TCRLA_Public/160526.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

            Thursday, May 26, 2016, Vol. 17, No. 103


                            Headlines



A R G E N T I N A

ARGENTINA: World Bank's IFC Triples Loans on Holdout Resolution


B E R M U D A

LATIN AMERICAN AIRPORTS: S&P Withdraws 'B' Corporate Credit Rating


B R A Z I L

CONCESSIONARIA DE RODOVIAS: Moody's Rates BRL1.2BB Debentures Ba2
INVESTIMENTOS E PARTICIPACOES: S&P Lowers CCR to 'BB-'
MARFRIG GLOBAL: Fitch Rates Prop. US$500MM Issuance 'B+(EXP)/RR4'
MARFRIG GLOBAL: S&P Affirms 'B+' CCR; Outlook Positive
TUPY SA: S&P Affirms 'BB-' CCR; Outlook Stable


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: S&P Assigns 'B+' CCR; Outlook Negative
DOMINICAN REP: Businesses Says Post-election Riots Are Disturbing


E L  S A L V A D O R

EL SALVADOR: S&P Maintains BICRA Score on Country at Group '7'


J A M A I C A

JAMAICA: IMF Mission Chief Supports Tax Reform
JAMAICA: JSE Index Declines


M E X I C O

ARENDAL S DE RL: S&P Lowers CCR to 'D' on Failure of Payment
XIGNUX SA: S&P Affirms 'BB+' CCR; Outlook Remains Stable


P U E R T O    R I C O

AEROPOSTALE INC: Has Court OK to Proceed with Store Closing Sales
AEROPOSTALE INC: Seeks Lease Decision Deadline Moved to Nov. 30
IGLESIA MISION: Hires Reinaldo Javier Ponce Ramos as Appraiser
SPORTS AUTHORITY: Liquidators Win Approval to Start GOB Sales
SPORTS AUTHORITY: DIP Financing Has Final Approval


S U R I N A M E

SURINAME: Taking Steps to Implement Programs, IMF Says
SURINAME: Moody's Lowers Issuer Rating to B1; Outlook Stable


V E N E Z U E L A

COCA-COLA FEMSA: Production of Coke Halted For Lack of Sugar
VENEZUELA: Trinidad & Tobago Welcomes Gas, Trade Deals


                            - - - - -



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


ARGENTINA: World Bank's IFC Triples Loans on Holdout Resolution
---------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that the World Bank's
International Finance Corporation is more than tripling its
investment in Argentina this year after President Mauricio Macri's
government began carrying out economic reforms and resolved a 15-
year legal battle with holdout creditors.

The IFC will lend about $1.8 billion to Argentina's private sector
this calendar year compared with $500 million in 2015, Liz
Bronder, director for Latin America and the Caribbean, said by
phone from Buenos Aires, according to Bloomberg News.  That total
includes a $378 million loan to oil producer Axion Energy
Argentina SA to expand its plant in Buenos Aires province, Bronder
said, Bloomberg News notes.

"Many years ago Argentina was the largest single country that we
had exposure to and then in the last five years we've almost done
no financing in Argentina given the conflict of several member
countries of IFC around the holdout issue," Bloomberg News quoted
Mr. Bronder as saying.  "When the government announced their
programs that helped stabilize the macroeconomic situation and the
move toward negotiations with the holdouts we were able to finance
freely what demand we could see in the country," Mr. Bronder
added.

                             Right Track

Bloomberg News notes that President Macri assumed office in
December and swiftly moved to unravel currency controls and trade
restrictions implemented by the previous government while
restarting talks with creditors who sued Argentina for full
payment following its $95 billion default in 2001.  The country's
borrowing costs have tumbled as Macri resolves disputes and opens
up the economy, Bloomberg News relays.

It's possible that the IFC will increase its exposure to Argentina
next year, Mr. Bronder said, Bloomberg News discloses.  The IFC is
particularly interested in the agricultural business and in
renewable energy. The government received about six times its
original tender for thermal generators, the Energy Ministry said,
Bloomberg News notes.

While President Macri faces a challenging macroeconomic
environment of high inflation and a contracting economy after
cutting energy and transport subsidies, Mr. Bronder said Argentina
is moving in the right direction, Bloomberg News relays.

"Inflation is a worry and we obviously keep an eye on the
macroeconomic situation whenever we make loans, but the government
seems to be on the right track," Mr. Bronder said.  "Their ability
to control inflation is going to open up more domestic sources of
financing," he added.

                              *     *     *

On April 19, 2016, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service upgraded on April 15,
2016, Argentina's government bond rating to B3 from Caa1, with the
outlook changed to stable from positive.  The key drivers for the
upgrade are (i) Moody's expectation that Argentina will settle
holdout creditor claims which will result in a lifting of court
injunctions and clear the way for Argentina to access
international capital markets, as well as the likelihood that
Argentina will make payments to restructured bondholders increased
significantly following an April 13, US circuit court ruling in
favor of Argentina, and (ii) the economic policy improvements
since Mauricio Macri's administration took office last December.
The new government lifted capital controls and allowed the peso to
float more freely, reduced energy and transportation subsidies and
has begun to address longstanding macroeconomic imbalances.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.

On March 24, 2016, Fitch Ratings has upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.



=============
B E R M U D A
=============


LATIN AMERICAN AIRPORTS: S&P Withdraws 'B' Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Global withdrew its 'B' long-term corporate
credit rating on Bermuda-based airport operator, Latin American
Airports Holdings Ltd (LAAH).  On April 8, 2016, the company sold
its stake in its sole subsidiary, Aeropuertos Dominicanos Siglo
XXI S.A (Aerodom) to VINCI S.A. After the completion of the
transaction, LAAH released a guarantee it originally provided to
Aerodrom's senior notes due 2019.  LAAH currently doesn't have
operating subsidiaries.  As a result, S&P don't have enough
information to determine LAAH's credit quality going forward.


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


CONCESSIONARIA DE RODOVIAS: Moody's Rates BRL1.2BB Debentures Ba2
-----------------------------------------------------------------
Moody's America Latina has assigned a Ba2 global scale rating and
a Aa2.br rating on the Brazilian national scale (NSR) to
Concessionaria de Rodovias Integradas do Oeste S.A.'s ("SPVias" or
the "Company") BRL1.2 billion backed senior secured debentures due
in 2021.  The debentures are expected to be issued by the end of
May 2016.  At the same time, Moody's affirmed SPVias' issuer
rating as well as its backed senior unsecured ratings at Ba2 on
the global scale and Aa3.br on the national rating scale.  The
senior secured non-convertible debentures will be backed by a
corporate guarantee from its parent CCR S.A.  The outlook is
negative for all ratings.

