TCRLA_Public/161111.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

            Friday, November 11, 2016, Vol. 17, No. 224


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Says Passenger Travel Woes to Continue


B R A Z I L

CONCESSAO METROVIARIA: Moody's Assigns Ba2 Global Scale Rating


C A Y M A N  I S L A N D S

CAYMAN MS: Commences Liquidation Proceedings
CONDAO RESORT: Creditors' Proofs of Debt Due Nov. 28
ESAF PARTNERS: Creditors' Proofs of Debt Due Dec. 8
GOLDWATER MASTER: Creditors' Proofs of Debt Due Nov. 28
HEALTHCARE BIOTECH: Creditors' Proofs of Debt Due Nov. 28

IBIS RE II: Creditors' Proofs of Debt Due Dec. 7
INDOCHINA HOTELS: Creditors' Proofs of Debt Due Nov. 28
INDOCHINA LAND: Creditors' Proofs of Debt Due Nov. 28
INDOCHINA LAND PROJECT: Creditors' Proofs of Debt Due Nov. 28
INDOCHINA QUANG II: Creditors' Proofs of Debt Due Nov. 28

INDOCHINA QUANG III: Creditors' Proofs of Debt Due Nov. 28
OAK HILL: Commences Liquidation Proceedings
PREMIER INVESTMENTS: Creditors' Proofs of Debt Due Nov. 17


E L   S A L V A D O R

BANDESAL: Moody's Cuts LT Foreign Currency Issuer Rating to B3


G U A T E M A L A

BANCO DE LOS TRABAJADORES: Fitch Lowers IDR to 'B+'


M E X I C O

MEXICO: Touts Economic Strength in Face of Trump Victory
MINERA FRISCO: Moody's Withdraws Caa1 LT LC Program Rating


P U E R T O    R I C O

INVERSIONES POS: Hires Jose Monge Robertin as Advisor


S T.  L U C I A

ST. LUCIA: Tourism Arrivals Down 3.5% Vs. Same Period in 2015


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Outgoing Chief Secretary Critical of Service


                            - - - - -


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


LIAT: Says Passenger Travel Woes to Continue
--------------------------------------------
The Daily Observer reports that LIAT, operating as Leeward Islands
Air Transport, blamed its latest round of flights delays and
cancellations on the weather and warned that its disruptions are
far from over.

"Passengers can expect to experience some further delays, and some
disruption is expected for the coming days as we work to improve
the situation," according to The Daily Observer.

In a new release, management said it is working to restore
"normalcy" to its network schedule, which has been impacted by
"unexpected weather conditions," the report notes.

LIAT said high winds in St Vincent last Saturday resulted in an
aircraft being grounded at the ET Joshua Airport, the report
discloses.

"This resulted in passengers being unable to leave St Vincent and
the airline's crews were also out of place which impacted other
flights," the airline said.

Passengers with connections from Barbados, Dominica and Antigua &
Barbuda were severely affected by the cancellations, the report
relays.

The company said as recent as Wednesday, Nov. 9, "unfortunate"
inclement weather resulted in flooding and closure of ET Joshua,
the report notes.

"LIAT regrets that it has had to cancel some flights due to the
airport closure."

"Given the interconnectivity of our network, as well as the need
to ensure a safe operation of our aircraft for crew and
passengers, many of our customers throughout the region have been
affected," the company admitted, the report says.

LIAT said it is working "feverishly" to ensure that all those
displaced are accommodated by rerouting flights, providing meals
and accommodations, or by booking passengers on alternative
airlines where possible, the report relays.

"We, at LIAT, deeply regret these unfortunate circumstances," it
said, adding that it will continue to work "around the clock" to
ensure a speedy restoration of the published schedule," the report
adds.


                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing Caribbean360.com, that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of
LIAT -- the Board and the Executive. Following the sudden
resignation of Chief Executive Officer Captain Ian Brunton, David
Evans replaced Mr. Brunton as chief executive officer.



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


CONCESSAO METROVIARIA: Moody's Assigns Ba2 Global Scale Rating
----------------------------------------------------------------
Moody's America Latina Ltda. has assigned a Ba2 global scale and a
Aa1.br Brazilian national scale rating (NSR) to the 7th senior
unsecured (backed) debenture of up to BRL100 million to be issued
by ConcessAo Metroviaria do Rio de Janeiro S/A ("METRORIO" or the
"Company"), due in May 2018. METRORIO's issuer rating of Ba2
global scale and Aa1.br NSR were affirmed. The outlook for the
ratings is negative.

The senior unsecured (backed) non-convertible debentures are
expected to be issued in November 16, 2016 and the proceeds will
be used to refinance the currently outstanding 6-month promissory
notes issued in May 2016.

