TCRLA_Public/161129.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

               Tuesday, November 29, 2016, Vol. 17, No. 236


                            Headlines



A R G E N T I N A

BANCO DE LA CIUDAD: Moody's Assigns B3 Sr. Unsecured Debt Rating
RIO NEGRO: Moody's Retains B3 Rating on ARS700MM Treasury Bills


B O L I V I A

BOLIVIA: To Get $30 Million-IDB Loan for La Paz and El Alto


B R A Z I L

BRAZIL: Cabinet Member Geddel Vieira Lima Resigns
BR MALLS: Posts 3rdQ Net Income of BRL35.5 Million


C A Y M A N  I S L A N D S

ADA CAPITAL: Members' Final Meeting Set for Dec. 28
CATAMOUNT DIVERSIFIED: Shareholders' Final Meeting Set for Dec. 28
GLOBAL LONG: Shareholders' Final Meeting Set for Dec. 1
GOLDMAN SACHS COMMODITIES: Members' Final Meeting Set for Dec. 1
GOLDMAN SACHS DIRECT: Members' Final Meeting Set for Dec. 1

GOLDMAN SACHS DIRECT II: Members' Final Meeting Set for Dec. 1
GOLDMAN SACHS FUND: Members' Final Meeting Set for Dec. 1
GOLDMAN SACHS QUANTITATIVE: Members' Final Meeting Set for Dec. 1
GOLDMAN SACHS US: Members' Final Meeting Set for Dec. 1
GREEN CYPRESS: Shareholders' Final Meeting Set for Dec. 1

MILLENNIUM ADVISORS: Shareholders' Final Meeting Set for Dec. 6
VALTERRA FUND: Shareholders' Final Meeting Set for Dec. 15
WAINWRIGHT DREADNOUGHT: Members' Final Meeting Set for Dec. 28
WASHINGTON LOAN: Shareholders' Final Meeting Set for Nov. 30


C O S T A   R I C A

ETHICAL FORESTRY: Investors Uncertain on Compensation


J A M A I C A

MAVIS BANK: Owes J$200 Million, Coffee Farmers Demand Answers


M E X I C O

FINANCIERA FINCA: S&P Keeps 'BB-/B' ICRs on CreditWatch Developing
NEMAK SAB: Fitch Affirms 'BB+' IDR & Revises Outlook to Positive
GRUPO CEMENTOS: Fitch Affirms 'BB' IDR & Removes from Watch Neg.


P U E R T O    R I C O

CLINICA SANTA ROSA: U.S. Trustee Ordered to Appoint PCO
POPULAR INC: Fitch Affirms 'BB-' Long Term Issuer Default Rating


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Curacao Refinery in Financial Crisis


V I R G I N   I S L A N D S

XCITE ENERGY: Liquidation Petition Hearing Set for December 5


                            - - - - -



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


BANCO DE LA CIUDAD: Moody's Assigns B3 Sr. Unsecured Debt Rating
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B3 global local currency senior unsecured debt rating
and a Baa1.ar Argentina national scale senior debt rating to Banco
de la Ciudad de Buenos Aires S.A.'s Class IX and Class X senior
unsecured debt issuances .  The notes will be due 2020 and 2024,
respectively, and will be issued under Ciudad's existing multi-
currency senior unsecured program of $500 million, and up to ARS
1,000 million total issued amount.  The outlook on Banco de la
Ciudad de Buenos Aires' senior unsecured debt rating is stable.

These ratings were assigned to Banco de la Ciudad de Buenos
Aires's Class IX and Class X local currency senior unsecured
notes:

  Global local currency senior unsecured debt rating of B3; stable
   Outlook

  Argentinean national scale local currency senior debt rating of
   Baa1.ar, stable outlook

RATINGS RATIONALE

Ciudad's B3 rating incorporates Argentina's operating environment,
which remains challenging despite the country's recent return to
global capital markets and various other market-friendly policy
reforms implemented in recent months by the new administration.
The rating acknowledges Ciudad's traditional retail-banking
franchise in the city of Buenos Aires, experienced management
team, and strong financial fundamentals.  The bank's solid
capitalization and largely core funded operation, positions it
well to support future portfolio expansion.  In September 2016,
Moody's tangible common equity ratio stood at 11.32%.

With a good track record of disciplined risk guidelines, Ciudad's
nonperforming loan ratio reached 1.68% of total loans in 3Q16, in
line with industry level of 1.7%, while reserve buffers of 1.52%
of total loans, are still low compared to peers in Argentina.  As
a government-owned bank, Ciudad is focused on providing products
and services to public servants of the city of Buenos Aires, a
strategy which generates recurring earnings, supported by the low
risk loan mix that helps to reduce credit costs, lean operational
structure and low-cost funding profile.

The Baa1.ar national scale local-currency deposit and debt ratings
are positioned at the top of the range of available options for B3
rated issuers, to reflect the relative strength of Ciudad when
compared to other B3 rated local banks.  All ratings have a stable
outlook is in line with the outlook on Argentina's sovereign bond
rating.

               WHAT COULD CHANGE THE RATING UP/DOWN

As the rating is effectively capped by the Argentine sovereign's
B3 rating due to the strong credit links between the sovereign and
the bank, an upgrade of the sovereign rating accompanied by
continued improvement in operating conditions could put positive
pressures on Ciudad's ratings, provided the bank maintains a
disciplined approach to loan growth.  Ciudad could face downward
ratings pressure if the operating environment deteriorates and the
sovereign rating is downgraded or if the bank suffers a
substantial deterioration in its asset quality, earnings, and
capitalization.

The principal methodology used in these ratings was Banks
published in January 2016.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.  For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings".  While NSRs have no inherent absolute meaning in terms
of default risk or expected loss, a historical probability of
default consistent with a given NSR can be inferred from the GSR
to which it maps back at that particular point in time.  For
information on the historical default rates associated with
different global scale rating categories over different investment
horizons, please see:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189530

Banco de la Ciudad de Buenos Aires is headquartered in Buenos
Aires, with assets of ARS 70.88 billion ($4.65 billion) and equity
of ARS 7.35 billion ($481.67 million) as of Sept. 30, 2016.


