series 1 and
Series 2's Baa2.ar local currency debt ratings on Argentina's
national scale were placed on review with direction uncertain.

-- Municipality of R°o Cuarto: local currency issuer and debt
ratings upgraded to B3/(P)B3 from Caa1/(P)Caa1 on Global Scale.
The city's Ba1.ar local issuer and debt ratings on Argentina's
national scale were placed on review with direction uncertain.

3) Moody's upgraded the Global Scale local currency issuer and
debt ratings of the Provinces of Chaco and Formosa maintaining
their current positive outlooks. Their National Scale issuer and
debt ratings were placed on review with direction uncertain.

-- Province of Chaco: local currency issuer and debt ratings
upgraded to Caa1 from Caa2 on Global Scale. The province's Ba3.ar
local currency issuer and debt ratings on Argentina's national
scale were placed on review with direction uncertain.

-- Province of Formosa: local currency issuer and debt ratings
upgraded to Caa1 from Caa2 on Global Scale. The province's Ba3.ar
local currency issuer and debt ratings on Argentina's national
scale were placed on review with direction uncertain.


CORDOBA: Moody's Hikes Foreign Currency Debt Ratings to 'B3'
------------------------------------------------------------
Moody's Investors Service upgraded the issuer and debt ratings on
three Argentine provinces in global scale foreign currency and the
debt rating of one municipality. Outlooks on all these issuer and
debt ratings was changed to stable from positive. This rating
action follows Moody's Investors Service upgrade of Argentina's
Sovereign bond ratings to B3/ stable from Caa1/positive, on 15
April 2016.

RATINGS RATIONALE

The ratings upgrade on the global scale follows a similar rating
action on Argentina's sovereign bonds and issuer ratings --both in
local and in foreign currency- and reflects the very close
economic and financial linkages that exist between Argentina's
sovereign and sub-sovereign governments. While the idiosyncratic
risks associated with each of the sub-sovereign entities varies,
the relatively low sovereign rating and the inability of a sub-
sovereign entity to be rated higher than the sovereign given the
linkages noted above results in a compression of ratings on the
provinces and municipalities.

The stable outlooks on all ratings reflect the stable outlook on
the sovereign ratings and the close relationship described above.

ISSUERS AND RATINGS AFFECTED

Moody's upgraded the issuer and debt ratings of the following
issuers:

-- Province of Buenos Aires: foreign currency debt ratings
upgraded to B3 from Caa2 (on Global scale); outlook moved to
stable.

-- Province of Cordoba: foreign currency debt ratings upgraded to
B3 from Caa2 (on Global scale); outlook moved to stable.

-- Province of Mendoza: foreign currency debt ratings upgraded to
B3 from Caa2 (on Global scale); outlook moved to stable.

-- City of Buenos Aires: foreign currency debt ratings upgraded
to B3 from Caa2 (on Global scale); outlook moved to stable.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
sovereign and sub-sovereign entities, an upgrade or an outlook
change to positive of Argentina's sovereign bond ratings could
lead to an upgrade or to an outlook change of the sub-sovereign
ratings.

Conversely, a downgrade in Argentina's bond ratings or outlook
change to negative and/or deterioration in idiosyncratic risk
profiles arising in the rated issuers could exert downward
pressure on the ratings and could translate in to a downgrade.


EMPRESA DISTRIBUIDORA: Moody's Ups $63MM Sr. Notes Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the global
scale debt and issuer ratings for various utilities and
infrastructure companies operating in Argentina. Global scale
rating for Edenor was also upgraded to B3, from Caa2. The action
follows Moody's recent upgrade of the Argentine government's bond
rating to B3 from Caa1. The outlook for the affected issuers is
now stable.

Issuers and ratings included in this action are as follows:

1) Aeropuertos Argentina 2000 S.A. (AA2000)

Corporate Family Rating, USD 300 million 2020 Senior Unsecured
Notes and Class "A" and Class "C" Senior Unsecured Local Notes

Upgraded to B3 from Caa1.The rating outlook is now stable.

2) Empresa Distribuidora de Electricidad de Salta S.A. (EDESA)

USD 63.00M Senior Unsecured Amortizing Notes:

Upgraded to B3 from Caa1 The rating outlook is now stable.

3) Transportadora de Gas del Sur S.A. (TGS):

2017 and 2020 Senior Unsecured Notes: Upgraded to B3 from Caa1.
The rating outlook is now stable.

4) Empresa Distribuidora Norte S.A. (EDENOR)

2017 and 2022 Senior Unsecured Notes and Corporate Family Rating:

Upgraded to B3 from Caa2. The rating outlook is now stable

RATINGS RATIONALE

The global scale ratings for Argentine infrastructure issuers have
been upgraded so they align with Moody's foreign currency bond
rating for Argentina. The upgrade also acknowledges the recent
positive developments in favor of most of the infrastructure
companies in the country, namely: 1) the increase in power prices
that reduced energy subsidies thus reducing power companies and
Cammesa's (the wholesale electricity market administrator)
vulnerabilities; 2) the increase of electricity distribution
tariffs for the federal and provincial distribution companies; 3)
the increase in the tariffs for both gas distribution and
transportation companies and 4) an overall improved operating
environment for regulated companies. Recent measures will not only
improve the affected companies' financial strength in 2016 but
also will bring credit-positive structural changes to Argentina's
regulatory frameworks in particular for regulated companies. The
opening of a one-year period for the regulatory authorities and
the companies mandated by the Energy Ministry to put forward a
more transparent and predictable framework for tariff reviews
(RTI) is in our opinion a clear indication of a positive
structural change. The Ministry mandated that regulatory
authorities undertake --within a year- an integral review of the
current framework, which we expect will increase transparency and
predictability. Once in place, we expect the revised framework to
set a clear path for the regulated utilities' future tariff
revisions and for the timely recovery of their increased costs
while providing enough returns to allow required investments in
network maintenance, increased efficiency and eventually necessary
expansions.

The stable outlook for all these companies mainly reflects Moody's
stable outlook for Argentina's government bond rating and Moody's
view that the creditworthiness of these companies continues to be
highly dependent on the credit quality of the Argentine
government.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A further rating upgrade of the sovereign could result in positive
rating actions for these companies. We note however that an
upgrade for regulated utilities would also require the timely
finalization of the RTI. We also note that AA2000 operating
performance has been particularly stronger than indicated by its
assigned B3 rating and therefore the sovereign is the main
constrain for its rating.

In light of the recent upgrade and stable outlook, Moody's does
not anticipate a rating downgrade in the near term. Yet, the
assigned ratings would face downward pressure if the government of
Argentina's rating or outlook were to be downgraded. Or if the
approved tariff increases does not materialize in improved credit
profiles as expected. Quantitatively, if regulated utilities
report Interest coverage (FFO + interest to interest) below 2.5
times, CFO pre working capital to debt below 20% and RCF to debt
below 10%, there could be negative pressure.


LA SEGUNDA: Moody's Upgrades GLC IFS Rating to 'B2'
---------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has taken
rating actions on all 22 of its rated insurers and reciprocal
guarantors in Argentina, following Moody's Investors Service's
recently announced upgrade of Argentine government's bond rating
to B3/stable from Caa1/positive, and the concurrent raising of
Argentina's long-term local currency bond and deposit ceilings to
Ba3 from B1, on 15 April 2016. The global local currency (GLC)
insurance financial strength (IFS) ratings of 11 insurers were
upgraded by 1 notch, and those of the remaining 11 insurers were
affirmed, all with stable outlooks. With the exception of the 5
insurers currently rated Ba3/Aaa.ar, whose national scale (NS) IFS
rating outlooks remain stable due to their GLC ratings being
positioned at the country ceiling, all other NS IFS ratings were
placed on review, in contemplation of a likely remapping of
Moody's national scale for Argentina. See a complete list of
companies and ratings/outlooks below.

RATINGS RATIONALE

GLOBAL SCALE RATINGS

According to Moody's, the rating upgrades of the for 11 insurers'
GLC IFS ratings (all now with stable outlooks) reflected a
combination of the beneficial impact of the sovereign upgrade on
multiple aspects of their financial profiles, including asset
quality, capital adequacy and financial flexibility, as well as
their meaningful sensitivity to sovereign and systemic risk,
including consideration of Argentina's insurance operating
environment. In the case of the 5 insurers whose ratings were
upgraded to Ba3, the upgrade also importantly considered the
raising of Argentina's local currency bond country ceiling to that
level, as their ratings would otherwise be constrained by the
previous B1 ceiling.

Moody's noted that the rating affirmation and stable outlook for
the remaining 4 insurers' and all 7 of the reciprocal guarantors'
GLC IFS ratings reflects their comparatively more modest
sensitivity to sovereign and systemic risk and their comparatively
weaker intrinsic credit profiles in other respects.

NATIONAL SCALE RATINGS

The national scale ratings (NSRs) of 17 entities are being placed
under review direction uncertain pending a potential revision of
the Argentina's NSR map. Following the recent upgrade of
Argentina's sovereign rating and the increase of its local
currency country ceiling to Ba3 from B1, the current mapping of
global scale ratings to national scale ratings may no longer
adequately serve one of its intended purposes, which is to provide
greater credit differentiation among issuers in Argentina than is
possible on the global rating scale. As a result, the lowest
global scale rating that maps to Aaa.ar is likely to rise to Ba3
in line with the new country ceiling, and the new map is likely to
associate lower NSRs with a given global scale rating than does
the current map. Assuming the map is revised in line with current
expectations, we would anticipate that the large majority of NSRs
being placed under review will be confirmed at their current
levels when the reviews conclude, though a small number may be
raised or lowered.

For companies with Ba3/Aaa.ar ratings, their NS rating outlook is
stable, as it is unlikely that the new map will associate a Ba3
global rating with a NS rating lower than Aaa.ar.

For those entities with B1/Aaa.ar ratings, their NS ratings are
being placed on review for downgrade, as it is likely that the new
map will associate a B1 global rating with a NS rating lower than
Aaa.ar.

The specific considerations for the rating actions are outlined
below.

1) The GLC IFS ratings of the following 6 insurers have been
upgraded (with stable outlooks), and their NS IFS ratings have
been placed under review with direction uncertain

-- Caja de Seguros: GLC IFS rating upgraded to B1 from B2. The
company's Aa1.ar NS IFS rating has been placed on review direction
uncertain;

-- La Segunda ART: GLC IFS rating upgraded to B2 from B3. The
company's A1.ar NS IFS rating has been placed on review direction
uncertain;

-- La Segunda Compania de Seguros de Personas: GLC IFS rating
upgraded to B2 from B3. The company's A1.ar NS IFS rating has been
placed on review direction uncertain;

-- La Segunda Coop. Ltda. de Seguros Generales: GLC IFS rating
upgraded to B2 from B3 The company's A1.ar NS IFS rating has been
placed on review direction uncertain;

-- Provincia Seguros: GLC IFS rating upgraded to B3 from Caa1.
The company's Baa1.ar NS IFS rating has been placed on review
direction uncertain;

-- San Cristobal Sociedad Mutual de Seguros Generales: GLC IFS
rating upgraded to B2 from B3. The company's A1.ar NS IFS rating
has been placed on review direction uncertain.

2) The GLC IFS ratings of the following 5 insurers have been
upgraded, and their NS IFS ratings have been affirmed. All ratings
carry stable outlooks:

-- ACE Seguros: GLC IFS ratings upgraded to Ba3 from B1. NS IFS
rating affirmed at Aaa.ar;

-- Allianz Argentina Compa§°a de Seguros: GLC IFS ratings
upgraded to Ba3 from B1. NS IFS rating affirmed at Aaa.ar;

-- BBVA Consolidar Seguros: GLC IFS ratings upgraded to Ba3 from
B1. NS IFS rating affirmed at Aaa.ar;

-- Chubb Argentina de Seguros: GLC IFS ratings upgraded to Ba3
from B1. NS IFS rating affirmed at Aaa.ar;

-- QBE Seguros La Buenos Aires: GLC IFS ratings upgraded to Ba3
from B1. NS IFS rating affirmed at Aaa.ar.

3) The GLC IFS ratings of the following 4 insurers and 7
reciprocal guarantors have been affirmed (with stable outlooks),
and their NS IFS ratings have been placed under review:

-- Acindar Pymes SGR: GLC IFS rating affirmed at B2. The
company's Aa3.ar NS IFS rating has been placed on review direction
uncertain;

-- Affidavit SGR: GLC IFS rating affirmed at B3. The company's
A3.ar NS IFS rating has been placed on review direction uncertain;

-- Aval Federal SGR: GLC IFS rating affirmed at B3. The company's
A2.ar NS IFS rating has been placed on review direction uncertain;

-- Aval Rural SGR: GLC IFS rating affirmed at B2. The company's
Aa3.ar NS IFS rating has been placed on review direction
uncertain;

-- Fianzas y CrÇdito: GLC IFS rating affirmed at B3. The
company's A2.ar NS IFS rating has been placed on review direction
uncertain;

-- Fondo de Garant°as Buenos Aires (FOGABA): GLC IFS rating
affirmed at B3. The company's A2.ar NS IFS rating has been placed
on review direction uncertain;

-- Garant°a de Valores SGR: GLC IFS rating affirmed at B2. The
company's Aa3.ar NS IFS rating has been placed on review direction
uncertain;

-- HSBC - Seguros de Vida: GLC IFS rating affirmed at B1. The
company's Aaa.ar NS IFS rating has been placed on review for
downgrade;

-- Providencia Compa§°a Argentina de Seguros: GLC IFS rating
affirmed at B3. The company's A3.ar NS IFS rating has been placed
on review direction uncertain;

-- Royal & Sun Alliance Seguros (Argentina): GLC IFS rating
affirmed at B1. The company's Aaa.ar NS IFS rating has been placed
on review for downgrade.

-- Vinculos SGR: GLC IFS rating affirmed at B3. The company's
A3.ar NS IFS rating has been placed on review direction uncertain.

In addition to company-specific rating drivers, the GLC and NS
ratings of Argentina's rated insurers and reciprocal guarantors
could be upgraded if the Argentine sovereign rating is further
upgraded and/or if the country's insurance operating environment
improves. Conversely, a deterioration in Argentina's sovereign
rating and/or insurance operating environment could result in a
downgrade of the companies' ratings.


=============
B O L I V I A
=============


BANCO DE LA NACION: Moody's Hikes GS Deposit Ratings to B3
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
upgraded Banco de la Nacion Argentina S.A. (Bolivia)'s global
scale deposit ratings to B3 from Caa1 and affirmed the national
scale deposit ratings at A1.bo. All ratings carry stable outlook.
The rating action follows Moody's Investors Service decision on
April 15 to upgrade Argentina's local currency government bond
rating to B3 from Caa1 (please see "Moody's upgrades Argentina's
issuer rating to B3 with a stable outlook").

The following actions have been taken on the ratings and
assessments below:

LT Bank Deposits, Upgraded to B3 from Caa1

Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr)

Counterparty Risk Assessment , Affirmed NP(cr)

ST Bank Deposits, Affirmed NP

NSR LT Bank Deposits, Affirmed A1.bo

NSR Other Short Term, Affirmed BO-1

Outlook Actions:

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

The upgrade considers that Banco de la Nacion Argentina's
operations are 100% guaranteed by the Argentine government, and as
such, its ratings are aligned with the Argentine government's bond
rating.

Moody's upgrade on Argentina's government bond rating reflects the
government's restored access to global capital markets following
its recent agreement with holdout creditors. The upgrade also
considers the economic policy improvements since the Macri
administration took office last December. The new government
lifted capital controls and allowed the peso to float more freely,
reduced energy and transportation subsidies and has begun to
address longstanding macroeconomic imbalances.

WHAT COULD CHANGE THE RATING UP/DOWN

Banco de la Nacion Argentina (Bolivia)'s ratings will face further
upward pressure if the Government of Argentina's issuer rating is
upgraded again. The bank's ratings will face downward pressure if
the Government of Argentina's rating is downgraded.

Banco de la Nacion Argentina (Bolivia) is headquartered in Santa
Cruz de la Sierra, Bolivia, with assets of BOB 218.4 million and
shareholders' equity of BOB 97.5 million as of February 2016.


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


ATLAS ASSET: Creditors' Proofs of Debt Due May 2
------------------------------------------------
The creditors of Atlas Asset Opportunities Fund 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 31, 2016.

The company's liquidator is:

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


BEDFORD INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On April 1, 2016, the sole shareholder of Bedford Investment Fund
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          EFG Capital Advisors, Inc.,
          c/o Tim Cone
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


CELLO LONG/SHORT: Creditors' Proofs of Debt Due May 11
------------------------------------------------------
The creditors of Cello Long/Short Real Estate Fund, 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 31, 2016.

The company's liquidator is:

          Antoine Schetritt
          MG Management Ltd.
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands


DALTON DISTRESSED: Commences Liquidation Proceedings
----------------------------------------------------
On March 29, 2016, the members of Dalton Distressed Credit
(Offshore Feeder) Fund Ltd. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Art Hebert
          1601 Cloverfield Boulevard - Suite 5050N,
          Santa Monica, CA 90404
          Telephone: +1 (424) 231 9066
          Facsimile: +1 (424) 231 9050


DECOR INVESTMENT: Court Enters Wind-Up Order
--------------------------------------------
On March 24, 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of Decor Investment Holdings
Limited.

The company's liquidators are:

          David Martin Griffin
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street
          Camana Bay
          PO Box 30613, Grand Cayman KY1-1203
          Cayman Islands; and

          Nicholas James Gronow
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central, Central
          Hong Kong


EQUITY SOUTH: Creditors' Proofs of Debt Due May 2
-------------------------------------------------
The creditors of Equity South Investments 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 liquidation proceedings on March 29, 2016.

The company's liquidator is:

          Westport Services Ltd.
          c/o Patricia Tricarico
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


EVO CAPITAL: Creditors' Proofs of Debt Due May 11
-------------------------------------------------
The creditors of Evo Capital Partners Fund 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 April 1, 2016.

The company's liquidator is:

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


PENDRAGON EVENT: Creditors' Proofs of Debt Due May 2
----------------------------------------------------
The creditors of Pendragon Event Driven Fund 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 March 29, 2016.

The company's liquidator is:

          Stuart Sybersma
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor, Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


SUNRISE GLOBAL: Creditors' Proofs of Debt Due May 4
---------------------------------------------------
The creditors of Sunrise Global Diversified Master Fund Ltd. are
required to file their proofs of debt by May 4, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 15, 2016.

The company's liquidator is:

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


TROPHY LV: Creditors' Proofs of Debt Due May 2
----------------------------------------------
The creditors of Trophy LV Fund 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:

          Norris Tai
          Suites 3318-3319, Jardine House, 33rd Floor
          1 Connaught Road
          Hong Kong
          Telephone: 011 852 2913 7000
          Facsimile: 011 852 2973 0238


TROPHY LV MASTER: Creditors' Proofs of Debt Due May 2
-----------------------------------------------------
The creditors of Trophy LV Master Fund 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:

          Norris Tai
          Suites 3318-3319, Jardine House, 33rd Floor
          1 Connaught Road
          Hong Kong
          Telephone: 011 852 2913 7000
          Facsimile: 011 852 2973 0238


WILTSHIRE CREDIT: Commences Liquidation Proceedings
---------------------------------------------------
On March 22, 2016, the sole shareholder of Wiltshire Credit
Opportunities Fund 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:

          David Griffin
          FTI Consulting (Cayman) Limited
          Suite 3212, Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          c/o Sandipan Bhowmik
          e-mail: sandipan.bhowmik@fticonsulting.com
          Telephone: +1 (345) 743-6830


ZAIS INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------
On April 1, 2016, the sole shareholder of Zais Investment Grade
Limited VII resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100
          e-mail: caymanLiquidation@walkersglobal.com


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


DOMINICAN REPUBLIC: Envoy Sees Strong UK Ties, But Doubt Lingers
----------------------------------------------------------------
Dominican Today reports that the United Kingdom's new ambassador
to the Dominican Republic forecast even stronger ties with the
Caribbean nation of 10 million, citing as proof the more than
US$1.0 billion British investment in various sectors, especially
energy.

Chris Campbell also shared his predecessor Steven Fisher's concern
with Dominican Republic's lack of legal guarantees for foreign
investment, according to Dominican Today.

"Judicial security is of great concern, not only here, but in all
countries where we have investments," the diplomat said, and noted
efforts by both London and Santo Domingo to improve the business
climate, the report notes.

"Among the hurdles to investment are corruption and impunity, as
we see it every day on TV and read about it in newspapers," the
diplomat said at the British Chamber of Commerce (BRITCHAM)
breakfast in his honor, the report relays.

                  Leading Attraction to Interment

The report notes that Mr. Fisher said UK investments in the
Dominican Republic are topped only by Mexico in Latin America.

A career diplomat, Mr. Campbell also urged BRITCHAM member
companies to establish strong social responsibility programs as a
way to earn an enduring reputation. "Once a doubt is cast, a lost
reputation is the most difficult thing to recover," the report
notes.

Mr. Fisher also warned companies against ignoring the needs and
desires of clients and customers.  "If you protect the people
they'll safeguard your company," he added.

                           Britcham Golf Cup

The report relays that Mr. Campbell also announced the annual
British Chamber Golf Cup, slated for Casa de Campo's legendary
Teeth of the Dog links starting April 30.

                          Gathering Boosts Ties

Prior to introducing Campbell to the business leaders gathered at
Hotel El Embajador, BRITCHAM president Jose Rodriguez said that
type of activity can contribute to bolster ties between Dominican
Republic and Great Britain, 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'.



FALCONBRIDGE DOMINICANA: To Resume Operations, But Not on Mountain
------------------------------------------------------------------
Dominican Today reports that Energy and Mines Minister Antonio Isa
Conde announced that the company Falconbridge has submitted all
legal documents required to obtain the permit that will allow it
to resume ferronickel extractions, but noted that Loma Miranda
isn't to be touched.

"Since the company Glencore Canada Corp. sold off the shares in
Falconbridge to the company Americano Nickel Ltd, it was said that
they could operate should they complete the necessary documents
presented by the aforementioned law and the lack of them was led
to the halting of one cargo of ferronickel containers at the port
of Haina, but we receive all the documents we had demanded," the
report quoted Minister Isa as saying.

In a statement, Isa said all documents submitted by the company
will be analyzed to see if they adhere to the provisions of the
law and proceed without delay to allow Falconbridge resume
operations, the report notes.

Among the documents the company had to submit, the official cited
the mine plan for five years, where Loma Miranda is not included
for purposes of exploitation, since it doesn't have the
government's environmental and licenses, the report relays.

Falconbridge's plans to mine Loma Miranda was met with wide
opposition and heated protests by activists who vowed to defend
the ecology of the mountain, the report adds.

                       About Americano Nickel

Americano Nickel Limited (Americano Nickel) is a specialist mining
holding company with a focus on Nickel exploration and mining in
the Dominican Republic and the Americas.  On August 13, 2015,
Americano Nickel acquired all the outstanding shares of Glencore
Canada Corporation in Falconbridge Dominicana (Falcondo).

Americano Nickel is a fully owned entity of Global Special
Opportunities Ltd. (GSOL), an international private equity fund
established in 2009. Since 2009, the fund has grown its portfolio
of investments across Europe and the Americas and is continuously
expanding its range. GSOL has identified opportunities in the
natural resources sector and the addition of a seasoned team of
experts in Nickel mining and production formed the basis for the
Americano Nickel investment in Falcondo.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.

Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership.  Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.

Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome.


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


JAMAICA: J$93MM for Projects Under Poverty Reduction Program
------------------------------------------------------------
RJR News reports that the Government of Jamaica has set aside J$93
million for this year's continuation of projects under the Poverty
Reduction Program.

Details of the project are outlined in the 2016/17 Estimates of
Expenditure.

The project, which is being implemented by the Jamaica Social
Investment Fund (JSIF), with financing from the European Union and
the Government, began in May 2012 and is slated to run until May
2018, according to RJR News.


                           *     *     *

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
===========


HIPOTECARIA SU: Moody's Cuts BRHSCCB 05U Cert. Rating to Caa2(sf)
-----------------------------------------------------------------
Moody's de Mexico has taken rating action on a Mexican RMBS
certificate resulting from a correction to its cash flow modeling
of the transaction. The action is as follows:

Issuer: Hipotecaria Su Casita - BRHSCCB 05U

BRHSCCB 05U, downgraded to Caa2 (sf) from B2 (sf); previously on
August 5, 2013 downgraded to B2 (sf).

BRHSCCB 05U, downgraded to Caa2.mx (sf) from Baa3.mx (sf);
previously on August 5, 2013 downgraded to Baa3.mx (sf).

RATINGS RATIONALE

Today's rating action is due to an error correction. In the prior
review of this transaction, the cash flow was erroneously modeled
as though the Partial Credit Guarantee (PCG) was still available
to cover interest and principal payments, increasing the available
credit enhancement. However, the PCG is already depleted. This
error has now been corrected, and today's rating action reflects
this change.

If not for the error, Moody's would have included this transaction
among the Mexican RMBS transactions whose ratings were placed on
watch on December 23, 2015, following Moody's implementation of
the MILAN Methodology for surveillance of Mexican RMBS.

Moody's analyzed overcollateralization, future losses, credit
enhancement and cash availability for the deal.

Under the MILAN approach, Moody's first performed a portfolio
analysis of the securitized collateral pool. The results of this
analysis are the portfolio's expected losses (Portfolio EL) and
Moody's Individual Loan Analysis Credit Enhancement (MILAN CE).
The Portfolio EL captures our expectations of performance
considering the current economic outlook, while the MILAN CE
captures the loss we expect the portfolio to suffer in the event
of a severe recession scenario. Moody's uses the two outputs from
the portfolio analysis to determine a probability loss
distribution. In the structural analysis, Moody's uses a cash flow
model in order to assess the structural features of the RMBS
transaction. The structure is assessed using each scenario in the
loss distribution. Finally, Moody's assesses the counterparty
default risk and the legal risk to derive the final ratings.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

Factors that would lead to a downgrade are higher expected loss
levels, the cash availability in the transaction and deterioration
of loss coverage.


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


PUERTO RICO: Accepts Revenue Cut in TT$115MM Transportation Deal
----------------------------------------------------------------
Trinidad Express reports that Puerto Rico's Highways and
Transportation Authority has agreed to take a revenue cut amid a
financial crisis to reach a TT$115 million deal with the company
that manages the island's toll roads.

Spanish-based Abertis said in a statement that subsidiary
Metropistas will manage the island's busiest toll road and others
for 10 more years, according to Trinidad Express.  In exchange,
the transportation agency will reduce its percentage of revenue
collections from 50 percent to 25 percent, the report notes.

A government spokeswoman did not immediately return a message for
comment.

Abertis said it will make an initial TT$100 million payment
followed by TT$15 million by June 2017 at the latest, the report
relays.

Puerto Rico's government is running out of money amid a decade-
long economic crisis and is seeking to restructure TT$70 billion
in public debt, the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
28, 2015, Moody's Investors Service has downgraded $1.09 billion
of Puerto Rico appropriation bonds issued by the Public Finance
Corporation (PFC) to C from Ca, while maintaining other ratings
assigned to the US territory's debt.


SPORTS AUTHORITY: Proposes August 29 Governmental Bar Date
-----------------------------------------------------------
Sports Authority Holdings, Inc., and its affiliated debtors ask
the U.S. Bankruptcy Court to establish (i) the date no earlier
than the first business day that is at least 30 days after the
Service Date, as the deadline for all persons and entities holding
a claim against the Debtors to file a Proof of Claim; and (ii)
August 29, 2016, as the deadline for each governmental unit
holding a claim against the Debtors to file a Proof of Claim in
the Chapter 11 Cases.

The Debtors further ask the Court to establish as Rejection Bar
Date the later of (a) the General Bar Date and (b) 30 days after
the effective date of rejection, as the bar date by which a proof
of claim relating to the Debtors' rejection of executory
contracts and unexpired leases must be filed.

Sports Authority Holdings, Inc., et al. are represented by:

       Michael R. Nestor, Esq.
       Kenneth J. Enos, Esq.
       Andrew L. Magaziner, Esq.
       YOUNG CONAWAY STARGATT & TAYLOR, LLP
       Rodney Square
       1000 North King Street
       Wilmington, Delaware 19801
       Telephone: (302) 571-6600
       Facsimile: (302) 571-1253
       Email: mnestor@ycst.com
              kenos@ycst.com
              amagaziner@ycst.com

       -- and --

       Robert A. Klyman, Esq.
       Matthew J. Williams, Esq.
       Jeremy L. Graves, Esq.
       Sabina Jacobs, Esq.
       GIBSON, DUNN & CRUTCHER LLP
       333 South Grand Avenue
       Los Angeles, CA 90071-1512
       Telephone: (213) 229-7000
       Facsimile: (213) 229-7520
       Email: rklyman@gibsondunn.com
              mjwilliams@gibsondunn.com
              jgraves@gibsondunn.com
              sjacobs@gibsondunn.com

           About Sports Authority Holdings

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

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

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

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


SPORTS AUTHORITY: Seeks Approval of PBS Vendor Agreement
--------------------------------------------------------
Sports Authority Holdings, Inc., and its affiliated debtors ask
the U.S. Bankruptcy Court to approve a settlement agreement with
pay-by-scan (PBS) vendors.

According to the Debtors, a significant portion of their business
involves the sale of a wide range of popular goods delivered to
the Debtors from various vendors pursuant to PBS vendor agreements
executed prior to the Petition Date by Debtor TSA Stores, Inc.

Certain of the Debtors have commenced an adversary proceeding
against each of the PBS Vendors, to, among other things,
demonstrate a bona fide dispute that would permit the Debtors to
sell the Prepetition PBS Goods free and clear of all liens, claims
and interests, and seek, among other things, for declaratory
judgment with respect to the rights and interest in the
Prepetition PBS Goods with respect to each PBS Vendor, and the
Debtors' ability to sell the Prepetition PBS Goods under
applicable provisions of the Bankruptcy Code and applicable
provisions of the Uniform Commercial Code (UCC).

The Debtors tell the Court that the PBS Vendor Settlement will
allow them to resume their ordinary course business operations,
continue to sell merchandise on hand and restock with new
merchandise, generate significant returns for the Debtors' estates
and stakeholders, and foster important vendor relationships that
should improve value in the context of these Chapter 11 Cases.
Under the Vendor Settlement, the Debtors provide the PBS Vendors
with the compromise deal and the assurances they need to resume
deliveries to the Debtors of the fresh inventory that is essential
to the Debtors' go-forward business and the sale or reorganization
of the Debtors' business.

