TCRLA_Public/160823.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, August 23, 2016, Vol. 17, No. 166


                            Headlines



B E L I Z E

BELIZE: Acknowledges Tough Road Ahead in Talks With Guatemala


C A Y M A N  I S L A N D S

CHEPSTOW CAPITAL: Creditors' Proofs of Debt Due Sept. 6
CHEYNE ASSET-BACKED: Shareholders' Final Meeting Set for Sept. 6
FR GALAXY: Shareholders' Final Meeting Set for Sept. 6
FROG'S BREATH: Placed Under Voluntary Wind-Up
GRANT INTERNATIONAL: Placed Under Voluntary Wind-Up

GRAYS PEAK: Creditors' Proofs of Debt Due Sept. 15
GRAYS PEAK MASTER: Creditors' Proofs of Debt Due Sept. 15
IOL CARETAKER: Commences Liquidation Proceedings
JAIC-CROSBY GREATER: Members' Final Meeting Set for Sept. 5
NEUBERGER BERMAN: Creditors' Proofs of Debt Due Sept. 5

NEUBERGER BERMAN MASTER: Creditors' Proofs of Debt Due Sept. 5
PEMBRIDGE HOUSE: Creditors' Proofs of Debt Due Sept. 14
US FUND II: Creditors' Proofs of Debt Due Sept. 16


C H I L E

AES GENER: Fitch Affirms Int'l Junior Subordinated Debt at 'BB'


D O M I N I C A N   R E P U B L I C

BANCO DE SERVICIOS: Fitch Affirms 'B+' LT Issuer Default Ratings
CERVECERIA NACIONAL: Faces Allegations of Unfair Practices
DOMINICAN REPUBLIC: Resume Talks to Reach Electricity Pact


E L   S A L V A D O R

BANCO AGRICOLA: Moody's Lowers Counterparty Risk Assessment to Ba2


P U E R T O    R I C O

FARMACIAS PUERTO RICO: Ordered to Vacate Hato Rey Center Premises
LABORATORIO ACROPOLIS: Hires Soto as Accountant
SPANISH BROADCASTING: AAA Trust Files Schedule 13D With SEC
SPANISH BROADCASTING: CBS Radio, et al., No Longer Own CL-A Shares


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Signs Inter-Governmental Fatca Deal With U.S.


                            - - - - -


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B E L I Z E
===========


BELIZE: Acknowledges Tough Road Ahead in Talks With Guatemala
-------------------------------------------------------------
The Observer reports that Belize said it is preparing for tough
negotiations with the government in Guatemala over the border
dispute between them with Belmopan indicating that the "new
administration is taking a very different attitude towards the
claim than the other administrations".

Foreign Affairs Minister Wilfred Elrington, speaking on News 5
television, said that Belize is maintaining its position that the
border dispute, dating back to several decades must be an issue
settled by the International Court of Justice (ICJ), according to
The Observer.

Belize said that as far back as 1939, the Guatemalans had written
to the British indicating their intention to repudiate the 1859
treaty regarding the border issue, the report notes.

"Let me make it very, very clear that our most important and most
difficult problem is the Guatemalan claim.  That is a matter that
we should all know everything we can about it and it is imperative
that we be completely unity on it because any disunity is going to
be exploited by the Guatemalans," Mr. Elrington told television
viewers, notes the report.

Mr. Elrington said that he has formed the view, "especially over
the last two years or so that this particularly new administration
is taking a very different attitude towards the claim than the
other administrations I've dealt with.

"This one is very aggressive, very serious and I have formed the
view that they are going to make life difficult for us so we have
to constantly be on our guard; that's my view.  And every Belizean
will have to play his or her part.  We have to agree on the means
of solving it," Mr. Elrington added, the report adds.

In January, former TV comedian Jimmy Morales was inaugurated as
Guatemala's new president, following his electoral victory in
October last year.

President Morales, who came to office, with no previous experience
in government, has already said that Guatemala would not
relinquish its claim to the Caribbean Community (CARICOM) country,
the report notes.

Mr. Elrington told television viewers that the past administration
had agreed that it should be the ICJ to settle the issue and both
countries are now working towards a referendum on the issue, the
report relays.

According to the report, Mr. Elrington said, "The British was not
prepared to contemplate any other resolution method other than the
ICJ; we in the UDP (United Democratic Party) are firmly committed
to the ICJ, but there are other people in the (European) community
who are suggesting otherwise-causing confusion which in my view
the Guatemalans will seek to exploit.

"But that is a very serious matter.  And while we are trying to
manage it as best we can, because that's all we can do, manage the
situation, lower the tension and make the situation as normal as
possible. Anything can happen at any time.

"So it is a matter that keeps me awake at night. Twenty-four/seven
I am thinking about it because my responsibility and the
responsibility of the Prime Minister and the Government is to
protect the people."

As reported in the Troubled Company Reporter-Latin America on Nov.
27, 2015, Standard & Poor's Ratings Services revised its outlook
on the long-term ratings on Belize to stable from positive.  S&P
also affirmed its 'B-/B' long- and short-term foreign and local
currency sovereign credit ratings on Belize.  At the same time,
S&P affirmed its 'B-' transfer and convertibility assessment.

TCRLA reported on June 1, 2016, that the International Monetary
Fund (IMF) team led by Jacques Bouhga-Hagbe, which visited Belize
during May 11-25 to hold discussions in the context of the
country's 2016 Article IV Consultation, said: "The economy is
slowing and fiscal and external vulnerabilities are rising.
Falling oil production and multiple shocks in the primary sector
reduced GDP growth to 1 percent in 2015. The decline in prices of
energy and other commodities led to deflation in 2015, although
the increase in fuel tax restored positive inflation, at 0.1
percent in March. The current account deficit widened to 9.8
percent of GDP as exports fell by 9 percent (mainly oil and marine
products) and imports continued to grow, partly due to investment
projects. Following partial compensation payments for the two
nationalized companies, international reserves fell to 4.6 months
of imports in March 2016. The fiscal deficit widened to 8 percent
of GDP due to a one-off payment related to a settlement of a loan
to one of the nationalized companies, an increase in public sector
wages and transfers, and a large overrun in capital expenditure.
As a result, the stock of public debt climbed to 82 percent of
GDP. The banking system continued to strengthen, although the
challenges posed by loss of correspondent banking relationships
with international banks have increased since the 2015 Article IV
Consultation.



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


CHEPSTOW CAPITAL: Creditors' Proofs of Debt Due Sept. 6
-------------------------------------------------------
The creditors of Chepstow Capital (Cayman) Limited are required to
file their proofs of debt by Sept. 6, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2016.

The company's liquidator is:

          Vincent James Warner
          c/o Maples and Calder, Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road, Central
          Hong Kong


CHEYNE ASSET-BACKED: Shareholders' Final Meeting Set for Sept. 6
----------------------------------------------------------------
The shareholders of Cheyne Asset-Backed Fund Inc. will hold their
final meeting on Sept. 6, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


FR GALAXY: Shareholders' Final Meeting Set for Sept. 6
------------------------------------------------------
The shareholders of FR Galaxy Holdings Limited will hold their
final meeting on Sept. 6, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Daren Schneider
          c/o Matt Bernardo
          Telephone: +1 (345) 914 4268


FROG'S BREATH: Placed Under Voluntary Wind-Up
---------------------------------------------
On Aug. 4, 2016, the sole shareholder of Frog's Breath Holdings
Limited resolved to voluntarily wind up the company's operations.

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

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


GRANT INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Aug. 4, 2016, the sole shareholder of Grant International
Investments Limited resolved to voluntarily wind up the company's
operations.

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

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


GRAYS PEAK: Creditors' Proofs of Debt Due Sept. 15
--------------------------------------------------
The creditors of Grays Peak Fund Ltd. are required to file their
proofs of debt by Sept. 15, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 640 2279
          Facsimile: (345) 943 2294


GRAYS PEAK MASTER: Creditors' Proofs of Debt Due Sept. 15
---------------------------------------------------------
The creditors of Grays Peak Master Fund LP are required to file
their proofs of debt by Sept. 15, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2016.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 640 2279
          Facsimile: (345) 943 2294


IOL CARETAKER: Commences Liquidation Proceedings
------------------------------------------------
On July 27, 2016, the shareholders of IOL Caretaker Ltd. resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Eddie Lopez-Paz
          c/o Forbes Hare
          Cassia Court, Camana Bay
          Suite 716, 10 Market Street
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 943-7700


JAIC-CROSBY GREATER: Members' Final Meeting Set for Sept. 5
-----------------------------------------------------------
The members of Jaic-Crosby Greater China Investment Fund Limited
will hold their final meeting on Sept. 5, 2016, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Fok Hei Yu
          The Center, Level 22
          99 Queen's Road Central, Central
          Hong Kong


NEUBERGER BERMAN: Creditors' Proofs of Debt Due Sept. 5
-------------------------------------------------------
The creditors of Neuberger Berman Commodities Fund I Ltd. are
required to file their proofs of debt by Sept. 5, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 5, 2016.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


NEUBERGER BERMAN MASTER: Creditors' Proofs of Debt Due Sept. 5
--------------------------------------------------------------
The creditors of Neuberger Berman Commodities Master Fund I Ltd.
are required to file their proofs of debt by Sept. 5, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 5, 2016.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PEMBRIDGE HOUSE: Creditors' Proofs of Debt Due Sept. 14
-------------------------------------------------------
The creditors of Pembridge House Ltd. are required to file their
proofs of debt by Sept. 14, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 3, 2016.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          P.O. Box 897 Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


US FUND II: Creditors' Proofs of Debt Due Sept. 16
--------------------------------------------------
The creditors of US Fund II Investment Holding Company are
required to file their proofs of debt by Sept. 16, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 20, 2016.

The company's liquidator is:

          Simon Conway
          c/o Marc Halley
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8750
          Facsimile: (345) 945 4237


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


AES GENER: Fitch Affirms Int'l Junior Subordinated Debt at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed AES Gener S.A.'s (Gener) ratings as
follows:

   -- Long-Term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'BBB-';

   -- International senior unsecured debt at 'BBB-';

   -- International junior subordinated debt at 'BB';

   -- National long-term ratings at 'A+(cl)';

   -- Domestic senior unsecured debt at 'A+(cl)';

   -- National equity rating at 'Nivel 2(cl)'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Gener's ratings reflect the company's balanced contractual
position and a diverse portfolio of generation assets. The ratings
recognize that the company's major plants operate under
constructive regulatory environments in Chile and Colombia. Credit
risks include possible environmental and/or political issues,
which could result in cost overruns or additional modifications on
new and/or existing projects. The credit risks also include the
less favorable though slightly improving regulatory environment in
Argentina related to Termoandes, though this is mitigated given
Argentina represented only 3.4% of consolidated EBITDA the first
six months of 2016. In addition, the company could face pressure
from AES Corp. ('BB-'/Outlook Stable), its controlling
shareholder, to increase dividends above those forecast by Fitch.
The company has sufficient liquidity to cushion itself through
significant capex needs in the short- to medium-term, though its
credit metrics are currently at the upper limit for the rating
category.

Gener's equity rating reflects its shares' solid liquidity and
100% availability on the Santiago Stock Exchange during the August
2016 rolling 12-month period. In this period, the company had an
average daily trading volume of USD2.204 million. Gener's free
float increased to 33.33% from the 29.3% observed last year.

Improved Financial Results: In the first half of 2016 (1H16), AES
Gener's EBITDA generation totalled USD345 million, which was 11%
higher on a year-over-year (YoY) basis. The company achieved its
highest-ever EBITDA generation results over the past five years,
supported by higher margins in the Northern Interconnected System
(SING) and the Central Interconnected System (SIC) in Chile and to
a lesser degree improved results in the Argentine Interconnected
System (SADI). Higher margins in the SING were explained as mainly
due to new contracts with better terms and exports to Argentina,
while improved margins in the SIC relate to higher demand from
unregulated customers and increased spot sales. In Chile the
company was the market-share leader in terms of generation volumes
for 1H16, with a 30% share.

In the last 12 months (LTM) ended June 2016, the company generated
EBITDA of USD739.5 million, which is 4.5% higher than in 2015 and
11% higher versus 2014. EBITDA margins have expanded from 28.7% in
2014 to 33.7% in the LTM June 2016. Overall, financial results
have come in slightly better than Fitch's forecast.

Robust Expansion Spending: The company continues on an aggressive
expansion phase which brings with it execution risk (e.g.
construction delays, accidents, cost-overruns). In addition, the
expansion plan has resulted in additional pressure on the
company's free cash flow generation and credit metrics.
Positively, the company has extensive history of finishing major
projects on time and on budget. AES Gener's first phase of
expansion took place between 2007-2013 during which time the
company successfully expanded its generation capacity by 48% to
reach 5,082MW of installed capacity at a total investment cost of
USD3 billion.

The company is in the midst of what it has termed a second phase
of expansion, which involves five major projects under
construction that will increase installed capacity by 25%, with
the total investment cost for this expansion phase expected to
cost USD4 billion. In 2015, Unit 5 of Guacolda (152 MW coal-fired
expansion) and the Angamos desalinization plant were completed.
Also, during 1H16, Cochrane's Unit 1 (266 MW), the Solar Andes
Project (21MW) and Colombian run-of-the-river Tunjita plant (20
MW) began operations.

AES Gener's largest projects under construction are Cochrane (532
MW) and Alto Maipo (531 MW run-of-the-river project) under a 60/40
joint venture with partners Mitsubishi Corporation ('A'/Negative
Outlook) and Minera Los Pelambres S.A., respectively. Remaining
capex associated with these projects is approximately USD1.1
billion, related mainly to the construction of Alto Maipo.
Cochrane Unit 2 remains on schedule to become operational in 2016,
while Alto Maipo will begin operations in late 2018 or 1H19. Alto
Maipo is currently delayed by six months. Fitch's base case
assumptions were revised to reflect this delay and determined cost
overruns of USD300 million-USD350 million.

Non-recourse Debt: Capex investment needs for the Cochrane
(USD1.35 billion) and Alto Maipo (USD2.053 billion) projects were
mainly financed through non-recourse debt of approximately 60% and
70%, respectively. AES Gener financed its equity contribution
share with funds from subordinated notes (USD300 million) issued
in 2013 and a subsequent USD150 million capital increase. The
company's remaining equity contribution for these projects is
approximately USD70 million.

Negative Free Cash Flow (FCF): Primarily due to cash outflows to
fund the Cochrane and Alto Maipo projects, Fitch forecasts the
company to be FCF negative in 2016-2018, becoming positive once
Alto Maipo records a full year of operations. Fitch expects
Cochrane and Alto Maipo to be significant positive cash flow
contributors in 2017 and 2019, respectively. The company's
financial strategy revolves around maintaining a balance between
continuity of funding and financial flexibility through internally
generated cash flows, bank loans, bonds, short-term investments,
committed credit lines and uncommitted credit lines.

Pressured Credit Metrics: Given AES Gener is in the midst of an
aggressive expansion plan, Fitch expects the company's credit
metrics to remain pressured in the short- to medium-term. For the
LTM ended June 2016, the company's consolidated debt-to-EBITDA and
EBITDA coverage metrics were 4.8x and 4.5x, respectively. These
ratios are weaker versus leverage levels of 4.1x and 4.3x in 2014
and 2013, though coverage ratios positively improved versus 4.1x
in 2014.

Excluding the non-recourse debt and EBITDA of the Alto Maipo and
Cochrane power plants, AES Gener's debt-to-EBITDA for the LTM June
2016 was 3.18x. Fitch expects the company's consolidated leverage
levels to remain slightly above 5.0x in 2016 as the company
receives further project finance disbursements - mainly for Alto
Maipo, which is on the weak side for the rating category. Leverage
levels should slowly decline to the 4x level starting in 2H17 as
Cochrane comes on-line and begins generating meaningful cash flow.
"Fitch has revised its assumptions for Alto Maipo, and we expect
this project to become a meaningful cash flow generator in 2019,
contributing to consolidated leverage's decline to below 3.5x."
Fitch said.

High Dividend Payment: AES Gener has a track record of high
dividend payments, and Fitch expects the company to continue to
pay out 100% of net income going forward. Cash flow could be
further pressured during this expansion phase should this dividend
policy be increased to a payout rate above 100% of net income.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for AES Gener
include:

   -- Cochrane begins positive contributions in 2016;

   -- Alto Maipo begins contributing in 2019, additional cost
      overruns of USD300 million incurred in 2019;

   -- Angamos Base Case forecast pared back to reflect lower spot
      prices as 80MW in capacity is sold in spot market until
      Quebrada Blanca contract comes online in 2018;

   -- Lower expected generation in Colombia in 2016 due to weaker
      hydrology and higher FX rate, partially mitigated by startup
      of Tunjita;

   -- Benefit of the resolution 482 in Argentina starting in 2016;

   -- SING/SADI transmission revenues lead to $10 million in
      incremental EBITDA starting in 2016;

   -- Guacolda dividends suspended during 2016-2017

RATING SENSITIVITIES

A change in AES Gener's commercial policy that results in an
imbalanced long-term contractual position would be viewed
negatively by Fitch. In addition, a material and sustained
deterioration of credit metrics reflected in total consolidated
debt-to-EBITDA ratios above 4.5x-5x and total non-recourse debt-
to-EBITDA ratios above 3.0x-3.5x on a sustained basis could result
in a negative rating action. If the company develops additional
significant projects previous to the start of Alto Maipo, it will
be viewed negatively by Fitch. Additional delays on Alto Maipo
beyond Fitch's expectations and/or additional significant cost
overruns may also be viewed negatively.

Fitch believes that a positive rating action is limited at this
time because of the expected capacity expansion over the next few
years.

LIQUIDITY

The company's liquidity is supported by USD468 million of cash on
hand against USD128 million of short-term debt. Gener enjoys an
extended maturity profile, with over 80% of debt coming due after
2020. The company's liquidity is further buoyed by committed and
uncommitted credit lines of approximately USD236 million and
undrawn credit lines totalling USD176 million.

FULL LIST OF RATING ACTIONS

Fitch is affirming the following ratings for AES Gener S.A.:

   -- Long-Term Foreign and Local Currency IDRs at 'BBB-';

   -- International senior unsecured bond ratings at 'BBB-';

   -- International junior subordinated bond ratings at 'BB';

   -- Long-term national scale rating at 'A+(cl)' ;

   -- National senior unsecured bond ratings at 'A+(cl)';

   -- National equity rating at 'Primera Clase Nivel 2(cl)'.

The Rating Outlook is Stable.


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


BANCO DE SERVICIOS: Fitch Affirms 'B+' LT Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has completed its peer review of the largest banks
in the Dominican Republic. As a result, Fitch affirmed the banks'
ratings as detailed at the end of this release.

The three banks (one state-owned bank and two large banks) are:
Banco de Reservas de la Republica Dominicana, Banco de Servicios
Multiples (Banreservas); Banco Popular Dominicano (BPD); and Banco
Multiple BHD Leon S.A. (BHDL). These banks operate primarily in
the Dominican Republic.

The Dominican Republic's operating environment highly influences
the performance of these banks. As Issuer Default Ratings (IDRs)
are constrained by the sovereign, an upgrade of the sovereign's
ratings could lead to an upgrade of BHDL's and Banreservas'
ratings if these banks sustain their current strong financial
performance. The Positive Rating Outlooks for their Long-Term IDRs
are in line with the Dominican Republic's sovereign ratings.

Asset quality at the banks in this review remains sound. Fitch
Ratings believes that favorable economic and operating conditions,
regular fine-tuning of underwriting standards and strict
collection efforts should contribute to preserving good asset
quality ratios.

BHDL outperforms local peers in terms of profitability as it is by
far the most efficient operation and has the lowest credit costs.
BPD's profitability is stable and resilient, whereas Banreservas'
profitability ratios have been historically volatile. For all
Dominican banks, profitability is expected to stabilize at a level
that still compares well with the region's 1.7% average operating
ROAAs.

When capitalization at the three banks is viewed in conjunction
with their reserve coverage levels, BHDL exhibited the strongest
loss absorbing capacity among large Dominican banks as of December
2015, while Banreservas had the weakest. Fitch expects Dominican
banks' capitalization ratios to be stable in 2016, boosted by
sound profitability.

Fitch published the main findings of this peer review completed in
July in a report 'Fitch: Dominican Banks to Benefit from Improved
Operating Environment'.

Following completion of the peer review on July 1, 2016, Fitch
affirmed the following international and national ratings:

   Banreservas

   -- Long-Term Foreign and Local Currency IDRs at 'B+'; Outlook
      Positive;

   -- Short-Term Foreign and Local Currency IDRs at 'B';

   -- Viability Rating at 'b';

   -- Support Rating at '4';

   -- Support Floor at 'B+';

   -- Long-term subordinated notes at 'B'

   -- National Long-Term rating at 'AA+(dom)'; Outlook Stable;

   -- National Short-Term rating at 'F1+(dom)';

   -- National subordinated debt rating at 'AA(dom)'.

   BPD

   -- Long-term National rating at 'AA+(dom)'; Outlook Stable;

   -- Short-term National rating at 'F1+(dom)';

   -- Long-term National subordinated debt at 'AA(dom)'.

   BHDL

   -- Foreign and Local Currency Long-Term IDR at 'B+', Outlook
      Positive;

   -- Foreign and Local Currency Short-Term IDR at 'B';

   -- Viability Rating at 'b+';

   -- Support Rating at '5';

   -- Support Floor Rating at 'NF'.

   -- Long-Term National Rating at 'AA+(dom)'; Outlook Stable;

   -- Short-Term National Rating at 'F1+(dom)'


CERVECERIA NACIONAL: Faces Allegations of Unfair Practices
----------------------------------------------------------
Dominican Today reports that the brewery Cerveceria Nacional
Dominicana "categorically" denied what it called "unfounded
allegations" of unfair practices and abuse of its supposed
monopolistic position in Dominican Republic's beer and rum market.

In a statement, the CND responded to a study accusing it of
abusing its dominant share in the beer market, according to
Dominican Today.

The economist Jaime Aristy Escuder conducted the study
commissioned by the National Competition Protection Commission
(CNDC), the report relays.

"It does not correspond to the behavior and modus operandi of the
Dominican National Brewery in the market," the CND said, the
report notes.

It said the CND's corporate history has been "an example of
transparency and strict compliance with Dominican law." It added
that its local and international practices are subject to
adherence to a rigorous program of compliance, competition and
business conduct, the report relays.

"The Brewery is a company with a long and successful business
tradition that generates more than 3,500 direct jobs and 60,000
indirect jobs," it said, adding that it's also Dominican
Republic's biggest taxpayer, the report discloses.  "Since the
purchase of 51% of the shares by AmBev in 2012, it has invested
more than US$300 million to expand and modernize their
operations," the report adds.


DOMINICAN REPUBLIC: Resume Talks to Reach Electricity Pact
----------------------------------------------------------
Dominican Today reports that the preliminary assemblies leading to
the National Electricity Sector Reform Pact resumed August 18 with
numerous representatives from the social, government, labor and
business sectors present.

In a statement, Economic and Social Council (CES) president
monsignor Agripino Nunez said the 4th round of the meetings on the
Electricity Pact will continue until the process concludes,
according to Dominican Today.

The last session was held last Aug. 18 while the Draft Committee
and working groups continue their tasks during the last few days
to reach an agreement and sign the Electricity Pact, whose
materialization is one of President Danilo Medina's campaign
promises, the report relays.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.


=====================
E L   S A L V A D O R
=====================


BANCO AGRICOLA: Moody's Lowers Counterparty Risk Assessment to Ba2
------------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2(cr) from Ba1(cr)
the long-term counterparty risk assessment of El Salvador's Banco
Agricola, S.A. and continued the review for downgrade.

This assessment was downgraded:

  Long-term counterparty risk assessment, to Ba2(cr) from Ba1(cr),
   on review for downgrade

                         RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADING AND REVIEW FOR DOWNGRADE OF THE
COUNTERPARTY RISK ASSESSMENT

The downgrade of Banco Agricola's long-term counterparty risk
assessment (CRA) to Ba2(cr) from Ba1(cr), is in line with the
downgrading of El Salvador's long-term sovereign ceiling for
foreign currency deposits to Ba2 from Ba1.

The CRA is usually constrained by the local currency deposit
ceiling of a sovereign, but because of the full dollarization of
El Salvador's economy, the Ba2 foreign currency deposit ceiling is
used as the cap for the CRA.

Banco Agricola's long-term CRA is now in line with the bank's ba2
adjusted baseline credit assessment (BCA).  The adjusted BCA,
which incorporates affiliate support, benefits from two notches of
uplift from the b1 standalone BCA, to reflect Moody's assumption
of a high probability of support from Banco Agricola's parent,
Bancolombia S.A. (deposits Baa2 stable, BCA baa3).

The review for downgrade on Banco Agricola's long-term CRA
reflects the review for downgrade of El Salvador's B1 government
bond rating.

WHAT COULD CAUSE THE COUNTERPARTY RISK ASSESSMENT TO MOVE UP OR
DOWN

If and when El Salvador's government bond rating is downgraded,
Banco AgrĀ°cola's CRA would be downgraded.  Because the CRA is on
review for downgrade, there is no upward pressure at this time.

The last rating action on Banco Agricola was on Aug. 12, 2016.

The principal methodology used in this ratings/analysis was Banks
published in January 2016.

Banco Agricola is domiciled in San Salvador, El Salvador, and is
the largest bank in the country in terms of assets.  As of June
2016, Banco Agricola reported consolidated assets of
USD4.2 billion and deposits of USD2.8 billion.


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


FARMACIAS PUERTO RICO: Ordered to Vacate Hato Rey Center Premises
-----------------------------------------------------------------
In the case captioned IN RE: FARMACIAS PUERTO RICO, Debtor(s),
CASE NO. 16-03910 (Bankr. D.P.R.), Judge Brian K. Tester of the
United States Bankruptcy Court for the District of Puerto Rico
granted SF III PR, LLC's urgent motion for immediate surrender of
Farmacias Puerto Rico's premises.

Judge Tester ordered Farmacias to vacate the premises in Hato Rey
Center within 30 days. The judge, however, did not yet determine
the matter of SF's breach of the parties' verbal lease agreement
through the blocking of the west side entrance of the premises,
and allowed the continuation of Farmacias' complaint in adversary
proceeding 16-00142, but only as to the breach of contract claim,
and any monetary damages resulting therefrom.

A full-text copy of Judge Tester's August 16, 2016 opinion and
order is available at http://bankrupt.com/misc/prb16-03910-87.pdf

                  About Farmacias Puerto Rico

Farmacias Puerto Rico filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-03910) on May 16, 2016. The Debtor is
represented by Carlos Rodriguez Quesada, Esq., at the Law Office
of Carlos Rodriguez Quesada.


LABORATORIO ACROPOLIS: Hires Soto as Accountant
-----------------------------------------------
Laboratorio Acropolis Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Carlos
J. Soto Soto as accountant and business consultant to the Debtor.
Laboratorio Acropolis requires Soto to:

   a. provide assistance to the Debtor in preparing the Monthly
      Reports of Operation;

   b. prepare the necessary financial statements;

   c. assist the Debtor in preparing the cash flow projections
      and or any other projection needed for the Disclosure
      Statement;

   d. assist the Debtor in any/all financial and accounting
      pertaining to, or in connection with the administration of
      the estate;

   e. assist the Debtor in the preparation and filing of federal
      state and municipal tax returns; and;

   f. assist the Debtor in any other assignment that might be
      properly delegated.

Soto will be paid at these hourly rates:

                     Carlos J. Soto Soto $50

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

Carlos J. Soto Soto, CPA, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtors and their estates.

Soto can be reached at:

         Carlos J. Soto Soto
         Rd 129 Km 30.5
         Hatillo, PR 00659
         Tel: (787) 307-5403
         E-mail: cssaccounting129@gmail.com

                     About Laboratorio Acropolis

Laboratorio Acropolis, Inc., based in Hatillo, PR, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 16-04609) on June 9, 2016.
Gloria Justiniano Irizarry, Esq., as bankruptcy counsel. In its
petition, the Debtor estimated assets of $0 to $50,000 and
estimated liabilities of $1 million to $10 million. The petition
was signed by Rebeca Maldonado Bidot, president.


SPANISH BROADCASTING: AAA Trust Files Schedule 13D With SEC
-----------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, AAA Trust disclosed that as of Aug. 8, 2016, it
beneficially owned 760,000 shares (represents 380,000 shares of
Series C Preferred Stock, each of which is convertible into two
shares of Class A Common Stock). The Shares represent 10.3% of the
fully diluted shares of Class A Common Stock and Class B Common
Stock upon conversion of the Series C Preferred Stock and 2.7% of
the voting power of the fully diluted Class A Common Stock, Class
B Common Stock and Series C Preferred Stock (which is entitled to
two votes per share) voting together as a single class.
Raul Alarcon also reported beneficial ownership of 3,119,913
shares (includes 2,286,503 shares of Class B Common Stock held in
Mr. Alarcon's own name and 53,500 shares of Class B Common Stock
held by the Alma Alarcon Trust of which Mr. Alarcon is the
trustee. The shares of Class B Common Stock are convertible into
the same number of shares of Class A Common Stock, but are
entitled to ten votes per share). The Shares represent 43.8% of
the fully diluted Class A Common Stock and Class B Common Stock
upon conversion of the Series C Preferred Stock and 85.4% of the
voting power of the fully diluted Class A Common Stock, Class B
Common Stock and Series C Preferred Stock (which is entitled to
two votes per share) voting together as a single class.

Mr. Alarcon is the trustee of AAA Trust and may be deemed to
control, and beneficially own securities owned or held by AAA
Trust. Mr. Alarcon is the Chairman of the Board, Chief Executive
Officer and President of the Company. The Company owns and
operates 17 radio stations located in the top U.S. Hispanic
markets, operates AIRE Radio Networks, and owns Mega TV, a
television operation with over-the-air, cable and satellite
distribution and affiliates through the U.S. and Puerto Rico. The

Company also produces live concerts and events and owns multiple
bilingual websites.

A full-text copy of the regulatory filing is available at:

                      https://is.gd/jWpavO

                    About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. -- http://www.spanishbroadcasting.com/-- owns and
operates 21 radio stations targeting the Hispanic audience. The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico. Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

                       *   *   *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

As reported by the TCR on May 25, 2016, S&P Global Ratings said
that it lowered its corporate credit rating on U.S.
Spanish-language broadcaster Spanish Broadcasting System Inc.
(SBS) to 'CCC' from 'CCC+'.


SPANISH BROADCASTING: CBS Radio, et al., No Longer Own CL-A Shares
------------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, CBS Radio Media Corporation, CBS Radio Inc., CBS
Broadcasting Inc., Westinghouse CBS Holding Company, Inc., CBS
Corporation, National Amusements, Inc., and Sumner M. Redstone
disclosed that as of Aug. 8, 2016, they ceased to beneficially own
shares of Class A Common Stock, par value $.0001 per share, of
Spanish Broadcasting System, Inc.

The amendment was filed to report the disposition on Aug. 18,
2016, of all of the Series C Shares beneficially owned by the
Reporting Persons pursuant to a stock purchase agreement dated
Aug. 8, 2016, among CRMC, the Issuer, Mr. Raul Alarcon and AAA
Trust, a Florida trust, of which Mr. Alarcon is the trustee.

As a result of the sale on Aug. 18, 2016, of the Series C Shares
pursuant to the Stock Purchase Agreement, the Reporting Persons
have disposed of all of the Series C Shares beneficially owned by
them and do not own any shares of the Issuer.

A full-text copy of the regulatory filing is available at:

                    https://is.gd/FP4MsT

                    About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. -- http://www.spanishbroadcasting.com/-- owns and
operates 21 radio stations targeting the Hispanic audience. The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico. Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

                       *   *   *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

As reported by the TCR on May 25, 2016, S&P Global Ratings said
that it lowered its corporate credit rating on U.S.
Spanish-language broadcaster Spanish Broadcasting System Inc.
(SBS) to 'CCC' from 'CCC+'.


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


TRINIDAD & TOBAGO: Signs Inter-Governmental Fatca Deal With U.S.
----------------------------------------------------------------
Trinidad Express reports that an agreement that will pave the way
for the implementation of the Foreign Account Tax Compliance Act
(FATCA) between Trinidad and Tobago and the United States has been
signed.

Finance Minister Colm Imbert and US Ambassador John Estrada signed
the agreement that was enacted in the United States in 2010,
according to Trinidad Express.

The agreement is a model IA Inter-Governmental Agreement (IGA),
which is designed to improve international tax compliance through
mutual assistance in tax matters based on an effective
infrastructure for the automatic exchange of information, the
report notes.

In a statement, the Ministry of Finance described the signing of
the IGA as "another milestone in the relationship between both
countries on tax matters," the report relays.

The signing brings to an end about three years of negotiations
between the countries on the Agreement, the report notes.

"The signing is also timely as it was completed before September
30 deadline set for the exchanging of information between both
countries," the report quoted the Ministry of Finance as saying.

The twin island republic and the US will now move to bring the
agreement into force.

This would allow for the automatic exchange of information between
both countries and also ensure that foreign financial
institutions, including local banks and insurance companies, will
not be subject to a 30 per cent withholding tax, the report
relays.

To bring the IGA into force, the Minister of Finance will take to
the Parliament, the necessary legislation, among other things, to
provide for the automatic exchange of information by the Board of
Inland Revenue to the United States Inland Revenue Service, says
the report.

FATCA is part of US federal Law that requires American citizens
and residents-both within and outside the US-to report on their
non-United States financial accounts, the report adds.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

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

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

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


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