RIO NEGRO: Moody's Retains B3 Rating on ARS700MM Treasury Bills
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announces
that the (P)B3 (Global Scale local currency) and Baa3.ar
(Argentina National Scale) ratings of the Province of Rio Negro's
ARS700 million Treasury Bills Program remain unchanged after the
extension of the maximum authorized amount by ARS598 million.  The
ratings are in line with the province's long term local currency
issuer ratings, which carry stable outlook.

                         RATINGS RATIONALE

The Treasury Bills Program was originally created by Governor's
Decree N147 and authorized by Resolution N43 of the Secretary of
Finance for a maximum amount of ARS700 million which was
subsequently increased to a maximum of ARS1,350 million by Decree
N990 and to the current new maximum of ARS1,948 million by Decree
N1789.  The applied debt ratings reflect Moody's view that the
willingness and capacity of the Province of Rio Negro to honor
these treasury bills is in line with the provincial's long-term
credit quality as reflected in the B3/Baa3.ar issuer ratings in
local currency.

According to the term sheet reviewed by Moody's, the bills will
all be issued in local currency, will mature in up to 365 days
with bullet amortization.  Moody's originally assigned the ratings
on this program on May 4, 2016, and after the issuance of
additional Treasury Bills up to the new authorized amount of ARS
1,948 million

Moody's anticipates that the Province's total debt will rise to
approximately 33% of total expected revenues for 2016 fiscal year
from 26% at the end of 2015 fiscal year.  This expected increase
in the debt to total revenues ratio is still consistent with the
Province of R°o Negro current ratings.

The applied ratings are based on preliminary documentation
received by Moody's as of the rating assignment date.  Moody's
does not expect changes to the documentation reviewed over this
period or anticipates changes in the main conditions that the
bills will carry.  Should issuance conditions and/or final
documentation of any of the classes under this program deviate
from the original ones submitted and reviewed by the rating
agency, Moody's will assess the impact that these differences may
have on the ratings and act accordingly.

               WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Rio Negro.  Conversely, a downgrade in Argentina's bond ratings
and/or a material deterioration of the province's financial
results or debt levels --i.e. above 40% of its total revenues-
could exert downward pressure on the ratings assigned.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.


=============
B O L I V I A
=============


BOLIVIA: To Get $30 Million-IDB Loan for La Paz and El Alto
-----------------------------------------------------------
Bolivia will upgrade its rain water drainage systems in the cities
of La Paz and El Alto with a $30 million loan from the Inter-
American Development Bank (IDB), benefiting 16,000 households.

In La Paz alone, with its population of 800,000, the authorities
estimate that landslides and floods in the rainy season cost
around $27 million a year, including spending for emergencies,
clean-up work, rebuilding infrastructure and losses in the private
sector.

The projects planned for El Alto will target the culverting in
Emisario Avda. Arica and the drainpipe system along Avenida 6 de
marzo, and other drainage work that altogether will require a
$12.8 million investment. In La Paz, hydraulic work will be done
to the tune of $14.3 million in the Irpavi, Achumani, Kellumani
and Huayllani rivers.

The direct beneficiaries will be people whose homes are affected
by erosion and river bank overflows during the six-month rainy
season. In La Paz, more than 2,000 households that are home to
7,100 people will benefit, while in El Alto the figure is 13,600
homes where 47,600 people live.

In La Paz the project will also aid some 34,000 people who every
day cross the Calacoto bridge, which is affected by rising waters
from the Irpavi river at least three times a year. In El Alto, the
work will help some 45,000 people who travel along the La Paz-
Oruro road, which diverts traffic toward Cochabamba, Santa Cruz,
Sucre, Potos° and Tarija and tends to get cut off by flooding.

The program will also allow for the implementation of the Social
Consensus and Environmental Education Plan in La Paz and projects
to let social organizations take part in solid waste clean-up
efforts in the areas targeted by the program.

The financing consists of a $25.5 million loan from the IDB's
ordinary capital fund, over 30 years, with a grace period of six
years and an interest rate pegged to the LIBOR, and a second loan
of $4.5 million from the Fund for Special Operations over 40
years, with a 40-year grace period and an interest rate of 0.25
percent. The local contribution will be $4 million.

As reported in the Troubled Company Reporter-Latin America on July
18, 2016, Fitch Ratings downgraded Bolivia's Long-Term Foreign and
Local Currency Issuer Default Ratings to 'BB-' from 'BB'.  The
Rating Outlook is Stable.  The issue ratings on Bolivia's senior
unsecured Foreign and Local Currency bonds have also been
downgraded to 'BB-' from 'BB'.  The Country Ceiling has been
downgraded to 'BB-' from 'BB' and the Short-Term Foreign Currency
IDR is affirmed at 'B'.


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


BRAZIL: Cabinet Member Geddel Vieira Lima Resigns
-------------------------------------------------
Rogerio Jelmayer and Luciana Magalhaes at The Wall Street Journal
report that a fresh scandal roiled Brazil's political
establishment, after a key cabinet minister resigned amid
allegations President Michel Temer had tried to help him in a
property deal.

Brazil's markets and its currency dropped sharply in early trading
before regaining ground, according to The Wall Street Journal's
Nov. 25 report.

Markets feared the turmoil could derail Mr. Temer's push for
unpopular austerity measures needed to close a massive budget gap,
Reginaldo Galhardo, foreign exchange manager at the Treviso
brokerage in Sao Paulo, said, the report notes.

"The political scenario in Brazil is the main driver of market
behavior today," Mr. Galhardo said, the report relays.  "Investors
are nervous," he added.

Opposition parties seized on the news, calling for an impeachment
inquiry into the president's alleged misuse of power, the report
discloses.

Mr. Temer has denied wrongdoing, says WSJ.

Geddel Vieira Lima, the government secretary in charge of the
administration's relations with congress, sent a letter to Mr.
Temer's office saying he was stepping down. He denied wrongdoing,
the report notes.

Mr. Lima is the owner of an apartment in a luxury residential
tower under construction in the northeastern Brazilian city of
Salvador, the report relays.  Work on the project was halted this
month after the Institute of Historic and Artistic National
Heritage, an agency linked to Brazil's Ministry of Culture, raised
objections to the structure's potential impact on a neighboring
historic district, the report notes.

Culture Minister Marcelo Calero told reporters that Mr. Temer
called to pressure him to allow construction on the apartment
tower to proceed, WSJ relays.  Mr. Calero then promptly resigned.
According to local media reports, Mr. Calero recorded his
conversations with Mr. Temer and has turned them over to federal
police, the report discloses.

A spokesman for Mr. Temer confirmed in a statement that the
president had indeed spoken to Mr. Calero, with the intent of
resolving a potential conflict between Mr. Calero and Mr. Lima,
the report notes.

Mr. Temer denied through a spokesman that his contact with Mr.
Calero was inappropriate or an attempt to interfere in the
construction matter, the report discloses.

Political scientist Carlos Melo said that Mr. Temer's actions
created the impression that he was intervening on behalf of Mr.
Lima, a key ally and fellow member of the ruling Brazilian
Democratic Movement Party who is tasked with pushing the
administration's reform agenda through congress, the report says.

"The president made a mistake," said Mr. Melo, who teaches at the
Insper school of business in Sao Paulo, the report notes.  "It
causes a big problem with public opinion" at a crucial time for
the administration, he added.

An October public opinion poll showed that only 14.6% of
Brazilians consider Mr. Temer's performance "good" or "great," the
report relays.

Mr. Temer's political opponents vowed to file impeachment charges
against him, raising the prospect of divisive battle in an already
polarized country, the report notes.

But some Brasilia veterans doubted such efforts would advance in a
congress where Mr. Temer currently enjoys strong support among
lawmakers, the report relays.

"It's another distraction," said Thiago de Aragao, a political
scientist at Arko Advice in Bras°lia, notes WSJ.  "The departure
of (Mr. Lima) ends the problem."

After declining sharply on the opening, Brazil's assets regained
ground. In early afternoon trading, the main local stock index,
the Ibovespa was up 0.12%, the report notes.  The real was trading
at 3.41 to the dollar, after closing at 3.3938 on Thursday, Nov.
24.

"The political scenario in Brazil is the main driver of market
behavior today," said Reginaldo Galhardo, foreign exchange manager
at the Treviso brokerage in Sao Paulo, the report adds. "Investors
are nervous."

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'.


BR MALLS: Posts 3rdQ Net Income of BRL35.5 Million
--------------------------------------------------
Reese Ewing at Reuters reports that Brazil's largest shopping mall
operator, said it posted a third-quarter profit of BRL35.5 million
($10.3 million) after showing a net loss of BRL219.4 million in
the same period a year ago as general and administrative costs
fell.

In a securities filing, Rio de Janeiro-based BR Malls
Participacoes SA said net revenues fell by 7 percent to BRL328.5
million last quarter compared with a year ago.

As reported in the Troubled Company Reporter-Latin America on
Nov. 28, 2016, Fitch Ratings has affirmed the ratings of BR MALLS
Participacoes S.A. as:

   -- Foreign currency Issuer Default Rating at 'BB+';
   -- Local currency IDR at 'BB+';
   -- Long-term national scale rating at 'AA+(bra)';
   -- BRL400 million local debentures, first and second tranches
      due in 2017 and 2019, at 'AA+ (bra)'.


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


ADA CAPITAL: Members' Final Meeting Set for Dec. 28
---------------------------------------------------
The members of Ada Capital Offshore Fund, Ltd. will hold their
final meeting on Dec. 28, 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:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CATAMOUNT DIVERSIFIED: Shareholders' Final Meeting Set for Dec. 28
------------------------------------------------------------------
The shareholders of Catamount Diversified Managers Fund III Ltd.
will hold their final meeting on Dec. 28, 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:

          Mourant Ozannes Cayman Liquidators Limited
          Morna Chisholm
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


GLOBAL LONG: Shareholders' Final Meeting Set for Dec. 1
-------------------------------------------------------
The shareholders of Global Long Equity Partners Master 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


GOLDMAN SACHS COMMODITIES: Members' Final Meeting Set for Dec. 1
----------------------------------------------------------------
The members of Goldman Sachs Commodities Fund Offshore, Ltd. will
hold their final meeting on Dec. 1, 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:

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


GOLDMAN SACHS DIRECT: Members' Final Meeting Set for Dec. 1
-----------------------------------------------------------
The members of Goldman Sachs Direct Strategies Offshore Employee
Fund, 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


GOLDMAN SACHS DIRECT II: Members' Final Meeting Set for Dec. 1
--------------------------------------------------------------
The members of Goldman Sachs Direct Strategies Fund II Offshore,
Ltd. will hold their final meeting on Dec. 1, 2016, at 10:10 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GOLDMAN SACHS FUND: Members' Final Meeting Set for Dec. 1
---------------------------------------------------------
The members of Goldman Sachs Direct Strategies Fund II Offshore
(L Holdings), Ltd. will hold their final meeting on Dec. 1, 2016,
at 11:30 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


GOLDMAN SACHS QUANTITATIVE: Members' Final Meeting Set for Dec. 1
-----------------------------------------------------------------
The members of Goldman Sachs Quantitative Currency Fund
Institutional, Ltd. will hold their final meeting on Dec. 1, 2016,
at 10:20 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


GOLDMAN SACHS US: Members' Final Meeting Set for Dec. 1
-------------------------------------------------------
The members of Goldman Sachs U.S. Equity Absolute Return Fund
Offshore, 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:

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


GREEN CYPRESS: Shareholders' Final Meeting Set for Dec. 1
---------------------------------------------------------
The shareholders of Green Cypress Fund, Ltd. will hold their final
meeting on Dec. 1, 2016, at 10:40 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


MILLENNIUM ADVISORS: Shareholders' Final Meeting Set for Dec. 6
---------------------------------------------------------------
The shareholders of Millennium Advisors Limited will hold their
final meeting on Dec. 6, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


VALTERRA FUND: Shareholders' Final Meeting Set for Dec. 15
----------------------------------------------------------
The shareholders of Valterra Fund will hold their final meeting on
Dec. 15, 2016, at 12:10 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kenneth Stewart
          Telephone: (345) 747 2739
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands


WAINWRIGHT DREADNOUGHT: Members' Final Meeting Set for Dec. 28
--------------------------------------------------------------
The members of Wainwright Dreadnought Fund Ltd. will hold their
final meeting on Dec. 28, 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:

          Mourant Ozannes Cayman Liquidators Limited
          Morna Chisholm
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


WASHINGTON LOAN: Shareholders' Final Meeting Set for Nov. 30
------------------------------------------------------------
The shareholders of Washington Loan Funding 2016-MP21 Ltd. will
hold their final meeting on Nov. 30, 2016, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +13456400556


===================
C O S T A   R I C A
====================


ETHICAL FORESTRY: Investors Uncertain on Compensation
-----------------------------------------------------
Jack Gilbert at Citywire reports that investors in Costa-Rican
Ethical Forestry are uncertain whether they can receive
compensation following the collapse of the UK firms marketing the
unregulated plantation investment scheme because Sipp pension
firms have provided different valuations for it.

The report relates that the difference in valuations means that
some investors have received pay-outs over advice given to invest
in Ethical Forestry through their pension, whereas those with a
different provider have not.

Despite the insolvency of the Ethical Forestery marketing firms
earlier this year, Liberty Sipp has claimed the underlying scheme
'remains a viable long-term investment,' Citywire relates.

At least 3,000 UK investors are thought to have invested a minimum
of GBP18,000 each into Ethical Forestry, meaning it could have
over GBP50 million invested in it, according to Citywire.



These investors were left uncertain about their investments when
the firms promoting the scheme collapsed earlier this year, the
report notes.

Citywire says the Costa Rican company running the plantation,
Ethical Forestry SA, is understood to be still running but 80% of
its shares were owned by the UK firms, meaning they were passed to
the liquidator HJS Solutions when they collapsed.

A deal is being worked on between HJS Solutions and the individual
who was running the scheme in Costa Rica, to buy the assets from
the liquidator, the report states. Despite the liquidator's claim
that a deal was four weeks away in July, this deal is still to be
reached.  When contacted, HJS Solutions said it will know if a
deal is going ahead by this week, Citywire says.

When an investor complains about an adviser to the Financial
Services Compensation Scheme (FSCS) it will normally ask the Sipp
provider for a valuation of the underlying investment in order to
work out how much compensation the individual is due, the report
says.

In a letter, seen by Citywire's New Model Adviser(R), the FSCS
says it could not 'fully quantify' any possible loss in Ethical
Forestry until the client 'sells or assigns ownership interest in
the property'.

As such the FSCS said it would base its compensation of the
investment on the valuation given by the Sipp provider, Citywire
relays.

Liberty Sipp is giving a 'book value', meaning the amount the
investor initially paid, for Ethical Forestry, the report notes.

John Fox, director of Liberty Sipp, said this was because the
investment was still viable, despite the collapse of the UK
companies, adds Citywire.

The UK group was split into four companies; Ethical Forestry
Limited, Ethical Forestry Holdings, EF Forestry Management
Limited, EF Sales and Marketing Limited. In January the firms
appointed HJS Solutions as a liquidator, according to Citywire.


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


MAVIS BANK: Owes J$200 Million, Coffee Farmers Demand Answers
-------------------------------------------------------------
RJR News reports that Blue Mountain Coffee farmers in St. Thomas
who said they are owed in excess of J$200 million dollars by the
Mavis Bank Coffee Factory, are demanding answers as to why they
have not been paid.

The disgruntled farmers told RJR News that they were informed by
the selectors at the depot that they should not expect payment as
was agreed and that no date has been set for payment, according to
RJR News.

The farmers say they would normally receive payment on Thursdays,
two days after the coffee beans are supplied to the factory, the
report notes.

They say they have been supplying coffee beans to the factory for
the past three weeks and were promised payment, the report relays.

Some 500 farmers are said to be affected.


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


FINANCIERA FINCA: S&P Keeps 'BB-/B' ICRs on CreditWatch Developing
------------------------------------------------------------------
S&P Global Ratings said it kept its 'BB-/B' global scale and
'mxBBB+/mxA-2' national scale issuer credit ratings on Financiera
Finca, S.A. de C.V. SOFOM E.N.R. (FINCA) on CreditWatch, where
they had been placed with developing implications Nov. 16.

The CreditWatch developing listing means S&P could affirm, raise,
or lower the ratings following its review.

S&P had placed the ratings on CreditWatch following the
announcement that Te Creemos Holding, S.A.P.I. de C.V. (Te
Creemos; not rated) signed a definitive agreement to acquire
FINCA.  S&P's analysis needs to incorporate the new corporate
structure and strategy that the acquirer intends to implement and
understand how FINCA would fit into the group's overall strategy.
"We will assess if the acquisition could have a positive impact on
the entity's business position through additional business lines,
higher volumes, and diversified income that the acquisition would
bring," said S&P Global Ratings credit analyst Elena Enciso.
Under this scenario, S&P could revise its assessment of FINCA's
business position to a stronger category and raise the ratings if
other individual credit profile factors are unchanged.  On the
other hand, the entity's risk-adjusted capitalization could fall,
depending on the balance between assets and capital, which could
weaken FINCA's stand-alone credit profile.

S&P's ratings on FINCA reflect its weak business position based on
its focus on the microfinance sector, which is sensitive to
economic downturns, resulting in volatile operating revenues as
S&P has seen in the past two fiscal years, strong capital and
earnings supported by our estimated risk-adjusted capital (RAC)
ratio at about 14% for the next two years, moderate risk position
based on FINCA's lending and underwriting standards that S&P
considers as relaxed, and adequate funding and adequate liquidity.
S&P will resolve the CreditWatch once it obtains the necessary
information from Te Creemos to assess the final impact on FINCA's
business position.

S&P expects to obtain from Te Creemos information on its strategic
planning, including growth and financial objectives for the
entity, and assess the final impact.  S&P expects to resolve the
CreditWatch within the next three months.


NEMAK SAB: Fitch Affirms 'BB+' IDR & Revises Outlook to Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Nemak, S.A.B. de C.V.'s Long-term
Issuer Default Ratings at 'BB+' and its long-term national scale
rating at 'AA-(mex)'.  The Rating Outlook has been revised to
Positive from Stable.

The revision of the Outlook to Positive reflects Fitch's view that
Nemak's credit metrics should continue to strengthen over the next
two to three years, as demand for the company's high value added
aluminum engine blocks and structural products should remain sound
and result in compound annual consolidated equivalent volume
growth of around 3%.  Much of the growth is expected to come from
the company's products in Europe and Asia.  The expansion of
Original Equipment Manufacturers (OEM) in Mexico should also
bolster demand.

The revision also reflects Fitch's view that adverse U.S. trade
policy against Mexico would not be sufficient to reverse the
deeply rooted integration of the automotive industry in North
America.  As a result, Nemak's results are not expected to be
changed materially by policy changes of the new administration.
The long average life of vehicle platforms and immediate capacity
constrains in the U.S. would make production relocation cost
prohibitive for OEMs.  Further the cost competitiveness of Mexico
against all major vehicle producing hubs including the U.S. should
be sustainable.

The ratings reflect Nemak's business position as a large Tier-1
supplier of aluminum components, regional and product-portfolio
diversification, low cost structure and solid funds from
operations.  The ratings also reflect the cyclicality of the
automotive industry, the company's still large concentration in
North America and its exposure to Detroit's three OEMs.  Other
concerns include the company's acquisitive nature and at times
significant capex requirements; although strong cash flow from
operations and projected free cash flow (FCF) suggest that the
company should be able to comfortably reduce its net debt/EBITDA
leverage to below 1.5x by 2018.

                        KEY RATING DRIVERS

Strong Global Business Position

Nemak's ratings reflect the company's strong position in high-tech
aluminium components for the automotive industry in North
American, South American and European markets; its presence in
high-growth regions, such as Asia and its high percentage of
installed capacity in low-cost countries.  The ratings also
reflect Nemak's long-term customer relationships, its use of
aluminium price pass through contracts that reduce raw material
volatility, its position as an essential supplier for Detroit's
OEMs and its participation in several of the largest global engine
platforms.

North America Slowing Down

The company derives about two thirds of its EBITDA from North
America, primarily through the sale of components used in the
assembly of vehicles sold in the U.S. where total light vehicle
sales grew strongly during 2009-2015.  Fitch believes U.S. vehicle
sales should remain at around 17 million over the intermediate
term, slightly below the 17.5 million expected for 2016.  Nemak
has continued to gain incremental business which should position
the company well to continue to grow volumes despite slower
industry tailwinds in the U.S.  Although uncertainties regarding
U.S. trade policy have increased, Fitch believes automotive
industry integration between the U.S. and Mexico will be difficult
to reverse.  Long vehicle production lead-times and OEM cost
considerations should prevent major capacity relocations Further,
Mexico's cost competitiveness would likely remain despite
potential tariff increases.

Favorable Operating Performance

Nemak's financial performance has continued to strengthen in 2016
primarily due to improved mix of higher value added products, a
strong U.S. dollar, and lower energy prices.  The company is also
showing continued solid performance in Europe where volumes have
grown 9% on a year-to-date basis as of September 2016 after
growing 8% during fiscal year 2015.  Nemak generated
USD776 million of EBITDA during the latest 12 months (LTM) ended
Sept. 30, 2016, which compares favorably with EBITDA of
USD699 million in 2014 and USD611 million in 2013.  Fitch is
projecting that EBITDA will strengthen to around USD800 million in
2016 and will remain solidly above that level in 2017.

Lower Expected Leverage

Free cash flow (FCF) was negative USD22 million during the LTM
ended September 2016 and compares to positive USD39 million during
full year 2015.  Total debt/EBITDA ratio was 1.9x as of the LTM
ended third-quarter of 2016, which is slightly above the 1.7x
registered at year-end 2015.  Fitch estimates neutral FCF in 2016
and possibly 2017 as the company continues to invest in expanding
its casting and machining capabilities to serve new programs
awarded.  Net leverage should be around 1.7x in 2016 and 1.6x in
2017 compared to 1.6x at year-end 2015. Nemak's total debt
including capital leases as of third-quarter 2016 was USD1.5
billion.

                          KEY ASSUMPTIONS

   -- North America auto production grows low-single digits in
      2016 and flattens-out over the intermediate term.
   -- Equivalent unit volume grows low to mid-single digits over
      the intermediate term.
   -- Total debt declines below USD1.4 billion over the
      intermediate term.
   -- Capex peaks in 2016, and then falls to more normalised
      levels in subsequent years.
   -- Dividends of about USD95 million per year.
   -- The U.S. dollar exchange rate against the Mexican peso does
      not weaken significantly below MXN20:USD1.

                        RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a positive rating action include:

   -- Gains in product, customer or geographical diversification
      coupled with increased volumes that lead to continued
      strength in EBITDA generation;
   -- Sustained positive FCF (FCF margin around 3%);
   -- Sustained levels of total debt/EBITDA around 1.5x;
   -- Strong liquidity supported by a healthy combination of cash,
      FCF generation and committed credit facilities relative to
      upcoming debt obligations.

Future developments that may, individually or collectively, lead
to a negative rating action include:

   -- A severe decline in North American vehicle production that
      leads to reduced demand for Nemak's products;
   -- A reduction in EBITDA generation resulting in total
      debt/EBITDA above 3x for a sustained period of time;
   -- Sustained negative FCF;
   -- Sustained weak liquidity relative to upcoming debt
      obligations;
   -- Large acquisitions or investments financed mostly with debt
      resulting in an expectation of higher leverage levels in the
      mid- to long term.

                            LIQUIDITY

Nemak's liquidity position is considered sound.  As of Sept. 30,
2016, the company's short-term debt was USD198 million.  This debt
is mostly composed of working capital financing, which favorably
compares to USD108 million of non-restricted cash and USD354
million in undrawn committed credit lines maturing in 2018 and
2019.  Fitch projects Nemak's cash flow from operations (CFFO)
should remain strong at around USD600 million.  This strong level
of CFFO coupled with low leverage and good access to bank loans
and debt capital markets should allow Nemak to continue to
rollover debt maturities, including working capital financing, of
about USD450 million over the next two years.  At the end of 2015
Nemak obtained USD300 million under a syndicated bank loan and
used part of the proceeds to repay MXN3.5 billion of its local
Certificados Bursatiles with final maturity in 2017.

FULL LIST OF RATING ACTIONS

   -- Long-term Foreign currency Issuer Default Rating (IDR) at
      'BB+';
   -- Long-term Local currency IDR at 'BB+';
   -- Long-term national scale rating at 'AA-(mex)';
   -- USD500 million senior unsecured notes due 2023 at 'BB+'.


GRUPO CEMENTOS: Fitch Affirms 'BB' IDR & Removes from Watch Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Grupo Cementos de Chihuahua, S.A.B. de
C.V.'s (GCC) Long-Term local and foreign currency Issuer Default
Ratings at 'BB'.  Fitch has removed the IDRs from Rating Watch
Negative and assigned a Stable Outlook.

The removal of the Rating Watch Negative follows the announcement
that GCC concluded the acquisition of USD306 million in assets
previously owned by Cemex, S.A.B. de C.V.  The assets involve a
cement plant in Odessa, TX; two cement distribution terminals
located in Amarillo and El Paso, Texas; and concrete, aggregates,
asphalt and building materials businesses in El Paso, Texas and
Las Cruces, New Mexico.

The Stable Outlook reflects Fitch's expectations of pro forma
debt/EBITDA leverage remaining close to 3.5x in 2017 before
declining around 3.2x by 2018.  GCC's ratings reflect the
company's solid business position in the cement, ready mix and
aggregates segments in the regions where it has a presence;
diversified operations in Mexico and the U.S. in the non-
residential and residential sectors; as well as positive free cash
flow generation through the recent industry cycle.  The ratings
are limited by the company's scale relative to industry peers' and
by the cyclicality of the cement industry.

                       KEY RATING DRIVERS

Leading Market Shares

GCC is the largest cement producer in the state of Chihuahua
across all product segments.  It also has strong cement market
positions in Colorado, North and South Dakota, Wyoming, New Mexico
and Western Texas.  Its contiguous presence from Chihuahua in
northern Mexico to North Dakota and efficient distribution and
logistics allow GCC to serve markets in 14 states across the U.S.
Midwest, and the Southwest and Rocky mountain regions.

Cemex's Assets in Texas

The purchase of Cemex's assets was financed through incremental
debt of about USD250 million and cash.  The purchase involved a
cement plant in Odessa, TX with an annual production capacity of
514,000 tons as well as other ready-mix, aggregates and asphalt
assets.  Debt maturities of the new debt will be low during the
first couple of years as most of the company's cash flow from
operations (CFFO) will be used to finance the expansion to its
South Dakota cement plant.  This expansion will increase plant
capacity by 440,000 tons per year.

Sound Operating Performance

Net sales during 2014 and 2015 remained relatively stable at
around USD750 million and declined modestly to USD740 million on a
LTM basis to Sept. 30, 2016, mostly reflecting a weaker Mexican
peso and stable consolidated volumes at robust levels.  Operating
EBITDA strengthened to USD182 million as of LTM to Sept. 30, 2016,
from USD166 million in 2015 and fromUSD148 million due to strong
pricing and lower fuel, freight and electricity expenses.

Solid Cash Flow Generation

GCC's CFFO was USD122 million during 2015, above the USD108
million registered during 2014, and significantly higher than the
USD60 million to USD80 million per year for 2010 to 2013,
primarily due to solid performance of GCC's U.S. division.  Fitch
projects organic CFFO to remain around USD130 million over the
next two years, reflecting modest volume declines in Mexico due to
lower infrastructure spending and flat volumes in the U.S., offset
by a robust pricing environment in both countries.  An improved
product mix in Chihuahua into higher margin retail cement should
also be positive.

Manageable Exposure to Oil and Gas

The majority of GCC's markets showed above-average volume recovery
from 2011 to 2014, partly due to their direct and indirect
exposure to the agriculture and oil and gas sectors, which showed
positive momentum.  In Fitch's view, a slowdown in cement demand
related to cuts in energy infrastructure spending should be
manageable for GCC as residential construction is projected to
expand at a faster pace in most markets.  Public construction
spending should also counter some of the negative effect.

High Pro Forma Leverage

GCC's debt/EBITDA leverage as of third-quarter 2016 was 2.6x.  Pro
forma total debt should be around USD700 million and gross
leverage close to 3.5x in 2017.  Meaningful deleveraging to below
3x should occur by 2019 as the company is in the midst of a
USD90 million expansion to its South Dakota plant.  The expansion
is expected be completed during 2018 and should be financed
organically, leaving only inorganic cash flow generation to
support only modest deleveraging during 2017.

                          KEY ASSUMPTIONS

   -- Revenues measured in U.S. dollars grow double digits in 2017
      mainly reflecting the acquisition of Cemex assets, and high
      single-digits in 2018 reflecting the additional capacity;

   -- EBITDA rises above USD200 million in 2017 and strengthens
      further in 2018;

   -- Debt increases about USD250 million during 2016 to fund the
      acquisition;

   -- Capex is financed mostly through internal cash flow
      generation and available cash;

   -- Dividends remain low in the USD10 million to USD15 million
      per year range.

                       RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

   -- Weak operational results reflecting increased price
      competition, market share loss or a material slowdown in
      cement demand on GCC's key markets of Chihuahua, Colorado,
      Western Texas, South Dakota and New Mexico;

   -- A large debt-financed acquisition that increases total
      leverage above 3.5x;

   -- A down turn industry cycle that causes net debt/EBITDA to
      rise above 3.0x;

   -- Sustained negative FCF generation.

A rating upgrade in the near term is unlikely considering the
company's business profile, target capital structure and current
credit metrics.  A return to positive FCF after its South Dakota
expansion project, together with a track record of maintaining
total leverage levels at or below 2x and a strong liquidity
profile would be considered positive for credit quality.

                             LIQUIDITY

GCC's liquidity is sound.  The company's pro forma cash position
as of Sept. 30, 2016, is estimated at around USD130 million and
Fitch expects its FCF to be neutral during 2017 and positive in
2018.  This compares to debt maturities of USD4 million for 2017
and USD16 million for 2018 under the new bank debt.  Committed
credit facilities of USD15 million maturing over the next year
provide additional short-term liquidity support.  GCC's total debt
as of Sept. 30, 2016, was USD442 million and its net debt/EBITDA
leverage was 1.4x.

The company maintains good access to bank lending as evidenced by
debt refinancing during 2013, 2015 and 2016.

FULL LIST OF RATING ACTIONS

Fitch has affirmed GCC's ratings as:

   -- Long-term foreign currency Issuer Default Rating at 'BB';
   -- Long-term local currency IDR at 'BB';
   -- USD260 million senior notes due 2020 at 'BB'.


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


CLINICA SANTA ROSA: U.S. Trustee Ordered to Appoint PCO
-------------------------------------------------------
Judge Edward A. Godoy of the United States Bankruptcy Court for
the District of Puerto Rico directs the United States Trustee to
appoint a Patient Care Ombudsman for Clinica Santa Rosa, Inc.

The Court gives the United States Trustee or the Debtor until
December 7, 2016, to inform the court, in writing, why the
appointment of an ombudsman is not necessary for the protection of
the patients.

                   About Clinica Santa Rosa

Clinica Santa Rosa, Inc. filed a Chapter 11 petition (Bankr. D.
P.R. Case No.: 16-09033) on November 14, 2016, and is represented
by Antonio I Hernandez Santiago, Esq. in San Juan, Puerto Rico.

At the time of the filing, the Debtor has $1 million to $10
million in estimated assets and $10 million to $50 million in
estimated liabilities.

The petition was signed by Fernando Alarcon Ocasio, president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-09033.pdf


POPULAR INC: Fitch Affirms 'BB-' Long Term 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 'BB-' and Short-Term IDRs at 'B' for Popular Inc. (BPOP)
and its subsidiaries. The Rating Outlook is Stable.

KEY RATING DRIVERS

IDRs, VRs, AND SENIOR DEBT

BPOP's current rating levels incorporate the significant
challenges facing Puerto Rican banks. The Puerto Rican bank
Viability Ratings (VRs) and IDRs are constrained by the weak
economic conditions within their main operating market, the
Commonwealth of Puerto Rico (PR). The affirmation and Stable
Outlook reflect Fitch's view that the bank's current operating
performance is sustainable and will likely continue despite the
difficult operating environment. Fitch recognizes stabilizing
trends in BPOP's asset quality, earnings, capital, and deposit
funding over the last few years. Fitch also believes BPOP's
ratings are well situated relative to the challenging operating
environment.

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 Fitch views as
a positive over the longer term.

The affirmation of BPOP's ratings and the Stable Outlook reflects
the company's dominant franchise across most loan and deposit
categories versus peers and that the bank's current operating
performance is sustainable in spite of the challenging operating
environment. Fitch recognizes improvements over a number of years
to BPOP's core fundamentals such as stabilization of credit
trends, earnings, capital, and deposit funding. Fitch also
recognizes BPOP's solid and consistent Dodd Frank Act Stress
Testing (DFAST) results, which incorporate punitive economic
assumptions, as well approval to reinstate quarterly dividends in
Q3 2015.

Asset quality remains in line with the current rating as the
company's NPA ratio (includes accruing TDRs and OREO, covered and
non-covered) still remains elevated at 7.9% as of 3Q16 and NCOs at
0.67% as of 3Q'16 are still much higher than U.S. Mid-Tier peers.
BPOP has taken significant steps to reduce its problem assets
including the successful execution of bulk loan sales, which has
helped reduce NPAs since the peak in 2010. However, prospectively,
Fitch does not expect much improvement in asset quality metrics
beyond current levels given the challenging operating environment.
Additionally, BPOP's loan portfolio includes $588 million of
covered loans, where risk of loss is largely borne by the FDIC.
Although Puerto Rican consumers have been resilient, continued
stress in the local economy, especially during the early phases of
PROMESA implementation, may pressure borrowers in the short term.
BPOP may be exposed to such changes given its exposure to
consumer-related assets.

In addition, during 2016, BPOP 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.

Core earnings continue on a positive trend, and Fitch expects ROA,
NIM and PPNR-to-average assets will remain in line with current
levels, which supports the rating. Although slow-to-negative
economic growth in Puerto Rico may be the norm for some time to
come, the company's growth strategy in the U.S., expectations for
rising interest rates in 2016 as well as an improving deposit cost
profile could provide a partial offset.

Similar to most peers, BPOP has improved its capital position
following the peak of the crisis. At 3Q'16, BPOP's TCE and Common
Equity Tier 1 ratios were 12.13% and 16.64%, respectively and
reflect an appropriate level of capitalization given its risk
profile. The company also remains in compliance, by a sizable
margin, 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 well above average levels
as any additional shareholder capital return actions are expected
to be modest. The company's capital profile is also supported by
its Evertec common stock investment, which has a current market
value of $196 million compared to a book value of $37 million. Any
gains on sale would also be accretive to the company's capital
position.

BPOP has been reducing its reliance on non-core funding sources,
particularly higher cost brokered deposits, over the past several
quarters, which has improved the overall stability of its deposit
base. Overall, compared to peers, BPOP has a leading deposit
franchise and a solid funding profile driven by a favorable loan-
to-deposit ratio, currently at 77%. Historically, BPOP's funding
profile has been weaker when compared to U.S. bank peers given
greater reliance on non-core funding sources.

Presently, BPOP'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 FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF'
reflect Fitch's view that BPOP 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

BPOP's uninsured deposit ratings at its subsidiary banks are rated
one notch higher than BPOP'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.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Hybrid capital instruments issued by BPOP are notched down from
the company's VR in accordance with Fitch's assessment of each
instrument's respective non-performance and relative loss severity
risk profiles, which may vary considerably.
BPOP's preferred stock and trust preferred stock rating at 'B-' is
three notches below its Viability Rating (VR) of 'bb-', in
accordance with Fitch's assessment of the instruments' non-
performance and loss severity risk profiles for issuers that have
VRs rated below 'bb+'.

HOLDING COMPANY

BPOP 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 BPOP parent company.

SUBSIDIARY AND AFFILIATED COMPANIES

All of the BPOP entities factor in a high probability of support
from the parent. This reflects the fact that performing parent
banks have very rarely allowed subsidiaries to default. It also
considers the high level of integration, brand, management,
financial and reputational incentives to avoid subsidiary
defaults.

RATING SENSITIVITIES

IDRs, VRs, AND SENIOR DEBT

The rating is sensitive to changes in Fitch's view of the
operating environment, positive or negative. However, Fitch
believes the rating is solidly situated at the current level based
on current and expected financial performance.

Fitch believes 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. Although incremental improvement in the
operating environment is credit positive for BPOP, the company's
current ratings are still higher than what the operating
environment alone would imply, which limits upside potential in
the near term.

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.

Fitch views BPOP's capital levels as a rating strength. Although
not expected, aggressive capital management would be viewed
negatively.

BPOP'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.

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 BPOP
subsidiaries are primarily sensitive to any change in the
company's IDRs. This means that should the Long-Term IDR be
downgraded, deposit ratings could be similarly affected.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings of hybrid securities are sensitive to any change in
BPOP's VR or to changes in BPOP's propensity to make coupon
payments that are permitted but not compulsory under the
instruments' documentation.

HOLDING COMPANY
If BPOP 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.

SUBSIDIARY AND AFFILIATED COMPANIES

As the IDRs and VRs of the subsidiaries are equalized with those
of BPOP to reflect support from their ultimate parent, they are
sensitive to changes in the parent's propensity to provide
support, which Fitch currently does not expect, or from changes in
BPOP's IDRs.

Fitch has affirmed the following ratings:

   Popular, Inc.

   -- Long-term IDR at 'BB-'; Outlook Stable;

   -- Senior unsecured at 'BB-';

   -- Short-term IDR at 'B';

   -- Short-term Debt at 'B'.

   -- Viability rating at 'bb-';

   -- Preferred stock at 'B-';

   -- Support at '5'

   -- Support floor at 'NF'.

   Popular North America, Inc.

   -- Long-term IDR at 'BB-'; Outlook Stable

   -- Senior unsecured at 'BB-';

   -- Short-term IDR at 'B';

   -- Short-term Debt at B

   -- Viability rating at 'bb-';

   -- Support at '5'

   -- Support floor at 'NF'.

   Banco Popular North America

   -- Long-term IDR at 'BB-'; Outlook Stable

   -- Long-term deposits at 'BB';

   -- Short-term IDR at 'B';

   -- Short-term deposits at 'B'.

   -- Viability rating at 'bb-'

   -- Support at '5'

   -- Support floor at 'NF'.

   Banco Popular de Puerto Rico

   -- Long-term IDR at 'BB-'; Outlook Stable

   -- Short-term IDR at 'B';

   -- Short-term deposits at 'B';

   -- Viability rating at 'bb-';

   -- Support at '5'

   -- Support floor at 'NF'.

   BanPonce Trust I

   -- Trust preferred at 'B-'.

   Popular Capital Trust I

   -- Trust preferred at 'B-'.

   Popular Capital Trust II

   -- Trust preferred at 'B-'.

   Popular North America Capital Trust I

   -- Trust preferred at 'B-'.

   Popular Capital Trust III

   -- Trust preferred at 'B-'


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


PETROLEOS DE VENEZUELA: Curacao Refinery in Financial Crisis
------------------------------------------------------------
Caribbeannewsnow.com reports that the Venezuelan state oil company
Petroleos de Venezuela, S.A., operator of the Isla oil refinery in
Curacao, is in financial trouble.  According to the prime minister
of Curacao, Dr. Bernhard Whiteman, managers must hand in their
cars and there is no money to fund the traditional Christmas
decorations and carnival parades, Caribbeannewsnow.com notes.

Staff over 60 years of age do not have to continue working until
retirement, according to Caribbeannewsnow.com.

In the heads of agreement which was signed with the Chinese
company Guangdong Zhenrong, it was agreed that the company can
take over the oil refinery earlier than 2019 if it goes all wrong
with PdVSA, the report relays. The contract with PdVSA will expire
in that year.

Guangdong Zhenrong has 28 days to demonstrate that they have
sufficient financial resources to take over the oil refinery in
Curacao and to modernize it, the report notes.  This is one of the
clauses in the heads of agreement.

On December 17, Guangdong Zhenrong must hand over a letter of
guarantee from a bank to prove that the company has its financial
affairs in order, the report says.

Other promises made in the heads of agreement include a first
complete draft of the technical plan for the oil refinery must be
presented before April 30 next year, the report discloses.  There
must also be a plan for the oil terminal at Bullenbaai, the report
notes.

Guangdong Zhenrong wants to invest billions in the refinery.  The
Chinese company also wants to create 1,200 jobs for the local
market, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating in negative.



===========================
V I R G I N   I S L A N D S
===========================


XCITE ENERGY: Liquidation Petition Hearing Set for December 5
-------------------------------------------------------------
Alliance News reports that Xcite Energy PLC said a petition to the
Eastern Caribbean Supreme Court in the British Virgin Islands
requesting the company be put into liquidation, amongst other
things, will be heard December 5.

The company's shares were suspended from trading on AIM in October
after its bondholders rejected a payment plan and petitioned for
the appointment of a liquidator for the company, according to
Alliance News.

At that time, Xcite Energy, which is focused on oil field
development in the North Sea, said it believed "that liquidation
is unlikely to result in the return of any value to the company's
existing shareholders", and therefore requested the immediate
suspension of its shares, the report notes.



                            ***********


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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