TCRLA_Public/161121.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

               Monday, November 21, 2016, Vol. 17, No. 230


                            Headlines



B A R B A D O S

CONSOLIDATED ENERGY: S&P Affirms 'BB' CCR; Outlook Negative


B R A Z I L

SAMARCO MINERACAO: Judge to Hear Charges in Dam Collapse


C A Y M A N  I S L A N D S

ADA CAPITAL: Creditors' Proofs of Debt Due Dec. 7
ASCEND TELECOM: Shareholders' Final Meeting Set for Nov. 30
BCS GLOBAL: Shareholders' Final Meeting Set for Dec. 9
ESMERALDA INVESTMENTS: Members' Final Meeting Set for Dec. 8
GB VOYAGER: Shareholders' Final Meeting Set for Dec. 1

OJART INC: Shareholders' Final Meeting Set for Dec. 1
PANG INC: Shareholders' Final Meeting Set for Dec. 1
RAB PARTNERS: Shareholders' Final Meeting Set for Dec. 6
RAB SPECIAL: Shareholders' Final Meeting Set for Dec. 6
SCIENS IG: Shareholders' Final Meeting Set for Nov. 30

SILVER CREEK: Shareholders' Final Meeting Set for Dec. 1
SUN MIRACLE: Shareholders' Final Meeting Set for Dec. 8
ZEELANDER OFFSHORE: Members' Final Meeting Set for Dec. 8


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Face Daunting Challenges to Sustainable Dev't


E C U A D O R

BANCO PICHINCHA: Fitch Affirms 'B' IDR; Outlook Negative
PRODUBANCO GRUPO: Fitch Affirms 'B' IDR; Outlook Remains Neg.


P U E R T O  R I C O

PUERTO RICO: Board Warns Deep Debt Cuts Needed to Steady Island


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Unemployment May Rise to 6.4% With Deportations


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 14 to Nov. 18, 2016


                            - - - - -

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


CONSOLIDATED ENERGY: S&P Affirms 'BB' CCR; Outlook Negative
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Consolidated Energy
Limited (CEL) to negative from stable.  S&P also affirmed its 'BB'
global scale, long-term corporate credit rating and its 'BB-'
issue-level rating on CEL's $1.25 billion senior unsecured notes.
This rating remains one notch below the corporate credit rating,
reflecting the subordination to Methanol Holding (Trinidad) Ltd.'s
(MHTL's) secured debt of about $290 million.  S&P also affirmed
the 'BB' rating on the latter debt, which CEL guarantees.

Based on the company's June 30, 2016, financials, CEL's ratio of
priority obligations to net tangible assets is about 36%, above
our 30% threshold, creating a potentially significant disadvantage
to noteholders under a bankruptcy or liquidation scenario.  The
mitigating factors for a subordination of one notch instead of two
are subsidiaries' upstream guarantee for the issuances and the
concentration of debt at CEL.  The outlook is negative.

The outlook revision reflects that the company is grappling with
lower methanol prices.  In addition, MHTL has been subject to
natural-gas supply curtailments on its production complex in
Trinidad & Tobago, which has sharply reduced its production
levels.  In addition, CEL's recent acquisition of G2X and the
Natgasoline methanol plant project have increased its debt by
about $500 million, including Natgasoline's tax-exempt bonds for
about $250 million and incremental usage of a revolving credit
facility for $240 million in the second quarter of 2016.

These factors have impaired the company's key credit metrics, with
debt to EBITDA to about 7.0x and funds from operations (FFO) to
debt to about 8%.  These metrics are in line with a lower rating
category, which S&P considers feasible if the methanol prices
worsen in the next few months without showing credible signals of
recovery, as well as the production recovery at MHTL takes longer
than expected.

In April 2016, the group was reorganized, as part of its fiscal
strategy, through the formation of Consolidated Energy Ltd.
(Switzerland) (CEL(CH)), which is below ultimate parent company
(Proman Holding AG [NR]) and consolidates all subsidiaries below,
including recently acquired G2X, which guarantee the notes.  As a
result, the notes restricted group was expanded and the parent
guarantor of the notes changed from Consolidated Energy Ltd.
(Barbados) to CEL (CH).  In S&P's opinion, this change doesn't
have an impact on its rating approach, given that CEL (CH) is in
essence the same company and consolidates all debt, assets, and
cash flows.

CEL's significant financial risk profile, in S&P's view, is based
on its expectation that the company will maintain its margins and
improve its cash flow generation and leverage metrics thanks to
its operating efficiencies, low natural gas prices, and a recovery
of methanol prices in 2017.


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


SAMARCO MINERACAO: Judge to Hear Charges in Dam Collapse
--------------------------------------------------------
Benjamin Parkin at The Wall Street Journal reports that a federal
judge has ordered 21 people linked to the world's largest mining
companies to answer to homicide charges in connection with last
year's deadly mine disaster in southeastern Brazil.

Prosecutors last month filed charges against the suspects, who
include current and former executives of mining giants Vale SA and
BHP Billiton Ltd., and their joint venture Samarco Mineracao SA,
according to The Wall Street Journal.

Under Brazil's legal system, a judge must accept the charges in
order for the accused to officially become defendants, the report
notes.  They now have 30 days to present a defense, at which point
they will likely stand trial, the report relays.

Federal judge Jacques de Queiroz Ferreira also indicted the
companies for many environmental crimes, as well as inflicting
grave bodily harm and causing a flood, the report says.

Both Vale and BHP said they "repudiate" the charges. BHP said it
would "fully support the defense of each of the individuals
indicted," the report relays.

"Safety was always a priority," Samarco said in a statement
obtained by the news agency.

The decision is the latest step in a legal battle that has
unfolded in the year since Samarco's Fundao tailings dam at an
iron ore mine in located in Minas Gerais state collapsed in
November 2015, unleashing a torrent of toxic sludge that killed 19
people, razed villages and polluted 400 miles of waterway, the
report relays.

The failure is thought to be Brazil's worst-ever environmental
disaster, and one of the worst in mining history, the report
notes.  Prosecutors contend that the companies knew of significant
structural issues at the dam since as early as 2009, but allegedly
ignored warning signs as they ramped up iron ore production, the
report says. Prosecutors also say that Samarco's board was
informed of the likely consequences were the dam to fail, the
report discloses.

The defendants, "by not fulfilling their duties despite knowing
the risks and being aware of their responsibilities, contributed
to the collapse," Mr. Ferreira in the decision, the report relays.

Among those charged with homicide are Vale's iron ore director
Peter Poppinga and former Samarco chief executive Ricardo Vescovi,
as well as eight Vale and BHP representatives at Samarco, the
report relays.  They could face sentences of 12 to 30 years if
convicted, prosecutors said, the report notes.

Samarco and its shareholders, which have agreed to fully cleaning
up the damage, are also facing a BRL155 billion ($45 billion)
civil lawsuit filed in May, the report adds.


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


ADA CAPITAL: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
The creditors of Ada Capital Offshore Fund, 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. 28, 2016.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ASCEND TELECOM: Shareholders' Final Meeting Set for Nov. 30
-----------------------------------------------------------
The shareholders of Ascend Telecom Holdings Limited will hold
their final meeting on Nov. 30, 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
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +13456400556


BCS GLOBAL: Shareholders' Final Meeting Set for Dec. 9
------------------------------------------------------
The shareholders of BCS Global Funds, SPC will hold their final
meeting on Dec. 9, 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:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          Telephone: (345) 946 6620
          Facsimile: (345) 946 6720
          Citrus Grove, 3rd Floor
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands


ESMERALDA INVESTMENTS: Members' Final Meeting Set for Dec. 8
------------------------------------------------------------
The members of Esmeralda Investments will hold their final meeting
on Dec. 8, 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.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


GB VOYAGER: Shareholders' Final Meeting Set for Dec. 1
------------------------------------------------------
The shareholders of GB Voyager Fund, Ltd. will hold their final
meeting on Dec. 1, 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:

          Jay Min
          Swiss Re Management (US) Corporation
          55 East 52nd Street
          New York, New York 10055
          United States of America
          Telephone: +1 (212) 317 5354


OJART INC: Shareholders' Final Meeting Set for Dec. 1
----------------------------------------------------
The shareholders of Ojart Inc. will hold their final meeting on
Dec. 1, 2016, at 10:10 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mark Kernohan
          Fiduciarie Kernohan & Associates S.A.
          40 Rue de Geneve
          1225 Chene Bourg
          P.O. Box 471
          Switzerland
          Telephone: + 41 22 860 1944


PANG INC: Shareholders' Final Meeting Set for Dec. 1
----------------------------------------------------
The shareholders of Pang Inc. will hold their final meeting on
Dec. 1, 2016, at 10:10 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mark Kernohan
          Fiduciarie Kernohan & Associates S.A.
          40 Rue de Geneve
          1225 Chene Bourg
          P.O. Box 471
          Switzerland
          Telephone: + 41 22 860 1944


RAB PARTNERS: Shareholders' Final Meeting Set for Dec. 6
--------------------------------------------------------
The shareholders of Rab Partners Limited will hold their final
meeting on Dec. 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:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


RAB SPECIAL: Shareholders' Final Meeting Set for Dec. 6
-------------------------------------------------------
The shareholders of RAB Special Opportunities Fund Limited will
hold their final meeting on Dec. 6, 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:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


SCIENS IG: Shareholders' Final Meeting Set for Nov. 30
------------------------------------------------------
The shareholders of Sciens IG SPV Ltd. will hold their final
meeting on Nov. 30, 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
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +13456400556


SILVER CREEK: Shareholders' Final Meeting Set for Dec. 1
--------------------------------------------------------
The shareholders of Silver Creek Insurance Strategies GP, Ltd.
will hold their final meeting on Dec. 1, 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:

          Silver Creek Capital Management LLC
          c/o Eric E. Dillon
          1301 Fifth Avenue
          40th Floor
          Seattle
          Washington 98101
          United States of America
          Telephone: +1 (206) 774 6000


SUN MIRACLE: Shareholders' Final Meeting Set for Dec. 8
-------------------------------------------------------
The shareholders of Sun Miracle Inc. will hold their final meeting
on Dec. 8, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ran Dong
          c/o Michelle R. Bodden-Moxam
          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
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


ZEELANDER OFFSHORE: Members' Final Meeting Set for Dec. 8
---------------------------------------------------------
The members of Z.O.E. (Zeelander Offshore Exploration) will hold
their final meeting on Dec. 8, 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.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


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


DOMINICAN REPUBLIC: Face Daunting Challenges to Sustainable Dev't
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's captains of
industries face daunting challenges along their path to
sustainable development, including the generational,
technological, corporate governance, opening of markets, exports
and the institutional framework.

The criteria was the focus of a conference headed by Julio A.
Brache Arzeno, president and founder of the agro giant Grupo Rica,
according to Dominican Today.

In the Annual Meeting of the Dominican Industries Association
(AIRD) at Hotel Jaragua, the business leader stressed that his
colleagues face five key challenges, the report notes.  "There are
many challenges, but I think these summarize several of the most
urgent challenges facing the industrial sector today," said Mr.
Arzeno, according to Dominican Today.

Mr. Arzeno's presentation was entitled "Five Challenges of the
Dominican Industry to Reach Sustainable Development," the report
adds.

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


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E C U A D O R
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BANCO PICHINCHA: Fitch Affirms 'B' IDR; Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias'
Long-Term Issuer Default Rating at 'B' with a Negative Outlook and
its Viability Rating (VR) at 'b'.

                         KEY RATING DRIVERS

IDRs, VR and SUPPORT RATINGS

Ecuador's operating environment and Pichincha's weak profitability
highly influence the bank's ratings.  Fitch also considers
Pichincha's loan quality challenges, stable capitalization ratios
and adequate liquidity for its market of operation.

The bank's ratings are constrained by the sovereign given its
direct exposure to Ecuador sovereign debt, as well as the impact
of the government's macroeconomic and regulatory policies on its
performance.  The current economic recession and prospects for a
weak recovery will limit Pichincha's potential growth,
profitability and internal capital-generation capacity.

Pichincha's performance has been under pressure since 2015 and is
weak compared with both international and domestic peers.
Pichincha's performance was mainly affected by the currency
depreciation in the countries where it operates, as well as the
significant contraction of the bank's net interest margin during
the first half of 2016 (1H16).  Fitch expects Pichincha and the
rest of Ecuadorian banks' financial performance to deteriorate in
2017, as a result of low economic expansion that will hinder
credit growth, limit revenues and continue to pressure banks'
asset quality.

Pichincha's asset quality deterioration reflects the economic
recession, the contraction of the loan portfolio, some borrower's
reduced repayment capacity due to the earthquake and the seasoning
of the retail portfolio in an unfavourable operating environment.
Fitch expects further deterioration in loan quality over the near
term.  Additionally, asset quality ratios will likely be a bit
worse than the industry average, reflecting the bank's important
exposure in retail lending.

Pichincha's capitalization is tight compared with international
peers.  However, this is mitigated by conservative reserve
coverage, no asset growth during recession period and a lower risk
balance sheet relative to other banks in similarly rated emerging
markets.  Hindered by low profitability, Fitch core capital to
risk weighted assets ratio stood at 9.2% at 1H16.  Fitch expects
that this capital ratio will not improve in the near term given
unfavorable operating environment that will hinder internal
capital generation.

Pichincha's funding structure benefits from its successful
franchise and a wide distribution network.  Both allow the bank to
enjoy a well-diversified, stable and relatively low-cost funding
base.  Similar to domestic peers, liquidity is conservative and
higher than international peers.

Despite having the largest deposit market share, Pichincha's
Support Rating (SR) of '5' and Support Rating Floor (SRF) of 'NF',
indicate that Fitch believes external support cannot be relied
upon due to Ecuador's limited funding flexibility as well as the
lack of a lender of last resort.

                        RATING SENSITIVITIES

IDRs AND VR
The Rating Outlook on Pichincha's Long-Term IDR remains Negative
in line with that of the sovereign.  Any negative rating action on
the sovereign would lead to a similar action on Pichincha's IDRs
and VRs.  Furthermore, a significant reduction in the bank's
internal capital generation or an acceleration of growth that
leads to a decrease in the Fitch Core Capital (FCC) metrics
consistently below 9% along with a material decline in excess loan
loss reserves could also result in negative rating actions.

                         SUPPORT RATINGS

Ecuador's propensity or ability to provide timely support to these
banks is not likely to change given the sovereign's low
speculative-grade IDR.  As such, the SR and SRF have no upgrade
potential.

Fitch has affirmed these ratings:

PICHINCHA
   -- Long-Term Foreign Currency IDR at 'B'; Outlook Negative;
   -- Short-Term Foreign Currency IDR at 'B';
   -- Viability Rating at 'b';
   -- Support at '5';
   -- Support Floor at 'NF'.


PRODUBANCO GRUPO: Fitch Affirms 'B' IDR; Outlook Remains Neg.
-------------------------------------------------------------
Fitch Ratings has affirmed Banco de la Produccion S.A. y
Subsidiarias' (Produbanco, commercially known as Produbanco Grupo
Promerica) Long-term Issuer Default Ratings at 'B'.  The Rating
Outlook remains Negative.

                         KEY RATING DRIVERS

IDRs and VR

Ecuador's operating environment and Produbanco's tightening
profitability highly influence the bank's ratings.  Fitch also
considers Produbanco's good asset quality, ample liquidity, and
adequate capital position.

The bank's ratings are constrained by the sovereign given its
direct exposure to Ecuador sovereign debt, as well as the impact
of the government's macroeconomic and regulatory policies on its
performance.  The current economic recession and prospects for a
weak recovery will limit Produbanco's potential growth,
profitability and internal capital-generation capacity.
As of June 2016, operating profits have decreased to 0.63% of
average assets (0.95% in 2015), still above market peers.

Produbanco's asset quality, although affected by the economic
environment, compares above Ecuadorian and International peers.
Fitch anticipates lower delinquency levels by year end 2016, after
the cyclical increase in the non-performing loans ratio typically
registered at midyear, and once the bank achieves its target
growth for the year.

Produbanco's capital position has strengthened, underpinned by
lower dividend payments in 2015 and a small contraction in risk
weighted assets.  Produbanco's Fitch Core Capital (FCC) ratio
increased to 11.6% as of June 2016.  Fitch expects a moderate
increase in assets by year end 2016 which may maintain
Produbanco's FCC ratio close to 11%.

In Fitch's view, the bank's liquidity provides sufficient
flexibility to respond to the challenging economic environment.
At end-June 2016, cash and due from banks accounted for 22.8% of
total assets, while liquid assets covered 36.8% of deposits and
short-term funding.  Liquidity compares favorably with Ecuador's
largest banks and with equally rated international peers.  Similar
to the rest of the Ecuadorian banking system, Produbanco's funding
consists mostly of customer deposits (95.45% of total funding) and
a small share of wholesale funding.  After a contraction in
deposits observed towards the end of 2015, deposits have started
to recover while the structure of deposits has shifted towards
term deposits.

              SUPPORT RATING AND SUPPORT RATING FLOOR

Produbanco's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' indicate that Fitch believes external support cannot
be relied upon, due to Ecuador's limited funding flexibility as
well as the lack of a lender of last resort.

                       RATING SENSITIVITIES

IDRs and VR

[Any negative rating action on the sovereign would also lead to a
similar action on Produbanco's IDRs and VRs.  Furthermore, a
significant reduction in the bank's internal capital generation or
an acceleration of growth that leads to a decrease in the Fitch
Core Capital (FCC) metrics consistently below 9% along with a
material decline in excess loan loss reserves could also result in
negative rating actions.

             SUPPORT RATING AND SUPPORT RATING FLOOR

Ecuador's propensity or ability to provide timely support to these
banks is not likely to change given the sovereign's low sub-
investment grade IDR. As such, the SR and SRF have no upgrade
potential]

Fitch has affirmed these ratings:

   -- Long-Term Foreign Currency IDR at 'B'; Outlook Negative;
   -- Short-Term Foreign Currency IDR at 'B';
   -- Viability Rating at 'b';
   -- Support at '5';
   -- Support Floor at 'NF'.


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


PUERTO RICO: Board Warns Deep Debt Cuts Needed to Steady Island
---------------------------------------------------------------
Tatiana Darie and Alexander Lopez at Bloomberg News report that
the federal oversight board tasked with pulling Puerto Rico out of
a fiscal crisis said the island can't count on additional aid from
Washington and should brace for spending cuts and a "significant"
reduction of its $70 billion debt to bondholders.

At a meeting in Puerto Rico, members of the Financial Oversight
and Management Board for Puerto Rico agreed to shoot for having a
financial turnaround in place by the end of January, according to
Bloomberg News.  After reviewing Governor Alejandro Garcia
Padilla's proposed plan, board members said it relies too heavily
on federal support.  They warned they'll have to make some tough
decisions in the coming months to close Puerto Rico's chronic
budget deficits, Bloomberg News notes.

"Additional federal assistance appears unlikely," said Ana
Matosantos, a board member, who previously served as California's
budget director, Bloomberg News relays.  "Substantial, deep debt
restructuring is necessary. Additional reforms and additional
cutting is required," she added.

Bloomberg News notes that Puerto Rico is veering toward the
biggest restructuring ever in the US$3.8 trillion municipal-bond
market after defaulting on a growing share of its debt, which the
commonwealth amassed through years of borrowing to pay its bills.
Puerto Rico has skipped about US$1.8 billion of bond payments
since August 2015.

According to the report, Puerto Rico won't be able to meet its
next major round of debt payments in February, according to Conway
MacKenzie consultants, which provided an overview of the financial
situation of the island.  The government faces a budget deficit of
as much as US$3 billion for the fiscal year that ends in June,
according to a financial analysis presented before the board,
Bloomberg News discloses.

The oversight panel's meeting on November 18 was its first in
Puerto Rico, after holding two previous sessions in New York.
Security was tight at the venue -- at a hotel in the town of
Fajardo, an hour from the capital San Juan -- with protesters
outside holding signs in Spanish that read "Board Go to Hell!" and
chanting "Yes to resistance.  Not giving up," Bloomberg News
relays.

The oversight board asked individuals and organizations to weigh
in on Garcia Padilla's proposed plan, Bloomberg News notes. Some
argued the administration's plan lacked specifics and fails to
address the restructuring of debt, Bloomberg News discloses.

"We're are not going to be paid in five years, nobody expects
that," the report notes Jorge Irizarry, executive director for
Bonistas del Patio, which represents about 60,000 local
bondholders who hold about US$15 billion of the island's debt, as
saying. "If haircuts were required, we could get there, but we
need to see the right information, and we don't think it's there."

Garcia Padilla, who is set be succeeded by Ricardo Rossello,
unsuccessfully sought to persuade bondholders to write down their
debts, but had little leverage because the island is unable to
file for bankruptcy, Bloomberg News relays.  That bind prompted
Congress in June to pass legislation to assist the island, which
created the oversight board and allows for debt to be written off
in court if creditors balk, Bloomberg News notes.

The island's 8 percent coupon general obligations maturing in 2035
traded at 71 cents on the dollar on November 18, hovering around
the highest level since March, data compiled by Bloomberg show.
The securities gained in value over the past few weeks as
investors grew more optimistic that the island's governor-elect
Rossello will reach an agreement with bondholders, Bloomberg News
adds.

                          *     *     *

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Justice Clarence Thomas, writing for the majority in the 5-to-2
decision, said the law was at odds with the federal bankruptcy
code, which bars states and lower units of government from
enacting their own versions of bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings has
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.
Both ratings are removed from Rating Watch. Ratings on securities
that have not defaulted will remain at 'C' until the point of
default. The ratings on non-defaulted bonds remain on Rating Watch
Negative.



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


TRINIDAD & TOBAGO: Unemployment May Rise to 6.4% With Deportations
------------------------------------------------------------------
Trinidad Express reports that unemployment will rise to about 6.4
per cent if US President-elect Donald Trump deports illegal
immigrants back to Trinidad and Tobago, adding the estimated
12,840 illegal immigrants to the now 28,200 unemployed persons in
the country, using official numbers from the Central Statistical
Office (CSO) and the Washington-based Migration Policy Institute
(MPI).

Unemployment currently stands at a four-year high of 4.4 per cent,
according to the latest, November 7 data from the CSO. The labour
force stood at 640,900 persons as at the end of the second quarter
of 2016, according to the CSO, reports Trinidad Express.


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


* BOND PRICING: For the Week From Nov. 14 to Nov. 18, 2016
----------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     USD

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *