TCRLA_Public/160927.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Tuesday, September 27, 2016, Vol. 17, No. 191


                            Headlines



B A H A M A S

BAHAMAS: Defends Strategy on Doing Business Despite Leak Info


B A R B A D O S

BARBADOS: S&P Lowers Sovereign Ratings to 'B-'; Outlook Negative


B R A Z I L

ESPIRITO SANTO: S&P Affirms 'BB' GS Rating; Outlook Remains Neg.


C A Y M A N  I S L A N D S

ADM ROYAL: Shareholder Receives Wind-Up Report
ASCLETIS (CAYMAN): Shareholder to Hear Wind-Up Report on Oct. 10
ATLANTIC GUARANTY: Shareholders' Final Meeting Set for Oct. 4
CINDA ASIA: Members' Final Meeting Set for Oct. 26
CLSA SUNRISE: Shareholders' Final Meeting Set for Oct. 4

GUOTAI JUNAN: Shareholders' Final Meeting Set for Oct. 4
KRAKATOA LTD: Shareholders' Final Meeting Set for Oct. 4
LEKO GROUP: Members' Final Meeting Set for Oct. 3
MASAMASO GROUP: Shareholders' Final Meeting Set for Oct. 6
MBS INSURANCE: Members' Final Meeting Set for Oct. 4

MKP CREDIT: Shareholders' Final Meeting Set for Oct. 31
PROFESSIONAL CONSULTING: Members' Final Meeting Set for Oct. 17
SEDACO INC: Members' Final Meeting Set for Oct. 17
TAIWAN BROADBAND: Shareholders' Final Meeting Set for Oct. 6


J A M A I C A

JAMAICA: Slight Uptick Expected in Inflation for This Year
JAMAICA: IMF Approves US$39.6 Million Loan Disbursement


M E X I C O

CONSUBANCO SA: S&P Affirms 'BB' Counterparty Credit Rating
RASSINI SAB: S&P Raises CCR to 'BB'; Outlook Remains Stable


T R I N I D A D  &  T O B A G O

* JUNIOR SAMMY: La Brea Residents Threaten Workers
* TRINIDAD & TOBAGO: Must Learn How to Drive Econ. Growth w/o Oil


                            - - - - -


=============
B A H A M A S
=============


BAHAMAS: Defends Strategy on Doing Business Despite Leak Info
-------------------------------------------------------------
Trinidad Express reports that the Bahamas government defended its
policy aimed at improving the ease of doing business in the
Caribbean Community (CARICOM) country after a German website
allegedly leaked information showing the names of hundreds of
people operating "letterbox" companies as shell companies here.

A statement issued by the Office of the Attorney General noted
that the Perry Christie Government launched its "e-Services
Business Registration platform . . .  in January 2016 as a part of
the Government's ongoing strategy to improve ease of doing
business, according to Trinidad Express.

"It is important to note that the data required by law to be
maintained in the companies registry is available to the public.
Further, since 2000 as a part of our compliance regime it has been
a legal requirement that a register of directors and officers be
filed at the companies registry. The Bahamas remains committed to
the transparency of its corporate registry," the statement noted,
the report notes.

But it said it was taking "very seriously" the "matter of an
unauthorized publication by the International Consortium of
Investigative Journalists (ICIJ) of data held by the online
companies registry, the report relays.

"A review of our systems is currently underway. Based on the
findings, all necessary action will be taken to ensure that we
maintain the requisite data protection as we understand the
importance of this to our users," the government statement added,
the report discloses.

But Youri Kemp, the spokesperson on the Economy and Finance for
the opposition Democratic National Alliance (DNA), said the
financial services sector is under tremendous pressure with the
"leaked information to a German website" hinting at the
possibility of money laundering inside the Bahamas, the report
notes.

"Coming off of the heels of the "Panama Papers" scandal, in what
followed was de-risking fears; we are now facing the lash of our
own "leaked emails" that will cause further harm to our
jurisdiction if we do not act with the right message, the
statement said, the report relates.

"The news is shocking to the DNA even as we have been watching
with keen interest what's taking place with regard to the de-
risking phenomenon sweeping through offshore financial centers
around the world," the statement added, the report relays.

According to Trinidad Express, Mr. Kemp said that the DNA is
concerned that persons "within the policy framework, and financial
services industry insiders in The Bahamas, have watched de-risking
matter take shape in our core-business and have not addressed the
matters thoroughly.

"But even more so now, we are concerned that leaks of private
information of businesses in The Bahamas are at an even greater
risk to persons within the system," the statement added.


===============
B A R B A D O S
===============


BARBADOS: S&P Lowers Sovereign Ratings to 'B-'; Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its long-term foreign and local
currency sovereign ratings on Barbados to 'B-' from 'B'.  The
outlook is negative.

The short-term ratings were affirmed at 'B.' S&P also downgraded
its transfer and convertibility assessment for Barbados to 'B-'
from 'B'.

                               RATIONALE

The government's financial profile has eroded over the last
several years because of persistently high fiscal deficits,
reflecting both budget slippage and unbudgeted spending.  The
central bank continues to directly finance the government, which
we consider at odds with its goal to defend Barbados' long-
standing currency peg with the U.S. dollar.  The government
deficits, coupled with current account deficits (CADs) not fully
financed by foreign direct investment (FDI), have increased the
country's external vulnerabilities.  S&P do expect economic growth
to pick up during the next two to three years, but lackluster
private-sector confidence, continued delays in several tourism
projects, and potential spillover from Brexit should keep growth
moderate.  S&P expects per capita GDP growth to be around 1% in
the next two years, comparatively low for a country at its level
of income.  The country's per capita income, projected to be
almost US$16,000 in 2016, is higher than that of most of its
rating peers.  That said, Barbados' economy and the sovereign
credit rating benefit from a low level of perceived corruption and
a generally stronger political system and institutions than most
of the sovereign's peers in the 'B' rating category.

The government did not lower its fiscal deficit as much as S&P had
expected last year, and S&P expects slow progress in lowering the
deficit over the next several years.  The fiscal slippage reflects
poor implementation of various adjustment measures, which only
became effective during the second half of the last fiscal year,
as well as failure to meet targets for state-owned enterprises
(SOEs).  The general government deficit was 6.1% of GDP in fiscal-
year 2015 (from April 2015 to March 2016), slightly above the 5.8%
of the prior year; the general government deficit includes the
National Insurance Scheme (NIS) surplus of 1.2% of GDP.  Stricter
control over expenditure at SOEs, some one-off revenues from the
sale of the Barbados National Terminal Company, and the full
impact of the fiscal measures announced in 2015 and 2016, should
reduce the fiscal deficit (and change in government debt) toward
5% of GDP during 2016-2018.  The management of SOE finances poses
a risk to the success of the fiscal consolidation of the
government, in S&P's view.

On Aug. 15, 2016, the government announced additional fiscal
measures and a midterm financial and economic review.  This
process updates the pro forma budget proposal laid out in March,
with updated economic assumptions, and incorporates further
planned fiscal tightening.  Moreover, the government introduced a
social responsibility levy (2% on imports except those for
tourism, construction, and agriculture) to fund health expenditure
and increased the bank asset tax to 0.35% (from 0.2%).  Finally,
the government plans to reduce transfers to SOEs during the next
four years below BB$1 billion, where they have stood for the last
five fiscal years, through improving its control on its SOE's
expenditures and refinancing arrears.

"In our opinion, these measures will help reduce the annual
increase in government debt to an average of 5% of GDP during
2016-2018 from the 6.5% observed in 2013-2015.  However, we expect
Barbados' net general government debt to continue to rise toward
just below 100% of GDP over the next three years from 93% in 2015.
We consider the level of debt a key credit constraint,
particularly given Barbados' narrow, open economy (which depends
highly on tourism) and fixed exchange rate regime.  In addition,
the general government interest to revenue burden is over 15%
(this figure excludes interest payments to NIS).  Moreover, the
government continues to run arrears, which the International
Monetary Fund estimates at 5.9% of GDP last fiscal year, up from
the 4.3% the year before.  We assess Barbados' contingent
liabilities as limited; this considers our view of the strength of
the banking system with assets of the deposit-taking financial
institutions at 170% of GDP," S&P said.

Consistently high CADs from 2011 to 2015, which averaged 10% of
GDP, the absence of significant FDI flows -- coupled with the
sovereign's decision not to tap global capital markets--underpin a
steady downward trend in international reserves, which were
$544 million at year-end 2015.  S&P's expectation for continued
low commodity prices over the next two to three years and some
pickup in tourism arrivals, especially from the U.S., should keep
the average CAD at a lower 7% of GDP during 2016-2018.  Within the
last 12 months, three major hotels have announced new investments
on the island--the Hyatt, the Sam Lord's Castle project by Wyndham
(which the China Exim Bank will finance as well), and the
expansion of the all-inclusive Sandals hotel.  This should boost
FDI flows and finance around 80% of the projected CAD.  Coupled
with disbursements from multilateral organizations, this should
ease the downward trend of the international reserves.

However, usable international reserves, which S&P considers for
assessing external liquidity, are even lower; S&P subtracts the
monetary base from international reserves because reserve coverage
of the monetary base is critical to maintaining confidence in the
exchange-rate regime.  Barbados' usable reserves have been
negative since 2013, and the position continues to deteriorate, in
part because of the central bank's deficit financing, which has
expanded the monetary base.  S&P expects Barbados' gross external
financing needs to be above 200% of current account receipts (CAR)
plus usable reserves.  S&P expects narrow net external debt to
average around 40% of CAR during 2016-2018.  S&P's external
assessment also considers that net external liabilities of a
projected 170% of CAR during 2016-2018 are substantially higher
than narrow net external debt.  Finally, S&P notes that Barbados'
International Investment Position has inconsistencies and is not
timely.

At almost $16,000 GDP per capita, Barbados is still one of the
richest countries in the Caribbean.  However, growth has been
below that of peers with a similar level of economic development,
and the economy is very dependent on tourism.  These factors weigh
on the strength of the economy.  There have been anecdotal signs
of some pickup in growth--as tourism has improved--and S&P expects
real GDP to post small but consistent gains during 2016-2018.
Largely as a result of a robust tourism sector, the economy posted
0.8% growth in 2015, above the 0.3% average of the previous five
years.  Tourism arrivals were up by 14% in 2015, led by the U.S.
market; higher arrivals, however, have not translated to higher
tourist per capita spend.  This is likely because of low commodity
prices and increased use of Internet platforms for room
accommodation.

Since its independence, Barbados has kept strong ties with the
U.K.; it is still early to assess the full impact of Brexit on the
island. The U.K. accounts for 36% of tourist arrivals, and Britons
are the main nonresident buyers in the local housing market.  The
impact of the Brexit, if any, could be mitigated by reactivation
of the construction sector following the announcement of major
hotel projects and growth in U.S. tourism.  S&P expects GDP growth
of 1.5% during 2015-2018.

OUTLOOK

The negative outlook reflects the potential for a downgrade if the
government fails to make additional progress in lowering its high
fiscal deficit, if growth resulting from key investment projects
fails to materialize, or if external pressures worsen because of
persistent and large CADs.  This scenario would likely lead to a
further deterioration in the availability of financing for large
fiscal deficits during the next 12-18 months.

S&P could revise the outlook to stable within the next 12-18
months if the government succeeds in stemming further slippage in
its fiscal accounts--be it from implementation of fiscal measures
or a stronger-than-expected rebound in growth--improves its access
to financing, especially from private creditors locally and
globally, and stabilizes the country's external vulnerabilities.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "external assessment" had deteriorated.
All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Downgraded; Ratings Affirmed
                                        To           From
Barbados
Sovereign Credit Rating                 B-/Neg./B    B/Neg./B
  Transfer & Convertibility Assessment   B-                 B
  Senior Unsecured
   Long Term                             B-                 B
   Short Term                            B                  B


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


ESPIRITO SANTO: S&P Affirms 'BB' GS Rating; Outlook Remains Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
Brazil national scale ratings on Espirito Santo Centrais Eletricas
S.A. (Escelsa).  The outlook on both ratings remains negative.
Escelsa's 'bb+' stand-alone credit profile (SACP) remains
unchanged.  At the same time, S&P affirmed its 'brAA-' rating on
the sister company, Bandeirante Energia S.A.  The outlook also
remains negative.

The affirmation reflects Bandeirante and Escelsa's ratings
limitation to the sovereign credit rating on the Federative
Republic of Brazil (global scale: BB/Negative/B; national scale:
brAA-/Negative/--), where they operate.  As regulated utilities,
in S&P's view, they could be subject to intervention from the
government, such as rate freezes, which could jeopardize their
ability to continue generating cash, as already happened in other
countries.

S&P analyzes Bandeirante and Escelsa based on EDP Energias do
Brasil S.A.'s (EDP Brasil) consolidated figures, given S&P's view
that the group adopts an integrated financial strategy and
actively manages its subsidiaries' operations.  Therefore, S&P
takes into consideration the importance of the distribution
companies to EDP Brasil and the Brazilian operations to the
ultimate controlling shareholder, EDP - Energias de Portugal S.A.
(EDP; BB+/Positive/B).


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


ADM ROYAL: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of ADM Royal Global Strategies Fund Limited
received on Sept. 26, 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:

          ADM Global Holding Limited
          c/o Floor 4, Willow House, Cricket Square
          P.O. Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


ASCLETIS (CAYMAN): Shareholder to Hear Wind-Up Report on Oct. 10
----------------------------------------------------------------
The shareholder of Ascletis (Cayman) Inc. will hear on Oct. 10,
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:

          Powertree (Investment (BVI) Ltd.
          Vanterpool Plaza, 2nd Floor, Wickhams Cay 1
          Road Town, Tortola
          British Virgin Islands
          Telephone: +86 571 8589 0915
          Facsimile: +86 571 8538 9730


ATLANTIC GUARANTY: Shareholders' Final Meeting Set for Oct. 4
-------------------------------------------------------------
The shareholders of Atlantic Guaranty Insurance Company will hold
their final meeting on Oct. 4, 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:

          Dianne Sweeney
          3661 Sexton Woods Dr
          Atlanta, Georgia 30341
          USA
          Telephone: (678) 476 5805


CINDA ASIA: Members' Final Meeting Set for Oct. 26
--------------------------------------------------
The members of Cinda Asia Investments Limited will hold their
final meeting on Oct. 26, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Zhou Lu
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


CLSA SUNRISE: Shareholders' Final Meeting Set for Oct. 4
--------------------------------------------------------
The shareholders of CLSA Sunrise Management Limited will hold
their final meeting on Oct. 4, 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:

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


GUOTAI JUNAN: Shareholders' Final Meeting Set for Oct. 4
--------------------------------------------------------
The shareholders of Guotai Junan Supreme Fund of Funds will hold
their final meeting on Oct. 4, 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:

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


KRAKATOA LTD: Shareholders' Final Meeting Set for Oct. 4
--------------------------------------------------------
The shareholders of Krakatoa Ltd. will hold their final meeting on
Oct. 4, 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:

          Lee De'ath
          c/o Sue Sorrell
          e-mail: ssorrell@cvr.global
          CVR Global LLP
          Town Wall House Balkerne Hill
          Colchester
          Essex CO3 3AD
          Telephone: 00 44 1206 217900
          Facsimile: 00 44 1206 580230


LEKO GROUP: Members' Final Meeting Set for Oct. 3
-------------------------------------------------
The members of Leko Group Holdings Limited will hold their final
meeting on Oct. 3, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Li Li
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


MASAMASO GROUP: Shareholders' Final Meeting Set for Oct. 6
----------------------------------------------------------
The shareholders of Masamaso Group Limited will hold their final
meeting on Oct. 6, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          P.O. Box 2075, Grand Cayman, KY1-1105
          Cayman Islands
          Telephone: (345) 949-9710


MBS INSURANCE: Members' Final Meeting Set for Oct. 4
----------------------------------------------------
The members of MBS Insurance, Ltd. will hold their final meeting
on Oct. 4, 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:

          Geoffrey M. Thomas
          c/o Campbells
          Willow House, Floor 4, Cricket Square
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


MKP CREDIT: Shareholders' Final Meeting Set for Oct. 31
-------------------------------------------------------
The shareholders of MKP Credit Offshore (Plan Assets), Ltd. will
hold their final meeting on Oct. 31, 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:

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


PROFESSIONAL CONSULTING: Members' Final Meeting Set for Oct. 17
---------------------------------------------------------------
The members of Professional Consulting International Limited will
hold their final meeting on Oct. 17, 2016, at 12:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


SEDACO INC: Members' Final Meeting Set for Oct. 17
--------------------------------------------------
The members of Sedaco Inc will hold their final meeting on
Oct. 17, 2016, at 12:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


TAIWAN BROADBAND: Shareholders' Final Meeting Set for Oct. 6
------------------------------------------------------------
The shareholders of Taiwan Broadband Holdings, Ltd. will hold
their final meeting on Oct. 6, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


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


JAMAICA: Slight Uptick Expected in Inflation for This Year
----------------------------------------------------------
RJR News reports that business operators are expecting a slight
uptick in inflation this year.

According to June's Inflation Expectations Survey, conducted by
STATIN on behalf of the Bank of Jamaica, business operators
expected inflation of 4.3 per cent for the calendar year, higher
than the 3.9 per cent recorded in the previous survey, the report
notes.

The expected inflation 12 months ahead was also higher relative to
the previous survey, according to RJR News.

The perception of inflation control declined in the June survey,
the report relays.

The Bank of Jamaica says this reflected increases in the number of
respondents who were dissatisfied with the authorities' control of
inflation, the report discloses.

There was also an increase in the number of respondents who were
neither satisfied nor dissatisfied, the report notes.

Meanwhile, the latest survey respondents moderated their view of
the pace of currency depreciation, the report relays.

Businesses expect the exchange rate to depreciate by 1.7 per cent
over the next three months which was marginally lower than the 1.9
per cent expected in the May survey, the report notes.

For the 6-month and 12-month period, there were expectations of
depreciation of  2.9 per cent and 4.2 per cent, respectively,
compared to depreciations of  3 per cent and 4.3 per cent in the
May survey, the report adds.

                        *     *     *

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'.


JAMAICA: IMF Approves US$39.6 Million Loan Disbursement
-------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed on September 16, 2016 the thirteenth review of Jamaica's
economic performance under the program supported by a four-year,
SDR 615.38 million (about US$932.3 million at the time of
approval) arrangement under the Extended Fund Facility (EFF)1. The
completion of the review enables an immediate disbursement of an
amount equivalent to SDR 28.32 million (about US$39.6 million).
The Board made the decision based on lapse-of-time procedures,
without a formal meeting. The EFF arrangement was approved on May
1, 2013.

Program implementation is on track. The authorities' continued
commitment to the demanding reform program even in the fourth year
of the IMF-supported program is commendable. All quantitative
performance criteria for end-June 2016, as well as the continuous
quantitative program targets and structural benchmarks, were met.
Domestic confidence indicators are at an all-time high, and there
are improving signs of economic activity, including agricultural
recovery, strong performance in tourism and manufacturing,
increased FDI inflow, and stronger private sector credit growth.
Real GDP growth is estimated at 1 percent for FY15/16, and is
projected to reach 1.7 percent in FY16/17. Nevertheless, important
risks to the program remain.

Higher growth dividends, more job creation, and improved living
standards will be essential to maintain social support for the
reform agenda. Safeguarding growth-enhancing capital spending is
essential for employment and job-creation. Assessing banking
sector competition, improving land titling, as well as developing
mobile money and agency banking services will help alleviate
constraints to financial inclusion and investment. The rebalancing
from direct to indirect taxes provides an opportunity to improve
compliance and increase incentives for production and effort. At
the same time, protecting the poor and vulnerable is a high
priority, which requires developing and implementing a well-
designed plan to enhance Jamaica's social protection framework to
ensure inclusive and equitable growth. Controlling the wage bill
and reprioritizing public spending to areas where the need is
highest, including by delivering public services cost-effectively
and efficiently, are vital to support a dynamic private sector.

                            *     *     *

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


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


CONSUBANCO SA: S&P Affirms 'BB' Counterparty Credit Rating
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale counterparty
credit rating on Consubanco, S.A. Institucion de Banca Multiple.
At the same time, S&P affirmed its 'mxA/mxA-2' national scale
credit rating and 'BB/mxA' issue-level ratings on the bank.  The
outlook remains stable.  S&P also assigned its 'mxA' rating to the
bank's fourth debt issuance for MXN1.5 billion with the ticker
CSBANCO 16 with a three-year maturity and floating rate.  The bank
will use the proceeds to refinance its existing liabilities and
loan portfolio growth.

The ratings reflect S&P's view of Consubanco's weak business
position mainly due to its revenue concentration in payroll
discount lending services.  S&P also views its capital and
earnings as very strong based on its forecasted RAC ratio of 19.8%
on average for the next 18 months.  The ratings also reflect S&P's
assessment of Consubanco's risk position as moderate as a result
of its portfolio concentration, higher-than-peers' nonperforming
assets, as well as the operating risks inherent in operating with
public-sector entities.  The ratings also incorporate S&P's
assessment of Consubanco's funding as below average due to the
lack of a sound deposit, retail-oriented base compared with
Mexican banking system, and its liquidity as moderate.


RASSINI SAB: S&P Raises CCR to 'BB'; Outlook Remains Stable
-----------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit ratings
on Rassini S.A.B. de C.V. to 'BB' from 'BB-'.  The outlook remains
stable.

The upgrade reflects Rassini's strong financial performance that
has resulted in better-than-expected credit metrics, which led S&P
to revise the company's financial risk profile to intermediate
from significant.  Rassini's credit ratios have strengthened for
five consecutive years, and for the 12 months ended June 30, 2016,
the company posted debt to EBITDA of 1.3x and FOCF to debt of 42%.
In our opinion, this performance not only stems from the recovery
of the U.S. auto industry, but also reflects the company's
commitment to a more prudent financial policy.  S&P expects
Rassini to maintain solid cash flow generation that will continue
to protect its credit metrics.  In particular, S&P expects that
the recent 40% capacity expansion of its manufacturing facilities
in Puebla will help Rassini capture favorable demand trends in
North America through its already booked platforms, which would
more than offset the challenging industry conditions in Brazil.

Rassini's weak business risk profile reflects the company's sales
limited to very few original equipment manufacturers (OEMs),
namely Ford, General Motors, and Fiat Chrysler Automobile, which
represent around 75% of supplier's total sales.  Moreover, the
company remains susceptible to unanticipated swings in the
regional automotive industry dynamics, because around 90% of its
volume is distributed within the NAFTA markets, and ultimately all
of its EBITDA is generated in this region.  The business risk
profile assessment also considers Rassini's narrow product
portfolio range, with approximately 70% of its business is derived
from the springs division, while the remainder is in the breaks
segment.  These factors weigh on our assessment and represent a
key ratings constraint.

Rassini's intermediate financial risk profile incorporates S&P's
view that the company's growth will continue to be driven by the
long-term relationship with key OEMs, which would remain the main
source of new contracts in the medium term.  In addition, S&P's
financial risk profile assessment reflects its view that the
company won't engage in potential investments that could result in
a significant increase of debt levels.


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


* JUNIOR SAMMY: La Brea Residents Threaten Workers
--------------------------------------------------
Trinidad Express reports that residents no longer employed on the
La Brea Road repair project have turned on their former employer,
Junior Sammy Group of Companies (Jusamco).

Member of Parliament for La Brea Nicole Olivierre said it was
unfortunate that residents were trying to hamper the work they had
hoped for, for years, according to Trinidad Express.

The work, which is coming to an end, is being conducted under
police watch because workers are being threatened, the report
notes.

Ms. Olivierre told the Express: "I understand the persons who
threatened the workers are some of the residents who were engaged
on the job but have since been laid off as the job is nearing
completion and the quantum of work to be completed has reduced,"
the report relays.


* TRINIDAD & TOBAGO: Must Learn How to Drive Econ. Growth w/o Oil
-----------------------------------------------------------------
Kwame Weekes at Trinidad and Tobago Newsday reports that economist
Hayden Blades is warning that if this country does not figure out
how to drive economic growth without oil, "it simply means we
would be in for an unprecedented era of economic contractions that
we can't borrow our way out of."

Speaking at a pre-budget forum by the Federation of Independent
Trade Unions and NGOs (FITUN), Mr. Blades said, "where is the good
life money going to come from?" The economist recalled that even
after learning that the price of oil could drop to drastically low
levels in December 2008, Trinidad and Tobago still continued to
live lavishly with an over dependence on oil, according to
Trinidad and Tobago Newsday.

He reminded that the local economy earns 40 percent of its GDP
from the oil and gas industry and even though the service sector
earns money, it is in a large part dependent on the foreign
exchange earned by oil and gas, the report notes.

"Our lifestyle is dependent on oil revenue," said Mr. Blades,
describing easily accessible car loans and large amounts of
spending behind programs like CEPEP and URP as perks of high oil
prices, the report notes.

"Good life done a long time ago."  The forum was not all doom and
gloom as other speakers called for the creative sector to become a
serious income earner, the report relays.


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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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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