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

            Thursday, July 7, 2016, Vol. 17, No. 133


                            Headlines



A R G E N T I N A

ARGENTINA: Moody's Assigns B3 Rating to $1.75BB Bond Due 2036
ARGENTINA: IMF Issues Statement on Technical Mission
CELULOSA ARGENTINA: Fitch Assigns 'B' Issuer Default Ratings
CELULOSA ARGENTINA: Moody's Assigns B3 CFR; Outlook Stable
PETROBRAS ARGENTINA: Moody's Assigns B3 Rating to $500MM Sr. Notes

TRANSPORTADORA DE GAS: S&P Affirms 'B-' Ratings; Outlook Stable


B R A Z I L

BANCO DO BRASIL: S&P Affirms 'BB' Rating on Sr. Unsec. Debt
COMPANHIA ENERGETICA: Moody's Cuts GS Issuer Rating to B1
SAMARCO MINERACAO: S&P Lowers Global Scale Ratings to 'CCC'


C A Y M A N  I S L A N D S

CHINA FISHERY: Fitch Cuts Issuer Default Rating to 'D'


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Heads to Mull Legal Security's Impact on Investment
DOMINICAN REPUBLIC: Big Business Ratchet Demands for Reforms


G U A T E M A L A

BANCO INDUSTRIAL: Moody's Affirms Ba1 Rating; Outlook Stable


J A M A I C A

HOUSING AGENCY OF JAMAICA: Fires Senior Managers
JAMAICA: IIC Finances Expansion of Kingston's Container Terminal


P U E R T O    R I C O

PUERTO RICO: Fitch Cuts Long-Term Issuer Default Rating to 'RD'


T R I N I D A D  &  T O B A G O

NIKO RESOURCES: Owes TT$858MM: Hints at Leaving Trinidad & Tobago


U R U G U A Y

BANQUE HERITAGE: S&P Affirms LT 'B+' GS ICR; Outlook Stable


X X X X X X X X X

LATAM: Brexit's Full Impact On Caribbean People


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Moody's Assigns B3 Rating to $1.75BB Bond Due 2036
-------------------------------------------------------------
Moody's has assigned a B3 rating to the Argentine government's
$1 billion bond maturing on July 6, 2028, and the $1.75 billion
bond maturing July 6, 2036.  The government's issuer rating is B3
with a stable outlook.

                         RATINGS RATIONALE

Argentina's B3 long-term issuer rating balances the country's
economic development and government debt metrics with ongoing
weaknesses resulting from a history of unsustainable economic
policies and limited funding options.

Argentina's economic strength is supported by its $22,299 GDP per
capita (2014, PPP basis), significantly higher than the $6,645
median for B-rated sovereigns.  And Argentina's $500 billion
economy (2015 estimate) is many times larger than the $21 billion
peer median.  Moody's expects a drop in real GDP for 2016 as the
government pushes measures to reduce both inflation and the fiscal
deficit, but economic growth is likely to return in 2017 bolstered
by increased investment.

Institutional strength has acted as a key ratings constraint for
Argentina.  Weak institutions led to misreporting of macroeconomic
data since 2007 but the new government is in the process of
revamping the national statistics institute.  Moody's relies on
inflation results as a proxy for policy effectiveness and
Argentina's high inflation rates at over 30%, is one of the
highest among rated sovereigns, and is an indication of weak
monetary policy implementation.

The government debt burden is similar to rating peers.  Reaching
an estimated 44% of GDP in 2015, the government debt ratio will
rise sharply this year, mainly due to the devaluation of the peso.
The increase in government debt is mitigated in part by a
favorable debt structure.  Moody's estimates almost 75% of
Argentina's debt is owed to multilateral institutions and to
public sector entities (i.e., intra-public sector debt) that
represent very low rollover risk.

Unsustainable economic policies and, until recently, restricted
access to market funding are key reasons behind the country's high
Susceptibility to Event Risk.  The new government aims to break
with the past in terms of economic policy making.  It has
announced it will seek to address macroeconomic imbalances with
special attention given to reducing the fiscal deficit and
bringing down inflation.

The change in policy making represents an important credit
positive event, but a full return to a more sustainable
macroeconomic position will likely take years.

RATING OUTLOOK

The stable outlook on Argentina's B3 rating balances our
expectations for continued positive reform momentum and
stabilization of reserve levels, with the still formidable
macroeconomic challenges, particularly in reducing high fiscal
deficits and inflation.

FACTORS THAT COULD MOVE THE RATING UP/DOWN

A positive rating action is dependent on continued and sustainable
progress aimed at reducing macroeconomic imbalances and bringing
down high fiscal deficits and inflation.  An improvement in the
quality of the country's data reporting also would support a
positive rating action.

A negative rating action could result from continued macroeconomic
imbalances, such as sustained high fiscal deficits that
significantly increase the country's debt burden, or an increase
in external vulnerabilities including a sharp drop in available
official international reserves.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

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

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


ARGENTINA: IMF Issues Statement on Technical Mission
----------------------------------------------------
A technical mission from the International Monetary Fund (IMF)
mission, led by Mr. Roberto Cardarelli, visited Buenos Aires
between June 27 - July 1, in the context of the ongoing dialogue
between the IMF and Argentine regarding the quality of official
Consumer Price Index (CPI) and Gross Domestic Product (GDP) data.
At the conclusion of the visit, Mr. Cardarelli issued the
following statement:

"The IMF technical mission held wide-ranging and detailed meetings
with officials at the national statistics institute (INDEC) and
Ministry of Economy regarding the methodology and underlying data
on the new official CPI and GDP statistics, and was impressed by
the authorities' strong commitment to improving the quality and
transparency regarding official data.

"The team will now return to Washington to complete a report that
will form the basis for the Managing Director's report to the
Executive Board on the issue. The subsequent Board meeting is
expected to take place in late August.

"The team thanks their colleagues at INDEC and the Ministry of
Economy for the constructive and open discussions."


CELULOSA ARGENTINA: Fitch Assigns 'B' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of 'B' to Celulosa Argentina S.A.
(CASA). The Rating Outlook is Stable. In addition, Fitch has
assigned a 'B(EXP)/RR4' long-term rating to the company's proposed
senior unsecured debt issuance of $US200 million. The proceeds
from the issuance will be used mainly to refinance the company's
existing indebtedness as well as general corporate purposes. The
notes will rank pari passu in priority of payment with all other
CASA senior unsecured debt.

KEY RATING DRIVERS

CASA's ratings reflect the company's position as the largest
integrated pulp and paper manufacturer in Argentina. It has the
leading market share in printing and writing paper in the country.
CASA benefits from restrictions on paper being imported from
Brazil. Like other paper producers, CASA is vulnerable to industry
cycles.

DOMESTIC MARKET FOCUS

CASA has a 35% and 23% market share, respectively, in coated and
uncoated paper in Argentina. Its operations are vertically
integrated from forestry to distribution. Given its high cost
structure due to its small size, CASA has little flexibility to
compete in the export market. As of the nine months ended Feb. 28,
2016, paper comprised 68% of sales, followed by solid wood (10%),
packaging and other (9%), tissue (8%), and pulp (5%).

DEPENDENCE ON IMPORT RESTRICTIONS

CASA is small in size compared to its peers in Brazil and Chile.
This results in a cost structure that is above average within
South America. The company benefits from import tariffs and other
agreements, such as a bilateral trade agreement between the
governments of Argentina and Brazil that limits Brazilian paper
imports and reduces competition in the domestic market. This
scenario has increased the premium of local prices over export
prices and the share of domestic sales over total sales.

VOLATILE CASH FLOW GENERATION

CASA's small size makes it more vulnerable to industry cycles due
to lower economies of scale. The company's operating results are
exposed to high levels of volatility in international pulp prices.
CASA is also exposed to double-digit inflation in Argentina and
other direct and indirect sovereign-related risks, including
devaluation and refinancing risks.

MODERATE LEVERAGE

As of Feb. 29, 2016 LTM, the company's total debt-to-adjusted
EBITDA ratio was 3.8x and net debt-to-adjusted EBITDA ratio was
3.7x, higher when compared with 2.9x and 2.8x at FYE 2015. While
EBITDA improved ARS208 million to ARS691 million at Feb. 29, 2016
LTM, debt increased by ARS1 billion. The increase in debt was
related to the depreciation of the Argentine peso as the company's
debt in $US-terms declined to $US168 million at Feb. 29, 2016,
from $US176 million in FYE2015.

CASA sold its property in Uruguay during April 2016. The company
expects to receive $US35 million during FY2017 and $US7 million
over the next three years. The company intends to use this cash to
purchase a second tissue machine, which should lead to lower
levels of leverage.

KEY ASSUMPTIONS

Fitch's key assumptions within its ratings case for the issuer
include:
-- Revenue growth in line with inflation;
-- EBITDA margin approaches 18.5% by 2019;
-- Successful bond issuance and company receives proceeds for
    land sale in Uruguay. Proceeds used towards refinancing
    existing debt, working capital and general corporate purposes,
    remaining cash kept on balance sheet.
-- Second tissue machine acquired and begins operations in 2019.
    -Planned maintenance stoppage in FY2017 and FY2019;
-- Capex according to company projections;
-- Net leverage falls below 2.5x by 2019.

RATING SENSITIVITIES
CASA's ratings could be negatively affected by a combination of
the following: a prolonged downturn in pulp and paper prices
resulting in a material weakening of CASA's capital structure, or
a downgrade of the Argentine sovereign could result in a negative
rating action.

An upgrade in the near- to medium-term is unlikely. Increased
exports would be viewed favorably.

LIQUIDITY
Fitch expects the company to keep some of the proceeds of the bond
issuance as cash on balance sheet, ending the year at around $US13
million. CASA has historically maintained less than $US10 million
in cash, given the lack of investment opportunities where a large
amount of cash is required, and the economic situation in
Argentina. The company reported $US6 million in cash as of the LTM
ended Feb. 29, 2016, which was not enough to cover short-term debt
of $US76 million. Typical of Argentine corporates, the majority of
CASA's debt (51%) is short-term; CASA has long-term relationships
with its lenders, and like most Argentine companies in the last
decade, has consistently rolled over its short-term debt, as long-
term debt has not been readily available.


CELULOSA ARGENTINA: Moody's Assigns B3 CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family
rating to Celulosa Argentina S.A. (CASA).  At the same time,
Moody's assigned a B3 rating to its proposed USD200 million senior
unsecured notes.  The outlook is stable.  Net issuance proceeds
will be used for refinancing existing debt, pre-fund working
capital and invest in tangible assets located in Argentina.
CASA's subsidiaries will act as fully and unconditionally
guarantors of the new notes.

                          RATINGS RATIONALE

The B3 rating is underpinned by CASA's leadership and highly
recognized brand name in the Argentine domestic paper market.  The
rating reflects CASA's strong operating performance, credit
metrics, and margins amid relatively stable pulp prices.
Supporting the ratings is Moody's view that CASA's revenue growth
will continue to benefit from a stable demand in its key regional
markets over the medium term.  Moreover, any potential devaluation
of local currency would positively impact its cost structure since
65% of its costs are in ARS and 75% of its revenues are in USD.
The company's vertically integrated operations are additional
credit positives.

CASA's key credit negatives include its current tight liquidity
position, with a very modest coverage of short-term debt and high
capex needs.  However, Moody's expects that a successful
completion of the proposed debt issuance would significantly
improve CASA's liquidity profile, as part of the proceeds would be
used to refinance existing amortizing debt and to reinforce the
company's cash position.  Finally, the ratings also reflect the
company's limited geographic diversity and reduced scale and size
in relation to global peers.  Other credit constraints refer to
the potential impacts of cost inflation on CASA's margins and cash
flow prospects and potential underlying weakness in the Argentine
economy and uncoated paper prices.

The stable outlook is supported by Moody's expectation that CASA
will improve its liquidity cushion following the proposed
transaction, while maintaining healthy credit metrics and
operating margins.

An upgrade of the ratings would require a significant improvement
in CASA's liquidity profile and the maintenance of solid credit
metrics and operating performance.  Positive pressure would also
be dependent on a positive rating action on the Argentina
sovereign rating.

A downgrade could result from a deterioration in CASA's credit
metrics and margins or from a failure to address near to medium
term debt maturities.  The ratings could be downgraded if CASA's
liquidity profile weakens.  Quantitatively, a downgrade could
result from Debt to EBITDA of above 6.5 times and/or EBITDA to
Interest of below 1 time, both at the CASA consolidated level.

Headquartered in Capitan Bermudez, Rosario, Argentina, Celulosa
Argentina S.A. (CASA) is an Argentinean pulp and paper producer,
with a well-known portfolio of trademarks and products.  CASA
exports approximately 15% of revenues to Chile, Brazil and other
Latin American countries, and its consolidated revenues reached
USD 395 million as of the last twelve months ended February 2016.

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013.


PETROBRAS ARGENTINA: Moody's Assigns B3 Rating to $500MM Sr. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B3 ratings to Petrobras
Argentina S.A.'s (PESA, B3 negative) proposed up to $500 million
in senior unsecured notes.  The use of proceeds of the proposed
notes will be to repay existing $300 million guaranteed notes
(rated B3/Baa3.ar negative) due 2017 and for capital expenditures.
PESA's B3 corporate family rating and negative outlook remain
unchanged.  The outlook on all ratings is negative.

                         RATINGS RATIONALE

On May 3, 2016, Pampa Energia S.A. (Pampa, not rated) announced
its intention to acquire Petroleo Brasileiro S.A.'s (Petrobras, B3
negative) 67.19% stake in PESA.  Pampa is the holding company of
an integrated energy group in Argentina, dedicated to the
generation, transmission and distribution of electric energy as
well as a small business in the oil and gas sector.  On May 12,
2016, Pampa announced that it may merge PESA with and into Pampa.
The merger is subject to approval of Pampa's board of directors
and shareholders as well as the approval by PESA's board and
shareholders.  If the merger were approved and completed, Pampa
would be PESA's successor company and the obligor of the proposed
notes.  The transaction is still pending local regulators'
approvals but the parties do not expect material changes in the
structure of the transaction during the approval process.

The sale of PESA will trigger the change of control clause at the
company's $300 million existing notes due in 2017, which are
guaranteed by Petrobras.  According to the bond indenture, in case
of a change of control, PESA is required to make an offer to
repurchase the notes at a price equal to 101% of the outstanding
principal amount plus accrued interests.  These notes represented
about 90% of PESA's outstanding debt as of March 31, 2016.  PESA
has already announced that it will repay the notes as part of this
transaction.

Upon conclusion of the acquisition process and assuming that the
transaction closes as agreed, Moody's will reassess its ratings on
the proposed notes, under the new ownership, capital structure and
business strategy of the new obligor.  Moody's will also evaluate
the adequacy and sufficiency of information to monitor the
ratings.

PESA's B3 ratings are based on the company's position as a
relatively small diversified energy operator in Argentina with a
record of poor upstream capital efficiency characterized by low
levels of investment and reserve replacement and rising costs,
vulnerable to Argentina's uncertain policies.  PESA's geographic
and operational diversification has declined as it has
restructured and exited various operations to focus in Argentina.
With declining reserves and a relatively short reserve life,
PESA's primary operational challenge continues to be to extend a
largely mature asset base and show rising production and reserve
growth over the next few years.  The ratings are supported by the
company's relatively solid credit metrics for its rating category
as well as some cash flow stability from its various energy
operations.  PESA's ratings also consider the uncertain
government's policies for the energy sector in Argentina.

PESA has used primarily internal sources to finance operations and
capital spending, although capex has been limited.  Virtually all
of PESA's debt is US dollar denominated.  As of March 31, 2016,
the company had the equivalent to $133 million in cash and
marketable securities in local currency, enough to cover its short
maturities of $8 million plus approximately 40% of its outstanding
debt, as adjusted by Moody's.

Like most companies in Latin America, PESA does not have committed
bank credit facilities but it maintains uncommitted local bank
lines for working capital needs and has successfully tapped both
local and international markets in the past.  PESA has no
meaningful financial covenants in its debt agreements.  The cash
repatriation requirements that applies to a company's export sales
have not had a large impact on PESA, which sells most of its crude
oil and natural gas in Argentina, although refined product and
petrochemical exports generally equal to about 10% of its total
revenues.  Moody's believes PESA's cash balances will be available
to meet cross border debt service.

The B3 ratings on the proposed notes are based on the negative
outlook of Petrobras and on the uncertain energy operating
environment in Argentina.

A positive rating action for PESA's B3 rating would be merited if
Moody's believe that that the company will be able to sustain its
currently solid financial ratios and liquidity position.  A
downgrade of the Argentine government that may reflect increasing
political and regulatory risk, or a governmental initiative on
setting reference prices that puts pressure on PESA's cash flows,
debt service capabilities or liquidity, could also put negative
pressure on PESA's ratings.

PESA is an integrated energy company with operations focused on
petroleum exploration and production but with refining and product
distribution, and petrochemicals business.  It also has interests
in electric generation, and in gas pipelines and NGLs production
through Transportadora de Gas del Sur S.A. (B3 stable).  For the
last twelve months ended March 31, 2016, the company generated
revenues of $2.3 billion and had total proved reserves of 183
million of BOE.

Petrobras is an integrated energy company, with total assets of
$241 billion as of March 31, 2016.  Petrobras dominates Brazil's
oil and natural gas production, as well as downstream refining and
marketing.  The company also holds a significant stake in
petrochemicals and a position in sugar-based ethanol production
and distribution.  The Brazilian government directly and
indirectly owns about 46% of Petrobras' outstanding capital stock
and 60.5% of its voting shares.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.


TRANSPORTADORA DE GAS: S&P Affirms 'B-' Ratings; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' local currency and foreign
currency ratings on Transportadora de Gas del Sur S.A. (TGS).  The
outlook remains stable.

The local currency rating on TGS reflects S&P's expectation that
despite its solid credit metrics and adequate liquidity position,
the company won't be able to withstand a sovereign stress
scenario.  As a result, the 'B-' rating on the Republic of
Argentina continues to limit the local currency rating on TGS.

The foreign currency rating on the company reflects S&P's belief
that it won't be able to continue honoring its foreign currency
obligations under potential restrictions to access foreign
currency and/or restrictions on the ability to transfer funds
abroad.  As a result, Argentina's transfer and convertibility
(T&C) assessment limits the foreign currency rating on TGS.

Despite a sharp drop in the international prices of the natural
gas liquids (NGL), a segment that generate about 75% of TGS's
revenues, the company's credit metrics remained stable thanks to a
depreciation of about 50% of the Argentinean peso (given that
prices on the NGL segment are dollar-denominated) and the
reduction in export rights to 1% from about 30%, which the
government granted due to lower international prices.  Despite the
company's dollar-denominated debt, its amortizing structure
reduces the outstanding debt.  Therefore, S&P expects TGS's
leverage metrics--debt to EBITDA and funds from operations (FFO)
to debt--to improve in the upcoming years.

An April 2016 200.1% tariff increase for the gas transportation
segment will result in additional inflows of about $135 million
per year for the company.  TGS is also required to perform capital
expenditures of about $55 million (ARP$794.3 million) until March
2017.  S&P considers the tariff increase as positive from a credit
standpoint, given that it will help TGS's natural-gas
transportation segment start generating EBITDA, and that the cash
inflows resulting from the tariff increase will be higher than the
required investments.  Additionally, the government plans to
implement an integral tariff revision (Revision tarifaria
integral) before Feb. 24, 2017, according to the resolution 3724.
In S&P's view, the latter will help re-establish the economic
balance of the gas transportation segment, which could result in
an improvement of TGS's already sound cash flow generation, and
therefore in its credit metrics.

S&P's view of an improved regulatory environment in Argentina,
which reflects S&P's assessment of a lower risk of the government
interference and a higher probability of an integral tariff
revision, prompted S&P to revise its assessment of TGS's business
risk profile to weak from vulnerable.  This resulted in TGS's
anchor--the combination of the company's business and financial
risk profiles--to rise to 'bb-' from 'b+'.  If the business
conditions for the industry, and specifically for TGS, further
improve in the next one to two years, S&P could revise its
business risk profile assessment on the company to a stronger
category.


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B R A Z I L
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BANCO DO BRASIL: S&P Affirms 'BB' Rating on Sr. Unsec. Debt
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale ratings on
Banco do Brasil S.A., its 'BB' ratings on the bank's senior
unsecured debt, its 'B' ratings on the bank's subordinated debt,
and its 'B-' rating on the bank's junior subordinated debt.  At
the same time, S&P affirmed its 'brAA-' national scale ratings on
its core subsidiary, Ativos S.A. Securitizadora de Creditos
Financeiros.  The outlook remains negative.

S&P has lowered Banco do Brasil's SACP to 'bbb-', from 'bbb' due
to deterioration in S&P's forecasted RAC ratio for the next two
years and weakness in the quality of the bank's capital, with an
increasing share of DTAs (generated mainly from credit
provisioning), which represented more than 50% of capital as of
fiscal year 2015.

"We have seen increasing capital pressure on all Brazilian banks
due to the substantial increase in risk-weighted assets (RWAs)
used following the sovereign and BICRA downgrades of Brazil in the
last three years.  At the same time, Basel III capitalization
ratios maintained zero risk weight for Brazilian government bonds,
even though these assets risks clearly increased in the last three
years.  Stress on performance from asset quality pressure, which
we expect to affect all banks in the next few years, also
jeopardizes internal capital generation, adding pressure to
capitalization.  For Banco do Brasil particularly, we view the
combination of higher RWAs and its fast growth in the last five
years as the main reasons for our expectations of lower RAC levels
going forward," S&P said.

S&P's ratings on Banco do Brasil reflect its 'bb+' anchor and
S&P's view of the bank's very strong business position, weak
capital and earnings, adequate risk position, above average
funding, and adequate liquidity.

The negative outlook reflects S&P's view that the ratings on Banco
do Brasil should move in tandem with those on the sovereign, and
there is a greater than one-in-three likelihood that S&P could
lower the ratings on Brazil again.  It also incorporates potential
downgrades in the BICRA, and therefore Brazil's 'bb+' anchor,
potential further deterioration in the bank's capital (following
increasing RWAs risk charges from potential BICRA changes), and
deterioration in the bank's risk position and business position
asset quality has pressured both the bank's balance sheet and its
ability to sustain stable and diversified revenues in comparison
to international peers).

S&P anticipates that within the next year, it could lower the
sovereign ratings and those on Banco do Brasil if potential key
policy reversals take place, given the fluid political dynamics,
including lack of cohesion within the cabinet, inconsistent policy
initiatives, and uncertainties during or following the impeachment
process.  A downgrade could also result from changes in Brazil's
BICRA and RWA risk charges, currently with a negative trend, which
could lead to further capital pressure, in addition to risk
position pressure due to asset quality deterioration.  These
aspects could lead to multiple score revisions and multiple notch
changes to the bank's SACP, to levels below Brazil's sovereign
rating.

"We could revise the outlook on Banco do Brasil to stable if
Brazil's political uncertainties and conditions for consistent
policy execution were to improve across branches of government to
stanch fiscal deterioration and strengthen GDP growth prospects.
We expect that these improvements would support a quicker
turnaround and could help Brazil exit from the current recession,
facilitating improved fiscal performance and providing more room
to maneuver in the face of economic shocks.  Therefore, the
outlook on Banco do Brasil could be revised to stable following a
similar action on the sovereign, if these improvements take place
at the sovereign level.  In additional, we could take such an
action if we revise our negative trend on Brazil's BICRA to
stable, if asset quality pressure on the bank eases materially,
and if revenues remain stable compared to international peers,"
S&P said.


COMPANHIA ENERGETICA: Moody's Cuts GS Issuer Rating to B1
---------------------------------------------------------
Moody's America Latina Ltda. took these rating actions on specific
electric and water utilities as a result of the downgrade of the
global scale issuer rating of the state of Minas Gerais to B1 from
Ba3 with a negative outlook, and of the outlook change for the
issuer ratings of the state of Parana (Ba3/A1.br) to negative from
stable.

The issuers and ratings impacted are:

Companhia Energetica de Minas Gerais (CEMIG)
  Issuer ratings downgraded to B1/Baa1.br from Ba3/A1.br (on the
   global scale and on the national scale, respectively) with a
   negative outlook on all ratings.

CEMIG Distribuicso S.A. (CEMIG-D)
  Issuer ratings downgraded to B1/Baa1.br from Ba3/A2.br.
  Ratings of backed senior unsecured Brazilian debentures
   downgraded to B1/Baa1.br from Ba3/A2.br, with a negative
   outlook on all ratings.

CEMIG Geracao e Transmissao S.A. (CEMIG-GT)
  Corporate Family Ratings (CFR) downgraded to B1/Baa1.br from
   Ba3/A1.br
  Ratings of backed senior unsecured Brazilian debentures
   downgraded to B1/Baa1.br from Ba3/A1.br, with a negative
   outlook on all ratings.

Companhia de Saneamento de Minas Gerais S.A. (COPASA)
  CFRs downgraded to B1/Baa1.br from Ba3/A2.br.
  Ratings of senior unsecured Brazilian debentures downgraded to
   B1/Baa1.br from Ba3/A2.br, with a negative outlook on all
   ratings.

Companhia de Saneamento do Parana -- (SANEPAR)
  Issuer ratings affirmed at Ba3/A1.br.
  Ratings on senior unsecured Brazilian debentures affirmed to
   Ba3/A1.br.

Outlook changed to negative from stable on all ratings.

                         RATINGS RATIONALE

The downgrade of ratings for CEMIG, CEMIG-D, CEMIG-GT and COPASA
reflects primarily the downgrade of the state of Minas Gerais to
B1 from Ba3 with a negative outlook as a result of the quick
deterioration of the state's fiscal position.  Likewise the
outlook change for the ratings of SANEPAR follows the change in
the outlook of the Ba3/A1.br ratings for the state of Parana to
negative from stable.

Moody's believes that because of the strong influence the regional
government as the controlling shareholder exerts on these
utilities' governance and financial condition, the rating of these
utilities is constrained by the ratings of their controlling
parent, respectively the Brazilian states of Minas Gerais for
CEMIG, CEMIG-D, CEMIG-GT and COPASA; and the state of Parana for
SANEPAR.

Those issuers are Government-Related Issuers or GRIs, as defined
in Moody's rating methodology "Government-Related Issuers:
Methodology Update", published in October 2014.  Moody's
methodology for GRIs incorporates into the rating both the stand-
alone credit risk profile or Baseline Credit Assessment (BCA) of
the company as well as an assessment of the likelihood that its
government owner would provide extraordinary support to the
company's obligations.

In addition to the impact from the change in the supporting
regional government's ratings, the downgrade of CEMIG, CEMIG-GT
and CEMIG-D's ratings also reflects materially lower operating
margins, as a result of the ongoing challenging domestic economic
conditions, as well as significantly higher leverage and cost of
capital, which we expect will continue throughout the next 18 --
24 months.  According to Moody's standard adjustments, in the last
12 months ended on March 31, 2016, CEMIG's Net Debt to EBITDA
increased to 4.7x from 3.0x in FY2015, while cash flow from
operations (CFO) pre-working capital (W/C) to Debt decreased to
21.0% from 24.7%, and interest coverage ratio decreased to 3.4x
from 3.8x.  The ratings also reflect a more pressured liquidity
position.  As of March 31, 2016, CEMIG reported cash and cash
equivalents of BRL1,989 million against debt maturing in the next
12 months of BRL4,911 million.

While directly exposed to the continuing effects from Brazil's
economic recession, Moody's expects some improvements in COPASA's
credit metrics going forward driven by a return to revenues growth
resulting from more favorable hydrology conditions and by the
benefit of cost cutting measures taken by the company late in
2015.  COPASA's ratings continue to be constrained by high
leverage position, evidenced by a debt/EBITDA ratio (as adjusted
by Moody's) of 4.3x in the last twelve months ended March 31,
2016.  The Ba3/A1.br issuer ratings for SANEPAR have been
affirmed, based on Moody's view that the company's credit metrics
evidenced by a FFO to Net Debt ratio of 32% and an interest
coverage ratio of 4.3x in the last twelve months ended March 31,
2016, remain strong for the rating category.

                WHAT COULD CHANGE THE RATING UP/DOWN

In light of the rating actions with the maintenance of the
negative outlook, an upgrade of the ratings is unlikely in the
short to medium term.

A deterioration of Brazil's sovereign credit quality could exert
downward pressure on the assigned ratings.  Further deterioration
in the respective sub-sovereign's credit quality could exert
downward pressure on these issuers.  A sustained deterioration in
the relevant credit metrics of the issuers on a standalone basis
and/or, perception of a material deterioration in the regulatory
frameworks under which these companies operate could also exert
downward pressure.

The principal methodology used in rating Cemig Distribuicao S.A.
and Cemig Geracao e Transmissao S.A. was Regulated Electric and
Gas Utilities published in December 2013.  The methodologies used
in rating Companhia Energetica de Minas Gerais - CEMIG were
Regulated Electric and Gas Utilities published in December 2013,
and Government-Related Issuers published in October 2014.  The
methodologies used in rating Companhia de Saneamento do Parana -
SANEPAR and Companhia de Saneamento de Minas Gerais - COPASA were
Regulated Water Utilities published in December 2015, and
Government-Related Issuers published in October 2014.

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

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

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


SAMARCO MINERACAO: S&P Lowers Global Scale Ratings to 'CCC'
-----------------------------------------------------------
S&P Global Ratings lowered its global scale ratings on Samarco
Mineracao S.A. to 'CCC' from 'B'.  At the same time, S&P lowered
its national scale corporate credit rating on the company to
'brCCC' from 'brBB-'.  S&P also lowered Samarco's SACP to 'ccc-'
from 'ccc'.  The outlook on the corporate ratings is negative.

S&P has also lowered the issue-level ratings on Samarco to 'CCC-'
from 'B'.  The rating is now one notch below Samarco's corporate
credit rating, reflecting the revision of the recovery rating to
'5H', given the modest recovery (10%-30%, in the higher end of the
range) for lenders in the event of a payment default, from '4L'.

The downgrade reflects the company's weakening liquidity, given
the depletion of the cash position following cash contributions to
the recovery fund, scheduled interest and amortization payments,
and operating cash-flow needs to maintain the remaining assets and
operations over the next few months.  The increasing liquidity
pressures will test Samarco's capacity to service its financial
obligations in the next six months, which has led S&P to revise
the company's SACP to 'ccc-'.  Therefore, S&P expects the company
to rely on its shareholders, especially to cover the cash
contributions for the recovery fund of the affected areas, because
the company still has about R$1.4 billion in contributions to
deposit in 2016. (Samarco's tailings dam collapsed in November
2015, causing deaths and massive environmental damage in the state
of Minas Gerais.)  In addition, the company has breached covenants
on its export prepayment loans, exposing it to debt payment
acceleration not only on those loans, but also on the bonds, given
cross-acceleration clauses.

"We now view Samarco as a moderately strategic subsidiary of Vale.
We believe that the uncertainties over the timing of Samarco's
resumption of operations considerably affect shareholders'
willingness to provide financial support, other than the agreed
recovery fund contributions.  We believe that Samarco is still
part of Vale's long-term strategy and could receive some financial
support from the latter.  However, timing and amount of such
support will depend on Samarco's ability to generate cash in the
near term.  Therefore, we believe the potential for Vale's support
will be limited while Samarco's licenses remain suspended.  We
continue to view Samarco as non-strategic to BHP Billiton," S&P
said.



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


CHINA FISHERY: Fitch Cuts Issuer Default Rating to 'D'
------------------------------------------------------
Fitch Ratings has downgraded China Fishery Group Limited's (China
Fishery) Issuer Default Rating to 'D' from 'RD'. No Outlook has
been assigned.

The downgrade follows China Fishery's announcement on 30 June that
the company and its subsidiaries had filed for US bankruptcy
protection under Chapter 15 and Chapter 11 of the US bankruptcy
code.

The bankruptcy filing with facilitate a debt restructuring
arrangement with holders of the $US300m senior unsecured notes
issued by CFG Investment S.A.C., China Fishery's financing
vehicle. China Fishery failed to pay a coupon on the notes that
was due on 30 January 2016.

China Fishery's senior unsecured rating and the rating on the
$US300m notes issued by CFG Investment S.A.C. have been affirmed
at 'C', with a Recovery Rating of 'RR4'.

RATING SENSITIVITIES
Fitch will re-examine China Fishery's credit profile if it
successfully restructures its debt.


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


DOMINICAN REP: Heads to Mull Legal Security's Impact on Investment
------------------------------------------------------------------
Dominican Today reports that several chambers of commerce and
business organizations will analyze, with a large group of
academics and specialists, the impact of legal security on
investment, especially foreign, in a seminar which set for
Tuesday, July 12, from 8:30 a.m. to 12 noon, at the Sheraton
Hotel.

The event hosted by the Round Table of Commonwealth countries in
the Dominican Republic, in coordination with the British Canadian,
Trinidad and India chambers of commerce, the Mining and Oil
Federation of Chambers of Commerce (FEDOCAMARAS) and the National
Business Council (CONEP), according to Dominican Today.

Among the speakers figure Export and Investment Center (CEI-RD)
director Jean Alain Rodriguez; Dominican Foreign Investment
Businesses Association (ASIEX) president Ramon Ortega; vice
president National Business Council (CONEP) and UNIBE University
master's in constitutional law coordinator Cristobal Rodriguez,
the report notes.

Institutional and Justice Foundation (FINJUS) vice president
Servio Tulio Casta┬žos will also join the panel discussion and
analysis specializing in legal security, academicians and
representatives of international organizations, the report relays.

In an emailed statement, the Roundtable said the seminar aims to
examine the influence of legal security on the process of
attracting capital from abroad and its importance to achieve
prosperity in the Dominican Republic, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.



DOMINICAN REPUBLIC: Big Business Ratchet Demands for Reforms
------------------------------------------------------------
Dominican Today reports that the business sector said it supports
the National Business Council's (Conep)call for political and
economic reforms they affirm the country demands, mostly changes
that contribute to strengthen democracy.

The statements from the various business groups respond to
critique from ruling PLD party general secretary Reinaldo Pared,
who insinuated that Conep president Rafael Blanco's complaint stem
from the fact that "his candidate didn't win the election,"
according to Dominican Today.

For the American Chamber of Commerce (Amcham-RD), "social and
economic wellbeing is based on solid, transparent and accountable
institutions and consequently stability, which means that the
CONEP's proposed legislative package would strengthen the
institutional aspects and raise the confidence of the citizenship
in the system, in addition to legitimizing it," the report notes.

Amcham-RD said CONEP's first proposal involves the passing of a
new electoral law, with established rules for electoral processes,
to be more organized and avert the unchecked use of taxpayers'
money, the report relays.

For its part, the Employers Confederation (Copardoom) urged the
Government and Congress to push to approve pending institutional
reforms, to effectively implement the pacts under the National
Development Strategy, the report says.

Copardom President Joel Santos said the passing of laws to
strengthen institutions with higher transparency in governance are
key issues on its agenda, the report discloses.  "In Copardom
we're convinced that the education, electricity and fiscal pacts
require institutional reforms that contribute to their proper
implementation; the same applies to the reform of labor law, which
must be done within the framework of a broad consensus," the
report quoted Mr. Santos as saying.

For the Herrera and Santo Domingo Province Industries Association,
a policy and institutional reforms must come as soon as possible,
"in a sequential and chained manner to ensure the success of the
electric, fiscal and education pacts," the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.


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


BANCO INDUSTRIAL: Moody's Affirms Ba1 Rating; Outlook Stable
------------------------------------------------------------
Moody's Investors Service affirmed the long-term local and foreign
currency deposit ratings of Ba1 and Ba2 of Banco Industrial, S.A.
and changed the outlook to stable from negative.  The rating
agency also affirmed the Ba1 foreign currency senior debt rating
of Industrial Senior Trust and changed the outlook to stable from
negative.

The rating action follows Moody's outlook change on Guatemala's
Ba1 government bond rating to stable from negative.

Banco Industrial's ba3 baseline credit assessment (BCA) and
adjusted BCA are unaffected by this action, as are its short term
local and foreign currency deposit ratings of Not Prime as well as
the Ba1(cr) and Not Prime(cr) long and short term counterparty
risk assessments.  The bank's B3(hyb) foreign currency junior
subordinated debt rating and the B1 foreign currency subordinated
debt rating assigned to Industrial Subordinated Trust remain
unaffected as well.

These ratings were affirmed, with the outlook changed to stable
from negative:

Banco Industrial, S.A.:
  Long term local currency deposit rating of Ba1
  Long term foreign currency deposit rating of Ba2
  Industrial Senior Trust
  Long term foreign currency senior debt rating of Ba1

                         RATINGS RATIONALE

Moody's outlook change on Banco Industrial's long-term deposit
ratings to stable from negative is in line with the action taken
on the outlook for Guatemala's Ba1 government bond rating on 30
June.  The stable outlook on the sovereign rating reflects the
resiliency of the country's credit profile to the 2015 political
crisis, posting robust growth, a lower fiscal deficit and stable
debt metrics.  Moody's also recognizes the government's fight
against corruption and its effort to improve transparency and
accountability, which will continue to strengthen the country's
weak institutions, particularly in tax administration and rule of
law.

The bank's Ba1 local currency deposit rating benefits from two
notches of uplift from the ba3 BCA, incorporating Moody's
assumption of very high public support, in the case of need.  This
assumption is based on Banco Industrial's important lending and
deposit franchise as the largest bank in the country with about a
quarter of market share.  The bank's Ba2 foreign currency deposit
rating is constrained by Guatemala's Ba2 sovereign ceiling for
foreign currency deposits, which is one notch below the government
bond rating.

"Banco Industrial's ba3 BCA reflects the bank's historically
strong asset quality, its ample base of relatively low-cost core
deposits, as well as substantial liquid resources and adequate
profitability that leverage the bank's leading position in the
Guatemalan banking system," said Moody's Analyst Georges
Hatcherian.  "However, the bank's standalone assessment is
constrained by its weak core capitalization due to its high loan
growth, carrying goodwill from prior acquisitions and hefty
dividend payments -- the latter, in part, offset by intermittent
capital injections."

The BCA also reflects Guatemala's Macro Profile assessed as
"Weak", which incorporates the country's low GDP per capita
notwithstanding steady growth in recent years and the quality of
institutions which remains weak overall despite prudent monetary
and fiscal management.  The country's Macro Profile also considers
the increasing funding risks for the Guatemalan banking system
related to the ending of correspondent banking lines by some
international banks.  A prolonged loss of access to these funding
sources would drive up costs and limit banks' ability to extend
dollar-denominated loans -- particularly those devoted to trade
finance -- curtailing earnings and internal capital generation, in
addition to increasing refinancing risks.

The affirmation of Industrial Senior Trust's Ba1 foreign currency
senior debt rating, with its outlook changed to stable from
negative, is in line with the action on Banco Industrial's local
currency deposit rating.  Industrial Senior Trust is a Cayman
Island-based trust, guaranteed by Banco Industrial.

WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN

Upward pressure on Banco Industrial's local currency deposit and
foreign currency senior debt ratings is limited at this juncture
as they are currently at the level of Guatemala's Ba1 sovereign
rating.  The bank's BCA could be lifted in the case of a
significant and sustainable strengthening of its core
capitalization, coupled with a maintained strong asset quality and
a resilient profitability.  If the BCA is lifted, Banco
Industrial's foreign currency junior subordinated debt rating, as
well as Industrial Subordinated Trust's foreign currency
subordinated debt rating, would also face upward pressure.

The bank's deposit and senior debt ratings would be downgraded in
the case of a downgrade of Guatemala's government bond rating.  A
downgrade of Banco Industrial's BCA, which could be triggered by a
rapid increase in loan delinquencies with its ensuing negative
impact on profitability and capital, would also warrant a
downgrade of the bank's and trusts' ratings.

The last rating action on Banco Industrial, Industrial Senior
Trust and Industrial Subordinated Trust was on June 3, 2015, when
Moody's lowered the bank's BCA and adjusted BCA, downgraded its
local currency deposit ratings and junior subordinated debt
ratings, while it also downgraded both trusts' debt ratings.

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

Headquartered in Guatemala City, Guatemala, Banco Industrial
reported total consolidated assets of GTQ90.8 billion (about
$11.8 billion) and total shareholders' equity of GTQ6.3 billion
(around $820 million) as of March 2016.


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


HOUSING AGENCY OF JAMAICA: Fires Senior Managers
------------------------------------------------
RJR News reports that the board of the Housing Agency of Jamaica
(HAJ) has sacked a number of its senior managers.

The board has dismissed, with immediate effect, the Managing
Director, the Director of Technical Services, senior managers with
responsibility for Construction, Finance and Information and Legal
Service/Company Secretary, according to RJR News.

Senior Manager for Sales and Services, Gary Howell has been
appointed as Acting Managing Director in the interim, the report
relays.  All other vacant positions are to be filled by persons
already employed at the HAJ, the report notes.

The agency which was established to provide low income housing
solutions, reported losses of over J$2 billion in the last three
years. The board says two damning audits of the agency influenced
its decision, the report says.

Norman Brown, Chairman of the HAJ, said with concerns over the
financial situation, it had no choice but to act. Mr. Brown also
said action has been taken to review the governance arrangements
and project management practices at the HAJ, the report adds.


JAMAICA: IIC Finances Expansion of Kingston's Container Terminal
----------------------------------------------------------------
The Inter-American Investment Corporation (IIC), acting on behalf
of the Inter-American Development Bank (IDB) Group, has signed a
US$265 million financing package with Kingston Freeport Terminal
Limited. The project will optimize and expand Kingston's container
terminal capacity in Jamaica, as the port must stay competitive to
handle larger ships now passing through the expanded Panama Canal.

The upgraded terminal will soon manage increased vessel volume,
expanding capacity from 2.8 to 3.2 million Twenty-Foot Equivalent
Units (TEUs) per year within the next six years. The project will
contribute to strengthen Jamaican's relevancy in global trade and
foster private sector activity and foreign direct investment.

The financing includes a US$205 million IDB Loan, comprised of an
A-loan of US$94 million and B-loans of US$111 million from
Cordiant, FMO, CIBC First Caribbean and CIFI. The package also
includes co-loans from Proparco and DEG for US$30 million each.
The loans offer a tenor of up to 15 years. Total project cost is
US$452 million, and it is the largest infrastructure project
funded by the IIC in Jamaica. In addition to long-term financing,
the IIC provided assessments to optimize dredging and mitigation
measures with the aim of protecting local biodiversity and
cultural heritage.

                             *     *     *

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


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


PUERTO RICO: Fitch Cuts Long-Term Issuer Default Rating to 'RD'
---------------------------------------------------------------
Fitch Ratings has downgraded the Commonwealth of Puerto Rico's
Long-Term Issuer Default Rating (IDR) to 'RD' from 'C' and general
obligation (GO) bond rating to 'D' from 'C' following the payment
default on certain GO bonds on July 1, 2016. Both ratings are
removed from Rating Watch. Ratings on securities that have not
defaulted will remain at 'C' until the point of default. The
ratings on non-defaulted bonds remain on Rating Watch Negative.

DEFAULT ON GO BONDS: On July 1, 2016, the commonwealth failed to
make a $779 million payment of GO debt service and defaulted on
$294.3 million in debt service payments not rated by Fitch. As a
result, the rating on the GO bonds was downgraded to 'D' from 'C'
while the IDR was downgraded to 'RD' from 'C'; the latter
indicating that the issuer has defaulted on a select class of its
debt.

RATING SENSITIVITIES

NONPAYMENT OR DISTRESSED DEBT EXCHANGE: Failure to meet debt
service obligations as scheduled or execution of a distressed debt
exchange, where creditors are offered securities with diminished
structural or economic terms as compared to existing bonds to
avoid a probable payment default would result in a downgrade of
the related issuer's IDR to 'RD' and any affected securities to
'D'. Securities that continue to perform will have ratings
maintained at 'C'.


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


NIKO RESOURCES: Owes TT$858MM: Hints at Leaving Trinidad & Tobago
-----------------------------------------------------------------
Aleem Khan at Trinidad Express reports that one of Trinidad and
Tobago's largest holders of acreage for oil and gas exploration is
considering discontinuing operations.

After saying it accumulated over TT$1 billion in unpaid bills in
of Trinidad and Tobago, Calgary-based oil and gas company Niko
Resources Ltd (Niko) said in a June 28 statement: "There is
significant uncertainty regarding whether certain of the company's
exploration subsidiaries will be able to continue," according to
Trinidad Express.


=============
U R U G U A Y
=============


BANQUE HERITAGE: S&P Affirms LT 'B+' GS ICR; Outlook Stable
-----------------------------------------------------------
S&P Global Ratings revised its outlook on global and national
scale ratings on Banque Heritage (Uruguay) SA to negative from
stable.  S&P also affirmed its long-term 'B+' global scale and
'uyBBB' national scale issuer credit ratings on the bank.

In addition, S&P affirmed its 'BBB/A-2' issuer global scale credit
ratings on Banco Bilbao Vizcaya Argentaria Uruguay (BBVA Uruguay).
The outlook on the long-term rating remains negative.  S&P also
affirmed its 'uyAAA' issuer credit rating and the outlook on it
remains stable because S&P currently don't expect impact on
national scale ratings under a scenario of downgrade of the bank
on global scale.

S&P is maintaining its BICRA on Uruguay (BBB/Negative/A-2) at
group '6', with an anchor for banks operating in the country at
'bb+'.  S&P is also maintaining our economic risk score at '5' and
industry risk at '7'.  However, S&P is revising the BICRA economic
risk trend to negative from stable, and keeping the industry risk
trend as stable.

Over the past few years, Uruguay's economic risks have been lower
than those of its regional peers as a result of the country's
stable political environment, consistent economic policy, and
predictable political institutions that have boosted investment
and economic growth.  However, S&P is currently seeing increasing
pressures on economic resilience and economic risk for banks
operating in Uruguay due to lower-than-expected economic growth
amid a pronounced regional economic slowdown, still high inflation
levels, and low commodities prices.  S&P expects GDP to grow by
only 0.7% in 2016 and 1.5% in 2017, down from 3.2% in 2015, and
private credit to grow 10%-12% in nominal terms in 2016 and 2017.
These factors could impair GDP per capita, jeopardize the
government's plans to further strengthen its revenue base and its
ability to reduce its deficit, undermine the economy's resilience
to adverse developments (such as external shocks), and increase
the risks for banks' operations in a less stable economic
environment.  If the negative economic risk trend materializes,
while other factors remain unchanged, S&P's overall score for
economic risk could rise to '6' from '5' and BICRA to group '7'
from group '6'.  Such a scenario could also prompt S&P to revise
downward the anchor to 'bb' from 'bb+'.  S&P could lower its
global scale ratings on the two banks by one or more notches,
depending on S&P's final assessment of their capital and earnings,
if the economic risk trend materializes, and/or if S&P was to
downgrade the sovereign.



=================
X X X X X X X X X
=================


LATAM: Brexit's Full Impact On Caribbean People
-----------------------------------------------
Trinidad Express reports that over the next two years, Britain's
exit from the European Union (Brexit), in whatever form it takes,
will affect people of the Caribbean in almost every aspect of
their lives, albeit slowly and sometimes imperceptibly.

Whether Britain partly stays in the EU, exits completely, or
changes its mind, global markets are demonstrating that the very
uncertainty in itself is a factor, according to Trinidad Express.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *