TCRLA_Public/161003.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, October 3, 2016, Vol. 17, No. 195


                            Headlines



A R G E N T I N A

ARGENTINA: Moody's Says Strengths Offset by Weak Policies Issues
PVCRED SERIE: Moody's Assigns Ba3 (sf) Global Scale Rating


B R A Z I L

INVESTIMENTOS E PARTICIPACOES: S&P Affirms 'BB-' CCR
ULTRAPAR INTERNATIONAL: S&P Assigns 'BB+' Rating on Proposed Notes


C A Y M A N  I S L A N D S

ADAR WORLD: Placed Under Voluntary Wind-Up
ASHDOWN INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 31
ATLANTA CO-INVESTMENT: Members' Final Meeting Set for Oct. 17
BRISPHER HOLDINGS: Creditors' Proofs of Debt Due Oct. 24
CAMBRIDGE COMPANY: Creditors' Proofs of Debt Due Oct. 7

GRF FUND: Commences Liquidation Proceedings
ELECTRA INTERNATIONAL: Placed Under Voluntary Wind-Up
HANNIBAL LEASING: Commences Liquidation Proceedings
INDEPENDENT DEVELOPMENT: Creditors' Proofs of Debt Due Oct. 7
JULYSUNNY 747-01: Commences Liquidation Proceedings

PANAMERICAN RE: Creditors and Contributories to Meet on Oct. 18
SHANGHAI INTERNATIONAL: Court Enters Wind-Up Order
VERTEX ORBIT: Commences Liquidation Proceedings


M E X I C O

AXTEL SAB: S&P Revises Outlook to Negative & Affirms 'BB' CCR
COATZACOALCOS: Moody's Cuts Issuer Ratings to B2/Ba1.mx
OFFICE DEPOT: S&P Affirms 'BB' CCR; Outlook Stable


P A N A M A


AES PANAMA: Fitch Assigns 'BB+' Rating on Proposed USD Notes


P U E R T O    R I C O


BLUE WAVE TECH: Court Affirms $8K Fee Awarded to Caribbean Tower
CARIBBEAN TRANSPORT: Taps Rivera & Fernandez as Special Counsel
CARIBBEAN TRANSPORT: Hires Lube & Soto as Attorney
CORDERO CORDERO: Taps Richard Schell-Asad as Attorney
LEONEL DIAZ HERNANDEZ: Unsecureds to Recoup 3% Under Plan

MORGANS HOTEL: Stockholders Approve SBE Merger Agreement
PUERTO RICO: Pension Fund Joins Suit vs. UBS Over Muni Bonds


X X X X X X X X X

* BOND PRICING: For the Week From Sept. 26 to Sept. 30, 2016


                            - - - - -


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


ARGENTINA: Moody's Says Strengths Offset by Weak Policies Issues
----------------------------------------------------------------
Argentina's B3 rating balances the inherent strengths of the
country's economy against the weaknesses resulting from a history
of unsustainable economic policies, as well as limited funding
options, says Moody's Investors Service in its annual report on
Argentina's government.

While Argentina's economy is larger and more diverse than most
other countries with a B-rating, its growth is very volatile and
it has lagged that of its peers over the last five years.

"Argentina's economy has oscillated between growth and recession
since 2011," said Gabriel Torres, a Vice President and Senior
Credit Officer at Moody's. "This fluctuation is negative because
it increases the volatility of fiscal performance and makes long-
term financial planning more difficult."

Moody's expects the economy contract by 1.5% this year, before
expanding by 3% next year, as inflation falls and both public and
foreign direct investment increases. Argentina may also get a
boost from improved demand from Brazil, its largest trading
partner.

Argentina's economic development and debt metrics would be
consistent with a higher rating were it not for the credit risks
that arise from its politics and economic policies.

The new administration under the presidency of Mauricio Macri,
that assumed power last year, has implemented a major policy shift
relative to the prior presidency of Cristina Kirchner. The
administration has made important changes that will impact the
country's institutions regarding respecting the rule of law and
the reporting of macroeconomic data.

However, it will take time for the full effect of the new
policymaking to materialize and there is still a high risk that a
different government could reverse these policy changes.

Argentina has returned to the international capital markets and
floated its exchange rate. While that has reduced the need to
maintain a high level of official reserves, Argentina still has a
low level of foreign currency reserves compared to the amount of
money that it has borrowed in dollars.


PVCRED SERIE: Moody's Assigns Ba3 (sf) Global Scale Rating
----------------------------------------------------------
Moody's Latin America Agente de Calificaci¢n de Riesgo (Moody's)
has rated Fideicomiso Financiero Pvcred Serie XXIX. This
transaction will be issued by TMF Trust Company (Argentina) S.A.-
acting solely in its capacity as issuer and trustee.

As of today, the securities for this transaction have not been
placed in the market yet. The transaction is pending approval from
the Comisi¢n Nacional de Valores, if any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

   -- ARS 117,391,000 in Class A Floating Rate Debt Securities
      (VRDA TV) of "Fideicomiso Financiero Pvcred Serie XXIX",
      rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf)
      (Global Scale)

   -- ARS 55,243,000 in Certificates (CP) of "Fideicomiso
      Financiero Pvcred Serie XXIX", rated Caa1.ar (sf) (Argentine
      National Scale) and Caa3 (sf) (Global Scale).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 8,340 eligible personal loans denominated in
Argentine pesos, bearing fixed interest rate, originated by
Pvcred, a financial company owned by Comafi's Group in Argentina.
Only the installments due after December 31, 2016 will be assigned
to the trust.

The VRDA TV will bear a floating interest rate (BADLAR plus
300bps). The VRDA TV's interest rate will never be higher than 38%
or lower than 24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination level of 32.0% for the
VRDA TV, calculated over the pool's principal balance as of
December 31, 2016. The subordination level will increase overtime
due to the turbo sequential payment structure. The transaction
will have a grace period for principal and interest payment until
February 2017.

The transaction also benefits from an estimated 44.6% annual
excess spread, before considering losses, taxes or prepayments and
calculated at the caps of 38% for the VRDA TV.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from July 2014 to July 2016. Moody's has observed a weaker
performance of Refis loans compared to Unregulated Pvcred Loans.
In addition, Moody's has observed a weaker performance of Open
Market Loans compared to Existing Loans.

Moody's notes that there is significant uncertainty around key
macroeconomic variables in Argentina, including inflation rates,
salary increases compared to inflation, and economic activity,
which have an impact on future performance of this transaction.

In assigning the rating to this deal, Moody's assumed a lognormal
distribution of losses for each one of the different securitized
sub-pools: for the loans of Existing Clients, a mean of 18%; for
loans of Open Market, a mean of 35% and for the "Refinanciados"
loans, a mean of 45% with a coefficient of variation of 60% for
each of the three sub-pools. Also, Moody's assumed a lognormal
distribution for prepayments with a mean of 35% and a coefficient
of variation of 70%.

Servicer default was modeled by simulating the default of Banco
Comafi S.A. as the servicer consistent with its current rating of
B3/Baa1.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 1.2% expected loss for Class A Floating
Rate Debt Securities and 24.3% for the Certificates.

Moody's also evaluated the back-up servicing arrangements in the
transaction. If Pvcred is removed as collection agent, Banco
Comafi will be appointed as the back-up collection agent.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased by 4%
from the base case scenario, the ratings of the Class A Floating
Rate Securities would likely be downgraded to B1 (sf), while that
of the Certificates would remain unchanged.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 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. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.


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


INVESTIMENTOS E PARTICIPACOES: S&P Affirms 'BB-' CCR
----------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale and 'brA-'
national scale corporate credit ratings on Investimentos e
Participacoes em Infraestrutura S.A. -- Invepar.  S&P also removed
these ratings on CreditWatch negative listing, where it placed on
May 24, 2016.  The outlook is stable.

At the same time, S&P affirmed its 'brA-' national scale corporate
credit and issue-level ratings on Invepar's toll road,
Concessionaria Auto Raposo Tavares S.A. (CART).  Finally, S&P
affirmed its 'brBBB+' issue-level rating on Invepar.  S&P also
removed these ratings from CreditWatch negative.

In August 2016, Invepar announced the asset sale of LAMSAC, the
concessionaire of the Peruvian toll road, Parque Rimac, for about
R$4.5 billion, which is likely to be completed by November 2016.
Net sales proceeds after taxes and mandatory redemption of its
debentures will provide financial flexibility for the group.  In
addition, S&P considers that the risk of the debt payment
acceleration for GRU Airport has receded after it obtained a
waiver from BNDES in June 2016 to make its annual fixed grant fee
payment in monthly installments until December 2016.  As a result,
S&P has revised the group's liquidity assessment to adequate from
less than adequate, even though Invepar is still pursuing a long-
term financing for the investments in the VIA-040 toll road.

S&P's 'BB-' corporate credit rating on Invepar continues to be
based on S&P's assessment of its satisfactory business risk and
aggressive financial risk profiles.  This results in a 'bb-'
stand-alone credit profile (SACP) incorporating S&P's new
liquidity assessment as adequate and the negative impact of S&P's
comparable rating assessment.

S&P continues to view the group's financial risk profile as
aggressive.  Total debt should drop following the early redemption
of Invepar's 2015 R$2 billion debentures through the proceeds from
the sale of LAMSAC, which S&P expects to improve the group's FFO
to debt to about 8% in 2017 from about 2% in 2015 and debt to
EBITDA to 5.5x from 10.3x.  The weak credit metrics in 2015
primarily resulted from the peak in the heavy investment, which
the earnings didn't compensate.



ULTRAPAR INTERNATIONAL: S&P Assigns 'BB+' Rating on Proposed Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to
Ultrapar International S.A.'s proposed senior unsecured notes with
a recovery rating of '3', which indicates S&P's expectation of a
meaningful recovery (50%-70%, in the higher range of the band) of
the notes under a hypothetical default scenario.  At the same
time, S&P affirmed its 'BB+' global scale and 'brAA+' national
scale corporate credit ratings on Ultrapar Participacoes S.A.

Ultrapar International is a wholly-owned finance subsidiary of
Ultrapar.  The latter and its main operating subsidiary, the fuel
distributor Ipiranga Produtos de Petroleo S.A., will
unconditionally and irrevocably guarantee the notes.  The company
will use the proceeds from the sale of the notes for debt
refinancing and general corporate purposes.

S&P's 'BB+' ratings on Ultrapar incorporate its resilient and
fairly diversified business model, solid cash reserves, and
historically low leverage.  These factors mitigate the impact of
Brazil's current economic slump and weaker demand for fuel.



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


ADAR WORLD: Placed Under Voluntary Wind-Up
------------------------------------------
On Sept. 16, 2016, the sole shareholder of Adar World Balanced
High Grade Fund Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Adar Capital Partners Ltd.
          c/o Madeleine Welham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands


ASHDOWN INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 31
------------------------------------------------------------
The creditors of Ashdown International Holdings Ltd. are required
to file their proofs of debt by Oct. 31, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 31, 2016.

The company's liquidators are:

          Desmond Campbell
          Stuart Brankin
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 814 0711


ATLANTA CO-INVESTMENT: Members' Final Meeting Set for Oct. 17
-------------------------------------------------------------
The members of Atlanta Co-Investment SLP Limited will hold their
final meeting on Oct. 17, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Aug. 31, 2016.

The company's liquidator is:

          Vistra Cayman Trust Limited
          802 West Bay Road
          Grand Pavilion Commercial Centre
          P.O. Box 31119 Grand Cayman KY1-1205
          Cayman Islands


BRISPHER HOLDINGS: Creditors' Proofs of Debt Due Oct. 24
--------------------------------------------------------
The creditors of Brispher Holdings Inc. are required to file their
proofs of debt by Oct. 24, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 13, 2016.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


CAMBRIDGE COMPANY: Creditors' Proofs of Debt Due Oct. 7
-------------------------------------------------------
The creditors of Cambridge Company Limited are required to file
their proofs of debt by Oct. 7, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 9, 2016.

The company's liquidator is:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


GRF FUND: Commences Liquidation Proceedings
-------------------------------------------
On Sept. 9, 2016, the sole shareholder of GRF Fund, Ltd. resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


ELECTRA INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Sept. 9, 2016, the shareholders of Electra International Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Avalon Trust & Corporate Services Ltd.
          c/o Avalon Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


HANNIBAL LEASING: Commences Liquidation Proceedings
---------------------------------------------------
On Sept. 9, 2016, the sole member of Hannibal Leasing Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 28, 2016, will be included in the company's dividend
distribution.

The company's liquidators are:

          Thomas Mylott
          Marguerite Britton
          c/o 238 North Church Street
          P.O. Box 1043, George Town Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 640-6600


INDEPENDENT DEVELOPMENT: Creditors' Proofs of Debt Due Oct. 7
-------------------------------------------------------------
The creditors of Independent Development Co Ltd are required to
file their proofs of debt by Oct. 7, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 9, 2016.

The company's liquidator is:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


JULYSUNNY 747-01: Commences Liquidation Proceedings
---------------------------------------------------
On Sept. 9, 2016, the sole member of Julysunny 747-01 Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 28, 2016, will be included in the company's dividend
distribution.

The company's liquidators are:

          Thomas Mylott
          Marguerite Britton
          c/o 238 North Church Street
          P.O. Box 1043, George Town Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 640-6600


PANAMERICAN RE: Creditors and Contributories to Meet on Oct. 18
---------------------------------------------------------------
The creditors and contributories of Panamerican Re, Ltd. SPC will
hold their first meeting on Oct. 18, 2016, at 10:00 a.m.

The company commenced wind-up proceedings on Sept. 12, 2016.

The company's liquidator is:

          Christopher Kennedy
          Panamerican Re, Ltd. SPC
          c/o Daniel McGrath
          RHSW (Cayman) Limited
          Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 814-8713
          Facsimile: (345) 949 8295


SHANGHAI INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
On Sept. 5, 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of Shanghai International Capital
Management (Cayman) Limited.

Andrew Morrison, David Griffin and John Batchelor were appointed
as the company's liquidators.

The company's liquidators are:

          Andrew Morrison
          David Griffin
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street, Camana Bay
          P.O. Box 30613, Grand Cayman KY1-1203
          Cayman Islands; and

          John Batchelor of FTI Consulting (Hong Kong) Limited
          The Centre, Level 22
          99 Queen's Road
          Central, Central
          Hong Kong


VERTEX ORBIT: Commences Liquidation Proceedings
-----------------------------------------------
On Sept. 7, 2016, the sole shareholder of Vertex Orbit Trading
Company 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:

          Doran + Minehane
          59/60 O' Connell Street
          Limerick
          Ireland
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613


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M E X I C O
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AXTEL SAB: S&P Revises Outlook to Negative & Affirms 'BB' CCR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Axtel S.A.B. de C.V. to
negative from stable.  At the same time, S&P affirmed its 'BB'
corporate credit rating on the company.

"The outlook revision reflects our expectation that Axtel's
financial performance will remain weak until the end of 2016,
resulting in debt to EBITDA above 4.0x and funds from operations
(FFO) to debt below 20%, which would diverge from our original
expectations.  We believe the government spending will remain soft
for the rest of 2016 and 2017, given the recently announced budget
cuts.  We also expect competition to remain high, which could also
undermine EBITDA generation.  Nevertheless, we expect Axtel's
metrics to strengthen somewhat in 2017, compensated by the growth
in the Fiber to Home (FTTH) business and some recovery in the
business segment," S&P said.

S&P's assessment on Axtel's business risk profile reflects an
improved competitive position following the merger with Alestra,
which broadened its product portfolio.  Axtel is the third-largest
fixed telecom player in the Mexican market in terms of revenues
and EBITDA, albeit it's still smaller than that of Telefonos de
Mexico S.A. de C.V.  And the potential exists for further
operating synergies through cross-selling, economies of scale,
network integration, and transfer of skills.  However, the
company's strengths are tempered by its geographic concentration,
because it only operates in Mexico, and by the fierce competition
that could cause some margin pressures.

S&P considers Axtel as a moderately strategic subsidiary of Alfa
S.A.B. de C.V. (BBB/Stable/--), benefiting from a one-notch uplift
relative to its 'bb-' stand-alone credit profile.  Axtel is a
successful and profitable business, unlikely to be sold in the
short term, and S&P believes it's likely to receive support from
its parent company, if necessary.


COATZACOALCOS: Moody's Cuts Issuer Ratings to B2/Ba1.mx
-------------------------------------------------------
Moody's de M‚xico concluded the rating review of the Municipality
of Coatzacoalcos and downgraded the municipality's issuer ratings
to B2/Ba1.mx from B1/Baa3.mx. Revised the outlook on the ratings
to negative from ratings under review for a downgrade.

RATINGS RATIONALE

This action closes the review for downgrade initiated on July 7,
when Coatzacoalcos presented a missed payment on a factoring
facility with Santander Bank for MXN 20 million and considers the
settlement of total due amounts in August 22, 2016. The downgrade
reflects ongoing weak liquidity, that in conjunction with the
expected growth in expenditures related with the change in
administration will exert significant pressure in the municipal
finances over the next 18 months. Therefore, we expect that the
municipality will continue to face challenges to record balanced
financial results and that liquidity will remain extremely tight.

In 2015, Coatzacoalcos end of the year cash balance stood at MXN 1
million. Coatzacoalcos liquidity at the end of July 2016 improved
in absolute terms, as cash and equivalents passed to MXN 56
million from MXN 27 million registered in July 2015, however as a
proportion of current liabilities it is still a very low 0.13x and
it is not comparable with B1 peers. In 2015 the gross operating
balance was equivalent to 7.2% of operating revenues, figure that
compares favorably respect other municipalities in the B2
category. However, given expected expenditure pressures, we expect
that gross operating balances will decline to around 4-5% of
operating revenues and that the financial deficit will be around
5% of total revenues in 2016.

Coatzacoalcos credit weaknesses are compensated by low debt
levels. As of July 2016 the total net direct and indirect debt
summed MXN 163.5 million figure equivalent to 23.4% of the
operating revenues.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects the challenges that Coatzacoalcos
faces to continually improve its tight liquidity position without
incurring in short-term debt. It also reflects pressures derived
from the negative outlook on Mexico's sovereign bond rating (A3).

WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the negative outlook, it is unlikely that the ratings will
be upgraded in the medium term. However, Coatzacoalcos's issuer
ratings could be stabilized if it continuously improves its
liquidity position in conjunction with the presence of positive
operating margins and not recurring to short-term debt. Conversely
if the municipality presents a further deterioration in the
liquidity that lead to reliance on short-term debt and higher debt
metrics the ratings will face downward pressure.

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

The period of time covered in the financial information used to
determine Coatzacoalcos, Municipality of's rating is between
1/1/2011 and 12/31/2015 (source: issuer).


OFFICE DEPOT: S&P Affirms 'BB' CCR; Outlook Stable
--------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale corporate credit
on Office Depot de Mexico, S.A. de C.V. (ODM).  S&P also affirmed
its 'BB' issue-level rating to the company's $350 million senior
unsecured notes.  The recovery rating of '3' on this debt, which
indicates S&P's expectation of a meaningful recovery on the notes
(50%-70%, in the lower range of the band) under a hypothetical
default scenario.  The outlook on the corporate credit rating is
stable.

"ODM's performance was below our expectations in the past 12
months, especially during the first half of 2016.  The company
posted a debt to EBITDA of 4.1x and EBITDA margins of 11.6% for
the 12 months ended June 30, 2016.  This reflects the delayed
integration of its acquisitions in Mexico and Chile and the
weakness of the Mexican peso versus the dollar.  Nevertheless, the
company's performance continues to be in line for its current
rating category.  In particular, ODM has been able to fund its
organic and inorganic growth with its own cash flow generation, as
seen in its FOCF of MXN545.4 million as of June 30, 2016.  On the
other hand, the performance at Radio Shack stores has improved in
recent months thanks to ODM's strategy to enhance their operating
performance including the closure of non-profitable stores.  In
our view, this, coupled with the hedge of the coupons of the
company's dollar-denominated debt, will allow it to improve its
key credit metrics, reaching EBITDA margins to 13%, debt to EBITDA
below 4x, EBITDA interest coverage higher than 3.0x, and
discretionary cash flow (DCF) to debt remaining at more than 5%,"
S&P said.

The rating on ODM's $350 million senior unsecured notes is the
same as the corporate credit rating.  The notes are guaranteed by
four Mexican subsidiaries, the Colombian subsidiaries, and one
Chilean subsidiary.  These subsidiaries, together with ODM,
represented more than 80% of the group's total EBITDA in 2015.

S&P's business risk profile assessment reflects ODM's good brand
and market position in the office supply segment in Mexico, with
attractive store locations.  S&P's assessment also factors the
highly fragmented and competitive office supply market in Mexico
where superstores (such as ODM) only represent about 10% of the
total market, although S&P expects the company to maintain a
significant market share in the superstores segment.  S&P's
assessment also includes its expectation of ODM's improved
profitability by the end of 2017, which will continue to be in
line with the profitability of the overall retail industry.
Finally, S&P's assessment also considers the company's geographic
concentration in Mexico.


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


AES PANAMA: Fitch Assigns 'BB+' Rating on Proposed USD Notes
------------------------------------------------------------
Fitch Ratings rates AES Panama S.R.L.'s (AESP) proposed USD notes
reopening 'BB+'.  The reopened notes are part of AESP's notes due
2022 and will be used primarily to refinance the remaining
outstanding debt for the notes due at the end of 2016.

                         KEY RATING DRIVERS

Improving Credit Metrics:

AESP's credit metrics have significantly improved since 2014, and
Fitch expects this improvement to continue.  In 2015, AESP had
EBITDA of USD99.7 million on revenues of USD299 million (versus
USD12 million and USD261.8 million, respectively in 2014).  This
was primarily driven by improved hydrological conditions and by
lower spot prices, reflecting the global decline in oil prices.
Consequently, the company's margins recovered to 33% (versus 5% in
2014) while leverage improved to 3.8x and interest coverage
rebounded to 4.2x.  Fitch expects to see tightening liquidity as
the company returns to its stated cash policy whereby excess funds
over USD20 million are paid out as dividends.

The hydrology forecast points to heavier rainfall in the second
half of 2016 as a result of the 'La Nina' effect.  Base case
assumptions indicate normal hydrology for the next few years,
while spot prices continue being driven down by the low price of
oil and improved energy supply dynamics, as Panama adds new
generation projects to the matrix between now and 2020.

Moderate Exposure to Hydrological Risk:

AESP maintains power purchase agreements (PPAs) that represent
approximately 90% of its installed capacity.  This elevated level
exposes AESP to changes in hydrological conditions and spot market
prices such as those observed during 2014 and 2013.  In the medium
term, AESP is considering several alternatives for managing
hydrology risk.  By adding the 72MW Estrella del Mar thermal barge
to its asset base, AESP will be able to offset some of its own
spot market costs with the barge's price-adjusted revenues.
Alternatively, after Estrella del Mar's contracts expire in 2020,
the company could use the barge's capacity to directly supply
back-up energy.

As part of the actions being taken by the company to reduce its
exposure to hydrology risk, AESP is also considering not renewing
the PPAs that expire over the next five years.  Thereafter, it
would try to enter into short-term contracts to give the company a
better degree of climatological visibility.  The company's
contractual strategy will consist of reducing or increasing its
contracted capacity based on hydrology and spot price
expectations.

Diversification of the Panamanian Energy Matrix:

Panama has nearly 1300 MW of non-hydro based generation under
various stages of constructions between now and 2020, including a
380MW natural gas plant which will be operated by AES Corp through
a joint venture with Inversiones Bahia.  The expansion of
alternative generation sources within the Panamanian power matrix
should help keep spot prices low, even in stressed hydrological
conditions.

Cash Flow Supported by Contractual Position:

AESP's ratings reflect company's contractual position with low
counterparty risk.  Generation companies in Panama are permitted
to enter into PPAs for up to their firm capacity allocation.
According to the local regulator, firm capacity is calculated
based on a 30-year historical average.  The regulations promote
the use of PPAs by requiring distribution companies to secure 100%
of their peak regulated demand for the following year.  AESP
maintains PPAs for approximately 91%, on average, of available
capacity through 2018.  Thereafter, the company has secured
contracts for 350 MW (between 70%-80% of capacity) through 2030.

The company sells electricity under separate PPAs with the
country's three distribution companies, Empresa de Distribucion
Electrica Metro-Oeste S.A. (Edemet), Elektra Noreste (IDR 'BBB'),
and Empresa de Distribucion Electrica Chiriqui (Edechi), with
various maturities.  Panamanian distribution companies appear to
have the sufficient credit quality and financial ability to
support their respective obligations under the PPAs with AESP.

Strong Market Position:

AESP is the largest generation company in the country based on
installed capacity accounting for 18% market share (without
considering AES Changuinola installed capacity of 223MW).  AESP
benefits from a competitive portfolio of low-cost hydroelectric
generating assets, including dam-based reservoirs and run of the
river units.  The company is composed of four hydroelectric plants
throughout the country with a total installed capacity of
approximately 482 MW and different dispatch priorities.  The
thermal plant, Estrella del Mar, has an installed capacity of
72MW.  The diverse locations of the company's assets somewhat
mitigate its exposure to hydrology risk as the plants are located
in different hydrology regions.

Exposure to Regulatory Risk:

The company's ratings also reflect its exposure to regulatory
risk.  Historically, generation companies in Panama were
competitive unregulated businesses free to implement their own
commercial strategies.  In the past years, the increase in
electricity prices has resulted in increased government
intervention in the sector in order to curb the impact of high
energy prices for end-users.

                          KEY ASSUMPTIONS

   -- New capacity through next five years keeps spot prices low;
   -- Expiring PPAs are not renewed in 2019 & 2020;
   -- No significant El Nino effects in the near to medium term;
   -- Excess cash above USD20 million paid out as dividends;
   -- Barge fuel costs gradually increasing over the next several
      years.

                        RATING SENSITIVITIES

A downgrade could result from a combination of the following
factors: leverage above 4.0x on a sustained basis, increased
government intervention in the sector coupled with weakening
regulatory framework, inability to reduce exposure to the spot
market, and/or payment of dividends coupled with high leverage
levels.

Factors that could trigger a positive rating action include: a
sustained decrease in leverage below 3.0x coupled with an
effective diversification of revenues among different fuels, and
reduced exposure to spot market risk.

                             LIQUIDITY

AESP's policy is to maintain a cash balance of USD20 million,
dividends payments are subordinated to this policy.  The company
maintains short-term credit facilities for up to USD105 million.
The company has no FX exposure, as it operates in Panama.

AESP's current debt consists of USD82 million of outstanding
senior unsecured notes due in December 2016, and its recently
issued USD300 million bond due 2022.  The expected reopening of
the latter will be used to refinance the former.

FULL LIST OF RATING ACTIONS

Fitch currently rates AES Panama as:

AES Panama SRL

   -- Foreign Currency Long-Term Issuer Default Rating (IDR)
      'BB+';
   -- Local Currency Long-Term IDR 'BB+';
   -- National Long-Term Rating 'AA-(pan)'.
   -- USD300 million notes due 2016 (USD82 million outstanding)
      'BB+';
   -- USD300 million notes due 2022 'BB+' and 'AA-(pan)'.

The Rating Outlook is Stable.


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


BLUE WAVE TECH: Court Affirms $8K Fee Awarded to Caribbean Tower
----------------------------------------------------------------
In the case captioned BLUE WAVE TECH CORP., et al. Appellants, v.
CARIBBEAN TOWER SITES, LLC, Appellee, Civil No. 15-1312 (PAD),
Judge Pedro A. Delgado-Hernandez of the United States District
Court for the District of Puerto Rico affirmed the orders issued
by the bankruptcy court requiring Appellants Blue Wave Tech Corp.
and its president, Brian Safreed, to pay for the attorney's fees
incurred by appellee, Caribbean Tower Sites, LLC, in securing the
appellants' compliance with previous court orders and discovery
obligations.

The Appellee filed a "Motion for the Reimbursement of Expenses and
Attorney's Fees Incurred in Connection with the Continuation of
Discovery and the Rescheduling of Depositions," detailing the
additional expenses incurred by the appellee's president, John
Campbell, for hotel accommodations, transportation and meals due
to the rescheduling of the depositions (totaling $1,480.00) and
requesting reimbursement of $8,330.00 in reasonable attorney's
fees incurred in procuring compliance with the discovery schedule.

The Appellants, however, opposed the appellee's motion.  The
Appellee replied, submitting a redacted copy of the invoice
submitted by its attorneys, evidencing the time devoted to procure
the appellant's compliance with the discovery schedule, and copy
of the receipts for Mr. Campbell's hotel accommodations,
transportation and meals, which had not been available at the time
the original request for attorneys' fees was filed.  The
Appellants sur-replied.

The bankruptcy court authorized the reimbursement of $7,630 in
attorney's fees and $404 in airfare expenses to be paid by
Appellant to Appellee. Appellants unsuccessfully moved for
reconsideration, and this appeal followed.

Judge Delgado-Hernandez held that the contention that the court
ordered reimbursement of attorney's fees relying on ex parte
information not available to the appellants lacks merit.  They
were privy to what appellee requested and the factual grounds for
the request, the judge said.  Albeit not making a specific finding
regarding "vexatious" behavior, it is clear the court acted within
its discretion in imposing attorney's fees on appellants for the
time reasonably incurred by appellee in securing appellants'
compliance with previous court orders and corresponding discovery
obligations, the judge added.  The record shows no abuse of
discretion, and appellants have demonstrated none, the judge
pointed out.

A full-text copy of the Memorandum and Order dated September 19,
2016 is available at https://is.gd/FktjMe from Leagle.com.

Blue Wave Tech Corp., Appellant, is represented by Nelson
Robles-Diaz, Esq. -- Nelson Robles-Diaz Law Offices P.S.C..

Brian Safreed, Appellant, is represented by Jesus R.
Morales-Cordero, Esq. -- Morales Cordero, CSP & Nelson Robles-
Diaz, Nelson Robles-Diaz Law Offices P.S.C..

Carribean Tower Sites, LLC, Appellee, is represented by Miguel J.
Rodriguez-Marxuach, Esq. -- Rodriguez Marxuach, P.S.C..

US Trustee, Interested Party, is represented by Monsita
Lecaroz-Arribas, U. S. Trustee Office.


CARIBBEAN TRANSPORT: Taps Rivera & Fernandez as Special Counsel
---------------------------------------------------------------
Caribbean Transport Refrigeration & Power Systems, Inc. seeks
approval from the U.S. Bankruptcy Court for the District of Puerto
Rico to hire Rivera & Fernandez as special counsel.

The firm will represent the Debtor in matters related to the
possible claims for fraud, breach of contract and damages in
connection with the foreclosure of a commercial mortgage loan
issued by Firstbank Puerto Rico, Inc.

The firm's professionals and their hourly rates are:

     Partners       $185
     Associates     $150
     Paralegals      $95

Edgardo Rivera Rivera, Esq., disclosed in a court filing that his
firm is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Edgardo L. Rivera Rivera, Esq.
     Rivera & Fernandez
     Galeria San Patricio, Suite 205
     P.O. Box 360764
     San Juan, PR 00936-0764
     Tel: 787-281-0707
     Fax: 787-281-0708
     Email: erivera@rflawpr.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.


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.


CORDERO CORDERO: Taps Richard Schell-Asad as Attorney
------------------------------------------------------
Cordero, Cordero & Asociados-Asesores Legales, P.S.C. seeks
approval from the U.S. Bankruptcy Court for the District of Puerto
Rico to hire Richard Schell-Asad, Esq.

Mr. Schell-Asad will represent the Debtor in a collection
proceeding it filed against the State Insurance Fund Corp. in the
State Court Superior Room of San Juan, Puerto Rico.

The proposed counsel will be paid an hourly rate of $150 for his
services.

In a court filing, Mr. Schell-Asad disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Schell-Asad's address is:

     Richard Schell-Asad
     254 San Jose St.
     El Mundo Building, Third Floor
     San Juan, PR 00901
     Tel. (787)722-0741
     Fax. (787)724-2563
     Cel. (787)559-2712
     Email: Rschellasad@aol.com

                      About Cordero,Cordero

Cordero, Cordero & Asociados-Asesores Legales, P.S.C. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R.
Case No. 16-00828) on February 4, 2016.  The petition was signed
by Jose Ramon Cordero Rodriguez, president.

The case is assigned to Judge Enrique S. Lamoutte Inclan.

At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.


LEONEL DIAZ HERNANDEZ: Unsecureds to Recoup 3% Under Plan
---------------------------------------------------------
Leonel Diaz Hernandez and Rosemarie Espinal Castillo filed with
the U.S. Bankruptcy Court for the District of Puerto Rico a first
amended disclosure statement describing the Debtors' plan of
reorganization.

Each holder of Class 4 General Unsecured Claims will receive a
distribution equal to 3% of its allowed claim pursuant to the
terms and conditions of the Plan, that is during the three years
following the effective date.  Creditors will be paid on monthly
installments within a period of up to 36 months.

The First Amended Disclosure Statement is available at:

            http://bankrupt.com/misc/prb15-06796-70.pdf

The Plan will be funded by cash on hand at the Effective Date, the
Debtors' income, savings on reduction of expenses, and savings on
mortgage monthly payments in the amount of $1,961 due to pay off
the same effective July 2016, will be use also for the payment
Plan.

Leonel Diaz Hernandez and Rosemarie Espinal Castillo filed for
Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 15-06796)
on Sept. 2, 2015.


MORGANS HOTEL: Stockholders Approve SBE Merger Agreement
-------------------------------------------------------
Morgans Hotel Group Co. held a special meeting of stockholders on
Sept. 26, 2016, at which the stockholders:

   (1) voted to adopt the agreement and plan of merger, as it may
       be amended from time to time, dated as of May 9, 2016,
       among the Company, SBEEG Holdings, LLC and Trousdale
       Acquisition Sub, Inc. and the other transactions
       contemplated by the Merger Agreement, as described in the
       Proxy Statement filed by the Company on Schedule 14A on
       Aug. 4, 2016;

   (2) approved, on an advisory (non-binding) basis, specified
       compensation that may become payable to any named executive
       officer of the Company in connection with the merger, as
       described in the Proxy Statement filed by the Company on
       Schedule 14A on Aug. 4, 2016; and

   (3) approved the adjournment or postponement of the Special
       Meeting for a period of no more than 30 days to solicit
       additional proxies, if necessary, if there are insufficient
       votes at the time of the Special Meeting to adopt the
       Merger Agreement, as described in the Proxy Statement filed
       by the Company on Schedule 14A on Aug. 4, 2016.

At the Special Meeting, following the vote and in response to
questions from stockholders regarding the status of SBE's
financing
for the merger, representatives of the Company reiterated the
Company's public disclosure that the parties were working on the
financings and further stated that they were confident that the
financing for the SBE merger would be obtained.

As previously disclosed, SBE has not yet obtained consent from the
Company's mortgage lenders for an assumption of the Company's
mortgage debt and continues to engage in discussions with the
mortgage lenders.  As previously disclosed, SBE does not currently
have alternative financing in place, and continues to review
refinancing alternatives for the mortgage debt.  SBE is in the
process of finalizing the definitive agreements with Yucaipa
Hospitality Investments, LLC, Cain Hoy Enterprises LP and Security
Benefit Corporation on the terms set forth in the term sheets for
the equity and debt financing negotiated at the time the merger
agreement was executed, but those agreements are not yet final and
binding.

The assumption or refinancing of the mortgage debt is a condition
to the obligation of SBE to consummate the merger.  As stated in
the Company's proxy disclosure on Sept. 26, 2016, there can be no
assurance that that the mortgage lenders will consent to an
assumption of the mortgage debt, or that SBE will obtain
alternative financing.  Consequently, there can be no assurance
that the conditions to the obligation of SBE to complete the
merger
will be satisfied.

                    About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported net income attributable to common
stockholders of $5.45 million on $220 million of total revenues
for the year ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $66.6 million on $234
million of total revenues for the year ended Dec. 31, 2014.

As of June 30, 2016, Morgans Hotel had $512 million in total
assets, $737 million in total liabilities and a total deficit of
$225 million.


PUERTO RICO: Pension Fund Joins Suit vs. UBS Over Muni Bonds
------------------------------------------------------------
Romy Varghese, writing for Bloomberg News, reported that Puerto
Rico's retirement system, on the brink of insolvency, is joining a
lawsuit against UBS Group AG, faulting the company for poor
investment returns on $3 billion it borrowed in an effort to
bolster the pension.

According to the report, UBS underwrote bonds sold by the
employees and judiciary retirement systems in 2008 and served as
the investment consultant.  The income from reinvesting the
proceeds was supposed to far exceed the cost of borrowing,
delivering a profit, the report related.  Puerto Rico said in a
statement that much of the proceeds went instead into low-yielding
accounts that produced "negative investment income since day one,"
the report further related.

UBS served as a major banker for the U.S. territory, which has
been defaulting on a growing share of its debt and has been placed
under federal financial oversight, the report said.  The bank was
able to legally serve as an adviser, underwriter and bond-fund
manager even though such multiple roles are barred on the mainland
because of the conflicts of interest, the report added.


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


* BOND PRICING: For the Week From Sept. 26 to Sept. 30, 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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