The Debtors add that the Vendor Settlement will increase their
liquidity materially because the Consenting Vendors have agreed to
reallocate to the Debtors 40 percent of their proceeds arising
from the sale of the Prepetition PBS Goods, and have also agreed
to ship more goods in the ordinary course of business, which will
help enable the Debtors to remain in compliance with their DIP
financing budget.  Likewise, the implementation of the Vendor
Settlement will cut the professional fee burn associated with the
material contested matters arising from the Disputes.

Furthermore, the Vendor Settlement entitles the Vendor to receive
100% of the Vendor Allocation specified in the PBS Agreement and
Vendor will have a first priority, perfected security interest in
Postpetition PBS Goods delivered post-petition and the Vendor
Allocation of the proceeds therefrom that is senior to any rights
asserted by TSA's existing and future secured lenders, provided,
however, that such security interest shall not entitle Vendor to
any adequate protection claim or other administrative expense
claim.

The Parties have also agree that any and all termination notices
with respect to the PBS Agreements will be deemed withdrawn, and
upon a final 9019 Order, TSA will dismiss its pending complaints
against the Consenting Vendor, and that in the event of a Sale of
TSA and/or its affiliates, the Settlement Agreement will govern
the disposition of PBS Goods delivered prior to the closing of
such Sale and the proceeds therefrom.  Post-closing deliveries
will be the subject of the existing PBS Agreement, in the event
that the assumption and assignment of such PBS Agreement is
approved by the Bankruptcy Court, or as otherwise agreed to
between the buyer in the Sale and the Vendor, and will not be
governed by the Settlement
Agreement.

Sports Authority Holdings, Inc., et al. are represented by:

       Michael R. Nestor, Esq.
       Kenneth J. Enos, Esq.
       Andrew L. Magaziner, Esq.
       YOUNG CONAWAY STARGATT & TAYLOR, LLP
       Rodney Square
       1000 North King Street
       Wilmington, Delaware 19801
       Telephone: (302) 571-6600
       Facsimile: (302) 571-1253
       Email: mnestor@ycst.com
              kenos@ycst.com
              amagaziner@ycst.com

       -- and --

       Robert A. Klyman, Esq.
       Matthew J. Williams, Esq.
       Jeremy L. Graves, Esq.
       Sabina Jacobs, Esq.
       GIBSON, DUNN & CRUTCHER LLP
       333 South Grand Avenue
       Los Angeles, CA 90071-1512
       Telephone: (213) 229-7000
       Facsimile: (213) 229-7520
       Email: rklyman@gibsondunn.com
              mjwilliams@gibsondunn.com
              jgraves@gibsondunn.com
              sjacobs@gibsondunn.com

              About Sports Authority Holdings

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

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

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

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


=============
U R U G U A Y
=============


BANCO DE LA NACION: Fitch Raises Issuer Default Rating to 'B'
-------------------------------------------------------------
Fitch Ratings has upgraded Banco de la Nacion Argentina's
(Sucursal Uruguay) (BNAUY) Foreign Currency (FC) and Local
Currency (LC) long-term Issuer Default Ratings to 'B' from 'CCC'.
Simultaneously, its Support Rating (SR) has been upgraded to '4'
from '5'.

The upgrade to BNAUY's 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').

                     KEY RATING DRIVERS IDRs

BNAUY is a branch of Banco de la Nacion Argentina (BNA) and part
of the same legal entity.  BNA and BNAUY are wholly owned by the
government.  BNAUY's IDRs reflect the high likelihood of support
from the Republic of Argentina, should it be required.  BNA's
liabilities (including its branches abroad) are fully guaranteed
by the government.

BNAUY FC IDR is above the sovereign's FC IDR of 'RD' which
reflects the current default status of certain debt securities
affected by a court ruling.  However, in Fitch's view, Argentina's
payment capacity for its LC and FC debt securities issued under
Argentina's Law is rated 'B'.  At the time of the Argentina's
local currency upgrade, Fitch indicated the resumption of timely
debt service on defaulted bonds would lead to the upgrade of the
FC IDR, most likely to the level of the LC IDR.  The government is
moving ahead with the external debt issuance to pay for the
settlement with holdout creditors.

Although the Argentina's 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 measures are
only being taken gradually and, therefore, the economic recovery
will likely take some time to materialize.

As a fully state-owned financial institution, deeply integrated
with government strategy, BNA's and BNAUY's creditworthiness are
intrinsically aligned with that of the sovereign given the
explicit guarantee in place.  The head office, BNA, has a leading
franchise and systemic importance in Argentina.  It is the largest
bank in terms of loans and deposits, with international coverage
through branches and representative offices in nine countries that
mainly attend to domestic needs related to intraregional foreign
trade supporting the commercial activity of Argentina in the
region.  BNAUY is the smallest bank in the country due to its
narrow business focus.

BNAUY is fully integrated with the head office's strategies,
corporate governance practices and risk management procedures.
BNAUY operates through only one main office and its activities are
reported to the International Banking area of BNA.  BNAUY has
modest profitability, a fairly liquid balance sheet and adequate
capitalization metrics.

KEY RATING DRIVERS SUPPORT RATING
BANUY's Support Rating of '4' considers that there are significant
uncertainties as to the ability of the sovereign to provide
support, given Argentina's weak credit profile, which results in
limited probability of support.

RATING SENSITIVITIES - IDRS & SUPPORT RATING
BNAUY's ratings are sensitive to changes in Argentina's sovereign
rating and/or willingness or ability to provide support to BNA and
its branches.

Fitch has upgraded these ratings:

   -- Foreign Currency Long-Term IDR to 'B' from 'CCC'; Outlook
      Stable;
   -- Local Currency Long-Term IDR to 'B' from 'CCC'; Outlook
      Stable;
   -- Support Rating to '4' from '5'.


COOPERATIVA DE AHORRO.: Fitch Affirms 'B' IDR; Outlook Neg.
-----------------------------------------------------------
Following its peer review of Uruguayan Financial Institutions,
Fitch Ratings has taken these rating actions:

Scotiabank Uruguay:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      affirmed at 'BBB+'; Outlook Stable;
   -- Long-Term Local Currency IDR affirmed at 'A-'; Outlook
      Stable;
   -- Support rating affirmed at '2';
   -- Viability rating affirmed at 'bb-'.

HSBC Uruguay:

   -- Long-term Foreign Currency IDR affirmed at 'BBB+'; Outlook
      Stable;
   -- Long-term Local Currency IDR affirmed at 'A-'; Outlook
      Stable;
   -- Support rating affirmed at '2';
   -- Viability rating affirmed at 'b+'.

Banco de la Nacion Argentina (Sucursal Uruguay) (BNAUY)

   -- Long-Term Foreign Currency IDR upgraded to 'B' from 'CCC';
      Outlook Stable;
   -- Long-Term Local Currency IDR upgraded to 'B' from 'CCC';
      Outlook Stable;
   -- Support rating upgraded to '4' from '5'.

Cooperativa de Ahorro y Credito FUCEREP:

   -- Long-term Foreign and Local Currency IDRs affirmed at 'B';
      Outlook revised to Negative from Stable;
   -- Viability rating affirmed at 'b'
   -- Support rating affirmed at '5';
   -- Support rating floor affirmed at 'NF'.

These RACs include each issuer's key rating drivers and
sensitivities, as well as the list of all rating actions taken.


COOPERATIVA DE AHORRO: Fitch Affirms Viability Rating at 'b'
------------------------------------------------------------
Fitch Ratings has affirmed Cooperativa de Ahorro y Credito
(FUCEREP)'s (FUCEREP) Long-term Issuer Default Ratings (IDRs) at
'B' and Viability rating (VR) at 'b'.  The Rating Outlook was
revised to Negative from Stable.

The revision of the Rating Outlook to Negative reflects the
challenges faced by FUCEREP to meet the increased regulatory
capital requirements in times when its overall financial
performance has been weak, posting net losses for three years in a
row.  Failing to meet regulatory capital requirements could
threaten the ability of the entity to expand its business in the
medium term.  In addition, the Negative Outlook reflects the weak
results shown in the past three years and the negative trend in
asset quality ratios, which Fitch expects to continue in the near
future.

