TCRLA_Public/160907.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

            Wednesday, September 7, 2016, Vol. 17, No. 177


                            Headlines



A R G E N T I N A

COLCAR SERIE I: Moody's Gives VRDB Caa2(sf) Global Scale Rating
DEUTSCHE BANK: Moody's Puts B1 Rating on Review for Downgrade


B A H A M A S

* BAHAMAS: Tourism Stakeholders to Meet Over Zika Fears


B O L I V I A

* BOLIVIA: IDB OKs US$100MM Loan for Rural Electrification


B R A Z I L

BRAZIL: Economy Nears Bottom After Shrinking for Six Quarters
VOTO-VOTORANTIM: S&P Affirms BB+ Rating on US$400MM Notes
VOTORANTIM SA: S&P Affirms 'BB+' CCR; Outlook Negative


C A Y M A N  I S L A N D S

ADM ROYAL: Creditors' Proofs of Debt Due Sept. 19
AIP JAPAN: Commences Liquidation Proceedings
BBID LIMITED: Creditors' Proofs of Debt Due Sept. 20
CAYMANAS TRACK: To Make Decision on Dismissed Engineers Known
CHINA CLINIC (SHANGHAI JINGAN): Commences Liquidation Proceedings

CHINA CLINIC (SHANGHAI HUANGPU): Commences Liquidation Proceedings
CHINA REHAB (CHANGZHOU): Commences Liquidation Proceedings
CHINA REHAB (SHANGHAI): Commences Liquidation Proceedings
DW SKYLINE: Creditors' Proofs of Debt Due Sept. 21
LANZO LIMITED: Creditors' Proofs of Debt Due Sept. 29

MILLION CHOICES: Commences Liquidation Proceedings
MSREF VII V GP: Commences Liquidation Proceedings
MSREF VII VII GP: Commences Liquidation Proceedings
NCB MERCHANT: Creditors' Proofs of Debt Due Sept. 28
SABRINA INVESTMENTS: Creditors' Proofs of Debt Due Sept. 15

WHITE FALCON: Creditors' Proofs of Debt Due Sept. 19


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Taxman Shutters 100+ Scofflaw Businesses in 2 Weeks
EMPRESA GENERADORA: S&P Affirms 'B+' CCR; Outlook Remains Stable

* DOMINICAN REP: Chief Says State Should Spur Renewables Projects


G U A T E M A L A

* GUATEMALA: IMF Says Only 1/4 of MDGs for 2015 Were Met


J A M A I C A

JAMAICA: JCC Still Ascertaining Losses From Island Wide Blackout


P E R U

COMPANIA MINERA: Fitch Affirms 'BB+' Rating on $350MM Unsec. Notes
TERMINALES PORTUARIOS: S&P Affirms 'BB' Rating on Sr. Sec. Notes


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Scotiabank Says 2016 Econ. Outlook Remains Weak


X X X X X X X X X

LATAM: Violence & the Economy is Region's Worst Problems


                            - - - - -



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A R G E N T I N A
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COLCAR SERIE I: Moody's Gives VRDB Caa2(sf) Global Scale Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Colcar Serie I, to be issued by TMF Trust
Company (Argentina) S.A. - acting solely in its capacity as Issuer
and Trustee.

As of Sept. 5, 2016, the securities for this transaction have not
yet been placed in the market.  Additionally, this transaction is
pending the approval from the regulator (Comision Nacional de
Valores).  If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

ISSUANCE: Fideicomiso Financiero Colcar Serie I
   -- VRDA: Aa2.ar (sf) (national scale) and B1 (sf) (global
      scale)
   -- VRDB: B2.ar (sf) (national scale) and Caa2 (sf) (global
      scale)
   -- VRDC: Ca.ar (sf) (national scale) and Ca (sf) (global scale)
   -- CP: C.ar (sf) (national scale) and C (sf) (global scale)

The transaction will be backed by an amortizing pool of closed-end
savings plans (planes de ahorro) and loans for the acquisition of
chassis for Mercedes Benz' vehicles.  The loans have been
originated by Colcar Merbus S.A. (NR) and the saving plans by
Colservice S.A. de Ahorro para Fines Determinados (NR).  Colcar
Merbus is the largest dealer of Mercedes Benz buses in Argentina.
The receivables are backed by a first-priority security interest
on the vehicles.

The notes in this transaction will accrue interest starting on the
pool cut-off date (May 1st 2016).  When rating this transaction,
Moody's has assumed that the notes will be issued during the month
of September, with first payment date on the 30th of September.
Should the issuance be delayed, the ratings could be affected,
because the transaction would face a higher interest burden than
expected at the time that the ratings were assigned.

                        RATINGS RATIONALE

The ratings are based mainly on these factors:

   -- The available credit enhancement in the transaction, as an
      initial subordination of 43.6% for the VRDA, 43.1% for the
      VRDB, 34.2% for VRDC and 19.4% for the CP (calculated over
      the nominal amounts of loans assigned to the trust).  In
      addition the transaction benefits from reserve funds.

   -- The value of the collateral, represented by receivables
      related to 104 closed-end savings plans and 11 loans with a
      current weighted average LTV of approximately 34.9%.

   -- The ability of TMF Trust Company (Argentina) S.A. to act as
      trustee.

   -- The first-priority security interest on the Mercedes Benz
      buses and trucks.

   -- The ability of Colservice to act as primary servicer in the
      transaction.

   -- The availability of several reserve funds.

   -- The concentrated nature of the obligors in the pool, that
      mainly consists of small and medium sized companies in the
      transportation industry.

Colcar and Colservice, acting as sellers, will assign fixed
installments related to closed-end saving plans and loans to
finance the purchase of chassis new or used Mercedes Benz buses
and trucks.  Moody's notes that the pool is highly concentrated in
the public transportation and tourism industry in Argentina.  A
negative economic environment affecting these sectors may impact a
large number of securitized receivables.  The pool is highly
concentrated by borrower, as the 115 receivables included in the
transaction correspond to borrowers of 69 economic groups. Also,
the top 10 borrowers represent 36.5% of the original pool balance.
This risk is mitigated by: 1) the low average loan CLTV of 34.9%,
2) the fact that the vehicles backing the securitized receivables
are, in general, a key component of the borrower's working
capital, which is expected to have a lower probability of default
in comparison with other company obligations, 3) the historical
performance of similar pools and the initial subordination which
will increase over time due to a turbo-sequential payment
structure.  Moody's modeled the effect of the concentration in the
pool performance and stressed the pool's default rate
significantly above the historical observed default rates of
similar portfolios.  These concentrations result in potential high
rating volatility.

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

To determine the rating assigned to the tranches, Moody's has used
an expected loss methodology that reflects the probability of
default for each tranche times the severity of the loss expected
for the securities.  For rating this transaction Moody's used two
models: CDOROM and ABSROM.  Moody's used CDOROM to derive the
default distribution applicable to this transaction.  The Moody's
CDOROM model is a Monte Carlo simulation which takes borrower
specific Moody's default probabilities as input.  In order to
allocate losses to the securities in accordance with their
priority of payment and relative size, Moody's has used a cash-
flow model (ABSROM) that reproduces many deal-specific
characteristics: the main input parameters of the model are
described below.  Weighting each loss scenario's severity result
on the tranches with its probability of occurrence, the model has
calculated the expected loss level for each series.  Moody's model
then compares the quantitative values to the Moody's Idealized
Expected Loss table for each tranche.

Stress Scenarios:

In assigning the rating to this transaction, Moody's assumed a
Caa2 rating for obligors related to public transportation and a
Caa3 for the rest of the obligors to determine the default
definition in CDOROM.  Also, Moody's assumed a lognormal
distribution for recoveries with a 40% mean and a 50% coefficient
of variation.  These assumptions are derived from the historical
performance of similar portfolios originated by Colcar and
Colservice.

The model results showed 2.4% expected loss for VRDA, 16.2%
expected loss for VRDB, 63.7% for VRDC, and 99.9% for the CP.

Parameter sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed.  The analysis assumes
that the deal has not aged.  It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Moody's ran parameter sensitivities for different mean recovery
rate assumptions.  This analysis indicated that, if the mean
recovery rate were to be assumed at 60%, the global scale ratings
of the VRDA would be upgraded to Ba3 (sf).  The ratings for VRDB
would be upgraded to B3 (sf).  However, the ratings for the VRDC
and residual class would remain unchanged.

Colservice is a company of the Colcar Group and was constituted in
2006 to originate closed-end saving plans for the purchase of
Mercedes-Benz buses.  Colcar is the largest Mercedes-Benz dealer
in Argentina.  Colcar is also the largest seller of chassis of
buses used for public transportation in Argentina.  The company is
divided in six business lines: buses, commercial vehicles, cars,
equipment, services and spare parts.  Moody's believes that
Colservice's origination and servicing practices are adequate.
Colservice is regulated by the Inspeccion General de Justicia in
Argentina and received periodic audits of procedures from
Mercedes-Benz.

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published December 2015.

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

A receivables performance consistently better than original
projections by Moody's could lead to an upgrade of the ratings.  A
deterioration in the performance of the receivables or a severe
downturn in the Argentine economy could lead to a downgrade in the
rating of the securities.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.


DEUTSCHE BANK: Moody's Puts B1 Rating on Review for Downgrade
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
placed on review for downgrade Deutsche Bank (Argentina)'s B1
global scale and Aa2.ar national scale local currency deposit
ratings.  The action on Deutsche Bank's ratings was prompted by
the sale and purchase agreement signed by its parent, Deutsche
Bank AG (A3/ Baa2 stable, ba1), to sell its Argentine subsidiary
to Banco Comafi S.A. as part of a broader scaling back of its
global operations.

At the same time, MLA has affirmed all the ratings of Banco Comafi
with stable outlook, including the local currency deposit and
senior unsecured debt ratings of B3/Not Prime and Baa1.ar and the
Caa1/Not Prime and Ba1.ar foreign currency deposit ratings.

These ratings assigned to Deutsche Bank (Argentina) were placed on
review for downgrade:

  Global long-term local currency deposit rating of B1
  Long-term national scale local currency deposit rating of Aa2.ar

These ratings assigned to Banco Comafi were affirmed with the
outlook remaining stable:

  Global local currency deposit rating of B3/Not Prime
  Long-term national scale local currency deposit rating of
   Baa1.ar
  Global foreign currency deposit rating of Caa1/Not Prime
  Long-term national scale foreign currency deposit rating of
   Ba1.ar
  Local and Foreign currency global senior unsecured MTN of (P)B3
  Local and Foreign currency national scale senior unsecured MTN
   of Baa1.ar
  Global senior unsecured debt ratings of B3
  National scale senior unsecured debt ratings of Baa1.ar
  Counterparty risk assessment of B2 (cr)/Not Prime (cr)
  Baseline credit assessment of b3
  Adjusted baseline credit assessment of b3

                         RATINGS RATIONALE

DEUTSCHE BANK (ARGENTINA)

The review for downgrade considers that Deutsche Argentina's
creditors will no longer benefit from the promise of support from
its German parent in times of stress once the transaction closes.
Deutsche AG ensures, in a declaration of backing, that it ensures,
except in the case of political risk, that the Argentine
subsidiary is able to meet their contractual liabilities.
Deutsche Bank Argentina's current rating incorporates two notches
of uplift to reflect a high likelihood of affiliate support.

                WHAT COULD MAKE THE RATING GO DOWN

The review is expected to conclude when the transaction closes, at
which point Deutsche Argentina's rating will likely be lowered to
the same level as Comafi's.  If Deutsche Argentina's assets and
liabilities are directly assumed by Comafi as is currently
expected, its rating will then be withdrawn.  If the sale does not
go through, the ratings could potentially be confirmed at their
current level.

                            BANCO COMAFI

In affirming Comafi's ratings, Moody's is incorporating the
expected positive effect of the acquisition on the bank's credit
profile.  The sale will strengthen Banco Comafi's profitability
and revenue diversification by giving it access to Deutche
Argentina's significant fiduciary and depositary businesses.  Once
regulators approve the transaction, which is anticipated in the
first half of 2017, the bank will be able to further consolidate
its existing institutional business by developing deeper
commercial relationships with Deutsche Argentina's customers,
which include several leading mutual funds and institutional
investors.  The acquisition is expected to provide Comafi, which
is currently the 19th largest lender in Argentina, potentially
significant cross-selling opportunities.

The sale will also boost Comafi's base of inexpensive demand
deposits by 8%.  More expensive time deposits currently account
for more than 56% of Comafi's total deposits.  After the merger is
complete, time deposits will fall to 51% of the bank's total
deposits, bringing it closer to the system average of 38% and
reducing its overall funding costs.

These factors will further enhance Comafi's profitability, which
is already supported by a diversified base of earnings sources,
driven by corporate and consumer lending, and also securities
gains.  The bank reported ARS411 million in net income in its
latest fiscal year, which ended in June 2016, representing an 81%
jump from the previous year, more than three times as high as the
country's already very high rate of inflation.  The earnings gain
was driven by significant growth in corporate and consumer
lending, together with high securities earnings and moderate
credit cost.  As a result, Comafi's net income to tangible assets
rose to 2.4%, recovering from a dip to 1.9% in the fiscal year
ending in June 2015.  While return on assets is very high by
global standards, on an inflation-adjusted basis, profitability
remains much lower.

Deutsche Argentina's business acquired by Comafi will provide new
and relevant income sources, which will positively impact the
bank's profitability.  However, there is a significant risk of
attrition of Deutsche Argentina's clients, both before the
transaction closes and potentially afterwards as well, which could
reduce the value of Comafi's purchase.

It is also important to note that although Comafi will be
purchasing 100% of the shares in Deutsche Argentina, the business
that it will be acquiring is considerably smaller than the
business that was traditionally operated by Deutsche Argentina.
In anticipation of exiting the country, Deutsche has shut down
several lines of business in recent months.  Consequently, the net
income generated by the operations that Comafi is acquiring is
likely to be below the ARS 187 million of profits generated by
Deutsche Argentina during first half of 2016.  The German parent
will continue to offer underwriting advisory services directly to
Argentine clients.

             WHAT COULD MAKE THE RATING GO UP OR DOWN

Notwithstanding the credit positive implications of the
transaction for Comafi, its ratings have been affirmed with a
stable outlook as they are constrained by Argentina's sovereign
rating, given that Comafi does not benefit from support from a
foreign parent.  Consequently, there is no room for upward
pressure unless and until the Argentine sovereign, which currently
has a stable outlook, is upgraded.  On the other hand, Comafi's
ratings would be under downward pressure if the fundamentals of
the bank and/or Argentina's operating environment deteriorates, as
well as if the sovereign bond rating is downgraded.



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B A H A M A S
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* BAHAMAS: Tourism Stakeholders to Meet Over Zika Fears
-------------------------------------------------------
Caribbean News Now reports that the Bahamas ministry of tourism
plans to meet with stakeholders next week to discuss preventative
measures against the zika virus.

Speaking with Guardian Business, Minister of Tourism Obie
Wilchcombe said a regional effort should be made in order to seek
funding to help prevent the virus from infecting visitors that
come to The Bahamas and other Caribbean states, according to
Caribbean News Now.

Mr. Wilchcombe pointed out that Walt Disney World, Universal
Orlando Resort and SeaWorld Orlando began last week to offer
mosquito sprays and lotion free of charge at their parks, the
report notes.

Mr. Wilchcombe referred to the virus as a "red flag" for tourist
destinations, particularly in the Caribbean, the report says.

More cases of zika have recently surfaced in The Bahamas, making
the total number of confirmed cases now eight.

"The country has to adapt into a "state of emergency" so that we
are fighting to ensure prevention. If we do not, we are just
watching a situation that constantly develops. We are better off
today arguing about prevention and getting everyone involved in
order for them to understand that their business has to be
protected and what needs to be done," the report quoted Mr.
Wilchcombe as saying.

Since the first case of zika was reported on August 10, The
Bahamas has received three international travel warnings, the
report relays.

Three additional zika cases were confirmed and health officials
say there were 83 suspected cases found throughout The Bahamas,
eight of whom are pregnant women.

Mr. Wilchcombe warned about the short and long term effects of
continued international travel warnings for The Bahamas, the
report notes.

"In the short term, we have not seen any evidence to suggest any
cancellations at all in reference to zika.

In the long term, if you see more cases and travel warnings then
you can imagine what would happen. You have to be careful. It is
best not to risk anything," Mr. Wilchcombe added.



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B O L I V I A
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* BOLIVIA: IDB OKs US$100MM Loan for Rural Electrification
-----------------------------------------------------------
The Inter-American Development Bank has approved a US$100 million
loan to help advance the living standards of Bolivia's low-income
households that lack or have only limited access to electricity by
improving and expanding service coverage.

The project focuses on boosting up power availability in rural
areas, fostering the population's integration to public and social
services and contributing to the productive use of electricity,
and to poverty alleviation efforts.

The program, which includes a gender approach, aims to foster
energy consumption in rural locations and increase transmission
capacity in order to enhance its coverage area, thereby helping to
reduce CO2 emissions typically associated with the use of fossil
fuels by isolated power systems.

While rural electrification jumped from 25 percent to 66 percent
between 2001 and 2015 by adding an extra 1.3 million households,
there are still some 375,000 homes without electricity, 86 percent
of which are located in rural areas -- mostly in low-income
indigenous communities.

Achieving universal coverage would demand $1.9 billion in
investments. Ninety percent of the rural homes currently lacking
power could be linked to the network, with the remaining 10
percent using alternative energy sources.

Under the program, some 35,000 rural homes that have no
electricity will be connected to the distribution grid, with an
additional 19,000 households connected directly to the Padilla-
Monteagudo-Camiri distribution line. The program also seeks to
promote the productive use of electricity by at least 1,400 homes
located in rural areas.

The program's total cost is $100 million. The lending consists of
a $85 million loan from the Bank's ordinary capital for a 30-year
term and a 60-month disbursement period, at LIBOR-based interest
rate, and a second, $15 million credit from the Bank's Fund for
Special Operations for a 40-year term, with a 60-month
disbursement period and at 0.25 percent interest.

As reported in the Troubled Company Reporter-Latin America on July
18, 2016, Fitch Ratings downgraded Bolivia's Long-Term Foreign and
Local Currency Issuer Default Ratings to 'BB-' from 'BB'.  The
Rating Outlook is Stable.  The issue ratings on Bolivia's senior
unsecured Foreign and Local Currency bonds have also been
downgraded to 'BB-' from 'BB'.  The Country Ceiling has been
downgraded to 'BB-' from 'BB' and the Short-Term Foreign Currency
IDR is affirmed at 'B'.



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B R A Z I L
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BRAZIL: Economy Nears Bottom After Shrinking for Six Quarters
-------------------------------------------------------------
Walter Brandimarte at Bloomberg News reports that Brazil's worst
recession on record is nearing its end as Latin America's largest
economy shrank only slightly more than expected in the second
quarter and investment rebounded.

Brazil's gross domestic product contracted 0.6 percent in the
three months ended in June, its sixth straight quarter of
contraction, after a revised 0.4 percent drop in the previous
period, the national statistics institute said, according to
Bloomberg News.  The figure was worse than the median estimate for
a 0.5 percent decline from 46 economists surveyed by Bloomberg.

From a year earlier, GDP shrank 3.8 percent after a 5.4 percent
drop in the previous quarter, Bloomberg News notes.

Signs of an incipient economic rebound are emerging as business
and consumer confidence rise from historic lows, Bloomberg News
relays.   Expectations that the impeachment of Dilma Rousseff will
trigger structural reforms is fueling optimism about the future of
an economy that over the past two years has been battered by an
unprecedented corruption scandal and a crippling political crisis,
Bloomberg News notes.

Investment, a key growth barometer, rose 0.4 percent in the second
quarter, rebounding after ten consecutive quarters of contraction.
Family spending declined 0.7 percent, while government spending
dropped 0.5 percent, Bloomberg News notes.

"Brazil continues to edge toward a recovery," Bill Adams, senior
economist with PNC Financial Services Group, wrote in a note to
clients in which he forecast the central bank should be able to
start cutting interest rates in the fourth quarter of 2016,
Bloomberg News discloses.  "That will create more space for
consumer spending and likely allow Brazil to enter a modest
recovery in 2017," he added.

                               Reform Hopes

Brazilian financial markets have rallied on prospects that Acting
President Michel Temer, once confirmed in office, will pass
legislation to overhaul the pension system and curb a nearly-
record budget deficit that has sent public debt swelling to almost
70 percent of GDP, Bloomberg News notes.

The Brazilian real, the world's best-performing currency so far
this year, was little changed after the data was released, says
the report.

Delaying the economic recovery is the country's benchmark interest
rate, which policy makers are widely expected to keep at a 10-year
high of 14.25 percent at the end of their two-day monetary policy
meeting later on Wednesday, Aug. 31, Bloomberg News says.  Central
bank chief Ilan Goldfajn has poured cold water on market hopes for
a substantial monetary easing this year as Brazil's inflation
still runs at nearly twice the official target of 4.5 percent,
Bloomberg News notes.

The Brazilian economy is forecast to contract 3.5 percent this
year following a 3.8 percent decline in 2015, according to
economists polled by Bloomberg.  That would mark the country's
worst recession on record, Bloomberg News says.  For 2017, the
same economists expect modest growth of 1 percent.

That will be insufficient to significantly improve a labor market
that has shed 1.8 million jobs over the past 12 months, fueling a
vicious cycle of falling tax revenues and growing budget deficits,
Bloomberg News adds.

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


VOTO-VOTORANTIM: S&P Affirms BB+ Rating on US$400MM Notes
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB+ (sf)' rating on Voto-
Votorantim Overseas Trading Operations IV Ltd.'s (VOTO's)
US$400 million 7.75% notes and removed it from CreditWatch
negative.  The rating actions follow the Sept. 1, 2016, rating
affirmation on Votorantim S.A., the ultimate guarantor of the
notes.

In June 2005, VOTO issued US$400 million of notes on behalf of
Votorantim Group, a Brazilian industrial conglomerate comprising
Votorantim Participacoes S.A. (VPAR), now called Votorantim S.A.
(VSA), Votorantim Celulose e Papel S.A., now called Fibria
Celulose S.A. (FC), and Cimento Rio Branco S.A., now called
Votorantim Cimentos S.A. (VC), which jointly, severally,
unconditionally, and irrevocably guarantee the timely payment of
all amounts due on the notes.  FC's and VC's liability is limited
to 50% of the notes' outstanding amount, and thus VSA fully
guarantees 100% of the notes' outstanding amount.

On Jan. 13, 2016, S&P withdrew its 'BBB-' global scale and 'brAAA'
national scale corporate credit ratings on VPAR following the
merger of VPAR and Votorantim Industrial S.A. (VID).  VID, now
called VSA, is currently the ultimate holding company of the
Votorantim Group and S&P's 'BB+' rating on the notes reflects its
rating on this entity.

On Sept. 1, 2016, S&P Global Ratings affirmed its 'BB+' global
scale and its 'brAA+' Brazilian national scale corporate credit
ratings on VSA and removed the ratings from CreditWatch negative.
The outlook is negative.  The rating affirmation reflects S&P's
understanding that VSA would be able to withstand S&P's
hypothetical stress scenario in the case of a sovereign default in
Brazil.  The negative outlook on VSA reflects the outlook on
Brazil.

S&P do not place outlooks on structured finance transactions, but
any downgrade on VSA would lead to a downgrade on the notes.


VOTORANTIM SA: S&P Affirms 'BB+' CCR; Outlook Negative
------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' global scale and its 'brAA+'
Brazilian national scale corporate credit ratings on Votorantim
S.A.  At the same time, S&P affirmed its 'BB+' global scale
corporate credit rating on Votorantim Cimentos S.A. (VC) because
S&P considers the cement division as the group's core subsidiary,
with both entities bearing the same default risk.  S&P also
removed the ratings on both companies from CreditWatch negative.
The outlook on the entities is negative.

S&P also affirmed the issue-level ratings on the debt issued or
guaranteed by Votorantim and VC. The recovery rating on this debt
of '3', indicating S&P's expectation that lenders would receive
meaningful (50%-70%; upper half of the range) recovery of their
principal in the event of a payment default, remains unchanged.

The rating affirmation reflects S&P's understanding that
Votorantim would be able to withstand our hypothetical stress
scenario in case of a sovereign default in Brazil.

When analyzing Votorantim, S&P incorporates in its financial
analysis and forecasts of a potential contingent liability from
Banco Votorantim S.A. (through Votorantim Finanáas S.A.) that may
spill over to the holding level.  This results from S&P's
understanding of the Brazil's Law 9,447/1997, which states that
the individuals or legal entities exercising control over
financial institutions subject to intervention or liquidation are
jointly and severally liable with the officers and managers of
those entities for the amount of their unpaid liabilities.

While the responsibility of a controlling shareholder to support
the bank isn't equivalent to a financial guarantee (it does not
guarantee timely payment), it's a legal obligation ultimately
enforceable via a potential freeze on assets.  In S&P's view, this
creates a very strong incentive to capitalize the bank when
needed. So when a corporate group owns or controls a bank, S&P
seeks to assess the maximum risk that the latter could represent
for the group, based on the bank's credit profile, size, and
ownership profile.  The size of such potential support would
increase as the bank's stand-alone credit profile (SACP)
deteriorates.  S&P's analysis considers Banco Votorantim's 'bb-'
SACP and the Votorantim group's shared control of the bank with
Banco do Brasil S.A. (BdB; BB/Negative/B).



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


ADM ROYAL: Creditors' Proofs of Debt Due Sept. 19
-------------------------------------------------
The creditors of ADM Royal Global Strategies Fund Limited are
required to file their proofs of debt by Sept. 19, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 3, 2016.

The company's liquidator is:

          ADM Global Holding Limited
          c/o Willow House, Floor 4, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648


AIP JAPAN: Commences Liquidation Proceedings
--------------------------------------------
On Aug. 9, 2016, the sole shareholder of AIP Japan Recovery Fund
IV (Cayman) 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:

          Carrie Delima
          4350 S Monaco Street
          5th Floor Denver Colorado 80237
          United States of America


BBID LIMITED: Creditors' Proofs of Debt Due Sept. 20
----------------------------------------------------
The creditors of BBID Limited are required to file their proofs of
debt by Sept. 20, 2016, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Chan Lee Fong
          c/o 168 Robinson Road
          #30-01, Capital Tower
          Singapore 068921
          Telephone: + 65 6713 2915
          Facsimile: + 65 6713 2999


CAYMANAS TRACK: To Make Decision on Dismissed Engineers Known
-------------------------------------------------------------
RJR News reports that Danville Walker, Chairman of Caymanas Track
Limited (CTL), said a statement on the decision regarding the
recent dismissal of engineers will be issued shortly.

Following a meeting of the Board, Mr. Walker said further
discussions will be held with the unions representing the workers
before an announcement is made, according to RJR News.

The workers were dismissed last month amid a police probe into the
disappearance of computer files at CTL, the report notes.

They have insisted that the sabotage allegations are untrue, the
report relays.


CHINA CLINIC (SHANGHAI JINGAN): Commences Liquidation Proceedings
-----------------------------------------------------------------
On Aug. 17, 2016, the sole shareholder of China Clinic (Shanghai
Jingan), Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


CHINA CLINIC (SHANGHAI HUANGPU): Commences Liquidation Proceedings
------------------------------------------------------------------
On Aug. 17, 2016, the sole shareholder of China Clinic (Shanghai
Huangpu), Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


CHINA REHAB (CHANGZHOU): Commences Liquidation Proceedings
----------------------------------------------------------
On Aug. 17, 2016, the sole shareholder of China Rehab Hospital
(Changzhou), Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


CHINA REHAB (SHANGHAI): Commences Liquidation Proceedings
---------------------------------------------------------
On Aug. 17, 2016, the sole shareholder of China Rehab Hospital
(Shanghai), Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


DW SKYLINE: Creditors' Proofs of Debt Due Sept. 21
--------------------------------------------------
The creditors of DW Skyline 2015-1 Ltd. are required to file their
proofs of debt by Sept. 21, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 8, 2016.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +13456236800


LANZO LIMITED: Creditors' Proofs of Debt Due Sept. 29
-----------------------------------------------------
The creditors of Lanzo Limited are required to file their proofs
of debt by Sept. 29, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 10, 2016.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


MILLION CHOICES: Commences Liquidation Proceedings
--------------------------------------------------
On Aug. 2, 2016, the sole shareholder of Million Choices Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Stephen Liu Yiu Keung
          Koo Chi Sum
          c/o Maples and Calder, Attorneys-at-law
          Ugland House
          P.O. Box 309, Grand Cayman KY1-1104
          Cayman Islands


MSREF VII V GP: Commences Liquidation Proceedings
-------------------------------------------------
On July 13, 2016, the sole shareholder of MSREF VII Japan Asset V
GP 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:

          Alan De Saram
          Collas Crill
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


MSREF VII VII GP: Commences Liquidation Proceedings
---------------------------------------------------
On July 13, 2016, the sole shareholder of MSREF VII Japan Asset
VII GP 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:

          Alan De Saram
          Collas Crill
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949 - 4544
          Facsimile: (345) 949 - 8460


NCB MERCHANT: Creditors' Proofs of Debt Due Sept. 28
----------------------------------------------------
The creditors of NCB Merchant Voucher Receivables, Ltd. are
required to file their proofs of debt by Sept. 28, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 11, 2016.

The company's liquidators are:

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


SABRINA INVESTMENTS: Creditors' Proofs of Debt Due Sept. 15
-----------------------------------------------------------
The creditors of Sabrina Investments 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. 8, 2016.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


WHITE FALCON: Creditors' Proofs of Debt Due Sept. 19
----------------------------------------------------
The creditors of White Falcon Limited are required to file their
proofs of debt by Sept. 19, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 28, 2016.

The company's liquidator is:

          Mohammed Bin Suroor Mohammed Al Nahyan
          c/o Avril G. Brophy
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


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


DOMINICAN REP: Taxman Shutters 100+ Scofflaw Businesses in 2 Weeks
------------------------------------------------------------------
Dominican Today reports that from pizzerias to hardware stores and
nearly every type of business in between, the Internal Taxes
(DGII) agency revealed that it has shuttered over 100 businesses
in the last two weeks nationwide for failing to pay their taxes.

It said it will continue to close those businesses that fail to
pay the taxes due once the deadline expires, according to
Dominican Today.

The DGII said the shuttered businesses include those who failed to
pay the fines despite expired deadlines established by law and the
extensions provided, for refusing to install tax registry
printers, for never having submitted their Income Tax Returns and
for outstanding fines levied for using forged tax receipts, among
other offenses, the report notes.

It adds that businesses which have reopened have complied and paid
the fines, after signing a statement of commitment to install
their tax registry system, the report says.

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.


EMPRESA GENERADORA: S&P Affirms 'B+' CCR; Outlook Remains Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' corporate credit rating on
Empresa Generadora de Electricidad Haina S.A. following a full
review.  The outlook remains stable.

The rating affirmation reflects S&P's conclusion that the
company's business risk has increased on greater exposure to the
spot market volume, while its financial performance has slightly
improved from S&P's earlier expectation due primarily to lower
capital spending and the reduction of accounts receivable that
lower working capital debt requirements.  The risk of operating in
the Dominican Republic's power market is a key ratings driver.

Haina continues to be one of the largest power generation
companies in the Dominican Republic, operating eight thermal
plants with aggregate 690 megawatts (MW) capacity, which accounted
for approximately 17.8% of the country's installed capacity and
18.5% of total generation as of July 31, 2016.  Despite Haina's
relative large size and cash-cost efficiency--as about 72% of
capacity is among the sixth lowest cost quartile-- S&P continues
to view the business as weak given the challenges of operating in
the Dominican Republic's electric power industry, in which plant
production economics may not translate well to dispatch and
positive operating margins.  The company is exposed to the
country's weak regulatory framework while it operates in an
inefficient and highly subsidized distribution sector with
uncertain long-term financial sustainability.  The analysis also
considers the higher risk of operating in the spot market, as
Haina's long-term PPAs with the distribution companies matured in
August 2016.

"We continue to assess the company's financial risk profile as
significant.  In August 2015, the government restructured very
high accounts receivables from Haina's counterparties, which
lowered sharply the company's working capital requirements, and
therefore, debt.  Despite the relatively low leverage metrics,
such as debt to EBITDA of 0.7x and funds from operations (FFO) to
debt of 122% in 2015, we expect Haina's financial performance to
weaken starting in 2016, given its current exposure to spot market
that, in our view, should expose the company to re-contracting
risk and price, translating in cash flow volatility.  In addition,
Haina's financials metrics are likely to weaken in the forecast
period because the company should incur in additional debt to fund
the construction of a new 50 MW wind farm - Larimar II, which is
likely to start operating in 2018.  We forecast debt to EBITDA in
the range of 1.5x-2.5x and FFO to debt in the range of 50%-25% for
2016 and 2017," S&P said.

S&P's base-case scenario for Haina incorporates these assumptions:

   -- Electricity consumption in the Dominican Republic to remain
      relatively stable, with a slight decrease in revenue in 2016
      and 2017 because of the likely lower spot prices, in line
      with S&P's projections of low hydrocarbon prices.

   -- A slight drop in EBITDA margin to around 25% due to
      inflation.

   -- $200 million additional debt issuance in 2016, in order to
      fund annual maintenance capital spending of around
      $6 million, the construction of the Larimar II wind farm
      that should consume approximately $100 million until 2018,
      and other working capital needs.

The weak business risk profile and significant financial risk
profile assessments on Haina reflect a 'bb-' anchor score.
However, on a comparable basis with peers, S&P thinks that the
risks of operating in this market add additional risk to Haina.
Therefore, S&P lowers the anchor by one notch to arrive at a 'B+'
corporate credit rating.  The risk primarily stems from the power
sector's dependence on the local economy and, in particular, the
sovereign's subsidies, which exposes it to potential economic
stress.  S&P's base-case scenario excludes a reduction or
termination of the energy subsidies, which would have a major
direct impact on Haina's cash flow generation and operating
sustainability.

Finally, the rating also incorporates S&P's opinion that there's a
low likelihood of timely and sufficient extraordinary support from
the government, which is the owner of 49% of Haina's shares, in
the event the latter experience a financial distress.  S&P
believes that the government already provides ongoing support to
the sector through the subsidies and wouldn't extend additional
support to any single entity.

The stable outlook on Haina reflects S&P's expectation that it
will continue to post EBITDA margin of around 25%, despite the
shift towards operations in the spot market because S&P believes
the company will continue to perform as a base-load asset in the
next two years.  Therefore, S&P expects debt to EBITDA of less
than 2.5x and FFO to debt above 30% for the next two years, even
considering the new wind farm investment.

S&P could lower the ratings if the company's key credit metrics
fall significantly short of S&P's expectations, which could be the
result of sustained periods of downtime, resulting in FFO to debt
lower than 20% and debt to EBITDA higher than 3.0x on a sustained
basis over the forecast period.  Additionally, an increase in
working capital needs due to higher accounts receivables, which
would weaken the company's liquidity significantly, could trigger
a downgrade.  The ratings could also come under pressure if the
government fails to support the sector through subsidies or if S&P
was to downgrade the sovereign.

S&P don't expect an improvement in Haina's business risk profile
during the forecasted period, so an upgrade would require stronger
financial performance.  More specifically, FFO to debt above 45%
and debt to EBITDA below 1.5x.  S&P thinks such a development
would require materially higher spot market prices which S&P
believes are unlikely at this time.


* DOMINICAN REP: Chief Says State Should Spur Renewables Projects
-----------------------------------------------------------------
Dominican Today reports that Energy and Mines Minister Antonio Isa
Conde said the State should define appropriate projects to develop
renewable energy and revealed that his agency is drafting a bill
to reform and boost the sector.

"There are good things, such as renewable energy, that if you
leave them half-baked they'll create problems.  We have to
organize ourselves and know what kind of energy has potential and
where is best to place these projects, but you cannot give
concessions at a whim," the official said, according to Dominican
Today.

Minister Isa said the rules governing renewable energy must be
thought through to let the projects flow, because in his view, a
complex permit process, in addition to stagnating them, lends
itself to discretionary practices by officials, the report notes.

Minister Isa's remarks came in response to questions by
journalists Homero Figueroa and Lorenna Pierre on the status of
the talks on renewable energy in the context of the pending
Electricity Pact, the report relays.

Minister Isa said in future reform plan instruments should make
the more viable financing of projects seeking to generate energy
from renewable sources, "because that has been a problem for their
development," 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.


=================
G U A T E M A L A
=================


* GUATEMALA: IMF Says Only 1/4 of MDGs for 2015 Were Met
--------------------------------------------------------
On August 22, 2016, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Guatemala, and considered and endorsed the staff appraisal without
a meeting.

The Guatemalan economy withstood the 2015 political crisis well. A
solid policy track record together with favorable external
conditions contributed to the resilience. The new administration,
who took office in January, 2016, is undertaking important efforts
to tackle corruption, one of the major challenges facing the
country's economy and society at large. The main strands of these
efforts include a broad-based reform of the tax and customs
administration, more transparent public procurement, increased
accountability of Congress, a more independent Judiciary, and
stricter application of the rule of law.

Macroeconomic performance has been solid. The economy grew at 4.1
percent in 2015, slightly above potential, despite a slowdown in
public consumption and investment during the crisis. Private
consumption was lifted by lower oil prices and strong remittances.
The latter also boosted the external position, creating a
comfortable reserve cushion. With inflation well-anchored,
monetary policy was eased to support growth. The financial system
remained stable with no material loss of correspondent banking
relationships. Fiscal revenues, however, fell well below
expectations. The shortfall was offset by even larger spending
cuts, resulting in a fiscal deficit below the budget target.

Progress on social objectives is lagging. Only one fourth of the
Millennium Development Goals (MDGs) for 2015 were met, with none
met for the rural and indigenous population. Moreover, there have
been reversals in reducing extreme poverty and raising school
enrollment.

The macroeconomic outlook remains benign. Growth is set to return
to its trend rate of 3.8 percent in 2016 and gradually rise to 4
percent in the medium term, reflecting the positive impact of
efforts to increase transparency and efficiency of public
spending. Despite a pick-up in food price inflation, headline
inflation has remained within the target range so far in 2016 and
is expected to stay on course in the medium term. The external
position is set to widen to 1.7 percent of GDP by 2021, driven by
gradual reversal of the oil price decline and strong domestic
demand. Fiscal deficit is projected to remain close to 1.5 percent
of GDP in the medium term. Risks, however, are tilted towards the
downside due to global uncertainties and domestic policy
constraints.

                      Executive Board Assessment

The economy weathered the 2015 political crisis well. Despite the
impact of revenue shortfalls on public expenditure, growth
remained robust in 2015, supported by low oil prices and strong
remittances. The exchange rate has been stable and inflation has
remained within the central bank's target range. These trends are
expected to continue in the medium term, with GDP growing at
potential and inflation within the target range. The current
account deficit is projected to increase only gradually. However,
there are downside risks to growth from global uncertainties and
domestic policy constraints.

A higher fiscal deficit could be justified on structural and
social grounds. With the output gap closed, the current broadly
neutral fiscal stance is reasonable. However, a fiscal relaxation
to bring the overall deficit to around 2 percent of GDP may be
justified to maintain capital and social spending and to implement
the anti-corruption reform agenda. However, this should be a
temporary increase in the deficit while efforts to raise the
revenue-GDP ratio are put in place.

Monetary policy should be attuned to signs of an increase in
inflation. Core inflation remains below the target range,
inflation expectations well-anchored, and inflation is forecasted
to remain within the target range. However, the central bank
should stand ready to increase the policy rate promptly if
inflationary pressures intensify.

Structural objectives should guide fiscal policy over the medium-
term. A gradual increase in fiscal revenues to at least 15 percent
of GDP would be essential to meet critical social, security and
infrastructure needs and to support long-term growth. This will
require both improvements in tax administration and a revamp of
the tax policy framework, including through an increase in tax
rates. Tax reform should be presented in the context of a more
comprehensive reform strategy to help secure public support.
Measures to improve fiscal transparency and efficiency on the
expenditure side would help raise government credibility.

The central bank should transition to a full-fledged inflation
targeting. Additional measures to strengthen the monetary
transmission, including continuing efforts to increase exchange
rate flexibility, discourage dollarization, cover past and current
operational losses of the Central Bank in the short term and
recapitalize the Central Bank in the longer term, and develop
capital markets would help with that transition.

Guatemala's external position is moderately stronger than the
level consistent with medium term fundamentals and desirable
policy settings. A lower-than-desirable fiscal deficit accounts
for most of the identified policy gap. Reducing crime and
corruption, investing in education and infrastructure,
strengthening legal protection, and deepening the financial system
would help mitigate the competitiveness gap.

Efforts to fortify the financial system should continue. The
financial system appears sound, though moderately high credit
dollarization, fast growing foreign bank liabilities, and exposure
to sovereign debt represent vulnerabilities. The system has not
been materially affected by the loss of correspondent banking
relationships. However, this should not slow efforts to strengthen
risk-based Anti-Money Laundering/Combating the Financing of
Terrorism supervision and bring the framework into line with the
Financial Action Task Force standards, especially as it would
complement efforts to combat crime and corruption. Continued
implementation of the 2014 Financial Sector Assessment Program
update and regional cluster surveillance report recommendations,
including strengthening capital and liquidity buffers as well as
enhancing consolidated supervision of financial conglomerates,
will help strengthen financial system's resilience.

Structural reforms should support higher and more inclusive
growth. Increasing the size and efficiency of social assistance
programs as well as raising public expenditures on education,
infrastructure, and security will be important to continue
building human and physical capital. Improved childcare and
support to indigenous women could help raise female labor force
participation. Continued progress on regional and international
integration, stronger competition policies, and measures to
support financial deepening and inclusion, will also help
stimulate long-term inclusive growth. Articulating an overarching
long-term growth and social strategy would help garner public
support for the reforms.



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


JAMAICA: JCC Still Ascertaining Losses From Island Wide Blackout
---------------------------------------------------------------
RJR News reports that the Jamaica Chamber of Commerce (JCC) is
admitting that it has been a challenge in ascertaining the losses
suffered by the business community during the recent island wide
power outage.

"Because it is difficult to quantify -- but we are trying to get a
rough estimate," said JCC President, Warren McDonald, according to
RJR News.

The report notes that the island was left without electricity for
several hours on August 27 after a simultaneous system failure at
Jamaica Public Service Company generating units.

                              Task force

A task force is to be convened to examine the state of electricity
and telecommunications companies in light of recent island wide
disruptions in both services, the report notes.

The announcement was made by Energy and Technology Minister, Dr.
Andrew Wheatley.

The task force will be comprised of ministry, regulatory, academic
and consumer representatives, the report relays.

Dr. Wheatley indicated that for the second time in two weeks, the
country has experienced a major utility service outage, the report
notes.

FLOW customers were left without internet and voice services due
to a technical failure at its main hub in New Kingston.

On August 27 there was an island wide power outage.

                             *     *     *

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



=======
P E R U
=======


COMPANIA MINERA: Fitch Affirms 'BB+' Rating on $350MM Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings of Hochschild Mining Plc, and
$350 million 7.75% senior unsecured notes due 2021 issued by the
company's 100%-owned subsidiary in Peru, Compania Minera Ares
S.A.C. (Cia Minera Ares), at 'BB+'.  The Rating Outlook is Stable.

                        KEY RATING DRIVERS

Swift Reduction in Net Leverage:

Hochschild successfully deleveraged over the last 12 months ended
June 30, 2016, to net debt/EBITDA of 1.0x as the company benefited
from the successful start-up of its Inmaculada mine, coupled with
a strong rally in commodity prices.  Hochschild has also benefited
from the removal of taxes on exports and dividends in Argentina,
with a positive impact on its San Jose mining operations which
account for approximately 25% of the company's EBITDA generation.
Fitch projects Hochschild's net leverage to be around 0.7x for
2016 and fall to below 0.5x by 2017, absent a material change in
the company's cost structure, significant acquisitions, or
increased dividends.

Realization of Cost Improvements:

Hochschild's focus on cost reductions over the last 12 months have
also contributed to its strong cash flow generation, as the
company's all-in sustaining cost of production of silver
equivalents declined to USD10.9/per ounce as of June 30, 2016,
compared to USD 12.9/per ounce in 2015 and USD 17.4/per ounce in
2014.  The decline in Hochschild's all-in sustaining cost of
production of silver equivalents was a result of the full
contribution from its Inmaculada mine, which has a standalone all-
in sustaining cost of production of silver equivalents of USD9 per
ounce, lower fuel and input prices, coupled with the
aforementioned tax reforms in Argentina.  Hochschild's ability to
maintain its mining operations at lower costs will be crucial, as
Fitch projects commodity prices will decline over the coming
months, reducing margins and cash flow.

Positive Free Cash Flow (FCF) Generation:

Fitch expects Hochschild to generate FCF of around USD125 million
in 2016 and USD90 million in 2017 following FCF of negative USD91
million in 2015 as the company benefits from its low-cost
Immaculada mine coupled with reduced capex over the next several
years.  The company's strong performance over the LTM June 30,
2016, has allowed it to announce a dividend of USD7 million for
the year.  Fitch projects Hochschild will increase dividends over
the next several years as the company repays its shareholder
following a USD95 million equity injection during November 2015.
FCF was negative since 2012 as the result of a number of
acquisitions and investments, exacerbated by declining precious
metal prices.

Pablo Vein Progress:

Hochschild has completed portions of the infrastructure
development necessary for access to the Pablo vein the company
discovered near its Pallancata mine, which is expected to further
bolster the company's production and credit profile.  The
exploration and drilling in the area surrounding the Pablo vein is
in the preliminary stage; however, expectations are that the
average ore grade of Pablo is higher than that of Inmaculada, its
most profitable mine.  Existing production facilities at
Pallancata are expected to process the new ore from Pablo
resulting in extremely low AISC estimated at around USD12-USD13/oz
of silver equivalents.  The ramp-up period for production at the
Pablo vein is pending environmental
permits, but is expected to begin during 2017.  Further studies by
Hochschild also resulted in the discovery of an additional vein
near Pallancata called Pablo Piso, which is also high grade and
should increase capacity utilization at the Pallancata operations
to treating 2,350 tonnes per day by the end of 2017.

KEY ASSUMPTIONS

   -- Average silver price of USD18.00/oz in 2016, USD17.78/oz in
      2017, USD 18.02/oz in 2018, USD18.23/oz in 2019;
   -- Average gold price of USD1,168/oz in 2016, USD1,100/oz
      thereafter;
   -- Consolidated silver equivalent production of 34 million oz
      in 2016, 38 million oz in 2017, and 40 million oz in 2019.

                      RATING SENSITIVITIES

Deterioration of Cost Structure:

Hochschild's ratings could be downgraded or result in a Negative
Outlook following a structural shift in the company's cash cost
position that resulted in sustained low operating cash flow
generation and persistent negative free cash flow, affecting its
ability to satisfactorily weather a period of low commodity
prices.  Resulting financial performance consistently worse than
Fitch's base case, such as sustained total debt/EBITDA leverage
above 3.5x, could trigger a negative rating action.  A change in
the conservative capital structure philosophy to a more aggressive
one by the company's management could also impact ratings.

Positive Rating Momentum:

Ongoing improvements in Argentina's operating environment in
collaboration with continued reduction in production costs to
remain profitable through precious metal pricing troughs could
lead to a positive rating action for Hochschild.  A sustained
reduction in leverage with total debt/EBITDA ratios around or
below 1.5x, sustained free cash flow generation, and a reinforced
liquidity position are also prerequisites for a positive rating
action.

                             LIQUIDITY

Improved Liquidity Position:

Hochschild improved its cash position to USD103 million as of
June 30, 2016 from USD84 million as of Dec. 31, 2015, due to
stronger cash generation from its mines (+USD75 million from
Inmaculada, +USD15 million from Arcata, +USD4 million from
Palancata, +USD38 million from San Jose).  Additional liquidity
was made available from its shareholder during 2015 of
USD95 million.  Reinforcing Hoschchild's strong position within
its rating level, the company repaid USD105 million of debt during
2015 and an additional USD70 million during the first six months
of 2016.  Net debt fell to USD267 million as of June 30, 2015,
compared to USD351 million as of Dec. 31, 2015.  Hochschild's
strategic plan is to be net debt-neutral over the coming years.

FULL LIST OF RATING ACTIONS

Fitch affirms these ratings:

Hochschild Mining Plc
   -- Long-Term Foreign Currency Issuer Default Ratings (IDR) at
      'BB+';
   -- Long-Term Local currency IDR at 'BB+'.

The Rating Outlook is Stable.

Compania Minera Ares S.A.C.
   -- Senior unsecured debt rating at 'BB+'.


TERMINALES PORTUARIOS: S&P Affirms 'BB' Rating on Sr. Sec. Notes
----------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB' issue rating on
Terminales Portuarios Euroandinos Paita's (TPE's) senior secured
notes due 2037.  The outlook remains stable.

The rating affirmation reflects S&P's view of the port's good
traffic performance and improved efficiency following its
expansion in late 2014 and the new port equipment acquired in
2015-2016.  Additionally, it reflects S&P's opinion of the asset's
fair competitive position.  It operates in a volatile industry and
its exposure to external factors such as the El Nino climatic
phenomenon can significantly affect the project's revenues and are
beyond its control.

                  CONSTRUCTION PHASE: NOT APPLICABLE

The project is no longer exposed to construction risk.  TPE
finalized investments for Stage 1--the construction of a new
berth--in June 2014.  The National Port Authority and all relevant
regulators had provided final approvals by September 2014.

OPERATIONS PHASE: 'bb'

In 2015, TPE's overall operating and financial performance
remained above S&P's expectations and consistent with the current
rating.

Volumes handled at the port and EBITDA grew about 30% and 31%,
respectively, in 2015 compared to 2014.  On average this was a 26%
positive deviation from S&P's base case.  The main reason for the
deviation was the increase of the number of containers and solid
bulk handed enabled by the opening of the new berth; this new
facility performed better than expected.  Agro-industrial and
hydrobiological products remained the most relevant of those
handled by TPE in terms of revenue and volume.  In terms of
twenty-foot equivalent units (TEUs), by end 2015 TPE reached
almost 210,000 (up from 193,000 in 2014).

During the first six months of 2016, S&P observed a fall in
volumes handled--down about 20% compared with the same period in
2015--principally due to the decrease in exports of hydrobiologic
products.  However, S&P expects this will be partially offset by
an increase in agro-industrial products (such as mango, wheat, and
coffee) during the second half of 2016.  This reflects that TPE
operates in a highly cyclical business that usually has a peak in
sales during the second half of the year when the agricultural
campaign starts.  S&P expects that by yearend the decrease in
total volumes compared with 2015 will have reduced to about 10%,
with no significant effect on revenues and still consistent with
our forecast operating and financial performance--with a debt
service coverage ratio (DSCR) of above 2.0x.

S&P regards TPE's short- to medium-term traffic fundamentals as
sound.  Peru's strengthening economy is driving this, including
rising GDP during 2017-2018.  TPE also stands to benefit from
improvements done in the second phase of investments, including
additional port equipment.  The new equipment has been already
incorporated into the port in 2016, all financed with internally
generated cash.  According to the concession contract, this second
stage investment needed to be done when the port reached 180,000
TEUs per year, which was triggered in December 2014.  To finalize
Stage 2, the project also needs to remove a sunken ship at the
port, which is expected to take place by the end of 2016.

Under S&P's base case, it expects container volumes to increase by
a yearly average of 8%-10% during 2017-2019, trending toward 3%
annual volume growth over the long term.

The operations phase SACP also factors in S&P's assessment of the
project's fair competitive position and market risk, with
operations in a volatile industry and exposure to factors such as
the El Nino climatic phenomenon. Such factors can significantly
affect the project's revenues and are beyond its control.  Under a
market-downside scenario, which considers an El Nino event (which
S&P models as occurring in 2020), S&P expects cash flows available
for debt service to decrease 20%-30% from S&P's base case.

S&P GLOBAL RATINGS OPERATIONS PHASE BASE- AND DOWNSIDE-CASE
ASSUMPTIONS

S&P considers GDP growth, commodity prices, and climatic factors
as the main drivers of the port's traffic growth.

S&P forecasts Peru's real GDP to expand by 4.0% in 2017 and 4.5%
in 2018.  S&P also expects consumer price index (CPI) of 3.0% for
2017 and 2.7% from 2018, which will influence tariff increases and
operating costs.

S&P's base-case scenario assumes:

   -- Volume growth of about 8%-10% for 2017 and 2018, before
      trending toward 3% long-term traffic growth.

   -- An El Nino event occurring in year 2020, in which volumes
      handled at the port decrease by 15% from S&P's base-case
      scenario.

   -- Tariff increases in line with inflation levels.

   -- Operations & Maintenance (O&M) costs increasing in line with
      Peru's CPI.

   -- Stage 3 of investments will be triggered once the port
      reaches 300,000 TEUs annually, which S&P expects could occur
      by 2024.  Stage 4 consists of infrastructure and equipment
      investments that could add value to the port.  S&P expects
      stages 3 and 4 to be financed with internally generated
      funds, without incurring any additional debt.

                        BASE-CASE KEY METRICS

In S&P's base case, it expects a minimum DSCR of 1.36x in 2020,
which is when S&P projects the El Nino event, and an average DSCR
of above 2.70x.  Given that the average DSCR is significantly
higher than the minimum DSCR, S&P applies a one-notch uplift to
the project's preliminary operating phase SACP.

                     DOWNSIDE-CASE ASSUMPTIONS

S&P modeled this cycle between 2020 and 2024.

S&P stressed TPE's container volumes by assuming an annualized
growth rate 15% below S&P's base case for two consecutive years
(2020-2021) and 7.5% below for 2022-2024.  S&P choses to start its
downside case in 2020, being the year with the minimum DSCR,
because S&P projected the economic consequences that El Nino may
cause in that year.  Additionally, S&P increased by 10% its
expectations for O&M costs.  S&P expects tariffs to behave as
established in the concession contract.

                      DOWNSIDE-CASE KEY METRICS

S&P expects the project's average DSCRs will be mostly above 1.0x.
In the years that DSCRs fall below 1.0x (S&P expects a minimum
DSCR of 0.76 under the downside scenario), the liquidity reserves
(particularly the six-month debt service reserve account) and the
trapped cash if forecast DSCR fell below 1.5x, would be sufficient
to support the debt service payment within a three-to-four year
shortfall.

MODIFIERS
Modifiers do not impact the project's preliminary SACP.

TRANSACTION STRUCTURE
Parent linkage: Delinked
Structural protection: Neutral

                            LIQUIDITY

S&P considers TPE's liquidity protections to be neutral.  They
include a six-month debt service reserve account (DSRA) and a
$2.5 million O&M reserve account.

Restricted payments (including distributions to shareholders) are
allowed following a backward and forward distribution test with a
minimum DSCR of 1.5x, as long as those payments are made in
accordance with established clauses, including absence-of-default,
fully-funded reserves, and the completion of Stage 1 investments
(already certified by the independent engineer).

                             OUTLOOK

The stable outlook reflects S&P's expectation that TPE will
continue to maintain its operating and financial performance in
the upcoming 12 months.  S&P believes TPE will benefit from
increased traffic levels given the pace of economic growth in Peru
and the port's ongoing development.  In 2016, S&P expects a DSCR
of more than 2.0x.  The DSCR will also benefit from TPE starting
to pay the principal on its notes from 2017.

An upgrade would most likely depend on TPE further consolidating
its business position.  This could mean, for example, increasing
its client base and revenue sources or raising its export market
share in Peru.  In addition, improving traffic levels, raising the
minimum DSCR above 1.75x on a consistent basis, could lead S&P to
consider an upgrade.

S&P could lower the rating if traffic declines at the port, for
example due to effects caused by El Ni§o phenomenon; if the
minimum DSCR falls below 1.2x; or if volumes handled decrease,
adding unexpected pressure to TPE's liquidity.



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


TRINIDAD & TOBAGO: Scotiabank Says 2016 Econ. Outlook Remains Weak
------------------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
Trinidad and Tobago's economic outlook "remains weak" for the
remainder of 2016 but a gradual recovery is expected to
materialise in 2017, according to Scotiabank Economics' (SE)
latest Executive Briefing (EB) on this country.

"Real GDP (gross domestic product) is forecast to decline for a
third consecutive year in 2016, weighed down by subdued energy
prices and declines in energy output from depleting oil fields,
natural gas shortages, and production/ construction delays in
major petrochemical projects."  "The non-energy sector will also
continue to shrink," SE said, "due to spillovers from energy
sector job losses and fiscal consolidation, according to Trinidad
and Tobago Newsday.

The report notes that economic activity will likely be further
constrained by foreign exchange shortages, which has hindered
local businesses' ability to pay suppliers and procure key
imports."  After an estimated 2.5 percent economic contraction
this year, Scotiabank Economics expects a gradual recovery to
materialise in 2017, "as modest improvements in energy prices,
billions of dollars of investment slated for energy projects and
higher natural gas output from the Juniper field, will lift real
GDP growth to around 1.5 percent," the report relays.

SE warned however that impediments to medium term growth will
persist without further structural reforms to the labor market and
the public service, as well as the removal of obstacles to doing
business, the report notes.

Issued on September 1, the report noted that a "modest uptick in
inflation to 4.5 percent year-on-year" is expected by the end of
2016, with a five percent increase by the end of 2017 as tax
reforms, currency depreciation and modest gains in commodity
prices "feed through to prices," the report discloses.  "The
Central Bank of TT (CBTT) paused its monetary tightening cycle in
January, holding its benchmark repo rate at 4.75 percent, after
announcing eight consecutive hikes since September 2014. The CBTT
is expected to remain on hold for the time being but could be
forced to resume policy tightening should currency pressure and
inflation expectations rise," the EB stated, the report notes.

The EB also looked at the foreign exchange rate between TT and
United States dollars. It stated that the CBTT allowed the quasi-
fixed exchange rate of around 6.3 to 6.4 per US dollar (USD), in
place since 2010, to weaken by over five percent year-to-date to
nearly 6.7 per USD, the report adds.



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


LATAM: Violence & the Economy is Region's Worst Problems
---------------------------------------------------------
EFE News reports that crime and violence plus the economy have
become over the past year the biggest concerns for Latin
Americans, who also see domestic violence as what most damages
their societies, according to a Latinobarometro survey released in
Buenos Aires.

On the average, crime is the most important problem for 22 percent
of Latin Americans, topped only by the sum of those worried by
economic problems including unemployment (16 percent), shortages
of basic goods (3 percent), inflation (3 percent) and poverty (3
percent), according to EFE News.

Among the 18 countries in the region analyzed in the study, the
inhabitants of Honduras, Panama, Guatemala, Dominican Republic,
Chile, Mexico, Colombia, Peru, El Salvador and Uruguay rate
insecurity as their most important problem, the report notes.

Elsewhere, Brazilians see health as their biggest concern, while
for Bolivians it's corruption and for Argentines it's the general
state of the economy, the report relays.

For the first time since 1996 -- the year of the first
Latinobarometro -- the study asked what kind of violence is most
harmful for society, EFE News discloses.

"Surprisingly," the study says, "the majority of Latin Americans
(63 percent) believe the most harmful kind for a country's
development is not the violence perpetrated by criminals in the
streets but is rather domestic violence, whether inflicted on
women or children, the report notes.

Though the index of concern for insecurity has remained stable
over recent years, there has been a reduction in the number of
respondents who say they themselves have been crime victims, from
44 percent in 2015 to 36 percent in 2016, the report says.

However, only 12 percent of those interviewed said "they have no
fear" of suffering crime directly.

"The evolution of crime as the main problem is not related to
statements of victimization," says the study by the Chile-based
NGO Latinobarometro, but rather to the changing demands of
different societies, the report notes.

"More importance than a better economy is given to crime because,
in comparison, other problems lose their importance," the
institution's Executive Director Marta Lagos said at an
international presentation of the study in Buenos Aires, the
report relays.

This implies that Latin Americans live with "high stress" because
they fear violence both inside and outside the home, the report
notes.

On the positive side, acknowledging that domestic violence is a
major problem "indicates the dismantling of machismo" and of a
society that "is becoming more open," Ms. Lagos said, the report
discloses.

This opening is also seen in other aspects analyzed in the study,
which includes such issues as trust in the political systems and
the way Latin Americans get their information, and which is based
on some 20,000 face-to-face interviews taken between May and June
2216 in 18 countries of the region, 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.

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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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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