TCRLA_Public/160606.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, June 6, 2016, Vol. 17, No. 110


                            Headlines



A R G E N T I N A

ARGENTINA: German FM Says Mercosur-EU Trade Deal Beneficial
YPF SOCIEDAD: Moody's Says b3 BCA Rating Remains Unchanged


B A H A M A S

* BAHAMAS: Tourism Sector in Decline for First Quarter of 2016


B E L I Z E

BELIZE: To Get $10MM IDB Loan to Reduce Environmental Pollution


B E R M U D A

WEATHERFORD INTERNATIONAL: S&P Rates Proposed $1.1BB Notes 'BB-'


B R A Z I L

MINERVA SA: Moody's Affirms B1 Corporate Family Rating


C A Y M A N  I S L A N D S

CARNAVAL FDC: Placed Under Voluntary Wind-Up
HAVERFORD CAPITAL: Placed Under Voluntary Wind-Up
JUESHENG EDUCATION: Creditors' Proofs of Debt Due June 15
KJH INC: Placed Under Voluntary Wind-Up
LEVANT ENERGY: Placed Under Voluntary Wind-Up

RCM ARIES: Placed Under Voluntary Wind-Up
RITCHIE VC: Placed Under Voluntary Wind-Up
SGLP HOLDING: Placed Under Voluntary Wind-Up
SGLP VENTURES: Placed Under Voluntary Wind-Up
WEIBOYI: Creditors' Proofs of Debt Due June 15


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Brazil Bank's Woes Halt Major Projects


P E R U

RUTAS DE LIMA: S&P Lowers Rating on 2 Series of Bonds to 'BB-'


P U E R T O    R I C O

EFRON DORADO: PRAPI Seeks Sanctions for Cash Collateral Use
EFRON DORADO: Says PRAPI Has Not Perfected Its Security Interest


V I R G I N   I S L A N D S

VIRGIN ISLANDS WATER: Moody's Cuts Revenue Bond Rating to Ba2


X X X X X X X X X

* BOND PRICING: For the Week From May 30 to June 3, 2016


                            - - - - -



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


ARGENTINA: German FM Says Mercosur-EU Trade Deal Beneficial
-----------------------------------------------------------
EFE News reports that Argentina has an interest in seeing the
Mercosur bloc and the European Union agree on a free-trade accord,
visiting German Foreign Minister Frank-Walter Steinmeier said.

"I see in Argentina a partner that not only has an interest, that
is truly making its contribution, actively," to concluding the
protracted EU-Mercosur trade negotiations, Mr. Steinmeier said in
Buenos Aires after a meeting with Argentine counterpart Susana
Malcorra, according to EFE News.

The report notes that Steinmeier came to Argentina at the head of
a delegation that includes other members of the German government,
business executives, and representatives from the worlds of
science, education and culture.

The trip is aimed at bolstering bilateral relations and laying the
groundwork for next month's visit to Germany by Argentine
President Mauricio Macri, the report relays.

                        *     *     *

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'.


YPF SOCIEDAD: Moody's Says b3 BCA Rating Remains Unchanged
----------------------------------------------------------
Moody's Investors Service ("Moody's") affirmed YPF Sociedad
Anonima's ("YPF") B3 senior unsecured notes rating. YPF's b3 BCA
(Baseline Credit Assessment) remained unchanged. The outlook on
the ratings is stable.

Affirmations:

-- Multiple Seniority Medium-Term Note Program, Affirmed (P)B3

-- Senior Unsecured Regular Bond/Debenture, Affirmed B3

Outlook Action:

-- Outlook, Remains Stable

RATINGS RATIONALE

"YPF's rating affirmation is based on the company's status as the
largest industrial corporation and energy company in Argentina
with sizeable oil and gas reserves, including large shale
resources. YPF's ratings also incorporate Moody's belief that
although credit metrics will deteriorate during 2016, given the
adverse operating environment, they will remain strong for the
rating category," said Nymia Almeida, a Senior Credit Officer in
Moody's Investors Service. The separation of Chairman and CEO,
appointment of new board members with ample experience in the
industry and in the Argentinean corporate world, and creation of a
risk and compliance committees, are positive factors that
strengthened YPF's corporate governance. However, new management
has many challenges ahead. Moody's will closely monitor the
company's ability to adapt to the new environment, following the
12% decrease in local oil prices in Argentina earlier this year
and still uncertain policies for the energy sector. "YPF should
benefit from its integrated business model; however, the impact of
over 50% foreign currency devaluation and persistent inflation at
around 30% on top of a rigid cost structure due to labor dynamics
in the country will hit the company's cash flow generation," added
Almeida.

Since YPF is majority owned and controlled by the Argentine
government, its B3 rating reflects the application of Moody's
joint default rating methodology for government-related issuers
(GRIs). YPF's rating combines its underlying b3 BCA, which
expresses a company's intrinsic credit risk; the B3 local currency
rating and stable outlook of the Argentine government; and Moody's
view of moderate support from and high dependence on the
sovereign. While YPF is expected to account for only a small part
of the government's revenue base, the high default dependence
reflects the high correlation between YPF's credit profile and
Argentine economic trends. YPF derives the majority of its
revenues domestically; also, the company and the government both
share common exposure foreign exchange rate risk.

Moody's considers YPF's liquidity profile as weak. YPF's cash
balances as of March 31, 2016 were $US 1.9 billion, which compares
to its close to $US 2 billion debt coming due in the remainder of
the year. Much of this amount is owed to local market participants
and Moody's believes that a large portion of it could be rolled
over relatively easily. Most of the company's cash is held in US
dollars in bank accounts in Argentina. The company has
demonstrated successful access to both local and international
markets to conduct liability managements; so far in 2016, YPF
raised close to $US 1.5 billion in debt. Moody's expects the
company to raise $US 2 billion in debt in 2017 to refinance $US
740 million and fund negative free cash flow, despite reducing its
important capex program by 25% in 2016. It is yet to be seen how
additional capex cuts could impact YPF's production; however,
Moody's believes that past investments in technology and reserve
replacement could somewhat mitigate the negative impact in the
short term.

YPF's internal, publicly-stated net leverage target is 1.5x,
although this ratio will be higher during 2016 to reach ~2.2x, as
per Moody's estimates, given lower local prices and delays by the
government to pay subsidies. YPF believes it can reverse this
trend by cashing in government subsidies as scheduled and passing
through inflation and foreign exchange devaluation to final
prices, but current economic conditions may post resistance to
elevated price increases. For these reasons, Moody's believes that
YPF's leverage will remain above management's target until at
least 2017.

YPF has a weak export profile, as it exports only around 10% of
revenues per year. The company's foreign currency risk is high as
79% of its debt, 60% of its capital spending 40% of its operating
costs are linked to the US dollar, which negatively compares to
the 40% of the company's revenue generated in US currency. YPF
usually holds $US 1 billion in cash but it can easily operate with
half of that.

YPF's stable outlook assumes that the Argentine government has
incentives to maintain prices of crude and oil products at a level
that makes it economically attractive for oil companies to invest
to increase production and reduce the country's dependence on
imports of oil products and natural gas.

Continued growth in total production while maintaining strong
margins and relatively low leverage could lead to an upgrade of
YPF's BCA. Over the medium term, an improvement in Argentina's B3
rating and continued demonstration of a strong financial track
record could result in a ratings upgrade. However, a rating
upgrade will depend on a clearer view of the new government's
energy policies for the next several years and how that could
affect YPF.

Conversely, YPF's ratings could be downgraded if it is unable to
maintain sufficient liquidity and access to foreign currency in
order to meet its debt service obligations. The ratings could also
be downgraded if the government of Argentina's B3 rating were to
be downgraded.

YPF is 51% owned by the Argentine government and had revenues of
$US 16.4 billion and total assets of $US 28.8 billion for the
twelve months ending March 31, 2016. During 2015, the company
generated 96% of its revenues in Argentina; its operations outside
of the country include exploration activities in the United
States, Brazil and Chile.


=============
B A H A M A S
=============


* BAHAMAS: Tourism Sector in Decline for First Quarter of 2016
--------------------------------------------------------------
RJR News reports that the Bahamas Central Bank said the tourism
sector in that country showed signs of softness over the first
quarter of 2016, with total room revenue falling approximately
five per cent over the previous year.

This outturn reflected contractions in both the hotel occupancy
rate and the average daily room rate, according to RJR News.

The hotel occupancy rate fell by two percentage points to 73.7 per
cent, and the average daily room rate fell by 3.7 per cent, the
report notes.


===========
B E L I Z E
===========


BELIZE: To Get $10MM IDB Loan to Reduce Environmental Pollution
---------------------------------------------------------------
Belize will reduce environmental pollution by improving solid
waste management practices in emerging tourism destinations with
support from the Inter-American Development Bank (IDB).

