text: TCRLA_Public/160329.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, March 29, 2016, Vol. 17, No. 61 HeadlinesA R G E N T I N AARGENTINA: Hedge Funds Dealt Setback as US Sides on BondsB R A Z I LBRAZIL: Economic Woes Deepen Amid Political CrisisBRAZIL: DBRS Cuts LT Foreign Currency Issuer to BB (high)BRAZIL: Ba2 Rating Under Pressure from Weak Economy, Moody's SaysLIBRA TERMINAL: Fitch Lowers IDR to 'BB'; Outlook NegativePDG REALTY: S&P Corrects Rating by Lowering to 'SD'QGOG CONSTELLATION: S&P Lowers CCR to 'B-'; Outlook NegativeVOTORANTIM SA: S&P Puts 'BB+' CCR on CreditWatch NegativeC A Y M A N I S L A N D SADVENTURE PETROLEUM: Placed Under Voluntary Wind-UpANAMIE LTD: Placed Under Voluntary Wind-UpBLUE ELEPHANT: Commences Liquidation ProceedingsBRANTA HOLDINGS: Commences Liquidation ProceedingsCAL CAM: Creditors' Proofs of Debt Due March 29CALEDONIAN ASSET: Creditors' Proofs of Debt Due March 29CALEDONIAN BANK: Creditors' Proofs of Debt Due March 29CI INVESTMENT: Creditors' Proofs of Debt Due March 30CORNERSTONE HOLDINGS: Placed Under Voluntary Wind-UpDRIER HOLDINGS: Placed Under Voluntary Wind-UpGILAN HOLDINGS: Creditors' Proofs of Debt Due April 12INTERLEND HOLDINGS: Creditors' Proofs of Debt Due TodayODEBRECHT DRILLING: Fitch Lowers Rating on Sr. Sec. Notes to 'CCC'OMP INVESTMENTS: Creditors' Proofs of Debt Due TodayPURSUIT CAPITAL: Commences Liquidation ProceedingsPURSUIT OPPORTUNITY: Commences Liquidation ProceedingsSIRAJ GLOBAL: Placed Under Voluntary LiquidationSKYLINE FEEDER: Creditors' Proofs of Debt Due March 29SKYLINE MASTER: Creditors' Proofs of Debt Due March 29SUNBELL LIMITED: Commences Liquidation ProceedingsC H I L ELATAM AIRLINES: Fitch Lowers IDR to 'B+'; Outlook NegativeC O L O M B I AAVIANCA HOLDINGS: Fitch Lowers IDR to 'B'; Outlook NegativeM E X I C OMEXICO: Peso is Looking Tame After a Very Bumpy Start to 2016P U E R T O R I C OPUERTO RICO ELECTRIC: Wins More Time to Draft Rate ProposalT R I N I D A D & T O B A G OTRINIDAD & TOBAGO: Food Prices Up, TT Dollar Down - - - - -=================A R G E N T I N A=================ARGENTINA: Hedge Funds Dealt Setback as US Sides on Bonds---------------------------------------------------------Alexandra Stevenson at The New York Times reports that the UnitedStates government has weighed in on the legal battle betweenArgentina and a group of New York hedge funds, lending its supportto the struggling country and dealing a setback to the investors.In a "friend of the court" or amicus curiae, brief filed at theUnited States Court of Appeals for the Second Circuit in New York,the Justice Department said it supported an American federaljudge's decision to lift an injunction that had preventedArgentina from raising new money in the bond markets or paying itscreditors, according to The New York Times.After his recent visit to Cuba, President Obama traveled to BuenosAires, where he held high-level talks with Argentina's president,Mauricio Macri -- the first in 20 years between leaders of the twocountries, the report notes."The United States has significant foreign policy interests insupport of a swift resolution of this long-running litigation,"the Justice Department said in the brief, the report relays.It is a move that will increase the pressure on a group of holdoutbondholders that refused to take part in two debt restructuringsby Argentina after it defaulted on $100 billion of debt in 2001,the report notes. The appeals court has often deferred toopinions of the American government.On Feb. 28, Argentina agreed to pay $4.65 billion to four hedgefunds in a deal that looked poised to end a 12-year battle thatbegan when the hedge funds sued Argentina, seeking full repaymentof their defaulted bonds, the report says. The funds, led by PaulE. Singer's firm, NML Capital, were the last group of majorinvestors to reach an agreement, the report adds.But that was not the end. NML Capital objected to a Feb. 19 rulingby Judge Thomas P. Griesa of Federal District Court for theSouthern District of New York that would lift the injunction,which had locked Argentina out of international markets, thereport notes. Judge Griesa set the condition that Argentina mustrepeal laws that prevented it from making payments to the holdoutinvestors and make full payments to the bondholders that settledby Feb. 29, the report relays.Argentina requested that the injunction be lifted after it made anoffer to pay $6.5 billion to settle lawsuits from other holdoutbondholders on Feb. 5, according to the WSJ.Complicating matters, there is another group of bondholders notincluded in the $4.65 billion deal between Argentina and the fourhedge funds who have argued that they will get far worse terms ifthey agree to Argentina's $6.5 billion proposal, the reportrelays.NML Capital appealed Judge Griesa's ruling, and the matter hassince been held up because the appeals court stayed the ruling.In Argentina, the newly elected president, Mr. Macri, has beenworking to repair relations with the international financialworld, which has largely shunned Argentina for more than a decade,the report notes. The lower house of Argentina's legislature hasapproved the holdout debt deals, and the bill is being weighed bythe Senate, which is expected to vote by March 30, the reportdiscloses.Since the inauguration of Mr. Macri in December, "Argentina hastaken significant steps to normalize its relations with itscreditors," the United States said in the brief, adding that thelifting of the injunction is "in the public interest," the reportadds.A spokesman for NML Capital declined to comment, notes the NYTimes. * * *The Troubled Company Reporter-Latin America reported in March 24,2016, Fitch Ratings has upgraded Argentina's Long-term local-currency Issuer Default Rating (LT LC IDR) to 'B' from 'CCC', witha Stable Outlook. Fitch has affirmed Argentina's Long-termforeign-currency (FC) IDR at 'RD' and the short-term FC IDR at'RD'. In addition, Fitch has upgraded the Country Ceiling to 'B'from 'CCC'.On Nov. 27, 2015, that Moody's Investors Service has changed theoutlook on Argentina's Caa1 issuer rating to positive from stable.The outlook on Argentina's (P)Caa2 foreign legislation andrestructured local legislation foreign currency obligations isalso changed to positive from stable. The outlook change is basedon Moody's view that the accession of president-elect MauricioMacri of the Cambiemos ("Let's Change") coalition will raise theprobability of credit positive policies being implemented,including arriving at a resolution with holdout creditors, one ofArgentina's key credit constraints.On Aug. 1, 2014, reported that Argentina defaulted on some of itsdebt late July 30 after expiration of a 30-day grace period on aUS$539 million interest payment. Earlier that day, talks with acourt- appointed mediator ended without resolving a standoffbetween the country and a group of hedge funds seeking fullpayment on bonds that the country had defaulted on in 2001. AU.S. judge had ruled that the interest payment couldn't be madeunless the hedge funds led by Elliott Management Corp., got theUS$1.5 billion they claimed. The country hasn't been able toaccess international credit markets since its US$95 billiondefault 13 years ago.As a result, reported the TCR-LA on Aug. 1, Standard & Poor'sRatings Services lowered its unsolicited long-and short-termforeign currency sovereign credit ratings on the Republic ofArgentina to selective default ('SD') from 'CCC-/C'.The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratingsdowngraded Argentina's Foreign Currency Issuer Default Rating(IDR) to 'RD' from 'CC', and its Short-Term Foreign CurrencyIssuer Default Rating to 'RD' from 'C'.Meanwhile, Moody's Investors Service affirmed Argentina's Caa1issuer rating, which also applies to domestic law bonds, confirmedthe (P)Caa2 rating for its foreign law bonds, and affirmed the Carating on the original defaulted bonds. The long-term issuerrating was placed on negative outlook, reported the TCR-LA on Aug.5, 2014.On Aug. 8, 2014, the TCR-LA reported that Moody's Latin AmericaAgente de Calificacion de Riesgo affirmed the deposit, debt,issuer and corporate family ratings on Argentina's banks andfinancial institutions, both on the global and national scales.The outlook on these ratings has been changed to negative fromstable. At the same time, the rating agency has affirmed thebanks' Caa2 foreign-currency deposit ratings and Not-Prime short-term ratings. The banks' standalone E financialstrength ratings corresponding to caa1 baseline credit assessments(BCA) have also been affirmed.The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. hasdowngraded Argentina's long-term foreign currency issuer ratingfrom CC to Selective Default (SD). The short-term foreigncurrency rating has been downgraded to Default (D), from R-5. Thelong-term and short-term local currency issuer ratings have beenconfirmed at B (low) and R-5, respectively. The trend on thelong-term local currency rating is Negative, and the trend on theshort-term local currency rating is Stable.On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgradedArgentina's rating on Par Bonds issued under Foreign Law to 'D'from 'C' as Argentina has not been able to cure the missed couponpayments on its par bonds issued under foreign law after theexpiration of the 30-day grace period on Oct. 30. According toFitch's criteria, this constitutes an event of default and Fitchhas downgraded the affected securities to 'D'. In addition, Fitchhas affirmed: -- Foreign Currency Issuer Default Rating (IDR) at 'RD'; -- Local Currency IDR at 'CCC'; -- Short-term Foreign Currency IDR at 'RD'; -- Country Ceiling at 'CCC'. -- Performing Foreign Law Exchanged Securities (Global 17) at 'C'; -- Local Currency exchanged bonds under Argentine Law at 'CCC'; -- Foreign and Local Currency non-exchanged securities under Argentine Law at 'CCC'; -- Discount Bonds issued under Foreign Law at 'D'.On April 22, 2015, Moody's Investors Service expanded the portionof Argentina's debt that is rated (P)Caa2. The (P)Caa2 ratingreflects the higher risk of default for both Argentina'srestructured foreign legislation debt (as before) and,additionally now, its restructured local legislation foreigncurrency obligations, as compared with the risk of default onother debt instruments issued by Argentina. Argentina's localcurrency debt and its non-restructured foreign currency debt arerated Caa1. The debt that remains in default since Argentina's2001 default is rated Ca.But that was not the end. NML Capital objected to a Feb. 19 rulingby Judge Thomas P. Griesa of Federal District Court for theSouthern District of New York that would lift the injunction,which had locked Argentina out of international markets. JudgeGriesa set the condition that Argentina must repeal laws thatprevented it from making payments to the holdout investors andmake full payments to the bondholders that settled by Feb. 29.Argentina requested that the injunction be lifted after it made anoffer to pay $6.5 billion to settle lawsuits from other holdoutbondholders on Feb. 5.Complicating matters, there is another group of bondholders notincluded in the $4.65 billion deal between Argentina and the fourhedge funds who have argued that they will get far worse terms ifthey agree to Argentina's $6.5 billion proposal.NML Capital appealed Judge Griesa's ruling, and the matter hassince been held up because the appeals court stayed the ruling.In Argentina, the newly elected president, Mr. Macri, has beenworking to repair relations with the international financialworld, which has largely shunned Argentina for more than a decade.The lower house of Argentina's legislature has approved theholdout debt deals, and the bill is being weighed by the Senate,which is expected to vote by March 30.Since the inauguration of Mr. Macri in December, "Argentina hastaken significant steps to normalize its relations with itscreditors," the United States said in the brief, adding that thelifting of the injunction is "in the public interest."A spokesman for NML Capital declined to comment.===========B R A Z I L===========BRAZIL: Economic Woes Deepen Amid Political Crisis--------------------------------------------------John Lyons at The Wall Street Journal reports that Brazil'seconomic crisis is as bad as its political one.Latin America's biggest economy appears headed for one of itsworst recessions ever, according to WSJ. It stalled in 2014,shrank 3.8% last year and now faces a similar contraction thisyear, the report notes. Unemployment rose to 9.5% on March 24 aswages fell 2.4%, both trends forecast to worsen, the reportrelays. One in five young Brazilians is out of work, and GoldmanSachs says Brazil may be facing a depression.The deteriorating outlook forms a dire backdrop for Brazil'spolitical straits, WSJ discloses. President Dilma Rousseff,deeply unpopular, faces impeachment proceedings in Congress amid awidening corruption scandal surrounding the state oil company,Petroleo Brasileiro SA, the report says.That situation is consuming so much energy from policy makers andCongress that the economic downturn isn't getting the attention itneeds, observers say, the report notes."The gravity of the situation is this: We have the kind ofproblems where if nothing is done, things will definitely getworse," said Marcos Lisboa, a former finance ministry official whois now president of the Insper business school in Sao Paulo, thereport relays. "Pretty soon we could be talking about thesolvency of the federal government," he added.Brazil fended off the results of the 2008 global downturn withstimulus spending, and is trying to again inject money into theeconomy to spur demand, the report notes. In January, theRousseff administration unveiled some $20 billion of subsidizedloans from state-owned banks such as the BNDES to boostagriculture and builders of big infrastructure projects, the WSJdiscloses.But this time, the country has less leeway to fund stimulusmeasures, the report relays. Brazil's tax take is diminishing,and the Planning Ministry said the government needs to cut around$5.9 billion of spending to meet its budget target, the reportnotes. Finance Minister Nelson Barbosa asked Congress to loosenthe target to allow a bigger deficit in 2016.Some investors say stimulus policies such as cheap credits fromstate banks haven't done much long-term good, because theyproduced big deficits and the money was often poorly invested inmoney-losing dams and refineries, the report discloses.Brazil's stock market and currency have risen since March 17 onoptimism that Ms. Rousseff will be impeached on allegations sheused accounting tricks to hide Brazil's budget holes, the reportsays."Just getting rid of something very bad will start to make thingsbetter, and then we will see what comes next," said LeonardoMonoli, a partner at Jive Investments in Sao Paulo, a $200 millionfund-management firm invested mostly in distressed debt, thereport notes.Ms. Rousseff has denied wrongdoing and described the impeachmentdrive as a coup attempt by conservatives who disdain hergovernment's focus on the poor, the report relays. In speeches,she has blamed Brazil's downturn on global economic troubles,saying its crisis would be worse had her government not fundedimportant welfare and stimulus measures, the report notes.Brazil has wobbled between economic booms and busts for much ofthe past century, the report says. What helps it now its cushionof $374 billion in central-bank reserves, the report discloses.And unlike in some past crises, government debt is mostly in itsown currency. In past decades, Brazil's heavy borrowings indollars became difficult to pay back when its currency crashed;that is less of a risk now, the report adds.All the same, debt is a growing problem, notes the report. Duringa decadelong commodity boom, Brazil's federal government, majorcompanies and even credit-card-wielding consumers borrowed onoptimism that the country, rich in iron, oil and soybeans, hadlocked in permanently higher growth rates, the report notes.Brazil's government debt tripled to around $1 trillion in the pastnine years, central bank data show, the report relays.Now the bill is coming due. Brazil's debt amounts to around 67%of its gross domestic product, the report notes. Brazil's risingdebt and slowing growth have prompted credit-ratings firms to cutBrazil's bonds to junk status, as economists are predicting thatratio may rise to 80% by 2017, the report relays. Part of theproblem: Brazil's budget shortfall of 10% of GDP is so big thecountry must borrow money to meet payments on what it alreadyowes, the report discloses.Brazilian companies are also struggling with debt. Corporateborrowing rose more than threefold to around $290 billion between2002 and 2015, according to the Bank for InternationalSettlements, the report notes. Several firms embroiled inBrazil's corruption scandal, such as engineering firm Grupo OAS,have declared bankruptcy, the report relays.Others firms not involved in the scandal are facing hard times,too, the report notes. On March 18, the heavily indebtedsteelmaker Usiminas said it would suspend some loan payments tobanks, the report relays. Standard & Poor's declared the firm indefault.Phone company Oi SA said it lost $1.24 billion in the fourthquarter. Its payments to service debt tripled in 2015 comparedwith 2014, the firm said, the report notes.Aspiring working-class consumers who helped drive the domesticeconomy during the boom are now straining under credit-card debt,the report relays. A record 54.1 million Brazilians were behindon loans totaling some $60 billion at the end of 2015, accordingto the credit-rating company Serasa Experian, the reportdiscloses.The slowing growth and rising debt have put Brazil on a precariouspath, and the deepening political impasse is making it harder toturn around, experts say, the report notes."The interaction between political crisis and the economicoutcomes have become self-reinforcing," said Samar Maziad, asenior analyst at Moody's Investors Service who follows Brazil,adds the report.BRAZIL: DBRS Cuts LT Foreign Currency Issuer to BB (high)---------------------------------------------------------DBRS, Inc. has taken the following action on the FederativeRepublic of Brazil: -- Downgraded the long-term foreign currency issuer rating to BB (high) from BBB (low) and changed the trend to Negative from Stable. -- Downgraded the long-term local currency issuer rating to BBB (low) from BBB and changed the trend to Negative from Stable. -- Downgraded the short-term foreign currency issuer rating to R- 3 from R-2 (middle) and changed the trend to Negative from Stable. -- Downgraded the local currency issuer rating to R-2 (middle) from R-2 (high) and changed the trend to Negative from Stable.Elements that drove this action were: (1) high and risingpolitical uncertainty from a corruption probe into a graft schemesurrounding state oil company Petr¢leo Brasileiro S.A.(Petrobras), which has caused political paralysis, (2) aninadequate fiscal policy response, evident in a stalled fiscaladjustment and structural reform effort, and (3) the reduction ineconomic activity over the last four quarters, and erosion ofsocial gains, with few signs of recovery. These factors haveresulted in a loss of macroeconomic stability, a sharp increase inthe fiscal deficit, and worsening debt dynamics.If political uncertainty continues and the fiscal policy responseremains inadequate, debt dynamics would likely continue to worsenand the ratings would come under downward pressure. Alternatively,a more stable political environment and policy action thatdemonstrates a bigger commitment to fiscal consolidation, couldresult in stronger economic activity and a stabilization of theratings.The corruption probe, now approaching its two year mark, hasbroadened to senior policymakers and legislators, including afiling of charges by Sao Paulo state prosecutors for the arrest offormer President Luiz Inacio Lula da Silva for allegedlyconcealing his ownership of a luxury beachside apartment. Inparallel, an auditing tribunal has ruled that President DilmaRousseff improperly used funds from state banks to cover budgetshortfalls. This has led to impeachment proceedings. The FederalElectoral Court is also conducting a review of PresidentRousseff's campaign finances. The scope of the probe has revealeda much greater level of corruption than DBRS had previouslyassessed. Several opposition lawmakers -- many of whom are alsounder investigation -- have threatened to block all legislationuntil the impeachment proceedings against President Rousseff moveahead. Popular demonstrations for and against the Presidentcontinue, suggesting that social discord is on the rise. Takentogether, these events suggest that coordinated action on policyto address the fiscal and economic weakness has become moreuncertain.The knock-on effects of the corruption probe to real economicactivity appear to have been significant. This is partly a resultof the increasing number of high profile executives indictedacross various sectors, and partly from a decline in consumer andbusiness confidence to historic lows. Combined with the decline inworld commodity prices, which has resulted in a 21.7% fall inBrazilian exports since August 2011, the collapse in allcomponents of domestic demand caused real GDP to decline by 3.8%in 2015. Consensus forecasts point to a decline of 3.5% in 2016.Unemployment has increased to 9% and is likely to continue rising.Notwithstanding a recent strengthening of the currency, lowconfidence has led to significant Real depreciation, contributingto upward pressure on domestic prices. Consumer price inflationstood at 10.4% in February 2016. The Central Bank of Brazil hikedovernight interest rates to 14.25% through July 2015 and has keptthe target constant since then. Tighter monetary policy is helpingto stabilize inflation. However, anchoring inflation expectationsis proving to be challenging.The poor fiscal and structural policy response to the crisiscontributed to a deterioration in the general government deficitto 10.3% of GDP in 2015. The primary balance, targeted at 0.15% ofGDP in July 2015, declined to a deficit of 1.9% of GDP by yearend.Tighter financial conditions have resulted in sharply higher bondyields, thereby increasing the cost of financing the public debt.These factors resulted in an increase in gross public sector debtto 66.2% of GDP in 2015 from 57.2% in 2014.In the months ahead, one of two paths is likely to be taken. Thefirst path is that political tensions continue, stalling fiscalconsolidation and reform initiatives. The adoption of a fiscaladjustment program would be a signal of a stronger commitment toresolving the crisis, and would likely be needed to restoreconfidence. In the absence of fiscal adjustment, the economy islikely to remain in recession. A very slow fiscal adjustment couldeventually result in a return to growth.A second path involves a political change caused by one of severalevents. These could include the TSE electoral court ruling thatirregularities in the 2014 re-election campaign of PresidentRousseff amount to an abuse of power, thereby invalidating theelection. This could result in the calling of new elections, or animpeachment of the President. A political change could also occurif Congress impeaches the President over the use of state bankfinancing to plug a hole in the 2014 budget. Alternatively,President Rousseff could resign. Any of these changes would likelyresult in a transfer of presidential power, and an eventual fiscaladjustment and reforms. At this point, there is limited visibilityon which path will be taken, but events over the next few monthsare expected to gradually provide more clarity on the directionthat the country is taking. As far-reaching as it is, thecorruption investigation is a testament to the strengthening ofBrazilian institutions. This has become an important supportingfactor for the ratings.BRAZIL: Ba2 Rating Under Pressure from Weak Economy, Moody's Says-----------------------------------------------------------------A severe contraction that was preceded by several years of below-trend growth has impaired Brazil's (Ba2 negative) underlyingeconomic strength, despite the country's large and diversifiedeconomy, says Moody's Investors Service. The country's creditrating is also coming under pressure from the government's highlevel of mandatory spending.In a report, titled "Government of Brazil -- Ba2 Negative - AnnualCredit Analysis," Moody's elaborates on Brazil's credit rating interms of the analytical factors that are used in its SovereignBond Rating Methodology.On Feb. 24, 2016, Moody's downgraded Brazil's credit rating twonotches to Ba2 and placed a negative outlook on the rating. Theaction was driven by deteriorating government debt indicatorsagainst the backdrop of a weak economy, as well as the challengingpolitical environment."Growth dynamics will remain weak in the coming years increasingthe pressure on fiscal policy," said Samar Maziad, a VicePresident and Senior Analyst at Moody's. "Additionally, we expectinterest rates to remain elevated in real terms, making debt lessaffordable."The decision by Petrobras to cut its capital spending to $130billion from $221 billion in the period 2015-19 is also weighingon Brazil's economy. The national oil company is the largestcompany in Brazil and accounts for about 10 percent of thecountry's total investment.LIBRA TERMINAL: Fitch Lowers IDR to 'BB'; Outlook Negative----------------------------------------------------------Fitch Ratings has downgraded the ratings on Libra Terminal RioS.A. (Libra Rio) as: -- Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'BB' from 'BB+'; -- National Scale Rating to 'AA-(bra)' from 'AA(bra)'; -- Senior unsecured debentures issuance of BRL270 million due 2019 to 'AA-(bra)' from 'AA(bra)'.The Rating Outlook is Negative.Libra Rio's ratings incorporate the analysis of the Libra group ona consolidated basis. In Fitch's view, there are strongoperational and financial linkages between the issuer and thewhole group. Libra Rio is the key EBITDA generator of the LibraGroup and used to be the main dividend distributor for its parent,Libra Holding S.A. (Libra Holding).Libra Rio's ratings were downgraded due to the severedeterioration in its operating cash flow and weakening of itscredit metrics. The strong economic slowdown coupled withimportant macroeconomic variable, such as foreign exchangedepreciation, increasing competition and the higher cost reductionof the vessel owners, led to significant decline of consolidatedvolumes and profitability f Libra Holding, with material negativeimpact in its net leverage ratios. Consolidated adjusteddebt/EBITDAR should reach 5.0x by the end of 2015, compared withFitch's initial expectation of 3.5x for the period, and average2.4x from 2011 to 2014.The Negative Outlook reflects Fitch's expectation that 2016 willbe hard to Libra's businesses, compared to the previous year, withcontinued reduction in its consolidated operating cash flow. TheNegative Outlook also reflects how the group has compulsory capexto be completed from 2017 onwards, thus, operating cash generationneeds to recover. Fitch also considered that measures to adjustcosts and enhance liquidity have begun and will be concluded overthe next six months, in order to avoid continued deterioration ofconsolidated leverage and, mainly, to preserve the currentadequate short-term debt coverage ratios. If these measures donot occur, additional downgrades may result.The ratings continue to be supported by the group's solid businessprofile, based on port terminal operations in Rio de Janeiro andin Santos. Historically, this industry in Brazil has demonstratedpositive long-term fundaments, based on moderately highprofitability and relatively predictable demand. The short-termchallenges are related to the weak industrial activity,significantly pressured by the macroeconomic environment withinthe country. Fitch believes that Brazilian port activity tends torapidly benefit from eventual economic recovery. KEY RATING DRIVERSHigh Leverage Should Remain up to 2017Libra Holding's consolidated leverage is high for the ratingcategory. Positively, the group has a long track record ofconservative capital structure. However, the severe contractionof consolidated EBITDAR and the lack of expectation for recoveryduring 2016 will prevent Libra Holding from deleveraging itsbalance sheet up to 2017. As of Sept. 30, 2015, the consolidatedadjusted net debt/EBITDAR, according to the agency's methodology,was 4.6x. Fitch expects this ratio to reach 5.0x by 2015 and2016, and a slight decline by 2017. A material decline will comein the following years, when demand is expected to startrecovering and the group will be able to capture volume increases.As of Sept. 30, 2015, Libra Holding's total adjusted debt wasBRL1.9 billion, including around BRL332 million of port authorityobligations, according to Fitch's calculation. About 40% ofconsolidated debt is dollar-denominated, including Resolucao 4131(trade finance debt), which is compulsorily hedged. The group isengaged in derivative instruments to hedge 55% of its foreigncurrency debt and benefits from dollar-denominated revenues thatrepresents 25% of the foreign currency debt. These two factorsprovide the groups reasonable protection of cash flow against FXexposure. The refinancing challenge is concentrated in 2017, whenthe group has BRL500 million of debt to be amortized. Libra grouphas presented adequate access to credit lines, even during thecurrent more restricted credit environment in Brazil.Challenges of Operational Cash Flow GenerationLibra Holding's operating cash flow has significantly weakenedover the last two years. The company has exhibited solidconsolidated operational cash flow up to 2013, based on arelatively stable volumes of cargo handled and stored combinedwith increasing port tariffs. During 2014 and 2015, the sluggisheconomic environment combined with increasing competition inSantos Port threated Libra group's operation, putting pressure onits revenues and operating margins. The devaluation of the BRLmaterially affected the handling and storage of import goods,which present operating margins significantly higher than theservices related to export flow.As of Sept. 30, 2015, consolidated EBITDAR significantlycontracted to BRL337 million, negatively compared to BRL426million in 2013. Fitch forecasts that Libra Holding will postconsolidated EBITDAR below BRL300 million by December 2015, as aresult of a 10% - 15% contraction in handling and stored volumesin both terminals(Rio de Janeiro and Santos).The company does not release interim cash flow statements. Duringthe last five years, Libra Holding has posted strong consolidatedCFFO. The negative FCF during this period resulted fromexpressive dividend distribution. Fitch does not expect LibraHolding to distribute dividends during 2016 and 2017. Fitchexpects negative FCF of about BRL50 million in 2016; however, itshould decline in the following years due to the significant capexplan.Fitch foresees a more challenging scenario for container portactivity in Brazil during 2016, following industrial slowdown.This is likely to result in a severe decline in prices and volumesfor port activity. These factors are expected to pull 2015 netrevenues, EBITDAR and margins to the lowest levels since 2011.Consolidated EBITDAR margins have been relatively high, around 38%over the last five years and are expected to slightly decline toaround 32% as a result of the loss of scale.Capex Plan Expected to Pressure Cash FlowFrom 2017, the group has a significant compulsory investmentprogram of BRL800 million up to 2027. This obligation is linkedmainly to renewal of terminal concessions in Santos, in September2015. The capex plan foresees BRL 150 million of investment in2017, with increases in the coming years. Among others, the groupmust incur BRL450 million of investment in Santos terminals by2019, related mainly to increase capacity. These obligations willput pressure on the consolidated FCF. These investments should befinanced by a combination of long-term debt, operating cash flowand funds from grant power.Business Risk Will be Strongly TestedLibra Rio operates in a low-risk industry in Brazil. Although theindustry's operational variables, such as volumes and tariffs, hasdeteriorated and is not expected to resume during 2016, the portsector benefits from solid long-term business fundamentals, suchas moderately high operating margins and predictable demand. Thelack of logistics infrastructure in Brazil, mainly port terminals,combined with an increase in international trading over the lastdecade, supports the medium to long-term operational trends of thecountry's current ports. On the other hand the negative outlookfor the Brazilian economic scenario may threaten the industry inthe short term, since sluggish industrial activity puts pressureon port volumes and prices.Adequate Business ProfileLibra Rio is a mature operation in Rio de Janeiro Port. It hasheld a solid concession contract since 1998, which was renewed in2011, and expires in 2048. It provides clear visibility of thecompany's future cash flow. This terminal is the third largestoperator in the Rio de Janeiro Port, with 25% of market share.The group's activity is Santos Port started in 1995 and itsconcession contract was renewed up to 2035. The market share atSantos Port is about 13% and represents 32% and 15% ofconsolidated net revenues and EBITDA, respectively. Libra Santosand Codesp (the regulator) agreed to enter into an arbitrageprocess, related to concession contingencies. The uncertaintyover the outcome of the arbitrage process, related to the amountand payment schedule, supports Fitch's decision not to considerthis assumption in its base case. Any decision will be consideredan event which could affect the ratings by several notches.The Libra group's consolidated operations are more concentrated inthe port sector compared to other Fitch rated peers in theinfrastructure sector. In 2015, about 66% and 87% of Libragroup's consolidated net revenues and EBITDA, respectively, wasgenerated by port activity, and the second-largest business(logistics) is also closely related to port business. Libra Riorepresented 34% and 73% of the consolidated net revenues andEBITDA, while Libra Santos represented 32% and 15%, respectively.Libra group's port business has an important track record ofsuccessfully operating in Brazil for almost 20 years. While LibraRio has not faced aggressive competition over the last severalyears, its sister company, Libra Santos, has faced some operatingchallenges due to the entrance of new players in the market during2013, which has enhanced competition. The main challenge LibraRio now faces is recovering over the next two years the cargo itlost during 2015, due to market pressures and works related to thedredging of the port access channel and its draft, in charge ofthe the grant power (Brazilian Secretary of Ports). KEY ASSUMPTIONSFitch's key assumptions within its rating case for the issuerinclude: -- Decline in volumes of Libra Santos and Libra Rio of 3.5% and 20%, respectively, in 2016; -- EBITDA margin contraction to 32% in 2016; -- Capex of BRL50 million in a consolidated basis in 2016; and BRL400 million from 2017 to 2019. RATING SENSITIVITIESFuture developments that may, individually or collectively, leadto a negative rating action include: -- Consolidated net adjusted debt-to-EBITDAR ratio consistently above 4.5x, in 2017, and above 3.5x in 2018, in sustainable basis; -- Cash/short-term debt below 2.0x; and -- EBITDAR margins below 28.0% on a consistent basis.An upgrade is unlikely in the medium term due to the challenges ofthe company to the next two years. The Outlook may be revised toStable from Negative, supported by the reduction of the currenthigh leverage ratios above Fitch' expectation, along with theLibra group keeping its business profile and maintaining adequateshort term debt coverage ratios. LIQUIDITYHistorically, Libra Holding has maintained satisfactoryconsolidated liquidity, although this metric has weakened duringthe last years. The average coverage ratio of short-term debt bycash and short-term debt by cash+CFFO, from 2011 to 2014, havebeen strong, at 2.1x and 3.2x, respectively. As of Sept. 30,2015, LTM, cash/short-term debt was 1.1x. On this date, cash wasBRL386 million. Fitch expects the group to strengthen itsliquidity in the short term which should support the currentrating.The challenge will come during 2017 when the company has BRL150million of mandatory capex to be financed and BRL500 million ofdebt maturity to meet. This will make the company stronglydependent on significant increasing operating cash flow generationand additional debt issuance in order to roll over short-term debtand finance capex.PDG REALTY: S&P Corrects Rating by Lowering to 'SD'---------------------------------------------------Standard & Poor's Ratings Services corrected its ratings on PDGRealty S.A. Empreendimentos E Participacoes (PDG) because S&P hasmisapplied the "Rating Implications Of Exchange Offers And SimilarRestructurings" and "Methodology: Timeliness Of Payments: GracePeriods, Guarantees, And Use Of 'D' And 'SD' Ratings" becausethere was no clear compensation provided for missed paymentsbefore the latter on the company's debentures were missed. As aresult, S&P should have lowered the ratings on PDG to 'SD' inSeptember 2015 when it first missed payments on the debentures.Even though future terms and conditions of renegotiated debt mightinclude some compensation for the missed payments, S&P will treatthat as part of the terms of a post-default restructuring whilereassessing the issuer's repayment capacity.Therefore, S&P lowered its global scale and Brazil national scalecorporate ratings on PDG to 'SD' from 'CCC-' and from 'brCCC-',respectively. S&P also lowered its national scale unsecuredissue-level rating to 'D' from 'brCCC-', while a recovery ratingof '4' remains unchanged, indicating S&P's expectation for averagerecovery (30%-50%; the lower half of the range) in the event ofpayment default. Finally, S&P affirmed its 'brCCC' national scalesecured issue-level rating, with a recovery rating of '2',indicating S&P's expectation of very high recovery (70%-90%; thehigh end of the range) of principal for lenders in the event of apayment default. S&P also removed all ratings from CreditWatchnegative.The downgrade reflects that PDG has missed several payments on aportion of its debt while it restructures its capital structureaccording to its cash generation prospects.The 'SD' corporate credit ratings reflect S&P's understanding thatthe company is currently not seeking to suspend payments or changeterms and conditions on its senior secured debentures.Nevertheless, the secured issue-level rating of 'brCCC' stillreflects the company's vulnerability to non-payment or potentialdistress exchange offer in the short term. The senior securedissue-level national scale rating is one notch above S&P's seniorunsecured debt rating, reflecting its expectation of very highrecovery prospects (70% to 90%; in the high end of the range),under a conventional default scenario on those notes.QGOG CONSTELLATION: S&P Lowers CCR to 'B-'; Outlook Negative------------------------------------------------------------Standard & Poor's Ratings Services lowered its corporate creditand issue-level ratings on QGOG Constellation S.A. (QGOG) to 'B-'from 'B+'. The outlook is negative.The downgrade follows S&P's reassessment of QGOG's risks based onour new project developer rating criteria, which S&P released onMarch 21, 2016.The business risk profile of QGOG, as a project developer, isfair, in S&P's view, essentially reflecting the quality ofdistributions, QD, from subsidiaries to cover corporate-levelobligations and the overall level of industry risk and countryorigination of these distributions. S&P's QD assessment for QGOGfor the next two years is '4' (with '1' reflecting the lowest riskand '6' as the highest risk), and is based primarily on the assetbase of nine drillships, which contributes more than 90% of top-level distributions, and S&P's view of the developer's geographyand client concentration. Also, S&P views the expected cash flowsas relatively stable, which is mainly supported by the existenceof intermediate- and long-term contracts that will guaranteerevenues at least until the end of 2018. However, the projectlevel is exposed to refinancing risk that increases the risk ofdividends interruption. S&P views industry risk for developers asmoderately high risk by the very nature of reliance ondistributions from leveraged subsidiaries.S&P assess QGOG's financial risk profile as aggressive.The combination of the fair business risk profile and aggressivefinancial risk results in an anchor score of 'bb-'. However, thefinal corporate credit rating is constrained by QGOG's exposure toa single counterparty, Petroleo Brasileiro S.A. - Petrobras(B+/Negative/--), which currently charters eight of thedeveloper's drillships. Although S&P believes some alternativeofftakers could charter the vessels, it believes the timing andpricing for the re-contracting is uncertain and could hurt theproject level cash flows. S&P caps the rating on QGOG at thelevel of Petrobras' SACP, and not its credit rating, because S&Pbelieves the SACP reflects the risk associated with the nature ofthese contractual obligations. S&P could envision scenarios ofstress for Petrobras under which the sovereign providesextraordinary support through, for example, liquidity injections,loans from public banks, or other types of credit facilities.However, S&P believes that this extraordinary support won'tnecessarily occur on a timely basis to meet the liabilities ofdrillship suppliers.S&P continues to assess QGOG's liquidity as adequate.Finally, although neutral from a rating perspective, S&P changedits management and government assessment to satisfactory fromfair. According to the developer's information, Petrobras haslifted its provisional ban and closed its administrative procedureagainst QGOG in February 2016. This action follows the BrazilianController General's Office's November 2015 completion of analysisof QGOG's connection with the ongoing corruption investigation atPetrobras. Also, S&P views QGOG as an insulated company becauseit's directly owned by the Queiroz Galvao family.VOTORANTIM SA: S&P Puts 'BB+' CCR on CreditWatch Negative---------------------------------------------------------Standard & Poor's Rating Services placed its 'BB+' global scalecorporate credit ratings on Votorantim S.A. and VotorantimCimentos S.A. (VC), and its 'brAA+' Brazilian national scalecredit rating on Votorantim on CreditWatch negative.S&P revised its CreditWatch implications on Votorantim's issue-level ratings to negative from developing. This debt was eitherissued or guaranteed by the Votorantim and VC. At the same time,S&P assigned a recovery rating of '3H' on these rated bonds,indicating its expectation that lenders would receive meaningful(50%-70%; upper half of the range) recovery of their principal inthe event of a payment default.The CreditWatch negative listing indicates that there is at leasta 50% likelihood that S&P could lower its global scale ratings onVotorantim and VC by one notch within the next 90 days. Thiswould result from a potentially higher simulated contingentliability from Votorantim's banking business (Banco VotorantimS.A.; global scale: BB/Negative/B; national scale:brA+/Negative/brA-1) under the hypothetical scenario of asovereign default in Brazil."Our rating approach for Votorantim basically consists ofassessing the group's industrial arm's credit quality and thenincorporating in our base case the bank's potential liability thatthe group might need to cover in light of existing regulation inBrazil. The size of such potential support would increase as thebank's stand-alone credit profile (SACP) deteriorates. In orderfor the Votorantim group to have a higher rating than thesovereign's, we take even more conservative assumptions associatedwith the capitalization amount that the group might need to injectinto the bank to maintain its minimum regulatory capital,according to our internal calculations. Those assumptions arelinked with conditions associated with a hypothetical sovereigndefault and its impact on domestic financial system and on BancoVotorantim's balance sheet. Today's CreditWatch placement isstrictly related to the sovereign's and the bank's lower creditquality that would prompt us to reassess the size of the potentialcontingent liability that the group could face under the Brazil'shypothetical default scenario," S&P said."Under our simulated scenario, we believe the contingentliabilities to the group could increase sharply given BancoVotorantim's lower SACP and Brazil's recent downgrade, with theequalization of foreign and local currency ratings. We expect amore prolonged adjustment process in Brazil, with a slowercorrection in fiscal policy as well as another year of steepeconomic contraction. This could dampen the bank'screditworthiness, weighing on our contingency analysis under asovereign default scenario. Furthermore, we now expect reversalin Brazil's fiscal performance deterioration to take longer thanexpected, reducing the sovereign's capacity to service its real-denominated debt, which represents about 28% of Banco Votorantim'stotal assets as of December 2015. As a result, we could see thegroup's ability to withstand the simulated stress scenarioweaken," S&P noted.On a stand-alone basis, S&P believes the Votorantim group hasefficient operations that are in line with those of its globalpeers, sizable capacity, dominant position in several markets(mainly cement), high brand recognition, as well as a prudent riskmanagement. This is based on the group's favorable liabilitymanagement activities and sale of non-core assets to preserve itssolid liquidity position. Also, in S&P's view, the group'srevenue base is diverse by geography and segments, which shouldcontinue to mitigate the effect of the Brazilian market'sdownturn, especially the steep drop in cement sales.According to S&P's estimates, Brazil's recession has reduced thegroup's cement sales by 9%-10% due to lower spending oninfrastructure and housing construction, the higher debt burden onhouseholds, and tighter credit availability. Also, in S&P's view,the group's ability to pass-through cost inflation to consumershas weakened. Even though S&P expects this trend to continue oreven worsen in 2016, its effect on the group's consolidatedresults should be mitigated by the weak Brazilian currency thatwould bolster Votorantim's exports and international operations,which together account for about 45% of the company's revenues.The group is in a heavy investment cycle that will peak in 2016and 2017, limiting its free operating cash flow (FOCF) generation.However, S&P expects Votorantim to accelerate its debt reductionafterwards. S&P incorporates this factor and the group's businessstrengths in its 'bbb' SACP on Votorantim. Any reversals in thesetrends or a weaker operating efficiency could pressure the SACP.S&P's ratings on VC mirror the ratings on its parent company,Votorantim, because S&P considers the cement division as thegroup's core subsidiary, with both entities bearing the samedefault risk. S&P's analysis is based on the assumption that VCwill remain the main cash generator for Votorantim, and that thelatter would continue to exercise control over the use of VC'scash flows and determine its main financial policies. Therefore,S&P regards VC as a core subsidiary to the group. According toS&P's analysis, it considers that the risk of default for bothcompanies is the same, even though S&P considers VC's 'bb+' SACPweaker than the group's mainly because of its heavier balancesheet.==========================C A Y M A N I S L A N D S==========================ADVENTURE PETROLEUM: Placed Under Voluntary Wind-Up---------------------------------------------------On Feb. 1, 2016, the sole shareholder of Adventure PetroleumInvestments Inc. resolved to voluntarily wind up the company'soperations.Only creditors who were able to file their proofs of debt byMarch 21, 2016, will be included in the company's dividenddistribution.The company's liquidator is: Keith High Telephone: +1 (345) 949 - 6090 Hampson and Company P.O. Box 698 Grand Cayman KY1-1107 Cayman IslandsANAMIE LTD: Placed Under Voluntary Wind-Up------------------------------------------On Feb. 9, 2016, the sole member of Anamie Ltd. resolved tovoluntarily wind up the company's operations.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: Richard Fear c/o Ryan Charles P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902BLUE ELEPHANT: Commences Liquidation Proceedings------------------------------------------------On Feb. 11, 2016, the shareholder of Blue Elephant OffshoreConsumer Fund, Ltd. resolved to voluntarily liquidate thecompany's business.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: Ahees Jain One Bridge Street Suite 87 Irvington New York 10533 United States of AmericaBRANTA HOLDINGS: Commences Liquidation Proceedings--------------------------------------------------On Feb. 18, 2016, the sole shareholder of Branta Holdings Limitedresolved to voluntarily liquidate the company's business.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: Stephen Nelson Collas Crill Willow House, 2nd Floor Cricket Square P.O. Box 709 Grand Cayman KY1-1107 Cayman Islands Telephone: (345) 949.4544 Facsimile: (345) 949.8460CAL CAM: Creditors' Proofs of Debt Due March 29-----------------------------------------------The creditors of Cal Cam Nominees Limited are required to filetheir proofs of debt by March 29, 2016, to be included in thecompany's dividend distribution.The company commenced liquidation proceedings on Feb. 15, 2016.The company's liquidator is: Keiran Hutchison c/o Joe Gaastra Ernst & Young Ltd, 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9052 Facsimile: (345) 814 8529CALEDONIAN ASSET: Creditors' Proofs of Debt Due March 29--------------------------------------------------------The creditors of Caledonian Asset Management Inc. are required tofile their proofs of debt by March 29, 2016, to be included in thecompany's dividend distribution.The company commenced liquidation proceedings on Feb. 16, 2016.The company's liquidator is: Keiran Hutchison c/o Joe Gaastra Ernst & Young Ltd, 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9052 Facsimile: (345) 814 8529CALEDONIAN BANK: Creditors' Proofs of Debt Due March 29-------------------------------------------------------The creditors of Caledonian Bank (Nominees) Limited are requiredto file their proofs of debt by March 29, 2016, to be included inthe company's dividend distribution.The company commenced liquidation proceedings on Feb. 16, 2016.The company's liquidator is: Keiran Hutchison c/o Joe Gaastra Ernst & Young Ltd, 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9052 Facsimile: (345) 814 8529CI INVESTMENT: Creditors' Proofs of Debt Due March 30-----------------------------------------------------The creditors of CI Investment 8 Inc. (Cayman) are required tofile their proofs of debt by March 30, 3016, to be included in thecompany's dividend distribution.The shareholders will also hold a meeting on April 4, 2016, at11:00 a.m., to approve the final distribution of the company'sdividend.The company's liquidators are: James Porcelli John Vele 150 Millford Road East Windsor, NJ 08520 USACORNERSTONE HOLDINGS: Placed Under Voluntary Wind-Up----------------------------------------------------On Feb. 12, 2016, the shareholders of Cornerstone Holdings Limitedresolved to voluntarily wind up the company's operations.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: Alexandria Bancorp Limited c/o Barbara Conolly The Grand Pavilion Commercial Centre 802 West Bay Road P.O. Box 2428 Grand Cayman KY1-1105 Cayman Islands Telephone: (345) 945-1111DRIER HOLDINGS: Placed Under Voluntary Wind-Up----------------------------------------------On Feb. 9, 2016, the sole member of Drier Holdings Limitedresolved to voluntarily wind up the company's operations.Only creditors who were able to file their proofs of debt byMarch 21, 2106, will be included in the company's dividenddistribution.The company's liquidator is: Richard Fear c/o Ryan Charles P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902GILAN HOLDINGS: Creditors' Proofs of Debt Due April 12------------------------------------------------------The creditors of Gilan Holdings Limited are required to file theirproofs of debt by April 12, 2016, to be included in the company'sdividend distribution.The company commenced liquidation proceedings on Feb. 11, 2016.The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG 1110 British Virgin Islands c/o Philip C Pedro HSBC International Trustee Limited Compass Point 9 Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526INTERLEND HOLDINGS: Creditors' Proofs of Debt Due Today-------------------------------------------------------The creditors of Interlend Holdings Ltd. are required to filetheir proofs of debt today, March 29, 2016, to be included in thecompany's dividend distribution.The company commenced liquidation proceedings on Feb. 11, 2016.The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman IslandsODEBRECHT DRILLING: Fitch Lowers Rating on Sr. Sec. Notes to 'CCC'------------------------------------------------------------------Fitch Ratings has downgraded the series 2010-1 senior securednotes issued by Odebrecht Drilling Norbe VIII/IX Ltd. to 'CCC'from 'B' and assigned a recovery estimate (RE) of 'RE80' to thenotes.The notes are backed by the flows related to the charter andservices agreements signed with Petroleo Brasileiro S.A.(Petrobras) for the use of the dynamically positioned UDWdrillships Norbe VIII and Norbe IX. The transaction also benefitsfrom a naval mortgage over the vessels. The transaction sponsorand operator of the drillships is Odebrecht Oleo e Gas S.A. (OOG),the oil and gas arm of the Odebrecht Group. KEY RATING DRIVERSThe downgrade reflects the heightened risk of contract terminationdue to the deterioration in credit quality of OOG. Terminationclauses within the underlying contracts for Norbe VIII and NorbeIX expose the transaction to potential bankruptcy of OOG.Petrobras has demonstrated a willingness to terminate existingcharter agreements related to less strategic assets when atermination clause is breached.On March 17, 2016, OOG exercised its right to a 30-day graceperiod with respect to a $9.6 million interest payment due on its7.00% unsecured perpetual notes. OOG's credit profile hasdeteriorated during the last six months due to lower-than-expecteddividends from its operating companies, including OdebrechtOffshore Drilling Finance Ltd., which has operated with reducedcash flows since cancellation of the Tay IV contracts. RECOVERY ESTIMATEFitch has assigned a 'RE80' to the notes. Fitch assigns REs toall classes rated 'CCC' or below. REs are forward-looking, takinginto account Fitch's expectations for principal repayments on adistressed structured finance security. Fitch's RE considersestimated cash reserves and underlying asset values as reflectedby a discounted cash flow analysis of net revenues generatedduring the remaining useful life of the contracted vessels(including cashflows generated under the Petrobras' contracts).REs are not intended to represent the actual recovery noteholdersmay get upon sale of the underlying vessels or potentialrestructuring of the notes. RATING SENSITIVITIESThe ratings are sensitive to changes in the Brazilian oil and gasindustry dynamics and Fitch's perception of the strength of thepayment obligation. Additionally, the ratings are sensitive tochanges in the credit quality of OOG and the operating performanceof the underlying assets.DUE DILIGENCE USAGENo third party due diligence was provide or reviewed in relationto this rating action.Fitch has taken this rating action:Odebrecht Drilling Norbe VIII/IX Ltd. -- Series 2010-1 senior secured notes downgraded to 'CCC' from 'B' and assigned a 'RE80'.OMP INVESTMENTS: Creditors' Proofs of Debt Due Today----------------------------------------------------The creditors of OMP Investments are required to file their proofsof debt today, March 29, 2016, to be included in the company'sdividend distribution.The company commenced liquidation proceedings on Feb. 11, 2016.The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman IslandsPURSUIT CAPITAL: Commences Liquidation Proceedings--------------------------------------------------At an extraordinary meeting held on Feb. 3, 2016, the shareholdersof Pursuit Capital Partners Master (Cayman) Ltd. resolved tovoluntarily liquidate the company's business.The company's liquidators are: Anthony Schepis Frank Canelas 34 E. Putnam Ave, St 113 Greenwich Connecticut Unites States of America 06830PURSUIT OPPORTUNITY: Commences Liquidation Proceedings------------------------------------------------------At an extraordinary meeting held on Feb. 3, 2016, the shareholdersof Pursuit Opportunity Fund I Master, Ltd. resolved to voluntarilyliquidate the company's business.The company's liquidators are: Anthony Schepis Frank Canelas 34 E. Putnam Ave, St 113 Greenwich Connecticut Unites States of America 06830SIRAJ GLOBAL: Placed Under Voluntary Liquidation------------------------------------------------On Feb. 5, 2016, the Grand Court of Cayman Islands entered anorder to voluntarily liquidate the business of Siraj Global Fund.The company's liquidators are: Eleanor Fisher Tammy Fu Zolfo Cooper, 38 Market Street 2nd Floor, Canella Court Camana Bay, Grand Cayman KY1-9006 Cayman IslandsSKYLINE FEEDER: Creditors' Proofs of Debt Due March 29------------------------------------------------------The creditors of Skyline Feeder Fund Limited are required to filetheir proofs of debt by March 29, 2016, to be included in thecompany's dividend distribution.The company commenced liquidation proceedings on Feb. 12, 2016.The company's liquidator is: Nicola Cowan DMS Corporate Services Ltd. Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman IslandsSKYLINE MASTER: Creditors' Proofs of Debt Due March 29------------------------------------------------------The creditors of Skyline Master Fund Limited are required to filetheir proofs of debt by March 29, 2016, to be included in thecompany's dividend distribution.The company commenced liquidation proceedings on Feb. 12, 2016.The company's liquidator is: Nicola Cowan DMS Corporate Services Ltd. Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman IslandsSUNBELL LIMITED: Commences Liquidation Proceedings--------------------------------------------------On Feb. 8, 2016, the sole shareholder of Sunbell Limited resolvedto voluntarily liquidate the company's business.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100=========C H I L E=========LATAM AIRLINES: Fitch Lowers IDR to 'B+'; Outlook Negative----------------------------------------------------------Fitch Ratings has downgraded LATAM Airlines Group S.A.'s long-termforeign currency Issuer Default Rating to 'B+' from 'BB-'. Inaddition, Fitch has downgraded TAM S.A.'s (TAM) foreign and localcurrency IDRs to 'B+' from 'BB-' and its national long-term ratingto 'A-(bra)' from 'A (bra)'. Fitch has also downgraded LATAM andTAM's unsecured notes to 'B+/RR4' from 'BB-'. The Rating Outlookfor the corporate ratings has been revised to Negative fromStable.The ratings downgrade and Negative Outlook reflect LATAM's weaker-than-expected consolidated operational performance during 2015,and Fitch's view that the company's key credit metrics, mainlyoperating margins, leverage, and FCF generation, will remainpressured over the next 12 to 18 months. Fitch believes thatprevailing unfavorable economic conditions in Latin America willmake it more difficult for the company to execute deleveragingduring 2016-2017. The Negative Outlook also considers LATAM'shigher leverage and weaker operational performance versus itsglobal peers within the rating category.LATAM's ratings incorporate its diversified business model,important regional market position, and adequate liquidity, whichare tempered by its high gross adjusted leverage and ongoing weakoperational performance. Despite the company's solid businessposition in the domestic and international Brazilian market, thecompany has failed to mitigate volatility in its operationalresults within these markets through the economic cycle. Brazil'ssubdued macroeconomic conditions will continue to challenge thecompany's operational performance during 2016.The ratings of LATAM and TAM and their subsidiaries take intoaccount the credit linkage between the two companies, which stemsfrom their legal, operational, and strategic ties. These linksare reflected in the existence of cross-guarantee and cross-default clauses related to the financing of aircraft acquisitionsfor both LATAM and TAM. KEY RATING DRIVERSOperational Performance below Expectations:LATAM's 2015 net revenues reached USD10.1 billion, representing adecline of 18.8% when compared with 2014 net revenues. Thisconsiders a 19% and 22.4% decrease in passenger and cargorevenues, respectively. The company's 2015 top line was primarilydriven by a sharp 21% decline in passenger yields, whiletransported passenger remained relative stable. The company's2015 total costs declined by 20%, which included a 36.4% reductionin fuel cost during the period. The company's 2015 operationalperformance was below expectations incorporated in the ratings.LATAM's 2015 EBIT margin was 5.1% after reaching 4.9% and 4.1%during 2013 and 2014, respectively.Fitch anticipates the company's 2016 net revenues declining by thesingle digits as a result of continued decline in yields.Although yields should remain under pressure during 2016, Fitchexpects the company's 2016 operational performance to reach someimprovement, as the company expects to benefit from severalinitiatives aimed at reducing ex-fuel cost as well as lower fuelcost - with a more favorable hedge position in terms of fuel costmanagement in 2016 against 2015.High Adjusted Leverage of 6.4x:LATAM's adjusted gross leverage metric is high and remains weakfor the rating category. The company's increase in its adjustedgross leverage during 2015 primarily reflects its limited capacityto improve the operational performance during last year. AlthoughFitch's rating case is assuming the company will improve itsoperational performance during 2016, this is not expected toresult in a material reduction in the company's adjusted grossleverage, with levels still above 6x.LATAM's adjusted gross leverage, measured as total adjusteddebt/EBITDAR, was 6.4x at Dec. 31, 2015, compared with 6.1x in2014. The company's total adjusted debt was $12.9 billion atDec. 31, 2015. This debt includes $9 billion in on-balance-sheetdebt and $3.7 billion in off-balance-sheet obligations related tooperating leases with combined rental payments of around $525million in 2015. The company's total on-balance-sheet debt is 79%secured debt, while the remaining (21%) is unsecured as ofDec. 31, 2015.Moderate Consolidated Capacity Increase:The company's consolidated capacity is expected to grow around1% - 2% in 2016 after increasing 2.8% in 2015. LATAM's mainefforts to reduce capacity during 2016 will be in the Braziliandomestic market and international markets. By segment, LATAM'scapacity management in 2015 was +6.4% (-2%, 2014) in theinternational segment, -2.5% (-1%, 2014) in Brazil's domesticsegment, +4.8% (+4%, 2014) in the Spanish-speaking domesticsegment, and -1.9% (-6%, 2014) in the cargo segment. LATAM planscapacity increases/decreases) in 2016 of between +3% and +5% inthe international segment, -8% to -10% in Brazil's domesticsegment, between +6% and +8% in the Spanish-speaking domesticsegment, while the cargo segment should see a contraction in therange of 0% to -2%.Fitch expects the company's exposure to the Brazilian market willcontinue to challenge its operational performance, as theBrazilian airline industry is facing a business environmentcharacterized by declining demand, low corporate travel activity,and weak economic growth expectations coupled with a decliningyield atmosphere. Operations in Brazil represented approximately34% of the company's total revenues during 2015. The company isexpected to counterbalance the negative impact of these factors byfocusing on capacity management, cost control, and consolidatingits network strategy around its position in Guarulhos, Brasilia,and Congonhas airportsAdequate Liquidity:Fitch views the company's liquidity position as adequate for therating category. At Dec. 31, 2015, the company had cash of USD1.2billion, along with USD105 million in unused committed creditlines. This level of liquidity, measured as total cash andmarketable securities plus unused committed credit lines over LTMrevenues, represents 13.1% of the company's revenues for LTMDec. 31, 2015. This ratio is expected to be around 17% to 13%during 2016. The company plans to close by the end of March 2016a 3-year senior secured revolving credit facility (RCF) ofapproximately USD300 million. The RCF will be collateralized by acombination of aircraft, spare engines and spare parts. Inaddition, LATAM faces debt amortizations of USD1.1 billion andUSD1.1 billion during 2016 and 2017, respectively, which will beprimarily addressed through refinancing. Furthermore, thecompany's coverage ratio, measured as EBITDAR/(Net Interest Exp. +Rents), was 2.3x in 2015 and it is expected to remain at thislevel during 2016-2018.2016-2018 Fleet Commitments and Revised Fleet Capex Incorporated:During March 2016, LATAM reached a USD2.9 billion reduction infleet commitments for 2016 - 2018; this is in line with thecompany's previously announced plans to achieve a 40% reduction inits fleet commitments for the period. In addition to this plan,the company sold four Airbus A330s, redelivered three AirbusA330s, one Boeing 767, and four Airbus A320s and subleased oneBoeing 777 Freighter to a third party during 2015, and continuesto seek opportunities to adjust fleet commitments beyond the USD3billion announcement. LATAM maintains a capex plan - includingfleet and non-fleet capex - that calls for capex levels of USD1.2billion and USD1 billion during 2016 and 2017, respectively.During 2015, the company's free cash flow (FCF) generation wasnegative USD246 million, resulting in FCF margin (LTM FCF/LTMrevenues) of negative 2.4%. The 2015 FCF calculation reflectsUSD1.3 billion, USD1.6 billion, and USD35 million in cash flowfrom operations, net capex; and paid dividends, respectively. Thecompany's 2015 negative FCF trend results primarily from its netcapex, which represented approximately 16% of total revenuesduring the period. Fitch expects the company to manage itscapital intensity, measured as the capex/revenue ratio, at around13%, 10%, and, 11% during 2016, 2017, and 2018 respectively. Fitchis projecting the company's FCF margin to be basically neutralduring 2016-2018.Strong Credit Linkage:LATAM indirectly maintains substantially all of the economicrights and 20% of the voting rights in TAM, which is an affiliatecompany of LATAM. The ratings of LATAM and TAM also incorporatethe strong credit linkage between both entities with significantlegal, operational and strategic ties existing between the twocompanies. In addition, financing of the combined fleet plancapex is primarily implemented through LATAM, with the newaircraft being subleased to TAM. Furthermore, the view of stronglegal ties existing between LATAM and TAM is supported by crossdefault clauses incorporated in LATAM's USD500 million unsecurednotes due in 2020. KEY ASSUMPTIONSFitch's key assumptions within the rating case for LATAM include: -- 2016 total transported passengers to increase around 3.4% -- 2016 consolidated yield to decline by high single digits -- 2016 net revenues to decline around 8% -- 2016 EBIT margin approximately 6.5% -- 2016 gross adjusted leverage, measured as total adjusted debt to EBITDAR, around 6.3x -- 2016 Coverage ratio, EBITDAR/(Net Interest Expense + Rents), around 2.33x -- 2016 Liquidity, measured as readily available cash plus unused committed credit facilities over LTM net revenues, around 13% -- 2016 Net Capex levels around USD1.2 billion -- 2016 FCF generation neutral to slightly negative at around USD200 million. RATING SENSITIVITIESConsiderations that could lead to a negative rating action (Ratingor Outlook): -- Sustained negative free cash flow; -- Liquidity, cash/LTM revenues, consistently below 10% -- Gross adjusted leverage consistently above 5.5x; -- EBIT margin consistently below 7%; -- Coverage ratio, measured as total EBITDAR/(Interest Expenses + Rents), consistently below 2.25xConsiderations that could lead to a positive rating action (Ratingor Outlook):Fitch may take a positive rating action if a combination of thesefactors takes place: -- Liquidity, cash/LTM revenues, consistently above 15% -- Gross adjusted leverage consistently approaching 4.5x; -- Neutral to positive FCF generation; -- Coverage ratio, measured as the total EBITDAR/(Interest Expenses + Rents), consistently above 2.5x -- EBIT margin moving to 8%.FULL LIST OF RATING ACTIONSFitch has taken these rating actions:LATAM Airlines Group S.A.: -- Long-term Issuer Default Rating (IDR) downgraded to 'B+' from 'BB-'; -- National Equity Rating downgraded to 'Primera Clase Nivel 3 (cl)' from 'Primera Clase Nivel 2 (cl)'. -- USD500 million senior unsecured note due 2020 downgraded to 'B+/RR4' from 'BB-'.TAM S.A. -- Long-term IDR downgraded to 'B+' from 'BB-'; -- Local currency IDR downgraded to 'B+' from 'BB-'; -- National long-term rating downgraded to 'A-(bra)' from 'A(bra)'.Tam Linhas Aereas S.A. -- Long-term IDR downgraded to 'B+' from 'BB-'; -- Local currency IDR downgraded to 'B+' from 'BB-'; -- National long-term rating downgraded to 'A-(bra)' from 'A(bra)'.Tam Capital Inc. -- USD300 million senior unsecured note due 2017 downgraded to 'B+/RR4' from 'BB-'.Tam Capital Inc. 3 -- USD500 million senior unsecured note due 2021 downgraded to 'B+/RR4' from 'BB-'.The Rating Outlook for the corporate ratings has been revised toNegative from Stable.===============C O L O M B I A===============AVIANCA HOLDINGS: Fitch Lowers IDR to 'B'; Outlook Negative-----------------------------------------------------------Fitch Ratings has downgraded the ratings for Avianca Holdings andits subsidiaries as:Avianca Holdings S.A.: -- Long-term Issuer Default Rating (IDR) to 'B' from 'BB-'; -- Long-term local currency IDR to 'B' from 'BB-'; -- USD550 million unsecured notes due in 2020 to 'B-/RR5' from 'B+/RR5'.Aerovias del Continente Americano S.A. (Avianca): -- Long-term IDR to 'B' from 'BB-'; -- Long-term local currency IDR to 'B' from 'BB-';Grupo Taca Holdings Limited (Grupo Taca): -- Long-term IDR to 'B' from 'BB-'.Avianca Holdings, Grupo Taca, and Avianca Leasing are co-issuersunder the USD550 million unsecured notes.The Rating Outlook remains Negative.The rating downgrade reflects Avianca Holding's ongoing financialprofile deterioration amid a difficult operating environment, andFitch's view that any material recovery in its credit profile willremain challenging in the short to medium term. The company'sgross adjusted leverage trend during the last 24 months has beenworse than Fitch's previous expectation, with its total adjusteddebt/EBITDAR reaching 7.4x at end-2015. Fitch previouslyforecasted the company's leverage to be in the range of 5.0-5.5xduring 2015 followed by additional deleveraging over the mediumterm.The Negative Outlook reflects Fitch's views that Avianca Holdings'gross adjusted leverage and operating margins will remain weak forthe rating category during the next 12 to 18 months due to thecurrent macro and business conditions prevailing in its mainmarkets. In addition, the Negative Outlook also incorporates areview of Avianca Holdings' weakening credit metrics compared toits global peers within the rating category.The ratings incorporate Avianca Holdings' regional market positionas the lead carrier in Colombia and Central America, and itsgeographic diversification. The ratings also consider thevulnerability of the company's cash flow generation to fuel pricevariations and the inherent risks of the airline industry, as wellas the carrier's capacity to maintain operational margins based onthe leader position in the markets where it operates. A positivefactored in the ratings is the company's ability to maintain itsliquidity position - through the monetization of assets sales -during 2015.The 'B-/RR5' recovery rating of the company's unsecured notesincorporates the subordination of the company's unsecured noteswith respect to significant levels of secured debt, resulting inbelow-average-recovery prospects in the event of default. Theunsecured notes are co-issued by Avianca Holdings, Grupo TACA Ltd,and Avianca Leasing LLC. KEY RATING DRIVERSHigh Adjusted Gross Leverage (7.4x):Avianca Holdings' financial leverage has deteriorated during thelast two years as a result of increasing debt levels and decliningoperational performance. The company's gross adjusted leverage,as measured by total adjusted debt/EBITDAR was 7.4x at the end ofDecember 2015. This level represents a continued deteriorationover the 2013 and 2014 adjusted gross leverage metrics of 5x and6.8x, respectively. Fitch expects the company's gross adjustedleverage ratio to trend to levels around 7.2x by the end of 2016driven by better operational margins, which is still deemed weakfor the rating category.The company's cash flow generation, as measured by EBITDAR wasUSD767 million during 2015, similar to USD777 million during the2014, with a 2015 EBITDAR margin of 17.6%. The company hadapproximately USD5.7 billion in total adjusted debt at the end ofDecember 2015, which was an increase from USD5.3 billion andUSD4.2 billion in adjusted debt as of Dec. 31 2014, and Dec. 31,2013, respectively. The company's debt, as of Dec. 31, 2015,consists primarily of USD3.5 billion of on-balance-sheet debt,most of which is secured, and an estimated USD2.2 billion of off-balance-sheet debt associated with lease obligations. Thecompany's rentals payments during 2015 were USD318 million (USD299million in 2014).Yields Remain under Pressure:The company's 2015 EBIT margin fell to 5.1% (5.7% excluding one-off charges) from 2014 level of 6%. The decline in the company'soperational margin in 2015 reflects more challenging macro andbusiness environment faced by the company in its main markets dueto strong currency depreciation and economic slowdown pressuringconsumer spending. Avianca Holdings' 2015 operational margin wasbelow Fitch's expectations, which incorporated initially an EBITmargin at around 9% for 2015.The company's 2016 - 2017 EBIT margin is expected to be around6.5% driven primarily by lower fuel cost and the company'scontinued efforts to reduce ex-fuel cost levels. Fitch views thecompany's capacity to manage its yields, avoiding materialdeterioration, as the key factor driving its 2016 operationalperformance. During 2016, the company's net revenue is expectedto decline by around 8%, with lower yields offsetting a single-digit increase in the number of transported passengers. AviancaHoldings' 2015 average yield fell 18.6% compared to 2014. Fitchexpects the company's yields to remain under pressure in 2016 as aresult of continued weak macro and business environment. Thecompany's passengers transported figure increased by 6.6% and 7.9%during 2014 and 2015, respectively, and it is expected to increasearound 4.5% in 2016.Capacity Adjustments and Capex Reduction Incorporated:Key components in the company's business strategy during 2016include a more moderate capacity increase, significant reductionin capital expenditures (capex) levels; and continued costreduction efforts. Avianca Holdings' available seat kilometerswere 38.8 billion, 41.2 billion and 44.5 billion in 2013, 2014 and2015, respectively. These levels represented annual growth ratesof 6%, 5.9%, and 8.3%, respectively. Avianca Holdings istargeting a more moderate capacity growth for 2016 in the 3%-5%range, slowing from levels observed in prior years. The lowertarget in terms of capacity growth for 2016 is oriented to improvethe company's revenue and cost per capacity unit. The company's2016 lower capacity target also incorporates its decision ofreducing capital expenditures levels during 2016-2018.Capex Continue to Limit FCF Generation:During 2015, the company's Free Cash Flow (FCF) generation wasnegative USD160 million, resulting in FCF margin (LTM FCF/LTMrevenues) of negative 3.7%. The 2015 FCF calculation reflectsUSD215 million, USD304 million; and USD71 million in cash flowfrom operations, net capex; and paid dividends, respectively. Thecompany's 2015 negative FCF trend results primarily from its netcapex, which represented approximately 7% of the total revenuesduring the period. Fitch expects the company to manage itscapital intensity, measured as the capex/revenue ratio, at levelsaround 5.6%, 13%; and, 12% during 2016, 2017, and 2018respectively. Fitch forecasts the company's 2016 FCF margin to beneutral to slightly positive, but to turn negative again during2017 - 2018. The company's expected annual net capex levels during2017 - 2018 will remain high at above USD500 million and limit itscapacity to sustain positive FCF generation.Liquidity Adequate for the Rating Category:During 2015 the company executed the sale of a 30% stake inAvianca Holdings S.A.'s loyalty program to Advent International(Advent). In connection with this transaction Avianca HoldingsS.A. received total proceeds of USD301 million. During 2015 thecompany recognized a loss of USD237 million due to its cashexposure in Venezuela. Fitch's liquidity analysis alreadyexcluded the company's cash exposure to Venezuela for thecalculation of its readily available cash.As of Dec. 31, 2015, Avianca Holdings had cash and equivalentsbalance of USD479 million, the company does not maintain unusedcommitted credit lines. The company's liquidity, measured astotal cash and equivalents represented 10% of LTM revenue as ofDec. 31, 2015, which Fitch considers to be adequate for the ratingcategory. Upcoming debt maturities are high but manageable forthe company's liquidity and expected free cash flow generationduring the next 24 months. The company's debt maturities during2016 and 2017 are US$412 million and US$358 million, respectively.Fitch expects Avianca Holdings to cover its capital expendituresand debt maturities with a combination of its own cash flowgeneration and further borrowing during 2016-2017.Credit Linkages and Notes' Guarantees Structure Incorporated:The ratings also reflect Avianca Holdings' corporate structure andthe credit linkage with its subsidiaries, Avianca and Grupo Taca.Combined, these two operating companies represent the main sourceof cash flow generation for the holding company. The significantlegal and operational linkages between the two operating companiesare reflected in the existence of cross-guarantee and cross-default clauses related to the financing of aircraft acquisitionsfor both companies. Avianca Holdings, Grupo Taca, and AviancaLeasing are jointly and severally liable under the USD550 millionunsecured notes as co-issuers. Avianca Leasing is a wholly ownedsubsidiary incorporated under the laws of Delaware, United States.Avianca Leasing's obligations as a co-issuer of the notes areunconditionally guaranteed on an unsecured, senior basis byAvianca up to 2/3 of the total issuance amount. KEY ASSUMPTIONSFitch's key assumptions within the rating case for AviancaHoldings include: -- 2016 total transported passenger to increase around 4.5%; -- 2016 consolidated yield to decline in high single digit; -- 2016 net revenues to decline around 8%; -- 2016 EBIT margin approximately 6.3%; -- 2016 gross adjusted leverage, measured as total adjusted debt to EBITDAR ratio, around 7.2x; -- 2016 Coverage ratio, EBITDAR/(Interest Exp + Rents), around 1.75x; -- 2016 Liquidity, measured as the readily available cash over LTM net revenues ratio, around 10%; -- 2016 Net Capex levels around USD225 million; -- 2016 FCF generation neutral to slightly positive of around USD50 million. RATING SENSITIVITIESConsiderations that could lead to a negative rating action (Ratingor Outlook) -- Adjusted gross leverage remaining above 6.5x; -- EBIT margin consistently below 7%; -- Coverage ratio, measured as the total EBITDAR/(Int. Expenses + Rents) ratio, consistently below 2x; -- Liquidity, cash/ LTM revenues, consistently below 10%; -- Sustained negative free cash flow.Considerations that could lead to a positive rating action (Ratingor Outlook) -- Adjusted gross leverage trending to levels around 5x; -- EBIT margin consistently above 7%; -- Coverage ratio, measured as the total EBITDAR/(Int. Expenses + Rents) ratio, consistently above 2.25x; -- Liquidity, cash/ LTM revenues, consistently above 12%; -- Moving towards a neutral to positive free cash flow. FULL LIST OF RATING ACTIONSFitch has downgraded these ratings for Avianca Holdings and itssubsidiaries as:Avianca Holdings S.A. (Avianca Holdings): -- Long-term Issuer Default Rating (IDR) to 'B' from 'BB-'; -- Long-term local currency IDR to 'B' from 'BB-'; -- USD550 million unsecured notes due in 2020 to 'B-/RR5' from 'B+/RR5'.Aerovias del Continente Americano S.A. (Avianca): -- Long-term IDR to 'B' from 'BB-'; -- Long-term local currency IDR to 'B' from 'BB-';Grupo Taca Holdings Limited (Grupo Taca): -- Long-term IDR to 'B' from 'BB-'.Avianca Holdings, Grupo Taca, and Avianca Leasing are co-issuersunder the USD550 million unsecured notes.The Rating Outlook remains Negative===========M E X I C O===========MEXICO: Peso is Looking Tame After a Very Bumpy Start to 2016-------------------------------------------------------------Benjamin Bain at Bloomberg News reports that options traders'expectations for swings in the Mexican peso fell to a two-monthlow, signaling the success of policy makers' move to sell dollarsdirectly to banks at their discretion and end a rules-basedintervention program.The shift by central bank Governor Agustin Carstens in mid-February jolted markets and helped curb one-month impliedvolatility in the peso, which had jumped to a two-year high,according to Bloomberg News. The currency has rebounded 7.5percent since the government's announcement, which also included asurprise interest-rate increase along with budget cuts, even afterfalling Wednesday, March 23 with major dollar counterparts,Bloomberg News notes.The fall in implied volatility is the second-biggest in emergingmarkets, trailing only the decline for Russia's ruble, BloombergNews says. Mexico's government had complained that the peso, themost-traded emerging-market currency, was trading apart from itsfundamentals given that it is often used by traders to hedgeagainst other risks, Bloomberg News discloses. Moving away fromregularly-scheduled auctions made it harder for traders to takeadvantage of the auctions as entry points, according to EduardoSuarez, a strategist for Latin America at Bank of Nova Scotia,Bloomberg News notes."You added two-way risk to bets versus the peso," he said in an e-mailed response to questions, Bloomberg News relays. "It's boththe intervention strategy, plus a general better tone in emerging-market foreign exchange," Mr. Suarez added.A gauge of emerging-market currencies reached its highest sinceNovember on March 17, Bloomberg News notes.Earlier this month, Mr. Carstens said that policy makers' moves inmid-February were the result of meticulous analysis by thenation's monetary and fiscal authorities, Bloomberg News notes."We won't question using them again if it's necessary," he added.======================P U E R T O R I C O======================PUERTO RICO ELECTRIC: Wins More Time to Draft Rate Proposal-----------------------------------------------------------Michelle Kaske at Bloomberg News reports that Puerto Rico gainedanother week to file a proposed rate charge to the island's energycommission, a fee that would back debt used to restructure about$9 billion owed by its main electric utility.Puerto Rico Electric Power Authority creditors agreed to giveofficials until March 30 to submit their petition to implement anew customer fee, called a securitization charge, according to astatement from the utility, according to Bloomberg News. AJanuary agreement between Prepa, as the utility's known,bondholders and bond-insurance companies was set to expireWednesday, March 23, 2016, unless the energy commission receivedthe rate petition, the report notes.The restructuring would be the first step in the commonwealth'spursuit to cut its $70 billion debt load after Puerto Rico and itsagencies borrowed for years to fix budget deficits, Bloomberg Newsrelays. The island's economy has struggled to grow since 2006 andit has already defaulted on some agency debt, Bloomberg Newsdiscloses. Prepa faces a $1.13 billion payment to investors andlenders on July 1 that it won't be able to pay without thecreditor agreement, Bloomberg News says.The commonwealth's three-member energy commission will have 75days to weigh in on the new fee once it's submitted, BloombergNews notes. Prepa needs the proposed securitization to beapproved so it can execute its restructuring deal under whichinvestors agreed to take a 15 percent loss by swapping theirsecurities for new bonds, Bloomberg News relays. The proposedsecuritization charge would repay the debt.Prepa and its creditors agreed to the debt exchange after firstsigning a contract in August 2014 that kept negotiations out ofcourt, Bloomberg News discloses. The restructuring will allowPrepa to modernize a system that relies on petroleum to produceelectricity, Bloomberg News adds.As reported in the Troubled Company Reporter-Latin America onDec. 21, 2015, Standard & Poor's Ratings Services maintained its'CC' long-term and underlying ratings (SPURs) on Puerto RicoElectric Power Authority's (PREPA) electric revenue bonds.However, the ratings remain on CreditWatch, where they wereoriginally placed with negative implications on June 18, 2014.As of June 30, 2015, PREPA had about $8.44 billion of long-termdebt outstanding, and an additional $730 million due tonoteholders.================================T R I N I D A D & T O B A G O================================TRINIDAD & TOBAGO: Food Prices Up, TT Dollar Down-------------------------------------------------Trinidad Express reports that food price inflation is climbingwhile the TT dollar continues to fall.And Trinidad and Tobago continues to face the economic challengesposed by lower energy prices, operational issues and maintenance-related activities in the domestic energy sector, the Central Banksaid in its latest Monetary Policy announcement, according toTrinidad Express.Initial estimates suggest that the energy sector contracted byaround 5.0 per cent (year-on-year) in the fourth quarter of 2015,while provisional information also allude to anaemic activity inthe non-energy sector, the report notes."Early indications for 2016, including a slowdown in new car salesand cement, are that the lull in economic activity may havecontinued into the new year," the Bank noted, the report adds. ***********Monday's edition of the TCR-LA delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-LA editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The MondayBond Pricing table is compiled on the Friday prior to publication.Prices reported are not intended to reflect actual trades. Pricesfor actual trades are probably different. Our objective is toshare information, not make markets in publicly traded securities.Nothing in the TCR-LA constitutes an offer or solicitation to buyor sell any security of any kind. It is likely that some entityaffiliated with a TCR-LA editor holds some position in theissuers' public debt and equity securities about which we report.Tuesday's edition of the TCR-LA features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.Submissions about insolvency-related conferences are encouraged.Send announcements to email@example.com ***********S U B S C R I P T I O N I N F O R M A T I O NTroubled Company Reporter-Latin America is a daily newsletterco-published by Bankruptcy Creditors' Service, Inc., FairlessHills, 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, resaleorpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.Information contained herein is obtained from sources believed tobe 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 membersof the same firm for the term of the initial subscription orbalance thereof are US$25 each. For subscription information,contact Peter A. Chapman at 215-945-7000 or Nina Novak at202-362-8552. * * * End of Transmission * * *


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Measles, Rubella and Hepatitis B immunization requirements
The State of California and CSUMB require students to provide proof of immunization to maintain enrollment status.
Measles and Rubella: Under the provisions of Executive Order No. 803 from the Board of Trustees of the California State University, all students born after January 1, 1957 are required to provide proof of immunization against Measles and Rubella prior to enrolling in the second semester of coursework.
Hepatitis B: Pursuant to Section 120390.5 of the Health and Safety Code, all first-time enrollees who are 18 years of age or younger must also present proof of immunization against Hepatitis B. The entire Hep B, 3-shot series must be completed prior to enrolling in your second semester.
Ways to prove immunity
Submit one of the following to the Campus Health Center:
- Pediatrician's statement or record of immunizations
- State or international immunization records
- Primary or secondary school records
- Immunization records from another college or university attended
- Military records
- Results of a blood test indicating Hepatitis B and/or Measles and Rubella immunity
If you cannot verify immunity using any of the above sources, you will need to complete the necessary blood tests to determine immunity or receive the required vaccine(s) from a physician or clinic of your choice. The Campus Health Center also provides these services for a fee.
How to submit proof of immunization
Proof of immunization may be submitted in any of the following ways:
- Mail your documents to the Campus Health Center or the Campus Service Center at: 100 Campus Center, Seaside, CA 93955-8001
- Fax your documents to the Campus Health Center at: 831-582-3976
- Bring your documents to the Campus Health Center during business hours
If you have questions or are precluded from these requirements due to a physical condition (validated in writing by your physician) or because of your personal or religious beliefs, please contact the Campus Health Center.
Please note that email is NOT a secure method of communication. Therefore, please do NOT email any medical documents.
All incoming students who will be residing in on-campus housing for the first time must acknowledge that they have received information about the meningococcal disease and availability of the vaccine to prevent contracting the disease. This process is managed through Student Housing & Residential Life.
References on immunizations and/or meningitis:
- CSUExecutive Order 803
- California Department of Health & Human Services
- Vaccine Information immunize.org or vaccineinformation.org
Note to service learning students
Please access the Service Learning website about TB and Fingerprinting for instructions about TB tests.