TCRLA_Public/160614.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, June 14, 2016, Vol. 17, No. 116


                            Headlines



A R G E N T I N A

AFFIDAVIT SGR: Moody's Affirms B3 GLC IFS Rating
BUENOS AIRES: Moody's Assigns B3 Rating to USD1MM Sr. Notes


B A H A M A S

BAHAMAS: IMF Says Economic Growth Stalled in 2015


B O L I V I A

BOLIVIA: Moody's Changes Outlook to Neg. & Affirms Ba3 Ratings


B R A Z I L

HSBC BANK: S&P Affirms 'BB/B' Global Scale Ratings; Outlook Neg.
STATKRAFT ENERGIAS: Moody's Raises CFR to Ba3/A1.br; Outlook Neg.


C A Y M A N  I S L A N D S

AIDCO INTERNATIONAL: Shareholders' Final Meeting Set for June 27
LEVANT ENERGY: Shareholders' Final Meeting Set for June 27
SAGE MASTER: Creditors' Proofs of Debt Due June 29
SAGE OPPORTUNITY: Creditors' Proofs of Debt Due June 29
ACHIEVEMENT FUND: Creditors' Proofs of Debt Due June 28

ACHIEVEMENT FUND XL: Creditors' Proofs of Debt Due June 28
ACHIEVEMENT MASTER: Creditors' Proofs of Debt Due June 28
CARCASSONNE FUND: Creditors' Proofs of Debt Due June 29
EUROPEAN GROUP: Commences Liquidation Proceedings
G & M WORLD: Creditors' Proofs of Debt Due July 6

MONIDA LTD: Creditors' Proofs of Debt Due June 29
VITA CAPITAL: Creditors' Proofs of Debt Due July 8


M E X I C O

BANCO AZTECA: Moody's Confirms Ba1 Deposit Ratings; Outlook Stable
BANCO INTERACCIONES: Moody's Lowers Ratings to Ba2; Outlook Stable
MEXICO: Inflation Returning to Life as Peso Sinks


P A N A M A

* PANAMA: IMF Says Overall Fiscal Deficit Fell to 2.8% in 2015


P E R U

CAMPOSOL S.A.: Fitch Puts 'B-' IDR on Rating Watch Negative


P U E R T O    R I C O

PUERTO RICO: Island Debt Package Faces Bipartisan Criticism


                            - - - - -


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


AFFIDAVIT SGR: Moody's Affirms B3 GLC IFS Rating
------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
affirmed the B3 global local currency (GLC) insurance financial
strength (IFS) rating of Affidavit SGR ("Affidavit") and upgraded
the company's national scale (NS) IFS rating to Baa2.ar from
Baa3.ar.  The outlook for Affidavit's ratings is stable.

                        RATINGS RATIONALE

Moody's said that the upgrade of Affidavit's NS IFS rating
reflects the company's sustained profitable business growth, which
outpaced the performance of other local peers, and its low
operating leverage, as evidenced by a ratio of par outstanding to
investments that has generally stayed below 2x.  "Over the last
five fiscal years, Affidavit's in force business grew at an
average local currency rate of 37%, while keeping operating
leverage at a relatively conservative average level of 1.7x", said
Alejandro Pavlov, Moody's lead analyst for Affidavit.  The rating
agency went on to say that the entrance of Banco Santander R°o
(rated Ba3 for global local currency deposits) as the addition of
a new influential shareholder should both support the company's
corporate governance practices and strengthen its capital base.
Finally, Moody's said that Affidavit's Baa2.ar IFS rating is
positioned at the middle point of possible outcomes for a B3
global rating, indicating an average credit strength relative to
other B3-rated entities.

Moody's mentioned that that the affirmation of Affidavit's B3 GLC
IFS rating reflects the company's low historical losses, good
business know-how, high degree of operational and commercial
integration with two of its main shareholders: Emebesur and Alenco
SAIC (the latter being a leading dealer of Mercedes Benz buses in
Argentina), and satisfactory capital adequacy.  The rating agency
noted Affidavit's relatively low product risk profile, given
mostly short-term guarantees issued in local currency and its low
operating leverage, which has historically fluctuated in the 1.2x-
2.3x range.

Moody's said, however, that these key credit strengths are
tempered by the company's still relatively modest, but improving,
market presence, the limited diversification of its par
outstanding by economic activity, the speculative-grade quality of
its investments on a global comparison basis (a factor also common
to other reciprocal guarantors in the country), and Argentina's
weak and historically volatile operating environment.  Expanding
on these considerations, Moody's noted Affidavit's high product
concentration in three economic sectors: transportation (39% of
par outstanding), agribusiness (20%) and services (16%).

Commenting on factors that could result in an upgrade for the
company's ratings, Moody's mentioned: 1) a multi-notch upgrade of
Argentina's sovereign bond rating, 2) improvement in Argentina's
operating environment; 3) improved industry diversification with
pool exposure to at least three different sectors representing
one-fourth or more of total par outstanding; and/or 4) sustained
low levels of delinquencies (e.g. below 2% of the outstanding
guarantees).  Conversely, Affidavit's ratings could be downgraded
for the following reasons: 1) a downgrade of Argentina's
government bond and bank deposits ratings, and/or deterioration in
Argentina's operating environment; 2) higher
underwriting/operating leverage: e.g. outstanding guarantees
relative to adjusted investments exceeding 3x for more than two
years; and/or 3) a significant increase in the portfolio
delinquency ratio (e.g. 5% of total investments).

Based in Buenos Aires, Argentina, Affidavit SGR reported total
assets of almost ARS105 million as of 31 March 2016, and a net
profit of ARS2 million.  As of that date, shareholders' equity
grew to ARS103 million, as compared with ARS77.1 million as of 31
December 2015, and total outstanding guarantees amounted to almost
ARS116 million.


BUENOS AIRES: Moody's Assigns B3 Rating to USD1MM Sr. Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a B3 (Global Scale Foreign
Currency) rating to two new Senior Unsecured Notes to be issued by
the Province of Buenos Aires for a combined amount of USD1,000
million due in 2019 and 2027.  The ratings are in line with the
province's long term foreign currency issuer rating, which carry a
stable outlook.

                         RATINGS RATIONALE

These new bonds issuances have been authorized by the Provincial
Law N14.807, by Governor's Decree N122 of 2016 and by Resolution
N87 of the provincial Ministry of Economy which set the specific
conditions of the Notes.  The Province of Buenos Aires will use
the proceeds to fund infrastructure and/or social projects, and/or
to refinance outstanding debt obligations and improve its debt
maturity profile.

The rated bonds constitute direct, general, unconditional and
unsubordinated obligations of the province.  The bonds will be
denominated and payable in US dollars and will be subject to the
State of New York Law.  According to the above mentioned
resolution, the Notes due in 2019 will have a bullet amortization,
bear a fixed interest rate of 5.75% and reach a maximum amount of
USD500 million.  The 2027 Notes will amortize in three annual
installments equivalent to 33.33% of the outstanding principal the
first two of them --in 2025 and in 2026- and to 33.34% the last
one June of 2027.  These Notes will pay 7.875% fixed interest rate
and a reach a maximum amount of USD500 million.

Following the issuance of these two new Notes, Moody's anticipates
that the ratio of total debt to total revenues of the Province of
Buenos Aires will increase to 52% by the end of 2016 from 44.5% in
2015.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date.  Moody's
does not expect changes to the documentation reviewed over this
period nor anticipates changes in the main conditions that the
Notes will carry.  Should issuance conditions and/or final
documentation of these Notes deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act
accordingly.

                WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Buenos Aires.  Conversely, a downgrade in Argentina's bond ratings
and/or a material deterioration of the province's financial
results or debt levels could exert downward pressure on the
ratings assigned.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.


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


BAHAMAS: IMF Says Economic Growth Stalled in 2015
-------------------------------------------------
On June 8, 2016, the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation1 with The
Bahamas.

Economic growth is estimated to have stalled in 2015, as a modest
increase in air tourism arrivals was not sufficient to offset a
contraction in domestic demand and weak exports of goods. Private
consumption and investment were weighed down by headwinds from
fiscal consolidation, as well as an end to construction and
uncertainty over the opening of the Baha Mar megaresort. Inflation
was moderate at 1.9 percent on average in 2015, despite a
temporary increase owing to Value Added Tax (VAT) introduction in
January 2015. Unemployment, after a brief dip earlier in the year,
rose to 14.8 percent in November, as workers hired for the planned
Baha Mar opening were later dismissed. Double-digit unemployment
and the elevated share of nonperforming loans continue to
constrain private credit (which fell by 1 percent year-on-year in
December 2015).

Smooth VAT introduction has contributed to fiscal consolidation.
VAT revenue over the first 12 months, at $536 million (about 6
percent of GDP), has exceeded expectations. As a result, the
FY2014/15 (ending in June 2015) deficit is estimated to have
declined to 4.4 percent of GDP (down from revised 5.6 percent in
FY2013/14). Available data for the first seven months of FY2015/16
suggest a further decline in the deficit, by about 1 percentage
point, compared to the same period a year ago. The central
government debt-to-GDP-ratio nevertheless reached 66.5 percent in
December 2015, pointing to limited fiscal space. The current
account deficit declined significantly, to 15.3 percent of GDP in
2015 (compared to 22 percent a year earlier), driven primarily by
lower imports owing to the decline in oil prices and halt to Baha
Mar construction. International reserves, supported in part by
government external borrowing, increased to $981 million at end-
March 2016, equivalent to about 2.4 months of next years'
projected imports of goods and services.

Prospects are tempered by Baha Mar related uncertainties and low
potential growth. Growth is expected to strengthen to about 0.5
percent this year, supported by continued growth in air tourist
arrivals and moderating headwinds to private consumption and
investment. Looking forward, while Baha Mar opening is expected to
provide a temporary boost to growth, helping to close the still
sizeable output gap, structural impediments continue to constrain
potential growth. Staff estimates point to potential growth
between 1 and 1.5 percent over the medium term, down from close to
3 percent at the start of the century. This outlook is subject to
mainly downside risks, calling for continued fiscal consolidation
to rebuild fiscal and external policy buffers and boosting
investor confidence, as well as a decisive shift towards
implementation of structural reforms to improve competitiveness,
reduce unemployment and raise potential growth.

                   Executive Board Assessment

Executive Directors noted that economic activity stalled in 2015,
weighed down by weak domestic demand and goods exports. The
current account deficit declined significantly but remains
sizable. Going forward, the outlook remains challenging,
especially with high youth unemployment and low productivity
growth. Against this backdrop, Directors emphasized the importance
of continued fiscal consolidation to rebuild fiscal and external
buffers and structural reforms to improve competitiveness, reduce
unemployment and raise potential growth. They also underscored the
need to address financial sector challenges.

Directors commended the authorities for a successful VAT
introduction which has contributed to fiscal consolidation. They
encouraged the authorities to resist pressures to introduce
exemptions and to ensure continued strong implementation.
Directors called for continued consolidation to reduce the public
debt to GDP ratio and ensure sustainability. On expenditures,
Directors emphasized the need to contain increases in the public
wage bill and to orient the budget towards growth-enhancing
infrastructure spending. As regards fiscal reforms, Directors
advocated moving towards a fully-fledged central revenue agency,
improvements in tax administration, and a review of the efficiency
of tax exemptions and concessions, including to the tourism
sector. They supported the on-going reforms to modernize the
public financial management system and called for extending state
owned enterprise reform beyond the energy sector. Directors also
emphasized the need for timely pension system reforms.

To address impediments to growth, Directors called for decisive
implementation of structural reforms, including in the context of
the National Development Plan. These reforms should aim at
strengthening the business environment, raising human capital,
reducing skill mismatches, and lowering high labor and energy
costs. Directors also highlighted potential gains from efficient
investment in information and communication technology,
transportation, public utilities, economic diversification, and
enhanced resilience to natural disasters.

Directors welcomed recent progress in financial sector reforms,
including in addressing gaps in the AML/CFT regulation and
implementation of the new Basel II/III regime. They encouraged the
authorities to enhance their crisis management framework.
Directors called for greater emphasis on risk-based financial
sector supervision and regulation, given global "de-risking"
trends, and strong efforts to ensure compliance and close
communication across stakeholders. Directors called for renewed
efforts to resolve the overhang of non-performing loans to spur
credit growth.


=============
B O L I V I A
=============


BOLIVIA: Moody's Changes Outlook to Neg. & Affirms Ba3 Ratings
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on Bolivia's
issuer and senior unsecured bond ratings to negative from stable,
and has affirmed the ratings at Ba3.

Moody's decision to change the outlook on Bolivia's Ba3 government
bond ratings to negative reflects the following drivers:

  1) Persistent fiscal and balance-of-payment pressures as a
     result of Bolivia's widening fiscal and current account
     deficits;
  2) Lack of fiscal adjustment measures to compensate for lower
     hydrocarbon revenues.

Bolivia's country ceilings are unchanged.  The long-term foreign
currency bond ceiling remains at Ba2, the long-term foreign
currency deposit ceiling at B1, and the long-term local currency
bond and deposit ceilings at Ba1.

                          RATINGS RATIONALE

RATIONALE FOR CHANGING THE OUTLOOK TO NEGATIVE
FIRST DRIVER -- PERSISTENT FISCAL AND BALANCE OF PAYMENT PRESSURES

Bolivia's fiscal and external positions have weakened as a result
of the drop in hydrocarbon prices.  The fiscal deficit widened to
6.6% of GDP in 2015 from a broadly balanced fiscal position over
2011-2014.  Moody's expects the fiscal deficit will remain above
6% of GDP in 2016-17.  While the government has flexibility to
manage a persistent drop in energy-related revenues due to its
fiscal buffers, those buffers will likely deteriorate, as Moody's
expects the authorities will maintain the pace of public
investment to support economic growth at the expense of running
high fiscal deficits.

The current account balance turned into a deficit of 6.9% GDP in
2015, and Moody's expects the deficit to remain at around 7% of
GDP in 2016-17, reflecting in part the government's plans to
maintain the pace of public investment.  Although Bolivia's
external vulnerability remains relatively low, the decline in the
international reserve buffer is notable.  Foreign exchange
reserves now stand at $10.3 billion (28.4% of GDP), down from
$13.2 billion (43% of GDP) at end-2014.

SECOND DRIVER -- LACK OF FISCAL ADJUSTMENT TO COMPENSATE FOR LOWER
HYDROCARBON REVENUES

Unlike other sovereigns faced with significantly lower oil prices
than in the past, the Bolivian authorities have not indicated they
plan to introduce fiscal adjustment measures in response to the
drop in energy-related fiscal revenues.  Instead, Moody's expects
the authorities to maintain the current pace of public investment,
in order to support economic activity and the diversification of
Bolivia's energy mix.  In Moody's view, Bolivia's credit profile
is likely to suffer from the absence of expenditure cuts or an
increase in revenues to compensate for the impact of lower
hydrocarbon revenues on the fiscal accounts.

RATIONALE FOR AFFIRMING BOLIVIA'S GOVERNMENT BOND RATINGS AT Ba3

Moody's decision to affirm Bolivia's government bond ratings at
Ba3 was driven by Bolivia's strong credit metrics relative to Ba-
rated peers, including the presence of significant financial
buffers, built during several years of high energy prices, and
limited external vulnerabilities.  Moody's expects non-financial
public sector debt to rise to 48% of GDP in 2017, close to the Ba-
median of 50%, while debt affordability is expected to remain
higher than peers.  Interest payments have averaged 2.5% of
general government revenues over the past five years, compared to
the Ba median of 8.3%, and Moody's expects debt affordability to
remain below the Ba median at about 4% in 2017.  Additionally,
roughly half of the government's debt is denominated in foreign
currency, lower than the respective Ba median of 55%.  Also, over
60% of external debt is owed to multilateral creditors at
favorable terms and long maturities, which reduces the
government's rollover risk.

                 WHAT COULD MAKE THE RATING GO UP

Although unlikely in the near term, upward pressure on the rating
could materialize as a result of (1) a reversal of negative trends
in fiscal and external balances; (2) an establishment of a track
record of sound fiscal management in the context of lower
hydrocarbon prices; and (2) introduction of fiscal adjustment
measures to compensate for lower revenues and to improve Bolivia's
medium-term fiscal framework.

                 WHAT COULD MAKE THE RATING GO DOWN

Bolivia's Ba3 government bond ratings could be downgraded in case
of (1) a continued material deterioration of fiscal accounts,
leading Bolivia's government debt metrics to significantly diverge
from those observed with Ba peers; (2) a significant depletion of
fiscal and external financial buffers; or (3) a return of
political instability that leads to an elevated level of policy
unpredictability.

  GDP per capita (PPP basis, US$): 6,465 (2015 Actual) (also known
   as Per Capita Income)
  Real GDP growth (% change): 4.8% (2015 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 3% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -6.6% (2015 Actual) (also known
   as Fiscal Balance)
  Current Account Balance/GDP: -6.9% (2015 Actual) (also known as
   External Balance)
  External debt/GDP: 25% (2015 Estimate)
  Level of economic development: Low level of economic resilience
  Default history: No default events (on bonds or loans) have been
   recorded since 1983.

On June 7, 2016, a rating committee was called to discuss the
rating of the Bolivia, Government of.  The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed.  The
issuer's governance and/or management have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has decreased.

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

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



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


HSBC BANK: S&P Affirms 'BB/B' Global Scale Ratings; Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale ratings on
HSBC Bank Brasil S.A., with a negative outlook.

Following the announcement on Aug. 3, 2015 that HSBC Holdings Plc
reached an agreement to sell its Brazilian subsidiary HSBC Bank
Brasil S.A. to Banco Bradesco S.A., S&P revised its assessment of
HSBC Brasil's  group status to non strategic from moderately
strategic to HSBC Plc.  Because of the final approval from all
authorities of the sale granted on June 8, 2016, S&P is now
incorporating support from new shareholder Banco Bradesco S.A.
Because HSBC Brasil is a very representative acquisition, S&P is
equalizing its ratings to those of Bradesco, given the core status
S&P assigned to this subsidiary.

The group status revision to core reflects S&P's view that HSBC
Brasil is a high profile acquisition for Bradesco, with the
subsidiary receiving strong financial support, if needed, in S&P's
opinion.  It will have strong integration, including a mandatory
brand change to Bradesco's. It'll play a key role in Bradesco's
strategy going forward, while has adequate regulatory capital
ratios and constitutes roughly 18% of Bradesco's assets as of
fiscal year end 2015.

The issuer credit ratings on HSBC Brasil reflects its adequate
business position, weak capital and earnings, adequate risk
position, average funding, and strong liquidity. The SACP is 'bb'.

The ratings on HSBC Bank Brasil S.A. should move in tandem with
those on Bradesco.  The negative outlook reflects S&P's view that
the ratings on Bradesco, and consequently HSBC Brasil, should move
in tandem with those on the sovereign, and that there is a greater
than one-in-three likelihood that S&P could lower the ratings on
Brazil again.

S&P anticipates that within the next year a downgrade could stem,
in particular, from potential key policy reversals, given the
fluid political dynamics, including lack of cohesion within the
cabinet, inconsistent policy initiatives, and uncertainties during
or following the impeachment process.  A downgrade could also
result from greater economic turmoil than S&P currently expects
either due to governability issues or the weakened external
environment.

S&P could revise the outlook to stable if Brazil's political
uncertainties and conditions for consistent policy execution were
to improve across branches of government to stanch fiscal
deterioration and strengthen GDP growth prospects.  S&P expects
that these improvements would support a quicker turnaround and
could help Brazil exit from the current recession, facilitating
improved fiscal performance and providing more room to maneuver in
the face of economic shocks.


STATKRAFT ENERGIAS: Moody's Raises CFR to Ba3/A1.br; Outlook Neg.
-----------------------------------------------------------------
Moody's America Latina Ltda upgraded the corporate family ratings
of Statkraft Energias Renovaveis S.A to Ba3/A1.br from B1/Baa1.br
and changed the outlook to negative from developing.

                         RATINGS RATIONALE

The upgrade on Statkraft Energias' corporate family rating stems
from the material reduction in the company's consolidated debt and
the implicit support of its major shareholder Norway's Statkraft
AS (Baa1 stable).

The material reduction in the company's consolidated debt in 2015
resulted from the capitalization of BRL 155 million and the sale
of the company's 25.5% share in two transmission companies for BRL
151 million.  The capitalization and sale of assets followed the
change of the company's controlling shareholders wherein the
Norwegian group Statkraft increased its participation in the
company's capital to 81.3% from 41% in July 2015.

Moody's forecasts that consolidated credit metrics will
significantly improve over the next two years as a result of the
prevailing high operating margins associated with materially lower
debt than in the recent past and Moody's expectations that capital
expenditures will be restricted to maintenance levels up to mid-
2017.

The major downside risks to Moody's forecast are unexpected cash
outlays related to the payment of contingent liabilities or higher
capital expenditures that could affect the company's capital
structure.

What could change the ratings up/down

The negative outlook reflects the negative outlook on Brazil's Ba2
sovereign rating.

In light of this rating action, an upgrade rating action is
unlikely over the short term.

Moody's would consider a downgrade rating action if the company's
credit metrics do not improve as Moody's expects so that CFO Pre-
WC over debt ratio becomes lower than 15% and interest coverage
stays below 3.0x on a consistent basis.  A perceived deterioration
in the company's liquidity or a downgrade of Brazil's sovereign
rating could prompt a downgrade action.

Statkraft Energias Renovaveis is owned by Statkraft Investimentos
Ltda, which holds 81.3% of the company's voting and total capital
with the pension fund FUNCEF holding the remaining 18.7% of the
company's voting and total capital.  Statkraft Investimentos Ltda.
is a holding company controlled by two Norwegian companies:
Statkraft AS (81.9%; Baa1, stable) and Norfund (18.1%; not rated).

Statkraft Energias Renov†veis holds interests in 14 power plants
with a total installed capacity of 316 MW consisting of 10 small
and medium sized hydro-power plants (188MW) and 4 wind power
plants (128 MW).  Statkraft Energias Renov†veis also renders
operating and maintenance services to power plants and electric
systems through its subsidiary Enex O&M de Sistemas ElÇtricos
Ltda.

In the last twelve months ended on March 31, 2016, Statkraft
posted net consolidated revenues of BRL 284 million, EBITDA of
BRL161 million and a net loss of BRL40 million.


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


AIDCO INTERNATIONAL: Shareholders' Final Meeting Set for June 27
----------------------------------------------------------------
The shareholders of Aidco International Limited will hold their
final meeting on June 27, 2016, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LEVANT ENERGY: Shareholders' Final Meeting Set for June 27
----------------------------------------------------------
The shareholders of Levant Energy will hold their final meeting on
June 27, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


SAGE MASTER: Creditors' Proofs of Debt Due June 29
--------------------------------------------------
The creditors of Sage Master Investments Ltd. are required to file
their proofs of debt by June 29, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2016.

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


SAGE OPPORTUNITY: Creditors' Proofs of Debt Due June 29
-------------------------------------------------------
The creditors of Sage Opportunity Fund (Offshore) Ltd. are
required to file their proofs of debt by June 29, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2016.

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


ACHIEVEMENT FUND: Creditors' Proofs of Debt Due June 28
-------------------------------------------------------
The creditors of Achievement Fund Ltd. are required to file their
proofs of debt by June 28, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 2, 2016.

The company's liquidator is:

          Fund Solution Services Limited
          Trudy-Ann Scott Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town Grand Cayman
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone:  +1 (345) 947 5855


ACHIEVEMENT FUND XL: Creditors' Proofs of Debt Due June 28
----------------------------------------------------------
The creditors of Achievement Fund XL Ltd. are required to file
their proofs of debt by June 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2016.

The company's liquidator is:

          Fund Solution Services Limited
          Trudy-Ann Scott Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town Grand Cayman
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone:  +1 (345) 947 5855


ACHIEVEMENT MASTER: Creditors' Proofs of Debt Due June 28
---------------------------------------------------------
The creditors of Achievement Master Fund Ltd. are required to file
their proofs of debt by June 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2016.

The company's liquidator is:

          Fund Solution Services Limited
          Trudy-Ann Scott Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town Grand Cayman
          10 Market Street, #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone:  +1 (345) 947 5855


CARCASSONNE FUND: Creditors' Proofs of Debt Due June 29
-------------------------------------------------------
The creditors of Carcassonne Fund are required to file their
proofs of debt by June 29, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 19, 2016.

The company's liquidator is:

          Andre Slabbert Estera Trust (Cayman) Limited
          c/o James Macfee
          Estera Trust (Cayman) Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 345 814 2962


EUROPEAN GROUP: Commences Liquidation Proceedings
-------------------------------------------------
On May 17, 2016, the sole shareholder of European Group Financing
Company Limited resolved to voluntarily liquidate the company's
business.

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

          Genworth Financial International Holdings, LLC
          John O'Driscoll
          Walkers
          6 Gracechurch Street
          London EC3V 0AT United Kingdom
          Telephone: +44 (0)20 7220 4987


G & M WORLD: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of G & M World Invest and Associates Ltd. are
required to file their proofs of debt by July 6, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 17, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


MONIDA LTD: Creditors' Proofs of Debt Due June 29
-------------------------------------------------
The creditors of Monida Ltd. are required to file their proofs of
debt by June 29, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 18, 2016.

The company's liquidator is:

          James Macfee
          Estera Trust (Cayman) Limited
          Telephone: +1 345 814 2962
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


VITA CAPITAL: Creditors' Proofs of Debt Due July 8
--------------------------------------------------
The creditors of Vita Capital V Ltd. are required to file their
proofs of debt by July 8, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 4, 2016.

The company's liquidators are:

          Kevin Poole
          James Trundle
          P.O. Box 10233 171 Elgin Avenue
          Willow House Grand Cayman
          Cayman Islands
          Telephone: 914-2270
          Facsimile: 949-6021



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


BANCO AZTECA: Moody's Confirms Ba1 Deposit Ratings; Outlook Stable
------------------------------------------------------------------
Moody's de Mexico has confirmed the Ba1 long-term global local and
foreign currency deposit ratings of Banco Azteca, S.A. with a
stable outlook.  Moody's has also confirmed the bank's ba3
baseline credit assessment (BCA) and adjusted BCA, its Baa3(cr)
and Prime-3(cr) long- and short-term counterparty risk
assessments, and its Mexican national scale short term local
currency deposit rating of MX-2.  Azteca's long-term Mexican
national scale local currency deposit rating has been downgraded
to A1.mx from Aa3.mx.

This rating action concludes the review for downgrade initiated on
April 4, 2016.

These ratings and assessments of Banco Azteca were confirmed:

   -- Long term global local currency deposit rating: Ba1, stable
      outlook
   -- Long term global foreign currency deposit rating: Ba1,
      stable outlook
   -- Short term Mexican national scale local currency deposit
      rating: MX-2
   -- Baseline credit assessment: ba3
   -- Adjusted baseline credit assessment: ba3
   -- Long-term counterparty risk assessment: Baa3(cr)
   -- Short-term counterparty risk assessment: Prime-3(cr)

This rating of Banco Azteca was downgraded:

   -- Long term Mexican national scale local currency deposit
      rating to A1.mx from Aa3.mx
   -- Overall rating outlook: Stable

                          RATINGS RATIONALE

The confirmation of Azteca's global scale ratings reflects Moody's
expectations of relatively stable financial fundamentals despite
Mexico's less favorable operating environment for banks.  The bank
should continue to benefit from strong capitalization, ample
liquidity, and granular, low-cost deposit funding, which will help
it to maintain adequate profitability despite very high credit
costs, as measured by the share of loan loss provisions to pre-
provision income.

Azteca, along with other Mexican banks, faces increased medium-
term tail risks because of the country's less favorable operating
environment stemming from a combination of the oil price shock and
the slower than expected economic growth.  The structural reforms
adopted in 2013-14, which were expected to deliver a boost to
economic activity, have not provided the anticipated benefit.
While Moody's does not project an economic deceleration, together
these factors have undermined expectations for improved economic
performance and shifted the balance of risks and opportunities for
the country's banking sector to the downside.  Although its global
scale ratings are unaffected at present, the less favorable
operating environment has been reflected in the downgrade of
Azteca's long-term national scale deposit rating.

Moody's expects Azteca's profitability to remain at the current
moderate levels supported by ample net interest margins, a
reflection of the high interest rates on the bank's consumer loan
book and a large base of low-cost retail deposits.  The large
interest margins help absorb high operating costs related to a
nationwide branch network that provides the bank access to a very
large number of small retail depositors and a labor intensive loan
recovery process, despite which credit costs remain very high as
well.

After two years of contraction due to a balance sheet clean-up,
management expects to grow the bank's loan book in 2016 and 2017.
However, "notwithstanding the decline in the bank's delinquency
ratio over the past two years thanks to a loan portfolio clean-up,
Azteca's asset risks remain high given the bank's focus on riskier
low and middle class consumers as reflected in consistently very
high loan loss provisions," said Moody's Analyst Georges
Hatcherian.  This population is particularly vulnerable to another
shock to the economy.

In addition, asset risks will be amplified by the bank's high
level of related-party lending.  The latter -- although within
regulatory limits-- underscores concerns related to corporate
governance stemming from the bank's closely-held family-based
ownership structure, which could generate conflicts of interest.
However, the bank has very little exposure to the energy sector,
which has been significantly affected by the decline in oil
prices.

Banco Azteca's global scale deposit ratings benefit from two
notches of uplift from the bank's standalone BCA, in line with
Moody's assessment of a high probability of public support.  This
assessment owes to the bank's focus on socially visible low income
depositors and its important market share within the consumer
lending business, which the current government has prioritized as
key sectors for increasing intermediation in Mexico.

The lowering of the bank's long-term Mexican National Scale
deposit rating to A1.mx from Aa3.mx reflects the expected increase
of the bank's asset risks given its plans to resume loan growth,
and the vulnerability of its target market to Mexico's less
favorable operating environment.  Further, resumed loan growth may
put pressure on the currently strong capital and ample liquidity
somewhat, though to levels still consistent with the ba3 BCA.

            WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN

Banco Azteca's ratings could would show downward pressures if
credit costs rise significantly, with the ensuing negative effects
on profitability and core capitalization.  On the other hand, the
ratings could face upward pressure if the bank's manages to
increase profitability via a sustainable reduction in operating
and particularly credit costs, coupled with an increase in
capitalization.

The principal methodology used in this rating was Banks published
in January 2016.

The period of time covered in the financial information used to
determine the rating is between 1 January 2011 and 31 March 2016
(source: Moody's, Issuer's financial statements, CNBV and
Banxico).

The sources and items of information used to determine the rating
include 2014 and 2015 interim financial statements (source:
Moody's and Issuer's financial statements); year-end 2014 and 2015
audited financial statements (source: Moody's and Issuer's annual
audited financial statements); information on market position
(source: CNBV); regulatory capital information (source: Banxico).

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.

The long term Mexican National Scale rating of A1.mx presents
above-average creditworthiness relative to other domestic issuers.

Banco Azteca is headquartered in Mexico City, Mexico.  As of March
2016, the bank had MXN121.4 billion in assets (source: Comision
Nacional Bancaria y de Valores).


BANCO INTERACCIONES: Moody's Lowers Ratings to Ba2; Outlook Stable
------------------------------------------------------------------
Moody's de Mexico has downgraded the long-term global local and
foreign currency deposit ratings and the global local currency
senior debt rating of Banco Interacciones, S.A. to Ba2 from Ba1.
In addition, the rating agency downgraded Interacciones' Mexican
national scale long-term local currency deposit and senior debt
ratings to A2.mx from A1.mx.  Moody's also lowered the bank's
baseline credit assessment (BCA) and adjusted BCA to ba3 from ba2,
and its long and short term counterparty risk assessments to
Ba1(cr)/Not Prime(cr) from Baa3(cr)/Prime-3(cr).  The bank's
outlook is stable.

The rating action on Interacciones' ratings concludes the review
for downgrade initiated on April 4, 2016.

List of Affected Ratings and Assessments:

   -- Long term global local and foreign currency deposit ratings:
      Downgraded to Ba2 from Ba1, stable outlook
   -- Long term global local currency senior debt rating:
      Downgraded to Ba2 from Ba1, stable outlook (BINTER 15,
      BINTER 15-2, BINTER 16)
   -- Long term Mexican national scale local currency deposit
      rating: Downgraded to A2.mx from A1.mx
   -- Long term Mexican national scale local currency senior debt
      rating: Downgraded to A2.mx from A1.mx (BINTER 15, BINTER
      15-2, BINTER 16)
   -- Baseline credit assessment: Downgraded to ba3 from ba2
   -- Adjusted baseline credit assessment: Downgraded to ba3 from
      ba2
   -- Long-term counterparty risk assessment: Downgraded to
      Ba1(cr) from Baa3(cr)
   -- Short-term counterparty risk assessment: Downgraded to Not
      Prime(cr) from Prime-3(cr)
   -- Overall rating outlook: Stable

                          RATINGS RATIONALE

The downgrades reflect rising asset risks deriving from the bank's
large exposures to Mexican regional and local governments (RLGs)
and to the national oil company, Petroleos Mexicanos (Pemex)
(senior unsecured Baa3 negative, BCA b3) and its suppliers, the
creditworthiness of which is under pressure in large part due to
persistently low oil prices, as well as weakening profitability
amid Mexico's less favorable operating environment.

Interacciones, along with other Mexican banks, faces increased
medium-term tail risks because of the country's less favorable
operating environment stemming from a combination of the oil price
shock and the slower than expected economic growth.  The
structural reforms adopted in 2013-14, which were expected to
deliver a boost to economic activity, have not provided the
anticipated benefit.  While Moody's does not project an economic
deceleration, together these factors have undermined expectations
for improved economic performance and shifted the balance of risks
and opportunities for the country's banking sector to the
downside.

Moody's analyst Georges Hatcherian added that "Interacciones'
exposure to Pemex and its suppliers continue to account for a
hefty amount of the bank's tangible common equity, despite a
significant reduction in recent months".  Pemex's credit quality
has deteriorated significantly even considering the very high
likelihood that it will benefit from sovereign support.

As reflected in the negative outlooks assigned to many of them,
the credit quality of Mexican subsovereigns will also decline as
growth in transfers from the central government slows down in 2017
while expenditures continue to rise and cities and states take on
more debt to make up the shortfall.  While asset quality metrics
on the majority of these loans, which account for two-thirds of
Interacciones' loan book, will remain strong thanks to an
automatic loan repayment trust mechanism that captures the cash
flows from federal transfers, the bank's exposure to unsecured
short-term loans to these borrowers increased substantially in
2015, and is expected to continue to rise as the bank targets this
product.  The bank also aims to increase lending to SMEs, a
traditionally high-risk segment, though its expected focus on
loans to suppliers to the federal government that are secured by
accounts receivable should help mitigate this risk.

The downgrades also consider negative pressure on Interacciones'
profitability as a result the bank's heavy reliance on short term
wholesale funding.  Mexico's central bank tightened monetary
policy in February and is expected to match any future rates
increases carried out by the U.S. Federal Reserve.  Return on
assets declined to around 1% in the first quarter of 2016, from
1.2% in calendar year 2015.

Interacciones's global scale debt and deposit ratings incorporate
one notch of uplift from its ba3 BCA, which reflects a moderate
probability of government support owing to the bank's role in
servicing local governments, both as lender and deposit taker.

               WHAT COULD CHANGE THE RATINGS UP OR DOWN

A significant deterioration in asset quality leading to a further
erosion in earnings and capitalization could put further downward
pressure on the ratings.  Upward pressure could result if the bank
is able to successfully execute its strategy to diversify its loan
portfolio without experiencing an increase in delinquencies.  The
ratings could also benefit from further improvements in corporate
governance as well as from a meaningful increase of stable and
more granular customer deposits, along with an extension in
funding maturities.

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

The period of time covered in the financial information used to
determine Banco Interacciones, S.A.'s rating is between 01/01/2011
and 03/31/2016 (source: Moody's, Issuer's financial statements,
CNBV and Banxico).

The sources and items of information used to determine the rating
include 2014 and 2015 interim financial statements (source:
Moody's and Issuer's financial statements); year-end 2014 and 2015
audited financial statements (source: Moody's and Issuer's annual
audited financial statements); information on market position
(source: CNBV); regulatory capital information (source: Banxico).

Banco Interacciones is headquartered in Mexico City, Mexico.  As
of March 2016, the bank reported MXN187.5 billion in assets
(source: Comision Nacional Bancaria y de Valores).


MEXICO: Inflation Returning to Life as Peso Sinks
-------------------------------------------------
Eric Martin at Bloomberg News reports that Bank of America Corp.
and BBVA Bancomer SA are telling clients to pile into Mexico's
inflation-linked bonds as a deepening slide in the peso drives up
the costs of goods.

Prices for everything from jewelry to medicine jumped 3.5 percent
in May from a year earlier, the most since November 2014,
according to Bloomberg News.  That signals the peso's 31 percent
plunge in the past two years is starting to fan an increase in
living expenses in Latin America's second-biggest economy, said
Bank of America chief Mexico economist Carlos Capistran, Bloomberg
News notes.

For the past year, Mexico's inflation rate has remained well below
the central bank's 3 percent target and even reached a four-decade
low in December despite the currency's slide, Bloomberg News
notes.   Now, policy makers who last year highlighted the
diminishing pass-through, or link, between the peso and consumer
prices are expected to boost the key interest rate from 3.75
percent later this month to preserve financial stability and keep
inflation in check, Bloomberg News relays.

"It's the beginning of higher pass-through from the peso," Mr.
Capistran said, Bloomberg News notes.  "We are starting to see a
more marked effect on the prices of merchandise," he added.

Mr. Capistrano forecasts annual inflation will quicken to 3.3
percent by the end of the year from 2.6 percent in May, Bloomberg
News notes.   Bank of America is advising clients to buy Mexico's
inflation-linked bonds due in 2025 and sell the nation's 10-year
fixed-rate notes, Bloomberg News says.

The peso has tumbled 8.3 percent this year as of 9:25 a.m. in New
York on June 13, the biggest drop among emerging-market
currencies, Bloomberg News relays.

Pedro Uriz, a strategist at BBVA, recommends snapping up Mexican
inflation-linked bonds due in 2019 and selling the fixed-rate
notes. BBVA predicts price increases will accelerate to 2.9
percent by year-end, Bloomberg News notes.

"The implicit inflation expectations were excessively low," Mr.
Uriz said, Bloomberg News discloses.  "The pass-through is focused
on goods, but given the weakness in the exchange rate, we could
see more of it," Mr. Uriz added.


===========
P A N A M A
===========


* PANAMA: IMF Says Overall Fiscal Deficit Fell to 2.8% in 2015
--------------------------------------------------------------
On May 23, 2016, the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation1 with Panama.
Panama has had the highest average growth in the region over the
past decade and is expected to continue to have one of the
strongest growth rates in Latin America, set against a backdrop of
low inflation, a stable financial system, and a declining current
account deficit. GDP grew by 5.8 percent in 2015, and growth is
projected to remain around 6 percent in 2016 and over the medium
term. The economy will be supported by the expected opening of the
expanded canal and lower fuel prices, which will counterbalance
the effects of slowing global growth and U.S. dollar appreciation.
Over the medium term, the increase in canal transit, a dynamic
service sector, and investments in the energy, mining, and
logistics sectors should help maintain vibrant growth. Inflation
is expected to remain subdued in 2016.

The overall fiscal deficit fell to 2.8 percent of GDP in 2015 and
is expected to consolidate to 1.2 percent of GDP over the medium
term. Public debt is projected as sustainable. Debt of the Non-
Financial Public Sector was 39 percent of GDP in 2015 and is
projected to fall below 35 percent of GDP over the medium term.
The current account deficit, which declined significantly in 2015
to 6.5 percent of GDP, is expected to fall to 3 percent of GDP in
the medium term, financed by broad-based foreign direct investment
inflows.

Since the Financial Action Task Force (FATF) included Panama in
the list of countries with strategic deficiencies in the area of
Anti-Money Laundering and Combating the Financing of Terrorism
(AML/CFT) in June 2014, the authorities implemented an action plan
agreed with the FATF. The FATF recognized the progress by removing
Panama from the list in February 2016. Going forward, Panama is
scheduled to undergo an assessment against the prevailing 2012
FATF standard in mid-2017, where the focus will be on the
effective implementation of the AML/CFT regime. In addition, after
the leak of the documents from the law firm Mossack Fonseca in
April 2016, the government has announced the creation of an
independent commission of international experts to evaluate the
practices of the Panamanian financial center and propose measures
to strengthen transparency of the financial and legal systems. The
government has also committed to the bilateral Automatic Exchange
of Information related to tax matters, following the OECD's Common
Reporting Standards by 2018.

In May 2016, the U.S. imposed sanctions under the U.S. Foreign
Narcotics Kingpin Designation Act on the Waked Money Laundering
Organization for laundering narcotics and other illicit proceeds.
This action prompted Panama's Superintendent of Banks subsequently
to take operating control of a local bank that was designated by
the U.S. authorities as part of that organization, and also
triggered the opening of criminal investigations, taking control
of a local brokerage house, and beginning extraordinary
inspections of nonfinancial entities by the Panamanian
authorities.

Strong integration with the global trade and financial system
brings substantial benefits to Panama, but increases the country's
vulnerability to external shocks. A weakening of global growth
could dampen canal revenues and precipitate weaker capital
inflows. Tighter and/or more volatile global financial conditions
would quickly feed into the local financial system. However, the
strong fundamentals of the banking sector and the room to
implement a countercyclical fiscal response would help mitigate
the impact of either shock on the domestic economy. Evolving
business models for banks, changes in capital regulations,
concerns over compliance with international standards on financial
integrity and transparency, and increased due diligence by foreign
banks have curtailed some smaller Panamanian banks' access to
correspondent banks; the risk could be more extensive going
forward.

                  Executive Board Assessment

Directors commended Panama's dynamic macroeconomic performance,
set against the backdrop of low inflation and unemployment, and a
declining current account deficit. While the medium-term outlook
remains favorable, Directors noted that the uncertain external
environment poses downside risks. Against this background, they
encouraged further efforts to enhance financial transparency,
strengthen the fiscal framework, build larger buffers, and promote
inclusive growth.

Directors stressed the importance of strengthening the AML/CFT
framework in line with international standards and ensuring its
effective implementation, especially in light of recent
revelations. While noting Panama's removal from the FATF list of
countries with strategic deficiencies in AML/CFT, they called on
the authorities to improve financial integrity and transparency,
which would place Panama in a strong position ahead of the next
FATF assessment and safeguard Panama's role as an international
financial hub. Directors welcomed the authorities' commitment to
the automatic exchange of tax information and urged them to expand
these agreements with other jurisdictions. Measures to mitigate
the impact of de-risking were encouraged, but will require greater
international efforts to fully address.

Directors underlined the need to continue strengthening the
transparency and accountability of the fiscal framework. They
encouraged the authorities to introduce mechanisms to enhance
incentives for compliance with fiscal rules and promptly detect
and correct slippages. Directors welcomed the authorities'
openness to introduce a multi-year budgeting process, establish an
independent fiscal council, and safeguard capital spending.
Pension reform is encouraged, given large unfunded future
liabilities, and to preserve space for other components of public
spending. Welcoming the authorities' efforts to modernize revenue
administration, Directors underscored the need to broaden the tax
base, develop appropriate incentives for tax compliance, and
refrain from tax amnesties.

Directors noted that Panama's financial sector is generally
healthy, while certain areas require greater vigilance. In the
absence of a lender of last resort, they emphasized the need to
develop contingency plans to address systemic shocks and to ensure
larger liquidity buffers, including through an alignment of the
liquidity regulation with the Basel III framework and the
establishment of a temporary liquidity facility for banks.
Directors encouraged the authorities to fully implement FSAP
recommendations, enhance cross-border supervision and systemic
risk monitoring, and strengthen supervision of nonbank financial
institutions.

Directors highlighted that human capital enhancements are
essential for sustaining high and inclusive growth and encouraged
the authorities to move forward with the envisaged measures to
improve education quality, reduce skills shortages, and strengthen
productivity. They welcomed the significant poverty reduction over
recent years, while underlining that social assistance will be
essential to address the needs of the indigenous and other
socially-vulnerable groups for achieving more inclusive growth.


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


CAMPOSOL S.A.: Fitch Puts 'B-' IDR on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed the 'B-' Foreign and Local Currency Long-
Term Issuer Default Ratings of Camposol Holding Ltd and its
wholly-owned subsidiary Camposol S.A. on Rating Watch Negative.

                        KEY RATING DRIVERS

Rating Watch Negative
The placement of Camposol on Rating Watch Negative reflects
Fitch's concerns about the company's tight cash flow situation.
Refinancing risk persists for the Camposol's remaining 9.875%
notes due Feb. 2, 2017, whose holders did not participate in the
company's debt exchange offer.  Following the settlement on
April 25, 2016, of the debt exchange offer for the USD200 million
existing 2017 notes, Camposol exchanged an aggregate principal
amount of USD147,490,000, representing 73.75% of holders'
participation for the newly issued 10.5% senior secured notes due
2021.  Participation was below the minimum level of 95% initially
expected.  If Camposol is not able to secure additional credit
lines by September 2016, a downgrade could follow to reflect
limited refinancing options for the existing notes due Feb. 2,
2017.

Shareholders' Commitment and Support
Fitch factors into its ratings for Camposol the commitment and
tangible support from shareholders, which was evidenced by an
injection of USD5 million in March 2016.  In addition,
USD10 million of shareholder debt (subordinate to the remaining
and new notes) was approved by the board to fund expansion capex
of 540 Has for additional blueberry plantations.  Following the
debt exchange, Camposol also announced an additional working
capital credit line of up to USD20 million committed by the
shareholders to be used in case the company should require it.

Improvement of Operating Results
Camposol has improved its operating results with EBITDA of USD49
million as of LTM March 31, 2016.  The increased from 2014 and
2015 (USD34 million and USD42 million, respectively) was mainly
due to higher volumes of blueberry sales.  In addition, the shrimp
business reported positive EBITDA in 1Q16.  Camposol's blueberry
segment has allowed the company to improve its EBITDA margin from
13% in 2014 to 15.6% and 18.4% in 2015 and LTM March 2016,
respectively.  The gross margin for blueberries is higher than 50%
compared to 30% on average.

Leverage Reduction
Camposol's net leverage decreased to 4.3x in March 2016 from 5.3x
in FYE15 due to higher EBITDA as well as debt reduction.  Fitch
expects FCF to be neutral to negative due to increased capex for
new blueberry plantations while net leverage would decline to
below 4.0x by the end of 2016.  Fitch projects a reduction of net
leverage as a result of growing EBITDA coming from increased
yields by the company's avocado and blueberry plantations, as only
63% of total planted areas have reached peak yields, and
improvements in shrimp production.

2017 Senior Secured Notes
The outstanding amount of the 2017 senior notes is now secured.
The 2017 notes benefit from the same collateral package on a pari
passu basis as the 2021 secured notes.  The 2017 notes and the new
notes are secured on a first-priority basis by collateral
consisting of land, biological assets, machinery and equipment and
all licenses, including water licenses.  These assets have an
estimated immediate realization value of approximately USD300
million, which is equivalent to about half of the company's total
assets.  Camposol's Recovery Rating has been capped at 'RR4'
reflecting average recovery prospects.

                         KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

   -- Increasing production, mainly in blueberries and avocados,
      as new plantations are entering into high-yield phases;
   -- Recovery in shrimp production and processing other seafood
      products in order to maximize utilization capacity of new
      facilities;
   -- Three-year average prices for most agriculture products;
   -- Fixed costs at level reduced in 2015 (13% of revenues);
   -- Capex at USD36 million for 2016, USD25 million for 2017 and
      thereafter;
   -- No dividend payments;
   -- Successful refinancing of the remaining USD52.5 million
      notes due 2017;
   -- Shareholders' tangible support;
   -- A strong 'El Nino' impact is not considered into base case
      assumptions.

                        RATING SENSITIVITIES

Negative Rating Action: Factors that could lead to a rating
downgrade include failure to increase credit bank lines over the
next three months, further deterioration of Camposol's liquidity
without any tangible additional support from shareholders, and/or
reduction in profitability as a result of lower production volumes
and yields due to climatic events.  Another potential detriment to
Camposol's ratings would be a decline of product prices due to
lower demand for its key markets resulting in gross leverage
levels consistently above 6.0x and/or interest coverage declining
to 1.5x or lower.

Positive Rating Action: Factors that could lead to Fitch removing
the Rating Watch Negative and assigning a Stable Rating Outlook
would be an increase of credit lines and no refinancing risk
coupled with a material improvement in liquidity and cash flow
generation.

                             LIQUIDITY

As a result of the debt exchange offer, the company paid in cash
around USD10 million mainly for accrued interest on tendered
existing notes and a participation fee of 1.00% of the principal
amount of existing notes tendered.  Camposol's available and used
credit lines for short-term financing reduced from USD60 million
in YE2014 to USD36 million in YE2015 and USD27.5 million as of
March 31, 2016.  Fitch expects Camposol's cash position to be
around USD24 million and short-term debt of USD70 million as of
FY2016.  The cash position would be further stressed if the
company is not able to refinance the remaining 26.25% of the
principal amount of existing notes (USD52,510,000) with new credit
lines and/or shareholder funds.

                   FULL LIST OF RATING ACTIONS

Fitch has placed these ratings on Rating Watch Negative:

Camposol Holding Ltd.
   -- Long-term foreign currency IDR 'B-';
   -- Long-term local currency IDR 'B-'.

Camposol S.A.
   -- Long-term foreign currency IDR 'B-';
   -- Long-term local currency IDR 'B-';
   -- Senior secured notes due 2017 'B-/RR4';
   -- Senior secured notes due 2021 'B-/RR4'.


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


PUERTO RICO: Island Debt Package Faces Bipartisan Criticism
-----------------------------------------------------------
Tom Howell Jr. at The Washington Times reports that Puerto Rico
voters sent a signal of displeasure this weekend with the debt
rescue package now pending in Congress, but leaders on Capitol
Hill are pushing ahead anyway, insisting the bipartisan compromise
is the best deal for federal taxpayers and the island territory.

Conservative critics still fear the bill will end up socking
average Americans' pockets, while liberals say the deal is too
harsh on Puerto Rico itself, making cuts to social services more
likely, according to The Washington Times.

Puerto Ricans appeared to send that same message themselves when
Ricardo Rossello, who opposes the House bill, defeated
Commissioner Pedro Pierluisi, the island's nonvoting member of
Congress, in a primary this weekend to see who the New Progressive
Party's candidate for governor will be this fall, the report
notes.

"We know that Puerto Rico doesn't agree with it," said Rep. John
Fleming, Louisiana Republican and one of the conservatives who
fears the bill will put pensioners and unions ahead of regular
bondholders, the report relays.

Mr. Pierluisi, he added, "ran on this issue and lost," notes the
report.

The House is scheduled to vote on the rescue package, and Speaker
Paul D. Ryan has implored his Republican troops to rally around
the bill he negotiated with the Obama administration, saying it is
the best a divided Congress can do to help Puerto Rico restructure
its $72 billion of debt without resorting to a taxpayer bailout,
the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
28, 2015, Moody's Investors Service has downgraded $1.09 billion
of Puerto Rico appropriation bonds issued by the Public Finance
Corporation (PFC) to C from Ca, while maintaining other ratings
assigned to the US territory's debt.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *