TCRLA_Public/160629.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

            Wednesday, June 29, 2016, Vol. 17, No. 127


                            Headlines



A N G U I L L A

NAT'L BANK OF ANGUILLA: Seeks to Shield Client Names in Bankruptcy


A R G E N T I N A

FIDIECOMISO FINANCIERO: Moody's Puts Ca(sf) Rating to ARS10.5MM CP


B R A Z I L

BANCO BRADESCO: S&P Affirms 'BB/B' Ratings; Outlook Remains Neg.
BANCO DO BRASIL: Capital Ratio Said to Rise Even After Oi Losses
PDG COMPANHIA: Moody's Retains Caa3 Rating on Missed Payment
PDG REALTY: Moody's Retains Caa3 Rating on Missed Interest Payment
RADIO E TELEVISAO: Fitch Affirms 'BB-' Issuer Default Ratings

RUMO LOGISTICA: Moody's Affirms B1 GS CFR; Outlook Remains Stable
USINA CAETE: S&P Lowers CCR to 'CCC-' & Puts on CreditWatch Neg.


C A Y M A N  I S L A N D S

ANTHRACITE REFERENCE: Shareholders' Final Meeting Set for June 30
ASUQ FINANCIAL: Shareholders' Final Meeting Set for July 8
FOOK SING: Shareholders' Final Meeting Set for July 7
GLOBAL FINANCE: Shareholders' Final Meeting Set for June 28
JJUNDI INVESTMENTS: Creditors' Proofs of Debt Due July 5

LORA INVESTMENTS: Shareholders' Final Meeting Set for June 30
LORA INVESTMENTS MASTER: Shareholders' Meeting Set for June 30
MSF CAPITAL: Shareholders' Final Meeting Set for June 27
MULTICAT MEXICO: Shareholder to Hear Wind-Up Report on July 8
POWERKO LTD: Shareholders' Final Meeting Set for July 7

STRAKE INVESTMENTS: Shareholders' Final Meeting Set for July 11
SUETONE BALANCED: Shareholders' Final Meeting Set for June 30
WALTER FUND: Members' Final Meeting Set for July 7


C O L O M B I A

* COLOMBIA: Peso Leads Emerging-Market Drop Amid Brexit Fallout


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Taiwan, Dominican Leaders Talk Investment


G U A T E M A L A

BANCO DE LOS TRABAJADORES: Moody's Lowers Deposit Ratings to B1


M E X I C O

GRUPO ELEKTRA: Fitch Affirms 'BB-' LT Issuer Default Ratings


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Fitch Cuts $8.2BB Rev. Bond Rating to 'C'


                            - - - - -


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A N G U I L L A
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NAT'L BANK OF ANGUILLA: Seeks to Shield Client Names in Bankruptcy
------------------------------------------------------------------
Tiffany Kary at Bloomberg News reports that lawyers seeking to
recover $175 million for clients of a bankrupt Caribbean offshore
bank are asking a U.S. judge to grant those customers the same
confidentiality protections a court extended to people claiming
clergy sex abuse.

U.S. Bankruptcy Judge Martin Glenn will weigh the matter July 1
when he considers whether the private-client unit of the National
Bank of Anguilla can keep its customers' names secret while it
tries to get their money back, according to Bloomberg News.
Creditors typically must be identified in U.S. bankruptcies.

The National Bank of Anguilla's private banking and trust division
filed for Chapter 11 bankruptcy in New York, Bloomberg News notes.
It's asking for permission to investigate its parent, as well as
the National Commercial Bank of Anguilla, which took over its
banking business, and the Eastern Caribbean Central Bank,
Bloomberg News notes.  A hearing is set for July 1 in Manhattan on
the requests for the probes and client confidentiality.

The case arises as U.S. authorities are lifting the veil that has
long obscured the identities of offshore banking clients,
including customers of Swiss banks seeking to hide their assets
from tax collectors, Bloomberg News says.  This year's leak of the
so-called Panama Papers -- a trove of documents from a law firm
specializing in setting up offshore companies -- has shed further
light on the financial arrangements of people who would rather
pass unnoticed, Bloomberg News notes.

Nothing in court documents suggests that the private bank's
clients are involved in tax evasion or other wrongdoing, Bloomberg
News discloses.

                          Money Transfers

The National Bank of Anguilla came under control of the ECCB, the
monetary authority for eight countries in the Caribbean, in 2013
after the financial crisis left it with a batch of poorly
performing loans, Bloomberg News relays.  Since then, $175 million
has been transferred from the private bank to the parent at the
instruction of directors appointed by the regulator, according to
the bankruptcy court papers, Bloomberg News notes.

James McCarroll, a bankruptcy lawyer for the National Bank of
Anguilla as well as the private bank unit, didn't immediately
return a call and e-mail seeking comment on the case.  ECCB
governor Timothy Antoine didn't immediately return an e-mail
seeking comment and the ECCB declined to give phone contact
information for him.

The private bank wants to use the U.S. bankruptcy process to get
the money back. It says 500 of its 819 depositors have positive
balances, making them creditors, Bloomberg News says.  The money
is held in a U.S. account with Bank of America Corp., according to
the filing. Bank of America representatives weren't immediately
able to comment on the case.

                        Disclosure Criminalized

The private bank argued in court papers that its customers'
identities should be kept confidential because Anguillan law
criminalizes disclosing information about depositors.
That's where the sex-abuse claimants come in, Bloomberg News
notes.

In requesting client confidentiality, the private bank cited the
2008 bankruptcy of the Diocese of Fairbanks, Alaska, in which a
judge said information about creditors who claimed they were
sexually abused could be kept under wraps, Bloomberg News relays.

It also pointed to a 1977 ruling in the bankruptcy of a Swiss
corporation. A lower court had dismissed that bankruptcy because
the bank refused to file a list of creditors. A New York-based
federal appeals court reversed the decision, Bloomberg News
discloses.

But times have changed. Swiss banks, including UBS Group AG and
Credit Suisse Group AG, have agreed to pay about $5 billion to the
U.S. in penalties and fines, Bloomberg News says.  In the past
year, 80 Swiss banks paid penalties to avoid prosecution for
helping U.S. clients hide assets from the Internal Revenue
Service, Bloomberg News relays.  They also provided authorities
with detailed information about account holders.

                             National Bank

The National Bank of Anguilla was formed in 1984 and began
operating in 1985, when it acquired the Anguilla branch of the
Bank of America National Trust & Savings Association, according to
its website.  The private-banking unit provides financial services
to offshore clients around the world and is wholly owned by its
parent, Bloomberg News notes.

The parent ceased banking operations on April 22.  It began
liquidating in an Anguillan court the following month.  On May 26,
it petitioned for bankruptcy court protection from U.S. creditors.
Banking operations were transferred to the National Commercial
Bank of Anguilla, which is wholly owned by the government,
according to court papers, Bloomberg News.

The private bank's case is In re National Bank of Anguilla
(Private Banking & Trust Ltd.), 16-11806, U.S. Bankruptcy Court,
Southern District of New York. (Manhattan) The parent's case is
16-11529.


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


FIDIECOMISO FINANCIERO: Moody's Puts Ca(sf) Rating to ARS10.5MM CP
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Lucaioli Serie XVI.  This transaction will
be issued by Banco Patagonia S.A. - acting solely in its capacity
as issuer and trustee.

The securities for this transaction have not been placed in the
market yet.  The transaction is pending for approval from the
Comision Nacional de Valores, if any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.

   -- ARS 39,663,580 in Floating Rate Debt Securities (VRD) of
      "Fideicomiso Financiero Lucaioli Serie XVI", rated Aaa.ar
      (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale)

   -- ARS 10,543,483 in Certificates (CP) of "Fideicomiso
      Financiero Lucaioli Serie XVI", rated Ca.ar (sf) (Argentine
      National Scale) and Ca (sf) (Global Scale).

                          RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 25,531 eligible consumer loans denominated in
Argentine pesos, bearing fixed interest rate, originated by Casa
Humberto Lucaioli S.A., a home appliances store located in
Argentina.  Only the installments due after July 5, 2016, will be
assigned to the trust.

The VRD will bear a floating interest rate (BADLAR plus 250bps).
The VRD's interest rate will never be higher than 35% or lower
than 26%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 22.4% for the
VRD and 1.7% for the CP, calculated over the pool's principal
balance as of July 05, 2016.  The subordination levels will
increase overtime due to the turbo sequential payment structure.

The transaction has an estimated -3.4% annual excess spread,
before considering losses, taxes or prepayments and calculated at
the VRD's interest rate cap of 35%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.  Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Lucaioli, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Lucaioli's
portfolio and previous securitizations.  In addition, Moody's
considered factors common to consumer loans securitizations such
as delinquencies, prepayments and losses; as well as specific
factors related to the Argentine market, such as the probability
of an increase in losses if there are changes in the macroeconomic
scenario in Argentina.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Lucaioli,
ranging from June 2013 to April 2016.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution of losses for the securitized pool with a
mean of 5% and a coefficient of variation of 50%.  Also, Moody's
assumed a 15% CPR.

To determine the rating assigned to the VRD and CP, Moody's has
used an expected loss methodology that reflects the probability of
default times the severity of the loss expected for each security.
In order to allocate losses to each Class in accordance with their
priority of payment and relative size, Moody's has used a cash-
flow model (ABSCORE) that reproduces many deal-specific
characteristics: the main input parameters of the model are
described above.  Weighting each loss scenario's severity result
with its probability of occurrence, the model has calculated the
expected loss level for each security as well as the expected
average life.  Moody's model then compares the quantitative values
to the Moody's Idealized Expected Loss table for each tranche.

Servicer default was modeled by simulating the default of Lucaioli
as the servicer consistent with an internal assessment about
Lucaioli's credit quality.  In the scenarios where the servicer
defaults, Moody's assumed that the defaults will triple and that
one full month of collections will be lost.

The model results showed 1.4% expected loss for the Floating Rate
Debt Securities (VRD) and 39.2% for the Certificates.

Stress Scenarios

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed.  The analysis assumes
that the deal has not aged.  It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested sixteen scenarios derived
from the combination of mean loss: 5% (base case), 7% (base case +
2%), 11% (base case + 6%), 14% (base case + 9%) and conditional
prepayment rates: 15% (base case), 20% (base case + 5%), 30% (base
case + 15%), 40% (base case + 25%).  The 5% /15% scenario would
represent the base case assumptions used in the initial rating
process.

At the time the rating was assigned, the model output indicated
that the VRD would have achieved a B1 (sf) global rating model
output if mean loss was as high as 7% with a prepayment rate of
15%.  Under the same assumptions, the Certificates would have
achieved Ca (sf) global rating model output.

Moody's also evaluated the back-up servicing arrangements in the
transaction.  If Lucaioli S.A. is removed as primary servicer,
Banco Patagonia S.A. will be appointed as the back-up servicer.


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


BANCO BRADESCO: S&P Affirms 'BB/B' Ratings; Outlook Remains Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale and issue-
level ratings and 'brAA-/brA-1' national scale ratings on Banco
Bradesco S.A.  At the same time, S&P affirmed its 'brAA-' national
scale ratings on its core subsidiary, Bradesco Capitalizacao S.A.
The outlook remains negative.

The issuer credit ratings (ICR) on Bradesco are based on S&P's
assessment of its very strong business position, which continues
to reflect the bank's prominent market share in almost all the
lines in which it operates.  S&P has revised the bank's capital
and earnings assessment to weak from moderate, taking into account
its forecasted risk-adjusted capital (RAC) ratio (4.1% for the
next 24 months).  The bank has felt pressure from both Brazil's
BICRA and from recent sovereign downgrades, as these materially
increased RWAs used, and the estimated goodwill from HSBC Brasil
acquisition.  Increasing credit losses and asset quality pressure,
have brought our adequate risk position assessment under pressure.
The ratings also incorporate S&P's assessment of the bank's
funding as average and its liquidity as adequate.  S&P lowered the
SACP to 'bbb-', from 'bbb' because of the change in its capital
and earnings score.  Nonetheless, the foreign currency rating on
Brazil constrains the ratings on Bradesco due to its extensive
exposure to the government in the bank's government bond
portfolio.  Therefore, Bradesco fails the stress test associated
with a sovereign foreign currency default.

The negative outlook reflects S&P's view that the ratings on
Bradesco should move in tandem with those on the sovereign, and
there is a greater than one-in-three likelihood that S&P could
lower the ratings on Brazil again.  It also incorporates potential
further downgrades of the BICRA, and the 'bb+' anchor for banks
operating in Brazil, as well as potential further deterioration in
the bank's capital because of increasing risk charges.  S&P could
see some pressure on its business position due to potential
revenue instability, compared with international peers.

Within the next year, a downgrade of Brazil and Bradesco 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 changes in Brazil's BICRA and risk charges (currently
with a negative trend), which could lead to further capital
pressure, in addition to risk position pressure due to asset
quality deterioration, and business position pressure due to
revenue instability compared with international peers.  These
aspects could lead to multiple score changes and a multiple notch
drop in the bank's SACP to levels below the sovereign rating.

S&P could revise the outlook on Bradesco 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.  Therefore, the
ratings on Bradesco could also stabilize following a similar
action on the sovereign if Brazil's political certainties and
conditions for consistent policy execution--across branches of
government, to stanch fiscal deterioration-improved; and if S&P
changes its negative trend on Brazil's BICRA to stable; and if
asset quality pressure on the bank eases materially, and if
revenues stability remains stable when comparing with
international peers.


BANCO DO BRASIL: Capital Ratio Said to Rise Even After Oi Losses
----------------------------------------------------------------
Francisco Marcelino at Bloomberg News reports that Banco do Brasil
SA, Latin America's largest bank by assets, will report an
increase in its core capital ratio for the second quarter even
after it boosts provisions for Oi SA, the Brazilian phone carrier
that filed for bankruptcy protection, according to a person close
to the bank.

The person, who asked not to be identified because the results
haven't been made public yet, declined to give a precise figure.
The gauge of capital adequacy was 8.26 percent in the first
quarter, according to earnings statements from the Brasilia-based
federally controlled bank, according to Bloomberg News.

Oi SA sought protection from creditors on BRL65 billion ($19
billion) in debt after failing to reach a restructuring agreement.
Brazil's fourth-biggest wireless company plans to continue serving
customers, the company said in a filing, Bloomberg News notes.

Banco do Brasil's provisions related to Oi will be equal to 30
percent of the loans the firm made to the company, the person
said, without being more specific, Bloomberg News relays.  Oi SA
said on June 17 that the bank's exposure was BRL4.3 billion,
Bloomberg News says.  The bank won't have to set aside provisions
of 30 percent of the total because a portion is related to local
debentures and international bonds, which are marked-to-market on
its balance sheet, the person said, Bloomberg News notes.

A Banco do Brasil press official declined to comment.

                           Avoiding Losses

Chief Executive Officer Paulo Rogerio Caffarelli said in an
interview in Sao Paulo that the company will make every effort to
avoid losses on Oi and doesn't need to raise capital in the short-
term, Bloomberg News notes.

"Banco do Brasil is always assessing ways to improve capital,"
Bloomberg News quoted Mr. Caffarelli as saying.

Oi SA's bankruptcy filing came less than two months after oil-rig
supplier Sete Brasil Participacoes SA filed for bankruptcy
protection with BRL18 billion in debt, Bloomberg News notes.

Creditors including Banco do Brasil had to raise first-quarter
provisions as a result, and missed analysts' profit estimates,
Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2016, Moody's Latin America Agente de Calificacion de
Riesgo has downgraded Banco do Brasil S.A. (BDBB)'s global long
term local currency deposit rating to Ba2 from Ba1.


PDG COMPANHIA: Moody's Retains Caa3 Rating on Missed Payment
------------------------------------------------------------
Moody's America Latina Ltda. announced that PDG Companhia
Securitizadora's failure to make an interest payment on the 15th
series of the 1st issuance of real estate certificates (CRI or
certificates), following a failure to receive interest payment due
on the underlying CCB (cedula de credito bancario) issued by PDG
Realty S.A. Empreendimentos e Participacoes (PDG, Caa3/Caa3.br
Corporate Family Ratings), and related amendments to the
transaction original structure have no immediate impact on the
Caa3/Caa3.br ratings of the certificates and underlying CCB.

Moody's views the certificates as full pass-through securities of
the underlying CCB.  Given that the ratings of the 15th series of
certificates are primarily based on PDG's ability to make payments
under the CCB, any changes in ratings of the underlying CCB will
cause a change in the ratings of the CRIs.

On June 17, 2016, the certificate holders agreed to (i) a 60-day
deferral of an approximately BRL20 million interest payment on the
underlying CCB and certificates, originally scheduled to come due
on June 20, 2016, and June 21, 2016, respectively, (ii) remove the
obligation to maintain a minimum pledge of receivables equivalent
to 105% of the outstanding CCB amount for up to 60 days.  During
this period, eventual changes on the collateral provided to the
CCB will be defined.

Notwithstanding the waivers and amendments provided by the
certificate holders at this time, PDG's and PDG Companhia
Securitizadora's failure to meet the interest payment as per the
original promise on the CCB and CRI, respectively, constitutes an
event of default under Moody's definition of default, a scenario
that was already incorporated to the current rating Caa3/Caa3.br
ratings.


PDG REALTY: Moody's Retains Caa3 Rating on Missed Interest Payment
------------------------------------------------------------------
Moody's America Latina says PDG Realty S.A. Empreend. e Part.
failure to make an interest payment on its BRL250 million senior
secured bank note (CCB) and related amendments to the original
debt structure, have no immediate impact on the company's
Caa3/Caa3.br Corporate Family Ratings and senior secured ratings.

The ratings outlook remains negative.

On June 17, 2016, the holders of the 15th series of the 1st
issuance of real estate certificates (CRI) issued by PDG Companhia
Securitizadora agreed with a 60-day deferral for an approximately
BRL20 million interest payment on the underlying secured bank
credit note (CCB) issued by PDG Realty.  The interest payment was
originally scheduled to come due on June 20, 2016.  Holders of the
certificates and underlying note also waived PDG Realty's
obligation to maintain a minimum pledge of receivables equivalent
to 105% of the outstanding debt amount for up to 60 days.  During
this period, eventual changes on the collateral provided to the
secured bank credit note will be defined.

"In spite the waivers and payment deferrals provided by the note
holders, PDG Realty's failure to meet the interest payment as per
the original debt promise constitutes an event of default under
Moody's definition of default, a scenario that was already
incorporated to the current rating Caa3/Caa3.br ratings, affirmed
on 12 May 2016," says Cristiane Spercel, a Moody's Vice President
and Senior Analyst.

PDG Realty's Caa3/Caa.br CFR reflect its weak operating
performance, untenable capital structure and evolving liquidity
profile with significant near-term debt maturities.  The ratings
also reflect Moody's current view of PDG Realty's consolidated
probability of default and expected loss for its debt holders,
considering its current capital structure that includes more than
87% of secured and guaranteed debt instruments and 13% of
unsecured notes.  The Caa3/Caa3.br ratings assigned to the secured
bank credit notes due in 2016 (15th series-1st issuance) reflect
an expected loss of more than 20% for its creditors in an event of
default.  Despite the collateral being provided there are no real
assets being pledged and in the event of a bankruptcy the under
collateralized debt amount may be significant depending on the
progress in the projects.

"The ratings could be further downgraded if we expect the recovery
values on its debt instruments to be lower than currently
estimated," says Spercel.  Conversely, the outlook could stabilize
if the company successfully completes the ongoing debt
renegotiations, such that reduces its prospective debt burden and
materially improves its liquidity position.

PDG Realty's sales over supply (SOS) ratios have been pressured by
project dissolutions, cancelled sales and stricter client
screening procedures.  Most of it relates to the implementation of
the company's turnaround plan and revised business strategy, but
we also note a general deterioration in the overall industry
dynamics driven by slower GDP growth in Brazil combined with
rising household debt and a decline in consumer confidence,
slowing growth of housing prices and sales speed.  Moody's
calculates annualized SOS ratio at 45%, down from 49% in March
2015.

PDG Realty's contract terminations reached BRL1.8 billion in the
last twelve months that ended March 2016, 46% higher than the
previous year.  As a result, the amount of unsold finished units
has increased to 33% of its inventories in March 2016 (up from
14.5% in March 2015).  An additional credit concern is PDG's
receivables from finished units, which exposes the company to
client delinquency risk.

PDG Realty is a Brazilian homebuilder operating through its wholly
owned subsidiaries, Goldfarb, CHL, Agre and minority investments
in other companies.  The company currently has projects in 14
states and virtually all price segments.  In the last twelve
months ended March 2016, PDG Realty generated net revenues of
BRL1.3 billion (USD370 million) and net losses of BRL3.0 billion
(USD850 million).


RADIO E TELEVISAO: Fitch Affirms 'BB-' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Radio e Televisao Bandeirantes Ltda.'s
(RTB) Long-Term Foreign Currency and Local Currency Issuer Default
Ratings (IDR) at 'BB-'. Fitch has also affirmed the company's
National Long-Term Rating at 'A(bra)'. The Rating Outlook is
revised to Negative from Stable.

The Outlook revision to Negative reflects Brazil's tough
operational outlook under subdued macroeconomic conditions, which
continues to pressure the country's advertising industry. RTB's
weak capital structure and liquidity profile and its high
financing costs are also factors. A downgrade to the 'B' category
could occur if EBITDA contracts due to pressured revenue growth
and if the company fails to materially improve its debt maturity
profile before the end of 2016.

KEY RATING DRIVERS
RTB is part of Grupo Bandeirantes de Comunicacao (BAND), a
diversified media group and one of the group's major free-to-air
(FTA) TV and radio broadcasters in Brazil. RTB's ratings are based
on the combined credit profile of BAND given the centralized
group's cash management and a strong operational linkage among the
group's companies under shared executives and control by the same
major shareholder.

The ratings reflect BAND's diversified media business with a
nationwide presence in Brazil, its historical stable performance
backed by continued cost savings initiatives that enabled positive
FCF generation since 2014, and moderately low leverage for the
rating category.

The ratings are tempered by BAND's weak market position in its
main TV business and a small operational scale compared to
regional peers amid tough economic conditions and a high level of
competition. The company's liquidity and its access to credit,
reflected by its high financing cost and a predominantly secured-
debt-based debt profile, are key credit weakness. Also, the
company's corporate governance, with its complex group structure,
is also considered below average for the rating category.

Unfavorable Operational Environment:

Media companies continue to experience weaker demand for
advertising due to unfavorable macro-economic environment in
Brazil and waning importance of free-to-air TV (FTA) due to pay-TV
and internet advertisement growth. Weak market conditions will
continue to impede any material advertising price improvements as
advertisers' budgets are expected to remain constrained, which
could pressure BAND's FTA operation. Attractive content remains a
key competitive factor, thus any significant reduction in
production costs could be challenging, resulting in suppressed
operating margins of the FTA advertising segment.

FTA's industry revenues declined for the first time in more than a
decade to BRL22.9 billion in 2015 after reaching a record BRL23.2
billion in 2014, and Fitch forecasts the difficult trend to
continue in the short term. BAND's total revenues, excluding its
Printed Media segment, were negatively affected in 2015, declining
by 6% to BRL1.343 billion from BRL1.421 billion in 2014. EBITDA
margin is likely to remain pressured in 2016 due to high
amortization costs from major sport events such as the Olympic
Games.

Weak Liquidity:

BAND's liquidity profile is considered weak for the rating
category given its high proportion of short-term debt. As of Dec.
31, 2015, the company's short-term debt was BRL428 million
accounting for 47% of total debt, which improved from 67% as of
December 2014, largely due to its issuance of BRL250 million
debentures in late 2015. During this period, the company's readily
available cash totaled BRL198 million. Fitch expects the company
to continue to gradually reduce its short-term debt in 2016,
backed by a combination of its positive FCF generation and cash
balance, as well as extension of debt maturities.

Weak TV Market Position:

BAND is the fourth largest TV operator in a highly concentrated
industry in Brazil where the market is dominated by Globo with
about 36% audience share in 2015. BAND accounted for a TV audience
market share of 4.3% in 2015, which is a modest improvement from
4% in 2007. Fitch expects the competitive landscape to remain
intense, which could limit any future market share improvement.
BAND's main contents are news, sports, and entertainment.

Moderately Low Leverage:
Fitch expects BAND's positive FCF generation to continue in the
medium term, backed by its lower capex and working capital
requirements, resulting in modestly improved leverage. Fitch
forecasts the company's net leverage to continue to stay at around
2.5x in 2016, which is in line with the 2015 level of 2.7x and is
considered moderately low for the rating category, despite
projected EBITDA contraction due to unfavorable market condition.
This level of leverage compares favorably to its historical level
of 4.1x at end-2013.

Diversified Media Portfolio
BAND is a diversified media group with a national presence in
Brazil. The group's main business is free-to-air (FTA) television
and radio broadcasting which combined represented close to 70% of
the group revenues in 2015. BAND also produces free newspapers,
pay-TV programming, media solution in public transportation in its
'out-of-home (OOH)' segment and to a smaller extent its internet
portal website.

BAND boasts strong operational integration across its various
media platforms backed by the sharing of production infrastructure
and talents, as well as the distribution of content under the
common management. This helps the group maintain quality of
content across the segments with an efficient cost structure.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for RTB include:

-- Slower growth of the advertisement industry in Brazil in the
    short to medium term due to subdued GDP growth;
-- BAND viewership market share to remain stable over the medium
    term;
-- Capex to sales ratio of 2.5% over the medium term;
-- BAND to successfully meet its debt maturities in 2016;
-- Net Leverage to remain at around 2.5x in 2016

RATING SENSITIVITIES

Negative rating action could be considered in case of material
EBITDA contraction due to the tough operating environment leading
to increased leverage and tepid FCF generation. In addition, the
company's failure to materially improve its short-term debt
profile within 2016 would immediately pressure the ratings toward
the 'B' category. Failure to reach 1.2x of readily available cash
plus cash flow from operations/short-term debt would also be
negative for the ratings.

Positive rating action is unlikely in the short to medium term
given unfavorable economic conditions in Brazil negatively
affecting FTA advertising trends. The Rating Outlook could be
revised to Stable if the company continues to generate solid
positive FCF generation on a sustained basis, leading to continued
reduction in its gross debt level and a well-distributed debt
maturities profile.

LIQUIDITY

BAND's liquidity profile is weak as its short-term debt amounted
to BRL428 million as of Dec. 31, 2015, which unfavorably compares
to its cash balance of just BRL198 million during the same period.
Fitch believes the company has made and will continue to make
progress to cope with its short-term debt maturity concentration
through its liability management initiatives, coupled with
internal cash flow generation and the outstanding cash balance.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Radio e Televisao Bandeirantes Ltda.
-- Long-Term Foreign Currency IDR at 'BB-';
-- Long-Term Local Currency IDR at 'BB-';
-- National Long-Term Rating at 'A(bra)'.

The Rating Outlook is revised to Negative from Stable.


RUMO LOGISTICA: Moody's Affirms B1 GS CFR; Outlook Remains Stable
-----------------------------------------------------------------
Moody's America Latina has affirmed Rumo Logistica Operadora
Multimodal S.A's global scale corporate family ratings at B1 and
national scale ratings at Baa2.br.  The outlook remains stable.

Ratings affirmed as:

Issuer: Rumo Logistica Operadora Multimodal S.A

   -- Corporate Family Rating: B1 (global scale); Baa2.br
      (national scale)

The outlook for all ratings is stable

                         RATINGS RATIONALE

The ratings affirmation reflects the capital increase and debt
refinancing that resulted in better liquidity and more comfortable
debt amortization profile, as well as the downward review on CAPEX
projections for the next five years.  On the other hand Moody's
believes that Rumo's leverage will remain high in the medium term
due to its capital intensive profile that will result in negative
FCF at least until the end of 2018.

Rumo's B1/Baa2.br corporate family rating reflects its relevant
market position as a railroad and logistic operator in the South
and Southeastern regions of Brazil, an area that is responsible
for 80% of Brazil's GDP and approximately 80% of the country's
grain exports that currently lack of railroad transportation
capacity.  The rating also considers the company's solid
shareholder structure, improved corporate governance and stronger
management team coming from Cosan (Ba2 negative) after the merger
between Rumo and ALL.  The importance of the company's business to
Brazil's infrastructure and track record of access to capital
markets and BNDES lines also support the rating.

Rumo has been investing in the revamping of assets, rolling stocks
and rail structure, generating additional capacity, ensuring a
higher level of volumes transported and maximizing the
utilization, which requires intensive CAPEX spending.  Despite the
aforementioned reduction in the company's 5-year CAPEX plan, to
BRL 8.5 bil. from BRL 12 bil., yearly investments will remain
considerably high until at least 2018.  Moreover, the investments
are largely dependent on Brazil Government's Development Bank,
BNDES (Ba2 negative), funding.  BNDES Participacoes currently
holds a 8% stake in the company and makes part of the
shareholders' agreement together with Cosan Logistica, TPG and
G†vea Investimentos.

The new management's plan to revamp Rumo's assets is positive and
healthy for the company's operations in the medium and long run,
but the CAPEX investments that will be needed for its execution
will keep adjusted leverage hovering between 5.0x-4.5x at least
until the end of 2017 and free cash flow negative until the end of
2018.  The B1 rating incorporates the assumption that BNDES will
finance a significant portion of the company's CAPEX needs.

On the other hand, Rumo's high leverage and negative cash
generation stemming from its capital intensive nature and
significant investments continue to constrain the ratings that are
further limited by the uncertainties brought by the evolving
regulatory framework for rail concessions in Brazil.  Rumo's gross
debt/EBITDA ratio, including Moody's standard adjustments, was
6.3x at the end of 2015, versus 7.0x a year earlier.  In the LTM
ended March 2016 the debt/EBITDA ratio reached 5.6x.  The
improvement reflects positive results from Rumo's new management's
turnaround efforts.  On April 2016, Rumo concluded a BRL 2.6
billion capitalization that also enabled the company to refinance
BRL 2.9 billion in debt maturing between 2016 and 2018.  In
addition, BNDES committed to approve additional lines of credit
totaling BRL 2.8 billion, together with BRL 700 million already
approved, that will be used to roll out the investment plan.  In
our view now as a part of the Cosan group, the company benefits
from stronger financial flexibility, wider access to funding,
overall better management and corporate governance.

Despite Brazil's challenging economic outlook, Rumo's turnaround
plan after its July 2015 merger with America Latina Logistica
leaves it better positioned to profit from a likely increase in
rail volumes, based on increased crop results and market-share
gains from trucking competitors.  Agricultural commodities
constituted around 82% of the volumes that Rumo transported in the
LTM ended March 2016.

The stable outlook reflects Moody's expectation that Rumo will
continue to benefit from a significant global demand for Brazil's
agricultural products.  The outlook assumes that Rumo will
maintain adequate liquidity while addressing its upcoming debt
maturities and investment requirements and improving efficiency
levels with the recent investments to its assets and railways.

Positive rating pressure would be triggered if Rumo maintains high
operating margins while strengthening cash flow generation and
reducing leverage.  Quantitatively, an upgrade could be considered
if Funds From Operations (FFO) to Adjusted Debt improves to more
than 12% (7.5% in the LTM ended March 2016) and the leverage as
measured by the Adjusted Debt to EBITDA decreases to less than
4.5x (5.6x in the LTM ended March 2016) on a sustainable basis.

Rumo's ratings could be downgraded or the outlook changed to
negative if leverage increases for a prolonged period, such as the
Adjusted Debt to EBITDA is maintained at more than 6.0x (5.6x in
the LTM ended March 2016) or if the company's adjusted interest
coverage ratio is maintained persistently below 1.0x (1.0x in the
LTM ended March 2016).  The ratings could also be downgraded in
view of a material deterioration on the company's liquidity
position, due to unfavorable rulings regarding judicial disputes
and/or changes in the regulatory framework that negatively affects
Rumo's business profile, such as a concession revoke without
adequate compensation or if the company is unable to secure
funding sources for its CAPEX needs.

Rumo is the company resulting from the merger between Rumo and
ALL, completed in 2015 and is the largest independent rail-based
logistics operator in Latin America.  The company's rail
operations comprise four long-term rail concessions, totaling
12,000 kilometers of rail tracks, 1,000 locomotives and 25,000
railcars, through which the company transports agricultural
commodities and industrial products.  Additionally, Rumo develops
the intermodal logistic of containers and related storage services
through Brado Logistica.  In the LTM ended March 2016, Rumo had
net revenues of BRL 4.3 billion and adjusted EBITDA of BRL 2.4
billion.


USINA CAETE: S&P Lowers CCR to 'CCC-' & Puts on CreditWatch Neg.
----------------------------------------------------------------
S&P Global Ratings lowered its global scale corporate credit
rating on Usina Caete S.A.- NE to 'CCC-' from 'B-' and S&P's
Brazil national scale corporate credit rating to 'brCCC-' from
'brB-'.  At the same time, S&P lowered its issue-level rating to
'CCC' from 'B-'.  S&P also revised its recovery rating on this
debt to '2', indicating its expectation for substantial recovery
(70%-90%; upper half of the range) of principal in the event of a
payment default, from '3'.  S&P also lowered its national scale
issue-level rating to 'brCCC' from 'brB-'.  Finally, S&P placed
all ratings on CreditWatch negative.

The downgrade reflects S&P's view that Caete's capital structure
may become unsustainable, absent a debt restructuring, which
increases the risk of the company's failure to pay principal or
interest payments in the next six months.  Its already weak
liquidity position continues to erode, as the share of short-term
debt maturities rises, while Caete continues consuming its cash.
In S&P's view, tightening credit conditions in Brazil and the
company's negative free operating cash flow have hindered its
ability to reduce debt or refinance it at longer tenors.  This
situation also forced Caete to breach its covenants for two years
in a row, which exposes it to a potential payment acceleration of
its debentures if banks don't provide a waiver to the breach.

S&P believes that, in the absence of a significant extension of
its debt maturity profile or improvement of its capital structure,
there's a rising risk of a debt restructuring or standstill
agreement due to the refinancing risk for the debt amortizations
in the next three months, which includes principal payments of its
debentures.

Nevertheless, the company's operating performance has improved due
to stronger productivity ratios, higher sugar and ethanol prices,
and a still weak Brazilian real that boosted Caete's exports.
Additionally, the company is reducing its expansion capex, which
should result in free operating cash flow, but it still won't be
sufficient to cover debt maturities.


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


ANTHRACITE REFERENCE: Shareholders' Final Meeting Set for June 30
-----------------------------------------------------------------
The shareholders of Anthracite Reference Company (12) Limited will
hold their final meeting on June 30, 2016, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Gabby Whitter
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8730
          Facsimile: (345) 945 4237


ASUQ FINANCIAL: Shareholders' Final Meeting Set for July 8
----------------------------------------------------------
The shareholders of ASUQ Financial Inc. will hold their final
meeting on July 8, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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


FOOK SING: Shareholders' Final Meeting Set for July 7
-----------------------------------------------------
The shareholders of Fook Sing De Paor Ltd. will hold their final
meeting on July 7, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Citron 2004 Limited
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          23-25 Broad Street St Helier Jersey JE4 8ND


GLOBAL FINANCE: Shareholders' Final Meeting Set for June 28
-----------------------------------------------------------
The shareholders of Global Finance Company (Cayman) Limited will
hold their final meeting on June 28, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Marc Daher
          Daher Building, 1st Floor
          Main Road, Ferzol, Bekaa
          Lebanon


JJUNDI INVESTMENTS: Creditors' Proofs of Debt Due July 5
--------------------------------------------------------
The creditors of Jjundi Investments Ltd. are required to file
their proofs of debt by July 5, 2016, to be included in the
company's dividend distribution.

The sole member received the liquidator's report on the company's
wind-up proceedings on June 21, 2016.

The company commenced liquidation proceedings on May 23, 2016.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers Road Town Tortola VG 1110
         British Virgin Islands
         c/o Myolie Lee
         HSBC International Trustee Limited
         Private Wealth Solutions
         HSBC Main Building, Level 13
         1 Queen's Road Central
         Hong Kong


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

The company's liquidator is:

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


LORA INVESTMENTS MASTER: Shareholders' Meeting Set for June 30
--------------------------------------------------------------
The shareholders of Lora Investments Master Fund, Ltd. will hold
their final meeting on June 30, 2016, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MSF CAPITAL: Shareholders' Final Meeting Set for June 27
--------------------------------------------------------
The shareholders of MSF Capital Offshore Institutional Fund, Ltd.
will hold their final meeting on June 27, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Maitland Administration Limited
          90 Fort Street George Town
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 0704


MULTICAT MEXICO: Shareholder to Hear Wind-Up Report on July 8
-------------------------------------------------------------
The shareholder of Multicat Mexico Ltd. will hear on July 8, 2016,
at 11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kevin Poole
          James Trundle
          Telephone: 914-2270/ 914-2265/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 Grand Cayman
          Cayman Islands


POWERKO LTD: Shareholders' Final Meeting Set for July 7
-------------------------------------------------------
The shareholders of Powerko Ltd. will hold their final meeting on
July 7, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


STRAKE INVESTMENTS: Shareholders' Final Meeting Set for July 11
---------------------------------------------------------------
The shareholders of Strake Investments Ltd. will hold their final
meeting on July 11, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SUETONE BALANCED: Shareholders' Final Meeting Set for June 30
-------------------------------------------------------------
The shareholders of Suetone Balanced Company SPC will hold their
final meeting on June 30, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Gabby Whitter
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8730
          Facsimile: (345) 945 4237


WALTER FUND: Members' Final Meeting Set for July 7
--------------------------------------------------
The members of The Walter Fund will hold their final meeting on
July 7, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


===============
C O L O M B I A
===============


* COLOMBIA: Peso Leads Emerging-Market Drop Amid Brexit Fallout
---------------------------------------------------------------
Christine Jenkins at Bloomberg News reports that the Colombian
peso posted the biggest decline amid an emerging-market slump as
Britain's decision to exit the European Union roiled markets for a
second day, adding to concern about the outlook for the Latin
American nation's economy.

The peso fell 2.8 percent at the close of trading, the worst
decline among developing-nation currencies, according to Bloomberg
News' June 28 report.  Sterling depreciated 3.6 percent and
earlier reached a three-decade low of $1.3121 that surpassed its
weakest levels during the panicked selling on June 24.

Traders' bets on swings in the peso over the next month are the
second-highest in Latin America, and the world's riskier assets
have been under pressure since the U.K. vote raised concerns that
an already-fragile global economic recovery will falter as trade
snarls in one of the world's biggest consumer blocs, Bloomberg
News discloses.  Colombia's current account deficit makes it
especially vulnerable to the external turmoil and a decline in
prices for its oil exports, according to German Cristancho, the
head of research at Corredores Davivienda, the report adds.

"It's part of the sensitivity that we consider the peso has from
the high current account deficit the country has maintained," the
report quoted Mr. Cristancho as saying.  "Today with the fall in
oil prices and the increase in risk premiums, it's normal to see
this selloff in the currency."

The country's current account deficit, the broadest measure of
trade in goods and services, is forecast to end 2016 near the
highest in at least 30 years, Bloomberg News relays.  Colombia
exported $969 million of goods to the U.K. in 2015, or 2.3 percent
of its total exports, making it the Latin American country most
reliant on trade with Britain, according to Bloomberg data.

Oil extended declines to trade near $46 a barrel as the market
remained volatile.


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


DOMINICAN REPUBLIC: Taiwan, Dominican Leaders Talk Investment
-------------------------------------------------------------
Dominican Today reports that as soon as he set foot on Panamanian
soil to attend the Panama Canal's expansion celebration, president
Danilo Medina met with Taiwan counterpart Tsai Ing-wen.

Among the topics the two leaders discussed figured investment by
Taiwan companies in Dominican Republic, which Taiwan's president
says will continue to surge in the coming years, according to
Dominican Today.

During the meeting held at her request, Tsai Ing-wen congratulated
Mr. Medina for an overwhelming win in the last elections and his
second term in office, the report notes.

Mr. Medina invited Taiwan's head of state to his inaugural on
August 16, whereas Tsai Ing-wen invited him to visit the
prosperous Asian nation, the report relays.

Mr. Medina recently congratulated Tsai Ing-wen on her elections
victory, becoming Taipei's first woman President.

"I present these congratulations on behalf of the people and the
Government of the Dominican Republic, and on my own behalf,
together with fervent wishes that her administration in the
Taiwanese government will achieve the greatest success," Mr.
Medina said at the meeting, accompanied by several senior
officials, the report adds.

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


=================
G U A T E M A L A
=================


BANCO DE LOS TRABAJADORES: Moody's Lowers Deposit Ratings to B1
---------------------------------------------------------------
Moody's Investors Service downgraded the long-term local and
foreign currency deposit ratings of Guatemala's Banco de los
Trabajadores (Bantrab) and the foreign currency senior debt rating
of Bantrab Senior Trust (BST) to B1 from Ba3.  BST is a Cayman-
Island based trust guaranteed by Bantrab.  At the same time, the
rating agency downgraded the bank's baseline credit assessment
(BCA) and adjusted BCA to b2 from b1 and its long-term
counterparty risk assessment to Ba3(cr) from Ba2(cr).  All of the
ratings and assessments are on review for further downgrade.

These ratings and assessments were downgraded:

Banco de los Trabajadores:
  Long term local and foreign currency deposit ratings to B1 from
   Ba3, on review for downgrade
  Baseline credit assessment and adjusted baseline credit
   assessment, to b2 from b1, on review for downgrade.
  Long term, counterparty risk assessment to Ba3(cr) from Ba2(cr),
   on review for downgrade.

Bantrab Senior Trust:
  Long term foreign currency senior debt rating to B1 from Ba3, on
   review for downgrade

                          RATINGS RATIONALE

The downgrade reflects Bantrab's loss of all of its correspondent
banking lines which if not addressed in a timely manner could
potentially prevent the bank from paying the November 2016 coupon
of BST's global bond.

As of last year, Bantrab had correspondent banking relationships
in the U.S, which it relied upon to help administer the coupon
payments on BST's bonds.  Moody's bank analyst Georges Hatcherian
said that "the loss of Bantrab's final correspondent line in May
2016 appears to reflect in part concerns by the counterparty
regarding the recent seizure by Guatemala's Public Ministry (PM)
in April 2016 of Bantrab's non-voting preferred shares that had
been held by Panama-based DHK Finance Inc".

This development occurred in a context of a large political
scandal in Guatemala and a generalized increase in risk aversion
of international banks towards Central America due to rising
apprehensions about weaknesses in regional banks' and regulators'
anti-money laundering controls.  The share seizure, following
which Moody's revised the bank's outlook to negative, was in
response to allegations by Guatemala's Superintendency of Banks
that the funds used to purchase these shares were obtained
illegally and that potential wrongdoing might have occurred during
the sale of those shares to DHK.

Bantrab's senior management reports that it is actively looking to
secure new correspondent banking lines at the moment.  Even if the
bank manages to obtain new lines, however, they are likely to come
a significant cost and their stability will remain uncertain.

Moody's also expects the bank's profitability to be negatively
affected by potentially lower loan growth as management focuses on
stabilizing funding and addressing possible flaws in its internal
governance and controls, rather than growing its business.

The review will focus on Bantrab's ability to secure new stable
and reasonably priced correspondent banking lines in a timely
manner.  Moody's will also reassess the probability that the bank
will benefit from public support with a focus on any measures
Guatemala's Superintendency of Banks and central bank may take to
help ensure the bank's ability to repay foreign bondholders
despite the loss of its correspondent lines.

Bantrab's B1 deposit ratings currently benefit from one notch of
lift from the b2 BCA to reflect a moderate probability of public
support.  This assumption is based on Bantrab's important role as
lender of consumer loans to Guatemalan public sector employees
jointly with the bank's government inception.

WHAT COULD CHANGE THE RATINGS DOWN

Bantrab's ratings could be downgraded further if the bank does not
manage to obtain new stable and reasonably priced correspondent
banking lines in a timely manner, or if Guatemala's
Superintendency of Banks and central bank appear less willing to
take measures to help ensure the timely payment of BST's bond than
Moody's previously viewed them to be.

The last rating action on Bantrab and on Bantrab Senior Trust was
on April 25, 2016, when Moody's affirmed the bank's and trust's
ratings, and changed the outlook to negative from stable.

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

Based in Guatemala City, Banco de los Trabajadores reported total
consolidated assets of about US$ 2.3 billion (GTQ 17.9 billion)
and shareholders' equity of around US$ 214 million (GTQ 1.7
billion), as of March 2016.


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


GRUPO ELEKTRA: Fitch Affirms 'BB-' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Grupo Elektra, S.A.B. de C.V.'s
(Elektra) Long-Term Foreign-and Local-Currency Issuer Default
Ratings (IDR) at 'BB-' and National Long-Term Rating at 'A(mex)'.
The Rating Outlook is Stable.

Elektra's ratings are supported by its market position in the
retail business as one of the main Mexican department store
chains, operational and financial linkage with Banco Azteca S.A.
(BAZ; rated 'A+(mex)'/'F1(mex)' ), as well the company's sizable
liquidity position and financial flexibility. The ratings also
consider the company's foreign exchange exposure of its debt and
part of its inventories and the controlling ownership by the
Salinas family.

KEY RATING DRIVERS

Strong Market Position

Elektra's market position is supported by the diversification of
its operations and the linkage with BAZ, one of the Mexican banks
with most granularity in the country. Elektra has a nearly 66-year
track record in the commercialization of durable goods, with
operations in six Latin American countries including Mexico. The
company also has a presence in the U.S. through its subsidiary
Advance America (AEA), a payday lending and other short-term
financial services provider.

Elektra generates about 72% of the group's consolidated revenues
in Mexico (including retail and financial businesses). However,
Fitch believes that the retail operation, by diversifying
geographically across Latin America, somewhat mitigates revenue
concentration.

BAZ Supports Elektra's Ratings

The linkage between Elektra's retail and financial divisions is
strong as both depend on another to complete service offerings to
customers. The retail division complements its product sales by
offering BAZ credit services while BAZ maintains a strong base of
customer derived from Elektra and Salinas y Rocha's shoppers.

BAZ's ratings consider the bank's robust position in its main
market, consumer loans, giving it a considerable competitive
advantage, as well as its still high and stable interest margins.
Furthermore, they incorporate the bank's adequate ability to
absorb losses, its solid funding structured through an ample,
stable, diversified and low-cost base of core customer deposits.

Stable Leverage Expected

Elektra's ratings, which incorporate total adjusted debt to
EBITDAR of the retail operation, but excludes the banks in Mexico
and Latin America, should be close to 3.5x over the long term. For
the latest-12-months (LTM) as of March 31, 2016, the retail
division lease adjusted debt-to-EBITDAR (excluding non-cash items)
was 3.6x and the adjusted net debt-to-EBITDAR was 3.0x, an
improvement from the 4.3x and 3.4x a year before, respectively.

As of March 2016, the retail business' total debt (excluding BAZ
and other Latin American financial businesses) was MXN16.5
billion, down from MXN17.7 billion in the same period the previous
year. Debt is composed of local and international debt issuances.
Liquidity at the retail business is strong which gives the company
flexibility to address refinancing needs or take advantage of
business opportunities.

Currency Exposure Partially Mitigated

Elektra is exposed to currency variations as approximately 63% of
the company's retail debt is denominated in USD. However, this
exposure is partially mitigated by Advance America (AEA) cash
flows and money transfer fees collected in USD by Elektra.
Furthermore, some of Elektra's inventory is related to USD, which
could potentially pressure profit margins for some products if
this effect is not reflected in price increases or might affect
sales volumes if the effect is passed through prices. Nonetheless,
Fitch believes the company should have the flexibility to face
these effects by changing its sales mix or extending its credit
periods to customers, among other measures.

KEY ASSUMPTIONS

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

-- Revenue growth for retail business of 7.8% average per year
    and EBITDA margin of 18% per year;
-- Decreasefa in AEA revenues for 2016-2017 and EBITDA margin of
11.5% per year;
-- Revenue growth for BAZ of 7.5% average per year and EBITDA
    margin of 11.8% per year;
-- Annual growth of 5.8% in banking deposits;
-- Accounts receivables portfolio growing at 8.5% per year;
-- NPL provisions of MXN8.9 billion per year;
-- Capex of MXN3.1 billion annually;
-- Dividend payments growing about the Mexican inflation rate;
-- Improvements in supplier negotiations and inventory
    management.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to negative rating actions include sustained adjusted debt to
EBITDAR for the retail division above 5.0x, sustained adjusted net
debt to EBITDAR for the retail division above 4.0x (including
readily available cash equivalents, as per Fitch's calculations),
a breach of covenants, as well as deterioration in Banco Azteca's
creditworthiness.

Factors that may, individually or collectively, lead to positive
rating actions include a sustained decrease in adjusted leverage
and adjusted net leverage for the retail division to levels below
3.5x and 2.5x, respectively; a strengthening of the bank's
creditworthiness coupled with solid performance of the retail
business revenue and cash flow dynamics, as well as greater
diversification in banking sources and Fitch's perception of a
strengthening in corporate governance.

LIQUIDITY

Elektra's liquidity position is sound. As of March 31, 2016, cash
for the retail division was MXN1.8 billion and short-term debt was
MXN87 million. During March and April of 2016, Elektra issued
MXN5.5 billion of CBs in the local market to refinance maturities
due on 2016. Fitch believes that Elektra's MXN15.9 billion
marketable financial instruments portfolio could provide
additional liquidity if required.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

-- Long-Term Foreign- and Local-Currency Issuer Default Rating
    (IDR) at 'BB-';
-- Long-Term National Rating at 'A(mex)';
-- Short-Term National Rating at 'F2(mex)';
-- USD550 million senior notes due 2018 at 'BB-';
-- MXN5.0 billion unsecured CBs (ELEKTRA 16) due 2019 at
    'A(mex)';
-- MXN0.5 billion unsecured CBs (ELEKTRA 16-2) due 2023 at
    'A(mex)';
-- Short-Term portion of Certificados Bursatiles program for up
     to MXN10 billion at 'F2(mex)'.

The Rating Outlook is Stable.


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


PUERTO RICO ELECTRIC: Fitch Cuts $8.2BB Rev. Bond Rating to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded $8.2 billion of Puerto Rico Electric
Power Authority (PREPA) power revenue bonds to 'C' from 'CC'.

In addition, Fitch is assigning an Issuer Default Rating (IDR) of
'C' to PREPA in anticipation of a distressed debt exchange, which
will allow Fitch to reflect the potentially different effects of
the exchange on outstanding securities.

The bonds remain on Negative Rating Watch. The IDR is placed on
Negative Rating Watch.

SECURITY

The power revenue bonds are secured by a senior lien on net
revenues of the electric system.

KEY RATING DRIVERS

RESTRUCTURING OR DEFAULT APPEARS INEVITABLE: The downgrade and
maintenance of the Negative Watch reflect Fitch's view that a
payment default or restructuring of PREPA's debt obligations is
inevitable. Although existing agreements between PREPA and certain
creditors (including bondholders) have provided temporary relief,
a key component of PREPA's restructuring plan is the reduction of
existing debt by means of a proposed distressed debt exchange.
PREPA is seeking to complete its restructuring by Dec. 31, 2016.

CASH FLOW CONCERNS REMAIN: PREPA's net cash receipts and existing
funds on hand remain insufficient to meet long-term working
capital, debt service and other funding requirements. Although
debt service payments due July 1, 2016 may be paid, funding for
such payments is likely to come from existing bond purchase
agreements with existing creditors and new re-lending agreements.

FISCAL 2014 AUDIT RELEASED: PREPA's most recent audited
performance (fiscal year ended June 30, 2014) was weak as Fitch-
calculated debt service fell to 0.69x, cash on hand totaled only
24 days and leverage rose to 16.1x (total debt/funds available for
debt service). The opinion of PREPA's auditor (Ernst & Young LLP)
also notes that the financial difficulties experienced by the
authority raise substantial doubt about its ability to continue as
a going concern.

FINANCIAL PERFORMANCE REMAINS WEAK: For the 12 months ended June
30, 2015, PREPA reported unaudited earnings before interest and
depreciation of $770 million, but a change in net position of
($320 million). The net loss was larger than PREPA's budgeted loss
of $198 million. Poor performance for the fiscal year was further
characterized by declining energy sales (1.6% for the period),
declining customers (0.4%), high concentrations of accounts
receivable (25% of revenue), high fuel costs (12.3 cents/kWh) and
an unwillingness to increase base electric rates.

RATING SENSITIVITIES

NONPAYMENT OR DISTRESSED DEBT EXCHANGE: The Puerto Rico Electric
Power Authority's failure to meet debt service obligations as
scheduled or execution of a distressed debt exchange, where
creditors are offered securities with diminished structural or
economic terms compared with the existing power revenue bonds to
avoid a probable payment default, would result in a downgrade of
the Issuer Default Rating to 'RD' and any affected securities to
'D'. Securities that continue to perform will have ratings
maintained at 'C'.


                            ***********


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
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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
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                            ***********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

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