TCRLA_Public/160825.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

            Thursday, August 25, 2016, Vol. 17, No. 168


                            Headlines



A R G E N T I N A

ARGENTINA: Growers Give Away Produce to Protest "Pitiful" Prices
BANCO PATAGONIA: Moody's Puts Ba3 Rating on Review for Downgrade


B R A Z I L

EMPRESA BAIANA: Moody's Assigns Ba3 Global Scale Issuer Rating
GAIA SECURITIZADORA: Moody's Rates 3rd Series of 1st Issuance Ba2
ODEBRECHT ENGENHARIA: Moody's Cuts GS CFR to B3; Puts Under Review


C A Y M A N  I S L A N D S

ASIA PRINTERS: Members' Final Meetings Set for Oct. 7
CONOCOPHILLIPS EAST: Shareholders' Meeting Set for Sept. 13
CONOCOPHILLIPS GABON: Shareholders' Meeting Set for Sept. 13
CONOCOPHILLIPS GUYANA: Shareholders' Meeting Set for Sept. 13
CONOCOPHILLIPS IVORY: Shareholders' Meeting Set for Sept. 13

CONOCOPHILLIPS MAJUNGA: Shareholders' Meeting Set for Sept. 13
CONOCOPHILLIPS MOZAMBIQUE: Shareholders' Meeting Set for Sept. 13
CONOCOPHILLIPS ST ANDRE: Shareholders' Meeting Set for Sept. 13
LEGACY FIFTH: Shareholder to Hear Wind-Up Report on Sept. 30
OC 521 OFFSHORE: Shareholders' Final Meeting Set for Sept. 8

TIGER GLOBAL: Members' Final Meetings Set for Sept. 7
TIGER GLOBAL VI: Members' Final Meetings Set for Sept. 7


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Booze War Quietly Escalates in Country


J A M A I C A

JAMAICA: FINSAC Commission of Enquiry to be Reconstituted
SCOTIA GROUP JAMAICA: Several Management Officers Resign


M E X I C O

LAZARO CARDENAS: Moody's Lowers Rating to B1; Outlook Negative


P E R U

HOCHSCHILD MINING: Moody's Raises CFR to B1; Outlook Positive


P U E R T O    R I C O

AEROPOSTALE INC: Duels with Sycamore Over Bankruptcy
E. MENDOZA & CO: Case Summary & 19 Largest Unsecured Creditors
LA CASA DEL MAESTRO: Wants Plan Filing Period Extended to Oct. 21


T R I N I D A D  &  T O B A G O

* TRINIDAD  &  TOBAGO: US Dollars Going for TT$7 and Above
* TRINIDAD  &  TOBAGO: To Present How Economy Fared in 2016


U R U G U A Y

PATAGONIA URUGUAY Moody's Puts Ba3 Rating on Review for Downgrade


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Growers Give Away Produce to Protest "Pitiful" Prices
----------------------------------------------------------------
EFE News reports that farmers from the southern Argentine
provinces of Rio Negro and Neuquen gave away 10 tons of fruit in
downtown Buenos Aires to protest the "pitiful" prices paid to
growers compared to the prices consumers paid for produce.

"We are giving the fruit away because we are not being paid, and
we are throwing it away," Sebastian Hernandez, president of the
Allen Fruit Growers Association in northern Rio Negro, told EFE in
the Plaza de Mayo.

The report notes that the goal "is to show consumers that they are
paying between ARS30 and 40 per kilogram (about US$1.25 per
pound), when we, the farmers, are being paid less than ARS3(25
cents) per kilogram," the report quoted Mr. Hernandez as saying.

Argentina's fruit growers expect a solution because, otherwise,
"more than 50 percent of the farmers will disappear, or they will
not produce quality fruit again," Mr. Hernandez said, the report
notes.

"We want to be paid what is fair, no more," Mr. Hernandez said,
the report relays.

About 2,000 people gathered in the downtown square outside the
Casa Rosada presidential palace in front of piles of cases filled
with apples and pears. The giveaway was completed in about two
hours, the report notes.

Elsa Alcaraz, one of the people waiting to get some fruit, said
she supported the farmers and their plight "broke her heart," the
report adds.

                           *     *     *

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

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

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

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


BANCO PATAGONIA: Moody's Puts Ba3 Rating on Review for Downgrade
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
placed on review for downgrade Banco Patagonia S.A.'s supported
local currency ratings, including the Ba3 long-term deposit
rating, the Ba3 senior unsecured debt rating, and the Aaa.ar
national scale deposit rating.  The foreign currency senior
unsecured debt ratings, both in global and local currencies, of
(P)B2 and A1.ar assigned to Patagonia's MTN program were also
placed on review for downgrade, as well as the bank's adjusted
baseline credit assessment (BCA) of ba3.  The global and national
scale foreign currency deposit ratings of Caa1 and Ba1.ar, as well
as the bank's short-term ratings were not affected.

MLA's also placed on review for downgrade all ratings assigned to
GPAT Compania Financiera S.A. (GPAT), a subsidiary of Banco
Patagonia, including the B1 long-term global scale local currency
issuer and senior unsecured debt ratings, as well as the Aa3.ar
local currency national scale issuer and senior unsecured debt
ratings.  The long term foreign currency senior unsecured debt
rating of (P)B2 and A1.ar assigned to GPAT's MTN program were also
placed on review for downgrade.

This action on Banco Patagonia and its subsidiary GPAT Compania
Financiera was prompted by the announcements made by Patagonia and
by its controlling shareholder, Banco do Brasil (BB), that BB is
considering an eventual public offering of its shares.

These ratings and assessments assigned to Banco Patagonia S.A.
were placed on review for downgrade:

  Long-term local currency deposit rating of Ba3
  Long-term national scale local currency deposit rating of Aaa.ar
  Long-term local currency senior unsecured debt rating of Ba3
  Long-term local currency senior unsecured debt rating assigned
  to MTN program of (P)Ba3
  Long-term foreign currency senior unsecured rating assigned to
  program of (P)B2
  Long-term national scale local currency senior unsecured debt
  rating of Aaa.ar
  Long-term national scale local currency senior unsecured debt
  rating assigned to program of Aaa.ar
  Long-term national scale foreign currency senior unsecured debt
  rating assigned to program of A1.ar
  Long-term local currency counterparty risk assessment (CRA) of
  Ba3(cr)
  Adjusted Baseline Credit Assessment of ba3

These ratings assigned to GPAT Compania Financiera S.A. were
placed on review for downgrade:

  Long-term Corporate Family rating in local currency of B1
  Long-term local currency issuer rating of B1
  Long-term national scale local currency issuer rating of Aa3.ar
  Long-term local currency senior unsecured debt rating of B1
  Long-term local currency senior unsecured debt rating assigned
  to program of (P)B1
  Long-term national scale local currency senior unsecured debt
  rating of Aa3.ar
  Long-term national scale local currency senior unsecured debt
  rating assigned to program of Aa3.ar
  Long-term foreign currency senior unsecured debt rating assigned
  to program of (P)B2
  Long-term national scale foreign currency senior unsecured debt
  rating assigned to program of A1.ar

                         RATINGS RATIONALE

BANCO PATAGONIA

The review for downgrade will entail a reassessment of the
likelihood that Patagonia will receive affiliate support from
controlling shareholder Banco do Brasil if Patagonia faces
financial stress.  The review follows BB's recent announcement
that it is considering a public offering of its shares in
Patagonia. Patagonia's current ratings incorporate three notches
of uplift to reflect a very high likelihood of affiliate support.

BB's announcement is in line with its current strategy of
optimizing its capital allocation, and comes at a time when the
bank is facing capitalization and asset quality pressures.  The
bank's capital optimization strategy may indicate a reduced
willingness on its part to provide support to Patagonia.

                 WHAT COULD MAKE THE RATING GO DOWN

A reduction of Moody's assessment of the likelihood that Patagonia
would receive affiliate support from BB would put downward
pressure on Patagonia's rating.  If BB sells a portion of its
stake in Patagonia such that there is no new controlling
shareholder, or the new controlling shareholder is either unrated
or is not rated as highly as BB, Patagonia's ratings could be
downgraded by as many as three notches.  However, Moody's may
revise its assessment of BB's willingness to provide support prior
to an official announcement of the sale of its stake, or the
identification of a buyer.  However, Patagonia's ratings could be
confirmed at their current levels if BB announces the sale of its
stake to another entity rated at least as highly as BB that
exhibits a very high willingness to support Patagonia.  In
addition, a downgrade of Banco do Brasil's BCA before the
conclusion of the review would also pressure Patagonia's supported
ratings and adjusted BCA downwards.

                      GPAT COMPANIA FINANCIERA

The review for downgrade of GPAT's ratings is in line with the
review of its parent Banco Patagonia's ratings, and considers the
strong linkages between the operations of the bank and this
subsidiary.  GPAT is a finance company mainly focused on the
financing of General Motors vehicle purchases by individuals
through car dealers.  The company offers its products through
Banco Patagonia's branch network and the wholesale funding for
dealers is currently offered by Banco Patagonia, while GPAT
provides all the back office services for this financing.

                WHAT COULD MAKE THE RATING GO DOWN

A downgrade of Patagonia's local currency supported ratings could
trigger further downgrades of GPAT's ratings.

                         METHODOLOGIES USED

The methodology used in rating Banco Patagonia S.A. was Banks
published in January 2016.  The methodology used in rating GPAT
Compania Financiera was Finance Companies published in October
2015.

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

Banco Patagonia is headquartered in Buenos Aires and had
consolidated assets of ARS59.6 billion and shareholders' equity of
ARS9.2 billion as of June 2016.  GPAT is 99% owned by Banco
Patagonia.


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B R A Z I L
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EMPRESA BAIANA: Moody's Assigns Ba3 Global Scale Issuer Rating
--------------------------------------------------------------
Moody's America Latina Ltda has assigned an issuer rating of Ba3
on the global scale and A2.br on the Brazilian national scale to
Empresa Baiana de Agua e Saneamento S.A, the outlook is negative.

                         RATINGS RATIONALE

The global and national scale issuer ratings of Ba3/A2.br for
Embasa reflect (i) the company's relatively stable operating
performance over the last five years underpinned by regular tariff
adjustments, (ii) low leverage reflected in the strong debt-based
credit metrics relative to peers, (iii) conservative financial
policy evidenced by the absence of dividend payments over the last
three years, and (iv) expectations that the company's controlling
shareholder, the state of Bahia (Ba3/A2.br, negative) will
continue to support the company to the extent possible given its
limited fiscal position.

Embasa's issuer ratings also reflect: (i) the absence of clearly
defined regulatory provisions regarding the company's asset base
and investment recovery mechanisms, (ii) high infrastructure needs
and a concession area with wealth levels below the national
average, (iii) lower EBITDA margins relative to national peers,
and (iv) expectations that an intense capital expenditure program
will result in negative free cash flow generation over the medium
term.

Embasa's ratings are constrained by the company's dependence on
the state of Bahia, its controlling parent, and by its exposure to
the state's economy.

Moody's views the regulatory framework under which Embasa operates
as still developing.  The company benefits from a long track
record of annual tariff adjustments that have been consistently
set above inflation as well as from a tariff reset mechanism based
on non-discretionary costs and inflation.  In 2011, the regulator
granted the company an extraordinary tariff increase to compensate
for future investments.  Yet, Embasa's current frawework lacks an
established and comprehensive tariff setting mechanism, that
includes clearly defined returns on investments, based on
operational efficiency, and the definition of a regulated asset
base.  The company's tariff compensation is defined by the state's
government which leaves some room for political intervention.

The Ba3/A2.br ratings take into account Embasa's more challenging
area of operations relative to other water utilities rated by
Moody's.  Lower wealth levels in the state of Bahia, evidenced by
a GDP per capita representing only 53% of the national average,
have resulted in slower development of water and sewage
infrastructure relative in the rest of the country in particular
in the south-eastern region.  While around 77% of the state's
population has access to water, only 31% is covered with sewage
infrastructure.  As a comparison sewage coverage is 48% on average
in Brazil and reaches 68% in the state of Parana.  Embasa's water
network also features a higher loss rate of 40%, compared to 30-
35% for national rated peers.  The deficit in sewage
infrastructure will continue to weigh on Embasa's capital
investment needs and on cash flow generation, as the reduction of
loss rates is a large part of the company's business strategy.

The progressive rollout water and sewage network combined with
regular tariff adjustments have led Embasa to report relatively
stable operating performance over the last five years.  From 2011
to 2015, revenues grew by 4% on average (on a real terms basis)
and EBITDA margins were kept within a range of 20-23%.  Margins
have recently eroded however, to reach a low 20% in 2015 due to a
combination of higher energy costs and personnel expenses.
Moody's expects Embasa's on-going efforts to reduce costs will
enable the company to improve and maintain margins within a 21-23%
range going forward.

Embasa's controlling parent the state of Bahia has been highly
involved and supportive of Embasa's activities, a positive for the
ratings.  The state provides supports through a very conservative
dividend payout policy, the redirection of some taxes towards
investments, or the direct funding of some works.  The provision
of water and sewage services is an essential part of public
service and Moody's expects the state will remain supportive of
Embasa going forward.  Although the agency notes that ability to
support is currently constrained by the deterioration of the
state's fiscal position amid Brazil's on-going recession.

Embasa's capital structure has a relatively low leverage,
evidenced by net debt to EBITDA reported at 2.49x as of Dec. 31,
2015, a ratio that includes a BRL 292 million loan (28% of
December 2015 debt outstanding) borrowed by the state of Bahia
with the Inter-American Development Bank (IDB) which is on-lent to
the company and fully guaranteed by the federal government.  This
resulted in relatively strong credit metrics.  In 2015, Embasa's
FFO interest coverage stood at 5.7x (down from 8.3x in 2014) while
FFO to Net debt reached 33% (down from 39% in 2014), standing at
the higher end of the range for Moody's rated water utilities.
While the agency anticipates a weakening in Embasa's cash flow
generation going forward as the company takes on more debt to
accommodate for its intense capital expenditures program, credit
metrics should remain relatively strong for the rating category.

Moody's regards Embasa's liquidity profile as adequate.  As of
Dec. 31, 2015, the company had BRL 77 million in available cash,
which covered 55% of its debt obligation for 2016.  However
Embasa's large capex programme requires significant financial
resources which weight negatively on its free cash flow
generation.  In Moody's view, Embasa's on-going capex plan will
result in negative free cash flow generation in the coming years,
leaving the company to rely largely on refinancing to cover its
upcoming debt maturities.  Embasa's creditors are all public
institutions : federal banks CEF, BNDES and multilaterals such as
the IDB.  BNDES's debt contains financial covenants based on
EBITDA Margins, Net Debt to EBITDA and Interest Coverage.  As of
Dec. 31, 2015, Embasa had headroom under its covenants, although
it reported EBITDA margins of 20% just at the required level.  The
agency anticipates that Embasa will maintain adequate headroom
under its financial covenants and will be able to successfully
refinance its debt maturities.

                  RATIONALE FOR NEGATIVE OUTLOOK

Embasa's rating outlook is negative, reflecting the issuer ratings
for the state of Bahia (Ba3/A2.br, negative) and capturing the
agency's view that the company cannot be rated higher than its
controlling regional government.

                WHAT COULD CHANGE THE RATING UP/DOWN

In light of the negative outlook, an upgrade of the ratings is
unlikely in the near term.  However sustained improvements in
Embasa's credit metrics such that FFO interest coverage moves
above 8x and FFO to Net Debt reaches 40%, along with an upgrade of
the ratings for the state of Bahia could lead to a rating upgrade.

Upward pressure could also develop after the successful
implementation of a more robust regulatory framework including
well-defined tariff setting mechanism for cost and investment
recovery based on the definition of a regulatory asset base.

Downward rating pressure could arise in the event of a marked
deterioration in Embasa's liquidity profile, evidenced by a breach
of covenant and/or difficulties in accessing funding as and when
needed to cover its investments.  Unfavorable regulatory
developments, adverse political intervention and/or a weakening of
support coming from Embasa's controlling parent the state of Bahia
would likely result in a rating downgrade.

                      PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Regulated Water
Utilities published in December 2015, and Government-Related
Issuers published in October 2014.

Embasa is a water utility company operating in the state of Bahia,
Brazil.  The company provides water service to around 3.77 million
households in 366 municipalities of the state (covering around 88%
of the state's total municipalities); and sewage services to 1.46
million households in 96 municipalities.  In 2015, Embasa reported
net revenues of 2,596 million (2,579 million in 2014) and EBITDA
of 453.2 million (457 million in 2014).  Embasa is wholly-owned
and controlled by the state of Bahia.


GAIA SECURITIZADORA: Moody's Rates 3rd Series of 1st Issuance Ba2
-----------------------------------------------------------------
Moody's America Latina Ltda. has assigned ratings of Ba2 (sf)
(global scale, local currency) and Aa1.br (sf) (national scale) to
the third series of the first issuance of real estate certificates
(certificados de recebiveis imobiliarios or CRI) issued by Gaia
Securitizadora (GaiaSec, not rated).

Issuer: Gaia Securitizadora S.A.

  Deal Name: Gaia Securitizadora -- Third series of the first
   issuance: certificates rated Ba2 (sf) / Aa1.br (sf)

                         RATINGS RATIONALE

The CRI issued by GaiaSec are backed by a static pool of
residential real-estate loans originated and serviced by Banco do
Brasil S.A. (seller, originator and primary servicer, rated Ba2
long term deposits, local currency).  The CRI also benefit from
credit support of the seller, as Banco do Brasil is required under
the assignment agreement to repurchase any loans that become over
35 days in arrears during the course of the transaction.  The
ratings address the expected loss posed to investors by the legal
final maturity.

Moody's has not given credit to the underlying pool of real estate
loans nor the associated real estate collateral.  Any future
change in the local currency deposit ratings of Banco do Brasil
may lead to a change in the ratings on the CRI.

The ratings on the CRI are based on these factors:

   -- Repurchases: Ability of Banco do Brasil to honor its
      contractual obligation to repurchase loans that become more
      than 35 days past due.  Any future rating changes to Banco
      do Brasil may lead to a change of the rating assigned to the
      CRI.  Moody's rates Banco do Brasil S.A's local-currency
      deposit ratings at Aa1.br (national scale) and Ba2 (global
      scale).

   -- Segregated assets: The CRI benefit from the fiduciary regime
      (regime fiduciario) over the segregated assets (patrimonio
      separado) linked to the issuance of the CRI.  Under the
      fiduciary regime, segregated assets linked to the CRI are
      segregated from the balance sheet of the issuer of the CRI,
      thus constituting a separate pool of assets segregated for
      the repayment of the CRI.  However, Moody's notes that there
      is a residual legal risk that tax, labor and pension
      creditors of the securitization company GaiaSec will affect
      the real estate credits.  However, the fact that GaiaSec, as
      of Aug. 23, has no direct employees partially mitigates this
      risk.

   -- Cash commingling: Monthly collections received by Banco do
      Brasil will be deposited into a central collection account
      held by the issuer at Banco do Brasil.  The central
      collection account is also segregated for the benefit of
      this issuance and hence is not part of the issuer's balance
      sheet.  Monthly collections are fully distributed according
      to the priority of payments schedule.

   -- Pass-through structure; mitigated interest risk: The senior
      certificates have a tenor of 15 years and the certificates
      balance are adjusted by TR (taxa referencial) index, with a
      coupon of 7.7151%.  The residential real estate loan
      portfolio has an average interest rate of 10.03% per annum
      and is also adjusted by the TR index, thereby mitigating
      interest rate mismatches.  Principal prepayments on the
      underlying loans will be used to prepay principal on the
      senior and subordinated certificates on a pro rata basis, if
      the asset coverage ratio (Gatilho I) is higher than 110%.

   -- Insufficient assets: as of July 2016 the asset coverage
      ratio considering receivables due until the senior CRI legal
      final maturity and cash reserve was 99.85% because issuance
      costs of the transaction are covered with issuance proceeds.
      However, this risk of 15bps, is mitigated by the 1.74% of
      annual excess spread, that will increase the asset level,
      covering for this insufficiency.  Moody's expect this risk
      to be fully mitigated in approximately 2 months.

   -- Credit enhancement: The transaction also issued a
      subordinated series of CRIs (the fourth series of real
      estate certificates, not rated) equivalent to 4.31% of the
      acquired portfolio of real estate loans.  The third series
      of real estate certificates will have a net excess spread of
      1.74% per annum.

This transaction is the fifth real estate certificate transaction
issued by GaiaSec and backed by Banco do Brasil real estate loans
that Moody's rates.  The previous four issuances -- the 22nd
series of the fifth issuance, the 45th series of the fourth
issuance, the 73rd series of the fourth issuance and the 83rd
series of the fourth issuance -- are performing according to
Moody's expectations.

GaiaSec, headquarted in Sao Paulo, is a real estate securitization
company (companhia securitizadora de creditos imobiliarios)
authorized to issue CRI.  GaiaSec was incorporated in July 2005,
and its first issuance is dated August 2009.  GaiaSec financial
auditor is Deloitte.  To date, GaiaSec has issued more than 100
transactions, totaling more than BRL10 billion.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Any changes in the local-currency deposit ratings of Banco do
Brasil could lead to a change in the ratings on the CRI.


ODEBRECHT ENGENHARIA: Moody's Cuts GS CFR to B3; Puts Under Review
------------------------------------------------------------------
Moody's America Latina downgraded to B2.br from Ba2.br the
corporate family rating assigned on its Brazilian National scale
to Odebrecht Engenharia e Construcao S.A. (OEC).  At the same
time, Moody's Investors Service downgraded to B3 from B2 the
corporate family rating assigned on its global scale to OEC.  The
ratings are under review for further downgrade.

Ratings downgraded:
Issuer: Odebrecht Engenharia e Construcao S.A. (OEC), Brazil

   -- Corporate Family Rating: to B2.br from Ba2.br (National
      Scale Rating)

The outlook is under review.

                         RATINGS RATIONALE

The ratings downgrade reflects Moody's perception of increased
credit risk for OEC, due to the company's evolving liquidity and
reputational risks amid business uncertainties and the unfavorable
environment for infrastructure investments in Latin America.
Despite OEC's strong expertise in construction and solid track
record of execution in complex engineering projects, its
competitive edge has been severely challenged by the ongoing
corruption allegations.  The prolonged investigation procedures
resulted in weaker investor's sentiment and more limited funding
availability to the group's projects.

Odebrecht S.A., OEC's parent, is reportedly seeking a definitive
collaboration within the scope of "Lava Jato" Operation and it is
discussing a leniency agreement with the authorities.  However,
the meaning of the collaboration agreement has not been disclosed
yet, neither were the terms and economic and financial effects for
the group or the construction company.  Accordingly, Moody's
review will focus on the timely completion of this process, which
Moody's deems as paramount to remove the uncertainties for the
company's operating sustainability.

Adding pressure to OEC's businesses are the softer growth rates in
infrastructure spending throughout Latin America, reflective of
political uncertainties, fiscal constraints and lower commodity
prices trends to the metals and mining and oil and gas industries.
A situation that we expect to continue at least through 2017.

The combined impact from the corruption investigations and weaker
industry outlook has not only affected the contracting environment
for new projects, it has also triggered adjustments in the pace of
production of OEC's existing contracts and caused delays in the
negotiation of amendments or cost-plus contract arrangements.  As
a result, the company's credit profile and liquidity position has
deteriorated through the first quarter of 2016 (1Q16) quicker than
Moody's anticipated and we expect limited room for improvement in
cash flow generation towards the rest of this year.

After posting a 17% project backlog reduction in 2015, OEC
reported another 11% reduction during the 1Q16.  This most recent
backlog reduction has been accompanied by a cash burn of $660
million, that came after a $1.9 billion reduction in cash balance
in 2015, due to the pace of production and delays in the
collection of receivables.  The EBIT margin remained relatively
stable at around 8% in 2015 and 2014, but it has deteriorated to
5% in 1Q16 with higher operating costs.  Hyperinflation and
currency devaluation in Venezuela are also to blame, given that
projects in this region represent around 19% of OEC's total
backlog.

Sizeable monetary fines or other business sanctions arising from
any corruption charges could further impair OEC's liquidity.  As
such, a settlement with authorities could be seen as a positive
credit development, depending on the specific conditions of the
agreement.  But prolonged delays in the completion of a leniency
agreement will continue to jeopardize the company's liquidity and
affect its operating sustainability.

Additionally, Moody's believes that OEC is not fully insulated
from the weak credit profile of other companies within the
Odebrecht's group.  The financial distresses experienced in other
subsidiaries of the group could negatively affect OEC given its
exposure to intercompany contracts and limited ring fencing
provisions to prevent cash distributions.  Despite the positive
development on the group's recent efforts to concluded complex
debt renegotiations and asset monetization strategies, there are
some relevant negotiations pending completion while the group
still needs to address large short term debt maturities in a
period of limited cash flow generation.

OEC's ratings could be further downgraded if Moody's perceives a
higher risk from the developments of the legal proceedings, such
as evidence that a leniency agreement will not be signed over the
next couple months, or that the company will be subject to larger
than expected monetary fines, business sanctions or contract
cancelations leading to backlog deterioration that would
prospectively result in a higher leverage and/or lower liquidity
to meet its debt service requirements.

Rating confirmation may occur in the event of a constructive
resolution of the legal proceedings, along with an improvement of
the liquidity position that is enough to support the business
throughout the anticipated challenging business environment.
Rating confirmation would also be considered with evidence of
sustainable backlog growth.

The principal methodology used in this rating was Construction
Industry published in November 2014.

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

For information on the historical default rates associated with
different global scale rating categories over different investment
horizons, please see:

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

Odebrecht Engenharia e Construcao S.A., is the largest engineering
and construction company in Latin America, with $17.1 billion in
net revenues in 2015.  The company's project backlog of $28
billion is diversified into 162 contracts comprising large-scale
construction projects in the transportation segment, energy and
sewage infrastructures, buildings and industrial facilities, of
which 21% is located in Brazil, 58% in other Latin American
countries and 20% in Africa.

OEC is a subsidiary of Odebrecht S.A. (unrated), a family-owned
investment holding company for one of the largest non-financial
conglomerates in Brazil that controls Braskem S.A., the largest
chemical company in Latin America, along with other investments in
the oil & gas, energy sectors, toll roads, water sewage
concessions and real estate.  Odebrecht consolidated net revenues
reached $37.1 billion (R$124.1 billion) in 2015, of which 46%
generated by OEC, 38% by Braskem, and 16% by other subsidiaries.
As of December 2015, the group's consolidated cash position was
$6.7 billion (R$24.8 billion) for a total reported debt of
$28.2 billion (R$109.9 billion).



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


ASIA PRINTERS: Members' Final Meetings Set for Oct. 7
-----------------------------------------------------
The members of Asia Printers Group Ltd. will hold their final
meeting on Oct. 7, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


CONOCOPHILLIPS EAST: Shareholders' Meeting Set for Sept. 13
-----------------------------------------------------------
The shareholders of Conocophillips East Africa Ventures Ltd. will
hold their meeting on Sept. 13, 2016, at 11:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


CONOCOPHILLIPS GABON: Shareholders' Meeting Set for Sept. 13
------------------------------------------------------------
The shareholders of Conocophillips Gabon Ventures Ltd. will hold
their meeting on Sept. 13, 2016, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


CONOCOPHILLIPS GUYANA: Shareholders' Meeting Set for Sept. 13
-------------------------------------------------------------
The shareholders of Conocophillips Guyana Ventures Ltd. will hold
their meeting on Sept. 13, 2016, at 11:25 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


CONOCOPHILLIPS IVORY: Shareholders' Meeting Set for Sept. 13
------------------------------------------------------------
The shareholders of Conocophillips Ivory Coast Ventures Ltd. will
hold their meeting on Sept. 13, 2016, at 10:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


CONOCOPHILLIPS MAJUNGA: Shareholders' Meeting Set for Sept. 13
--------------------------------------------------------------
The shareholders of Conocophillips Madagascar Majunga Ltd. will
hold their meeting on Sept. 13, 2016, at 10:05 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


CONOCOPHILLIPS MOZAMBIQUE: Shareholders' Meeting Set for Sept. 13
-----------------------------------------------------------------
The shareholders of Conocophillips Mozambique Ventures Ltd. will
hold their meeting on Sept. 13, 2016, at 11:05 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


CONOCOPHILLIPS ST ANDRE: Shareholders' Meeting Set for Sept. 13
---------------------------------------------------------------
The shareholders of Conocophillips Madagascar Cap St Andre Ltd.
will hold their meeting on Sept. 13, 2016, at 10:25 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


LEGACY FIFTH: Shareholder to Hear Wind-Up Report on Sept. 30
------------------------------------------------------------
The shareholder of Legacy Fifth Avenue Value Creation Ira Offshore
Fund Ltd. will hear on Sept. 30, 2016, at 11:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jacqueline Stirling
          Bessemer Trust Company (Cayman) Limited
          P.O. Box 2254 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949-6674
          Facsimile: (345) 945-2722


OC 521 OFFSHORE: Shareholders' Final Meeting Set for Sept. 8
------------------------------------------------------------
The shareholders of OC 521 Offshore Fund, Ltd. will hold their
final meeting on Sept. 8, 2016, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


TIGER GLOBAL: Members' Final Meetings Set for Sept. 7
-----------------------------------------------------
The members of Tiger Global Asia Holdings, Ltd. will hold their
final meeting on Sept. 7, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gregory Seidell
          c/o Campbells
          Willow House, Cricket Square, Floor 4
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


TIGER GLOBAL VI: Members' Final Meetings Set for Sept. 7
--------------------------------------------------------
The members of Tiger Global Asia Holdings VI, Ltd. will hold their
final meeting on Sept. 7, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gregory Seidell
          c/o Campbells
          Willow House, Cricket Square, Floor 4
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


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


DOMINICAN REPUBLIC: Booze War Quietly Escalates in Country
----------------------------------------------------------
Dominican Today reports that leading rum maker Brugal confirmed
having been consulted for a National Competitiveness Commission
(CNDC) study on the impact on the domestic market of alcoholic
beverages after AmBev acquired the Dominican Nacional Brewery
(CND).

It said the regulator's study "contain the same concerns" which
Brugal has been communicating in writing to the CND for more than
two years "on their practices in the market after its merger with
AmBev," according to Dominican Today.

The Brewery incurred in anticompetitive practices affecting the
rum market in the country, according to the study, the report
notes.   "It was verified that customers are pressured to reduce
the marketing presence of Brugal rum and increase Barcelo, which
is distributed by the brewery," the study said, the report relays.

"It has been noted that AmBev-CND pressed customers to withdraw
all advertising material that had been placed in the businesses by
the company Brugal.  Those who wouldn't abide by this request,
would see the discount they receive when buying beer withdrawn, or
the supply of that product would discontinue," the study said, the
report adds.

It said AmBev-CND provides tents, stages, freezer and discounts on
the purchase of Presidente beer or Barcelo rum in exchange for
pulling the ads of Brugal rum, the report discloses.  It adds that
customers who wanted Presidente beer had to buy Barcelo rum, the
report notes.

"Brugal believes in free and fair competition as an essential part
of the institutional development of the country, and that a law
guaranteeing free and fair competition should be part of
institutional strengthening," the leading rum maker said in the
statement, the report adds.

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


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


JAMAICA: FINSAC Commission of Enquiry to be Reconstituted
---------------------------------------------------------
RJR News reports that nearly five years after the FINSAC
Commission of Enquiry held its last sitting, news has come that it
is to be reconstituted.

President of the Association of FINSAC'd Entrepreneurs (AFE) Yola
Gray-Baker, says this was outlined by Finance Minister, Audley
Shaw, during a meeting with the group, according to RJR News.

The AFE has been lobbying the government to provide funds for the
FINSAC Commission to complete its report on the investigation into
the financial sector meltdown in the late 1990's and the treatment
of persons whose debts were taken over by the entity, the report
notes.

"I met with Minister Shaw last week and he has assured me that
things are in place for the Commissioners to get things done . .
.. so we are depending on Mr. Shaw and waiting to see that this is
done," the report quoted Mr. Gray-Baker, as saying.

It was reported, that between J$10 and J$15 million is needed to
complete the FINSAC report, the report relays.

Meanwhile, the Association of Finsac'd Entrepreneurs says some
persons are yet to recover more than a decade after their debts
were taken over by FINSAC, the report says.

"There are a lot of them that are without work and are just
exisiting day to day. I've know of at least three of them who have
gone to banks to get loans and they have been turned down . . ., "
Mr. Gray-Baker added.

                           *     *     *

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'.


SCOTIA GROUP JAMAICA: Several Management Officers Resign
--------------------------------------------------------
RJR News reports that Scotia Group Jamaica (SGJ) says a number of
management officers have resigned from The Bank of Nova Scotia
Jamaica and Scotia Group Jamaica.

The resignations become effective August 31, 2016.

Assistant Company Secretary Shaun Lawson Freeman and Chief
Financial Officer Shirley Ramsaran will part ways with the
company, according to RJR News.

SGJ further advises that pending the appointment of a Chief
Financial Officer to replace Ms. Ramsaran, Mr. Frederick Williams,
Regional Chief Financial Officer, will have direct responsibility
for the Finance Department, the report notes.


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


LAZARO CARDENAS: Moody's Lowers Rating to B1; Outlook Negative
--------------------------------------------------------------
Moody's de Mexico downgraded Lazaro Cardenas' ratings to
B1/Baa3.mx from Ba3/Baa1.mx.  The outlook is negative.

                      RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO B1/Baa3.mx DE Ba3/Baa1.mx

Overall, Lazaro Cardenas' key credit metrics are no longer
consistent with the Ba3 rating category.  Lazaro Cardenas recorded
a very sharp deterioration in its key financial metrics in 2015.
Gross operating balances decreased to -22.6% of operating revenues
in 2015 from 4.5% in 2014.  The municipality also recorded a cash
financing requirement of -12.8% of total revenues in 2015 from a
surplus of 3% in 2014.

Between 2013 and 2014, Lazaro Cardenas received non-recurring own-
source revenues deriving from one-off taxes.  However, the
municipality was unable to adjust expenditures once the effects of
those non-recurring revenues waned.  Between 2014 and 2015, Lazaro
Cardenas' operating expenditures increased by 18.4% driven mostly
by personnel expenditures, while its operating revenues decreased
by 7.8%.  While Lazaro Cardenas cut capital expenditures, the
operating balance deterioration led to the aforementioned high
deficit in 2015.

Lazaro Cardenas liquidity has been tight and deteriorated over the
last two fiscal years.  Net working capital decreased from -19.7%
to -27.1% of operating expenditures, mainly driven by an
accumulation of supplier arrears.  Finally, the municipality's
cash-to-current liabilities ratio passed from 0.22 to 0.09, one of
the lowest among our Mexican-rated municipalities.  At 10.8% of
operating revenues, Lazaro Cardenas' financial debt is one of the
lowest of our portfolio.

                RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook is driven by our expectations that Lazaro
Cardenas will be unable to improve its liquidity position before
the end of this year.

                 WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, a rating upgrade in the medium-term is
unlikely.  However, the municipality's ratings could be stabilized
if it curbs current expenditures and substantially improves its
gross operating and liquidity metrics.  Conversely, the
maintenance of high operating and consolidated deficits, joined by
an increase of total debt or a deterioration in liquidity, will
exert downward pressure on the ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.


=======
P E R U
=======


HOCHSCHILD MINING: Moody's Raises CFR to B1; Outlook Positive
-------------------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2 the corporate
family rating of Hochschild Mining plc. and its senior unsecured
notes due in 2021 and issued by Compania Minera Ares S.A.C..  The
notes are fully and unconditionally guaranteed by Hochschild plc
and its main subsidiaries.  The outlook is positive.

Rating Actions:

Issuer: Hochschild Mining plc
  Corporate Family Rating: upgraded to B1 from B2

Issuer: Compania Minera Ares S.A.C.
  senior unsecured notes due 2021: upgraded to B1 from B2

Outlook Actions:
  Outlook, Changed To Positive From Stable

The upgrade to B1 reflects the improvement in Hochschild's credit
metrics observed in the 1H2016, as a result of both higher metals
prices, as well as the company's efforts to enhance the production
profile (higher volumes at lower costs), reduce leverage with
payment of debt (USD 175 million in the past 12 months), and
maintain an adequate liquidity profile.  Accordingly, part of the
recovery in EBITDA can be explained by market conditions -- in
1H16 average realized gold and silver prices were USD 1,236/oz and
USD 17.1/oz, respectively, which compares to USD 1,159/oz and USD
16.0/oz in 2015, respectively, but also from an enhanced
production and cost profile with Inmaculada, which started up in
mid-2015.  Hochschild's EBIT margins materially improved, reaching
13.5% in LTM ended June 2016, from negative levels in 2014 and
2015.  Gross leverage, measured by total adjusted debt to EBITDA,
declined from 7.8x at the end of June 2015 to 1.5x at the end of
June 2016, as a result of reduction in debt levels and improvement
in EBITDA.

                         RATINGS RATIONALE

The B1 rating reflects Hochschild's competitive cost position,
conservative financial policies and enhanced business profile, in
particular with the contribution of Inmaculada since July 2015.
Constraining the company's ratings are its limited size,
concentration of operations mostly in Peru and in two precious
metals (49% silver and 51% gold in terms of revenues as of LTM
June 2016) and susceptibility to the volatility of its prices.  A
prolonged period of lower precious metals prices can bring further
downside risk to the ratings.  The B1 senior unsecured rating for
Compania Minera Ares reflects the fully and unconditional
guarantee by Hochschild plc and its mains subsidiaries.

The positive outlook is based on our view that Hochschild will
continue to generate positive free cash flows, supported by
stronger cash flows from operations, lower capex and limited
dividend distribution, maintain adequate liquidity to service its
financial obligations and will invest in brownfield projects to
increase reserves and assure the company's long-term viability
without incurring in additional debt.

An upward rating or outlook movement would require an improvement
in size such as that revenues return to levels observed in 2012
and the company's ability to maintain its competitive cost
position and continue to invest for growth without jeopardizing
its liquidity and leverage metrics.  To the extent that Hochschild
is able to maintain a sound liquidity profile, and interest
coverage (measured by EBIT to interest expense) above 2.5x on a
sustained basis, the outlook or ratings could be positively
impacted.

Hochschild's ratings could be downgraded if profitability and cash
generation capacity materially deteriorates.  Specifically, if
EBIT margin falls and is sustained below 4% with negative free
cash flow on a sustained basis, ratings could come under downward
pressure.  Negative pressure could also result from a marked
deterioration in the company's liquidity position and increase in
debt levels such that interest coverage (measured by EBIT to
interest expense) weakens and stays below 2x for an extended
period.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Headquartered in Lima, Peru, Hochschild Mining PLC is primarily a
producer and seller of gold and silver, mined from its four core
underground mines, with three located in southern Peru and one in
southern Argentina.  For the last twelve months ended June 30,
2016, Hochschild reported consolidated revenues of USD 618
million.


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


AEROPOSTALE INC: Duels with Sycamore Over Bankruptcy
-----------------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that
Aeropostale Inc.'s doors remain open as back-to-school shoppers
hit the stores, but there is no guarantee the company will survive
for long.

According to the report, a planned auction of the massive store
chain has been pushed back to Aug. 29 as a bankruptcy judge weighs
what could be a company-ending decision for the international
seller of apparel to young adults.

Judge Sean Lane is set to rule later this week on a dispute
between Aeropostale and the private-equity firm that was at one
time one of its largest backers, Sycamore Partners, the report
related.

Junior creditors and the company are allied in a campaign to save
Aeropostale, avoiding the "loss of over 10,000 jobs, empty lease
locations and disappointment for vendors," creditor attorney
Robert Feinstein said at a hearing in New York bankruptcy court,
the report further related.

Aeropostale is pressing for a ruling that would rein in Sycamore's
power to determine the company's fate, the report said.  Sycamore
contends liquidation, not a sale of the operating business at a
bargain-basement price, is the best option for creditors, the
report added.

                     About Aeropostale Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. from
Aeropostale stores and website.  The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment.  Aeropostale maintains control over
its proprietary brands by designing, sourcing, marketing and
selling all of its own merchandise.  As of May 1, 2016 the Company
operated 739 Aeropostale(R) stores in 50 states and Puerto Rico,
41 Aeropostale stores in Canada and 25 P.S. from Aeropostale(R)
stores in 12 states.  In addition, pursuant to various licensing
agreements, the Company's licensees currently operate 322
Aeropostale(R) and P.S. from Aeropostale(R) locations in the
Middle East, Asia, Europe, and Latin America.  Since November
2012, Aeropostale, Inc. has operated GoJane.com, an online women's
fashion footwear and apparel retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.

The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors.  The Committee hired Pachulski Stang Ziehl
& Jones LLP as counsel.

                           *     *     *

The Bankruptcy Court entered an order establishing (i) July 25,
2016 at 5:00 p.m. (Eastern Time) as the deadline for each person
Or entity, not including governmental units to file proofs of
claim in respect of any prepetition claims against any of the
Debtors, and (ii) Oct. 31, 2016, at 5:00 p.m. (Eastern Time) as
the deadline for governmental units to file proofs of claim in
respect of any prepetition claims against any of the Debtors.


E. MENDOZA & CO: Case Summary & 19 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: E. Mendoza & Co. Inc.
        PO Box 10684
        San Juan, PR 00922-0684

Case No.: 16-06661

Chapter 11 Petition Date: August 22, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Nelson Robles Diaz, Esq.
                  NELSON ROBLES DIAZ LAW OFFICES PSC
                  PO Box 192302
                  San Juan, PR 00919
                  Tel: (787) 721-7929
                  Fax: (787) 282-9100
                  E-mail: nroblesdiaz@gmail.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Marta Fernandez Torres, secretary.

A copy of the Debtor's list of 19 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-06661.pdf


LA CASA DEL MAESTRO: Wants Plan Filing Period Extended to Oct. 21
-----------------------------------------------------------------
La Casa Del Maestro Y El Estudiante, Inc., asks the U.S.
Bankruptcy Court for the District of Puerto Rico to extend its
exclusive period to submit its disclosure statement and
reorganization plan, to October 21, 2016.

The Debtor's exclusive period ended on August 21, 2016.

The Debtor tells the Court that it requires additional time to
complete an on-going audit the P.R. Treasury Department initiated
with an eye on determining what "IVU" sums the Debtor actually
owes.  The Debtor further tells the Court that there is an
objection to the P.R. Treasury's claim that hasn't elapsed yet.
The Debtor says that the P.R. Treasury's claim is the largest and
its premise did not acknowledge that the Debtor's business is
largely exempt from the "IVU" sales tax.

The Debtor contends that the balance of time left to file the
disclosure statement and the plan are not sufficient for the P.R.
Treasury to complete its audit, submit its results, and allow the
Debtor to accept or reject it.  The Debtor further contends that
the P.R. Treasury has asked the Debtor for bank statements and
other related documents already furnished.  The Debtor adds that
given its previous experiences with the Treasury Department, the
additional time requested by the Debtor will bode well for the
case, thereby avoiding time-consuming litigation.

La Casa Del Maestro Y El Estudiante, Inc. is represented by:

          Wigberto Mercado, Esq.
          Carmen L. Conaway Mediavilla, Esq.
          MERCADO & CONAWAY LAW OFFICE
          PO Box 9020281
          San Juan, PR 00902-0281
          Telephone: (787) 269-8844
          Email: lcdowmercado@yahoo.com

        About La Casa Del Maestro Y El Estudiante

La Casa Del Maestro Y El Estudiante, Inc., filed for Chapter 11
bankruptcy protection (Bankr. D.P.R. Case No. 16-01241) on Feb.
22, 2016.  The petition was signed by Lissette M. Marin,
president.  Wigberto Mercado Barbosa, Esq., at Mercado & Conaway
Law Office serves as the Debtor's bankruptcy counsel.  The Debtor
estimated assets at $0 to $50,000 and liabilities at $100,001 to
$500,000 at the time of the filing.


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


* TRINIDAD  &  TOBAGO: US Dollars Going for TT$7 and Above
----------------------------------------------------------
Trinidad Express reports that continued difficulty in accessing
foreign exchange to pay bills and for leisure has led some
businesses and individuals to the black market for US dollars.
And this does not augur well for the economy, economists are
saying.

Three months ago, the Central Bank warned citizens against
conducting foreign exchange transactions with unauthorized
dealers, according to Trinidad Express.

It stressed that transactions outside of the 12 authorized dealers
could result in a fine or possible jail term, from anywhere
between two to five years, the report notes.

But the warning has not kept some "unauthorized dealers" from
buying and selling the currency, the report relays.

The amount of greenbacks available to customers has stretched the
gap between the official selling price of US currency in the
country, the report notes.

Commercial banks were selling the US dollar last week for about
TT$6.74 for one, the report adds.


* TRINIDAD  &  TOBAGO: To Present How Economy Fared in 2016
-----------------------------------------------------------
Trinidad Express reports that in a few weeks, when Finance
Minister Colm Imbert presents the fiscal 2017 Budget, the nation
will learn how the economy fared in 2016.

With data compiled up to the third quarter, ending last June, we
expect Minister Imbert to paint a picture of significant
shortfalls in revenue from the energy sector, and improvements in
the non-energy sectors as well as collection of taxes from both
corporations and individuals, according to Trinidad Express.

"We expect, too, that the outlook for 2017 will be better even
with fluctuating oil and gas prices," the report quoted Minister
Imbert as saying.

"Manufacturing will continue to have its ups and downs, but
perform better; the services sector should remain fairly robust;
and consumer spending, while tempered by the overall gloomy
picture, is likely to be strong enough to keep cash registers in
the distribution and retail sectors ticking along comfortably.
It is against such cautious optimism that Courts (Trinidad) Ltd
has made an investment of TT$300 million in a massive complex
located in Central Trinidad," Minister Imbert added, notes the
report.

The close to 400,000 square feet of covered space will house the
furniture and appliance chain's head office, another megastore, a
technical services department and its main distribution center.
While the project has been long in planning, actual construction
works began in 2014 when there were signs of a slowdown in the
economy, the report notes.


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


PATAGONIA URUGUAY Moody's Puts Ba3 Rating on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade Banco
Patagonia (Uruguay) S.A.I.F.E.'s long-term global local and
foreign currency deposit ratings of Ba3 and long-term national
scale local and foreign currency deposit ratings of Baa3.uy.
Moody's also placed on review for downgrade the bank's adjusted
baseline credit assessment (BCA) of ba3 and long-term counterparty
risk assessment (CRA) of Ba2(cr).  The short-term global local and
foreign currency ratings of Not Prime, the short-term CRA of Not
Prime(cr), and the standalone BCA of b1 were not affected.

This action on Banco Patagonia (Uruguay) was prompted by the
announcements made by the bank's parent, Banco Patagonia S.A.
(Patagonia Argentina) and by Patagonia Argentina's controlling
shareholder, Banco do Brasil S.A. (BB), that BB is considering an
eventual public offering of its shares in Patagonia Argentina.

These ratings and assessment of Banco Patagonia (Uruguay)
S.A.I.F.E were placed on review for downgrade:

  Long-term global local currency deposit rating of Ba3
  Long-term global foreign currency deposit rating of Ba3
  Long-term national scale local currency deposit rating of
   Baa3.uy
  Long-term national scale foreign currency deposit rating of
   Baa3.uy
  Long-term counterparty risk assessment of Ba2(cr)
  Adjusted Baseline Credit Assessment of ba3

                         RATINGS RATIONALE

The review for downgrade will entail a reassessment of the
likelihood that Patagonia Uruguay will receive affiliate support
from its indirect controller, BB, either directly or through
Patagonia Argentina, if Patagonia Uruguay faces financial stress.

The review follows BB's recent announcement that it is considering
a public offering of its shares in Patagonia Argentina.  Patagonia
Uruguay's current ratings incorporate one notch of uplift to
reflect a high likelihood of affiliate support from BB.  BB's
announcement is in line with its current strategy of optimizing
its capital allocation, and comes at a time when the bank is
facing capitalization and asset quality pressures.  The bank's
capital optimization strategy may indicate a reduced willingness
on its part to provide support to Patagonia Uruguay.

Although the Uruguayan bank and its Argentine parent share close
credit linkages as indicated by the Uruguayan bank's reliance on
deposits from Argentinean residents, most of whom are also
customers of Patagonia Argentina, the direct relationship between
Patagonia Uruguay and BB is very limited.  The Uruguayan
subsidiary primarily focuses on reinvesting deposits from
Argentine clients in highly liquid investments, without
undertaking any lending operations.

               WHAT COULD MAKE THE RATING GO DOWN

A reduction of Moody's assessment of the likelihood that Patagonia
Uruguay would receive affiliate support from BB would put downward
pressure on Patagonia's rating.

If BB sells a portion of its stake in Patagonia Argentina such
that there is no new controlling shareholder, or the new
controlling shareholder is either unrated or is not rated as
highly as BB, Patagonia Uruguay's ratings could be lowered by one
notch.  However, Moody's may revise its assessment of BB's
willingness to provide support prior to an official announcement
of the sale of its stake, or the identification of a buyer.
Conversely, Patagonia Uruguay's ratings could be confirmed at
their current levels if BB announces the sale of its stake to
another entity rated at least as highly as BB that exhibits a very
high willingness to support its subsidiaries.  In addition, a
downgrade of BB's BCA before the conclusion of the review would
also pressure Patagonia Uruguay's supported ratings and adjusted
BCA downwards.

                         METHODOLOGIES USED

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

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

Banco Patagonia (Uruguay) S.A.I.F.E. is headquartered in
Montevideo, Uruguay, with assets of $52.3 million and
shareholders' equity of $12.2 million as of June 30, 2016.


                            ***********


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.

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Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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