TCRLA_Public/160506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, May 6, 2016, Vol. 17, No. 89


                            Headlines



A R G E N T I N A

BANCO DE CORRIENTES: Moody's Withdraws B3 Deposit Rating
RIO NEGRO: Moody's Assigns First Time 'B3' Issuer Rating


B O L I V I A

BOLIVIA: Natural Gas Exports Fall Sharply in 1Q to $594.4 Million


B R A Z I L

CAMIL ALIMENTOS: S&P Revises Outlook to Neg. & Affirms 'BB' Rating
EMPRESA GENERADORA: S&P Raises CCR to 'BB-'; Outlook Stable
ODEBRECHT ENGENHARIA: Moody's Lowers Corp. Family Rating to Ba2.br
ODEBRECHT ENGENHARIA: Moody's Lowers Rating on Notes to B2


C A Y M A N  I S L A N D S

ADAMAS HOLDINGS: Placed Under Voluntary Wind-Up
BLUE MOUNTAIN: Placed Under Voluntary Wind-Up
BRITISH TRANSCO 1: Creditors' Proofs of Debt Due May 27
BRITISH TRANSCO NO. 2: Creditors' Proofs of Debt Due May 27
CARMICHAEL INC: Placed Under Voluntary Wind-Up

ECNA FINANCIAL: Placed Under Voluntary Wind-Up
FINISTERRE SOVEREIGN: Shareholders' Final Meeting Set for May 13
KYROS INVESTMENT: Shareholders' Final Meeting Set for May 26
LILY & BEAUTY: Shareholders' Final Meeting Set for May 20
PALARK SA: Placed Under Voluntary Wind-Up

SANDHURST LTD: Shareholders' Final Meeting Set for June 1
SUCCESSOR X: Creditors' Proofs of Debt Due May 16
UNIVERSAL COMPRESSION: Shareholders' Final Meeting Set for May 19


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haiti Big Firms Wants More Products Banned
DOMINICAN REPUBLIC: S&P Affirms 'BB-/B' Sovereign Credit Ratings


J A M A I C A

JAMAICA: Seeking New Loans to Retire High Cost Debt


M E X I C O

GRUPO CEMENTOS: S&P Puts 'BB-' CCR on CreditWatch Negative
GRUPO POSADAS: S&P Raises CCR to 'B+'; Outlook Positive
GRUPO SENDA: S&P Affirms 'B' GS CCR; Outlook Stable


P U E R T O    R I C O

GOVERNMENT DEVELOPMENT: S&P Cuts Issue Credit Rating on Debt to D


T R I N I D A D  &  T O B A G O

COLONIAL LIFE: Reports Profit Surge of $5.13 Billion in 2014
TRINIDAD  &  TOBAGO: Minister Upset About 'Boycott' of Goods


                            - - - - -


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


BANCO DE CORRIENTES: Moody's Withdraws B3 Deposit Rating
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA)
announced that it has withdrawn all of its ratings for Banco de
Corrientes S.A. for business reasons.

These ratings of Banco de Corrientes S.A. were withdrawn:

  Long- and short-term global local-currency deposits: B3/Not
   Prime, stable outlook
  Long- and short-term global foreign-currency deposits: Caa1/Not
   Prime, stable outlook
  Long-term National Scale local-currency deposit rating: Baa2.ar,
   uncertain outlook
  Long-term National Scale foreign-currency deposit rating:
   Ba2.ar, uncertain outlook
  Long- and short-term Counterparty Risk Assessment: B2(cr)/Not
   Prime(cr)
  Baseline Credit Assessment: b3
  Adjusted Baseline Credit Assessment: b3

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

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

Banco de Corrientes S.A. is headquartered in Corrientes,
Argentina, and as of December 2015 it had ARS7,944 million in
assets and ARS 1,000 million in equity.


RIO NEGRO: Moody's Assigns First Time 'B3' Issuer Rating
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned
first time issuer rating of B3 (Global Scale, local currency) and
Baa3.ar (Argentina National Scale, local currency) to the Province
of Rio Negro ("Rio Negro"). In the same rating action Moody's has
assigned provisional (P)B3 and Baa3.ar ratings on Global/National
scales respectively to the ARS700 million Treasury Bills Program
to be launched by this Province. The rating outlook on its global
scale issuer rating is stable, whereas all of its Baa3.ar ratings
are placed on review with direction uncertain.

RATING RATIONALE

The B3 issuer and (P)B3 debt ratings assigned to the Province of
Rio Negro and it's Treasury program respectively, reflects a
number of characteristics. The key credit strengths, firstly: the
low declining debt levels and; secondly a well-diversified
economy. Its debt to total revenues declined from 75% in 2008 to
26% at the end of last fiscal year, which is very low debt level
compared to peers. This debt profile is further strengthened by
the province's debt having limited exposure to foreign currency
obligations. Secondly, Rio Negro's key economic activities are
well diversified, ensuring the province is not overly dependent on
the fortunes of any one industry.

"On the credit challenges, we note the provice has a record of
flucuating operating and financial performance. R°o Negro's gross
operating balances to total revenues have fluctuated between an
adequate surplus of 7% reported in 2014 and a deficit of 3% in
past 2013. These flucuations are contributed to by the rigidities
in constraining expenditure, particularly personnel expenses.
Another credit weakness is the slightly higher reliance of Federal
Transfers, compared to peers, which stood at 54% of its total
revenues during 2015 FY, compared to an average of approximately
50%, making the province more dependent on the decisions of the
sovereign government."

The assigned issuer and debt ratings also reflect the weak
operating environment in Argentina. The intrinsic financial
characteristics of the Province of Rio Negro are constrained by
the lack of consistent and predictable policies at the national
level which affect the institutional framework under which the
province operates and, in Moody's view, anchors its credit quality
to that of the Sovereign.

Commenting on the debt ratings of the planned Treasury Bills
Program, Moody's said that they carry the same ratings than Rio
Negro's issuer rating since they do not present any special credit
enhancement to differentiate them from the issuer rating levels.
The program was created by Governor's Decree N 147 and authorized
by Resolution N 43 of the Secretary of Finance.

R°o Negro's outlook, it is stable, reflecting the stable outlook
of the Argentine sovereign bonds ratings.

Finally, Moody's explained that Rio Negro's recently assigned
issuer and debt ratings on Argentina's national scale, are under
review with direction uncertain . This mirrors the national scale
ratings (NSRs) of all the rated sub-sovereigns are being placed
under review direction uncertain pending a potential revision of
the Argentina's NSR map.

WHAT COULD CHANGE THE RATINGS 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 bonds ratings could
lead to an upgrade or to an outlook change of the Province of R°o
Negro ratings.

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


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


BOLIVIA: Natural Gas Exports Fall Sharply in 1Q to $594.4 Million
-----------------------------------------------------------------
EFE News reports that Bolivia's natural gas exports to Argentina
and Brazil in the first quarter totaled $594.4 million, down 48.4
percent from the same period of 2015, the National Statistics
Institute, or INE, said in a report published.

Natural gas exports, which amounted to $1.2 billion in January-
March 2015, are Bolivia's No. 1 source of hard currency, according
to EFE News.


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


CAMIL ALIMENTOS: S&P Revises Outlook to Neg. & Affirms 'BB' Rating
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Camil Alimentos S.A. to
negative from stable.  At the same time, S&P affirmed its 'BB'
global scale and 'brAA-' national scale ratings on the company.
S&P don't rate any of the company's debt.

Following the February 2016 downgrade of Brazil to BB/Negative/B,
the ratings are at the same as those on Camil.  Therefore, S&P
tested the company's ability to have a higher rating than the
sovereign.  However, Camil doesn't pass the test, which reflects
S&P's view that there is an appreciable likelihood that the
company would default amid our simulated stress scenario of
sovereign default.  As a result, S&P revised its outlook on Camil
to negative from stable, mirroring that of the country.

In the hypothetical stress scenario, which assumes a default
during 2016, S&P assumes these assumptions for the operations in
Brazil, which comprises about 70% of Camil's EBITDA:

   -- A 10% contraction in GDP;
   -- Doubling of inflation to about 15%, which would raise costs
      with limited price adjustments;
   -- Doubling of interest rates to 28.5%, which increase interest
      expenses;
   -- A 70% haircut on local bank deposits and investment types,
      reflecting liquidity constraints in the financial system
      following the default of the sovereign;
   -- A 50% depreciation of the Brazilian real, with year-end
      exchange rate of R$8.60/$1.00 from R$4.30/$ 1.00, raising
      the company's short-term debt in foreign currency.  However,
      it would also benefit Camil's cash position, EBITDA, and
      cash-flow generation from its operations in Chile, Peru, and
      Uruguay.
   -- Reduction of capex and dividends to maintenance level and
      zero, respectively.

In this hypothetical stress scenario, Camil's funds from
operations (FFO) would decline by around 16%, reflecting its
weaker operation in Brazil and high interest burden in the
stressed year, which is partially offset by the stronger EBITDA
generation from external operations due to foreign exchange
effects.  Camil's exposure to short-term floating rate debts and
still high concentration of cash-flow generation in Brazil results
in liquidity sources to be below uses in the next 12 months,
diminishing S&P's view of Camil's ability to service debt on a
timely basis.


EMPRESA GENERADORA: S&P Raises CCR to 'BB-'; Outlook Stable
-----------------------------------------------------------
S&P Global Ratings upgraded its corporate credit rating on Empresa
Generadora de Electricidad Itabo S.A. (Itabo) to 'BB-' from 'B+'.
The outlook remains stable.  At the same time S&P is assigning a
'BB-' issue rating to the proposed up-to-$100 million senior
unsecured notes.

The rating action reflects S&P's view of the company's resilient
operational track record in terms of availability and energy
production, and its maintenance of operating cost efficiency.  As
a result, S&P has reassessed Itabo's business risk profile to weak
from vulnerable.

The stable outlook on Itabo reflects S&P's expectation that the
company will maintain an EBITDA margin of about 30% and a debt-to-
EBITDA ratio of less than 1.5x in the next two years.

S&P could lower the ratings if the company's key credit metrics
fall significantly short of our expectations, which could follow
sustained periods of downtime.  In such a scenario, S&P would
expect to see FFO to debt lower than 45% and debt to EBITDA above
2.0x.

Additionally, an increase in working capital needs due to higher
accounts receivables that weakens the company's liquidity
significantly could trigger a downgrade.  The ratings could also
come under pressure if the government fails to support the sector
through subsidies, or if S&P downgraded the sovereign.

The potential for an upgrade is limited by the sovereign rating;
as with all power generators in the country, Itabo is highly
dependent on government subsides.


ODEBRECHT ENGENHARIA: Moody's Lowers Corp. Family Rating to Ba2.br
------------------------------------------------------------------
Moody's America Latina downgraded to Ba2.br from Aa2.br the
corporate family rating assigned on its Brazilian National scale
to Odebrecht Engenharia e Construcao S.A. (OEC).  At the same
time, Moody's Investors Service downgraded to B2 from Ba2 the
corporate family rating assigned on its global scale to Odebrecht
Engenharia e Construcao S.A. (OEC).  The ratings remain on review
for downgrade.

Ratings downgraded:

Issuer: Odebrecht Engenharia e Construcao S.A. (OEC), Brazil

   -- Corporate Family Rating: to Ba2.br from Aa2.br (National
      Scale Rating)

RATINGS RATIONALE

The downgrade was prompted by increased credit risk and rising
financial constraints for OEC as a result of the evolving
corruption investigations in the country, with potential monetary
fines and other business sanction affecting the company's
liquidity and operating sustainability.  The company's ratings
also reflect the business challenges related to the ongoing
investigations, which create management distractions that may
hinder efforts to improve operations and corporate governance amid
the already challenging industry fundamentals.

The rating remains on review reflecting continued concern about
potential liquidity pressures that could arise as a consequence of
not providing timely financial statements.  The company's debt
agreements include covenants for the provision of audited
financial statements.  As such, extended delays in providing
audited financial statements carries the risk that creditors may
take actions that could eventually lead to payment acceleration.

Despite OEC's strong expertise in the engineering and construction
businesses, solid track record of execution of complex projects
and large contract backlog and sizeable backlog that provides
revenue visibility for the next 2 to 3 years, the company's
considerable exposure to countries with high political risk and
economic volatility, limited ring fencing provisions to restrict
cash transfers within the group and still evolving corporate
governance practices also constrain the rating.  Moody's also
anticipates increased working capital pressures arising from the
challenging business fundamentals and limited growth opportunities
over the next few years.

Additional rating actions will consider any further developments
in the ongoing corruption investigation and the passage of time
without clear progress towards normal production of financial
statements.  Failure to make such progress over the next couple of
months may lead to further downgrade.

OEC's ratings could be downgraded if Moody's perceives a higher
risk arising from the developments of those investigations, such
as lower liquidity to meet its debt service requirements or a
backlog deterioration that would prospectively result in a higher
leverage and weaker business profile.

Conversely, rating stabilization may occur in the event of a
constructive resolution of the corruption investigation, along
with Moody's assessment of progress towards timely delivery of
audited financial statements and actions, if any, that are
perceived as lessening the risk of a creditor default notice
followed by acceleration.  Rating stabilization would also require
OEC to improve or, at least, maintain a sound liquidity profile
enough to support the business throughout the anticipated
challenging business environment in 2016 and 2017.

The principal methodology used in this rating was Construction
Industry published in November 2014.

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

Odebrecht Engenharia e Construcao S.A. (OEC), is the largest
engineering and construction company in Latin America, with
BRL43.5 billion in net revenues during the last twelve months
ended 30 September 2015.  The company's project backlog of BRL114
billion is diversified into 176 contracts comprising large scale
construction projects in the transportation segment, energy and
sewage infrastructures, buildings and industrial facilities, of
which 22% is located in Brazil, 59% in other Latin American
countries and 18% in Africa.  As of Sept. 30, 2015, the company's
outstanding cash position was BRL11.6 billion for a total gross
debt of BRL14.2 billion that includes its off balance debt
guarantees.

OEC is a subsidiary of Odebrecht S.A. (unrated), a family owned
investment holding company for one of the largest nonfinancial
conglomerates in Brazil with net revenues reached BRL104 billion
in the last twelve months ended June 30, 2015, of which 36%
generated by OEC, 43% by Braskem, and 21% by other subsidiaries.
As of June 2015, the group's consolidated cash position was
BRL25.4 billion for a total reported debt of BRL98 billion.


ODEBRECHT ENGENHARIA: Moody's Lowers Rating on Notes to B2
----------------------------------------------------------
Moody's Investors Service downgraded to B2 from Ba2 the foreign
currency senior unsecured notes issued by Odebrecht Finance Ltd.
(OFL) and guaranteed by Odebrecht Engenharia e Construcao S.A.
(OEC).  At the same time, Moody's has downgraded to B2 from Ba2
the corporate family rating assigned to OEC.  The ratings remain
on review for downgrade.