RATINGS RATIONALE

The Ba2/Aa1.br ratings reflect METRORIO's relatively stable and
predictable operating cash flows supported by a long-term
concession contract with annual tariff adjustments indexed to
domestic inflation. Despite the ongoing recession in Brazil (Ba2
negative), there has been continued growth in revenues and
ridership year over year both from the addition of new stations as
well as organic growth, which has had a positive impact on credit
metrics. The rating also reflects the limited remaining
expansionary capital expenditures remaining going forward.

The debenture will have cross default provisions and will
automatically accelerate in the event of a default of other debt
outstanding of METRORIO above BRL 30 million, as well as in the
event of a change of control at Invest. E Part. Em Infra-Estr S.A.
-- INVEPAR (B2 negative), the Holding company. The debenture will
also have a financial covenant that defines as event of default,
subject to a 60% vote, the reporting of EBITDA to net financial
expenses below 2.0x. The debt could also be accelerated, subject
to a 60% vote of debenture holders, if METRORIO and/or the
guarantor, Invepar, fail to comply with any anti-corruption laws.

The negative outlook reflects the constraint of the sovereign
rating and outlook given the domestic nature of the company's
operations.

WHAT COULD CHANGE THE RATINGS UP/DOWN

In light of the negative outlook, an upgrade of the rating is
unlikely in the near term. However a continued sustained growth in
ridership and revenues could exert positive pressure on the
rating.

A rating downgrade could be triggered in case ridership or
revenues decline over a prolonged period of time, the company's
liquidity position deteriorates, or if operating and maintenance
costs were to increase significantly from forecasted figures.
Further deterioration in the sovereign's rating could also exert
downward pressure on the ratings.

Recent Developments

In June 2013, METRORIO signed an operating and maintenance
agreement with Concessionaria Rio Barra S.A. (not rated) whereby
METRORIO became responsible for the maintenance and operation of
subway system Line 4. This newly constructed line has 6 stations
extending over 16 kilometers connecting the south and west regions
of Rio de Janeiro City, having started partial operations just
prior to the Olympic Games. The line is expected to service
approximately 300,000 daily passengers. According to INVEPAR,
METRORIO is responsible for the collection of tariffs from Line 4,
and should generate positive cash flows derived from the
contractual terms under the operation and services agreement with
Concessionaria Rio Barra S.A. This agreement was not provided for
review by Moody's. METROBARRA S.A., another subsidiary of INVEPAR,
has the option to acquire Rio Barra S.A., and based on information
provided by INVEPAR, METRORIO does not have any obligations
associated with this acquisition, capital expenditures associated
with Line 4, or with respect to debt service at METROBARRA. In the
event METRORIO's financial position were to be negatively impacted
by higher than anticipated costs associated with the operation of
Line 4, there could be a reassessment of METRORIO's credit rating.

In the LTM ended 6/30/2016, total paying passengers increased 3.4%
to 218 million versus 211 million as of FY 2015. For the LTM ended
June 30, 2016, using Moody's standard adjustments, METRORIO
reported net operating revenues of BRL838 million and EBITDA of
BRL357million, as compared to net operating revenues of BRL777
million and EBITDA of BRL392 million as of FY 2015. The decline in
EBITDA is primarily due to increased costs associated with the
preparation of the opening of Line 4, including additional
personnel. In the LTM ended June 30, 2016, METRORIO's Debt-to-
EBITDA remained at 3.5x which is lower than the historical average
(2012-2015) of 4.3x, whereas Interest Coverage Ratio remains
stable at 2.8x as the historical average.

Liquidity

As of June 30,2016, METRORIO had BRL 163 million cash and cash
equivalents, versus BRL 242 million as of FY 2015. The decline in
liquidity over the first six months of the year is primarily due
to a total distribution of $72 million during the period.

METRORIO's debt profile is relatively concentrated in the short-
term (37.5% of total debt), however the company has already
managed its more immediate debt maturity by refinancing activity
earlier in the year (Debenture issuance of BRL 210 million and a
Bank loan of BRL 140 million, in March, 2016). In addition to the
current debenture issuance, this corroborates a positive track
record in successfully raising financing from both public as well
as private banks. Moreover, Moody's considers the track record of
financial support from METRORIO's ultimate shareholders a positive
factor.

ABOUT METRORIO

Concessao Metroviaria do Rio de Janeiro S.A. -- METRORIO is an
urban railway passenger transportation company, which has the
concession rights to operate Lines 1 and 2 of the subway system in
the City of Rio de Janeiro with an extension of 42 km and 36
stations (the "Concession"). The Concession was granted by the
State Government of Rio de Janeiro in 1998 for a 40-year period.
In September 2016, METRORIO started the operation and maintenance
of Rio de Janeiro's subway system's Line 4, adding 16 kilometers
and 6 stations to its operations.



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


CAYMAN MS: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 10, 2016, the shareholder of Cayman MS Investors 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:

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


CONDAO RESORT: Creditors' Proofs of Debt Due Nov. 28
----------------------------------------------------
The creditors of Condao Resort Development Ltd are required to
file their proofs of debt by Nov. 28, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 20, 2016.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


ESAF PARTNERS: Creditors' Proofs of Debt Due Dec. 8
---------------------------------------------------
The creditors of Esaf Partners Limited are required to file their
proofs of debt by Dec. 8, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 17, 2016.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          dms House 20 Genesis Close, George Town
          PO Box 1344 KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


GOLDWATER MASTER: Creditors' Proofs of Debt Due Nov. 28
-------------------------------------------------------
The creditors of Goldwater Master Fund, Ltd. are required to file
their proofs of debt by Nov. 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2016.

The company's liquidator is:

          Mourant Ozannes
          Goldwater Asset Management LP
          c/o Jo-Anne Maher
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +44 207 796 7614
          Facsimile: (345) 949-4647


HEALTHCARE BIOTECH: Creditors' Proofs of Debt Due Nov. 28
---------------------------------------------------------
The creditors of The Healthcare Biotech Fund Ltd are required to
file their proofs of debt by Nov. 28, 2016, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Gene Dacosta
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902


IBIS RE II: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------
The creditors of Ibis RE II Ltd. are required to file their proofs
of debt by Dec. 7, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 19, 2016.

The company's liquidators are:

          Andrew Johnson
          Alan Turner
          Telephone: (345) 946 4091
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands


INDOCHINA HOTELS: Creditors' Proofs of Debt Due Nov. 28
-------------------------------------------------------
The creditors of Indochina Hotels and Residences are required to
file their proofs of debt by Nov. 28, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 20, 2016.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


INDOCHINA LAND: Creditors' Proofs of Debt Due Nov. 28
-----------------------------------------------------
The creditors of Indochina Land Hoi An Golf Course II Ltd. are
required to file their proofs of debt by Nov. 28, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 20, 2016.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


INDOCHINA LAND PROJECT: Creditors' Proofs of Debt Due Nov. 28
-------------------------------------------------------------
The creditors of Indochina Land Project Management Company are
required to file their proofs of debt by Nov. 28, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 20, 2016.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


INDOCHINA QUANG II: Creditors' Proofs of Debt Due Nov. 28
----------------------------------------------------------
The creditors of Indochina Quang Nam Resort Holding II are
required to file their proofs of debt by Nov. 28, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 20, 2016.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


INDOCHINA QUANG III: Creditors' Proofs of Debt Due Nov. 28
----------------------------------------------------------
The creditors of Indochina Quang Nam Resort Holding III are
required to file their proofs of debt by Nov. 28, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 20, 2016.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


OAK HILL: Commences Liquidation Proceedings
-------------------------------------------
The sole shareholder of Oak Hill Credit Alpha Finance I
(Offshore), Ltd., on Oct. 21, 2016, 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
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


PREMIER INVESTMENTS: Creditors' Proofs of Debt Due Nov. 17
----------------------------------------------------------
The creditors of Premier Investments Holding Co., Ltd. are
required to file their proofs of debt by Nov. 17, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 18, 2016.

The company's liquidator is:

          Susan Lo Yee Har
          Level 54, Hopewell Centre
          183 Queen's Road East
          Hong Kong
          c/o Anthony McKenzie
          Telephone: +1 (345) 749 2001



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


BANDESAL: Moody's Cuts LT Foreign Currency Issuer Rating to B3
---------------------------------------------------------------
Moody's Investors Service has downgraded to B3, from B1, the long-
term foreign currency issuer rating of Banco de Desarrollo de El
Salvador (Bandesal).

At the same time, Moody's downgraded the long-term foreign
currency deposit rating of Banco Agricola, S.A. and the long-term
foreign currency senior unsecured debt rating of Agricola Senior
Trust (AST) to B1 from Ba2. AST is a Cayman Islands-based trust
unconditionally and irrevocably guaranteed by Banco Agricola.
Banco Agricola's long-term counterparty risk assessment was also
downgraded to B1(cr) from Ba2(cr).

All the ratings carry negative outlooks. In addition, both banks'
standalone Baseline Credit Assessments (BCA) were downgraded to b3
from b1.