                   KEY RATING DRIVERS - IDR and VR

FUCEREP's IDR and VR are highly influenced by its small size
within the financial system and the challenges the cooperative
faces to meet the increased regulatory capital requirements.
Additionally, the ratings also consider the entity's weak results
over the past three years and Fitch's perception of higher risk as
the cooperative diversifies its operations.  Adequate, although
deteriorating, asset quality, good liquidity management and a
growing deposit base support FUCECREP's ratings.

FUCEREP's Fitch Core Capital 29.41% is adequate for its business
model, supported by the annual contributions made by its members
that have partially offset the net losses suffered in the past
three years.  However, since July 2013, the cooperative has been
subject to a new regulatory minimum net equity requirement that
must reach 24% of risk weighted assets, according to the
regulator's phase-in schedule by 2019.  The deduction of hefty IT
expenses has challenged compliance with the annual minimum
regulatory requirement.  FUCEREP is exploring alternatives with
the regulator to meet its increased requirement.  Its forecasted
scenarios appear reasonable to Fitch; however, reaching the new
minimum equity represents a challenge for planned growth.

FUCEREP's profitability has been low in the past three years.
While its operating revenues have increased in line with loan
growth and moderate income diversification, it suffered
operational losses in the past three years affected by slower
growth in 2015, higher credit costs and rising administrative
expenses mainly due to IT investments; net losses were affected by
the inflation adjustment in 2014 - 2015.  Although FUCEREP is a
not for profit entity, internal capital generation is important to
finance its expansion.

FUCEREP's operational cost base, which has increased since 2013
due to technology expenditures and a new branch opening each year,
is high.  Staff costs account nearly for two thirds of operating
expenses, Fitch believes FUCEREP's has room to improve its cost to
income ratio as its operating revenues expand but the agency only
expects the ratio to return to its historical average (around 81%)
progressively.

FUCEREP's impaired loan ratio has been historically well contained
relative to similar Uruguayan entities (5.94% on average for
2010 - 2014), benefitting from its business model since 75% of the
loans are debited from the borrowers' payroll.  However, past due
loans have risen (7.89% at YE15), a trend Fitch expects to
continue due to the economic slowdown.  In the medium term further
pressures could arise from strong projected growth and expansion
into new segments.  Charge-offs are low (0.84% at YE15) and loan
loss reserve coverage high (151.81%).

The low-cost deposit base has steadily grown (14.05% in 2015).
Deposit concentration remains high (top 10 depositors represented
24.8% of total deposits), but this is partially mitigated by
FUCEREP's ample liquidity.  It has also obtained credit lines in
four local banks to fund its strong growth plans.

The cooperative is taking some steps to gradually adapt its
business model into non-payroll deducted credits, expand inside
the country and grow strongly in SME lending.  Fitch perceives an
increased risk appetite and sees this expansion as a significant
challenge for the entity.

   KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

FUCEREP's Support and Support Rating Floor of '5' and 'NF'
respectively reflects Fitch's opinion that extraordinary external
support if needed, although possible, cannot be relied upon given
its small size and deposit market share.

                       RATING SENSITIVITIES

IDRs AND VR

FUCEREP's VR and IDR ratings could be downgraded if the
cooperative fails to meet the regulatory capital requirements or
if its low profitability together with material deterioration in
asset quality lead to its Fitch Core Capital ratio falling and
remaining below 15%.

The outlook on FUCEREP's IDRs could return to stable if the entity
consistently meets its regulatory capital requirements.  Sustained
progresses in its profitability metrics, with ROA consistently
remaining above 1%, together with asset quality and capitalization
remaining at historic levels could lead to positive rating
actions.

       RATING SENSITIVITIES -SUPPORT AND SUPPORT RATING FLOOR

Changes in the SR and SRF of FUCEREP are highly unlikely in the
foreseeable future.

Fitch has affirmed these:

FUCEREP:

   -- Long-term Foreign and Local Currency IDRs at 'B'; Outlook to
      Negative from Stable;
   -- Viability rating at 'b'
   -- Support rating at '5';
   -- Support rating floor at 'NF'.



=================
V E N E Z U E L A
=================


EMPRESAS POLAR: To Stop Brewing Beer Because of Shortages
---------------------------------------------------------
Latin American Herald reports that Empresas Polar said it would
stop brewing beer in the South American nation due to shortages of
raw materials.

"We only have enough malted yeast to produce until April 29," the
company said in a statement obtained by the news agency.

Polar has been saying for some time that President Nicolas
Maduro's administration has not been giving it access to the
foreign currency needed to pay suppliers abroad, according to
Latin American.

Lorenzo Mendoza, who owns Polar, has been accused by Maduro of
waging "economic war" against the government, the report notes.

The report relays that Mr. Maduro blames the business community
for the shortages of food, medicines and other consumer products
in Venezuela, where such goods can be bought on the black market
at high prices.

"I'm waiting for you here, Lorenzo Mendoza, come into the
bullring, Lorenzo Mendoza, hypocrite, two face. If you can't
manage your companies, hand over the companies to the people, who
can do it," Maduro said on Feb. 4, a day after the businessman
spoke out in public about the dire economic situation in
Venezuela, the report discloses.

Polar, which employs about 30,000 people and also distributes
Pepsi Cola and Gatorade products, is not getting "even one dollar"
from the state-controlled foreign exchange system implemented in
Venezuela in 2003, the report adds.


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


* BOND PRICING: For the Week From April 18 to April 22, 2016
------------------------------------------------------------

Issuer Name               Cpn    Price   Maturity   Country  Curr
-----------               ---    -----   --------   -------  ----
Alpha Star Holding II Lt   8.45   66.477  3/19/2034     EC  USD
Andino Investment Holdin   5.36   74.336  11/25/2020    EC  USD
Andino Investment Holdin    8.5     37.1  4/10/2018     VE  USD
Anton Oilfield Services   11.75       41  10/21/2026    VE  USD
Anton Oilfield Services   8.875     19.5  3/29/2017     MN  USD
BA-CA Finance Cayman 2 L      8    6.625  12/31/2018    CL  USD
BA-CA Finance Cayman Ltd   5.75   69.812  12/1/2034     KY  USD
Banco Bilbao Vizcaya Arg  4.375    46.75  4/25/2025     KY  USD
Banco BPI SA/Cayman Isla    7.5    61.25   4/3/2017     BR  USD
Banco do Brasil SA/Cayma    7.5    45.88                KY  USD
Banco do Brasil SA/Cayma    7.5     44.2                KY  USD
Banco do Brasil SA/Cayma     10  128.271  12/31/2020    KY  USD
Banco do Brasil SA/Cayma  4.625   69.075   3/1/2021     KY  USD
Banco Santander Puerto R    7.5       45  4/25/2019     HK  USD
BCP Singapore VI Cayman   8.625     68.5  11/1/2018     AE  USD
BCP Singapore VI Cayman  0.9551    42.75  12/1/2039     KY  USD
CA La Electricidad de Ca   5.93   73.652  11/1/2021     EC  USD
Caixa Geral De Depositos    9.5    29.75  4/23/2019     BR  USD
China Shanshui Cement Gr  7.375   69.875  1/31/2020     PE  USD
China Shanshui Cement Gr    6.5   69.989  12/1/2023     EC  USD
China Shanshui Cement Gr      7    47.25  4/21/2020     KY  USD
CSN Islands XI Corp        5.93   73.051   1/1/2022     EC  USD
CSN Islands XI Corp       10.75   34.639  2/12/2023     BR  USD
CSN Islands XII Corp          7    73.33  1/17/2023     CO  COP
CSN Islands XII Corp       3.95   61.977  3/15/2022     KY  USD
Decimo Primer Fideicomis  6.375   73.875  5/15/2043     CR  USD
Decimo Primer Fideicomis    7.7   68.067   7/1/2029     EC  USD
Delta Investment Horizon   5.36   75.108  12/30/2020    EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes    7.5   65.375   4/3/2017     BR  USD
Ecuador Government Domes      6   43.875   4/5/2023     KY  USD
Ecuador Government Domes   6.25   73.089   4/6/2017     VE  USD
Ecuador Government Domes  6.375   73.835  5/15/2043     CR  USD
Ecuador Government Domes      6       31  5/16/2024     VE  USD
Ecuador Government Domes   9.75    36.95  5/17/2035     VE  USD
Ecuador Government Domes  4.625     69.5  5/21/2023     CN  USD
Ecuador Government Domes    8.5    75.01  5/25/2016     CN  USD
Ecuador Government Domes      3   74.109  5/26/2020     ID  USD
Ecuador Government Domes   8.45   65.784  5/30/2034     EC  USD
Ecuador Government Domes   9.25       35   5/7/2028     VE  USD
Ecuador Government Domes  4.875   75.819   6/1/2027     KY  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes    7.7   68.164  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes   8.45   65.975  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes    7.7   68.158  6/12/2029     EC  USD
Ecuador Government Domes    7.7   68.195  6/12/2029     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   7.75   70.121  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes  5.125    43.35  6/26/2022     KY  USD
Ecuador Government Domes  5.125   44.625  6/26/2022     KY  USD
Ecuador Government Domes  7.125     43.5  6/26/2042     KY  USD
Ecuador Government Domes  7.125       42  6/26/2042     KY  USD
Ecuador Government Domes   5.25       43  6/27/2029     KY  USD
Ecuador Government Domes   6.35    31.25  6/30/2021     KY  USD
Ecuador Government Domes   6.35     31.5  6/30/2021     KY  USD
Ecuador Government Domes    7.7   68.032   7/1/2029     EC  USD
Ecuador Government Domes    7.7   68.067   7/1/2029     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes   8.45   65.863   7/1/2034     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes 13.625       62  8/15/2018     VE  USD
Ecuador Government Domes 13.625       45  8/15/2018     VE  USD
Ecuador Government Domes 13.625   49.881  8/15/2018     VE  USD
Empresa de Telecomunicac   5.64   71.931  12/30/2021    EC  USD
Empresa de Telecomunicac   5.42       50  3/28/2019     NO  NOK
Empresa Generadora de El   8.25    45.75  4/25/2018     KY  BRL
Empresa Generadora de El  4.625   72.512  5/21/2023     CN  USD
ESFG International Ltd     5.25       52  4/12/2017     VE  USD
General Exploration Part  5.125    34.75  12/15/2017    BR  EUR
General Shopping Finance   6.21   71.552  11/25/2023    EC  USD
General Shopping Finance  11.75    70.75  4/23/2018     KY  USD
Global A&T Electronics L   7.75   69.333  11/7/2028     EC  USD
Global A&T Electronics L   5.93   73.359  12/1/2021     EC  USD
Global A&T Electronics L     10    62.75   2/1/2019     SG  USD
Global A&T Electronics L   8.45   66.646   2/6/2034     EC  USD
Gol Finance Inc            6.75    23.75  10/1/2022     KY  USD
Gol Finance Inc           8.625    67.75  11/1/2018     AE  USD
Gol Finance Inc            4.15     71.5  11/14/2035    KY  EUR
Gol Finance Inc            5.25    47.25  3/15/2042     KY  USD
Gol Finance Inc           5.375    31.45  4/12/2027     VE  USD
Gol Finance Inc             5.5    32.64  4/12/2037     VE  USD
Gol Finance Inc            8.25    45.75  4/25/2018     KY  BRL
Golden Eagle Retail Grou      6    70.25  10/25/2041    PA  USD
Golden Eagle Retail Grou   6.95       65   4/1/2025     KY  USD
Greenfields Petroleum Co  12.75     42.4  2/17/2022     VE  USD
Honghua Group Ltd           6.5    67.24  11/15/2020    KY  USD
Honghua Group Ltd          8.45   66.414   4/2/2034     EC  USD
Instituto Costarricense    7.75   69.149  11/8/2028     EC  USD
Instituto Costarricense     7.5   51.602  4/15/2031     KY  USD
Inversiones Alsacia SA      7.5   46.274  11/6/2018     CN  USD
Inversiones Alsacia SA       10    62.75   2/1/2019     SG  USD
Inversora Electrica de B    7.5       34  4/25/2019     HK  USD
Kaisa Group Holdings Ltd   5.64   70.192  11/25/2021    EC  USD
Kaisa Group Holdings Ltd   5.61   68.567  12/1/2022     EC  USD
MIE Holdings Corp          7.75   70.495  10/23/2028    EC  USD
MIE Holdings Corp          6.21   71.691  11/1/2022     EC  USD
MIE Holdings Corp             8    57.65  4/15/2021     KY  USD
Mongolian Mining Corp       5.5     36.5  10/23/2020    BR  USD
Mongolian Mining Corp     8.875       16  3/29/2017     MN  USD
NB Finance Ltd/Cayman Is   7.75   69.111  11/8/2028     EC  USD
Newland International Pr  12.75    44.25  2/17/2022     VE  USD
Newland International Pr      7   46.125  4/21/2020     KY  USD
Noble Holding Internatio  6.625       22  10/1/2022     KY  USD
Noble Holding Internatio   5.75    61.11  10/24/2023    BR  USD
Noble Holding Internatio  4.125    61.46  11/1/2022     BR  USD
Noble Holding Internatio      6    30.75  11/15/2026    VE  USD
Noble Holding Internatio   5.93   71.815  11/25/2022    EC  USD
Noble Holding Internatio    7.5     46.5  11/6/2018     CN  USD
Noble Holding Internatio   7.75   69.371  11/7/2028     EC  USD
Noble Holding Internatio  9.875    31.05  11/9/2019     BR  USD
Odebrecht Drilling Norbe   7.25   53.375  1/18/2018     KY  USD
Odebrecht Drilling Norbe   7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         7    38.55                BR  USD
Odebrecht Finance Ltd         7     39.5                BR  USD
Odebrecht Finance Ltd     5.753        1                KY  EUR
Odebrecht Finance Ltd      7.75    37.25  10/13/2019    VE  USD
Odebrecht Finance Ltd      8.25    35.75  10/13/2024    VE  USD
Odebrecht Finance Ltd         9    35.75  11/17/2021    VE  USD
Odebrecht Finance Ltd         4   70.666  11/4/2023     AR  USD
Odebrecht Finance Ltd    0.9551    42.75  12/1/2039     KY  USD
Odebrecht Finance Ltd      7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         8     74.5  12/20/2049    CN  CNY
Odebrecht Finance Ltd         6    33.25  12/9/2020     VE  USD
Odebrecht Finance Ltd      3.38   63.175   2/7/2035     KY  EUR
Odebrecht Finance Ltd    3.8734       98  3/21/2017     KY  USD
Odebrecht Finance Ltd         7       36  3/31/2038     VE  USD
Odebrecht Finance Ltd      7.45    53.07  4/15/2027     KY  USD
Odebrecht Finance Ltd     6.875   73.411  4/22/2016     CN  CNY
Odebrecht Offshore Drill  9.375    37.75  1/13/2034     VE  USD
Odebrecht Offshore Drill      6   29.125  10/28/2022    VE  USD
Odebrecht Offshore Drill  7.125    65.73  12/15/2021    KY  USD
Odebrecht Offshore Drill   7.75   69.066  12/19/2028    EC  USD
Oi SA                         7    73.33  1/17/2023     CO  COP
Oi SA                         8        6  12/31/2018    CL  USD
Pesquera Exalmar SAA     2.8791   73.715  11/30/2032    CL  USD
Pesquera Exalmar SAA       7.65     35.5  4/21/2025     VE  USD
Petroleos de Venezuela S   6.25    54.25                KY  USD
Petroleos de Venezuela S   8.75    28.25                BR  USD
Petroleos de Venezuela S   0.99   43.333                KY  EUR
Petroleos de Venezuela S   5.95    50.25  1/30/2018     NO  NOK
Petroleos de Venezuela S  7.375     73.5  1/31/2020     PE  USD
Petroleos de Venezuela S   5.93   73.967  10/1/2021     EC  USD
Petroleos de Venezuela S  6.625   22.375  10/1/2022     KY  USD
Petroleos de Venezuela S    5.5    35.59  10/23/2020    BR  USD
Petroleos de Venezuela S  4.125       62  11/1/2022     BR  USD
Petroleos de Venezuela S     11   70.125  11/13/2020    PE  USD
Petroleos de Venezuela S     10    63.75   2/1/2019     SG  USD
Petroleos de Venezuela S  10.75   34.125  2/12/2023     BR  USD
Petroleos de Venezuela S   6.05       49   3/1/2041     KY  USD
Petroleos de Venezuela S    6.8       50  3/15/2038     KY  USD
Petroleos de Venezuela S   7.95    55.25   4/1/2045     KY  USD
Petroleos de Venezuela S      8    66.25  4/15/2021     KY  USD
Polarcus Ltd               7.75   69.371  11/7/2028     EC  USD
Provincia del Chaco           6       45   4/5/2023     KY  USD
PSOS Finance Ltd              7     41.5  12/1/2018     VE  USD
Rabobank Chile             5.25    41.55  6/27/2029     KY  USD
Republic of Ecuador Mini   8.45   65.752  5/30/2034     EC  USD
Republic of Ecuador Mini      9    37.25   5/7/2023     VE  USD
Republic of Ecuador Mini    6.4   72.465  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini   8.45    65.97  6/12/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   65.789  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   9.25     36.1  7/20/2020     BR  USD
Republic of Ecuador Mini   9.25       38  7/20/2020     BR  USD
Republic of Ecuador Mini   7.75   69.949  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    4.9   73.401   8/1/2020     KY  USD
Republic of Ecuador Mini   7.75   69.885   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini    6.2   50.923   8/1/2040     KY  USD
Republic of Ecuador Mini  12.75       43  8/23/2022     VE  USD
Republic of Ecuador Mini  11.95     40.5   8/5/2031     VE  USD
Republic of Ecuador Mini    7.7    67.63  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini   8.45   65.552  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   7.75   69.687  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini  5.625    72.25  9/11/2042     BR  USD
Republic of Ecuador Mini   9.75   33.382  9/15/2016     BR  BRL
Republic of Ecuador Mini   9.75   33.625  9/15/2016     BR  BRL
Republic of Ecuador Mini  9.125   67.887  9/15/2017     VE  USD
Republic of Ecuador Mini   9.25       40  9/15/2027     VE  USD
Republic of Ecuador Mini  6.875    55.25  9/21/2019     KY  USD
Republic of Ecuador Mini  6.875       57  9/21/2019     KY  USD
Republic of Ecuador Mini   7.45   45.015  9/25/2019     CN  USD
Republic of Ecuador Mini   7.45   45.125  9/25/2019     CN  USD
Republic of Ecuador Mini    6.5     58.5  9/26/2017     AR  USD
Republic of Ecuador Mini  5.375    61.25  9/26/2024     BR  USD
Republic of Ecuador Mini  5.375    53.75  9/26/2024     BR  USD
Republic of Ecuador Mini    7.7   67.506  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini   8.45   65.454  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Samarco Mineracao SA      0.719       43                KY  EUR
Samarco Mineracao SA       7.75   69.436  10/23/2028    EC  USD
Samarco Mineracao SA       11.5   35.375  11/13/2018    CA  USD
Samarco Mineracao SA      1.353   73.375  12/17/2017    KY  EUR
Samarco Mineracao SA       6.21   68.503  12/30/2023    EC  USD
Samarco Mineracao SA       8.45   66.646   2/6/2034     EC  USD
Seagate HDD Cayman         7.75   70.495  10/23/2028    EC  USD
Seagate HDD Cayman          6.5   69.477  11/25/2024    EC  USD
Shelf Drilling Holdings   5.125   34.584  12/15/2017    BR  EUR
Shelf Drilling Holdings       8    52.15  4/15/2027     KY  USD
Siem Offshore Inc            10    67.99   2/1/2019     SG  USD
Siem Offshore Inc           7.5     79.5  3/10/2020     CN  USD
Telemar Norte Leste SA        9       68                KY  USD
Telemar Norte Leste SA     6.25    50.25                KY  USD
Telemar Norte Leste SA     5.75    61.25  10/24/2023    BR  USD
Telemar Norte Leste SA     7.75   69.149  11/8/2028     EC  USD
Telemar Norte Leste SA    6.875       49   2/6/2018     HK  USD
Telemar Norte Leste SA     5.25   43.273  3/21/2019     VE  USD
Telemar Norte Leste SA      5.6       45  3/30/2022     AE  USD
Transocean Inc               10       55                KY  USD
Transocean Inc                9    69.75                KY  USD
Transocean Inc             7.25       54  1/18/2018     KY  USD
Transocean Inc             4.54   58.625  10/25/2041    PA  USD
Transocean Inc               11       70  11/13/2020    PE  USD
Transocean Inc             6.75  104.4036 11/5/2021     PY  USD
Transocean Inc              7.5   75.375  12/10/2028    PR  USD
Transocean Inc             8.45   66.618   2/6/2034     EC  USD
US Capital Funding IV Lt   7.75   70.502  4/25/2028     EC  USD
US Capital Funding IV Lt   9.75    37.65  5/17/2035     VE  USD
Usiminas Commercial Ltd      10       55                KY  USD
Usiminas Commercial Ltd    8.45   66.451  3/19/2034     EC  USD
USJ Acucar e Alcool SA      6.5   69.901   1/1/2024     EC  USD
USJ Acucar e Alcool SA     5.93   73.323  12/30/2022    EC  USD
Vale SA                    6.21   71.086   1/1/2023     EC  USD
Vantage Drilling Interna  9.875    33.25  11/9/2019     BR  USD
Venezuela Government Int    6.5   69.654                IE  USD
Venezuela Government Int   8.75   30.125                BR  USD
Venezuela Government Int   6.75    24.01  10/1/2022     KY  USD
Venezuela Government Int    4.3   54.766  10/15/2022    KY  USD
Venezuela Government Int    5.5     35.5  10/23/2020    BR  USD
Venezuela Government Int    6.5   70.288  11/1/2023     EC  USD
Venezuela Government Int      6    31.21  11/15/2026    VE  USD
Venezuela Government Int      9     33.9  11/17/2021    VE  USD
Venezuela Government Int    8.5    53.55  11/2/2017     VE  USD
Venezuela Government Int   8.45   66.477  3/19/2034     EC  USD
Venezuela Government Int    7.5   68.052   4/3/2017     BR  USD
Venezuela Government Int      6    30.25  5/16/2024     VE  USD
Venezuela Government Int    8.5    75.01  5/25/2016     CN  USD
Venezuela Government Int   8.45   65.784  5/30/2034     EC  USD
Venezuela Government Int      9     12.5  5/31/2017     US  CAD
Venezuela Government Int    7.7   68.195  6/12/2029     EC  USD
Venezuela Government TIC   8.45   66.414   4/2/2034     EC  USD
Venezuela Government TIC    9.5    30.05  4/23/2019     BR  USD
Venezuela Government TIC  4.375       41  4/25/2025     KY  USD
VRG Linhas Aereas SA        8.1   53.131  12/15/2041    KY  USD
VRG Linhas Aereas SA       8.45   66.386   4/2/2034     EC  USD
XLIT Ltd                    8.5       53  11/2/2017     VE  USD


                            ***********


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

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

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


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any comillionercial use, resale
or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *