TCRLA_Public/160705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, July 5, 2016, Vol. 17, No. 131


                            Headlines



A R G E N T I N A

CHUBUT PROVINCE: Fitch Assigns 'B' IDR; Outlook Stable
YPF SA: Fitch Assigns B Rating to Proposed USD750MM Notes


B R A Z I L

BRAZIL: Economists Forecast Slower Inflation on Stronger Currency
CAMARGO CORREA: Fitch Lowers IDR to 'BB-'; Outlook Stable
INTERCEMENT PARTICIPACOES: Fitch Lowers IDR to BB-; Outlook Stable
JBS SA: Brazil Police Search Headquarters Amid Carwash Probe
OI SA: Chapter 15 Recognition Hearing Set for July 21

* Fitch Says Asset Quality Weakness Key Pressure for Brazil Banks


C A Y M A N  I S L A N D S

AME (CAYMAN): Shareholders' Final Meeting Set for July 18
DEFINITIVE GUARDIAN: Shareholder to Hear Wind-Up Report on July 20
DEFINITIVE MASTER: Shareholder to Hear Wind-Up Report on July 20
DEFINITIVE SENTINEL: Shareholder to Hear Wind-Up Report on July 20
GALENA (CAYMAN): Shareholders' Final Meeting Set for Aug. 4

GALENA MACRO: Shareholders' Final Meeting Set for Aug. 4
GALENA (MALACHITE): Shareholders' Final Meeting Set for Aug. 4
GALENA MACRO GP: Shareholders' Final Meeting Set for Aug. 4
HIPPARCHUS INTERMEDIATE: Shareholders' Meeting Set for July 22
NEWLAND CAPITAL: Shareholder to Hear Wind-Up Report on July 20

NEWLAND MASTER: Shareholder to Hear Wind-Up Report on July 20
NORTHERN PINES: Shareholders' Final Meeting Set for Aug. 4
NORTHERN PINES MASTER: Shareholders' Final Meeting Set for Aug. 4


D O M I N I C A N   R E P U B L I C

AES ANDRES: S&P Withdraws 'B+' Corporate Credit Rating
BANCO DE RESERVAS: Fitch Affirms 'B+' Issuer Default Ratings
BANCO MULTIPLE: Fitch Affirms FC and LC LT IDR at 'B+'
ITABO DOMINICANA: S&P Withdraws 'B+' LT Corporate Credit Rating


M E X I C O

PRESTACIONES FINMART: Fitch Withdraws 'B-' LT IDR


P U E R T O    R I C O

AES PUERTO RICO: Fitch Lowers Rating on Securities to 'C'
ARR MEDICAL: Wants Exclusive Plan Filing Deadline Moved by 90 Days
KOMODIDAD DISTRIBUTORS: Interim Cash Collateral Use Allowed
KOMODIDAD DISTRIBUTORS: Cash Collateral Budget Extended to July 8
LUAR CLEANERS: Court Dismisses Chapter 11 Case

PUERTO RICO: Defaults on $911 Million in Guaranteed Debt
RAUL VELEZ: Court Dismisses Chapter 11 Case


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Labor, Business Disagree on Code


V E N E Z U E L A

VENEZUELA: Fitch Affirms 'CCC' LT Issuer Default Ratings


                            - - - - -


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A R G E N T I N A
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CHUBUT PROVINCE: Fitch Assigns 'B' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has assigned these ratings to the Province of
Chubut, Argentina (Chubut):

   -- Long-Term Foreign Currency Issuer Default Rating (IDR) of
      'B';
   -- Long-Term Local Currency IDR of 'B'.

The Rating Outlook is Stable.

                        KEY RATING DRIVERS

Chubut's rating mainly takes into consideration its strong
sustainability and leverage ratios, positive and adequate
operating margins in the period 2011-2015 that have allowed high
levels of capex.  In addition, it factors in its higher fiscal
autonomy in comparison to other provinces in Argentina due partly
to its collection of hydrocarbon royalties.

In contrast, the rating is limited by the constrained fiscal and
budgetary flexibility of the province as well as its weak
liquidity position.  Moreover, a highly concentrated economy
depending on oil sector is another limitation.

Considering the features of Argentina's institutional framework,
Fitch does not believe any subnational entity to be rated higher
than the sovereign, as regional governments' access to foreign
currency is not deemed stronger than the central government's.
Therefore, Chubut is capped by the sovereign rating.

Chubut recorded stable and solid operating margins in the period
2011-2014, but in 2015 this ratio decreased to 3.9%.  This
deterioration is due to a deceleration of hydrocarbon royalties
affected by international oil prices in tandem with a substantial
growth in personnel costs (37.6%) given its importance in the
expenses' structure.  High inflation and currency devaluation have
also negatively impacted fiscal performance and in year-end 2015
led to a nominal increase in direct long-term debt.

Chubut's fiscal autonomy has been above average among Argentina's
provinces.  Historically, its proportion of own revenues to total
operating revenue has been significant (58% in 2015).  This fact
is a positive rating factor.  This is explained by a higher share
of provincial tax on gross income and receipts from hydrocarbon
royalties that are imposed on oil and gas production.  However,
the province is also limited due to its great economic
concentration and because the oil and gas sectors are highly
regulated by the national government in Argentina.

During 1Q 2016, total revenues increased 26.4% to ARS5.3 billion.
This increase was principally attributable to a rise of 28.2% in
receipts from hydrocarbon royalties, as well as a 33.4% increase
in federal tax transfers on a year-over-year (y-o-y) basis.
On the other hand, the province's total expenditures (excluding
debt interest expense) grew 20.6% y-o-y and reached ARS4.9
billion.  This increase is principally attributable to 32.8% rise
in personnel expenditures as a result of salary adjustments.

Capex-to-total expenditure has also been relatively significant,
averaging 22% in the period 2011-2015 financed with operating
balances and debt.  At year-end 2015 floating debt reached 33 days
of primary expenditure and 11.1% of operating revenue.  However,
cash deposits are lower than payables and represented 4.4% of
total revenues in the same year.

The province can cover temporary deficits of the provincial
treasury through the use of the fund balances of all jurisdictions
and entities of the province's non-financial public sector without
financial cost (Unified Fund of Official Accounts or FUCO, ARS829
million in 2015).  As another liquidity buffer, Chubut is
authorized to issue short-term treasury notes for up to ARS2,385.9
million or its equivalent in other currencies.

In 2015 Chubut's direct debt totalled ARS7.5 billion, representing
43% of current revenues and 13.7x operating balance.  Even though
63% of Chubut's direct debt is denominated in foreign currency the
exchange risk is mitigated because the province has part of its
own revenues (royalties) linked to the USD.

Direct long-term debt increased by 147.7% in 2015 respect to
previous year, mainly explained by the devaluation of the
argentine peso and new issuances of debt (USD88.9 million of BODIC
II and ARS1,882.2 million under Treasury Bills Program).  Debt
service absorbed 1.6% of current revenues and represented 43.9% of
operating balance.

In early 2016, Chubut issued a bond for USD50 million and
considers issuing a new bond by USD650 million.  The issuance
would alleviate liquidity pressure but increase currency risk
exposure. Of the proceeds, 50% of the bond will be to partialy
refinance current debt stock.  Fitch estimates that debt
sustainability ratios will remain pressured debt if operating
margins continue to decrease as in 2015.

Chubut did not transfer the pension and retirement fund to the
national government, which is obliged to cover the underfunding of
those pension funds that were not transferred to its coverage.
The retirement and pension system acts only as a pay-as-you-go
system, i.e. the province pays if there is a difference between
the required payments and the contributions transferred by the
employers for future retirement and pension obligations of the
beneficiaries.  Currently, the province has not transferred
extraordinary funds to the Social Security and Insurance
Institute.

Chubut is located in the southern region of Argentina.  The
Province is in a strategic geographic position, with natural and
touristic attractions, including excellent access to the Atlantic
Ocean.  The contribution of the Province's economic activity to
national Gross Domestic Product (GDP) was 1.1% in 2014.  According
to the 2010 census, Chubut's population was 0.5 million and
represented 1.3% of the country's population.

Chubut was the largest oil-producing province between 2008 and
2015, and as of Dec. 31, 2015, ranked as the third highest gas
producing province in the country accounting for approximately 30%
and 8.3% of Argentine oil and gas production during 2015,
respectively.  Given the importance of the oil and gas sector in
Chubut, national policy changes for the sector nationwide could
improve economic performance and have a positive impact in its
public finances gradually.

                        RATING SENSITIVITIES

Chubut's IDR should move in tandem with Argentina's sovereign
ratings.  An upgrade of the sovereign IDR, accompanied by a
recovery in fiscal and budgetary flexibility observed in operating
margins of around 10 to 12 percent, as well as an improvement of
liquidity could lead to an upgrade in Chubut's rating.  A
downgrade of Argentina's IDR, coupled with a sudden increase in
the public debt burden and weak operating margins that
significantly affect debt sustainability ratios, could lead to a
negative rating action.


YPF SA: Fitch Assigns B Rating to Proposed USD750MM Notes
---------------------------------------------------------
Fitch Ratings expects to assign a rating of 'B/RR4' to YPF S.A.'s
proposed senior unsecured bond issuance of up to USD750 million
Argentine peso-linked variable rate notes due 2020.  The proceeds
will be used to fund fixed asset investments in Argentina and
working capital requirements.  The notes will rank at least pari
passu in priority of payment with all other YPF senior unsecured
debt.  The notes would be rated the same as all of YPF's senior
unsecured obligations.

