TCRLA_Public/160926.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, September 26, 2016, Vol. 17, No. 190


                            Headlines



A R G E N T I N A

BANCO PATAGONIA: S&P Affirms 'B-' ICR; Outlook Remains Stable


B R A Z I L

AGENCIA DE FOMENTO: Fitch Lowers Issuer Default Ratings to 'C'
BANCO DE DESENVOLVIMENTO: S&P Affirms 'BB-' ICR; Outlook Negative


C A Y M A N  I S L A N D S

ADM ROYAL: Shareholders to Hear Wind-Up Report on Sept. 28
BIOSEV BIOENERGIA: Members Receive Wind-Up Report
ESO CAYMAN: Commences Liquidation Proceedings
FLAMINGO HOLDINGS: Shareholders to Hear Wind-Up Report on Oct. 5
IG FINANCE: Creditors' Proofs of Debt Due Oct. 12

LYNX ASIA: Shareholder to Hear Wind-Up Report on Oct. 21
PETERSHILL US: Commences Liquidation Proceedings
Q-BLK YUKON: Shareholders' Final Meeting Set for Oct. 7
RICH SOURCE: Shareholders to Hear Wind-Up Report on Oct. 14
SALTLAKE HOLDINGS: Commences Liquidation Proceedings

SEDONA HOLDINGS: Shareholders' Final Meeting Set for Oct. 14
VINA LIMITED: Shareholder to Hear Wind-Up Report on Oct. 14
WING LUNG: Shareholders to Hear Wind-Up Report on Oct. 28


G U A T E M A L A

CEMENTOS PROGRESO: Fitch Affirms 'BB+' IDR; Outlook Stable


J A M A I C A

APPLETON ESTATE: To Resume Sugar Factory Operations in January
LONG POND: Minister Hopes to Close Deal with Prospect Buyers


M E X I C O

METROFINANCIERA - METROCB 05U: Moody's Cuts Certs Rating to Caa1
OPDAPAS DE METEPEC: Moody's Affirms Ba1 Issuer Ratings
PETROLEOS MEXICANOS: Fire Breaks Out on Tanker in Gulf of Mexico


P U E R T O    R I C O

BALTAZAR ANTONIO: Unsecureds to Recover 4.2% Under Plan
CARIBBEAN TRANSPORT: Hires Lube & Soto as Attorney
PLAZA LAS AMERICAS: Hires Jose Calderon as Attorney
PUERTO RICO: Fire Triggers Power Outage That Affects 1.5 Million
PUERTO RICO INDUSTRIAL: S&P Lowers Rating on Bonds to 'D'

PUERTO RICO PUBLIC: S&P Lowers Rating on Series L Bonds to 'D'


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Could Become St. Lucia's National Carrier


X X X X X X X X X

LATAM: Most Exposed to Shift in US Trade Policy, Moody's Says

* BOND PRICING: For the Week From Sept. 19 to Sept. 23, 2016


                            - - - - -


=================
A R G E N T I N A
=================


BANCO PATAGONIA: S&P Affirms 'B-' ICR; Outlook Remains Stable
-------------------------------------------------------------
S&P Global Ratings Services affirmed its 'B-' long- and 'C' short-
term global scale issuer credit ratings on Banco Patagonia S.A.
The outlook on the long-term rating remains stable.

The rating action follows Banco do Brasil's announcement that it's
considering a proposal for Banco Patagonia to hold a public
offering of its shares.  Currently, Banco do Brasil owns 58.97% of
Banco Patagonia's equity; therefore, the Brazilian bank is the
ultimate parent of the Argentinean bank.  At this point, S&P is
keeping the Banco Patagonia's group status as a moderately
strategic subsidiary.  S&P may revise the group status on after
the finalization on the transaction and depending on the parent's
final stake in the bank.

Nevertheless, any change in the group status won't impact the
issuer credit rating on Banco Patagonia.  The ratings don't
incorporate notches of support from the parent and are limited by
the sovereign rating on Argentina, which is two notches below the
bank's stand-alone credit profile (SACP).

Currently, S&P's ratings on Banco Patagonia reflect its adequate
business position as a mid-size bank in Argentina, moderate
capital and earnings based on S&P's risk-adjusted capital ratio
projection, adequate risk position with operations focused on
lending activities and healthy assets quality metrics, average
funding, and adequate liquidity, which is in line with peers and
taking into account characteristics in Argentina.  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.


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


AGENCIA DE FOMENTO: Fitch Lowers Issuer Default Ratings to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded Agencia de Fomento do Estado do Rio
de Janeiro S.A.'s (AgeRio) Long-Term Local and Foreign Currency
Issuer Default Ratings to 'C' from 'B-' and Long-Term National
Ratings to 'C(bra)' from 'BB-(bra)'.

   KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATINGS

The rating action mirrors the recent downgrade of AgeRio's parent,
the State of Rio de Janeiro (ERio, Long-Term Foreign Currency and
Local Currency IDRs 'C').

The rating action reflects the increased risk of contagion from
ERio's very weak credit profile to AgeRio's business model, asset
quality and funding structure.  AgeRio's ratings are based on
institutional support from ERio and aligned with those of its
parent.  Fitch does not assign a Viability Rating to AgeRio, as it
is a development agency and therefore cannot be assessed on
standalone basis.

Fitch views AgeRio as strategically important for ERio, as it acts
as the state's development arm and implements its economic
development policies.  A track record of frequent capital
injections by ERio, most recently in the second half of 2015,
reinforces Fitch's view.  ERio controls 99.99% of AgeRio.
Furthermore, by state law ERio's stake in AgeRio's voting shares
cannot fall below 51%, and it is the financial agent or
administrator of three state funds.

As of June 2016, AgeRio remained highly capitalized with a total
regulatory capital ratio of 70.10% (75.30% in December 2015).
Fitch believes that, under a stress scenario, ERio could withdraw
part of the capital at AgeRio, which would lead to a decline in
the development agency's loss absorption capacity.

In 2015, AgeRio's overall profitability fell but remained
adequate, as a solid increase in fee income broadly offset a large
increase in loan impairment charges.  Return on average assets
(ROAA) stood at 1.07% (1.49% in December 2014).  In the same
period, AgeRio's impaired loans classified in the D-H range of the
central bank's risk scale rose to 6.54% of total loans (5.37% in
December 2014), while impaired loan coverage by reserves rose
significantly to 223.9% (89.67% in December 2014).  Fitch expects
loan impairment charges to remain high throughout 2016 as a result
of the continued weakness in the operating environment in ERio
that is undermining the credit worthiness of AgeRio's borrowers.

                       RATING SENSITIVITIES

IDRS, NATIONAL RATINGS, SUPPORT RATINGS

Changes in Parental Support: AgeRio's ratings are linked to those
of ERio.  Any further changes in ERio's ratings would lead to a
review of AgeRio's ratings.

Fitch has taken these rating actions:

   -- Long-Term Foreign and Local Currency IDRs downgraded to 'C'
      from 'B-';
   -- Short-Term Foreign and Local Currency IDRs downgraded to 'C'
      from 'B';
   -- Long-term National Rating downgraded to 'C(bra)' from
      'BB-(bra)';
   -- Short-term National Rating downgraded to 'C(bra)' from
      'B(bra)';
   -- Support Rating affirmed at '5'.


BANCO DE DESENVOLVIMENTO: S&P Affirms 'BB-' ICR; Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its global scale 'BB-' long-term
issuer credit ratings on Banco de Desenvolvimento de Minas Gerais
S.A. (BDMG).  At the same time, S&P affirmed its national scale
'brA' long-term rating on the bank.  The outlook on all ratings
remains negative.  The bank's stand-alone credit profile (SACP) is
'bb-'.

The ratings on BDMG reflect S&P's view of its weak business
position, which stems from the bank's geographic concentration in
southeastern Brazil (mainly in Minas Gerais), strong capital and
earnings as a result of a forecasted risk-adjusted capital (RAC)
ratio of 12.6% for the next 18 months, adequate risk position, and
below-average funding and adequate liquidity.  S&P also views BDMG
as a government-related entity (GRE) and believe that there's a
very high likelihood that the bank would receive timely and
sufficient extraordinary support from the state in the event of
financial distress.



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


ADM ROYAL: Shareholders to Hear Wind-Up Report on Sept. 28
----------------------------------------------------------
The shareholder of ADM Royal Global Strategies Fund Limited will
hear on Sept. 28, 2016, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          ADM Global Holding Limited
          c/o Willow House, Floor 4, Cricket Square
          P.O. Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


BIOSEV BIOENERGIA: Members Receive Wind-Up Report
-------------------------------------------------
The members of Biosev Bioenergia received on Sept. 14, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


ESO CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Sept. 1, 2016, the
shareholders of ESO Cayman 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:

          David Griffin
          c/o Christopher Fido
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street, Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          e-mail: christopher.fido@fticonsulting.com
          Telephone: +1 345 743 6830


FLAMINGO HOLDINGS: Shareholders to Hear Wind-Up Report on Oct. 5
----------------------------------------------------------------
The shareholders of Flamingo Holdings Limited will hear on Oct. 5,
2016, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


IG FINANCE: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of IG Finance Limited are required to file their
proofs of debt by Oct. 12, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 24, 2016.

The company's liquidator is:

          Laura Clemens
          c/o Chapmans
          81 West Church Street
          P.O. Box 742, West Bay
          Grand Cayman KY1-1303
          Cayman Islands
          Telephone: +1 (345) 623-0202


LYNX ASIA: Shareholder to Hear Wind-Up Report on Oct. 21
--------------------------------------------------------
The shareholder of Lynx Asia Capital Resources Ltd will hear on
Oct. 21, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PETERSHILL US: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 22, 2016, the shareholders of Petershill US GP (Radar)
Holdings Ltd resolved to voluntarily liquidate the company's
business.

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


Q-BLK YUKON: Shareholders' Final Meeting Set for Oct. 7
-------------------------------------------------------
The shareholders of Q-BLK Yukon Fund, Ltd. will hold their final
meeting on Oct. 7, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


RICH SOURCE: Shareholders to Hear Wind-Up Report on Oct. 14
-----------------------------------------------------------
The shareholders of Rich Source International Energy Co. Ltd. will
hear on Oct. 14, 2016, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Zhai Wangtong
          A-222, Hui ZhongLi
          Chaoyang District
          Beijing, China
          Telephone: +86 10 64815885 598
          Facsimile: +86 10 64815889


SALTLAKE HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 2, 2016, the sole shareholder of Saltlake Holdings
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:

          Tian Peralto
          Harneys Liquidation Services (Cayman) Limited
          Telephone: (345) 949 - 8599
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


SEDONA HOLDINGS: Shareholders' Final Meeting Set for Oct. 14
------------------------------------------------------------
The shareholders of Sedona Holdings Ltd. will hold their final
meeting on Oct. 14, 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:

          Cayman Fiduciary Limited
          c/o Robin Garnham
          Landmark Square, Third Floor
          64 Earth Close
          P.O. Box 707CB Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 746 3100


VINA LIMITED: Shareholder to Hear Wind-Up Report on Oct. 14
-----------------------------------------------------------
The shareholder of Vina Limited will hear on Oct. 14, 2016, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WING LUNG: Shareholders to Hear Wind-Up Report on Oct. 28
---------------------------------------------------------
The shareholders of Wing Lung Special Opportunities Fund Limited
will hear on Oct. 28, 2016, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Iain Gow
          c/o Cassandra Ronaldson
          Zolfo Cooper, 38 Market Street
          Canella Court, 2nd Floor, Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006
          Telephone: +1 (345) 814 4038
          e-mail: cassandra.ronaldson@zolfocooper.ky



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


CEMENTOS PROGRESO: Fitch Affirms 'BB+' IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Cementos Progreso, S.A.'s (Cempro)
Long-Term Issuer Default Ratings at 'BB+'.  The Rating Outlook is
Stable.

Cempro's 'BB+' ratings reflect the company's leading position in
Guatemala's cement industry.  Its solid market position is viewed
as sustainable considering the country's limited infrastructure
and challenging logistics, which limit imports and significantly
increase cement distribution costs.  Further deterrents include
the company's extensive distribution network and its focus on
operational efficiency, which have resulted in a low cost
structure.

The ratings are limited by the company's negative projected free
cash flow (FCF) for 2016-2017 due to high expansion capex.  The
high proportion of foreign currency debt relative to the company's
predominantly local currency revenues is also a concern.
Guatemala's country ceiling of 'BB+' does not restrict the
company's ratings, as Cempro's local currency rating is 'BB+'.

The Stable Outlook reflects Fitch's view that the company will
sustain core operating cash flow during its current investment
cycle that should result in net debt/EBITDA leverage levels below
3.0x.

                          KEY RATING DRIVERS

Dominant Market Position

Cempro has a leading position in Guatemala's cement industry.  In
terms of volume sold, its market share has remained stable since
2007 at about 83%.  The company is the only producer with fully
integrated operations, from the extraction of raw materials to
distribution.  Its only domestic competitor is Cemex LatAm
Holdings (Cemex), which produces and sells cement and related
materials such as ready-mix concrete.  Cempro's solid market
position is supported by its retail network of independent
distributors that allows the company to serve its highly
fragmented consumer base.  Cempro maintains an exclusive
relationship with about 80% of Guatemala's cement distributors.
Cement, which represents 73% of the company's portfolio, is sold
primarily (69%) for self-construction and is supplied to this
segment as bagged cement.

Strategic Focus Supports Profitability

The company's strategic focus on operational efficiency has
contributed to it maintaining some the highest EBITDA margins
among public industry peers.  The EBITDA margin during the latest
12 months (LTM) as of June 30, 2016, was 44%, which is above the
40% registered a year ago.  Profitability should remain high in
the intermediate term despite rising fuel and energy costs mainly
due to the start-up of Cempro's San Gabriel cement plant in 2017.
This plant will increase cement production capacity by about 70%
and is located on the opposite of Guatemala City from the
company's existing plant.  This will result in a material
reduction in transportation costs.

                  Negative FCF During 2016-2017

Cempro's total capex, excluding capitalized interest for 2016-
2017, is expected to be around USD340 million as the company
completes its USD880 million multi-year investment plan for the
construction of its San Gabriel cement plant.  Fitch estimates
that expansion capex and dividends of about USD30-40 million per
year will result in Cempro generating negative FCF of about USD40
million in 2016 and USD30 million in 2017.  FCF should turn
positive by 2018 to about USD80 million.  Post expansion positive
FCF should be supportive of long-term deleveraging.

Debt Structure

The company's total debt as of June 30, 2016, was USD574 million
69% of which was denominated in U.S. dollars.  Although there is a
risk that the company could face difficulties repaying foreign
currency debt considering its predominantly Guatemalan quetzales
revenue, Fitch believes the likelihood of significant depreciation
of the local currency is low due to high levels of remittances
from workers abroad (predominantly in the U.S.) which support the
country's foreign currency inflows.

Leverage Expected to Peak in 2017

Cempro's gross (total debt/EBITDA) and net (net debt/EBITDA)
leverage were 2.3x and 2.1x as of June 30, 2016, the same levels
from as a year ago.  Gross and net leverage are anticipated to
peak at 2.5x and 2.3x in 2017 as a result of the additional debt
required to fund construction of the new plant.  Gross leverage is
expected to decline to year-end 2015 levels of 2.3x by 2018, and
trend toward a range of 1-2x in the following years.

Country Constraints

The company's performance is dependent upon continued stability
and economic development in Guatemala.  Fitch expects cement
demand to maintain annual growth rates in the 3%-4% range, which
is in line with projected GDP growth.  Growth expectations are
supported by a growing population, high expected urbanization
rates and strengthening worker remittances.  Infrastructure
investment resulting from public and private partnerships has been
mostly stranded, but any traction should result in incremental
demand for cement.  Cempro's revenues represented approximately 1%
of Guatemala's GDP during 2015.

                          KEY ASSUMPTIONS

   -- Cement volumes grow mid-to-low single digits in 2016 and
      beyond.
   -- Costs remain relatively stable during 2017-2018 as higher
      fuel and energy costs are somewhat offset by distribution
      and other cost efficiencies of the new plant.
   -- FCF remains negative during 2016-2017 mostly due to
      expansion capex before turning positive in 2018.
   -- The Guatemalan Quetzal remains relatively stable for the
      next three years.

                        RATING SENSITIVITIES

Cempro's foreign-currency ratings would be capped at Guatemala's
country ceiling, limiting positive rating actions.  Local-currency
ratings could be positively affected by long-term expectations of
total gross leverage levels below 2x with robust positive FCF
generation and strong liquidity metrics.

Factors that could lead to a negative rating action include a
significant deterioration in Guatemala's macroeconomic and
business environment; increasing competition from Cemex S.A.B. de
C.V.; operational efficiency loss resulting in EBITDA margin
deterioration; or sustained leverage levels above 3.5x on a gross
basis or 3x on a net basis.

                           LIQUIDITY

Cempro expects to complete its investment plan with a combination
of cash, cash flow generation and debt.  As of June 30, 2016, the
company's cash balance was USD46 million, its LTM cash flow from
operations was USD179 million and as part of its financing
strategy the company has executed local currency undrawn
uncommitted loan agreements for approximately USD140 million with
local banks.  These loans rank equal in right of payment with
Cempro's existing unsecured debt and amortize in 10 years with
three years of grace period.  Irrevocable letters of credit for
about USD23 million back-up the purchase of equipment and provide
additional liquidity support.

Fitch views Cempro's liquidity as comfortable.  This is due to the
company's ability to generate cash flow from operations, its low
leverage, available cash balance and good access to local bank
lending, which should allow it to fund projected negative FCF and
modest upcoming debt maturities.

FULL LIST OF RATING ACTIONS

Fitch has affirmed Cempro's ratings as:

   -- Foreign currency IDR at 'BB+';
   -- Local currency IDR at 'BB+';
   -- USD350 million senior unsecured notes due 2023 at 'BB+'.



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


APPLETON ESTATE: To Resume Sugar Factory Operations in January
--------------------------------------------------------------
RJR News reports that the Appleton sugar factory that closed in
December last year, is to resume operations in January.

Karl James, Chairman of Jamaica Cane Products Sales, said he was
informed of the decision, according to RJR News.

"Well this is good news for the sugar industry. Appleton is the
third largest of the sugar factories.  When it did not open in
2016, it caused a lot of distress. Appleton will start in January
and we are hoping that we will have a good crop and improved
production for next year," the report quoted Mr. James as saying.


LONG POND: Minister Hopes to Close Deal with Prospect Buyers
------------------------------------------------------------
RJR News reports that Agriculture Minister Karl Samuda has
indicated that discussions are being held with investors who are
interested in acquiring certain sugar estates.

In an address at the Sugar Industry Authority's inaugural post-
crop seminar in Mandeville, Mr. Samuda said he is hoping to close
a deal with prospective buyers interested in the Long Pond Sugar
Factory in Trelawny, the report relays.

Discussions are also being held with investors interested in
taking over the operations of the Monymusk Sugar Factory in May
Pen, Clarendon, as well as the Frome Sugar Factory in
Westmoreland, the report discloses.

Mr. Samuda added that based on a meeting earlier with the
investors, they are convinced that with proper management the
factories can be profitable, the report says.



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


METROFINANCIERA - METROCB 05U: Moody's Cuts Certs Rating to Caa1
-----------------------------------------------------------------
Moody's de Mexico (has taken rating actions on five Mexican RMBS
certificates. The complete rating actions are as follows:

Issuer: Metrofinanciera - METROCB 05U

   -- METROCB 05U Certificate, Downgraded to Caa1 (sf) (Global
      Scale, Local Currency); previously on Mar 18, 2016
      Downgraded to B3 (sf)

   -- METROCB 05U Certificate, Downgraded to B2.mx (sf) (National
      Scale); previously on Mar 18, 2016 Downgraded to B1.mx (sf)

Issuer: Metrofinanciera - METROCB 06U

   -- METROCB 06U Certificate, Upgraded to Caa2 (sf) (Global
      Scale, Local Currency); previously on Mar 18, 2016
      Downgraded to Caa3 (sf)

   -- METROCB 06U Certificate, Upgraded to Caa1.mx (sf) (National
      Scale); previously on Mar 18, 2016 Downgraded to Caa3.mx
      (sf)

Issuer: Proyectos Adamantine - MXMACCB 05U

   -- MXMACCB 05U Certificate, Downgraded to B3 (sf) (Global
      Scale, Local Currency); previously on Mar 18, 2016
      Downgraded to B2 (sf)

   -- MXMACCB 05U Certificate, Downgraded to Ba3.mx (sf) (National
      Scale); previously on Jun 14, 2016 Downgraded to Ba1.mx (sf)

Issuer: Proyectos Adamantine - MXMACCB 05-2U

   -- MXMACCB 05-2U Certificate, Downgraded to Caa3 (sf) (Global
      Scale, Local Currency); previously on Mar 18, 2016
      Downgraded to Caa2 (sf)

   -- MXMACCB 05-2U Certificate, Downgraded to Caa3.mx (sf)
      (National Scale); previously on Jun 14, 2016 Upgraded to
      Caa1.mx (sf)

Issuer: Proyectos Adamantine - MXMACCB 06U

   -- MXMACCB 06U Certificate, Downgraded to Ca (sf) (Global
      Scale, Local Currency); previously on Mar 30, 2016
      Downgraded to Caa3 (sf)

   -- MXMACCB 06U Certificate, Downgraded to Ca.mx (sf) (National
      Scale); previously on Mar 30, 2016 Downgraded to Caa3.mx
      (sf)

RATINGS RATIONALE

Today's rating actions reflect a correction to the cash flow
modeling of these transactions and updated performance of the
securitized pools. The downgrades of the METROCB 05U certificates
are driven solely by performance, while the rest of the rating
actions result from modeling corrections as well as updated
performance.

The downgrades of certificates from METROCB 05U result from a
deterioration in the deal's performance, specifically a
considerable reduction in the transaction's credit enhancement in
the form of available cash from $M12.3 MXN in February 2016 to
$M3.8 MXN in July 2016.

The upgrades of certificates from METROCB 06U primarily result
from a correction to the cash flow waterfall model used to rate
this transaction. In the cash flow waterfall model used in
determining the previous ratings, the fee modelled for the Partial
Credit Guarantee (PCG) was higher than the actual fee established
in the transaction documents. The correction of the cash flow
waterfall led to an increase in the available excess spread to
make payments of interest and principal, resulting in today's
rating changes.

The downgrades of certificates from the three Proyectos Adamantine
deals primarily result from a correction to the cash flow models
used to rate these transactions. In the cash flow model used in
determining the previous ratings, the interest payments on the PCG
draws were not included in the cash flow waterfall model. This
error has now been corrected, and today's rating actions reflect
this change.

The rating actions consider the recent performance of the
underlying pools and reflect Moody's updated loss expectation on
these pools together with changes in tranche level credit
enhancement. Moody's analyzed overcollateralization, future
losses, credit enhancement and cash availability for the deals.

Under the MILAN approach, Moody's first performed a portfolio
analysis of the securitized collateral pool. The results of this
analysis are the portfolio's expected losses (Portfolio EL) and
Moody's Individual Loan Analysis Credit Enhancement (MILAN CE).
Moody's said, "The Portfolio EL captures our expectations of
performance considering the current economic outlook, while the
MILAN CE captures the loss we expect the portfolio to suffer in
the event of a severe recession scenario." Moody's uses the two
outputs from the portfolio analysis to determine a probability
loss distribution. In the structural analysis, Moody's uses a cash
flow model in order to assess the structural features of the RMBS
transaction. The structure is assessed using each scenario in the
loss distribution. Finally, Moody's assesses the counterparty
default risk and the legal risk to derive the final ratings.

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

Factors that would lead to a downgrade are higher expected loss
levels, the cash availability in the transaction and deterioration
of loss coverage.

Factors that would lead to an upgrade are lower expected loss
levels resulting from improved liquidity levels and stronger
portfolio performance.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Moody's considered the servicers' practices and considers them
adequate.

The period of time covered in the financial information used to
determine Metrofinanciera - METROCB 05U 's rating is between June
1st, 2005 and July 31st, 2016 (source: periodic collections and
remittances reports sent by the servicers, trustees and common
representative agents).

The period of time covered in the financial information used to
determine Metrofinanciera - METROCB 06U 's rating is between June
2nd, 2006 and June 30th, 2016 (source: periodic collections and
remittances reports sent by the servicers, trustees and common
representative agents).

The period of time covered in the financial information used to
determine Proyectos Adamantine - MXMACCB 05U's rating is between
August 4th 2005 and August 31st, 2016 (source: periodic
collections and remittances reports sent by the servicers,
trustees and common representative agents).

The period of time covered in the financial information used to
determine Proyectos Adamantine - MXMACCB 05-2U's rating is between
October 20th, 2005 and August 31st, 2016 (source: periodic
collections and remittances reports sent by the servicers,
trustees and common representative agents).

The period of time covered in the financial information used to
determine Proyectos Adamantine - MXMACCB 06U's rating is between
March 30th, 2006 and August 31st, 2016 (source: periodic
collections and remittances reports sent by the servicers,
trustees and common representative agents).


OPDAPAS DE METEPEC: Moody's Affirms Ba1 Issuer Ratings
-------------------------------------------------------
Moody's de Mexico affirmed Ba1/A1.mx issuer ratings of OPDAPAS de
Metepec, the outlook remains negative. Moody's will withdraw the
ratings on the next business day.

RATINGS RATIONALE

The affirmation of the ratings reflects the continuous ability of
OPDAPAS de Metepec to register operating surpluses, maintain a
strong cash position and no history of debt.

On average during the period 2011-2015, operating margins of
OPDAPAS de Metepec stood at 8.3% of operating income, which
reflects the high revenue structure compared to expenditures. This
has led to solid ratios of net working capital relative to
operating revenues of 5.1% and cash relative to current
liabilities of 8.3x. Also, OPDAPAS de Metepec has operated without
the need of debt since 2006.

The negative outlook reflects the outlook of the respective
supporting government, the Municipality of Metepec (Ba1,
negative).

Moody's will withdraw the ratings due to insufficient or otherwise
inadequate forward looking information to support the maintenance
of the rating.

The principal methodology used in these ratings was Government-
Related Issuers published in October 2014.

The period of time covered in the financial information used to
determine OPDAPAS de Metepec ratings is between 1/1/2011 and
12/31/2015 (source: 2011 to 2014 issuer; 2015 public web site).


PETROLEOS MEXICANOS: Fire Breaks Out on Tanker in Gulf of Mexico
----------------------------------------------------------------
Natalie Schachar and Noe Torres at Reuters report that a fire
broke out on an oil tanker of Mexican state oil company Pemex in
the Gulf of Mexico, forcing all the crew to be evacuated in the
latest accident to plague the struggling firm.

The blaze on the tanker "Burgos" occurred off the coast of Boca
del Rio in Veracruz state and all the crew were safe, Pemex said
in a tweet, according to Reuters.  Mexico's Navy said there were
31 crew members and that all had returned to port, the report
notes.

Images tweeted by Pemex showed the vessel giving off plumes of
smoke as another boat hosed the tanker, the report relays.

Pemex said that firefighting teams were still working to put out
the blaze, the report discloses.

The tanker was carrying 80,000 barrels of diesel and 70,000
barrels of gasoline, Mexico's Communications and Transport
Ministry said, the report notes.

The fire follows a series of other mishaps at Pemex, which is
coping with major losses, increased competition at home, sharp
budget cuts and lower revenue due to the oil price rout, the
report relays.

In April, more than 30 people died and dozens were injured in an
explosion at a petrochemical plant in southeast Veracruz state, a
joint venture between Pemex and another firm, the report says.

In 2013, at least 37 people were killed by a blast at Pemex's
Mexico City headquarters, and 26 people died in a fire at a Pemex
natural gas facility in northern Mexico in 2012, the report
recalls.

A 2015 fire at a Pemex platform in the Bay of Campeche affected
oil output and cost the company up to $780 million, the report
notes.

Marine Traffic, a website that tracks vessel movements, showed the
11-year-old tanker en route to the port of Veracruz from
Coatzacoalcos in the southern part of the state, the report adds.


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


BALTAZAR ANTONIO: Unsecureds to Recover 4.2% Under Plan
-------------------------------------------------------
Baltazar Antonio Negron Soto filed with the U.S. Bankruptcy Court
for the District of Puerto Rico an amended disclosure statement
explaining the Debtor's plan of reorganization dated Aug. 29,
2016.

It is anticipated that Class 2 General Unsecured Claims will
result in Allowed Class 2 Claims in the approximate amount of
$105,127.81.

The Plan anticipates a 4.2% distribution on these claims for an
approximated total distribution of $4,500.  These claims will be
paid via monthly payments in the amount of $187.50; commencing on
the first day of the 37th month following the Effective Date of
the Plan and continue through the last day of the 60th month
following the Effective Date of the Plan.  Payments will be based
on principal only, without any payment of interest.

The Plan establishes that the Plan will be funded from the
Reorganized Debtor's cash flow generated by the Debtor.  It
generally consists of the rental income generated by the
commercial property, the income generated by the Debtor's
employment, and the income generated by Debtor's employment as a
preacher.  The Debtor will contribute his cash flows to fund the
Plan commencing on the Effective Date of the Plan and continue to
contribute said income through the date that Holders of Allowed
Class 1 and 2 Claims receive the payments specified for in the
Plan.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/prb14-08847-163.pdf

The Plan was filed by the Debtor's counsel:

     Jesus Enrique Batista-Sanchez, Esq.
     The Batista Law Group, PSC
     Cond. Mid-Town Center
     420 Avenue Juan Ponce De Le┬ón
     Suite 901
     San Juan, PR 00918
     Tel: (787) 620-2856

                     About Baltazar Antonio

Baltazar Antonio Negron Soto owns a 100% interest in the shares of
Funeraria Ebenezer.  Funeraria, which is managed and operated by
the Debtor, is a corporation dedicated to funeral services.
Funeraria does not own any real property.  The Debtor also owns an
investment real property located at Calle 601 Bloque 222 Casa 15
Villa Carolina, Carolina, Puerto Rico.  Additionally, the Debtor
also owns the real property located at Bloque 142 Calle 412 No. 13
Villa Carolina, Carolina, Puerto Rico, which is the Debtor's
primary residence.  The primary residence is owned by the Debtor
free and clear of any liens and encumbrances.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 14-08847) on Oct. 28, 2014.


CARIBBEAN TRANSPORT: Hires Lube & Soto as Attorney
--------------------------------------------------
Caribbean Transport Refrigeration & Power Systems, Inc., seeks
authority from the U.S. Bankruptcy Court for the District of
Puerto Rico to employ Lube & Soto Law Offices, PSC as attorney to
the Debtor.

Caribbean Transport requires Lube & Soto to represent the Debtor
in the bankruptcy case.

Lube & Soto will be paid at these hourly rates:

     Teresa M. Lube Capo          $250
     Madeline Soto Pacheco        $250
     Paralegal                     $50

Lube & Soto will be paid a retainer in the amount of $10,000, of
which $5,000 was paid on September 2, 2016 and the balance to be
paid on September 8, 2016. The amount of $1,717 was advanced as
filing fee.

Lube & Soto will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Teresa M. Lube Capo, member of the law firm of Lube & Soto Law
Offices, PSC, 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
Debtor and its estate.

Lube & Soto can be reached at:

     Teresa M. Lube Capo, Esq.
     LUBE & SOTO LAW OFFICES, PSC
     1130 Franklin D. Roosevelt Avenue
     San Juan, PR 00920-2906
     Tel: (787) 722-0909
     Fax: (787) 294-5120
     E-mail: lubeysoto@gmail.com

                     About Caribbean Transport

Caribbean Transport Refrigeration & Power Systems Inc., based in
Morovis, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No.
16-06766) on August 25, 2016. Teresa M. Lube Capo, Esq., at Lube &
Soto Law Offices, PSC, serves as bankruptcy counsel.

In its petition, the Debtor estimated $0 to $50,000 in assets and
$1 million to $10 million in liabilities. The petition was signed
by Isidro Ojeda, president.

No official committee of unsecured creditors has been appointed in
the case.


PLAZA LAS AMERICAS: Hires Jose Calderon as Attorney
---------------------------------------------------
Plaza Las Americas Taco Maker Corp., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Jose R.
Fuentes Calderon, Esq. as attorney to the Debtor.

Plaza Las Americas requires Mr. Calderon to:

   a. advise the Debtor with respect to its duties, powers and
      responsibilities in the bankruptcy case under the laws of
      the United States and Puerto Rico in which the Debtor in
      Possession conducts its operations, does business, or is
      involved in litigation;

   b. advise the Debtor in connection with a determination
      whether a reorganization is feasible and, if not, helping
      debtor in the orderly liquidation of its assets;

   c. assist the Debtor with respect to negotiations with
      creditors for the purpose of arranging the orderly
      liquidation of assets or for proposing a viable plan of
      reorganization;

   d. prepare on behalf of the Debtor the necessary complaints,
      answers, orders, reports, memoranda of law and any other
      legal papers or documents;

   e. appear before the Bankruptcy Court, or any court in which
      the Debtor asserts a claim interest or defense directly or
      indirectly related to the bankruptcy case;

   f. perform such other legal services for the Debtor as may be
      required in the bankruptcy proceedings or in connection
      with the operation and involvement with the Debtor's
      business, including but not limited to notarial services;
      and

   g. employ other professional services, if necessary.

Mr. Calderon will be paid at the hourly rate of $175, and a
retainer in the amount of $2,000.

Mr. Calderon will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Jose R. Fuentes Calderon, Esq., 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/its estates.

Mr. Calderon can be reached at:

     Jose R. Fuentes Calderon, Esq.
     PO Box 2419
     Isabela, PR 00662
     Tel: (787) 608-5967
     E-mail: jfuentes@fuenteslawpr.com

                       About Plaza Las Americas

Plaza Las Americas Taco Maker, Corp., filed a Chapter 11
bankruptcy
petition (Bankr. D.P.R. Case No. 16-03638) on May 5, 2016,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Jesus Santiago Malavet, Esq., of Santiago
Malavet and Santiago Law Office.

No official committee of unsecured creditors has been appointed in
the case.


PUERTO RICO: Fire Triggers Power Outage That Affects 1.5 Million
----------------------------------------------------------------
Caribbean360.com reports that almost a third of Puerto Rico's
population remained without electricity in the morning of Sept. 22
after a fire at a power station caused a blackout. Nearly 1.5
million customers of the state-run electric company were affected.

"This is a very serious event," Puerto Rico Governor Alejandro
Garcia Padilla said, noting that the outage also shut off water
service for about 340,000 people, the report notes.

"The system is not designed to withstand a failure of this
magnitude. I assume complete responsibility.  Everyone knows that
the company's maintenance problems began decades ago," the report
quoted Mr. Padilla as saying.

Mr. Padilla added that it was expected power would be back on for
most people sometime afternoon on Sept. 22, but made it clear that
should not be interpreted as a promise, the report notes.

"I don't want to give false expectations. Lots of setbacks may
occur," the Governor said, the report relays.

The power outage forced businesses, schools and government offices
to shut early.  And schools all across the Caribbean island
remained closed, the report notes.

The Luis Munoz Marin International Airport continues to operate,
but Garcia Padilla said passengers are being checked in manually
to preserve power, the report adds.

As reported in the Troubled Company Reporter-Latin America on July
11, 2016, 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.


PUERTO RICO INDUSTRIAL: S&P Lowers Rating on Bonds to 'D'
---------------------------------------------------------
S&P Global Ratings has lowered its rating on Puerto Rico
Industrial, Tourist, Educational, Medical and Environmental
Control Facilities Financing Authority's series 2000A bonds to 'D'
(default) from 'CC' following formal confirmation from the trustee
that a default on payment of debt service occurred in July.


PUERTO RICO PUBLIC: S&P Lowers Rating on Series L Bonds to 'D'
--------------------------------------------------------------
S&P Global Ratings has lowered its rating on certain Puerto Rico
Public Buildings Authority bonds, excluding series L bonds, to 'D'
(default) from 'CC' following confirmation of a default on payment
of debt service on July 1, 2016.  In addition, S&P Global Ratings
has withdrawn its long-term ratings on bonds insured by unrated
bond insurers.


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


CARIBBEAN AIRLINES: Could Become St. Lucia's National Carrier
-------------------------------------------------------------
Trinidad Express reports that St. Lucia is moving to have the
Trinidad-based Caribbean Airlines (CAL) as its national carrier,
Prime Minister Allen Chastanet has said.

Speaking at a news conference on the state-owned National
Television Network (NTN), Minister Chastanet said that having CAL
serve as the national carrier may be the best option for the
island given the many issues facing air transport in the region,
according to Trinidad Express.

"This means that Caribbean Airlines would now be able to fly
between St. Lucia and Barbados and Trinidad and even go to Puerto
Rico and other places," Minister Chastanet told reporters, the
report notes.

The former tourism minister, a critic of the Antigua-based
regional airline LIAT, reiterated early statements that the
airline, whose major shareholders are the governments of Antigua
and Barbuda, Barbados, Dominica and St. Vincent and the
Grenadines, cannot solve all of the transportation needs of the
region, the report relays.

Minister Chastanet said Castries would not provide any financial
assistance to the cash-strapped airline until it is restructured,
the report notes.

Prime Minister Chastanet was also critical of the Eastern
Caribbean Civil Aviation Authority (ECCAA) saying that it has been
reluctant to allow other airlines to operate within the sub-
region, the report discloses.

"I am convinced that ECCAA cannot be fixed," Minister Chastanet
told television viewers, adding that he would like to move St.
Lucia from the Antigua-based ECCAA that was established in 2003,
the report adds.

                        About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.



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


LATAM: Most Exposed to Shift in US Trade Policy, Moody's Says
--------------------------------------------------------------
Mexico (A3 negative) and Costa Rica (Ba1 negative) are among the
most exposed economies in the Americas, if the US (Aaa stable)
were to shift toward a retrenchment from trade and investment ties
after the November presidential elections, according to a report
by Moody's Investors Service. Canada is less exposed since it does
not benefit from the low labor costs that incentivized the
offshoring of manufacturing operations.

This report focuses on the likely credit impact for the Americas
if the US were to shift away from free trade. It is part of a
series examining the impact of possible post-election shifts in US
policies on different regions. As well as looking at trade, the
report also examines the potential effect that the election
outcome could have on foreign direct investment (FDI) from the US
into Latin America and Canada, and how possible changes in US
immigration policy could affect remittances to these economies.

Economic integration between the US and Latin America has
increased since the North American Free Trade Agreement (NAFTA)
and the Central America-Dominican Republic Free Trade Agreement
(CAFTA-DR) were signed. However, trade retrenchment has become a
recurrent theme of this year's election campaign, and a shift by
the US toward a less open economy could pose significant risks to
some Latin American economies.

The most reliant on exports to the US for growth, when measured as
a share of GDP, are Nicaragua and Honduras. However these
countries typically export low value manufactured goods. Mexico
and Costa Rica are more exposed because high-value exports, such
as cars and machinery, account for a large share of the goods that
they sell to the US.

"These are the sort of industries and jobs that advocates of
retrenchment want to bring back to the US," said Renzo Merino, an
Analyst at Moody's.

FDI flows, which are a stable source of capital that finances a
large portion of Latin American countries' current account
deficits, could also be curbed in an attempt to prevent exporting
of jobs abroad. Mexico is the country most exposed in terms of
FDI, in particular should NAFTA be revisited.

While exports to the US make up 20% of Canada's GDP and it is a
major recipient of FDI from the US, the probability of disruptive
changes to bilateral trade between the US and Canada is lower than
for Mexico.

Changes in the US government's immigration policies could also
negatively impact worker remittances, which are particularly
important for Central American countries. El Salvador, Guatemala
and Honduras in particular, are highly exposed to worker
remittance disruptions.


* BOND PRICING: For the Week From Sept. 19 to Sept. 23, 2016
-------------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     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


                            ***********


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
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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