TCRLA_Public/161124.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

               Thursday, November 24, 2016, Vol. 17, No. 233


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Barbados Government Defends Regional Airline


B R A Z I L

BRAZIL: Needs Fiscal Reform to Assure Investors, says Officials
MULTIPLAN EMPREENDIMENTOS: S&P Affirms 'BB+' CCR; Outlook Negative
PDG REALTY: S&P Affirms Then Withdraws 'D' Corporate Credit Rating


C A Y M A N  I S L A N D S

AUREUS CORPORATION: Shareholder to Hear Wind-Up Report on Dec. 5
BILLION SUN: Shareholder to Hear Wind-Up Report on Dec. 5
BRENNUS GENERAL: Shareholders' Final Meeting Set for Dec. 16
EASY CAR: Shareholders' Final Meeting Set for Dec. 21
INDIAN MARINE II: Shareholder to Hear Wind-Up Report on Dec. 5

OHSF II: Shareholders' Final Meeting Set for Dec. 1
ORYX CAPITAL: Shareholders' Final Meeting Set for Dec. 19
PCM SPECIAL: Shareholders' Final Meeting Set for Dec. 16
PROFIT RISE: Shareholder to Hear Wind-Up Report on Dec. 5
RESOURCE ADD: Shareholder to Hear Wind-Up Report on Dec. 5

TOP GLORY: Members' Final Meeting Set for Dec. 5
UOB CAYMAN: Shareholders' Final Meeting Set for Dec. 1
WELL FORTUNE: Shareholder to Hear Wind-Up Report on Dec. 5


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Blind to Harm in Customs Raw Materials Tax
DOMINICAN REPUBLIC: Moneychanger Balks at Alleged Dollar Shortage
DOMINICAN REPUBLIC: No Damage Tally Yet But Chief Says Don't Worry


P U E R T O    R I C O

EMPRESAS PERYMAR: Names Modesto Bigas as Counsel
FIRSTBANK PUERTO RICO: Fitch Affirms 'B-' LT Issuer Default Rating
RUBEN OCASIO PINO: Unsecureds to Recover 2.5% Under Plan
RUBEN OCASIO PINO: Plan Confirmation Hearing Set for Dec. 14


                            - - - - -


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


LIAT: Barbados Government Defends Regional Airline
--------------------------------------------------
Trinidad Express reports that the Barbados government defended the
operations of the cash-strapped regional airline, LIAT, even as
opposition legislators called for it to be stop being a financial
burden on the island.

Both Prime Minister Freundel Stuart and his Finance Minister,
Chris Sinckler, defended the airline, whose major shareholders are
Antigua and Barbuda, Barbados, Dominica and St. Vincent and the
Grenadines, according to Trinidad Express.

The report relays that Mr. Stuart, speaking in Parliament, said
despite the criticism the value of the airline should not be
underestimated that the Antigua-based LIAT remains "important to
Barbados.

"The Barbados market accounts for about 20 per cent of LIAT's
total passenger revenue.  LIAT is important to Barbados.  In 2012,
according to the information made available to me LIAT facilitated
145 million US dollars in incoming tourism expenditure to the
Barbados economy.

"LIAT . . .. the airline has contributed much to the Caribbean and
it should be given credit for it," Prime Minister Stuart told
legislators, noting "we have had to prop it up.

"We prop up American Airlines, we prop up extra regional carriers
to bring tourists from all over the place.  What can be wrong with
appearing to prop up our regional airline," Mr. Stuart said,
adding that his administration is working towards a stronger LIAT,
the report relays.

"LIAT has done more to keep the people of the Caribbean together
and to facilitate movement between . . .. the islands than any
other airline that we have seen pass through.

"I use the expression pass through deliberately because they just
pass through, they don't stay. LIAT has had the stamina and the
staying power to guarantee us the ability to travel across this
region, day after day, week after week, month after month, year
after year for the last 60 years and I am thankful for that and I
am sure that the people of the Caribbean are thankful for that as
well," Mr. Stuart added, notes Trinidad Express.

Opposition legislator Ronald Toppin has queried the injection of
funds into the airline saying that it is a burden on Barbados, the
report relays.

"I dare say . . .. that it really cannot continue. LIAT has now
been subsidised for some 42 years and it really needs now to
become a low cost efficient model carrier.

"It is really high time . . .. that serious decisions are made and
taken in relation to LIAT.  So the time has come where we cannot
any longer shelve the need to take some very serious decisions in
relation to LIAT," he told legislators, says Trinidad Express.

But Finance Minister Sinckler said Barbados could have become the
majority shareholder of the airline but this was not something the
government wanted to accomplish.

"That is certainly not what other governments wanted to happen
because it is a regional airline shared by thoughts and experience
and intervention by other governments," Mr. Sinckler said, noting
that he was certain the issue ownership would come up again, 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: Needs Fiscal Reform to Assure Investors, says Officials
---------------------------------------------------------------
Benjamin Parkin and Paulo Trevisani at The Wall Street Journal
report that Brazilian economic officials reinforced calls for
fiscal discipline to rekindle the country's troubled economy, as
the election of Donald Trump as U.S. president added uncertainty
to emerging markets.

Speaking at separate events, Brazil's central bank president, Ilan
Goldfajn, and Finance Minister Henrique Meirelles said that
plugging a widening budget hole is key to restoring confidence,
taming inflation and getting Latin America's largest economy out
of its worst recession on record, according to The Wall Street
Journal.

"Increasing inflation to finance public spending is no longer an
option," Mr. Goldfajn told business leaders gathered in Rio de
Janeiro, the report relays.  "Laws of fiscal adjustments are
necessary."

Brazil's Congress is considering public-spending limits for at
least the next 10 years, according to The Wall Street Journal.  A
final vote in the Senate is expected next month, the report notes.
Other potentially controversial measures, including changes to
Brazil's generous retirement system, are expected for next year,
the report relays.

The measure represents a U-turn for a government that is used to
expanding its costs faster than inflation for more than a decade
and is facing headwinds among voters, the report discloses.  The
administration of President Michel Temer, who took over in August
after former President Dilma Rousseff was ousted for alleged
budget crimes, is trying to appease austerity critics by arguing
it is the only way to resume growth, the report notes.

"Fixing public-accounts deterioration is a prerequisite for the
economy to grow again," Mr. Meirelles told business leaders in
Brasilia, the report relays.

Brazil's economy is forecast to contract 3.4% this year, according
to a central-bank survey of economists released earlier.

The central bank last month cut its benchmark Selic rate to 14%
from 14.25%, the first rate cut in four years, as prices weakened
and the two-year recession showed no signs of relief, the report
notes.

Consumer prices rose at a 7.9% annual pace in October, well above
the official 4.5% target, the report relays.

Analysts expect another rate cut on Nov. 30, but that prospect has
been shaken by Mr. Trump's election, the report notes.  Among
other things, economists say that if the new U.S. administration
pushes for economic stimulus, as promised during the campaign,
that could lead to higher borrowing costs in the U.S., which could
slow down the pace of monetary easing in Brazil, the report
relays.

"The result of the American election is another element of
uncertainty," Mr. Goldfajn said, 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'.


MULTIPLAN EMPREENDIMENTOS: S&P Affirms 'BB+' CCR; Outlook Negative
------------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB+' global scale
corporate credit and 'brAA+' national scale corporate credit and
debt ratings on Multiplan Empreendimentos Imobiliarios
(Multiplan).  The outlook on the corporate credit ratings remains
negative, reflecting that of the sovereign.

"The ratings affirmation reflects our expectation that Multiplan
will perform adequately and will reduce leverage during 2017
mainly through internal cash flows, after a peak in leverage in
2016," said S&P Global Ratings credit analyst Luisa Vilhena.

The debt rise is driven by the recent acquisitions of stakes in
BarraShopping and MorumbiShopping, for which the company will pay
a total of about R$640 million, partly financed with debt.

Despite the challenges related to weaker consumer confidence and
increasing unemployment in Brazil, S&P expects Multiplan to
continue to show occupancy rates above 97% over the next few years
due to its high-quality and resilient portfolio with focus on the
higher-income segment of the population.  Also, after a peak of
gross delinquency rate at 4.5% in first quarter 2016, S&P expects
the improvement trend registered in second and third quarters to
continue over the next quarters, gradually going back to
historical levels closer to 2.0%.  As a result, S&P forecasts
Multiplan to maintain EBITDA margin around 74%-75% for the next
two years, similar to 2015.

Although the recent acquisitions will increase company's leverage
measured by debt to EBITDA to around 3.0x by the end of 2016, S&P
expects Multiplan to reduce dividend payout next year (from recent
50% to close to 25% of net income) and to increase operating cash
flow generation due to economic recovery allowing for lower
discounts and lower delinquencies and company's area expansion.
Those factors should contribute to bring debt to EBITDA ratio
closer to 2.5x by the end of 2017.

The ratings on Multiplan are one notch above Brazil's sovereign
foreign currency rating (BB/Negative/B), reflecting S&P's view
that there is a considerable likelihood that the company wouldn't
default even in a simulated stress scenario that S&P expects to
accompany a sovereign default.  S&P understands Multiplan has a
"high" sensitivity to country risk because its real estate
business relies heavily on the domestic economy.  Therefore, S&P
limits its rating on Multiplan to up to one notch above the
sovereign foreign currency rating of Brazil.

The negative outlook on Multiplan mirrors that of the sovereign,
meaning that if Brazil's foreign currency rating is downgraded S&P
would also lower Multiplan's rating.  S&P expects Multiplan to
maintain resilient operations and cash flow generation, thus S&P
don't foresee any major pressures to its stand-alone credit
profile (SACP) in the short to medium term.  Although not
expected, if the company were to announce additional relevant
debt-financed acquisitions, S&P could revise its SACP to reflect a
more aggressive financial policy and higher leverage.

S&P would move the outlook to stable if the outlook on Brazil
moves to stable.  This is currently the only upside scenario that
S&P foresees for Multiplan in the short to intermediate term,
because the rating is capped at the maximum of one notch above
Brazil's sovereign rating.


PDG REALTY: S&P Affirms Then Withdraws 'D' Corporate Credit Rating
------------------------------------------------------------------
S&P Global Ratings affirmed its 'D' global and national scale
corporate credit and issue-level ratings on PDG Realty S.A.
Empreendimentos e Participacoes (PDG).  S&P also affirmed its '2'
recovery rating on the company's fifth secured debentures and its
'4' recovery rating on the fourth unsecured debentures.

S&P subsequently withdrew the ratings due to contractual
termination.  At the time of the withdrawal, PDG was negotiating
the restructuring of a significant amount of its debt with its
creditors.


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


AUREUS CORPORATION: Shareholder to Hear Wind-Up Report on Dec. 5
----------------------------------------------------------------
The shareholder of Aureus Corporation Limited will hear on Dec. 5,
2016, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

          Campbells Directors Limited
          Willow House, Floor 4, Cricket Square
          Grand Cayman KY1-9010
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


BILLION SUN: Shareholder to Hear Wind-Up Report on Dec. 5
---------------------------------------------------------
The shareholder of Billion Sun International Limited will hear on
Dec. 5, 2016, at 9:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Koo Chi Sum
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong
          Telephone: +852 2629 3323
          Facsimile: +852 2827 0715


BRENNUS GENERAL: Shareholders' Final Meeting Set for Dec. 16
------------------------------------------------------------
The shareholders of Brennus General Partner Limited will hold
their final meeting on Dec. 16, 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:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Stein
          Telephone: (345) 943-3100


EASY CAR: Shareholders' Final Meeting Set for Dec. 21
-----------------------------------------------------
The shareholders of Easy Car Holdings Co., Limited will hold their
final meeting on Dec. 21, 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:

          Wei Ji
          c/o Elaine Wong
          Telephone: 86 1381 7888 706
          Orent Century Building, Room 1611, 16th Floor
          No. 345, Xianxia Road
          Shanghai, China


INDIAN MARINE II: Shareholder to Hear Wind-Up Report on Dec. 5
--------------------------------------------------------------
The shareholder of Indian Marine II, Limited will hear on Dec. 5,
2016, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

          Paul M. Corban
          12717 West Sunrise Blvd #415
          Sunrise FL 33323
          USA
          Telephone: +1-954-603-0238


OHSF II: Shareholders' Final Meeting Set for Dec. 1
---------------------------------------------------
The shareholders of OHSF II Financing, Ltd. will hold their final
meeting on Dec. 1, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ORYX CAPITAL: Shareholders' Final Meeting Set for Dec. 19
---------------------------------------------------------
The shareholders of Oryx Capital International, Ltd will hold
their final meeting on Dec. 19, 2016, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


PCM SPECIAL: Shareholders' Final Meeting Set for Dec. 16
--------------------------------------------------------
The shareholders of PCM Special Opportunities Fund Ltd. will hold
their final meeting on Dec. 16, 2016, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Stein
          Telephone: (345) 943-3100


PROFIT RISE: Shareholder to Hear Wind-Up Report on Dec. 5
---------------------------------------------------------
The shareholder of Profit Rise International Limited will hear on
Dec. 5, 2016, at 9:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Koo Chi Sum
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong
          Telephone: +852 2629 3323
          Facsimile: +852 2827 0715


RESOURCE ADD: Shareholder to Hear Wind-Up Report on Dec. 5
----------------------------------------------------------
The shareholder of Resource Add Limited will hear on Dec. 5, 2016,
at 10:00 a.m., the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Koo Chi Sum
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong
          Telephone: +852 2629 3323
          Facsimile: +852 2827 0715


TOP GLORY: Members' Final Meeting Set for Dec. 5
------------------------------------------------
The members of Top Glory Investment Limited will hold their final
meeting on Dec. 5, 2016, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stephen Liu Yiu Keung
          c/o Ernst & Young Transactions Ltd.
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong


UOB CAYMAN: Shareholders' Final Meeting Set for Dec. 1
------------------------------------------------------
The shareholders of UOB Cayman I Limited 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:

          Harneys Liquidation Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: (345) 949 - 8599


WELL FORTUNE: Shareholder to Hear Wind-Up Report on Dec. 5
----------------------------------------------------------
The shareholder of Well Fortune Investments Limited will hear on
Dec. 5, 2016, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Koo Chi Sum
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong
          Telephone: +852 2629 3323
          Facsimile: +852 2827 0715


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


DOMINICAN REPUBLIC: Blind to Harm in Customs Raw Materials Tax
--------------------------------------------------------------
Dominican Today reports that Dominican Republic Industries
Association (AIRD) vice president Circe Almanzar said the
government doesn't seem to weigh the consequences of Customs
collecting 50% of the ITBIS (VAT) tax in on raw materials and
machinery for manufacturing.

However, she thanked the Finance Ministry for responding to the
measure's unanimous rejection by business associations in addition
to the AIRD, according to Dominican Today.

The report notes that Ms. Almanzar said the industrial sector
expects a meeting with the tax authorities as soon as possible, to
achieve an expeditious procedure which averts hurting their
competitiveness.

Ms. Almanzar noted that the reimbursement mechanism cited by the
Treasury in an ad has long been out of use, because when it was in
effect, to get the corresponding reimbursement took a long time,
even years, "which severely affected competitiveness of the
companies," the report relays.

"We urgently need to meet and clearly establish the mechanism to
follow. We sincerely hope that this will be resolved favorably for
domestic production. For the industrialists to foresee is part of
the confidence, of the security that the conditions to do business
will not vary negatively," the report quoted the business leader
as saying.

Ms. Almanzar said it's regrettable that when talking about
exports, international competition isn't taken into account. "The
problem is that the cost of financial capital is borne by
industrialists which are forced to compete both in the domestic
market and abroad, with foreign products that are uncharged and
often subsidized," she said, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B';

   -- Country Ceiling affirmed at 'BB-'.


DOMINICAN REPUBLIC: Moneychanger Balks at Alleged Dollar Shortage
-----------------------------------------------------------------
Dominican Today reports that there's no such thing as a shortage
of dollars in the country, and speculation in the informal market
instead, said moneychanger Rafael Baez.

"That's a lie, the banks have dollars and they are trading them,
they are the owners and lords of that currency in the country,"
said the operator of the exchange agent Casa de Cambio Baez, on a
busy street in the capital, according to Dominican Today.

Quoted by El Nuevo Diario on alleged scarcity of dollars in recent
weeks, the business leader stressed that there's not much demand
for the US currency at this time of the year, the report relays.

Mr. Baez said the banks have dollars and sell whatever the
customer requests, and reiterated that there's no high demand for
dollars at this time, the report relays.

"Banks are the owners and the lords, they are all a monopoly, and
the informal market practically doesn't exist, we are only a few
left, that scarcity does not exist, who in fact have dollars are
the banks," Mr. Baez said, the report notes.

                          Central Banker

Hecor Valdez Albizu has reiterated that there's no shortage of
dollars, and attributed a possible crunch to payments of
inventories by retailers, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B';

   -- Country Ceiling affirmed at 'BB-'.


DOMINICAN REPUBLIC: No Damage Tally Yet But Chief Says Don't Worry
------------------------------------------------------------------
Dominican Today reports that despite the lack of official figures
on damages from the sustained rains and flooding in the agro
sector, Agriculture minister Angel Estevez said the most affected
crops were plantains, bananas, cassava, rice, corn and vegetables.

Interviewed by listin.com.do by phone, the minister said they've
yet to compile accurate data on the losses and prefers to wait to
conclude the inspection tours of the areas affected by the rains
mostly over the northern part of the country since last week,
according to Dominican Today.

The official said the population won't be subjected to shortages
of products despite the damage to agriculture, since the market
has a good supply of affected items, the report notes.

Mr. Estevez added that government agencies should get ready to
respond to producers who've sustained losses and pledged to
provide the necessary aid including fertilizer, tilling, seeds and
loans, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B';

   -- Country Ceiling affirmed at 'BB-'.


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


EMPRESAS PERYMAR: Names Modesto Bigas as Counsel
------------------------------------------------
Empresas Perymar Inc. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Modesto Bigas
Mendez as counsel.

A retainer of $1,283 was paid by the Debtor against which the law
firm will bill on basis of $250 per hour, plus expenses for work
performed or to be performed by Mr. Bigas.

Mr. Bigas will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Bigas assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtor and its estate.

The counsel can be reached at:

       Modesto Bigas Mendez, Esq.
       BIGAS & BIGAS
       P.O. Box 7462
       Ponce, PR 00732-7462
       Tel: (787) 844-1444
       Fax: (787) 842-4090
       E-mail: modestobigas@yahoo.com

Empresas Perymar Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-08515) on October 26, 2016, disclosing
under $1 million in both assets and liabilities.

The Debtor is represented by Modesto Bigas Mendez, Esq.


FIRSTBANK PUERTO RICO: Fitch Affirms 'B-' LT Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has completed a peer review of its two rated Puerto
Rican banks and has affirmed the Long-Term Issuer Default Ratings
(IDRs) at 'B-' and Short-Term IDRs at 'B' for First Bancorp (FBP)
and its subsidiary FirstBank Puerto Rico. The Rating Outlook has
been revised to Positive from Stable.

KEY RATING DRIVERS

IDRS AND VRS

FBP's current rating levels incorporate the significant challenges
facing Puerto Rican banks. The Puerto Rican bank VRs and IDRs are
somewhat constrained by weak economic conditions within their main
operating market, the Commonwealth of Puerto Rico (PR). Despite
the challenging operating environment, the Rating Outlook has been
revised to Positive from Stable reflecting an improving overall
financial profile, including the resumption of dividend payments
on its trust preferred securities, and our view that there may be
upward ratings potential.

Fitch believes the Puerto Rico Oversight, Management, and Economic
Stability Act (PROMESA) has removed a degree of uncertainty in the
operating environment, and may address some of the recessionary
and fiscal challenges facing the Commonwealth if fully
implemented. "Although economic pressures may ensue in the near
term, the fiscal oversight board should ensure fiscal discipline
for the government, assuming the government complies, which we
view as a positive over the longer term." Fitch said.

The affirmation of FBP's ratings reflects the company's stability
and modest improvements in the company's asset quality, earnings,
capital, and deposit funding.

FBP's level of nonperforming assets (NPAs) has improved and
stabilized since the crisis. NPAs were approximately 12.5% at
third quarter 2016 (3Q'16; includes accruing TDRs and OREO) and
have been in the 11%-12% range since 2013. Fitch notes that NPAs
are up 177 basis points (bps) relative to 4Q'15 due largely to
inflows related to loans made to the hotel industry, which receive
a secondary guarantee from a government entity. "Prospectively, we
expect NPAs to trend in line with 2015 levels as the company
resolves these hotel-related loans. Although NPAs are high when
compared to U.S. mainland averages, NPAs are down from peak levels
in 2012 of over 16%. NCOs were 1.35% in 3Q16, and we expect this
metric to remain at similar levels going forward." Fitch said.

In addition, during 2016, FBP continued to reduce its indirect and
direct PR government exposure. In Fitch's view, exposure to the
Commonwealth and its instrumentalities is manageable and our
expectations for severe losses have been reduced given the orderly
restructuring process established under PROMESA.

"While returns tend to outperform similar sized mainland U.S.
banks, we note that FBP's absolute earnings profile is somewhat
lackluster relative to its operating environment. We note that
global banks in similar operating environments tend to have higher
levels of net income. That said, we note that FBP's CRE and
construction portfolios, a source of elevated provisioning in the
past, have been significantly reduced through loan portfolio de-
risking efforts." Fitch said. This de-risking is likely to not act
as a headwind earnings performance in the future as it has in the
past. Reflecting the low rate environment and increase in funding
costs, NIM was 4.09% at 3Q'16 compared to 4.18% a year ago.
However, expectations for rising interest rates in 2017 should
provide further buoyancy to the company's NIM.

Similar to most peers, FBP has improved its capital position
following the peak of the crisis. At 3Q'16, FBP's TCE and Common
Equity Tier 1 ratios were 14.27% and 17.64%, respectively and
reflect an appropriate level of capitalization given its risk
profile. The company also remains in compliance with its
regulatory order minimum capital ratios. Fitch believes that as
the company's core earnings continue to improve, its capital
position will be maintained near current levels as any shareholder
capital return actions are expected to be modest. Fitch also notes
the company's solid DFAST results, which are supportive of our
expectation of continued sustainable performance even under
extremely weak economic conditions.

FBP has been reducing its reliance on non-core funding sources,
particularly brokered deposits, over the past several quarters,
which has improved the overall stability of its deposit base. As
of 3Q'16, the amount of brokered CDs had decreased to $1.6 billion
from $2.1 billion as of 4Q'15. Historically, FBP's funding profile
was very weak when compared to U.S. bank and Puerto Rican rated
peers due to its heavy reliance on non-core funding sources. Fitch
notes that FBP faces competition for deposits from locally based
commercial banks, several U.S. and foreign banks, and over one-
hundred cooperative banks, which limits deposit gathering on the
island.

Presently, FBP's VR is higher than Puerto Rico's commonwealth debt
rating of 'D'. This reflects Fitch's view that the Commonwealth of
Puerto Rico operates broadly within the legal system of the United
States and transfer and convertibility risk is not foreseeable, as
Puerto Rican banks are regulated by the U.S. Federal Reserve and
Federal Deposit Insurance Corporation.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF'
reflect Fitch's view that FBP is not considered systemically
important, and therefore the probability of support is unlikely.
The IDRs and VRs do not incorporate any support.

LONG- AND SHORT-TERM DEPOSIT RATINGS

FBP's uninsured deposit ratings at its subsidiary banks are rated
one notch higher than FBP's IDR and senior unsecured debt rating
because U.S. uninsured deposits benefit from depositor preference.
U.S. depositor preference gives deposit liabilities superior
recovery prospects in the event of default.

HOLDING COMPANY

FBP has a bank holding company (BHC) structure with the bank as
the main subsidiary. IDRs and VRs are equalized with those of the
operating companies and banks, reflecting its role as the bank
holding company, which is mandated in the U.S. to act as a source
of strength for its bank subsidiaries. Double leverage is below
120% for the FBP parent company.

RATING SENSITIVITIES

IDRS AND VRS

FBP's ratings may be upgraded with continuing improvement in asset
quality, particularly continued improvement in inflows into non-
performing status. "We note that FBP's NPAs will likely remain
very elevated over the near term; however, if realized credit
losses do not deteriorate meaningfully from current levels, upward
rating potential may occur." Fitch said.

"We believe PROMESA removes a degree of uncertainty in the
operating environment and provides a credible path forward for the
recessionary and fiscal challenges facing the Commonwealth, if
fully implemented. To the extent that we observe improvement in
the operating environment, this may also contribute to an upgrade
for FBP." Fitch said.

Fitch assumes the fiscal oversight board will carry out its
functions and begin to restore fiscal discipline to the
Commonwealth. If that were not to occur, Fitch would re-visit its
ratings for Puerto Rican banks.

With regard to a revision of the Rating Outlook back to Stable or
a downgrade, although not expected, aggressive capital management
would be viewed negatively. "We view FBP's capital levels as
appropriate given the risk profile of the company." Fitch said.

FBP's current ratings incorporate the potential for write-downs on
its securities holdings and credit exposures to the Commonwealth
and its instrumentalities. However, should market events in the
Commonwealth of Puerto Rico result in losses beyond our
expectations and/or the company's exposure to the Puerto Rican
government materially increases, negative pressure on the ratings
could develop.

To date, consumer portfolios have performed better than expected.
However, FBP's loan mix has shifted towards more consumer assets
over the past few years. Should this mix shift lead to greater
than expected credit losses, Fitch could revise the Positive
Outlook back to Stable.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary
support in case of need.

LONG- AND SHORT-TERM DEPOSIT RATINGS

The ratings of long- and short-term deposits issued by FBP
subsidiaries are primarily sensitive to any change in the
company's IDRs. This means that should a long-term IDR be
downgraded, deposit ratings could be similarly affected.

HOLDING COMPANY

If FBP became undercapitalized or increased double leverage
significantly, there is the potential that Fitch could notch the
holding company IDR and VR from the ratings of the operating
companies.

Fitch has affirmed the following ratings:

   First BanCorp

   -- Long-Term IDR at 'B-'; Outlook revised to Positive from
      Stable;

   -- Short-Term IDR at 'B';

   -- Viability Rating at 'b-';

   -- Support at '5';

   -- Support floor at 'NF'.

   FirstBank Puerto Rico

   -- Long-Term IDR at 'B-'; Outlook revised to Positive from
      Stable;

   -- Long-term deposit at 'B/RR3';

   -- Short-Term IDR at 'B';

   -- Short-term Deposits at 'B';

   -- Viability at 'b-';

   -- Support at '5';

   -- Support floor at 'NF'.


RUBEN OCASIO PINO: Unsecureds to Recover 2.5% Under Plan
--------------------------------------------------------
Ruben Ocasio Pino and Yelitza I. Rodriguez de Jesus filed with the
U.S. Bankruptcy Court for the District of Puerto Rico a first
disclosure statement for the Debtor's plan of reorganization dated
Nov. 7, 2016.

General unsecured creditors are classified in Class 8, and will
receive a distribution of $5,000.00 which equals approximately a
2.5% distribution of their allowed claims.  Distributions to
General Unsecured Creditors will be made via 60 monthly payments
of $83.33 commencing on the first day of the 60th month following
the Effective Date of the Plan.

The Plan establishes that the Plan will be funded from the
cash-flows generated by the Reorganized Debtor.  The Debtor's
cash-flows consist of the business income and revenue generated by
the Debtor's DBA Ruben Haris Styling.  The Debtor will contribute
its cash flows to fund the Plan commencing on the Effective Date
of the Plan and continue to contribute through the date that
Holders of Allowed Class 1 to 8 Claims receive the payments
specified for in the Plan.

The Disclosure Statement is available at:

            http://bankrupt.com/misc/prb16-03030-79.pdf

The Plan was filed by the Debtor's counsel:

     Jesus Enrique Batista-Sanchez, Esq.
     The Batista Law Group, PSC
     Cond. Mid-Town Center
     420 Avenue Juan Ponce De Leon, Suite 901
     San Juan, PR 00918
     Tel: (787) 620-2856
     E-mail: jesus.batista@batistalawgroup.com

Ruben Ocasio Pino and Yelitza I. Rodriguez-De-Jesus are individual
Debtors.  The Debtors own and operate a hair salon under the
business name Ruben Hair Styling.  Both Debtors manage and operate
Ruben Hair Styling.  The Debtors do not employ, on a salary basis,
any employees; however, they do contract 4 to 6 hairstylists on a
professional services basis.  Ruben Hair Styling is operated out
of a commercial property owned by the Debtors which is located at
Calle 12 Bloque 9 No. 7 Sabana Gardens Carolina, Puerto Rico
00983.

The Debtors filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-03030) on April 18, 2016.  Jesus Enrique
Batista Sanchez, Esq., at The Batista Law Group, PSC, serves as
the Debtor's bankruptcy counsel.


RUBEN OCASIO PINO: Plan Confirmation Hearing Set for Dec. 14
------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Reuben Ocasio
Pino and Yelitza I. Rodriguez de Jesus' disclosure statement filed
on Nov. 7, 2016, referring to the Debtors' 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. 14, 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 10 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 must be filed on or before 10 days prior to the date of
the hearing on confirmation of the Plan.

General unsecured creditors are classified in Class 8, and will
receive a distribution of $5,000.00 which equals approximately a
2.5% distribution of their allowed claims.  Distributions to
General Unsecured Creditors will be made via 60 monthly payments
of $83.33 commencing on the first day of the 60th month following
the Effective Date of the Plan.

The Plan establishes that the Plan will be funded from the
cash-flows generated by the Reorganized Debtor.  The Debtor's
cash-flows consist of the business income and revenue generated by
the Debtor's DBA Ruben Haris Styling.  The Debtor will contribute
its cash flows to fund the Plan commencing on the Effective Date
of the Plan and continue to contribute through the date that
Holders of Allowed Class 1 to 8 Claims receive the payments
specified for in the Plan.

The Disclosure Statement is available at:

            http://bankrupt.com/misc/prb16-03030-79.pdf

Ruben Ocasio Pino and Yelitza I. Rodriguez-De-Jesus filed for
Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-03030)
on April 18, 2016.  Jesus Enrique Batista Sanchez, Esq., at The
Batista Law Group, PSC, serves as the Debtor's bankruptcy counsel.


                            ***********


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
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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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