TCRLA_Public/160530.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, May 30, 2016, Vol. 17, No. 105


                            Headlines



A R G E N T I N A

ARGENTINA: Unveils Tax Amnesty to Boost Revenue and Lure Dollars


B E R M U D A

VERITAS BERMUDA: Moody's Affirms B2 CFR; Outlook Stable


B R A Z I L

CORDOBA: S&P Assigns 'B-' Rating to Up to $700MM Unsec. Notes


C A Y M A N  I S L A N D S

ASCENDANT CAPITAL: Creditors' Proofs of Debt Due June 22
BLACKSTONE T OFFSHORE: Commences Liquidation Proceedings
BZ REALTY: Commences Liquidation Proceedings
EAS CAYMAN: Creditors' Proofs of Debt Due June 23
EAST PARK: Commences Liquidation Proceedings

FIA LEVERAGED: Creditors to Hold Meeting on June 17
MOUNT STEVENS: Placed Under Voluntary Wind-Up
RI CAYMAN: Commences Liquidation Proceedings
ROUND TABLE: Creditors' Proofs of Debt Due June 23
ROUND TABLE INTERMEDIATE: Creditors' Proofs of Debt Due June 23

ROUND TABLE MASTER: Creditors' Proofs of Debt Due June 23
SAB OVERSEAS: Creditors' Proofs of Debt Due June 14
SIGNUM VERDE 2007-04: Fitch Cuts CLP4.95BB Notes Rating to 'Bsf'
TFO FINANCIAL: Creditors' Proofs of Debt Due June 13


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Drought Brought Economic Losses to Farmers
DOMINICAN REPUBLIC: Exports to Cuba Up


J A M A I C A

KINGSTON LIVE: To Shed Night Club Operations


M E X I C O

CREDITO REAL: S&P Affirms 'BB+' ICR; Outlook Negative
MBIA MEXICO: Moody's Downgrades GLC IFS Rating to 'Caa1'
NOGALES: Moody's Downgraded Ratings to B3/B1.mx; Outlook Negative


P U E R T O    R I C O

KOMODIDAD DISTRIBUTORS: Case Summary & 20 Top Unsecured Creditors
SPORTS AUTHORITY: Can Assume Closing Store Agreement
SPORTS AUTHORITY: Wilmington Savings Appeals Denial of Protection


S U R I N A M E

SURINAME: IMF Board OKs US$478 Million Stand-By Arrangement


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Announces Changes to its Board of Directors


X X X X X X X X X

* BOND PRICING: For the Week From May 23 to May 27, 2016


                            - - - - -


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


ARGENTINA: Unveils Tax Amnesty to Boost Revenue and Lure Dollars
----------------------------------------------------------------
Reuters reports that Argentine President Mauricio Macri unveiled a
tax amnesty to entice locals to declare billions in hidden income,
in a bid to boost government revenues and lure dollars into the
battered economy.

The plan, which still need congressional approval, is one of many
economic measures proposed by Macri, a center-right businessman,
who took office in December promising to tackle sky-high inflation
and a yawning fiscal deficit, according to Reuters.

Mr. Marci already has ordered thousands of jobs cut from state
agencies, allowed the peso to float and cut agricultural export
quotas, winning plaudits from investors and farmers, the report
notes.

Under the amnesty, Argentines would pay 10 percent or 15 percent
on freshly disclosed funds, depending on how long it takes them to
make the payment, the report relays.  Money raised would help pay
long-standing debts to pensioners and support an increase in
pension payouts, notes the report.

Prior amnesties have been famously unsuccessful, the report adds.

                            *     *     *

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
=============


VERITAS BERMUDA: Moody's Affirms B2 CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service affirmed Veritas Bermuda Ltd.'s B2
corporate family rating and B2-PD probability of default rating.
Moody's also affirmed the B1 rating on Veritas's and co-borrower
Veritas US Inc.'s first lien credit facilities and senior secured
notes, and affirmed the Caa1 rating on the unsecured notes.  The
company reduced the total debt and revised the debt structure in
connection with the closing of The Carlyle Group's acquisition of
Veritas (formerly Symantec Corporation's information management
business) in January 2016.  Though the acquisition closed in
January 2016, the revised capital structure was not marketed at
that time.  Moody's also assigned a B1 rating to the Senior
Secured Euro Notes due 2023 and a Caa1 rating to the Term Loan B-2
which were added as part of the revised capital structure at
closing. The rating outlook is stable.

                         RATINGS RATIONALE

Total debt at closing was reduced by approximately $1 billion from
the originally proposed capital structure and a portion of the
debt was shifted from unsecured to secured tranches.  Although
debt was reduced, trailing revenue and EBITDA are also down from
previous years and below previous expectations.  Leverage levels
are however estimated at just under 7x based on run-rate stand-
alone EBITDA, improved slightly from the original transaction.
Revenue in the December 2015 quarter (Fiscal Q3 2016) was down 15%
from the prior year driven by systems and sales stumbles after
separating operations from Symantec.  Although March 2016 quarter
(Fiscal Q4 2016) revenues are also down, the company has disclosed
that bookings rebounded in the quarter to levels well above prior
years suggesting that Q3 2016's and Q4 2016's revenue declines
were temporary.

Veritas's B2 corporate family rating is driven by its very high
leverage levels, offset to some degree by its scale, the critical
nature of its products and stable maintenance revenue streams
which can result in steady free cash flow generation.  Leverage at
closing is estimated at just under 7x and is expected to decline
to 6.5x over the next twelve to eighteen months.  The B2 rating is
supported by Veritas's leading market position as a provider of
backup and recovery software and its entrenched position within
enterprise customers' critical IT infrastructure.  The storage
management software market is shifting however and solutions
provided by new entrants and new technologies may erode Veritas's
leading market position over time.

Demand for storage overall is expected to increase substantially
over the next several years driven by the explosion in data and
the need to manage, backup and access that data.  However, pricing
pressures, the shift to cloud based storage, software defined
storage platforms, and other alternate storage architectures could
result in Veritas well underperforming the overall storage market.
Given the evolution in storage architectures, the company's
challenges in reviving growth, heavy reliance on one product line
and very high leverage, Veritas is considered weakly positioned in
the B2 rating category.

The stable outlook reflects Moody's expectation for stabilizing
revenues and improving profitability resulting in de-levering
towards 6.5 times over the next 18 months.  The ratings could be
downgraded if the company were to experience a material loss of
market share or deterioration of revenue due to competitive
pressures or declines in its major end markets.  The ratings could
also be downgraded if leverage is expected to exceed 7x on other
than a temporary basis or free cash flow to debt is not on track
to exceed 5% once one-time restructuring and data center capital
expenditures are completed.  Due to one-time costs, Moody's
expects free cash flow to debt in the low single digits in FY 2017
and FY 2018.

The ratings could be upgraded if the company were to demonstrate
improved financial performance and relatively conservative
financial policies such that leverage is sustained below 5x and
free cash flow to debt is maintained at over 10%.

Liquidity is good based on, healthy cash balances, positive free
cash flow over the next 12 to 18 months and access to an undrawn
$250 million revolving credit facility.  Cash balances were
estimated to be $315 million at the close of the transaction.

