TCRLA_Public/160616.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 16, 2016, Vol. 17, No. 118


                            Headlines



A R G E N T I N A

ARGENTINA: Is Favorite Bet in Latin America, Loomis Sayles Says
AVAL FEDERAL: Moody's Withdraws B3 Global Local Currency Rating


B R A Z I L

BRAZIL: Interim Gov't Proposes Spending Caps for at Least a Decade
BRAZIL: Retail Sales Climb in April as Consumer Confidence Rises
PARANAPANEMA: Moody's Withdraws Caa2 Corporate Family Rating


C A Y M A N  I S L A N D S

ASUQ FINANCIAL: Commences Liquidation Proceedings
GLOBAL FINANCE: Commences Liquidation Proceedings
GOLDEN HANS: Appoints Official Liquidators
LORA INVESTMENTS INT'L: Creditors' Proofs of Debt Due June 27
LORA INVESTMENTS MASTER: Creditors' Proofs of Debt Due June 27

MULTICAT MEXICO: Creditors' Proofs of Debt Due July 8
POWERKO LTD: Creditors' Proofs of Debt Due July 6
STRAKE INVESTMENTS: Creditors' Proofs of Debt Due July 6


J A M A I C A

DIGICEL GROUP: Bids to Take Over Italian Firm
JAMAICA: J$ Continues to Lose Value Against US Currency


M E X I C O

ALMACENADORA ACCEL: Moody's Repositions LT Mex. NSR to Ba1.mx
COACALCO MUNICIPALITY: Moody's Repositions LC Issuer NSR to B3.mx
GRUPO BIMBO: Moody's Keeps Baa2 Sr. Unsec. Reg. Bond/Debt Rating
MBIA MEXICO: Moody's Repositions NSR to B3.mx


X X X X X X X X X

LATIN AMERICA: Foreign Investment Could Fall Up to 8% This Year


                            - - - - -



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


ARGENTINA: Is Favorite Bet in Latin America, Loomis Sayles Says
---------------------------------------------------------------
Aline Oyamada and Andre Soliani Costa at Bloomberg News report
that Loomis Sayles is favoring bonds from Argentina and Colombia
over notes from Mexico or Brazil, betting the smaller Latin
American economies will post faster growth and higher returns.

Yields on Argentina's $2.75 billion of 30-year bonds could drop
1.5 percentage point over the next two years as President Mauricio
Macri implements his plan to rebuild the economy and restore
investor confidence, according to Edgardo Sternberg, a money
manager at Boston-based Loomis Sayles, which oversees $229 billion
in bonds including $16.5 billion in emerging-market debt, reports
Bloomberg News.

"By the end of this administration, it should be at the stage that
it could become investment grade," President Marci said in an
interview, notes the report.

According to Bloomberg News, Mr. Sternberg also said Colombia's
local-currency bonds are attractive, with the peso poised to rally
with higher oil prices.

While Brazil's assets are among the world's best performers this
year as investors speculated a new government would shore up the
country's finances and restore growth, further gains are more
likely to come on a long-term basis, according to the money
manager, Bloomberg News relates.  President Marci said the real
may weaken toward 4 per dollar by the end of the year.

President Marci sees Mexico's peso as fairly valued and says he
has a neutral position on the country's debt, Bloomberg News
discloses.  Notes from hotel operator Grupo Posadas SAB are a good
bet for investors seeking to take advantage of tourism from the
U.S., he said, the report adds.

                             *     *     *

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

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

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

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


AVAL FEDERAL: Moody's Withdraws B3 Global Local Currency Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn the B3 global local currency and Baa2.ar Argentine
national scale insurance financial strength (IFS) ratings of Aval
Federal SGR.

                          RATINGS RATIONALE

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


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


BRAZIL: Interim Gov't Proposes Spending Caps for at Least a Decade
------------------------------------------------------------------
EFE News reports that the government of Brazil's interim
president, Michel Temer, said it would propose to lawmakers a
constitutional amendment to cap public spending increases for at
least 10 years.

Under the proposal, announced 10 days ago but unveiled by the
Finance Ministry, growth in spending by the executive, legislative
and judicial branches during a given fiscal year could not exceed
the prior year's inflation rate, according to EFE News.

The cap would not be allowed to be modified for the first 10 years
after the amendment is enacted but could be eased over the
following decade with congressional approval, the report notes.

"The main goal of this measure is to ensure that growth in the
public debt relative to gross domestic product (GDP), which has
grown systematically, is stabilized and then begins to fall,"
Finance Minister Henrique Meirelles said, the report relays.

Brazilian government expenditures grew faster than inflation
between 1997 and 2015 and the situation was particularly acute
between 2008 and 2015, he added, notes the report.

"It's impossible to continue indefinitely spending more than what
society is able to pay," Minister Meirelles said at a press
conference, in which he said constant spending increases were one
of the causes of Brazil's current severe recession, the report
relays.

Minister Meirelles made no direct reference to suspended President
Dilma Rousseff, who was forced from office last month for up to
six months while she undergoes an impeachment trial in the Senate
for allegedly massaging budget numbers to minimize the deficit,
says EFE News.

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.


BRAZIL: Retail Sales Climb in April as Consumer Confidence Rises
----------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's retail sales
rose in line with analysts' expectation in April as consumer
confidence rebounded and economists forecast Latin America's
largest economy may emerge from recession quicker than initially
thought.

Sales rose 0.5 percent in April after a 0.9 percent drop the prior
month, the national statistics agency said, according to Bloomberg
News.  That was in line with the median estimate from 36
economists surveyed by Bloomberg. Sales plunged 6.7 percent in
April versus the same month in 2015.

Consumer confidence is showing signs of potential rebound as
annual inflation slows and economists improve their forecasts for
economic growth, Bloomberg News notes.  Even so, sentiment remains
near historic lows with unemployment on the rise, Bloomberg News
relays.  In the first quarter Latin America's largest economy
shrank for the fifth straight period, dragged down by shrinking
consumer spending in each, Bloomberg News notes.

Sales of food, beverages and tobacco products at hypermarkets and
supermarkets rose 1 percent in April, after a 1.4 percent decline
the prior month, Bloomberg News says.  Sales of apparel rose 3.7
percent.

Consumer spending in the first quarter contracted by 1.7 percent,
the sector's fifth straight decline, dragging the overall economy
to fall 0.3 percent, Bloomberg News notes.  Still, that was less
than the median forecast from economists, who have since been
boosting their calls, Bloomberg News relays.

Brazil's economy contracted 3.8 percent in 2015 and economists
surveyed by the central bank see it shrinking by less this year
and resuming growth in 2017, Bloomberg News discloses.  BNP
Paribas revised its 2016 GDP forecast to a contraction of 3
percent, versus a prior forecast for a 4 percent decline,
Bloomberg News notes.  Itau Unibanco Holding SA also improved its
forecast for 2016 GDP to a 3.5 percent contraction, from 4 percent
previously, Bloomberg News says.

Broad retail sales, which include cars, car parts, and
construction materials, fell 1.4 percent from March, and 9.1
percent versus April last year, according to the statistics
institute, Bloomberg News adds.

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.


PARANAPANEMA: Moody's Withdraws Caa2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn Paranapanema's Caa2
corporate family rating for business reasons.

                         RATINGS RATIONALE

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

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.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014.


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


ASUQ FINANCIAL: Commences Liquidation Proceedings
-------------------------------------------------
On May 23, 2016, the sole shareholder of Asuq Financial Inc.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Takehide Hoshino
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: (345) 949 8599
          Facsimile: (345) 949 4451


GLOBAL FINANCE: Commences Liquidation Proceedings
-------------------------------------------------
On May 23, 2016, the sole shareholder of Global Finance Company
(Cayman) 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.

The company's liquidator is:

          Marc Daher Villa Daher Ferzol
          Bekaa Valley
          Lebanon
          e-mail: mark@dahercapital.com


GOLDEN HANS: Appoints Official Liquidators
------------------------------------------
Cosimo Borrelli and Margot MacInnis were appointed as official
liquidators of Golden Hans Restaurant Holdings Limited.

The company commenced liquidation proceedings on May 18, 2016.

The Liquidators can be reached at:

          Cosimo Borrelli
          Borrelli Walsh, Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong

               - and -

          Margot MacInnis
          Borrelli Walsh (Cayman) Limited
          Harbour Place, Ground Floor
          103 South Church Street, Grand Cayman
          Cayman Islands


LORA INVESTMENTS INT'L: Creditors' Proofs of Debt Due June 27
-------------------------------------------------------------
The creditors of Lora Investments International, Ltd. are required
to file their proofs of debt by June 27, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 17, 2015.

The company's liquidator is:

          Mourant Ozannes Neil Greer
          Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          c/o Mourant Ozannes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LORA INVESTMENTS MASTER: Creditors' Proofs of Debt Due June 27
--------------------------------------------------------------
The creditors of Lora Investments Master Fund, Ltd. are required
to file their proofs of debt by June 27, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 17, 2015.

The company's liquidator is:

          Mourant Ozannes Neil Greer
          Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          c/o Mourant Ozannes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MULTICAT MEXICO: Creditors' Proofs of Debt Due July 8
-----------------------------------------------------
The creditors of Multicat Mexico 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 wind-up proceedings on April 15, 2016.

The company's liquidators are:

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


POWERKO LTD: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Powerko 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 wind-up proceedings on May 16, 2016.

The company's liquidators are:

          Helier Pirouet
          David Le Roux
          Citron 2004 Limited
          Telephone: + 44 1534 282276/ 01534 282345
          Facsimile: + 44 1534 282400
          23-25 Broad Street St Helier
          Jersey JE4 8ND


STRAKE INVESTMENTS: Creditors' Proofs of Debt Due July 6
--------------------------------------------------------
The creditors of Strake Investments 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 18, 2016.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J. Barrie
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands


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

DIGICEL GROUP: Bids to Take Over Italian Firm
----------------------------------------------
RJR News reports that Digicel Group is among bidders vying to take
over Italian telecom assets being sold as part of a planned merger
between two companies in the market.

Digicel submitted a preliminary offer for assets being sold by
Dutch telecoms company VimpelCom and Hong Kong-based CK Hutchison
Holdings, according to RJR News.

Bloomberg said the two companies are seeking regulatory approval
to merge their Italian wireless carriers, the report notes.

Swisscom and French phone group Illiad have also made offers.

A move by Digicel to acquire the assets, which include wireless
frequencies and about 5,000 towers, would mark a departure from
its focus on emerging markets, the reports notes.

According to Bloomberg sources, the European Commission is
expected to provide feedback on the bids to Hutchison and
VimpelCom within the next few days although a bidder would not be
picked yet, the says.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2016, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL
-- Long-Term Issuer Default Rating (IDR) at 'B'; Stable Outlook;
-- $US 2.0 billion 8.25% senior subordinated notes due 2020 at
    'B-/RR5';
-- $US 1 billion 7.125% senior unsecured notes due 2022 at
    'B-/RR5'.

DL
-- Long-Term IDR at 'B'; Stable Outlook;
-- $US 250 million 7% senior notes due 2020 at 'B/RR4';
-- $US 1.3 billion 6% senior notes due 2021 at 'B/RR4';
-- $US 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL
-- Long-Term IDR at 'B'; Stable Outlook;
-- Senior secured credit facility at 'B+/RR3'.

The Rating Outlook is Stable.


JAMAICA: J$ Continues to Lose Value Against US Currency
-------------------------------------------------------
RJR News reports that despite recent a recent assurance from
Finance Minister Audley Shaw that steps would be taken to
stabilize the Jamaican dollar, it continues to lose value against
the US currency.

At the end of trading on Monday, June 13, the average selling rate
for the US currency was one cent shy of J$126, according to RJR
News.

The report notes that the Finance Minister recently stated that he
had asked the Central Bank to intervene in the market.

However, Dr. Peter Phillips, Opposition Spokesman on Finance, is
maintaining that the continued slide in the currency is a sign of
a lack of confidence in the economy, the report relays.

Meanwhile, it's costing $96.74 for the Canadian dollar and $179.58
cents for the pound sterling, the report adds.

                              *     *     *

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


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


ALMACENADORA ACCEL: Moody's Repositions LT Mex. NSR to Ba1.mx
-------------------------------------------------------------
Moody's de Mexico has repositioned the national scale ratings
(NSRs) of 16 Mexican banks and other financial institutions in
conjunction with the recalibration of the Mexican national rating
scale.  In addition, to enhance transparency of the meaning of
NSRs and to minimize the chances they will be misinterpreted, the
long-and/or short-term GSRs of 3 issuers, the corresponding NSRs
of which are already public, are being published for the first
time.

NSRs, which provide a measure of relative creditworthiness within
a single country, are derived from GSRs using country-specific
maps, or correspondences.  The adoption of a revised
correspondence between Moody's global scale ratings and the
Mexican national scale follows implementation of Moody's updated
methodology "Mapping National Scale Ratings from Global Scale
Ratings" at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189644

The revised correspondence for Mexican NSRs is available in the
updated compendium, published June 13, of National Scale Rating
Maps By Country at:

     http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190457

in Spanish and

     http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190456

in English.  The new methodology mirrors that implemented by
Moody's Investors Service in other jurisdictions last month.

For more information, please see "Moody's publishes updated
methodology for national scale ratings"

https://www.moodys.com/research/Moodys-publishes-updated-
methodology-for-national-scale-ratings--PR_348579

Moody's Investors Service's updated NSR methodology is available
in English at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189032

With approximately 170 rated fundamental issuers in Mexico, the
new map has been designed using the modified approach, whereby the
map design is adjusted to reflect the distribution of fundamental
ratings in the country in order to ensure adequate opportunity for
differentiation where ratings are most highly concentrated.  At
the same time, however, the modified approach also seeks to
maintain the stability of the map design in order to limit the
volatility of NSRs derived from it.  Structured finance ratings
are not taken into consideration in the determination of the map
design.

In the new national scale map for Mexico, the anchor point, or the
lowest GSR that can map to Aaa.mx, has been raised to A3, which is
equal to the sovereign bond rating, from the previous level of
Baa1.  The revised map provides the ability to differentiate on
the national scale between issuers rated A3 and above and those
rated Baa1 on the global scale, which together account for more
than 20% of fundamental issuers.  Although there is a meaningful
difference in the creditworthiness of these two groups of issuers,
as reflected in their global scale ratings, under the previous map
all were eligible to receive Aaa.mx NSRs.  In addition, in order
to clarify the meaning of NSRs, overlap -- where two GSRs can
correspond to the same NSR -- has been eliminated from the Mexican
national scale map, so every NSR maps back to just one GSR (with
the exception of Aaa.mx).  As a result of these changes, GSRs of
B2 and above will in some cases correspond to lower NSRs on the
Mexican scale than they did previously, GSRs of Caa1 and below may
correspond to higher NSRs, while GSRs of B3 may correspond to
either higher or lower NSRs.

Consequently, approximately 20% of Mexican fundamental issuer's
primary long-term NSRs are being repositioned lower and 2% are
being repositioned higher.  Certain short-term and other NSRs may
be affected for these and other issuers as well.  In addition,
approximately 7% of the NSRs assigned to Mexican structured
finance transactions are being repositioned lower and 7% are being
repositioned higher.  Almost all ratings changes are just one
notch.  The repositioned NSRs of individual issuers do not signify
a change in credit risk, since the GSRs for these issuers remain
unchanged.

As a result of the recalibration, the level of risk associated
with a particular Mexican NSR level (e.g. B2.mx) has changed in
some cases.  NSRs have no inherent absolute meaning in terms of
default risk or expected loss; they are ordinal rankings of
creditworthiness relative to other domestic issuers within a given
country.  However, a historical probability of default and/or
expected loss consistent with a given NSR can be inferred from the
GSR to which it maps back at that particular point in time.  As a
result, both the probability of default and the expected loss
associated with an NSR may change if and when a country's national
scale is remapped.

ISSUERS AND RATINGS AFFECTED

These ratings were repositioned:

   -- Acciones y Valores Banamex Casa de Bolsa, S.A.

Long-term Mexican National Scale issuer rating: to Aa2.mx, from
Aa1.mx derived from a Baa2 GSR

   -- Almacenadora Accel, S.A.

Long-term Mexican National Scale issuer rating: to Ba1.mx, from
Baa3.mx derived from a B2 GSR
Short-term Mexican National Scale issuer rating: to MX-4, from MX-
3

   -- Arrendadora y Factor Banorte, S.A. de C.V.

Long-term Mexican National Scale issuer rating: to Aa1.mx, on
review for downgrade, from Aaa.mx, on review for downgrade,
derived from a Baa1 GSR

Long-term Mexican National Scale senior unsecured MTN debt program
rating: to Aa1.mx, on review for downgrade from Aaa.mx, on review
for downgrade, derived from a (P) Baa1 GSR

   -- Asigna, Compensacion y Liquidacion

Long-term Mexican National Scale clearing counterparty rating: to
Aa1.mx, from Aaa.mx derived from a Baa1 GSR

   -- Banco Azteca, S.A.

Short-term Mexican National Scale deposit rating: to MX-1, from
MX-2

   -- Banco del Bajio, S.A.

Long-term Mexican National Scale deposit rating: to Aa3.mx, from
Aa2.mx derived from a Baa3 GSR

   -- Banco Interacciones, S.A.

Short-term Mexican National Scale deposit rating: to MX-1, from
MX-2

   -- Banco Mercantil del Norte, S.A.

Long-term Mexican National Scale subordinated debt rating: to
Aa2.mx, on review for downgrade from Aa1.mx, on review for
downgrade (BANORTE 08, BANORTE 08-2, BANORTE 09, BANORTE 12),
derived from a Baa2 GSR.

Long-term Mexican National Scale subordinated MTN debt program
rating: to Aa2.mx, on review for downgrade from Aa1.mx, on review
for downgrade, derived from a (P) Baa2 GSR
Long-term Mexican National Scale junior subordinated debt rating:
to Aa3.mx (hyb), on review for downgrade from Aa2.mx (hyb), on
review for downgrade (BANORTE 08U), derived from a Baa3 (hyb) GSR

Long-term Mexican National Scale junior subordinated MTN debt
program rating: to Aa3.mx, on review for downgrade from Aa2.mx, on
review for downgrade, derived from a (P) Baa3 GSR

   -- Bank of Tokyo-Mitsubishi UFJ (Mexico), S.A.

Long-term Mexican National Scale deposit rating: to Aa2.mx, from
Aa1.mx derived from a Baa2 GSR

   -- Barclays Bank Mexico, S.A.

Long-term Mexican National Scale deposit rating: to Aa3.mx, from
Aa2.mx derived from a Baa3 GSR

   -- Barclays Capital Casa de Bolsa, S.A. de C.V.

Long-term Mexican National Scale issuer rating: to Aa3.mx, from
Aa2.mx derived from a Baa3 GSR

   -- Casa de Bolsa Santander, S.A. de C.V.

Long-term Mexican National Scale issuer rating: to Aa1.mx, on
review for downgrade from Aaa.mx, on review for downgrade, derived
from a Baa1 GSR

   -- Financiera Bepensa S.A. de C.V. SOFOM E.N.R.

Long-term Mexican National Scale issuer rating: to Ba1.mx, from
Baa3.mx derived from a B2 GSR
Short-term Mexican National Scale issuer rating: to MX-4, from
MX-3

   -- HSBC Mexico, S.A.

Long-term Mexican National Scale junior subordinated MTN debt
program rating: to Aa1.mx, on review for downgrade from Aaa.mx, on
review for downgrade, derived from a (P) Baa1 GSR

   -- Scotia Inverlat Casa de Bolsa, S.A. de C.V.

Long-term Mexican National Scale issuer rating: to Aa1.mx, on
review for downgrade from Aaa.mx, on review for downgrade derived
from a Baa1 GSR

   -- Volkswagen Bank, S.A.

Short-term Mexican National Scale deposit rating: to MX-1, from
MX-2

These ratings were assigned:

   -- Bank of Tokyo-Mitsubishi UFJ (Mexico), S.A.

Long-term global local currency deposit rating: Baa2, stable
outlook

Short-term global local currency deposit rating: Prime-2

Long-term foreign currency deposit rating: Baa2, stable outlook

Short-term foreign currency deposit rating: Prime-2

   -- Ford Credit de Mexico S.A. de C.V., SOFOM

Short-term global local currency senior unsecured debt rating:
Prime-2
Short-Term Debt Rating Senior Unsecured: (P) Prime-2

   -- NR Finance de Mexico, S.A. de C.V. SOFOM, ER

Long-term global local currency senior unsecured debt rating: A3,
stable outlook

Long-term senior unsecured MTN debt program rating: (P) A3

Short-term global local currency senior unsecured debt rating:
Prime-2

Short-term global local currency debt rating senior unsecured: (P)
Prime-2

These entities rated by Moody's de MÇxico were unaffected by this
rating action:

AF Banregio, S.A. de C.V. SOFOM, BBVA Bancomer, S.A., Banco
Nacional de Comercio Exterior, S.N.C., Banco Nacional de Mexico,
S.A., Banco Nacional de Obras y Servicios Publicos, S.N.C., Banco
Regional de Monterrey, S.A., Banco Santander (Mexico), S.A.,
Scotiabank Inverlat S.A., Casa de Bolsa BBVA Bancomer S.A. de
C.V., Caterpillar Credito S.A. de C.V.,SOFOM,E.N.R., CI Casa de
Bolsa, S.A. de C.V., Deutsche Bank Mexico, S.A., Deutsche
Securities Mexico, S.A. de C.V., Hipotecaria Nacional S.A. de
C.V., HSBC Casa de Bolsa, S.A. de C.V, Instituto para la
Proteccion al Ahorro Bancario, Nacional Financiera, S.N.C.,
Santander Consumo, S.A. de C.V., SOFOM, E.R., SGFP Mexico, S. de
R.L. de C.V., Volkswagen Leasing, S.A. de C.V., Value, S.A. de
C.V., Casa de Bolsa.

                          RATING RATIONALE

NSRs are assigned by applying the published correspondence from
GSRs.  Where a single GSR maps to multiple NSRs, rating committees
assigned higher or lower NSRs to individual issuers and debts
depending on their relative credit position within the same GSR
category, using the same methodologies as were used to determine
the GSRs themselves.

                Bank of Tokyo-Mitsubishi UFJ (Mexico)

The Baa2 long-term global local and foreign currency deposit
ratings assigned to Bank of Tokyo-Mitsubishi UFJ (Mexico) S.A.
(BTMU Mexico) are based on the bank's ba2 baseline credit
assessment (BCA), coupled with Moody's assessment that there is a
very high probability that the bank would receive affiliate
support from its parent, in cases of stress.  BTMU Mexico is a
subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU,
deposits A1/senior unsecured A1 stable, BCA a3).

The bank's short-term global local and foreign currency deposit
ratings of Prime-2 are based on the bank's Baa2 global scale
deposit ratings, in line with Moody's global scale long- to short-
term ratings map.

             Ford Credit de Mexico S.A. de C.V., SOFOM

The global scale short-term Prime-2 senior unsecured debt rating
assigned to Ford Credit de Mexico S.A. de C.V., SOFOM (Ford Credit
Mexico) reflects the full, irrevocable and unconditional guarantee
provided by its parent, Ford Motor Credit Company LLC (senior
unsecured Baa2, stable).

           NR Finance de Mexico, S.A. de C.V. SOFOM, ER

The A3/Prime-2 long- and short-term global local currency senior
unsecured ratings and the (P) A3 long-term senior unsecured MTN
debt program rating assigned to NR Finance de Mexico, S.A. de C.V.
SOFOM, ER (NR Finance) reflect the full, irrevocable and
unconditional guarantee provided by its parent company Nissan
Motors Acceptance Corporation (NMAC, senior unsecured A3, stable).

            WHAT COULD CHANGE THE RATINGS -- UP AND DOWN

The NSRs would face upward or downward pressure if their
corresponding GSRs are upgraded or downgraded, unless this is in
conjunction with a sovereign rating action that results in another
recalibration of the Mexican national scale with an offsetting
impact on NSRs.  In addition, the NSRs may be repositioned upwards
(downwards) if Mexico's sovereign is downgraded (upgraded) and the
map is revised accordingly, but the corresponding GSRs have not
changed as a result of the sovereign action.  Because of the
higher granularity of national scales, NSRs may also face pressure
due to changes in creditworthiness that are not sufficient to
cause a change in the corresponding GSR, measured using the same
methodologies used to determine the GSR.

                         METHODOLOGIES USED

The principal methodology used in rating Banco Mercantil del
Norte, S.A., HSBC Mexico, S.A., Banco Azteca, S.A., Banco
Interacciones, S.A., Barclays Bank Mexico, S.A., Bank of Tokyo-
Mitsubishi UFJ (Mexico), S.A, Banco del Bajio, S.A. and Volkswagen
Bank, S.A., was Banks published in January 2016. The principal
methodology used in rating Acciones y Valores Banamex Casa de
Bolsa, S.A., Casa de Bolsa Santander, S.A. de C.V., Scotia
Inverlat Casa de Bolsa, S.A. de C.V. and Barclays Capital Casa de
Bolsa, S.A. de C.V., was Global Securities Industry Methodology
published in May 2013.  The principal methodology used in rating
Asigna, Compensacion y Liquidacion was Clearing Houses published
in January 2016.  The principal methodology used in rating
Arrendadora y Factor Banorte, S.A. de C.V., Almacenadora Accel,
S.A., Financiera Bepensa S.A. de C.V. SOFOM E.N.R, Ford Credit de
Mexico S.A. de C.V., SOFOM and NR Finance de Mexico, S.A. de C.V.
SOFOM, ENR was Finance Companies published in October 2015.

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 further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings".  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


COACALCO MUNICIPALITY: Moody's Repositions LC Issuer NSR to B3.mx
-----------------------------------------------------------------
Moody's de Mexico has repositioned the national scale ratings
(NSRs) of 5 local governments and 11 enhanced loans in conjunction
with the recalibration of the Mexican national rating scale.

NSRs, which provide a measure of relative creditworthiness within
a single country, are derived from global scale ratings (GSRs)
using country-specific maps, or correspondences.  The adoption of
a revised correspondence between Moody's global scale ratings and
the Mexican national scale follows implementation of Moody's
updated methodology "Mapping National Scale Ratings from Global
Scale Ratings" in Mexico at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189644

The revised correspondence for Mexican NSRs is available in the
updated compendium, published June 13, of National Scale Rating
Maps By Country at:

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190457

in Spanish and

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190456

in English.  The new methodology mirrors that implemented by
Moody's Investors Service in other jurisdictions last month.  For
more information, please see "Moody's publishes updated
methodology for national scale ratings:

https://www.moodys.com/research/Moodys-publishes-updated-
methodology-for-national-scale-ratings--PR_348579

Moody's Investors Service's updated NSR methodology is available
in English at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189032

With approximately 170 rated fundamental issuers in Mexico, the
new map has been designed using the modified approach, whereby the
map design is adjusted to reflect the distribution of fundamental
ratings in the country in order to ensure adequate opportunity for
differentiation where ratings are most highly concentrated.  At
the same time, however, the modified approach also seeks to
maintain the stability of the map design in order to limit the
volatility of NSRs derived from it.  Structured finance ratings
are not taken into consideration in the determination of the map
design.

In the new national scale map for Mexico, the anchor point, or the
lowest GSR that can map to Aaa.mx, has been raised to A3, which is
equal to the sovereign bond rating, from the previous level of
Baa1.  The revised map provides the ability to differentiate on
the national scale between issuers rated A3 and above and those
rated Baa1 on the global scale, which together account for more
than 20% of fundamental issuers.  Although there is a meaningful
difference in the creditworthiness of these two groups of issuers,
as reflected in their global scale ratings, under the previous map
all were eligible to receive Aaa.mx NSRs.  In addition, in order
to clarify the meaning of NSRs, overlap -- where two GSRs can
correspond to the same NSR -- has been eliminated from the Mexican
national scale map, so every NSR maps back to just one GSR (with
the exception of Aaa.mx).  As a result of these changes, GSRs of
B2 and above will in some cases correspond to lower NSRs on the
Mexican scale than they did previously, GSRs of Caa1 and below may
correspond to higher NSRs, while GSRs of B3 may correspond to
either higher or lower NSRs.

Consequently, approximately 20% of Mexican fundamental issuer's
primary long-term NSRs are being repositioned lower and 2% are
being repositioned higher.  Certain short-term and other NSRs may
be affected for these and other issuers as well.  Almost all
ratings changes are just one notch.  The repositioned NSRs of
individual issuers do not signify a change in credit risk, since
the GSRs for these issuers remain unchanged.

As a result of the recalibration, the level of risk associated
with a particular Mexican NSR level (e.g. B2.mx) has changed in
some cases.  NSRs have no inherent absolute meaning in terms of
default risk or expected loss; they are ordinal rankings of
creditworthiness relative to other domestic issuers within a given
country.  However, a historical probability of default and/or
expected loss consistent with a given NSR can be inferred from the
GSR to which it maps back at that particular point in time.  As a
result, both the probability of default and the expected loss
associated with an NSR may change if and when a country's national
scale is remapped.

ISSUERS AND RATINGS AFFECTED

The specific rating actions taken are:

  1) Moody's changed the issuer ratings of the following issuers
     on Mexico's national scale.

   -- Coacalco, Municipality of: local currency issuer rating
      repositioned to B3.mx from Caa1.mx
   -- Guadalupe, Municipality of: local currency issuer rating
      repositioned to Ba1.mx from Baa3.mx
   -- Mexicali, Municipality of: local currency issuer rating
      repositioned to Ba3.mx from Ba2.mx
   -- Ramos Arizpe, Municipality of: local currency issuer rating
      repositioned to A3.mx from Baa1.mx
   -- Zacatecas, Municipality of: local currency issuer rating
      repositioned to Baa2.mx from Baa1.mx

  2) Moody's changed the debt ratings of these enhanced loans on
     Mexico's national scale.

   -- Comision Estatal se Servicios Publicos de Tijuana (CESPT):
      MXN280 million enhanced loan with Banorte local currency
      debt rating repositioned to A2.mx from A1.mx
   -- Chihuahua, State of: MXN 4,500 million enhanced loan with
      Interacciones local currency debt rating repositioned to
      Aa1.mx from Aaa.mx
   -- Chihuahua, State of: MXN 3.000 million enhanced loan with
      Multiva local currency debt rating repositioned to Aa1.mx
      from Aaa.mx
   -- Chihuahua, State of: MXN 1,716 million enhanced loan with
      BBVA Bancomer local currency debt rating repositioned to
      Aa1.mx from Aaa.mx
   -- Chihuahua, State of: MXN 1,380 million enhanced loan with
      BBVA Bancomer local currency debt rating repositioned to
      Aa1.mx from Aaa.mx
   -- Chihuahua, State of: MXN 2,028 million enhanced loan with
      BBVA Bancomer local currency debt rating repositioned to
      Aa1.mx from Aaa.mx
   -- Chihuahua, State of: MXN 1,995 million enhanced loan with
      Banorte local currency debt rating repositioned to Aa1.mx
      from Aaa.mx
   -- Chihuahua, State of: MXN 1,000 million enhanced loan with
      Santander local currency debt rating repositioned to Aa1.mx
      from Aaa.mx
   -- Chihuahua, State of: MXN 1,320 million enhanced loan with
      Banorte local currency debt rating repositioned to Aa1.mx
      from Aaa.mx
   -- Nuevo Leon, State of: MXN 2,423 million bonds local currency
      debt rating repositioned to Aa1.mx from Aaa.mx
   -- Veracruz, State of - Municipal Lending Program of:
      MXN 1,730 million with Banobras local currency debt rating
      repositioned to Aa3.mx from Aa2.mx

                          RATING RATIONALE

NSRs are assigned by applying the published correspondence from
GSRs.  Where a single GSR maps to multiple NSRs, rating committees
assigned higher or lower NSRs to individual issuers and debts
depending on their relative credit position within the same GSR
category, using the same methodologies as were used to determine
the GSRs themselves.

           WHAT COULD CHANGE THE RATINGS -- UP AND DOWN

The NSRs would face upward or downward pressure if their
corresponding GSRs are upgraded or downgraded, unless this is in
conjunction with a sovereign rating action that results in another
recalibration of the Mexican national scale with an offsetting
impact on NSRs.  In addition, the NSRs may be repositioned upwards
(downwards) if Mexico's sovereign is downgraded (upgraded) and the
map is revised accordingly, but the corresponding GSRs have not
changed as a result of the sovereign action.  Because of the
higher granularity of national scales, NSRs may also face pressure
due to changes in creditworthiness that are not sufficient to
cause a change in the corresponding GSR, measured using the same
methodologies used to determine the GSR.

                        METHODOLOGIES USED

The principal methodology used in rating the municipalities of
Ramos Arizpe, Zacatecas, Guadalupe, Mexicali and Coacalco was
Regional and Local Governments published in January 2013.  The
principal methodology used in rating Comision Estatal de Servicios
Pub de Tijuana was Government-Related Issuers published in October
2014.  The principal methodology used in rating the states of
Chihuahua, Nuevo Leon and Veracruz was Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in June
2014.

The period of time covered in the financial information used to
determine state, municipality or government related issuer rating
is between 01/01/2011 and 12/31/2015.

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



GRUPO BIMBO: Moody's Keeps Baa2 Sr. Unsec. Reg. Bond/Debt Rating
----------------------------------------------------------------
Moody's de Mexico has repositioned the national scale ratings
(NSRs) of 3 Mexican non-financial corporates in conjunction with
the recalibration of the Mexican national rating scale.  In
addition, to enhance transparency of the meaning of NSRs and to
minimize the chances they will be misinterpreted, the long-and/or
short-term global scale ratings of 3 issuers, the corresponding
NSRs of which are already public, are being published for the
first time.

NSRs, which provide a measure of relative creditworthiness within
a single country, are derived from global scale ratings (GSRs)
using country-specific maps, or correspondences.  The adoption of
a revised correspondence between Moody's global scale ratings and
the Mexican national scale follows implementation of Moody's
updated methodology "Mapping National Scale Ratings from Global
Scale Ratings" in Mexico on www.moodys.com.mx at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189644

The revised correspondence for Mexican NSRs is available in the
updated compendium, published June 13, of National Scale Rating
Maps By Country at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
190409 in Spanish

and

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190400

in English.  The new methodology mirrors that implemented by
Moody's Investors Service in other jurisdictions last month.  For
more information, please see "Moody's publishes updated
methodology for national scale ratings"

https://www.moodys.com/research/Moodys-publishes-updated-
methodology-for-national-scale-ratings--PR_348579

Moody's Investors Service's updated NSR methodology is available
in English at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189032

With approximately 170 rated fundamental issuers in Mexico, the
new map has been designed using the modified approach, whereby the
map design is adjusted to reflect the distribution of fundamental
ratings in the country in order to ensure adequate opportunity for
differentiation where ratings are most highly concentrated.  At
the same time, however, the modified approach also seeks to
maintain the stability of the map design in order to limit the
volatility of NSRs derived from it.  Structured finance ratings
are not taken into consideration in the determination of the map
design.

In the new national scale map for Mexico, the anchor point, or the
lowest GSR that can map to Aaa.mx, has been raised to A3, which is
equal to the sovereign bond rating, from the previous level of
Baa1.  The revised map provides the ability to differentiate on
the national scale between issuers rated A3 and above and those
rated Baa1 on the global scale, which together account for more
than 20% of fundamental issuers.  Although there is a meaningful
difference in the creditworthiness of these two groups of issuers,
as reflected in their global scale ratings, under the previous map
all were eligible to receive Aaa.mx NSRs.  In addition, in order
to clarify the meaning of NSRs, overlap -- where two GSRs can
correspond to the same NSR -- has been eliminated from the Mexican
national scale map, so every NSR maps back to just one GSR (with
the exception of Aaa.mx).  As a result of these changes, GSRs of
B2 and above will in some cases correspond to lower NSRs on the
Mexican scale than they did previously, GSRs of Caa1 and below may
correspond to higher NSRs, while GSRs of B3 may correspond to
either higher or lower NSRs.

Consequently, approximately 20% of Mexican fundamental issuer's
primary long-term NSRs are being repositioned lower, and 2% are
being repositioned higher.  Certain short-term and other NSRs may
be affected for these and other issuers as well.  In addition,
approximately 7% of the NSRs assigned to Mexican structured
finance transactions are being repositioned lower, and 7% are
being repositioned higher.  Almost all ratings changes are just
one notch.  The repositioned NSRs of individual issuers do not
signify a change in credit risk, since the GSRs for these issuers
remain unchanged.

As a result of the recalibration, the level of risk associated
with a particular Mexican NSR level (e.g. B2.mx) has changed in
some cases.  NSRs have no inherent absolute meaning in terms of
default risk or expected loss; they are ordinal rankings of
creditworthiness relative to other domestic issuers within a given
country.  However, a historical probability of default and/or
expected loss consistent with a given NSR can be inferred from the
GSR to which it maps back at that particular point in time.  As a
result, both the probability of default and the expected loss
associated with an NSR may change if and when a country's national
scale is remapped.

ISSUERS AND RATINGS AFFECTED

Repositioned:

Issuer: Grupo Televisa, S.A.B.

  Issuer Rating (National Scale Ratings): Repositioned to Aa1.mx
   from Aaa.mx
  Issuer Rating (Global Scale Ratings): Unchanged at Baa1
  Senior Unsecured Regular Bond/Debenture (National Scale
   Ratings): Repositioned to Aa1.mx from Aaa.mx
  Senior Unsecured Regular Bond/Debenture (Global Scale Ratings):
   Unchanged at Baa1

Issuer: Industrias Penoles S.A.B. de C.V.

  Senior Unsecured Regular Bond/Debenture due 2020 (National Scale
   Ratings): Repositioned to Aa3.mx from Aa2.mx
  Senior Unsecured Regular Bond/Debenture due 2020 (Global Scale
   Ratings): Unchanged at Baa3
  Senior Unsecured Regular Bond/Debenture due 2022 (National Scale
  Ratings): Repositioned to Aa3.mx from Aa2.mx
  Senior Unsecured Regular Bond/Debenture due 2022 (Global Scale
   Ratings): Unchanged at Baa3

Issuer: Grupo Bimbo, S.A.B. de C.V.

  Senior Unsecured Regular Bond/Debenture due 2018 (National Scale
   Ratings): Repositioned to Aa2.mx from Aa1.mx
  Senior Unsecured Regular Bond/Debenture due 2018 (Global Scale
   Ratings): Unchanged at Baa2

Assignments:

Issuer: Minera Frisco, S.A.B. De C.V.

  Senior Unsecured Short Term Medium-Term Note Program (Global
   Scale Ratings): Assigned (P)NP

Unchanged:

  Senior Unsecured Short Term Medium-Term Note Program (National
   Scale Ratings): Unchanged at MX-4
  Senior Unsecured Medium-Term Note Program (National Scale
   Ratings): Unchanged at Caa1.mx
  Senior Unsecured Medium-Term Note Program (Global Scale
   Ratings): Unchanged at (P)Caa1

Issuer: Grupo Minsa, S.A.B. de C.V.

  Senior Unsecured Commercial Paper (Global Scale Ratings):
   Assigned NP
  Senior Unsecured Commercial Paper (National Scale Ratings):
   Unchanged at MX-2

Issuer: Petroleos Mexicanos

  Senior Unsecured Commercial Paper (Global Scale Ratings):
   Assigned P-3
  Senior Unsecured Commercial Paper (National Scale Ratings):
   Unchanged at MX-1

                          RATINGS RATIONALE

NSRs are assigned by applying the published correspondence from
GSRs.  Where a single GSR maps to multiple NSRs, rating committees
assigned higher or lower NSRs to individual issuers and debts
depending on their relative credit position within the same GSR
category, using the same methodologies as were used to determine
the GSRs themselves.

Moody's published the global scale short-term prime rating of P-3
for Petroleos Mexicanos, in line with its global scale long-term
Baa3 rating.  Issuers rated Prime-3 have an acceptable ability to
repay short-term obligations.

Moody's published the global scale short-term rating of
Provisional Not Prime ((P)NP) for Minera Frisco, S.A.B. de C.V.,
in line with its global scale long-term B3 rating.  Issuers rated
Not Prime do not fall within any of the Prime rating categories.

Moody's published the global scale short-term rating of Not Prime
(NP) for Grupo Minsa, S.A.B. de C.V., in line with its global
scale long-term Ba3 rating. Issuers rated Not Prime do not fall
within any of the Prime rating categories.

WHAT COULD CHANGE THE RATINGS -- UP AND DOWN

The NSRs would face upward or downward pressure if their
corresponding GSRs are upgraded or downgraded, unless this is in
conjunction with a sovereign rating action that results in another
recalibration of the Mexican national scale with an offsetting
impact on NSRs.  In addition, the NSRs may be repositioned upwards
(downwards) if Mexico's sovereign is downgraded (upgraded) and the
map is revised accordingly, but the corresponding GSRs have not
changed as a result of the sovereign action.  Because of the
higher granularity of national scales, NSRs may also face pressure
due to changes in creditworthiness that are not sufficient to
cause a change in the corresponding GSR, measured using the same
methodologies used to determine the GSR.

                          METHODOLOGIES USED

The principal methodology used in rating Grupo Televisa, S.A.B.
was Global Telecommunications Industry published in December 2010.
The principal methodology used in rating Industrias Penoles S.A.B.
de C.V. and Minera Frisco, S.A.B. De C.V. was Global Mining
Industry published in August 2014. The principal methodology used
in rating Grupo Bimbo, S.A.B. de C.V. and Grupo Minsa, S.A.B. de
C.V. was Global Packaged Goods published in June 2013.  The
principal methodology used in rating Petroleos Mexicanos was
Global Integrated Oil & Gas Industry published in April 2014 and
other methodologies used include the Government-Related Issuers
published in October 2014.

The period of time covered in the financial information used to
determine Grupo Bimbo, S.A.B. de C.V.'s rating is between
12/31/2011 and 12/31/2015 (source: audited financial statements).

The period of time covered in the financial information used to
determine Grupo Televisa, S.A.B.'s rating is between 12/31/2011
and 12/31/2015 (source: audited financial statements).

The period of time covered in the financial information used to
determine Industrias Penoles, S.A.B. de C.V.'s rating is between
12/31/2011 and 12/31/2015 (source: audited financial statements).

The period of time covered in the financial information used to
determine Minera Frisco, S.A.B. de C.V.'s rating is between
12/31/2012 and 12/31/2015 (source: audited financial statements).

The period of time covered in the financial information used to
determine Grupo Minsa, S.A.B. de C.V.'s rating is between
12/31/2011 and 12/31/2015 (source: audited financial statements).

The period of time covered in the financial information used to
determine Petroleos Mexicanos' rating is between 12/31/2011 and
12/31/2015 (source: audited financial statements).

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


MBIA MEXICO: Moody's Repositions NSR to B3.mx
---------------------------------------------
Moody's de Mexico has repositioned the national scale ratings
(NSRs) of three Mexican insurers in conjunction with the
recalibration of the Mexican national rating scale.

NSRs, which provide a measure of relative creditworthiness within
a single country, are derived from Global Scale Ratings (GSRs)
using country-specific maps, or correspondences.  The adoption of
a revised correspondence between Moody's global scale ratings and
the Mexican national scale follows implementation of Moody's
updated methodology "Mapping National Scale Ratings from Global
Scale Ratings" in Mexico

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189644

The revised correspondence for Mexican NSRs is available in the
updated compendium, published June 13, of National Scale Rating
Maps By Country at:

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190457
in Spanish and

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190456

in English.  The new methodology mirrors that implemented by
Moody's Investors Service last month.  For more information,
please see "Moody's publishes updated methodology for national
scale ratings"

https://www.moodys.com/research/Moodys-publishes-updated-
methodology-for-national-scale-ratings--PR_348579

Moody's Investors Service's updated NSR methodology is available
in English at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189032

With approximately 170 rated fundamental issuers in Mexico, the
new map has been designed using the modified approach, whereby the
map design is adjusted to reflect the distribution of fundamental
ratings in the country in order to ensure adequate opportunity for
differentiation where ratings are most highly concentrated, At the
same time, however, the modified approach also seeks to maintain
the stability of the map design in order to limit the volatility
of NSRs derived from it.  Structured finance ratings are not taken
into consideration in the determination of the map design.

In the new national scale map for Mexico, the anchor point, or the
lowest GSR that can map to Aaa.mx, has been raised to A3, which is
equal to the sovereign bond rating, from the previous level of
Baa1.  The revised map provides the ability to differentiate on
the national scale between issuers rated A3 and above and those
rated Baa1 on the global scale, which together account for more
than 20% of fundamental issuers.  Although there is a meaningful
difference in the creditworthiness of these two groups of issuers,
as reflected in their global scale ratings, under the previous map
all were all eligible to receive Aaa.mx NSRs.  In addition, in
order to clarify the meaning of NSRs, overlap -- where two GSRs
can correspond to the same NSR -- has been eliminated from the
Mexican national scale map, so every NSR maps back to just one GSR
(with the exception of Aaa.mx).  As a result of these changes,
GSRs of B2 and above will in some cases correspond to lower NSRs
on the Mexican scale than they did previously, GSRs of Caa1 and
below may correspond to higher NSRs, while GSRs of B3 may
correspond to either higher or lower NSRs.

Consequently, approximately 20% of Mexican fundamental issuer's
primary long-term NSRs are being repositioned lower and 2% are
being repositioned higher.  Certain short-term and other NSRs may
be affected for these and other issuers as well.  In addition,
approximately 7% of the NSRs assigned to Mexican structured
finance transactions are being repositioned lower and 7% are being
repositioned higher.  Almost all ratings changes are just one
notch.  The repositioned NSRs of individual issuers do not signify
a change in credit risk, since the GSRs for these issuers remain
unchanged.

As a result of the recalibration, the level of risk associated
with a particular Mexican NSR level (e.g. B2.mx) has changed in
some cases.  NSRs have no inherent absolute meaning in terms of
default risk or expected loss; they are ordinal rankings of
creditworthiness relative to other domestic issuers within a given
country.  A historical probability of default and/or expected loss
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.  However, both the
probability of default and the expected loss of an NSR may change
if and when a country's national scale is remapped.

ISSUERS AND RATINGS AFFECTED

These national scale insurance financial strength rating has been
repositioned:

   -- Seguros Azteca Danos, S.A. de C.V.: NSR repositioned to
      A1.mx from Aa3.mx, GSR is Ba1
   -- Seguros Azteca, S.A de C.V.: NSR repositioned to A1.mx from
      Aa3.mx, GSR is Ba1
   -- MBIA Mexico, S.A. de C.V.: NSR repositioned to B3.mx from
      Caa1.mx, GSR is Caa1

                         RATING RATIONALE

NSRs are assigned by applying the published correspondence from
GSRs.  Where a single GSR maps to multiple NSRs, rating committees
assigned higher or lower NSRs to individual issuers and debts
depending on their relative credit position within the same GSR
category, using the same methodologies as were used to determine
the GSRs themselves.

            WHAT COULD CHANGE THE RATINGS -- UP AND DOWN

The NSRs would face upward or downward pressure if their
corresponding GSRs are upgraded or downgraded, unless this is in
conjunction with a sovereign rating action that results in another
recalibration of the Mexican national scale with an offsetting
impact on NSRs.  In addition, the NSRs may be repositioned upwards
(downwards) if Mexico's sovereign is downgraded (upgraded) and the
map is revised accordingly, but the corresponding GSRs have not
changed as a result of the sovereign action.  Because of the
higher granularity of national scales, NSRs may also face pressure
due to changes in creditworthiness that are not sufficient to
cause a change in the corresponding GSR, measured using the same
methodologies used to determine the GSR.

The sources and items of information used to determine the ratings
include year-end 2015 audited financial statements (sources:
audited financial statements provided by the companies).

The period of time covered in the financial information used to
determine the ratings is between Dec. 31, 2011, and Dec. 31, 2015,
(source: CNSF and insurance companies).

The principal methodology used in rating Seguros Azteca, S.A de
C.V. was Global Life Insurers published in December 2015.  The
principal methodology used in rating Seguros Azteca Danos, S.A. de
C.V. was Global Property and Casualty Insurers published in
December 2015.  The principal methodology used in rating MBIA
Mexico, S.A. de C.V. was Financial Guarantors published in January
2015.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.


=================
X X X X X X X X X
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LATIN AMERICA: Foreign Investment Could Fall Up to 8% This Year
---------------------------------------------------------------
Reuters reports that foreign direct investment in Latin America
fell 9.1 percent last year and could drop as much as 8 percent in
2016, the United Nations' Latin American arm said in a report.

Total foreign direct investment (FDI) in the region fell to $179.1
billion, the lowest level since 2010, due to a decrease in natural
resource investment and a regional economic slowdown, the
Santiago-based Economic Commission for Latin America and the
Caribbean (ECLAC) said, according to Reuters.

Reuters notes that that fall in investment, ECLAC added,
contrasted with a 36 percent rise in global FDI flows in 2015.

"FDI will continue at lower levels than those achieved in previous
years, in line with economic perspectives. It could fall up to 8
percent (in 2016), although it will continue being an important
factor in regional economies," the report said, Reuters relays.

The U.N. body noted that FDI figures showed dramatic differences
from country to country, Reuters notes.

In politically tumultuous Brazil, FDI fell 23 percent to $75.1
billion in 2015, whereas FDI in Mexico jumped 18 percent to $30.3
billion, boosted by manufacturing investment, Reuters says.

FDI fell 26 percent in Colombia and 8 percent in Chile due to low
demand for minerals, Reuters notes.

In Argentina, where a new pro-market government took over in
December after years of leftist rule, FDI jumped 130 percent,
though ECLAC said that change was due to a low comparison base
after the disinvestment from the nationalization of state-oil
company YPF was realized in 2014, Reuters discloses.

In Central America FDI jumped 6 percent and in the Caribbean it
fell 17 percent, Reuters notes.

Since 2005, ECLAC said, "extractive sectors" have become a less
central component of FDI in the region, while automobile
manufacturing, telecommunications, renewable energy, and retail
have demonstrated "particular dynamism," Reuters discloses.

In 2015, the United States was the principal direct investor in
the region, accounting for 25.9 percent of FDI, followed by the
Netherlands and Spain, Reuters adds.

                            ***********


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

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

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Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


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