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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

            Friday, May 27, 2016, Vol. 17, No. 104


                            Headlines



A R G E N T I N A

EMPRESA DISTRIBUIDORA: Moody's Rates USD65MM Sr. Notes B3/Baa2.ar
SBS CRECIMIENTO: Moody's Assigns Ba-bf Rating to Global Scale Bond


B R A Z I L

BRAZIL: Traders' Hopes Dim as Dream Team Faces Fiscal Nightmare
LUPATECH SA: S&P Affirms 'CCC-' Rating & Removes from Watch Pos.
MARFRIG GLOBAL: Moody's Rates Holdings' USD500MM Sr. Notes 'B2'
PARANAPANEMA: S&P Lowers Rating to 'B'; Outlook Negative
RIO DE JANEIRO: Misses Debt Payment

RIO DE JANEIRO: Fitch Puts B+ LT IDR on Watch Negative


H O N D U R A S

HONDURAS: Moody's Raises Government Bond Rating to B2


J A M A I C A

JAMAICA: Negotiating With Major Investigator to Revamp Service


M E X I C O

BANCA MIFEL: Fitch Affirms 'BB' LT IDR; Outlook Stable
BANCO VE POR: Fitch Affirms 'BB' LT IDR; Outlook Stable
HIPOTECARIA SU CASITA: Moody's Cuts Class A Notes Rating to Caa1
UNIFIN FINANCIERA: S&P Affirms 'BB' ICR; Outlook Remains Stable


P E R U

CAMPOSOL SA: S&P Lowers Corporate Credit Rating to 'SD'


P U E R T O    R I C O

ALLIED FINANCIAL: Notifies Secured Creditor of Proposed Sale
AMERICAN PARKING: Hires WRG Certified Public Accountants
EFRON DORADO: PRAPI Asks Court to Deny Cash Use Bid
PUERTO RICO:  House Committee OKs Bill With Bipartisan Support
SPORTS AUTHORITY: Hires Gordon Brothers as Appraiser

SPORTS AUTHORITY: Going-Out-of-Business Sales Starts May 26


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Venezuela Yet to Clear Debt to Airline


                            - - - - -


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A R G E N T I N A
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EMPRESA DISTRIBUIDORA: Moody's Rates USD65MM Sr. Notes B3/Baa2.ar
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B3/Baa2.ar ratings to Empresa Distribuidora de Electricidad de
Salta S.A. (EDESA)'s USD65 million senior unsecured notes.
Moody's also affirmed its B3/Baa2.ar ratings on Edesa's
outstanding notes.  The outlook for all ratings is stable.

                         RATINGS RATIONALE

Proceeds from the USD 65 million notes will be used by the company
to prepay the outstandings on Edesa's 2017 notes, currently
amounting to USD 48 million.  Through the issuance of the USD 65
million Edesa will anticipate all of its financing needs for this
year and for 2017 while extending debt maturities to 2021.  The
new notes will have an amortizing profile, including a 2 year
grace period for principal, growing semi-annual payments from May
2018 to November 2020 and a final balloon payment in 2021 equal to
40% of total.

The B3/Baa2.ar ratings for Edesa take into consideration the
historically reasonable tariff track record from the province's
regulator as compared to federally regulated utilities operating
in Argentina, in spite of the transitory disruption introduced by
the Electricity Federal Convergence Plan in 2014 by the previous
federal government.

The ratings are also supported by Edesa's reasonable credit
metrics for the rating category, including a three year average
interest coverage ratio (CFO pre working capital plus interest to
interest) of 3.17 times and a ratio of CFO (pre-working capital)
to debt of 28.4%, both stronger than EDESA's currently assigned
rating.  Somehow counterbalancing those relative strong metrics,
Edesa's debt to capitalization ratio is weak, negatively impacted
by the double effect of the peso devaluation in both EDESA's
retained earnings and with the amount of its outstanding USD debt.

The ratings also acknowledge the recent positive developments in
favor of most of the infrastructure companies in Argentina such as
the reduction in electric energy subsidies, the increases in the
electricity distribution tariffs for both the federal and
provincial distribution companies and the improved operating
environment for regulated companies overall.  Recent measures will
not only improve the infrastructure companies' financial strength
in 2016 but also will bring credit-positive structural changes to
Argentina's regulatory frameworks in particular for the regulated
distribution and generation companies.

In particular, the Provincial regulator in Salta (Enresp) has
adopted a proactive attitude towards the company, as evidenced by
its quick reaction to changes in economic policy.  Salta's
regulator has not only authorized recurrent tariffs increases tied
to cost recovery in the past but also finished --in 2012- the RTI
(integral tariff review) as originally established by the
Concession Agreement.  The only adverse event in terms of the
tariff mechanism occurred in 2014 (repeated in 2015) due to the
Province's adherence to the "Convergence Plan" promoted by federal
authorities of the previous administration.  Nevertheless, to
offset the lack of cost recovery during those years, Edesa
received additional funds from the Province that allowed the
funding of the company's investment program.  Moreover, as soon as
the "Convergence Plan" was approaching its expiration date in
December 2015, the Provincial regulator allowed Edesa to implement
the tariff increase already approved in 2014 (19.38%).
Furthermore, on January 14, 2016, and on March 17, 2016, Enresp
also allowed the increase previously authorized in 2015 (16,70%),
which in our view materially differentiates Enresp from the
federal regulatory authorities' track-record in recent years.

The ratings are constrained by an overall uncertain and
unpredictable regulatory track record for regulated utilities in
Argentina in recent years.  Although Salta's Provincial regulator
has been more proactive and supportive of utilities when compared
to federal regulators in recent years, the overall regulatory
framework in Argentina remains uncertain.  Moody's recognizes some
recent positive developments in favor of regulated utilities
nation-wide that will likely bring credit-positive structural
changes to Argentina's regulatory frameworks.  The opening of a
one-year period for the regulatory authorities and the companies
mandated by the Energy Ministry to put forward a more transparent
and predictable framework for tariff reviews (RTI) is in our
opinion a clear indication of a positive structural change.  The
Energy Ministry mandated that regulatory authorities undertake --
within a year- an integral review of the current framework, which
Moody's expects will increase transparency and predictability.
Once in place, Moody's expects the revised framework to set a
clear path for the regulated utilities' future tariff revisions
and for the timely recovery of their increased costs while
providing sufficient returns to facilitate the required
investments in network maintenance, increased efficiency and
necessary expansions.  Moody's also notes that, once in place,
future tariffs or further changes to the regulatory framework will
require consistent application and some passage of time before the
structural changes and new regulatory regime will be considered
effective and predictable.

The ratings also factor-in the small size of the company in terms
of revenues, number of clients and service area.  From a
comparison stand point Edesa's market position is considered
weaker than that of other regulated utilities with operations in
the greater Buenos Aires area.

Edesa's notes are dollar denominated and will not be hedged;
therefore, they will be fully exposed to further devaluation risk.
Counterbalancing the company's exposure to potential FX risks, we
believe that the amortizing profile of the notes gives the company
some flexibility to cope with any unexpected or sudden
devaluation.  In addition, the company's internal cash generation
is robust, with average historical and projected cash flow from
operations to debt (CFO -pre working capital- to debt) of around
25-30%.

The stable outlook reflects Moody's expectation that Edesa will
continue to maintain a proactive relationship with the Provincial
regulator and that provincial regulations will continue to be
supportive in relation to cost recoveries and authorized returns.
The stable outlook is also in line with Moody's stable outlook for
Argentina's government bond rating and Moody's view that the
creditworthiness of the company continues to be highly dependent
on the credit quality of the Argentine government given the
domestic nature of its operations.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the inter-dependence of the company on the government
rating, an upgrade of the sovereign rating could result in
positive rating actions for Edesa.  The timely finalization of the
RTI (expected to be completed in 2017) would be also an important
consideration for an upgrade.

In light of the latest positive developments for regulated
utilities and the stable outlook, Moody's does not anticipate a
rating downgrade in the near term.  Yet, the assigned ratings
would face downward pressure if the government of Argentina's
rating or outlook were to be downgraded or changed to negative.
Or if the approved tariff increases for Edesa and the expected
timely recovery of increased costs does not materialize leading to
a weakened credit profile.  Quantitatively, if Edesa reports
Interest coverage (FFO + interest to interest) below 2.5 times,
CFO (pre working capital) to debt below 20% and RCF to debt below
15%, there could be negative pressure on Edesa's ratings.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.

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

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

Empresa Distribuidora de Electricidad de Salta S.A. (Edesa) is the
sole electricity distribution company operating in the Province of
Salta in northern Argentina.  On Aug. 12, 1996, Edesa was granted
a 50-year concession by the Salta provincial government to
distribute electricity on an exclusive basis within the Province's
territory.  Edesa's current indirect controlling shareholder is
SIESA (not rated), an Argentinean investment group, through the
holding of 78.44% of Edesa Holding SA (EDESA's direct holding
company parent).


SBS CRECIMIENTO: Moody's Assigns Ba-bf Rating to Global Scale Bond
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, has
assigned initial bond fund ratings to SBS Crecimiento FCI, a new
bond fund managed by SBS Asset Management SA SGFCI.  The global
scale and national scale ratings assigned are:

   -- Global scale bond fund rating: Ba-bf
   -- National scale bond fund rating: Aaa-bf.ar

                         RATING RATIONALE

GLOBAL SCALE RATING

The Ba-bf bond fund rating is based on Moody's expectations that
the Fund will invest 75% of its portfolio in Latam government and
corporate bonds in which a substantial proportion will be
allocated in Mexican (A3 negative) , Chilean (Aa3 stable) and
Brazilian (Ba2 negative) securities, which are rated above the
Argentinean country ceiling of B2.  The portfolio liquidity is
expected to be invested in local TBILLs (LEBACS).  The rating also
reflects our expectation that the Fund's credit profile will be
similar to that of other Ba-bf/Aaa-bf.ar bond funds which invest
in similar types of securities.

The rating agency noted that SBS Crecimiento is a new fund with no
prior track record, but is managed by an experienced and qualified
team of professionals.  Moody's analysis was performed on a model
portfolio provided by the fund sponsor.  The rating agency expects
the Fund to be managed in line with the model portfolio.  However,
Moody's noted that if the Fund's invested portfolio deviates
materially from the model portfolio, the Fund's ratings could be
changed.

"SBS Crecimiento will be an investment vehicle whose investors
seek protection against the peso depreciation by mostly investing
in global bonds and with an average duration that do not exceed 5
years" said Moody's Assistant Vice President Carlos de Nevares.

                       NATIONAL SCALE RATING

The Aaa-bf.ar national scale reflects new Argentinean global
mapping scale , highlighting that Ba-bf rated bond funds
represents the best credit quality in in the local scale.

The principal methodology used in rating the funds was Moody's
Bond Fund Rating Methodology published in May 2013.

Other methodologies and factors that may have been considered in
the process of rating this fund can also be found under Rating
Methodologies on Moody's website.

SBS Asset Management G.F.C.I.S.A., is a large independent asset
manager in the Argentinean mutual fund Industry with 3.04% of
market share.  As of April 2016, SBS Asset Management, managed
approximately AR$6597.6 million($471 million) in Assets under
Management (AUM).

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


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


BRAZIL: Traders' Hopes Dim as Dream Team Faces Fiscal Nightmare
---------------------------------------------------------------
Mario Sergio Lima and Carla Simoes at Bloomberg News report that
Brazil bond investors are dialing back their optimism after newly
appointed Finance Minister Henrique Meirelles acknowledged that
the country's fiscal problems are much worse than anyone had
imagined.

Yields on government notes due in 2025 have jumped 0.55 percentage
point from an almost 12-month low on May 12, when the minister
took office, according to Bloomberg News.  Since then, Minister
Meirelles -- part of a group of cabinet officials that Goldman
Sachs Group Inc. dubbed a "dream team" -- has said the economy is
in worse shape than he anticipated, Bloomberg News notes.  Brazil
will also face a budget deficit excluding interest payments that's
75 percent greater than the one forecast by the previous
government, Bloomberg News relays.

Bloomberg News discloses that investors had piled into Brazil's
local bonds on speculation the ouster of President Dilma Rousseff
would pave the way for a new government better able to pull Latin
America's biggest economy out of its worst recession in a century.

Acting President Michel Temer said that he'll ask Congress to
limit subsidies and approve a cap on government spending as he
seeks to restore investor confidence, Bloomberg News relays.

"The economic situation is very troubling and the way to solve
this situation is with unpopular measures that are difficult to
pass in Congress," said Rodrigo Melo, chief economist at Rio de
Janeiro-based Icatu Vanguarda Ltda, Bloomberg News notes.  "This
explains why the yields have risen somewhat from when Temer took
office," Mr. Melo said, Bloomberg News says.

A constitutional amendment needed to implement the spending cap
could be sent to Congress in two weeks, according to Minister
Meirelles. It must be approved twice by three-fifths of both
houses, Bloomberg News notes.

On May 23, the government submitted a bill that would allow it to
report a record primary budget shortfall of BRL170.5 billion
($48.4 billion) in 2016, compared with a projection of BRL97
billion by Rousseff's government, Bloomberg News notes.

The economy will contract 3.83 percent this year after shrinking
3.85 percent in 2015, according to economists surveyed by the
central bank, Bloomberg News relays.

"We are looking at how bad the situation really is, and the new
economic team will have to work at the top of their undeniable
capability," said Alberto Ramos, chief Latin America economist at
Goldman Sachs, Bloomberg News reports.  "This will be a long
struggle," Mr. Ramos added.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.


LUPATECH SA: S&P Affirms 'CCC-' Rating & Removes from Watch Pos.
----------------------------------------------------------------
S&P Global Ratings removed the ratings on Lupatech from
CreditWatch positive and affirmed the foreign and local currency
ratings at 'CCC-'.  At the same time, S&P affirmed the national
scale rating at 'brCCC-'.  The outlook is stable.

The affirmation reflects S&P's view that Lupatech will continue to
face the challenges of simultaneously financing its working
capital needs while the execution of its divestment plan remains
uncertain despite the sale of Vicinay in March 2016, that
generated R$ 28 million to Lupatech.

S&P has reassessed Lupatech's creditworthiness in light of its
updated capital structure.  Despite a lighter balance sheet after
the restructuring process, there is portion of company's total
debt not subject to judicial reorganization that is still
concentrated in the short-term, which weighs on its liquidity,
given expected negative EBITDA generation in the next two years.

The stable outlook reflects S&P's view that Lupatech will be able
to refinance its working-capital lines maturing in the next six
months.  However, any significant improvement in the company's
liquidity will depend on favorable conditions, mainly related to
the execution of its divestment plan.

S&P could lower the ratings on Lupatech if the company announces
that it will miss any interest or principal payment or if the
company does not resume its operations accordingly to the judicial
plan, making a default scenario virtually certain.

S&P could upgrade the ratings on Lupatech if the company
successfully executes its divestment plan, aiming to fund its
working capital needs and thus presenting more robust cash flow
generation.  Any upgrade is heavily dependent on an improved
liquidity position and the company's ability to better sustain its
financial commitments in a long term.


MARFRIG HOLDINGS: Moody's Rates Holdings' USD500MM Sr. Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency rating to
Marfrig's proposed USD500 million senior unsecured notes due 2023
to be issued by Marfrig Holdings (Europe) B.V. and irrevocably and
unconditionally guaranteed by Marfrig Global Foods S.A. and by
Marfrig Overseas Limited.  The deal is part of Marfrig's liability
management strategy and net proceeds from the issuance will be
mainly used to tender part of the company's outstanding notes due
2016, 2017, 2018 and 2020.  The rating outlook is stable.

The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Ratings assigned:

Issuer: Marfrig Holdings (Europe) B.V.:

   -- Proposed USD 500 million senior unsecured notes due 2023: B2
      (foreign currency)

The outlook for all ratings is stable.

                         RATINGS RATIONALE

Marfrig's B2 ratings are supported by its diversified portfolio of
animal proteins, as well as a diverse geographic footprint and
distribution capabilities.  The company's diversity in terms of
raw material sourcing reduces risks related to weather and animal
diseases, while its product portfolio and food service business
help to mitigate some of the volatility inherent in commodity
cycles and supply-demand conditions for each specific protein.  In
addition, we acknowledge the company's efforts to improve its debt
profile, including asset divestitures and proactive liability
management initiatives.

On the other hand, the ratings are constrained by Marfrig's still
elevated leverage, low interest coverage and historically
pressured operating performance and cash generation.  Since 2013
the company has shown a focus on organic growth and improvement of
cash flow generation, although those initiatives have not yet
translated into meaningful improvements in credit metrics, given
the impact of currency depreciation on its debt and a weak capital
structure, we believe that the divestiture of Moy Park and
continued favorable export market dynamics will help the company
reduce leverage and interest burden in its cash flow generation.

On Sept. 28, 2015, Marfrig concluded the sale of Moy Park for USD
1.5 billion (BRL 4.7 billion).  Management directed a substantial
portion of proceeds to debt reduction, including a tender offer of
USD 700 million for a series of notes maturing between 2018 and
2021, which lowered adjusted gross leverage to 6.0 times in 2015,
from 7.9 times at the end of 2014.  The positive effect on
leverage coming from the gross debt reduction was offset by the
sharp depreciation of the Real in the period, which drove the
nominal value of dollar denominated debt up.  Nevertheless,
Moody's expects gross leverage will decline to around 5.0x in the
next 12 to 18 months, as the company focus on the organic growth
of its two businesses, Marfrig Beef and Keystone Foods, and
continues to increase free cash flow generation.

The proposed issue is part of Marfrig's liability management
strategy and proceeds from the transaction will be used for
general corporate purposes and to tender part of the company's
outstanding bonds, including part of the outstanding notes due
2016, 2017, 2018 and 2020.  Moody's expects Marfrig's liquidity
profile will improve following the transaction, as the company
lengthens its amortization schedule and reduces debt maturities
from 2016 through 2018.

As of March 2016, the company's total cash balance of BRL 5.2
billion was sufficient to cover reported short term debt by 2.4x.
Additionally, the company currently holds, through its subsidiary
Keystone, USD 530 million (BRL 1.9 billion) in revolving credit
facilities.

The stable outlook reflects our view that Marfrig will be able to
maintain operating margins near current levels and maintain its
liquidity over the near term.

The ratings could be upgraded if Marfrig demonstrates adherence to
its financial policy with the ability to maintain its liquidity
and operating margins at least near current levels.  In addition,
it would require a CFO/ Net Debt approaching 15% and a Total
Debt / EBITDA below 4.5x.

Marfrig's ratings could be downgraded if adherence to its
financial policy is not observed going forward.  A downgrade could
also be triggered if liquidity were to deteriorate in a way that
unrestricted cash position would represent less than 80% of short
term debt.  Quantitatively, downward pressure on Marfrig's B2
rating or outlook is likely if Total Debt / EBITDA is sustained
above 6.0x, EBITA to gross interest expense falls below 1.0x or if
Retained Cash Flow to Net Debt is below 10%.  All credit metrics
are according to Moody's standard adjustments and definitions.

Marfrig, headquartered in Sao Paulo, Brazil, is one of the largest
protein players globally, with consolidated revenues of BRL 19.6
billion (approximately USD 5.5 billion) in the last twelve months
period ended in March, 2016.  The company has significant scale
and is diversified in terms of sales, raw materials and product
portfolio, with operations in Brazil, US, Uruguay, Chile and
Argentina, and presence in the beef, poultry and food service
segments.  The company has two main business segments - Marfrig
Beef and Keystone Foods.  Marfrig Beef is the world's third
largest beef producer, with operations in Brazil, Uruguay, Chile
and Argentina.  Keystone Foods, headquartered in the US, is one of
the world's largest food service suppliers in the US and Asia,
with Mc Donald's accounting for 60% of its revenues.  Food
service, which produces less volatile cash flows than the in-
natura exports business, represents over 50% of total sales.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.


PARANAPANEMA: S&P Lowers Rating to 'B'; Outlook Negative
--------------------------------------------------------
S&P Global Ratings lowered its global scale ratings on
Paranapanema S.A. to 'B' from 'B+'.  S&P also lowered its national
scale ratings on the company to 'brBB-' from 'brBBB'.  The outlook
on ratings on both scales is negative.  S&P don't rate any of the
company's debt.

The downgrade reflects S&P's expectation that Paranapanema's
highly leveraged credit metrics and the bulk of its debt as short
term will expose the company to refinancing risks amid weak demand
and tighter credit conditions.  If the company fails to improve
its capital structure, including the extension of debt maturities,
while continuing to burn cash, S&P may further lower the ratings.

Paranapanema's liquidity has weakened slightly since S&P's August
2015 review as a result of depreciation of the Brazilian real and
lower value-added product mix sold, which reduced cash generation
in the past 12 months.  Also, credit availability in Brazil has
decreased as a result of recession.  In S&P's base-case scenario,
currency volatility will persist, which may further erode
Paranapanema's liquidity and covenant headroom.  Such a scenario
could prompt S&P to revise its liquidity assessment on the company
to weak from currently less than adequate.

The global copper prices will continue to fall due to oversupply
and slack demand from large markets such as China.  In addition,
Brazil's economic woes continue to depress demand for both primary
and processed copper products from Paranapanema.  In response,
Paranapanema will continue to shift its production towards primary
copper (copper cathodes) for exports, which should account for
about 70% of total revenue in 2016.  Nonetheless, primary copper
is a more commoditized product than processed copper (tubes,
profiles, and wire), with lower margins that could squeeze cash
flow generation.  S&P also expects Paranapanema to keep struggling
to improve its operating efficiency because the company had to
deal with some unscheduled maintenance stoppages at its facilities
over recent years that have increased capital expenditures.

"Our base-case scenario assumes that Paranapanema will maintain
fairly stable sales volumes, but with a product mix mostly
consisting of low value-added products.  As a result, we expect
the company's cash generation to remain pressured, while working-
capital needs will likely rise amid further depreciation of the
real.  Nonetheless, our base-case scenario assumes that the
company's debt will remain fairly stable for the next two years.
Also, Paranapanema has little flexibility over its annual capital
expenditures needs of about R$150 million, given its need to
maintain operating efficiency and to protect margins.
Paranapanema has historically posted volatile financial metrics as
a result of its exposure to copper prices and exchange rates,
which weakened the company's financial metrics in recent quarters.
Stable debt levels and subdued cash generation will keep
Paranapanema's financial metrics in line with the highly leveraged
financial risk profile category over the next several quarters,"
S&P said.


RIO DE JANEIRO: Misses Debt Payment
-----------------------------------
Paul Kiernan and Luciana Magalhaes at The Wall Street Journal
reports that the state of Rio de Janeiro missed an $8.4 million
payment to an international creditor as a debt crisis in Brazil's
state governments deepened amid what the federal Finance Ministry
has called "out-of-control personnel expenditures."

The payment, which was due May 23 to the French Development
Agency, had to be postponed following months in which revenues
have fallen short of spending obligations, a person familiar with
the matter said, the report relays.  The state's financial
situation has worsened since a judge ordered Rio in April to
prioritize paychecks to pensioners, the report discloses.

"It's a big embarrassment for the government of Rio to not honor
that payment at this time," state Finance Secretary Julio Bueno
said in an interview, the report notes.  "Rio de Janeiro wants to
pay," Mr. Bueno added.

State officials say the situation shouldn't put the 2016 Olympics
at risk, since Brazil's federal government and the municipal
government of Rio are paying for most of the projects, the report
relays.  But the state of Rio is behind schedule on a BRL9.77
billion ($2.71 billion) subway extension, important to transport
for the Games, that is now expected to be ready just days before
the Aug. 5 opening ceremony, the report notes.

Brazil's deepest recession in generations has pushed a handful of
state governments to the brink of default, the report discloses.
Revenue from taxes and commodities has dried up, while generous
entitlement programs and constitutionally required spending on
health care and education have limited authorities' ability to
implement budget cuts, the report relays.

"It's a terrible sign," said Roberto Padovani, chief economist at
Banco Votorantim in Sao Paulo, the report notes. "This missed
payment illustrates the deep fiscal incapacity of Brazilian
states," Mr. Padovani added.

The report relays that the dire straits of Rio's state government
have produced apocalyptic scenes in recent months.  Local
newspapers have reported hospitals shutting down emergency rooms
and running out of medicine and basic supplies such as rubber
gloves and cotton balls, the report notes.  Teachers have gone on
strike, prompting students to occupy dozens of schools in protest.
Street violence is on the rise as lower police budgets threaten to
reverse years of hard-won security gains, the report discloses.

Rio has BRL72 billion in debt with Brazil's federal government and
owes another BRL35 billion to public banks and international
lenders including the Inter-American Development Bank, the Japan
Bank for International Cooperation and Venezuela-based development
bank CAF, the report relays.

Mr. Bueno acknowledged that Brazil's federal government, which
guarantees states' debt, may have to pick up the tab for Rio's
upcoming obligations, the report notes.  Mr. Bueno said the state
also missed a payment of BRL922,000 to the IDB on May 16, the
report discloses.

Officials point to falling oil royalties as the main culprit for
Rio state's woes, the report notes.  It produces most of Brazil's
oil, and the state government's revenue from oil royalties rose
78% between 2009 and 2014, to BRL8.71 billion, the report relays.

But rather than saving the windfall, Rio used it to go on a hiring
spree, the report discloses.  According to Brazil's Finance
Ministry, the state government's payroll more than doubled between
2009 and 2015, to BRL31.68 billion, the report notes.

Oil royalties fell 38% last year, making those expenses unpayable.
The state government projects a budget shortfall of BRL19 billion
for 2016, the report says.

"Out-of-control personnel expenditures . . .. represent the main
factor strangling the states," the Finance Ministry said in a
technical report last month, the report notes.

Hiring workers can be risky in Brazil, where rigid labor laws make
it difficult to lay them off, the report relays.  This is
especially the case with career civil servants, who tend to
receive higher pay and more generous retirement benefits than
their private-sector counterparts, the report notes.  Their
salaries also cannot be reduced from one year to the next, the
report discloses.

"Brazil as a whole, but specifically the states that benefited
from higher commodities prices, started using that revenue as
though it would be permanent by creating permanent expenditures,"
says Silvio Campos Neto, an economist at Sao Paulo-based
consulting group Tendencias, the report relays.

The report notes that Rio state currently has 468,577 people on
its payroll, more than 50% of whom are retired or otherwise
"inactive."  Mr. Bueno said most of the rise in Rio's payroll
expenditures came from the latter group of workers, the report
says.

"Because of national rules, every time you increase teachers' pay,
you have to give retired teachers an equivalent raise," the report
quoted Mr. Bueno as saying.  "With the retirement rules we have
today, all the states will eventually go broke," Mr. Bueno added.

Much of Rio's debt, and that of other states, is traceable to a
reorganization of public finances during the financial turmoil of
the 1990s that shifted the debt states had with banks and other
creditors to the federal government. But Brazil's chronically high
interest rates-Rio state paid an average of 17% interest on its
debt to the federal government last year-made it hard to pay down
the loans, the report notes.

The Finance Ministry is locked in a Supreme Court battle with
several states, including Rio de Janeiro and Sao Paulo, which are
seeking to change the way interest is calculated, the report
notes.  A ruling in favor of the states could force the federal
government to write down more than 90% of the BRL427.4 billion the
states owe, the Finance Ministry said last month, the report
relays.

The payment Rio missed this week was part of a $394.5 million loan
the state received in 2012 to "support urban-mobility policies"
ahead of the 2014 World Cup and 2016 Olympics, the report notes.

The state government is in talks with all its creditors, the
person familiar with the matter said, and is scrambling to pay the
French Development Agency as soon as it has the cash, says the
report.  All told, the state has around BRL107 billion in debt,
most of it with Brazil's federal government, the report relays.

In a terse email, the French Development Agency said that Rio
state "is not in default," without providing additional details on
the situation, the report adds.


RIO DE JANEIRO: Fitch Puts B+ LT IDR on Watch Negative
------------------------------------------------------
Fitch Ratings has placed the State of Rio de Janeiro's ratings on
Rating Watch Negative.

                        KEY RATING DRIVERS

The placement of Rio de Janeiro's (Rio) ratings on Negative Watch
reflects a fast deteriorating liquidity position that may lead to
further delays in debt services.  Fitch believes this event to be
incompatible with the current ratings assigned to the state.

Earlier this week, Rio missed a USD8 million worth of debt service
payment owed to a foreign creditor.  As of December 2015, total
external debt of the state totaled the equivalent of
BRL14.3 billion (USD4.1 billion).

Fitch notes that all the external debt is fully guaranteed by the
federal government.  This guarantee includes the defaulted
portion. Fitch expects the federal government payment within the
grace period defined in these types of external contracts.

Fitch will thoroughly study the state's liquidity position and
fiscal performance in the coming weeks and will likely downgrade
the state by one or more notches.

                      RATING SENSITIVITIES

A downgrade of one or more notches of Rio's ratings is expected
over the short term.  Fitch does not anticipate affirming the
ratings unless liquidity and fiscal positions demonstrate
significant improvement.

                        KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to these assumptions:

   -- Fitch assumes a strong level of sovereign support for the
      Brazilian States such as Rio given that their most relevant
      creditor is the federal government;

   -- Fitch assumes that any political transition to a new
      government during the impeachment process will be smooth and
      peaceful.  However, some delays will occur in the
      implementation of the government's legislative agenda,
      especially as it concerns subnationals.

Fitch places these ratings on Rating Watch Negative:

State of Rio de Janeiro:

   -- Long-Term Foreign and Local Currency IDRs B+;
   -- Short-Term Foreign- and Local-Currency IDRs B;
   -- National Long-Term Rating 'A-(bra)';
   -- Short-Term National Long-Term Rating 'F1(bra)'.


===============
H O N D U R A S
===============


HONDURAS: Moody's Raises Government Bond Rating to B2
-----------------------------------------------------
Moody's Investors Service has upgraded Honduras' government bond
ratings to B2 from B3.  Concurrently, it has upgraded the foreign
currency and local currency issuer and senior unsecured ratings to
B2 from B3.  The outlook on the ratings remains positive.

Moody's decision to upgrade Honduras' ratings to B2 reflects the
following key drivers:

  (1) Honduras' fiscal profile has improved significantly, with
      central administration deficit decreasing to 3.1% of GDP in
      2015 from 7.9% in 2013, and debt-to-GDP expected to plateau
      this year at around 46% of GDP.

  (2) The authorities have implemented institutional enhancements
      that have brought increased discipline to the budget
      process, tighter controls on government expenditures, and
      improved tax administration.

The outlook on the ratings remains positive and reflects Moody's
view of a likely continuation of steady progress on the fiscal
front in 2016-17 and continued compliance with the structural
reform agenda set in the IMF program.

Honduras' long-term foreign currency bond ceiling has been
upgraded to Ba3 from B2.  The foreign-currency deposit ceiling has
been upgraded to B3 from Caa1, while the local-currency bond and
deposit ceilings have been upgraded to Ba2 from B2.  The short-
term foreign-currency bond and deposit ceilings remain unchanged
at NP.

                         RATINGS RATIONALE

RATIONALE FOR RATINGS UPGRADE TO B2
FIRST DRIVER -- FISCAL CONSOLIDATION IMPLEMENTED FASTER THAN
CONTEMPLATED

The government of Honduras has reduced the fiscal deficit at a
faster pace than originally contemplated in the Stand-By-
Arrangement (SBA) and Stand-By Credit Facility (SCF) with the IMF.
In 2015, the deficit diminished to 3.1% of GDP, down from 7.9% in
2013.  Moody's expects the government debt-to-GDP ratio to plateau
in 2016 at around 46% of GDP, after an increase of more than 10
percentage points during the 2012-15 period.

To increase revenues, the authorities implemented a tax reform
approved in 2013 which raised the sales tax rate to 15% from 12%,
implemented a security tax, and strengthened tax collections.
Efforts to curtail expenditures focused on reducing the public
sector wage bill and maintaining government transfers to
municipalities and state-owned enterprises virtually constant in
nominal terms.  The government's fiscal profile has also improved
due to lower gross financing needs, reduced interest rates, and
extended debt maturities.

SECOND DRIVER -- INSTITUTIONAL ARRANGEMENTS MAKE FISCAL POLICY
MORE PREDICTABLE

The improved fiscal performance is the result of comprehensive
institutional enhancements that cover several ministries.  These
changes have brought increased discipline to the budget process,
reducing revisions and exerting tighter controls on government
expenditures.  Under the new rule, a budget committee reviews
ministries' requests, approving only those requests that are
within the budget limits.

In addition, new functions within the Ministry of Finance were
created to oversee progress toward medium-term fiscal targets and
monitor contingent liabilities, while a complete overhaul to the
tax administration department has reduced tax evasion and widened
the taxpayer base.  In this context, the authorities developed a
public investment diagnostic tool created with parameters from the
IMF to strengthen the process of appraisal, selection and approval
of investment projects.

The government recently passed a fiscal responsibility law which
we expect will lock-in prudent fiscal policies and will increase
policy predictability over time.  The law establishes: (i) a
maximum Non-Financial Public Sector (NFPS) deficit of 1% of GDP;
(ii) a limit to current expenditure, which should not increase
above the 10-year average real GDP growth rate plus inflation
estimate for the following year; and (iii) a limit to new floating
debt (arrears), which should not be greater than 0.5% of GDP in
nominal terms.  The fiscal responsibility law allows a transition
period for 2016 through 2018, before reaching the definitive
deficit ceiling of 1% of GDP by 2019.

                   RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's view of a likely
continuation of progress in 2016-17, expecting compliance with
fiscal targets, steady improvement in government debt
affordability (i.e., declining interest payment-to-revenue ratio),
as well as signals that prudent fiscal policy will continue in the
next administration.

                 WHAT COULD MOVE THE RATING UP/DOWN

Continuing strong growth with GDP increasing at annual rates of
3.5% or above, compliance with fiscal deficit targets set in the
fiscal responsibility law, and declining government debt ratios
could lead to a further upgrade of Honduras' rating.  Continuing
the extension of debt maturities in the domestic market and a
continued reduction in the interest rate burden could also add
upward pressure to the ratings.

Conversely, the outlook could be revised to stable if policy
behavior is not consistent with newly created institutional
arrangements, thus preventing additional progress on the fiscal
consolidation front and stalling the positive trends that have
been observed in recent years.

  GDP per capita (PPP basis, US$): 4,869 (2015 Actual) (also known
   as Per Capita Income)
  Real GDP growth (% change): 3.6% (2015 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 2.4% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -3.1% (2015 Actual) (also known
   as Fiscal Balance)
  Current Account Balance/GDP: -6.4% (2015 Actual) (also known as
   External Balance)
  External debt/GDP: 36.8% (2015 Actual)
  Level of economic development: Low level of economic resilience
  Default history: No default events (on bonds or loans) have been
   recorded since 1983.

On May 23, 2016, a rating committee was called to discuss the
rating of the Honduras, Government of.  The main points raised
during the discussion were: The issuer's institutional
strength/framework, have materially increased.  The issuer's
fiscal or financial strength, including its debt profile, has
materially increased.  The issuer has become less susceptible to
event risks.  An analysis of this issuer, relative to its peers,
indicates that a repositioning of its rating would be appropriate.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.


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


JAMAICA: Negotiating With Major Investigator to Revamp Service
--------------------------------------------------------------
RJR News reports that the Jamaican government is negotiating with
a major investor to revitalize the country's rail service at a
cost of US$270 million.

Prime Minister Andrew Holness says the revitalization project is
expected to employ thousands of persons and stimulate the
economies of the communities through which the rail service
passes, according to RJR News.

Implementation of the project will include an overhaul of 58
kilometres of the Montego Bay to Appleton leg at a cost of US$85.5
million and an upgrade of 73 kilometres of the Spanish Town to
Ewarton and Spanish Town to Clarendon Park legs at a combined cost
of US$7.2 million, the report notes.

Fifty five kilometres of the Appleton to Clarendon Park leg will
be refurbished at a cost of US$80.6 million and a revamp of  21
kilometres of the Spanish Town to Kingston leg is slated to cost
US$38.9 million, the report says.

                             *     *     *

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



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


BANCA MIFEL: Fitch Affirms 'BB' LT IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Banca Mifel, S.A.'s Viability Rating
(VR) at 'bb', and Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'BB'.  The Rating Outlook is Stable.

                       KEY RATING DRIVERS

VR, IDRs AND NATIONAL-SCALE RATINGS

Mifel's IDRs and National ratings [Long-Term 'A(mex)'/Short-Term
'F1(mex)'] are driven by its 'bb' rated VR, which reflects the
bank's modest franchise in the Mexican banking system, in terms of
market share, where its total loans and deposits represent less
than 1% of the total system.  Mifel is a corporate-oriented bank
with brand recognition in its areas of influence, which has
translated in adequate asset quality and a relatively sound
liquidity profile.  Fitch has also taken into account the bank's
higher risk appetite reflected in high growth, which can
occasionally overcome the institution's capital generation.

The ratings also factor in the company's improved profitability
metrics driven by higher and more consistent interest margins,
controlled credit costs and operational expenses.  The bank's
sound capitalization also supports Mifel's ratings.  The bank's
capital adequacy was enhanced by capital injections and sustained
internal capital generation.  In Fitch's opinion, maintaining a
robust capital adequacy is necessary for the bank to offset
concentration risk and sustain business growth.

At YE15 the bank's capitalization levels were strengthened by an
additional capital injection from the private equity fund Advent,
and to a lesser extent by Mifel's profits.  As of 1Q16, Mifel's
Fitch internal capital generation stood at 11.2% and 15%,
respectively.  The ratios are an improvement over what the bank
has reported in the past.  In Fitch's view, Mifel faces challenges
in maintaining its healthy capital ratios in light of projected
rapid loan growth.

Prior to 2012, the bank's non-performing loan (NPL) ratio was
pressured by the bank's exposure to government loans; however,
since 2013 NPL ratios have shown a positive trend and by 1Q16 this
ratio stood at 1.64%.  The level of loan reserves to impaired
loans continues to recover compared to 2012 levels (below 67% of
impaired loans), reaching 100% at 1Q16

Despite the improvements in asset quality there are still high
borrowers concentrations among Mifel's main creditors.  The bank's
20 largest loan exposures accounted for 1.8x Tier 1 equity capital
and 22% of total loans.

Mifel has a stable funding base which has benefitted from well-
positioned customer deposits that have proven steady.  Mifel's
liquidity and loans to deposit ratio below the industry still
require improvements in Fitch's opinion.

                             SR and SRF

Mifel's Support Rating and Support Rating Floor were affirmed at
'5' and 'NF', respectively, in view of the bank's low systemic
importance, which indicates that although possible, external
support cannot be relied upon.

Subordinated Notes

The bank's global subordinated securities were affirmed at 'B+',
two notches below the applicable anchor rating, Mifel's VR of
'bb'.  The ratings are driven by Fitch's approach to factoring
certain degrees of subordination.  Similar securities would
typically be two notches lower for non-performance risk and an
additional notch lower for loss severity.  However, in Mifel's
case, the overall notching is limited to two notches, due to
compression considerations (as per Fitch's existing criteria).

The notching factor in its non-performance risk (-1) since Fitch
considers that the triggers for coupon deferrals or cancellations
are relatively high, according to applicable local regulations and
an additional (-1) for loss severity, which reflects that these
securities are plain-vanilla subordinated debt (subordinated
preferred, under the local terminology).

This issue receives no equity credit under Fitch's approach, since
these are dated securities without a loss absorbing feature that
triggers before the point of non-viability.

                       RATING SENSITIVITIES

VR, IDRs, and National Ratings

Mifel's ratings could be upgraded if the bank continues
consolidating its financial performance and franchise;
specifically, if the bank shows operating ROA to RWAs consistently
above 2% together with a controlled asset quality and
capitalization metrics.

The ratings could be affected negatively if the bank fails to
sustain improving trends in overall profitability and
capitalization metrics.  Fitch believes a downgrade could be occur
if operating ROA returns to levels below 1% and if Fitch's core
capital is not sustained at least above 9%.  Material
deteriorations of Mifel's asset quality metrics and additional
pressures on its liquidity profile could also trigger a downgrade.

                          SR and SRF

A potential upgrade of Mifel's Support Rating and Support Rating
Floor is limited at present, since external support cannot be
relied upon.

Subordinated Notes

The bank's subordinated debt ratings will likely mirror any change
in the bank's VR, as these are expected to maintain the same
relative to Mifel's credit rating.

Fitch has affirmed these ratings:

Banca Mifel, S.A.:

   -- Long-Term Foreign- and Local-Currency IDRs at 'BB';
   -- Short-Term Foreign and Local-Currency IDRs at 'B';
   -- Viability Rating at 'bb';
   -- Support Rating at '5';
   -- Support Rating Floor at 'NF';
   -- National-Scale Long-Term Rating at 'A(mex)';
   -- National-Scale Short-Term Rating at 'F1(mex).
   -- Long-Term cumulative subordinated preferred notes at 'B+'.

The Rating Outlook is Stable.


BANCO VE POR: Fitch Affirms 'BB' LT IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-Term Foreign and
Local Currency Issuer Default Ratings at 'BB' and 'B',
respectively, of Banco Ve por Mas, S.A. Institucion de Banca
Multiple (BBX+).  Fitch also affirmed BBX+'s Viability Rating (VR)
at 'bb' and its national scale ratings at 'A(mex)/F1(mex)'.

Simultaneously, Fitch has affirmed the national scale ratings of
Casa de Bolsa Ve por Mas, S.A. de C.V. Grupo Financiero Ve por
Mas(CBBX+) and Arrendadora Ve por Mas, S.A. de C.V. Sofom E.R.
Grupo Financiero Ve por Mas(AXB+) at 'A(mex)' and 'F1(mex)', for
the long- and short-term ratings, respectively.

The Rating Outlook on the long-term ratings is Stable.

                       KEY RATING DRIVERS

VR, IDRS AND NATIONAL SCALE RATINGS

BBX+'s IDRs and national scale ratings are driven by its 'bb' VR,
which reflects the bank's sound asset quality, liquidity profile
that compares better than its closest peers, and its good capital
metrics despite the recent accelerated loan growth.  BBX+'s
ratings also factor in its weak profitability, which remains below
that of its closest peers and is expected to stay so for the next
three years since the bank's current expansion phase implies
increasing operating expenses.

Despite the rapid loan portfolio growth, BBX+ maintains a good
asset quality in both its banking and trading book.  The bank's
non-perming loan (NPL) ratio is low, and the loan loss reserves
stand at reasonable levels.  Risk concentration is better than its
closest peers. As of March 2016, the NPL ratio including charge
offs stood at 1.1% (1.3% for the average of the last three years),
while the loan loss reserve stood at 1.2% of gross loans.  At that
time the 20 largest borrowers represented 2x the bank's Tier I
equity.  BBX+'s asset quality is also supported by its low risk
profile on its trading book, 30.8% of total assets, mainly local
government securities or bank securities with adequate credit
quality.

In Fitch's view, BBX+'s good liquidity profile is supported by a
stable and relatively diversified customer deposits base.  As of
March 2016, the bank's loan to deposit ratio stood at 142.6%,
higher than its closest peers.  The bank's liquidity profile also
benefits from use of other long-term funds that helps the bank
carefully manage its balance sheet.  BBX+ has access to interbank
fund and long- term debt in the local capital markets in order to
match the tenure of its balance sheet.

As expected, BBX+'s capital ratios have declined due to the banks
strategy of aggressive expansion (loan growth of 54.1% at YE
2015); nonetheless the actual ratios are still robust because of
the shareholder's track record of supporting the bank's growth
through capital infusions.  At the end of March 2016, the bank's
Fitch Core Capital (FCC) to risk weighted assets (RWA) stood at
13%.  Fitch expects that BBX+'s capital ratios will tend to
constrain as the growth strategy develops, with a FCC to RWA
around 13%.  The bank's main challenge will be to compensate the
decline with growing income or more capital infusions.

As the bank is in the middle of the expansion strategy, its
profitability metrics are weaker compared to its closest local and
international peers.  In 2015 the bank's operating profit to RWA
was 0.7%. The results are pressured by growing operating expenses
related to infrastructure expansion.  Compensating for the high
growth with higher profits will likely be challenging, and Fitch
expects the bank's operating profit to RWA will remain under 1%
for at least the next three years.

The national ratings for CBBX+ and ABX+ are derived from the
support they would receive, if needed, from their ultimate parent,
Grupo Financiero Ve por Mas (GFBX+); the group has a legal
commitment with its subsidiaries according to local regulation.
GFBX+'s creditworthiness is associated with its main subsidiary,
BBX+, whose national scale rating stands at 'A(mex)' with a Stable
Outlook.  Both CBBX+ and ABX+ are core to the group, which is
reflected in the operative synergies (crossed sales and
integration) and in the strategic alignment.

             SUPPORT RATING AND SUPPORT RATING FLOOR

BBX+'s Support Rating and Support Rating Floor of '5' and 'NF',
respectively, reflects the bank's low systemic importance,
indicating that, although possible, external support cannot be
relied upon.

                     RATING SENSITIVITIES

BBX+'s ratings could be upgraded in the medium term if the bank
achieves a sustained higher profitability maintaining its current
good asset quality, adequate liquidity profile and reasonable
capital metrics.  Fitch believes that this process will likely
take time as the development of those factors requires a
consolidation period.  Specifically, the bank's ratings would
benefit from an operating profit to RWA consistently above 1.5%
and a FCC to RWA ratio over 14%.

In turn, BBX+'s ratings can be affected negatively by a
significant deterioration of its financial profile.  Specifically,
if the bank shows a FCC to RWA ratio consistently below 12% and
operating profit to RWA ratio under 0.5%.  A deterioration of its
liquidity profile could also push the ratings down.

                   CASA DE BOLSA Y ARRENDADORA

CBBX+'s and ABX+'s ratings will be aligned to its ultimate parent
(GFBX+), whose credit quality is reflected in BBX+.  Any change in
the bank's ratings would have a similar effect on the ratings of
both CBB+ and ABX+.

               SUPPORT RATING AND SUPPORT RATING FLOOR

Upside potential for the SR and SRF is limited and can only occur
over time with a material growth of the bank's systemic
importance.

Fitch has affirmed these ratings:

BBX+

   -- Foreign currency Long-Term IDR at 'BB'; Outlook Stable;
   -- Foreign currency Short-Term IDR at 'B';
   -- Local currency Long-Term IDR at 'BB'; Outlook Stable;
   -- Local currency Short-Term IDR at 'B';
   -- Viability Rating at 'bb';
   -- Support Rating at '5';
   -- Support Rating Floor at 'NF';
   -- National Long-Term Rating at 'A(mex)'; Outlook Stable;
   -- National Short-Term Rating at 'F1(mex)';
   -- Senior Unsecured Long-Term Debt at 'A(mex)'.

CBBX

   -- National Long-Term Rating at 'A(mex)'; Outlook Stable;
   -- National Short-Term Rating at 'F1(mex)'.

ABX+

   -- National Long-Term Rating at 'A(mex)'; Outlook Stable;
   -- National Short-Term Rating at 'F1(mex)'.


HIPOTECARIA SU CASITA: Moody's Cuts Class A Notes Rating to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Hipotecaria
Su Casita - Cross-border Class A Insured Residential Mortgage
Backed Floating Rate Notes, a Mexican RMBS guaranteed by MBIA
Insurance Corp.  This rating action follows the recent downgrade
of the ratings of the financial guarantor MBIA Insurance
Corporation (MBIA).

The rating action is:

Issuer: CIBanco S.A Institucion de Banca Multiple, acting solely
as trustee.

  -- Hipotecaria Su Casita - Cross-border, Class A Insured
     Residential Mortgage Backed Floating Rate Notes, rating
     downgraded to Caa1 (sf) from B3 (sf) (Global Scale, Foreign
     Currency) and previously placed under review for possible
     downgrade.  The notes' underlying rating (reflecting the
     notes' intrinsic credit quality absent the financial
     guarantee provided by MBIA) is currently Ca(sf).

This action is driven solely by Moody's announcement on 20 May
2016 that it has downgraded the Insurance Financial Strength (IFS)
ratings of MBIA Insurance Corporation.

                        RATINGS RATIONALE

The Hipotecaria Su Casita Cross-border Class A Insured Residential
Mortgage Backed Floating Rate Notes benefit from a financial
guaranty insurance policy issued by MBIA Insurance Corp. that
covers timely interest payment and ultimate principal payment by
the legal final maturity date of the notes.

Moody's ratings on structured finances securities that are
guaranteed or "wrapped" by a financial guarantor are generally
maintained at a level equal to the higher of the following: (1)
the guarantor's insurance financial strength rating and (2) the
underlying ratings, which reflect the intrinsic credit quality of
the certificates in the absence of the guarantee.

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

Any change in MBIA's IFS rating would result in a change in the
ratings of the affected certificates.

                        RATING METHODOLOGY

This action is driven solely by the rating action on MBIA and is
not a result of change in key assumptions, expected losses, cash
flows and stress scenarios on the underlying assets.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS using the MILAN Framework" published in
January 2015.

The secondary methodology considered was "Rating Transactions
Based on the Credit Substitution Approach: Letter of Credit
backed, Insured and Guaranteed Debts" published in December 2015.


UNIFIN FINANCIERA: S&P Affirms 'BB' ICR; Outlook Remains Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its global scale issuer credit and
issue-level ratings on Unifin Financiera, S.A.B de C.V. SOFOM,
E.N.R. at 'BB'.  S&P also affirmed its 'mxA/mxA-2' national scale
counterparty credit rating.  The outlook remains stable.

S&P's ratings on Unifin continue to reflect its adequate business
position thanks to stable business operating results coupled with
a diversified loan portfolio.  S&P's assessment also includes the
lender's forecasted RAC ratio at about 9.7% for the next 18
months, moderate risk position that incorporates subpar reserve
coverage for nonperforming assets, and adequate funding and
liquidity.  Unifin's stand-alone credit profile (SACP) remains at
'bb'.

To arrive at the anchors for nonbank financial institutions (NBFI)
S&P uses its bank anchors--stemming from our Banking Industry
Country Risk Assessments (BICRA) that reflect the economic and
industry risks of each country's banking system--as preliminary
anchors, which act as a starting point.  S&P then factors any
country- and sector-specific adjustments and entity-specific
adjustments into these preliminary anchors to arrive at the NBFI
anchors.

In S&P's opinion the anchor for Mexico's NBFIs is 'bb+', which is
two notches lower than the anchor for domestic banks.  S&P has
reduced the difference between the two anchors to two notches from
the preliminary anchor of three notches.  This is because Mexico's
NBFIs benefit from the existence of government-owned development
banks that act as a stable funding source for these entities even
in stressful situations.  Additionally, the government has a track
record of support to NBFIs through guarantees and liquidity during
periods of market turmoil.  The anchor for Unifin is equal to that
of its domestic peers because we don't make entity-specific
adjustments to it.


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P E R U
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CAMPOSOL SA: S&P Lowers Corporate Credit Rating to 'SD'
-------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Camposol
S.A. to 'SD' from 'CC'.  At the same time, S&P lowered its issue-
level rating on the company's $200 million senior unsecured notes
to 'D' from 'CC'.

The downgrade follows Camposol's announcement that it will
exchange $147.5 million of its $200 million outstanding senior
unsecured notes for new 10.5% senior secured notes due 2021.
Despite the enhanced terms and conditions of the new notes--which
include a first priority lien and security interest over certain
real estate assets of the company, a bondholder participation fee
of 1%, and a higher interest rate -- S&P views such a transaction
as a distressed exchange because the new securities' maturity
extends beyond the original notes' and the company conducted the
offer upon an unfavorable liquidity position.

Upon completion of the offer, S&P expects to review the corporate
credit and issue-level ratings on Camposol, based on its new
capital structure and liquidity assessment.


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


ALLIED FINANCIAL: Notifies Secured Creditor of Proposed Sale
------------------------------------------------------------
At the directive of Judge Mildred Caban Flores for the District of
Puerto, Allied Financial Inc. filed a motion informing its secured
creditor, Centro de Recaudacion de Ingresos Municipales de Puerto
Rico, of the Debtor's decision to sell its property located at
Barrio Guayabal, Sector Lajitas Road P.R., 550 Juana Diaz, in
Puerto Rico.

The motion stated, among other things, that: "(a) CRIM was served
with the Motion to Sell on the same day as all other creditors and
parties in interest, but in the spirit of caution the Motion to
Sell is being notified to CRIM again via first class to its
address of record, (b) the Sales Agreement states that "M
Investment, LLC. agrees to assume payment of the real estate
property taxes owed as of the Closing Date in connection with the
Property, and (c) the sale of the asset will provide for full
payment to CRIM."

The Troubled Company Reporter earlier reported that the Debtor
sought court authority to sell the property valued at $75,000.
The Debtor listed Oriental Bank with a secured claim over the
property in the amount of $72,593 and a secured claim in favor of
Centro de Recaudacion de Ingresos Municipales de Puerto Rico in
the amount of $905.

Judge Caban Flores ordered the Debtor to notify CRIM and file a
certificate of service, and in turn, CRIM is ordered to file any
objection within ten (10) days from notice of the sale by the
Debtor.

Allied Financial Inc is represented by:

       Carmen D. Conde Torres, Esq.
       254 San Jose Street, 5th Floor
       Old San Juan, Puerto Rico 00901-1523
       Telephone: 787-729-2900
       Facsimile: 787-729-2203
       E-mail: condecarmen@condelaw.com

             About Allied Financial

Allied Financial, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-00180) on Jan. 15, 2016.  The petition
was signed by Rafael Portela, president of the Board of Directors.
The Debtor disclosed total assets of $10.3 million and total debts
of $9.14 million.  C. Conde & Assoc. represents the Debtor as
counsel.  Mildred Caban Flores has been assigned the case.


AMERICAN PARKING: Hires WRG Certified Public Accountants
--------------------------------------------------------
American Parking System, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ WRG
Certified Public Accountants, P.S.C., and its managing partner,
CPA William Rodriguez, as the Debtor's financial advisor, for
general accounting, taxes and financial consulting services in
connection with its bankruptcy petition.

The Firm will provide these services:

      a) reconciliation of financial information to assist Debtor
         in the preparation of monthly operating reports;

      b) assistance in the reconciliation and clarification of
         proof of claims filed and amount due to creditors;

      c) general accounting and tax services to prepare year-end
         reports and income tax preparation, if necessary;

      d) assistance for Debtor and Debtor's counsel in the
         preparation of the supporting documents for the Chapter
         11 Reorganization Plan.

Mr. Rodriguez will be paid $125 per hour for his services.  The
Firm itself received a retainer in this case in the amount of
$8,000, which sum is generated by the Debtor from the regular
operations of the business.

Mr. Rodriguez assures the Court that he is a disinterested person,
as defined in 11 U.S.C. Section 101(14).

The Firm can be reached at:

         William Rodriguez, CPA
         WRG Certified Public Accountants, P.S.C.
         103 Calle Acosta, Esquina Drive Marti
         Caguas, PR 00725
         Tel. (787) 286-6614
         E-mail: William@wrgcpa.com

Headquartered in San Juan, Puerto Rico, American Parking System
Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 16-02761) on April 8, 2016, estimating its assets at up
to $50,000 and its liabilities at between $10 million and $50
million.  The petition was signed by Miguel Cabral Veras,
president.

Judge Edward A Godoy presides over the case.

Alexis Fuentes Hernandez, Esq., at Fuentes Law Offices, LLC,
serves as the Debtor's bankruptcy counsel.


EFRON DORADO: PRAPI Asks Court to Deny Cash Use Bid
---------------------------------------------------
PR Asset Portfolio 2013-1 International Sub I, LLC, asks the
Bankruptcy Court to deny Efron Dorado Se's Cash Collateral Motion,
prohibit the Debtor's use of any such Cash Collateral, and direct
the Debtor to provide PRAPI adequate protection.

PRAPI asks for adequate protection in the form of:

   a. a first priority replacement lien on all of the Debtor's
postpetition assets;

   b. an accounting of all Cash Collateral received by or for the
benefit of the Debtor since the Petition Date;

   c. full access to the books and records of the Debtor,
including all electronic records on any computers used by or for
the benefit of Debtor, to make electronic copies, photocopies or
abstracts of the business records of the Debtor;

   d. turn over of any Cash Collateral or property of PRAPI that
is in the possession, custody or control of the Debtor or any of
the insiders of the Debtor;

   e. a constructive trust on any Cash Collateral, or proceeds of
any Collateral of PRAPI, if any, that has been diverted to any
person or bank account as a result of any diversion of the
Debtor's accumulated rents.

Since this dispute between the Debtors and PRAPI is now affecting
the on-going tenancy of Wal-Mart Puerto Rico, Inc., Wal-Mart seeks
Court authority, in the event the Debtor's request to use cash
collateral is denied, to allow Wal-Mart to use the rent and common
area maintenance payments due to the Debtor order for Wal-Mart to
conduct necessary repairs and maintenance to a shopping center,
Paseo del Plata Shopping Center.

Attorneys for PR Asset Portfolio 2013-1 International Sub I, LLC:

       Hermann D. Bauer, Esq.
       Nayuan Zouairabani, Esq.
       O'NEILL & BORGES LLC
       American International Plaza
       250 Munoz Rivera Avenue, Suite 800
       San Juan, Puerto Rico 00918-1813
       Tel: (787) 764-8181
       Fax: (787) 753-8944
       Email: hermann.bauer@oneillborges.com
              nayuan.zouairabani@oneillborges.com

Wal-Mart Puerto Rico, Inc. is represented by:

       Juan C. Salichs, Esq.
       JUAN C. SALICHS
       PO BOX 195553
       San Juan, Puerto Rico 00919-5553
       Tel. (787) 449-6000
       Fax (787) 474-3892
       E-mail: jsalichs@splawpr.com

           About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan.
20, 2016.  The petition was signed by David Efron, partner.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as its bankruptcy counsel.

In its petition, the Debtor listed total assets of $33.2 million
and total debt of $15.2 million.  According to the schedules, the
Debtor owns the shopping mall known as Paseo Del Plata Shopping
Center located in Dorado, Puerto Rico; a parcel of land consisting
of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of
land consisting of 30 Cuerdas known as Hernandez Farm.


PUERTO RICO:  House Committee OKs Bill With Bipartisan Support
-------------------------------------------------------------
Nick Timiraos at The Wall Street Journal reports that a House
committee advanced legislation to address Puerto Rico's debt
crisis with solid bipartisan support, a strong sign the bill could
move quickly through Congress ahead of a potential default by the
territory on July 1.

The legislation would create a debt-restructuring process and
empower a federal oversight board to supervise what is shaping up
to be the largest municipal debt workout in American history,
according to the WSJ.  The measure wouldn't spend any federal
money.

The House Committee on Natural Resources, which has oversight of
federal territories, advanced the bill on a 29-10 vote, with 14
Republicans and 15 Democrats backing the legislation, the report
notes.

The report relays that the bill, which produced a rare moment of
bipartisan cooperation in an election year, has drawn strong
opposition from some bondholders and other political groups that
spent millions of dollars on television advertisements to defeat
it.

Puerto Rico last year began defaulting on several classes of
nearly $70 billion in debt it owes, threatening to worsen the
island's growth prospects after a decade long recession, the
report recalls.  Because it isn't a state, its municipalities
aren't eligible to restructure their debts in U.S. bankruptcy
courts, the report relays.  Because it isn't a country, Puerto
Rico can't turn to the International Monetary Fund for assistance,
the report adds.

WSJ says that Rep. Rob Bishop (R., Utah), the committee chairman,
said he expects majorities of both parties to back the bill when
it comes to the House floor. In the Senate, Majority Leader Mitch
McConnell (R., Ky.) said Tuesday lawmakers were "anxious to take
up" whatever the House could pass.  The White House supports the
measure.

According tot WSJ, the measure would mark a significant policy
accomplishment for House Speaker Paul Ryan (R., Wis.), who tasked
Mr. Bishop with crafting legislation earlier this year for the
island to write down certain debts while subject to the federal
board.  They worked closely with the Treasury Department and
Democratic lawmakers, and both sides complimented what they said
was an unusually collegial and bipartisan process, the report
notes.

"The legislation provides a framework to motivate the government
and its creditors to come to the table to negotiate more," said
Eric LeCompte, executive director of Jubilee USA, an organization
that presses for debt relief, the report relays.

Still, the compromise has been unpopular with blocs in both
parties. Labor unions and elected officials in Puerto Rico have
objected to several provisions, including an oversight board
appointed by the White House and Congress that they say amounts to
a colonial takeover, notes the report.

House Minority Leader Nancy Pelosi (D., Calif.) and Rep. Pedro
Pierluisi, a Democrat who serves as Puerto Rico's nonvoting
representative, have supported the bill, saying it is the best
package they can secure under a Republican-controlled Congress,
says WSJ.

Lawmakers should "get real" about any alternative "that can
actually become law," said Mr. Pierluisi, the report relays. "I do
not believe one exists."

Some conservative lawmakers, meanwhile, said it would harm
creditors' rights and create a potential precedent for distressed
U.S. states, the report notes.

The report discloses that bond-market analysts said the
legislation could actually help the broader $3.7 trillion
municipal bond market, because by using the territories clause of
the U.S. Constitution, Congress made clear it wouldn't set a
precedent for states.

"This creates a clear firewall and ring-fences Puerto Rico from
the broader muni market," said David Hammer, co-head of municipal
bond portfolio management at Pacific Investment Management Co, the
report relays.

Moreover, the debt-restructuring mechanism would require Puerto
Rico to cede more power to the federal government, Mr. Hammer
said.  "That's not something a state or local government would
ever seek to do," Mr. Hammer added.

The report notes that congress granted U.S. citizenship in 1917 to
residents of Puerto Rico, which was seized from Spain after the
Spanish-American War of 1898.  The U.S. gave the territory the
right to elect its own governor in 1947, the report relays.

Under the legislation advanced on May 25, a seven-member oversight
board, not the government elected by Puerto Rico, would determine
whether and when to initiate court-supervised debt restructuring,
and it would have the power to approve or reject budgets, the
report notes.  The board would terminate after Puerto Rico regains
the ability to borrow at reasonable interest rates and balances
its budget for four consecutive years, the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
28, 2015, Moody's Investors Service has downgraded $1.09 billion
of Puerto Rico appropriation bonds issued by the Public Finance
Corporation (PFC) to C from Ca, while maintaining other ratings
assigned to the US territory's debt.


SPORTS AUTHORITY: Hires Gordon Brothers as Appraiser
----------------------------------------------------
Sports Authority Holdings, Inc., and its debtor-affiliates seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Gordon Brothers Asset Advisors, LLC d/b/a
Gordon Brothers-AccuVal as appraiser, nunc pro tunc to April 8,
2016.

The Debtors require AccuVal to:

     a. interview and discuss with the Company personnel and
advisor familiar with the Intellectual Property;

     b. identify what IP assets have value;

     c. review marketplace comparable transactions as available;

     d. perform industry research;

     e. perform valuation analysis utilizing appropriate
methodology; and

     f. identify the value of the subject IP asset.

As agreed by the Debtors and AccuVal the fees associated with the
Appraisal total $45,000, exclusive of expenses, with one-half of
the appraisal fee ($22,500) to be paid as a retainer in advance of
beginning the engagement and the balance of the fee(22,500), plus
the expenses , to be paid in full prior to the release of
preliminary numbers or the final report.

Michael D. Chartock, secretary of Gordon Brothers Asset Advisors,
LLC DBA Gordon Brothers-AccuVal, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

AccuVal can be reached at:

       Michael D. Chartock
       Gordon Brothers Asset Advisors, LLC
       d/b/a/ Gordon Brothers-AccuVal
       800 Boylston Street, 27th Floor
       Boston, MA 02199
       Phone: (617)210-7116
       E-mail: mchartock@gordonbrothers.com

                    About Sports Authority

"Sports Authority Holdings, et al., are sporting goods
Retailers with roots dating back to 1928.  The Debtors
currently operate 464 stores and five distribution centers across
40 U.S. states and Puerto Rico.  The Debtors offer a broad
selection of goods from a wide array of household and specialty
brands, including Adidas, Asics, Brooks, Columbia, FitBit,
Hanesbrands, Icon Health and Fitness, Nike, The North Face, and
Under Armour, in addition to their own private label brands.  The
Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter
11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527
To 16-10533) on March 2, 2016. The petitions were signed by
Michael E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as
General counsel, Young Conaway Stargatt & Taylor, LLP as
co-counsel, Rothschild Inc. as investment banker, FTI Consulting,
Inc., financial advisor and Kurtzman Carson Consultants LLC as
notice, claims, solicitation, balloting and tabulation agent.

Lawyers at Pachulski Stang Ziehl & Jones LLP represent the
Official Committee of Unsecured Creditors.


SPORTS AUTHORITY: Going-Out-of-Business Sales Starts May 26
-----------------------------------------------------------
The joint venture of Gordon Brothers Group, Hilco Merchant
Resources, and Tiger Capital Group, on May 24, 2016, disclosed
that they will commence going-out-of-business sales at all Sports
Authority retail locations beginning Thursday, May 26th.  The
joint venture partners' bid was approved by the U.S. bankruptcy
court on May 24.

Gordon Brothers Group, along with Tiger Capital, began assisting
the Company with the wind-down of 142 stores in March after they
filed for Chapter 11 bankruptcy protection as part of an
operational restructuring plan.

Going-out-of-business sales will offer unprecedented values, in
all stores, on shoes, clothing, athletic gear and accessories
including such popular brands as Under Armour, Nike, North Face,
Wilson, Adidas, Spalding, ASICS, Head, Coleman, Everlast and
Brooks.  Sports Authority gift cards will be honored through June
27, 2016.

Store fixtures, furniture and equipment will also be available for
sale.

Sports Authority and its predecessor companies including Gart
Sports, Sportmart, Oshman's and Copeland's Sports have been
selling sporting goods since 1919.  Sports Authority has been one
of the leading full-line sporting goods retailers and the active
family's destination for footwear, apparel, fitness, team sports
and outdoor recreation in the country.  Headquartered in
Englewood, CO, Sports Authority currently operates over 450 stores
in 45 U.S. states.

The Company has been dedicated to providing its customers with the
best shopping experience possible by consistently providing great
brands at great values as well as leading customer service and
product knowledge.

"Words cannot adequately express the disappointment we feel with
the need to shut down our stores.  We pursued both a plan of
reorganization, as well as a sale of our business, but were
unsuccessful in reaching an agreement that would have allowed
Sports Authority to continue to operate," stated Michael Foss,
Chief Executive Officer of Sports Authority.  "We sincerely thank
our loyal customers for supporting our company over the years and
encourage them to shop early for tremendous values on their
favorite sporting good products."

"Our liquidation sales will offer shoppers extraordinary
opportunities to buy the kinds of sporting goods, equipment and
apparel they've come to expect from Sports Authority -- all at
deep discounts," said a representative from the joint venture.
"Most markdowns will be taken on already reduced prices, including
clearance inventory, so the liquidation savings will be
significant.  Additionally, this event comes just in time for
Father's Day gift giving and the start of summer outdoor
activities."

                  About Gordon Brothers Group

Founded in 1903, Gordon Brothers Group --
http://www.gordonbrothers.com-- is a global advisory,
restructuring and investment firm specializing in the retail,
consumer products, industrial, and real estate sectors. Gordon
Brothers Group maximizes value for both healthy and distressed
companies by purchasing or selling all categories of assets,
mitigating leases, appraising assets and operating businesses for
extended periods.  Gordon Brothers Group conducts over $50 billion
worth of transactions and appraisals annually.  As of November
2014, debt financing is provided by Gordon Brothers Finance
Company (www.gbfinco.com).

               About Hilco Merchant Resources, LLC

Hilco Merchant Resources -- http://www.hilcomerchantresources.com
-- provides a wide range of analytical, advisory, asset
monetization, and capital investment services to help define and
execute a retailer's strategic initiatives.  Hilco Merchant
Resources' activities fall into several principal categories
including acquisitions; disposition of underperforming stores;
retail company or division wind downs; event sales to convert
unwanted assets into working capital; facilitation of mergers and
acquisitions; interim company, division or store management teams;
loss prevention; and, the monetization of furniture, fixtures and
equipment.  Additionally, HMR now includes among its subsidiaries
the nation's premier fixture and equipment liquidation firm, Hilco
Fixture Finders (www.hilcofixturefinders.com), as well as the
popular online retail and daily deal e-commerce company, Deal
Genius, LLC (www.dealgenius.com).

Hilco Merchant Resources is part of Northbrook, Illinois based
Hilco Global -- http://www.hilcoglobal.com-- one of the world's
leading authorities on maximizing the value of business assets by
delivering valuation, monetization and advisory solutions to an
international marketplace.  Hilco Global operates twenty
specialized business units offering services that include asset
appraisal, retail and industrial inventory acquisition and
disposition, real estate repositioning and renegotiation,
strategic
advisory and operational consulting and strategic capital equity
investments.

                     About Tiger Capital Group

Tiger Capital Group -- http://www.tigergroup.com-- provides asset
valuation, advisory and disposition services to a broad range of
retail, wholesale, and industrial clients. With over 40 years of
experience and significant financial backing, Tiger offers a
uniquely nimble combination of expertise, innovation and financial
resources to drive results.  Tiger's seasoned professionals help
clients identify the underlying value of assets, monitor asset
risk factors and, when needed, provide capital or convert assets
to capital quickly and decisively.  Tiger maintains domestic
offices in New York, Los Angeles, Boston, Chicago, and San
Francisco, and international offices in Sydney, Perth, and
Brisbane, Australia.

                    About Sports Authority

Sports Authority Holdings is a privately held company incorporated
in Delaware and headquartered in Englewood, Colorado.  Sports
Authority is one of the nation's largest full-line sporting goods
retailers, with roots dating back to 1928.  Sports Authority
currently operates 464 stores and five distribution centers across
40 U.S. states and Puerto Rico.  Sports Authority is among the top
five sporting goods retailers.

On March 2, 2016, Sports Authority Holdings Inc. and six other
related entities filed voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code.  The cases are
jointly administered under Case No. 16-10527 before the Honorable
Mary F. Walrath in the United States Bankruptcy Court for the
District of Delaware.



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


CARIBBEAN AIRLINES: Venezuela Yet to Clear Debt to Airline
----------------------------------------------------------
RJR News reports that despite nearly three years of negotiations,
Venezuela has failed to clear its US$50 million debt to Caribbean
Airlines Limited.

Venezuelan President, Nicolas Maduro, during a visit to Trinidad
and Tobago in February last year, said his country would settle
its debt to CAL.  Then Minister of Finance, Larry Howai, said the
figure represented proceeds of ticket sales for which CAL was
trying to obtain US dollars to repatriate the funds to Trinidad
and Tobago, according to RJR News.

But, Finance Minister Colm Imbert confirmed that Venezuela had not
cleared its arrears, the report notes.

Minister Imbert disclosed to Trinidad's Newsday newspaper that
talks have been ongoing between CAL and the Venezuelan authorities
since 2013, in an effort to settle the matter, the report notes.

                 About Caribbean Airlines

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

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

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

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


                            ***********


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
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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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