TCRLA_Public/160708.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

            Friday, July 8, 2016, Vol. 17, No. 134



ARGENTINA: Marci Sells Country to World's Media Moguls
BANCO DE GALICIA: Moody's Rates $300MM Sub. Debt Issuance 'Caa1'
BANCO DE GALICIA: S&P Rates Proposed Class II Sub. Notes 'CCC'
CAMARGO CORREA: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
PETROBRAS ARGENTINA: S&P Assigns 'B-' Rating on $500MM Sr. Notes


BANCO ABC: Fitch Affirms BB+' IDRs; Outlook Negative
BANCO DAYCOVAL: Fitch Affirms 'BB' IDRs; Outlook Negative
BANCO INDUSTRIAL: Fitch Affirms 'BB' IDR; Outlook Stable
BANCO PINE: Fitch Affirms 'BB-' IDRs; Outlook Negative
BANCO SAFRA: Fitch Affirms 'BB' IDR; Outlook Negative

BRAZIL: Stocks Climb as Commodities Gain Lifts Steelmakers

* Fitch Affirms Ratings on 7 Brazilian Midsized Banks

C A Y M A N  I S L A N D S

ARABELLA EXPLORATION: Placed Under Provisional Liquidation

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: First Electric Pact Then Fiscal Agreement
DOMINICAN REPUBLIC: Strip Subsidy and We Walk, Bus Owners Warn
DOMINICAN REPUBLIC: Trade Pact Hurts Garment Exports the Most


1834 INVESTMENTS: Fiscal Results Delayed


CREDITO REAL: S&P Assigns 'BB+' Rating to Proposed $650MM Notes
METROFINANCIERA: S&P Cuts Rating on Sr. Cl. MTROCB 07U Notes to D


VISION BANCO: S&P Lowers ICR to 'B' & Revises Outlook to Stable


COMPANIA DE MINAS: Moody's Confirms Ba2 Issuer Rating

P U E R T O    R I C O

ACADEMIA SAGRADO: Plan Offers Full-Payment to Creditors
SPORTS AUTHORITY: Broncos Stadium Naming Rights Fail to Lure Bids

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Inflows Into Country Have Fallen


* Brexit could hurt Caribbean, Economist Says

                            - - - - -


ARGENTINA: Marci Sells Country to World's Media Moguls
Charlie Devereux at Bloomberg News reports that the exclusive Sun
Valley ski resort in Idaho will be the next stop in Argentine
President Mauricio Macri's world tour to sell South America's
second-largest economy to global investors.

President Macri will attend a meeting of media and technology
giants and is scheduled to meet Henry Kravis, co-chairman of
leveraged-buyout firm KKR, Argentine media reported. Canadian
Prime Minister Justin Trudeau is attending, as are Michael Eisner,
former chief executive officer of Walt Disney Co. and Comcast
Corp. CEO Brian Roberts, according to Bloomberg News.

President Macri is crisscrossing the world from Davos to Sun
Valley, via Paris, Brussels and Berlin, as he seeks to drum up
investor interest in Argentina following 12 years of international
isolation under President Cristina Fernandez de Kirchner and her
late husband, Nestor Kirchner, Bloomberg News relays.

The 57-year-old has said the country needs $100 billion in foreign
investment in coming years as he embarks on an ambitious plan to
modernize the economy, Bloomberg News notes.

Foreign direct investment in Argentina dried up under the
Kirchners, who wrangled for 15 years with creditors over defaulted
bonds, imposed currency controls and raised trade barriers,
Bloomberg News says.

Argentina, a G-20 member since the group's founding in 1999,
received $11.7 billion in foreign direct investment in 2015, the
least among Latin America's top five economies, according to the
United Nations, Bloomberg News discloses.

President Macri, who has already negotiated an end to a 15-year
standoff with holdout creditors from a 2001 default, said at a
World Economic Forum event in Colombia last month that the country
has received investment pledges worth $16 billion since he assumed
office in December, Bloomberg News notes.  President Macri said
he'll be announcing a further $4 billion soon.

The Sun Valley conference, organized by Allen & Co., is branded as
a "summer camp" for the world's communication and technology
industry leaders, their families, and prominent political figures,
Bloomberg News says. It has also won a reputation as an incubator
for deals, President Macri relays.

It was there in 1995 that Disney's Eisner first proposed a
purchase of Capital Cities/ABC, which led to the broadcaster's
acquisition for $19 billion, Bloomberg News notes.  That was
followed by Rupert Murdoch's $2.48 billion takeover of Ron
Perelman's TV stations, Bloomberg News relays.  The outlines of
the ill-fated AOL-Time Warner merger were also sketched out at the
retreat, which was originally designed as a resort area by the
Union Pacific Railroad, Bloomberg News notes.

Ivan Pavlovsky, Macri's spokesman, didn't respond to an e-mail
seeking comment about the president's expectations for the
conference, says the report.

                            *     *     *

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

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

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

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

BANCO DE GALICIA: Moody's Rates $300MM Sub. Debt Issuance 'Caa1'
Moody's Investors Service assigned a foreign currency debt rating
of Caa1 to Banco de Galicia y Buenos Aires S.A.'s (Galicia) Class
II subordinated debt issuance up to $300 million which will be
issued under New York law and due in 2026.

The following rating was assigned to Banco de Galicia y Buenos
Aires S.A.:

Class II subordinated debt issuance up to $300 million

-- Global Foreign Currency Subordinated Debt Rating: Caa1


The foreign currency subordinated debt rating of Galicia is
notched down from the bank's b3 adjusted BCA (baseline credit
assessment) to reflect higher expected loss due to subordination.

Galicia's b3 BCA incorporates the bank's well diversified lending
portfolio, oriented to households, small and medium size companies
and corporate lending, its relatively robust profitability profile
and positioning in the local market. As the second- largest
private bank in the financial system, Galicia has a well-
established franchise and its lending portfolio has been growing
above the system's average given its brand and pricing power,
expanding at 47% in 2015 and 20% in 2014. The bank has a level of
capitalization that allows more business penetration in the coming
quarters, however its 9.4% tangible common equity to risk weighted
assets ranks weaker than its peers. Galicia's strong earnings are
reflected by a net income to tangible assets ratio of 2.3%. The
bank has low reliance on market funds and a highly granular
deposits base.

All these credit strengths are offset by the operating environment
in Argentina, which remains challenging despite the country's
recent return to global capital markets and various other market-
friendly policy reforms implemented in recent months by the new

What could move the rating up or down

The rating is effectively capped by the Argentine sovereign's B3
rating, an improvement in the operating conditions, which would
ensure disciplined loan growth and profitability, could add
positive pressures on the bank's ratings. However, it could face
downward pressure if the bank suffered a substantial deterioration
in its asset quality or in its core earning profile, as well as if
the operating environment weakened.

BANCO DE GALICIA: S&P Rates Proposed Class II Sub. Notes 'CCC'
S&P Global Ratings assigned its 'CCC' issue-level rating on Banco
de Galicia y Buenos Aires S.A.'s (B-/Stable/--) proposed Class II
subordinated notes due 2026.  The rating on the notes is two
notches below the long-term issuer credit rating on the bank,
reflecting the subordination characteristics of the instrument.

At this point, given the 'B-' issuer credit rating, S&P is not
including a notch for capital write-down clause of the instrument
(which reflects default risk) and only deducting two notches from
the rating on the new notes for subordination.  S&P would start
incorporating the notch for default risk on the issue-level rating
if S&P was to raise the credit rating on the bank, or if S&P
considers that default risk of the bank and notes is consistent
with S&P's 'CCC' rating definitions.

Additionally, although the domestic regulator will consider the
notes as Tier 2 capital, S&P is treating them as minimal equity
content because S&P believes they have limited capacity to absorb
losses on a going concern basis.

S&P's long-term issuer credit rating on Banco Galicia reflects its
adequate business position, weak capital and earnings, adequate
risk position, average funding, and adequate liquidity, as S&P's
criteria define these terms.  Banco Galicia's stand-alone credit
profile is 'b+', and the sovereign rating caps the issuer credit
rating on the bank.


Banco de Galicia y Buenos Aires
  Issuer credit rating                              B-/Stable/--
  Senior Unsecured                                  B-

Rating Assigned

Banco de Galicia y Buenos Aires
  Sub. notes due 2026                               CCC

CAMARGO CORREA: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
S&P Global Ratings revised its outlook on Camargo Correa S.A.
(CCSA) and InterCement do Brasil S.A. to stable from negative.
S&P also affirmed its 'BB-' global scale corporate credit ratings
on both companies.  At the same time, S&P raised its national
scale issue-level rating on CCSA and S&P's corporate credit rating
on InterCement to 'brA' from 'brA-'.

S&P's senior unsecured debt ratings on CCSA incorporates the
group's diversification and good recovery prospects from
unencumbered liquid assets that, in S&P's view, mitigate potential
structural subordination to priority liabilities at the operating
subsidiaries' level.  The recovery rating of '3' on CCSA's rated
debt indicates S&P's expectation of meaningful recovery (50%-70%,
higher end of the range) for creditors in the event of a payment

The outlook revision reflects S&P's view that liquidity pressure
on CCSA will ease in the next 24 months once the sale of its
equity stake in CPFL Energia S.A. (brAA-/Negative/--) is
completed.  The outlook revision is also based on likely lower
contingent liabilities risks for CCSA's shipbuilding investments,
given a more equalized financial structure after a shrunken
backlog order and recent capitalization.  Amid the tightening
refinancing conditions stemming from corruption investigation at
CCSA's engineering and construction division, and significantly
lower cash flow generation from its cement business, CCSA's
capital structure weakened.  Nevertheless, considering the
successful R$5.85 billion sale of CPFL stake in 2017 and S&P's
assumptions that the group will use proceeds to boost cash
reserves and reduce debt at its textile business and at the
holding level, CCSA's refinancing needs should diminish

Through its operations in Brazil, Argentina, Egypt, Mozambique,
South Africa, Portugal, and Paraguay InterCement generates about
80% of CCSA's cash flow.  In the first quarter of 2016,
InterCement posted weaker-than-expected results, stemming from
ailing operations in Brazil and Argentina, which generate about
70% of the cement maker's EBITDA. InterCement's cement sales in
Brazil dropped due to the shrinking infrastructure spending, a
higher unemployment rate that crimps retail demand, and stronger
competition amid the market's lower capacity utilization.  The
company's cement volumes in Argentina are likely to contract as
the new government reduces public spending, but tempered by
InterCement's pricing power due to its leading position in the
country.  In addition, InterCement's cash flow generation from its
Brazilian and Argentinian operations should slip, given the
currency depreciation in both countries against the euro.  Revenue
from InterCement's African and Portuguese operations should
cushion the impact of weaker results at the company's main

As a result, S&P expects InterCement to post higher leverage
metrics in the next two years, which prompted S&P to revise its
financial risk profile assessment to highly leveraged from
aggressive.  S&P's assessment of InterCement's individual credit
quality still incorporates potential improvements in the company's
capital structure and liquidity resulting from the sale of non-
core assets, as seen in the 2015 sale of a minority stake in the
company's Paraguayan subsidiary.

InterCement has significant exposure to Argentina given the sharp
increase in share of revenue from the country as the company's
Brazilian operations faltered.  However, the company's credit
quality reflects S&P's view that there is an appreciable
likelihood that InterCement won't default even in Argentina's
simulated stress scenario.  Under such a scenario, the cash flows
from Argentina will drop significantly.  However, S&P believes
that InterCement's existing cash balances and revenue from other
countries, along with a manageable debt maturity profile, would be
sufficient to meet its operating and financing needs in the short
to medium term.

S&P's ratings on InterCement mirror the ratings on CCSA because
S&P considers both entities as a single economic group bearing the
same default risk.  CCSA owns InterCement, which controls the
group's major industrial activity, the cement division.  S&P
considers InterCement as a core subsidiary of CCSA.  As the
subsidiary's scale increases, its financial performance and
funding prospects become more independent from those of the group
than in the past.  Also, InterCement's outstanding bond currently
has some covenants that limit the company to upstream a
significant share of its cash to CCSA.  InterCement's performance
could suffer if it were to mitigate parent's financial and
operating woes.  S&P's analysis is also currently based on the
assumption that InterCement will remain the main cash generator
for CCSA.

PETROBRAS ARGENTINA: S&P Assigns 'B-' Rating on $500MM Sr. Notes
S&P Global Ratings assigned its 'B-' debt rating to Petrobras
Argentina S.A.'s (PESA; foreign currency: B-/Stable/--) proposed
senior unsecured notes for up to $500 million.

PESA will use the proceeds of the bond to repurchase its
$300 million 'B+' rated senior unsecured notes originally due May
2017.  Brazil-based, state-owned company Petroleo Brasileiro
S.A. - Petrobras (Petrobras; B+/Negative/--) guarantees this bond.
PESA will use the remaining proceeds for working capital and
investments in Argentina.

S&P views the tender offer as opportunistic, with proposed prices
to repurchase the securities above par values.  The cancelation of
the Series S is part of the requirements to complete the sale of
PESA to Argentina-based energy group Pampa Energia, which was
announced on May 3, 2016.

Once and if the transaction occurs, S&P will monitor Pampa's
strategy towards PESA, including its updated financial policy,
corporate governance, and relationship with Pampa's other assets.
Even assuming that Pampa's creditworthiness might be weaker than
that of PESA on a stand-alone basis, S&P believes that any
intervention from the new shareholder wouldn't prompt S&P to lower
its SACP on PESA below 'b-' from the current level of 'b+'.  This
is mostly due to the company's current relatively low leverage.


Petrobras Argentina S.A.
Corporate credit rating
  Foreign Currency                          B-/Stable/--

Rating Assigned

Petrobras Argentina S.A.
Sr. Unsec. Notes for up to $500 million    B-


BANCO ABC: Fitch Affirms BB+' IDRs; Outlook Negative
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings of Banco ABC Brasil S.A. (ABCBr)
at 'BB+'/Outlook Negative.  Fitch also affirmed the bank's other

                         KEY RATING DRIVERS

ABCBr's IDRs are above its Viability Rating (VR), which reflects
the expected institutional support that Fitch believes it would
receive from its parent, Arab Baking Corporation B.S.C. (Long-Term
IDR 'BBB-'/Stable Outlook.  ABCBr's VR of 'bb" continues to be
based on the bank's low risk profile, consistent profitability,
stronger capitalization and sound risk and liquidity management.
The bank's profitability during 2015 and the first three months of
2016 remained satisfactory, despite the weak operating environment
and the bank's lower appetite for growing its loan portfolio.  The
bank's results were aided in part by ABCBr's relatively low
funding costs, strategic focus and the reduced appetite of some of
its other competitors.  The bank has continued its efforts to
further diversify its funding profile, leading to stronger asset
and liability management as it continues to expand its corporate
and middle-market operations.  As a result, the bank's credit
portfolios continue to be conservatively matched to its funding,
providing for comfortable levels of liquidity.  ABCBr's ratings
also reflect the well-positioned franchise and its overall sound
financial profile as a wholesale-funded bank.

The bank operates under a well-defined strategy of providing
credit and other banking services mainly to the corporate segment
(annual revenues over BRL500 million) and also mid-sized companies
(annual revenues above BRL 50 million).  ABCBr's rating remains
constrained by its parent's rating and ABCBR's own company
profile, as its franchise does not compare as well to the large
and dominant banks in Brazil in terms of size and diversification.
This results in, among other things, a lower level of low-cost,
diversified deposit funding.  However, with the lower level of
loan portfolio growth partially offset by a higher level of
guarantees, the bank is currently in a very strong liquidity
position which allows for lower funding costs.

The bank has performed consistently despite the very weak
operating environment of the last three years.  During the last 15
months ending March 31, 2016, the bank continued its focus on the
business segments that it knows well.  However, management sharply
restricted its on-balance-sheet loan portfolio growth, especially
reducing the amount of credit to its mid-sized company segment,
while at the same time, increasing the amount of credit offered
through guarantees - mostly for the corporate segment.  Thus the
bank was able to maintain a satisfactory level of revenues while
lowering its level of risk.  As of March 31, 2016, ROAE and ROAA
were 14.26% and 1.54%, respectively, slightly lower than the
15.78% and 1.58% reported at Dec. 31, 2015.

The bank also continues to benefit from reduced levels of
competition while maintaining its conservative underwriting, which
is reflected in its low level of non-performing loans (NPLs).  As
of Dec. 31, 2015, ABCBr reported a low level of NPLs over 90 days
(E-H) of 1% even though its impaired loan ratio (D-H) saw a rise
to 4.5% from 3.5% a year earlier.  The banking system average of
impaired loans-to-total loans was approximately 6.8%. ABCBr's
smaller ratio is a reflection of the focus on lower-risk companies
and its conservative underwriting.  The bank's loan loss reserve
coverage ratio on E-H loans remained strong at 2.9%.  The already
conservative coverage ratio was enhanced in 2015 as the bank was
able to activate tax credits as a result of adjustments to the
employee pension (CSLL), and to offset this non-recurring income
the bank increased the level of provisions.  During the first
quarter of 2016 (1Q16), the impaired loans ratio continued to be
impacted by the weak economy and the bank's conservative credit
classification; as a result, loans classified 'D-H' rose to 5.6%.
However, the over 90-day NPL ratio rose only to 1.2% and coverage
remained strong at 3.4%.  While Fitch expects to see some
weakening of the bank's asset quality in 2016, it will be due
mostly to the continued weak environment.  This expected
deterioration should be easily absorbed by the comfortable level
of ABCBr's loan loss reserves.

The bank continues to focus on ensuring a stable liquidity
position through conservative asset liability management policies
to mitigate gaps through hedging and funding diversification.
Strategies include the sourcing of longer-term funding which
includes the use of longer-term instruments such as Letras
Financeiras, which saw significant growth in recent years.  ABCBr
continues to maintain satisfactory capital ratios.  At Dec. 31,
2015, the Fitch core ratio (FCC) had improved significantly to
nearly 12.6% (10.8% a year earlier).  At March 31, 2016, the FCC
ratio improved further to 13.7%.  The bank already well-exceeds
the Central Bank regulatory minimum total capital requirement just
by means of its Tier I regulatory capital ratio of 13.6%.  Fitch
does not expect that ABCbr will have any difficulty adjusting to
the upcoming implementation of Basel III according to the
Brazilian Central Bank's timetable.  ABCBr had a total Regulatory
Capital ratio of 17.2% at the end of 1Q16.

ABCBr has a Support rating of at '3' in view of the expected
support from its parent, Arab Banking Corporation, which is based
in Bahrain.  Given the subsidiary's relevant contribution to the
parent's revenues and the brand, Fitch believes that in the
unlikely event it is needed, the Brazilian subsidiary would likely
receive support from its majority shareholder.

                       RATING SENSITIVITIES

Positive Rating Action: ABCbr's IDRs are driven by support and are
currently one notch above the Sovereign rating of 'BB' and one
notch below the Viability Rating of its majority parent.  ABCbr's
VR and its National Ratings are constrained by Brazil's operating
environment.  Brazil's sovereign rating was downgraded on May 5,
2016, to 'BB'/Negative Outlook, and is now the same as ABCbr's VR
ratings.  ABCbr's funding profile and narrow business niche is
likely to be affected by the continued weak operating environment;
as a result an upgrade of ABCBr's VR is limited in the medium

Negative Rating Action: Although unlikely in Fitch's view, a
significant deterioration of ABCBr's asset quality that results in
credit costs that severely limit its profitability and ability to
grow its capital, combined with a reduction in its liquidity or
capitalization position could lead towars a downgrade of the
bank's ratings.  An unlikely decline in the FCC-to-risk-weighted
assets ratio below 9%, along with a reduction in operating income-
to-average asset ratio below 1.5% could result in a ratings
review.  ABCbr's ratings could also be impacted by a further
deterioration in the Sovereign rating, as the bank is closely
linked with Brazil's operating environment.

Fitch has affirmed these ratings:

Banco ABC Brasil:

   -- Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   -- Short-Term Foreign and Local Currency IDRs at 'B';
   -- Viability rating at 'bb';
   -- Long-Term National rating at 'AA+(bra)', Outlook Stable;
   -- Short-Term National rating at 'F1+(bra)';
   -- Support rating at '3'.

BANCO DAYCOVAL: Fitch Affirms 'BB' IDRs; Outlook Negative
Fitch Ratings has affirmed Banco Daycoval S.A.'s ratings,
including its Long-Term Foreign- and Local-Currency Issuer Default
Ratings at 'BB'.  The Rating Outlook is Negative. Daycoval's IDRs
are driven by its Viability Rating, which was also affirmed at
'bb'.  The Negative Rating Outlook mirrors the Negative Outlook
assigned to Brazil's Sovereign Rating (rated 'BB').

                      KEY RATING DRIVERS

Similar to most Brazilian banks, Daycoval remains under
significant pressure from ongoing operating environment challenges
that exacerbate downside risks to asset quality and profitability.

Daycoval's ratings reflect the bank's consistent track record of
performance, maintained in different cycles of local economy,
higher business diversification when compared to other medium size
banks in the region, comfortable liquidity and capitalization
positions.  Its funding remains concentrated by investors
exhibiting wholesale characteristics.  However, conservative
management of its assets and liabilities, and a strong cash
position considerably mitigate liquidity risk.

Daycoval has been successful in expanding its credit operations
and maintaining adequate profitability over the last years.  In
view of the high delinquency in credits to small and medium-sized
companies in 2012, the bank addressed its growth to consumer
credit, mainly to the lower risk payroll discount loans.  The
expansion into this segment helps to better dilute debtor
concentrations and income sources.

Since 2014, the bank resumed the growth of its SME loan portfolio
in addition to expansion for its payroll loan.  This resulted in
an overall loan growth higher than its peers and the average of
private banks.  In Fitch's view the diversification and short-term
nature of Daycoval's loan portfolio and the adequate management of
collaterals as well as the bank's expertise in the sector allows
them to rapidly adjust pricing of its portfolio and reduce its
risk appetite to the segment.  During 2015 and 2016, the bank once
again scaled back its appetite for growth in the SME segment given
the accelerated deterioration of the operating environment.

Considering that the SME loan portfolio is more volatile and
vulnerable to economic cycles, Fitch does not expect the bank to
suffer asset quality pressures above those expected for the system
as a whole.  The bank's risk appetite and pricing of new
transactions already incorporate the negative economic cycle and
factors in the increased risks of such scenarios.

Asset-quality risks stems from potential pressures arising from
the bank's exposure to the middle-market segment, (clients with
sales up to R$300 million/year) which tends to be more vulnerable
during periods of economic crisis and recession.

In Fitch's view, Daycoval has taken conservative measures to
mitigate such risks, by reducing its concentration by client,
reinforcing collateral structures and repricing its portfolio.

Historically, Daycoval has shown a conservative stance towards
balance-sheet leverage compared to other medium size players.
Profitability remains resilient as the bank has been able to
maintain disciplined cost control and has proven agile at credit
re-pricing when an adverse macro environment is perceived.

Daycoval continues to benefit from the high demand for deposits
and other deposit-like funding instruments, which has allowed the
bank to properly match its assets and liabilities, in spite of a
much larger payroll lending business.

Cash and securities (excluding Repurchase agreements) over total
deposits remained above 220% during the last eight quarters and
plays a critical role on mitigating the risks of wholesale funding
vs long-term retail loans.

Daycoval has a very comfortable capital position (18% of FCC and
capital regulatory ratio of 18.2% as of March 2016).  Most
importantly, the bank has been standing out among its peers given
its historical high liquidity and capitalization levels, which
enable Daycoval to sustain the growth of its loan portfolio.
Equity totaled BRL 2,8 billion in March 2016 and is composed of
only Tier 1 capital.

                           RATING SENSITIVITIES

Given the current sovereign level, the potential for an upgrade to
Daycoval's ratings is limited.

The ratings could be negatively affected by continued asset
quality deterioration which results in pressure on the bank's
results (Operating Profit / Risk Weighted Assets below 2%) and on
capital (Fitch core capital ratio lower than 13%), which could be
triggered by larger than expected asset quality deterioration
and/or aggressive asset growth or cash dividend policy.

Fitch has affirmed these ratings:


   -- Long-Term Foreign- and Local-Currency IDRs at 'BB'; Outlook
   -- Short-Term Foreign- and Local-Currency IDRs at 'B';
   -- Viability Rating at 'bb';
   -- Long-Term National Rating at 'AA(bra)'; Outlook Stable;
   -- Short-Term National Rating at 'F1+(bra)';
   -- Support Rating at '5';
   -- Support Rating Floor at 'NF';
   -- Senior unsecured USD notes due 2019, Foreign-Currency Rating
      at 'BB';
   -- Senior unsecured BRL letras financeiras due 2016 and 2017 at

BANCO INDUSTRIAL: Fitch Affirms 'BB' IDR; Outlook Stable
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings of Banco Industrial do Brasil S.A.
(BIB) at 'BB' and its Long-Term National Rating at 'AA-(bra)'.
The Rating Outlook for the National Rating is Stable.

                       KEY RATING DRIVERS

The affirmation of BIB's IDRs reflect its Viability Rating (VR)
which, on its own, factor in its stable operating profile, with
consistent experience and focus on small and medium-sized
companies (SMEs).  BIB's VR also takes into account its adequate
and above peer average performance, as well as the good asset
quality, liquidity and capitalization in different Brazilian
economy cycles.  On the other hand, the bank's size is small when
compared to peers and there are asset and liability
concentrations, which are inherent to its business model.

The Negative Outlook for BIB IDRs reflects Fitch's view that the
main credit indicators of medium-sized banks, such as BIB, are
highly influenced by the operational environment and could suffer
additional pressures, taking into account the agency's
expectations of continued weakening of the operating conditions in
the country, as it was made evident by the Negative Outlook
assigned to the Brazilian banking sector.

During the last few years, the bank has maintained the strategy to
operate basically in the SME segment, keeping a payroll discount
credit portfolio of only 13% in 2015, where it operates basically
with credit renewal, without plans to expand into new clients.
The SME operation is concentrated on companies with invoicing
above BRL250 million.  Furthermore, the bank has searched for
higher guarantees to reduce the risk of a more challenging
economic scenario.  The portfolio growth has been conservative in
recent years and in 2015 it was only 2.3%.

The bank showed deterioration in its credit quality indicators
during the first quarter of 2016, although these have remained at
adequate levels, even in a more challenging economic environment.
The non-performance loans ratio was at a low 2.5% in March 2016,
around 1.0% in 2015 and 2014, against 2.6% in 2013.  Impaired
loans (Credits classified in the 'D-H' rating category)
represented 3.8% in March 2016 (3.4% in 2015 and 1.8% in 2014),
still better than peer average.  BIB maintained its low leverage,
reflecting its more conservative appetite for credit risk, given
the current scenario of macroeconomic deterioration.  The bank's
credit portfolio concentration remained high, albeit controlled.
The 20 largest clients represented around 30% of the portfolio in
2015 and 2014.

BIB's profitability was above that of its peers, having been
consistent in recent years (ROAA of 1.9% in 2015; 1.7% in 2014;
and 1.5% in 2013).  The results improved, even amidst a scenario
of weak macroeconomic performance.  This is because financing
costs improved and competition in SMEs segment is more moderate,
resulting in good spreads.  Fitch expects BIB's profitability to
remain adequate in the upcoming years.

The bank has diversified its concentrated funding base, by
accessing trade financing facilities from multilateral agencies,
but still maintains term deposits at competitive costs and terms
as its main funding source.  The 20 largest investors accounted
for a high 44% of the total funding in 2015 (48% in 2014).

Fitch's Core Capital (FCC) ratio calculations ended up at a
comfortable 15.6% in 2015 (16.9% in March 2016).  The agency
believes that BIB's capital base is sufficient to maintain the
expansion and absorption of any potential losses.

                        RATING SENSITIVITIES

Positive Rating Action: Given its current business model, with the
assets and liabilities concentrations inherent to its size, BIB
additional rating upgrades are limited.  A positive rating action
depends upon reinforcement of its local franchise, increased
funding, diversification, product mix and expansion of its
operations, which could reduce the assets and liabilities

Negative Rating Action: On the other hand, the ratings could be
negatively affected by deterioration in the bank's asset quality,
with a consequent decline in its performance (operational ROAA
below 1.0%) and reduction of capitalization ratios (Fitch's Core
Capital below 13.0%).  Further to the above specified
sensitivities, BIB IDRs are sensitive to any new changes to
Brazil's sovereign ratings and to its Outlook.

Fitch has affirmed these ratings:

   -- Long-Term Foreign and Local Currency IDRs at 'BB'; Outlook
   -- Short-Term Foreign and Local Currency IDRs at 'B';
   -- Viability Rating at 'bb';
   -- Support Rating at '5';
   -- Support Rating Floor at 'NF'.
   -- Long-Term National Rating at 'AA-(bra)'; Outlook Stable;
   -- Short-Term National Rating at 'F1+(bra)'.

BANCO PINE: Fitch Affirms 'BB-' IDRs; Outlook Negative
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings of Banco Pine S.A. at
'BB-'/Outlook Negative.  Fitch also affirmed the bank's other

                         KEY RATING DRIVERS

The affirmation of Pine's ratings reflects Fitch's view that
management has taken the appropriate measures to strengthen the
bank's liquidity and asset quality ratios and that these offset
the credit negatives of the weak profitability expected to
continue in the medium term as a result of the continued weak
economic environment.  During FY2015 and first quarter 2016
(1Q16), Pine reduced its expanded credit portfolio while
repositioning its remaining loan book toward mainly lower-risk
borrowers.  The reduction in risk-weighted assets has contributed
to the strengthening of the bank's Fitch Core Capital Ratio (FCC).
At Dec. 31, 2015, Pine's FCC reached 13.5%, which was the
strongest ratio of the past four years.  At March 31, 2016, Pine's
FCC improved even further, to 14.3%, aided by a further decline in
risky assets.

Pine's relatively large asset concentration - especially from
corporate names on its loan book - resulted in asset-quality
pressure due to the decelerating economy and the continuation of a
challenging operating environment.  The bank's impaired loans
(BACEN 'D'-'H')-to-total loans ratio saw a material deterioration
during FY2015, having risen from 5.0% to 9.3%.  This ratio further
weakened to nearly 10.5% by March 31, 2016.  The some drivers of
the growth in this ratio were the weak economy, borrowers named in
the Lava Jato scandal, and the nearly 33% decrease in credit
exposure over the last 15 months ended March 2016.  A positive
note comes from the relatively comfortable over-90-day non-
performing-loan ratio (NPL: BACEN 'E'-'H') of 0.7% at March 31,
2016, which benefitted from a significant level chargeoffs during
the first quarter that improved the 1.7% ratio seen at FYE2015.

Fitch notes that the repositioning of its lending activities
towards lower-risk segments should reduce its credit costs in the
medium term.  During the 1Q16, the bank's loan loss provision
expense reached BRL26 million.  For 2016, management expects a
declining trend and recoveries are also expected to be favorable.
However, the strategic decrease in exposure and preference for
higher-quality borrowers will likely impact pricing and revenues.
To offset tighter margins, which Fitch expects to be around 3.5%,
management is continuing with its strategy of cost reduction that
has already seen some success, as the bank reported a 12.6%
decrease in personnel and administrative expenses in 2015.  Fitch
expects Pine to maintain low profitability levels during 2016, but
net losses are not part of our base case scenario.

Since end-2014 Pine has chosen not to expand its credit
operations.  This decision led to a significant 32% decrease in
the expanded credit portfolio from BRL9.7 billion at March 2015 to
BRL6.6 billion at March 2016.  For 2016 the bank's guidance for
credit growth ranges from zero to negative 5%.  This lack of
growth will continue to impact profitability (ROAE guidance of 4%
to 8%); however, the bank's current priorities are clearly aimed
at maintaining liquidity and keeping asset quality protected, thus
avoiding higher provisioning expenses in 2016 and beyond.  This
decision can compromise the bank's future revenues, since it could
lead the bank to reduce its spreads in order to face the
increasing appetite of the competition in the medium term.
However, in the short term, the general lack of risk appetite of
some of its competitors has allowed the bank to access higher-
quality credits that it could not easily attract earlier due to

During 2015 the composition of the portfolio of the 20 largest
clients was altered by over 25% and the new names were mostly
classified in the better rated 'A' and 'B' categories.  The
exposure to these top-20 clients represents slightly over 31% of
the expanded credit portfolio; however, over 50% of the exposure
is in the form of guarantees.  In addition, at year-end 2015, the
percentage of bank guarantees within the expanded credit portfolio
rose to 34% from 30% a year earlier.  These guarantees generally
enhance asset quality given the quality of the companies that
request them and as they are infrequently realized due to their
nature.  Also, Pine currently shows low concentration in credits
that were named in the Lava Jato operation.  However, Fitch notes
that despite the improved quality resulting from tighter
underwriting, credit risk policies, and guarantee structuring,
Pine's credit portfolio will continue to be tested under the
current scenario of economic deceleration.

Prudent asset and liability management and the excess of liquidity
in Brazil and elsewhere in the last four years allowed Pine to
obtain alternative funding options, such as bilateral credit lines
from local and foreign banks, multilateral funding, and the
transfer of development funds from BNDES.  Though in a downward
trend, Pine's funding base continues have some concentration as
time deposits from high net worth individuals account for 23% of
the total funding as of December 2015 (13% as of December 2014).
However, this is not unexpected, as the bank with its excess
liquidity has been repaying a relevant portion of its more
expensive funding.  As a result, the average cost of Pine's
liabilities has been diminishing.  Some examples of the bank's
movements for this purpose are the early payment of around 50% of
the debts issued in the Chilean market (Huaso Bonds), the bank's
repayment of some of its more expensive funding issuances
(including its subordinated debt), and the cost reduction
associated with its DPGE portfolio (by attaching guarantees to
it), resulting in lower insurance costs with the FGC (the local
depositor guarantee fund).  Despite such concentrations, the
bank's current funding base looks good compared to the tenor of
its portfolio and good liquidity levels, a situation that should
prevail with Pine's strategy of zero or even negative loan growth.

Despite the trend of lower results seen in the last couple of
years, the bank's capitalization levels remain satisfactory, as
they were strengthened in 2015 and during 1Q16.  FCC/Risk-Weighted
Assets ratio was 14.3% as of March 31, 2016.  This comfortable
level of capitalization together with prudent underwriting and
loan loss provisioning will make it easier for the bank to
confront the current challenging operating environment.

The Negative Outlook was maintained as it reflects Fitch's view
that key credit metrics of this mid-sized wholesale bank are
highly influenced by the operating environment and could see
further pressure considering our expectations for continued
deterioration in domestic operating conditions, as evidenced by
the Negative Outlook assigned to the Brazilian banking sector.

                     RATING SENSITIVITIES

Positive: Limited Upgrade Potential: Pine's ratings could be
upgraded in a scenario of increasing revenues and adequate cost
controls which resulted in constant improvement to its operating
profitability.  Also a clear trend of improvement in its asset
quality and coverage ratios would support an upgrade.

Negative: Pine's ratings could be downgraded in case of further
sustained deterioration in its performance, asset quality and/or
capitalization (i.e. ROAA below 0.5%, impaired loans (D-H)
remaining above 8.0% and/or FCC lower than 12%).

Fitch has affirmed these ratings:

Banco Pine S.A.

   -- Long-Term Foreign and Local Currency IDRs at 'BB-'; Outlook
   -- Short-Term Foreign and Local Currency IDRs at 'B';
   -- Viability Rating at 'bb-';
   -- Support Rating at '5';
   -- Support Rating Floor at 'NF';
   -- Long-Term National rating at 'A+(bra)'; Outlook Negative;
   -- Short-Term National rating at 'F1+(bra)' ;
   -- Senior unsecured BRL Letras financeiras due July 31, 2016 at
   -- Subordinated Debt USD Notes due Jan. 6, 2017 at 'B';
   -- Huaso Bonds Program expiring in 2022 at 'BBB+(cl)';
   -- Huaso Bonds due Dec. 10, 2017 at 'BBB+(cl)'.

BANCO SAFRA: Fitch Affirms 'BB' IDR; Outlook Negative
Fitch Ratings has affirmed Banco Safra S.A.'s ratings, including
its Long-Term Foreign- and Local-Currency Issuer Default Ratings
at 'BB'.  The Rating Outlook is Negative.  Fitch has also affirmed
Safra Leasing S.A.'s - Arrendamento Mercantil (Safra Leasing)
National Ratings at 'AA+(bra)'/Stable Outlook.

                         KEY RATING DRIVERS

Safra's Long-Term Foreign- and Local-Currency IDR are driven by
the bank's 'bb' Viability Rating (VR) and reflects the bank's
solid franchise and consistent performance through challenging
economic cycles.  The bank's conservative risk policies illustrate
Safra's ability to manage risks and preserve strong asset quality
ratios while improving its liquidity and asset liability
management.  The ratings also reflect the preservation of strong
efficiency ratios and controlled margins resulting in a
profitability level that adequately generates internal capital.

Safra's VR is constrained by the operating environment and has
recently moved in tandem with the sovereign rating of Brazil.  As
a result Safra's VR was downgraded to 'bb' from 'bb+' in May 2016.
The Negative Rating Outlook on Safra's IDRs reflects the Negative
Outlook of the sovereign rating.  Per Fitch's methodology, in
light of the bank's wholesale funding structure, Safra's rating
cannot exceed that of the sovereign at the current scenario,
despite the bank's resilient performance along economic cycles.
Thus, if the sovereign rating is downgraded, Safra's rating would
likely follow.

Safra's Fitch Sovereign-based Support Rating of '4' and Support
Rating Floor of 'B+' factor the bank's size and importance within
the Brazilian banking universe, which is relatively concentrated
in nature.  Safra is currently the fifth largest private sector
bank in the system.  This support rating remains unchanged despite
the Negative Rating Outlook on the sovereign rating.  The
affirmation of Safra's long-term senior unsecured debt ratings is
driven by Safra's IDR, given its unsecured nature and ranks
equally to all other senior unsecured debt.  Because the majority
of the notes are issued in Brazilian Real (BRL) and since the
settlement will be in U.S. Dollars (USD), a subscript 'emr' was
added to the ratings of these issuances to reflect the embedded
market risk of the exchange rate fluctuation between the BRL and
the USD.

Safra's strong efficiency and relatively low cost funding have
helped the bank to consistently post satisfactory profitability
ratios.  Over the past four fiscal year-ends the average return on
average equity (ROAE) and return on average assets (ROAA) was
18.8% and 1.2% respectively.  At the end of March 31, 2016 the
ROAE and ROAA ratios were 20.4% and 1.25% respectively.  Despite
the weak economic environment, Fitch expects that, in the medium
term, Safra's ROAA will remain above 1%.  Given Safra's low risk
and growth appetite during 2016, this ratio is likely to be below
the average of the larger private sector Brazilian banks and other
Latin American bank peers rated at the same rating level.

A focus on a market that Safra knows well, along with a
conservative risk appetite, allows Safra to continue to post above
average asset quality ratios.  Safra's good credit quality is
evidenced by its Dec. 31, 2015, over 90 day past due loans to
total loans ratio (Over 90) of 1.5%, one of the lowest in the
banking system whose average was 3.4%.  Safra's impaired loans
(classified under Bacen 'D' to 'H') to total loans ratio was 4.0%
(vs. banking system's 6.8%).  Safra's Loan Loss Reserve coverage
of loans past due over 90 days was a very comfortable 369%.  In
addition, the levels of charge-offs continue being low at slightly
below 1%, partly due to the strength of its collections unit and
its enhanced underwriting policies.  At the end of the first
quarter 2016, the impaired loan ratio rose to nearly 4.7% and the
Over 90 reached 2.0% while the coverage ratio declined to 321%.
Given the continued difficult operating environment and negative
outlook for the rest of the year, Fitch expects that Safra's asset
quality ratios will continue to be pressured, but will still be
manageable given the comfortable coverage level and the bank's
conservative underwritting.

The bank continues to focus on ensuring a stable liquidity
position through conservative asset liability management policies
to mitigate gaps through hedging and funding diversification.  The
restricted growth strategy should also allow for continued
selectivity and the repayment of higher cost funding.  Fitch
expects that Safra will be able to maintain the improvements
achieved in asset and liability maturity management in the medium
term; helping to mitigate the challenges of its mostly wholesale
funding business model.

Safra's Fitch Core Capital ratio (FCC) has been on a strengthening
trend for the past three fiscal year ends and has reached a
comfortable 11.0% at March 31, 2016, up from 10.3% at Dec. 31,
2015.  The recent increase was aided by retained income and lower
risk assets as the loan portfolio was allowed to shrink by 8.8%
during the quarter.  Fitch expects that Safra's FCC will remain
close to the current level in the medium term.  The bank already
meets the Central Bank regulatory minimum total capital
requirement solely by means of its Tier I regulatory capital ratio
of 12.9%.  Fitch does not expect Safra to have any difficulty
adjusting the upcoming implementation of Basel III according to
the Brazilian Central Bank's timetable.  Safra's had a Total
Regulatory ratio of 15.4% at March 31, 2016.

Safra Leasing's National Ratings are equalized to those of its
parent bank.  According to Fitch criteria, this subsidiary is
'Core' to Safra by means of its significant participation as a
funding source of the consolidated activities.  The leasing
subsidiary is operationally aligned with the bank and shares in
the reputational risk.  Also, the ratings of its subordinated debt
incorporate the support from Safra and are notched down once in
view of the lower expected recovery of the securities due to its
contractual subordination in the event of liquidation.

                        RATING SENSITIVITIES

Positive Rating Action: Further upgrades to Safra's ratings are
limited considering the bank's current business model, which
despite increased diversification and satisfactory asset quality,
still weighs mostly on a wholesale funding structure.  If those
structural characteristics are significantly altered, a rating
review may occur.

Negative Rating Action: Safra's ratings, including its IDRs, are
sensitive to any change in the sovereign rating as described
above.  The Rating Outlook for the sovereign rating is negative.
An unlikely deterioration of Safra's profitability that would
weaken its FCC capital ratio to below 9% or an operating return on
average assets below 1% for a sustained period of time could also
trigger a rating review.

Fitch affirms these:

Banco Safra
   -- Long-Term Foreign- and Local-Currency IDRs at 'BB'; Outlook
   -- Short-Term Foreign- and Local-Currency IDRs at 'B';
   -- Viability Rating at 'bb';
   -- Support Rating at '4'
   -- Support Rating Floor at 'B+';
   -- National Long-Term Rating at 'AA+(bra)'; Outlook Stable;
   -- National Short-Term Rating at 'F1+(bra)'.

Market Linked BRL Securities due 2016 and 2017:
   -- Long-Term Foreign-Currency at 'BBemr'.

Senior CHF notes due 2017 and 2019:
   -- Long-Term Foreign-Currency Rating at 'BB'.

Safra Leasing S.A. Arrendamento Mercantil:
   -- National Long-Term Rating at 'AA+(bra)'; Outlook Stable;
   -- National Short-Term Rating at 'F1+(bra)'.

12th, 13th, 14th and 15th Subordinated Debenture Issues:
   -- National Long-Term Rating at 'AA(bra)'.

BRAZIL: Stocks Climb as Commodities Gain Lifts Steelmakers
Ney Hayashi Cruz at Bloomberg News reports that the Ibovespa
gained for the sixth time in seven sessions as higher commodity
prices bolstered the outlook for Brazilian raw-material producers,
with steelmakers among the biggest gainers.

Cia. Siderurgica Nacional was the best performer, with competitors
Gerdau SA and Usinas Siderurgicas de Minas Gerais SA adding at
least 2 percent. State-run oil producer Petroleo Brasileiro SA
contributed the most to the Ibovespa's gain. Mining company Vale
SA jumped the most in a week, according to Bloomberg News.

Commodities gained and U.S. stocks advanced after the minutes from
the Federal Reserve's last meeting indicated that a weak jobs
report in May fueled uncertainty among policy makers about the
outlook for the economy, Bloomberg News notes.  The Ibovespa had
earlier declined as much as 2 percent.

"Brazilian stocks rebounded a little following increased optimism
abroad after the Fed minutes," Joao Pedro Brugger, an economist at
Leme Investimentos, said in a phone interview with Bloomberg News.

Investors are also waiting for the government to announce its
fiscal target for 2017, Mr. Brugger said, Bloomberg News notes.
Acting Planning Minister Dyogo Oliveira said that next year's goal
was to be announced June 7, adding that no decision has been made
yet about tax increases and other adjustment measures, Bloomberg
News relays.

The Ibovespa climbed 0.1 percent to 51,901.81 at the close of
trading in Sao Paulo on July 6. CSN jumped 5.2 percent. Petrobras,
as Petroleo Brasileiro is known, rose 2.3 percent, Bloomberg News
notes.  The Bloomberg Commodity Index advanced 0.1 percent.

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.

* Fitch Affirms Ratings on 7 Brazilian Midsized Banks
Fitch Ratings has reviewed all of the ratings of these Brazilian
midsized banks:

   -- Banco ABC Brasil S.A. (ABC Brasil)
   -- Banco Alfa de Investimento S.A. (Alfa)
   -- Banco Daycoval S.A. (Daycoval)
   -- Banco Industrial do Brasil S.A. (Industrial)
   -- Banco Pine S.A. (Pine)
   -- Banco Safra S.A. (Safra)
   -- Safra Leasing Arrendamento Mercantil S.A. (Safra Leasing)
   -- Parana Banco S.A. (Parana)

Fitch has affirmed these ratings:

ABC Brasil
   -- Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   -- Short-Term Foreign and Local Currency IDRs at 'B';
   -- Viability rating at 'bb';
   -- Long-term National rating at 'AA+(bra)', Outlook Stable;
   -- Short-term National rating at 'F1+(bra)';
   -- Support rating at '3'.

   -- Long-term National Rating at 'AA(bra)', Outlook Stable;
   -- Short-term National Rating at 'F1+(bra)'.

   -- Long-term Foreign and Local Currency IDRs at 'BB', Outlook
   -- Short-Term Foreign and Local Currency IDRs at 'B';
   -- Viability rating at 'bb';
   -- Long-term National rating at 'AA(bra)', Outlook Stable;
   -- Short-term National rating at 'F1+(bra)';
   -- Support rating at '5';
   -- Support rating floor at 'NF';
   -- Senior unsecured USD notes due 2019, foreign currency rating
      at 'BB'.
   -- Senior unsecured BRL letras financeiras due 2016 and 2017 at

   -- Long-Term Foreign and Local Currency IDRs at 'BB'; Outlook
   -- Short-Term Foreign and Local Currency IDRs at 'B';
   -- Viability Rating at 'bb' ;
   -- Support Rating at '5';
   -- Support Rating Floor at 'NF'.
   -- Long-Term National Rating at 'AA- (bra)'; Outlook Stable;
   -- Short-Term National Rating to 'F1+ (bra)'.

   -- Long-Term Foreign and Local Currency IDRs at 'BB-', Outlook
   -- Short-Term Foreign and Local Currency IDRs at 'B';
   -- Viability Rating at 'bb-';
   -- Support Rating at '5';
   -- Support Rating Floor at 'NF';
   -- Long-Term National Rating at 'A+(bra)', Outlook Negative;
   -- Short-Term National Rating affirmed at 'F1+(bra)'.
   -- Senior unsecured BRL letras financeiras due 2016 at
   -- Subordinated Debt USD Notes due 2017 at 'B'.
   -- Huaso Bonds Program Expiring in 2022 at 'BBB+'.

   -- Long-Term Foreign and Local Currency IDRs at 'BB'; Outlook
   -- Short-Term Foreign And Local Currency IDRs at 'B';
   -- Viability rating at 'bb';
   -- Support Rating at '4'
   -- Support rating floor at 'B+';
   -- National Long-Term rating at 'AA(bra)'; Outlook Stable;
   -- National Short-Term rating at 'F1+(bra)';
   -- Market-linked BRL Securities due 2016 and 2017 at 'BBemr';
   -- Senior unsecured CHF notes due 2017 and 2019 at 'BB'.

Safra Leasing:
   -- National Long-Term rating at 'AA+(bra)'; Outlook Stable;
   -- National Short-Term rating at 'F1+(bra)'.
   -- Subordinated Debenture Issues due 2017, 2035, 2036 and 2037
      at 'AA(bra)'.

   -- Long-Term National Rating at 'AA-(bra)', Outlook Stable;
   -- Short-term National Rating at 'F1+(bra)'.

C A Y M A N  I S L A N D S

ARABELLA EXPLORATION: Placed Under Provisional Liquidation
The Grand Court of Cayman Islands, on June 16, 2016, entered an
order to place Arabella Exploration, Inc. under provisional

A petition to liquidate the company's business was heard before
the Law Courts Grand Cayman on July 7, 2016.

The company's provisional liquidator is:

          Christopher Kennedy
          c/o Catherine Anderson-Bond
          RHSW (Cayman) Limited
          P.O. Box 897, Windward I
          Regatta Office Park
          Grand Cayman KYI-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: First Electric Pact Then Fiscal Agreement
Dominican Today reports that Dominican Republic Association
Industries (AIRD) president Campo de Moya said prior to starting
any debate on the Fiscal Pact and other initiatives, to conclude
the talks for an agreement on electricity is necessary and

Mr. De Moya also said society's different sectors should focus the
discussion to reach the Electrical Pact and subsequently address
other priority issues such as the Fiscal Pact, according to
Dominican Today.

"The business sector has stated and we agree with the authorities
before starting any discussion on the Fiscal Pact the Electrical
Covenant should be completed, leading us to reform the electricity
sector by consensus to eliminate or substantial reduce the
electricity sector and, therefore, significantly reduce the fiscal
deficit," Mr. de Moya said, speaking at the Corripio media group's
weekly luncheon, the report relays.

Mr. de Moya said the lack of institutions is what has allowed
corruption in the country and the constant violation of rules and
laws, the report notes.

The industrial leader was accompanied by AIRD Vice President Circe
Almanzar, Hotels and Tourism Association (ASONAHORES) president
Simon Suarez, ASONAHORES Executive Director Andres Marranzini,
Electricity Industry Association president (ADIE) Roberto Herrera,
ADIE vice president Milton Morrison, Dominican Free Zones
Association (ADOZONA) president Jose Tomas Contreras and ADOZONA
vice president Jose Manuel Torres, the report relays.

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: Strip Subsidy and We Walk, Bus Owners Warn
Dominican Today reports that the country's bus owners association
grouped in CONATRA threatened to raise fares or park their
vehicles if the government strips them of the fuel subsidy through
a new fiscal pact.

CONATRA President Antonio Marte urged the government to designate
a technical group to analyze the operating costs of passenger
transport nationwide, according to Dominican Today.

"The fuel subsidy has been a gift to those who manipulate it but
not for those who use it for the benefit of passengers," the
business leader said in a press conference at CONATRA offices, the
report relays.

Mr. Marte said the real value of a bus fare within the city is
RD$48.17 per passenger, according to a study presented to the
government in 2014, when the price of diesel was RD$102 pesos per
gallon, the report notes.  "At current prices it would be around
60 pesos," he added.

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: Trade Pact Hurts Garment Exports the Most
Dominican Today reports that garments top the list of 13 Dominican
export products that would be most affected in the US market by
competition from the Trans-Pacific Partnership (TTP) countries,
according to an analysis by the Dominican trade think tank, IADG.

The list also includes products and plastic packaging, jewelry,
footwear and parts and fresh and processed foods, said researcher
Pavel Isa, who headed the study, according to Dominican Today.

During the presentation at the Santo Domingo Technological
Institute (Intec), Isa said the export products' annual average
value tops US$1.5 billion, or 34% of total exports of goods to the
US market from 2012 to 2014, and 17% of all Dominican exports.

"Garments will account for 88% of the expected increase in exports
from TTP countries. Dominican Republic's main competitors in
textiles would be Vietnam and Malaysia," the economist said, the
report notes.

The analysis predicts that just as a result of tariff rollback,
exports from TTP countries of those products to the US market
would jump by US$432 million (31%), from US$1.38 billion to US$1.8
billion, the report relays.

The economist added that the research found evidence that the
TPP's impact will not jeopardize the Dominican Republic severely,
but "there's always will be minor but negative effects," 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.


1834 INVESTMENTS: Fiscal Results Delayed
RJR News reports that 1834 Investments has advised that its
financials for the year which ended March 31 will be delayed

The entity which was formerly known as the Gleaner Company, says
the financial statements will now be made available on July 31,
according to RJR News.

It reminded The Exchange that it had previously indicated that
during its restructuring last year, coupled with the change in its
financial year end, and the close of the merger transaction with
Radio Jamaica in March, it conducted an extensive review of how
its accounts are compiled, the report notes.

The report relays that review was done to distinguish it from the
continuing operations of 1834 Investments and that of the media
company which was spun off and merged with Radio Jamaica.

1834 Investments said its board is aware that shareholders are
anxious to see its results but it is taking its time to ensure its
accuracy, the report adds.


CREDITO REAL: S&P Assigns 'BB+' Rating to Proposed $650MM Notes
S&P Global Ratings assigned its 'BB+' issue-level rating to
Credito Real S.A.B. de C.V. SOFOM, E.R.'s (Credito Real; global
scale: BB+/Negative/--; national scale: mxA+/Negative/mxA-1)
proposed seven-year senior unsecured notes for up to $650 million.

S&P's ratings on Credito Real reflect S&P's view of its adequate
funding given that its debt maturity profile will improve after
the refinancing of its dollar-denominated debt through the
proceeds of the proposed notes.  Ratings also reflect Credito
Real's more conservative hedging approach that will diminish its
foreign-currency risk and temper its aggressive growth.
Nevertheless, the lender has maintained solid asset quality
indicators compared with those of its peers.  The ratings also
incorporate S&P's assessment of its liquidity and business
position as adequate, reflecting Credito Real's rising operating
revenue and the falling share of payroll loans as percentage of
total revenue.  Still underpinning the ratings is S&P's view of
the lender's capital and earnings as strong, based on S&P's
expected risk-adjusted capital (RAC) ratio of 10.1% on average for
2016 and 2017.

The 'BB+' rating on the new notes is at the same level as the
long-term global scale issuer credit rating because the firm's
secured debt represented less than 15% of adjusted assets as of
March 31, 2016, and its unencumbered assets completely cover
unsecured debt.  The notes will rank equally in right of payment
with all of the company's existing and future senior unsecured
debt.  S&P expects the company to use the proceeds to refinance
$610 million in debt, consisting of the 2019 notes' outstanding
$425 million and other unsecured credit lines of $185 million,
through a tender offer to take advantage of relatively more benign
market conditions.  S&P don't view the tender offer as any kind of
distress for the issuer.  The lender will use the remaining
$40 million for corporate purposes.  The rating on the notes
considers a full cross-currency swap (CCS) on $575 million of the
principal and interest during the issuance' term.  S&P expects
Credito Real to complete CCS within the next 60 days.

If the new issuance placement occurs as proposed, S&P will
maintain its view of Credito Real's funding as adequate.  In S&P's
opinion, the proposed notes issuance will improve the lender's
debt maturity profile and decrease its refinancing risk amid
currently volatile market conditions.  Credito Real's market debt
amortization in 2019 and the dollar-denominated banking debt
amortizations in 2016, 2017, and 2018 will be extended to 2023.

S&P continues assessing Credito Real's risk position as moderate,
although S&P now views its hedging strategy as less aggressive.
Credito Real will hedge this new issuance with full plain vanilla
cross currency swaps up to $575 million in fixed and variable
rates in pesos without foreign-exchange options that would
increase market risk.

The outlook on Credito Real is negative for the next 12-24 months,
reflecting a possible downgrade if the RAC ratio consistently
falls below 10% or if the lender takes on more risk.  The latter
can happen if, contrary to S&P's baseline expectations, the
lender's loan growth remains aggressive, increasing goodwill and
intangibles without sound internal capital generation.  Also if
the financial cost increases significantly or the negative carry
from this issuance weakens profitability, leading to a lower RAC
ratio.  Moreover, S&P could lower the ratings if aggressive growth
weakens the asset quality indicators.  In addition, if market risk
increases as a result of any change in the hedging strategy
related to Credito Real's current dollar-denominated funding
sources, S&P could take a negative rating action.


Credito Real S.A.B. de C.V. SOFOM, E.R.
  Issuer credit rating
  Global Scale                 BB+/Negative/--
  National scale               mxA+/Negative/mxA-1

Rating Assigned

Credito Real S.A.B. de C.V. SOFOM, E.R
  Sr. Unsec. Notes due 2023    BB+

METROFINANCIERA: S&P Cuts Rating on Sr. Cl. MTROCB 07U Notes to D
S&P Global Ratings lowered to 'D (sf)' from 'CCC (sf)' its long-
term global scale rating on Metrofinanciera - Bursatilizaciones de
Hipotecas Residenciales II's senior class MTROCB 07U notes.  At
the same time, S&P lowered to 'D (sf)' from 'mxB- (sf)' its long-
term national scale rating on the notes.

The MTROCB 07U notes are backed by a pool of residential mortgage
loans originated and serviced by Metrofinanciera S.A.P.I. de C.V.
SOFOM E.R. (Metrofinanciera; not rated).

The downgrades reflect the class MTROCB 07U's missed full interest
payment due July 1, 2016.  According to the notice published by
Banco Nacional de Mexico S.A. (Banamex), the transaction trustee,
on Emisnet, on June 29, 2016, from the 377,720.77 Unidades de
inversion (UDIs-Mexican inflation-linked units) due for that
payment date, the trust collections were sufficient to pay only
188,749.62 UDIs.

Although the underlying portfolio has maintained a fairly stable
performance since S&P's previous review, with defaults decreasing
to 19.32% as of May 2016-from 21.45% observed in February 2015-the
transaction's overcollateralization ratio has continued to
decrease to negative 105.5% as of June 2016, from negative 90.67%
observed in S&P's previous review.

Since S&P's previous review, Metrofinanciera as the servicer for
the transaction, managed to monetize a significant portion of
recovered properties, which maintained the transaction's debt
service coverage ratios (DSCRs) at about 3.3 times (x). However,
during May 2016, the total trust's collections decreased because
of a decline registered in the sales of foreclosed assets.  This,
combined with an increased level of expenses related to the sales
of foreclosed properties payable for this period, resulted in
insufficient funds for the servicer to fully meet its interest
payments due on the July payment date.

The MTROCB 07U notes were issued on June 4, 2007 by trust no
F/297, constituted in Banamex (as successor of ABN AMRO Bank
(Mexico), S.A., Institucion de Banca Multiple, Division
Fiduciaria) for 278.30 million UDIs.  The notes pay interest
monthly at a fixed rate of 4.31% and have a final legal maturity
date of Dec. 1, 2033.


Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales II

              Class         Rating                  amount
Class         type      To           From       (mil. UDI)

MTROCB 07U    Senior    D (sf)       CCC (sf)       105.16
MTROCB 07U    Senior    D (sf)       mxB- (sf)      105.16

UDI-Mexican inflation-linked unit.


VISION BANCO: S&P Lowers ICR to 'B' & Revises Outlook to Stable
S&P Global Ratings lowered its long-term issuer credit rating on
Vision Banco S.A.E.C.A. (Vision) to 'B' from 'B+'.  S&P revised
the outlook to stable from negative.

The rating actions follow the revision of S&P's assessment of the
bank's risk position to moderate from adequate, which led S&P to
revise the SACP to 'b' from 'b+'.  Accordingly, S&P lowered the
issuer credit ratings to 'B' from 'B+' because the ratings on the
entity do not incorporate notching for extraordinary support from
either the group or the government.

The ratings on Vision reflects S&P's view of the bank's adequate
business position among banks in Paraguay, its weak capital and
earnings (based on S&P's forecasted RAC ratio between 4%-4.5%),
and its moderate risk position given the bank's current and
expected levels of asset quality.  S&P also incorporates its
assessment of its above average funding due to its well-
diversified and stable deposit base, and its adequate liquidity,
with liquidity metrics in line with other rated banks in the
country.  The rating on the bank is the same as the SACP, 'b',
because S&P incorporates no notches from external support--neither
from the government nor from the group.

The stable outlook reflects S&P's view that the bank's asset
quality metrics will stabilize and return to manageable levels in
the next 6-12 months, but it will still be higher than the system
average.  In addition, S&P expects Vision to gradually recover its
profitability in the next 18-24 months, although S&P expects its
RAC ratio to remain below 5%, according to our base-case scenario.

In the next few quarters, S&P expects the bank's asset quality
metrics will stabilize and become more manageable, with NPLs below
5%, net charge-offs over average customer loans below 3%, and loan
loss reserves over NPLs of at least 100%.  If S&P don't see
further improvements and the bank's asset quality continues to
deteriorate at a higher pace than the system, or if the bank does
not perform the necessary provisions to maintain 100% coverage of
NPLs, S&P could take a negative rating action on Vision.

S&P could revise the ratings upward if assets quality metrics
improve more than S&P expects, and if the bank maintains
indicators consistently around 5% (NPLs plus charge-offs), while
all other credit factors remain stable.  S&P could also upgrade
the ratings if the bank consistently registers RAC ratios above 5%
for the next 18-24 months, although S&P expects this unlikely at
the moment.


COMPANIA DE MINAS: Moody's Confirms Ba2 Issuer Rating
Moody's Investors Service confirmed Compania de Minas Buenaventura
S.A.A.'s issuer rating at Ba2. At the same time, Moody's has
assigned a Ba2 corporate family ratings (CFR) to Buenaventura on
the global scale, and will subsequently withdraw Buenaventura's
issuer rating. The rating outlook is stable. These rating actions
conclude the review for downgrade initiated on March 22, 2016.

Rating Actions:

  -- Issuer: Compania de Minas Buenaventura S.A.A.

  -- Issuer rating: confirmed at Ba2

Rating assigned:

  -- Corporate Family Rating: Ba2

Rating that will be withdrawn:

  -- Issuer Rating: Ba2

Outlook Actions:

-- Outlook, Changed To Stable From Rating Under Review


This confirmation of the Ba2 rating reflects the improvement in
Buenaventura's debt structure after the company raised USD 275
million in a syndicated loan, and used the proceeds to reduce the
level of outstanding short-term debt, reducing Buenaventura's
liquidity risk. The Ba2 rating also incorporates the recovery in
credit metrics already observed in 1Q16, and the improvement in
the company's liquidity position after receiving USD 131 million
in dividends from Yanacocha in early 2016.

Moody's said, "Despite the improvement in operating performance in
2016, supported by increase in production volumes, costs reduction
efforts and recovery in gold and silver prices during the year, we
expect a more sustainable recovery in credit metrics only from
2017 onwards, provided precious metals and copper prices do not
fall further. On the other hand, gold, the main cash flow
contributor to Buenaventura, has shown a positive performance in
2016, reflecting its characteristics of reserve currency and safe-

Buenaventura's Ba2 rating is supported by its diversified product
base, its diversity in terms of mines (direct and indirect
operations and affiliates), the good quality of its asset base
(including affiliates), and adequate corporate governance
practices. Constraining the rating are its geographic
concentration in Peru, its relatively modest revenue size and
challenges faced to maintain profitability and adequate liquidity
in tough market conditions.

Moody's said, "The stable outlook is based on our view that
production levels will continue to increase and that the company's
credit metrics will evidence gradual improvement over the next 12-
18 months, at the same time that the company maintains adequate
liquidity position during the completion of expansion projects

An upward rating or outlook movement would require an improvement
in size such as that revenues return to levels observed in 2012-
2013 and the company is able to maintain its competitive cost
position and complete planned expansions, further diversifying its
metal revenue base and enhancing its reserves. Besides, to the
extent that Buenaventura is able to achieve and maintain a sound
liquidity profile, interest coverage (measured by EBIT to interest
expense) above 3.5x and a (CFO-dividends)/debt ratio higher than
20%, the outlook or ratings could be positively impacted.

Ratings could be negatively impacted if Buenaventura' liquidity
position deteriorates, as a result of a material decline in
profitability and cash generation capacity, with adjusted EBIT
margin falling below 7% and negative free cash flow on a sustained
basis. Besides, an increase in debt levels leading to adjusted
Total Debt to EBITDA above 3.5x, without prospects to return to
lower levels in the medium term, and interest coverage (measured
by EBIT to interest expense) below 3.0x on a consistent basis
could lead to negative rating actions.

Headquartered in Lima Peru, Buenaventura is a mining company
engaged in the exploration, mining and processing of gold, silver
and copper in Peru. The company has a stake of around 19.58% in
Cerro Verde, one of the world's largest copper mines, and a 43.65%
stake in Yanacocha, the largest gold mine in Latin America.
Buenaventura is controlled by the Benavides family (27% owned) and
is listed in the New York Stock Exchange (NYSE) and in the Lima
Stock Exchange. In the LTM ended March 2016, the company had USD
940 million in revenues.

P U E R T O    R I C O

ACADEMIA SAGRADO: Plan Offers Full-Payment to Creditors
Academia Sagrado Corazon, Inc., filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a Small Business Amended
Plan of Reorganization and accompanying disclosure statement,
which propose full payment to holders of general unsecured non-
priority creditors.

General unsecured creditors have filed these claims:

   AAA                                  $45,161
   AEE                                 $118,772
   STD For Kids, Corp.                  $23,200
   Banco Popular de Puerto Rico         $64,161
   State Insurance Fund                 $13,454
   Puerto Rico Treasury Department      $25,507

Payments and distributions under the Plan to allowed claims will
be funded by the sale of the Debtor's assets to the Universidad
Interamericana de Puerto Rico.  The Universidad Interamericana
offered to purchase the assets of the Debtor for $550,720.

A full-text copy of the Disclosure Statement dated June 14, 2016,
is available at

Academia Sagrado Corazon, Inc., filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 15-06955) on September 9, 2015, and is
represented by Wigberto Mercado Barbosa, Esq., in San Juan, Puerto
Rico.  At the time of its filing, the Debtor had $1.2 million in
total assets and $220,979 in total debts.  The Debtor, in
existence since 1928, operates a school in Santurce, Puerto Rico.
The petition was signed by Dr. Julia Malave, president.  A list of
the Debtor's 11 largest unsecured creditors is available for free

SPORTS AUTHORITY: Broncos Stadium Naming Rights Fail to Lure Bids
Tom Hals and Jessica Dinapoli, writing for Reuters, reported that
tickets to watch U.S. professional football team the Denver
Broncos, the winners of the 2016 Super Bowl, may be a hot
commodity, but an auction for their stadium's naming rights ended
last week without any bids being received.

According to the report, the stadium in Denver is called Sports
Authority Field at Mile High Stadium, named after the eponymous
sporting goods retailer in 2011.  However, Sports Authority filed
for bankruptcy in March and put the naming rights up for sale as
part of a court-supervised auction, the report related.

No bidders for the rights came forward at an auction of the
retailer's assets, Matt Sugar, the director of stadium affairs at
the Metropolitan Football Stadium District, which is the owner of
the stadium, told Reuters.  Discussions are underway about
launching a new auction for the naming rights, the report said.

The contract for the naming rights up for grabs extends until
2021, and comes with a $3.6 million payment obligation due Aug. 1,
the report added.  Sports Authority is current on payments under
the naming rights contract, Sugar said, the report further

                  About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.  Lawyers at Pachulski
Stang Ziehl & Jones LLP represent the Official Committee of
Unsecured Creditors.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Inflows Into Country Have Fallen
Aleem Khan at Trinidad Express reports that predictions that
foreign investment will decline and capital will fly out of
Trinidad and Tobago have come to pass, a new United Nations (UN)
report released last month showed.

The UN Conference on Trade and Development (UNCTAD) World
Investment Report 2016 said: "Foreign direct investment (FDI)
flows to Caribbean economies retreated 12 per cent, led by a sharp
decline in Trinidad and Tobago, according to Trinidad Express.


* Brexit could hurt Caribbean, Economist Says
Leah Sorias at Trinidad Express reports that Trinidad and Tobago
and the Caribbean need to keep a close eye on tourism and energy
prices given Britain's exit from the European Union.

"It would take some time for the real economic effect to be felt
in the Caribbean but certainly some of the things we need to be
looking at is the effect of uncertainty in the UK and in the EU on
commodity prices because it is via commodity prices that many of
the impulses of these foreign shocks feed into Trinidad and Tobago
and the wider Caribbean," University of the West Indies economist
Dr. Roger Hosein said, 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.
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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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

                   * * * End of Transmission * * *