                         RATINGS RATIONALE

SPVias' ratings are supported by the Company's relatively strong
credit metrics for its rating category, which is further supported
by the fact that, as per the concession contract, tariffs have
been adjusted annually by the official inflation index, either the
IPCA-E or the IGP-M, whichever is the lowest in the period.  In
case the IPCA-E index is applied, SPVias has the right to have its
concession contract rebalanced to ensure that the financial-
economic equilibrium of the concession is maintained, as per the
terms of the concession contract and its amendments.  According to
Moody's standard adjustments, for the 3-year period 2013-2015 the
average Funds from Operations (FFO)-to-Debt ratio was 16.6%, and
Cash Interest Coverage 2.6 times, while Retained Cash Flow-to-
CAPEX was 0.7 times owing to a large dividend distribution in
2015.  Over the aforementioned period, Moody's Debt Service
Coverage Ratio was 1.1 times, and the Concession Life Coverage
Ratio stood at 1.6 times.  Moody's expects that SPVias will
continue to be able to raise funds in the capital and bank markets
at adequate terms to ensure a solid liquidity position.

As outlined, SPVias's senior secured non-convertible debentures
(the "5th issuance") will be backed by a corporate guarantee from
its parent CCR, and will have a 5-year tenor from the issuance
date.  The debentures, which have a one year grace period, will
have a customized amortization profile with quarterly interest and
principal payments.  In addition to CCR's corporate guarantee, the
debentures will be secured by a pledge on the Company's shares as
well as on the rights emerging from the concession and the escrow
account where the toll road's receivables will be deposited.  The
proceeds from the 5th issuance will be used to fully repay the
outstanding principal and accrued interest of the 2nd and 3rd
debenture issuances which mature in July 2016 and May 2016,
respectively.  All of SPVias' outstanding debentures, which
include the 2nd, 3rd and 4th debenture issuances, are backed by
CCR. The 4th debenture issuance matures in April 2020.

The 5th debenture issuance will not have cross-default provisions
with any other debt of SPVias or of its guarantor, CCR.  However,
the debentures will have cross acceleration clauses in case the
Company defaults on any financial obligation above BRL50 million
or if the Company, the guarantor (CCR) or its ultimate shareholder
(CPC) does not comply with payments related to final court
decisions with amounts above BRL50 million, BRL85 million and
BRL35 million, respectively.  Creditors will also have the right
to accelerate the outstanding debt should the Company distribute
dividends above the minimum required by Brazilian Corporate Law if
the Net Debt to EBITDA ratio exceeds 4.5 times in 2016, and 4.0
times thereafter until maturity, except in the case in which
SPVias contracts a letter of credit for one year for the
outstanding amount of debt.

                         RATING OUTLOOK

The negative outlook mainly reflects the constraint of the
sovereign rating, including the sovereign's negative rating
outlook, given the domestic nature of the Company's operations.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

In light of the negative outlook, an upgrade of the ratings is
unlikely in the near term.

Further deterioration in the sovereign's rating could exert
downward pressure on the ratings.  A rating downgrade could also
occur if declines relative to historical levels over a prolonged
period of time.  The perception of potential higher liquidity risk
combined with more restrictive access to bank or capital markets
financing or continuous large dividend distributions will also
create downward pressure on the ratings.  A material negative
change of the State of Sao Paulo concession and regulatory
framework or the perception of political interference could also
cause a downgrade in the ratings.  Quantitatively, a rating
downgrade could occur if RCF/ CAPEX stays below 1.0x, and Cash
Interest Coverage remains below 1.8x for an extended period.

                           ABOUT SPVias

SPVias is a privately-managed toll road concessionaire that holds
a 27-year concession to operate and maintain the 516-kilometer
(km) Castello Branco-Raposo Tavares toll road system, as well as
the Joao Mellao, Antonio Romano Schincariol and Francisco Alves
Negrao roads, connecting the city of Sao Paulo (not rated), the
capital city of the State of Sao Paulo (Ba2 negative), to the
southwestern region of the State, and to the States of Mato Grosso
(not rated) and Parana (Ba3 stable).  SPVias serves an important
region in the country, with a very high concentration of
agribusiness (mainly livestock, sugar cane and ethanol production)
with a population of approximately 860,000 spread across 26
municipalities.  SPVias's traffic profile is highly concentrated
on heavy vehicles, which have historically accounted for about one
third of total traffic whereas the remaining traffic has been
comprised of light vehicles, most of which are commuters.

SPVias is an operating subsidiary of CCR S.A. (CCR) (Ba3/A2.br
negative), one of Brazil's largest infrastructure concession
groups that operates and maintains 3,265 km of toll road
concessions.  SPVias' concession was granted in 2000 to a
consortium of construction companies for 20 years, and later sold
to CCR in 2010.  In 2006, the concession was extended for
additional seven years and eight months, expiring in 2027.  SPVias
accounts for approximately 8% of CCR's reported consolidated net
operating revenues and EBITDA, which reached about BRL6.1 billion
and BRL4.2 billion, respectively, in FY2015.

                         RATINGS RATIONALE

The principal methodology used in these ratings was Privately
Managed Toll Roads published in May 2014.

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

While NSRs have no inherent absolute meaning in terms of default
risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons, please
see:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189530


INVESTIMENTOS E PARTICIPACOES: S&P Lowers CCR to 'BB-'
------------------------------------------------------
S&P Global Ratings lowered its global scale corporate credit
rating on Investimentos e Participacoes em Infraestrutura S.A. -
Invepar to 'BB-' from 'BB' and its national scale long-term rating
to 'brA-' from 'brA+'.  S&P also placed the corporate credit
ratings on CreditWatch negative.

At the same time, S&P lowered its national scale corporate credit
and issue-level ratings on Invepar's toll road, Concessionaria
Auto Raposo Tavares S.A. (CART) to 'brA-'.  Finally, S&P also
lowered Invepar's issue-level rating to 'brBBB+'.  All ratings
were also placed on CreditWatch Negative.

The downgrade primarily reflects S&P's view of the company's
weaker liquidity position and financial flexibility.  Even though
S&P continues to assess its business risk profile as satisfactory
and its financial risk profile as aggressive, resulting in an
anchor score of 'bb', the final issuer credit rating is one notch
weaker because S&P has revised its view of its liquidity to less
than adequate from adequate.

The negative implications of the Creditwatch listing reflects the
risk of multiple downgrades following an event of acceleration of
Invepar's debt in the next 60 days, (i) if there is an event of
acceleration of GRU's debt, which could cross-accelerate the
group's debt given the existence of BNDES financing in other
subsidiaries of the economic group, namely CART and MetroRIO, or
(ii) if VIA040 fails to execute the conditions to extend the BNDES
bridge loan maturity date until November 2016 and to close the
long-term take-out financing, which could result in a further
revision of S&P's liquidity assessment.

S&P could remove the ratings from CreditWatch once the issue of
the payment of the GRU Airport grant fee date is duly solved, and
if VIA040 succeeds in extending the BNDES bridge loan.  S&P would
also reassess the impact on the ratings if Invepar's liquidity
sources and uses present a 20% cushion to absorb low probability,
high impact events, such as a drop of 15% in EBITDA.


MARFRIG GLOBAL: Fitch Rates Prop. US$500MM Issuance 'B+(EXP)/RR4'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B+(EXP)/RR4' rating to Marfrig
Global Foods S.A.'s (Marfrig) proposed US$500 million issuance of
global notes. The proposed senior unsecured global notes will
mature in 2023. The notes will be issued through its wholly owned
subsidiary, Marfrig Holdings (Europe) B.V. and will be
unconditionally and irrevocably guaranteed by Marfrig. Proceeds
will be used to refinance existing debt and for general corporate
purposes.