Ratings downgraded:

Issuer: Odebrecht Engenharia e Construcao S.A. (OEC), Brazil
   -- Corporate Family Rating: to B2 from Ba2 (Global Scale
      Rating)

Issuer: Odebrecht Finance Limited (OFL), Cayman Islands
   -- BRL500 million senior unsecured guaranteed notes due 2018:
      to B2 from Ba2 foreign currency rating
   -- USD72.7 million senior unsecured guaranteed notes due 2020:
      to B2 from Ba2 foreign currency rating
   -- USD143 million senior unsecured guaranteed notes due 2022:
      to B2 from Ba2 foreign currency rating
   -- USD101.6 million senior unsecured guaranteed notes due 2023:
      to B2 from Ba2 foreign currency rating
   -- USD518.6 million senior unsecured guaranteed notes due 2025:
      to B2 from Ba2 foreign currency rating
   -- USD500 million senior unsecured guaranteed notes due 2029:
      to B2 from Ba2 foreign currency rating
   -- USD850 million senior unsecured guaranteed notes due 2042:
      to B2 from Ba2 foreign currency rating
   -- USD750 million senior unsecured guaranteed perpetual notes:
      to B2 from Ba2 foreign currency rating

                          RATINGS RATIONALE

The downgrade to B2 was prompted by increased credit risk and
rising financial constraints for OEC as a result of the evolving
corruption investigations in the country, with potential monetary
fines and other business sanction affecting the company's
liquidity and operating sustainability.  The company's ratings
also reflect the business challenges related to the ongoing
investigations, which create management distractions that may
hinder efforts to improve operations and corporate governance amid
the already challenging industry fundamentals.

The rating remains on review reflecting continued concern about
potential liquidity pressures that could arise as a consequence of
not providing timely financial statements.  The company's debt
agreements include covenants for the provision of audited
financial statements.  As such, extended delays in providing
audited financial statements carries the risk that creditors may
take actions that could eventually lead to payment acceleration.

Despite OEC's strong expertise in the engineering and construction
businesses, solid track record of execution of complex projects
and large contract backlog and sizeable backlog that provides
revenue visibility for the next 2 to 3 years, the company's
considerable exposure to countries with high political risk and
economic volatility, limited ring fencing provisions to restrict
cash transfers within the group and still evolving corporate
governance practices also constrain the rating.  Moody's also
anticipates increased working capital pressures arising from the
challenging business fundamentals and limited growth opportunities
over the next few years.

Additional rating actions will consider any further developments
in the ongoing corruption investigation and the passage of time
without clear progress towards normal production of financial
statements.  Failure to make such progress over the next couple of
months may lead to further downgrade.

OEC's ratings could be downgraded if Moody's perceives a higher
risk arising from the developments of those investigations, such
as lower liquidity to meet its debt service requirements or a
backlog deterioration that would prospectively result in a higher
leverage and weaker business profile.

Conversely, rating stabilization may occur in the event of a
constructive resolution of the corruption investigation, along
with Moody's assessment of progress towards timely delivery of
audited financial statements and actions, if any, that are
perceived as lessening the risk of a creditor default notice
followed by acceleration.  Rating stabilization would also require
OEC to improve or, at least, maintain a sound liquidity profile
enough to support the business throughout the anticipated
challenging business environment in 2016 and 2017.

The principal methodology used in this rating was Construction
Industry published in November 2014.

Odebrecht Engenharia e Construcao S.A. (OEC), is the largest
engineering and construction company in Latin America, with
BRL43.5 billion in net revenues during the last twelve months
ended 30 September 2015.  The company's project backlog of BRL114
billion is diversified into 176 contracts comprising large scale
construction projects in the transportation segment, energy and
sewage infrastructures, buildings and industrial facilities, of
which 22% is located in Brazil, 59% in other Latin American
countries and 18% in Africa.  As of Sept. 30, 2015, the company's
outstanding cash position was BRL11.6 billion for a total gross
debt of BRL14.2 billion that includes its off balance debt
guarantees.

OEC is a subsidiary of Odebrecht S.A. (unrated), a family owned
investment holding company for one of the largest nonfinancial
conglomerates in Brazil with net revenues reached BRL104 billion
in the last twelve months ended 30 June 2015, of which 36%
generated by OEC, 43% by Braskem, and 21% by other subsidiaries.
As of June 2015, the group's consolidated cash position was
BRL25.4 billion for a total reported debt of BRL98 billion.


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


ADAMAS HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on April 6, 2016, the
shareholder of Adamas Holdings Limited 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


BLUE MOUNTAIN: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 31, 2016, the sole shareholder of Blue Mountain Inc.
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:

          Avalon Trust & Corporate Services Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


BRITISH TRANSCO 1: Creditors' Proofs of Debt Due May 27
-------------------------------------------------------
The creditors of British Transco Finance (No 1) Limited are
required to file their proofs of debt by May 27, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2016.

The company's liquidator is:

          Allan Watson Graham
          KPMG LLP
          15 Canada Square
          London E14 5GL
          United Kingdom
          c/o James Bryan
          Telephone: +44 20 7311 1711/ +1 (345) 949-4800
          Facsimile: +44 20 7694 6410/ +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


BRITISH TRANSCO NO. 2: Creditors' Proofs of Debt Due May 27
-----------------------------------------------------------
The creditors of British Transco Finance (No 2) Limited are
required to file their proofs of debt by May 27, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2016.

