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        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

            Tuesday, May 11, 2016, Vol. 17, No. 92


                            Headlines



A R G E N T I N A

ARGENTINA: S&P Raises Sovereign Credit Rating to 'B-'
ARGENTINA: Announces Business & Investment Forum


B R A Z I L

BRAZIL LOAN: Fitch Cuts $661.9MM Notes Rating to 'BBsf'
GOL LINHAS: Fitch Lowers Issuer Default Rating to 'C'
PETROLEO BRASILEIRO: Andrade Gutierrez to Return US$285 Million
SAMARCO MINERACAO: Moody's Retains Caa2 Rating Following Lawsuit
SAO PAULO: Fitch Cuts Issuer Default Rating to 'BB'


C A Y M A N  I S L A N D S

ADAMAS HOLDINGS: Sole Shareholder to Hear Wind-Up Report on May 30
BEDAMA LIMITED: Sole Member to Hear Wind-Up Report on June 7
BERCAY HOLDINGS: Sole Member to Hear Wind-Up Report on June 7
BLUE MOUNTAIN: Shareholders' Final Meeting Set for May 18
BLUE SKY: Shareholders' Final Meeting Set for May 18

CARMICHAEL INC: Shareholders' Final Meeting Set for May 18
CONTINENTAL LIFE: Shareholders' Final Meeting Set for May 19
EVERBRIGHT ASHMORE: Shareholder to Hear Wind-Up Report on May 17
JADI LIMITED: Sole Member to Hear Wind-Up Report on June 7
LOPESANJO LIMITED: Sole Member to Hear Wind-Up Report on June 7

MARIBO LIMITED: Sole Member to Hear Wind-Up Report on June 7
UB FUNDS: Shareholder to Hear Wind-Up Report on May 19
VIBELU LIMITED: Sole Member to Hear Wind-Up Report on June 7


C H I L E

GEOPARK LATIN: Fitch Affirms 'B' Issuer Default Ratings


D O M I N I C A N   R E P U B L I C

FALCONBRIDGE DOMINICANA: Dominicans Will Have 'Last Word' on Mine


J A M A I C A

J. WRAY: Decline in Sugar Industry Affects Parent's Performance


M E X I C O

GRUPO SENDA: Fitch Affirms 'B' LT Issuer Default Ratings
SU CASITA: Fitch Affirms 'CCsf' Rating on Class A RMBS


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Clico Reports Profit Surge of $5.13BB in 2014


U R U G U A Y

BANQUE HERITAGE: Moody's Withdraws B3 Deposit Ratings


                            - - - - -


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


ARGENTINA: S&P Raises Sovereign Credit Rating to 'B-'
-----------------------------------------------------
S&P Global Ratings raised its long-term foreign currency sovereign
credit rating on the Republic of Argentina to 'B-' from 'SD'
(selective default).  S&P also raised its short-term foreign
currency sovereign credit rating on Argentina to 'B' from 'D'.  At
the same time, S&P affirmed its 'B-/B' long- and short-term local
currency sovereign credit ratings on Argentina and S&P's national
scale ratings at 'raBBB'.  The outlook on the long-term ratings is
stable.  In addition, S&P affirmed its transfer and convertibility
assessment at 'B-'.

RATIONALE

The rating action reflects Argentina's curing of the default on
its foreign currency bonds that had started in July 2014.  On
May 5, the Argentine government paid $2.7 billion in past-due
interest on bonds that were issued in 2005 and 2010 and had gone
into default in July 2014 because of an injunction placed by the
Southern District Court of New York.  The court order blocked
Argentina from paying on those bonds until Argentina made payments
to creditors who did not participate in the 2005 and 2010 debt
exchanges ("holdouts").  On April 25, after issuing $16.5 billion
in new bonds in the international market (which S&P rated 'B-'),
the government paid $9.1 billion to holdouts from the 2005 and
2010 debt exchanges.  After that payment, as previously announced,
the U.S. court lifted its injunction, allowing Argentina to cure
its 2014 foreign currency default.

The 2005 and 2010 debt exchanges covered 93% of total 2001
defaulted debt.  Holdout creditors held the remaining 7% of
defaulted debt, with a face value of $6 billion.  Following 15
years of litigation, the Argentine government reached
agreement beginning in early 2016 with 90% of holdouts with "pari
passu" and "me too" court rulings (holdouts that obtained "pari
passu" injunctions from the District Court) supporting their
claims and with other holdouts.  The remaining holdouts who have
not reached agreement with the Argentine government hold $1.9
billion in face value of 2001 defaulted sovereign debt, with an
estimated claim of $5.5 billion.  The Argentine government has
publicly stated that it is open to negotiating agreements with the
remaining holdout creditors.

As per S&P's criteria, "Post-Default Ratings Methodology: When
Does Standard & Poor's Raise A Rating From 'D' Or 'SD'?,"
March 23, 2015, the issuer credit rating on a sovereign may be
raised from 'SD' or 'D' if the sovereign resumes payment on the
defaulted debt instrument, or if, based on the passage of time,
S&P expects no further resolution to occur and S&P believes a
revised rating better reflects our forward-looking opinion on the
creditworthiness of the entity.  S&P believes that the remaining
holdout creditors who have not reached agreement with the
Argentine government to settle their 2001 defaulted debt likely
pose limited litigation risk to future debt service, especially
because the U.S. court has lifted its payments injunction on
Argentina.

S&P's ratings on Argentina reflect ongoing challenges to address
the country's substantial economic imbalances, including high
inflation and a large fiscal deficit, in a context of a still-
polarized society and an unfavorable external environment.  The
Mauricio Macri Administration has been able to cut fiscal
subsidies, liberalize and unify the exchange rate, eliminate
capital controls, reduce and eliminate some export duties,
and begin the restructuring of Argentina's statistical agency.
Importantly, it was able to gain Congressional approval of the
"Holdouts Law," despite lacking a majority in the Congress.  This
allowed Argentina to cure its default and regain access to
external financing while restoring relations with the
international capital markets.  Nevertheless, inflation remains
high, likely above 40%, and S&P expects GDP to contract this year
(in part because of fiscal and monetary tightening), demonstrating
the political and economic challenges that lie ahead.

Gross central government debt totaled $222.7 billion at the end of
December 2015, equivalent to 54% of GDP.  Argentina's debt burden
is vulnerable to the value of the peso versus the dollar because
around 67% of the government's debt is denominated in foreign
currency, a ratio that could increase further as the government
finances its fiscal deficits with external funding.  Keeping
sustainable debt levels will depend to a large extent on the
government's capability to reduce fiscal deficits over the next
couple of years while promoting economic growth.  The government
used $9.1 billion (from the issuance of around $16.5 billion,
equivalent to 7.5% of the central government's total debt at the
end of December 2015 and 2.8% of 2015's estimated GDP) to pay
holdout creditors and will use the remaining to finance part of
the projected fiscal deficit.

S&P expects that continued, although declining, fiscal deficits
are likely to contribute to a rising debt burden in the coming
years.  S&P expects Argentina's net general government debt to
gradually increase to 52.2% of GDP at year-end 2016 from 41% in
2014.  S&P estimates the change in general government debt at an
average of nearly 10.1% of GDP in 2016-2018.  Nonetheless, as a
result of limited access to international capital markets, the
government has relied mostly on the local market for debt issuance
in recent years.  Partly as a result, 62% of its total debt stock
is held by government-owned agencies--mainly the social security
agency (ANSES), Banco de la Nacion, and the central bank--
diminishing the roll-over risk on that debt.

Regaining access to international capital markets is important for
the government in implementing its economic strategy.  An enhanced
inflow of external funding would boost liquidity for the
sovereign, as well as for Argentine provinces and the private
sector, helping to stabilize the economy.  However, more external
financing will moderately weaken Argentina's external indicators.
S&P expects that narrow net external debt to current account
receipts will reach 184% in 2016, up from an average of 140.5% in
2013-2015, and could average 177% in the next three years.  S&P
expects gross external financing needs to usable reserves and
current account receipts to reach 115.3% in 2016, up from an
average of 103.4% in 2013-2015.

                               OUTLOOK

The stable outlook on the rating balances S&P's expectation for
improvement in economic policies and gradual stabilization of the
economy with the political challenges facing the new
Administration.  Over the next two years, S&P expects the
government to implement policies that gradually contain the fiscal
deficit, bring inflation down toward the central bank's targets,
and set the stage for greater investment and a return to GDP
growth.

In S&P's view, a track record of consistent policies that reduce
economic imbalances and maintain access to market funding could
boost investor confidence.  The combination of improved fiscal
flexibility, a more effective monetary policy that results in
sustained lower inflation, and a reduction in external
vulnerabilities could improve Argentina's currently weak financial
profile, potentially leading to a higher rating over the next two
years.

Conversely, unexpected deterioration in economic policy and
political stability could reverse the recent increase in investor
confidence and reduce the government's access to market funding.
Failure to contain and gradually reduce inflation, as well as to
return to economic growth in 2017, could weaken the
administration's political standing, making it harder for the
government to stabilize the economy.  The resulting higher risk of
economic setbacks could lead to a downgrade.



ARGENTINA: Announces Business & Investment Forum
-------------------------------------------------
The Government of Argentina will host the Argentina Business &
Investment Forum in Buenos Aires from September 12-14, 2016. The
event will highlight Argentina's determination to attract foreign
direct investment as part of its path towards long-term and
inclusive economic growth.

The Forum will be a major milestone in the implementation of
President Mauricio Macri's business and investment reforms.
Gathering leading figures from the private and public sector, the
Argentina Business & Investment Forum will present a clear and
ambitious vision for Argentina's future and position the country
as an attractive destination on the global investment map.

Announcing the Forum, President Macri described the event as an
opportunity to lay out the strategies for invigorating the
country's key economic sectors and presenting opportunities to
local, regional, and global investors.

"Argentina has decided to take its place in the global landscape.
We need companies to finance and construct roads and ports and
invest in our high-potential energy, agribusiness, technology and
communications sectors. Argentina offers one of the most
attractive investment opportunities in the world over the next
decade," said President Macri. Foreign direct investment this year
will be pivotal for our country's growth and for the creation of
jobs and opportunities for the people of Argentina."

The newly formed Argentina Investment and Trade Promotion Agency,
headed by Juan M. Procaccini, will be leading the organization of
the Forum.

"We have ambitious goals for transformative investments in many
key sectors. The Argentina Business & Investment Forum will be an
ideal opportunity for leading global investors to see for
themselves the enormous opportunities our country offers, and
better integrate Argentina with the global economy."

The Forum will serve as a platform for discussions, debates,
presentations and high-level meetings between Argentinean business
and government leaders and international investors and partners,
with the goal of securing public-private partnerships.

An additional dedicated forum day for Innovation &
Entrepreneurship will be held on September 15.


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


BRAZIL LOAN: Fitch Cuts $661.9MM Notes Rating to 'BBsf'
-------------------------------------------------------
Fitch Ratings has downgraded the rating assigned to the senior
secured pass-through notes issued by Brazil Loan Trust I (the
issuer) as follows:

-- $US661.9 million notes to 'BBsf' from 'BB+sf'; Outlook
    Negative.

The transaction is a pass-through securitization of a 10-year
amortizing loan originated by Bank of America N.A. ('A+'/ Outlook
Stable) to the Brazilian State of Maranhao ('BB-'/ Outlook
Negative). The loan is guaranteed on an unconditional and
irrevocable basis by the Federative Republic of Brazil ('BB'/
Outlook Negative).

Payments on the loan are made to a bank account at Wilmington
Trust N.A. (administrative agent; 'A'/Outlook Stable). On the next
day, funds are transferred to an issuer account at the Bank of New
York Mellon (indenture trustee; 'AA'/Outlook Stable). Payments are
made on the notes immediately thereafter.

Fitch's rating addresses timely payment of interest and principal.

KEY RATING DRIVERS

The downgrade of the senior secured pass-through notes follows
Fitch's downgrade of Brazil's sovereign long-term Issuer Default
Ratings (IDRs) to 'BB' from 'BB+', which reflects the deeper-than-
anticipated economic contraction, failure of the government to
stabilize the outlook for public finances and the sustained
legislative gridlock and elevated political uncertainty that are
sapping domestic confidence and undermining governability as well
as policy effectiveness. The maintenance of the Negative Outlook
reflects continued uncertainty surrounding the progress that can
be made to improve the outlook for growth, public finances, and
the government debt trajectory.

The rating also considers the timely payments of interest and
principal due to date. All semiannual payments due until July 2015
were made directly by the State of Maranhao. The next interest and
principal payment date is on July 8, 2016.

RATING SENSITIVITIES
The rating assigned to the notes is sensitive to changes in the
credit quality of Brazil as guarantor on an unconditional and
irrevocable basis. The transaction's rating is equivalent to the
higher of Brazil's long-term or Maranhao's long-term rating.
Brazil's rating remains higher than the long-term rating of
Maranhao.


GOL LINHAS: Fitch Lowers Issuer Default Rating to 'C'
----------------------------------------------------
Fitch Ratings has downgraded Gol Linhas Aereas Inteligentes S.A.'s
Issuer Default Ratings IDRs to 'C' from 'CCC'.  Fitch has also
downgraded GOL and its fully owned subsidiaries' ratings.

The rating downgrade follows GOL's proposed exchange offering
announced on May 3, 2016.  According to Fitch's rating
methodology, the proposed offering imposes a material reduction in
terms versus the original terms of unsecured notes.  The
successful completion of the exchange would result in the IDRs
being downgraded to Restricted Default 'RD'.  Shortly after the
distressed debt exchange is completed, the IDRs would be re-rated,
which usually is still in the low speculative grade.

The revised Recovery Ratings for GOL's current unsecured notes
reflect the terms and conditions incorporated in the proposed debt
exchange offering.

                          KEY RATING DRIVERS

GOL recently announced that its subsidiary GOL LuxCo S.A. (LuxCo)
has commenced a private exchange offer for any and all of the
outstanding senior notes of GOL and its subsidiaries cash and
LuxCo's newly issued 8.50% secured notes.  The new notes will be
guaranteed by GOL and its fully owned subsidiary VRG Linhas Aereas
S.A.  The offering proposes to exchange GOL's unsecured notes for
up to US$781.4 million of senior secured notes for a total cash
payment of US$51.3 million and new notes for a total amount of
US$228.1 million.  These new notes consider principal payments of
US$39.2 million, US$138 million and US$51 million maturing in
2018, 2022, and 2028, respectively.  The proposed offering implies
an average discount of 65% on the total aggregate principal amount
of the original notes.

The new notes will be secured by a first-priority security
interest in all spare parts owned by GOL and, as a result,
structurally senior to all of GOL's existing and future unsecured
indebtedness to the extent of the value of collateral securing the
new notes.  The offering is contingent upon the consent of at
least 95% of the aggregate principal amount of the outstanding
notes that are the target of the exchange offer, unless lowered by
the issuer.  The exchange offer and solicitation expires on
June 1, 2016.

Brazil's adverse macroeconomic scenario should result in declining
levels of passenger activity and lower yields within the airline
industry.  Considering GOL's current capital structure, Fitch
expects continued deterioration in the company's capacity to cover
its interest expenses and rents related to operational leases, and
in the most likely scenario, the company is expected to reach
negative free cash flow margin in the 15% to 20% range in 2016.

If the company's debt exchange offer is unsuccessful, debt service
would be contingent upon extraordinary measures.  The company's
total on-balance-sheet debt consisted of BRL9.3 billion as of
Dec. 31, 2015.  Of this total, BRL3.9 billion, approximately, 41%
is secured debt and is mainly financial leases.  The remaining
debt is approximately BRL5.4 billion or 59% of the company's total
on-balance-sheet debt.

                          KEY ASSUMPTIONS

The exchange offer launched on May 3, 2016, constitutes a
distressed debt exchange under Fitch's criteria, because investors
face a reduction in terms and the restructuring is conducted in
order to avoid a traditional payment default.  Fitch considers
alternative options to be limited.

                       RATING SENSITIVITIES

The completion of the proposed exchange offer will lead to a
downgrade of the Long-Term IDRs to 'RD'.  A positive rating action
may follow the implementation of an alternative capital structure
that arises out of the restructuring process.

Fitch has downgraded these ratings:

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

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) to 'C' from 'CCC';
   -- Long-term national rating to 'C(bra)' from 'CCC(bra)';
   -- USD200 million (USD179 million outstanding) perpetual bonds
      to 'C/RR5' from 'CCC-/RR5'.

VRG Linhas Aereas S.A. (VRG):

   -- Long-term foreign and local currency IDRs to 'C' from 'CCC;
   -- Long-term national rating to 'C(bra)' from 'CCC(bra)'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:

   -- USD225 million (USD84.2 million outstanding) of senior
      unsecured notes due 2017 to 'CC/RR3' from 'CCC-/RR5';
   -- USD300 million (USD158.1 million outstanding) of senior
      unsecured notes due 2020 to 'C/RR4' from 'CCC-/RR5'.

GOL LuxCo S.A.:

   -- USD200 million (USD35 million outstanding) of senior
      unsecured notes due 2023 to 'C/RR4' from 'CCC-/RR5';
   -- USD325 million of senior unsecured notes due 2022 to 'C/RR4'
      from 'CCC-/RR5'.


PETROLEO BRASILEIRO: Andrade Gutierrez to Return US$285 Million
---------------------------------------------------------------
bernama.com reports that Andrade Gutierrez S.A., Brazil's second-
largest construction company, has agreed to return US$285 million
to the government as part of the Petrobras corruption case, media
reports said.

The company reached a cooperation agreement with the Justice
Ministry that will be disclosed in a series of ads in major
newspapers across Brazil, according to bernama.com.

Andrade Gutierrez, according to copies of the ads provided to
media outlets, will "apologize to the Brazilian people" and
publish a list of eight proposals to prevent further cases of
corruption in public works projects, the report notes.

The report relays that Andrade Gutierrez executives have
acknowledged paying bribes to politicians for contracts on
Petrobras projects.

The projects include soccer stadiums for the 2014 World Cup, the
Angra 3 nuclear power plant and the Belo Monte hydroelectric power
plant, which will be the third-largest facility of its kind in the
world, the report says.

This is the biggest agreement in monetary terms reached so far
between a construction company and the Justice Ministry in the
Petrobras case, the report discloses.

The report says that investigators allege that a cartel of
construction and engineering companies overcharged the oil giant
for contracts, splitting the extra money with corrupt Petrobras
executives, as well as with politicians who provided cover for the
graft.

A score of large companies and around 50 politicians, including
the leaders of Brazil's Chamber of Deputies and Senate, Eduardo
Cunha and Renan Calheiros, respectively, have been implicated in
the graft scheme, the report relays.

The scandal forced Petrobras to write off some BRL6.2 billion
(around $1.67 billion at the current exchange rate) in graft-
related losses from the period between 2004 and 2014, the report
says.

Last month, former Andrade Gutierrez executive chairman Otavio
Marques de Azevedo told authorities that the company made legal
donations to the ruling Workers' Party, or PT, using money from
the massive corruption scheme centered on state-controlled
Petrobras, the report notes.

The former chairman, who is accused of involvement in a complex
scheme to pay bribes to Petrobras executives using offshore bank
accounts, also provided several documents that detail the
donations Andrade Gutierrez made to President Dilma Rousseff's
party, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb.
26, 2016, Moody's Investors Service downgraded all ratings for
Petroleo Brasileiro S.A. - PETROBRAS ("Petrobras")'s and ratings
based on Petrobras' guarantee, including the company's senior
unsecured debt and Corporate Family Rating to B3 from Ba3. The
company's baseline credit assessment (BCA) was lowered to caa2
from b3. At the same time, Moody's downgraded Petrobras Argentina
S.A. ("PESA")'s ratings, including its senior unsecured medium
term note program and Corporate Family Rating to B3 from B2, in
line with the senior unsecured rating of Petrobras.


SAMARCO MINERACAO: Moody's Retains Caa2 Rating Following Lawsuit
----------------------------------------------------------------
Moody's Investors Service comments that the civil lawsuit against
Samarco Mineracao S.A. (Caa2/Negative), Vale S.A. (Ba3/Negative),
BHP Billiton Brasil Ltda (a fully-owned subsidiary of BHP Billiton
Limited, rated A3/Negative) and several public entities in Brazil,
claiming BRL155 billion ($44 billion) for damage remediation and
compensatory measures related to the accident with Samarco's dams
is credit negative for the mining companies, but has no immediate
impact on their ratings, as it is still subject to court decision
before it is enforced.


SAO PAULO: Fitch Cuts Issuer Default Rating to 'BB'
---------------------------------------------------
Fitch Ratings has downgraded the states of Sao Paulo, Santa
Catarina and Parana's Issuer Default Rating (IDR) to 'BB' from
'BB+'. Fitch has also downgraded the ratings for the cities of Sao
Paulo and Rio de Janeiro to 'BB' from 'BB+'. In addition, Fitch
has downgraded the IDRs for the state of Rio de Janeiro to 'B+'
from 'BB'. The Rating Outlooks remain Negative.

KEY RATING DRIVERS - IDRs

The rating actions follow the recent downgrade of Brazil's ratings
to 'BB' from 'BB+'(see "Fitch Downgrades Brazil to 'BB'; Outlook
Negative", dated May 05, 2016 at www.fitchratings.com).

Considering the features of the Brazilian institutional framework,
Fitch does not believe any subnational entity to be rated higher
than the sovereign. This is the case of Sao Paulo (state and
city), and the city of Rio de Janeiro, Parana and Santa Catarina,
whose ratings were equalized with the sovereign at 'BB'.

The state of Rio's downgrade reflects its worse than expected
fiscal deterioration, with more than anticipated reliance on non-
recurring revenues. Fitch believes Rio de Janeiro to be incurring
further leverage on the implicit support from the Brazilian
federal government when it comes to the federal debt portion
payment.

RATING SENSITIVITIES - IDRs

The IDRs of the seven Brazilian subnationals should move in tandem
with Brazil's sovereign ratings. They would be affected by further
changes in the sovereign ratings or Outlooks and/or in the
government's willingness to provide support. Nevertheless, Fitch
does not expect a change in the government's willingness to
provide support for subnational debt if needed.

KEY ASSUMPTIONS
The ratings and Outlooks are sensitive to these assumptions:

-- Fitch assumes a strong level of sovereign support for the
    Brazilian states and large cities given that their most
    relevant creditor is the federal government.

-- Fitch assumes that Brazilian states maintain international and
    domestic market access even during periods of higher
    international financial volatility and further domestic
    shocks.

-- Fitch expects some delays in progress on the government's
    legislative agenda, especially the items affecting
    subnationals.

Fitch has taken the following rating actions:

State of Sao Paulo:
-- Long-Term Foreign and Local Currency IDRs downgraded to 'BB'
    from 'BB+'; Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B'.

City of Sao Paulo:
-- Long-Term Foreign and Local Currency IDRs downgraded to 'BB'
    from 'BB+'; Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B'.

City of Rio de Janeiro:
-- Long-Term Foreign and Local Currency IDRs downgraded to 'BB'
    from 'BB+'; Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B'.

State of Santa Catarina:
-- Long-Term Foreign and Local Currency IDRs downgraded to 'BB'
    from 'BB+'; Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B'.

State of Parana:
-- Long-Term Foreign and Local Currency IDRs downgraded to 'BB'
    from 'BB+'; Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B'.

State of Rio de Janeiro:
-- Long-Term Foreign and Local Currency IDRs downgraded to 'B+'
    from 'BB-'; Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B'.



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


ADAMAS HOLDINGS: Sole Shareholder to Hear Wind-Up Report on May 30
------------------------------------------------------------------
The sole shareholder of Adamas Holdings Limited will hear on
May 30, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


BEDAMA LIMITED: Sole Member to Hear Wind-Up Report on June 7
------------------------------------------------------------
The sole member of Bedama Limited will hear on June 7, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          P.O. Box 71
          British Virgin Islands


BERCAY HOLDINGS: Sole Member to Hear Wind-Up Report on June 7
-------------------------------------------------------------
The sole member of Bercay Holdings Limited will hear on June 7,
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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          P.O. Box 71
          British Virgin Islands


BLUE MOUNTAIN: Shareholders' Final Meeting Set for May 18
---------------------------------------------------------
The shareholders of Blue Mountain Inc. will hold their final
meeting on May 18, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Trust & Corporate Services Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Poststrasse 6
          6300 Zug, Switzerland


BLUE SKY: Shareholders' Final Meeting Set for May 18
----------------------------------------------------
The shareholders of Blue Sky Wireless Ltd. will hold their final
meeting on May 18, 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:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815-4558
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1-1205
          Cayman Islands


CARMICHAEL INC: Shareholders' Final Meeting Set for May 18
----------------------------------------------------------
The shareholders of Carmichael Inc. will hold their final meeting
on May 18, 2016, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Trust & Corporate Services Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Poststrasse 6
          6300 Zug, Switzerland


CONTINENTAL LIFE: Shareholders' Final Meeting Set for May 19
------------------------------------------------------------
The shareholders of Continental Life and Casualty Insurance
Company Limited will hold their final meeting on May 19, 2016, at
10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Hadley J. Chilton
          c/o Leanne Kerley
          Telephone: +1 (284) 494 5800 ext 246
          Tropic Isle Building
          Nibbs Street
          Road Town
          Tortola VG1110
          British Virgin Islands


EVERBRIGHT ASHMORE: Shareholder to Hear Wind-Up Report on May 17
----------------------------------------------------------------
The sole shareholder of Everbright Ashmore Investment Green
(Cayman) Limited will hear on May 17, 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:

          Antoine Bastian
          c/o Richard Bennett
          Ogier
          Central Tower, 11th Floor
          28 Queen's Road Central
          Hong Kong
          Elian Fiduciary Services (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +852 3656 6069


JADI LIMITED: Sole Member to Hear Wind-Up Report on June 7
----------------------------------------------------------
The sole member of Jadi Limited will hear on June 7, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          P.O. Box 71
          British Virgin Islands


LOPESANJO LIMITED: Sole Member to Hear Wind-Up Report on June 7
---------------------------------------------------------------
The sole member of Lopesanjo Limited will hear on June 7, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          P.O. Box 71
          British Virgin Islands


MARIBO LIMITED: Sole Member to Hear Wind-Up Report on June 7
------------------------------------------------------------
The sole member of Maribo Limited will hear on June 7, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          P.O. Box 71
          British Virgin Islands


UB FUNDS: Shareholder to Hear Wind-Up Report on May 19
------------------------------------------------------
The sole shareholder of UB Funds SPC Ltd. will hear on May 19,
2016, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Koji Sugitomo
          c/o Charlotte Bradshaw
          3-6-21-701 Fujisaki Kawasaki-ku Kawasaki-City
          Kanagawa
          Japan
          Telephone: +852 3656 6034


VIBELU LIMITED: Sole Member to Hear Wind-Up Report on June 7
------------------------------------------------------------
The sole member of Vibelu Limited will hear on June 7, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          P.O. Box 71
          British Virgin Islands



=========
C H I L E
=========


GEOPARK LATIN: Fitch Affirms 'B' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed GeoPark Latin America Limited Agencia
en Chile's (GeoPark) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'B'. Simultaneously, Fitch has removed
the ratings from Rating Watch Negative and assigned a Negative
Outlook.

KEY RATING DRIVERS

The rating action reflects the company's stable production amid
the downturn in the oil and gas industry, and its ability to
implement an effective cost reduction plan. Including Fitch's new
price deck expectations for Brent and WTI prices of $US35/bbl in
2016 and $45/bbl in 2017, Fitch believes the company has
sufficient liquidity to withstand this level of prices in the
short term if it is able to maintain production at around current
levels.

GeoPark's ratings also reflect the company's relatively small size
and low reserve life, and pressured financial metrics due to
declining oil prices. GeoPark could face a negative rating action
if it is unable to maintain its cost at levels seen during the
past two quarters while maintaining or increasing production and
minimizing its cash burn rates.

Lower Oil Price Assumptions

Operating cash flows for GeoPark have decreased significantly due
to lower oil and gas prices. Fitch believes the company has
sufficient liquidity to withstand this level of prices during 2016
if it is able maintain production levels at around current levels
of 23,000 boed and keep production costs at levels observed during
the last six months. Fitch assumes that oil prices will rebound
from the current level in the long term. Fitch's base case
scenario is for Brent and WTI Prices to average $US35/bbl in 2016,
gradually recover to $US45/bbl in 2017, $US55/bbl in 2018 and
$US65/bbl over the long term.

Stable Production amid Downturn

During 2015, production levels and crude oil/natural gas mix
remained stable, with oil production accounting for 73% of total
reported production in 1Q16 (versus 72% in 1Q15), and 27%
representing gas production. Fitch assumes under its base case
scenario that 2016 production will average approximately 21,500
boed following the increase trend observed during the last six
months.

During 2015, the company reported output of 20,367 boed up from
19,653 boed in 2014. Production during 4Q15 averaged 23,062 boed
following the Tilo, Chacalaca and Jacana discoveries, and improved
production performance of the Tigana and Tua fields in Colombia,
and the start-up of the Ache facilities in Chile and the Manati
gas field compression plant in Brazil. GeoPark's financial profile
benefits from more stable cash flows from its natural gas
business. Natural gas sales in Chile and Brazil have been more
resilient to fluctuations in oil and gas prices due to the nature
of its contracts.

Cost Reductions Plan

Given the decline in oil prices observed during the last year, the
company has focused on preserving its cash position by reducing
its capital expenditures by nearly 80%, operating expenses by 34%
and drilling costs by 25%. Fitch assumes under its base case
scenario that the company will be able to maintain these cost
reduction efforts during the low oil price environment. The
company has focused in lower risk projects and concentrated
production in Colombia, specifically in the Tigana and Tua oil
fields in the Llanos 34 block.

Low Reserve Life

The rating reflects the company's relatively small size and low
reserve life. At end-2015, GeoPark had proved, developed and
producing oil and gas reserves of 17.3 million barrels (MMboe).
GeoPark proved (1P) reserves of 48.6MMboe considering only Brazil,
Colombia, Chile and Argentina equates to a reserve life of seven
years, which is relatively in line with the median for Fitch-rated
speculative grade peers. Including the 1P reserves from Peru, this
translates into a 1P reserve life of 9.6 years and proved and
probable (2P) reserve life of 16.9 years.

Financial Metrics to Remain Pressured

GeoPark's credit metrics deteriorated significantly in 2015
pressured by the low global oil prices. In 2015, total debt/EBITDA
increased to 7.18x (from 2.0x in 2014). Given expectations of an
average oil price of $US35/bbl in 2016, Fitch forecasts EBITDA of
approximately $US63 million for 2016. This would mean that the
company's total debt/EBITDA would be slightly below 6.0x for the
year. If production of 23,500 BOED is maintained during 2016-2018,
Fitch would expect consolidated EBITDA to increase to the $US80
million-$US190 million level, which would mean leverage would
importantly decrease below 3.0x by 2018 and in line with leverage
metrics observed prior to 2014.

Debt on a reserve basis should remain high, though stable, as
Fitch estimates that total debt/total proved reserves stands close
to $US7.2/BOE, ($US5.3/BOE with Peru) which is in line with its
peers at the rating level. This does represent a significant
improvement versus $US18.0/BOE in 2013. On a proved and developed
reserves basis the company's debt per barrel stands high at
$US22/BOE, which could rise further if the company is not able to
add proved reserve levels as it moves to preserve cash. Given
recent discoveries in Colombia, the company's reserves could
increase for the year, despite a possible eventual reserve
adjustment due to lower global oil prices.

KEY ASSUMPTIONS

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

-- Fitch's revised price deck per barrel of WTI/Brent oil of:
    $US35 for 2016, $US45 for 2017, $US55 for 2018 and $US65 for
    2019;
-- Average realized oil price of $US20.2, $US31 and $US40 for
    2016, 2017 and 2018;
-- 2016 production of approximately 21,500 in line with
    management work program indications for Brent of $US35;
-- Annual production increasing by an average 5%-10% for the next
    four years, which could increase to 10%-15% if prices recover
    above $US65 per barrel.
-- 2016 revenues decreasing by 20% with annual revenues
    increasing an average of 25% per year as prices recover
-- Half cycle costs between $16 and $20 with EBITDA per boe of
    $7-$30;
-- Brazilian exchange rate of $4.2-$4.4 and Brazilian CPI of 6%-
    8%;
-- Annual capex of $US25 million-$US90 million per year during
    the next four years.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

-- An inability to maintain operating costs and production levels
    observed during the past six months increasing the company's
    cash burn;
-- A persistently weak oil & gas pricing environment that impairs
    the longer-term value of GeoPark's reserve base.

Long term, if current depressed oil prices are maintained beyond
2016 and/or average WTI prices decline significantly this could
lead to significant harm to the company's credit profile. If
current low oil prices persist beyond 2016, the company would
remain above its incurrence covenant limitations, thereby
pressuring the company's ability to raise additional indebtedness
in the face of cash needs. Finally, if leverage does not rapidly
decline when/if global oil prices recover; this could lead to a
negative rating action.

Positive: No upgrades are currently contemplated given weakening
credit metrics associated with low oil & gas prices. Future
developments that may, individually or collectively, lead to a
positive rating action include:

For an upgrade to 'B+':

-- Maintenance of size, scale, and diversification of GeoPark's
    operations with some combination of the following metrics:
-- Improvements in realized oil & gas differentials;
-- GeoPark's ability to maintain operating costs and production
    levels observed during the past six months.

To resolve the Negative Outlook at 'B':
-- Extension of the Itau loan coupled with improved netback that
    alleviates the company's near-term reliance on its cash on
    hand and Trafigura facility;
-- Improving oil & gas price environment;
-- GeoPark's ability to maintain operating costs and production
    levels observed during the past six months.

A sustained recovery of oil prices to $US60/bbl or more would help
to improve the company's credit profile.

LIQUIDITY

Stretched, Though Sufficient, Cash Cushion

The company is rightly focusing on cash preservation during this
period of relatively low oil prices. GeoPark has reported negative
annual free cash flow (FCF) over the past nine years, mainly as a
result of its aggressive growth strategy, though improvements had
been seen as recently as 2014, when the company reported almost
breakeven cash flow (FCF of -$US7 million).

Prior to the oil price decline, GeoPark was on pace to record
positive FCF by 2016. Incorporating the company's capex and opex
cut-backs in 2015, Fitch is still projecting that the company will
generate negative FCF in 2016, achieving positive FCF in 2017-2018
as the price of oil rises and costs are reduced. The company has
sufficient liquidity to meet its short-term debt obligations, as
GeoPark reported cash on hand as of Dec. 31, 2015 of $US82
million, which is 2.3x its short-term debt obligations.

Interest expense for the company's $US300 million international
bond and $US70 million Itau loan, should total $US25 million-$US30
million in 2016, and it faces principal repayments of $20 million
per year associated to the Itau loan. A negotiation to extend
these payments could assist the company with its liquidity needs,
although this is not incorporated in Fitch's assumptions.
Incorporating expectations of $US35/bbl WTI prices in 2016, Fitch
is projecting that the company will end 2016 with $US60 million in
cash on hand if capex is reduced to $25 million.

If GeoPark's liquidity becomes threatened by sustained oil prices
below $35/bbl, the company can draw additional funds from an
offtake agreement with commodity trading firm Trafigura Beheer BV
(Trafigura) for up to $100 million in the form of prepaid future
oil sales. Under Fitch's stress scenarios, this facility could
protect the company from a default scenario until 2018

Manageable Debt Maturities

At Dec. 31, 2015, Geopark had approximately $378.6 million in debt
outstanding. Fitch believes the company's debt maturities are
manageable, with no significant maturities until 2020.

FULL LIST OF RATING ACTIONS

Fitch has affirmed GeoPark's ratings as follows:

-- Long-Term Foreign and Local Currency IDRs 'B'; Outlook
    Negative;
-- Senior unsecured debt rating at 'B/RR4'.



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


FALCONBRIDGE DOMINICANA: Dominicans Will Have 'Last Word' on Mine
-----------------------------------------------------------------
Dominican Today reports that for Energy and Mines Minister Antonio
Isa, the possible nickel mining at the controversial Loma Miranda
conditioned to a requirement he affirms has never been complied
with, where "Dominican society will has the last word."

Mr. Isa said the requirement is that Americano Nickel, and its
parent company Global Special Opportunities LTD, owners of a 85.3%
stake in the Falcondo mine, can extract the ferronickel under Loma
Miranda, if Dominican society grants the "social license" to do
so, according to Dominican Today.

Mr. Isa said in the mining world, the social license to operate
refers to the local communities' acceptance of mining companies
and their projects, the report notes.  "It's assumed that the
license to operate is granted by all affected parties which could
suffer some impact as a result of mining projects," Mr. Isa said,
quoted by diariolibre.com, the report relays.

In Loma Miranda's case, the official said the decision to grant
the corresponding permit is up to the community of Bonao (central)
and Dominican society, the report discloses.  "I can say it at the
top of my lungs . . .   that while there's a government committed
to sustainable development and with environmental protection, and
an organized and ready society to defend Loma Miranda, Loma
Miranda will not exploited here," Mr. Isa said.

"We wanted to further strengthen the process, for over five years,
or making them sign a letter, but we had to do so adhering to what
the law allows us," Mr. Isa added, the report notes.  "Therefore,
on Loma Miranda, the next government and Dominican society will
have the last word."

Falcondo is a ferronickel surface mining operation located in the
Dominican Republic with operations dating since 1971. Xstrata PLC
is the operator of Falconbridge Dominicana, C. por A. ("Falcondo")
with an 85.26% ownership.   In 2015, there was a sale of the 100%
of the shares of Glencore Canada Corporation (ANL) in Falconbridge
Dominicana (Falcondo) to the Americano Nickel Limited investment
fund, adding that they found out about it via the media.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2016, Dominican Today reported that Energy and Mines
Minister Antonio Isa Conde announced that the company Falconbridge
has submitted all legal documents required to obtain the permit
that will allow it to resume ferronickel extractions, but noted
that Loma Miranda isn't to be touched.

On Jan. 22, 2014, Dominican Today related that Chief Executive
Officer of Xstrata PLC's Falcondo reiterated that the company's
presence in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.


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


J. WRAY: Decline in Sugar Industry Affects Parent's Performance
---------------------------------------------------------------
RJR News reports that weakened emerging market currencies with
continued declines in its Jamaican sugar business have negatively
affected J. Wray and Nephew's parent company Gruppo Campari's
performance in the first three months of the year.

Net sales for the period came in flat, with the company
highlighting waning core and low margin sugar business in Jamaica,
which Campari flagged last August, according to RJR News.

Meanwhile, devaluations in several key currencies, including the
Brazilian Real and Argentine Peso, as well as the Mexican Peso and
Russian Ruble, had a negative impact on the quarter, the report
relays.  However, Campari said sales were up 7.2 per cent.

Meanwhile, Campari says temporary events leading to the drop in
the group's Jamaica sugar business are not expected to reverse for
the remainder of the year, notes the report.  It expects that the
volatility in some emerging markets and the recent devaluation of
the group's key foreign currencies will continue during 2016.

On the other hand, Campari remains confident that it will deliver
a positive and profitable performance, adds the report.


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


GRUPO SENDA: Fitch Affirms 'B' LT Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Grupo Senda Autotransporte, S.A. de
C.V.'s (Grupo Senda) Long-Term local and foreign currency Issuer
Default Ratings (IDRs) at 'B'.

The Rating Outlook is Stable

Grupo Senda's 'B' ratings reflect the company's leading market
position in the highly competitive, mature and fragmented
intercity bus passenger transportation sector in Mexico, tight
liquidity, high leverage and financing cost, and limited
normalized free cash flow (FCF) generation. Positively considered
in the ratings is the importance of the bus transportation system
within Mexico because of income constraints that limit the ability
of an important portion of the population to use alternative
transportation sources, such as automobiles or airlines. Also
reflected in the ratings is Fitch's expectation that the company's
profitability will return to historical levels, with EBITDA margin
levels above 21% by 2016.

KEY RATING DRIVERS

Operational Results Continue to Recover

Grupo Senda's consolidated revenue per kilometer run has continued
to recover since 2014 when the application of a 16% value added
tax (VAT) to passenger ticket prices (previously exempt) had to be
partially absorbed by the company. As of first-quarter 2016 Grupo
Senda's LTM consolidated revenues were up 5.7% after rising 2.2% a
year ago. Senda's passenger segment (inter-city transportation
business) has also benefited from the strengthening of the U.S.
dollar as more than 10% of the company's total revenue is
generated from cross border trips to or from the U.S.

Also on a LTM basis, Passenger segment revenues were up 5.5% after
staying flat the prior year and Grupo Senda's personnel segment
recorded growth of 5.5% and 10.1%, respectively, as the company
continued organic growth in key North and North East Mexico
markets such as Cd. Juarez and Monterrey. This segment accounted
for 29% of consolidated revenues during the LTM ended March 31,
2016. Positive momentum in Mexican manufacturing, especially in
the auto industry, supports the positive operating trends in this
division.

Future Fuel Price Volatility According to Market Conditions

Rising costs per kilometer have eased as high fuel inflation in
Mexico, where the prices of diesel fuel and gasoline are
controlled by the Mexican government, moderated to 1.9% during
2015. This compares to four years of double digit growth during
2011-2014. Diesel price to the public remains above international
prices. For 2016, the government has implemented a band system
where diesel prices will fluctuate in a +/- 3% band. This band is
expected to widen in 2017 followed by full fuel price
liberalization by 2018.

Moderate or negative fuel inflation coupled with a transfer to the
passengers of most of the VAT increase should continue to support
EBITDA margin recoveries to levels above 21% for 2016-2017. By
2018 fuel market liberalization will likely increase the
volatility of Grupo Senda's results and somewhat reduce near-term
visibility. Fuel cost-gross of tax benefits- represented close to
32% of total costs during 2015.

Leverage Expected to Trend Down, Future Capex Requirements above
Historical

As of LTM March 31, 2016, Fitch-calculated EBITDA was MXN845
million, which compares favorably to MXN797 million a year ago and
still below the MXN923 million registered during 2013. Free cash
flow during the LTM was positive MXN187 million, also comparing
favorably to negative MXN120 million a year ago. Fitch estimates
Grupo Senda's cash flow from operations (CFFO) after interest paid
will average about MXN600 million for the next three years. Modest
capex of about 7-8% of revenues should result in positive FCF of
about MXN200 million per year. This compares to MXN210 million and
MXN311 million of debt maturities and revolving credit due 2016-
2017.

Considering estimated FCF, Grupo Senda's 2016 gross leverage
should be below 3.5x and near or below 3x by 2017. Significantly
more deleveraging is not expected as the company will likely need
to invest in deferred capex to renovate its fleet and to finance
growth in its personnel segment. The company's indebtedness as of
March 2016 consisted of bank debt and financial leases. Most of
the company's capex is related to new buses and has and continues
to be funded with financing leases.

Strong Position in a Competitive industry

The bus transportation industry in Mexico is highly fragmented and
competitive with a limited number of national or regional bus
companies operating more than 100 buses and a large number of
local bus companies and informal bus operators. Compared with
smaller or owner-operated passenger bus companies, Grupo Senda's
business model allows the company to operate more efficiently,
better adapt to market conditions, and provide standardized
services. In contrast, most of Mexico's authorized bus
transportation companies are owner-operated which means that bus
drivers typically own one or more of the buses they operate and
control shares of the company in proportion to the number of buses
owned. Fragmentation has in the past resulted in discounted price
competition during times when industry margins are pressured by
economic contraction.

KEY ASSUMPTIONS
-- Low mid-single-digit revenue growth in the passenger segment
    driven mostly by continued recovery of pre-VAT fares and
    inflation-adjusted ticket price increases;
-- High single-digit growth in the personnel segment as the
    company continues to grow organically in established markets;
-- Low single-digit diesel fuel price increases in 2016-2017;
-- Continued access to bank lending and capital lease refinancing

RATING SENSITIVITIES
A negative rating action could be triggered by:

-- A deterioration of the company's credit metrics due to
    sizeable negative FCF or higher total debt levels.
    Expectations by Fitch of total debt/ EBITDA being consistently
    at or beyond 4.5x would likely result in a downgrade.

-- Increasing competition followed by the return to discounted-
    price practices, as a key component of the company's business
    strategy to gain market share, would also likely result in
    negative rating actions.

-- Weaker than expected liquidity.

Fitch would view as positive to credit quality:

-- FCF generation significantly above Fitch's current
    expectations and a medium-term expectation of net leverage at
    or below 2.5x while maintaining adequate liquidity, and a
    manageable debt maturity profile.

LIQUIDITY

Liquidity Improved But Likely to Remain Tight

The company's cash balance and FCF generation remain low relative
to debt obligations despite the liquidity improvement from the
recent syndicated bank loan refinancing. As of March 31, 2016,
Grupo Senda's cash balance was MXN103 million and its total debt
including financial leases was MXN3.3 billion of which MXN521
million are debt maturities and revolving credit due 2016-2017.
Projected FCF and cash covers this amount, but under Fitch's
projections partial bank debt refinancing is likely by 2018.


SU CASITA: Fitch Affirms 'CCsf' Rating on Class A RMBS
------------------------------------------------------
Fitch Ratings has affirmed the 'CCsf' and 'D(mex)' ratings of Su
Casita Trust's class A and B residential mortgage backed
securities (RMBS), respectively.

KEY RATING DRIVERS

Persistent liquidity risk and exposure to non-performing assets:
As of the April 2016 distribution date, +90-days delinquent loans
represent 25.3% of the securitized original loan balance and 63.4%
of their aggregate outstanding balance. Real estate owned (REO)
inventory is still large (308 properties); however, sales show a
consistent trend of disposing of these properties. Observed
recovery rates during 2016 reflect an average of approximately 52%
(of the respective loan outstanding balance). In Fitch's view,
payments on the notes are dependent on cash flows generated by REO
sales.

Negative Intrinsic (without external guarantees) Credit
Enhancement (CE): As of the April 2016 distribution date, class A
overcollateralization (excluding +91-days delinquent loans from
the loan pool) was still negative at -106.2%, and -83.9% when
excluding +180-days delinquent loans. Both levels compare better
than those observed 12 months ago which were -121.7% and -102.0%,
respectively. This follows the application of loan modification
products to delinquent loans and the consistent amortization of
the notes. Class B ratings also consider the tranche's structural
subordination to class A and its consistent default on accrued
interest payments. The repayment of the class A notes is dependent
on an unrated third-party guarantee.

Consistent Servicing Activities: Fitch notes servicing efforts are
focused on promoting cash flow through keeping loans current,
restructuring delinquent loans, and recurring sales of REOs. The
number of restructured loans is gradually growing and Fitch will
monitor their performance in the future. In Fitch's view, special
collections exhibit reasonable results as delinquent loans move
through the foreclosure process.

RATING SENSITIVITIES

Class A's ratings show limited upgrade potential. Among other
factors, they would be downgraded if REO management deteriorates,
if special collection efforts do not result in better recovery
prospects in the foreseeable future, or if the third party
guarantee stops making payments, since the class A's interest and
principal payments have become more dependent on such external
credit protection. As of this date, Recovery Estimates (RE) for
the class A outstanding balance (without taking into account the
third-party guarantee) are deemed to be approximately 75% (RE75%).

Fitch has affirmed the following ratings:

-- Class A floating rate notes due 2035 at
    'CCsf';RE75%/'CC(mex)vra';
-- Class B UDI-indexed notes due 2035 at 'D(mex)'.


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


CL FINANCIAL: Clico Reports Profit Surge of $5.13BB in 2014
-----------------------------------------------------------
Trinidad Express reports that reporting more than a year after its
financial year ended on December 31, 2014, Colonial Life Insurance
Company (Clico) said in its financials posted to its website that
it made in 2014 almost 12 times what it made it 2013.

Prescience Insurance Consultants and Actuaries signed the
financial statements on November 20, 2015, and KPMG Chartered
Accountants signed on February 11 this year, according to Trinidad
Express.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.  Colonial Life Insurance
Company Ltd. (CLICO) is a member of the CL Financial Group.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reports that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, reported that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


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


BANQUE HERITAGE: Moody's Withdraws B3 Deposit Ratings
-----------------------------------------------------
Moody's Investors Service announced that it has withdrawn all of
its ratings for Banque Heritage (Uruguay) S.A. for business
reasons.

These ratings of Banque Heritage (Uruguay) S.A. were withdrawn:

  Long-term global local- and foreign-currency deposit ratings:
   B3, stable outlook
  Short-term global local- and foreign-currency deposit ratings:
   Not Prime
  Long-term National Scale local- and foreign currency deposit
   ratings: Baa3.uy
  Long- and short-term Counterparty Risk Assessment: B2(cr)/Not
   Prime(cr)
  Baseline Credit Assessment: b3
  Adjusted Baseline Credit Assessment: b3

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

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.

Banque Heritage (Uruguay) S.A. is headquartered in Montevideo,
Uruguay, and as of March 2016, it had UYU 15.8 billion in assets
and UYU 890 million in shareholders' equity.


                            ***********


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 comillionercial use, resale
or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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