Simplified Business Profile

Marfrig's ratings consider its broad product portfolio and
geographic diversification, which reduces risks related to
disease, trade restrictions and currency fluctuations. Recent
divestitures allowed Marfrig to simplify its organizational
structure into two business units: Marfrig Beef (50.3% of revenue;
50% of EBITDA), one of the world's largest beef producers, and
Keystone Foods (49.7% of revenue; 50% of EBITDA), which processes
food for major restaurant chains in the U.S. and Asia.

Improved Credit Metrics

Marfrig's net adjusted debt/EBITDA was 3.5x as of March 31, 2016,
as a result of satisfactory performance and the divestment of Moy
Park to JBS in September 2015. Fitch expects Marfrig's adjusted
net leverage ratio to fall below 3.5x in 2016 supported by EBITDA
growth, better asset and logistics management, steady capex and
lower interest expenses. Fitch expects Marfrig to generate
positive free cash flow (FCF) in 2016.

Challenging Domestic Environment

The domestic operating environment in 2016 remains difficult for
the Brazilian protein sector due to the economic recession,
elevated inflation, increased interest and unemployment rates, and
declining consumer confidence. Marfrig responded to these
challenges by reducing processing capacity (five slaughter units
closed in 2015), while exporters reported higher average prices
offsetting lower export volume.

No Acquisitions Anticipated

Marfrig is not expected to execute any major acquisitions over the
next 18 months given management's focus on deleveraging its
balance sheet, improving cash flow generation and reducing
interest expenses. Key initiatives will include the optimization
of plants and distribution facilities by Marfrig Beef and the
geographic expansion of Keystone.

RATING SENSITIVITIES

Negative Rating Triggers: Marfrig's inability to improve FCF over
the next 24 months and maintain net leverage above 4.5x-5.0x on a
sustainable basis could trigger a negative rating action.

Positive Rating Triggers: A combination of a positive FCF track
record, resilience of the group's operating margin in its beef
business in Brazil, and a reduced gross leverage and sustained net
leverage ratio near 3.5x would be viewed positively.

LIQUIDITY

Marfrig's liquidity is adequate. As of March 31, 2016, the group
held BRL5.2 billion of cash and marketable securities. This
compares favorably with short-term debt of BRL2.2 billion.
Marfrig's largest refinancing requirement will be in 2020 (BRL3.2
billion), as the company has redeemed most of its 2016 and 2017
bonds. Proceeds from the divestment of Moy Park are being used to
buy back outstanding bonds (2018, 2019 and 2021 bonds). Almost 96%
of Marfrig debt and 80% of revenues is denominated in U.S. dollars
and foreign currencies

FULL LIST OF RATING ACTIONS

Fitch currently rates Marfrig as follows:

Marfrig:
-- Foreign and Local Currency IDR 'B+';
-- National scale rating 'BBB+ (bra)'.

Marfrig Holdings Europe B.V.:
-- Foreign Currency IDR 'B+';
-- Notes due 2017, 2018, 2019, 2021 'B+/RR4'.
-- Notes due 2023 'B+(exp)/RR4'

Marfrig Overseas Ltd:
-- Notes due 2016, 2020 'B+/RR4'.


MARFRIG GLOBAL: S&P Affirms 'B+' CCR; Outlook Positive
------------------------------------------------------
S&P Global Ratings affirmed its 'B+' global scale corporate credit
rating on Marfrig Global Foods S.A and upgraded the national scale
corporate credit rating on the company to 'brBBB+' from 'brBBB'.
The outlook for all corporate credit ratings is now positive.

At the same time, S&P assigned its 'B+' issue-level rating to
Marfrig Holdings Europe B.V.'s proposed $500 million senior
unsecured notes due 2023, reflecting the recovery rating of '4',
which indicates an average recovery expectation of 30%-50%, in the
lower band of the range.  The proposed bonds are senior unsecured
and have guarantees from Marfrig Global Foods S.A. and Marfrig
Overseas Limited.

The outlook revision and the national scale upgrade reflect S&P's
expectation that Marfrig will post improving credit metrics in the
next few quarters as a result of stronger cash flow generation,
with EBITDA benefiting from exports.  All of this is despite
somewhat-weaker demand in the domestic market.  Also, S&P expects
important reductions in the company's interest payments going
forward, due to the expected conversion of debentures into equity
in January 2017, and the gradual payment of more expensive debt on
its balance sheet.

The proposed bond issuance of $500 million, if completed, would
also extend the company's debt maturity profile, as the proceeds
will be used in a cash tender offer for its outstanding bonds due
in 2016, 2017, 2018, and 2020.

The positive outlook reflects that S&P could upgrade Marfrig in
the next 12 to 18 months if the company improves its capital
structure and maintains at least adequate liquidity, while FOCF
generation increases and the company is able to further reduce
debt with internal cash flows.  At the same time, S&P expects
interest coverage ratios to improve amid a lower interest burden.

As a result, S&P could upgrade the ratings if the company improves
its credit metrics, with debt to EBITDA consistently below 5x, FFO
to debt close to 12%, EBITDA interest coverage close to 2x, and
positive and increasing FOCF.

S&P would revise the outlook back to stable over the next 12 to 18
months if the company is not able to improve its credit metrics as
expected.  This could be a result of weaker cash flow generation
due to a high interest burden or higher-than-expected cattle
prices that would impact working capital needs.  Likewise, if the
company presents higher-than-expected capex levels or pursues an
aggressive growth strategy, it could reduce its capacity to
deleverage amid negative free cash flows.

Also, if the debenture conversion into equity does not occur as
expected, the company's average cost of debt would fail to reduce
further, leaving pressure on its interest coverage metrics.


TUPY SA: S&P Affirms 'BB-' CCR; Outlook Stable
----------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale and 'brA'
national scale corporate credit ratings on Tupy S.A.  At the same
time S&P affirmed its 'BB-' issue-level rating, with a '4'
recovery rating, reflecting S&P's expectation of average recovery
(in the high end of the 30%-50% range) on the company's senior
unsecured debt in an event of default.  The outlook for the
corporate credit ratings remains stable.

The ratings affirmation reflects S&P's expectation that Tupy will
maintain its leading position in the cast iron engine blocks and
heads market in Americas and Europe.  S&P expects the company to
post improving EBITDA margins in the next few years, as it
increases production of higher-aggregated-value Compacted Graphite
Iron blocks and focus on operating efficiency improvements
starting in 2017 through higher capacity use of its plants.

S&P expects the company's volumes to drop in 2016 due to weak
demand in international off-road, heavy commercial vehicles, and
domestic markets.  However, healthy global demand for passenger
and light commercial vehicles, coupled with favorable foreign
exchange rate, will help cushion the impact, resulting in Tupy's
small net revenue growth during the year.  S&P expects lower
profitability in 2016 due to inflation pressures, higher energy
prices, and lesser dilution of fixed costs.  Lower capital
expenditures and working capital needs should support the
company's free operating cash flow (FOCF) generation.


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D O M I N I C A N   R E P U B L I C
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AEROPUERTOS DOMINICANOS: S&P Assigns 'B+' CCR; Outlook Negative
---------------------------------------------------------------
S&P Global Ratings assigned a 'B+' long-term corporate credit
rating on Aeropuertos Dominicanos Siglo XXI S.A. (Aerodom).  At
the same time, S&P raised its debt rating on the company's $550
million senior secured notes due 2019 to 'B+' from 'B' after the
completion the acquisition of Aerodom by VINCI.  The Bermuda-based
airport operator, Latin American Airports Holdings Ltd. (LAAH),
the previous owner of Aerodom, used to guarantee these notes.  The
outlook on Aerodom is negative.

On April 8 2016, VINCI S.A. (A-/Stable/A-2), completed the
acquisition of 100% of Aerodom's shares from LAAH, through two
newly created special purpose vehicles: VINCI Airports Atlantica
SAS and VINCI Airports Dominicana SAS, both of which VINCI
Airports SAS owns.  The acquisition is in line with VINCI's
diversification strategy that intends to transform the group into
a global player in the airport industry.  The two newly created
vehicles don't have other assets apart from Aerodom or any
liabilities.

S&P assigned a 'b' SACP and 'B+' corporate credit rating to
Aerodom to reflect its moderately strategic subsidiary to the
VINCI group.  The 'b' SACP is the result of a fair business risk
profile and highly leveraged financial profile.  The upgrade of
Aerodom's notes reflects S&P's view of the improvement in the
company's overall credit quality after the ownership change, which
should benefit its airport business strategy in the medium to long
term and enhance Aerodom's financial flexibility, which will be
essential in order to determine a refinancing strategy for its
current debt.

S&P views Aerodom's business risk profile as fair.  It reflects
the volatility inherent in the passenger traffic volumes that
depend on various factors that are exogenous to the company, a
relatively weak competitive position because its six airports
handle only 40% of the Dominican Republic's air traffic (excluding
the busiest airport, Punta Cana), and exposure to the country's
political and regulatory risk that S&P views as weaker than other
jurisdictions in the region.  The company's strong operating
efficiency backed by EBITDA margins of more than 60% in the past
five years and lack of pending mandatory capital expenditures,
based on the requirements of the concession contract, partly
compensate for these weaknesses.


DOMINICAN REP: Businesses Says Post-election Riots Are Disturbing
-----------------------------------------------------------------
Dominican Today reports that National Business Council (CONEP)
president Rafael Blanco said the riots in the heels of the May 15
elections are disturbing, and urged the candidates to use all
legal mechanisms until they're satisfied with the poll results.

"We have to provide satisfaction not only to the winner, the loser
also has to be satisfied of the results of the vote count and who
lost by one vote, so they may be sure that they lost by one vote,"
the official said, according to Dominican Today.

On the Catholic Church's request for calm released, Blanco said
that it's a message of equanimity as always asked to take things
with moderation and abide by the country's institutions, which
cannot be broken, the report notes.

The business leader spoke after a meeting with former opposition
PRM candidate, Luis Abinader and other senior leaders, to
congratulate them for their participation in the last election,
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'.


====================
E L  S A L V A D O R
====================


EL SALVADOR: S&P Maintains BICRA Score on Country at Group '7'
--------------------------------------------------------------
S&P is maintaining its BICRA score on El Salvador (B+/Stable/B) at
group '7', which anchors banks operating in the country at 'bb'.
S&P is also maintaining its '8' economic risk score and its '6'
industry risk score.  However, S&P is revising the BICRA industry
risk trend to negative from stable and the economic risk trend to
stable from negative.

If the falling profitability prompts banks to shift to higher-risk
products or it changes the competitive environment, S&P would
revise its competitive dynamics score to high risk from
intermediate risk.  This would lead S&P to change an industry risk
score to '7' from '6'.  As a result, S&P would revise its BICRA to
group '8' from group '7'.  The anchor in such circumstance would
drop to 'bb-' from 'bb.'

S&P views the trend for economic risk in El Salvador as stable.
Improved international context should support the country's
moderate growth.  GDP growth is likely to be 2.6% on average
during 2016-2018, compared with S&P's estimate of 2.5% in 2015.
S&P expects the banking sector's nonperforming assets (NPAs; past-
due loans and repossessed assets) to be below 4% of total loans by
the end of 2016, with reserves covering around 75% of NPAs.
Credit losses are likely to represent less than 2% of total loans
during the same timeframe.

Despite a potentially lower anchor and higher charges in S&P's
risk-adjusted capital framework due to a potentially higher
industry risk, credit ratings on Banco Agricola won't be affected.
This reflects its stand-alone credit profile (SACP) of 'bb+' which
is three notches above its 'B+' long-term issuer credit rating.


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


JAMAICA: IMF Mission Chief Supports Tax Reform
----------------------------------------------
RJR News reports that International Monetary Fund Mission Chief,
Dr. Uma Ramakrishnan has expressed support for the government's
plan to move from direct to indirect taxation.

During the IMF media briefing, Ms. Ramakrishnan also commended the
Andrew Holness administration for embarking on tax reform,
according to RJR News.  Ms. Ramakrishnan however, cautioned the
government to ensure that the reform does not negatively affect
the most vulnerable members of the population, the report notes.

The IMF has indicated that the focus for Jamaica should be on
broadening the tax base and building an efficient and equitable
tax system that supports economic growth and development, the
report relays.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb.
15, 2016, Fitch Ratings has upgraded Jamaica's Long-term foreign
and local currency IDRs to 'B' from 'B-' and revised the Rating
Outlooks to Stable from Positive.  In addition, Fitch upgraded
Jamaica's senior unsecured Foreign- and Local-Currency bonds to
'B' from 'B-'.  The Country Ceiling has been affirmed at 'B' and
the Short- Term Foreign-Currency IDR affirmed at 'B'.


JAMAICA: JSE Index Declines
---------------------------
RJR News report that in trading Tuesday, May 24, the JSE Index
declined by 1,629 points to close at 152,060. The Junior Market
declined by 42 points to close at 2,093.

There was trading in 34 stocks of which 14 advanced, 16 declined
and four traded firm, the report relays.

Sagicor Group was the volume leader, followed by General Accident
Insurance and Lasco Distributors, the report notes.

Meanwhile, Marlene Street Forrest, General Manager of the Jamaica
Stock Exchange (JSE) opened the Toronto Stock Exchange May 24
morning in Canada, the report discloses.

Representatives of the Jamaica Stock Exchange have been in Toronto
since May 20 on an International Roadshow and Knowledge Exchange
Visit which culminates this May 27.

While in Canada's largest city, the JSE will host town hall
meetings to network, build partnerships and discuss opportunities
in Jamaica, the report notes.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb.
15, 2016, Fitch Ratings has upgraded Jamaica's Long-term foreign
and local currency IDRs to 'B' from 'B-' and revised the Rating
Outlooks to Stable from Positive.  In addition, Fitch upgraded
Jamaica's senior unsecured Foreign- and Local-Currency bonds to
'B' from 'B-'.  The Country Ceiling has been affirmed at 'B' and
the Short- Term Foreign-Currency IDR affirmed at 'B'.


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


ARENDAL S DE RL: S&P Lowers CCR to 'D' on Failure of Payment
------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Mexico-
based engineering and construction company Arendal, S. de R.L. de
C.V. to 'D' from 'CC'.  S&P also lowered its issue-level rating on
the company's $100 million senior unsecured notes due May 23, 2016
to 'D' from 'CC'.  At the same time, S&P affirmed the '4' recovery
rating on the senior unsecured notes, reflecting its expectation
of average (lower end of the 30% to 50% range) recovery for
lenders in the event of a payment default.  S&P is also taking the
ratings off CreditWatch with negative implications.

The downgrade to 'D' follows Arendal's inability to make the
$100 million senior unsecured notes principal payment maturing
May 23, 2016.  Even though the company payed the coupon on the
maturing date, Arendal also signed a 120 day forbearance agreement
with the bondholders today in order to seek a refinancing plan.
Consequently, the issuer will not be paying the principal of the
senior unsecured notes on a timely basis, as originally stated.


XIGNUX SA: S&P Affirms 'BB+' CCR; Outlook Remains Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' global scale corporate
credit rating on Xignux S.A. de C.V.  S&P also affirmed its
'mxAA-' long-term and 'mxA-1' short-term national-scale corporate
credit ratings and 'mxA-1' debt ratings on the company.  The
outlook remains stable.

During the past few years, Xignux has grappled with choppy global
economy and lower copper prices, which have weakened its revenue.
Nevertheless, its key credit metrics, market position, and
operating performance have remained resilient.  The company's
business profile is in line with its strategy of a focus on the
main cable and wire businesses and expanding its food segment.

Xignux's fair business risk profile reflects mainly S&P's view of
the company's significant shares in most of its markets
(particularly cable and wires and power and distribution
transformers), stable food business segment, improving operations,
and competitiveness.  The assessment also reflects the company's
wide geographic and product portfolio diversification and customer
base expansion.  The mitigating factors are the cyclicality of
most of Xignux's end markets, exposure to raw-material price
volatility (particularly to copper), product revenue concentration
with about 67% coming from the cable business, and weak
profitability as seen in single-digit EBITDA margins.

Xignux's consistent cash flow generation and key credit metrics
are in line with S&P's assessment of the company's financial risk
profile as significant.  These factors result from Xignux's
prudent financial policy, overhaul of its food business, operating
efficiencies, and cost reductions.  It also reflects S&P's
expectation that the copper prices will slowly recover in the next
few years, which will improve the company's margins, and
consequently, its leverage metrics.


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


AEROPOSTALE INC: Has Court OK to Proceed with Store Closing Sales
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorizes Aeropostale, Inc., and debtor subsidiaries to proceed
with Store Closing Sales and take all actions reasonably related
or arising in connection such in accordance with the Interim Order
and the duly approved store closing sale procedures.

Among other things, the store closing sale procedures provide:

   1. On "shopping center" property, neither the Debtors nor the
Liquidation Consultant will distribute handbills, leaflets, or
other written materials to customers outside of any Closing
Stores' premises, and neither the Debtors nor the Liquidation
Consultant shall use any flashing lights or amplified sound to
advertise the Store Closing Sales or solicit customers.

   2. The Debtors and the Liquidation Consultant will have the
right to sell the furniture, fixtures, and equipment located at
the Stores, and may advertise the sale of the FF&E in a manner
consistent with these Store Closing Sale Guidelines.

   3. The Debtors and the Liquidation Consultant may advertise all
of the Store Closing Sales as "sale on everything," "everything
must go," or similarly themed sales, and may also advertise each
sale as a "store closing" and have a "countdown to closing" sign
prominently displayed in a manner consistent with the Store
Closing Procedures.

   4. Impacted landlords will have the ability to negotiate with
the Debtors, or at the Debtors' direction, the Liquidation
Consultant, any particular modifications to the Store Closing
Procedures. The Debtors and the landlord of any Store are
authorized to enter into agreements modifying the Store Closing
Procedures without further order of the Court, provided that such
agreements do not have a material adverse effect on the Debtors or
their estates.

   7. No property of any landlord will be removed or sold during
the Store Closing Sales, and the Debtors will keep store premises
and surrounding areas clear and orderly, consistent with past
practices.

   8. An unexpired nonresidential real property lease will not be
deemed rejected by reason of a Store Closing Sale or the adoption
of the Store Closing Procedures.

   9. The rights of landlords against the Debtors for any damages
to a Store shall be reserved in accordance with the provisions of
the applicable lease.

            Landlord Opposes the Store Closing Sale

Landlord Bellevue Square, LLC, complains that the Motion and the
Order purport to permit liquidation and other actions in violation
of the Debtor's lease and Washington law that will impact the
Landlord, adjacent stores in the Shopping Center, and the general
public.  The Landlord told the Court that unbeknownst to Bellevue
Square that by the time the Debtor commenced its bankruptcy
proceeding, the Debtor had already filed a motion to approve a
Going Out of Business Sale at the Bellevue Shopping Center in
Bellevue, Washington.

The Landlord said the Debtor's Going Out of Business Sale misleads
the public regarding the source of the goods or the nature of the
bargain received specifically because the Debtor has not disclosed
to the Landlord and the consumers a specific list of inventory
included in the sale, whether the Debtor intends to merely sell
existing inventory or to "augment" inventory for an indefinite
period.

Bellevue said it is willing to negotiate in good faith with the
Debtor or its agents to come to mutually agreeable terms that
fulfill the purposes behind the GOB while also complying with
Washington law and mitigating the damage that such sales cause to
adjoining and competing tenants in the Shopping Center.

Attorneys for Landlord Bellevue Square, LLC:

       David A. Nold, Esq.
       NOLD MUCHINSKY PLLC
       10500 NE 8th Street, Suite 930
       Bellevue, WA 98004
       Telephone: (425) 289-5555
       Email: dnold@noldmuchlaw.com

                      About Aeropostale, Inc.

Aeropostale, Inc. is a specialty retailer of casual apparel and
accessories, principally serving young women and men through its
Aeropostale(R) and Aeropostale Factory(TM) stores and website and
4 to 12 year-olds through its P.S. from Aeropostale stores and
website.  The Company provides customers with a focused selection
of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment. Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its
own merchandise.  As of May 1, 2016 the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states.  In addition, pursuant to various licensing agreements,
the Company's licensees currently operate 322 Aeropostale(R) and
P.S. from Aeropostale(R) locations in the Middle East, Asia,
Europe, and Latin America.  Since November 2012, Aeropostale, Inc.
has operated GoJane.com, an online women's fashion footwear and
apparel retailer.

Aeropostale, Inc. and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc. as restructuring advisor; Stifel, Nicolaus &
Company, Inc. and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


AEROPOSTALE INC: Seeks Lease Decision Deadline Moved to Nov. 30
---------------------------------------------------------------
Aeropostale, Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to extend
the time for them to assume or reject unexpired leases of
nonresidential real property up to November 30, 2016, without
prejudice to the Debtors' rights to obtain further extensions of
such period in accordance with section 365(d)(4)(B)(ii) of the
Bankruptcy Code.

The leases are for the Debtors' stores and distribution centers.

The Debtors are pursuing an expedited, dual-path chapter 11 case
in which the Debtors have the option to pursue either a standalone
chapter 11 plan or a transaction to sell substantially all of its
assets. If the Debtors move forward with a standalone chapter 11
plan, they expect that a significant number of Leases will be
assumed upon the effective date of such plan. The Debtors and
their professionals are evaluating the optimal number of stores
for the standalone scenario and, therefore, are not yet ready to
decide which Leases should be assumed. Likewise, if the Debtors
pursue a sale transaction, the Leases will be among the primary
assets assigned to the purchaser. Inasmuch as their sale efforts
are continuing, the Debtors do not yet have a sense of which
Leases a purchaser would want assumed and assigned.

Until the Debtors determine which path to pursue, and determine
whether such path will be approved by the Court, the Debtors will
not know with certainty which of its Leases should be assumed or
rejected. The Debtors may not be able to consummate a plan or a
sale of substantially all of its assets prior to the expiration of
the Initial Period. Accordingly, the Debtors require an extension
of the Initial Period.

The Debtors are seeking an extension early in these chapter 11
cases because the Debtors and other parties in interest need
certainty regarding whether the Debtors will be granted an
extension of the Initial Period. Absent such certainty, the
Debtors will be forced either to: (i) race towards consummation of
a plan or sale prior to the expiration of the Initial Period; or
(ii) if the Debtors determine that consummating a plan or sale is
not feasible within the Initial Period, promptly liquidate their
assets and reject their Leases. Neither of these options is in the
best interests of the Debtors' estates or their creditors.

Additionally, the milestones in the Debtors' DIP Facility require
the Debtors to file the Motion to Extend by May 16, 2016 -- which
they did -- and obtain the Extension by June 3, 2016. Absent the
granting of the Extension by June 3, 2016, the Debtors will
default on its DIP Financing.


                          About Aeropostale, Inc.

Aeropostale, Inc. is a specialty retailer of casual apparel and
accessories, principally serving young women and men through its
Aeropostale(R) and Aeropostale Factory(TM) stores and website and
4 to 12 year-olds through its P.S. from Aeropostale stores and
website.  The Company provides customers with a focused selection
of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment. Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its
own merchandise.  As of May 1, 2016 the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states.  In addition, pursuant to various licensing agreements,
the Company's licensees currently operate 322 Aeropostale(R) and
P.S. from Aeropostale(R) locations in the Middle East, Asia,
Europe, and Latin America.  Since November 2012, Aeropostale, Inc.
has operated GoJane.com, an online women's fashion footwear and
apparel retailer.

Aeropostale, Inc. and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc. as restructuring advisor; Stifel, Nicolaus &
Company, Inc. and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


IGLESIA MISION: Hires Reinaldo Javier Ponce Ramos as Appraiser
--------------------------------------------------------------
Iglesias Mision Cristina Fuente de Agua Viva, Inc., and its
debtor-affiliates seek permission from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Reinaldo Javier Ponce
Ramos as appraiser.

The Debtors require Reinaldo Javier Ponce Ramos to assume the
appraisal services for a commercial property at State Road 160KM,
4.5 Almirante Norte Ward, Vega Baja, Puerto Rico.
Reinaldo Javier Ponce Ramos will be compensated $2,500 upon
delivery of the appraisal of the real property.

Reinaldo Javier Ponce Ramos assured the Court that he is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code, and does not represent any interest
adverse to the Debtor and its estates.

Reinaldo Javier Ponce Ramos can be reached at:

         Reinaldo Javier Ponce Ramos
         116 Peridot Street
         Los Prados Sur Dev.
         Dorado, Puerto Rico 00646-9658
         Cel.: (787)414-1466
         Home: (787)796-4097
         E-mail: javierponce@tasacionespr.com

Iglesia Mision Cristiana Fuente De Agua Viva Inc. filed a
voluntary Chapter 11 petition (Bankr. D. P.R. Case No. 3:12-bk-
07856) on October 2, 2012. Judge Mildred Caban Flores presides
over the case. In its petition, the Debtor listed $10 million to
$50 million in both assets and liabilities.


SPORTS AUTHORITY: Liquidators Win Approval to Start GOB Sales
-------------------------------------------------------------
Lillian Rizzo, writing for Daily Bankruptcy Review, reported that
Sports Authority Holdings Inc.'s going-out-of-business sales
will begin after a bankruptcy judge signed off on a deal with a
trio of liquidators.

According to the report, at a hearing on May 24, Judge Mary
Walrath of the U.S. Bankruptcy Court in Wilmington, Del.,
authorized the liquidator group -- made up of Hilco Merchant
Resources LLC, Gordon Brothers Retail Partners LLC and Tiger
Capital Group LLC -- to quickly launch the sales.

"The recoveries to the estate depend in large measure on getting
rolling through the Memorial Day weekend," Sports Authority
attorney Robert Klyman said of the need to begin the going-out-of
business sales as soon as possible, the report cited.

In exchange for the right to run the sales, the liquidators, who
prevailed over another liquidator group in an auction held last
week, will pay a guaranteed 101% of the value of the inventory, of
which 88% will be paid in cash, Jeremy Graves, attorney for Sports
Authority said in court, the report related.

Tiger Capital and Gordon Brothers were previously engaged to run
the going-out-of-business sales at 142 of the 450 stores early on
in Sports Authority's bankruptcy proceeding, the report noted.
The latest round of sales will begin May 26, according to a news
release from the liquidator group, and will cover the chain's
remaining stores, around which it originally had high hopes of
reorganizing, the report further related.

                  About Sports Authority Holdings

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

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

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

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.  Lawyers at Pachulski
Stang Ziehl & Jones LLP represent the Official Committee of
Unsecured Creditors.


SPORTS AUTHORITY: DIP Financing Has Final Approval
--------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware issued a final order authorizing debtors The
Sports Authority, Inc., et al., to obtain post-petition secured
financing.

The Debtors were authorized to obtain up to $595,285,000 in
postpetition financing, pursuant to the DIP Credit Agreement
between The Sports Authority, Inc. and TSA Stores, Inc., as
borrowers and Bank of America, N.A., as Administrative Agent and
Collateral Agent, Wells Fargo National Bank, National Association,
as FILO Agent, and each Revolving Lender and each FILO Lender
party thereto.

Judge Walrath ordered that advances under the DIP Facility will be
used solely for the following:

     (a) to pay fees, costs, and expenses as provided in the DIP
Financing Agreements, including amounts incurred in connection
with
the preparation, negotiation, execution, and delivery of the DIP
Credit Agreement and the other DIP Financing Agreements;

     (b) for general operating and working capital purposes, for
the payment of transaction expenses, for the payment of fees,
expenses, and costs incurred in connection with the Chapter 11
Cases, and other proper corporate purposes of the Debtors not
otherwise prohibited by the terms of the Final DIP Order for
working capital, and other lawful corporate purposes of the
Debtors;

     (c) for making adequate protection payments and other
payments as provided in the Final Order;

     (d) to fund the Prepetition Indemnity Account;

     (e) for the payment of the Final Roll-Up; and

     (f) to fund the Carve Out Account and the Stub Rent Account,
in the amount of $8,500,00.

The Carve Out Account will be funded with an amount equivalent to
an amount of Cash Collateral equal (I) to the Carve Out Cap, plus
(ii) the then accrued and unpaid fees and expenses of the Case
Professionals through the date on which a DIP Maturity Event first
occurs, to the extent in compliance with the Approved Budget.

A full-text copy of the Order, dated May 3, 2016, is available at
https://is.gd/7tLIwm

                      About Sports Authority

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

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

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.  Lawyers at
Pachulski Stang Ziehl & Jones LLP represent the Official Committee
of Unsecured Creditors.


===============
S U R I N A M E
===============


SURINAME: Taking Steps to Implement Programs, IMF Says
------------------------------------------------------
Mr. Daniel Leigh, head of the IMF's staff team for Suriname,
issued the following statement in Washington:

"The government of Suriname has been taking important steps to
implement its home-grown reform program in response to the
difficult economic situation the country is facing. The
authorities have now adopted all prior actions agreed in
discussions with the IMF staff, paving the way for the IMF's
Executive Board to consider a two-year Stand-By Arrangement (SBA)
with the Fund in support of Suriname's reform program on May 27.
The SBA would provide financial assistance in an amount equivalent
to approximately US$478 million.

"This is a challenging program that will require great efforts
from Surinamese society as a whole to stabilize the economy and
set the stage for recovery. The authorities' program includes
measures to strengthen the social safety net, including through
increased spending on social cash transfer programs, to moderate
any negative impact of macroeconomic adjustment. It also provides
tax breaks to protect taxpayers' purchasing power and raises
capital spending to create jobs and build infrastructure.

"We welcome the decision taken in recent days to raise electricity
tariffs to cover 60 percent of the cost of electricity production,
while structuring the tariffs so that the biggest consumers bear
the largest part of the adjustment burden. The gradual elimination
of electricity subsidies will make space for better targeted
social spending and improve the fiscal situation.

"The authorities' reform program, backed by the IMF, can provide a
durable solution to the underlying problems facing the country, as
well as a path toward sustained growth."


SURINAME: Moody's Lowers Issuer Rating to B1; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has downgraded Suriname's foreign
currency and local currency issuer ratings to B1 from Ba3.  The
outlook is stable.

The key driver of the rating action is the substantial
deterioration in Suriname's credit profile over the past year both
in absolute terms and relative to peers that is now apparent.  In
particular:

  1) The significant worsening in macroeconomic conditions and the
     external liquidity pressures that have resulted; and

  2) The deterioration in the strength of the government's balance
     sheet which will push public debt above 45% of GDP in 2016,
     despite consolidation measures that are being implemented.

The stable outlook reflects the measures that the government now
appears to be taking to consolidate its position, which are
expected to be underpinned by the impending International Monetary
Fund (IMF) program that will provide an important anchor for
macroeconomic and fiscal stabilization.  The expected benefits to
fiscal and external accounts from the completion of large energy
and mining projects will support a strong improvement in external
finances and a stabilization of debt metrics in 2016-18.

Suriname's long-term local currency country risk ceilings have
been changed to Ba2 from Ba1.  The foreign currency bond ceiling
was changed to Ba2 from Ba1 and the foreign currency bank deposit
ceilings to B2 from B1, respectively.  The short-term foreign
currency bond and deposit ceilings remain at NP (Not-Prime).
These ceilings reflect a range of undiversifiable risks to which
issuers in Suriname are exposed, including economic, legal and
political risks.  These ceilings act as a cap on ratings that can
be assigned to the foreign and local-currency obligations of
entities domiciled in Suriname.

                         RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE

  -- FIRST DRIVER: LARGE TRADE AND CURRENT ACCOUNT DEFICITS IN
     2015 PROMPTED A WEAKENING OF SURINAME'S EXTERNAL LIQUIDITY --

The principal driver of Moody's decision to downgrade Suriname's
rating is the substantial weakening of Suriname's external
liquidity stemming from the significant recent increase in current
account deficits.  Low commodity prices led to falling export
earnings, resulting a near doubling in Moody's estimate of the
current account deficit to 14.9% of 2015 GDP from a peak surplus
of 15% in 2010.  The large current account deficit is owed to a
shift in the goods balance, which fell into a deficit for the
first time in more than a decade.
Foreign exchange reserves have halved, falling from $447 million
at the end of 2014 to $222 million in 2015 (approximately 3 months
of imports).  The drop in reserves undermined the central bank's
ability to meet demand for foreign exchange and defend the
exchange rate peg to the dollar. As a result, the central bank
devalued the currency by 20% in November 2015, and then moved to
abandon the peg and introduce an auction based foreign-exchange
system in March 2016.  The exchange rate regime is gradually
shifting toward a more flexible system without a pre-determined
target that Moody's expects will aid the current adjustment and
increase the country's absorption capacity against possible future
external shocks.

Moody's expects that the export decline will bottom out in 2016,
and that the current account will begin to see a moderate
adjustment this year, followed by a decrease in the external
imbalance in 2017.  State-owned oil company Staatsolie's refinery
project was finished in late 2015, and the authorities expect a
gradual ramp-up in production of refined oil products.  This will
have an import substitution effect given that Suriname previously
exported crude oil but imported refined products.  A gold mine
project, which is set to be completed in September 2016, will
likely double gold production and exports, and will contribute to
the current account adjustment.  Importantly, capital and service
imports related to the construction of both projects will also
taper off in 2016, which will underpin further import compression.

Nevertheless, the erosion of the country's external position has
been materially larger than that of 'Ba'-rated peers, leaving an
important aspect of the sovereign's credit profile more in line
with that of commodity-reliant economies rated in the 'B'
category.

  -- SECOND DRIVER: FISCAL DETERIORATION WILL PUSH PUBLIC DEBT
     ABOVE 45% OF GDP --

The second driver of the rating action is the marked deterioration
in the government's balance sheet that has become apparent
following recent data releases, and which resulted from a widening
of the fiscal deficit to 8.7% of GDP.  Consolidation targets were
abandoned during the first half of 2015 as spending tied to
legislative elections in late May and a further large drop in
commodity-related revenues drove the enlarged deficit.  The IMF
estimates that the fiscal imbalance reached an annualized 12.5% of
GDP during January-July 2015.

Moreover, fiscal deficits reported in previous years did not
reflect the accumulation of payment arrears.

In order to stabilize the fiscal accounts and re-build fiscal
credibility, the former president of the Central Bank was named
finance minister in early August, and consolidation measures were
put in place.  Since the new authorities took over at the Ministry
of Finance in August 2015 no new arrears have been created and in
August-December arrears from previous years have been cleared.
Consolidation measures included the rationalization of electricity
subsidies.  Two out of three planned electricity tariff increases
have been implemented which will contribute strongly to reducing
expenditures in 2016, and the ultimate elimination of the subsidy
in December 2016 will also help underpin consolidation in 2017.

In line with the wider fiscal deficits, public debt increased to
38.3% of GDP in 2015 from 26.5% in 2014.  Central bank financing,
a further indication of fiscal pressures, underpinned the strong
increase in debt.  Moody's expects that public debt will peak in
2016 at 45.7% of GDP.  While it may begin to decline in 2017 as a
consequence of consolidation measures undertaken and in train,
Moody's confidence in the authorities' ability to stabilize debt
dynamics is tempered by the fact the adjustment comes after
significant economic and fiscal deterioration.

                 RATIONALE FOR THE STABLE OUTLOOK

On April 15, the IMF announced that it had reached a staff-level
agreement with Suriname on the key elements of an economic program
which would involve a two-year $478 million Stand-By Arrangement
(SBA).  The program targets the adoption of broad-based measures.
Elements of the program include economic diversification,
enhancing sources of non-mineral revenues for the government, and
a suite of other structural reforms to facilitate fiscal
consolidation and improve fiscal and monetary policy frameworks.
The SBA will help to cushion government finances and the economy
during the period of fiscal and economic adjustment as well as
allowing for a steady rebuilding of foreign reserves.

Moody's expects that the announced and already-adopted fiscal
measures will reduce the fiscal deficit to 6.6% of GDP in 2016
from 8.7% in 2015.  This is in line with the target the
authorities have set under the IMF program (6.5% of GDP).  Cuts to
goods and services purchases and the reduction in the electricity
subsidy should result in significant expenditure reduction.
Although oil prices are now closer to the 2015 average, gold
prices have recovered from 2015 levels which should underpin
stable-to-higher revenues.

The new exchange rate regime will aid the current adjustment and
increase the country's absorption capacity against possible future
external shocks.  Moreover, the completion of the large energy and
mining projects will also underpin mending external and fiscal
finances.

WHAT COULD MOVE THE RATING UP/DOWN

Moody's would consider upgrading the rating if a sustainable
narrowing of the fiscal deficit were to indicate that a strong
decrease in government debt metrics was likely, particularly if
accompanied by an accumulation of substantial fiscal savings in
the planned sovereign wealth fund.  A strengthening of the
budgetary and fiscal framework through institutional enhancements
that decreases fiscal volatility would also lead to upward
pressure on the government's rating.

Conversely, Suriname's sovereign rating could be downgraded in the
event of a further deterioration in fiscal performance that led to
a continued increased of government debt ratios or a material
weakening of economic growth prospects, given the lower than
expected economic and fiscal strength that environment would
imply.  Failure to implement planned reforms or to comply with
those aspects of the IMF program would likely be a forward
indicator of such a deterioration.

  GDP per capita (PPP basis, US$): 16,261 (2014 Actual) (also
   known as Per Capita Income) Real GDP growth (% change): 0.9%
   (2015 Actual) (also known as GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 25% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -8.7% (2015 Actual) (also known
   as Fiscal Balance)
  Current Account Balance/GDP: -14.9% (2015 Actual) (also known as
   External Balance)
  External debt/GDP: [not available]
  Level of economic development: Low level of economic resilience
  Default history: No default events (on bonds or loans) have been
   recorded since 1983.

On May 18, 2016, a rating committee was called to discuss the
rating of the Suriname, Government of.  The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed.  The
issuer's institutional strength/ framework, have not materially
changed.  The issuer's fiscal or financial strength, including its
debt profile, has materially decreased.  The issuer has become
more susceptible to event risks.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.


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


COCA-COLA FEMSA: Production of Coke Halted For Lack of Sugar
------------------------------------------------------------
Peter Henderson at Reuters reports that the Venezuelan bottler of
Coca-Cola has halted production of the sugar-sweetened beverage
due to a lack of sugar, a Coca-Cola Co spokeswoman said.

Venezuela is in the midst of a deep recession, and spontaneous
demonstrations and looting have become more common amid worsening
food shortages, frequent power cuts and the world's highest
inflation, according to Reuters.

Production of sugar-sweetened drinks has stopped, but output of
diet drinks such as Coca-Cola light and other zero-sugar beverages
continued, spokeswoman Kerry Tressler wrote by email, the report
notes.

The Venezuelan bottler of Coca-Cola has halted production of the
sugar-sweetened beverage due to a lack of sugar, a Coca-Cola Co
(KO.N) spokeswoman said, the report relays.

"Sugar suppliers in Venezuela have informed us that they will
temporarily cease operations due to a lack of raw materials," Mr.
Tressler added, the report notes.

The report notes that Coca-Cola Femsa SAB, Latin America's biggest
coke bottler and operator of four plants in Venezuela, added that
it was hoping the nation's sugar inventories would recover "in the
short term."

The bottler, which gets some 7 percent of its income in Venezuela,
is a joint venture between Coca-Cola and Mexico's Femsa, the
report says.

Over the past several years, the combination of price controls,
rising production costs, lack of foreign exchange, restrictive
labor laws, and a lack of basic inputs such as fertilizer, have
resulted in a drop in Venezuela's sugar cane production with fewer
planted hectares (acres) and lower yields, the report discloses.

Many smaller farmers have turned to other crops that are not price
controlled and thus provide greater income, the report relays.

The country is expected to produce 430,000 tonnes in 2016/17, down
from 450,000 tonnes the previous year, and import 850,000 tonnes
of raw and refined sugar, according to the USDA, the report adds.


VENEZUELA: Trinidad & Tobago Welcomes Gas, Trade Deals
------------------------------------------------------
Aleem Khan at Trinidad Express reports that Trinidad and Tobago's
trade with Venezuela has been declining for a number of reasons,
including Venezuela's non-tariff barriers, which have "been
increasingly trade-distorting", The University of the West Indies
(UWI) senior economics lecturer Roger Hosein said in response to
Express queries.  Mr. Hosein praised the plans to boost Trinidad
and Tobago exports to eastern Venezuela and to monetize Venezuelan
natural gas here, however, according to Trinidad Express.

"Greater trade ties with Venezuela therefore implicitly opens up
this enormous market to manufacturers from Trinidad and Tobago.
Deepening trade ties with Venezuela at this point would certainly
work to Trinidad and Tobago's advantage over time.  In this
regard, the details surrounding the mechanics of the US$50 million
fund need to be clear and publicly available.  The outlined goods
are rice, pork, chicken, black beans, butter and ketchup.
However, there is still significant room for trade in other basic
manufactures such as toilet paper, bottled water, soap etc," Mr.
Hosein said, the report notes.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2016, Moody's Investors Service has affirmed Venezuela's
Caa3 issuer and government bond ratings and changed the outlook to
negative from stable.  The government's senior secured and senior
unsecured government bond ratings were affirmed at Caa3, as were
the senior unsecured shelf and MTN program ratings at (P)Caa3.


                            ***********


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.

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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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