TCRLA_Public/160517.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

            Tuesday, May 17, 2016, Vol. 17, No. 96


                            Headlines



B R A Z I L

BANCO DO BRASIL: Follows Itau in Raising Provisions for Bad Loans


C A Y M A N  I S L A N D S

AMAN RESORTS: Court to Hear Liquidator Appointment on May 23
ARC (EURO): Commences Liquidation Proceedings
ARC (USD): Commences Liquidation Proceedings
ARGYLE FUNDS: Commences Liquidation Proceedings
BRONSON POINT: Members' Final Meeting Set for June 22

CA PARTNERS: Creditors' Proofs of Debt Due June 9
EVENING STAR: Commences Liquidation Proceedings
GSA PARTNERS: Creditors' Proofs of Debt Due May 30
GSA PARTNERS MASTER: Creditors' Proofs of Debt Due May 30
LDK SOLAR: Grand Court Enters Wind-Up Order

LIBEAN HOLDINGS: Members' Final Meeting Set for May 26
LIFE PREMIUM: Creditors to Hold Meeting on June 9
MASTER INTERNATIONAL: Creditors' Proofs of Debt Due June 1
PARMALAT CAPITAL: Creditors to Hold Meeting on May 17
SANTO STEFANO: Shareholder to Hear Wind-Up Report on June 10

YELLOW STAR: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Cheaper Foods Pace -0.09% Decline in April Prices
DOMINICAN REP: Election Results Won't Change Investment Climate


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Affirms 'BB+' Issuer Default Rating
BANCO INDUSTRIAL: Fitch Affirms 'BB' Issuer Default Rating
BANCO DE DESARROLLO: Fitch Affirms 'BB' Issuer Default Rating
BANCO DE LOS TRABAJADORES: Fitch Affirms BB- Issuer Default Rating
BANCO G&T CONTINENTAL: Fitch Affirms 'BB' Issuer Default Rating


G U Y A N A

* GUYANA: IMF Says Real Economic Activity Expanded by 3% in 2015


J A M A I C A

JAMAICA: JMA President Says Tax Increases Not Significant


P U E R T O    R I C O

BAMBI DE HUMACAO: Taps Alexis Fuentes-Hernandez as Bankr. Counsel


                            - - - - -


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


BANCO DO BRASIL: Follows Itau in Raising Provisions for Bad Loans
-----------------------------------------------------------------
Francisco Marcelino at Bloomberg News reports that Banco do Brasil
SA said profit dropped 57 percent after it boosted provisions for
bad loans, following Itau Unibanco Holding SA and Banco Bradesco
SA in missing profit estimates as Brazilian banks struggle through
the worst recession in a century.

The bank, Latin America's largest by assets, set aside BRL9.15
billion ($2.65 billion) for bad loans in the first quarter, up
from BRL5.65 billion a year earlier, according to a regulatory
filing, reports Bloomberg News.  The provision increase was linked
to a specific case in the oil and gas industry, which wasn't
specified, the report notes.  The Brasilia-based lender boosted
its 2016 forecast for provision growth to a range of 4 percent to
4.4 percent of total loans from a February estimate of 3.7 percent
to 4.1 percent, Bloomberg News relays.

Major corporations and many other borrowers are paying debt late
after falling commodity prices and the nation's political crisis
plunged Brazil into a recession, the report discloses.  Last
month, oil-rig supplier Sete Brasil Participacoes SA filed for
bankruptcy protection with liabilities of BRL18 billion, Bloomberg
News discloses.  The company's failure led Bradesco to book a
BRL836 million provision in the first quarter, according to a
person directly involved in the matter, Bloomberg News notes.
Itau's provisions soared 31 percent to BRL7.23 billion in the
first quarter, Bloomberg News says.

                            Sete Brasil

Banco do Brasil lent about BRL4 billion to Sete Brasil, two people
familiar with the matter said last month, while one of them said
the bank hadn't set aside provisions to cover the full amount it's
owed, Bloomberg News notes.  A spokesman for the lender declined
to comment on Sete Brasil at that time.

First-quarter adjusted net income fell to BRL1.29 billion from
BRL3.03 billion a year earlier, Bloomberg News relays.  That
compares with the BRL2.4 billion-real estimate of seven analysts
surveyed by Bloomberg.  Net income declined 60 percent to BRL2.36
billion, Bloomberg News notes.

Banco do Brasil advanced 39 percent this year, compared with a
gain of 22 percent for the Ibovespa Benchmark index.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2016, Moody's Latin America Agente de Calificacion de
Riesgo has downgraded Banco do Brasil S.A. (BDBB)'s global long
term local currency deposit rating to Ba2 from Ba1.


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


AMAN RESORTS: Court to Hear Liquidator Appointment on May 23
------------------------------------------------------------
The BVI Commercial Court in Virgin Islands will hear on May 23,
2016, an application to appoint a liquidator for Aman Resorts
Group Limited.  Fondinvest Capital SAS c/o Ogier, Ritter House,
filed the application on April 14, 2016.

Any person who intends to appear on the hearing of the application
should send a written notice by May 20, 2016, at 4:00 p.m.


ARC (EURO): Commences Liquidation Proceedings
---------------------------------------------
On April 26, 2016, the sole shareholder of Arc (Euro) Fund
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:

          Andrew Morrison
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          c/o Kelsey Hedgecock
          Telephone: +1 (345) 743 6840


ARC (USD): Commences Liquidation Proceedings
--------------------------------------------
On April 26, 2016, the sole shareholder of ARC (USD) Fund 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:

          Andrew Morrison
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          c/o Kelsey Hedgecock


ARGYLE FUNDS: Commences Liquidation Proceedings
-----------------------------------------------
On April 26, 2016, the sole shareholder of Argyle Funds SPC Inc
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:

          Andrew Morrison
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          c/o Kelsey Hedgecock
          e-mail: kelsey.hedgecock@fticonsulting.com
          Telephone: +1 (345) 743 6840


BRONSON POINT: Members' Final Meeting Set for June 22
-----------------------------------------------------
The members of Bronson Point Oakwood Fund Ltd will hold their
final meeting on June 22, 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:

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


CA PARTNERS: Creditors' Proofs of Debt Due June 9
-------------------------------------------------
The creditors of CA Partners Offshore Fund SPC 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 Dec. 30, 2016.

The company's liquidator is:

          Scott M. Kleberg
          c/o CA Partners, LLC
          301 Commerce Street, Suite 1300
          Fort Worth, TX 76102
          Telephone: + 817 332 1600


EVENING STAR: Commences Liquidation Proceedings
-----------------------------------------------
On April 29, 2016, the sole shareholder of Evening Star PTC
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:

          Estera Trust (Cayman) Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


GSA PARTNERS: Creditors' Proofs of Debt Due May 30
--------------------------------------------------
The creditors of GSA Partners Fund Limited 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 21, 2016.

The company's liquidator is:

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


GSA PARTNERS MASTER: Creditors' Proofs of Debt Due May 30
---------------------------------------------------------
The creditors of GSA Partners Master Fund Limited 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 21, 2016.

The company's liquidator is:

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


LDK SOLAR: Grand Court Enters Wind-Up Order
-------------------------------------------
On April 6, 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of LDK Solar Co., Ltd.

The company's liquidators are:

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

          John Howard Batchelor
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central
          Central, Hong Kong


LIBEAN HOLDINGS: Members' Final Meeting Set for May 26
------------------------------------------------------
The members of Libean Holdings will hold their final meeting on
May 26, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LIFE PREMIUM: Creditors to Hold Meeting on June 9
-------------------------------------------------
The creditors of Life Premium Fund, SPC will hold a meeting on
June 9, 2016, at 9:00 a.m.

The company's liquidator is:

          Andrew Morrison
          FTI Consulting (Cayman) Limited
          Suite 3212 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 743-6830


MASTER INTERNATIONAL: Creditors' Proofs of Debt Due June 1
----------------------------------------------------------
The creditors of Master International Co., Ltd. are required to
file their proofs of debt by June 1, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 18, 2016.

The company's liquidator is:

          Chen, Li-Chen
          No.19 Ln. 207
          Huakang St.
          Bade Dist.
          Taoyuan City 334
          Taiwan (R.O.C.)
          Telephone: 886-3-3625206
          Facsimile: 886-3-3642396


PARMALAT CAPITAL: Creditors to Hold Meeting on May 17
-----------------------------------------------------
The creditors of Parmalat Capital Finance Limited will hold a
meeting on May 17, 2016, at 9:00 a.m.

The company's liquidator is:

          Gordon I. MacRae
          Zolfo Cooper
          10 Market Street, Camana Bay
          Grand Cayman, KYI9006
          P.O. Box 776
          Cayman Islands
          Telephone: +1 (345) 814 0081


SANTO STEFANO: Shareholder to Hear Wind-Up Report on June 10
------------------------------------------------------------
The shareholder of Santo Stefano Limited will hear on June 10,
2016, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


YELLOW STAR: Commences Liquidation Proceedings
----------------------------------------------
On April 29, 2016, the sole shareholder of Yellow Star PTC 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:

          Estera Trust (Cayman) Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


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


DOMINICAN REP: Cheaper Foods Pace -0.09% Decline in April Prices
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said April prices declined -0.09% with inflation for the first
four months at -0.67%, "which remains below the lower limit of the
inflation target of 4.0% Ò 1.0% set in the monetary program for
2016."

In an emailed statement, the Central Bank said annualized
inflation, from April 2015 to April 2016 was 1.75%, according to
Dominican Today.

The Central Bank attributes the 0.90% decline in prices of some
food staples to the recovery in agro production after the severe
drought in 2015, and cited the -12.24% fall on the cost of
plantains, 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 REP: Election Results Won't Change Investment Climate
---------------------------------------------------------------
Dominican Today reports that Dominican Free Zones Association
(Adozona) President Jose Tomas Contreras said the electoral
process mustn't affect the country's prospects, when asked if the
results would change the economic and investment climate.

Mr. Contreras said regardless of who wins, the pace of foreign
investment and the Dominican economy will remain the same as in
recent years, continuing to attract investment and promote
development, according to Dominican Today.

Quoted by hoy.com.do, the business leader noted however that if
there's some variation of those aspects it must be for
improvements, for which they've always worked closely with the
public and private sector, the report notes.

Mr. Contreras called on citizens to exercise their right to vote
and urged the candidates to keep calm, the report notes.

                           Exports Climb

Mr. Contreras listed some of the free zones' results for yearend
2015, stressing US$5.6 billion in exports, or nearly 5% more than
the same 2014 period, and accounted for nearly 58% of all national
products, the report relays.

He added that the free zone's more than 160,000 direct jobs show
once again that they are one of the country's biggest employers,
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'.


=================
G U A T E M A L A
=================


BANCO AGROMERCANTIL: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Banco Agromercantil de Guatemala's
(BAM) Long-Term Issuer Default Rating (IDR) at 'BB+' following a
peer review of Guatemala's largest banks. The Rating Outlook is
Stable.

KEY RATING DRIVERS
BAM - IDRS, VR, NATIONAL RATINGS AND SUPPORT RATINGS

BAM's IDRs and national ratings reflect Fitch's opinion that the
support from its ultimate shareholder, Bancolombia ('BBB+'/Rating
Watch Negative) will be timely and sufficient if needed. In the
agency's opinion, BAM is an important subsidiary for Bancolombia,
based on its role in Bancolombia's expansion and diversification
in Central America as well as the potential reputation risk it
represents to its parent. Bancolombia's propensity to support its
new subsidiaries is influenced by the relevant reputational risk
that a default from any of these entities would pose to
Bancolombia, resulting in a Support rating of '3'. As of September
2015, BAM accounted for 5.1% of Bancolombia's consolidated assets
and net income. In Fitch's opinion, Bancolombia's majority
ownership will enhance management quality through the transfer of
know-how, closer integration and implementation of best practices.
BAM's strategic objectives for this year will focus on leveraging
on its integration with Bancolombia as well as improving
efficiency levels.

The bank's standalone creditworthiness, indicated by its Viability
Rating (VR), is influenced by the Guatemalan operating environment
and moderate capital ratios. Offsetting these factors is the
bank's good asset quality, stable liquidity and funding limited
pricing-power, above market average historic credit growth rates
that can imply heightened risk appetite, concentration risks, and
moderate profitability.

BAM's capital buffers, together with strong loan-loss reserves,
are moderate and have declined as lending volumes increased. The
bank's management expects a moderation in loan growth to levels
more commensurate with internal capital generation rates. In the
agency's opinion, maintaining a sound loss-absorption cushion is
necessary for the bank to offset concentration risks and sustain
business growth.

Like all major local banks, BAM has a significant exposure (76.3%
of equity) to the Guatemalan sovereign (Local Currency and Foreign
Currency IDRs of 'BB') through the holding of large securities
portfolios. Fitch does not expect this to change due to limited
investment options in the country.

BAM's funding profile consists of a diversified and stable base of
short-term household deposits. To reduce liquidity gaps, the bank
has increased the use of wholesale funds to extend the maturity of
its liabilities. Tighter underwriting criteria and a stricter
collection process will continue driving BAM's sound loan quality.
The agency anticipates some credit quality deterioration as the
loan portfolio seasons, but this will be easily manageable for the
bank. BAM employs provisioning policies aligned with Bancolombia's
practices that are more conservative than those required by local
regulations.

BAM's corporate orientation explains the material obligor
concentration, which is the largest source of credit risk. Fitch
does not expect a material decline in concentration levels due to
the relatively limited corporate market in Guatemala, dominated by
conglomerates and family-owned groups. The top 20 loans accounted
for 35.1% of gross loans; all of these exposures were performing
well and of very high credit quality.

Margin compression, due to increased funding costs and heightened
competition in BAM's target segments, led to lower profitability
indicators in 2015. Fitch expects that improving operating
efficiency may provide a modest upside potential to improve core
earnings in the short term, but convergence with peers is no
longer the agency's base case.

AGROMERCANTIL SENIOR TRUST (AST)

Agromercantil Senior Trust's (AST) rating is in line with BAM's
IDR reflecting that the senior unsecured obligations rank equally
to the bank's unsecured and unsubordinated obligations.

MERCOM - NATIONAL RATINGS

Mercom's national ratings are based on the support it would
receive from its ultimate shareholder, Bancolombia, if needed.
Mercom is an important subsidiary for the group in Guatemala given
it operates in complementary market segments enhancing BAM's
business model and reflects a high degree of integration.


RATING SENSITIVITIES
BAM

BAM's Foreign Currency IDR is capped by Guatemala's country
ceiling. The bank's Long-Term Local Currency IDR is above the
sovereign's Local Currency IDR and as such would be sensitive to
any sovereign rating action. Downward risk for the bank's IDRs,
national ratings and support rating is limited given its parent
support but the ratings could be downgraded if Fitch's assessment
of Bancolombia's ability or willingness to support its
subsidiaries changes. Currently, there is no upside potential for
the bank's IDRs as these are above the sovereign's IDRs, which
have a Stable Outlook.

BAM's IDRs and National Scale ratings will not be affected because
Fitch's baseline scenario is that a potential downgrade in the
ratings of Bancolombia, if any, would be limited to one notch.

AST

Changes in the notes' rating would derive from changes in the same
direction in BAM's IDR.

MERCOM

A downgrade in Mercom's ratings is contingent on Bancolombia's
ability and propensity to support its operations if needed.

Fitch has affirmed the following ratings:

Banco Agromercantil de Guatemala, S.A.
-- Long-Term Foreign Currency IDR at 'BB+'; Outlook Stable;
-- Short-Term Foreign Currency IDR at 'B';
-- Long-Term Local Currency IDR at 'BBB-'; Outlook Stable;
-- Short-Term Local Currency IDR at 'F3';
-- Viability Rating at 'bb';
-- Support at '3';
-- National scale long-term rating at 'AAA(gtm)' ;
-- National scale short-term rating at 'F1+(gtm)'.

Agromercantil Senior Trust

-- Long-term foreign currency loan participation notes at 'BB+'.

Mercom Bank Limited

-- National scale long-term rating at 'AAA(gtm)';
-- National scale short-term rating at 'F1+(gtm)'.


BANCO INDUSTRIAL: Fitch Affirms 'BB' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Banco Industrial S.A.'s (Industrial)
Long-Term Issuer Default Rating (IDR) at 'BB', Short-Term IDR at
'B' and Viability Rating (VR) at 'bb', following a peer review of
Guatemala's largest banks. The Rating Outlook is Stable. Similar
rating actions were taken on the national ratings of Industrial's
subsidiaries.

KEY RATING DRIVERS - INDUSTRIAL
IDRS, VR, NATIONAL RATINGS AND SENIOR DEBT

Industrial's Long-Term IDR is based on the bank's standalone VR.
As Guatemala's largest bank, with exposure to all major economic
actors, Industrial's ratings are highly influenced by changes in
the operating environment. Notwithstanding the political upheaval
of 2015, the bank is well positioned to benefit from strong
private consumption supported by real wage gains, growth in worker
remittances and lower oil prices.

Industrial's capital position is increasingly pressured.
Industrial's risk weighted asset growth has outpaced internal
capital generation, resulting in a decline of Fitch Core Capital
to 9.8% of risk weighted assets at December 2015. Industrial's
holding company is in the process of injecting capital, expected
in the first half of 2016. The decline in the Fitch core capital
indicator is also partly mitigated by the bank's loan loss
reserves (215% of impaired loans) as well as GTQ 1.4 billion in
subordinated debt and hybrid securities.

Despite growing competition, Industrial's leadership in the
corporate lending segment provides it with some pricing power and
competitive advantage. Its strong franchise also enables it to
sustain an ample and diversified deposit base complemented with
solid access to local and internationally sourced wholesale
funding.

Industrial's consistently high loan quality and conservative
investment portfolio represents one of its key strengths,
comparing favourably to domestic and international peers.
Nonperforming loans greater than 90 days have averaged 0.6% of
gross loans over the past five years. However, its corporate
orientation results in elevated loan concentration. Industrial's
top 20 borrowers represented 25.1% of total loans at December
2015.

Industrial's low impairment charges, stable margins and gradually
improving efficiency indicators, have contributed to a long track
record of strong profits. Industrial's operating profitability in
2015 (1.6% of average assets) is unchanged from the prior four
year average. Over the longer term, increased competition could
affect its pricing power and margins. Fitch expects Industrial's
operating profitability to register a modest improvement in 2016,
supported by a gradual move to higher yielding segments.

CONTECNICA, FINANCIERA INDUSTRIAL AND WESTRUST BANK'S KEY RATING
DRIVERS - National Ratings

The national ratings of Industrial's subsidiaries, Contecnica S.A.
(Contecnica), Financiera Industrial S.A. (Financiera Industrial)
and Westrust Bank (International) Limited (Westrust Bank), are
equalized with those of Industrial. Fitch views these entities as
key and integral parts of Industrial's business given their high
degree of integration with the group, complementary activities and
enhancement of Industrial's business model.

INDUSTRIAL'S SUBORDINATED TIER 1 CAPITAL NOTES, SUBORDINATED AND
SENIOR TRUSTS KEY RATING DRIVERS

Industrial's subordinated Tier I capital notes (IST-I) are rated
four notches below the bank's Long-Term IDR given its deep
subordination status and discretionary coupon omission.

Industrial Subordinated Trust's Notes (ISbT) are rated one notch
below Industrial's Long-Term IDR reflecting the subordinated
status, ranking junior to all Industrial's present and future
senior indebtedness, pari passu with all other unsecured
subordinated debt and senior to Industrial's capital and tier I
hybrid securities.

Industrial Senior Trust's Notes' (ISnT) ratings are in line with
Industrial's Long-Term IDR, reflecting that the senior unsecured
obligations rank equally to Industrial's unsecured and
unsubordinated obligations.

SUPPORT RATING AND SUPPORT RATING FLOOR - INDUSTRIAL

Despite Industrial's systemic importance, Fitch's assigns only a
moderate probability of support from the Guatemalan government,
should it be required (reflected in a Support Rating of '3' and a
Support Rating Floor of 'BB-', one notch below the sovereign
rating). Fitch's expectation of support is affected by the state's
limited financial flexibility and the banking system's significant
foreign currency obligations.

RATING SENSITIVITIES - INDUSTRIAL
IDRS, VR, NATIONAL RATINGS AND SENIOR DEBT

Subsequent to Industrial's capital raise, currently in process, a
Fitch Core Capital ratio below 10% could negatively impact ratings
as would a sustained deterioration in the bank's asset quality and
financial performance. Potential upside is limited given the
constraining operating environment (Sovereign Rating of 'BB' with
a Stable Outlook).

CONTECNICA, FINANCIERA INDUSTRIAL AND WESTRUST BANK'S RATING
SENSITIVITIES - National Ratings

Changes in the ratings of Contecnica, Financiera Industrial and
Westrust Bank are contingent on changes in Industrial's capacity
and propensity to provide support.

INDUSTRIAL'S SUBORDINATED TIER 1 CAPITAL NOTES, SUBORDINATED AND
SENIOR TRUSTS' RATING SENSITIVITIES

Changes in the ratings of IST-I, ISnT and ISbT's are contingent on
changes in Industrial's long-term IDR.


Fitch has affirmed the following ratings:

Banco Industrial S.A.:
-- Long-Term Foreign Currency IDR at 'BB'; Outlook Stable;
-- Short-Term Foreign Currency IDR at 'B';
-- Long-Term Local Currency IDR at 'BB'; Outlook Stable;
-- Short-Term Local Currency IDR at 'B';
-- Viability Rating at 'bb';
-- Support at '3';
-- Subordinated Tier I Capital Notes debt at 'B-';
-- Support Rating Floor at 'BB-';
-- National scale long-term rating at 'AA(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Industrial Subordinated Trust:
-- Industrial Subordinated Trust Tier II debt at 'BB-'.

Industrial Senior Trust:
-- Long-term senior unsecured debt at 'BB'.

Contecnica S.A.:
-- National scale long-term rating at 'AA(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Financiera Industrial S.A.:
-- National scale long-term rating at 'AA(gtm); Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Westrust Bank (International) Limited:
-- National scale long-term rating published at 'AA(gtm)';
    Outlook Stable;
-- National scale short-term rating published at 'F1+(gtm)'.


BANCO DE DESARROLLO: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Banco de Desarrollo Rural's (Banrural)
Long-Term Issuer Default Rating (IDR) at 'BB', Short-Term IDR at
'B', and Viability Rating (VR) at 'bb'. The National Ratings of
Banrural were also affirmed. The Rating Outlook is Stable. In
addition, the National Ratings of its Subsidiary Financiera Rural
S.A. were also affirmed. A full list of rating actions is at the
end of this release.

KEY RATING DRIVERS
IDRS, VR AND NATIONAL RATINGS
Banrural's VR drives its IDR and National Ratings. The operating
environment has a high influence on Banrural's VR. Changes in
Guatemala's operating environment have a strong influence on the
bank's financial profile. Guatemala's ratings and Stable Outlook
were affirmed in April 2016. The VR is closely linked to the
sovereign, as Banrural maintains a moderate exposure to public
sector deposits (25% of total deposits), and significant
concentration in government bonds. The Guatemalan Government also
holds a 17.2% stake in Banrural.

The bank's VR also considers its good capitalization, solid credit
quality metrics and profitability. Banrural maintains good capital
levels thanks to its solid capital generation capacity and
moderate dividends payments. Its Fitch core capital to risk-
weighted assets stood at 15.3%, comparing positively with peers.

Banrural good credit quality metrics are consistent with its
rating level, with past due loans below 1% of total loans and
reserves coverage above 200% of past due loans, considered ample
in light of the bank's solid capitalization and moderate loan book
concentration. In 2015, the higher risk rating of an important
corporate client in the energy sector has required additional loan
loss provision expenses. Consistent with its consumer and SME
orientation, Banrural's loan portfolio has low exposure in foreign
currency loans (12.7% of total loans), most of these granted to
corporates whose income is earned in USD.

Banrural's profitability consistently exceeds the Guatemalan
market average, underpinned by its ample net interest margin.
Banrural's high margins in the SME and consumer segments
compensate for moderate income diversification and relatively weak
efficiency ratios.

Banrural funding structure is based on a diversified, low cost
deposit base is generally stable. Liquidity coverage is adequate
although term mismatches are present as a result of the high
proportion of savings deposits. In 2015, the bank liquidity and
deposits stability experienced challenges under stress. After a
rumor disseminated on May 8, 2015 prompted significant deposit
withdrawals at some rural branches, access to funding, while
available, took longer than expected to reach some of these
branches, and contingency plans were challenged.

In Fitch's view, Banrural's importance within the banking system
reflects its relative large size in the local market, wide
geographic coverage, and focus in SME and individual consumer
deposits and loans. Banrural's franchise is strong in its core
market. It is the second largest bank in Guatemala in terms of
assets, with a market share of 20.13% of total assets and 22.24%
of total deposits as of December 2015.The bank has a relative
competitive advantage and pricing power in its main segment,
strengthened by its presence in the entire territory and its
unique ability to address the needs of rural population.

SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating (SR) of '3' reflects Fitch's opinion
that there is a moderate probability of support from the state,
given Banrural's systemic importance in the banking system. This
probability is limited by Guatemala's sovereign rating of
'BB'/Outlook Stable. The bank's Support Rating Floor (SRF) is one
notch below the sovereign rating at 'BB-'. The bank's SRF reflects
the moderate financial flexibility of the government to provide
support to systemically important banks in the country and the
significant presence of foreign currency funding.

FINANCIERA RURAL
NATIONAL RATINGS
Finrural's ratings are driven by the support it would receive from
Banco de Desarrollo Rural SA (Banrural), if required. In the
agency's view, Finrural is highly integrated to Banrural. This is
also reflected in the brand's standardization, common network of
services, alignment of strategies and operations in complementary
segments.

RATING SENSITIVITIES
IDRS, VR AND NATIONAL RATINGS
The Stable Outlook reflects Fitch's expectation of no material
changes in the bank's overall financial profile over the rating
horizon. Banrural's IDRs and VR are at the same level as
Guatemala's sovereign rating. Given the operating environment's
high influence on Banrural's VR as well as concentrations with the
government, changes in the sovereign's ratings may result in a
similar action on Banrural's ratings. Banrural's national ratings
reflect the bank's relative strength in the local market.

Ratings would be downgraded in the unlikely scenario of a sharp
decline in capitalization (below 12%), and a period of sustained
low earnings (operating ROAA close to 1%). These changes may
result in a VR downgrade which would also imply a downgrade in its
IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR
Banrural's SR and SRF are sensitive to changes in the sovereign
rating.

FINANCIERA RURAL
NATIONAL RATINGS
Changes in Finrural's ratings are associated with changes in
Banrural's capacity and/or propensity to provide support.


Fitch has affirmed the following ratings:

Banco de Desarrollo Rural:
-- Long-Term Issuer Default Rating (IDR) at 'BB'; Outlook Stable;
-- Short-Term IDR at 'B';
-- Local Currency Long-Term IDR at 'BB'; Outlook Stable;
-- Local Currency Short-Term IDR at 'B';
-- Viability Rating at 'bb';
-- Support Rating at '3';
-- Support Rating Floor at 'BB-';
-- National long-term rating at 'AA+(gtm)'; Outlook Stable;
-- National short-term rating at 'F1+(gtm)'.

Financiera Rural, S.A.
-- National long-term rating at 'AA+(gtm)'; Outlook Stable;
-- National short-term rating at 'F1+(gtm)'.


BANCO DE LOS TRABAJADORES: Fitch Affirms BB- Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab)
Long-Term Issuer Default Rating (IDR) at 'BB-' following Fitch's
peer review of Guatemala's largest banks. The Rating Outlook is
Stable.

KEY RATING DRIVERS

BANTRAB'S KEY RATING DRIVERS - IDRs, VR, SUPPORT, SUPPORT RATING
FLOOR, AND NATIONAL RATINGS
Bantrab's Long-Term IDR and national ratings are driven by its
intrinsic creditworthiness, as reflected in its Viability Rating
(VR). Bantrab's VR is highly influenced by the Guatemalan
operating environment and its high risk appetite. The rating also
factors in the bank's strong profitability, good asset quality,
franchise and retail-focused business model, as well as its
concentration in the public sector and good equity position.

Bantrab's Support Rating and Support Rating Floor of '5' and 'NF',
respectively, indicate that, although possible, external support
cannot be relied upon, given the current low state ownership and
limited systemic importance.

Bantrab is characterized by its high risk appetite, focusing on
segments of middle and low income, particularly in the Guatemalan
public sector. Its risk controls, particularly the debt collection
via automatic payroll deductions and collection policies are keys
for mitigating the inherent credit risk in its target segments.
Meanwhile, the investment portfolio is concentrated on debt
issuers with Guatemalan sovereign guarantee.

Bantrab's profitability indicators are solid and exceed the
average of the Guatemalan banking system. This is based on a high
net interest margin, acceptable operational efficiency and
moderate loan loss provisions. Fitch anticipates the operating
return on risk-weighted assets will be between 3.6% and 4%, while
the operating return on equity will exceed 26%.

The bank's loan portfolio quality is good, particularly for one
that is focused on risky segments. The delinquency-over-90-days
rate shows an increase because of changes in their write-off
policies, but the net effect of such debts plus net charge-offs
shows a net improvement compared to its recent history. Also, the
loan-loss coverage ratio has increased and is now aligned with the
industry average.

The bank's capital position compares favourably with its recent
history and the industry average. Its Fitch Core Capital is 15.6%
and provides an adequate loan loss absorption capacity, better
than other major banks in the industry. In Fitch's view, an
adequate level of capitalization is essential, given the risks
associated with the strategic plan of the bank.

Its business model, focused on the riskier segments of retail
banking, is benefitted by automatic payroll deductions which yield
strong competitive advantages over the competition. Fitch believes
that a diversification of its model could benefit the bank
significantly but notes the limited track history in these areas.
Fitch does not anticipate material changes in the foreseeable
future, given the bank's business model which is focused on
traditional financial intermediation.

BANTRAB SENIOR TRUST'S LOAN PARTICIPATION NOTES' KEY RATING
DRIVERS
Bantrab Senior Tust's (BST) seven-year $US loan participation
notes rating is in line with Bantrab's VR reflecting that the
senior unsecured obligations rank equally with the bank's
unsecured and unsubordinated obligations.

RATING SENSITIVITIES

BANTRAB'S RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS
Fitch believes that the probability of a positive rating action in
the medium term is limited. However, in the long run, ratings
could increase if there were a higher revenue diversification,
while maintain a good asset quality.

Although it is not Fitch's base scenario, a ratings downgrade
could occur if a substantial deterioration in loan portfolio
quality caused a negative impact on operating profitability and
the material weakening of the bank's capital position.

BANTRAB SENIOR TRUST'S LOAN PARTICIPATION NOTES' RATINGS
SENSITIVITIES

Changes in the notes' rating are contingent on rating actions for
Bantrab.

Fitch has affirmed the following ratings:

Banco de los Trabajadores
-- Long-term foreign currency IDR at 'BB-'; Outlook Stable;
-- Short-term foreign currency IDR at 'B';
-- Long-term local currency IDR at 'BB-'; Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Viability rating at 'bb-';
-- Support at '5';
-- Support Rating Floor at 'NF';
-- Long-term national rating at 'A(gtm)', Outlook Stable;
-- Short-term national rating at 'F1(gtm)'.

Financiera de los Trabajadores
-- Long-term national rating at 'A(gtm)', Outlook Stable;
-- Short-term national rating at 'F1(gtm)'.

Bantrab Senior Trust
-- Long-term foreign currency loan participation notes at 'BB-'.


BANCO G&T CONTINENTAL: Fitch Affirms 'BB' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Banco G&T Continental S.A.'s (G&TC)
Long-Term Issuer Default Rating (IDR) at 'BB' and Viability Rating
(VR) at 'bb' following Fitch's peer review of Guatemalan's largest
banks. G&TC's Rating Outlook on the Long-Term IDR remains Stable.
A full list of rating actions follows at the end of this press
release.

G&TC'S KEY RATING DRIVERS - IDRs, VR, National Ratings and Support
G&TC's IDRs and VR are driven by its moderate capitalization and
the Guatemalan operating environment influence on the bank's
performance given its high exposure to sovereign risk, among other
factors. The bank's ratings also factor in its good loan portfolio
quality, strong domestic franchise, low risk appetite, modest
profitability and stable deposit base.

The support rating of '3' reflects Fitch's opinion that the bank
maintains a moderate probability of support from the state, given
its systemic importance in the banking system. The current support
rating floor ('BB-'), one notch below the sovereign rating, is
explained by the moderate financial flexibility of the government
to provide support to systemically important banks in the country
and the significant presence of foreign currency funding.

Fitch affirmed G&TC's national ratings and its Outlook remains
Stable as the bank's relative strength in the local market remains
unchanged.

G&TC's capital is in the process of strengthening. The bank has
received capital injections to accompany loans growth. Also, the
new dividend policy establishes a higher accumulation of profits
as dividends payment has reduced to one-third of the amount paid
in previous periods.

G&TC's loan quality remains good although impaired loans hold a
slightly upward trend. Although delinquency levels could continue
to rise in 2016, the bank will maintain under control its
portfolio quality as well as delinquency ratios will continue
comparing well with the industry. G&TC maintains a significant
exposure to the Guatemalan sovereign ('BB'/ Outlook Stable). As of
December 2015, securities issued by or guaranteed by the sovereign
and central bank accounted for 2.1x of its equity.

G&TC has a low risk appetite, based on its conservative planning
and control processes before the implementation of any business
venture. The recent growth strategy is accompanied by a higher
profit accumulation and greater operating efficiency.

The bank's profitability levels reflect its focus on wholesale
segments, the moderate share of dollar-denominated loans and a
liquid balance sheet structure. The interest margin is low but has
increased as its fee income. Fitch believes that improvements in
income generation will be maintained in 2016; however, the net
income will be limited by an increase in impaired loan charges.

One of G&TC's strengths is its broad and stable base of depositors
as well as the high proportion of liquid assets in relation to
deposits (58.8% as of December 2015). In addition, the bank has a
relatively well-balanced mix of deposits. Deposit stability,
together with an adequate level of liquid assets, supports G&TC's
liquidity profile.

CONTICREDIT, FG&TC, GTC AND FG&TC'CR KEY RATING DRIVERS -National
Ratings
In Fitch's opinion, G&T Conticredit S.A. (Conticredit), Financiera
G&T Continental, S.A. (FG&TC), GTC Bank Inc. (GTC) and Financiera
G&T Continental Costa Rica, S.A.'s (FG&TC CR) national ratings are
underpinned by institutional support they would receive from their
shareholder, G&TC. Fitch's opinion of the support is based on the
high integration of the subsidiaries with the parent and the
significant reputational risk that a default of one of them would
pose to G&TC. As a result their national scale ratings are aligned
with G&TC's credit profile.

RATING SENSITIVITIES

G&TC IDR's upside potential is considered limited given the bank's
high exposure to the sovereign. G&TC's ratings could be pressured
downward if the bank increase its loan delinquency ratios and
reaches a Fitch Core Capital level below 10%.

The national ratings of G&TC's subsidiaries will mirror changes on
the national scale ratings of the parent.

Fitch has affirmed the following ratings:

International Ratings

G&TC
-- Long-term foreign currency IDR at 'BB'; Outlook Stable;
-- Short-term foreign currency IDR at 'B';
-- Long-term local-currency IDR at 'BB'; Outlook Stable;
-- Short-term local-currency IDR at 'B';
-- Viability Rating at 'bb';
-- Support at '3';
-- Support Rating Floor at 'BB-';
-- Long-term national rating at 'AA-(gtm)'; Outlook Stable;
-- Short-term national rating at 'F1+(gtm)'.

Conticredit
-- Long-term national rating at 'AA-(gtm)'; Outlook Stable;
-- Short-term national rating at 'F1+(gtm)';
-- Short-term senior unsecured debt national ratings at
    'F1+(gtm)'.

FG&TC
-- Long-term national rating at 'AA-(gtm)'; Outlook Stable;
-- Short-term national rating at 'F1+(gtm)'.

GTC
-- Long-term national rating at 'AA-(gtm)'; Outlook Stable;
-- Short-term national rating at 'F1+(gtm)';
-- Long-term national rating at 'A+(pan)'; Outlook Stable;
-- Short-term national rating at 'F1(pan)'.

FG&TC CR
-- Long-term national rating at 'A+(cri)'; Outlook Stable;
-- Short-term national rating at 'F1(cri)';
-- Long-term senior unsecured debt national ratings at 'A+(cri)';
-- Short-term senior unsecured debt national ratings at
    'F1(cri)'.



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


* GUYANA: IMF Says Real Economic Activity Expanded by 3% in 2015
----------------------------------------------------------------
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 4´ 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.

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


JAMAICA: JMA President Says Tax Increases Not Significant
---------------------------------------------------------
RJR News reports that there have been mixed reactions from the
Jamaica Manufacturers Association (JMA) to the tax package
announced by Finance Minister Audley Shaw.

JMA President Metry Seaga said while the increased taxes could
have implications for the manufacturing sector, the impact is not
likely to be significant, according to RJR News.

"Any increase in any tax has an increase on the sector that it is
intended for.  However, I think that this is a small
increase in the gas tax and we would have to wait and see what our
members say about it . . . . and how much impact it has.  I think
the Minister has found a solution to getting his promise kept and
I  think that was important to us as a society," Mr. Seaga said,
the report notes.

Meanwhile, Mr. Shaw stated that the focus during this financial
year, will be adopting strategies geared towards achieving the
primary surplus target of seven percent of Gross Domestic Product
(GDP), the report relays.

Mr. Shaw said the figure represents the operational instrument
being utilised to attain a Public Debt/GDP ratio of 96
per cent by the end of the 2019/20 financial year, the report
relays.

The Finance Minister said the Government's medium term fiscal and
debt profiles have been developed in accordance with the
quantitative targets under the Extended Fund Facility of the
International Monetary Fund (IMF), the report adds.

                             *     *     *

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


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


BAMBI DE HUMACAO: Taps Alexis Fuentes-Hernandez as Bankr. Counsel
-----------------------------------------------------------------
Bambi De Humacao, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Alexis
Fuentes-Hernandez, Esq., at the Fuentes Law Offices, LLC, as
bankruptcy counsel.

The Debtor has advanced to the firm a $1,943.87 retainer.  Mr.
Fuentes-Hernandez charges $250 per hour, plus expenses.

Upon the exhaustion of the retainer, the billing will continue,
and any compensation will be processed through the pertinent
application(s) to be filed with the Court.  The $1,943.87 retainer
is residual of the $15,000 retainer that the Debtor advanced to
the undersigned in its prior bankruptcy.

Mr. Fuentes-Hernandez assures the Court that he is a disinterested
person, as defined in 11 U.S.C. Section 101(14), and that he has
no prior connections with Debtor, any creditor, or other party in
interest, their respective attorneys and accountants, the U.S.
Trustee or any person employed in the office of the U.S. Trustee.

Headquartered in Caguas, Puerto Rico, Bambi De Humacao Inc. filed
for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No.
16-03316) on April 27, 2016, listing $1.03 million in total assets
and $1.46 million in total liabilities.  The petition was signed
by Milagros Ortiz Baerga, president.

Judge Enrique S. Lamoutte Inclan presides over the case.

Alexis Fuentes Hernandez, Esq., at Fuentes Law Offices, LLC,
serves as the Debtor's bankruptcy counsel.


                            ***********


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 * * *