TCRLA_Public/160914.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 14, 2016, Vol. 17, No. 182


                            Headlines



B R A Z I L

BANCO CITIBANK: S&P Affirms 'BB' LT ICR; Outlook Remains Neg.
BANCO VOTORANTIM: S&P Affirms 'BB/B' ICRs & Removes from Watch Neg
JSL S.A.: Fitch Affirms 'BB' Long-Term Issuer Default Ratings
MASISA SA: Fitch Affirms 'B+' Issuer Default Ratings


C A Y M A N  I S L A N D S

AIP JAPAN: Shareholder to Hear Wind-Up Report on Sept. 23
BBID LIMITED: Sole Member to Hear Wind-Up Report on Sept. 27
BIBBY INTERNATIONAL: Creditors Hold Second Meeting
CHINA CLINIC HUANGPU: Member to Hear Wind-Up Report on Sept. 20
CHINA CLINIC JINGAN: Member to Hear Wind-Up Report on Sept. 20

CHINA REHAB (CHANGZHOU): Member to Hear Wind-Up Report on Sept. 20
CHINA REHAB (SHANGHAI): Member to Hear Wind-Up Report on Sept. 20
COLUMBIA HOSPITAL: Member to Hear Wind-Up Report on Sept. 20
DW SKYLINE 2015-1: Members' Final Meeting Set for Sept. 21
LANZO LIMITED: Members' Final Meeting Set for Sept. 29

NCB MERCHANT: Sole Member to Hear Wind-Up Report on Sept. 29
SABRINA INVESTMENTS: Members' Final Meeting Set for Sept. 16
WHITE FALCON: Shareholders' Final Meeting Set for Sept. 19


M E X I C O

GRUPO IDESA: S&P Lowers CCR to 'B+'; Outlook Negative


X X X X X X X X X

LATAM: IMF, World Bank Say Region Hindered by Weak Fiscal Position


                            - - - - -


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B R A Z I L
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BANCO CITIBANK: S&P Affirms 'BB' LT ICR; Outlook Remains Neg.
-------------------------------------------------------------
S&P Global Ratings affirmed its global scale 'BB' long- and 'B'
short-term issuer credit ratings (ICR) on Banco Citibank S.A.  At
the same time, S&P affirmed its national scale 'brAA-' long- and
'brA-1' short-term ratings on the bank.  The outlook on all
ratings remains negative.

Banco Citibank is a Brazil-based universal bank with a wide range
of banking products and focuses on corporate and investment
banking activities.  The bank's ratings on reflects its adequate
business position thanks to its diversified business portfolio and
the competitive advantage of belonging to a large and
international banking group; moderate capital and earnings
underpinned by S&P's forecasted risk-adjusted capital (RAC) ratio
of 5.7% for the next 18 months; moderate risk position; average
funding; and adequate liquidity.  The bank's stand-alone credit
profile (SACP) remains at 'bb'.

"We view Banco Citibank as a highly strategic subsidiary for its
U.S.-based parent, Citigroup Inc. (BBB+/Stable/A-2).  Banco
Citibank is the group's fifth-largest subsidiary in terms of
revenue.  It's Citigroup's largest corporate & investment banking
(CIB) franchise in Latin America.  Despite Banco Citibank's plan
to sell its retail portfolio, we believe the bank's strategy is
aligned with that of its parent by focusing on the CIB segment.
We believe that the parent will provide support to Banco Citibank
when necessary.  As a result of the highly strategic status, Banco
Citibank could stand one notch below Citigroup's group credit
profile, but its rating is currently capped at Brazil's 'BB'
foreign currency rating.  Therefore, even if the bank's rating
factors weaken to the point where we lower its SACP, we would only
downgrade Banco Citibank if we downgrade the sovereign or our view
of the parent's support changes," S&P said.


BANCO VOTORANTIM: S&P Affirms 'BB/B' ICRs & Removes from Watch Neg
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale and 'brA+/brA-
1' national scale issuer credit ratings on Banco Votorantim S.A.
(BV); 'brA-' issue-level rating on BV Leasing Arrendamento
Mercantil S.A., and 'brA+/brA-1' ratings Votorantim Financas.  S&P
also removed the ratings from CreditWatch negative.  The outlook
is negative.