The company's liquidator is:

          Allan Watson Graham
          KPMG LLP
          15 Canada Square
          London E14 5GL
          United Kingdom
          c/o James Bryan
          Telephone: +44 20 7311 1711/ +1 (345) 949-4800
          Facsimile: +44 20 7694 6410/ +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


CARMICHAEL INC: Placed Under Voluntary Wind-Up
----------------------------------------------
On March 31, 2016, the shareholder of Carmichael Inc. 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:

          Avalon Trust & Corporate Services Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


ECNA FINANCIAL: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on April 4, 2016, the
shareholder of Ecna Financial Management 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


FINISTERRE SOVEREIGN: Shareholders' Final Meeting Set for May 13
----------------------------------------------------------------
The shareholders of Finisterre Sovereign Debt Fund will hold their
final meeting on May 13, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jonathan Nicholson
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands


KYROS INVESTMENT: Shareholders' Final Meeting Set for May 26
------------------------------------------------------------
The shareholders of Kyros Investment Management Ltd will hold
their final meeting on May 26, 2016, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LILY & BEAUTY: Shareholders' Final Meeting Set for May 20
---------------------------------------------------------
The shareholders of Lily & Beauty (Cayman) Inc. will hold their
final meeting on May 20, 2016, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Huang Tao
          Kebangshangwu Building, 6th Floor
          Lane 333, Rongbei Road, Songjiang District
          Shanghai, China
          Telephone: +86 021-54250797


PALARK SA: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on April 8, 2016, the
shareholder of Palark S.A. 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


SANDHURST LTD: Shareholders' Final Meeting Set for June 1
---------------------------------------------------------
The shareholders of Sandhurst Ltd will hold their final meeting on
June 1, 2016, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SUCCESSOR X: Creditors' Proofs of Debt Due May 16
-------------------------------------------------
The creditors of Successor X Ltd. are required to file their
proofs of debt by May 16, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 15, 2016.

The company's liquidator is:

          Andrew Johnson
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6703


UNIVERSAL COMPRESSION: Shareholders' Final Meeting Set for May 19
-----------------------------------------------------------------
The shareholders of Universal Compression Cayman Ltd. will hold
their final meeting on May 19, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          c/o Peter Kendall
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


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


DOMINICAN REPUBLIC: Haiti Big Firms Wants More Products Banned
--------------------------------------------------------------
Dominican Today reports that Haiti's major business organization,
the Private Sector Economic Forum, proposed to that country's
government expand the ban already in effect on 23 items from the
Dominican Republic, to include 22 other products from its
Caribbean neighbor.

The company said the move, which it affirms hasn't created any
increases or shortages thus far, should be maintained to complete
the infrastructure needed to improve and strengthen Customs' human
capacity at the border with the Dominican Republic, according to
Dominican Today.

The measure in effect since October 1 last year, when Haiti barred
overland entry of 23 products from Dominican Republic to improve
quality control of imported goods from that country, although it
would allow access through ports and airports, the report notes.

"The Private Sector Economic Forum expresses its deepest concern
with the whims of influential community actors to proceed to the
premature lifting of the measures adopted on September 15, 2015,
to ban the import of 23 products from Dominican Republic, and
permit it only through the ports and airports of Cap Haitien and
Port-au-Prince," the organization said in a letter to Prime
Minister Jean-Charles Enex, the report relays.

Earlier this month the government announced it evaluated three
options regarding the ban on the overland entry of Dominican
products, under pressure from sectors of the Haitian Parliament
which oppose the measure, the report notes.

                               Other sectors

Meanwhile, Haiti Industries Association (ADIH) president Georges
B. Sassine, quoted by local media, urged the Haitian government to
regain control of its borders and provide adequate and modern
infrastructure at the four major border crossings, the report
notes.

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


DOMINICAN REPUBLIC: S&P Affirms 'BB-/B' Sovereign Credit Ratings
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term
sovereign credit ratings on the Dominican Republic.  The outlook
remains stable.  The transfer and convertibility (T&C) assessment
is unchanged at 'BB+'.

                             RATIONALE

The ratings on the Dominican Republic reflect its relatively
diversified economy, which has sustained economic growth above its
peers, as well as its fairly stable external debt and liquidity
indicators.  The country's monetary policy has also gained more
flexibility, particularly since 2012, under inflation targeting
and a somewhat more freely floating peso; though it's still
constrained by the central bank quasi-deficit and the low level of
domestic credit.  Various institutional weaknesses and a still-
evolving system of checks and balances that have not consistently
supported policy predictability across administrations constrain
the ratings.  In addition, S&P expects the government debt burden
to trend higher and become more costly given reduced PetroCaribe
concessional financing.

On May 15, the Dominican Republic will elect a new president, who
will take office in August 2016.  The leading contenders are
President Danilo Medina, representing the Partido de la Liberacion
Dominicana, and Luis Abinader from the Partido Revolucionario
Moderno.  Should there be a second round of voting, it would occur
on June 12.

The Dominican Republic's institutions have not consistently
supported policy predictability across administrations.  For
example, the constitution was changed to abolish consecutive
reelection in 2010, but there was a 2015 constitutional reform to
permit consecutive presidential terms, driven by President
Medina's high popularity.  Although a second term for President
Medina would likely bring policy continuity, the reform
exemplifies the changing nature of institutions in the Dominican
Republic.

In addition, policymakers across party lines have failed to
resolve long-standing deficiencies in the electricity sector
despite their pressure on the government's budget.  That said, the
economy has grown briskly without imbalances, and policymakers
have improved monetary and fiscal policy execution during the past
several years.  S&P's rating assumes this remains the case under
the next government, be it a second Medina Administration or a new
Abinader Administration.

S&P Global Ratings estimates per capita GDP of about US$7,000 in
2016.  Real per capita GDP growth averaged 3.8% over the past five
years.  Coupled with S&P's projections, per capita GDP growth in
the Dominican Republic is, on average, above that of its peers at
a similar level of economic development.  S&P projects real GDP to
expand by 5% in 2016-2018, following growth of 7.3% in 2014 and 7%
in 2015, which were the highest in the region.  S&P expects
tourism, mining, construction, and remittances from Dominican
Republicans living in the U.S. to drive growth.

S&P do not see the greater opening of the Cuban market to American
arrivals significantly hurting the Dominican Republic's tourism
offering over the next three to four years.  This reflects the
diversity of origin of the Dominican Republic's tourists, the
strength of the Dominican Republic's hospitality sector (which is
also active in Cuba), and the competitiveness of its tourism.

In 2015, the general government deficit was 4.6% of GDP, compared
with 4.7% in 2014.  The 2015 central government deficit was just
below 3% of GDP.  Lower tax revenues, given Barrick Gold
production below expected targets and a decline in oil tax related
revenues (given low oil prices), reduced the Dominican Republic's
fiscal revenues to 14.6% of GDP from 15.1% the previous year.
Lower oil prices, however, also helped to contain growth in
current expenditures because of lower subsidies.  Relatively low
oil prices and a control of expenditure should ensure general
government deficits during 2016-2018 at around 4.5% of GDP.

The high general government deficit reflects several structural
deficiencies in the Dominican Republic's fiscal performance.
Interest payments on the recapitalization bonds plus the quasi-
deficit of the central bank still represent 2% of GDP.  Energy-
sector losses only decreased to 1.1% of GDP (considering the
electricity company losses and the current transfers made by the
central government) in 2015, from the 2% average of 2012-2014,
given lower oil prices.  Even though this government (and prior
governments as well) is fully aware of the reforms needed, it
hasn't been able to address these structural fiscal shortcomings.

S&P expects net general government debt to continue to increase
toward 48% of GDP during 2016-2018.  Some increase in debt and
less concessional funding contribute to our projections for a
higher general government interest burden of 19% of general
government revenues, although this ratio is distorted by the
interest payments on the recapitalization bonds.

Debt-management practices continue to improve.  Beginning in 2015,
Congress approves an overall debt issuance limit annually,
facilitating more agile debt management, instead of separate
limits on external versus domestic financing and then having to
approve individual external bond issuances.  The government's debt
management strategy is to reduce dependence on foreign currency
debt (currently at 75% of total debt) by developing domestic
markets to meet general government financing needs in the next
couple of years.

S&P considers the Dominican Republic's contingent liabilities to
be limited.  This takes into account Banco de la Reservas' one-
third market share of the Dominican Republic's financial system,
its relatively small size (gross assets of the banking sector were
about 48% of GDP in 2015), and the debt of government-related
entities at about 6% of GDP.

The Dominican Republic's current account deficit (CAD) declined to
under 2% of GDP in 2015 given lower oil prices and continued
strong tourism and remittances receipts.  This compares with 3.3%
in 2014 and the historical peak of 9.5% in 2008.  Relatively low
oil prices and the solid tourism outlook should keep the CAD
around the same level as 2015 in 2016-2018.  Foreign direct
investment (FDI) flows exceeded the CAD, resulting in an increase
of international foreign reserves to $5.2 billion by the end of
2015.  Stable CAD and FDI flows should keep the gross external
financing needs around 100% of current account receipts (CAR) and
usable reserves in 2016-2017.  S&P expects it to be closer to 70%
of CAR in 2016-2018.

In 2012, the central bank became operationally independent and
moved to an inflation-targeting regime, improving its policy track
record.  Inflation has averaged 3.1% since then, near the central
bank's lower range target.  Inflation during the first quarter of
2016 was -0.6%.  The central bank has allowed the Dominican
Republic's peso to float more freely, although, like many central
banks, it still intervenes to smooth seasonal market volatility.
The monetary transmission mechanisms are still constrained by the
central bank quasi-deficit and the low level of domestic credit
(below 30% of GDP in 2015).

S&P's 'BB-' local currency rating reflects the country's still-
limited monetary policy transmission mechanism and small capital
markets.  The T&C assessment of 'BB+' is based on the outward
orientation of the Dominican economy, with CAR at 34% of GDP, as
well as the fairly unrestrictive nature of the Dominican
Republic's foreign-exchange regime.

                              OUTLOOK

The stable outlook is premised on S&P's assumption that the
government will contain fiscal slippage and that economic growth
will remain higher than peers, both contributing to keeping the
Dominican Republic's fiscal debt burden and external
vulnerabilities in check over the coming year.

A more substantial rise in the general government deficit and debt
burden than in S&P's base-case scenario would likely exacerbate
the Dominican Republic's external vulnerability and could lead S&P
to lower the rating, especially absent political action to reverse
the slippage.  S&P also assumes that growth remains supported by
policies pursued by the new Administration.

S&P could raise the ratings in the coming years if the government
is able to implement measures to address fiscal structural
deficiencies, which should help reduce fiscal and external
indebtedness.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "economic assessment" had improved and
that the "debt assessment" had deteriorated.  All other key rating
factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Dominican Republic
Sovereign Credit Rating                BB-/Stable/B
Transfer & Convertibility Assessment   BB+
Senior Unsecured                       BB-


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


JAMAICA: Seeking New Loans to Retire High Cost Debt
---------------------------------------------------
RJR News reports that the Government is looking at the possibility
of seeking new loans to retire some of the country's high cost
debt.

Finance Minister Audley Shaw made the disclosure during the
sitting of Parliament's Standing Finance Committee, according to
RJR News.

Minister Shaw was responding to a question from Opposition
Spokesman on Finance Dr. Peter Phillips on whether the Government
will seek opportunities to further reduce its debt, the report
notes.

"I should also indicate that in June I intend to go on a road show
in Europe and the United States and out of that may very well
emerge the opportunity for a liability management exercise," Mr.
Shaw added.

                              *     *     *

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
===========


GRUPO CEMENTOS: S&P Puts 'BB-' CCR on CreditWatch Negative
----------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term corporate credit and
issue-level ratings on Grupo Cementos de Chihuahua S.A.B. de C.V.
(GCC) on CreditWatch with negative implications.

The recovery rating on GCC's $260 million senior secured notes due
2020 remains unchanged at '3H' and indicates S&P's expectation of
meaningful (50%-70%; higher band of the range) recovery for the
bondholders in the event of a payment default.

The CreditWatch listing follows GCC's announcement that it reached
an agreement to acquire several assets in the U.S. from CEMEX
S.A.B. de C.V. (global scale: B+/Positive/--; national scale:
mxBBB/Positive/mxA-2).  The terms and conditions of the
transaction weren't disclosed, and the deal is still subject to
certain conditions precedent, including due diligence, final
binding agreements, and approval from the U.S. regulatory
agencies, among others.

The proposed transaction is valued at approximatively $400 million
and includes a portfolio of two cement plants, located in Odessa,
Texas and Lyons,Colorado with a combined installed capacity of 1
million metric tons per year; three cement terminals in Florence,
Colorado, and Amarillo and El Paso, Texas;and the concrete,
aggregates and building materials businesses in El Paso, Texas and
Las Cruces, New Mexico.

The CreditWatch listing reflects the currently limited information
regarding the details of the transaction.  Therefore, S&P is
uncertain about the transaction's impact on GCC's overall
financial risk profile, including pro forma leverage, cash flow
metrics, and liquidity.  The CreditWatch listing also reflects the
limited visibility that S&P has on the potential financing related
to the transaction and how it could affect the company's capital
structure and the $260 million senior secured notes' recovery
prospects in a hypothetical event of default.


GRUPO POSADAS: S&P Raises CCR to 'B+'; Outlook Positive
-------------------------------------------------------
S&P Global Ratings raised its corporate credit and senior
unsecured notes ratings to 'B+' from 'B' on Grupo Posadas, S.A.B.
de C.V.  The recovery rating on the notes remains at '3',
indicating S&P's expectation of a meaningful (50%-70%) recovery in
the lower half of the range, for unsecured lenders in a
hypothetical event of a payment default.  The outlook on the
corporate credit rating is positive.

The upgrade follows the improvement of Posadas' occupancy rates
and revenue per available room (RevPAR) beyond S&P's expectations,
which has boosted profitability, revenue, and EBITDA, resulting in
stronger cash flow generation and liquidity.  This, despite a
volatile foreign exchange environment and lower GDP growth in
Mexico, which reflects the company's favorable positioning and
knowledge of the industry that has allowed it to take advantage of
the solid tourism dynamics in the country.  As a result, Posadas
has improved its key credit metrics in the past several quarters.

S&P's positive outlook reflects that a potential further upgrade
is possible in the next 12 months if Posadas maintains an EBITDA
margin near 25% and debt to EBITDA below 4.5x, while it continues
enhancing its cash flow generation and liquidity despite its
aggressive expansion program.  On the other hand, S&P believes the
company's currency mismatch risk, due to its unhedged dollar-
denominated debt, is mitigated by its greenback-denominated
revenue (which represented about 25% of total as of Dec. 31, 2015)
and its favorable capital structure, with a weighted average
maturity above five years.  Also, S&P expects Posadas will
continue to maintain about $40 million in its cash position to
cover coupon payments related to its senior unsecured notes.

S&P reassessed its view of Posadas' financial risk profile to
aggressive from highly leveraged.  The company has maintained a
debt to EBITDA below 4.5x, which S&P expects will remain so in the
next two years thanks to a solid operating performance and greater
efficiencies despite the depreciation of the Mexican peso that
raises the company's leverage, given its dollar-denominated debt.


GRUPO SENDA: S&P Affirms 'B' GS CCR; Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its ratings on Grupo Senda
Autotransporte S.A. de C.V. (Senda), including the 'B' global
scale and 'mxBBB-/mx-A-3' long and short term national scale
corporate credit ratings, and 'mxA-3' short term debt rating.  The
outlook is stable.

The ratings affirmation reflects that, as expected, Senda's
operating performance and cash flow generation have improved.
This improvement has been driven by the recovery of passenger
traffic in northern Mexico, continued growth in the personnel
business segment, and positive effects of the strength of the U.S.
dollar, given that about 20% of revenues are denominated in this
currency.  Cost savings have also contributed to the company's
margins, including lower diesel prices and other operating
efficiencies, like those related to lower consumption of diesel.
The issuer recently closed the refinancing of its outstanding debt
through a long-term syndicated loan for about Mexican peso (MXN)
2,200 million issued in two tranches.  The first tranche is a
seven-year senior unsecured loan of MXN1,725 million, with
increasing amortizations bearing a floating rate; the second is an
eight-year senior unsecured loan of MXN475 million, with
increasing amortizations bearing a fixed rate.  This benefits
Senda because it expands the company's weighted debt maturity
profile to 4.5 years, and offers significantly lower amortizations
during the next three years (compared to previous debts).  The
debt is now fully denominated in pesos, which, in S&P's opinion,
eliminates exposure to foreign exchange volatility.

The ratings on Senda reflect S&P's view that its business risk
profile is weak.  This reflects the high risk of the cyclical
transportation industry, high geographic concentration of
operations in Northern Mexico, the company's small scale relative
to its rated peers, and the highly competitive Mexican bus
transportation market.  In S&P's view, the mitigating factors are
Senda's strong market position in the markets where it
participates, the successful gradual expansion into the
southeastern U.S. market, low average fleet age, and improving
revenue diversification as the company continues to expand its
personnel transportation and packaging segment.

The stable outlook reflects S&P's expectation that the company
will post key credit metrics commensurate with its aggressive
financial risk profile for the next two years, with an FFO to debt
between 15% and 21% and FFO cash interest coverage above 3.0x.

S&P could lower the ratings, if, as a result of lower-than-
expected revenue growth, additional leverage or higher-than-
expected diesel price increases, the company's operating
performance deteriorates in such way that FFO to debt is below 12%
and FFO cash interest coverage is below 2.0x, or if lower cash
flow generation results in unanticipated liquidity constraints.

Although unlikely in the short-term, S&P could upgrade Senda's
ratings if its key financial metrics of FFO to EBITDA and FFO to
cash interest expenses coverage improves consistently to above 20%
and 4.0x.


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


GOVERNMENT DEVELOPMENT: S&P Cuts Issue Credit Rating on Debt to D
-----------------------------------------------------------------
S&P Global Ratings said that it lowered its issue credit rating on
the senior unsecured debt of the Government Development Bank for
Puerto Rico (GDB) to 'D' (default) from 'CC.'  At the same time,
S&P affirmed its 'SD' long-term issuer credit rating on the bank.

The rating actions follow the announcement on May 1 that Puerto
Rico's Governor Alejandro Garcia Padilla imposed a moratorium on
the payment of all of GDB's funded debt that is payable during the
emergency period.  Last month, the governor had announced the
emergency period on GDB and froze most deposit withdrawals.

Of the $423 million in principal and interest that was due on
May 2, the bank paid the entire $23 million in interest due,
privately exchanged approximately $33 million of debt owed to
various state-chartered credit unions in Puerto Rico, and
defaulted on the remaining principal due (approximately $370
million).  In addition, the bank confirmed that it has negotiated
a framework with a group of creditors to potentially restructure
and exchange about $900 million of notes at a 53% haircut.
However, the execution of any such proposed restructuring would be
difficult and would require participation of 100% of GDB's
outstanding noteholders.  S&P would consider this to be a
distressed exchange under S&P's criteria.

S&P's rating on GDB's other senior unsecured debt reflects S&P's
opinion that a default on subsequent debt maturities is virtually
certain.  S&P would lower its ratings on GDB's debt issues to 'D'
upon an actual default of principal or interest payment on the
respective scheduled due dates.


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


COLONIAL LIFE: Reports Profit Surge of $5.13 Billion in 2014
------------------------------------------------------------
Aleem Khan at Trinidad Express reports that reporting more than a
year after its financial year ended on December 31, 2014, Colonial
Life Insurance Company (Clico) said in its financials posted to
its website that it made in 2014 almost 12 times what it made it
2013.

Prescience Insurance Consultants and Actuaries signed the
financial statements on November 20, 2015, and KPMG Chartered
Accountants signed on February 11 this year, according to Trinidad
Express.

                           About CLICO

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.  CL Financial Limited is a privately held
conglomerate in Trinidad and Tobago.  Founded as an insurance
company by Cyril Duprey, Colonial Life Insurance Company was
expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.


TRINIDAD  &  TOBAGO: Minister Upset About 'Boycott' of Goods
------------------------------------------------------------
Trinidad Express reports that Trade and Industry Minister Paula
Gopee-Scoon expressed disappointment that trade was being used as
a measure to discuss immigration issues involving Jamaica
following the decision of Port of Spain to deport several Jamaican
nationals earlier this year.

Ms. Gopee-Scoon confirmed that at least one major exporter of food
and beverage has had its goods taken off the shelves in Kingston
while others had been told "we are not buying from you at this
time," according to Trinidad Express.


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any comillionercial use, resale
or
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 * * *