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

              Friday, November 25, 2016, Vol. 17, No. 234


                            Headlines



A R G E N T I N A

ENTRE RIOS: Fitch Publishes 'B' Long Term Issuer-Default Ratings


B R A Z I L

PETROLEO BRASILEIRO: Settles More Individual Shareholder Lawsuits


C A Y M A N  I S L A N D S

ALTERNATIVE OPTION: Shareholders' Final Meeting Set for Nov. 28
ANCHOR5 OFFSHORE: Shareholders' Final Meeting Set for Dec. 1
BIG SKY: Shareholder to Hear Wind-Up Report on Nov. 30
BLUEBAY MULTI-STRATEGY: Members' Final Meeting Set for Dec. 9
CAYMAN NOMINEES: Shareholder to Hear Wind-Up Report on Nov. 14

FRONTIER RIDGE: Shareholders' Final Meeting Set for Dec. 1
FULLERTON MONEX: Shareholder to Hear Wind-Up Report on Dec. 5
ICAP OFFSHORE: Shareholders' Final Meeting Set for Dec. 1
JAMAICA SELECT: Members' Final Meeting Set for Nov. 28
JMMB SECURITIES: Members' Final Meeting Set for Nov. 28

METAL CAPITAL: Shareholders' Final Meeting Set for Nov. 29
TRINIDAD SELECT: Members' Final Meeting Set for Nov. 28


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exports Stumble in First Half, as Peso Slumps
DOMINICAN REPUBLIC: Medina Pledges Infrastructure Repair


E C U A D O R

ECUADOR: Moody's Affirms B3 Issuer Rating, Outlook Stable


M E X I C O

MEXICO: Inflation Gathers Speed in November


P U E R T O    R I C O

AIR SUB CORP: Unsecureds to Get 60 Monthly Payments of $807
EFRON DORADO: PRAPI Entitled to Relief From Stay, Court Rules


V E N E Z U E L A

VENEZUELA: Talks Break Down, Opposition Claims


                            - - - - -



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A R G E N T I N A
=================


ENTRE RIOS: Fitch Publishes 'B' Long Term Issuer-Default Ratings
----------------------------------------------------------------
Fitch Ratings has published the 'B' rating on the Province of
Entre Rios' Long-Term Foreign and Local Currency Issuer-Default
Ratings (IDR). The Rating Outlook is Stable. Fitch Ratings has
also published an expected Long-Term Foreign-Currency Rating of
'B(EXP)' for the Province of Entre Rios' upcoming bond issuance.

KEY RATING DRIVERS - ISSUER

Provincia de Entre Rios' published ratings reflect the features of
the Argentinian institutional framework with a solid and stable
revenue system. The ratings also reflect the province's average
debt metrics when compared to local and international peers and
its weak liquidity position. Fitch does not believe any
subnational entity to be rated higher than the sovereign, as
regional governments' access to foreign currency is not deemed
stronger than the central government's.

Although its cash balance represents around 16% of Entre Rios'
operating balance in 2015, the province has run temporary deficits
over the last five years, which has been paid at the end of each
year (floating debt). In 2015, floating debt represented 15% of
Entre Rios' operating revenues. In Fitch's opinion, this suggests
a weak liquidity position that may lead to higher indebtedness
ratios in 2017 and 2018.

In addition having relatively higher debt than other provinces,
Entre Rios' debt structure has some concentration, because 53% of
outstanding debt matures through 2017. Direct debt/current revenue
has been fairly stable, reaching an annual average of 41.7% over
the last five years, translating into payback (direct debt/current
balance) of 5.1 years. These debt metrics are compatible with 'B'
rated peers. It is worth mentioning that some 29% of the debt is
denominated in foreign currency mostly with multilateral entities.

Entre Rios is obligated to handle a pension deficit, as the
federal government has not fulfilled its commitment to cover the
underfunding of pension funds that were not transferred to it.
However, the Supreme Court recently ruled to gradually cease from
2016 to 2020 the withholding of 15% of federal shared tax revenue
to finance the National Social Security Administration related to
the Fiscal Pact between the nation and the provinces. This
agreement has been accepted by the majority of the local
legislatures in order to become operative in the short term. This
will strengthen the province's budgetary flexibility.

Entre Rios is the seventh-largest province in Argentina in terms
of gross geographic product and population. The province's economy
is highly influenced by soft commodities, making it less resilient
to most external economic shocks, such as weaker commodity prices
and continued underperformance in Brazil.

RATING SENSITIVITIES - ISSUER

The Issuer Default Rating (IDR) of the Province of Entre Rios
should move in tandem with Argentina's sovereign ratings.

An upgrade of the sovereign IDR, accompanied by an improvement in
operating margins to levels higher than 10% from the 7.6% posted
in 2015 coupled with an improvement in its economic stature, could
lead to an upgrade in Entre Rios' rating.

A downgrade of Argentina's IDR could lead to a negative rating
action.

KEY RATING DRIVERS - ISSUANCE

The bond is rated at the same level as the Province of Entre Rios.
The ratings assigned to the Province reflect the features of the
Argentinian institutional framework with a solid and stable
revenue system. The ratings also reflect the Province's average
debt metrics when compared to local and international peers and
its weak liquidity position.

The notes will be issued in USD for an amount of up to USD250
million in 2016, to accrue a fixed interest rate to be determined
at issuance and payable on a semi-annual basis. The estimated
maturity of the bond is between seven and 10 years, with semi-
annual payments after a four year grace period. The notes will be
a senior unsecured obligation of the Province of Entre Rios.

Provincial Laws 10403, 10408 and 10433 of 2016 authorized the
issuance of this debt. Around half of the proceeds will be used by
the province to cancel existing debt and the rest to finance
multiple infrastructure projects and will be offered to the
Province's municipalities. The issuance will be governed by the
laws of the State of New York.

Among the events of default and acceleration of maturities, Fitch
highlights the failure to pay debt principal for a period of three
days and debt service for 30 days and failure to perform any
payment having and aggregate principal amount equal or higher the
equivalent to USD15 million.

RATING SENSITIVITIES - ISSUANCE

The final rating of Entre Rios' new bond is contingent upon the
receipt of final documents conforming to information already
received.

Any change in the ratings assigned to the Province of Entre Rios
will have a direct impact on the bond rating.

Fitch has published the following rating:

   -- Long-Term Foreign and Local Currency IDRs 'B'; Outlook
      Stable.

   -- Senior unsecured Long-Term Expected Rating 'B'(EXP).


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


PETROLEO BRASILEIRO: Settles More Individual Shareholder Lawsuits
-----------------------------------------------------------------
Paul Kiernan at The Wall Street Journal reports that Brazilian
state-run oil company Petroleo Brasileiro SA said it has agreed to
settle 11 investor lawsuits related to corruption, the latest step
toward resolving a major source of uncertainty and potential
liability.

The lawsuits had been filed in New York by shareholders seeking to
recoup losses they say were triggered by revelations in 2014 of a
vast bribery scheme surrounding Petrobras, according to The Wall
Street Journal.  They had been consolidated into a class-action
suit claiming tens of billions of dollars in losses, the report
notes.

The agreements announced include a variety of institutional
investors such as Aberdeen Emerging Markets Fund, State of Alaska
Department of Revenue, Ohio Public Employees Retirement System and
Abbey Life Assurance Company Ltd, the report notes.  These come on
top of settlements with four other groups of shareholders,
including bond giant Pacific Investment Management Co. LLC, that
Petrobras announced in October, the report relays.

Petrobras didn't disclose the amount involved in the settlement
but said it is covered by a $364 million provision marked down in
its third-quarter earnings, the report discloses.

The company added that the deals "do not constitute any
recognition of responsibility by Petrobras, which will continue
defending itself firmly in the remaining lawsuits under way," the
report says.

An additional 12 individual lawsuits consolidated into the class
action remain open, including one by the Bill and Melinda Gates
Foundation Trust, the report notes.

"At the moment, it is not possible for Petrobras to make a
reliable estimate as to the outcome of the class action," the
company said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 25, 2016, Moody's Investors Service upgraded all ratings of
Petroleo Brasileiro S.A. (Petrobras)'s and ratings based on
Petrobras' guarantee, including the company's senior unsecured
debt and corporate family rating to B2 from B3 given lower
liquidity risk and prospects of better operating performance in
the medium term.  At the same time, Moody's raised the company's
baseline credit assessment (BCA) to b3 from caa2.


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


ALTERNATIVE OPTION: Shareholders' Final Meeting Set for Nov. 28
---------------------------------------------------------------
The shareholders of Alternative Option Premium (AOP) Fund Limited
will hold their final meeting on Nov. 28, 2016, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Jane Fleming
          Jean Ebanks
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197


ANCHOR5 OFFSHORE: Shareholders' Final Meeting Set for Dec. 1
------------------------------------------------------------
The shareholders of Anchor5 Offshore Fund Limited will hold their
final meeting on Dec. 1, 2016, at 11:20 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


BIG SKY: Shareholder to Hear Wind-Up Report on Nov. 30
------------------------------------------------------
The shareholder of Big Sky Fund, Ltd. will hear on Nov. 30, 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


BLUEBAY MULTI-STRATEGY: Members' Final Meeting Set for Dec. 9
-------------------------------------------------------------
The members of The Bluebay Multi-Strategy Plus Fund Limited will
hold their final meeting on Dec. 9, 2016, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815-4555
          BDO CRI (Cayman) Ltd., Floor 2 - Building 3
          Governors Square, 23 Lime Tree Bay Ave.
          P.O. Box 31229 Grand Cayman, KY1-1205
          Cayman Islands


CAYMAN NOMINEES: Shareholder to Hear Wind-Up Report on Nov. 14
--------------------------------------------------------------
The shareholder of Cayman Nominees Limited will hear on Nov. 14,
2016, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Darren Smith
          c/o David Cooney
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


FRONTIER RIDGE: Shareholders' Final Meeting Set for Dec. 1
----------------------------------------------------------
The shareholders of Frontier Ridge Global Fund, Ltd. will hold
their final meeting on Dec. 1, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          FR Investment Manager, LLC
          c/o Westport Capital Partners LLC
          40 Danbury Road
          Wilton
          Connecticut 06897
          United States of America
          Telephone: +1 (203) 429-8602
          e-mail: mporosoff@westportcp.com


FULLERTON MONEX: Shareholder to Hear Wind-Up Report on Dec. 5
-------------------------------------------------------------
The shareholder of Fullerton Monex Asia Fund will hear on Dec. 5,
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:

          Koh Boon San
          60B Orchard Road
          #06-18 Tower 2
          The Atrium@Orchard
          Singapore 238891
          Telephone: +65 6828 6828


ICAP OFFSHORE: Shareholders' Final Meeting Set for Dec. 1
---------------------------------------------------------
The shareholders of ICAP Offshore Absolute Return Fund II Ltd.
will hold their final meeting on Dec. 1, 2016, at 11:10 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


JAMAICA SELECT: Members' Final Meeting Set for Nov. 28
------------------------------------------------------
The members of Jamaica Select Index Fund Ltd. will hold their
final meeting on Nov. 28, 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:

          H&J Corporate Services (Cayman) Ltd
          Campbell Law
          c/o Inga Thompson
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 866 Grand Cayman K1-1103
          Cayman Islands
          Telephone: (345) 949-7555


JMMB SECURITIES: Members' Final Meeting Set for Nov. 28
-------------------------------------------------------
The members of JMMB Securities Fund Services Limited will hold
their final meeting on Nov. 28, 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:

          H&J Corporate Services (Cayman) Ltd
          Campbell Law
          c/o Inga Thompson
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 866 Grand Cayman K1-1103
          Cayman Islands
          Telephone: (345) 949-7555


METAL CAPITAL: Shareholders' Final Meeting Set for Nov. 29
----------------------------------------------------------
The shareholders of Metal Capital will hold their final meeting on
Nov. 29, 2016, at 8:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Igor Rudans
          1 Argyrokastrou Str.
          Salonica Court, Block C, Flat 71
          Cyprus 3026 Limassol


TRINIDAD SELECT: Members' Final Meeting Set for Nov. 28
-------------------------------------------------------
The members of Trinidad Select Index Fund Ltd. will hold their
final meeting on Nov. 28, 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:

          H&J Corporate Services (Cayman) Ltd
          Campbell Law
          c/o Inga Thompson
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 866 Grand Cayman K1-1103
          Cayman Islands
          Telephone: (345) 949-7555


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


DOMINICAN REPUBLIC: Exports Stumble in First Half, as Peso Slumps
-----------------------------------------------------------------
Dominican Today reports that exports of goods from the Dominican
Republic during the first six months posted bilateral
depreciations against the dollar and a negative annual variation
rate of 0.2%, the lowest rate among Central American countries.

A recent report by the Inter-American Development Bank's (IDB)
Trade and Integration Monitor 2016 shows that the country's
strength in foreign trade is services, which account for as much
as 50% of total exports, according to Dominican Today.  The line
reflects an increase rate of 7.4% in 2015, the report notes.

The study said that a contractive dynamic was generated throughout
the region during 2015 that affected the pace of exports and has
continued in the first months of 2016, although with less
intensity, the report relays.

It points out that in terms of the type of product, the 14.8%
decline of aggregate exports in Latin America in 2015 was the
result of contractions in virtually all items, with the strongest
influence being primary products with 12 percentage points,
manufactures of primary origin with approximately 2.1, and 0.7
manufactures of industrial origin, the report notes.

The IDB report also notes that exchange rate variations have
produced significant variations in the competitiveness of
countries in the region, Dominican Today says.  It indicates that
estimates of the elasticity of exports at the real exchange rate
show that, although the effect has declined in recent years,
depreciations could spur the growth of foreign trade, particularly
manufacturing, Dominican Today discloses.

However, in the case of intraregional flows, the current
configuration of real exchange rates doesn't favor the prospects
for expansion and diversification of exports, the report notes.

It further notes that exchange rate volatility poses an additional
risk in the current context of macroeconomic uncertainty, 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: Medina Pledges Infrastructure Repair
---------------------------------------------------------
Dominican Today reports that President Danilo Medina reiterated
that once the rains cease, the Government will repair damaged
infrastructure. "We're waiting for the rains to cease to begin
work on infrastructure works that were damaged," the report quoted
Mr. Medina as saying.

Speaking to reporters about the second disbursement to
beneficiaries of the Economic and Rural Development Program
(Prorural), Medina said "we will work in all that we can," he
added.

The Emergency Operations Center (COE) reported that many of the
8,757 people evacuated are currently in shelters, while 35
communities still cut off due to rains mostly over the northern
part of the country, the report notes.

In addition, 100 houses destroyed, 1,482 damaged, as well as four
bridges and an equal number of roads, the report relays.

The COE said that the majority of the evacuees are in Duarte
(central) and Montecristi (northwest) provinces, 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-'.


=============
E C U A D O R
=============


ECUADOR: Moody's Affirms B3 Issuer Rating, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed Ecuador's B3 issuer rating
and maintained the stable outlook on the rating.

The key drivers of today's rating action are Moody's expectations
that:

   -- The government's policy measures to adjust expenditures in
      response to lower oil revenues will keep government debt
      ratios at moderate levels

   -- The ongoing stabilization in broader macro-economic metrics
      will be followed by a gradual growth recovery

The oil price shock has had a negative effect on Ecuador's growth
and government finances, and heightened liquidity pressures.
However, relative to Moody's rated universe, Ecuador's economic
strength is moderate and fiscal strength is high, and both factors
support its B3 rating. These credit strengths counterbalance its
very low institutional strength and a moderate susceptibility to
event risk, particularly liquidity risks.

The stable outlook incorporates an expectation of continued macro-
economic stabilization characterized by subdued GDP growth, a
gradual decline in fiscal deficits and steady balance of payments.
On the other hand, the government's tight liquidity position will
likely remain a constraint on the B3 rating.

The senior unsecured bond rating on the 2030 global bond was
affirmed at C, reflecting the unresolved bondholder claims on debt
that has been in default since 2008.

Ecuador's foreign currency ceilings remain unchanged at B2 for the
long-term bond ceiling and Caa1 for the long-term deposit ceiling.

RATINGS RATIONALE

FIRST DRIVER -- EXPENDITURE ADJUSTMENT HAS LIMITED THE NEGATIVE
FISCAL IMPACT OF THE FALL IN GOVERNMENT REVENUES

Oil related revenues accounted for 30% of government revenues when
oil prices began to drop in the second half of 2014. After a steep
decline, oil related revenues now account for about 10% of
government revenues. In addition, the terms of trade shock from
falling oil prices had a negative impact on overall GDP growth,
leading to the government's non-oil revenues dropping as well.

In order to offset the drop in overall revenues, authorities have
pursued a proactive strategy of expenditure cuts. Capital
expenditures, which historically have represented about 45% of
total spending, have been reduced by about 25% relative to their
2014 levels.

Consequently, the fiscal deficit declined to 3.8% of GDP on an
accrual basis in 2015, from 6.3% in 2014. However, the
reconstruction costs following the April 2016 earthquake, coupled
with costs associated with legal settlements of over $1 billion
incurred during the first half of 2016 further weighed on the
government's finances. Nonetheless, we expect the 2016 deficit to
remain at levels similar to 2015, although the government is
likely to maintain arrears to the private sector of about 1%-2% of
GDP.

"We expect central government debt to climb to above 36% of GDP in
2016 from 30.7% in 2015, and stabilize at between 40 and 45% of
GDP over the next three years." Moody's said. Even with this
increase in debt levels, Ecuador's debt ratio will still compare
favorably to the median level for B rated sovereigns, which
Moody's forecasts will be about 55% of GDP in 2018.

With rising debt and subdued revenues, Ecuador's debt
affordability will decline, as the interest to revenue ratio will
climb to 12% in 2017, from 7% in 2014. This ratio will be slightly
above our 2017 forecast of a median of 10% for B-rated sovereigns.

Although Ecuador's fiscal fundamentals will still compare
favorably to many similarly rated peers, its sovereign credit
profile remains constrained by the challenges of meeting its now
higher borrowing requirements. These requirements have been met by
various sources including a $2 billion (2% of GDP) 6 year global
bond issued this year as well as short-term financing from the
central bank of over $4 billion. Looking ahead, the government's
financing needs keep it exposed to potential changes in the
availability and cost of funding, particularly in an uncertain
international financial environment.

SECOND DRIVER -- MACROECONOMIC INDICATORS ARE STABILIZING AFTER
ABSORBING LARGE TERMS OF TRADE SHOCK

Petroleum products accounted for over 50% of Ecuador's exports,
and 13% of GDP, so the balance of payments and growth impact of
the decline in oil prices was significant. Moreover, for Ecuador's
dollarized economy, the strengthening of the US dollar dealt a
further blow to competitiveness.

While the reduction in government spending mentioned above
safeguarded the government's fiscal profile, it further weighed on
economic activity. Private investment remained subdued due to the
combined impact of tighter liquidity conditions, the terms of
trade shock and uncertainty ahead of the 2017 general elections.
Meanwhile, weaker labor market conditions dampened private
consumption. Consequently, the economy entered into a recession in
late 2015.

Moody's expects that GDP will contract 2.5% in 2016 but will
likely resume an annual pace of expansion in 2017. Recent GDP data
reveal that the economy is emerging from recession, with output
expanding on a quarter-on-quarter basis in the April-June period,
breaking a four-quarter negative trend. Moody's baseline
expectation is that the recovery will be gradual, with GDP growth
rising towards 3% by the end of the decade, supported by increased
private investment and foreign direct investment, particularly in
the oil and mining sectors.

Ecuador's external position is also showing some improvement. The
country recorded a current account deficit of 2.1% of GDP in 2015,
after a 0.5% deficit in 2014. To stem a further widening of the
deficit amid continued liquidity pressures, government imposed
import tariffs in 2015, extending them this year through mid-2017.
Coupled with diminished demand caused by the recession, import
tariffs helped push the trade balance into a surplus. Moody's now
expects that the current account will post a small surplus in
2016, the first one since 2010. This improvement in the current
account alleviates external liquidity pressures.

Liquidity has also improved in the banking system as the sharp
drop in deposits in 2015 was mostly reversed in 2016. However,
there has not been a rebound in credit growth, as banks' asset
quality has deteriorated and the economy has been in recession.
This in turn has weighed on banks' profitability.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that while an
improvement in Ecuador's external and fiscal accounts is likely
over the rating horizon, the sovereign's credit profile will
remain constrained by the financing risks the government faces.

That said, Moody's expects that government borrowing requirements
will decrease in coming years through a combination of lower
capital expenditures, following the completion of large-scale
projects in the energy sector in 2016, and other fiscal
consolidation measures. Additionally, given the government's debt
maturity profile, Moody's considers that rollover risk will remain
low through 2019 as most of the government debt owed until then is
composed of loans from multilateral development banks, bilateral
sources -- in particular the Chinese government -- and domestic
sources, mainly the social security body.

WHAT COULD CHANGE THE RATING UP

There could be upward pressure on the rating if there was evidence
of stronger potential GDP growth driven by higher private
investment and financed by foreign direct investment inflows.
Material and sustained improvements in fiscal fundamentals, and a
reduction in government liquidity risks could also support upward
rating momentum.

WHAT COULD CHANGE THE RATING DOWN

Downward pressure on the rating would develop if fiscal and/or
balance-of-payments finances were to materially deteriorate,
heightening liquidity risks; or if there was a return to political
instability.

SUMMARY OF MINUTES FROM RATING COMMITTEE

   -- GDP per capita (PPP basis, US$): 11,317 (2015 Actual) (also
      known as Per Capita Income)

   -- Real GDP growth (% change): 0.2% (2015 Actual) (also known
      as GDP Growth)

   -- Inflation Rate (CPI, % change Dec/Dec): 3.4% (2015 Actual)

   -- Gen. Gov. Financial Balance/GDP: -3.8% (2015 Actual) (also
      known as Fiscal Balance)

   -- Current Account Balance/GDP: -2.1% (2015 Actual) (also known
      as External Balance)

   -- External debt/GDP: 27.6% (2015 Actual)

   -- Level of economic development: Very Low level of economic
      resilience

   -- Default history: At least one default event (on bonds and/or
      loans) has been recorded since 1983.

On 21 November 2016, a rating committee was called to discuss the
rating of the Ecuador, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's fiscal or financial strength, including its debt profile,
has materially decreased. The issuer has become increasingly
susceptible to event risks.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.


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


MEXICO: Inflation Gathers Speed in November
-------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
inflation moved further from the central bank's target in early
November as a weaker peso continued to affect goods prices and a
seasonal increase in residential electricity rates pushed up
energy costs.

The Consumer Price Index rose 0.77% in the first two weeks of the
month, moving the annual rate up to 3.29% from 3.06% at the end of
October, the National Statistics Institute said, according to The
Wall Street Journal.

Core CPI, which excludes energy and fresh fruit and vegetables,
rose 0.23% in the period to an annual rate of 3.33%, the report
notes.

The increases were above the median estimates of economists polled
by The Wall Street Journal, which saw CPI rising 0.68% and core
CPI up 0.12%, the report relays.

Residential electricity rates contributed the most to November's
inflation, rising 26% as summertime subsidies applied to help
households cope with the cost of air conditioning ended in 12
cities, the report says.  Gasoline, airfares and the price of
tourism packages also rose, notes the report.

The weaker peso and the risk it poses for inflation has prompted
the Bank of Mexico to raise interest rates four times this year to
the current 5.25% from 3.25% at the end of 2015, the report
discloses.

The central bank has also increased its forecasts for inflation,
which it expects to end this year above its 3% target and stay
above the target through 2017, the report relays.  Inflation was
below 3% for 17 consecutive months through September, the report
says.

A number of private economists have raised their forecasts for
next year above 4%, partly as a result of peso depreciation
following the election victory of U.S. President-elect Donald
Trump, given the impact a Trump administration could have on trade
and investment, the report notes.

The weaker peso, which affects the cost of imports, has pushed up
goods prices more than those of services, the report relays.  Core
goods were up an annual 4.07% in mid-November, while services
prices were 2.71% higher, the report notes.  In a report his week,
the central bank said it expects the difference between goods
price increases and services price increases as a result of
currency depreciation to continue for a relatively long time, the
report adds.


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


AIR SUB CORP: Unsecureds to Get 60 Monthly Payments of $807
------------------------------------------------------------
Air Sub Corp, filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a plan of reorganization and an
accompanying small business disclosure statement, which places
claims and equity interests in various classes.

Banco Popular de Puerto Rico will get 48 monthly payments of
$7,431.41 each until year 2020, amounting to a total payout of
$356,708.00.

The General Unsecured Class will get 60 monthly payments of
$807.12 each until year 2021, amounting to a total payout of
$48,427.00.

Payments and distributions under the Plan will be funded by the
regular course of business operations through the monthly income.

A full-text copy of the Disclosure Statement is available at:

         http://bankrupt.com/misc/prb16-01709-11-99.pdf

The Debtors are represented by:

          Nilda M. Gonzalez-Cordero
          USDC # 213705
          PO Box 3389
          Guaynabo, PR 00970
          Tel. (787) 721-3437 / (787) 724-2480
          E-mail address: ngonzalezc@ngclawpr.com

                         About Air Sub Corp

Air Sub Corp filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-01709) on March 2, 2016, estimating its assets
at up to $50,000 and liabilities at between  $500,001 and $1
million.  Nilda M. Gonzalez Cordero, Esq., at Gonzalez Cordero Law
Offices serves as the Debtor's bankruptcy counsel.

N & N Sub Corp. Filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-02596) on April 1, 2016, estimating its assets
at up to $50,000 and its liabilities at between $100,001 and
$500,000.

Subway Senorial Parana Corp. filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-02597) on April 1, 2016,
estimating its assets at up to $50,000 and its liabilities at
between $100,001 and $500,000.

Nilda M. Gonzalez Cordero, Esq., at Gonzalez Cordero Law Offices
serves as the Debtors' bankruptcy counsel.


EFRON DORADO: PRAPI Entitled to Relief From Stay, Court Rules
--------------------------------------------------------------
Judge Mildred Caban Flores of the United States Bankruptcy Court
for the District of Puerto Rico denied Efron Dorado SE's motion
for stay pending appeal pursuant to Fed. R. Bankr. P. 8007.

On January 20, 2016, Efron filed for bankruptcy relief under the
provisions of Chapter 11 of the Bankruptcy Code.  Efron designated
its case as a single asset real estate case as defined in 11
U.S.C. section 101(51B).  Creditor PR Asset Portfolio 2013-1
International SUB I, LLC, (PRAPI) filed Proof of Claim No. 13
asserting a claim in the amount of $13,347,009.04 and secured by
Efron's shopping mall known as Paseo del Plata Shopping Center
located in Dorado, Puerto Rico.

On June 17, 2016, PRAPI filed a motion for relief from the
automatic stay with respect to the Shopping Center premised on
Efron's failure to adequately protect PRAPI's interest in the
Shopping Center under section 362(d)(1); Efron's lack of both
necessity and equity with respect to the Shopping Center under
section 362(d)(2); and the SARE provisions under section
362(d)(3).

On July 12, 2016, Efron opposed alleging that it did not qualify
as a SARE case because its real properties are segregated in three
separate parcels.  That same day, Efron eliminated its SARE
designation from the petition.

PRAPI filed a reply stating that Efron had conducted itself as a
SARE case since its inception of the bankruptcy filing and that it
had continued to reaffirm its position as such throughout the
case.

Counsel for PRAPI brought the SARE status to the Court's attention
at the status conference, and highlighted that the time-period
under section 362(d)(3) had lapsed without Efron having filed a
plan of reorganization nor making interest payments to PRAPI.

The Court terminated the stay with respect to the Shopping Center,
pursuant to section 362(d)(3).  After the ruling was rendered,
Efron argued for the first time at the hearing that it was
entitled to an additional 30 days to file a plan or start making
payments to PRAPI.  The Court ruled that the argument had been
waived and that the amended voluntary petition had not changed its
true status.

Subsequently, Efron filed a notice of appeal and requested a stay
pending an appeal.

Efron argued that, on appeal, it is likely to succeed on the
merits because: a) the case is not a SARE case; b) it has a
statutory right to amend the SARE designation in its petition upon
perceiving an error in its SARE designation; and c) the Court must
allow Efron to file a plan within the 30-day period from the stay-
relief hearing, pursuant to 11 U.S.C. section 362(d)(3).

Judge Flores held that Efron was subject to section 362(d)(3)'s
provisions since its self-designation as a SARE case on January
20,2016, the date the bankruptcy was commenced.  The judge stated
that Efron should not be able to shed its SARE designation and
block a stay-relief motion and acquire more time to act when it is
clear from the petition date that it had only one income producing
real property.  For this reason, Judge Flores disallowed the
amendment.

Efron argued that it has the right to a new 30-day period to
comply with the predicates of section 362(d)(3)(A)-(B).  Judge
Flores, however, found that Efron waited to present this new
defense after the Court terminated the stay in favor of PRAPI and,
thus, failed to put the Court or PRAPI on notice. For this reason,
Judge Flores considered this argument waived by Efron.

Further, Judge Flores found that Efron is judicially estopped from
obtaining this outcome.  The judge stated that Efron's amended
petition does not change the nature of its designation and it is
prohibited from changing its position according to the exigencies
of the moment.

Judge Flores concluded that PRAPI is entitled to relief from the
automatic stay with respect to the Shopping Center -- Efron's real
estate property whence its income is substantially derived.  Judge
Flores agreed with PRAPI that as of the petition date, Efron had
correctly designated itself as a SARE case, and that Efron's
amended voluntary petition did not change its status as a SARE
case.

Insomuch as Efron failed to meet the burden of demonstrating
likelihood of success on the merits, Judge Flores denied Efron's
request for a stay of the order granting PRAPI relief under
section 362(d)(3).

A full-text copy of Judge Flores' November 17, 2016 opinion and
order is available at:

       http://bankrupt.com/misc/prb16-00283-212.pdf

                     About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan.
20, 2016.  The petition was signed by David Efron, partner.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as its bankruptcy counsel.

In its petition, the Debtor listed total assets of $33.2 million
and total debt of $15.2 million.  According to the schedules, the
Debtor owns the shopping mall known as Paseo Del Plata Shopping
Center located in Dorado, Puerto Rico; a parcel of land consisting
of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of
land consisting of 30 Cuerdas known as Hernandez Farm.


=================
V E N E Z U E L A
=================


VENEZUELA: Talks Break Down, Opposition Claims
----------------------------------------------
Anatoly Kurmanaev at The Wall Street Journal reports that
Venezuela's opposition said the government has abandoned Vatican-
brokered talks, potentially ending a short-lived political truce
in the deeply polarized nation.

Government officials failed to attend a routine meeting on Nov.
22. Opposition negotiators said the government was protesting the
opposition's decision to raise the issue in congress of the two
in-laws of President Nicolas Maduro, who were convicted in New
York last week of drug trafficking, according to The Wall Street
Journal.

Mr. Maduro and his officials haven't commented on the status of
the talks. The Information Ministry didn't respond to request for
comment.

Since their start last month, the talks have led to the release of
several jailed opposition activists and vague agreements on future
elections but have failed to make any real progress toward solving
the country's deep political and economic crisis, the report
recalls.  The lack of progress has caused growing frustration
among many opposition leaders, who had halted large street
protests and legal actions against Mr. Maduro to join the talks,
the report notes.

"Maduro got up from the table of the supposed dialogue!"
opposition leader and former presidential candidate Henrique
Capriles said in a Twitter posting, the report relays.  "They [the
government] don't want to fulfill any commitments," the posting
added.

During the talks, the opposition and the government have agreed to
hold parliamentary elections in the contested state of Amazonas,
which could give Mr. Maduro's opponents a supermajority in
congress to enact sweeping new laws and fire ministers. It is
unclear whether the elections will take place if the talks don't
resume, the report relays.

Some of the more hard-line opponents of Mr. Maduro already have
called the opposition alliance, the Democratic Unity Roundtable,
to resume street protests that were attracting hundreds of
thousands of people last month, putting the government on the
defensive, the report notes.

"It was a mistake to abandon the street, but we can still mend our
ways," opposition lawmaker Juan Andres Mejia said in a Twitter
posting, the report discloses.

Mr. Mejia has also called on the opposition-controlled congress to
resume legal procedures against Mr. Maduro for supposedly
abandoning his basic governing responsibilities, the report notes.

The report says that the opposition alliance is expected to make a
formal announcement on whether it will be prepared to resume the
talks.

The halting of the talks came during the visit to Caracas of
Thomas Shannon, the head of political section at the U.S.
Department of State and a prominent proponent of the dialogue, the
report relays.  Mr. Shannon will meet with both the opposition and
Mr. Maduro's officials, according to the opposition leaders, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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