At closing the issuance amount will be converted into an initial
equivalent Argentine Peso amount based on the then current
exchange rate.  The Argentine peso amounts payable in respect of
principal and interest will be converted to U.S. dollars based on
the Argentine Peso exchange rate prevailing at that moment.
Payment of the notes is therefore exposed to exchange rate
fluctuations, and payment of principal and interest can decrease
in USD terms if the Argentine peso depreciates.

KEY RATING DRIVERS
YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina and the company's relatively low
reserve life.  YPF's 'B' ratings are linked to the sovereign
rating of Argentina, which has a 'B' foreign and local currency
Issuer Default Rating (IDR).

Fitch has assigned a country ceiling of 'B' to the Republic of
Argentina, which limits the foreign currency rating of most
Argentine corporates.  Country Ceilings are designed to reflect
the risks associated with sovereigns placing restrictions upon
private sector corporates, which may prevent them from converting
local currency to any foreign currency under a stress scenario,
and/or may not allow the transfer of FC abroad to service FC debt
obligations.  Since taking power in December 2015, the Mauricio
Macri administration removed FX controls introduced in 2011 and
increased the flexibility of the Argentine peso, which should
contribute towards improving the capacity of the economy to absorb
external shocks and relieve pressure on international reserves.

LINKAGE TO SOVEREIGN: YPF's ratings reflect the close linkage with
the Republic of Argentina resulting from the company's ownership
structure as well as recent government interventions.  The
Republic of Argentina controls the company through its 51%
participation after it nationalized the company in April 2012.
Since this action, the company's strategy and business decisions
are governed by the Republic.

LOW HYDROCARBON RESERVE LIFE: The ratings consider the company's
relatively weak, though improving, operating metrics characterized
by a low reserve life.  As of year-end 2015, YPF reported proved
reserves of 1,226 million barrels of oil equivalent (boe) and
average production of 577,000 boe per day (52% crude oil).  Based
on production trends, the company's reserve life is below-optimal
at approximately six years.  This could create significant
operational challenges in the medium- to long-term, and gives the
company limited flexibility to reduce capex investments in order
to increase upstream reserves/production.

STABLE PRODUCTION: As expected by Fitch, the company's production
remained stable with an average production of 577,000 boe in 2015
(up 3% year-over-year).  During 2016, the company reduced its
capex investments by 25% in dollar terms.  Despite the significant
reduction in the company's capital expenditure program during
2016, Fitch expects the company to continue with its initial
ambitious capex program to maintain stable production in 2016 and
increase production in the following years.  Production in the
first quarter of 2016 (1Q16) averaged 582,300 boe per day, which
was similar to 1Q'15 production levels and in line with our
assumptions.

STRONG BUSINESS POSITION: Fitch expects the company to continue to
solidify its market leadership in Argentina.  YPF benefits from a
strong business position supported by its vertically integrated
operations and dominant market presence in the Argentine
hydrocarbons' market.  Fitch anticipates that YPF will continue to
exercise an active role in domestic fuel and gas supply.  In the
downstream segment, where YPF enjoys a 57% market share of
domestic gasoline sales and approximately 57% of diesel sales, the
company benefits from relatively high prices for refined products
in Argentina.

ADEQUATE CREDIT PROTECTION METRICS: YPF has relatively solid
credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule.  For the LTM ended March
2016, net leverage, as measured by net debt-to-EBITDA, reached
1.66x (considering Fitch's calculated EBITDA for YPF in USD),
which is still considered moderate for the assigned rating.  YPF's
total debt-to-total proved reserves ratio was USD7.5 per boe (USD
8.1 per boe pro forma after bond issuance).

As of March 31, 2016, YPF's total debt was approximately
USD9.2 billion, and the company reported EBITDA for the last 12
months (LTM) of USD4.85 billion.  Fitch's calculated equivalent
EBITDA in USD for the LTM ended March 31, 2016 was approximately
USD4.4 billion.  Fitch uses a weighted quarterly average USD/Peso
exchange rate to convert YPF's financial results into US dollar
equivalent figures.  Differences between the company's reported
numbers and Fitch's figures arise given the high currency
volatility experienced in Argentina over the past three to six
months and the timing of sales and costs recognition.

EBITDA for the 1Q'16 was down 27% compared with 1Q'5 as a result
of lower domestic oil prices (10% lower) and significant currency
devaluation.  While the upstream segment benefitted from the
devaluation, the downstream business was severely affected by the
devaluation of the Argentine peso.

Fitch assumes production will remain stable during 2016 assuming
flat EBITDA trends in 2016.  During recent years, the company's
leverage has been moderately increasing, mostly as a result of
increases in debt to fund the company's ramped-up capital
expenditure program.  Fitch believes net leverage will remain
close to 2.0x during 2016-2017 as a result of lower domestic
prices, significant capex needs and pressure from local currency
devaluation.  These leverage levels are still considered moderate
for the rating category.  Incorporating the proposed bond issuance
of up to USD750 million, the company's total debt-to-EBITDA ratio
for the past 12 months would rise to 2.3x on a pro forma basis.

KEY ASSUMPTIONS

   -- Mid-single-digit production growth annually;
   -- Realized oil prices of USD61/bbl, with increased realized
      natural gas prices increasing to the USD4.5/MMcf level over
      the next five years;
   -- Low-single-digit revenue growth in dollar terms over the
      next five years;
   -- Capex of USD4.7 billion for 2016. Fitch conservatively
      assumes capex of USD4.5 billion per year during 2017-2019;

RATING SENSITIVITIES

Future developments that could, individually or collectively, lead
to negative rating actions in the short term:

   -- Argentina's economic deterioration and the company's
      inability to maintain an adequate liquidity position or
      access to foreign currency;
   -- Any further weakening of Argentina's fiscal accounts could
      have a negative impact on the companies' collections/cash
      flow;
   -- A significant deterioration of credit metrics, and/or;
   -- The adoption of adverse public policies that can affect the
      company's business performance in any of its business
      segments.

A positive rating action could be the result of an upgrade of the
sovereign rating.

                            LIQUIDITY

Total cash and equivalents amounted to approximately
USD1.9 billion as of March. 31, 2016, this covers the short-term
debt due during 2016.  The company has been successful accessing
the local and international markets, and given that the company is
controlled by the Argentine government, Fitch does not anticipate
any difficulties in accessing the debt markets to refinance short-
term debt.

FULL LIST OF RATING ACTIONS

Fitch currently rates YPF S.A. as:

   -- Foreign currency long-term IDR 'B'; Outlook Stable;
   -- Local currency long-term IDR 'B'; Outlook Stable;
   -- Notes due 2018, 2021, 2024, 2025, 2028 'B'/'RR4'.


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


BRAZIL: Economists Forecast Slower Inflation on Stronger Currency
-----------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil economists
reduced their 2016 inflation forecast for the first time in seven
weeks as they foresee a stronger currency this year and next.

Economists estimate consumer prices will rise 7.27 percent this
year, down from the current level of 9.32 percent, according to a
central bank survey for the week ending July 1, according to
Bloomberg News.

They also lowered their 2017 year-end inflation forecast for the
first time since mid-May, to 5.43 percent, Bloomberg News relays.
They see the real ending the year at 3.46 per U.S. dollar, from
3.6 the prior week.

There are signs of budding optimism in Latin America's largest
economy, including business confidence -- a leading indicator for
investment -- surging to its highest level since 2014, Bloomberg
News says.   That stems from the belief that Finance Minister
Henrique Meirelles will achieve policies to right the economy
that's mired in a two-year recession, notes the report.

Brazil's real gained 12 percent in June, the most of 31 major
currencies tracked by Bloomberg.  Economists in the central bank
survey also improved their forecast for the real for end-2017, to
3.7 per U.S. dollar from 3.8 the prior week, even as the central
bank resumed auctions of reverse currency swaps, derivatives
designed to weaken the currency, Bloomberg News says.

Analysts forecast Brazil's economy will contract 3.35 percent this
year, versus a prior forecast for a 3.44 percent recession, adds
Bloomberg 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.


CAMARGO CORREA: Fitch Lowers IDR to 'BB-'; Outlook Stable
---------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign and Local
Currency Issuer Default Ratings of Camargo Correa S.A. to 'BB-'
from 'BB' and the Long-Term National Rating to 'A+(bra)' from
'AA-(bra)'.  The Outlook has been revised to Stable from Negative.

Camargo's downgrade reflects the deterioration of the credit
profile of its key operating asset - InterCement Participacoes
S.A. (InterCement; 'BB-'/Outlook Stable), and the growing
refinancing pressure at Camargo's holding company (HoldCo) level
in 2017 and beyond.  The harsh business environment for the
Engineering & Construction, Textile, and Homebuilding industries
(Camargo's others main operations) adds further volatility to the
group's business profile.  The Stable Outlook reflects Camargo's
current adequate liquidity position, supported by BRL2.7 billion
from the sale of Alpargatas S.A. late in 2015, and by an unused
stand-by facility of BRL2 billion.

Camargo's inability to find options to refinance the short-term
debt allocated at the holding level and for its fully-controlled
subsidiaries successfully in the next six months could pressure
the ratings.

                         KEY RATING DRIVERS

Deterioration in Cement Business; Adequate Liquidity is Key

InterCement, the cement division, accounted for 60% of Camargo's
consolidated revenues and 69% of its EBITDA during 2015.  Net
leverage within this business unit was 4.5x, as per Fitch's
methodology.  InterCement's credit metrics have suffered
materially over the last 12 months as a result of the difficult
operating environments in its key markets, mainly in Brazil, which
has led to significantly lower EBITDA generation.

Fitch views InterCement's ability to generate positive FCF through
the business cycle as a credit positive, but it has not been
enough to improve the company's capital structure.  InterCement's
debt amortization schedule is manageable and its cash position is
adequate to support operating cash flow volatility in the short
term.  Liquidity is sufficient to cover debt coming due until
2018.

Lava-Jato Investigation; Backlog Rebound is a Challenge

Camargo's subsidiary Construcoes e Comercio Camargo Correa S.A.
(CCCC) was one of 23 companies involved in the Lava-Jato
investigation.  Camargo announced leniency deals reached with
public authorities and fines of BRL104 million and BRL700 million,
respectively.  Fitch believes that any new developments about
Camargo and the investigation could bring additional uncertainties
and would pressure Camargo's ratings.  As a whole, CCCC
contributed approximately 15% to Camargo's consolidated EBITDA
during 2015. The company will be challenged to replace its backlog
which extends only through 2018.

High Leverage

Camargo experienced deterioration in its consolidated credit
metrics due to the difficult operating environment in Brazil.
Consolidated net leverage increased to 5.9x at Dec. 31, 2015, from
4.3x at Dec. 31, 2014.  Fitch projects Camargo's net leverage will
remain around 6.0x on average in 2016 and 2017 due to lower cash
flow generation across its businesses, and will be partially
offset by reductions in capex.

On a stand-alone basis, Camargo's net leverage in terms of
received dividends to parent company net debt was 3.7x (holding
company debt of BRL4.4 billion, cash of BRL928 million and
dividends received of BRL948 million).  Fitch estimates a lower
dividend inflow during 2016 and 2017 of around BRL400 million, as
only the transportation and energy segments of Camargo will be
able to maintain dividends distribution within this period.

Diversified Asset Base

Camargo's ratings also incorporate its broad business
diversification.  The ratings consider the diversification and
credit quality of Camargo's dividend flow, with approximately 50%
of the company's dividend receipts expected to come from its toll
road concession and energy concession businesses.  In the toll
road concession segment, Camargo holds 17% participation in CCR
S.A., which Fitch rates locally at 'AA-(Bra)'/Watch Negative, and
in the energy segment, Camargo holds 23.6% in CPFL Energia S.A.,
rated locally at 'AA-(Bra)'/Outlook Negative.

KEY ASSUMPTIONS:

   -- 13% decline in Brazilian Cement volumes in 2016;
   -- The tough operating scenario for the Engineering &
      Construction and Textile segments continues;
   -- No dividends inflow from InterCement during 2016, and
      dividends around BRL380 million from CCR and CPFL;
   -- Maintenance of robust liquidity profile.

RATING SENSITIVITIES

Negative Rating Action: Fitch would view a combination of these as
negative to credit quality:

   -- Inability to successfully refinance its 2016 and 2017
      maturities;
   -- Material decline in the group's consolidated liquidity
      position;
   -- Sustained net leverage metrics above 6.0x, on a sustainable
      basis;
   -- New developments in Lava Jato investigation and material
      fines and restrictions on participating in local public
      contracts.

Positive Rating Action: Factors that could lead to a positive
rating action:

   -- Additional proactive steps by the company to materially
      bolster its capital structure in the absence of high
      operating cash flow, such as a material asset sale.

   -- Faster than expected deleveraging to below 4.5x on a
      sustained basis, and consistent free cash flow generation to
      pay down gross debt levels.

                     LIQUIDITY AND DEBT STRUCTURE

On a stand-alone basis, Camargo faces increasing refinancing risks
beginning in 2017.  The weaker operating cash flow generation of
its controlled business and lower dividends inflow will pressure
HoldCo liquidity in 2017.  The HoldCo faces BRL578 million of debt
maturities in 2016 and BRL1 billion in 2017, but its controlled
subsidiaries, excluding InterCement, have additional maturities of
BRL1.6 billion in 2016 and BRL400 million in 2017.  Including
other subsidiaries' cash resources, pro forma cash at the HoldCo
is approximately BRL2.7 billion, which included the resources from
Alpargatas sales.  Positively, Camargo has a BRL2 billion stand-by
facility available until May 2017.

FULL LIST OF RATING ACTIONS

Fitch has downgraded these:

Camargo Correa S.A.

   -- Long-Term Local Currency IDR to 'BB-' from 'BB';
   -- Long-Term Foreign Currency IDR to 'BB-' from 'BB';
   -- Long-Term National Rating to 'A+(bra)' from 'AA-(bra)';

Fitch has also affirmed this:

   -- Short-Term National Rating at 'F1(bra)'.

The Rating Outlook is Stable.


INTERCEMENT PARTICIPACOES: Fitch Lowers IDR to BB-; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign and Local
Currency Issuer Default Ratings of InterCement Participacoes S.A.
to 'BB-' from 'BB' and the Long-Term National Rating to 'A+(bra)'
from 'AA-(bra)'.  The Rating Outlook has been revised to Stable
from Negative.

The rating downgrades reflect the deterioration of InterCement's
credit metrics with limited recovery over the medium term given
the harsh scenario for cement sales in Brazil.  Fitch expects
InterCement's net leverage to remain high around 5.0x, per the
agency's methodology, during 2016 with a modest decline to 4.7x in
2017.  The Stable Outlook reflects Intercement's adequate
liquidity position, with manageable debt maturity profile up to
2018, supporting operating cash flow volatilities in the period.

                         KEY RATING DRIVERS

Severe Contraction in Brazil's Cement Market to Persist

Cement producers in Brazil will face further headwinds in the
second-half 2016 and into mid-2017 as industry fundamentals remain
weak amidst the country's economic recession.  The unrelenting
fall in cement volumes is expected to continue due to increased
unemployment levels, higher real estate inventory levels and the
still lack of new construction projects over the next 12 months.
Fitch expects mid-double digit decline in volumes during 2016.

Decreasing EBITDA Generation From Brazil

InterCement's recent weak performance largely reflects the
deterioration in the Brazilian market, which was partially offset
by improving results in Argentina.  During 2015 and the last 12
month (LTM) period ended on March 31 2016, the company's total
consolidated sales volumes dropped 6% and 8%, respectively, with
the Brazilian operations declining 16% and 18% in the period.  As
a result, the company's Brazilian operations only account for 37%
of EBITDA, a decline from an average of 42%.  During 2015,
approximately 60% of InterCement's EBITDA generation was
originated within countries rated 'B' or lower by Fitch.

Challenge to Recover Operating Margins

Fitch projects consolidated EBITDA margins to remain around 20%
during 2016 with some improvement in 2017, as a result of cost
cuttings initiatives and operational efficiencies.  Over the last
quarters, the company has taken several measures to increase
utilization rates on its facilities, reducing fixed costs and
minimizing the effect of lower volumes.  For 2016, Fitch expects
InterCement to generate around EUR455 million of EBITDA, which
negatively compares with EBITDA of EUR519 million in 2015 and
EUR628 million in 2014.

High Leverage; Slightly Decline in 2017

InterCement's credit metrics have suffered materially over the LTM
due to the lower EBITDA generation.  Per Fitch's criteria, net
leverage ratios achieved 4.5x in 2015 and 5.1x during the LTM
March 31, 2016.  Fitch projects net leverage to be approximately
5.0x by year-end 2016, declining to 4.7x in 2017.  Fitch's
leverage ratio calculation differs from the net debt/EBITDA
financial covenant that InterCement is subject to on its financial
debt.  The company is tested annually to report net debt/EBITDA
below 4.5x, which it was in compliance with for 2015.  Fitch
assumptions incorporate that in a scenario of financial covenant
breach by InterCement, it would be able to negotiate a temporary
waiver with creditors.

Limited Ability to Generate Positive Free Cash Flow (FCF)

Fitch views InterCement's ability to generate positive FCF through
the business cycle as a credit positive but it is not sufficient
enough to effectively improve the company's capital structure.
The company generated EUR75 million of FCF in 2015 despite a 44%
decline in cash flow from operations to EUR174 million in 2015
through strict working capital management and reductions in capex.
Fitch projects InterCement to generate positive FCF of
approximately USD55 million during 2016 on the backs of cash flow
from operations of EUR150 million, further capex management, and
reduction on dividends outflow.

Fitch considers that InterCement has limited flexibility to
enhance capital structure in the medium term.  During 2015, the
company raised EUR52 million through the sale of non-strategic
assets in Brazil (quarries of Guarulhos and Barueri), Paraguay
(16% of the capital of Iguazu Cimentos), and additional EUR52
million with the promissory sale of an indirect minority
participation in BAESA.  Fitch's base case scenario does not
envisage any relevant asset disposal during the next quarters that
could materially benefit the company's capital structure but other
similar agreements to the Paraguay minority stake sale could
occur.

Credit Linkage with Corporate Group Incorporated

The ratings factor in InterCement's credit linkage with its
holding company, Camargo Correa ('BB-'/Outlook Stable), a large
privately owned conglomerates in Brazil.  InterCement is viewed as
the backbone for Camargo's credit profile as this division
accounts for 61% of Camargo's consolidated revenues and 87% of its
EBITDA during 2015.

Camargo has a diversified business portfolio, with operations in
cement, engineering and construction, textile, homebuilding and
also energy and transportation sectors.  All of the assets are
100% controlled by Camargo, which excludes energy (CPFL) and
transportation (CCR), have undergone strong deterioration in their
credit profile over the LTM.  Fitch's base case assumes that
InterCement is likely not to pay dividends to Camargo during 2016
and 2017.  Any further deterioration in the liquidity profile of
the holding level with higher than expected refinancing risks
arise during 2017 could negatively pressure InterCement's ratings.

Solid Business Position with a Diversified Portfolio

Intercement is as a major global player with a solid market
position in key regional markets with operations in South America
(Brazil, Argentina and Paraguay), Europe (Portugal) and Africa
(Egypt, Mozambique, South Africa and Cape Verde).  Fitch views the
company's business position as sustainable in the medium term
based on its leading business position in the market, strong brand
recognition and relevant scale of operations and the strategic
location of its cement facilities and quarries.

InterCement ranks among the 10 largest cement companies in the
world with total consolidated cement sales of 28 million tons
during 2015, and is the second biggest player in the Brazilian
market with a market share of 16%, measured by cement sales.  The
large scale of operations provides InterCement with competitive
advantages, principally meaningful cost-efficiencies and
integrated logistics.  The company maintains a diversified
portfolio of operations with cash flow generation, measured by
EBITDA, from Brazil, Argentina and Paraguay, Portugal and Africa
representing 33%, 39%, 6%, and 21%, respectively, of its total
EBITDA in 2015.

KEY ASSUMPTIONS:

   -- 13% decline in Brazilian volumes in 2016;
   -- 7% decline in consolidated volumes sold;
   -- Dividends relief in 2016 and 2017;
   -- Lower capex levels from EUR100 million to EUR120 million
      during 2016 and 2017;
   -- Maintenance of Robust liquidity profile.

RATING SENSITIVITIES

Negative Rating Action: Fitch would view a combination of these as
negative to credit quality:

   -- Potential shift towards more shareholder-friendly financial
      strategy during the next 18 months;
   -- Inability to reduce its net leverage to around 4.5x within
      the next 12-18 months;
   -- Deterioration in InterCement's sound liquidity profile.

Positive Rating Action: A rating upgrade is unlikely over the mid-
term.  Factors that could lead to a positive rating action:

   -- Additional proactive steps by the company to materially
      bolster its capital structure in the absence of high
      operating cash flow.

   -- Faster than expected deleverage to below 3.5x on a sustained
      basis, and consistent FCF generation to pay down gross debt
      levels.

                      LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Profile

Fitch views the company's debt amortization schedule as manageable
and its cash position as adequate to support operating cash flow
volatilities in the short term.  Liquidity is sufficient to cover
debt coming due until 2018.  As of March 31, 2016, InterCement
reported cash and cash equivalents of EUR667 million compared to
total debt of EUR3.1 billion.  The company's debt repayment
schedule is manageable with EUR137 million, EUR197 million and
EUR255 million of debt amortization through 2016 to 2018.
Approximately 54% of InterCement's debt is denominated in Euros
and 17% in dollar.  InterCement typically hedges 24 months of its
short-term maturities through derivative contracts.

FULL LIST OF RATING ACTIONS

Fitch has downgraded these ratings:

InterCement Participacoes S.A.
   -- Long-Term Local Currency IDR to 'BB-' from 'BB';
   -- Long-Term Foreign Currency IDR to 'BB-' from 'BB';
   -- Long-Term National Rating to 'A+(bra) from 'AA-(bra).

InterCement Brasil S.A.
   -- Long-Term Local Currency IDR to 'BB-' from 'BB';
   -- Long-Term Foreign Currency IDR to 'BB-' from 'BB';
   -- Long-Term National Rating to 'A+(bra) from 'AA-(bra).

Cimpor Financial Operations B.V.
   -- Senior Unsecured Notes unconditionally guaranteed by
      InterCement Brasil S.A. due 2024 to 'BB-' from 'BB'.

The Rating Outlook is Stable.


JBS SA: Brazil Police Search Headquarters Amid Carwash Probe
------------------------------------------------------------
Filipe Pacheco and Gerson Freitas Jr. at Bloomberg News report
that Brazilian police searched the offices of JBS SA, the world's
biggest producer of beef and chicken, as part of a corruption
probe that has shaken Latin America's largest country.

Federal police officers were seen at the headquarters JBS in Sao
Paulo, local media reported, according to Bloomberg News.

A company spokesman confirmed the search but said that JBS SA
itself wasn't the target of the operation and that no arrest
warrants were issued for its executives. Instead, police was
seeking documents related to Eldorado Brasil Celulose SA, part of
the J&F conglomerate that also controls JBS, he said, Bloomberg
News relays.

A press officer for Eldorado wasn't immediately available for
comment.

Brazil's federal police hasn't provided details about the
operation yet, Bloomberg News notes.  The two-year probe known as
Carwash, initially focused on state-run oil producer Petrobras,
has ensnared some of Brazil's biggest corporate conglomerates and
top politicians, Bloomberg News says.

Brazil's Finance Minister Henrique Meirelles was the chairman of
J&F Investimentos before joining the government of Acting
President Michel Temer, Bloomberg News discloses.

JBS announced in May plans to issue shares in the U.S. and turn
its Brazilian operation into a subsidiary, Bloomberg News notes.
It overtook rival Tyson Foods Inc. as the world's biggest poultry
producer in 2014 after a decade-long, $20 billion acquisition
spree that was supported by Brazil's national development bank,
Bloomberg News relays.

The state-owned lender known as BNDES holds a 24 percent stake in
the company, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
May 16, 2016, S&P Global Ratings revised its outlook on JBS S.A.
and JBS USA LLC to negative from stable.  At the same time, S&P
affirmed its 'BB+' global scale and 'brAA+' national scale ratings
on JBS and JBS USA.  In addition, S&P affirmed its 'BB+' issue-
level ratings on both companies.  A recovery rating of '3' for the
senior secured debt -- indicating a recovery expectation of 70%-
90%, in the higher band of the range -- and a '4' recovery rating
for the unsecured debt -- indicating a recovery expectation of
30%-50%, the higher band of the range -- remain unchanged.


OI SA: Chapter 15 Recognition Hearing Set for July 21
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
scheduled a hearing for July 21, 2016, at 10:00 a.m. (New York
Time) at Room 701, One Bowling Green, New York, New York, to
approve the request of Ojas N. Shah, in his capacity as the
foreign representative of Oi S.A. and its debtor-affiliates, to
recognize the company's Brazilian proceedings as a foreign main
proceeding with respect to each of the Debtors.  Objections, if
any, are due July 14, 2016, at 4:00 p.m. (New York Time).

The petitioner's counsel are:

   John K. Cunningham, Esq.
   Richard S. Kebrdle, Esq.
   White & Case LLP
   Southeast Financial Center
   200 South Biscayne Blvd., Suite 4900
   Miami, FL 33131
   Tel: (305) 371-2700
   Fax: (305) 358-5744
   Email: jcunningham@whitecase.com
          rkebrdle@shitecase.com

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

The Company is represented by John K. Cunningham of White & Case.

In its most recent Annual Report, Oi SA reported total assets of
R$59,552,794,000 (currency in Brazilian Real).


* Fitch Says Asset Quality Weakness Key Pressure for Brazil Banks
-----------------------------------------------------------------
Rising loan impairment charges are reducing profitability in
Brazil's banking sector and this will affect banks' ability to
generate capital internally, says Fitch Ratings. If Brazilian
banks strengthened their capacity to absorb unexpected losses,
this would mitigate the impact of the country's deep recession,
which is forcing up non-performing loans (NPL).

Sector-wide NPLs as a percentage of gross loans are rising, but
the deterioration across loan portfolios is not as bad as might
have been expected considering the weakness of the operating
environment. At end-May 2016, NPLs represented 3.8% of total
banking sector gross loans, up only slightly from the 3.4%
reported at end-2015 and 2.7% at end-2014.

Fitch said, "NPLs in Brazil are reported once they are 90 days
overdue, as is the case in many countries, and reported figures
provide a backward-looking indication of asset quality. Our base
case, which uses our forecast for a 3.8% contraction in GDP and a
rise in the unemployment rate to 12% from the current 11.2%, is
that the NPL ratio rises to 4.2% by end-2016. A more stressed
scenario, using a 4.5% contraction in GDP and unemployment
climbing to 14%, indicates that NPLs would reach 4.9%. Our
forecast is that GDP will return to modest 0.5% growth in 2017 but
we expect banks' asset quality to continue to deteriorate even as
economic growth returns.

"Our base case assessment is that loan impairment charges will
rise by about 20% in 2016 and continue to weigh on profitability.
The system as a whole will, in our opinion, post modest profits in
2016 and 2017, but trends will diverge across the banks.

"Large, privately owned banks have fared far better than public
sector, federal government-owned peers. Ratings assigned to
private leaders Bradesco and Itau Unibanco are, at 'BB+', one
notch higher than Brazil's sovereign rating, highlighting their
still sound financial metrics and resilience. Small and mid-sized
banks, with limited franchise, little diversification and higher
single-name loan concentrations, have also been hit and we think
this will continue to be the case."

Basel 3 will be fully phased in by 2019. As additional capital
buffers kick in and prudential deductions, such as of intangibles
and investments in insurance and other financial companies, are
taken directly to common equity Tier 1, some banks, notably Caixa
Economica Federal and Banco do Brasil, both controlled by the
public sector, might require additional capital from 2018 onwards.
Recapitalising these banks may not be the government's preferred
option and regulators could apply forbearance, as has been
frequently used in the past.

Fitch said, Seventy-eight per cent of our Brazilian bank ratings
are on Negative Outlook as is the sovereign rating. Near-term
growth prospects are weak and political uncertainty is high."


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


AME (CAYMAN): Shareholders' Final Meeting Set for July 18
---------------------------------------------------------
The shareholders of AME (Cayman), Inc. will hold their final
meeting on July 18, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kuo, Chiun-Ting
          8th Floor No. 12 Wenhu St. Nei-Hu
          Taipei 114
          Taiwan
          Telephone: +886.2.2627.8687


DEFINITIVE GUARDIAN: Shareholder to Hear Wind-Up Report on July 20
------------------------------------------------------------------
The sole shareholder of Definitive Guardian Master Fund, Ltd. will
hear on July 20, 2016, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Definitive Capital Management, LP
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


DEFINITIVE MASTER: Shareholder to Hear Wind-Up Report on July 20
----------------------------------------------------------------
The sole shareholder of Definitive Sentinel Master Fund, Ltd. will
hear on July 20, 2016, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Definitive Capital Management, LP
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


DEFINITIVE SENTINEL: Shareholder to Hear Wind-Up Report on July 20
------------------------------------------------------------------
The sole shareholder of Definitive Sentinel Fund, Ltd. will hear
on July 20, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Definitive Capital Management, LP
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


GALENA (CAYMAN): Shareholders' Final Meeting Set for Aug. 4
-----------------------------------------------------------
The shareholders of Galena (Cayman) Limited will hold their final
meeting on Aug. 4, 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:

          Graham Robinson
          Tanya Armstrong
          P.O. Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


GALENA MACRO: Shareholders' Final Meeting Set for Aug. 4
--------------------------------------------------------
The shareholders of Galena Macro Opportunities Fund L.P. will hold
their final meeting on Aug. 4, 2016, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Graham Robinson
          Tanya Armstrong
          P.O. Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


GALENA (MALACHITE): Shareholders' Final Meeting Set for Aug. 4
--------------------------------------------------------------
The shareholders of Galena (Malachite) Limited will hold their
final meeting on Aug. 4, 2016, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Graham Robinson
          Tanya Armstrong
          P.O. Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


GALENA MACRO GP: Shareholders' Final Meeting Set for Aug. 4
-----------------------------------------------------------
The shareholders of Galena Macro Opportunities GP Limited will
hold their final meeting on Aug. 4, 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:

          Graham Robinson
          Tanya Armstrong
          P.O. Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


HIPPARCHUS INTERMEDIATE: Shareholders' Meeting Set for July 22
--------------------------------------------------------------
The shareholders of Hipparchus Intermediate Fund Ltd will hold
their final meeting on July 22, 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:

          Matthew Wright
          c/o Omar Grant
          Regatta Office Park
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Cayman Islands


NEWLAND CAPITAL: Shareholder to Hear Wind-Up Report on July 20
--------------------------------------------------------------
The sole shareholder of Newland Capital Offshore Fund, Ltd. will
hear on July 20, 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:

          Newland Capital Management, LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


NEWLAND MASTER: Shareholder to Hear Wind-Up Report on July 20
-------------------------------------------------------------
The sole shareholder of Newland Master Fund, Ltd. will hear on
July 20, 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:

          Newland Capital Management, LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


NORTHERN PINES: Shareholders' Final Meeting Set for Aug. 4
----------------------------------------------------------
The shareholders of Northern Pines Capital Master Fund, L.P. will
hold their final meeting on Aug. 4, 2016, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NORTHERN PINES MASTER: Shareholders' Final Meeting Set for Aug. 4
-----------------------------------------------------------------
The shareholders of Northern Pines Capital Master Fund, L.P. will
hold their final meeting on Aug. 4, 2016, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


AES ANDRES: S&P Withdraws 'B+' Corporate Credit Rating
------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term corporate credit
and issue-level ratings on AES Andres Dominicana.  On Dec. 2,
2015, AES Andres BV called $169.2 million in bonds that its fully-
owned subsidiary, AES Andres Dominicana, issued.  AES Andres BV
and DPP - Dominican Republic Partners jointly guaranteed the
transaction.  In addition, given that AES Andres Dominicana was a
special purpose entity created exclusively for the purpose of
issuing the abovementioned bond issuance in November 2010, there's
not enough information to determine the company's credit quality
going forward.


BANCO DE RESERVAS: Fitch Affirms 'B+' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Banco de Reservas de la Republica
Dominicana, Banco de Servicios Multiples' (Banreservas) Long-Term
Issuer Default Ratings (IDRs) at 'B+', based on Banreservas'
stable financial performance and profile. The Rating Outlook is
Positive.

The Positive Outlooks on Banreservas's Long-Term IDRs are in line
with those of the sovereign. A full list of rating actions follows
at the end of this release.

KEY RATING DRIVERS
IDRS AND NATIONAL RATINGS AND SENIOR DEBT
Banreservas' IDRs, National scale ratings and senior debt rating
reflect Fitch's expectations of the support the bank would receive
from its sole shareholder, the Dominican government (IDR
'B+'/Positive Outlook), if needed.

Viability Rating (VR)
Banreservas' weak capitalization and asset concentrations highly
influence its VR. The bank's VR also considers structural
improvements in profitability and a stabilization of private
sector loan quality.

Banreservas reinvested DOP1.7 billion of 2015 earnings (about 28%
of net income) as planned, which lifted paid-in capital to a total
of DOP10 billion by end-March 2016. The bank's regulatory capital
ratio exceeds that of its domestic peers, though this in part
reflects a high exposure to the Dominican public sector and lower
risk-weighted assets as a result. However, Banreservas's tangible
equity-to-tangible assets ratio will continue to lag that of its
domestic and international peers (emerging market commercial banks
with highly speculative-grade ratings) given moderate growth
expectations and profitability.

The bank's main asset concentration, including loans and
securities, is with a highly speculative-grade sovereign (4.4x
equity at YE2015). Nevertheless, this exposure as a proportion of
equity has declined since 2013. In addition, moderate private
sector loan concentrations could lead to volatility in loan
quality metrics.

Although Banreservas experienced some deterioration in the first
quarter, since 2014, loan quality ratios have stabilized at a
level similar to its peers. The bank's impaired loans-to-gross
loans ratio increased to 1.4% at end-March 2016 from 0.9% at
YE2014 due to one large exposure, though this ratio remains well
below historical peaks. The increase in non-performing loans
(NPLs) also led to lower reserve coverage of impaired loans
despite higher provisioning expenses.

Even with still-high credit costs, Banreservas's return on average
assets (ROAA) should remain stable in 2016 as investments in
technology and the expansion of its distribution channels start to
wind down. Over the medium term, bank management expects to
maintain Banreservas's ROAA between 1.3% and 1.5% as the bank
expands to the consumer and small and medium-sized enterprise
(SME) segments, focuses on the cross-selling of its retail
platform, and improves efficiency. Given the bank's current
performance and prospects, Fitch believes this target is
achievable.

SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's systemic importance, its role collecting funds for the
government's single treasury account to pay debt obligations, and
its role as a provider of domestic loans results in an
equalization of its Support Rating Floor with the sovereign's LT
IDR of 'B+'. Additionally, Fitch believes the government's
willingness to support Banreservas should it be required is
substantial given its 100% stake in the bank. However, the
Dominican Republic's speculative-grade rating limits the
sovereign's capacity of support, resulting in a Support Rating of
'4'.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Banreservas' outstanding subordinated debt includes an
international issuance of USD300 million due 2023 and a domestic
issuance of DOP10 billion due 2024. The bank's subordinated note
ratings are one notch below its supported IDR and National Long-
Term rating, reflecting one notch for loss severity, but no
notches for incremental non-performance risk relative to the
bank's IDR. In Fitch's view, given the 'gone concern'
characteristics of the security, the anchor rating is the IDR,
even though there is no explicit government guarantee on the
security. According to Fitch's methodology, the subordinated notes
do not receive equity credit.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The bank's IDRs, National ratings and senior debt ratings are
sensitive to a change in Fitch's assumptions as to support.
Changes in the IDRs are also contingent on sovereign rating
actions.

VR
A material reduction in asset concentrations, a stronger capital
base, as well as a more established track record of meeting
strategic objectives, could lead to an upgrade of the bank's VR.

An unexpected deterioration in loan quality or profitability or
sustained high disbursements of income to the government that
pressures Banreservas's tangible common equity-to-tangible assets
ratio to below 5.5% could trigger a downgrade of its VR.

SUPPORT RATING AND SUPPORT RATING FLOOR
The SR and SRF are potentially sensitive to any change in
assumptions as to the propensity or ability of the Dominican
government to provide timely support to the bank. This could arise
in the event of a sovereign rating action. Currently, the Outlook
on the Dominican Republic's Long-Term Local and Foreign-Currency
IDRs is Positive.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Banreservas's subordinated debt ratings are broadly sensitive to
the same considerations that might affect the banks VR and
National Long-Term rating.

Fitch has affirmed Banreservas's ratings as follows:

-- Long-Term Foreign and Local Currency IDRs at 'B+'; Outlook
    Positive;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- Viability Rating at 'b';
-- Support Rating at '4';
-- Support Floor at 'B+';
-- Long-term subordinated notes at 'B'
-- National Long-Term rating at 'AA+(dom)'; Outlook Stable;
-- National Short-Term rating at 'F1+(dom)';
-- National subordinated debt rating at 'AA(dom)'.


BANCO MULTIPLE: Fitch Affirms FC and LC LT IDR at 'B+'
------------------------------------------------------
Fitch Ratings has affirmed the ratings for Banco Multiple BHD Leon
S.A. (BHDL) and its related entity BHD Leon Puesto de Bolsa
(BHDLPB).

Given BHDL's stable financial performance and profile, Fitch has
affirmed all of the bank's ratings. The Positive Outlook on BHDL's
Long-Term Issuer Default Ratings (IDRs) and National Rating are in
line with the Dominican Republic's sovereign rating.

KEY RATING DRIVERS BHDL
IDRS, VR, SUPPORT AND NATIONAL RATINGS
BHDL's Viability Rating (VR), or standalone creditworthiness,
drives its Long-Term IDRs and National Ratings. The bank's ratings
do not consider any support, resulting in a Support Rating of '5'
and a Support Floor of 'NF'.

The bank's VR is highly influenced by the operating environment
and asset quality. Additionally, the bank's VR reflects its
resilient performance, sound capitalization, stable funding base
and strengthened franchise.

BHDL's financial performance is robust and resilient.
Profitability is driven by ample margins benefiting from low-cost
deposits and credit expansion into higher-margin segments. A clear
focus on cost control, allows BHDL to record robust efficiency
ratios compared to the local market average.

A deterioration of four of the largest exposures in the commercial
segment drove a moderate deterioration in BHDL's loan quality
metrics. Thus, the impaired loans to total loans ratio increased
to 1.95% at March 2016 from 1.66% at YE14, while reserve coverage
of past due loans decreased to 241% from 302.9% at YE14.
Nevertheless, nonperforming loans still stand at a reasonable
level in light of low concentrations, while reserve coverage
remains conservative and high compared with local and
international peers.

BHDL has one of the strongest levels of capital among its closest
Dominican peers. Bolstered by internal capital generation, sound
profitability and moderate cash dividend payout, BHDL's Fitch core
capital to risk-weighted assets ratio reached 16% at YE15. The
bank's cushion against unexpected losses should also be viewed in
light of large loan loss reserves.

BHDL's successful franchise, distribution network and its
reputation as a longstanding, conservative institution support a
well-diversified, stable and relatively low-cost funding base.

BHDL consolidated its position as the second-largest private-
sector bank in DR, from the merger with the former Banco Multiple
Leon on 2014. The bank's franchise is well known and strong
locally, while it has positioned itself as a highly competitive
entity in the corporate business segment. The bank has also
successfully increased its penetration in the fastest growing and
profitable retail segment, which has widened its deposit base and
reduced funding costs.

KEY RATING DRIVERS BHDLPB
NATIONAL RATINGS
BHDLPB ratings reflect the operational and financial support
provided by BHDL and its sole shareholder Centro Financiero BHD
Leon (CFBHDL). In Fitch's view, BHDLPB's rating is aligned with
that of CFBHDL, as it is key and integral part of its business and
provides some financial products to core clients. Furthermore, a
clear commercial identification among this entity with BHDL and
CFBHDL, and the reputational risk at which they would be exposed
in the case of eventual troubles at BHDLPB results in a high
probability of direct or indirect support by BHDL and CFBHDL,
should it be required.

RATING SENSITIVITIES BHDL
IDRS, VR AND NATIONAL RATINGS
An upgrade of the sovereign's ratings could lead to an upgrade of
BHDL's ratings if the bank sustains its current strong financial
performance and adequate capitalization. Deterioration in the
bank's capital metrics, such as Fitch core capital to risk-
weighted assets ratio falling below 8%, together with asset
quality deterioration, could pressure creditworthiness.

RATING SENSITIVITIES BHDLPB
NATIONAL RATINGS
An upgrade in BHDL's ratings could lead to an upgrade of BHDLPB. A
negative change in the capacity or propensity of CFBHDL to provide
support could pressure creditworthiness.

Fitch has affirmed the following ratings:

Banco Multiple BHD Leon S.A.:
-- Foreign and Local Currency Long-Term IDR at 'B+', Outlook
    Positive;
-- Foreign and Local Currency Short-Term IDR at 'B';
-- Viability Rating at 'b+';
-- Support Rating at '5';
-- Support Floor Rating at 'NF'.
-- Long-Term National Rating at 'AA+(dom)'; Outlook Stable;
-- Short-Term National Rating at 'F1+(dom)'

BHD Leon Puesto de Bolsa, S.A.:
-- Long-Term National Rating at 'AA+(dom)'; Outlook Stable;
-- Short-Term National Rating at 'F1+(dom)'.


ITABO DOMINICANA: S&P Withdraws 'B+' LT Corporate Credit Rating
---------------------------------------------------------------
S&P Global withdrew its 'B+' long-term corporate credit rating on
Itabo Dominicana.  On Dec. 2, 2015, Empresa Generadora de
Eletricidad Itabo S.A., called the $116.4 million in bonds issued
by its fully-owned subsidiary Itabo Dominicana.  Generadora de
Eletricidad Itabo guaranteed the transaction.  In addition, given
that Itabo Dominicana was a special purpose entity created
exclusively for the purpose of issuing the abovementioned issuance
in November 2010, there's not enough information to determine the
company's credit quality going forward.


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


PRESTACIONES FINMART: Fitch Withdraws 'B-' LT IDR
-------------------------------------------------
Fitch Ratings has withdrawn Prestaciones Finmart, S.A.P.I. de
C.V., SOFOM E.N.R.'s (Finmart) ratings.

Fitch said, "We are withdrawing the ratings as Finmart has chosen
to stop participating in the rating process. Therefore, we will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Finmart."

RATING SENSITIVITIES
Rating Sensitivities are not applicable as the ratings have been
withdrawn.

The following ratings were withdrawn:
-- Long-Term Foreign and Local currency Issuer Default Ratings of
    'B-'; Rating Watch Evolving;
-- Short-Term Foreign and Local currency Issuer Default Ratings
    Of 'B'; Rating Watch Evolving;
-- National scale Long-Term rating of 'BB-(mex)'; Rating Watch
    Evolving;
-- National scale Short-Term rating of 'B(mex)'; Rating Watch
    Evolving.


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


AES PUERTO RICO: Fitch Lowers Rating on Securities to 'C'
---------------------------------------------------------
Fitch Ratings has downgraded these AES Puerto Rico L.P. (AES PR)
securities issued through the Puerto Rico Industrial, Tourist,
Educational, Medical & Environmental Control Facilities Financing
Authority to 'C' from 'CC':

   -- $161.87 million cogeneration facility revenue bonds series A
      (tax-exempt bonds) due June 2026;
   -- $33.1 million cogeneration facility revenue bonds, series B
      (taxable bonds) due June 2022.

The bonds remain on Rating Watch Negative.

                        KEY RATING DRIVERS

AES PR's 'C' rating reflects Fitch's view of the credit quality of
the Puerto Rico Electric Power Authority (PREPA), which Fitch
recently downgraded to 'C' from 'CC'.  PREPA is the revenue
counterparty under AES PR's power purchase agreement (PPA).
PREPA's rating of 'C'/Rating Watch Negative constrains the rating
of AES PR.

Revenue Risk: Weaker
Contracted Revenue Profile: The 25-year tolling-style PPA with a
non-investment-grade counterparty effectively mitigates some risk
of exposure to capacity price, energy margin, and dispatch risks
throughout the debt term, subject to project availability and heat
rates.  However, concerns loom regarding the offtaker's ability to
make future contractual payments.

Operation Risk: Weaker
Improving Operations: AES-PR has historically been susceptible to
forced outages that have reduced availability and capacity
payments.  Further, the operating cost profile has exceeded
original estimates.  However, management has taken a proactive
approach to limit future forced outages with encouraging initial
results.

Supply Risk: Midrange
Manageable Supply Risk: Fuel supply risk is mitigated by a three-
year, fixed-price fuel supply agreement sufficient to meet the
project's expected fuel requirements through 2017.  The short term
of the agreement is mitigated by the historical precedence for
renewal and liquid market for coal.  Fuel price risk is mitigated
by the tolling-style PPA, subject to heat rates.  Ash inventory is
actively managed by the project via the sale of its various ash
products.  AES PR's efforts have helped to offset near-term ash
disposal concerns, but cash flow uncertainty is heightened without
a permanent solution.

Debt Structure: Weaker
Weak Structural Features: The project's bonds are fixed-rate and
mature within the PPA term, but have back-loaded amortization
profiles.  The equity distribution, leverage, and debt service
reserve provisions are consistent with standard project finance
structures.  AES PR does not have O&M or major maintenance
reserves, which increases the importance of operational stability
and heightens the project's reliance on other sources of
liquidity.  Approximately 55% of the total debt outstanding,
including unrated bank loans, is variable rate with over 80%
synthetically fixed with investment-grade counterparties.

                        RATING SENSITIVITIES

Positive/Negative - Counterparty Rating: The rating is currently
capped by PREPA's rating.  A change in PREPA's long-term rating
would likely affect the rating on AES Puerto Rico.

Positive - Operational Performance: Sustained improvements to
plant availability or heat rate could enhance the long-term
profile.

                         SUMMARY OF CREDIT

AES PR's downgrade reflects the rating of PREPA, which was
downgraded to 'C'/Rating Watch Negative on June 27, 2016.  As the
key revenue counterparty, AES PR's credit quality constrains the
project rating.  Any rating change in PREPA's rating would likely
lead to similar rating action for AES PR.

The downgrade and maintenance of the Negative Watch on PREPA
reflect Fitch's view that a payment default or restructuring of
PREPA's debt obligations is inevitable.


ARR MEDICAL: Wants Exclusive Plan Filing Deadline Moved by 90 Days
------------------------------------------------------------------
Arr Medical Group, PSC, asks the U.S. Bankruptcy Court for the
District of Puerto Rico to extend by 90 days the exclusivity
period for the Debtor to file a disclosure statement and plan of
reorganization and the period for the Debtor to obtain the votes
for the plan by 60 days after the order approving the Disclosure
Statement is entered.

There are pending negotiations with the creditors that need to be
resolved prior to the filing of the Disclosure Statement and Plan.
The Debtor assures the Court that it is meeting its obligations as
Debtor in possession.  Monthly Operating Reports have been filed
and quarterly fees have been paid.  The Debtor tells the Court
that any extension of time will not harm the creditors but will
increase the possibilities of a successful reorganization.

The Debtor's counsel can be reached at:

     Mary Ann Gandia-Fabian, Esq.
     P.O. Box 270251
     San Juan, Puerto Rico 00928
     Tel: (787) 390-7111
     Fax: (787) 729-2203
     E-mail: gandialaw@gmail.com

Arr Medical Group, PSC, filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 16-00400) on Jan. 22, 2016.  Mary Ann
Gandia Fabian, Esq., at Gandia-Fabian Law Office serves as the
Debtor's bankruptcy counsel.


KOMODIDAD DISTRIBUTORS: Interim Cash Collateral Use Allowed
-----------------------------------------------------------
Komodidad Distributors, Inc., et al., and FirstBank Puerto Rico
sought and obtained from Judge Enrique S. Lamoutte of the U.S.
Bankruptcy Court for the District of Puerto Rico, an interim order
authorizing the Debtors' use of cash collateral.

During the hearing on July 6, 2016, the Debtors and FirstBank
announced an agreement for the interim use of cash collateral. The
Debtors and FirstBank submitted to the Court their consensual
interim budget approved up to June 24, 2016.

Judge Lamoutte authorized the Debtors to use cash collateral until
the earlier of (i) June 24, 2016 at 11:59 p.m., which period may
be extended upon agreement between FirstBank and the Debtors, with
the approval of the Court; and (ii) the date upon which a
Termination Event occurs.

"Entry of this Interim Order is in the best interests of the
Debtors, their creditors and their estates because it will enable
the Debtors to pay such obligations during the Interim Cash
Collateral Period as are necessary to avoid immediate and
irreparable harm to the Debtors' estates and businesses," Judge
Lamoutte acknowledged.

A further hearing to consider any extension of the Interim Cash
Collateral Period, and the terms and conditions of the Debtors'
use of Cash Collateral during any such extended period, will be
held on July 5, 2016 at 9:30 a.m.

A full-text copy of the Interim Order, dated June 17, 2016, is
available at https://is.gd/P876hz

FirstBank Puerto Rico is represented by:

          Zachary H. Smith, Esq.
          MOORE & VAN ALLEN, PLLC
          100 North Tryon Street
          Suite 4700, Charlotte
          North Carolina, 28202
          Telephone: (704)331-1046
          E-mail: zacharysmith@mvalaw.com

                 - and -

         Antonio A. Arias, Esq.
         Lina M. Soler/Rosario
         MCCONNELL VALDES, LLC
         P.O. Box 364225
         San Juan, PR 00936-4225
         Telephone: (787)250-5604
         E-mail: aaa@mcvpr.com
                 lms@mcvpr.com

Komodidad Distributors, Inc. and its affiliated debtors are
represented by:

          Javier Vilario, Esq.
          VILARIA'O & ASSOCIATES LLC
          301 Recinto Sur Street, Suite 305
          Gallardo Building
          San Juan, PR 00902
          Telephone: (787)565-9894
          E-mail: jvilarino@vilarinolaw.com

                   About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016.  The
petition was signed by Jorge Galliano, president.  The Hon.
Enrique S. Lamoutte Inclan presides over the case.  The Debtor
estimated assets of $50 million to $100 million and estimated
debts of $10 million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


KOMODIDAD DISTRIBUTORS: Cash Collateral Budget Extended to July 8
-----------------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico approves the extension of interim cash
collateral budget sought by Komodidad Distributors, Inc. and its
affiliated debtors, and FirstBank Puerto Rico, and extended the
cash collateral period from June 25, 2016 through and including
July 8, 2016.

Likewise, Judge Lamoutte allows the Parties to substitute the
version of the Exhibit B attached to their Joint Urgent Motion for
Extension of Interim Budget for the Parties submitted a version
that is inaccurate on its footnotes.

Attorneys for Komodidad Distributors, Inc. and its affiliated
debtors:

       Javier Vilario, Esq.
       VILARIA'O & ASSOCIATES LLC
       301 Recinto Sur Street, Suite 305
       Gallardo Building
       San Juan, PR 00902
       Telephone: 787-565-9894
       Email: jvilarino@vilarinolaw.com

Attorneys for FirstBank Puerto Rico:

       Zachary H. Smith, Esq.
       MOORE & VAN ALLEN, PLLC
       100 North Tryon Street, Suite 4700
       Charlotte, NC 28202
       Telephone: (704) 331-1046
       Email: zacharysmith@mvalaw.com

       -- and --

       Antonio A. Arias, Esq.
       Lina M. Soler/Rosario, Esq.
       MCCONNELL VALDES, LLC
       P.O. Box 364225
       San Juan, Puerto Rico 00936-4225
       Telephone: (787) 250-5604
       Email: aaa@mcvpr.com
              lms@mcvpr.com

                   About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016.  The
petition was signed by Jorge Galliano, president.  The Hon.
Enrique S. Lamoutte Inclan presides over the case.  The Debtor
estimated assets of $50 million to $100 million and estimated
debts of $10 million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


LUAR CLEANERS: Court Dismisses Chapter 11 Case
----------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for
the District of Puerto Rico found that the Chapter 11 case
captioned IN RE: LUAR CLEANERS INC, Debtor(s), CASE NO. 14-04974
(Bankr. D.P.R.) is not appropriate for conversion and that it is
in the best interests of creditors and the estate to dismiss the
case.

The Motion to Dismiss or Convert was filed by the creditor, WM
Capital Partners 53, LLC.

"In the court's review of the schedules, the amended disclosure
statement and plan, as well as the claims filed, it does not
appear that a chapter 7 trustee would have anything to distribute
to the unsecured creditors. The secured creditors are able to
liquidate their collateral outside of bankruptcy. No party has
indicated that there are potential avoidance actions through which
a trustee might realize significant recovery for the estate. The
appointment of a chapter 7 trustee would cause the estate to incur
additional administrative expenses. Given these facts, the court
finds that the captioned case is not appropriate for conversion
and it is in the best interests of creditors and the estate to
dismiss this case," Judge Tester said.

A full-text copy of Judge Tester's June 29, 2016 opinion and order
is available at http://bankrupt.com/misc/prb14-04974-167.pdf

Headquartered in Toa Baja, Puerto Rico, Luar Cleaners, Inc., filed
for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No.
14-04974) on June 18, 2014, listing $1.03 million in total assets
and $2.15 million in total liabilities.  The petition was signed
by
Raul Palacios Velez, president.  Jacqueline Hernandez Santiago,
Esq., at Jacqueline Hernandez Santiago serves as the Debtor's
bankruptcy counsel.


PUERTO RICO: Defaults on $911 Million in Guaranteed Debt
--------------------------------------------------------
EFE News reports that Puerto Rico has opted to default on $911
million in constitutionally guaranteed debt, or roughly half of
the $2 billion in principal and interest that came due July 1.

"Even if I were to shut down the government today, I wouldn't have
enough to make all" the debt payments, Gov. Alejandro Garcia
Padilla said in a press conference at La Fortaleza, his official
residence, according to EFE News.

Members of Garcia Padilla's financial and legal team who
accompanied him at the press conference did not provide specific
details on which bond payments were made, the report relays.

But the governor's chief of staff, Grace Santana, confirmed that
no principal or interest payments were made on so-called general
obligation, or GO, bonds, which are guaranteed by the U.S.
commonwealth's constitution and supposed to be repaid even before
covering the cost of essential services, such as education, police
and sanitation, the report says.

The default, the first involving GO debt, was historic but
unsurprising because Garcia Padilla had said long before that the
island had no money to make payment on those bonds, the report
notes.

The default coincided with the start of a new fiscal year and a
new budget that has begun to bring down Puerto Rico's hefty debt
load, which had soared to more than $70 billion, the report
discloses.

"Today the debt is $68 billion, which means that for the first
time in history we're managing to reduce the debt," the governor
said, adding that as negotiations continue to proceed with
creditors that amount will fall by "tens of billions," according
to the report.

"We've addressed the crisis with the necessary sensibility,"
Garcia Padilla said, insisting that Puerto Rico had been a "colony
of Wall Street" until the island began halting debt payments and
defending its own interests, the report relays.

The governor, who will not run for a second four-year term in
November's election, defended his administration's actions, saying
it had managed to avoid laying off public employees even though
the government is the largest employer on an island that has been
in recession for more than a decade, notes the report.

Puerto Rico enacted a debt moratorium due to liquidity restraints,
a move that coincided with a new U.S. law signed by President
Obama that installs a financial control board to restructure the
island's debt and provides a retroactive stay on lawsuits by
bondholders, the report adds.

As reported in the Troubled Company Reporter-Latin America on June
28, 2016, Fitch Ratings has downgraded the Commonwealth of Puerto
Rico's Issuer Default Rating (IDR) and related debt ratings to 'C'
from 'CC'. Fitch maintains the ratings on Rating Watch Negative.


RAUL VELEZ: Court Dismisses Chapter 11 Case
-------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for
the District of Puerto Rico found that the Chapter 11 case
captioned IN RE: Raul Palacios Velez, Debtor(s), CASE NO. 14-04976
(Bankr. D.P.R.) is not appropriate for conversion and that it is
in the best interests of creditors and the estate to dismiss the
case.

The Motion to Dismiss or Convert was filed by the creditor, WM
Capital Partners 53, LLC.

"In the court's review of the schedules, the amended disclosure
statement and plan, as well as the claims filed, it does not
appear that a chapter 7 trustee would have anything to distribute
to the unsecured creditors. The secured creditors are able to
liquidate their collateral outside of bankruptcy. No party has
indicated that there are potential avoidance actions through which
a trustee might realize significant recovery for the estate. The
appointment of a chapter 7 trustee would cause the estate to incur
additional administrative expenses. Given these facts, the court
finds that the captioned case is not appropriate for conversion
and it is in the best interests of creditors and the estate to
dismiss this case," Judge Tester said.

A full-text copy of Judge Tester's June 29, 2016 opinion and order
is available at http://bankrupt.com/misc/prb14-04976-214.pdf

Raul Palacios Velez filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-05485) on July 12, 2012.


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


TRINIDAD & TOBAGO: Labor, Business Disagree on Code
---------------------------------------------------
Trinidad and Tobago Newsday reports that the divide between the
business sector and labor was evident as a prominent business
sector leader and trade unionist offered differing views on a new
code to govern the workplace. Energy Chamber chief executive
officer Dr. Thackwray Driver, in agreeing with the adoption of a
Basic Terms and Conditions Code, applauded the emphasis on
"individual employment rights" together with the "ability of non-
unionized employees to access the services of the Ministry of
Labor and the Industrial Court."

However, in stark contrast was Banking, Insurance and General
Workers Union (BIGWU) president Vincent Cabrera who pointed out
that the ordinary worker would not be able to approach the
Industrial Court without the assistance of either a trade union or
a lawyer, the report relays.

Both men were addressing a national stakeholder consultation on
the basic terms and conditions of work code hosted by the Ministry
of Labor at the NESC Auditorium, Rivulet road, Couva, notes the
report.

Mr. Cabrera, who spoke on behalf of the Joint Trade Union Movement
(JTUM) said they were "opposed to item 2 (of the Code), in terms
of accessibility because not every worker can afford an attorney,
the report notes.

"How is this person to go to the Industrial Court," he asked,
Trinidad and Tobago Newsday relays.

However, in a power point presentation, Dr. Driver, stated that
things which the Chamber was in favour of was the, "emphasis on
individual employment rights" as well as the "widening of the
Industrial Court jurisdiction that employees may choose not to be
represented by a union," says the report.

Dr. Driver's power point presentation was also criticized by Mr.
Cabrera who wondered how the Chamber head was able to source a
draft copy of the Code while the union members had not received a
copy until that morning, the report relays.

However, Dr. Driver also raised some areas of concern asking how
the Code would "fit with the IR ACT" as the Code needed to take
into account that "we now have an Act, (Executive Summary predates
the Act)," says the report.

"Need to be careful about the issue of 'dependent contract
employment' as there are many legitimate circumstances in which a
contractor may work primarily for one but is clearly not an
employee," he stated and adding that the Code "needed to be clear
that it will be written in plain English (not just for lawyers to
interpret)," the report relays.

Meanwhile, Mr. Cabrera also expressed concern about the "slow pace
of labor reform legislation" and pointed out that another concern
was the delay by the Recognition Board to recognize the union to
represent bank workers, the report adds.


=================
V E N E Z U E L A
=================


VENEZUELA: Fitch Affirms 'CCC' LT Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Venezuela's Long-Term Foreign- and
Local- Currency Issuer Default Ratings (LT FC/LC IDR) at 'CCC'.
Fitch has also affirmed the sovereign's Short-Term Foreign
Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.

KEY RATING DRIVERS

Venezuela's ratings reflect the sovereign's weak external buffers,
high commodity dependence, large and rising macroeconomic
distortions, reduced transparency in official data, and continued
policy and political uncertainty. The sovereign's strong repayment
record and its manageable amortization profile mitigate imminent
risks to debt service.

The oil shock battering the Venezuelan economy has deepened in
2016. Low oil prices have been aggravated by a decline in
production in 2016, due to planned maintenance work, electricity
rationing and FX constraints that have led to arrears with
operators and suppliers. Exports are forecast to fall to USD23.1
billion in 2016 from an estimated USD37.4 billion in 2015. The
government has stepped up import contraction for a fourth year in
a row deepening the economy's recession and already severe
shortage of basic goods. The current account deficit is forecast
to reach USD14.2 billion taking external financing needs
(including external debt amortizations for the sovereign, PDVSA
and China loan repayments) to USD28 billion in 2016.

Authorities' payment record and public pronouncements signal
continued strong willingness to service debt. In February 2016,
Venezuela paid a USD1.5 billion amortization. The sovereign does
not face its next external bond amortizations until 2018; coupon
payments average USD3 billion per year in 2017 - 2018. Although
the 2017 CAD is forecast to narrow to USD10 billion, external
financing needs will remain elevated, at USD24 billion in 2017,
181% of forecast end-2016 reserves.

Gross international reserves have declined by USD4.3 billion to
USD12 billion between January and June. Venezuela has additional
FX liquidity in government-managed funds, but these have declined
and remain opaque in their administration and execution. Sources
of external financing remain limited beyond bilateral financing
from China through roll-over of existing loan facilities.

PDVSA faces a challenging debt repayment schedule (external bond
repayments of USD3bn in October/November 2016 and USD5bn in 2017).
PDVSA's ability to continue meeting its debt repayments or to
engage in re-profiling exercises without jeopardizing FX flows for
the economy are material for the sovereign's creditworthiness.

The economy is likely to record a third straight year of recession
and is forecast to contract by 8.7% in 2016. A recovery is
constrained by the prospect of continued tight FX
financing/liquidity conditions, supply problems in the electricity
sector and political uncertainty. Inflation rose to an average of
107% in 2015 (Caracas Inflation Index) and Fitch expects it to end
2016 at over 400% due to FX rationing, distortions in the FX
market, monetary financing of the public sector and price
adjustments to counter scarcity.

The transparency and timely reporting of official data has
deteriorated. In addition to limited public information on the
management and execution of government parallel funds, and
bilateral financing agreements, the publication of inflation, GDP
and balance of payments data has suffered significant delays since
the third quarter of 2013 with no figures available for end 2015
and 2016 YTD. The lag and limited availability of key official
economic data increase uncertainty about the depth of the ongoing
crisis in Venezuela, and detract from the credibility of policy
adjustments.

The government revamped the multi-tier FX system by consolidating
the three official exchange rates into two. Since its introduction
in March, the exchange rate for non-priority transactions has
depreciated by over 66%. As in previous FX regime changes, the
challenge for the new FX regime is 1) to channel sufficient FX
resources to establish its price as a reference, 2) to improve
efficiency and transparency of FX allocations, and 3) the capacity
of authorities to align fiscal and monetary policies.

Fiscal imbalances have been contained at the central government
level, and the indirect devaluation through the sale of public FX
receipts through the different FX markets resulted in a windfall
that contributed to an estimated 1.4% of GDP surplus in 2015,
according to official data. Fiscal spending contracted in real
terms in 2015, and the government is likely to maintain this
policy stance in 2016. Central government debt, at 17% of GDP,
remains low in comparison to peers, reflecting the exchange rate
overvaluation and high inflation. Close to 68% of central
government debt is local currency denominated, 70% has been
contracted under fixed rates and almost half of domestic debt is
held by public sector institutions.

The opposition-led National Assembly has clashed with the
government, as the Maduro administration has tried to bypass the
legislative body. An opposition-led recall referendum initiative
has moved at a slow pace and it is uncertain whether it will be
triggered before January 2017, the deadline for fresh elections to
take place; instead of the appointed vice-president taking over.
The outcome of this process is not likely to end political and
policy uncertainty given the deepening economic crisis, heightened
political polarization and the risk of increased social unrest.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns a score equivalent to a rating of
'CCC' on the LT FC IDR scale. Fitch's sovereign rating committee
did not adjust the output from the SRM to arrive at the final LT
FC IDR

Fitch said, " Our SRM is the agency's proprietary multiple
regression rating model that employs 18 variables based on three
year centred averages, including one year of forecasts, to produce
a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within our
criteria that are not fully quantifiable and/or not fully
reflected in the SRM."

RATING SENSITIVITIES

The main risk factors that, individually or collectively, could
trigger a rating action are:

Negative:

-- Signs of weakening willingness to service debt;
-- Concern about Venezuela's ability to service debt due to
    increased external and fiscal financing constraints,
    potentially stemming from economic or political shocks.

Positive:

-- Policy adjustments that lead to reduced external and
    macroeconomic vulnerabilities;
-- A recovery in oil prices that eases financing constraints for
    the economy;
-- Strengthening of Venezuela's external and fiscal buffers and
    increased data transparency.

KEY ASSUMPTIONS
-- Fitch expects Brent oil prices to average USD35/b in 2016,
    USD45/b in 2017 and USD55/b in 2018.
-- Fitch assumes that China will continue to provide financing to
    Venezuela through the renewal of maturing oil facilities.


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any comillionercial use, resale
or publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed to
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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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