TCRLA_Public/160502.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, May 2, 2016, Vol. 17, No. 85


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Confirms Employee in Custody in Barbados


B R A Z I L

BANCO VOTORANTIM: S&P Affirms 'BB/B' Ratings & Puts on Watch Neg.
HYPERMARCAS SA: Fitch Affirms 'BB+' IDR; Outlook Positive


C A Y M A N  I S L A N D S

CLOUD GATE: Creditors' Proofs of Debt Due May 25
CREP CAYMAN: Creditors' Proofs of Debt Due May 25
CREP INVESTMENT B: Creditors' Proofs of Debt Due May 25
GLOBAL PHILANTHROPIC: Creditors' Proofs of Debt Due May 23
INTERPENTA CORPORATION: Creditors' Proofs of Debt Due May 25

LUTETIUM PORTFOLIO: Commences Liquidation Proceedings
MBB HOLDINGS: Creditors' Proofs of Debt Due May 16
OPPORTUNITY FUND: Creditors' Proofs of Debt Due May 16
SCORPIO INVESTMENT: Creditors' Proofs of Debt Due May 25
WEST BAY: Creditors' Proofs of Debt Due May 16


J A M A I C A

JAMAICA: To Sign Multi-Destination Agreement With Cuba
SEPROD: Hit With Resignation of Two Board Members


M E X I C O

MOLIBDENOS Y METALES: S&P Affirms 'BBB-' Global Scale Rating


N I C A R A G U A

* NICARAGUA: GDP Grew by 4.9 Percent in 2015, IMF Says


U R U G U A Y

BANQUE HERITAGE: S&P Assigns 'B+' Global Scale Credit Rating


V E N E Z U E L A

EMPRESAS POLAR: Venezuela Economic Woes Deepen: No More Beer


X X X X X X X X X

* BOND PRICING: For the Week From April 25 to April 29, 2016


                            - - - - -


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


LIAT: Confirms Employee in Custody in Barbados
-----------------------------------------------
The Daily Observer reports that the management of LIAT, operating
as Leeward Islands Air Transport, confirms that one of its
employees is in police custody in Barbados assisting law
enforcement officers with their investigations into a drug-related
matter.

The employee in question was taken into custody shortly after
arrival at the Grantley Adams International Airport on a flight
from St. Lucia, according to The Daily Observer.

The management of LIAT wishes to indicate its full support for,
and cooperation with, law enforcement authorities in relation to
any investigations where its cooperation is required, the report
notes.

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

                         *     *     *

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

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

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

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


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


BANCO VOTORANTIM: S&P Affirms 'BB/B' Ratings & Puts on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB/B' and
'brA+/brA-1' ratings on Banco Votorantim S.A., its 'brA+/brA-1'
rating on Votorantim Financas, and its 'brA-' rating on BV Leasing
Arrendamento Mercantil's subordinated debt.  All ratings remain on
CreditWatch with negative implications.

The ratings on BV are one notch above its SACP of 'bb-' due to
S&P's assessment of Votorantim Financas as a moderately strategic
subsidiary of Votorantim S.A., its ultimate controlling group.
S&P considers BV to be part of Votorantim's GCP of 'BB+', even
though S&P also acknowledges the potential support steaming from
Banco do Brasil, especially with regard to liquidity.  S&P
therefore adds one notch above BV's SACP of 'bb-' to reflect that
support from Votorantim Group, in line with S&P's group rating
methodology.

"The CreditWatch negative listing on Banco Votorantim reflects the
same outlook attributed to its shareholder Votorantim S.A.  We
should resolve Banco Votorantim's Credit Watch upon resolution of
Votorantim S.A.'s CreditWatch, within the next 90 days.  The
CreditWatch listing on Votorantim S.A. reflects the potentially
higher contingent liability from Banco Votorantim under our
hypothetical scenario of a sovereign default in Brazil.  We
believe the regulatory capital amount that the bank would need
could sharply rise due to the lower sovereign rating and Banco
Votorantim's weaker SACP of 'bb-'.  We will also consider any
potential regulatory forbearance (in order not to place the
institution in a special administration regime or under
intervention because banking regulators are likely to permit Banco
Votorantim to continue its operations as a going-concern after
absorption of losses).  We will also consider the bank's execution
of a risk-mitigation plan that would alleviate its losses under
this simulated scenario.  As a result, we will further evaluate
the links between our simulated stress scenario assumptions and
the legal framework to incorporate the bank's unpaid liability
into our analysis of the group," S&P said.

A downgrade could occur if either Votorantim S.A. is downgraded,
given that the ratings on Banco Votorantim should remain capped
one notch below those on this shareholder, or if Votorantim
Financas's group status as a moderately strategically important
subsidiary is changed to non-strategicas a result of its potential
contingency liabilities reassessment.

S&P could revise the ratings outlook on Banco Votorantim and its
subsidiaries to stable if the ratings on Votorantim S.A. are
affirmed and its outlook changed to stable.  S&P also need to
revise the trend we currently apply to Brazil's BICRA to stable
from negative, and revise S&P's outlook on the sovereign rating on
Brazil back to stable.  During that time, the bank must be able to
maintain an RAC ratio above 5.0%, and to maintain NPL ratios that
compare well with its peers.


HYPERMARCAS SA: Fitch Affirms 'BB+' IDR; Outlook Positive
---------------------------------------------------------
Fitch Ratings has affirmed the Foreign and Local Currency Issuer
Default Ratings of Hypermarcas S.A. at 'BB+'.  At the same time,
Fitch has upgraded the company's National Scale Long-term ratings
to 'AA+(bra)' from 'AA(bra)'.  Fitch has also assigned a Positive
Rating Outlook.

The revision of the Outlook to Positive reflects Fitch's
expectations that in the next 12 to 18 months Hypermarcas should
be able to generate a more robust and steady operating cash flow
(CFFO) and sizeable level of free cash flow (FCF), which are keys
credit factors for an investment grade rating level.  The
company's increased business concentration in the pharmaceutical
segment adds stability to its CFFO in the long run.  The company's
credit ratios are strong for a 'BB+', following the sale of its
consumer segment for a total amount of BRL4.5 billion.

Hypermarcas' strategy regarding commercial policies, working
capital requirements, level of dividend payouts and M&A activities
continue to be factors to monitor.  The company is expected to
withstand the recession in Brazil relatively well, given the
resilience of the pharma industry.  The upgrade of the company's
national scale rating was due to the improvements in capital
structure and the strengthening of Hypermarcas' credit profile
within the 'BB+' rating.

                        KEY RATING DRIVERS

Good Business Position

Hypermarcas is one the largest local pharmaceutical companies in
Brazil.  Hypermarcas has a narrower product portfolio,
concentrated in the pharma business.  Offsetting this lower
business diversification is the pharma segment's lower volatility
and higher profitability compared to the consumer segment, which
faces tougher competition.  The company has a strong presence in
the over-the-counter (OTC) and generics segments, while also
operates in the prescription drugs segment.

Similar to other emerging-markets pharmaceutical companies,
Hypermarcas has a narrower research and development (R&D) product
pipeline than its multinational competitors and does not have a
portfolio of patented products.  Positively, the company does not
have a relevant exposure to licensing agreements.  Fitch expects
Hypermarcas to increase efforts to innovate and renovate its
product portfolio.  The company's innovation index is around 15%,
which is low when compared to its most immediate local peer, in
the range of 20%-25%.

Track Record of Poor Operating Cash Flow; Improvements are
Expected

During 2015, Hypermarcas' funds from operations (FFO) were BRL570
million, while CFFO generation was BRL27 million.  CFFO was
pressured by BRL541 million of working capital needs and BRL659
million of interest paid.  As a result, FCF was negative BRL188
million during the period.  These figures compare negatively with
CFFO of BRL267 million and positive FCF of BRL89 million during
2014.

Hypermarcas' strategy to gain market-share and stimulate demand in
the consumer segment during 2015 was the key driver for the poor
CFFO.  Going forward, Fitch expects Hypermarcas to improve its
CFFO given the lower volatility and working capital requirements
of the pharma segment.  For 2016, Fitch projects that the company
will generate about BRL1,0 billion of EBITDA and BRL300 million of
CFFO.  For 2017, the agency expects these figures to improve as a
result of lower interest payment as the company concludes the
prepayment of around 50% of its debt through 2016.

Strong Credit Ratios

On a pro forma basis, including the full BRL4.5 billion of cash
inflow from the assets sales, Fitch estimates Hypermarcas to show
a net cash position of around BRL280 million as of Dec. 30 2015.
Historically, the company's total leverage was quite high, with
average of 4.9x from 2012 to 2015.  Hypermarcas still has BRL540
million to be received from Reckitt-Benckiser with the transaction
pending subject to final approval from the anti-trust authority in
Brazil (CADE).  Fitch's calculations include the pre-payment of
the 2021 bonds (USD313 million) made in April 2016 and another
BRL1.6 billion of further debt reduction.  Fitch expects
Hypermarcas to maintain a robust capital structure going forward,
with total leverage below 2.0x.  The company's shareholder policy
is still uncertain and might be a negative headwind.

                          KEY ASSUMPTIONS

   -- Revenue growth in the mid-single digit in 2016 and 2017,
      with potential recovery to high single digits the following
      two years;

   -- EBITDA margin compressed to 32% due to inflation and the
      impact of the strong U.S. dollar on costs;

   -- BRL220 million of capex in 2016 and BRL120 million of
      maintenance capex going forward;

   -- Dividends of 25% Net Income;

   -- No acquisitions or asset sale.

                      RATING SENSITIVITIES

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

   -- Solid recovery in CFFO generation (above 10% CFFO margin);

   -- Total adjusted leverage below 2.0x, on a consistent basis;

   -- Maintenance of strong liquidity position, with cash/short-
      term debt above 1x on a consistent basis.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action:

   -- EBITDA margins falling and remaining below 27%;

   -- Total adjusted leverage above 3.5x;

   -- Deterioration of sound liquidity of short-term debt, with
      cash/short-term debt below 1x on consistent basis, leading
      to refinancing risk exposure;

   -- Large M&A acquisition that moves the company's leverage
       beyond 3.5x, on a sustainable basis.

                            LIQUIDITY

Hypermarcas has a track record of maintaining strong cash
balances, with cash covering short-term debt by an average 2.3x
during the last five years.  As of Dec. 31, 2015, the company had
BRL5.2 billion of debt, of which BRL1 billion is due in the short
term, while cash and marketable securities was quite strong at
BRL2.7 billion, bolstered by BRL1.7 billion of the first tranche
received from Coty.  Additional BRL2.2 billion from the asset
sales were received between January to February 2016.  Fitch
expects Hypermarcas to proceed during the next two quarters with
debt repayment of around 50% of its outstanding balance as of
December 2015.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

   -- Long-term foreign currency IDR at 'BB+';
   -- Long-term local currency IDR at 'BB+';

Fitch has upgraded these ratings:

   -- Long-term National Scale rating to 'AA+(bra)' from
      'AA(bra)';
   -- Third debentures issuance at 'AA+(bra)' from 'AA(bra)'.

Fitch has also assigned a Positive Outlook for the company's
corporate ratings.

Fitch has withdrawn this rating:
   -- Senior unsecured notes due in 2021 at 'BB+'.


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


CLOUD GATE: Creditors' Proofs of Debt Due May 25
------------------------------------------------
The creditors of Cloud Gate Capital Fund Ltd. are required to file
their proofs of debt by May 25, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 8, 2016.

The company's liquidator is:

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


CREP CAYMAN: Creditors' Proofs of Debt Due May 25
-------------------------------------------------
The creditors of CREP Cayman are required to file their proofs of
debt by May 25, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 11, 2016.

The company's liquidator is:

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


CREP INVESTMENT B: Creditors' Proofs of Debt Due May 25
-------------------------------------------------------
The creditors of Crep Investment B Cayman are required to file
their proofs of debt by May 25, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2016.

The company's liquidator is:

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


GLOBAL PHILANTHROPIC: Creditors' Proofs of Debt Due May 23
----------------------------------------------------------
The creditors of Global Philanthropic Investments Ltd. are
required to file their proofs of debt by May 23, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 5, 2016.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


INTERPENTA CORPORATION: Creditors' Proofs of Debt Due May 25
------------------------------------------------------------
The creditors of Interpenta Corporation are required to file their
proofs of debt by May 25, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 11, 2016.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          P.O. Box 31106, Grand Cayman KY1-1205
          Cayman Islands


LUTETIUM PORTFOLIO: Commences Liquidation Proceedings
-----------------------------------------------------
On April 8, 2016, the sole shareholder of Lutetium Portfolio
Company, 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:

          Lutetium Capital, LP
          c/o Paul Greenberg
          30 Owenoke Park
          Westport
          Connecticut 06880
          United States of America
          Telephone: (203) 717 0321
          e-mail: pgreenberg@71cap.com


MBB HOLDINGS: Creditors' Proofs of Debt Due May 16
--------------------------------------------------
The creditors of MBB Holdings Limited are required to file their
proofs of debt by May 16, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 6, 2016.

The company's liquidator is:

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


OPPORTUNITY FUND: Creditors' Proofs of Debt Due May 16
------------------------------------------------------
The creditors of Opportunity Fund Segregated Portfolio Company are
required to file their proofs of debt by May 16, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2016.

The company's liquidator is:

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


SCORPIO INVESTMENT: Creditors' Proofs of Debt Due May 25
--------------------------------------------------------
The creditors of Scorpio Investment (Cayman) Ltd. are required to
file their proofs of debt by May 25, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 4, 2016.

The company's liquidator is:

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


WEST BAY: Creditors' Proofs of Debt Due May 16
----------------------------------------------
The creditors of West Bay, LLC are required to file their proofs
of debt by May 16, 2016, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 18, 2016.

The company's liquidator is:

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


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


JAMAICA: To Sign Multi-Destination Agreement With Cuba
------------------------------------------------------
The Daily Observer reports that Jamaica and Cuba will sign an
agreement for multi-destination tourism between the two countries.

Tourism Minister Edmund Bartlett, speaking at the opening of the
Jamaica Product Exchange (JAPEX), said that he and his Cuban
counterpart will sign the agreement, according to The Daily
Observer.

A similar agreement will be signed with the Dominican Republic in
June, Bartlett said, noting that Jamaica will finally be in the
timeshare business from Sunday, May 1, the report notes.

"Timeshare registry will open from the first of May and we will
then be open for business to bring new demographics and to bring
in new arrivals into the destination," he told the audience at the
Montego Bay Convention Centre, which included the president of the
Jamaica Hotel & Tourist Association Nicola Madden-Greig, his
predecessor Dr. Wykeham McNiell and travel agents, the report
relays.

Bartlett also announced plans to aggressively target new markets,
including South America and Eastern Europe and to increase market
share in North America, the report notes.

This includes doubling the growth rate in the US market to five
per cent this year over 2015 and working towards achieving double
digit growth in the Canadian market, the report discloses.

JAPEX is the largest tourism trade show in Jamaica, bringing
together a range of buyers and suppliers, the report relays.
There are 232 suppliers and 94 buyers for JAPEX 2016.  This year's
show runs until May 1, the report adds.

                             *     *     *

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


SEPROD: Hit With Resignation of Two Board Members
-------------------------------------------------
RJR News reports that two members of the Board of Seprod have
resigned.

They are Leonard Green and Shelley-Ann Gayle Morris, according to
RJR News.

Seprod has informed the Jamaica Stock Exchange that both directors
resigned, effective April 6, the report notes.

Seprod Limited is one of Jamaica's high technology companies.
Seprod Limited was incorporated in Jamaica in July 1940 and became
a public company listed on the Jamaica Stock Exchange in 1985. The
company employs a direct labour force of over 370 persons, with a
multiplicity of support labour.  Seprod's Corporate office is
located at Felix Fox Boulevard.


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


MOLIBDENOS Y METALES: S&P Affirms 'BBB-' Global Scale Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' global
scale and 'mxAA' national scale ratings on Molibdenos y Metales
S.A. (Molymet).  At the same time, S&P affirmed the 'BBB-' and
'mxAA' issue level ratings assigned to Molymet's senior unsecured
bonds.  The outlook is stable.

The ratings affirmation reflects the company's high contracted
volume position and efficient operations that result in fairly
stable and predictable cash flow generation, which, combined with
low indebtedness, result in strong financial metrics.  These
factors will continue to mitigate the risks from the company's
small scale of operations and concentration of assets, which
constrain a potential higher rating.  Furthermore, even though the
company has limited exposure to molybdenum oxide prices on its
EBITDA, price swings affect working capital needs and can add
volatility to cash flows and leverage metrics.

The stable outlook reflects S&P's expectations that Molymet's
financial metrics should remain strong over the next several
quarters as a result of the company's fairly predictable cash
flows and low debt levels.  Also, given the slow growth prospects
for the molybdenum industry, S&P expects the competitive
environment to remain fairly stable, allowing Molymet to benefit
from its operating efficiencies, giving it a competitive cost
structure.  These factors will support financial metrics such as
debt to EBITDA of about 0.5x and FFO to debt above 100% over the
next 12 to 18 months.

A negative rating action on Molymet is possible if the company
presents weaker than expected cash generation, either due to lower
processed volumes, higher working capital needs, or greater
investments that would result in debt to EBITDA consistently above
2.0x and FFO to debt below 45%.

An upgrade is unlikely in the near term because it would depend on
Molymet increasing the scale of its operations and diversifying
asset base, while maintaining debt to EBITDA sustainably below 2x
and FFO to debt above 45%.


=================
N I C A R A G U A
=================


* NICARAGUA: GDP Grew by 4.9 Percent in 2015, IMF Says
------------------------------------------------------
A staff team from the International Monetary Fund (IMF) led by
Gerardo Peraza visited Managua during April 25-29, 2016. The visit
took place as part of a regular dialogue with the authorities in
order to assess the performance of the Nicaraguan economy. The
staff team met with officials from the central bank, the ministry
of finance, other members of the economic cabinet, and other
representatives of public and private sector entities. The staff
reviewed recent economic developments and discussed the economic
outlook for Nicaragua. Mr. Peraza issued the following statement
at the conclusion of the visit.

"The Nicaraguan economy continues to register high growth rates
and sustainable macroeconomic policies. In 2015, real Gross
Domestic Product (GDP) grew by 4.9 percent and the average of the
last five years (5.2 percent) is one of the highest in the region.
Inflation was lower than in earlier years (3.1 percent at end
2015) as a result of the fall in oil prices. The consolidated
public sector registered a deficit of 2.2 percent of GDP, which is
below what was projected during the last Article IV consultation,
largely on account of greater dynamism in tax revenues. Gross
international reserves increased by more than US$200 million, thus
expanding the reserves coverage from 4 to 4.4 months of imports
(excluding imports from the free trade zone) between 2014 and
2015.

"The economic outlook remains favorable. For 2016, staff project
real GDP will grow by 4.5 percent while annual inflation is
projected at 6 percent. The consolidated public sector deficit is
expected to widen to 2.4 percent of GDP owing primarily to the
costs related to the presidential elections and an increase in
capital expenditure. The external current account deficit is
expected to widen, but the gross international reserves coverage
will remain broadly stable (4.2 months of imports excluding the
free trade zones).

"Nicaragua's main challenge is to maintain sustainable growth and
economic stability in a context of greater uncertainty regarding
global economic activity and where there could be changes in the
availability of external financing. For this reason, Nicaragua
needs to continue strengthening its public finances through
creating fiscal buffers, as well as continuing to modernize the
functioning of the financial system. This will be possible through
reducing tax exonerations and the least targeted components of its
electricity subsidies, and with the introduction of macro-
prudential tools that can strengthen the resilience of the
financial system.

In the long run, it is also necessary to continue examining the
factors that negatively impact the financial sustainability of the
social security system.

"It is also necessary to further strengthen the statistical
framework as this is a crucial tool to conduct an effective
macroeconomic policy. Therefore, in addition to the continuation
of efforts to strengthen the methodologies for the compilation of
national and external accounts, in particular the strengthening of
the collection of base data, it is necessary to continue
strengthening fiscal statistics and the reports on public debt.
"The IMF team wishes to thank the authorities for their
cooperation and candor of discussions. The next visit will be at
the end of 2016 to evaluate the budget for 2017."


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


BANQUE HERITAGE: S&P Assigns 'B+' Global Scale Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' global scale
credit rating and 'uyBBB' national scale credit rating to Banque
Heritage Uruguay.  The outlook of both global and national scale
ratings is stable.

The ratings on Banque Heritage Uruguay reflects S&P's belief that
it has a moderate business position in the Uruguayan financial
system; adequate capital and earnings, driven by S&P's forecast
RAC ratio of 7.5% for the next 12 to 18 months; a moderate risk
position, given the higher concentration in its loan portfolio and
higher dollarization levels; below average funding due to a high
share of non-resident deposits; and adequate liquidity.

The stable outlook is based on S&P's expectation that over the
next 12 to 18 months Banque Heritage Uruguay will maintain good
asset quality metrics and low credit losses, risk-adjusted capital
(RAC) ratios at adequate levels of about 7.5% for the next 18
months, and adequate liquidity metrics in line with industry
average.

S&P could upgrade the rating on the bank if S&P changes its
perception of the strategic importance of the Uruguayan subsidiary
to its parent (Banque Heritage Switzerland) that would result in
the incorporation of notching from group support.

Conversely, S&P could take a negative rating action on the bank if
its loan portfolio concentration further increases and/or if its
quality metrics deteriorate and its losses significantly increase,
with non-performing loans over total portfolio plus charge offs at
levels consistently higher than 6%.


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


EMPRESAS POLAR: Venezuela Economic Woes Deepen: No More Beer
------------------------------------------------------------
Trinidad Express reports that Venezuela's largest beer maker
halted the last of its four production plants in a spat with the
government over access to foreign currency, threatening a shortage
in a nation already hit by severe scarcities of food and other
products.

Empresas Polar, the largest private company in Venezuela, had
warned it would end production because President Nicolas Maduro's
socialist government was refusing to release it dollars to import
malted barley under strict exchange controls, according to
Trinidad Express.


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


* BOND PRICING: For the Week From April 25 to April 29, 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.


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