A $10 million IDB loan will finance investments to improve solid
waste transport, recovery, and final disposal in towns and
villages in Belize's Northern (Orange Walk and Corozal) and
Southern (Stann Creek and Toledo) Corridors as well as in
Belmopan, the capital city.

The five-year program is expected to provide all of Belize's major
tourist destinations with access to a sanitary landfill, up from
50% in 2015. Additionally, the number of households whose solid
waste is disposed in such facilities will more than double to
75,000, and the percentage of solid waste separated for recycling
in Belize will rise up from two percent to five percent.

The project will include expanding the Mile 24 Regional Sanitary
Landfill, including construction of a new cell for final disposal.
The regional landfill, located at Mile 24 of the George Price
Highway connecting Belize City, Belmopan and San Ignacio to the
border with Guatemala, is the country's only operational sanitary
landfill and was the main output of a previous solid waste
management program completed with IDB support in 2015.

The funds will also help close six existing dumpsites and replace
them with transfer stations where waste will be temporarily
deposited before being transported to Mile 24 for final disposal.

Additionally, the project will strengthen the Solid Waste
Management Authority (SWaMA) as the lead agency in the waste
management sector.

The $10 million loan comes from the Bank's Ordinary Capital. It
has a 25-year term, with a 5.5 year grace period, and carries an
interest rate based on Libor. The Government of Belize will
provide $200,000 in local counterpart funding. The executing
agency will be the SWaMA.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2016, An International Monetary Fund (IMF) team visited
Belize to hold discussions in the context of the country's 2016
Article IV Consultation.  At the conclusion of the visit, Mr.
Bouhga-Hagbe issued the following statement:

"The economy is slowing and fiscal and external vulnerabilities
are rising. Falling oil production and multiple shocks in the
primary sector reduced GDP growth to 1 percent in 2015. The
decline in prices of energy and other commodities led to deflation
in 2015, although the increase in fuel tax restored positive
inflation, at 0.1 percent in March. The current account deficit
widened to 9.8 percent of GDP as exports fell by 9 percent (mainly
oil and marine products) and imports continued to grow, partly due
to investment projects."

On Nov. 27, 2015, TCRLA reported that Standard & Poor's Ratings
Services revised its outlook on the long-term ratings on Belize to
stable from positive.  S&P also affirmed its 'B-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Belize.  At the same time, S&P affirmed its 'B-' transfer and
convertibility assessment.


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


WEATHERFORD INTERNATIONAL: S&P Rates Proposed $1.1BB Notes 'BB-'
----------------------------------------------------------------
S&P Global Ratings Services assigned its 'BB-' issue-level and '3'
recovery ratings to Bermuda-based Weatherford International Ltd.'s
proposed $1.1 billion exchangeable notes due 2021 (plus a 15%
over-allotment option).  The parent company Weatherford
International plc (Ireland) and Weatherford International LLC
(Delaware) will guarantee the notes, but the notes will not have
the benefit of upstream guarantees from Weatherford International
plc's operating subsidiaries.

The recovery rating of '3' indicates S&P's expectation of
meaningful (50% to 70%, lower end of the range) recovery to
creditors in the event of a payment default.  The company plans to
use proceeds to fund a proposed tender offer on various debt
issues maturing between 2017 and 2020 (which have a combined $2.9
billion face value).  If the tenders are not consummated, the
company will use proceeds to pay down other indebtedness,
including outstanding borrowings under its revolving credit
facility ($1.03 billion as of March 31, 2016).

S&P's issue-level and recovery ratings on Weatherford's existing
debt remain unchanged, including S&P's 'BB-' issue-level and '3'
recovery ratings on its senior unsecured debt (issued by
Weatherford International LLC and Weatherford International Ltd),
S&P's 'BB+' issue-level rating and '1' recovery rating on its
senior unsecured guaranteed revolver (issued by Weatherford
International Ltd., WOFS International Finance GmbH, and
Weatherford Worldwide Holdings GmbH), and our 'BB+' issue-level
rating and '1' recovery rating on its secured term loan (issued by
Weatherford International Ltd).

S&P's 'BB-' corporate credit rating on Weatherford International
plc reflects S&P's assessment of the company's satisfactory
business risk profile, highly leveraged financial risk profile,
and adequate liquidity.  The rating also incorporates S&P's view
that Weatherford's market position and product and geographic
diversity is stronger than its 'B+' rated peers in the oil and gas
and other sectors.  The negative outlook reflects S&P's view that
the company's funds from operations (FFO) to debt will be weak for
the rating in 2016 but improve in 2017 as commodity prices
recovery under our price deck assumptions.

RATINGS LIST

Weatherford International plc
Corporate Credit Rating                        BB-/Negative/B

New Rating
Weatherford International Ltd.
  $1.1 bil proposed exchangeable nts due 2021   BB-
   Recovery rating                              3L


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


MINERVA SA: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service affirmed Minerva's B1 global scale
ratings and revised the outlook to stable from positive.

Ratings affirmed are as follows:

Issuer: Minerva S.A.

Corporate Family Rating at B1 (global scale)

Issuer: Minerva Overseas Limited

-- $US 200 million notes due 2017 at B1 (global scale)

Issuer: Minerva Overseas II Limited

-- $US 374.235 million notes due 2019 at B1 (global scale)

Issuer: Minerva Luxembourg S.A.

-- $US 1050 million notes due 2023 at B1 (global scale)

-- $US 450 million notes due 2022 at B1 (global scale)

The outlook for all ratings is stable.

RATINGS RATIONALE

Minerva's B1 ratings incorporates the improvements in its credit
metrics over the last few years as a result of the favorable
cattle cycle in Brazil, the company's execution of a conservative
growth strategy, even with some acquisitions, and strong free cash
flow. Minerva maintains a comfortable liquidity profile and has a
track record of stable operating margins in the volatile protein
industry.

Offsetting some of these positive attributes is Minerva's
relatively small size compared to local and global peers, based on
consolidated revenues, and regionally concentrated raw material
sourcing. The company also has a major sales focus on beef, beef
related products and live cattle -- segments exposed to the
volatile nature of the protein business - and a leveraged capital
structure.

The change of outlook to stable from positive reflects the
increase in gross leverage, 6.2x in December 2015, due to the
depreciation of the Brazilian Real, reducing to 5.5x in the last
twelve months ended March 2016, and how far it still stands from
Moody's upgrade trigger set forth at 4.0x in August 2014. At the
time, Minerva's outlook was changed to positive to reflect Moody's
expectations that credit metrics, particularly leverage, would
improve, driven by i) the integration of acquired assets,
including BRF's slaughtering plants, ii) continued positive
momentum for the beef industry in Brazil and for Brazilian
exporters; and iii) greater focus on organic growth, which would
increase free cash flow and culminate in gross debt reduction.
Since then, the company has maintained its predictable financial
policy, with a strong liquidity cushion, and was able to obtain
the benefits from acquisitions made in 2014. Although the
continuation of this trend will lead to further deleveraging,
credit metrics will still fall short of the upgrade triggers,
particularly in light of the currently leveraged capital
structure. There is also uncertainty related to the behavior of
foreign exchange rates and risks inherited to the
protein/commodity business.

In its stable outlook for Minerva, Moody's takes into
consideration the positive momentum for the beef industry in
Brazil, the expectation of positive free cash flow in the next 12-
18 months, and a continuation of current deleveraging trends,
either through a stronger earnings or gross debt reduction.

An upgrade in Minerva's ratings would require the maintenance of a
healthy liquidity profile and leverage reduction. Quantitatively,
it would depend on the company's ability to sustain adjusted total
debt to EBITDA below 4.5x, EBITA to interest expense above 3.0x
and cash from operations to net debt to above 20%. The maintenance
of its large cash balance and positive free cash generation are
also required for an upgrade.

The ratings could suffer a downgrade if Minerva's liquidity
deteriorates, if market conditions cause operating margins to
decline sharply, or if total adjusted debt to EBITDA is sustained
above 5.5x. The company's inability to keep cash from operations
to net debt above 10% or deliver positive free cash flow would
place additional negative pressure on the ratings.

Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL 9.7 billion (approximately $US 2.7
billion) at LTM March, 2016 and installed slaughtering capacity of
17,330 head of cattle per day, Minerva is the second largest
Brazilian exporter of beef and beef byproducts. The company runs
eleven beef production facilities in Brazil and maintains a
presence in Colombia, Paraguay and Uruguay.


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


CARNAVAL FDC: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on May 11, 2016, the
shareholder of Carnaval F.D.C. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

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


HAVERFORD CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On May 5, 2016, the sole shareholder of Haverford Capital Partners
(Cayman) Limited resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          P.O. Box 10085 161a
          Artillery Court Grand Cayman KY1 1001
          Cayman Islands


JUESHENG EDUCATION: Creditors' Proofs of Debt Due June 15
---------------------------------------------------------
The creditors of Juesheng Education Group Ltd. are required to
file their proofs of debt by June 15, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2016.

The company's liquidator is:

          Zheng Dai
          c/o Mr. Simon Courtney
          Building No.106, No.2105
          Lize Xiyuan Yiqu Chaoyang District
          Beijing PRC
          Telephone: +1 (345) 943 7700


KJH INC: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on May 12, 2016, the
shareholder of KJH Inc. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

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


LEVANT ENERGY: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on May 12, 2016, the
shareholders of Levant Energy resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Assaad Geitani
          La Famille Libanaise Building, 2nd Floor
          Near Saint Nohra Church
          Saint Nohra Street-Furn
          P.O. Box 50 Beirut
          Lebanon
          Telephone: (961) 3 293140


RCM ARIES: Placed Under Voluntary Wind-Up
-----------------------------------------
On May 10, 2016, the shareholders of RCM Aries Holdings, Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          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


RITCHIE VC: Placed Under Voluntary Wind-Up
------------------------------------------
On May 10, 2016, the shareholders of Ritchie VC, Ltd. resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          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


SGLP HOLDING: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 10, 2016, the shareholders of SGLP Holding, Ltd. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          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


SGLP VENTURES: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 10, 2016, the shareholders of SGLP Ventures, Ltd. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          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


WEIBOYI: Creditors' Proofs of Debt Due June 15
----------------------------------------------
The creditors of Weiboyi are required to file their proofs of debt
by June 15, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 12, 2016.

The company's liquidator is:

          Mr. Yang Xu
          No. 179 Grain Management Building
          Huanglu Town Nanzhao County
          Henan Province PRC
          Mr. Simon Courtney
          Telephone: +1 (345) 943 7700


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


DOMINICAN REPUBLIC: Brazil Bank's Woes Halt Major Projects
----------------------------------------------------------
Dominican Today discloses that the internal problems within
Brazil's State-owned BNDES bank have delayed two of the most
important infrastructure projects already begun in the Dominican
Republic: the Monte Grande dam (west) and the Punta Catalina power
plants (south), elcaribe.com.do reported.

The completion of the major projects face delays of up to two
years taking into account the original timetable, according to
Dominican Today.

Since 2000, BNDES has been one of the main sources of funding for
the construction of dams, aqueducts and canals in the Dominican
Republic.

The Brazilian bank giant also funded the purchase of the Super
Tucano military aircraft acquired by the Dominican government from
Brazil in 2007, the report notes.

BNDES' ever-increasing loans for infrastructure made Brazil
Dominican Republic's biggest creditor, displacing Venezuela since
January 2015, the report relays.

Brazil's internal woes however have slowed BNDES' loans to the
Dominican Republic in the last two years, when investigations
halted loan disbursements for public works in the Caribbean
country, the report notes.

The Monte Grande dam and the Punta Catalina coal-fired power
plants -- two key projects for the south and west region, were
victims of the impasse in the BNDES, according to the report.

The Monte Grande dam has been subjected to the longest delay, as
the work by Brazilian construction giant Andrade Gutierrez has
been completely halted.

The government has said the work-expected to vitalize the economy
of a vast region-would resume in one month, and will be completed
in December 2018, the report notes.  Its original plan was to
finish it by April 30, 2016, the report adds.

Andrade Gutierrez's problems however, among other factors, had
prevented its timely completion, the report says.

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'.



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P E R U
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RUTAS DE LIMA: S&P Lowers Rating on 2 Series of Bonds to 'BB-'
--------------------------------------------------------------
S&P Global Ratings lowered its debt rating on Rutas de Lima
S.A.C's (RdL or the project) two series of bonds due 2036 and 2039
to 'BB-' from 'BBB-'.  S&P also kept the rating on CreditWatch
negative.

Until the toll road's construction is completed, RdL's credit
quality is linked to that of the construction company, OPIC (a
core subsidiary of OEC), which S&P views as RdL's material
counterparty.

The CreditWatch negative listing on RdL mirrors the same listing
on OEC, given that the project's construction stand-alone credit
profile, and so its rating, is linked to the constructor's credit
quality.  S&P will resolve CreditWatch on RdL after S&P resolves
CreditWatch on OEC, which will occur in the next 90 days.
Additionally, S&P will analyze OPIC's importance to OEC.  S&P
could also downgrade RdL if we perceive a lower importance of the
Peruvian subsidiary to the group.

If S&P was to downgrade OEC, S&P would take the same action on
RdL.  Additionally, if S&P's future analysis determines that RdL's
liquidity is insufficient to replace the constructor, or if S&P
considers that OPIC's credit quality is lower than 'B+', RdL's
downgrade is likely.

If S&P was to upgrade OEC, it would take the same rating action on
RdL.  Additionally, if OEC's credit quality doesn't weaken and S&P
considers that credit enhancement to replace the contractor is
stronger--due to advance of construction or stronger liquidity --
RdL's upgrade is likely.



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


EFRON DORADO: PRAPI Seeks Sanctions for Cash Collateral Use
-----------------------------------------------------------
PR Asset Portfolio 2013-1 International Sub I, LLC, asks the
Bankruptcy Court to impose sanctions against Efron Dorado Se for
the use of its cash collateral.

On Jan. 20, 2016, PRAPI submitted a written communication to the
Debtor's counsel informing that PRAPI does not consent to the
Debtor's continued use of the Cash Collateral.  PRAPI also filed a
notice and demand for adequate protection on Jan. 26, 2016,
whereby PRAPI notified the Debtor, and all parties-in-interest,
that it had not consented to any use of Cash Collateral.

The Debtor has failed to submit the corresponding accounting of
the Cash Collateral to PRAPI, and has not turned over any Cash
Collateral in its possession to PRAPI in furtherance of the Cash
Collateral Order.  Even more egregious is the Debtor's admission
to the effect that, notwithstanding the Court's entry of the Cash
Collateral Order, the Debtor has continued to use PRAPI's Cash
Collateral as reflected in Debtor's most recent Monthly Operating
Report.

The Debtor's blatant disregard of the Cash Collateral Order not
only denotes the Debtor's complete disregard of the Court's
authority, it further highlights Debtor's bad faith dealings in
this case, given that Debtor has, knowingly and wantonly, incurred
in actions directed towards dissipating the Cash Collateral to
PRAPI's sole detriment.

In view of the Debtor's complete disdain towards the bankruptcy
process as a whole, and in order to safeguard PRAPI's interests
therein, PRAPI requests that the Honorable Court sanction and/or
otherwise find the Debtor in contempt of the Cash Collateral
Order, and that the Debtor be immediately and forthwith directed
to return the Cash Collateral utilized as per its most recent
Monthly Operating Report, and to forthwith require the Debtor to
submit any and all accounting of the Cash Collateral to PRAPI, as
well as indefeasibly turn over to PRAPI any and all Cash
Collateral in its position in accordance to the terms of the Cash
Collateral Order.

Attorneys for PR Asset Portfolio 2013-1 International Sub I, LLC:

         Hermann D. Bauer, Esq.
         Nayuan Zouairabani, Esq.
         O'NEILL & BORGES LLC
         American International Plaza
         250 Munoz Rivera Avenue, Suite 800
         San Juan, Puerto Rico 00918-1813
         Tel: (787) 764-8181
         Fax: (787) 753-8944
         E-mail: hermann.bauer@oneillborges.com
                 nayuan.zouairabani@oneillborges.com

                      About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on
Jan. 20, 2016.  The petition was signed by David Efron, partner.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as its bankruptcy counsel.

In its petition, the Debtor listed total assets of $33.2 million
and total debt of $15.2 million.  According to the schedules, the
Debtor owns the shopping mall known as Paseo Del Plata Shopping
Center located in Dorado, Puerto Rico; a parcel of land consisting
of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of
land consisting of 30 Cuerdas known as Hernandez Farm.


EFRON DORADO: Says PRAPI Has Not Perfected Its Security Interest
---------------------------------------------------------------
Efron Dorado Se has filed a reply to the motion of PR Asset
Portfolio 2013-1 International Sub I, LLC (PRAPI), to deny the use
of cash collateral and the entry of an order prohibiting the
Debtor for using the rental income from the Shopping Center.

The Debtor submits that the motion should be denied since PRAPI
does not have a perfected security interest in the Rental Income,
and the Debtor is authorized to use the property of its bankruptcy
estate in the regular course of business pursuant to Section
363(c)(1) of the Bankruptcy Code.

The Debtor and PRAPI did not execute an Antichresis contract that
would give rise to a security interest on the Rental Income.
PRAPI does not have a security interest in all of the Rental
Income of the Realty even considering, in arguendo, the lease
assignment method of creating a security interest.

According to the Debtor, the Motion's request that it be
prohibited from using 100% of the Rental Income is inapposite to
the facts of this case, even if, in arguendo, the Court were to
rule that the Alleged Assignment was legally valid.  The Motion
should be denied since PRAPI lacks any security interest in the
Rental Income, rendering injudicious its request for the denial of
the Urgent Motion.

The Debtor is represented by:

         CHARLES A. CUPRILL, P.S.C., LAW OFFICES
         Charles A. Cuprill, Esq.
         356 Fortaleza Street, Second Floor
         San Juan, PR 00901
         Tel: (787) 977-0515
         Fax: (787) 977-0518
         E-mail: ccuprill@cuprill.com

PR Asset Portfolio 2013-1 International Sub I, LLC (PRAPI), a
secured and judgment creditor, has responded to the Debtor's
objection to the Motion.

The Debtor's most recent contentions are wholly inconsistent with
its prior representations to this Honorable Court and show a clear
disregard of the duties of good-faith, reasonable inquiry and
intellectual honesty required of litigants before the Court.

After having admitted the validity of PRAPI's lien on the rents
generated by the Paseo del Plata Shopping Center, Debtors, for the
first time, purport to question the validity of the assignment of
leases and rents executed by the Debtor.  The Debtor, however,
conveniently fails to disclose that the Puerto Rico Court of First
Instance, after an evidentiary hearing, determined that PRAPI has
a proprietary interest in the rents generated by the Paseo del
Plata Shopping Center.  The Debtor further fails to disclose to
this Court that the Puerto Rico Court of Appeals and the Puerto
Rico Supreme Court upheld said Order and its findings.

Likewise, the Debtor invests a significant portion of its brief on
a novel legal theory as to the perfection of assignment of rents
under Puerto Rico law.  The Debtor, however, cherry-picks legal
authority and fails to disclose to this Court that this matter has
been conclusively resolved by both the Puerto Rico Supreme Court.

The Debtor fails to disclose to this Court material evidence of
which it is aware that bely its contentions and representations to
this Court.  For these reasons, the Court should deny the Debtor's
"Objection to Motion to Deny Debtor's Request for Use of Cash
Collateral."

Attorneys for PR Asset Portfolio 2013-1 International Sub I, LLC:

       Hermann D. Bauer, Esq.
       Nayuan Zouairabani, Esq.
       O'NEILL & BORGES LLC
       American International Plaza
       250 Munoz Rivera Avenue, Suite 800
       San Juan, Puerto Rico 00918-1813
       Tel: (787) 764-8181
       Fax: (787) 753-8944
       E-mail: hermann.bauer@oneillborges.com
               nayuan.zouairabani@oneillborges.com

                      About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan.
20, 2016.  The petition was signed by David Efron, partner.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as its bankruptcy counsel.

In its petition, the Debtor listed total assets of $33.2 million
and total debt of $15.2 million.  According to the schedules, the
Debtor owns the shopping mall known as Paseo Del Plata Shopping
Center located in Dorado, Puerto Rico; a parcel of land consisting
of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of
land consisting of 30 Cuerdas known as Hernandez Farm.


===========================
V I R G I N   I S L A N D S
===========================


VIRGIN ISLANDS WATER: Moody's Cuts Revenue Bond Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service (Moody's) has downgraded the Virgin
Islands Water and Power Authority's (VI WAPA) senior electric
system revenue bond rating to Ba2 from Baa3 and the electric
system subordinated revenue bond rating to Ba3 from Ba1. The
ratings, which were placed on review for downgrade on March 31,
2016, remain on review for possible further downgrade.

The authority has approximately $127 million in electric system
revenue bonds outstanding and approximately $100 million in
subordinated electric system revenue bonds.

The rating action was prompted by the authority's weak liquidity
profile, the potential need to refinance around $23 million in
outstanding credit lines that mature by end of June 2016, and the
potential for additional liquidity requirements in the form of a
$25 million payment to former fuel supplier Trafigura Trading LLC,
which might materialize over the next 12 months. Despite expected
modestly improving operating cash flow generation owing to recent
customer gains and access to a $13 million term loan from the
Rural Utility Service (RUS), VI WAPA's financial flexibility will
remain tight over the next 12 months if maturing credit lines
cannot be extended. Bond debt service over the next 12 months is
secured by a debt service and fully cash funded debt service
reserve fund. The authority's unrestricted cash position of around
$13.7 million has been bolstered by the Virgin Islands
government's efforts since the beginning of this year to reduce
outstanding electric receivables to an estimated $22 million as of
today from a peak of around $41 million at June 30, 2015. While
progress has been made on this front, the Ba2 rating on the senior
electric system revenue bonds is however, more consistent with the
authority's weak management and governance practices evidenced by
a short-term approach towards liquidity and financial management
as well as frequent late filing of audited financial statements.

The authority has initiated efforts to improve liquidity
management, bolstered in part by the governor's proposal to
incorporate a permanent charge that recovers street lightning
costs. Moreover, the Virgin Islands Public Service Commission
(PSC) is currently reviewing a requested base rate increase as
well as a second requested emergency rate increase. While these
efforts could positively impact VI WAPA's financial performance in
the medium term, their successful implementation is uncertain and
unlikely to restore VI WAPA's weak financial profile to levels
commensurate with a higher rating in the short term. Other factors
considered in the rating are the slow payment patterns of VI
WAPA's governmental customers which has constrained VI WAPA's cash
flow generation in the past and the risk that overdue governmental
receivables could increase again; the challenges of operating
within an island economy with relatively sluggish growth, high
unemployment and a narrow local economy that is dependent on
discretionary tourism, and the ongoing struggle of the authority
to cover its cost base and operate its facilities efficiently
given significant excess capacity, the age of its equipment and
high retail rates. The rating recognizes the regulatory support
the utility has received as it has progressed toward the near
completion of a project to convert its base-load generation
resources from oil-fueled to tri-fueled (initially propane),
thereby lowering the cost of electricity for Virgin Islands
ratepayers while reducing its deferred fuel balances. That said,
the conversion project, while likely to be completed this year,
has been delayed and is substantially more costly than originally
contemplated.

Rating Outlook

The ratings remain on review for possible further downgrade.

Moody's review will focus on: (1) VI WAPA's ability to restore
financial flexibility by refinancing outstanding credit lines of
around $23 million before their maturity at the end of June 2016
and maintaining sufficient cash on hand to finance its operations
and service its debt; (2) the pending lawsuit with former fuel
supplier Trafigura Trading LLC, which alleges that the authority
failed to pay overdue trade payables for fuel deliveries of around
$25 million; (3) the review of VI WAPA's emergency base request
which was denied for the time being but will be reviewed by an
authorized hearing examiner over the next 60 days; and (4) the
sustainability of the government's efforts to reduce outstanding
government receivables as well as (5) the sustainability of the
authority's efforts to strengthen its financial management.

Factors that Could Lead to an Upgrade

A rating upgrade is currently unlikely; however the outlook could
be stabilized in the event of:

Successful refinancing of outstanding credit lines

Improvement of liquidity sources to a level more in line with the
Ba2 rating category (around 30 days cash on hand)

Sustainable reduction of overdue government receivables

Factors that Could Lead to a Downgrade

Inability to refinance outstanding credit lines

Inability to improve cash on hand to a level that supports
financing of ongoing operating expenses and debt service as well
as expected additional calls on liquidity that would weaken its
current liquidity

Debt service coverage ratios below 1.0 times

Legal Security

VI WAPA's senior lien electric system revenue bonds are secured by
a pledge of net electric revenues and certain other funds as
defined in the bond resolution (water revenues are not pledged).
The electric system revenue bonds have a rate covenant of 1.25x
and a debt service fund requirement equal to the lesser of (i) 10%
of aggregate bond proceeds, (ii) maximum aggregate annual debt
service or (iii) 125% average aggregate annual debt service.

The subordinate bonds have a subordinate lien on the same type of
net revenues, a similar debt service reserve fund requirement and
a rate covenant of 1.15x maximum aggregate senior and subordinate
bond debt service.

Both debt service reserve funds are fully cash funded.

In addition, VI WAPA must maintain at least 1.0x its aggregate
combined debt service in each fiscal year. The authority has not
published its 2015 audit yet. However, we estimate that the
authority was likely in compliance with its rate covenants for the
electric system revenue bonds in fiscal year 2015.

Use of Proceeds

Not applicable.

Obligor Profile

Moody's said, "VIWAPA is an independent governmental agency of the
U.S Virgin Islands and was created in 1964. Its electric system is
a monopoly provider of electric service to nearly 55,000 customers
on St. Thomas, St. Croix, St. John, Water Island and Hassel
Island. Its water system, although not a virtual monopoly
provider, provides water service to more than 12,000 customers.
Unlike the majority of publicly owned entities, the rates of both
the electric and water systems are regulated by the PSC. The water
and the electric system are independently financed with separate
liens on net revenues securing the outstanding debt of each
system. We only rate debt of the electric system and the authority
provides separate accounting for each system."


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


* BOND PRICING: For the Week From May 30 to June 3, 2016
--------------------------------------------------------

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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