The rating actions follow on the shareholder and ultimate parent
Votorantim S.A. (Votorantim; BB+/Negative/brAA+).  Ratings on BV
are one notch above its SACP of 'bb-' due to S&P's assessment of
the holding company, Votorantim Financas, as a moderately
strategic subsidiary of Votorantim.  The bank is a core subsidiary
of Votorantim Financas; therefore, the ratings on the bank are the
same as on the former.  S&P considers BV, through Votorantim
Financas, to be part of Votorantim's GCP.  In S&P's ratings on BV,
BV Leasing Arrendamento Mercantil, and Votorantim Financas, S&P
incorporates potential ongoing support from Banco do Brasil,
particularly on liquidity if necessary.

S&P's GCP assessment of the Votorantim group incorporates a
potential contingent liability from BV through Votorantim Financas
that may spill over to the ultimate holding level.  This results
from S&P's understanding that under the Brazilian law
(9,447/1997), the individuals or legal entities exercising control
over a financial institution subject to intervention or
liquidation are jointly and severally liable with the lender's
officers and managers for the amount of its 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 for the Votorantim group to
capitalize the bank when needed.


JSL S.A.: Fitch Affirms 'BB' Long-Term Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of JSL S.A. (JSL) at 'BB'
and National Scale Ratings at 'AA-(bra)'. The Rating Outlook has
been revised to Stable from Negative.

The revision of the Outlook to Stable reflects JSL's business
resilience, underpinned by the company's improving operating cash
flow generation despite the recession in Brazil. Fitch's base case
scenario projects that JSL's net leverage ratio, as measured by
FFO Adjusted Net Leverage, will remain at approximately 2.5x in
the next two years.

Given the nature of its business, Fitch believes JSL has an above-
average ability versus its 'BB' rated peers to post free cash flow
(FCF) generation, given its ability to postpone capital
expenditures related to new vehicles. Fitch's expects JSL to
continue to pursue growth in a managed way for its Movida car
rental operations. As a result, FCF should remain negative by
approximately BRL500 million in the next two years, also as result
of its high interest burden.

KEY RATING DRIVERS

JSL's ratings reflect its strong business profile, supported by a
leading position in the Brazilian logistics industry and
diversified service portfolio, and its resilient operating
performance over the last few years. The company's track record of
maintaining an adequate liquidity position vis-a-vis its short-
term obligations is a key consideration for the ratings.

Prominent Market Position and Diversified Portfolio

JSL has a leading position in the Brazilian logistics industry
with a diversified portfolio of services with relevant presence in
multiple sectors of the economy. The company's services include:
supply chain management (33% of its net revenue), fleet and Movida
car rental business (23%), vehicle dealerships (13%), passenger
transportation (7%) and general cargo transportation (4%). JSL's
strong market position, coupled with long-term contracts for most
of its revenues (48%), minimizes its exposure to more volatile
economic cycles. The company's significant operating scale has
made it an important purchaser of light vehicles and trucks,
giving it a significant amount of bargaining power versus other
competitors in the industry.

Consistent Increase in Operating Cash Flow; High Interest Rates is
a Challenge

JSL has been efficiently expanding its business profitability
while maintaining solid growth. The integration of its business
and cross-selling opportunities has supported gains of scale,
benefiting its operating margins. Fitch expects JSL's FFO margin
to remain resilient at around 23% on average in the next two
years, which positively compares with an average of 19% during the
2012 - 2015 period. Between 2012 and the latest-12-month period
(LTM) ended June 30, 2016, JSL's net revenue increased by 58%, to
BRL6.3 billion. During the same period, the company's EBITDA grew
to BRL1.1 billion from BRL430 million while its funds from
operations (FFO) rose to BRL1.4 billion from BRL638 million.

JSL's business is capital intensive and still strongly dependant
on high cost local financing. JSL's FFO interest coverage dropped
to 2.7x in the LTM period ended in June 30 2016 from an average of
4.3x between 2012 and 2014. Fitch's base case does not foresee any
relevant improvement in this coverage ratio in the medium-term, as
local interest rates should remain elevated.

More Rational Capex Growth to Alleviate FCF; Used Car Sale Remains
Key

During LTM June 30, 2016, JSL reported negative FCF of BRL1
billion, pressured by BRL2.5 billion of capital expenditures.
Fitch expects FCF to remain negative, ranging between BRL450
million and BRL550 million in the next two years. JSL has the
flexibility to improve FCF by reducing growth capex, as most of
its capital investments are geared toward increasing the size of
its fleet/equipment and linked to a contract. Considering only
renewal capex, JSL's operating cash flow generation is sufficient
to support these investments. Helping to offset these
disbursements, proceeds from used car sales totalled BRL1.1
billion in the period. Excluding growth capex, JSL generated
BRL239 million of positive FCF during LTM June 30, 2016.

FFO Leverage to Remain Adequate

JSL's leverage, as measured by FFO net adjusted leverage, was 2.6x
as of LTM June 30, 2016. Fitch does not expect a material
reduction in the near term with net leverage expected to be around
2.5x in 2016 and 2017, with a gradual decline from 2018 on. One
trait of the industry is that leverage measured on an EBITDA basis
is generally higher as the EBITDA does not fully reflect the cash
inflow from used vehicle sales. Fitch's base case considers that
JSL's net debt to EBITDA ratio will remain around 4.0x to 4.5x in
the next few years. JSL's leverage relative to its fleet market
value is adequate. The company reports a fleet market value of
approximately BRL5.7 billion, which is slightly above its net debt
position (BRL5.2 billion). However, the company's flexibility is
limited, as only about 79% of its fleet is not used as liens for
loans.

KEY ASSUMPTIONS

   -- Mid-single-digit revenue growth in 2016 and 2017;

   -- FFO margins at around 23%;

   -- Net Capex at around BRL650 million in the next two years;

   -- Cash balance remains sound compared to short-term debt;

   -- Dividends at 25% net income;

   -- No large-scale M&A activity.

RATING SENSITIVITIES

Positive: Future developments that could lead to a positive rating
action:

   -- FFO Adjusted Net Leverage below 2.0x on a sustained basis;

   -- FFO Margin above 27%;

   -- Solid and consistent operating results from its retail rent
      a car business (Movida);

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

   -- FFO net adjusted leverage consistently above 3.0x;

   -- Deterioration of sound liquidity compared to short-term
      debt, leading to refinancing risk exposure.

   -- Deterioration in Used Car Sale in Brazil and/or in the
      coverage ratio fleet value-to-net value to below 1.0x;

   -- Large debt-funded M&A acquisition or entering into a new
      business in the logistics sector that adversely impacts
      JSL's capital structure on a sustained basis or increases
      its business risk exposure;

   -- Secured debt relative to FFO above 2.0x could lead to a
      downgrade of the unsecured debt.

LIQUIDITY

JSL's adequate liquidity position vis-a-vis its short-term debt
obligations is a key credit consideration, with cash covering
short-term debt by an average 1x during the last five years. JSL
has a recurring need for debt refinancing, since its debt schedule
amortization is still concentrated in the next three years. Up
until year-end 2018 JSL has BRL4.1 billion of debt coming due. As
of June 30, 2016, JSL reported total debt of BRL6.5 billion, of
which BRL1.3 billion was classified as short-term. This level of
near-term debt compares with BRL1.3 billion of cash and marketable
securities and BRL150 million of undrawn stand-by credit
facilities due in 2018. The ratio of short-term debt coverage, as
measured by cash plus CFFO-to-short-term debt, is solid, at 2.3x.
About 23% of JSL's debt is secured. The company's debt profile is
mainly composed of FINAME operations (22%), banking credit lines
(28%), debentures (24%), and leasing operations (6%).

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

   JSL S.A.

   -- Long-Term Foreign Currency IDR at 'BB';

   -- Long-Term Local currency IDR at 'BB';

   -- National Long-Term Rating at 'AA-(bra)';

Fitch has upgraded the following

   -- Local Debentures issuance upgraded to 'AA-(bra)' from
      'A+(bra)'.

The upgrade for the local debentures reflects the improvement in
JSL's mix of secured and unsecured debt, which has reduced the
structural subordination of the unsecured debt.

The Rating Outlook has been revised to Stable from Negative.


MASISA SA: Fitch Affirms 'B+' Issuer Default Ratings
----------------------------------------------------
Fitch Ratings has affirmed the Foreign and Local Currency Issuer
Default Ratings (IDRs) of Masisa S.A. (Masisa) at 'B+' and
National long-term rating at 'BBB(cl)'. The Rating Outlook remains
Negative.

The Negative Outlook continues to reflect concerns about economic
weakness in Latin America and Fitch's expectation that the company
will continue to struggle in this market during 2016 and 2017.
Potential cash flow relief provided by the completion of Masisa's
new MDF plant in Mexico is not projected to offset the substantial
decline in Brazilian operations until 2018. During 2015 and first-
half 2016 (1H16), Masisa sold about USD121 million of non-core
assets, which contributed to reduce debt and extend debt
amortization profile. Additional measures to bolster Masisa's
capital structure and reduce leverage, in the absence of stronger
cash flow generation, are necessary to prevent negative rating
actions.

KEY RATING DRIVERS

Weak Brazilian Operations

Brazil's EBITDA contribution significantly deteriorated and Fitch
expects EBITDA below USD5 million in 2016, excluding the sale of
non-core assets. In the latest 12 months (LTM) ended June 2016,
Brazilian recurring EBITDA was only USD5.4 million. Excluding
Venezuela, Brazil represented 4.5% of recurrent EBITDA in the
period, down from 9% in 2015 and 27% in 2014. Masisa had generated
more than USD40 million of EBITDA in this market in the past.

Contribution from Mexico to Gradually Increase

Recurring EBITDA from Mexico represented about 15% of total
recurring EBITDA, excluding Venezuela, in the LTM June 2016. This
figure should gradually increase following the startup of the new
MDF plant in June 2016. The mill, which has an annual capacity of
220,000 cubic meters of MDF, including 100,000 cubic meter of
melamine capacity, is expected to add USD5 million to EBITDA
during 2016 as it ramps-up production and has the potential to
increase consolidated EBITDA by over USD20 million going forward.
Investments in the project totalled USD123 million.

High Leverage

Leverage increased due to weak results from Brazil and sluggish
economic growth throughout the region, while the company's debt
levels remain elevated due to a number of recent investments.
Fitch's base case expectation is that net leverage will peak at
6.5x in 2016 and slowly reduce to about 6.0x during 2017. These
ratios compare with 5.3x in LTM ended June 2016. Masisa's net debt
was USD711 million at the end of June 2016. This compares
unfavorably with USD707 million in December 2015 and USD655
million in December 2014. Fitch's base case excludes non-recurrent
items in EBITDA, such as the sale of wood, as well as the
company's Venezuelan operations.

Significant Presence in Venezuela and Argentina

Masisa has diversified operations in Latin America, with a
presence in Chile, Brazil, Mexico, Argentina and Venezuela. Masisa
is exposed to exchange controls in its Venezuelan operations,
although its operations are self-sufficient in the country.
Restrictions imposed by the Venezuelan Central Bank have limited
the U.S. dollar supply in that country, which constrains the
repatriation of available cash. Venezuela represented about 17% of
total recurring EBITDA in the LTM ended June 2016. About 33% of
Masisa's total recurring EBITDA are related to its Argentine
operations.

Still Weak Operational Cash Flow

Fitch expects Masisa to generate about USD115 million of recurring
EBITDA in 2016 and USD140 million in 2017, and includes
Venezuela's EBITDA. The company generated recurring EBITDA of
USD159 million and cash flow from operations of USD45 million in
the LTM ended June 2016. Recent initiatives to reduce operational
costs and working capital needs positively impacted the company's
cash flow generation capacity. However, results remain pressured
by declining demand for wood boards in Latin America and weak
currencies in several markets.

Lower investments and dividends contributed to free cash flow
(FCF) of negative USD44 million in the LTM ended June 2016,
compared with negative USD120 million and USD90 million in 2015
and 2014, respectively. The company invested USD43.6 million in
the LTM June 2016, after investing USD364 million between 2013 and
2015. Masisa has some flexibility to lower its maintenance capex
for a couple of years to improve FCF.

KEY ASSUMPTIONS

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

   -- Sale of non-core assets of USD45 million in 2016, not
      included in EBITDA;

   -- Investments around USD70 million per year between 2016 and
      2018;

   -- Weak operational performance in Brazil in 2016 and 2017;

   -- EBITDA contributions from Mexico operations of around USD20
      million in 2016 and USD28 million in 2017;

   -- Dividends distribution of 30% of net income.

RATING SENSITIVITIES

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

   -- Downturn of Fitch's expectation of improved profitability in
      Mexico;

   -- Net debt/recurring EBITDA ratio, excluding Venezuela, above
      7.0x.

Future developments that may individually or collectively lead to
a positive rating action include:

   -- Material reversal of EBITDA generation, reducing net
      debt/recurring EBITDA ratio, excluding Venezuela, to close
      to 5.0x, the Negative Outlook would likely be revised to
      Stable;

   -- Reduction of net debt/recurring EBITDA ratio, excluding
      Venezuela, to below 5.0x, an upgrade would be likely.

LIQUIDITY AND DEBT STRUCTURE

Masisa's liquidity position is manageable for operational purposes
with USD66.2 million of cash and equivalents, of which USD65.6
million was held outside Venezuela as of June 30, 2016, compared
with USD110 million as of Dec. 31, 2015. Masisa made a non-
recurring sale of non-core assets for USD120 million, which
benefited the company's liquidity. Additionally, Masisa has USD70
million in committed credit lines, with USD15 million currently
not used.

Masisa had USD777 million of total debt as of June 30, 2016, of
which USD590 million consisted of long-term debt, mainly related
to USD516 million of bonds, USD47 million of bank debt and USD25
million hedging liabilities.

In August 2016, Masisa concluded a USD100 million syndicated loan
due in five years. Proceeds will be used to extend debt maturity
profile, reducing refinancing risk in the short term. On a pro
forma basis, Masisa had USD58 million of debt maturing in the
2H16, USD56 million in 2017 and USD55 million in 2018. The company
has higher debt maturities of USD254 million only in 2019.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

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

   -- National scale rating of Bond Line No. 356, No. 439, No.
      560, No. 724, and No. 725 at 'BBB(cl)';

   -- Long-term National Scale rating at 'BBB(cl)';

   -- USD300 million senior unsecured 9.5% notes due 2019 at
      'B+/RR4'; the notes are unconditionally guaranteed by
      Forestal Tornagaleones and Masisa Forestal;

   -- National Short-term rating at 'N2(cl)'.

The Rating Outlook remains Negative.


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C A Y M A N  I S L A N D S
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AIP JAPAN: Shareholder to Hear Wind-Up Report on Sept. 23
---------------------------------------------------------
The shareholder of AIP Japan Recovery Fund IV (Cayman) Ltd. will
hear on Sept. 23, 2016, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BBID LIMITED: Sole Member to Hear Wind-Up Report on Sept. 27
------------------------------------------------------------
The sole member of BBID Limited will hear on Sept. 27, 2016, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BIBBY INTERNATIONAL: Creditors Hold Second Meeting
--------------------------------------------------
The creditors of Bibby International Services (Cayman Islands)
Limited held their second meeting on Sept. 12, 2016.

The company's liquidator is:

          David Griffin
          c/o Kieran Linton
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          e-mail: kieran.linton@fticonsulting.com
          Telephone: +1 (345) 743 683


CHINA CLINIC HUANGPU: Member to Hear Wind-Up Report on Sept. 20
---------------------------------------------------------------
The sole member of China Clinic (Shanghai Huangpu), Limited will
hear on Sept. 20, 2016, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CHINA CLINIC JINGAN: Member to Hear Wind-Up Report on Sept. 20
--------------------------------------------------------------
The sole member of China Clinic (Shanghai Jingan), Limited will
hear on Sept. 20, 2016, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CHINA REHAB (CHANGZHOU): Member to Hear Wind-Up Report on Sept. 20
------------------------------------------------------------------
The member of China Rehab Hospital (Changzhou), Limited will hear
on Sept. 20, 2016, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CHINA REHAB (SHANGHAI): Member to Hear Wind-Up Report on Sept. 20
-----------------------------------------------------------------
The member of China Rehab Hospital (Shanghai), Limited will hear
on Sept. 20, 2016, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


COLUMBIA HOSPITAL: Member to Hear Wind-Up Report on Sept. 20
------------------------------------------------------------
The member of Columbia Hospital Investment will hear on Sept. 20,
2016, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


DW SKYLINE 2015-1: Members' Final Meeting Set for Sept. 21
----------------------------------------------------------
The members of DW Skyline 2015-1 Ltd. will hold their final
meeting on Sept. 21, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 623-6800


LANZO LIMITED: Members' Final Meeting Set for Sept. 29
------------------------------------------------------
The members of Lanzo Limited will hold their final meeting on
Sept. 29, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Zedra Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


NCB MERCHANT: Sole Member to Hear Wind-Up Report on Sept. 29
------------------------------------------------------------
The sole member of NCB Merchant Voucher Receivables, Ltd. will
hear on Sept. 29, 2016, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


SABRINA INVESTMENTS: Members' Final Meeting Set for Sept. 16
------------------------------------------------------------
The members of Sabrina Investments Ltd. will hold their final
meeting on Sept. 16, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


WHITE FALCON: Shareholders' Final Meeting Set for Sept. 19
----------------------------------------------------------
The shareholders of White Falcon Limited will hold their final
meeting on Sept. 19, 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:

          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



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M E X I C O
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GRUPO IDESA: S&P Lowers CCR to 'B+'; Outlook Negative
-----------------------------------------------------
S&P Global Ratings said that it lowered its corporate credit
rating on Grupo Idesa S.A. de C.V. to 'B+' from 'BB-'.  At the
same time, S&P lowered its issue-level rating to 'B+' from 'BB-'
on the company's $300 million 144A/Reg. S senior unsecured notes
due 2020.  The '4' recovery rating on the debt, indicating S&P's
expectation of an average (30%-50%, in the higher band of the
range) recovery in the event of a payment default, remains
unchanged.  The outlook on the corporate credit rating is
negative.

The downgrade reflects IDESA's weaker credit measures as a result
of continued low oil prices, which have impaired the company's
petrochemical revenues and EBITDA margins.  IDESA's continues to
work on capital raising alternatives to improve its credit metrics
which were due to occur in 2016, and has been postponed, S&P now
expects that the company will finalize the process in 2017.  The
capital increase will be used to pay down debt.  However, S&P is
uncertain that capital increases will occur in 2017 because it
will ultimately depend on market conditions.  While S&P believes
that IDESA's adjusted debt to EBITDA will be close to 10.0x
through 2016, S&P expects the company to benefit from in the
following years from additional cash flow from its investment in
Braskem IDESA which recently began operations, as well as the
CyPlus IDESA project that is expected to start operating in the
third quarter of 2016.

The rating reflects the company's leading market position in the
Mexican chemical and petrochemical markets.  IDESA enjoys leading
market shares in ethylene glycols, ethanol amines, phtalic
anhydride, alkyl amines, and chemicals and petrochemicals
distribution.  However, its product portfolio is concentrated in
ethylene glycols and ethanol amines, which represent about 20% and
11% of its total sales volumes, respectively, as of June 30, 2016.
Its end-market concentration (with about 46% of total sales volume
in the petrochemical business segment for the polyethylene
terephtalate [PET] and polyester fiber industry) and the
concentration of its operations in Mexico, with exports
representing 10%-15% of sales, also mitigate the rating strengths.
The commodity-like nature of IDESA's products and its exposure to
price volatility, along with high supplier concentration, weaken
its business risk profile.  State-owned oil and gas company
Petroleos Mexicanos purchases significant portion of IDESA's
petrochemical products.

S&P revised its assessment of the company's financial risk profile
to highly leveraged from aggressive, reflecting S&P's expectation
that its leverage metric will remain close to 10.0x for the
remainder of the year.  For the 12 months ended June 30, 2016,
IDESA posted adjusted debt to EBITDA of 9.1x, funds from
operations (FFO) to debt of 3.8%, and EBITDA interest coverage of
1.5x, compared with 3.6x, 19.9%, and 2.6%, respectively, during
the same period in 2015.  Given the recent cash flow from Braskem
IDESA and expected start of operations of Cyplus IDESA projects
starting in September 2016 and the potential capital increase, the
company's key credit metrics should strengthen in 2017.

S&P's base-case scenario:

   -- Mexico's GDP growth of 2.5% in 2016 and 2.9% in 2017,
      resulting in modest demand conditions.  A Brent price
      assumption of $40 per barrel in 2016 and $45 per barrel in
      2017, which indicates that a modest recovery in oil prices
      next year will benefit petrochemical product prices, given
      their correlation with oil.  Natural gas (Henry Hub) will be
      $2.5 per million British Thermal Unit (BTU) for the
      remainder of 2016 and $2.75 per million BTU in 2017,
      indicating that natural gas prices will remain at low
      levels, benefiting producers that use it as feedstock.

   -- MXN18.3 per $1 in 2016 and MXN18 per $1 in 2017.

   -- Revenues growth of about 0.8% in 2016 mostly due to lower
      sales prices as a result of depressed oil prices.  A revenue
      growth of about 8.2% in 2017 mainly due to an expected
      recovery in the oil prices, resulting in higher prices in
      the petrochemicals and distribution business segments.  A
      drop in EBITDA in 2016 as a result of lower product pricing.
      However, EBITDA should improve in 2017 as a result of
      expected recovery in oil prices.

   -- Disbursement of the $130 million credit line from Banco
      Inbursa.  As of June 30, 2016, the company has received
      $106 million.

   -- Capital increase in 2017, mostly which the company plans
      repay the credit line from Banco Inbursa.  Capital
      expenditures (capex) of about MXN250 million in 2016 and
      MXN400 million in 2017.  No further investments from the
      company in Braskem IDESA and a contribution of approximately
      MXN$180 million to CyPlus Idesa project during the second
      half of 2016., and

   -- No dividend payments.

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted Debt to EBITDA of about 9.3x in 2016 and 3.8x in
      2017;

  -- FFO to debt of about 3.2% in 2016 and 10.5% in 2017; and

   -- EBITDA interest coverage of about 1.4x and 2.2x,
      respectively.

IDESA's potential capital increase in 2017, together with
additional cash flow from the already completed projects, will
improve its key leverage metrics significantly in that year and
beyond.  As a result, S&P expects the company's debt to EBITDA of
less than 4x in 2017.  Therefore, S&P asses its comparable rating
analysis as positive, based on its view that future metrics will
be more indicative of the company's financial risk profile
assessment, bolstering IDESA's anchor score.

The negative outlook on IDESA reflects the uncertainties regarding
its challenge to reduce its debt significantly for the next 12
months.

S&P could lower the rating if the company does not complete a
capital increase in 2017 to reduce its debt, which could result
from tightening markets conditions.  Additionally, S&P could also
lower the rating if additional leverage or a further weakening in
operating performance undermines key credit metrics, particularly
if adjusted debt to EBITDA remains higher than 5.0x and FFO to
debt is below 12% in the next 12 months.

S&P could revise the outlook to stable if the company reduces debt
significantly and its cash flow generation improves at a higher
pace than expected as a result of market growth, expansion
initiatives, price improvements, and/or joint ventures, resulting
in adjusted debt to EBITDA below 4.0x and FFO to debt exceeding
20% in the next 12 months.



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


LATAM: IMF, World Bank Say Region Hindered by Weak Fiscal Position
------------------------------------------------------------------
EFE News reports that Latin American countries have a weak fiscal
position and less room to maneuver than before in responding to
the current recessionary climate, the chief economists for the
region from the International Monetary Fund and the World Bank
said.

The fiscal positions of all of the region's economies are worse
than they should be, Alejandro Werner, the IMF's Western
Hemisphere director, said during a panel discussion on the
region's economic prospects at the 20th annual conference of the
Development Bank of Latin America, or CAF, in Washington,
according to EFE News.

Mr. Werner said that situation was generating significant risks
now that the China-led commodities boom has abated and after Latin
America's political class grew accustomed to governing in times of
abundance in the previous decade, the report notes.

During that recent period of high prices for raw materials,
governments did not concern themselves greatly with public
spending efficiency, Mr. Werner said, adding that it is important
to review efficiency levels in the current economic cycle and
implement structural reforms, the report relays.

In July, the IMF forecast that Latin America would contract by 0.4
percent this year, its second straight year of negative growth,
the report notes.

The World Bank's chief economist for Latin America and the
Caribbean, Augusto de la Torre, also said the countries of the
region had less room to maneuver on the fiscal front, though
adding that the situation was not the same in every country, the
report says.

Mr. De la Torre said Argentina was taking a gradual approach to
correcting its budget deficit while warning that Brazil will not
achieve solid growth without a major fiscal adjustment, the report
discloses.

Mr. De la Torre added that the fiscal situation of Chile, Peru and
Colombia was less problematic and they therefore have more room to
maneuver in terms of spurring growth, the report discloses.

The World Bank economist said Latin America was facing the problem
of charting an export-oriented path to growth at a time when the
global trend is against trade liberalization, the report relays.

Also taking part in the panel were Alicia Barcena, executive
secretary of the United Nations Economic Commission for Latin
America and the Caribbean; Chilean former Finance Minister
Alejandro Foxley; and CAF President Enrique Garcia, 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
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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