Assignments:

Issuer: Veritas Bermuda Ltd.
  Senior Secured Term B-2 Bank Credit Facility, Assigned Caa1
   (LGD5)
  Senior Secured Regular Bond/Debenture, Assigned B1 (LGD3)

Outlook Actions:

Issuer: Veritas Bermuda Ltd.
  Outlook, Remains Stable

Affirmations:

Issuer: Veritas Bermuda Ltd.
  Probability of Default Rating, Affirmed B2-PD
  Corporate Family Rating, Affirmed B2
  Senior Secured Bank Credit Facilities, Affirmed B1 (LGD3)
  Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD6)

The principal methodology used in these ratings was Software
Industry published in December 2015.

Although the Term Loan B-2 has a first lien on substantially all
the assets of Veritas and its domestic subsidiaries, the Caa1
rating (LGD 5) on this facility reflects its payment priority
behind the first lien revolver, term loans and secured notes.
Though the Term Loan B-2 has a stronger loss given default profile
than the unsecured notes (Caa1, LGD6), it is not sufficient to
warrant a notching differential

Veritas Bermuda Ltd., headquartered in Mountain View, California
is a provider of storage management, and backup and recovery
software.  Veritas generated approximately $2.4 billion of revenue
in the fiscal year ended April 1, 2016.


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


CORDOBA: S&P Assigns 'B-' Rating to Up to $700MM Unsec. Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating to the
province of Cordoba's unsecured notes for up to $700 million.  The
notes will be denominated in dollars.  The province will use the
proceeds to fund infrastructure projects and for the refinancing
of its debt, including the repurchase of up to $200 million of the
province's outstanding $596 million 12.375% notes due 2017.  S&P
expects that Cordoba will repay the latter notes in accordance to
their original terms and conditions.

S&P don't view this new debt as harmful to the province's
financial profile, and S&P expects that its moderate debt profile,
despite its vulnerability to exchange rate risk, will continue to
support Cordoba's creditworthiness.  Including the new $700
million issuance, S&P expects the province's debt stock to reach
around ARP30 billion by the end of 2016, or nearly 24% of its
operating revenues.  Although Cordoba's debt will increase in
nominal terms from ARP18.5 billion as of the end of 2015, relative
to operating revenues, debt will only increase slightly from
21.5%.  This is because S&P expects that the impact of new net
borrowings and currency depreciation will be more than compensated
by the impact of elevated inflation on the province's operating
revenues and by increased coparticipation transfers from the
central government, which will boost Cordoba's operating revenues.
The latter is due to a recent decision of Argentina's Supreme
Court in favor of the province, suspending the 15% deduction of
coparticipation funds by the central government to fund Cordoba's
pension system, which was established in 1992.  As a result, the
central government will repay the province the 15% of the
coparticipation funds it had been deducting to finance Cordoba's
pension system.

As per S&P's criteria, "Rating Implications Of Exchange Offers And
Similar Restructurings, Update" published May 12, 2009, S&P don't
consider this exchange offer as tantamount to default because S&P
believes it doesn't meet the conditions to be considered as such.
The province is offering a cash premium of $108.25 for every
$100 to purchase the notes, plus accrued interest.

The 'B-' foreign currency rating on the province of Cordoba is the
same of its 'b-' stand-alone credit profile (SACP).  The SACP is
not a rating but a means of assessing the intrinsic
creditworthiness of a local and regional government (LRG) under
the assumption that there's no sovereign rating cap.  The SACP
results from the combination of S&P's assessment of an LRG's
individual credit profile and the institutional framework in which
it operates.  Cordoba, like all LRGs in Argentina, operates under
a very volatile and unbalanced institutional framework.  At the
same time, Cordoba's credit quality suffers from a weak budgetary
performance, very weak budgetary flexibility, weak economy, weak
financial management, and weak liquidity with restricted access to
external liquidity.  On the other hand, the province's moderate
debt burden supports its creditworthiness.

The province of Cordoba, like all Argentinean LRGs, shares a
critical link with the central government through its significant
revenue distribution, direct financing of infrastructure projects,
and authorization for the LRGs to issue new debt.  Cordoba's
access to external liquidity had remained uncertain in recent
years, in S&P's view, because the central government had withheld
approval for new debt since 2014.  The province had a strained
relationship with the central government, mainly due to a
disagreement over funding of its pension system.  With the
election of Mauricio Macri, S&P expects the relationship between
the province and the central government to improve.  In addition,
the recent cure of Argentina's 2014 default on its foreign
currency bonds that had started has also strengthened Argentine
LRGs' access to international capital markets to issue new debt.
Therefore, S&P believes these could have a positive impact on the
province's ability to access external liquidity and increase
capital investments over the next few years.

The stable outlook on the province mirrors the stable outlook on
the sovereign local currency rating.  The outlook reflects renewed
dialogue between LRGs and the federal government about tackling
fiscal and economic challenges in the short to medium term.  If
S&P was to raise its T&C assessment and the local currency rating
on the sovereign over the next 12 months, along with an
improvement in Cordoba's liquidity position coupled with
consistent surpluses after capex and operating surpluses, S&P
could also upgrade Cordoba.  On the other hand, S&P could lower
the ratings on Cordoba if the transfer and convertibility
assessment on Argentina weakens, if S&P was to lower the sovereign
local or foreign currency rating, or if Cordoba's financials
deteriorate to deficits after capex above 10% of operating
revenues and operating deficits.

RATINGS LIST

Province of Cordoba
  Issuer credit rating                   B-/Stable/--

Rating Assigned

Province of Cordoba
  Unsec. notes for up to $700 million    B-



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


ASCENDANT CAPITAL: Creditors' Proofs of Debt Due June 22
--------------------------------------------------------
The creditors of Ascendant Capital Management Ltd. are required to
file their proofs of debt by June 22, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2016.

The company's liquidator is:

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


BLACKSTONE T OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------------
On May 3, 2016, the sole shareholder of Blackstone T Offshore Fund
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BZ REALTY: Commences Liquidation Proceedings
--------------------------------------------
On May 4, 2016, the shareholders of BZ Realty Holdings Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          MOF Management LLC
          535 Madison Avenue, 26th Floor
          New York New York 10022
          United States of America
          Telephone: +1 (212) 554 1769
          e-mail: Compliance@monarchlp.com


EAS CAYMAN: Creditors' Proofs of Debt Due June 23
-------------------------------------------------
The creditors of Eas Cayman Islands IM Ltd. are required to file
their proofs of debt by June 23, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 27, 2016.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close, Seven Mile Beach
          Grand Cayman KY1-1201, P.O. Box 30116,
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


EAST PARK: Commences Liquidation Proceedings
--------------------------------------------
On April 25, 2016, the shareholders of East Park Global
Opportunities 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:

          Gonzalo Jalles
          Harbour Place, 4th Floor
          103 South Church Street
          George Town
          P.O. Box 10240, Grand Cayman KY1-1002
          Cayman Islands


FIA LEVERAGED: Creditors to Hold Meeting on June 17
---------------------------------------------------
The creditors of FIA Leveraged Fund will hold their annual meeting
on June 17, 2016, at 11:00 a.m.,

Any person intending to participate in the meetings must send
written notice of their intention to do so by June 13, 2016.

The company's liquidator is:

          Roy Bailey
          Tom Bussanich Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone: +1 (345) 814 8977


MOUNT STEVENS: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 8, 2016, the shareholders of Mount Stevens Investments
Limited passed a resolution to wind up the company's operations.

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

The company's liquidator is:

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


RI CAYMAN: Commences Liquidation Proceedings
--------------------------------------------
On April 27, 2016, the sole shareholder of RI Cayman 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:

          Ryan King Stafford
          8755 W. Higgins Road Suite 500
          Chicago, Illinois 60631
          United States of America
          Telephone: +1 (773) 628 0880


ROUND TABLE: Creditors' Proofs of Debt Due June 23
--------------------------------------------------
The creditors of Round Table Global Macro Fund, Ltd. are required
to file their proofs of debt by June 23, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 5, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Highwater Limited
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


ROUND TABLE INTERMEDIATE: Creditors' Proofs of Debt Due June 23
---------------------------------------------------------------
The creditors of Round Table Global Macro Intermediate Fund, Ltd.
are required to file their proofs of debt by June 23, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 5, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Highwater Limited
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


ROUND TABLE MASTER: Creditors' Proofs of Debt Due June 23
---------------------------------------------------------
The creditors of Round Table Global Macro Master Fund, Ltd. are
required to file their proofs of debt by June 23, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 5, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Highwater Limited
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


SAB OVERSEAS: Creditors' Proofs of Debt Due June 14
---------------------------------------------------
The creditors of Sab Overseas Fund, Ltd. are required to file
their proofs of debt by June 14, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 29, 2016.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SIGNUM VERDE 2007-04: Fitch Cuts CLP4.95BB Notes Rating to 'Bsf'
----------------------------------------------------------------
Fitch Ratings has downgraded this rating of Signum Verde Limited
2007-04, Cayman Islands (Signum 2007-04):

   -- CLP4,950,000,000 credit-linked notes (CLNs) to 'Bsf' from
      'B+sf'; Outlook remains Negative.

                        KEY RATING DRIVERS

The downgrade follows Fitch's rating action of the reference
entity, Petroleo Brasileiro S.A. (Petrobras).  Fitch monitors the
performance of the underlying risk-presenting entities and adjusts
the rating accordingly through application of its current CLN
criteria, 'Global Rating Criteria for Single- and Multi-Name
Credit-Linked Notes' dated March 8, 2016.

The rating considers the credit quality of Petrobras' current
Issuer Default Rating (IDR) of 'BB', Negative Outlook by Fitch;
Goldman Sachs Group, Inc. as swap counterparty (rated 'A', Stable
Outlook), and Citigroup Inc. subordinated notes (CUSIP 172967BL4,
rated 'A-').  The Rating Outlook reflects the Outlook on the main
risk driver, Petrobras, which is the lowest-rated risk-presenting
entity.

                        RATING SENSITIVITIES

The rating remains sensitive to rating migration of each risk-
presenting entity.  A downgrade of Petrobras would likely result
in a downgrade to the notes.

Signum Verde Limited 2007-4, Cayman Islands, (the Issuer) is a
single-name CLN transaction designed to provide credit protection
on Petrobras with a reference amount of USD10 million.  This
protection is arranged through a credit default swap (CDS) between
the Issuer and the swap counterparty, Goldman Sachs International
(GSI), guaranteed by Goldman Sachs Group, Inc.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation
to this rating action.


TFO FINANCIAL: Creditors' Proofs of Debt Due June 13
----------------------------------------------------
The creditors of TFO Financial Institutions Restructuring Fund SPC
are required to file their proofs of debt by June 13, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 27, 2016.

The company's liquidator is:

          Mourant Ozannes TFO Manager Limited
          c/o Stephanie Adolphus
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9167
          Facsimile: (345) 949-4647


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


DOMINICAN REPUBLIC: Drought Brought Economic Losses to Farmers
--------------------------------------------------------------
Dominican Today reports that international organization Oxfam,
through its Dominican Republic office, presented a report on the
effects of the drought on plantain crops in the province of
Bahoruco and rice in San Pedro de Macoris, during 2015.

According to Oxfam's Humanitarian Action Coordinator in the DR,
Carlos Arenas, the report "Up to Our Necks in Drought" shows how
last year's drought had a considerable effect on the rice and
plantain crops, leading to economic losses for low-income farmers,
the report notes.

Mr. Arenas also commented that while the country was still
suffering the effects of the drought just two months ago, it is
now experiencing flooding, which he described as "a demonstration
of the consequences of climate change," according to Dominican
Today.

Mr. Arenas called on the authorities to work to mitigate the
effects of drought and to reduce the threat of climate change. The
report was presented during an event held at the Sheraton Hotel.

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


DOMINICAN REPUBLIC: Exports to Cuba Up
--------------------------------------
Dominican Today reports that the Dominican Republic is the fourth
largest exporter of products to Cuba in Latin America and the
Caribbean, for a value of US$52.4 million in 2015.

A full 60.9 % of this total accounts for just nine local products,
for a value of US$32 million, according to Dominican Today.

"The opening up of Cuba is an opportunity for the country to
diversify the quantity of merchandise that it exports to this
market," says a study by the Advice, Consultancy and Research
Office (OACI), the report notes.

Dominican Today relays that the report, by Angel de Jesus Checo
Escalante, states that the main products exported from the DR to
Cuba include malted beer, ingredients for sauces and animal feed
components.

These three products combined represented 42% of the total sold
last year, according to the report, "Description of the Trade
Exchange between DR and Cuba," Dominican Today notes.

It says that malted beer, with sales worth US$8.2 million, is a
relatively new export that only started in 2014, the report
discloses.  Other products are semi-finished iron materials and
ethyl alcohol, the report adds.


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


KINGSTON LIVE: To Shed Night Club Operations
--------------------------------------------
RJR News reports that the Kingston Live Entertainment (KLE) Group
has shed light on its decision to get rid of its night club
operations, stating that the company's management and board have
been reviewing the strategic position of the company and the
expansion into restaurant franchising.

KLE said the exit from the night club business ended the demand on
the company's working capital and other resources which are needed
to focus on the restaurant and franchising business, according to
RJR News.

The decision was made to sell the assets used in the operations of
the Famous Night Club, the report notes.

KLE still owns the trademarks associated with the brand, says RJR
News.

Earlier this year it completed the sale of 51 per cent of Tracks
and Records to Joseph Bogdanovich, the report relays.


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


CREDITO REAL: S&P Affirms 'BB+' ICR; Outlook Negative
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB+' global scale issuer credit
and issue-level ratings on Credito Real S.A.B. de C.V. SOFOM, E.R.
(Credito Real).  S&P also affirmed its 'mxA+/mxA-1' national scale
issuer credit and issue-level ratings on the lender.  In addition,
S&P removed all ratings from CreditWatch negative where it placed
them on Feb. 26, 2016.  The outlook is negative.

The negative outlook reflects Credito Real's aggressive
acquisitive growth strategy, which has generated a significant
amount of goodwill, and its rapid organic growth, which has
squeezed its RAC ratio.  S&P believes that if the growth trend
continues without sound internal capital generation or capital
injections, this ratio could fall below 10% in the next two years.

The issuer credit ratings on Credito Real reflect S&P's view of
its risk position as moderate due to the aggressive growth,
although the lender has maintained solid asset quality indicators
compared with those of its peers.  The ratings also incorporate
S&P's adequate assessment of its funding and liquidity with an
adequate business position that reflects Credito Real's rising
operating revenue and the falling revenue share of payroll loans
as percentage of total revenue.  Still underpinning the ratings is
S&P's strong capital and earnings assessment based on its expected
RAC ratio of 10.1% on average for 2016 and 2017.

S&P's 'BB+' rating on Credito Real's $425 million senior unsecured
notes due 2019 is at the same level as the issuer credit rating
because the firm's secured debt represented less than 15% of
adjusted assets as of March 31, 2016, and its unencumbered assets
completely cover unsecured debt.

S&P's assessment of Credito Real's capital and earnings remains
strong after S&P reviewed the lender's RAC ratio following its
acquisition of Maravalley.  S&P's RAC ratio forecast for the next
two years is 10.1% on average.  As of December 2015, the ratio was
10.8%, lower than our previous forecast of 12.4% due to Credito
Real's aggressive loan portfolio growth in 2015, 27% versus an
expected 15%.  The higher growth was due to acquisitions of a
U.S.-based used-vehicle lender, AFS Acceptance, and Mexico- and
Colombia-based fee-based business, Resuelve tu Deuda.


MBIA MEXICO: Moody's Downgrades GLC IFS Rating to 'Caa1'
--------------------------------------------------------
Moody's de Mexico downgraded MBIA Mexico S.A. de C.V.'s (MBIA
Mexico) global local-currency (GLC) insurance financial strength
(IFS) rating to Caa1 from B3, and on the national scale of Mexico
to Caa1.mx from B2.mx. Both ratings now carry a negative outlook.
This rating action concludes the review initiated on 20 January
2016, and follows Moody's Investors Service's recently announced
downgrade of MBIA Insurance Corporation's IFS rating to Caa1, from
B3, on 20 May 2016 (see press release titled "Moody's affirms MBIA
Inc. (senior at Ba1) and National Public Finance Guarantee Corp.
(IFS at A3); downgrades MBIA Insurance Corp. to Caa1").

RATING RATIONALE

Moody's said that the downgrade and negative outlook of MBIA
Mexico's ratings reflect the firm's limited stand-alone resources,
its insurance of two large underperforming MRBS transactions, its
ownership by MBIA Insurance Corporation (MBIA Corp., Caa1 IFS,
negative) that also provides support in the form of reinsurance
agreements, technical oversight, and a net worth maintenance
agreement. The rating agency went on to say MBIA Mexico's ratings
are now better positioned at their current level, given the recent
downgrade of MBIA Corp., and the strong linkages between both
entities. Moody's lead analyst for MBIA Mexico, Francisco
Uri¬Ęstegui, said: "Even when MBIA Mexico's financial resources are
sufficient to cover its medium-term obligations, the company's
credit worthiness is ultimately constrained by its limited
resources and MBIA Corp.'s credit profile".

Moody's said that MBIA Mexico's ratings could be upgraded if MBIA
Corp.'s IFS rating is upgraded. Conversely, the company's ratings
could be downgraded if MBIA Corp.'s IFS rating is downgraded, or
in case of significant deterioration in the MBIA Mexico's
profitability and/or capital adequacy.

MBIA Mexico S.A. de C.V. reported gross premiums written of MXN
16.45 million and net loss of MXN 4 million as of December, 2015,
and it reported total assets of MXN 214 million and shareholders'
equity of MXN 178 million as of December, 2015.


NOGALES: Moody's Downgraded Ratings to B3/B1.mx; Outlook Negative
-----------------------------------------------------------------
Moody's de Mexico downgraded the ratings of the municipality of
Nogales to B3/B1.mx from B2/Ba1.mx and maintained the
municipality's negative outlook.

RATINGS RATIONALE

The downgrade is prompted by the continuous and sharp
deterioration of Nogales' gross operating balance and ongoing poor
liquidity.

In Moody's opinion, Nogales' budget is structurally unbalanced as
shown by the compound annual growth rate (CAGR) of 1% for
operating revenues between 2011 and 2015, which is substantially
lower than the CAGR of 6% for operating expenditures over the same
period. During this period, Nogales' gross operating balance
passed from 0.9% to -15.7% of operating revenues, a level that is
no longer in line with the B2 category.

This continued poor performance was despite an increase in own-
source revenues of 3% in 2015, a reversal of the downward trend
recorded between 2011 and 2014. The municipality continued
exhibiting a weak governance and contracted a short-term debt of
MXN 70 million to partially offset arrears.

Moody's said, "the downgrade also reflects the sharp deterioration
of liquidity and Nogales' debt level. The municipality's net
working capital (measured as liquid assets minus liquid
liabilities) represented -24.6% of total expenditure, a marked
deterioration from an already weak position of -2.8% registered in
2014, and one of the lowest levels among our rated municipalities.
Nogales' debt stood at 110% of operating revenues at the end of
2015. Measured against operating revenues, Nogales' debt is now
the highest among Moody's-rated Mexican municipalities."

RATIONALE FOR THE MAINTAINING OF THE NEGATIVE OUTLOOK

The negative outlook reflects the assumed continued pressure on
the municipality's finances over the near term. Though the
municipality plans to implement some measures to rein in spending,
in Moody's opinion, the municipality has little prospects of
improving its own-source revenues collection in the medium-term.
As a result, Moody's expects Nogales to continue registering gross
operating deficits in the foreseeable future. Going forward,
Nogales' operating imbalances will exert pressure either in its
liquidity in the form of accumulating arrears with suppliers, or
indebtedness in the form of long-term debt contracting. The
negative outlook also takes into account the current negative
outlook in Mexico's sovereign bond rating (A3, negative). Moody's
considers that the change in the sovereign outlook indicates
heightened systemic risk for sub-sovereign issuers, including
Nogales, which have close operating and financial linkages with
the federal government. Federal transfers represent more than 80%
of Nogales' revenues.


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


KOMODIDAD DISTRIBUTORS: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                      Case No.
       ------                                      --------
       Komodidad Distributors, Inc.                16-04164
       PO Box 6359
       Caguas, PR 00726-6359

       GA Design & Sourcing Corp.                  16-04166
       GA Property Development, Corp               16-04167
       GA Investors, S.E.                          16-04169
       Gamaxport, Inc.                             16-04170

Type of Business: Retailer of clothing, accessories, and
                  fragrances

Chapter 11 Petition Date: May 25, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Enrique S. Lamoutte Inclan

Debtors' Counsel: Javier Vilarino, Esq.
                  VILARINO & ASSOCIATES LLC
                  PO BOX 9022515
                  San Juan, PR 00902-2515
                  Tel: 787-565-9894
                  E-mail: jvilarino@vilarinolaw.com

Estimated Assets: $50 million to $100 million

Estimated Debts: $10 million to $50 million

The petitions were signed by Jorge Galliano, president.

List of Komodidad Distributors's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
American Express                                         $599,627
200 Vesey St
New York, NY
10285-1000

Majestique Corporation                                   $231,811

Hop Lun                                                  $161,746

DOIT Distributors/KIMIC LLC                              $133,399

Rosa Rodriguez, S.E.                                     $121,176

V.O. Industrial Corporation                               $79,783

The Sembler Co.                                           $75,238

Olem Shoe Corp.                                           $70,554

Randy Hangers, LLC                                         $66,939

Banco Popular de PR                                        $65,018

Data@Access Communications Inc.                            $62,743

Leonisa                                                    $55,558

International Intimates                                    $55,144

Banco Santander                                            $54,575

Perfume Center of America                                  $53,286

Neu Enterprises                                            $49,252

Body Glove                                                 $49,102

Millionaire Club                                           $45,260

Banco Santander                                            $43,726

Brian Brothers Inc.                                        $39,702


SPORTS AUTHORITY: Can Assume Closing Store Agreement
----------------------------------------------------
U.S. Bankruptcy Judge Mary F. Walrath has authorized Sports
Authority Holdings, et al., to assume the store closing agreement
between with Gordon Brothers Retail Partners LLC and Tiger Capital
Group LLC.

The Debtors are authorized to implement the bonus program and pay
the closing bonuses.  The Debtors have the authority to determine
the individual amounts of each closing bonus.  The total aggregate
cost of the bonus program will not exceed 0.5% of the Debtors'
overall gross annual payroll and will not exceed 5% of the
Debtors' gross annual payroll for the closing stores.

                      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.


SPORTS AUTHORITY: Wilmington Savings Appeals Denial of Protection
-----------------------------------------------------------------
Wilmington Savings Fund Society, FSB, as Administrative and
Collateral Agent, appeals to the U.S. District Court for the
District of Delaware the Bankruptcy Court's order denying the Term
Loan Agent's motion for adequate protection.

The Term Loan Agent is represented by:

         MORRIS NICHOLS ARSHT & TUNNELL LLP
         Daniel B. Butz, Esq.
         Robert J. Dehney, Esq.
         1201 N. Market St., 16th Floor
         P.O. Box 1347
         Wilmington, DE 19899-1347
         Tel: (302) 658-9200
         Fax: (302) 658-3989
         E-mail: rdehney@mnat.com
                 dbutz@mnat.com

         BROWN RUDNICK LLP
         Robert J. Stark, Esq.
         William R. Baldiga, Esq.
         Seven Times Square
         New York, NY 10036
         Tel: (212) 209-4800
         Fax: (212) 209-4801

                      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: IMF Board OKs US$478 Million Stand-By Arrangement
-----------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
24-month Stand-By Arrangement (SBA) for Suriname, in an amount
equivalent to SDR 342 million (about US$478 million or 265 percent
of quota), to support the government's economic reform program.
The Board's approval of the arrangement enables the immediate
disbursement of an amount equivalent to SDR 58 million (about
US$81 million).

The home-grown program supported by the arrangement aims to
facilitate Suriname's adjustment to the fall in the prices of
major commodity exports, restore confidence, and pave the way to
economic recovery. A critical ingredient of the program is fiscal
consolidation, to restore fiscal and external current account
stability. The program also includes reforms to the exchange rate
and monetary policy framework, to enhance Suriname's resilience to
the current and to possible future shocks, and allow a steady
rebuilding of foreign reserves. It contains a comprehensive set of
structural reforms to support private-sector led growth.
Crucially, the program includes support measures to protect the
most vulnerable during this period of economic adjustment.

The program will also catalyze support from other multilateral
institutions, including the Caribbean Development Bank, the Inter-
American Development Bank (IDB), the Islamic Development Bank, and
the World Bank Group, as well as from bilateral creditors.
Following the Executive Board's discussion, Mr. Mitsuhiro
Furusawa, Deputy Managing Director and Acting Chair of the Board,
issued the following statement:
"Suriname has been hit hard by the drop in the international
prices of its main exports and the closure of the country's
alumina production. Combined with a delayed policy response in the
context of an election cycle, these developments have caused
substantial fiscal and external current account deficits, a run-
down of international reserves and an economic downturn. In the
second half of 2015, the authorities started to tighten fiscal
policy and prepared a comprehensive reform program to address
Suriname's challenges.

"The main objectives of the authorities' program are to restore
macroeconomic stability and confidence, and to pave the way to
economic recovery while protecting the most vulnerable during the
adjustment process. Fiscal consolidation is a critical ingredient
of this program to reduce imbalances. The authorities' fiscal
reforms include elimination of electricity price subsidies and the
introduction of a value added tax. To soften the impact of the
adjustment on the poor, the authorities' agenda emphasizes a
strengthening of the social safety net.

"The program aims to rebuild Suriname's international reserves.
The authorites' decision to move to a market-determined exchange
rate will strengthen the economy's resilience to commodity price
shocks. Together with the expected expansion in gold exports and
the program's catalytic effect on external financing, this step
will improve the current account balance and contribute to raising
reserves to prudent levels.

"To reduce inflation and stabilize expectations, the program
includes steps to tighten liquidity conditions. The start of T-
bill auctions and the planned roll out of open market operations
will support the goal of returning inflation to single digits. The
Central Bank of Suriname also needs to stand ready to address
rising banking sector risks.

"Implementing the structural reform agenda is essential to ensure
a prosperous future for Suriname. To support the recovery and to
raise medium-term growth, the authorities' program includes
reforms to improve the business environment. These reforms will
promote economic diversification and encourage foreign direct
investment. The reforms will be supported by technical assistance
from the IMF and other development partners."

                                ANNEX
                         Recent Developments

Suriname has been hit hard by the drop in the international prices
of its main export commodities, gold and oil, and the closure of
the country's alumina production. In 2011, revenues from the sale
of the three commodities accounted for 88 percent of exports and
40 percent of government revenue. The subsequent price declines
and the closure of alumina refinery Suralco in late-2015 have cut
these revenues and caused substantial fiscal and external current
account deficits. The fiscal deficit reached 8.8 percent of GDP in
2015, compared with a small surplus in 2011, with the bulk of the
worsening reflecting the drop in government mineral revenue. The
current account has worsened from a surplus of 5.7 percent of GDP
in 2011 to a deficit of 15.6 percent of GDP in 2015 due to the
drop in mineral exports. Reflecting the fall in net exports and
intervention by the Central Bank of Suriname (CBvS), official
foreign reserves have declined to perilously low levels. These
negative external developments, combined with the closure of
Suralco's alumina refinery in late 2015, have pushed the economy
into a recession, with growth of -2 percent expected in 2016.
Consumer price inflation has reached 37 percent in March 2016, up
from an average of 4 percent during 2013-15, on the back of the
fall in the value of the exchange rate and utility tariff hikes.

                          Program Summary

Against this background, the Surinamese authorities have embarked
on a program to restore macroeconomic stability and confidence,
and pave the way to economic recovery, while protecting the most
vulnerable during the process of adjustment. To support this
program, they have requested IMF financial assistance.
The program includes the following key elements:

Fiscal policy: The large drop in mineral revenues necessitates
bold fiscal measures to bring government finances back to a
sustainable level. The program targets a reduction of the fiscal
deficit from 8.8 percent of GDP in 2015 to less than 1.5 percent
of GDP by 2018. The fiscal adjustment is based primarily on
phasing out electricity subsidies, wage restraint, an increase in
fuel taxes, and, to create an efficient source of non-mineral
revenue, introducing a value added tax (VAT). To support the
fiscal adjustment, the program will introduce reforms to
strengthen the fiscal policy framework, including a Sovereign
Wealth Fund Law to improve mineral revenue management; setting up
a procurement department to ensure cost-effectiveness of public
sector purchases; and the building of a modern Treasury
Department. Technical assistance from both the IMF and the Inter-
American Development Bank (IDB) will develop necessary capacity in
these areas.

Social protection: To help soften any negative impact of the
macroeconomic adjustment on the poor, the program includes
measures to strengthen the social safety net, including through
increased spending on social cash transfer programs. The
prospective increases in electricity prices will be structured so
that those who are the biggest consumers will bear more of the
adjustment than the small consumers. The program also provides tax
breaks to protect taxpayers' purchasing power.

Monetary and foreign exchange policy: The program envisages
strengthening the country's international reserve position and
calibrating monetary policy to return inflation to single digits.
The system of foreign currency auctions, and, more recently, the
authorization of commercial banks and foreign exchange bureaus to
freely determine exchange rates, have facilitated Suriname's
transition to a floating market-determined exchange rate, which
will strengthen the economy's resilience to commodity price
shocks.

Structural reforms: The program also includes substantial
structural reforms to improve the business environment, support
the recovery, and strengthen medium-term growth. The reforms will
promote the economy's diversification and attract foreign direct
investment, and will be supported by technical assistance from the
IMF, the Caribbean Development Bank, the IDB, the Islamic
Development Bank, and the World Bank. Enhancing the productivity
and competitiveness of Suriname's agricultural sector is of
particular importance. The program also includes legal reforms to
accelerate the process of starting a company, enforcing contracts,
promoting competition, protecting investors, registering property,
and expanding access to finance.


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


TRINIDAD CEMENT: Announces Changes to its Board of Directors
------------------------------------------------------------
RJR News reports that Trinidad Cement Limited has advised that Mr.
Mario Emilio Arronie has tendered his resignation from the Board
of Directors, effective May 20.

The directors appointed the Group Chief Executive Officer Mr. Jose
Luis Gonzales as a director, with immediate effect, to fill the
vacancy caused by the resignation, according to RJR News.

The Board also agreed to appoint Mr. Gonzalez as Managing Director
of the company until April 30, 2018, the report notes.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2016, RJR News said that Trinidad Cement Limited was de-
listed from the Eastern Caribbean Securities Exchange (ECSE),
effective March 1 of this year.  TCL's trading symbol was removed
from the ECSE's trading board and all securities were transferred
to the Trinidad and Tobago Central Depository, according to RJR
News.  TCL stated that the reasons for delisting were that trading
volumes and frequency were minimal and there were negative
financial consequences of annual listing maintenance charges that
are required to be paid to the ECSE, the report notes.

TCRLA on Aug. 21, 2015 reported that Standard & Poor's Ratings
Services raised its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'B-' from 'CCC', and removed it from
CreditWatch with positive implications.  The outlook is stable.
At the same time, S&P assigned its 'B-' issue- level rating to the
company's $200 million senior secured term loan.


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


* BOND PRICING: For the Week From May 23 to May 27, 2016
--------------------------------------------------------

Issuer Name               Cpn    Price   Maturity   Country  Curr
-----------               ---    -----   --------   -------  ----
Alpha Star Holding II Lt   8.45   66.477  3/19/2034     EC  USD
Andino Investment Holdin   5.36   74.336  11/25/2020    EC  USD
Andino Investment Holdin    8.5     37.1  4/10/2018     VE  USD
Anton Oilfield Services   11.75       41  10/21/2026    VE  USD
Anton Oilfield Services   8.875     19.5  3/29/2017     MN  USD
BA-CA Finance Cayman 2 L      8    6.625  12/31/2018    CL  USD
BA-CA Finance Cayman Ltd   5.75   69.812  12/1/2034     KY  USD
Banco Bilbao Vizcaya Arg  4.375    46.75  4/25/2025     KY  USD
Banco BPI SA/Cayman Isla    7.5    61.25   4/3/2017     BR  USD
Banco do Brasil SA/Cayma    7.5    45.88                KY  USD
Banco do Brasil SA/Cayma    7.5     44.2                KY  USD
Banco do Brasil SA/Cayma     10  128.271  12/31/2020    KY  USD
Banco do Brasil SA/Cayma  4.625   69.075   3/1/2021     KY  USD
Banco Santander Puerto R    7.5       45  4/25/2019     HK  USD
BCP Singapore VI Cayman   8.625     68.5  11/1/2018     AE  USD
BCP Singapore VI Cayman  0.9551    42.75  12/1/2039     KY  USD
CA La Electricidad de Ca   5.93   73.652  11/1/2021     EC  USD
Caixa Geral De Depositos    9.5    29.75  4/23/2019     BR  USD
China Shanshui Cement Gr  7.375   69.875  1/31/2020     PE  USD
China Shanshui Cement Gr    6.5   69.989  12/1/2023     EC  USD
China Shanshui Cement Gr      7    47.25  4/21/2020     KY  USD
CSN Islands XI Corp        5.93   73.051   1/1/2022     EC  USD
CSN Islands XI Corp       10.75   34.639  2/12/2023     BR  USD
CSN Islands XII Corp          7    73.33  1/17/2023     CO  COP
CSN Islands XII Corp       3.95   61.977  3/15/2022     KY  USD
Decimo Primer Fideicomis  6.375   73.875  5/15/2043     CR  USD
Decimo Primer Fideicomis    7.7   68.067   7/1/2029     EC  USD
Delta Investment Horizon   5.36   75.108  12/30/2020    EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes    7.5   65.375   4/3/2017     BR  USD
Ecuador Government Domes      6   43.875   4/5/2023     KY  USD
Ecuador Government Domes   6.25   73.089   4/6/2017     VE  USD
Ecuador Government Domes  6.375   73.835  5/15/2043     CR  USD
Ecuador Government Domes      6       31  5/16/2024     VE  USD
Ecuador Government Domes   9.75    36.95  5/17/2035     VE  USD
Ecuador Government Domes  4.625     69.5  5/21/2023     CN  USD
Ecuador Government Domes    8.5    75.01  5/25/2016     CN  USD
Ecuador Government Domes      3   74.109  5/26/2020     ID  USD
Ecuador Government Domes   8.45   65.784  5/30/2034     EC  USD
Ecuador Government Domes   9.25       35   5/7/2028     VE  USD
Ecuador Government Domes  4.875   75.819   6/1/2027     KY  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes    7.7   68.164  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes   8.45   65.975  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes    7.7   68.158  6/12/2029     EC  USD
Ecuador Government Domes    7.7   68.195  6/12/2029     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   7.75   70.121  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes  5.125    43.35  6/26/2022     KY  USD
Ecuador Government Domes  5.125   44.625  6/26/2022     KY  USD
Ecuador Government Domes  7.125     43.5  6/26/2042     KY  USD
Ecuador Government Domes  7.125       42  6/26/2042     KY  USD
Ecuador Government Domes   5.25       43  6/27/2029     KY  USD
Ecuador Government Domes   6.35    31.25  6/30/2021     KY  USD
Ecuador Government Domes   6.35     31.5  6/30/2021     KY  USD
Ecuador Government Domes    7.7   68.032   7/1/2029     EC  USD
Ecuador Government Domes    7.7   68.067   7/1/2029     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes   8.45   65.863   7/1/2034     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes 13.625       62  8/15/2018     VE  USD
Ecuador Government Domes 13.625       45  8/15/2018     VE  USD
Ecuador Government Domes 13.625   49.881  8/15/2018     VE  USD
Empresa de Telecomunicac   5.64   71.931  12/30/2021    EC  USD
Empresa de Telecomunicac   5.42       50  3/28/2019     NO  NOK
Empresa Generadora de El   8.25    45.75  4/25/2018     KY  BRL
Empresa Generadora de El  4.625   72.512  5/21/2023     CN  USD
ESFG International Ltd     5.25       52  4/12/2017     VE  USD
General Exploration Part  5.125    34.75  12/15/2017    BR  EUR
General Shopping Finance   6.21   71.552  11/25/2023    EC  USD
General Shopping Finance  11.75    70.75  4/23/2018     KY  USD
Global A&T Electronics L   7.75   69.333  11/7/2028     EC  USD
Global A&T Electronics L   5.93   73.359  12/1/2021     EC  USD
Global A&T Electronics L     10    62.75   2/1/2019     SG  USD
Global A&T Electronics L   8.45   66.646   2/6/2034     EC  USD
Gol Finance Inc            6.75    23.75  10/1/2022     KY  USD
Gol Finance Inc           8.625    67.75  11/1/2018     AE  USD
Gol Finance Inc            4.15     71.5  11/14/2035    KY  EUR
Gol Finance Inc            5.25    47.25  3/15/2042     KY  USD
Gol Finance Inc           5.375    31.45  4/12/2027     VE  USD
Gol Finance Inc             5.5    32.64  4/12/2037     VE  USD
Gol Finance Inc            8.25    45.75  4/25/2018     KY  BRL
Golden Eagle Retail Grou      6    70.25  10/25/2041    PA  USD
Golden Eagle Retail Grou   6.95       65   4/1/2025     KY  USD
Greenfields Petroleum Co  12.75     42.4  2/17/2022     VE  USD
Honghua Group Ltd           6.5    67.24  11/15/2020    KY  USD
Honghua Group Ltd          8.45   66.414   4/2/2034     EC  USD
Instituto Costarricense    7.75   69.149  11/8/2028     EC  USD
Instituto Costarricense     7.5   51.602  4/15/2031     KY  USD
Inversiones Alsacia SA      7.5   46.274  11/6/2018     CN  USD
Inversiones Alsacia SA       10    62.75   2/1/2019     SG  USD
Inversora Electrica de B    7.5       34  4/25/2019     HK  USD
Kaisa Group Holdings Ltd   5.64   70.192  11/25/2021    EC  USD
Kaisa Group Holdings Ltd   5.61   68.567  12/1/2022     EC  USD
MIE Holdings Corp          7.75   70.495  10/23/2028    EC  USD
MIE Holdings Corp          6.21   71.691  11/1/2022     EC  USD
MIE Holdings Corp             8    57.65  4/15/2021     KY  USD
Mongolian Mining Corp       5.5     36.5  10/23/2020    BR  USD
Mongolian Mining Corp     8.875       16  3/29/2017     MN  USD
NB Finance Ltd/Cayman Is   7.75   69.111  11/8/2028     EC  USD
Newland International Pr  12.75    44.25  2/17/2022     VE  USD
Newland International Pr      7   46.125  4/21/2020     KY  USD
Noble Holding Internatio  6.625       22  10/1/2022     KY  USD
Noble Holding Internatio   5.75    61.11  10/24/2023    BR  USD
Noble Holding Internatio  4.125    61.46  11/1/2022     BR  USD
Noble Holding Internatio      6    30.75  11/15/2026    VE  USD
Noble Holding Internatio   5.93   71.815  11/25/2022    EC  USD
Noble Holding Internatio    7.5     46.5  11/6/2018     CN  USD
Noble Holding Internatio   7.75   69.371  11/7/2028     EC  USD
Noble Holding Internatio  9.875    31.05  11/9/2019     BR  USD
Odebrecht Drilling Norbe   7.25   53.375  1/18/2018     KY  USD
Odebrecht Drilling Norbe   7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         7    38.55                BR  USD
Odebrecht Finance Ltd         7     39.5                BR  USD
Odebrecht Finance Ltd     5.753        1                KY  EUR
Odebrecht Finance Ltd      7.75    37.25  10/13/2019    VE  USD
Odebrecht Finance Ltd      8.25    35.75  10/13/2024    VE  USD
Odebrecht Finance Ltd         9    35.75  11/17/2021    VE  USD
Odebrecht Finance Ltd         4   70.666  11/4/2023     AR  USD
Odebrecht Finance Ltd    0.9551    42.75  12/1/2039     KY  USD
Odebrecht Finance Ltd      7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         8     74.5  12/20/2049    CN  CNY
Odebrecht Finance Ltd         6    33.25  12/9/2020     VE  USD
Odebrecht Finance Ltd      3.38   63.175   2/7/2035     KY  EUR
Odebrecht Finance Ltd    3.8734       98  3/21/2017     KY  USD
Odebrecht Finance Ltd         7       36  3/31/2038     VE  USD
Odebrecht Finance Ltd      7.45    53.07  4/15/2027     KY  USD
Odebrecht Finance Ltd     6.875   73.411  4/22/2016     CN  CNY
Odebrecht Offshore Drill  9.375    37.75  1/13/2034     VE  USD
Odebrecht Offshore Drill      6   29.125  10/28/2022    VE  USD
Odebrecht Offshore Drill  7.125    65.73  12/15/2021    KY  USD
Odebrecht Offshore Drill   7.75   69.066  12/19/2028    EC  USD
Oi SA                         7    73.33  1/17/2023     CO  COP
Oi SA                         8        6  12/31/2018    CL  USD
Pesquera Exalmar SAA     2.8791   73.715  11/30/2032    CL  USD
Pesquera Exalmar SAA       7.65     35.5  4/21/2025     VE  USD
Petroleos de Venezuela S   6.25    54.25                KY  USD
Petroleos de Venezuela S   8.75    28.25                BR  USD
Petroleos de Venezuela S   0.99   43.333                KY  EUR
Petroleos de Venezuela S   5.95    50.25  1/30/2018     NO  NOK
Petroleos de Venezuela S  7.375     73.5  1/31/2020     PE  USD
Petroleos de Venezuela S   5.93   73.967  10/1/2021     EC  USD
Petroleos de Venezuela S  6.625   22.375  10/1/2022     KY  USD
Petroleos de Venezuela S    5.5    35.59  10/23/2020    BR  USD
Petroleos de Venezuela S  4.125       62  11/1/2022     BR  USD
Petroleos de Venezuela S     11   70.125  11/13/2020    PE  USD
Petroleos de Venezuela S     10    63.75   2/1/2019     SG  USD
Petroleos de Venezuela S  10.75   34.125  2/12/2023     BR  USD
Petroleos de Venezuela S   6.05       49   3/1/2041     KY  USD
Petroleos de Venezuela S    6.8       50  3/15/2038     KY  USD
Petroleos de Venezuela S   7.95    55.25   4/1/2045     KY  USD
Petroleos de Venezuela S      8    66.25  4/15/2021     KY  USD
Polarcus Ltd               7.75   69.371  11/7/2028     EC  USD
Provincia del Chaco           6       45   4/5/2023     KY  USD
PSOS Finance Ltd              7     41.5  12/1/2018     VE  USD
Rabobank Chile             5.25    41.55  6/27/2029     KY  USD
Republic of Ecuador Mini   8.45   65.752  5/30/2034     EC  USD
Republic of Ecuador Mini      9    37.25   5/7/2023     VE  USD
Republic of Ecuador Mini    6.4   72.465  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini   8.45    65.97  6/12/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   65.789  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   9.25     36.1  7/20/2020     BR  USD
Republic of Ecuador Mini   9.25       38  7/20/2020     BR  USD
Republic of Ecuador Mini   7.75   69.949  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    4.9   73.401   8/1/2020     KY  USD
Republic of Ecuador Mini   7.75   69.885   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini    6.2   50.923   8/1/2040     KY  USD
Republic of Ecuador Mini  12.75       43  8/23/2022     VE  USD
Republic of Ecuador Mini  11.95     40.5   8/5/2031     VE  USD
Republic of Ecuador Mini    7.7    67.63  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini   8.45   65.552  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   7.75   69.687  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini  5.625    72.25  9/11/2042     BR  USD
Republic of Ecuador Mini   9.75   33.382  9/15/2016     BR  BRL
Republic of Ecuador Mini   9.75   33.625  9/15/2016     BR  BRL
Republic of Ecuador Mini  9.125   67.887  9/15/2017     VE  USD
Republic of Ecuador Mini   9.25       40  9/15/2027     VE  USD
Republic of Ecuador Mini  6.875    55.25  9/21/2019     KY  USD
Republic of Ecuador Mini  6.875       57  9/21/2019     KY  USD
Republic of Ecuador Mini   7.45   45.015  9/25/2019     CN  USD
Republic of Ecuador Mini   7.45   45.125  9/25/2019     CN  USD
Republic of Ecuador Mini    6.5     58.5  9/26/2017     AR  USD
Republic of Ecuador Mini  5.375    61.25  9/26/2024     BR  USD
Republic of Ecuador Mini  5.375    53.75  9/26/2024     BR  USD
Republic of Ecuador Mini    7.7   67.506  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini   8.45   65.454  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Samarco Mineracao SA      0.719       43                KY  EUR
Samarco Mineracao SA       7.75   69.436  10/23/2028    EC  USD
Samarco Mineracao SA       11.5   35.375  11/13/2018    CA  USD
Samarco Mineracao SA      1.353   73.375  12/17/2017    KY  EUR
Samarco Mineracao SA       6.21   68.503  12/30/2023    EC  USD
Samarco Mineracao SA       8.45   66.646   2/6/2034     EC  USD
Seagate HDD Cayman         7.75   70.495  10/23/2028    EC  USD
Seagate HDD Cayman          6.5   69.477  11/25/2024    EC  USD
Shelf Drilling Holdings   5.125   34.584  12/15/2017    BR  EUR
Shelf Drilling Holdings       8    52.15  4/15/2027     KY  USD
Siem Offshore Inc            10    67.99   2/1/2019     SG  USD
Siem Offshore Inc           7.5     79.5  3/10/2020     CN  USD
Telemar Norte Leste SA        9       68                KY  USD
Telemar Norte Leste SA     6.25    50.25                KY  USD
Telemar Norte Leste SA     5.75    61.25  10/24/2023    BR  USD
Telemar Norte Leste SA     7.75   69.149  11/8/2028     EC  USD
Telemar Norte Leste SA    6.875       49   2/6/2018     HK  USD
Telemar Norte Leste SA     5.25   43.273  3/21/2019     VE  USD
Telemar Norte Leste SA      5.6       45  3/30/2022     AE  USD
Transocean Inc               10       55                KY  USD
Transocean Inc                9    69.75                KY  USD
Transocean Inc             7.25       54  1/18/2018     KY  USD
Transocean Inc             4.54   58.625  10/25/2041    PA  USD
Transocean Inc               11       70  11/13/2020    PE  USD
Transocean Inc             6.75  104.4036 11/5/2021     PY  USD
Transocean Inc              7.5   75.375  12/10/2028    PR  USD
Transocean Inc             8.45   66.618   2/6/2034     EC  USD
US Capital Funding IV Lt   7.75   70.502  4/25/2028     EC  USD
US Capital Funding IV Lt   9.75    37.65  5/17/2035     VE  USD
Usiminas Commercial Ltd      10       55                KY  USD
Usiminas Commercial Ltd    8.45   66.451  3/19/2034     EC  USD
USJ Acucar e Alcool SA      6.5   69.901   1/1/2024     EC  USD
USJ Acucar e Alcool SA     5.93   73.323  12/30/2022    EC  USD
Vale SA                    6.21   71.086   1/1/2023     EC  USD
Vantage Drilling Interna  9.875    33.25  11/9/2019     BR  USD
Venezuela Government Int    6.5   69.654                IE  USD
Venezuela Government Int   8.75   30.125                BR  USD
Venezuela Government Int   6.75    24.01  10/1/2022     KY  USD
Venezuela Government Int    4.3   54.766  10/15/2022    KY  USD
Venezuela Government Int    5.5     35.5  10/23/2020    BR  USD
Venezuela Government Int    6.5   70.288  11/1/2023     EC  USD
Venezuela Government Int      6    31.21  11/15/2026    VE  USD
Venezuela Government Int      9     33.9  11/17/2021    VE  USD
Venezuela Government Int    8.5    53.55  11/2/2017     VE  USD
Venezuela Government Int   8.45   66.477  3/19/2034     EC  USD
Venezuela Government Int    7.5   68.052   4/3/2017     BR  USD
Venezuela Government Int      6    30.25  5/16/2024     VE  USD
Venezuela Government Int    8.5    75.01  5/25/2016     CN  USD
Venezuela Government Int   8.45   65.784  5/30/2034     EC  USD
Venezuela Government Int      9     12.5  5/31/2017     US  CAD
Venezuela Government Int    7.7   68.195  6/12/2029     EC  USD
Venezuela Government TIC   8.45   66.414   4/2/2034     EC  USD
Venezuela Government TIC    9.5    30.05  4/23/2019     BR  USD
Venezuela Government TIC  4.375       41  4/25/2025     KY  USD
VRG Linhas Aereas SA        8.1   53.131  12/15/2041    KY  USD
VRG Linhas Aereas SA       8.45   66.386   4/2/2034     EC  USD
XLIT Ltd                    8.5       53  11/2/2017     VE  USD


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any comillionercial use, resale
or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *