TCRLA_Public/160711.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

            Monday, July 11, 2016, Vol. 17, No. 135


                            Headlines



A R G E N T I N A

BANCO PATAGONIA: S&P Affirms 'B-' Local & Foreign Currency Ratings
CHUBUT PROVINCE: Fitch Assigns 'B(exp)' Rating to USD650MM Bonds
MENDOZA PROVINCE: S&P Affirms 'B-' Foreign, Local Currency Ratings


B R A Z I L

BAHIA SUL: S&P Assigns 'BB+' Rating to Proposed $700MM Sr. Notes
BAHIA SUL: Fitch Assigns 'BB+(EXP)' Rating on Proposed Sr. Notes
GOL LINHAS: S&P Raises GS Ratings to 'CCC'; Outlook Negative
GOL LINHAS: Discloses Expiration & Closing Date of Exchange Offers
GOL LINHAS: Fitch Lowers Issuer Default Rating to 'RD'

PETROLEO BRASILEIRO: Fitch Rates Prop. USD Notes Opening 'BB(EXP)'
PETROBRAS GLOBAL: Moody's Assigns B3 Rating to Prop. Global Notes


C A Y M A N  I S L A N D S

A.P OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 4
ALPHAGEN NORTHERN: Creditors' Proofs of Debt Due Aug. 4
BAYVIEW VENTURE: Creditors' Proofs of Debt Due Aug. 6
CONCORDIA API: Commences Liquidation Proceedings
FIRST PRINCIPLES: Commences Liquidation Proceedings

GATEWAY CO-INVESTMENT: Creditors' Proofs of Debt Due July 26
GOLDENTREE MULTISTRATEGY: Creditors' Proofs of Debt Due Aug. 4
HARRISON CORPORATION: Commences Liquidation Proceedings
LIBERTYVIEW CREDIT: Creditors' Proofs of Debt Due Aug. 4
OHSF FINANCING: Commences Liquidation Proceedings

SANGAMON TRANSPORTATION: Creditors' Proofs of Debt Due July 27
SOUTH FERRY: Commences Liquidation Proceedings
SOUTH FERRY MASTER: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Alleged Dollar Shortage Doesn't Worry Agro Sector
DOMINICAN REPUBLIC: Wants to Nix Fuel Subsidies that Cost RD$2.0BB


E L   S A L V A D O R

EL SALVADOR: Fitch Affirms 'B+' IDRs; Outlook Stable


J A M A I C A

JAMAICAN: Economy Grew by 0.8% During 1st Quarter of 2016

* JAMAICA: Business Owners Urged to Embrace Technology


M E X I C O

COATZACOALCOS: Moody's Downgrades Issuer Ratings to B1/Baa3.mx


P A N A M A

AES PANAMA: S&P Affirms 'BB-' CCR; Outlook Remains Stable


P U E R T O    R I C O

KOMODIDAD DISTRIBUTORS: Bank Alleges Debtors Not a "Single Entity"
PUERTO RICO: S&P Lowers Rating on GO Secured Debt to 'D'
SPORTS AUTHORITY: Hires BRG's Coulombe as CRO


X X X X X X X X X

* BOND PRICING: For the Week From July 4 to July 8, 2016


                            - - - - -


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A R G E N T I N A
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BANCO PATAGONIA: S&P Affirms 'B-' Local & Foreign Currency Ratings
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' local currency and 'B-'
foreign currency ratings on Banco Patagonia S.A.  The outlook
remains stable.

S&P's ratings on Banco Patagonia reflects its adequate business
position, moderate capital and earnings, adequate risk position,
average funding, and adequate liquidity. The bank's stand-alone
credit profile (SACP) is 'b+'.

The local currency and foreign currency ratings on Argentina
continue to limit the ratings on the bank.  S&P rarely rates
financial institutions higher than the sovereigns in which they
operate because S&P considers it unlikely that these institutions
would be unaffected by developments in domestic economies.

The stable outlook on Banco Patagonia for the next 12-18 months
mirrors the outlook on the sovereign local and foreign currency
rating, which in turn reflects the newly elected government's
improved economic policies.  S&P expects the government to
implement policies that gradually contain inflationary pressures
and reduce its fiscal deficit, slowly strengthening the
macroeconomic pillars of the economy.

S&P could lower the ratings on the bank in the next 12-18 months
if an unexpected deterioration in economic policy and political
stability reverses the recent increase in investor confidence in
Argentina, leading to a sovereign downgrade.

S&P could raise the ratings on Banco Patagonia in the next 12-18
months if S&P was to raise the sovereign local and foreign
currency ratings because the bank's stand-alone credit profile is
still above our credit ratings on it.


CHUBUT PROVINCE: Fitch Assigns 'B(exp)' Rating to USD650MM Bonds
----------------------------------------------------------------
Fitch Ratings has assigned an expected long-term rating of
'B(exp)' to the Province of Chubut, Argentina's forthcoming bond.
The bond will be issued for up to USD650 million and will be a
direct, general, unconditional and unsubordinated obligation of
Chubut.  The notes will be secured by a percentage of hydrocarbon
royalties to be paid by Pan American Energy LLC's Argentine branch
to the Province.  The rating is in line with the province's Long-
Term Foreign Currency Issuer Default Rating of 'B'/Outlook Stable.
Chubut's ratings are capped by the Country Ceiling.

The bond will denominated in U.S. dollars and will carry a fixed
interest rate according to market conditions and be payable on a
semi-annual basis.  The maturity is expected to be 10 years, with
a grace period of four years.  The province shall make a fiduciary
assignment to the Argentine Collateral Agent of a percentage of
the royalties payable to the province by the concessionaire. The
notes will be governed by the laws of the State of New York.

Law VII No.72 and Governor's Decrees No. 541 and 924 of 2016
authorized the issuance of this debt for up to USD650 million or
its equivalent in local or other currencies.  Of the proceeds, 50%
would be for debt repayment, and the other 50% to finance certain
infrastructure works in municipalities (1%), certain
infrastructure works in rural areas of the province (15%), and
other works to be agreed upon with municipalities of the province
(34%).

According to Fitch calculations, the expected gas and oil
royalties used for the bond's debt payment would provide debt
coverage of around 1.4x in a conservative scenario.

The events of default include: Failure to pay debt service for a
period of 20 days, debt service reserve account not fully funded
in accordance with the schedule, default of the provincial general
government debt, and royalties coverage below 1.35x, among others.
Fitch will monitor the bond's performance and compliance with
these pledges.

                       RATING SENSITIVITIES

The final rating of Chubut's new bond is contingent upon the
receipt of final documents conforming to information already
received.  If there is an increase in the Country Ceiling, Fitch
will evaluate Chubut's hydrocarbon market, the concessionaire
rating, and the the bond's performance to determine if there is
potential for a positive impact on the bond rating.


MENDOZA PROVINCE: S&P Affirms 'B-' Foreign, Local Currency Ratings
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' foreign and local currency
ratings on the province of Mendoza.  The outlook remains stable.

RATIONALE

The ratings on Mendoza reflect Argentina's very volatile and
underfunded institutional framework, the province's weak economy
with an estimated per capita GDP of $9,884 for 2015, and S&P's
view of its financial management as weak, whose debt and liquidity
management have deteriorated in 2015 amid the increasing suppliers
debt.  In addition, Mendoza's creditworthiness suffers from very
weak budgetary flexibility due to rigid operating costs and
limited leeway to increase revenue.  S&P also views the province's
budgetary performance as very weak, given its volatility stemming
from high inflation.  On the other hand, the province's moderate
debt burden and low contingent liabilities support its
creditworthiness.

Budgetary performance is likely to remain very weak during 2016,
given the subpar fiscal performance in the past year.  In 2015,
Mendoza's deficit after borrowings widened to 5% of total revenue
from 2% in 2014.  The province partly financed through
ARP5.1 billion in borrowings, most of which was approved in late
2015 to close the fiscal gap and repay debt.  In the next two to
three years, S&P expects Mendoza to continue posting high deficits
before borrowings, around 14% of total revenue, and to continue to
use borrowings to close its fiscal gap.  S&P's base-case scenario
for 2016 and 2017 assumes that Mendoza will post surpluses after
borrowings of around 3% of total revenue, assuming borrowings of
around ARP20 billion.  This is due to the recent curing of
Argentina's selective default, which improved Argentine local and
regional governments' (LRGs') access to international capital
markets, and Mendoza's ability to secure funds in the domestic
market, particularly from Banco de la Nacion Argentina.

Mendoza's economy is weak, according to S&P's assessment.  Double-
digit inflation, which is likely to persist for the next two to
three years, is taking a toll on the provincial economy.
Mendoza's GDP per capita for 2015 was about $9,884, according to
S&P's estimates.  S&P expects Mendoza's economy to slightly
contract in 2016, in line with the national economy's pace, amid
the Macri administration's key economic adjustments to revive the
economy and reduce government spending.

In S&P's view, the province's financial management remains weak
due to the significant fiscal and political barriers in achieving
financial sustainability.  Governor Alfredo Cornejo took office in
December 2015.  Mr. Cornejo is a member of the President Mauricio
Macri's Cambiemos political alliance.  S&P expects the province to
continue to enjoy a strong relationship with the federal
government.  Since taking office, governor Cornejo has taken
measures to control the provincial spending, in particular public-
sector wages by suspending the hiring, encouraging early
retirement, and salary negotiations with public-sector unions in
early 2016.

Although Mendoza has a moderate debt burden, the province's
previous administration had accumulated ARP1 billion in debt to
service suppliers.  The province issued a bond ("Bono para
Provedores") to repay such debt.  Banco de la Nacion Argentina is
the province's main creditor, with whom Mendoza recently
renegotiated a ARP2.2 billion debt, which is expected to be repaid
over the next five years.

Mendoza's has moderate debt levels.  At the end of fiscal 2015,
debt reached ARP14.5 billion.  The 57% nominal increase in debt
level over 2014 stemmed from the depreciation of the Argentine
peso and new borrowings at the end of the year, under the
framework of Law 8.816.  S&P's base-case scenario for 2016 assumes
that Mendoza's deficit before borrowings will widen, which would
require large external financing.  S&P's base-case scenario for
2016 already incorporates borrowings authorized by Law 8.816 and
8.838 amid the continued depreciation of the peso, which increases
Mendoza's debt, given that 40% of it is dollar denominated.
However, the province's rising revenue, due to double-digit
inflation, and debt repayment should partly compensate for higher
borrowing.  As a result, S&P expects Mendoza's debt to be 50%-55%
of operating revenues for the next two years, which S&P views as
moderate.

Mendoza has very weak budgetary flexibility, in S&P's view,
because the provincial payroll and interest payments account for
the majority of operating costs (63% in 2015), and due to limited
ability to increase revenue.  Similar to other LRGs in Argentina,
Mendoza is facing ongoing demands for public-sector wage
increases.  S&P don't foresee wage pressures abating in the next
two years, and they should continue squeezing Mendoza's finances
and limit its spending flexibility.  According to S&P's base-case
scenario for 2016 and 2017, the province will generate about 46%
of its total operating revenue, lower than those of the provinces
of Buenos Aires and Cordoba.  Coparticipation transfers accounted
for about 57% of Mendoza's total tax revenue transfers it received
from the federal government in 2015.  S&P expects the share of
coparticipation transfers to increase between 2016 and 2018,
reflecting the recent agreement between the federal government and
the provinces to refund the 15% of the coparticipation funds that
had been deducted for several years to fund the provincial pension
systems.

Mendoza's capex have increased to 8% of total expenditures at the
end of 2015 from 6% in 2014, although this increase was due to the
renegotiation of existing contracts with suppliers.  In S&P's
opinion, capex will stay at about 6% of total expenditures for the
next three years.

S&P believes that the province has very weak and volatile
budgetary performance due to high inflation, and S&P expects it to
remain so in 2016 and 2017.  Although Mendoza improved its
budgetary performance in 2014, the province posted an operating
deficit of 7% and a deficit after capex of 13% in 2015.  While the
province's revenue grew in line with nominal GDP growth,
expenditure accelerated well above inflation level last year.
S&P's base-case scenario assumes operating deficits of around 6%
and deficits after capex of around 11% for the next two years.

Mendoza has low contingent liabilities compared with those of its
Argentine peers.  This is largely because Mendoza has privatized
many of its utility companies, and the province is not financially
responsible for pension obligations because the central government
funds them.

Liquidity

Mendoza has weak liquidity with no cash reserves and an estimated
debt servicing cost of ARP3.7 billion in 2016.  Given that about
40% of the province's debt service is in foreign currency,
depreciation of the peso would weaken Mendoza's liquidity further.
However, the impact of a weaker peso is tempered by the province's
dollar-linked royalty income, which represented 7% of operating
revenue in 2015.  S&P expects Mendoza's debt service to reach
about 7% of operating revenue in 2016, lower than that in 2015,
and to decrease to 5% in 2017 and 2018.  S&P assess Mendoza's
access to external liquidity as uncertain largely due to S&P's
evaluation of the development of Argentina's domestic capital
markets as well as S&P's assessment of the domestic banking
system, although the province recently issued a $500 million
international bond.

OUTLOOK

The stable outlook on the province of Mendoza mirrors the one on
the sovereign.  The outlook reflects renewed dialogue between LRGs
and the federal government about tackling fiscal and economic
challenges in the short to medium term.  Given that S&P don't
believe that Mendoza could meet the conditions to have a higher
rating than the sovereign, S&P would only consider raising its
ratings on the province in the next 12 months if S&P was to raise
Argentina's foreign and local currency ratings and the transfer
and convertibility assessment (T&C).  In addition, S&P expects
Mendoza's financial management to improve in the form of committed
and disciplined fiscal policies, clear budgetary processes, and
prudent debt management policy.  An upgrade is possible if S&P
expects the province to post operating surpluses and to rein in
deficits after capital expenditures.  S&P could lower the ratings
on Mendoza during the next 12 to 18 months if Argentina's T&C
assessment weakens, if S&P was to lower the sovereign local or
foreign currency ratings, or if S&P perceives that the province's
financial commitments appear to be unsustainable or Mendoza faces
a payment crisis within 12 months, which at this point S&P
considers unlikely.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST
Ratings Affirmed

Mendoza (Province of)
Issuer Credit Rating                   B-/Stable/--
Senior Unsecured                       B-



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B R A Z I L
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BAHIA SUL: S&P Assigns 'BB+' Rating to Proposed $700MM Sr. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' debt rating to Bahia Sul
Holding GmbH's (Bahia Sul) proposed 10-year senior unsecured notes
for up to $700 million, with a recovery rating of '3', which
indicates S&P's expectation of a meaningful recovery (50%-70%, in
the higher range of the band) of the notes under a hypothetical
default scenario.

Bahia Sul is a wholly-owned subsidiary of Brazilian pulp producer
Suzano Papel e Celulose S.A. (Suzano; BB+/Stable/--).  The latter
will unconditionally and irrevocably guarantee the notes.  S&P
expects Suzano to use the proceeds from the notes mostly for
refinancing purposes or to finance investments.

S&P's 'BB+' rating on Suzano incorporates its advantageous cost
structure for pulp production thanks to its access to highly
productive forests and its solid position in the global and
Brazilian pulp markets for uncoated and coated printing and
writing paper and paperboard.  These factors offset pulp price
volatility, which S&P expects to remain significant in the next
few years.  In addition, the rating reflects Suzano's stronger
capital structure and lighter balance sheet following the ramp-up
of Suzano's 1.5 million ton pulp mill in Maranhao.  S&P's
expectation is that the favorable conditions for Brazilian
exporters, including Suzano, will persist in the short to medium
term.  The rating constraints are the lack of a robust, clear, and
sustainable financial policy that could support conservative
leverage levels in the long term.

RECOVERY ANALYSIS

   -- The issue-level rating on Suzano's senior unsecured notes is
      'BB+'.  The recovery rating of '3' indicates S&P's
      expectation of a recovery of 50%-70% (in the high band of
      the range) for unsecured lenders under a hypothetical
      default scenario.

   -- In S&P's default scenario, EBITDA would decline by about
      65%.  S&P has valued the company on a going-concern basis,
      using a 5.5x multiple applied to its projected emergence-
      level EBITDA, which results in an estimated gross emergence
      value (EV) of about R$11 billion.

   -- S&P's recovery analysis assumes that under a hypothetical
      default scenario, the senior unsecured notes would rank pari
      passu to the company's existing and future senior unsecured
      debt, which is also subjected to statutory priorities as tax
      and labor obligations.

Simulated default assumptions

   -- Simulated year of default: 2021
   -- EBITDA at emergence: R$2 billion
   -- Implied EV multiple: 5.5x
   -- Estimated gross EV at emergence: R$11 billion

Simplified waterfall

   -- Net EV after 5% administrative costs: R$10.5 billion
   -- Priority claims: R$28.7 million
   -- Senior secured debt: R$3.7 billion
   -- Unsecured debt: R$10.3 billion
   -- Recovery expectation: 50%-70%

RATINGS LIST

Suzano Papel e Celulose S.A.
  Corporate credit rating
   Global Scale                              BB+/Stable/--
   National Scale                            brAA/Stable/--
Rating Assigned

Bahia Sul Holding GmbH
Sr. Unsec. Notes                            BB+
  Recovery rating                            3H


BAHIA SUL: Fitch Assigns 'BB+(EXP)' Rating on Proposed Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+(EXP)' rating to the proposed
senior unsecured notes to be issued by Bahia Sul Holdings GmbH,
and guaranteed by Suzano Papel e Celulose S.A.'s.  Proceeds from
these unsecured notes, which are expected to total up to
USD700 million, with a tenor of up to 10 years, will be used to
extend the company's debt maturity profile.  Fitch currently rates
Suzano's Foreign Currency and Local Currency Issuer Default
Ratings (IDR) 'BB+' with a Positive Outlook.

The rating reflects Suzano's stronger free cash flow (FCF) due to
the depreciation of the Brazilian real, which has reduced the
company's cost structure and allowed Suzano to accelerate
deleveraging to a net debt to adjusted EBITDA ratio of 2.5x at the
end of March 2016.  Suzano's ratings continue to reflect the
company's leading position in printing and writing paper and
paperboard in Brazil, and its position as the fifth largest
producer of market pulp in the world.  The ratings also
incorporate Suzano's strong liquidity and comfortable debt
amortization schedule.

The Positive Rating Outlook for the corporate ratings reflects
Fitch's expectation that Suzano's FCF will remain strong during
2016 and 2017 and net adjusted leverage will decline to below 2.0x
by 2018.  An upgrade could occur if the company uses its FCF to
reduce gross debt by around BRL2 billion.  The Positive Rating
Outlook also reflects the expectation that the company's strategy
to decrease leverage and improve its capital structure will remain
unchanged.

                         KEY RATING DRIVERS

Solid Business Position

Suzano is the leading producer of printing and writing paper in
Brazil, as well as paperboard, with 1.3 million tons of annual
production capacity.  The company's strong market shares in
uncoated printing and writing paper and in paperboard allow it to
be a price leader in Brazil.  With 3.4 million tons of market pulp
capacity, Suzano is the fifth largest producer of market pulp in
the world.  Like other producers of hardwood pulp in Brazil,
Suzano enjoys a production cost structure that is among the lowest
in the world.  This enables Suzano to generate positive cash flows
during troughs in the pulp and paper cycle, ensuring its long-term
competitiveness.

Leverage Will Continue to Decline

Stronger cash flow has accelerated the deleveraging of Suzano's
balance sheet at a pace more rapid than originally projected.
Suzano's net debt-to-adjusted EBITDA ratio for the latest 12
months (LTM) ended March 2016 was 2.5x and should fall to below
2.0 by 2018.  Net adjusted leverage was 3.0x at year-end 2015.
Historically, Suzano has operated with higher leverage within its
Latin America peer group, with an average net adjusted leverage
ratio of 3.6x between 2008 and 2011, and 5.1x between 2012 and
2014.
Fitch's base case uses low-cycle price assumption of net pulp
prices of between USD550 and USD575 per ton during the next three
years.  Capex in the next two years is assumed at around USD585
million to USD600 million per year, as the company invests in its
5.1 project that is expected to increase Suzano's total production
capacity to 5.1 million tons by 2018.

Operational Cash Flow to Remain Strong in 2016 and 2017

Fitch projects that Suzano will generate about BRL5 billion of
adjusted EBITDA and BRL3.1 billion of cash flow from operations
(CFFO) in 2016.  Suzano's adjusted EBITDA generation benefited
from the depreciation of the Brazilian real against the U.S.
dollar, which has reduced the company's cost structure and
bolstered export revenues, offsetting weaker domestic demand for
paper.  Suzano generated BRL4.8 billion of adjusted EBITDA and
BRL2.8 billion of CFFO in the LTM ended March 2016.  This compares
with BRL4.5 billion of adjusted EBITDA and BRL2.4 billion of CFFO
during 2015, and BRL2.4 billion and BRL1.5 billion in 2014.  As
Suzano scales back investments, FCF was a strong BRL1 billion in
the LTM ended March 2016.

Stronger operating cash flow and lower investments will contribute
toward the company's debt reduction strategy.  Suzano had
BRL12 billion of net debt as of March 31, 2016 and Fitch projects
Suzano will lower its net debt by BRL2 billion to BRL10 billion by
the end of 2018.  As of March 31, 2016, the company had BRL14.9
billion of total debt.

Forestry Assets Are Key Credit Consideration

A key credit consideration that further enhances Suzano's credit
profile is its ownership of about 1.1 million hectares of land,
where the company developed about 550,000 hectares of eucalyptus
plantations.  The forestry assets are valued at BRL4.2 billion.
Importantly, the nearly ideal conditions for growing trees in the
region make these plantations extremely efficient by global
standards and give the company a sustainable advantage in terms of
cost of fiber and transportation costs between forest and mills.

Pulp Price Close to Marginal Cost

Continued expansion activity in the market will make producers
reliant upon growth in Chinese demand, plant closures, and a
recovery in the U.S. and Europe for upward price momentum.  Fitch
believes market pulp is already close to marginal cost and will
continue to force plant closures of high-cost producers in the
Northern Hemisphere.  Fitch expects more than 5 million tons of
hardwood pulp capacity to enter the market during 2016 and 2017,
while annual demand growth for market pulp should not exceed 1.5
million tons per year.  China continues to play a key role in
balancing supply and demand and return to Chinese demand growth to
1.5 million tons per year is crucial to balancing the market.

                         KEY ASSUMPTIONS

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

   -- Net pulp prices between USD550 and USD575 per ton during
      2016 - 2018.
   -- Pulp sales volume around 3.6 million tons per year during
      2016-2018, and paper at full capacity.
   -- Adjusted EBITDA margin around 44.5%.
   -- A Brazilian real averaged 3.6 BRL/USD in 2016 and 3.75
      BRL/USD in 2017.

                       RATING SENSITIVITIES

Future developments that may individually or collectively lead to
a positive rating action includes:

   -- Reduction in gross debt by around BRL2 billion.
   -- Maintenance of net leverage below 2.0x during low investment
      cycle.
   -- Higher than expected cash generation during 2016 and 2017.
   -- Additional proactive steps by the company to materially
      bolster its capital structure in the absence of high
      operating cash flow.
   -- A positive outlook for pulp prices in the next couple of
      years could also bolster the probability of positive rating
      actions.

Future developments that may individually or collectively lead to
a negative rating action includes:

   -- Weaker liquidity position.
   -- Increase in net leverage ratio to levels above 4.0x,
      considering pulp prices at USD550 per ton.
   -- Sharp deterioration of market conditions with significant
      reduction of pulp prices.
   -- A debt financed acquisition.
   -- Any change in the company's strategy to reduce leverage and
      improve capital structure.

                  LIQUIDITY AND DEBT STRUCTURE

Suzano has historically maintained a strong cash position.  As of
March 31, 2016, the company had BRL2.8 billion of cash and
marketable securities.  Liquidity covered short-term debt
obligations by a ratio of 1.2x.  Suzano has manageable debt
maturities of BRL2.4 billion in the short term, BRL1.1 billion
from April to December 2017, and BRL2.5 billion in 2018.  Suzano
does not have a standby facility.  In April 2016, Suzano concluded
the issuance of Export Credit Notes, in the amount of BRL600
million.  The transaction is securitized by Agribusiness Credit
Receivables Certificates (CRA) and is due in April 2020.

FULL LIST OF RATING ACTIONS

Fitch assigns this rating:

Bahia Sul Holdings GmbH
   -- Proposed senior unsecured notes, up to USD700 million and up
      to 10 years, 'BB+(EXP)'.

Transaction will be issued by Bahia Sul Holdings GmbH and
guaranteed by Suzano.

Fitch currently rates Suzano as:

Suzano
   -- Long-Term Foreign Currency IDR 'BB+';
   -- Long-Term Local Currency IDR 'BB+';
   -- National Long-Term Rating 'AA+(bra)'.

Suzano Trading Ltd.
   -- USD650 million senior notes, due Jan. 23, 2021 and
      guaranteed by Suzano 'BB+'.

The Rating Outlook for the corporate ratings is Positive.


GOL LINHAS: S&P Raises GS Ratings to 'CCC'; Outlook Negative
------------------------------------------------------------
S&P Global Ratings raised its global scale ratings to 'CCC' from
'SD' on Gol Linhas Aereas Inteligentes S.A.  In addition, S&P
raised its national scale ratings on the company to 'brCCC' from
'SD'.  At the same time, S&P raised its issue-level ratings on
GOL's senior unsecured notes to 'CCC' from 'D'.  S&P also affirmed
its 'BB' issue-level rating on GOL's term loan, reflecting the
guarantee that Delta Air Lines (BB+/Stable/--) provides.  The
outlook on the corporate ratings is negative.

S&P also kept the recovery rating of '4' on GOL's senior unsecured
loans, reflecting an average recovery of 30%-50% (in the low end
of the range), unchanged.  S&P also kept the recovery rating of
'5' on the term loan, given the modest expected recovery of 10%-
30% (in the low end of the range), unchanged.

The upgrade followed the completion of the debt exchange, in which
Gol offered, in S&P's view, considerably less value on its
obligations than originally promised.  The 'CCC' ratings reflect
that despite GOL's continuing efforts to sell aircraft, reduce
debt by terminating leases, and optimize its fleet to improve
operating efficiency, the company's capital structure continues to
be unsustainable in the medium term, with significant interest
burden and limited operating cash flow generation amid weak market
conditions and a weak Brazilian real.  In addition, GOL still
faces significant short-term obligations and working-capital
needs.

GOL remains on track with its plan to reduce capacity by selling
own aircraft and returning leased ones.  But weak demand and still
intense competition, despite the capacity reduction among all
major airlines in Brazil, should continue to limit the industry's
profitability.  GOL will continue to focus its operations around
the more profitable routes by reducing flights by 15% in 2016, or
about a 8% decline in available seat kilometer (ASK) through the
year.  However, potential benefits from the capacity reduction and
route strategy are likely to be limited by the volatility in
exchange rates in Brazil, given about 60% of GOL's costs and most
of its debt are dollar denominated.  Even though exchange rates
have returned to about R$3.3 per $1 in recent weeks, S&P expects a
further slide through the year, which will likely result in free
operating cash flow (FOCF) shortfalls and prevent GOL from
deleveraging.

The recently completed debt exchange didn't result in major
changes to GOL's capital structure because the company was able to
reduce debt by only about R$330 million through the exchange,
while it had to disburse about R$50 million in cash.  However, S&P
forecasts that the company will continue to concentrate its
efforts to further reduce its debt by returning leased aircraft,
while the sale of aircraft will help boost liquidity.  In S&P's
base-case scenario, it assumes that GOL will continue to focus
efforts on refinancing most of its short-term debt to maintain its
liquidity position, but the high interest rates will hinder cash
flow generation.


GOL LINHAS: Discloses Expiration & Closing Date of Exchange Offers
------------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed that its previously
announced private offer to exchange (the "Exchange Offers") any
and all of its outstanding Senior Unsecured Notes (the "Old
Notes") expired on July 1, 2016.  The outcome of the Exchange
Offers will reduce GOL's total debt by US$101.2 million (R$326.9
million), with a cash use of US$13.9 million, and provide GOL with
annual cash interest expense savings of US$9.3 million.

Together with the renegotiation of the aircraft leases, amendments
to the terms of the Brazilian debentures and other important
liquidity measures, the Exchange Offers provide improvements to
GOL's capital structure and help ensure that the Company emerges
from the current Brazilian political and economic crises in the
best competitive position. These improvements are particularly
important in helping GOL continue to take the necessary measures
to reduce capacity and costs until the Brazilian economy and
airline industry recover.

During the Exchange Offers GOL contacted over 150 holders of the
Old Notes. GOL thanks those holders that engaged with the Company
for their participation.

As of the Expiration Time, Eligible Holders had validly tendered
U.S.$174,745,000 (R$564,391,401 as of July 4, 2016) in total
aggregate principal amount of Old Notes, divided as follows: (i)
U.S.$27,036,000 of 2017 Notes, (ii) U.S.$41,039,000 of 2020 Notes,
(iii) U.S.$46,270,000 of 2022 Notes, (iv) U.S.$14,301,000 of 2023
Notes, and (v) U.S.$46,099,000 of Perpetual Notes. GOL will
publish the final results of the Exchange Offers at settlement.

GOL expects to issue U.S.$73.5 million in total aggregate
principal amount of New Notes, divided as follows: (i) U.S.$14.1
million of New 2018 Notes, (ii) U.S.$41.3 million of New 2021
Notes and (iii) U.S.$18.1 million of New 2028 Notes. GOL expects
settlement of the Exchange Offers will be July 7, 2016 and in no
event later than July 11, 2016. GOL will pay, upon settlement of
the Exchange Offers, all accrued and unpaid interest on the Old
Notes exchanged for New Notes.

Payment of interest and principal on the New Notes to be issued in
the Exchange Offers will be secured by collateral that has been
valued at US$222.7 million by an independent appraisal firm,
representing a principal coverage ratio of over 3 to 1. The New
Notes will be effectively senior to the Old Notes, to the extent
of the value of the collateral provided to the holders of the New
Notes.

GOL has in recent years faced a challenging economic scenario
which prompted the Company to embark in the past year on a series
of initiatives to comprehensively address its liquidity and
capital structure concerns. The initiatives in the second half of
2015 and first months of 2016 include: (1) an equity infusion; (2)
financing support from Delta Air Lines; (3) fleet reduction; (4)
operating cost reductions; (5) advanced ticket sales to Smiles;
(6) route network changes; (7) supplier negotiations; (8) leasing
contract negotiations; and (9) capital structure improvements.

The concluding phase of our initiatives has included the
renegotiation of a substantial portion of our debt and lease
obligations, specifically the consummation of the Exchange Offers,
renegotiation of the leases and amendments to the terms of the
Brazilian debentures. With these important steps taken, GOL will
be able to focus on operational measures to help ride out the
effects of a struggling Brazilian economy and airline industry.

PJT Partners is serving as financial advisor to GOL.  The Bank of
New York Mellon is serving as Trustee. Milbank, Tweed, Hadley &
McCloy LLP and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga
Advogados are serving as legal advisors to GOL.


GOL LINHAS: Fitch Lowers Issuer Default Rating to 'RD'
------------------------------------------------------
Fitch Ratings has downgraded Gol Linhas Aereas Inteligentes S.A.'s
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'RD' from 'C'.  Fitch has also downgraded GOL and its fully
owned subsidiaries' unsecured notes to 'C/RR5'.  In addition,
Fitch has assigned new ratings to GOL's new secured notes -
resulting from the debt exchange offering - of 'CC/RR3'.

The downgrades follow the conclusion of GOL's debt exchange
offering.  According to Fitch's methodology, the offering imposed
a material reduction in terms vis-a-vis the original terms of
unsecured notes.

After a short period of time, Fitch will re-rate GOL's IDRs and
issuance debt ratings and raises them to a performing level, which
usually is still in the low speculative grade.  The developments
in GOL's ongoing negotiations with other main stakeholders will be
key factors to be incorporated in the re-rated process.

Collateralization and Subordination Incorporated in Debt Recovery:

The Recovery Rating (RR) of 'RR3' for the new secured notes
reflects above-average recovery prospects in an event of default.
These notes are secured by collateral that has been valued at
USD222.7 million, representing a principal coverage ratio of over
3 to 1.  Fitch recovery analysis for the secured new notes
resulted in higher values but it has been capped at 'RR3'
considering that some jurisdiction's issues could affect the
recovery prospects.  The 'RR5' for the senior unsecured notes
reflects below average recovery prospects in an event of default.

                        KEY RATING DRIVERS

GOL's capital structure continues to be weak. Only 22% of
bondholders agreed to the exchange on July 1, 2016.  The level of
debt reduction resulting from the bond exchange was estimated at
only USD101 million.

Fitch's base case scenario shows a continued deterioration in the
company's capacity to cover its interest expenses and rents
related to operating leases.  GOL is expected to reach a negative
free cash flow (FCF) margin of about 15% in 2016 and its interest
coverage ratio is expected to decline to 0.5x from 0.7x during the
LTM ended March 31, 2016.

GOL ended March 2016 with an adjusted debt level of BRL16.8
billion, equivalent to USD5.2 billion.  GOL's adjusted gross
leverage, measured as total adjusted debt/EBITDAR, remained high
at 11x as of March 31, 2016.  During the LTM the company generated
EBITDAR of BRL1.5 billion.  The company's adjusted gross leverage
post bond exchange is estimated at 10.8x.

Brazil's adverse macroeconomic scenario should result in declining
levels of transported passengers and yields for the industry
during 2016.  Domestic traffic is anticipated to decline by 8% to
12% during 2016 as demand fundamentals and corporate activity
remain weak.

                         RATING SENSITIVITIES

The completion of the bond exchange offer has led to a downgrade
of the Long-Term Foreign and Local Currency IDRs to 'RD'.  A
positive rating action may follow after Fitch completes the
assessment of the company's credit profile post completion of its
bond exchange and considering potential outcome of GOL's ongoing
negotiations with other stakeholders.

                            LIQUIDITY

Fitch's rating case incorporates the impact of several factors in
critical areas such as net revenues, cost expenses and capex on
GOL's 2016 FCF generation and consequently in its liquidity
position.  Under current conditions the company is expected to
struggle to cover its interest expenses.

GOL's readily available cash, measured as total cash plus
marketable securities, was BRL1.4 billion as of March 31, 2016,
down from BRL2.2 billion as of Sept. 30, 2015.  GOL's short-term
debt was BRL837 million as of March 31, 2016.

Without the reversal in GOL's negative FCF trend and absent
extraordinary measures to enhance the capital structure, Fitch
expects substantial deterioration in GOL's liquidity during 2016
and default risk will remain elevated.

FULL LIST OF RATING ACTIONS

Fitch has taken these ratings:

Gol Linhas Aereas Inteligentes S.A. (GOL):

   -- Long-Term Foreign and Local Currency Issuer Default Ratings
      (IDRs) downgraded to 'RD' from 'C';
   -- Long-term national rating downgraded to 'RD(bra)' from
      'C(bra)';
   -- USD200 million perpetual bonds affirmed at 'C/RR5'.

VRG Linhas Aereas S.A. (VRG):
   -- Long-Term Foreign and Local Currency IDRs downgraded to 'RD'
      from 'C;
   -- Long-term national rating downgraded to 'RD(bra)' from
      'C(bra)'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:
   -- USD225 million of senior unsecured notes due 2017 downgraded
      to 'C/RR5' from 'CC/RR3';
   -- USD300 million of senior unsecured notes due 2020 affirmed
      at 'C', the recovery ratings were revised for this debt
      issuance to 'RR5' from 'RR4'.

GOL LuxCo S.A.:
   -- USD200 million of senior unsecured notes due 2023 affirmed
      at 'C', the recovery ratings were revised for this debt
      issuance to 'RR5' from 'RR4';
   -- USD325 million of senior unsecured notes due 2022 affirmed
      at 'C', the recovery ratings were revised for this debt
      issuance to 'RR5' from 'RR4';

Fitch has also assigned new ratings to the new secured notes
issued by GOL LuxCo S.A. through the company's recent bond
issuance as:

   -- USD14.1 million of senior secured notes due 2018 rated
      'CC/RR3';
   -- USD41.3 million of senior secured notes due 2021 rated
      'CC/RR3';
   -- USD18.1 million of senior secured notes due 2028 rated
      'CC/RR3'.


PETROLEO BRASILEIRO: Fitch Rates Prop. USD Notes Opening 'BB(EXP)'
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB(EXP)' rating to Petroleo
Brasileiro S.A.'s (Petrobras) proposed USD notes reopening.  The
notes reopened are part of Petrobras Global Finance B.V. (PGF)
2021 and 2026 notes and will be unconditionally and irrevocably
guaranteed by Petrobras.  Proceeds will be used to refinance
existing debt and for general corporate purposes.

Linkage to the Sovereign

Petrobras' ratings continue to reflect its close linkage with the
sovereign rating of Brazil due to the government's control of the
company and its strategic importance to Brazil as its near-
monopoly supplier of liquid fuels.  By law, the federal government
must hold at least a majority of Petrobras' voting stock.  The
government currently owns 60.5% of Petrobras' voting rights,
directly and indirectly, and has an overall economic stake in the
company of 46%.

Government Support

Petrobras' credit linkage to the sovereign is evidenced by
supporting domestic fuel prices above international levels as well
as by the lending commitments offered by Banco do Brasil and Caixa
Economica Federal during first-half 2015 to bolster Petrobras'
liquidity.  Absent implicit and explicit government support,
Petrobras' credit metrics are not consistent with the assigned
rating.  As of March 31, 2016, the company reported total
financial debt of USD126.4 billion and Fitch defined gross
leverage was 6.1x.

Cash Flow Remains Under Pressure

Petrobras' cash flow generation is expected to remain under
pressure, despite the recent price increase and the company's
efforts to reduce capex.  Petrobras is expected to generate enough
cash flow from operations (CFFO) to cover capex and will rely on
its access to the debt capital markets to refinance its upcoming
maturities.  Any future debt reduction will depend highly on
divestitures, which are uncertain and difficult to predict.  The
company expects its divestment plan for 2015 and 2016 to amount to
USD15.1 billion, of which USD727 million where completed in 2015
and year to date approximately USD1.38 billion worth of
divestments have been approved or closed negotiations and/or are
pending board approval.

Credit Metrics to Remain Weak

Fitch expects Petrobras' leverage, as measured by total
debt/EBITDA, to remain above 5.0x over the medium term and for
leverage to decline only if the company's divestiture program is
successful.  As of March 31, 2016, the company reported total
financial debt of approximately USD126.4 billion.  As of year-end
2015 total proved reserves (1P) were approximately 10.5 billion
barrels of oil equivalent (boe) and proved developed (PD) reserves
were 5.2 billion boe, under SEC criteria.  This translates into
debt/1P of USD12/boe and debt/PD reserves of USD24.5/boe.

Decreased Growth Potential

Petrobras' production growth potential has decreased as a result
of the corruption scandal surrounding the company and forced
reductions in capex from stagnant cash flow generation and low oil
prices.  Fitch's rating case assumes Petrobras' gross production
to increase to approximately 3.1 million barrels of oil equivalent
per day (boed) over the next two to three years and then to remain
relatively flat over the ensuing two years.

RATING SENSITIVITIES

A negative rating action on Petrobras could result from a
downgrade of the sovereign and/or the perception of a lower
linkage between Petrobras and the government.

A positive rating action on Brazil, could lead to a positive
rating action on Petrobras.

The sovereign rating sensitivities include:

   -- Failure to arrest the pace of increase in the government
      debt burden and crystallization of material contingent
      liabilities;
   -- A deeper and more prolonged recession that further
      undermines government debt dynamics and stokes political and
      social instability;
   -- Erosion of international reserves and deterioration in
      government debt composition.

The sovereign's Rating Outlook is Negative.  Consequently, Fitch's
sensitivity analysis does not currently anticipate developments
with a high likelihood of leading to a positive rating change.
Future developments that could individually, or collectively,
result in a stabilization of the Outlook include:

   -- An improvement in the political environment that is
      conducive to improved policy implementation and supports
      confidence, growth and reform prospects;
   -- Fiscal consolidation that leads to greater confidence in the
      capacity of the government to achieve debt stabilization;
   -- Improved investment and growth environment and a reduction
      in macroeconomic imbalances.

                             LIQUIDITY

Petrobras' liquidity position is currently supported by robust
cash and marketable securities, stable cash flow generation and
most recently by increasing lines of credit.  As of March 31,
2016, Petrobras reported USD22.6 billion of cash and marketable
securities.  This liquidity is considered adequate when compared
with short-term debt of USD17.4 billion.  The company's liquidity
is also supported by its funds from operations (FFO) of
approximately USD20 billion, which is expected to be used to cover
capex of approximately USD18 billion to USD20 billion per year.

As of the LTM ended March 31, 2016, FFO totaled approximately
USD20 billion.  Petrobras' FFO has benefitted from the declining
global hydrocarbon prices, unlike other oil and gas producers that
have suffered from the steep decrease in prices.  This benefit is
not expected to be sustainable in the long term.  Petrobras'
liquidity will also benefit from an expected line of credit of
USD10 billion with China Development Bank, for which the two
entities executed a term sheet on Feb. 26, 2016, but the final
terms are still pending.

FULL LIST OF RATING ACTIONS

Fitch currently rates Petrobras as:

Petroleo Brasileiro S.A. (Petrobras)
   -- Long-Term Foreign-Currency IDR 'BB'; Outlook Negative;
   -- Long-Term Local-Currency IDR 'BB'; Outlook Negative.

Petrobras International Finance Company (PIFCO)
   -- International debt issuances 'BB'.

Petrobras Global Finance B.V. (PGF)
   -- International debt issuances 'BB'.

Petrobras Argentina S.A.
   -- International debt issuances 'BB'.


PETROBRAS GLOBAL: Moody's Assigns B3 Rating to Prop. Global Notes
-----------------------------------------------------------------
Moody's Investors Service (Moody's) assigned a B3 rating to
Petrobras Global Finance B.V.'s proposed global notes, which will
be unconditionally guaranteed by Petroleo Brasileiro S.A.
(Petrobras, B3 negative). The B3 rating on the proposed notes is
based on the rating of Petrobras. The proposed notes are senior
unsecured and pari passu with Petrobras Global Finance B.V. and
Petrobras' other senior foreign currency debt. Proceeds from the
proposed notes issuance will be used for debt refinancing and
other general corporate purposes.

The outlook on the ratings is negative.

RATINGS RATIONALE

Petrobras' B3 rating is based on the company's caa2 baseline
credit assessment (BCA), which indicates Moody's view of its
standalone credit strength, and considers the company's weak
liquidity, negative free cash flow, high financial leverage, local
currency devaluation risk, and operating challenges in a difficult
industry and economic environment. Consolidated free cash flow
will remain negative for the foreseeable future as its upstream
business suffers from low oil prices and downstream operations are
being hurt by lower demand, high competition and local currency
volatility. The company also faces significant risks related to
corruption investigations and class action securities litigation.

Petrobras' B3 rating also considers Moody's joint-default analysis
for the company as a government-related issuer. Petrobras' ratings
reflect Moody's assumption for a moderate likelihood of timely
extraordinary support from the government of Brazil. Despite the
government's stated willingness to stand behind Petrobras, Moody's
assumes that the government's current fiscal situation could
prevent it from supporting the company sufficiently to avoid a
default. Petrobras' ratings incorporate two notches of uplift
between Petrobras' BCA and its senior unsecured rating. Moody's
continues to assume moderate default dependence between Petrobras
and the government.

Petrobras' caa2 BCA and B3 ratings are supported by the company's
large-scale reserve base and dominance in the Brazilian oil
industry, and its importance to the Brazilian economy.
Furthermore, the ratings reflect the company's sizeable pre-salt
reserves, its technological offshore expertise and potential for
continued growth in production over the long-term.

Moody's said, "Petrobras liquidity is weak. The company's limited
access to capital markets since mid-2015 increased the risk of it
being able to refinance $US 26.5 billion in maturing debt from
April 2016 to December 2017, and made it dependent on its
divestment strategy, which calls for $US 13 billion in asset sales
in the remainder of 2016. Petrobras was able to tap international
markets again in early June 2016 for $US 6.75 billion mostly for
debt refinancing. Upon the issuance of the proposed notes, the
company's maturity debt profile should improve; however, Petrobras
still has about $US 13 billion in debt maturing in 2016 and over
$US 13.5 billion maturing in 2017, as of March 31, 2016. Given
these large debt maturities and negative free cash flow, we
believe that Petrobras will continue to rely on access to capital
markets, bank debt refinancing and asset sales to meet its cash
needs. Nearly 20% of maturing debt in this period is owed to
bondholders, with the balance being financial institutions and
other creditors. In addition, the company is working with the
China Exim Bank to get $US 1 billion financing facility and with
the China Development Bank to secure a $US 10 billion credit
facility."

Petrobras' $US 1.4 billion asset sale announcement in May 2016 was
positive as it proved that the company has assets that it can
monetize even in a difficult period for the oil industry.
Petrobras has also announced other list of assets currently under
negotiation for sale, namely its 100% stake in its Brazilian
pipeline company, Nova Transportadora do Sudeste that is in
exclusive negotiations with Brookfield Consortium (not rated), its
distributor of liquefied petroleum gas, Liquig†s Distribuidora
S.A., and certain Exploration and Production assets. These
announcements, provide evidence that the company's divestment
strategy is moving forward. However, these developments do not
completely eliminate refinancing risk.

The company has $US 241 billion in assets including wells,
platforms, refining facilities, pipelines, vessels, other
transportation assets, power plants, fertilizers and biodiesel
plants. Selling these mostly Brazil-based assets could be
difficult amid today's oil market slump and Brazil's economic and
political struggles. As of March 31, 2016, the company had roughly
$US 22 billion in cash holdings, which negatively compares to the
company's $US 26.5 billion in maturing debt in the remaining of
2016 and 2017 plus $US 20 billion annual capex on average
projected for the same period.

Petrobras' ratings have a negative outlook, reflecting Moody's
expectation that, in the next 12 to 18 months, the company's
liquidity and financial ratios may deteriorate further as a
consequence of delays in asset sales and weak cash flow
generation, driven by still low oil prices, reduced demand for oil
products in Brazil, increasing competition from imports of oil
products and local currency devaluation risk.

Negative actions on Petrobras' ratings could result from further
deterioration in its liquidity or financial profile. Downgrades
could also be prompted if negative developments from the
corruption investigations or litigation against the company
appears to have the potential to significantly weaken the
company's liquidity or financial profile. Petrobras' ratings could
be affected by changes in the government of Brazil's rating or
Moody's view of the likelihood of extraordinary support from the
government.

As indicated by the negative outlook, positive rating actions for
Petrobras are unlikely over the near term. However, positive
action could be considered if the company raises sufficient sums
through asset sales or new debt arrangements to refinance its
upcoming debt maturities and significantly strengthen its
liquidity profile. While asset sales would reduce future revenues
and cash flow, actions that strengthen the company's liquidity are
currently likely to have a greater credit impact than the related
longer term reduction in production and revenues.


Petrobras is an integrated energy company, with total assets of
$US 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.


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


A.P OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------------
The creditors of A.P Opportunities Fund, Ltd. are required to file
their proofs of debt by Aug. 4, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 14, 2016.

The company's liquidator is:

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


ALPHAGEN NORTHERN: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------------
The creditors of The Alphagen Northern Pines Fund Limited are
required to file their proofs of debt by Aug. 4, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 15, 2016.

The company's liquidator is:

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


BAYVIEW VENTURE: Creditors' Proofs of Debt Due Aug. 6
-----------------------------------------------------
The creditors of Bayview Venture Partners Master Fund III, Ltd.
are required to file their proofs of debt by Aug. 6, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 6, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-1205
          Cayman Islands


CONCORDIA API: Commences Liquidation Proceedings
------------------------------------------------
On June 10, 2016, the sole shareholder of Concordia API Fund
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          David Griffin
          c/o Anna Morel
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          Telephone: +1 (345) 743 6830
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


FIRST PRINCIPLES: Commences Liquidation Proceedings
---------------------------------------------------
On June 10, 2016, the sole shareholder of First Principles
Treasury Fund I Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GATEWAY CO-INVESTMENT: Creditors' Proofs of Debt Due July 26
------------------------------------------------------------
The creditors of Gateway Co-Investment II Limited are required to
file their proofs of debt by July 26, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 14, 2016.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


GOLDENTREE MULTISTRATEGY: Creditors' Proofs of Debt Due Aug. 4
--------------------------------------------------------------
The creditors of Goldentree Multistrategy, Ltd. are required to
file their proofs of debt by Aug. 4, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 3, 2016.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


HARRISON CORPORATION: Commences Liquidation Proceedings
-------------------------------------------------------
On June 10, 2016, the shareholders of Harrison Corporation
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

         Robert C. Muffly
         299 Park Avenue New York NY 10171
         United States
         Telephone: (212) 888-3033
         e-mail: rmuffly@beckerglynn.com


LIBERTYVIEW CREDIT: Creditors' Proofs of Debt Due Aug. 4
--------------------------------------------------------
The creditors of Libertyview Credit Alpha Offshore Fund, L.P. are
required to file their proofs of debt by Aug. 4, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 15, 2016.

The company's liquidator is:

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


OHSF FINANCING: Commences Liquidation Proceedings
-------------------------------------------------
On June 14, 2016, the sole shareholder of OHSF Financing Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


SANGAMON TRANSPORTATION: Creditors' Proofs of Debt Due July 27
--------------------------------------------------------------
The creditors of Sangamon Transportation Group Cayman Islands
Venture 1 are required to file their proofs of debt by July 27,
2016, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on June 9, 2016.

The company's liquidator is:

          Yinit Pena
          c/o Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


SOUTH FERRY: Commences Liquidation Proceedings
----------------------------------------------
On June 13, 2016, the sole shareholder of South Ferry Capital Fund
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


SOUTH FERRY MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On June 13, 2016, the sole shareholder of South Ferry Capital
Master Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

         Walkers Liquidations Limited
         Cayman Corporate Centre
         27 Hospital Road, George Town
         Grand Cayman KY1-9008
         Cayman Islands
         Telephone: +1 (345) 949 0100



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


DOMINICAN REP: Alleged Dollar Shortage Doesn't Worry Agro Sector
----------------------------------------------------------------
Dominican Today reports that Dominican Agribusiness Board (JAD)
president Osmar Benitez said Dominican Republic has enjoyed a
remarkable macroeconomic stability during the last 10 years,
thanks to "prudent" management by monetary and financial
authorities, headed by Central banker Hector Valdez Albizu.

Mr. Benitez remarks support Valdez's statements regarding business
sectors' complaints that hoarding is behind the country's dollar
shortage, according to Dominican Today.

"The governor of the Central Bank, Mr. Hector Valdez, gave an
explanation to the country which we accept, because there's nobody
better qualified or better informed than he. That's the opinion
which gives us tranquility in the national productive sector," the
business leader said, notes the report.

Dominican Today discloses that Mr. Benitez said the JAD hasn't
received any complaint regarding the lack of foreign exchange and
noted that there's no concern about it in the agro sector, because
they confide in the monetary and financial authorities.

The head of the JAD spoke during the signing of agreement with
Roberto Herrera, president of the National Business Environmental
Protection Support Network (Ecored), to promote training,
Dominican Today 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: Wants to Nix Fuel Subsidies that Cost RD$2.0BB
------------------------------------------------------------------
Dominican Today reports that Industry and Commerce minister Jose
del Castillo said fuel subsidies cost Dominican taxpayers around
RD$2.0 billion, despite a decrease on falling global oil prices.

Mr. del Castillo said the subsidy to bus and truck drivers
materialized on an agreement with truckers allocated if the price
of regular diesel rose above 145 pesos per gallon, after which the
government would assume the increase, "but today we're below that
price, although they claim other costs, but all that will be
discussed in the fiscal pact," according to Dominican Today.

Mr. del Castillo said those subsidies given to bus and truck
owners associations should be allocated only when the exemptions
have a positive effect on the economy, the report relays.

"Just to name one is the case of the Free Zones, which is a
formula that generated more than 635 companies, four industrial
parks, which 160,000 workers depend on and a lot of families who
indirectly depend on them," Mr. del Castillo added, notes the
report.

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.



=====================
E L   S A L V A D O R
=====================


EL SALVADOR: Fitch Affirms 'B+' IDRs; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed El Salvador's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'B+' with a Stable
Outlook.  The issue ratings on El Salvador's senior unsecured
Foreign- and Local-Currency bonds are also affirmed at 'B+'.  The
Country Ceiling is affirmed at 'BB' and the Short-Term Foreign-
Currency IDR at 'B'.

                          KEY RATING DRIVERS

The B+ ratings are supported by El Salvador's macroeconomic
stability underpinned by dollarization, adequately capitalized
banking system and solid sovereign repayment record.  The country
has higher income per capita, and social development and
governance indicators than peers.  On the other hand, the ratings
are constrained by El Salvador's rising debt burden and growth
underperformance relative to peers, political polarization;
prolonged periods of congressional gridlock, and weak business
confidence which hinder progress on reforms to arrest the
deterioration of public finances and improve the business
environment.

El Salvador's GDP growth remains low compared to that of its
peers, with five-year average GDP growth at just 2% compared to a
'B' median of 4.1%.  El Salvador's growth picked up to 2.5% in
2015 from 1.4% in 2014.  However, the improved growth rate is
insufficient to generate employment, reduce poverty or stabilise
the general government debt dynamics.  Political polarization,
security concerns, and high emigration levels undermine the
business climate and hinder investment prospects and growth.

The general government deficit improved in 2015 with a deficit of
3.3% of GDP, down from 3.6% of GDP in 2014.  However, the deficit
is expected to widen to 3.5% of GDP in 2016.  The relatively high
deficits and weak growth are leading to a steadily increasing debt
burden to an expected 62% of GDP in 2017 absent fiscal reform,
from 60% in 2015 and 58% in 2014.  Furthermore, the interest
burden is expected to continue to rise as well, growing to nearly
14.5% of revenues in 2017 from 12.4% in 2015.

The political polarization between the government and the main
opposition Arena party has prevented the government from issuing
external debt since September 2014.  A 2/3 majority of the
Congress is needed to authorize external debt issuance, requiring
agreement from the opposition.  As a result, the government has
relied mostly on the issuance of local short-term debt (Letes),
which reached nearly $900 million as of end-May 2016.  The legal
limit of Letes issuance for 2016 is $1.33 billion.  The rise in
the stock of Letes has pushed local interest rates up to over 6%.

Fitch's base case is that the government will reach an accord with
the Arena party to obtain authorization for external debt
issuance.  Fiscal adjustment would be needed to arrest the steady
increase in the debt burden but political tensions pose risks for
progress on fiscal consolidation and growth-enhancing measures.

El Salvador lacks a medium-term fiscal framework that would reduce
the fiscal deficits and stabilize the debt dynamics.  The Congress
is discussing several proposals to adopt a Fiscal Responsibility
Law aimed at a rules-based mechanism to reduce the fiscal deficits
over time and stabilize or reduce the debt burden over time.
Additionally, the government proposed a new pension reform in
February 2016 that aims to create a so-called mixed system under
which part of the private pension funds would be transferred to a
public pension system.  If approved, the proposal could reduce the
deficit associated with pension costs and reduce the government's
debt burden over the short term (however, without parametric
reforms, the deficits would grow again over the medium- to long-
term).

El Salvador has become increasingly dependent on external
borrowing to finance current account deficits.  However, the
current account deficit fell to 3.6% of GDP in 2015, down
significantly from 5.2% of GDP in 2014, on the back of lower oil
imports and a rise in remittances.  Foreign direct investment
inflows (1.7% in 2015) are among the lowest in the 'B' category.
Net external debt rose to 29% of GDP in 2015, exceeding the 'B'
median of 16%, primarily driven by sovereign borrowing and banking
sector credit lines to support lending as deposit growth has
stagnated.

Most structural indicators, such as per capita income, are
somewhat stronger than those of 'B' category peers.  The banking
sector remains sound due to prudent regulation, although the weak
economy could affect asset quality and profitability.  Impaired
loans are likely to rise, but only moderately and from a low level
of 2.2% of total loans at end-March 2016.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns El Salvador a score equivalent to
a rating of 'BB' on the LT FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final LT FC IDR by applying its QO, relative
to rated peers, as follows:

   -- Macroeconomics: -1 notch to reflect El Salvador's weaker
      potential growth prospects relative to the 'B' median, with
      important repercussions for public finances.

   -- Public Finances: -1 notch to reflect El Salvador's narrow
      tax base and budgetary rigidities that make fiscal
      consolidation difficult to achieve debt stabilization as z
      well as the government's increasing reliance on short-term
      debt to meet its substantial financing needs and the
      difficulty of obtaining authorization for external debt
      issuance given the country's political gridlock.

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

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.  The main
factors that could, individually or collectively, lead to a
negative rating action are:

   -- Hardening financing constraints in domestic or international
      markets.
   -- Fiscal deterioration that results in faster-than-expected
      worsening of public debt dynamics.
   -- Escalation of crime or policy mismanagement that affects
      macroeconomic stability and growth prospects.

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

   -- Reductions in fiscal imbalances leading to the stabilisation
      of public debt.
   -- Improvements in the political and business environment that
      support growth and investment prospects.

                         KEY ASSUMPTIONS

   -- Fitch assumes that the sovereign will continue to finance
      itself through treasury bills and will tap the international
      capital markets following a political agreement that
      authorizes external debt issuance.

   -- The agency assumes that U.S. economic growth continues to
      support economic and external forecasts.  Furthermore, that
      oil prices rise only gradually, helping contain imports,
      utility subsidies and consumer prices.

   -- Fitch assumes that monetary policy normalization in the U.S.
      proceeds in a gradual and orderly manner, resulting in no
      external financing constraints for El Salvador in 2016-18.




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


JAMAICAN: Economy Grew by 0.8% During 1st Quarter of 2016
---------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica
(Statin) has confirmed that final data show the economy expanded
by 0.8% in the first quarter of this year.

The figure for growth is slightly lower than the previous estimate
that growth in the January to March quarter was 0.9%, according to
RJR News.

Mr. Statin said the growth was predicated on expansions in the
agriculture, manufacturing and construction sectors, the report
notes.

Mining and quarrying recorded a decline, due to lower output of
bauxite and alumina, the report relays.

All service industries, except for government services, also
recorded growth, the report discloses.

The growth in the first quarter of this year follows a one per
cent expansion in the economy last year, the report adds.

                            *     *     *

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


* JAMAICA: Business Owners Urged to Embrace Technology
-------------------------------------------------------
RJR News reports that Technology Minister Dr. Andrew Wheatley is
calling on Jamaican businesses to embrace greater use of
technology to drive growth.

At the launch of the Jamaica Stock Exchange mobile app, Mr.
Wheatley said data shows that Jamaica has a 128 per cent
penetration of mobile broadband subscription. This means that
Jamaicans well connected and businesses should take advantage of
the opportunities this present, according to RJR News.

"This clearly demonstrates that there is more opportunities to
pursue app creations and opportunities for them to reach out to
customers and potential customers," the report quoted Mr. Wheatley
as saying.

The Technology minister also encouraged app developers to help
lead the way in making it easier for businesses to connect with
customers, the report says.

Mr. Wheatley added that with the development of apps location --
Jamaica could become the Silicon Valley of the Caribbean.

Meanwhile, the Jamaica Stock Exchange says it is keen on using
more technology to bring more investors into the market, the
report notes.  The stock exchange which launched its mobile app on
July 5 said it hopes that will help it to triple the number of
Jamaicans who trade stocks, the report relays.

Current data shows only 5 per cent of Jamaicans trade stocks and
the stock exchange says it wants that number to be tripled by
2020, the report says.

But General Manager of the Jamaica Stock Exchange, Marlene Street
Forrest says more technological innovations will be used to help
spur that growth, the report adds.

                            *     *     *

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


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


COATZACOALCOS: Moody's Downgrades Issuer Ratings to B1/Baa3.mx
--------------------------------------------------------------
Moody's de Mexico downgraded today the issuer ratings of the
Municipality of Coatzacoalcos to B1/Baa3.mx from Ba2/A2.mx.
Additionally, the issuer ratings have been placed under review for
downgrade.

RATINGS RATIONALE

The downgrade to B1/Baa3.mx from Ba2/A2.mx reflects the default of
Coatzacoalcos on a factoring facility with Santander (cadena
productiva) along with a significant liquidity deterioration.
Moody's confirmed the default of a short term credit facility, or
cadena productiva, of MXN 20 million from Santander (approximately
1.9% of Coatzacoalcos's operating revenues). While the
negotiations with the lender are in progress, Moody's expects that
the outstanding debt, MXN 15 million to date (1.4% of operating
revenues), will be paid fully in terms yet to be agreed between
the parties. The B1 GSR assigned to Coatzacoalcos rating
incorporates the expectation of a 99% to 100% recovery rate.

At December 2015 total long-term debt amounted MXN 520.3 million
equivalent to 49.0% of 2015 operating revenues. Coatzacoalcos
liquidity position is very tight, net working capital to total
expenditures was equivalent to -16.2% at the end of 2015, cash
equivalents amounted MXN 1 million, in line with B1 rated peers.

The ratings review will focus on Coatzacoalcos' capacity and
willingness to respect all upcoming debt service payments on all
other debt obligations in a full and timely manner. Moody's
expects to conclude the review within three months. Over this
period, Moody's will closely monitor Coatzacoalcos progress in
repaying all of its short-term debt and also the next
administration's willingness to pay all outstanding debt
obligations. Expected loss rates on the defaulted short-term lines
of credit with Santander, in conjunction the maintenance of full
and timely debt service payments on all other debt obligations,
will be the key drivers for future rating actions.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's said, "While it is unlikely that the ratings will be
upgraded in the medium term, the review could conclude with the
confirmation of Coatzacoalcos assigned ratings if the municipality
fully pays or refinances its outstanding obligation without
inflicting any loss to the lenders; continues to fully honor its
long-term obligations; and addresses its financial deterioration.
Conversely, the ratings could be further downgraded if, throughout
the review, our assessment of the expected loss to Coatzacoalcos
creditors is higher than that suggested by the current ratings."


===========
P A N A M A
===========


AES PANAMA: S&P Affirms 'BB-' CCR; Outlook Remains Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' corporate credit and issue-
level ratings on AES Panama S.R.L.  The outlook remains stable.

The affirmation reflects S&P's expectation that the company's cash
flow generation will continue to improve in 2016 and afterwards.
This would allow its financial metrics to remain in line with
S&P's aggressive financial risk profile, as seen in projected debt
to EBITDA and FFO to debt of in the area of 4.0x and 15%,
respectively, in the next two years.  The recovery in the
company's metrics was mainly due to more favorable hydrology
conditions and a likely lower exposure to the high spot prices.
AES Panama adopted a more conservative commercial strategy after
the drought in 2013 and 2014 impaired the company's financial
performance.  Since then, the company has lowered the level of
contracted energy, working with a 5%-10% cushion for its firm
capacity to mitigate hydrology fluctuations, and added 72
megawatts (MW) through a diesel-powered barge to its total
capacity to diversify its energy resources.

The ratings continue to incorporate S&P's view that there is a
moderately high likelihood that the government of Panama would
provide timely and sufficient extraordinary support to the company
in the event of financial distress.  In accordance with S&P's
criteria for government-related entities, its view is based on its
assessment of AES Panama's role as the largest producer of energy
and the low-cost power generator in Panama and its strong link to
the government, which has a majority stake (50.5%) in the company.
The AES Corp. (BB/Stable/--) holds 49% and AES Panama's employees
hold the remaining 0.5%.

S&P continues to view AES Panama's business risk profile as fair,
reflecting the large-scale operations.  Combined with AES
Changuinola, the company has an aggregate installed capacity of
777 MW, representing 26% of the country's overall energy installed
capacity.  S&P also views positively the company's stable revenue,
owing to the three- to four-year power purchase agreements (PPAs)
with large-scale creditworthy clients and the major distribution
companies in the country, the operating efficiency, as seen in
more than 85% of availability factors in the past five years, and
the low-cost energy production at hydro-based plants, which
generate 85% of firm capacity.  The mitigating factor is volatile
profitability, due to vulnerability to the hydrology risk.


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


KOMODIDAD DISTRIBUTORS: Bank Alleges Debtors Not a "Single Entity"
------------------------------------------------------------------
FirstBank Puerto Rico submitted to the U.S. Bankruptcy Court for
the District of Puerto Rico, its further objection to Komodidad
Distributors, Inc., et al.'s motion for substantive consolidation.