These rating actions follow Moody's downgrade of El Salvador's
government bond rating to B3, from B1, with a negative outlook.

The following ratings and assessments were downgraded:

   Issuer: Banco de Desarrollo de El Salvador

   -- Long-term foreign currency issuer rating, to B3 from B1,
      negative outlook

   -- Baseline credit assessment, to b3 from b1

   -- Adjusted baseline credit assessment, to b3 from b1

   Issuer: Banco Agricola, S.A.

   -- Baseline credit assessment, to b3 from b1

   -- Adjusted baseline credit assessment, to b1 from ba2

   -- Long-term foreign currency deposit rating, to B1 from Ba2,
      negative outlook

   -- Long-term counterparty risk assessment, to B1(cr) from
      Ba2(cr)

   Issuer: Agricola Senior Trust

   -- Long-term foreign currency senior unsecured debt rating, to
      B1 from Ba2, negative outlook

RATINGS RATIONALE

The downgrades result from the downgrade of El Salvador's
government bond rating to B3 from B1, and the corresponding
deterioration in the country's operating environment. The
downgrade of El Salvador's government bond rating considered the
increased liquidity risks facing the government stemming from its
persistently high and rising short-term debt and the legislative
impasse that has so far this year prevented the approval of long-
term debt issuance to retire short-term paper. The lower BCAs
reflect Moody's view that the creditworthiness of both banks is
intrinsically interlinked with that of the Salvadoran government.

The deterioration of the country's institutional strength and
increase in government liquidity risk reflected by the downgrade
of the Salvadoran sovereign prompted a reassessment of the
country's Macro Profile to "Very Weak +," from "Weak." The Macro
Profile reflects the riskiness of the country's operating
environment and provides the context within which the banks'
financial profiles are assessed.

In downgrading the BCA of Bandesal, a local development bank,
Moody's also took into account that its funding, liquidity
position and market access are closely tied to the government's
own liquidity pressures. While Banco Agr°cola maintains a good
capital position, consistent profitability and ample liquidity,
its financial strength remains limited by the creditworthiness of
the Salvadoran government, particularly in light of its large
holdings of government debt.

Banco Agricola's B1 foreign currency deposit rating continues to
benefit from two notches of uplift from its b3 BCA, as a result of
the high probability of support from its parent, Bancolombia, S.A.
(deposits Baa2 stable, BCA ba1), the BCA of which was also lowered
following the downgrade of El Salvador. For details on the rating
action, please refer to Moody's press release "Moody's downgrades
Bancolombia's sub debt and BCA; affirms senior ratings", dated 8
November 2016. Moody's assessment of affiliate support is based on
Banco Agricola's importance to Bancolombia's Central American
banking franchise.

The negative outlooks on Bandesal's and Banco Agricola's ratings
are in line with the negative outlook on El Salvador's government
bond rating.

WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN

If El Salvador's government bond rating is downgraded further,
Bandesal's and Banco Agr°cola's BCAs and their respective
supported ratings are likely to be downgraded again as well. While
the banks' ratings are unlikely to face upward pressure in the
near-to-medium term, their outlooks are likely to be stabilized if
and when the outlook on the government bond rating returns to
stable.

The last rating action on Bandesal was on August 12, 2016.

The last rating action Banco Agr°cola was on August 12, 2016.

The last rating action on Agr°cola Senior Trust was on August 12,
2016.

The principal methodology used in rating Banco de Desarrollo de El
Salvador was Government-Related Issuers published in October 2014.
The principal methodology used in rating Banco Agricola, S.A. and
Agricola Senior Trust was Banks published in January 2016.

Bandesal is El Salvador's development bank, originally established
as Banco Multisectorial de Inversiones by special legislative act
in 1994 and transformed into Banco de Desarrollo de El Salvador by
law in 2012. The bank supports private sector economic development
and investment largely by lending through the financial system.
Bandesal reported total assets of $581 million as of September
2016.

Banco Agricola is domiciled in San Salvador, El Salvador, and is
the largest bank in the country with market shares of 27% and 26%
in loans and deposits. As of September 2016, Banco Agricola
reported consolidated assets of $4.2 billion and deposits of $2.8
billion. Agricola Senior Trust is a Cayman Islands special purpose
trust governed by the laws of the Cayman Islands and is
unconditionally and irrevocably guaranteed by Banco Agricola.



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


BANCO DE LOS TRABAJADORES: Fitch Lowers IDR to 'B+'
---------------------------------------------------
Fitch Ratings has downgraded Banco de los Trabajadores' (Bantrab)
Long-Term Issuer Default Ratings to 'B+' from 'BB-'.  In addition,
the long-term National scale ratings of Bantrab, and Financiera de
los Trabajadores (Fintrab) and the National scale Insurer
Financial Strength (IFS) of Aseguradora de los Trabajadores have
also been downgraded, to 'BBB(gtm)' from 'A(gtm)'.  The Rating
Watch Negative is maintained for the first two entities, while
Aseguradora de los Trabajadores was placed on Rating Watch
Negative.

Bantrab's IDRs, Viability Rating (VR) and National ratings have
all been downgraded as the capacity for continued timely payment
on the bank's financial liabilities has materially declined.
Nevertheless, Fitch expects the November 2016 coupon to be paid on
time, since, according to Bantrab management, these funds have
already been transferred to the trustee.  Recent events related to
the arrest of various executives and members of the Board of
Directors by the Guatemalan authorities on charges of fraud,
illicit associations and embezzlement to the detriment of the
bank's shareholders highlight the weaknesses in corporate
governance and risk controls and contributed to the loss of
various correspondent bank relationships.

The Rating Watch Negative is maintained, as Fitch believes that
Bantrab's correspondent bank relationships could continue to
suffer while deposit instability may increase, with a negative
effect on its funding and liquidity profile as well as the bank's
ability to make future payments to bondholders.  Fitch will
continue to monitor available information and the evolution of
Bantrab's relationship with correspondent banks as well as its
operational capacity to service future debt payments.  The next
coupon payment is scheduled for May 2017.

In line with Bantrab's rating actions, Bantrab Senior Trust's
(BST) IDR has been downgraded to 'B+' from 'BB-' and the Rating
Watch Negative maintained.  Fitch will monitor the evolution of
Bantrab's relationship with correspondent banks and its
operational capacity to make future debt payments.

The National scale ratings of Bantrab, Fintrab and Aseguradora de
los Trabajadores were downgraded in line with the parent, since
these are driven by its support.

                       KEY RATING DRIVERS

IDRS, VR and NATIONAL RATINGS - Bantrab

Bantrab's ratings are limited by corporate governance weakness and
a funding profile that is highly sensitive to market sentiment.

The bank is characterized by its high-risk appetite, mainly
reflected by weak risk controls and its focus on segments of
middle and low income customers, particularly in the Guatemalan
public sector.  The bank registers good loan quality indicators
given the debt collection via automatic payroll deductions, and
its capital position compares favorably with the industry average
and its main competitors.  Bantrab's profitability has dropped
slightly but remains at a good level.  This is based on a high net
interest margin, acceptable operational efficiency and moderate
loan loss provisions.

SUPPORT RATING AND SUPPORT RATING FLOOR - Bantrab

Bantrab's SR and SRF of '5' and 'NF', respectively, indicate that,
although possible, external support cannot be relied upon given
the currently low state ownership and limited systemic importance.

IDR - Bantrab Senior Trust

BST's seven-year U.S.-dollar loan participation notes' rating is
in line with Bantrab's VR reflecting that the senior unsecured
obligations rank equally with the bank's unsecured and
unsubordinated obligations.

Fitch has assigned a Recovery Rating of 'RR4' as we expect an
average recovery in the event of a default.

National Scale Ratings - Fintrab and Aseguradora de los
Trabajadores

In Fitch's opinion, Fintrab and Aseguradora de los Trabajadores'
National ratings are underpinned by institutional support they
would receive from their shareholder, Bantrab.  Fitch's opinion of
the support is based on the high integration of the subsidiaries
with the parent and the significant reputational risk that a
default of one of them would pose to Bantrab.  As a result, their
National scale ratings are aligned with Bantrab's credit profile.

                        RATING SENSITIVITIES

IDRS, VR, RECOVERY RATING, NATIONAL RATINGS, SR AND SRF

The ratings could be downgraded if the bank's ability to service
its debt is further weakened due to the loss of its correspondent
bank relationship, a material decline in liquidity or a
deterioration of its funding profile.  Conversely, the Rating
Watch Negative could be removed if actions are taken to ensure the
timely payment of future debt obligations.

IDR - BST

Changes in the notes' rating are contingent with rating actions
for Bantrab.

National Ratings - Fintrab y Aseguradora de los Trabajadores
The National ratings of Bantrab's subsidiaries would mirror
changes in the National scale ratings of their parent.

The rating actions are:

Banco de los Trabajadores:

   -- Long-term IDR downgraded to 'B+' from 'BB-', Rating Watch
      Negative maintained;
   -- Short-term IDR affirmed at 'B', Rating Watch Negative
      maintained;
   -- Local Currency Long-term IDR downgraded to 'B+' from 'BB-',
      Rating Watch Negative maintained;
   -- Local currency Short-term IDR affirmed at 'B', Rating Watch
      Negative maintained;
   -- National Long-term Rating downgraded to 'BBB(gtm)' from
      'A(gtm)', Rating Watch Negative maintained;
   -- National Short-term Rating downgraded to 'F3(gtm)' from
      'F1(gtm)', Rating Watch maintained;
   -- Viability Rating downgraded to 'b+' from 'bb-', Rating Watch
      Negative maintained;
   -- Support Rating affirmed at '5';
   -- Support Rating Floor affirmed at 'NF'.

Financiera de los Trabajadores, S.A.

   -- Long-term national rating downgraded to 'BBB(gtm)' from
      'A(gtm)'; Rating Watch Negative maintained;
   -- Short-term national rating downgraded to 'F3(gtm)' from
      'F1(gtm)', Rating Watch Negative maintained.

Bantrab Senior Trust

   -- Long-term foreign currency loan participation notes
      downgraded to 'B+' from 'BB-', Rating Watch Negative
      maintained.
   -- Recovery Rating assigned: 'RR4'.

Fitch has taken these rating actions for Aseguradora de los
Trabajadores:

   -- National scale IFS Rating downgraded to 'BBB(gtm)' from
      'A(gtm)', Placed on Rating Watch Negative.



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


MEXICO: Touts Economic Strength in Face of Trump Victory
--------------------------------------------------------
EFE News reports that Mexico's top economic policymakers said that
their country "is in a strong position" to deal with uncertainty
following the election of Donald Trump as U.S. president, though
they also signaled readiness to make any needed adjustments.

Finance Secretary Jose Antonio Meade acknowledged the volatility
in currency markets that caused the peso to dip to historic low
against the dollar before rebounding slightly, according to EFE
News.

At the same time, however, he said he did not expect any
"immediate impact" on bilateral trade, travel or financial flows,
the report notes.

Trump, who has described Mexican immigrants as criminals and
"rapists," promised during the campaign to build a wall on the
U.S.-Mexico border and to overhaul the North American Free Trade
Agreement, the report relays.

"Mexico is in a strong position to face the new environment,"
Meade said during a brief joint appearance with Central Bank Chief
Agustin Carstens, the report discloses.

Mr. Carstens said that the Banco de Mexico's board will meet next
week "as scheduled," to review the situation and, if necessary,
adjust the current monetary policy to keep inflation stable at
around 3 percent, the report says.

Thanks to prudent government policies, Mexico has a "well-
capitalized" and solvent financial system, Mr. Meade said, the
report notes.

Mexico's Congress has already approved a 2017 budget with a
projected primary surplus and the government's hedging strategy
ensures that oil revenues will be protected even if prices drop,
the secretary said, the report discloses.

Even so, his department and the Banco de Mexico will remain
"especially vigilant" in monitoring developments in the financial
markets, Mr. Meade said, the report adds.


MINERA FRISCO: Moody's Withdraws Caa1 LT LC Program Rating
----------------------------------------------------------
Moody's de Mexico withdrew the provisional long-term ratings
assigned to the debt programs of Arrendadora y Factor Banorte,
S.A. de C.V. (AyF Banorte), HSBC Mexico, S.A., Minera Frisco,
S.A.B. de C.V., SGFP Mexico, S. de R.L. de C.V., Volkswagen Bank,
S.A., and Volkswagen Leasing, S.A. Long-term ratings assigned to
all drawdowns under these programs are unaffected.

At the same time, Moody's converted to definitive ratings the
provisional short-term ratings assigned to the debt programs of
AyF Banorte, Comision Federal de Electricidad, Grupo Aeroportuario
del Pacifico, S.A.B. de C.V., Minera Frisco, SGFP Mexico, and
Volkswagen Leasing.

RATINGS RATIONALE

Moody's has withdrawn the provisional long-term ratings for its
own business reasons. The previously provisional short-term
ratings have been converted to definitive ratings.

The following ratings were affected by the rating action:

   Arrendadora y Factor Banorte, S.A. de C.V.

   -- Long-term local currency program rating of (P) Baa2,
      withdrawn

   -- Long-term Mexican National Scale program rating of Aa2.mx,
      withdrawn

   -- Short-term local currency program rating converted to Prime-
      2, from (P) Prime-2

   Comision Federal de Electricidad

   -- Short-term local currency program rating converted to Prime-
      2, from (P) Prime-2

   Grupo Aeroportuario del Pacifico, S.A.B. de C.V.

   -- Short-term local currency program rating converted to Prime-
      2, from (P) Prime-2

   HSBC Mexico, S.A.

   -- Long-term local currency program rating of (P) Baa2,
      withdrawn

   -- Long-term Mexican National program rating of Aa2.mx,
      withdrawn

   Minera Frisco, S.A.B. de C.V.

   -- Long-term local currency program rating of (P) Caa1,
      withdrawn

   -- Long-term Mexican National Scale local currency program
      rating of Caa1.mx, withdrawn

   -- Short-term local currency program rating converted to Not
      Prime, from (P) Not Prime

   SGFP Mexico, S. de R.L. de C.V.

   -- Long-term local currency program ratings of (P) A2,
      withdrawn

   -- Long-term Mexican National Scale program ratings of Aaa.mx,
      withdrawn

   -- Short-term local currency program ratings converted to
      Prime-1, from (P) Prime-1

   Volkswagen Bank, S.A.

   -- Long-term local currency program rating of (P) A2, withdrawn

   -- Long-term Mexican National Scale program rating of Aaa.mx,
      withdrawn

   Volkswagen Leasing, S.A.

   -- Long-term local currency program rating of (P) A2, withdrawn

   -- Long-term Mexican National Scale program rating of Aaa.mx,
      withdrawn

   -- Short-term local currency program rating converted to Prime-
      1, from (P) Prime-1

The methodology used in the ratings of Arrendadora y Factor
Banorte, S.A. de C.V. and Volkswagen Leasing, S.A. de C.V. was
Finance Companies published in October 2015.

The methodologies used in the ratings of Comision Federal de
Electricidad were Regulated Electric and Gas Utilities published
in December 2013, and Government-Related Issuers published in
October 2014.

The methodology used in the ratings of Grupo Aeroportuario del
Pacifico, S.A.B. de C.V. was Privately Managed Airports and
Related Issuers published in December 2014.

The methodology used in the ratings of HSBC Mexico S.A., SGFP
MÇxico, S. de R.L. de C.V and Volkswagen Bank, S.A. was Banks
published in January 2016.

The methodology used in the ratings of Minera Frisco, S.A.B. de
C.V. was Global Mining Industry published in August 2014.

The period of time covered in the financial information used to
determine Arrendadora y Factor Banorte, S.A. de C.V.'s ratings is
between January 1, 2011 and September 30, 2016 (source: Moody's
and issuer's annual audited and quarterly unaudited financial
statements).

The period of time covered in the financial information used to
determine Comision Federal de Electricidad's ratings is between
January 1, 2011 and September 30, 2016 (source: Moody's and
issuer's annual audited and quarterly unaudited financial
statements).

The period of time covered in the financial information used to
determine Grupo Aeroportuario del Pacifico, S.A.B. de C.V.'s
ratings is between January 1, 2011 and September 30, 2016 (source:
Bolsa Mexicana de Valores, Moody's and issuer's annual audited and
quarterly unaudited financial statements).

The period of time covered in the financial information used to
determine HSBC Mexico, S.A.'s ratings is between January 1, 2011
and June 30, 2016 (source: Moody's and issuer's annual audited and
quarterly unaudited financial statements).

The period of time covered in the financial information used to
determine Minera Frisco, S.A.B. de C.V.'s ratings is between 1
January 2012 and 30 September 2016 (source: Moody's and issuer's
annual audited and quarterly unaudited financial statements).

The period of time covered in the financial information used to
determine SGFP MÇxico, S. de R.L. de C.V.'s ratings is between
January 1, 2011 and June 30, 2016 (source: Moody's and issuer's
annual audited and quarterly unaudited financial statements).

The period of time covered in the financial information used to
determine Volkswagen Bank, S.A.'s ratings is between January 1,
2011 and June 30, 2016 (source: Moody's and issuer's annual
audited and quarterly unaudited financial statements).

The period of time covered in the financial information used to
determine Volkswagen Leasing, S.A.'s ratings is between January 1,
2011 and June 30, 2016 (source: Moody's and issuer's annual
audited and quarterly unaudited financial statements).



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


INVERSIONES POS: Hires Jose Monge Robertin as Advisor
-----------------------------------------------------
Inversiones POS 452 Corporation seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Jose M.
Monge Robertin, CPA, CIRA, CGMA, and Monge Robertin & Asociados,
Inc., as insolvency and restructuring advisors.

The Debtor requires Monge Robertin to provide services in the
reorganization process of the Debtor in the areas of Plan
Development, Liquidation Analysis, Claims Administration,
Feasibility, Negotiations, Investment, Financing and other matters
to assist the counsel and debtors' reorganization.

Monge Robertin professionals will be paid at these hourly rates:

   Jose M. Monge Robertin, CPA, CIRA, CGMA        $275
   Jose J. Negron Colon, CPA, CIRA, CGMA          $200
   Maria Pena, MST, CIRA                          $175
   Edgar Rivera Aponte, BS                        $150
   Juanita Claudio, MBA                           $125
   Melisa Claudio                                  $85
   Support Staff                                   $65
   Assistant Accountants                           $35

A deposit of $10,000.00 is required as part of the Debtor and the
advisors' agreement.  About $4,000 has been paid by the
shareholder and the difference will be paid subsequent to the
filing of the petition.

Dr. Ramon Barquin III, Chairman of the Board of the Debtor,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

Monge Robertin can be reached at:

         Jose Monge Robertin, Esq.
         MONGE ROBERTIN & ASOCIADOS, INC.
         Calle Acosta # 97
         Caguas, Puerto Rico
         Phone: 787-745-0707
         Fax: 787-746-3895
         Email: cpamonge@cirapr.com

Inversiones POS 452 Corporation filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-07834) on Sept. 30, 2016.
Judge Edward A Godoy presides over the case.



===============
S T.  L U C I A
===============


ST. LUCIA: Tourism Arrivals Down 3.5% Vs. Same Period in 2015
-------------------------------------------------------------
Throughout the Caribbean, growth in arrivals from the United
Kingdom has continued its recovery into 2016. But in St. Lucia,
the latest tourism statistics tell a different story.

After what appears to have been a brief resurgence in 2014,
British arrivals to St. Lucia have steadily declined. For the year
up to June 2016, arrivals from this market -- which accounts for
roughly a quarter of all stay-over visitors to St. Lucia -- were
down 3.5 per cent, compared to the same period in 2015.

The Eastern Caribbean Central Bank (ECCB) had expected additional
airlift from the UK to boost arrivals in 2016, as British Airways,
Virgin Atlantic and the Sun Wing all increased capacity. However,
travel advisories related to the Zika virus, in particular,
coupled with uncertainty surrounding the Brexit vote may have
tempered growth.

The ECCB expects the remainder of the year to be just as
challenging -- a sentiment that may be supported by the recently
released October 2016 edition of the World Economic Outlook by the
International Monetary Fund (IMF).

The IMF now anticipates growth in the UK economy to slow to 1.8
per cent in 2016 from 2.2 per cent in 2015, and has revised its
growth projection for the UK economy in 2017 downwards to 1.1 per
cent.



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


CARIBBEAN AIRLINES: Outgoing Chief Secretary Critical of Service
----------------------------------------------------------------
The Daily Observer reports that the outgoing Chief Secretary of
the Tobago House of Assembly (THA), Orville London, has criticized
the service being provided by the state-owned Caribbean Airlines
(CAL) saying the island "needs and airline that is sensitive" to
its socio-economic development.

Addressing the annual Tobago Economic and Business Outlook
Conference, London said that Tobago does not want a situation
where the airline "is bringing some 10, 11 flights from Canada
everyday every week (and) we say let one of them pass through
Tobago and they say no, according to The Daily Observer.

"I am saying that we need an airline that is sensitive and
recognizes that an investment in Tobago at this point in time is
going to reap rich dividends down the road," said Mr. London, who
is not going to contest the next THA elections due in January next
year, the report notes.

Mr. London told delegates to the conference that Tobago "wants
Caribbean Airlines to understand that it is the national airline
of Trinidad and Tobago, The Daily Observer relays.

"And in those circumstances, Trinidad and Tobago must take
priority. It does not matter to be that it is the national carrier
for other islands, other countries, I am not envious but I am not
stupid.

"I am saying that if I am living in Tobago and this is Trinidad
and Tobago and this is my national airline my business must take
priority," Mr. London added.

The report notes that Mr. London said he intends meeting with the
new board of directors of the airline later this month and will
bring up the need to improve service on the airbridge between the
two islands.

"I do not want this new board to deal with a situation where
Caribbean Airlines cannot take care of our domestic tourism," he
said, recalling a conversation he had with a politician from a
Caribbean country who said that visitors from Trinidad were an
important aspect of his country's tourism sector.

"What he said is that they not only bring money, they bring energy
and the energy they bring actually encourages other people to
come. Now here it is that this man is telling me that the Trinidad
Tourist market can in fact make this significant input into his
tourism sector . . . and one of the main reasons is that you can
guarantee that you can leave Port of Spain . . . and get to his
country but you can't do the same between Trinidad and Tobago.

"I am saying these are the kinds of issues we must deal with," he
added.

                      About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


                            ***********


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, Ivy B. Magdadaro, 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.


                   * * * End of Transmission * * *