TCRLA_Public/160609.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, June 9, 2016, Vol. 17, No. 113


                            Headlines



A R G E N T I N A

INTEGRA PYMES: Moody's Assigns B3 IFS Rating; Outlook Stable
JOHN DEERE: Moody's Rates USD30MM Sr. Debt Issuance 'B2'


B O L I V I A

BANCO PYME: Moody's Withdraws B2 Long-Term Deposit Ratings


B R A Z I L

BRAZIL: Inflation Accelerates More Than Forecast in May
CAIXA ECONOMICA: Moody's Cuts Rating on $500MM Notes to B2(hyb)
ODEBRECHT SA: CEO's Jailing Said to Derail $4.1 Billion Peru Loan
PARANAPANEMA SA: Moody's Lowers CFR to Caa2; Outlook Negative
VALE OVERSEAS: Moody's Assigns Ba3 Rating to Sr. Unsecured Notes


C A Y M A N  I S L A N D S

BEI KAI CAPITAL: Shareholders' Final Meeting Set for June 15
BELMONT GLOBAL: Shareholders' Final Meeting Set for June 29
COMPASS LATIN: Shareholder to Hear Wind-Up Report June 15
ELAH CAPITAL: Members' Final Meeting Set for June 14
HATHAWAY TRADING: Shareholders' Final Meeting Set for June 23

IRONGATE ABSOLUTE: Shareholder to Hear Wind-Up Report June 14
KAZIMIR CAPITAL: Shareholders' Final Meeting Set for June 15
KAZIMIR TOTAL: Shareholders' Final Meeting Set for June 15
MAPLE PROPERTIES: Shareholders' Final Meeting Set for June 30
OCP CLO 2012-1: Members' Final Meeting Set for June 15

STRUCTURED INVESTMENTS: Shareholders' Meeting Set for June 23
TSINGDA EEDU: Shareholders Receive Wind-Up Report
ULYSSE MANAGEMENT: Members' Final Meeting Set for June 15


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Freezes Payroll, to Cut Staff by July 31
DOMINICAN REPUBLIC: Industries to Build Country They Aspire For


P E R U

CAMPOSOL SA: Moody's Lowers Sr. Unsec. Notes Rating to Caa2
CAMPOSOL SA: S&P Raises CCR to 'CCC' & Puts on CreditWatch Dev.


P U E R T O    R I C O

DORAL FINANCIAL: Plan Confirmation Set for July 25; Outline Okayed
EVERTEC GROUP: Moody's Affirms B1 CFR; Outlook Stable
GA DESIGN: Hires Vilarino & Associates as Counsel
INMOBILIARIA LEGUISAMO: Seeks to Hire Rafael Cruzado as Appraiser
MARJASU CORP: Disclosure Statement Hearing Set for Aug. 10


T R I N I D A D  &  T O B A G O

* T&T Withdraws TT$2.5 Billion From Fund to Pay Public Servants


                            - - - - -


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


INTEGRA PYMES: Moody's Assigns B3 IFS Rating; Outlook Stable
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B3 global scale (local currency) and a Baa3.ar on
Argentina's national scale insurance financial strength (IFS)
ratings to Integra Pymes SGR.  The outlook for Integra Pymes'
ratings is stable.

                         RATINGS RATIONALE

According to Moody's, the ratings of Integra Pymes reflect its
affiliation with one of its main shareholders, Grupo Cohen, a
known player in the Buenos Aires Stock Exchange and capital and
asset management markets, and the implied strong internal controls
derived from the presence of several other shareholders.  Among
other credit strengths of this company the rating agency mentioned
the broad client base of Grupo Cohen, which is expected to boost
Integra Pymes' growth and business diversification across
different economic sectors.  These key credit strengths are offset
by Integra Pymes' credit weaknesses which are mainly its lack of
track record in the industry and the associated small market
presence, the weak credit quality of its investment portfolio (a
factor also common to other SGRs in the market) and the
significant Argentine sovereign and operating environment risk.

Commenting on factors that could result in an upgrade for the
company's ratings, Moody's mentioned: 1) a sustained record of
adequate capitalization --with the ratio of outstanding guarantees
divided by shareholders equity in the two times range- and growth
in the coming two years, 2) a sustained record of good
diversification of par outstanding by economic activity, with at
least three different economic sectors representing 25% each of
its total par, and/or 3) an improvement of Argentina's operating
environment.  Conversely, Integra Pymes's ratings could be
downgraded for the following reasons: 1) a downgrade of
Argentina's government bond rating and/or deterioration in
Argentina's operating environment, 2) a significant increase in
delinquencies and claims - i.e. above 4% of its total outstanding
guarantees and/or due to 3) a significant increase in operating
leverage (e.g. persistently above three times).

Headquartered in Buenos Aires, Argentina, Integra Pymes SGR
reported a net loss of ARS 0.2 million during the first quarter of
2016 ended 31 March 2016. As of that date, the company reported
total assets of ARS 42.3 million and shareholders' equity of ARS
41.2 million.


JOHN DEERE: Moody's Rates USD30MM Sr. Debt Issuance 'B2'
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B2 global scale rating (GSR) and an A1.ar national
scale rating (NSR) to John Deere Credit Compania Financiera S.A.
(JDCCF)'s seventh takedown under its senior debt program of
ARS900 million.  The issuance, for up to USD30 million, will be
due in 36 months.  The outlook on all ratings is stable.

These ratings were assigned to JDCCF's USD30 million senior
unsecured debt issuance:

  B2 Global Foreign Currency Debt Rating
  A1.ar Argentina National Scale Foreign Currency Debt Rating

RATINGS RATIONALE

The global scale senior unsecured debt rating considers the still
challenging operating environment in Argentina, balanced by the
very high probability that JDCCF will receive support from its
foreign-owned parent, (P)A2 rated John Deere Credit Inc.  This
assessment considers that John Deere Credit Inc provides
managerial support and guarantees credit lines guarantees, while
its local subsidiary, Industrias John Deere Argentina, makes
available long term financing.  Affiliate support provides three
notches of uplift to the company's b3 standalone credit profile,
resulting in a long-term global senior unsecured local currency
debt rating of Ba3.  The B2 foreign currency rating is constrained
by Argentina's foreign currency country ceiling and as a result of
that, we assigned A1.ar national scale rating, which is the
highest of the three options on the Argentine national scale
corresponding to a B2 global scale rating.

The b3 standalone profile takes into account risks related to
JDCCF's monoline business orientation, which leaves it susceptible
to climate risk and the challenging operating environment in which
it operates.  Also, the rating considers the company's reliance on
market funds, which expose it to swings in interest rates and
refinancing risk.  However, these risks are partially mitigated by
the credit lines from the company's parent, as well as long term
financing provided by John Deere & Co's local subsidiary,
Industrias John Deere Argentina.  The rating is also supported by
adequate asset quality metrics and an ample capital cushion which
provides loss absorption capacity in case of stress.  Nominal
profitability indicators are ample as well, although these are
distorted by the very high rate of inflation.

                  WHAT COULD CHANGE THE RATING UP/DOWN

As the foreign currency global scale debt rating is currently
constrained by the country ceiling, it is likely to change if
Argentina's country ceiling is raised or lowered.  Given the very
high likelihood of parental support coupled with the above-
mentioned constraint, the rating is not likely to change even if
the standalone profile or the parent's rating change.

John Deere Credit Compania Financiera S.A. is headquartered in
Rosario, Argentina, and reported assets of ARS844 million and
shareholders' equity of ARS87 million as of March 2016.


=============
B O L I V I A
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BANCO PYME: Moody's Withdraws B2 Long-Term Deposit Ratings
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Banco Pyme Ecofuturo
S.A. for business reasons.

These ratings of Banco Pyme Ecofuturo S.A. were withdrawn:

  Long-term global local- and foreign-currency deposit ratings:
   B2, stable outlook
  Short-term global local- and foreign-currency deposit ratings:
   Not Prime
  Long- term global foreign currency senior unsecured debt rating:
   B2, stable outlook
  Long- term global local and foreign currency senior unsecured
   MTN debt rating: (P)B2
  Long- term global local currency subordinate debt rating: B3
  Long- term global local currency subordinate MTN debt rating:
   (P)B3
  Long-term National Scale local- and foreign currency deposit
   ratings: Baa2.bo, stable outlook
  Long-term National Scale foreign currency senior unsecured debt
   rating: Baa2.bo, stable outlook
  Long-term National Scale local and foreign currency senior
   unsecured MTN debt rating: Baa2.bo
  Long-term National Scale local currency subordinate debt rating:
   Ba1.bo
  Long-term National Scale local currency subordinate MTN debt
   rating: Ba1.bo
  Long- and short-term Counterparty Risk Assessment: B1(cr)/Not
   Prime(cr)
  Baseline Credit Assessment: b2
  Adjusted Baseline Credit Assessment: b2

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

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

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

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

Banco Pyme Ecofuturo S.A. is headquartered in La Paz, Bolivia, and
as of March 2016 it had Bs 3 billion in assets and Bs 210 million
in shareholders' equity.


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


BRAZIL: Inflation Accelerates More Than Forecast in May
-------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's consumer
inflation accelerated more than analysts forecast in May on higher
housing costs, as the market expects the central bank to keep
interest rates on hold for a seventh consecutive meeting.

The benchmark IPCA consumer price index climbed 0.78 percent after
a 0.61 percent rise the previous month, according to Bloomberg
News.  That was higher than the median forecast for a 0.75 percent
increase from 43 economists surveyed by Bloomberg.  Twelve-month
inflation was 9.32 percent, accelerating for the first time since
January, Bloomberg News notes.

Brazil's Senate approved the nomination of former Itau Unibanco
Holding SA chief economist Ilan Goldfajn to assume the top post at
the central bank, Bloomberg News says.  The market is betting that
Brazil's worst recession in decades and prospective spending cuts
by Finance Minister Henrique Meirelles will make space for
monetary easing this year, Bloomberg News notes.  However, with
inflation still more than double the target, traders don't foresee
that cycle beginning until July, at its earliest, Bloomberg News
says.

"It's not the number the central bank would like to see; we resume
the upward trend," Pedro Tuesta, senior economist at 4Cast Ltd.,
said by phone from Washington, Bloomberg News relays.  "But the
market is looking forward at what Goldfajn is going to do, not
what inflation is now.  It's looking at what Meirelles can do on
the fiscal side to help Goldfajn cut rates," he added.

Housing prices jumped 1.79 percent, after a 0.38 percent decline
in April, due to higher water, sewage and electricity prices,
Bloomberg News notes.  Food and beverage prices rose 0.78 percent,
following a 1.09 percent jump in the previous month and marked
their first deceleration in annual terms since September, to 12.74
percent, Bloomberg News says.  Price increases for services in the
same 12-month period accelerated to 7.52 percent, from 7.34
percent previously, Bloomberg News relays.

"The complex and challenging inflation outlook and misaligned
inflation expectations justify the current restrictiveness of
monetary policy," Alberto Ramos, chief Latin America economist for
Goldman Sachs Group Inc., wrote in a note.

Brazil's central bank will conclude its two-day monetary policy
meeting, and economists surveyed by Bloomberg unanimously forecast
directors will hold the benchmark Selic rate at 14.25 percent.

The central bank targets inflation of 4.5 percent, plus or minus
two percentage points, Bloomberg News notes.  It hasn't fallen
within that range since the end of 2014, which prompted the
elevation of the benchmark rate to its highest level since 2006,
Bloomberg News relays.  That's stifling activity, with the economy
forecast to shrink 3.71 percent in 2016 following a 3.8 percent
contraction last year, according to a weekly central bank survey.

"We're going through the worst recession of Brazil's history, with
rising unemployment and considerable fiscal challenges," Mr.
Goldfajn said during his confirmation hearing at the Senate
Economic Affairs Committee.  "But I fully trust that the internal
scenario can be reversed," he added.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.



CAIXA ECONOMICA: Moody's Cuts Rating on $500MM Notes to B2(hyb)
---------------------------------------------------------------
Moody's Investors Service has lowered Caixa Economica Federal's
baseline credit assessment to b1, from ba3, and downgraded to
B2(hyb), from B1(hyb), the debt rating assigned to its $500
million Tier 2 subordinated notes issued under Basel III rules.
All other ratings assigned to Caixa were affirmed, including long-
term local and foreign currency deposit ratings of Ba2 and Ba3,
respectively, and the Ba2 foreign currency senior unsecured debt
rating.  Moody's also affirmed the Aa1.br and BR-1 long and short-
term deposit ratings in the Brazilian national scale, as well as
the Not Prime global scale short-term rating , and the Ba2(cr) and
NP(cr) long and short-term counterparty risk assessments.  The
outlook on the global scale ratings remains negative, in line with
the outlook on Brazil's sovereign rating.

These assessment and rating assigned to Caixa Econìmica Federal
were downgraded:

  Baseline credit assessment: downgraded to b1, from ba3
  Foreign currency subordinated debt rating: downgraded to
   B2(hyb), from B1(hyb)

These ratings and assessments assigned to Caixa Economica Federal
were affirmed:

  Long-term global local currency deposit rating of Ba2, negative
   outlook
  Short-term global local currency deposit rating of Not Prime
  Long-term foreign currency deposit ratings of Ba3; negative
   outlook
  Short-term foreign currency deposit rating of Not Prime
  Long-term foreign currency senior unsecured debt rating of Ba2,
   negative outlook
  Long-term foreign currency senior unsecured debt rating assigned
   to MTN of (P)Ba2
  Long-term Brazilian national scale deposit rating of Aa1.br
  Short-term Brazilian national scale deposit rating of BR-1
  Long-term Counterparty Risk Assessment of Ba2(cr)
  Short-term Counterparty Risk Assessment of Not Prime(cr)

                          RATING RATIONALE

The downgrade of Caixa's baseline credit assessment to b1 reflects
the steady decline in the bank's capitalization over the past 18
months and Moody's expectation that it will shrink further over
the next 12 to 18 months as asset quality and profitability
continue to deteriorate.  Under Moody's measures, Caixa's tangible
common equity (TCE) relative to risk-weighted assets (RWAs), which
excludes deferred tax assets, fell to a very narrow 4.5% in March
2016 from 6.5% just six months earlier, partly as a result of the
increased risk weight on government bond holdings following the
downgrade of Brazil's government bond rating to Ba2 in February
2016.  Although regulatory capital remains considerably stronger,
it has also been declining, notwithstanding a recent reduction in
the bank's dividend payout ratio.  "The bank's Tier 1 regulatory
capital ratio dropped to 9.6% as of March, one of the lowest of
the largest Brazilian banks as Caixa's weak earnings have been
insufficient to replenish capital consumed by the continued,
albeit slowing, growth of its loan portfolio and phase-in of Basel
III capital deductions", said Ceres Lisboa, Senior Vice President.

Caixa's 90-day past due loan ratio has risen slowly but steadily
to 3.5%, as of March 2016 from 2.9% at year-end 2014.  Were it not
for the bank's sale of BRL2 billion of loans in the first quarter,
we estimate the aggregate problem loan ratio would have increased
further to 3.8%.  While non-performing loans (NPLs) ratio remains
low compared to most of Caixa's peers, this is because almost 70%
of the bank's loans is in the form of low risk loans, such as
housing and payroll loans, which, however, is not immune to the
crisis.  In addition, the remaining loan book is composed of
riskier consumer loans to a client base that is highly vulnerable
to continued pressure in labor markets, and of corporate loans to
both SMEs and large firms, which face challenging liquidity
conditions.  Non-performing corporate loans surpassed consumer
NPLs in 1Q2016, reaching 6.8%, as opposed to 6.4% for individuals
NPLs, and continue to climb sharply.  In addition, the flow of
loan renegotiations rose by 50% in the first quarter relative to
the same period a year earlier.

The downgrade of the BCA to b1 also reflects continued
deterioration in Caixa's already weak earnings generation
capacity.  In the twelve months to March 2016, Caixa's pre-tax
income fell to almost zero from BRL6 billion in 2014.  While net
income continued to exceed this level, this is almost entirely due
to tax credits, which rose sharply in 2015 and the first quarter
of 2016.  "The drop in pre-tax income reflects the share of long-
term, low-yielding fixed rate assets in Caixa's loan book combined
with rising funding costs and high credit costs, drivers that will
continue to pressure the bank's profitability over the next
quarters", according to Ceres.  While loan loss provisions
declined in the first quarter, they nevertheless consumed more
than 100% of the bank's pre-provision income, reflecting
constraints on the bank's ability to provision against rising loan
losses.

AFFIRMATION OF SUPPORTED RATINGS AND DOWNGRADE OF SUBORDINATED
DEBT RATING

The affirmation of the Ba2 deposit and senior unsecured debt
ratings, as well as the Aa1.br Brazilian national scale deposit
rating, reflects our assessment of very high likelihood of
government support and derives from the incorporation of two
notches of uplift to the b1 BCA.  The deterioration in the bank's
capital, asset quality, and earnings will raise pressure on the
bank to take steps to bolster its core capital ratios, possibly by
selling assets or reducing dividends further.  If these measures
are unsuccessful or insufficient, the bank may need to seek
support from the government.  While Moody's expects this to be
forthcoming given the systemic importance of Caixa, it will most
likely be in the forms regulatory forbearance rather than a
capital injection, given the government's large fiscal deficit and
high and rising debt levels.  Should a capital injection prove
necessary, however, the required amount is not likely to exceed
0.3% of GDP or 1% of government revenues, which the government
should be able to afford despite its fiscal straights.

The bank's Tier 2 subordinate debt rating was downgraded to
B2(hyb) from B1(hyb), as this rating is positioned at the bank's
BCA minus one notch.  The B2(hyb) rating does not incorporate any
uplift from government support as Moody's does not expect that the
government will bail-out subordinated bond holders if the bank's
finances deteriorate further.  The notching captures the risk of
losses to investors steaming from coupon suspension and principal
write-down before the bank reaches the point of non-viability.

WHAT COULD CHANGE THE RATING - DOWN

The bank's deposit and senior unsecured debt ratings have a
negative outlook in line with the outlook on the sovereign bond
rating.  These ratings would be negatively impacted by further
downgrades of the sovereign debt rating.  The outlook on these
ratings will likely return to stable if the sovereign outlook
stabilizes.

Caixa's BCA of b1 adjusted BCA and the B2(hyb) subordinated debt
rating would come under further downward pressure if the bank's
financial performance continues to deteriorate dragged down by
increases in loan losses and loan growth that drain
capitalization.  However, the bank's supported ratings would not
be affected by any changes to its BCA.

METHODOLOGIES & LAST RATING ACTION

The principal methodology used in these ratings was Banks
published in January 2016.

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

For information on the historical default rates associated with
different global scale rating categories over different investment
horizons, please see

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

The last rating action on Caixa Economica Federal was on 11 May
2016, when Moody's repositioned the bank's long-term Brazilian
national scale rating at Aa1.br, in view of the recalibration of
the national rating scale methodology.  All other ratings remained
unchanged.

Caixa Economica Federal is headquartered in Brasilia, Brazil.  The
bank reported total assets of BRL1,241.6 billion ($350.3 billion)
and equity of BRL62.96 billion ($17.76 billion) as of March 31,
2016.


ODEBRECHT SA: CEO's Jailing Said to Derail $4.1 Billion Peru Loan
-----------------------------------------------------------------
Cristiane Lucchesi, Filipe Pacheco, and John Quigley at Bloomberg
News report that a unit of Odebrecht SA, the construction company
whose former chief executive is serving a 19-year prison sentence
as part of a sweeping corruption scandal in Brazil, still hasn't
received a $4.1 billion loan for a key project in Latin America,
said two people with direct knowledge of the matter.

The credit committees for a group of 20 banks providing the
syndicated loan have so far refused to sign off on the deal,
originally expected to be approved last year, to fund a natural-
gas pipeline project in Peru, the people said, asking not to be
identified because the discussions are private, according to
Bloomberg News.  The creditors' compliance areas aren't
comfortable lending to Gasoducto Sur Peruano, a special-purpose
venture known as GSP that's controlled by Odebrecht, because of
concern over the corruption scandal and possible fines the holding
conglomerate may face, the people said, Bloomberg News says.

GSP, which Odebrecht controls with a 55 percent stake, won the 34-
year license to build and operate the 1,080-kilometer (671-mile)
pipeline in June 2014. Spain's Enagas SA holds a 25 percent stake,
and Peru's Grana & Montero SAA bought a 20 percent share in
September for $215 million, Bloomberg News notes.

Odebrecht is trying to sell its stake and is in talks with five
potential bidders, said a press official at the Sao Paulo-based
construction firm who declined to provide the names of the
companies, Bloomberg News relays.  Odebrecht has transferred GSP
management to Enagas, said the official, who declined to discuss
the loan. GSP also declined to comment.

GSP has been tapping more-costly bridge loans while it awaits the
syndicated financing, the people said. In an interview last year,
then-GSP Chief Financial Officer Marko Harasic said the company
originally expected to close the loan in July.

"Our job is to ring-fence the Peru project and deliver a package
of compliance reports to reassure the banks," Mr. Harasic said at
the time.  Ring-fencing is a financial term in which assets are
separated in order to protect them from claims against the parent
company, as well as restrictions and laws in the home country,
Bloomberg News relates.

Marcelo Odebrecht was sentenced in March to more than 19 years in
prison following charges he took part in a cartel of builders that
paid bribes to win contracts with Brazil's state-run oil giant,
Petroleo Brasileiro SA, Bloomberg News notes.

The funding delay is one more example of how Brazil's biggest-ever
corruption scandal is rippling far beyond its borders, Bloomberg
News says.  The spreading probe into the pay-to-play scheme has
strangled credit lines for infrastructure projects, helping to tip
Brazil into a recession that's forecast to be the worst in a
century, Bloomberg News notes.  Peruvian President Ollanta Humala
has said the pipeline is needed to bolster energy supplies and
help revive his country's mining-dependent economy after metals
prices plunged, Bloomberg News says.

Fourteen banks were expected to act as "bookrunners" for the $4.1
billion syndicated loan providing $275 million in financing,
Harasic said last year, Bloomberg News notes.  They include
Sumitomo Mitsui Banking Corp., Bank of Tokyo-Mitsubishi UFJ,
Mizuho Bank Ltd., Credit Agricole SA, Natixis SA, Societe Generale
SA, Banco Bilbao Vizcaya Argentaria SA, Instituto de Credito
Oficial, Bank of Nova Scotia, Citigroup Inc., Intesa Sanpaolo SpA,
DNB ASA and ICBC Standard Bank Plc, according to Harasic,
Bloomberg News relays.

Six other banks were also participating, including Banco Santander
SA, CaixaBank SA, Banco de Sabadell SA, Korean Development Bank,
KfW Development Bank and GE Energy Financial Services Inc., he
said, Bloomberg News adds.


PARANAPANEMA SA: Moody's Lowers CFR to Caa2; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded Paranapanema S.A.'s Corporate
Family Rating to Caa2 from B3.  The outlook remains negative.

Rating downgraded:

Paranapanema S.A.
  Corporate Family Rating: to Caa2 from B3

The outlook for the rating is negative.

RATINGS RATIONALE

The downgrade of Paranapanema's CFR to Caa2 reflects the
heightened liquidity risk the company faces, which has led
Paranapanema to hire an advisor (Rothschild) to work on measures
to strengthen the company's capital structure.  Paranapanema's
capital structure remains heavily reliant on short-term debt,
which represents about 56% of total debt at the end of 1Q2016.
Although the company has been able to meet its financial
obligations until now, tighter liquidity in the financial system
and the higher cost of credit may impair the company's ability to
continue to refinance its short term debt, which increases the
likelihood of a debt restructuring.  The high concentration of
debt in the short-term has been a relevant risk to Paranapanema's
credit profile and a constraint to the rating over the last few
years, partially mitigated by the export financing nature of the
majority of these lines.

Paranapanema's Caa2 rating is constrained by the economic downturn
in the domestic market, with no expectations of a material
recovery in the short to medium term.  Paranapanema's ongoing
strategy of increasing the share of exports in its sales revenues
limits the impact of the local market downturn in credit metrics,
but Moody's also sees risks arising from the uneven economic
growth in major economies in Europe, in the US and in China, as
well as in Latin America.  On the other hand, the ratings continue
to be supported by the company's leading position in the Brazilian
copper market, as well as its large scale and partially-integrated
operations that include access to high-grade copper, its efficient
logistics, and its long-term relationship with copper suppliers
and clients.  The ratings also incorporate our expectations that
challenging fundamentals in the copper industry may pressure
smelters' and copper products' premiums and Paranapanema's credit
metrics.

The negative outlook reflects the downside risk related to the
company's current debt structure in an environment of tighter
liquidity in Brazil's financial system, as well as the prolonged
period of weak market fundamentals and low copper prices.  With
the sharp slowdown in Brazil's economy, key consuming industries
for copper and copper products will continue to be challenged
through at least 2016, impairing the company's sales in the
domestic market, where premiums are higher compared to those of
exports.

The ratings could be further downgraded if Paranapanema's
liquidity profile deteriorates or if the company enters a debt
restructuring process that entails significant losses to
creditors.

The ratings could be upgraded if Paranapanema is able to improve
its liquidity profile by reducing the concentration of debt in the
short term and meeting all financial obligations on a timely
basis.  The ratings could be upgraded if the company is able to
sustain operating performance at current levels, with EBITA
margins of at least 2%, and leverage metrics (measured by total
debt to EBITDA) below 7x.  All ratios incorporate Moody's standard
adjustments.

Paranapanema S.A. is the sole refined copper producer in Brazil,
with an annual smelting production capacity of 280,000 tons.  The
company is also a leading producer of semi-finished copper
products, including wires, tubes, rolling, rods and bars.  In the
last twelve months ended March 2016, Paranapanema reported
consolidated revenues of BRL 5.5 billion (USD 1.5 billion
converted by the average foreign exchange rate for the period).
The company has three industrial facilities in Brazil -- one in
the state of Bahia, one in Espirito Santo and one in the state of
Sao Paulo.


VALE OVERSEAS: Moody's Assigns Ba3 Rating to Sr. Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 senior unsecured foreign
currency rating to the proposed senior unsecured notes due 2021 to
be issued by Vale Overseas Limited, which will be fully and
unconditionally guaranteed by Vale S.A.  Proceeds will be used for
liability management and general corporate purposes.  The outlook
for the rating is negative.

The rating of the notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

Ratings assigned:

   -- Issuer: Vale Overseas Limited
   -- Senior Unsecured Notes due 2021: Ba3 (global scale)

The outlook for the rating is negative.

RATINGS RATIONALE

Vale's Ba3 rating reflects our expectation of weaker performance
over the next 12 months resulting from the substantial decline in
iron ore and base metals prices observed in 2015 and early 2016
and our expectation that prices will not likely experience any
meaningful recovery before 2017.  Despite the recent recovery in
iron ore and base metals prices, we believe they will remain
volatile through 2016 and into 2017, as a result of soft global
economic growth, particularly in China, and iron ore supply
imbalances.

The substantial progress Vale has made on reducing costs, and the
increase in volumes and ore grades resulting from ongoing
investments will help offset the volatility in low commodity
prices, but will not be fully reflected in the company's credit
metrics until 2017-2018.  Although Moody's recognizes that Vale
continues to undertake a number of steps to respond to the
challenging business environment and adjust operations
accordingly, the level of adjustment required may be higher, while
the timing of asset sales, which will allow a reduction in debt
levels, remain uncertain.

Vale's Ba3 rating is supported by the company's diversified
product base and competitive cost position, and substantive
portfolio of long lived assets.  While Vale has diversified its
geographic footprint through various acquisitions in Canada,
Australia and elsewhere, the dominant revenue, earnings and cash
flow driver continues to be its Brazilian-based iron ore
operations and its major position in the seaborne iron ore
markets.  The rating acknowledges Vale's more focused and
disciplined approach to project development, capital allocation,
resizing of its asset portfolio to strategically important
business segments, divestiture of such non-strategic assets, and
focus on cost reduction, which better positions Vale to withstand
the challenges of prices for the company's major products over the
next twelve to eighteen months.

Constraining the ratings is the weak outlook for iron ore and base
metals prices, and our expectation that prices will not experience
any meaningful recovery before 2017, as a consequence of the
slowdown in China's economic growth and steel production, which
brings heightened uncertainty over demand for iron ore and base
metals in the next few years.  The new industrywide supply coming
on line will also contribute to continued pressure on prices.  Low
iron ore, base metals (nickel/copper) and coal prices for a
prolonged period will pressure Vale's credit metrics and cash flow
generation, reducing the company's ability to reduce leverage.

The proposed bond issuance is part of Vale's liability management
strategy and proceeds from the transaction will be mainly used for
the refinancing of existing debt obligations, including the
payment of a portion of the USD 3.0 billion drawn under the
revolving credit facilities in January 2016.  Moody's expects
Vale's liquidity profile to improve slightly following the
transaction, as it will increase availability under committed
facilities and lengthen amortization schedule.

The negative outlook reflects the deterioration in market
fundamentals for iron ore and base metals in a period in which
Vale is undergoing a large expansion phase with substantial
capital expenditures.  As a consequence, margins, leverage and
coverage rations will remain challenged through 2016.
Additionally, the outlook incorporates potential penalties, fines
and claims related to the accident with Samarco's dams.

A stabilization of the outlook could be considered if iron ore and
base metals prices improve and are sustained above our sensitivity
ranges (from USD 40 to USD 45/ton for iron ore in Moody's base
case), easing existing pressure on metrics.  An upward rating
movement would require that Vale maintains a strong liquidity
position and reduce debt levels, with adjusted total debt/EBITDA
below 3.5x and EBIT/interest expense above 3.5x times, at a
minimum.

The ratings or outlook could suffer negative pressure should
conditions in iron ore and base metals remain weak, leading to
lower profitability, and Vale is not able to make meaningful
progress in cost reduction.  Downward pressure could also affect
the ratings if the company is unable to continue with its asset
divestiture and partnership strategies, which will help Vale to
maintain stable debt levels and reduce pressure on leverage.  A
downgrade could be considered if leverage ratio (total debt to
Ebitda) trends towards 4x or above.  A marked deterioration in the
company's liquidity position, or dividends at levels such that the
cash from operations less dividends to debt ratio remains below
15% for a prolonged period, could also precipitate a downgrade.
Negative pressure would arise to the extent which Vale is required
to provide material financial support to Samarco, or faces
liabilities from litigation and class actions resulting from the
Samarco's accident.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Headquartered in Rio de Janeiro, Brazil, Vale is one of the
largest mining enterprises globally, with substantive positions in
iron ore and nickel, and participation in copper, coal and
fertilizers, as well as supplemental positions in energy and steel
production.  Vale is the largest global supplier of iron ore, with
approximately 355.1 million metric tons (t) of production in the
twelve months ended March 2016 (including third party purchased
ore and its share of Samarco), and the largest global producer of
nickel, with around 295,300 t produced during the same period.
Vale's principal mining operations are located in Brazil, Canada,
Australia, Indonesia, and Mozambique.  In addition, the company is
active in exploration activities in nine countries.  For the
twelve months through March 31, 2016, Vale had net operating
revenues of $25.1 billion.


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


BEI KAI CAPITAL: Shareholders' Final Meeting Set for June 15
------------------------------------------------------------
The shareholders of Bei Kai Capital Partners Limited will hold
their final meeting on June 15, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Frances Holiday
          c/o Cate Babour Walkers
          6 Gracechurch Street London EC3V 0AT
          Telephone: +44 2072204970


BELMONT GLOBAL: Shareholders' Final Meeting Set for June 29
-----------------------------------------------------------
The shareholders of Belmont Global SPC will hold their final
meeting on June 29, 2016, at 1:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stratus Capital Solutions Limited
          Armand Van Houten
          c/o Harbour Management Services Limited
          10 Market Street, Suite 140
          Camana Bay Grand Cayman KY1 - 9006
          Cayman Islands


COMPASS LATIN: Shareholder to Hear Wind-Up Report June 15
---------------------------------------------------------
The shareholder of Compass Latin American Credit - BRL Hedged will
hear on June 15, 2016, at 11:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Matias Rodriguez
          c/o Jody Powery-Gilbert
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ELAH CAPITAL: Members' Final Meeting Set for June 14
----------------------------------------------------
The members of Elah Capital Group Offshore Feeder Ltd. will hold
their final meeting June 14, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


HATHAWAY TRADING: Shareholders' Final Meeting Set for June 23
-------------------------------------------------------------
The shareholders of Hathaway Trading Limited will hold their final
meeting on June 23, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Wardour Management Services Limited
          P.O. Box 10147 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302


IRONGATE ABSOLUTE: Shareholder to Hear Wind-Up Report June 14
-------------------------------------------------------------
The shareholder of Irongate Absolute Limited will hear on June 14,
2016, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


KAZIMIR CAPITAL: Shareholders' Final Meeting Set for June 15
------------------------------------------------------------
The shareholders of Kazimir Capital Partners Limited will hold
their final meeting on June 15, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Frances Holiday
          c/o Cate Babour Walkers
          6 Gracechurch Street
          London EC3V 0AT
          Telephone: +44 2072204970
          e-mail: cate.barbour@walkersglobal.com


KAZIMIR TOTAL: Shareholders' Final Meeting Set for June 15
----------------------------------------------------------
The shareholders of Kazimir Total Return Fund Ltd will hold their
final meeting on June 15, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kazimir Asset Management Limited
          c/o Cate Babour Walkers
          6 Gracechurch Street
          London EC3V 0AT
          Telephone: +44 2072204970


MAPLE PROPERTIES: Shareholders' Final Meeting Set for June 30
-------------------------------------------------------------
The shareholders of Maple Properties Ltd. will hold their final
meeting on June 30, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Perry Levy
          Governor's Square, 2nd Floor
          23 Lime Tree Bay Avenue
          Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891
          e-mail: perry@caymanmanagement.ky


OCP CLO 2012-1: Members' Final Meeting Set for June 15
------------------------------------------------------
The members of OCP CLO 2012-1, Ltd. will hold their final meeting
on June 15, 2016, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


STRUCTURED INVESTMENTS: Shareholders' Meeting Set for June 23
-------------------------------------------------------------
The shareholders of Structured Investments Corporation II will
hold their final meeting on June 23, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          Grand Pavilion Commercial Centre 802 West Bay Road
          P.O. Box 2003 Grand Cayman KY1-1104
          Cayman Islands


TSINGDA EEDU: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Tsingda Eedu Group received on June 7, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ULYSSE MANAGEMENT: Members' Final Meeting Set for June 15
---------------------------------------------------------
The members of Ulysse Management Limited will hold their final
meeting June 15, 2016, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Trust & Corporate Services Ltd.
          Gestrust SA, 2 rue Thalberg
          1201 Geneva
          Switzerland


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


DOMINICAN REPUBLIC: Freezes Payroll, to Cut Staff by July 31
------------------------------------------------------------
Dominican Today reports that the government of the Dominican
Republic ordered a freeze on its payroll, noting that it cannot
designate new people as permanent employees and the employment
contract of all staff contracted by government agencies must be
terminate by July 31.

Outlet Acento.com.do reports that President Danilo Medina issued
instructions that Presidency Administrative minister Jose Ramon
Peralta must approve any new appointment, according to Dominican
Today.

The President's instructions were communicated to all ministers
and managers of all government agencies and related institutions
on May 31, through the Presidency's Administrative Ministry memo
PR-IN-2016-13729, the report notes.

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


DOMINICAN REPUBLIC: Industries to Build Country They Aspire For
---------------------------------------------------------------
Dominican Today reports that Dominican Republic's Industries
Association (AIRD) called positive, outlet Diario Libre AM's
suggestion to the various sectors to "tie the loose ends to start
the construction of the country to which we all aspire. "

In a letter sent to Diario Libre editor in chief Adriano Miguel
Tejada, AIRD president Campos de Moya said the five mentioned
aspects should serve as a starting point to reach a consensus to
place the country on the path to development and institutionalism,
according to Dominican Today.

In his letter the business leader listed, "A law of political
parties and elections to level the playing field for all; a tax
law and tax breaks with no distortions that puts some to pay more
than they should and others to pay less. That law should include
control of government spending and a definition of the size of the
state," the report notes.

Mr. De Moya also mentioned "a law of full employment to help
regularize the informal sector, and ensure social security
benefits and pensions to all; depoliticize government agencies,
including the judiciary and police.  Merit should be the only
condition to access these positions, along with a development
plan, together with the strategy to set priorities agreed by all,"
the report adds.

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'.


=======
P E R U
=======


CAMPOSOL SA: Moody's Lowers Sr. Unsec. Notes Rating to Caa2
-----------------------------------------------------------
Moody's Investors Service has downgraded Camposol Holding Plc.'s
corporate family rating to Caa2.  At the same time, Moody's
downgraded Camposol's new 10.5% Senior Secured notes due 2021 and
senior unsecured notes due 2017 to Caa2.  The outlook for the
ratings is stable.

The ratings are:

Issuer: Camposol Holding Plc.

   -- Corporate Family Rating: Caa2 (global scale)

Issuer: Camposol S.A.

   -- Senior Unsecured Notes due 2017: Caa2 (foreign currency)
   -- 10.5% Senior Secured Notes due 2021: Caa2 (foreign currency)
      Outlook: Stable

                        RATINGS RATIONALE

The rating downgrade to Caa2 reflects Camposol's tight liquidity
profile even following the exchange offering concluded in May 27,
2016.  Camposol exchanged 73.75% of its 9.875% USD 200 million
notes due 2017 for new 10.5% USD 200 senior notes due 2021,
representing USD 147.5 million.  A total of USD 52.5 million
principal amount of existing notes was not tendered in the
exchange offer.  The 73.75% acceptance was below the 95%
originally expected by the company.

In Moody's opinion, the debt exchange constitutes a distressed
exchange, which is considered a default under Moody's definition
of default.  A distressed exchange occurs when an issuer offers
creditors new or restructured debt, or a new package of
securities, cash or assets, that amount to a diminished financial
obligation relative to the original obligation with the effect of
the transaction being the avoidance of an eventual payment default
on the debt.

Despite the improvements in debt profile, the Caa2 ratings reflect
Camposol's small operating scale, weak credit metrics, tight
liquidity, and limited historical track record in its current
business model.  The company's cash position of USD 27 million at
the end of 2015 compares with USD 36 million in short term debt
and maturities of USD 50 million in 2017 following the exchange
offer, while it still faces a challenging operating environment.
Over time, Moody's expects Camposol to continue its
diversification strategy by increasing the production in the
blueberries and seafood segments, as well the reinforcement of its
direct sales to retailers, which could lead to higher operating
margins.

Camposol's Caa2 ratings are supported by the company's position as
the largest fully integrated agribusiness corporation in Peru,
including production, packaging and distribution of agricultural
products.  The rating reflects Camposol's large holdings of arable
land as well as its diversified product mix comprised of a varied
range of fruits and vegetables which allows the company to drive
growth through expansion and product mix shifts without
substantial additional capital expenditures needs.

The stable ratings outlook is based on Moody's expectation that
Camposol will improve operating margins over the intermediate to
long term, especially in the growing blueberries segment.

An upgrade of the ratings would require improvements in Camposol's
liquidity, operating performance and metrics.  Quantitatively,
upward momentum could result if Camposol's total adjusted debt to
EBITDA is sustained below 6 times on a 3-year average basis and
retained cash flow to adjusted net debt is sustained above 15% on
a 3-year average basis.

A downgrade of the ratings would result from further deterioration
in the company's credit metrics and liquidity.  Quantitatively, a
downgrade could be caused if adjusted debt/EBITDA remains above
15.0x or EBITDA to interest expense continues below 1.0 time for
an extended period of time.

Camposol is a private company headquartered in Peru.  The company
plants, harvests, processes and exports avocadoes, blueberries,
mangoes, table grapes and shrimp for the last twelve months ended
December 2015, the company reported total revenues of
USD73 million.


CAMPOSOL SA: S&P Raises CCR to 'CCC' & Puts on CreditWatch Dev.
---------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on Camposol
S.A. to 'CCC' from 'SD' and placed the ratings on CreditWatch
Developing.

At the same time, S&P raised its issue-level rating on the
company's $52.5 million senior secured notes due 2017 to 'CCC'
from 'D' since these rank pari-passu in right of payment with the
new secured notes and are equally and ratably secured on a first-
priority basis by the collateral.

In addition, S&P assigned its 'CCC' issue-level ratings on the
company's new 10.5% $147.5 million senior secured notes due 2021.

The rating upgrade follows S&P's review of the completion of a
debt exchange that S&P deemed distressed, in which Camposol
exchanged 73.75% ($147.5 million) of its senior secured notes
originally due 2017 for new five-year senior secured notes due
2021.  However, given that the company continues to carry
approximately $85 million in short-term debt, including
$52.5 million remainder from the original notes due February 2017,
S&P's 'CCC' rating incorporates its view that the company is
likely to default absent an unforeseen positive development.

S&P placed the ratings on CreditWatch Developing to reflect the
potential that S&P could raise or lower its ratings within the
next three months on Camposol based on its ability to secure
sufficient and timely funding to meet its debt maturity due
February 2017.

S&P could lower the ratings to 'CCC-' if Camposol doesn't
successfully refinance the remaining $52.5 million of its senior
unsecured notes due February 2017 in the next two months, amid
increasing refinancing risk.

S&P could raise the ratings by at least one notch if, within the
next couple of months, Camposol secures timely and sufficient
funding to meet its obligations due February 2017.


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


DORAL FINANCIAL: Plan Confirmation Set for July 25; Outline Okayed
------------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court
approved Doral Financial's Disclosure Statement and scheduled a
July 25, 2016 hearing to consider the Amended Plan of
Reorganization.  According to the Disclosure Statement, "The goal
of the Plan is to resolve outstanding Claims against and Equity
Interests in the Debtor. Although the Debtor does not intend to
re-commence commercial banking operations through a new subsidiary
following the Effective Date, the proposed Plan will permit the
Debtor's estate to continue winding down its operations and
liquidating its assets in an organized way that will maximize the
value of its assets for distribution to creditors. In particular,
the Plan will permit the Debtor to make substantial distributions
to creditors in the near term and best preserve the Debtor's
ability to monetize the Tax Attributes, which has the potential to
meaningfully increase creditor recoveries." The final ballot by
which interested parties must file ballots and/or objections for
the Plan is July 11, 2016.

                About Doral Financial Corp.

Doral Financial Corp. (the "DFC") is a holding company whose
primary operating asset was equity in Doral Bank. DFC maintains
offices in New York City, Coral Gables, Florida and San Juan,
Puerto Rico. The company has three wholly-owned subsidiaries:
Doral Properties, Inc., Doral Insurance Agency, LLC, and Doral
Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver. Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman. It estimated $50 million to $100 million
in assets and $100 million to $500 million in debt as of the
bankruptcy filing.


EVERTEC GROUP: Moody's Affirms B1 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service affirmed EVERTEC Group, LLC's B1
Corporate Family Rating, B1-PD Probability of Default Rating, and
the B1 ratings for the company's senior secured credit facilities.
The ratings outlook is stable.  The ratings affirmation reflects
Moody's view that despite the economic recession in Puerto Rico,
Evertec's credit metrics should remain stable and the company will
maintain very good liquidity.

                         RATINGS RATIONALE

Moody's analyst Raj Joshi said, "Evertec's business risks will
remain elevated because of deteriorating economic conditions in
its principal market, Puerto Rico."  Moody's affirmed Evertec's B1
rating and maintained its stable ratings outlook based on an
expectation that Evertec's total debt to EBITDA (Moody's adjusted)
will remain below 4x over the next 12 months (3.8x at quarter
ended March 31, 2016,).  The company has very good liquidity
comprising $36 million of cash balances, about $85 million of
availability under its revolving credit facility and Moody's
estimates of at least $70 million in free cash flow over the next
12 months.  The B1 rating incorporates Moody's expectations that
the company's financial policies and capital allocation will
remain balanced and that debt levels willnot increase materially.

The B1 rating also reflects Evertec's limited operating scale and
its dependence on Puerto Rico for the majority of revenues.  The
rating is supported by Evertec's high proportion of transaction-
based, recurring revenues and its critical role in the Puerto Rico
economy as the dominant card processor.  The company also benefits
from its long term processing contract with Banco Popular de
Puerto Rico (Banco Popular).  Despite the declining economy of
Puerto Rico, Moody's believes that Evertec's payment transaction
volumes in the commonwealth should decline only modestly as the
company will benefit from the secular shift from cash to
electronic forms of payments.

Evertec's ratings could be downgraded if operating challenges or
aggressive financial policies cause total debt to EBITDA to exceed
4x (Moody's adjusted), liquidity deteriorates, or free cash flow
is expected to remain below 8% of total debt.

A rating upgrade is unlikely in the intermediate term due to the
weak economic outlook for Puerto Rico.  The ratings could be
upgraded if Evertec generates strong earnings growth and
geographic diversification of earnings increases such that Puerto
Rico accounts for less than 50% of earnings and the company
maintains its adjusted EBITDA margins in the high 40% range.  The
ratings could be upgraded if total debt to EBITDA is sustained
below 2.5x and free cash flow exceeds 15% of total debt.

Moody's affirmed these ratings:

Issuer: EVERTEC Group, LLC
  Corporate Family Rating, B1
  Probability of Default Rating, B1-PD
  Speculative Grade Liquidity Rating, SGL-1
  $100 million senior secured revolving credit facility due 2018,
   B1 (LGD3)
  Senior Secured Bank Term Loan A Facility due April 2018, B1
   (LGD3)
  Senior Secured Bank Term Loan B Facility due April 2020, B1
   (LGD3)
  Outlook is stable

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Evertec is an indirect subsidiary of EVERTEC, Inc., and provides
transaction and payment processing, merchant acquiring and
processing, and other banking information technology consulting
services to banks and merchants in Puerto Rico, and 17 countries
in Latin American, the Caribbean and Central America.


GA DESIGN: Hires Vilarino & Associates as Counsel
-------------------------------------------------
G.A. Design & Sourcing Corp., seeks permission from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Javier
Vilarino, Esq. of the Law Firm Vilarino & Associates as its
Chapter 11 counsel.

The Debtor requires Mr. Vilarino with the assistance of Vilarino &
Associates to:

     a. advise the debtor with respect to its duties, powers, and
responsibilities in this case under the laws of the United States
and Puerto Rico in which the debtor in possession conducts its
operations, do business, or is involved in litigation;

     b. advise the debtor in connection with a determination
whether a reorganization is feasible and, if not, helping debtor
in
the orderly liquidation of its assets;

     c. assist the debtor with respect to negotiation with
creditors for the purpose of arranging the orderly liquidation of
assets and/or for proposing a viable plan of reorganization;

     d. prepare, on behalf of the debtor, the necessary
complaints,
answers, orders, reports, memoranda of law and/or any other legal
paper of documents;

     e. appear before the bankruptcy court, or any court in which
debtors assert a claim interest or defines directly or indirectly
related to this bankruptcy case;

     f. perform other legal services for debtors as may be
required
in these proceedings or in connection with the operation of/and
involvement with debtor's business, including but not limited to
notarial services;

    g. employ other professional services, if necessary.

Vilarino & Associates will be paid at these hourly rates plus any
costs and expenses:

     Javier Vilarino, Esq.                 $235
     Associates                            $170
     Law Clerks                            $100
     Paralegals                            $85

The Debtor has paid $5,000 retainer.

Javier F. Vilarino, Esq., capital member of Vilarino & Associates,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

Vilarino & Associates may be reached at:

      Javier F. Vilarino, Esq.
      Vilarino & Associates LLC
      PO BOX 9022515
      San Juan, PR 00902-2515
      Tel: 787-565-9894
      E-mail: jvilarino@vilarinolaw.com

GA Design & Sourcing Corp., based in Caguas, Puerto Rico, filed a
Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No.
3:16-bk-04166) on May 25, 2016.  The Debtor is represented by
Javier Vilarino, Esq., at Vilarino & Associates, LLC.  Judge Brian
K. Tester presides over the case.


INMOBILIARIA LEGUISAMO: Seeks to Hire Rafael Cruzado as Appraiser
-----------------------------------------------------------------
Inmobiliaria Leguisamo Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Rafael
Cruzado as its appraiser.

The Debtor tapped an appraiser to prepare a valuation of its
property located at Bo. Leguisamo, Carr. 352, km 4.6, Mayaguez,
Puerto Rico.

The Debtor will employ Mr. Cruzado on the basis of a $300 for work
performed, according to court filings.

In a court filing, Mr. Cruzado disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Cruzado's contact information is:

     Rafael Arcaya Cruzado
     PO Box 6020
     Mayaguez, PR 00681
     Phone: (787)265-5150

The Debtor can be reached through:

     Nydia Gonzalez Ortiz
     Santiago & Gonzalez Law, LLC
     11 Betances Street
     Yauco, PR 00698
     Tel:(787)267-2205 / 267-2252
     Email: bufetesg@gmail.com

                   About Inmobiliaria Leguisamo

Inmobiliaria Leguisamo Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-00123) on
January 13, 2016.  The Debtor is represented by Nydia Gonzalez
Ortiz, Esq., at Santiago & Gonzalez Law, LLC.


MARJASU CORP: Disclosure Statement Hearing Set for Aug. 10
----------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico scheduled a hearing on approval of Marjasu
Corp.'s disclosure statement for August 10, 2016, at 9:00 A.M., to
consider and rule upon the adequacy of the disclosure statement
and the information contained therein, to consider objections to
the disclosure statement, and such other matters as may properly
come before the court.

Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served upon
parties in interest at their address of record not less than 14
days prior to the hearing. Objections not timely filed and served
will be deemed waived.

The bankruptcy case is IN RE: MARJASU CORP, Case No. 14-07793 MCF
(Bankr. D.P.R.).


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


* T&T Withdraws TT$2.5 Billion From Fund to Pay Public Servants
---------------------------------------------------------------
RJR News reports that on the heels of an announcement that it will
meet outstanding back-pay to public servants, the Trinidad and
Tobago Government withdrew TT$2.5 billion, or about US$385
million, from the Heritage and Stabilisation Fund.

The Heritage and Stabilisation fund is built up from the surplus
derived from high oil prices and currently stands at US$5.5
billion, according to RJR News.

It is the first time that there has been a drawdown on the
country's sovereign wealth fund, which was established in 2007,
the report notes.


                            ***********


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
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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 * * *