TCRLA_Public/161123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Wednesday, November 23, 2016, Vol. 17, No. 232


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: To Boost its Bottom Line, No More Anguilla or Nevis Flights


B R A Z I L

BRAZIL: Finance Ministry Says 2017 GDP to Be Lower Than Expected
COMPANHIA ENERGETICA: S&P Lowers CCR to 'B+'; Outlook Stable


C A Y M A N  I S L A N D S

ART PRIVATE: Shareholders' Final Meeting Set for Dec. 7
FATT FUND: Shareholder to Hear Wind-Up Report on Nov. 29
GOLDHORSE FUND: Shareholder to Hear Wind-Up Report on Nov. 30
GUANAY FINANCE 2013-1: S&P Affirms 'BB' Rating on $450MM Notes
KEMNAY ONE: Members' Final Meeting Set for Dec. 7

LARGO INVESTMENTS: Shareholders' Final Meeting Set for Dec. 9
LUDA INVESTMENTS: Members' Final Meeting Set for Dec. 22
MAK SEVERIN II: Shareholders' Final Meeting Set for Dec. 6
MAK SEVERIN FUND: Shareholders' Final Meeting Set for Dec. 6
MAK SEVERIN (GP): Shareholders' Final Meeting Set for Dec. 6

MUNDIAL INVESTMENTS: Members' Final Meeting Set for Dec. 22
SILVER STAR: Members' Final Meeting Set for Nov. 30


C O L O M B I A

BANCO AGRARIO: Fitch Affirms 'bb' Viability Rating


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Hikes LT Foreign Currency IDR to 'BB-'


J A M A I C A

JAMAICA MERCHANT: Fitch Assigns 'BB+' Rating to $150MM Notes


M E X I C O

MEXICO: Urged to be Vigilant to Potential Shocks, IMF Says


P U E R T O    R I C O

ARR MEDICAL: Plan Confirmation Hearing on Dec. 7
BASKET ORIGINALS: Unsecureds to Recover 10.5% Under Plan
EYL INVESTMENT: Disclosures OK'd; Plan Hearing on Jan. 24
JOSE L. RUIZ RAMIREZ: Hearing on Plan Outline Set for Jan. 11
LA SABANA: Hearing on Plan Outline Moved to Jan. 11

LIDA BAUCAGE PEREZ: Plan Confirmation Hearing on Dec. 14
PUERTO RICO: Governor Defies New Federal Control Board


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Shareholders Ready to Take Back Control From Gov't


                            - - - - -


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


LIAT: To Boost its Bottom Line, No More Anguilla or Nevis Flights
-----------------------------------------------------------------
Caribbean360.com reports that LIAT, operating as Leeward Islands
Air Transport, has cut its services to Anguilla and Nevis, mere
weeks after airline executives announced the carrier would have to
sever unprofitable routes.

In a statement issued over the weekend, LIAT announced that it
would not renew an arrangement with Caribbean Helicopters of
Antigua, which facilitated airlift to the two small islands,
according to Caribbean360.com.  The agreement expired on Nov. 26.

"As we continue to pursue our relentless pursuit of operational
efficiency and profitability, both us and our partner, Caribbean
Helicopters, have decided not to extend the arrangement," LIAT's
Chief Commercial Officer, Lloyd Carswell said, the report relays.

"LIAT is honoured to have been able to assist the islands of
Anguilla and Nevis in the augmentation of their airlift for 2016,
and we would like to take this opportunity to wish them the very
best in the development of their tourism product for the future,"
he added, the report notes.

The report discloses that airline officials noted that in 2017,
"some route rationalization is likely to continue" but they would
explore the best possible ways to improve the carrier's bottom
line.

At a meeting of LIAT's shareholder governments in Barbados on
October 19, Chairman Vincentian Prime Minister Dr. Ralph Gonsalves
reported that LIAT was expected to record EC$9.2 million (US$3.4
million) in losses at the end of this year, the report relays.

The airline's budgeted total revenue for 2016 was EC$318.8 million
(US$118.4 million), the report notes.  Dr. Gonsalves said for the
current financial year the cash strapped carrier made a net profit
of EC$5(BDS $1.85 million) up to August, the report relays.

Dr. Gonsalves warned that the airline could no longer serve
countries that hurt its bottom line, even as he urged more
governments to get on board and invest in LIAT, the report notes.

Dr. Gonsalves added that the airline must not be treated as though
it were show business, and outlined a range of reforms over the
coming months -- including the possibility of staff cuts -- to
return it to profitability, the report relays.

"Discussing regional transportation is not part of the
entertainment industry and we have had too much entertainment for
too long on this subject and we must be serious about it, because
that is what keeps our region functioning . . . . And I want to
encourage my colleagues, without any rancour but with the loving
embrace of solidarity, for us to work together and get more
governments involved in this thing and really make changes.  Let
them come in and make the change," the Vincentian leader said, the
report says.

The airline, which employs 669 people despite a budget for only
630, currently operates 578 flights per week to 18 destinations,
two of which are served by helicopter, the report notes.  It uses
nine ATR aircraft, with a tenth expected next month, 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
============


BRAZIL: Finance Ministry Says 2017 GDP to Be Lower Than Expected
----------------------------------------------------------------
Marla Dickerson and Luciana Magalhaes at The Wall Street Journal
report that the Brazilian government lowered its 2017 annual gross
domestic product forecast to 1.0% from 1.6%, a sign that Latin
America's largest economy is struggling to rebound from a deep
recession.

Fabio Kanczuk, secretary of economic policy for Brazil's Finance
Ministry, made the announcement at a press conference in Brasilia,
according to The Wall Street Journal.

Low oil prices and the lingering effects of a massive corruption
scandal have hammered the key oil-and-gas sector, as well as
state-run Petroleo Brasileiro SA. Petrobras, as the company is
known, is Brazil's largest company and biggest single source of
investment, the report notes.

Giant construction firms caught up in the graft probe have
likewise been paralyzed, sending layoffs rippling through the
economy, the report relays.

The report says that the unemployment hit 11.8% in the June-to-
August period.  Around 12 million Brazilians are unemployed.
Rising joblessness and falling incomes have hurt retailers, while,
as sales of homes and cars have plummeted, the report discloses.

That vicious circle is weighing on Brazil's growth, with companies
afraid to invest and consumers wary of spending, said Carlos
Kawall, chief economist at Banco Safra in Sao Paulo and a former
head of Brazil's treasury, the report relays.

"To put their finances in order, companies are selling assets and
cutting investment," the report quoted Mr. Kawall as saying.  "We
also see families making an effort to reduce their debt," Mr.
Kawall added.

Brazil is grappling with ballooning debt and deficits that
threaten its financial stability. The nation's debt is now rated
junk by major ratings firms, the report relays.  The government of
President Michel Temer is working to pass unpopular austerity
measures, including a constitutional amendment to limit spending
increases to the rate of inflation and reforms to the shaky
pension system, the report notes.

Finance Minister Henrique Meirelles had signaled the GDP revisions
on a visit to New York, where he was meeting with investors, the
report says.

Mr. Meirelles said Brazil must move quickly to implement austerity
measures to get Brazil back on track, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/
Negative Outlook.  Brazil's senior unsecured Foreign- and Local-
Currency bonds are also affirmed at 'BB'. The Country Ceiling is
affirmed at 'BB+' and the Short-Term Foreign and Local-Currency
IDRs at 'B'.


COMPANHIA ENERGETICA: S&P Lowers CCR to 'B+'; Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its global scale corporate credit
rating on Companhia Energetica de Minas Gerais (Cemig) and on its
operating subsidiaries, Cemig Distribuicao S.A. (Cemig D) and
Cemig Geracao e Transmissao S.A. (Cemig GT), to 'B+' from 'BB-'.
At the same time, S&P lowered its Brazilian national scale
corporate credit rating on the company to 'brBBB+' from 'brA'.
The outlook is stable.  S&P also lowered the company's stand-alone
credit profile (SACP) to 'b+'.

The downgrade reflects the deterioration of the company's credit
metrics and liquidity. Amid tightening credit conditions, Cemig
was unable to refinance its short-term debt maturities in advance,
because it was waiting for market conditions to improve. This
resulted in a significant debt concentration of maturities at the
end of 2016.  Also, the sluggish electricity demand, given
Brazil's recession, and weakness in Cemig GT's operating
performance following the termination of some concessions raised
the consolidated leverage to more than 5.0x in the past few
quarters.

The company is taking initiatives to improve liquidity and to
reduce leverage.  During October, Cemig concluded the monetization
of a portion of its shares in Transmissora Alianca de Energia
Eletrica (TAESA; global scale: BB/Negative/--; national scale:
brAA-/Negative/brA-1), and sold its 49% stake in Transchile (not
rated), which already resulted in an approximately R$600 million
cash inflow.  Although this is still not sufficient, its liquidity
can improve significantly if Cemig is able to conclude additional
asset sales, specifically if it manages to sell stakes in those
investments to which it provides sizable guarantees.  As of
September 2016, Cemig's guarantees to non-consolidated
investments, especially Belo Monte and Santo Antonio power plants,
totaled R$6.4 billion.


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


ART PRIVATE: Shareholders' Final Meeting Set for Dec. 7
-------------------------------------------------------
The shareholders of Art Private Trust Company Limited will hold
their final meeting on Dec. 7, 2016, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Halsey
          c/o Lauretta Bennett
          Sackville Bank and Trust Company Limited
          The Grand Pavilion
          802 West Bay Road
          P.O. Box 30444 Grand Cayman, KY1-1202
          Cayman Islands
          Telephone: 749 6110
          Facsimile: 749 6150


FATT FUND: Shareholder to Hear Wind-Up Report on Nov. 29
--------------------------------------------------------
The shareholder of Fatt Fund Corporation will hear on Nov. 29,
2016, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          J. Stower
          c/o Kim Dennison
          Telephone: 345-914-4442/ 345-949-4800
          Facsimile: 345-949-7164
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman, Cayman Islands


GOLDHORSE FUND: Shareholder to Hear Wind-Up Report on Nov. 30
-------------------------------------------------------------
The shareholder of Goldhorse Fund will hear on Nov. 30, 2016, at
3:00 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kai Huang
          c/o Christopher Joyce
          Telephone: +852 3656 6018


GUANAY FINANCE 2013-1: S&P Affirms 'BB' Rating on $450MM Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' rating on Guanay Finance
Ltd.'s $450 million fixed-rate notes series 2013-1.

The note issuance is a securitization backed by airline ticket
receivables and cargo services related to services provided by
LATAM Airlines Group S.A. under IATA code 045.

On April 1, 2016, S&P lowered the rating on series 2013-1 to 'BB'
from 'BBB-' following the downgrade of its global scale corporate
credit ratings on the originator of the flows, LATAM Airlines
Group S.A., to 'BB-/Negative' from 'BB/Negative', and the
subsequent revision of the corporate performance assessment, which
is one of the three building blocks used in rating this
transaction and constrains S&P's rating on it.

S&P's rating reflects:

   -- LATAM Airlines Group S.A.'s ability to generate the specific
      flow of receivables that are being securitized, irrespective
      of a restructuring or default on its corporate debt
      obligations, which is addressed through the corporate
      performance assessment.  This is the starting point of S&P's
      analysis, and in this case, continues to cap the rating on
      the transaction.  It determines the number of notches, if
      any, S&P can rate a security above our long-term issuer
      credit rating (ICR) on the corporation.  Since S&P's last
      review, this assessment has not changed and continues to
      reflect the downgrade on the company and S&P's view that the
      underperformance of LATAM's operations, combined with
      increasing local and international competition, will
      challenge profitability levels for all of the company's
      international routes in a stress scenario.

   -- The ability of the receivables to generate sufficient cash
      flows to repay the debt obligations of the transaction plus
      the transaction's supportive structural features, which is
      addressed through the structural assessment.  S&P performed
      a cash flow analysis of the transaction based on the
      outstanding balance of the notes (around US$391.7 million)
      and the minimum amount of receivables per month generated
      during the past three years (from 2013 to date).  As a
      result, S&P's base-case collections were reduced by
      approximately 20% from when S&P initially assigned the
      rating.  S&P applied haircuts over the base-case collection
      amount of 10% in 2017, 15% in 2018, and 20% thereafter.
      After these adjustments, the quarterly debt service coverage
      is 2.24x the expected quarterly maximum debt service due,
      compared with the pre-stress coverage level of almost 2.76x
      the expected quarterly maximum debt service due.
      Additionally, the transaction continues to benefit from key
      structural features, including, among others, the notice and
      consent agreements between LATAM and the designated
      obligors, early amortization triggers, the transaction
      waterfall, and the legal transfer of the assets.

   -- The sovereign interference assessment, which takes into
      account the propensity for government interference in the
      transaction structure.  For Guanay Finance Ltd., S&P
      believes that there is a very remote possibility of the
      Chilean government attempting to interfere in the
      transaction structure, especially considering its healthy
      external balance sheet and strong legal framework and
      commitment to its laws.

As of October, 2016, the reported monthly debt service coverage
ratio was 3.94x, above the transaction's threshold of 1.75x to
declare an early amortization event.  Since February 2014, the
average coverage ratio has been 3.93x, with a maximum of 4.38x in
April 2014 and a minimum of 3.41 in September 2015. Reported flows
have also been adequate, with an average of around $29 million on
a monthly basis (January 2014 to September 2016).

S&P would expect further rating actions on the notes in line with
changes on the corporate performance assessment, which could be
affected by rating actions on LATAM Airlines.

S&P will continue to monitor the rating on this structured finance
transaction and revise the rating as necessary to reflect any
changes in the transactions' underlying credit quality.


KEMNAY ONE: Members' Final Meeting Set for Dec. 7
-------------------------------------------------
The members of Kemnay One North Limited will hold their final
meeting on Dec. 7, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mahesh Nagendram
          c/o Scotiabank & Trust (Cayman) Ltd.
          6 Cardinall Ave.
          P.O. Box 501 Grand Cayman KY1-1106
          Telephone: (345) 914 6294


LARGO INVESTMENTS: Shareholders' Final Meeting Set for Dec. 9
-------------------------------------------------------------
The shareholders of Largo Investments Limited will hold their
final meeting on Dec. 9, 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:

          Cayman Fiduciary Limited
          c/o Robin Garnham
          Landmark Square, Third Floor
          64 Earth Close
          P.O. Box 707CB Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 746 3100


LUDA INVESTMENTS: Members' Final Meeting Set for Dec. 22
--------------------------------------------------------
The members of Luda Investments will hold their final meeting on
Dec. 22, 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.
          Citco Trustees (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman P.O. Box 31106
          Cayman Islands


MAK SEVERIN II: Shareholders' Final Meeting Set for Dec. 6
----------------------------------------------------------
The shareholders of Mak Severin Fund II Ltd will hold their final
meeting on Dec. 6, 2016, at 5:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Buckingham Square 2nd Floor
          720 West Bay Road
          PO Box 11735 Grand Cayman KY1-1009
          Cayman Islands
          Telephone: (345) 946-9861


MAK SEVERIN FUND: Shareholders' Final Meeting Set for Dec. 6
------------------------------------------------------------
The shareholders of Mak Severin Fund II LP will hold their final
meeting on Dec. 6, 2016, at 5:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Buckingham Square 2nd Floor
          720 West Bay Road
          PO Box 11735 Grand Cayman KY1-1009
          Cayman Islands
          Telephone: (345) 946-9861


MAK SEVERIN (GP): Shareholders' Final Meeting Set for Dec. 6
------------------------------------------------------------
The shareholders of Mak Severin II (GP) Ltd will hold their final
meeting on Dec. 6, 2016, at 5:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Buckingham Square 2nd Floor
          720 West Bay Road
          PO Box 11735 Grand Cayman KY1-1009
          Cayman Islands
          Telephone: (345) 946-9861


MUNDIAL INVESTMENTS: Members' Final Meeting Set for Dec. 22
-----------------------------------------------------------
The members of Mundial Investments Ltd. will hold their final
meeting on Dec. 22, 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.
          Citco Trustees (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman P.O. Box 31106
          Cayman Islands


SILVER STAR: Members' Final Meeting Set for Nov. 30
---------------------------------------------------
The members of Silver Star Business Solutions 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
          c/o Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +13456400556



===============
C O L O M B I A
===============


BANCO AGRARIO: Fitch Affirms 'bb' Viability Rating
--------------------------------------------------
Fitch Ratings has affirmed Banco Agrario de Colombia S.A.'s
(Banagrario) Foreign Currency and Local Currency Long-Term Issuer
Default Ratings (IDR) at 'BBB'. The Rating Outlook is Negative.
Fitch also affirmed the bank's Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

Banagrario's IDR is support driven. Banagrario's ratings are
aligned with those of the sovereign, reflecting Fitch's assessment
of the Colombian government's willingness and capacity to provide
timely support to Banagrario if needed. Although the Colombian
government does not explicitly guarantee Banagrario's liabilities,
Fitch views the entity as an integral arm of the state given its
key role in the development of the government's agricultural
policy, among other policy roles. Banagrario is Colombia's main
development tool for the agricultural sector. Banagrario is wholly
owned by the Colombian government through the Ministry of Finance
and Public Credit which held 99.99% of shares, and linked to the
Ministry of Agriculture and Rural Development.

The Negative Outlook on the Long-Term IDRs is in line with Fitch's
outlook of the sovereign.

VR

Banagrario's VR reflects its clear policy role and strong focus in
the development of the Colombian agricultural development.
Moderate in size, the bank has a clear competitive advantage in
the agricultural segment strengthened by the lower interest rates,
achieved with government subsidies for interest rates, and wide
geographic coverage of the Colombian territory.

The bank's VR also reflects its high delinquency rates. In Fitch's
opinion, these reflect the higher risk of the bank's main segment.
Banagarios's asset quality metrics continued to improve in 2016,
as a result of strengthened collection practices and the recovery
of relevant past due operations. However, ratios are still weak
compared to the Colombian banking system. In the agency's opinion,
the bank has several mitigants that could limit the impact of
losses on equity, mainly the loan portfolio's high level of
tangible collateralization.

Banagrario's profitability is consistently high, benefited by
income diversification. The bank's asset composition generates an
important proportion of income from valuation of held to maturity
instruments, that in Fitch's view provides stability and
compensates the lower net interest margin. In Fitch's opinion,
Banagrario's profitability is sustainable in the medium term,
although it remains vulnerable to changes in asset quality that
may increase credit costs, given the specific challenges of its
main segment.

Stable profitability underpins an adequate capital position. In
Fitch's view, regulatory capital ratios maintain a satisfactory
buffer over minimums, sustained by the bank's internal capital
generation. Although not Fitch's base case scenario, capital
metrics would be sensitive to changes in the bank's balance sheet
composition.

Funding is stable and diversified, with a balanced mix of deposits
and financial resources from state agencies or government funds.
This funding structure allows the bank to maintain funding costs
below the banking system.

RATING SENSITIVITIES

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

As a development bank that is majority owned by the state,
Banagrario's creditworthiness and ratings are directly linked to
those of the sovereign. Hence, its ratings should move in line
with any potential change in Colombia's ratings.

VR

A sustained and material increase in NPLs that jeopardizes the
bank's capital position or buffers over minimum regulatory capital
may trigger a downgrade. The VR could be upgraded in response to a
material improvement in the bank's asset quality.

Fitch affirms the following ratings:

   -- Foreign Currency Long-Term Issuer Default Rating (IDR) at
      'BBB'; Negative Outlook;

   -- Foreign Currency Short-Term IDR at 'F2';

   -- Local Currency Long-Term IDR at 'BBB'; Negative Outlook;

   -- Local Currency Short-term IDR at 'F2';

   -- Viability Rating (VR) at 'bb';

   -- Support Rating at '2';

   -- Support Rating Floor at 'BBB'.


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


AES ANDRES: Fitch Hikes LT Foreign Currency IDR to 'BB-'
--------------------------------------------------------
Fitch Ratings has upgraded the ratings on the following Dominican
Republic utilities following the upgrade of the country's Long-
Term Issuer Default Ratings (IDRs) to 'BB-' from 'B+'.

Fitch has upgraded the following:

   AES Andres, B.V.

   -- Long-Term Foreign-Currency IDR upgraded to 'BB-' from 'B+';
      Rating Outlook revised to Stable from Positive;

   -- Senior unsecured notes due 2026 to 'BB-' from 'B+/RR4'.

   Empresa Generadora de Electricidad Itabo, S.A.

   -- Long-Term Foreign-Currency IDR to 'BB-' from 'B+'; Rating
      Outlook Revised to Stable from Positive;

   -- Long-Term Local-Currency IDR to 'BB-' from 'B+'; Rating
      Outlook Revised to Stable from Positive;

   -- Senior unsecured notes due 2026 to 'BB-' from 'B+/RR4'.

The recovery ratings on the unsecured debt have been removed
following the issuers' transition into the 'BB' category of
ratings.

KEY RATING DRIVERS

The upgrades reflect the Dominican Republic's (DR) electricity
sector's high dependence on transfers from the central government
to service financial obligations; a condition that links the
credit quality of the distribution companies and generation
companies to that of the sovereign. Low collections from end-
users, high electricity losses and subsidies have undermined the
distribution companies' cash generation capacity, exacerbating the
generation companies' dependence on public funds to cover the gap
produced by insufficient payments received from distribution
companies. The ratings also consider the companies' solid asset
portfolio, strong balance sheet, and well-structured purchase
power agreements.

The corporate rating actions are linked to the recent upgrade of
the Dominican Republic's sovereign rating. This upgrade reflects
continued strong growth momentum and rising per capita income,
reduced external vulnerabilities and fiscal restraint through the
2016 election cycle.

RATING SENSITIVITIES

Sovereign risk remains the key rating driver for Dominican GenCos.
The main factors that, individually or collectively, could lead to
a positive rating action on the Dominican Republic's sovereign
ratings are:

   -- Strengthened international reserves position;

   -- Strengthening of the government's revenue base, fiscal
      consolidation and reduction of public debt burden.

The main factors that could lead to a negative rating action on
the sovereign are:

   -- Increased budget deficits and/or weaker growth leading to a
      marked increase in the government debt burden;

   -- Deterioration of the international reserves position and
      current account deficit;

   -- Emergence of fiscal financing constraints.

Additional negative triggers at the operational level of the
Dominican GenCos would include:

   -- Sustained deterioration in government transfers;

   -- Gross leverage of 4.5x or greater through the rating cycle.


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


JAMAICA MERCHANT: Fitch Assigns 'BB+' Rating to $150MM Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the $150 million
series 2016-1 notes issued by Jamaica Merchant Voucher Receivables
Limited. Fitch has also affirmed the rating of Jamaica Merchant
Voucher Receivables Limited's outstanding series 2015-1 notes at
'BB+' and the series 2013-1 notes issued by Jamaica Diversified
Payment Rights Company at 'BB'. The Rating Outlook is Stable.

Jamaica Merchant Voucher Receivables Limited is backed by future
flows due from Visa International Service Association (Visa) and
MasterCard International Incorporated (MasterCard) related to
international merchant vouchers acquired by National Commercial
Bank Jamaica Ltd. (NCBJ) in Jamaica.

Jamaica Diversified Payment Rights Company is backed by existing
and future USD-denominated diversified payment rights (DPRs)
originated by NCBJ. DPRs are defined as electronic or other
messages utilized by financial institutions to instruct NCBJ to
make a payment to a beneficiary.

Fitch's ratings address timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Originator Credit Quality: Fitch currently rates NCBJ's Local
Currency Issuer Default Rating (IDR) 'B'/Stable Outlook and its
Viability Rating (VR) 'b'. NCBJ's ratings reflect the high
influence of the operating environment given its large exposure to
the sovereign as well as its reach into the major sectors of the
Jamaican economy. NCBJ has a going concern assessment (GCA) score
of 'GC1', reflecting the bank's position as a systemically
important top-tier bank with around 40% of system assets.

Strength of Merchant Voucher Program: NCBJ's market-leading credit
card franchise continues to support a growing level of
international Visa and MasterCard merchant vouchers. Fitch expects
debt service coverage ratios (DSCRs) to be approximately 5.9x.
This calculation considers average rolling quarterly collections
during the last four recorded quarters and the maximum quarterly
debt service for the life of the program.

Composition of DPR Flows: While the quarterly DSCR (which
considers quarterly flows through DDBs [excluding 65% of flows
from certain entities] and the maximum quarterly debt service for
the life of the transaction) averaged around 50x during the last-
12-months, a large portion of DPRs consists of government-related
flows and/or capital flows, which Fitch considers more volatile
than export-related payments and remittances.

Moderately High Future Flow Debt: Upon issuance of the series
2016-1 notes, NCBJ's merchant voucher program debt will represent
approximately 9.9% of its consolidated liabilities. Total future
flow debt (including all merchant voucher and DPR issuances) will
be about 13% of consolidated liabilities. This level of future
flow debt is a constraint to the ratings of NCB's future flow
transactions.

Partially-Mitigated Sovereign Risk: The transaction structures
mitigate certain sovereign risks by keeping cash flows offshore
until collection of periodic debt service, allowing the future
flow transaction to be rated over the sovereign country ceiling.

RATING SENSITIVITIES

The ratings are linked to the credit quality of NCBJ and the
ability of the securitized business lines to continue operating,
as reflected by the GCA score. Although the future flow ratings
are sensitive to changes in NCBJ's ratings, a one-notch movement
in the bank's ratings may not lead to a similar rating action on
the transaction ratings. In addition, severe reductions in
coverage levels or an increase in the level of future flow debt as
a percentage of the bank's liabilities could result in rating
downgrades.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool was not
prepared for this transaction. Offering documents for future flow
transactions do not typically include RW&Es that are available to
investors and that relate to the asset pool underlying the
security. Therefore, Fitch credit reports for future flow
transactions will not typically include descriptions of RW&Es. For
further information, please see Fitch's Special Report titled
"Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions," dated May 31, 2016.



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


MEXICO: Urged to be Vigilant to Potential Shocks, IMF Says
----------------------------------------------------------
On November 16, 2016, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Mexico.

Mexico has navigated successfully a complex external environment,
characterized by heightened global financial market volatility.
The economy continues to grow at a moderate pace and inflation is
close to the target. The flexible exchange rate is playing a
central role in helping the economy adjust to external shocks.
Macroeconomic policies remain focused on maintaining strong
fundamentals. Continued implementation of the structural reforms
agenda should help lift potential growth over the medium term.

The economy is projected to grow by 2.1 percent in 2016. The main
driver of activity remained private consumption, supported by a
rise in remittances and improving labor market conditions.
Weakness on U.S. industrial activity led to lower demand for
Mexico's manufacturing exports, and a slowdown of investment in
machinery and equipment. Growth is expected to remain at a similar
level in 2017, supported by strengthening external demand. Year-
on-year headline and core inflation are close the 3-percent
target. There is no evidence of second-round effects from the
exchange rate depreciation and medium-term inflation expectations
remain well anchored.

The stance of macroeconomic policies has turned more restrictive.
Since last November, the Bank of Mexico increased the monetary
policy rate by cumulative 175 basis points to 4.75 percent. The
public sector fiscal deficit will be reduced from 4.1 percent of
GDP in 2015 to 3 percent of GDP this year. The authorities are
taking measures to strengthen PEMEX's financial position through
sizable permanent expenditure cuts, a reform of its pension
scheme, and financial assistance from the federal government.

The external sector position remains broadly consistent with
medium-term fundamentals and desirable policy settings. The
current account deficit is projected to remain unchanged at about
3 percent of GDP in 2016, as the reduction in the hydrocarbons
trade balance has been offset by stronger remittances and net
service exports. The net international investment liability
position is sustainable and foreign exchange reserves remain
adequate.

                   Executive Board Assessment

Executive Directors noted that Mexico continues to grow at a
moderate pace despite a challenging external environment. However,
the country remains exposed to external shocks, including risks of
growing protectionism, given its strong financial and trade
linkages with the rest of the world. Directors expressed
confidence that Mexico's strong fundamentals and policy frameworks
will continue to underpin the economy's resilience, but urged
vigilance to potential shocks. They noted that the Flexible Credit
Line arrangement with the Fund provides additional insurance
against tail risks. Continued implementation of the structural
reform agenda and further progress in improving security and the
rule of law should help lift potential growth in the medium term.

Directors welcomed the authorities' commitment to continued fiscal
consolidation.

They emphasized that adhering to the planned fiscal consolidation
is critical in order to bring the ratio of public debt to GDP on a
downward path. They welcomed the ongoing efforts to strengthen the
financial viability of the petroleum company (PEMEX), which is an
important element of the consolidation plan. They generally urged
the authorities to take advantage of revenue windfalls, including
any future transfers of surplus from the Bank of Mexico, to reduce
the public sector borrowing requirement below target. They also
encouraged elimination of electricity subsidies while protecting
vulnerable households through targeted social assistance programs.

Directors recommended that the authorities consider boosting
fiscal revenues in the medium term to avoid constraining capital
spending excessively. Raising pension contributions under the
defined-contribution system would help ensure adequate pension
replacement rates and diminish pressures on public social spending
in the future. Directors also encouraged the authorities to
further strengthen the fiscal framework, including improving the
link between desirable levels of public debt and medium-term
fiscal deficit targets, and reducing discretion under the
exceptional circumstances clause.

Directors agreed that future monetary policy decisions should
remain data-driven and urged the authorities to be vigilant. Clear
communication by the central bank will remain important in guiding
market expectations. Directors emphasized that the flexible
exchange rate should continue to act as the key shock absorber to
help the economy adjust to external shocks.

Directors welcomed the conclusion of the 2016 Financial Sector
Assessment Program that the balance sheets of financial and non-
financial corporations are resilient to adverse shocks. They noted
that enhancing some elements of the crisis-preparedness and
deposit insurance frameworks would ensure an agile and well-
coordinated response in times of stress. Strengthening the
independence of the supervisory agencies would also be important.
Directors welcomed the staff clarification that decisions of the
Financial Stability Council (CESF) have not been hampered by
political considerations and encouraged the authorities to
maintain their efforts in this regard. Some Directors noted that
the appropriate structure and governance of the regulatory and
supervisory framework depends on each country's circumstances and
that there is no one-size-fits-all model.

Directors welcomed the authorities' progress on structural
reforms. They encouraged continued efforts to reduce poverty and
inequality, increase female labor force participation, and enhance
access to financial services. They supported efforts to improve
the efficiency of social spending, increase access to child-care
services, and better enforce anti-discrimination laws in the labor
market. They looked forward to the implementation of the new
national strategy for financial inclusion to improve access to
financial services for low-income households and small
enterprises. They also recommended continued efforts to tackle
corruption and strengthen the anti-money laundering framework.


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


ARR MEDICAL: Plan Confirmation Hearing on Dec. 7
------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved ARR Medical
Group PSC's disclosure statement dated Nov. 1, 2016, referring to
the Debtor's plan of reorganization.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on Dec. 7, 2016, at 9:00 a.m.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and the confirmation of the Plan will be filed on or before 14
days prior to the date of the hearing on confirmation of the Plan.

The Debtor will file with the Court a statement setting forth
compliance with each requirement in U.S.C. Section 1129, the list
of acceptances and rejections and the computation, within seven
working days before the hearing on confirmation.

                  About Arr Medical Group

Arr Medical Group, PSC, filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 16-00400) on Jan. 22, 2016.  Mary Ann
Gandia Fabian, Esq., at Gandia-Fabian Law Office serves as the
Debtor's bankruptcy counsel.


BASKET ORIGINALS: Unsecureds to Recover 10.5% Under Plan
--------------------------------------------------------
Basket Originals Inc. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a disclosure statement dated Nov. 2, 2016,
referring to the Debtor's plan of reorganization.

On the Effective Date, Class 2 General Unsecured Creditors will
receive from the Debtors a non-negotiable, non-interest bearing,
promissory note dated as of the Effective Date.  Creditors in this
class will receive a total repayment of 10.5% of their claimed or
listed debt which equals $18,000 to be paid pro rata to all
allowed claimants under this class.  This case is a zero
liquidation value case.  Payments will be made in quarterly
installments (one payment every three months) of $984.97 is based
on paying the $18,000 with interest of 3.50% for five years.
These payments will be divided pro rata among all unsecured
creditors.  This class is impaired.

General Unsecured Creditors were listed by the Debtor and filed
proof of claims total the amount of $119,000.

The source of payments proposed under the Plan will come from the
continuation of the business operation of the Debtors'
restaurant/cafeteria and gourmet basket sales.

The Disclosure Statement is available at:

            http://bankrupt.com/misc/prb16-01932-63.pdf

The Plan was filed by the Debtor's counsel:

     Home A. Mercado-Justiniano, Esq.
     Calle A. Ramirez Silva No. 8
     Ensanchez Martinez
     Mayaguez, PR 00680-4714
     Tel: (787) 831-3577
          (787) 805-2945
     Fax: (787) 805-7350
     E-mail: hmjlaw2@gmail.com

Basket Originals Inc. started as a restaurant, gourmet
deli/ cafeteria and a store in which people cold buy or order
custom baskets filled with gourmet food, delicatessen, and send
these basket as gifts.  The store is located in the place that it
originally started in Such Ville, Guaynabo.

Basket Originals filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 16-01932) on March 11, 2016, estimating
its assets at up to $50,000 and its liabilities at between
$100,001 and $500,000.  Homel Antonio Mercado Justiniano, Esq., at
Justiniano & Mercado Law Office serves as the Debtor's bankruptcy
counsel.


EYL INVESTMENT: Disclosures OK'd; Plan Hearing on Jan. 24
---------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has approved EYL Investment
Corp.'s disclosure statement dated June 17, 2016, referring to the
Debtor's Chapter 11 plan dated June 17, 2016.

A hearing for the consideration of confirmation of the Plan will
be held on Jan. 24, 2017, at 10:00 a.m.

Any objection to confirmation of the Plan will be filed on or
before 21 days prior to the date of the hearing on confirmation of
the Plan.

The debtor files with the Court a statement setting forth
compliance with each requirement in Section 1129, the list of
acceptances and rejections and the computation of the same, within
seven working days before the hearing on confirmation.

Objections to claims must be filed 45 days prior to the hearing on
confirmation.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

San Juan, Puerto Rico-based EYL Investment Corp. filed for Chapter
11 bankruptcy protection (D.P.R. Case No. 15-02622) on April 8,
2015, estimating its assets at between $500,000 and $1 million and
liabilities at between $1 million and $10 million.  The petition
was signed by Eduardo Hernandez Ramirez, president.

Mary Ann Gandia, Esq., at Gandia-Fabian Law Office serves as the
Debtor's bankruptcy counsel.


JOSE L. RUIZ RAMIREZ: Hearing on Plan Outline Set for Jan. 11
-------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has scheduled for Jan. 11, 2017, at 2:00
p.m. the hearing to consider the approval of Jose L. Ruiz Ramirez
and Miriam I. Torres Gonzalez's disclosure statement referring to
the Debtors' plan of reorganization.

Objections to the form and content of the Disclosure Statement
should be in writing and filed with the Court and served upon
parties-in-interest at their address of record not less than 14
days prior to the hearing.

Jose L. Ruiz Ramirez and Miriam I. Torres Gonzalez filed for
Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-03552)
on May 2, 2016.  Edgardo Mangual Gonzalez, Esq., at EMG Despacho
Legal, CRL., serves as the Debtor's bankruptcy counsel.


LA SABANA: Hearing on Plan Outline Moved to Jan. 11
---------------------------------------------------
U.S. Bankruptcy Judge Mildred Caban Flores for the District of
Puerto Rico scheduled for Jan. 11, 2017, at 9:00 a.m. hearing on
the approval of the disclosure statement explaining La Sabana
Development LLC's plan of reorganization.

Objections to the form and content of the Disclosure Statement
should be in writing and filed with the Court and served upon
parties-in-interest at their address of record not less than 14
days prior to the hearing.

As reported by the Troubled Company Reporter on Oct. 17, 2016, the
Court previously scheduled a hearing on the approval of the
Disclosure Statement for Nov. 30, 2016, at 09:00 a.m.

                   About La Sabana Development

La Sabana Development LLC filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 15-08743), on Nov. 4, 2015.  The case is assigned
to Judge Mildred Caban Flores.  The Debtor's counsel is Hector
Eduardo Pedrosa Luna, Esq., The Law Offices of Hector Eduardo
Pedrosa Luna, PO Box 9023963, San Juan, Puerto Rico.  At the time
of filing, the Debtor had estimated both assets and liabilities
ranging from $10 million to $50 million each.  The petition was
signed by Cleofe Rubi-Gonzalez, president.


LIDA BAUCAGE PEREZ: Plan Confirmation Hearing on Dec. 14
--------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has approved Lida Baucage Perez's
disclosure statement dated Aug. 31, 2016, referring to the
Debtor's Chapter 11 plan dated Aug. 31, 2016.

A hearing for the consideration of confirmation of the Plan and of
objections as may be made to the confirmation of the Plan will be
held on Dec. 14, 2016, at 9:00 a.m.

Any objection to confirmation of the Plan will be filed on or
before seven days prior to the date of the hearing on confirmation
of the Plan.

The Debtor will file with the Court a statement setting forth
compliance with each requirement in Section 1129, the acceptances
and rejections, and the computation of the same, within seven
working days before the hearing on confirmation.

As reported by the Troubled Company Reporter on Sept. 28, 2016,
the Court scheduled for Nov. 2, 2016, at 9:00 a.m. the hearing to
consider the adequacy of the Debtor's Disclosure Statement
referring to the Plan, which proposes that, at the effective date
holders of Class 3 - General Unsecured Claims will receive a
lump-sum payment in the amount of $10,702.38.  The Debtor will pay
$600.00 monthly pro-rata basis for a five-year period among Class
3 and Class 4 - General Unsecured Claim (initially intended to be
secured).  With the current claims and allowed amounts by the
Plan, the Class 3 will receive $128.11 monthly for the general
unsecured creditors in a 5 year period.  Based on the current
allowed amounts, each claim holder in Class 3 will receive
approximately 10% of the allowed amount.

Lida Baucage Perez, a general physician practitioner, initially
filed a Chapter 13 petition (Bankr. D.P.R. Case No. 15-04099), but
was forced to file for conversion to a Chapter 11 case since the
amount of unsecured debts surpassed the limits set forth by
Section 109(e) of the Bankruptcy Code.

The Debtor is represented by Carlos Alberto Ruiz Law Office, CSP.


PUERTO RICO: Governor Defies New Federal Control Board
------------------------------------------------------
Danica Coto at Associated Press reports that Puerto Rico's
governor is already challenging a federal control board created
just months ago to oversee the finances of the US territory and
help pull it out of an economic crisis.

In what could be a test of the board's powers, Gov. Alejandro
Garcia Padilla announced that he will not submit an amended fiscal
plan -- the board's first request of the island's governor,
according to Associated Press.  He said he believes that new
austerity measures would only worsen the crisis and insisted that
the board restructure nearly $70 billion in public debt that he
has said is unpayable, the report notes.

"It's not right, and it's not necessary," he said of austerity
measures, the report relays.  "That would push us into an economic
death spiral.  It would mark a return to policies of depression,"
he added.

Board members who met in Puerto Rico said the 10-year plan issued
last month needs to be amended in part because it is not realistic
and assumes federal financial help when none is likely, the report
notes.  They requested that Garcia submit an amended plan by Dec.
15 so they could approve a final version by Jan. 31.

It was not immediately clear what happens now that the governor
has rejected the board's request.  A board spokesman said he was
checking on whether board members would comment on Garcia's
announcement, notes the report.

Garcia steps down as governor on Jan. 1, but he has promised to
reject any austerity measures while still in power, the report
relays.

"While I'm governor of Puerto Rico, I will oppose any . . ..
measures such as laying off public employees, reducing the
pensions of our retirees and leaving the University of Puerto Rico
unprotected," he said, the report relays.

The board previously requested that some of Puerto Rico's most
heavily indebted agencies submit their own fiscal plans, something
that had never been required before, the report notes.  Government
officials said at the board's meeting that the agencies, including
Puerto Rico's utility companies, would submit their plans, the
report says.

During that meeting, board member Jose Gonzalez said that Puerto
Rico's government needs to set priorities, the report notes.

"Not everything is an essential service," he said.  "It's an
incredibly delicate balance between fiscal adjustment and economic
growth . . . . We'll try to get the balance right," he added,
reports AP.

The board had requested the opinion of US Treasury Secretary Jack
Lew on the territory's fiscal plan, the report notes.  Mr. Lew
said in a letter prior to the meeting that parts of the plan
lacked detail and clarity and that a required formal debt
sustainability analysis was missing. Lew also said that a credible
debt restructuring is needed and that the government should not
rely solely on austerity measures, the report notes.

"As we have emphasized from the beginning of Puerto Rico's crisis,
austerity alone is a self-defeating remedy," he wrote, according
to the AP report.

Puerto Rico has been in a decade-long economic slump, and Garcia's
administration has taken measures such as increasing utility rates
and imposing new taxes to help generate more revenue, the report
relays.  Despite those measures, the island has already defaulted
on nearly $1.4 billion worth of bond payments since August 2015,
and it owes some $1.5 billion to government suppliers as it
continues to delay vendor payments amid a crisis that has prompted
more than 250,000 people to flee the island for the US mainland in
recent years, the report notes.

Garcia has warned that the government will run out of money by
February if a debt moratorium that expires that month is not
extended, the report discloses.  The moratorium has so far
shielded Puerto Rico from numerous lawsuits filed by angry
creditors seeking to recuperate the money they invested in Puerto
Rico bonds, the report 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
================================


CL FIN'L: CLICO Shareholders Ready to Take Back Control From Gov't
------------------------------------------------------------------
Caribbean360.com reports that the shareholders of Clico Financial
declare they have the cash and they are "ready to roll" to regain
control of the insurance company and its other holdings from the
Trinidad and Tobago Government.

Insisting the time had come for Government to relinquish the
companies it took over in 2009 after the crippling collapse of the
insurance conglomerate, the group led by majority shareholder and
former CL Financial chairman Lawrence Duprey have set plans in
motion to complete the process by year end, according to
Caribbean360.com.

Finance Minister Colm Imbert has confirmed that his ministry and
the Central Bank were scrutinizing the offer from the shareholders
to buy back the companies, but he hinted that the decision would
not be rushed, the report notes.

"This matter is in its early stages.  There will be further
discussions in due course on the details and the quantum and the
method of repayment before a decision can be made," he told the
Trinidad Guardian newspaper, the report relays.

"Further, if and/or when the Ministry forms the view that the
offer is realistic, a submission will be made to Cabinet, which is
the ultimate decision maker.  These discussions are sensitive and
complex," he added, the report relays.

However, confident of a favorable response, the shareholders have
already set up a team to lead the transition process, the report
notes.

They have also established a separate team to seek the return of
CL Financial assets in Barbados, Grenada, St Lucia and St Vincent
and the Grenadines, the report says.

Back in March, Mr. Duprey, who left Trinidad and Tobago at the
height of the CLICO debacle seven years ago, had served notice of
his intention to repay millions of dollars provided by the
Government to bail out the company, the report notes.

Mr. Duprey's spokesman Carlton Reis said the former CLICO chairman
was instrumental in raising the funds that were sourced from local
and international financiers, the report says.

A major sticking point has been the total debt owed to the
government, the report relays.  An agreement signed by former
Finance Minister Larry Howai showed a figure of TT$19.6 billion,
but Imbert said other records showed TT$24 billion and auditors
from Ernst and Young were investigating the true figure, the
report notes.

In an interview back in April, Duprey said that whatever the final
figure they would be able to pay, the report says.  He indicated
that his main aim was to put the company back in a position to
meet its obligations.

"I want to make sure that all the other stakeholders are paid
their obligations -- that their obligations are met.  That's what
the shareholders want, and I'm speaking for the shareholders, as
the former chairman," Mr. Duprey said then, the report adds.


                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reports that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


                            ***********


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


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

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

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

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

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

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


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