TCRLA_Public/160516.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 16, 2016, Vol. 17, No. 95


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Assigns B3/Baa1.ar Debt Ratings to Notes


B R A Z I L

ACUCAR E ALCOOL: Fitch Affirms 'C' Issuer Default Rating
BANCO DO BRASIL: Fitch Cuts LT FC and LC IDRs to 'BB'
BANCO PINE: S&P Lowers LT GS Rating to 'B+'; Outlook Negative
BR PROPERTIES: Conclusion of Tender Offer Won't Affect 'BB-' IDR
COMPANHIA DE SANEAMENTO: Fitch Affirms 'BB' IDR; Outlook Stable

ELETROPAULO: S&P Lowers CCR to 'BB-'; Outlook Remains Negative
JBS SA: S&P Revises Outlook to Neg. & Affirms 'BB+' GS Rating
PDG REALTY: Moody's Affirms Caa3/Caa3.br Corporate Family Ratings


C A Y M A N  I S L A N D S

AEI OVERSEAS: Commences Liquidation Proceedings
ARDENT HARMONY: Creditors' Proofs of Debt Due May 31
BOSK LTD: Commences Liquidation Proceedings
BOW STREET: Placed Under Voluntary Wind-Up
CENOTECH INC: Creditors' Proofs of Debt Due June 7

CENTENNIAL GLOBAL: Creditors' Proofs of Debt Due June 9
FREMONT VENTURES: Placed Under Voluntary Wind-Up
LIFE FUND: Commences Liquidation Proceedings
LUMINUS ORIGIN: Creditors' Proofs of Debt Due May 31
OLIMPIA PARTNERS: Creditors' Proofs of Debt Due May 30

OLIMPIA PARTNERS MASTER: Creditors' Proofs of Debt Due May 30
RCUBE INVESTMENT: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy Grows 6.1% in 1Q Paced By Mining
FALCONBRIDGE DOMINICANA: Minister Denies Resumption of Operations

G U Y A N A

* GUYANA: IMF Says Non-Fin'l Public Sector Deficit Narrows to 0.2%


ST. K I T T S  &  N E V I S

* ST. KITTS AND NEVIS: IMF Says 3.5% Growth Expected This Year


X X X X X X X X X

* BOND PRICING: For the Week From May 9 to May 13, 2016


                            - - - - -



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A R G E N T I N A
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BUENOS AIRES: Moody's Assigns B3/Baa1.ar Debt Ratings to Notes
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B3 -- Global Scale local currency debt rating -- and
Baa1.ar rating -- on Argentina National Scale in local currency --
to proposed Classes 17 and 18 Notes for up to the equivalent in
local currency of up to $US460 million, to be issued by the City
of Buenos Aires under its Local Financing Program. The ratings are
in line with the City's long term local currency ratings, which
carry stable outlook.

RATINGS RATIONALE

The creation of the Local Financing Program was authorized by Laws
4315, 4382, 4431 and 4472 of 2012, Laws 4810 and 4885 of 2013, Law
4949 of 2014 and Laws 5491 and 5496 of 2016. These two new Classes
to be issued under the program, will constitute direct,
unconditional, unsecured and unsubordinated obligation of the
City, ranking at all times pari passu without any preference among
other debts. Both Classes will bear variable interest rate (local
benchmark plus margin) on a quarterly basis and will be issued and
payable in Argentine Pesos for the equivalent amount of up to $US
460 million --total consolidated amount of these two classes-.
They will be sold in the local capital market. Class 17 Notes will
mature in November of 2017 and will present bullet amortization,
whereas Class 18 will mature in May of 2020 and amortize in four
equivalent installments of 25% of its principal on a semiannual
basis starting in November of 2018. After the issuance of these 2
classes, Moody's does not anticipate a rise in the City of Buenos
Aires' ratio of total debt relative to total revenues given that
the issuer will entirely use the proceeds of the Notes to
refinance current debt maturities of the year.

The assigned ratings are in line with the City's B3 (Global Scale)
and Baa1.ar (Argentina's National Scale) local currency debt
ratings.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina'[s and Sub-sovereigns economic and
financial ratings, and upgrade of Argentina'[s sovereign bonds
ratings and/or the improvement of the country'[ operating
environment could lead to an upgrade of the City of Buenos Aires
ratings. Conversely, a downgrade in Argentina's bond ratings
and/or further systemic deterioration or idiosyncratic risks
arising in the City of Buenos Aires --such as a rapid increase in
the debt to total revenues ratio of the City-- could exert
downward pressure on the ratings assigned and could translate in
to a downgrade in the near to medium term.



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B R A Z I L
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ACUCAR E ALCOOL: Fitch Affirms 'C' Issuer Default Rating
--------------------------------------------------------
Fitch Affirms USJ's IDRs at 'C'
Fitch Ratings-Sao Paulo-12 May 2016

Fitch Ratings has affirmed the Foreign and Local Currency Long-
Term Issuer Default Ratings of U.S.J. - Acucar e Alcool S.A. at
'C' and the National Scale Rating at 'C(bra)'.  Fitch has also
affirmed the company's USD275 million senior unsecured notes due
2019 at 'C/RR4'.

                          KEY RATING DRIVERS

The ratings are consistent with USJ's failure on paying the coupon
related to the USD275 million senior unsecured notes.  As of May
9, 2016, the company entered in a 30-day cure period.

USJ's ratings had already been downgraded to 'C'/'C(bra)' on March
17, 2016, after the company's announcement of a private exchange
offer for any and all of its outstanding 9.875% senior unsecured
notes due 2019 for newly issued secured notes.  The exchange offer
conditions have been changed since then and the latest deadline
for acceptance by the bondholders is on May 13, 2016.  According
to Fitch's methodology, this exchange proposal is viewed as a
distressed debt exchange (DDE).

New terms and conditions of the exchange notes state the company
will have the option to defer coupon payments in 2016 and 2017 and
pay accrued interest at maturity, which has been extended to 2021
from 2019.  In case USJ defers coupon payments in 2016 and 2017,
the coupon rate will increase to 12% for these two years, and
return to the original 9.875% in the following years.  More
collateral has been added to the new proposal compared to the
original one and the notes will be secured by a fiduciary lien on
USJ's Araras mill, lien on land and pledge of sugar cane.  The
proposed haircut was reduced to 25% from 35%-40% under the
original offer.

The conclusion of the debt exchange offer and consent solicitation
is conditioned upon the valid tender of at least 90% of the
aggregate principal amount of the outstanding existing notes.

                       RATING SENSITIVITIES

USJ's IDRs and National Scale ratings will be downgraded to
Restrict Default ('RD') and 'RD(bra)', respectively, once the
exchange offer is approved or if the company defaults on its
scheduled debt amortization/interest payments.  Shortly after the
conclusion of the exchange offer, ratings are likely to be
upgraded to reflect company's new capital structure and liquidity.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

U.S.J. - Acucar e Alcool S.A

   -- Foreign and Local Currency Long-Term IDRs at 'C';
   -- Long-Term National Scale rating at 'C(bra)';
   -- USD275 million senior unsecured notes due 2019 at 'C/RR4'.


BANCO DO BRASIL: Fitch Cuts LT FC and LC IDRs to 'BB'
-----------------------------------------------------
Fitch Ratings has taken various rating actions on these financial
institutions (FIs):

Banks rated above the sovereign driven either by institutional
support or by their strong intrinsic credit profiles:

  Banco Bradesco S.A.(Bradesco)
  Banco Santander (Brasil) S.A. (SanBra)
  Itau Unibanco Holding S.A. (IUH)
  Itau Unibanco S.A. (IU)
  Banco ABC Brasil S.A. (ABC Brasil)

Federal government owned banks:

  Banco da Amazonia S.A. (BdA)
  Banco do Brasil S.A. (BdB)
  Banco do Nordeste do Brasil S.A. (BNB)
  Banco Nacional de Desenvolvimento Economico e Social (BNDES)
  Caixa Economica Federal (Caixa)

Medium sized banks:

  Banco BMG S.A. (BMG)
  Banco Daycoval S.A. (Daycoval)
  Banco Industrial do Brasil S.A. (BIB)
  Banco Pine S.A.(Pine)
  Banco Safra S.A. (Safra)
  Banco Votorantim S.A.(BV)

Regional government owned FIs:

  Agencia de Fomento do Estado do Rio de Janeiro S.A. (AgeRio)
  Agencia de Fomento do Parana (FP)
  Banco do Estado do Rio Grande do Sul S.A. (Banrisul)
  Banestes S.A. - Banco do Estado do Espirito Santo (Banestes)
  BRB - Banco de Brasilia S.A. (BRB)
  Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo
   (Desenvolve SP)

                         KEY RATING DRIVERS

The rating actions follow Fitch's recent downgrade of Brazil's
sovereign rating to 'BB' from 'BB+'/Negative Outlook and the
revision of the Country Ceiling to 'BB+' from 'BBB-', and the
consequent rating action on Brazil's sub-national governments.
These actions also reflect factors considered in Fitch's negative
sector outlook for the Brazilian banking industry.

In Fitch's view, Brazilian financial institutions remain under
significant pressure from ongoing operating environment challenges
that exacerbate downside risks to asset quality and profitability.
Fitch expects non-performing loans to continue to rise in the
coming quarters and loan loss reserve charges to remain a
significant burden on financial institutions' bottom line results,
which will continue to be pressured by slowing loan growth.  This
view is underpinned by the rise in unemployment, and significant
challenges faced by corporates with respect to their liquidity and
debt payment capacity, as well as an uncertain political
environment that is preventing a recovery in investor confidence.

Banks Rated Above the Sovereign

The Viability Ratings (VRs) of Bradesco, IU and IUH were
downgraded to 'bb+' from 'bbb-', and remain one notch above
Brazil's sovereign rating, due to their very strong credit
profile.  These VRs reflect the banks' adequate loss absorption
capacity, high liquidity and stable and diversified funding.
Fitch believes that both entities will be able to withstand a
further deterioration in the operating environment.

Since the Issuer Default Ratings (IDRs) of these banks are driven
by their VRs, their Long-Term Foreign-Currency (LT FC) and Local-
Currency (LC) IDRs have been downgraded to 'BB+' from 'BBB-',
while their Short-Term (ST) IDRs have been downgraded to 'B' from
'F3'.  Fitch has also revised these banks' Support Rating Floors
(SRFs) to 'BB-' from 'BB', reflecting the sovereign's reduced
capacity to support these banks.  Their Support Ratings were
affirmed at '3'.

In turn, SanBra's and ABC Brasil's VRs have been downgraded to
'bb' from 'bb+'.  While these banks maintain a good credit
profile, Fitch does not believe that they can be rated above the
sovereign on their own intrinsic merits.  However, their IDRs are
above their respective VRs, which reflects the expected
institutional support from their respective parents, Banco
Santander S.A. (Long-Term IDR 'A-'/Stable Outlook) and Arab
Banking Corporation B.S.C. (Long-Term IDR 'BBB-'/Stable Outlook).

SanBra's LT LC IDR was downgraded to 'BBB-' from 'BBB' (two
notches above the sovereign), while its LT FC IDR was downgraded
to 'BB+' from 'BBB-', since this is capped by Brazil's country
ceiling of 'BB+'.  In turn, ABC Brasil's LT FC and LC IDRs were
affirmed at 'BB+', one notch above its VR, and its IDRs are one
notch below its parent's IDRs and one notch above Brazil's
sovereign FC IDR.  SanBra's ST LC IDR was downgraded to 'F3' from
'F2' and its ST FC IDR was downgraded to 'B' from 'F3'.  ABC
Brasil's ST LC and FC IDRs were affirmed at 'B'. The SRs of both
Sanbra and ABC were affirmed at '3'.

Either because of their intrinsic strength (Bradesco, IU and IUH)
or because of external support (SanBra and ABC Brasil), Fitch
believes that these institutions would retain their capacity to
service their obligations, even following a further stressed
sovereign scenario -- considering higher inflation and interest
rates.

The Outlook on the Long-Term IDRs for all these issuers remains
Negative, mirroring the Negative Outlook on the sovereign ratings.

Federal Government Owned Banks

The LT FC and LC IDRs of federal government owned banks were
downgraded to 'BB' from 'BB+', and remain aligned with Brazil's
sovereign ratings.  Their IDRs are driven by expected support from
the government, reflecting either majority or whole federal
government ownership, their key policy role in the implementation
of government economic guidelines and, in the case of BdB and
Caixa, their systemic importance.

As state owned entities, these banks could be subject to political
influence.  The Outlook on these banks' Long-Term IDRs remains
Negative, reflecting the sovereign's ratings.  The ST LC and FC
IDRs of all five federal government owned banks were affirmed at
'B'.  Concurrently, their SRFs were revised to 'BB' from 'BB+',
reflecting the sovereign's reduced capacity to support these
banks.  Their SRs were affirmed at '3'.

Out of the five Fitch-rated federal government owned banks, BdB is
the only one that has a VR.  Fitch downgraded BdB's VR to 'bb'
from 'bb+', reflecting the sovereign constraints and the
significant correlation between the bank's credit profile and the
operating environment, as evidenced by the decline in the bank's
operating profitability and internal capital generation in 2015,
as well as Fitch's expectations for loan impairment charges to
continue to increase in the coming periods.

Medium Sized Banks

The IDRs on Safra, Daycoval and Pine are driven by their VRs.
Safra and Daycoval's LT FC and LC IDRs were downgraded to 'BB'
from 'BB+' and their VRs were downgraded to 'bb' from 'bb+', since
Fitch does not consider that these banks can be rated above the
sovereign rating.  Pine's LT FC and LC IDRs were IDRs were
downgraded to 'BB-' from 'BB' and its VR was downgraded to 'bb-'
from 'bb', reflecting the downside risk to its credit profile from
the ongoing deterioration in the operating environment.  The Long-
Term IDRs of Daycoval, Pine and Safra remain on Negative Outlook,
mirroring the sovereign ratings.  The ST LC and FC IDRs of all
these three banks were affirmed at 'B'.  Safra's SRF was affirmed
at 'B+', and its SR was affirmed at '4'.  The SRs for Daycoval and
Pine were affirmed at '5'.

The IDRs of BIB and BMG are also driven by their VRs.  BIB's LT FC
and LC IDRs were affirmed at 'BB' and its VR affirmed at 'bb',
reflecting the fact that its key credit metrics remain broadly
resilient to operating environment pressures.  BIB's The Rating
Outlook on the Long-Term IDRs remains Negative.  BMG's LT FC and
LC IDRs were affirmed at 'BB-' and the Outlook on these ratings
revised to Negative from Stable.  BMG's VR was affirmed at 'bb-'.
Both banks' ST LC and FC IDRs were affirmed at 'B'.  Their SRs
were affirmed at '5'.

BV's LT FC and LC IDRs are driven by expected support from its
parent (BdB) and were downgraded to 'BB-' from 'BB', following the
downgrade of BdB.  The Outlook on these ratings remains Negative,
mirroring the Outlook on BdB's ratings.  BV's VR was affirmed at
'bb-'; SR affirmed at '3'; and ST LC and FC IDRs were affirmed at
'B'.

The ratings on Banco Pan S.A. (Pan) and its subsidiaries:
Brazilian Finance & Real Estate (BFRE), Brazilian Mortgages
Companhia Hipotecaria (BM) and Brazilian Securities Companhia de
Securitizacao (BS) -- which are ultimately driven by support from
its co-shareholder Caixa -- will be reviewed when its other co-
shareholder, Banco BTG Pactual S.A., is reviewed.

Regional Government Owned Financial Institutions

The IDRs of Banrisul, Banestes and BRB are driven by their VRs.
Their VRs were affirmed at 'bb-'.  The credit profiles of these
three banks remain highly sensitive to further deterioration of
the operating environment in their respective regions where they
concentrate their operations.  All three of these regional
government owned commercial banks' LT FC and LT IDRs were affirmed
at 'BB-'.  Their Outlook remains Negative.  Fitch also affirmed at
'B' the ST LC and FC IDRs for all three banks.  Banrisul and
Banestes' SR's were affirmed at '4' and BRB's SR was downgraded to
'4' from '3', reflecting its parent's reduced support capacity.

The IDRs of all three development agencies, Desenvolve SP, AgeRio
and FP, are driven by expected institutional support from their
respective controlling states: Sao Paulo, Rio de Janeiro and
Parana, and are equalized with the IDRs of their parents.
Therefore, the downgrade of the LT FC and LC IDRs of the three
development agencies, Desenvolve SP (to 'BB' from 'BB+'), AgeRio
(to 'B+' from 'BB-') and FP (to 'BB' from 'BB+') mirrors the
downgrade of the Long-Term IDRs of their respective parents and
reflects their reduced capacity to provide support when needed.

The Rating Outlook on the three development agencies' Long-Term
IDRs remain Negative.  All three development agencies' ST LC and
FC IDRs were affirmed at 'B'.  Desenvolve SP and FP's SRs were
affirmed at '3' and AgeRio's SR was downgraded to '4' from '3',
reflecting its parent's reduced support capacity.

                      RATING SENSITIVITIES

The ratings and Outlooks for the financial institutions included
in this release are sensitive to any further changes in Brazil's
sovereign ratings.  For those financial institutions whose IDRs
are driven by support (government or institutional), any changes
in the capacity or the willingness of their respective parents to
support could lead to further changes in their SRs, and for those
whose source of expected support is the government, any changes in
the government's capacity or willingness to provide support could
lead to further revisions of SRFs.


BANCO PINE: S&P Lowers LT GS Rating to 'B+'; Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term global scale rating on
Banco Pine S.A. to 'B+' from 'BB-'.  At the same time, S&P lowered
its national scale rating on the bank to 'brBBB-' from 'brA-'.
S&P affirmed its 'B' short-term global-scale rating on Pine.  The
outlook is negative.

The rating action follows the increasing risk in Pine's loan
portfolio.  As macroeconomic conditions in Brazil deteriorate, S&P
believes Pine's concentrated portfolio makes the bank more
vulnerable to a distress than peers with adequate risk positions.
As a result, S&P has revised the bank risk position to moderate
from adequate.  The ratings also reflect Pine's moderate business
position given its relatively small market share, moderate capital
and earnings (with a forecasted risk-adjusted capital [RAC] ratio
of about 6.5% for the next two years), below-average funding, and
adequate liquidity.

The negative outlook on Pine reflects S&P's view of the negative
economic and industry risk trend in S&P's BICRA on Brazil.  S&P
believes Pine's finances could deteriorate because of pressures on
Brazil's banking system as a result of the sovereign's fiscal and
monetary tightening.  Under such a scenario, S&P could revise
Pine's stand-alone credit profile (SACP) downward and lower the
ratings.  In addition, Brazil's stagnant economy could further
weaken the bank's asset quality and revenues stability.

The negative outlook reflects S&P's belief that the bank's asset
quality could continue to deteriorate as a result of the bank's
credit concentration amid Brazil's weak economy.  Furthermore, if
the reduction in the bank's loan portfolio or its exposure to
cyclical sectors jeopardizes its business stability and its
operating revenues, S&P could revise its business position
downward.

S&P could revise its outlook on Pine to stable if S&P revises its
BICRA economic risk trend on Brazil to stable, provided that the
bank's asset quality and business stability improve.



BR PROPERTIES: Conclusion of Tender Offer Won't Affect 'BB-' IDR
----------------------------------------------------------------
The conclusion of the tender offer from GP Real Properties II C,
LLC is neutral to BR Properties S.A.'s ratings (BR Properties;
Long-Term Foreign and Local Currency Issuer Default Rating 'BB-',
long-term national scale rating 'A+(bra)'; Outlook Stable),
according to Fitch Ratings.

On May 11, 2016, GP Real Properties announced the acquisition of
172 million common shares issued by BR Properties for BRL1.9
billion (BRL11.0 per share), increasing its stake in the company
to 70%, from 12.19%.

BR Properties' ratings do not consider relevant change in the
company's strategy with the conclusion of the tender offer.
Significant changes in BR Properties' portfolio of properties, in
its capital structure or in the strategy to reduce leverage are
not incorporated in the ratings.  A potential capital increase,
accelerating the company's deleverage process, would be viewed as
positive by Fitch.  Following the acquisition, GP Real Properties
is expected to announce new members to the Board of Directors.

The waiver negotiated with debt holders related to the change of
control clause should have an estimated cost of about BRL110
million (at present value), including fees and debt renegotiation.
Fitch estimates limited the impact on the company's interest
coverage ratios, measured as EBITDA /interest ratio.


COMPANHIA DE SANEAMENTO: Fitch Affirms 'BB' IDR; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Companhia de Saneamento Basico do
Estado de Sao Paulo's (Sabesp) Long-Term Foreign- and Local-
Currency Issuer Default Rating at 'BB' and National Long-Term
Rating at 'AA-(bra)'.  The Rating Outlook is Stable.

                        KEY RATING DRIVERS

The rating action reflects the manageable operating scenario for
Sabesp in 2016 given the company's current moderate water
reservoir levels, improved operating flexibility and end of tariff
bonus program effective since May 2016, which should benefit the
company's credit metrics going forward.  Fitch expects Sabesp's
cash flow generation to gradually recover during the next two
years as hydrology stressed conditions eases.

Sabesp's ratings incorporate the strength of its cash flow from
operations (CFFO) during regular hydrologic conditions, with
higher predictability than other industries.  The ratings also
benefit from the company's near monopolistic position in its
business area, as well as on the economies of scale obtained as
the largest basic sanitation company in the Americas by number of
customers.

Fitch considers Sabesp's challenges linked to its BRL1.5 billion
debt maturing in 2016 which includes the USD140 million bonds due
in Nov.2016, to be manageable.  The company's satisfactory cash
balance and proven access to domestic and international debt
market mitigate refinancing risks.

Fitch's analysis considers the risks associated with Sabesp's high
percentage of foreign-currency debt on its balance sheet, which
has increased during 2015, and the still-new regulatory
environment for the company.  Fitch has also factored in political
risk inherent with Sabesp's public control by the State of Sao
Paulo, with the potential for changes in management and strategy
after each election.

Gradual Leverage Reduction

Fitch expects Sabesp's net leverage to decrease to 2.5x by 2019
from 3.5x year-end 2015.  The agency estimates the net leverage
ratio will be around 3.0x by the end of 2016, and is supported by
higher average tariffs, given the end of the tariff bonus program
and 8.4% tariff adjustment, both effective from May 2016, in
addition to estimated lower capex for the year.  Fitch forecasts
moderate EBITDA margin increase to 41% by the end of the year (or
BRL3.9 billion) from 39% in 2015 (or BRL3.3 billion) as operating
scenario pressures ease.

Cash Flow Recovery

Sabesp should resume its strong CFFO generation capacity in the
next two years as hydrological conditions continue to return to
more regular patterns.  Fitch estimates Sabesp's 2016 CFFO of
around BRL2.3 billion with increasing trend to BRL2.8 billion by
2018 will be supported by growth of operations and tariff
adjustments.  The agency expects Sabesp's lower capex during 2016
of around BRL2.0 billion and dividend payments to result in a
slightly positive FCF.

During 2015 the company's strong BRL2.6 billion CFFO benefited
from a reduced tax payment.  In the same period, the company's FCF
was slightly negative at BRL8 million due to aggressive
investments, which amounted to BRL2.5 billion, and by a BRL202
million dividend distribution during the same period.

Moderate Reservoirs Levels

Sabesp's satisfactory water reservoir level at one of its most
important systems, Cantareira, mitigates concerns during the dry
season in 2016 (between May-October).  The reservoir water level
in the Cantareira system was 35.8% by May 9, 2016, which favorably
compares with the negative 9.7% (implying use of technical
reserve) registered in the same period in 2015.  Fitch expects
that the company's improved operating flexibility with systems
interconnection and ongoing enhancements to available water
capacity should reduce potential operating restrictions in the
future.  Adequate rainfall levels are still needed to avoid
operating pressures.

High FX Debt Exposure

Sabesp should remain carrying risks associated with its high
percentage of foreign-currency debt, which peaked at 50% of its
total BRL13.2 billion debt by year-end December 2015 as part of
its strategy to access both domestic and unhedged international
funding.  By the end of December 2015 Sabesp's total debt
consisted mainly of IDB and JICA loans (BRL4.6 billion), debenture
issuances (BRL4.3 billion) and bonds (BRL1.9 billion).  The
company could breach its 3.65x gross leverage covenant if FX rates
rebound to above BRL4.0/USD by the end of 2016.

Fitch expects Sabesp's FFO debt service coverage ratio to remain
adequate and above 3.7x during the next five years despite
expected weakening due to the rising costs of the local debt
market.  Approximately 33% of Sabesp's debt is tied to the
Brazil's benchmark interest rates (SELIC), currently at 14.25%,
TJLP and IPCA rates.  Historically, Sabesp's debt service coverage
has been comfortable, based on its sound cash generation.  During
2015, FFO/interest coverage was 6.7x, benefiting from higher FFO
generation, which was an improvement of the 6.3x ratio in 2014.

                          KEY ASSUMPTIONS

   -- Stable total volume billed in 2016 and 2017 and annual
      growth of 2.4% onwards;
   -- Annual tariff increases of 8.4% in 2016 and Fitch's
      inflation rate estimates between 2017 - 2020;
   -- EBITDA margin of 41% in 2016 with slight growth to 42% by
      2020;
   -- Annual capex of BRL2.0 billion in 2016 and between BRL2.6 -
      2.8 billion from 2017 to 2020

                       RATING SENSITIVITIES

A negative rating action may occur due to one or a combination of
the following:

   -- EBITDA margins below 33%.
   -- Net Leverage above 4.0x.
   -- (Cash+CFFO)/short-term debt below 1.3x.

A positive rating action may occur due to one or a combination of:

   -- Lower operational cash generation committed to investments
      sustainably or cash generation growth above Fitch's
      expectations.
   -- Net leverage below 2.5x.
   -- EBITDA margin above 40%.
   -- (Cash+CFFO)/short-term debt above 2.0x.
   -- Lower FX debt exposure.

                             LIQUIDITY

The maintenance of substantially more robust liquidity positions
since 2010 mitigates Sabesp's debt refinancing concerns.  The
company faces challenges related to its BRL1.5 billion short-term
debt as per December 2015, which includes BRL547 million linked
with its USD140 million bonds due in November 2016.  Sabesp's
financial strategy is to refinance its bonds with international
funding during the 4Q2016 is tight.  This is to avoid a potential
covenants breach in the case of anticipated issuance given the
gross debt covenants limitations.  Fitch believes that Sabesp's
proven track record of accessing financing from the international
debt market partially mitigates its refinancing risks.  As of
December 2015, Sabesp's cash and marketable securities position
was adequate at BRL1.6 billion, covering short-term debt by 1.1x.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

   -- Long-Term Local-Currency Issuer Default Rating (IDR) at
      'BB';
   -- Long-Term Foreign-Currency IDR at 'BB';
   -- USD140 million notes due 2016 at 'BB';
   -- USD350 million notes due 2020 at 'BB';
   -- National Long-Term Rating at 'AA-(bra)'.

The Rating Outlook is Stable.


ELETROPAULO: S&P Lowers CCR to 'BB-'; Outlook Remains Negative
--------------------------------------------------------------
S&P Global Ratings lowered its global scale corporate credit
rating on Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
to 'BB-' from 'BB'.  S&P also lowered its Brazil national scale
rating on the company to 'brA-' from 'brA+'.  The outlook remains
negative.  At the same time, S&P lowered the issue-level rating on
Eletropaulo's 11th debentures issuance due 2018 to 'brA-' from
'brA+'.  S&P also withdrew the '3' recovery rating on
Eletropaulo's senior unsecured debt.

The downgrade reflects S&P's expectation that the company will
have a tighter cushion for its debt covenants over the next few
quarters due to the potentially lower reported EBITDA, used in the
ratio calculation, amid losses from selling its electricity
surplus in the spot market.  This risk increased due to lower
demand in Eletropaulo's concession area, because according to
regulation, electricity sales in the spot market that surpass 105%
of a company's electricity demand can't be passed through rates.

S&P withdrew its recovery rating based on its understanding that
Eletropaulo, as a regulated electric utility, isn't subject to
Brazil's insolvency regime in case of default, unless after
concession expires, according to the Law 12,767/2012.  Despite
S&P's view that a debt restructuring in general could maximize
recoveries for the creditors, this law reduces the predictability
in a default scenario for the regulated electric utilities.
Issue-level rating on Eletropaulo's senior unsecured debt remains
unchanged, and S&P now uses its traditional issue rating notching
guidelines.

S&P revised its liquidity assessment on Eletropaulo to less than
adequate from adequate, based on S&P's expectation that the
company will have a lower cushion for its debt covenants in the
next few quarters.  Losses from selling electricity surplus in the
spot market should pressure EBITDA that the company uses in the
financial covenant calculation.


JBS SA: S&P Revises Outlook to Neg. & Affirms 'BB+' GS Rating
-------------------------------------------------------------
S&P Global Ratings revised its outlook on JBS S.A. and JBS USA LLC
to negative from stable.  At the same time, S&P affirmed its 'BB+'
global scale and 'brAA+' national scale ratings on JBS and JBS
USA.  In addition, S&P affirmed its 'BB+' issue-level ratings on
both companies.  A recovery rating of '3' for the senior secured
debt -- indicating a recovery expectation of 70%-90%, in the
higher band of the range -- and a '4' recovery rating for the
unsecured debt -- indicating a recovery expectation of 30%-50%,
the higher band of the range -- remain unchanged.

The outlook revision reflects the challenges JBS faces to recover
its operating cash flow generation, improve short-term financial
flexibility, and reduce cash flow volatility due to strategic
decisions mainly related to its hedging strategy and acquisitions.

JBS's weak first quarter operating results were mainly due to an
EBITDA loss at its U.S. beef operation -- stemming from a
temporary oversupply of beef that hurt prices -- and tighter
cattle availability in the Australian division.  The company's
Brazilian poultry operation, JBS Foods, also confronted higher
costs on grain purchases amid strong competition and limited
ability to raise prices.  As a result, margins for this unit were
below S&P's estimates.  The lower-than-expected EBITDA and free
operating cash flow (FOCF) generation makes S&P's revised 2016
forecast to be more gradual than the prior one, even as JBS
incorporates the full EBITDA of acquired assets.

S&P expects JBS to resume its debt reduction thanks to improving
conditions in the U.S. beef market and the company's proven
ability to achieve competitive operating efficiency.  However, the
speed of such deleveraging may be slower than S&P had expected.
In addition, S&P don't expect meaningful acquisitions or
additional cash drains from JBS's hedging strategy, but it has a
volatile track record in those types of decisions, so S&P can't
discard cash outflows of that nature.


PDG REALTY: Moody's Affirms Caa3/Caa3.br Corporate Family Ratings
-----------------------------------------------------------------
Moody's America Latina affirmed the Corporate Family Ratings
assigned to PDG Realty S.A. Empreendimentos e Parts (PDG) at Caa3
on the global scale and Caa3.br on the Brazilian national scale.
At the same time, Moody's affirmed the company's BRL250 million
senior secured bank credit notes due in 2016 at Caa3/Caa3.br,
while the company's BRL140 million senior unsecured debentures due
in 2018 were affirmed at Ca/Ca.br. The outlook for all ratings
remains negative.

Issuer: PDG Realty S.A. Empreendimentos e Participacoes (PDG)

Ratings affirmed:

-- Corporate Family Ratings: Caa3 (global scale) and Caa3.br
    (national scale)

-- BRL250 million senior secured bank credit notes (CCBs- 15th
    series- 1st issuance) due in 2016: Caa3/Caa3.br

-- BRL140 million senior unsecured debentures due in 2018 (7th
    issuance): Ca/Ca.br

Please see ratings tab on the issuer/entity page on moodys.com.br
for information on Global Scale Rating.

RATINGS RATIONALE

The ratings affirmation follows PDG announcement the company
signed a non-bidding memorandum of understanding with four
Brazilian banks for an out-of-court debt restructure of
approximately BRL3.7 billion, a process that was initiated in
August 2015. The debt restructure comprise approximately BRL1.2
billion in project loans (i.e. SFH debt) and about BRL2.5 billion
in corporate debt, collectively representing 60% of PDG's total
gross debt outstanding as of FYE2015. Banks have granted the
company a 60-day standstill while they complete the restructure of
all debt agreements. Moody's views this transaction as a
distressed exchange.

In addition to the bank debt restructure, PDG had an initial
missed interest payment of approximately BRL13 million on the 7th
issuance of senior unsecured public debentures due on March 15
2016. Alternatively, these debentures were amended several times
between March 11 2016 and April 28 2016, effectively postponing
the missed interest payment to July 15 2016 and changing the debt
class to senior secured with pledge of certain real estate assets
and future receivables, equivalent to 100% of the debentures
outstanding value. Despite the waivers and amendments provided by
the debt holders, Moody's considers this and event of default on
the original promise.

PDG's Caa3/Caa.br CFR reflect its weak operating performance,
untenable capital structure and evolving liquidity profile with
significant near-term debt maturities. The ratings also reflect
Moody's current view of PDG's consolidated probability of default
and expected loss for its debt holders, considering its current
capital structure that includes approximately 87% of secured debt
and 13% of unsecured notes. The Caa3/Caa3.br ratings to the
secured bank credit notes due in 2016 (15th series-1st issuance)
reflect an expected loss of more than 20% for PDG's senior secured
creditors in an event of default. The 2018 senior unsecured
debentures (7th issuance) is rated Ca, given its relatively higher
expected loss.

Following a change in its strategic direction in 2013, PDG
reviewed its internal processes, executed liability management
initiatives, reduced the pace of new launches and focused in the
completion of projects in the backlog in order to recover margins
and profitability. As a result, the number of projects in the
backlog shrunk to 42 by the end of the 1Q16 down from 330 in 2012.
Nevertheless, PDG's gross margins remain under pressure at --1.1%
in 1Q16 (vs. 1.7% in 2015, 19.8% in 2014 and 21.1% in 2013).
Conversely, twelve month Free Cash Flow (FCF), as adjusted by
Moody's, has been consistently improving to BRL658 million in 2015
from BRL436 million in 2014, and a negative BRL630 million in
2013, indicating lower cash burn.

"PDG's sales over supply (SOS) ratios have been pressured by
project dissolutions, cancelled sales and stricter client
screening procedures. Most of it relates to the implementation of
the company's turnaround plan and revised business strategy, but
we also note a general deterioration in the overall industry
dynamics driven by slower GDP growth in Brazil combined with
rising household debt and a decline in consumer confidence,
slowing growth of housing prices and sales speed. Moody's
calculates annualized SOS ratio at 45% in the 1Q16 in line with
44.6% at the end of 2014 and down from 47.5% at the end of 2013."

PDG's contract terminations reached BRL1.8 billion in the last
twelve months that ended March 2016, 46% higher than the previous
year. As a result, the amount of unsold finished units has
increased to 33% of its inventories in March 2016 (up from 14.5%
in March 2014). An additional credit concern is PDG's receivables
from finished units, which exposes the company to client
delinquency risk.

The negative outlook reflects the PDG's high liquidity risk and
the challenges ahead for its management to execute a debt
restructure plan while sustaining a minimum cash balance to
support their operations in the current business environment.

A ratings upgrade is unlikely near term, but positive pressure
could arise if the company effectively executes a debt
renegotiation strategy that materially reduces its debt burden and
improves its liquidity position. Positive rating pressure depends
on improvement of its leverage metrics, such as total debt to
capitalization consistently below 60% (71.4% as of December 31,
2015) and EBIT interest coverage above 1.0x (-1.6x LTM 4Q15).

Further downward pressure on the ratings would arise from
deterioration in the company's liquidity position leading to
another default in interest or debt amortization, payment deferral
or a larger than expected loss for creditors in a debt
restructuring.

PDG Realty S.A. Empreendimentos e Participacoes (PDG) is a
Brazilian homebuilder operating through its wholly owned
subsidiaries, Goldfarb, CHL, Agre and minority investments in
other companies. The company currently has projects in 14 states
and virtually all price segments. In the last twelve months ended
March 2016, PDG generated net revenues of BRL1.3 billion ($US430
million) and net losses of BRL3.1 billion ($US1.0 billion).


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


AEI OVERSEAS: Commences Liquidation Proceedings
-----------------------------------------------
On April 26, 2016, the sole shareholder of AEI Overseas Services
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:

          AEI Services LLC
          2929 Allen Parkway
          Suite 200
          Houston
          Texas 77019
          United States of America
          Telephone: +1 (713) 345 5029
          e-mail: Maureen.Ryan@aeienergy.com


ARDENT HARMONY: Creditors' Proofs of Debt Due May 31
----------------------------------------------------
The creditors of Ardent Harmony Fund Inc. are required to file
their proofs of debt by May 31, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 26, 2016.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited,
          Harbour Centre, 2nd Floor
          42 North Church Street,
          George Town, Grand Cayman
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5855


BOSK LTD: Commences Liquidation Proceedings
-------------------------------------------
On April 27, 2016, the sole shareholder of Bosk 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:

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


BOW STREET: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 11, 2015, the sole shareholder of Bow Street Offshore
Fund, Ltd 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:

          Ogier
          Bow Street LLC
          c/o Anna Cummings
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CENOTECH INC: Creditors' Proofs of Debt Due June 7
--------------------------------------------------
The creditors of Cenotech Inc. are required to file their proofs
of debt by June 7, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 20, 2016.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          Telephone: (345) 949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


CENTENNIAL GLOBAL: Creditors' Proofs of Debt Due June 9
-------------------------------------------------------
The creditors of Centennial Global Markets Investment Fund are
required to file their proofs of debt by June 9, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 8, 2016.

The company's liquidator is:

          SCL Limited
          Smeets Law (Cayman),
          Reference: JAPF
          Suite 2206, Cassia Court,
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728


FREMONT VENTURES: Placed Under Voluntary Wind-Up
------------------------------------------------
On April 29, 2016, the sole shareholder of Fremont Ventures, Ltd.
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:

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


LIFE FUND: Commences Liquidation Proceedings
--------------------------------------------
On April 27, 2016, the sole shareholder of The Life Fund, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          John Regan
          315 Park Avenue South, 18th Floor
          New York, New York 10010
          United States of America
          Telephone: +1 (212) 993 7446
          e-mail: jr@permcap.com


LUMINUS ORIGIN: Creditors' Proofs of Debt Due May 31
----------------------------------------------------
The creditors of Luminus Origin EB I, Ltd. are required to file
their proofs of debt by May 31, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 26, 2016.

The company's liquidator is:

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


OLIMPIA PARTNERS: Creditors' Proofs of Debt Due May 30
------------------------------------------------------
The creditors of Olimpia Partners Funds SPC, Ltd. are required to
file their proofs of debt by May 30, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 29, 2016.

The company's liquidator is:

          Eduardo Menge
          Av. Nacoes Unidas, 8501 31st floor
          Sao Paulo, SP
          05425-070 Brazil
          Telephone: +55 11 4872 2639


OLIMPIA PARTNERS MASTER: Creditors' Proofs of Debt Due May 30
-------------------------------------------------------------
The creditors of Olimpia Partners Master Funds SPC, Ltd. are
required to file their proofs of debt by May 30, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 29, 2016.

The company's liquidator is:

          Eduardo Menge
          Av. Nacoes Unidas, 8501 31st floor
          Sao Paulo, SP
          05425-070 Brazil
          Telephone: +55 11 4872 2639


RCUBE INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
On April 18, 2016, the sole shareholder of RCUBE Investment
Management Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          RCUBE Asset Management SAS
          Cyril Castelli
          255 Rue Saint Honore
          2nd Floor
          75001 Paris
          France
          Telephone: +33 1 42 60 28 01
          e-mail: cc@rcube.com


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


DOMINICAN REPUBLIC: Economy Grows 6.1% in 1Q Paced By Mining
------------------------------------------------------------
Dominican Today reports that Central Banker Hector Valdez Albizu
said Dominican Republic's economy grew 6.1% in the first quarter,
stressing a sustained macroeconomic stability.

In a meeting with directors of the National Employers Union (UNE)
at the Central Bank, Valdez Albizu said the performance shows that
the country's growth continues to lead Latin America and the
Caribbean, according to Dominican Today.

Mr. Albizu said mining (33.8%), financial intermediation (12.0%),
health (9.6%) and construction (8.8%) were the sectors that most
contributed to first quarter growth, the report notes.

The official said the retail sector has been recovering after the
fall from the severe drought that hit the country, averaging a
6.9% growth during February and March, the report relays.

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


FALCONBRIDGE DOMINICANA: Minister Denies Resumption of Operations
-----------------------------------------------------------------
Dominican Today reports that Energy and Mines minister Antonio Isa
Conde denied that Falconbridge Dominicana (Falcondo) could again
extract nickel at Loma Miranda, as reports denounced on May 12.

In an emailed statement, the official said neither Falconbridge
nor anyone will exploit Loma Miranda, according to Dominican
Today.

The report notes that Mr. Conde accompanied the statement with
Falconbridge's commitment not to carry out extractions at the
site, stressing that neither Loma Miranda nor any other of the
country's protected areas would be exploited.  "Statements of a
permit to exploit Loma Miranda are a perverse manipulation, which
aim to confuse sectors in good faith fighting to preserve the
natural resources.," the report quoted Mr. Conde as saying.

Mr. Conde said in addition to requiring an environmental permit,
the resolution authorizing Falcondo's operations now must count
with a social license, . . . .  but noted that the latter doesn't
figure in the current legal system, the report adds.

Falcondo is a ferronickel surface mining operation located in the
Dominican Republic with operations dating since 1971. Xstrata PLC
is the operator of Falconbridge Dominicana, C. por A. ("Falcondo")
with an 85.26% ownership.   In 2015, there was a sale of the 100%
of the shares of Glencore Canada Corporation (ANL) in Falconbridge
Dominicana (Falcondo) to the Americano Nickel Limited investment
Fund.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2016, Dominican Today reported that Energy and Mines
Minister Antonio Isa Conde announced that the company Falconbridge
has submitted all legal documents required to obtain the permit
that will allow it to resume ferronickel extractions, but noted
that Loma Miranda isn't to be touched.

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



===========
G U Y A N A
===========


* GUYANA: IMF Says Non-Fin'l Public Sector Deficit Narrows to 0.2%
------------------------------------------------------------------
On May 9, 2016 the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation with Guyana.
Real economic activity expanded by 3 percent in 2015. Lower export
commodity prices and budget delays weighted down on activity,
while the opening of two new large gold mines helped support
growth.  Consumer prices contracted by 1.8 percent in the twelve
months ending in December 2015, reflecting lower import prices and
a one-off increase in VAT exemptions.

The overall non-financial public sector deficit narrowed to 0.2
percent of GDP in 2015 from 5.7 percent in 2014. Despite the
slowdown, revenues as a share of GDP increased by 4.2 percentage
points, buoyed by fuel excises (which were raised as the
international oil price declined), and one-off increases in non-
tax revenues. Expenditures as a share of GDP declined by 1
percentage point, driven by a 30 percent decline in capital
expenditures due to election-related budget delays. The current
account deficit narrowed from 10.8 percent of GDP in 2014 to 4.6
percent in 2015, as the steep decline in international oil prices
more than offset lower commodity export prices. Gross
international reserves stood at 3.6 months of imports at end-2015.
Bank capital adequacy ratios appear comfortable (averaging 23.9
percent as of December 2015), but nonperforming loans have
increased to 11.5 percent of loans at end-December 2015 from 6
percent at end-December 2013.

The macroeconomic outlook is generally positive for 2016 and the
medium-term. Growth is projected at 4 percent in 2016, supported
by public investment and two new large gold mines. Twelve-month
inflation is expected to remain low at around 2.1 percent by year-
end. The 2016 budget reverses the fiscal stance, envisaging an
overall deficit of 5.5 percent of GDP, driven by a 4 and a 2.1
percentage point increase in the shares of capital and current
spending in GDP, respectively. Revenues are projected to remain
broadly flat. Lower oil prices improve the outlook for the current
account deficit, which is projected to remain at about 4ยด percent
of GDP in 2016, financed by investment inflows and donor-supported
investment. Reserve cover is projected to increase to 3.8 months
of imports at end-2016.

                        Executive Board Assessment

The Executive Directors commended the resilience of Guyana's
economy, which continues to grow despite global headwinds. They
noted, however, that challenges and risks remain, and encouraged
the authorities to build up fiscal buffers, implement structural
reforms, and strengthen the financial sector. Directors welcomed
the positive medium term outlook underpinned by an environmentally
sustainable and socially inclusive growth strategy.

Directors welcomed the marked improvement in the current account,
while noting that Guyana remains vulnerable to changes in
commodity prices due to its dependence on imported oil and the
concentration of exports on a few commodities. They noted that the
exchange rate appears to be broadly in line with fundamentals, and
underscored that exchange rate flexibility should play a larger
role in helping Guyana cope with external shocks.

Directors stressed the importance of fiscal consolidation in order
to safeguard debt sustainability and preserve fiscal and external
buffers while maintaining growth momentum. They recommended that
fiscal consolidation efforts focus on moderating the growth of
current expenditures, in particular transfers to public
enterprises, so as to preserve space for public investment while
protecting social spending. On the revenue side, efforts to
broaden the revenue base and strengthen tax administration were
encouraged. Directors welcomed the efforts to reform public
enterprises, notably the sugar and electricity companies, in order
to improve efficiency and reduce reliance on government support.
Directors encouraged the authorities to move toward greater
economic diversification by advancing reforms to promote
competition and improve the business climate. Given that the high
costs of electricity, transportation and telecommunications have
been longstanding impediments to growth, they supported well
targeted public investment and liberalizing reforms to lower costs
and raise productivity.

Directors noted that the largely concessional nature of debt
contributes to resilience and should be preserved. They commended
the authorities for taking a cautious approach in factoring in
possible future oil income in their medium term fiscal plans.
Directors concurred that the monetary policy stance should remain
accommodative, as lower prices for imported goods, including fuel,
continue to ease inflationary pressures.

While noting that the banking sector appears well capitalized,
Directors recommended heightened vigilance given the rise in
nonperforming loans, as well as tightening of provisioning
requirements and close monitoring of related party lending. They
looked forward to a more granular analysis of financial sector
challenges by the upcoming FSAP mission.

Directors stressed the importance of strengthening the anti-money
laundering and combating the financing of terrorism framework.
They noted that remaining deficiencies amplify the vulnerability
to de risking, which will require greater international effort to
address. They urged the prompt implementation of the action plan
agreed with the Financial Action Task Force.



===========================
ST. K I T T S  &  N E V I S
============================


* ST. KITTS AND NEVIS: IMF Says 3.5% Growth Expected This Year
--------------------------------------------------------------
A team from the International Monetary Fund (IMF), led by Ms. Inci
Otker, visited St. Kitts and Nevis during April 20-May 3 to
conduct the 2016 Article IV Consultation.  At the conclusion of
the discussions, Ms. Otker issued the following statement:

"St. Kitts and Nevis successfully exited the Post-Program
Monitoring Framework at end-October 2015, 7 months ahead of
schedule, following the completion of its IMF-supported program in
July 2014. The discussions focused on the elements of a
comprehensive strategy to lock in the gains achieved in fiscal and
debt sustainability in recent years, while enhancing resilience of
the macroeconomic performance to adverse shocks and safeguarding
macro-financial stability.

"Macroeconomic performance remained strong in 2015. The economy
grew at an estimated 5 percent, in line with 2015 Article IV
projections, following two consecutive years of strong growth at
around 6 percent. Strong construction activity through end-2015
underpinned growth, supported by large real estate projects funded
through the Citizenship-by-Investment (CBI) program, as well as
large public sector investment projects. The ongoing recovery in
tourism and strong wholesale and retail activity also supported
growth. Inflation turned negative, owing to the impact of VAT and
import duty exemptions and lower commodity prices. The fiscal
position remained in surplus, at an estimated 5 percent of GDP.
The debt-to-GDP ratio continued its impressive downward
trajectory, and is projected to reach the ECCU's 2030 target of 60
percent in 2017.

"The banking system remained stable with comfortable capital
buffers and high levels of liquidity. Private sector credit
witnessed a moderate recovery of 3.2 percent year-on-year in 2015.
The high level of nonperforming loans continued to dampen banks'
appetite for lending, which, together with a growing deposit base,
continued to weigh on profitability.

"The outlook for 2016 is positive, but remains dominated by
developments in CBI inflows. Growth is expected to moderate to 3.5
percent in 2016 and 3 percent, on average, over the medium term,
reflecting a tapering of construction activity associated with a
potential slowdown in the pace of new CBI applications, given the
increased competition from new CBI programs. The ongoing recovery
in tourism activity is expected to support growth, as new CBI-
funded tourist facilities come on stream in 2017-19. Potential
spillovers from weak growth prospects in key tourism source
markets, de-risking trends, delays in regional financial sector
resolution, and exposure to natural disasters pose additional
downside risks to the outlook. Higher than expected CBI inflows or
favorable oil price developments, however, could surprise on the
upside.

"Safeguarding fiscal sustainability requires a prudent medium-term
fiscal framework that reduces reliance on CBI inflows and the
Sugar Industry Diversification Foundation (SIDF) grants. Although
the impact of the VAT and import duty exemptions were largely
offset by stronger income tax collection and higher-than-expected
outturn of other taxes on international trade, lower CBI budgetary
receipts, delays in external grants, and temporary financing of
SIDF spending weakened the fiscal position, compared to previous
years. A prudent framework would help build resilience to a sudden
stop in CBI inflows, and facilitate the accumulation of fiscal
buffers necessary to address natural disaster shocks and absorb
unforeseen financing needs if tax performance disappoints after a
slowdown in CBI inflows.

"Implementing such a framework will require additional fiscal
effort to attain a balanced budget target net of CBI receipts and
SIDF grants, with the adjustment paced over the medium-term. To
this end, it would be important to broaden the tax base, including
by streamlining tax incentives and further improving tax
administration and compliance, especially at the local government
level (NIA). The authorities' commitment to a comprehensive review
of the concessions regime is welcome in this regard. Achieving the
target also requires containing recurrent spending, in particular
on goods and services and the wage bill.

"Establishing a 'Growth and Resilience Fund' can help preserve the
accumulated savings from the CBI program, while providing a
contingency buffer for future shocks, such as costly natural
disasters. The fund should have a prudent investment strategy,
with appropriate governance and accountability and its flows fully
integrated with the fiscal framework. Investing the funds in safe
instruments abroad should help reduce risks to financial stability
by easing banks' excess liquidity pressures.

"Establishing a clear framework for resolving the debt-land swap
is crucial, to preserve the credibility of debt restructuring, the
hard-earned gains in debt sustainability, and financial sector
stability. In this context, the appointment of the Special Land
Sales Company (SLSC) board of directors is welcome. The SLSC
should be operationalized as a marketing agent for the remaining
plots of land and develop a plan to sell locally and abroad,
including to the large Kittitian and Nevisian Diaspora. Meanwhile,
it is important that a clear strategy is developed to enable
reasonable progress with land sales.

"The authorities are to be commended for the comprehensive reform
of the CBI program. Cooperation with neighboring islands would be
helpful to ensure the sustainability of the CBI schemes in the
region. Improvements in the transparency of SIDF financial
reporting are welcome, as are the plans for its potential
integration with the consolidated fund to provide a comprehensive
fiscal perimeter and the efforts to streamline and reorient the
People's Employment Program to its original purpose of training
the labor force to close the skills gap.
"The authorities are advised to press ahead with structural
reforms that strengthen public financial management and boost the
economy's long-run growth potential.

In this context, strengthening the NIA's budget framework, tax
policy, and revenue administration, as well as the oversight of
public corporations is critical for the Federation's fiscal
sustainability. Investing in targeted transformative projects will
help improve competitiveness, diversification, and resilience of
the economy, including by broadening options under the CBI program
to include business investment in renewable energy, education and
health. Pressing ahead with the regional efforts to revise
foreclosure legislation, establishing a credit bureau, and
reforming land registry will improve the business environment and
support private sector development.

"More systematic and closer coordination between the ECCB and the
Financial Services Regulatory Commission will be important to
limit potential risks from linkages between banks and nonbanks and
between onshore financial institutions and those operating
internationally. Implementing the new Banking Law, ratified by the
Parliament in 2015, will raise capital cushions and enable the
ECCB to conduct consolidated and risk-based supervision. Further
strengthening of the supervisory frameworks would help capture
weaknesses in growing market segments. Trends in Correspondent
Banking Relationships (CBRs) will need to be systematically
monitored going forward, and--to limit the risk of losing CBRs--it
will be important to maintain a watertight Anti Money
Laundering/Combatting the Financing of Terrorism (AML/CFT) regime
with adequate financial disclosure, and full compliance with
international standards on transparency and exchange of tax
information.

"The IMF will continue to engage in policy dialogue with the
Government of St. Kitts and Nevis in the context of the Fund's
surveillance framework. The mission would like to thank the
authorities and technical staff for their open discussions and
excellent cooperation."

The mission met with the Premier of Nevis, the Governor of the
Eastern Caribbean Central Bank (ECCB), the Financial Secretary of
St. Kitts and Nevis, the Permanent Secretary of Finance of the
Nevis Island Administration (NIA), other senior government and
ECCB officials, the Financial Services Regulatory Commission, and
representatives of the financial and business community, and
concluded with the Honorable Prime Minister Harris on May 5th in
Washington DC.


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


* BOND PRICING: For the Week From May 9 to May 13, 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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