FirstBank's further objection was submitted in support of its
preliminary objection to the Debtor's motion for substantive
consolidation.

"The five separate Debtors have not filed a motion to jointly
administer their respective chapter 11 cases . . . although such a
motion is routine for cases involving multiple affiliated debtors.
Instead, the Debtors seek substantive consolidation.  The Motion
is without merit and should be denied . . .  there is no evidence
that any creditors of the Debtors, let alone all or substantially
all of such creditors, relied on the Debtors being a single
entity.  FirstBank, notwithstanding the existence of cross
guaranties and cross collateralization, allocated the credit
facilities differently across the various Debtors.  The Debtors'
own pleading alleges that most creditors, but not all creditors,
'have dealt with Debtors as an affiliated group'. . . in looking
at the Debtors' businesses, which range from owning real estate
held for rent and running a retail clothing business, it is nearly
impossible that all creditors have treated the Debtors as a single
entity . . .  The Debtors have shown no reliance by any creditor
on the Debtors' being a 'single entity', let alone enough to
conclude that all or substantially all creditors relied on the
Debtors as a 'single entity,'" FirstBank argues.

FirstBank Puerto Rico is represented by:

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

                - and -

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

                   About Komodidad Distributors

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

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


PUERTO RICO: S&P Lowers Rating on GO Secured Debt to 'D'
--------------------------------------------------------
S&P Global Ratings has downgraded the Commonwealth of Puerto
Rico's general obligation secured debt to 'D' (default) from 'CC'
following the commonwealth's default on debt service due July 1,
2016.


SPORTS AUTHORITY: Hires BRG's Coulombe as CRO
---------------------------------------------
Sports Authority Holdings, Inc. and its debtor-affiliates seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Mr. Stephen Coulombe of Berkeley Research
Group, LLC as their Chief Restructuring Officer, nunc pro tunc to
May 24, 2016.

The Debtor requires Mr. Coulombe with the assistance of BRG to:

     a. consult with management of the Debtors, develop and
implement a chosen course of action to maximize proceeds form
asset
sales and maximize recoveries to stakeholders;

     b. consult with the other advisors and the management team,
effectuate the wind down plan;

     c. develop and manage cash flow projections relating to
monetization of remaining assets managing wind down costs;

     d. assist the Debtors and their professionals in the process
to sell certain assets of the Debtors in order to realize its
highest possible value from such sales process;

     e. assist the Debtors and their professionals in the
evaluation of bids and expressions on interest in certain assets
of
the Debtors and effectuation of such sale where appropriate and
practical under the circumstances;

     f. provide information deemed by the CRO to be reasonable and
relevant to stakeholders and consult with key constituents as
necessary including, but not limited to, the Term Loan Lenders and
the Committee;

     g. offer testimony, to the extent reasonably requested by the
Debtors, before the Court with respect to the services provided by
the CRO and the additional Personnel, and participate in
depositions, including by providing deposition testimony, related
thereto; and

     h. other services as mutually agreed upon by the CRO, BRG and
the Debtors.

Berkeley Research will be paid at these hourly rates:

      Managing Director            $725-$950
      Director                     $600-$825
      Professional Staff           $250-$625
      Support Staff                $125-$250

The fees for Mr. Coulombe's services as CRO will be in the amount
of $75,000 per month. This amount will be pro-rated as appropriate
for the start and end dates for Mr. Coulombe's services.

Berkeley Research will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Stephen Coulombe, Managing Director of Berkeley Research Group,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

BRG may be reached at:

       Stephen Coulombe
       Berkeley Research Group, LLC
       2049 Century Park East, Suite 2525
       Century City, Ca 90067
       Mobile: 617.909.1189
       Direct: 310.449.4857
       Office: 510.285.3300
       E-mail: scoulombe@thinkbrg.com

                   About Sports Authority

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.


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


* BOND PRICING: For the Week From July 4 to July 8, 2016
---------------------------------------------------------

Issuer Name               Cpn    Price   Maturity   Country  Curr
-----------               ---    -----   --------   -------  ----
Alpha Star Holding II Lt   8.45   66.477  3/19/2034     EC  USD
Andino Investment Holdin   5.36   74.336  11/25/2020    EC  USD
Andino Investment Holdin    8.5     37.1  4/10/2018     VE  USD
Anton Oilfield Services   11.75       41  10/21/2026    VE  USD
Anton Oilfield Services   8.875     19.5  3/29/2017     MN  USD
BA-CA Finance Cayman 2 L      8    6.625  12/31/2018    CL  USD
BA-CA Finance Cayman Ltd   5.75   69.812  12/1/2034     KY  USD
Banco Bilbao Vizcaya Arg  4.375    46.75  4/25/2025     KY  USD
Banco BPI SA/Cayman Isla    7.5    61.25   4/3/2017     BR  USD
Banco do Brasil SA/Cayma    7.5    45.88                KY  USD
Banco do Brasil SA/Cayma    7.5     44.2                KY  USD
Banco do Brasil SA/Cayma     10  128.271  12/31/2020    KY  USD
Banco do Brasil SA/Cayma  4.625   69.075   3/1/2021     KY  USD
Banco Santander Puerto R    7.5       45  4/25/2019     HK  USD
BCP Singapore VI Cayman   8.625     68.5  11/1/2018     AE  USD
BCP Singapore VI Cayman  0.9551    42.75  12/1/2039     KY  USD
CA La Electricidad de Ca   5.93   73.652  11/1/2021     EC  USD
Caixa Geral De Depositos    9.5    29.75  4/23/2019     BR  USD
China Shanshui Cement Gr  7.375   69.875  1/31/2020     PE  USD
China Shanshui Cement Gr    6.5   69.989  12/1/2023     EC  USD
China Shanshui Cement Gr      7    47.25  4/21/2020     KY  USD
CSN Islands XI Corp        5.93   73.051   1/1/2022     EC  USD
CSN Islands XI Corp       10.75   34.639  2/12/2023     BR  USD
CSN Islands XII Corp          7    73.33  1/17/2023     CO  COP
CSN Islands XII Corp       3.95   61.977  3/15/2022     KY  USD
Decimo Primer Fideicomis  6.375   73.875  5/15/2043     CR  USD
Decimo Primer Fideicomis    7.7   68.067   7/1/2029     EC  USD
Delta Investment Horizon   5.36   75.108  12/30/2020    EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes    7.5   65.375   4/3/2017     BR  USD
Ecuador Government Domes      6   43.875   4/5/2023     KY  USD
Ecuador Government Domes   6.25   73.089   4/6/2017     VE  USD
Ecuador Government Domes  6.375   73.835  5/15/2043     CR  USD
Ecuador Government Domes      6       31  5/16/2024     VE  USD
Ecuador Government Domes   9.75    36.95  5/17/2035     VE  USD
Ecuador Government Domes  4.625     69.5  5/21/2023     CN  USD
Ecuador Government Domes    8.5    75.01  5/25/2016     CN  USD
Ecuador Government Domes      3   74.109  5/26/2020     ID  USD
Ecuador Government Domes   8.45   65.784  5/30/2034     EC  USD
Ecuador Government Domes   9.25       35   5/7/2028     VE  USD
Ecuador Government Domes  4.875   75.819   6/1/2027     KY  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes    7.7   68.164  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes   8.45   65.975  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes    7.7   68.158  6/12/2029     EC  USD
Ecuador Government Domes    7.7   68.195  6/12/2029     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   7.75   70.121  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes  5.125    43.35  6/26/2022     KY  USD
Ecuador Government Domes  5.125   44.625  6/26/2022     KY  USD
Ecuador Government Domes  7.125     43.5  6/26/2042     KY  USD
Ecuador Government Domes  7.125       42  6/26/2042     KY  USD
Ecuador Government Domes   5.25       43  6/27/2029     KY  USD
Ecuador Government Domes   6.35    31.25  6/30/2021     KY  USD
Ecuador Government Domes   6.35     31.5  6/30/2021     KY  USD
Ecuador Government Domes    7.7   68.032   7/1/2029     EC  USD
Ecuador Government Domes    7.7   68.067   7/1/2029     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes   8.45   65.863   7/1/2034     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes 13.625       62  8/15/2018     VE  USD
Ecuador Government Domes 13.625       45  8/15/2018     VE  USD
Ecuador Government Domes 13.625   49.881  8/15/2018     VE  USD
Empresa de Telecomunicac   5.64   71.931  12/30/2021    EC  USD
Empresa de Telecomunicac   5.42       50  3/28/2019     NO  NOK
Empresa Generadora de El   8.25    45.75  4/25/2018     KY  BRL
Empresa Generadora de El  4.625   72.512  5/21/2023     CN  USD
ESFG International Ltd     5.25       52  4/12/2017     VE  USD
General Exploration Part  5.125    34.75  12/15/2017    BR  EUR
General Shopping Finance   6.21   71.552  11/25/2023    EC  USD
General Shopping Finance  11.75    70.75  4/23/2018     KY  USD
Global A&T Electronics L   7.75   69.333  11/7/2028     EC  USD
Global A&T Electronics L   5.93   73.359  12/1/2021     EC  USD
Global A&T Electronics L     10    62.75   2/1/2019     SG  USD
Global A&T Electronics L   8.45   66.646   2/6/2034     EC  USD
Gol Finance Inc            6.75    23.75  10/1/2022     KY  USD
Gol Finance Inc           8.625    67.75  11/1/2018     AE  USD
Gol Finance Inc            4.15     71.5  11/14/2035    KY  EUR
Gol Finance Inc            5.25    47.25  3/15/2042     KY  USD
Gol Finance Inc           5.375    31.45  4/12/2027     VE  USD
Gol Finance Inc             5.5    32.64  4/12/2037     VE  USD
Gol Finance Inc            8.25    45.75  4/25/2018     KY  BRL
Golden Eagle Retail Grou      6    70.25  10/25/2041    PA  USD
Golden Eagle Retail Grou   6.95       65   4/1/2025     KY  USD
Greenfields Petroleum Co  12.75     42.4  2/17/2022     VE  USD
Honghua Group Ltd           6.5    67.24  11/15/2020    KY  USD
Honghua Group Ltd          8.45   66.414   4/2/2034     EC  USD
Instituto Costarricense    7.75   69.149  11/8/2028     EC  USD
Instituto Costarricense     7.5   51.602  4/15/2031     KY  USD
Inversiones Alsacia SA      7.5   46.274  11/6/2018     CN  USD
Inversiones Alsacia SA       10    62.75   2/1/2019     SG  USD
Inversora Electrica de B    7.5       34  4/25/2019     HK  USD
Kaisa Group Holdings Ltd   5.64   70.192  11/25/2021    EC  USD
Kaisa Group Holdings Ltd   5.61   68.567  12/1/2022     EC  USD
MIE Holdings Corp          7.75   70.495  10/23/2028    EC  USD
MIE Holdings Corp          6.21   71.691  11/1/2022     EC  USD
MIE Holdings Corp             8    57.65  4/15/2021     KY  USD
Mongolian Mining Corp       5.5     36.5  10/23/2020    BR  USD
Mongolian Mining Corp     8.875       16  3/29/2017     MN  USD
NB Finance Ltd/Cayman Is   7.75   69.111  11/8/2028     EC  USD
Newland International Pr  12.75    44.25  2/17/2022     VE  USD
Newland International Pr      7   46.125  4/21/2020     KY  USD
Noble Holding Internatio  6.625       22  10/1/2022     KY  USD
Noble Holding Internatio   5.75    61.11  10/24/2023    BR  USD
Noble Holding Internatio  4.125    61.46  11/1/2022     BR  USD
Noble Holding Internatio      6    30.75  11/15/2026    VE  USD
Noble Holding Internatio   5.93   71.815  11/25/2022    EC  USD
Noble Holding Internatio    7.5     46.5  11/6/2018     CN  USD
Noble Holding Internatio   7.75   69.371  11/7/2028     EC  USD
Noble Holding Internatio  9.875    31.05  11/9/2019     BR  USD
Odebrecht Drilling Norbe   7.25   53.375  1/18/2018     KY  USD
Odebrecht Drilling Norbe   7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         7    38.55                BR  USD
Odebrecht Finance Ltd         7     39.5                BR  USD
Odebrecht Finance Ltd     5.753        1                KY  EUR
Odebrecht Finance Ltd      7.75    37.25  10/13/2019    VE  USD
Odebrecht Finance Ltd      8.25    35.75  10/13/2024    VE  USD
Odebrecht Finance Ltd         9    35.75  11/17/2021    VE  USD
Odebrecht Finance Ltd         4   70.666  11/4/2023     AR  USD
Odebrecht Finance Ltd    0.9551    42.75  12/1/2039     KY  USD
Odebrecht Finance Ltd      7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         8     74.5  12/20/2049    CN  CNY
Odebrecht Finance Ltd         6    33.25  12/9/2020     VE  USD
Odebrecht Finance Ltd      3.38   63.175   2/7/2035     KY  EUR
Odebrecht Finance Ltd    3.8734       98  3/21/2017     KY  USD
Odebrecht Finance Ltd         7       36  3/31/2038     VE  USD
Odebrecht Finance Ltd      7.45    53.07  4/15/2027     KY  USD
Odebrecht Finance Ltd     6.875   73.411  4/22/2016     CN  CNY
Odebrecht Offshore Drill  9.375    37.75  1/13/2034     VE  USD
Odebrecht Offshore Drill      6   29.125  10/28/2022    VE  USD
Odebrecht Offshore Drill  7.125    65.73  12/15/2021    KY  USD
Odebrecht Offshore Drill   7.75   69.066  12/19/2028    EC  USD
Oi SA                         7    73.33  1/17/2023     CO  COP
Oi SA                         8        6  12/31/2018    CL  USD
Pesquera Exalmar SAA     2.8791   73.715  11/30/2032    CL  USD
Pesquera Exalmar SAA       7.65     35.5  4/21/2025     VE  USD
Petroleos de Venezuela S   6.25    54.25                KY  USD
Petroleos de Venezuela S   8.75    28.25                BR  USD
Petroleos de Venezuela S   0.99   43.333                KY  EUR
Petroleos de Venezuela S   5.95    50.25  1/30/2018     NO  NOK
Petroleos de Venezuela S  7.375     73.5  1/31/2020     PE  USD
Petroleos de Venezuela S   5.93   73.967  10/1/2021     EC  USD
Petroleos de Venezuela S  6.625   22.375  10/1/2022     KY  USD
Petroleos de Venezuela S    5.5    35.59  10/23/2020    BR  USD
Petroleos de Venezuela S  4.125       62  11/1/2022     BR  USD
Petroleos de Venezuela S     11   70.125  11/13/2020    PE  USD
Petroleos de Venezuela S     10    63.75   2/1/2019     SG  USD
Petroleos de Venezuela S  10.75   34.125  2/12/2023     BR  USD
Petroleos de Venezuela S   6.05       49   3/1/2041     KY  USD
Petroleos de Venezuela S    6.8       50  3/15/2038     KY  USD
Petroleos de Venezuela S   7.95    55.25   4/1/2045     KY  USD
Petroleos de Venezuela S      8    66.25  4/15/2021     KY  USD
Polarcus Ltd               7.75   69.371  11/7/2028     EC  USD
Provincia del Chaco           6       45   4/5/2023     KY  USD
PSOS Finance Ltd              7     41.5  12/1/2018     VE  USD
Rabobank Chile             5.25    41.55  6/27/2029     KY  USD
Republic of Ecuador Mini   8.45   65.752  5/30/2034     EC  USD
Republic of Ecuador Mini      9    37.25   5/7/2023     VE  USD
Republic of Ecuador Mini    6.4   72.465  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini   8.45    65.97  6/12/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   65.789  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   9.25     36.1  7/20/2020     BR  USD
Republic of Ecuador Mini   9.25       38  7/20/2020     BR  USD
Republic of Ecuador Mini   7.75   69.949  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    4.9   73.401   8/1/2020     KY  USD
Republic of Ecuador Mini   7.75   69.885   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini    6.2   50.923   8/1/2040     KY  USD
Republic of Ecuador Mini  12.75       43  8/23/2022     VE  USD
Republic of Ecuador Mini  11.95     40.5   8/5/2031     VE  USD
Republic of Ecuador Mini    7.7    67.63  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini   8.45   65.552  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   7.75   69.687  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini  5.625    72.25  9/11/2042     BR  USD
Republic of Ecuador Mini   9.75   33.382  9/15/2016     BR  BRL
Republic of Ecuador Mini   9.75   33.625  9/15/2016     BR  BRL
Republic of Ecuador Mini  9.125   67.887  9/15/2017     VE  USD
Republic of Ecuador Mini   9.25       40  9/15/2027     VE  USD
Republic of Ecuador Mini  6.875    55.25  9/21/2019     KY  USD
Republic of Ecuador Mini  6.875       57  9/21/2019     KY  USD
Republic of Ecuador Mini   7.45   45.015  9/25/2019     CN  USD
Republic of Ecuador Mini   7.45   45.125  9/25/2019     CN  USD
Republic of Ecuador Mini    6.5     58.5  9/26/2017     AR  USD
Republic of Ecuador Mini  5.375    61.25  9/26/2024     BR  USD
Republic of Ecuador Mini  5.375    53.75  9/26/2024     BR  USD
Republic of Ecuador Mini    7.7   67.506  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini   8.45   65.454  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Samarco Mineracao SA      0.719       43                KY  EUR
Samarco Mineracao SA       7.75   69.436  10/23/2028    EC  USD
Samarco Mineracao SA       11.5   35.375  11/13/2018    CA  USD
Samarco Mineracao SA      1.353   73.375  12/17/2017    KY  EUR
Samarco Mineracao SA       6.21   68.503  12/30/2023    EC  USD
Samarco Mineracao SA       8.45   66.646   2/6/2034     EC  USD
Seagate HDD Cayman         7.75   70.495  10/23/2028    EC  USD
Seagate HDD Cayman          6.5   69.477  11/25/2024    EC  USD
Shelf Drilling Holdings   5.125   34.584  12/15/2017    BR  EUR
Shelf Drilling Holdings       8    52.15  4/15/2027     KY  USD
Siem Offshore Inc            10    67.99   2/1/2019     SG  USD
Siem Offshore Inc           7.5     79.5  3/10/2020     CN  USD
Telemar Norte Leste SA        9       68                KY  USD
Telemar Norte Leste SA     6.25    50.25                KY  USD
Telemar Norte Leste SA     5.75    61.25  10/24/2023    BR  USD
Telemar Norte Leste SA     7.75   69.149  11/8/2028     EC  USD
Telemar Norte Leste SA    6.875       49   2/6/2018     HK  USD
Telemar Norte Leste SA     5.25   43.273  3/21/2019     VE  USD
Telemar Norte Leste SA      5.6       45  3/30/2022     AE  USD
Transocean Inc               10       55                KY  USD
Transocean Inc                9    69.75                KY  USD
Transocean Inc             7.25       54  1/18/2018     KY  USD
Transocean Inc             4.54   58.625  10/25/2041    PA  USD
Transocean Inc               11       70  11/13/2020    PE  USD
Transocean Inc             6.75  104.4036 11/5/2021     PY  USD
Transocean Inc              7.5   75.375  12/10/2028    PR  USD
Transocean Inc             8.45   66.618   2/6/2034     EC  USD
US Capital Funding IV Lt   7.75   70.502  4/25/2028     EC  USD
US Capital Funding IV Lt   9.75    37.65  5/17/2035     VE  USD
Usiminas Commercial Ltd      10       55                KY  USD
Usiminas Commercial Ltd    8.45   66.451  3/19/2034     EC  USD
USJ Acucar e Alcool SA      6.5   69.901   1/1/2024     EC  USD
USJ Acucar e Alcool SA     5.93   73.323  12/30/2022    EC  USD
Vale SA                    6.21   71.086   1/1/2023     EC  USD
Vantage Drilling Interna  9.875    33.25  11/9/2019     BR  USD
Venezuela Government Int    6.5   69.654                IE  USD
Venezuela Government Int   8.75   30.125                BR  USD
Venezuela Government Int   6.75    24.01  10/1/2022     KY  USD
Venezuela Government Int    4.3   54.766  10/15/2022    KY  USD
Venezuela Government Int    5.5     35.5  10/23/2020    BR  USD
Venezuela Government Int    6.5   70.288  11/1/2023     EC  USD
Venezuela Government Int      6    31.21  11/15/2026    VE  USD
Venezuela Government Int      9     33.9  11/17/2021    VE  USD
Venezuela Government Int    8.5    53.55  11/2/2017     VE  USD
Venezuela Government Int   8.45   66.477  3/19/2034     EC  USD
Venezuela Government Int    7.5   68.052   4/3/2017     BR  USD
Venezuela Government Int      6    30.25  5/16/2024     VE  USD
Venezuela Government Int    8.5    75.01  5/25/2016     CN  USD
Venezuela Government Int   8.45   65.784  5/30/2034     EC  USD
Venezuela Government Int      9     12.5  5/31/2017     US  CAD
Venezuela Government Int    7.7   68.195  6/12/2029     EC  USD
Venezuela Government TIC   8.45   66.414   4/2/2034     EC  USD
Venezuela Government TIC    9.5    30.05  4/23/2019     BR  USD
Venezuela Government TIC  4.375       41  4/25/2025     KY  USD
VRG Linhas Aereas SA        8.1   53.131  12/15/2041    KY  USD
VRG Linhas Aereas SA       8.45   66.386   4/2/2034     EC  USD
XLIT Ltd                    8.5       53  11/2/2017     VE  USD



                            ***********


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


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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
202-362-8552.


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