TCRLA_Public/161208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Thursday, December 8, 2016, Vol. 17, No. 243


                            Headlines



A R G E N T I N A

JOHN DEERE: Moody's Rates $40MM Sr. Usec. Debt Issuance 'B2'


B E R M U D A

PRINCESS CRUISES: To Pay Criminal Penalty for Polluting Sea


B O L I V I A

BANCO PRODEM: Moody's Withdraws B2 Long-Term Deposit Ratings
LAMIA AIRLINES: Airport Official Flees to Brazil, Seeks Asylum


B R A Z I L

BANRISUL: Fitch Cuts Long Term Issuer Default Rating to 'B+'
CYRELA BRAZIL: Fitch Cuts Currency Issuer Default Ratings to 'BB-'
LOCALIZA RENT: Fitch Keeps 'BB+' LT FC Issuer Default Ratings


C A Y M A N  I S L A N D S

CAPITAL DYNAMICS: Commences Liquidation Proceedings
EAST LANE: Creditors' Proofs of Debt Due Dec. 13
IONIC ENHANCED: Commences Liquidation Proceedings
IONIC ENHANCED MASTER: Commences Liquidation Proceedings
LAFAYETTE STREET: Creditors' Proofs of Debt Due Dec. 12

LAFAYETTE STREET OFFSHORE: Creditors' Proofs of Debt Due Dec. 12
LEMA21 LTD: Placed Under Voluntary Wind-Up
LION CAPITAL: Commences Liquidation Proceedings
LS CORONATION: Creditors' Proofs of Debt Due Dec. 12
MGX CAYMAN: Commences Liquidation Proceedings

ROTEUS MULTISTRATEGY: Commences Liquidation Proceedings
SHELF DRILLING: Moody's Lowers PDR to Ca-PD & Keeps on Review
SIGNUM CBQ: Commences Liquidation Proceedings
SIGNUM VERMILION: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Discloses US$347.8M for Low-Cost Housing Loans


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: S&P Puts 'B-' CCR on CreditWatch Positive
TRINIDAD & TOBAGO: Chamber Hits Lack of US$


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Unit Seeks Compensation in US Bribe Case


                            - - - - -


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


JOHN DEERE: Moody's Rates $40MM Sr. Usec. Debt Issuance 'B2'
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B2 global scale and a A1.ar national scale foreign
currency debt rating to John Deere Credit Compania Financiera S.A.
(JDC)'s Class ninth senior debt issuance.  The issuance, for up to
$40 million, will be due in 36 months.

The outlook on all ratings is stable.

These ratings were assigned to JDC's $40 million senior unsecured
debt issuance:

  B2 Global Foreign Currency Debt Rating
  A1.ar Argentina National Scale Foreign Currency Debt Rating

                         RATINGS RATIONALE

The B2 global foreign currency debt ratings considers the
challenging operating environment in Argentina, balanced by the
very high probability that JDC will receive support from its
foreign-owned parent, (P)A2 rated John Deere Credit Inc.  However,
the company's long-term global senior unsecured foreign currency
debt rating is constrained by Argentina's foreign currency bond
ceiling.  Reflecting this constraint, the A1.ar national scale
rating assigned to the notes is the highest of the three national
scale rating categories corresponding to a global scale rating of
B2.  The ratings also consider Argentina's ongoing macroeconomic
and institutional challenges together with JDC's monoline business
model dedicated to the financing of John Deere machinery.  Despite
significant improvements since Argentina's new administration took
office in December 2015 and softened or eliminated various
burdensome government controls on the financial system which
should help support earnings, the country continues to face
significant economic and institutional challenges, including high
inflation and weak growth
While the company's reliance on market funds exposes it to swings
in interest rates and refinancing risk, this risk is partially
mitigated by credit facilities available from the company's parent
in an event of stress, as well as long term financing provided by
John Deere & Co's local subsidiary, Industrias John Deere
Argentina. The rating is also supported by an ample capital
cushion which provides loss absorption capacity in case of stress,
and adequate although deteriorating asset quality metrics. Given
the company's narrow focus on providing financing to the
agricultural sector, its asset quality is susceptible to climate
risk.  Although the company posts ample nominal profitability, its
results are distorted by the high rate of inflation.

The stable outlook on the company's ratings is in line with the
stable outlook B3 rating for Argentina's government

               WHAT COULD CHANGE THE RATING UP/DOWN

The entity's rating could face upward pressure if Argentina's bond
rating is upgraded or if Argentina's operating environment
continues to improve.  Absent either of these conditions, an
improvement in the company's fundamentals is unlikely to affect
its ratings.  On the other hand, the rating could go down if the
operating environment deteriorates, affecting JDC's business
prospects.

The principal methodology used in these ratings was Finance
Companies published in October 2015.


=============
B E R M U D A
=============


PRINCESS CRUISES: To Pay Criminal Penalty for Polluting Sea
-----------------------------------------------------------
Caribbean360.com reports that Princess Cruises, a division of
Carnival Corporation, has agreed to pay a US$40 million penalty --
the largest-ever criminal penalty involving deliberate vessel
pollution -- and plead guilty to charges related to illegal
dumping of oil-contaminated waste from the Caribbean Princess
cruise ship.

The California-based company has agreed to plead guilty to seven
felony charges stemming from its deliberate pollution of the seas
and intentional acts to cover it up, the US Department of Justice
said, according to Caribbean360.com.

The report notes that the World Maritime News reports that the US
investigation was initiated after information was provided to the
US Coast Guard (USCG) by the British Maritime and Coastguard
Agency (MCA) indicating that a newly hired engineer on the
Caribbean Princess reported that a so-called "magic pipe" had been
used on August 23, 2013, to illegally discharge oily waste off the
coast of England.  The engineer quit his position when the ship
reached Southampton, England, the report relays.

The ship's chief engineer and senior first engineer went on to
order a cover-up, including removal of the "magic pipe" and
directing subordinates to lie, the report notes.

The MCA shared evidence with the USCG including before and after
photos of the bypass used to make the discharge and showing its
disappearance, the US Department of Justice said, the report
discloses.

The motive for the crimes was thought to be financial: The chief
engineer that ordered the dumping off the coast of England told
subordinate engineers that it cost too much to properly offload
the waste in port and that the shore-side superintendent who he
reported to would not want to pay the expense, the US Department
of Justice said, the report relays.

The USCG conducted an examination of the Caribbean Princess upon
its arrival in New York City, New York, on September 14, 2013,
during which certain crew members continued to lie in accordance
with orders they had received from Princess employees, according
to the country's Department of Justice, the report notes.

According to papers filed in court, the Caribbean Princess had
been making illegal discharges through bypass equipment since
2005, one year after the ship began operations, the report says.

The report notes that the discharge on August 26, 2013, involved
approximately 4,227 gallons, 23 miles off the coast of England
within the country's Exclusive Economic Zone.

At the same time as the discharge, engineers simultaneously ran
clean seawater through the ship's overboard equipment in order to
create a false digital record for a legitimate discharge, the
report relays.

Caribbean Princess used multiple methods over the course of time
to pollute the seas, the report discloses.  Prior to the
installation of the bypass pipe used to make the discharge off the
coast of England, a different unauthorized valve was used, the
report notes.

When the US Department of Justice investigative team conducted a
consensual boarding of the ship in Houston, Texas, on March 8,
2014, they found the valve that crew members had described. When
it was removed by Princess at the department's request, it was
found to contain black oil, the report relays.

In addition to the use of a "magic pipe" to circumvent the oily
water separator and oil content monitor required pollution
prevention equipment, the US investigation uncovered two other
illegal practices which were found to have taken place on the
Caribbean Princess as well as four other Princess ships, the
report says.

One practice was to open a salt water valve when bilge waste was
being processed by the oily water separator and oil content
monitor, the report notes.  The purpose was to prevent the oil
content monitor from otherwise alarming and stopping the overboard
discharge, the report discloses.  This was done routinely on the
Caribbean Princess in 2012 and 2013.

The report relays that the second practice involved discharges of
oily bilge water originating from the overflow of graywater tanks
into the machinery space bilges.  This waste was pumped back into
the graywater system rather than being processed as oily bilge
waste. Neither of these practices were truthfully recorded in the
oil record book as required, the report notes.

All of the bypassing took place through the graywater system which
was discharged when the ship was more than four nautical miles
from land, the report says.  As a result, discharges within US
waters were likely, according to the Southern District of Florida,
US Department of Justice, the report notes.

"The conduct being addressed is particularly troubling because the
Carnival family of companies has a documented history of
environmental violations, including in the Southern District of
Florida," Wifredo A. Ferrer, US Attorney for the Southern District
of Florida in Miami said, the report relays.

As part of the plea agreement with Princess, cruise ships from
eight Carnival cruise line companies (Carnival Cruise Line,
Holland America Line, Seabourn Cruise Line and AIDA Cruises) will
be under a court-supervised Environmental Compliance Program (ECP)
for five years, the report discloses.  The ECP will require
independent audits by an outside entity and a court-appointed
monitor, the report notes.

If approved by the court, US$10 million of the US$40 million
criminal penalty will be devoted to community service projects to
benefit the maritime environment, US$3 million of the community
service payments will go to environmental projects in South
Florida and US$1 million will be earmarked for projects to benefit
the marine environment in United Kingdom waters, the report points
out.

The plea agreement was announced by the representatives of the
Southern District of Florida in Miami, Florida and the US
Department of Justice's Environment and Natural Resources
Division, the report adds.

Princess Cruises is a cruise line based in Santa Clarita,
California, in the United States and incorporated in Bermuda.


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


BANCO PRODEM: Moody's Withdraws B2 Long-Term Deposit Ratings
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Banco Prodem S.A. for
business reasons.

These ratings of Banco Prodem S.A. were withdrawn:

  Long-term global local- and foreign-currency deposit ratings:
   B2, negative outlook

  Short-term global local- and foreign-currency deposit ratings:
   Not Prime

  Long-term National Scale local- and foreign currency deposit
   ratings: Baa2.bo, negative outlook

  Short-term National Scale local- and foreign currency deposit
   ratings: BO-3

  Long- and short-term Counterparty Risk Assessment: B1(cr)/Not
   Prime(cr)

  Baseline Credit Assessment: b2

  Adjusted Baseline Credit Assessment: b2

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

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 Prodem S.A. is headquartered in La Paz, Bolivia, and as of
September 2016 it had Bs 7.8 billion in assets and Bs 624 million
in shareholders' equity.


LAMIA AIRLINES: Airport Official Flees to Brazil, Seeks Asylum
--------------------------------------------------------------
Benjamin Parkin at The Wall Street Journal reports that a Bolivian
airport official accused in the fatal crash of a charter plane has
sought refuge in Brazil, authorities said.

Celia Castedo, an employee of Bolivian airport authority Aasana,
has been granted temporary asylum while her request is analyzed by
Brazil's Justice Ministry, according to The Wall Street Journal.
Ms. Castedo said she is being persecuted by Bolivian authorities,
a spokesman for Brazil's Federal Police said.

Bolivian authorities accused Ms. Castedo of "failing to carry out
her duties as a public official" in not preventing LaMia flight
2933 from leaving the city of Santa Cruz on Nov. 28, the report
notes.  The flight subsequently ran out of fuel and crashed near
its destination of MedellĀ°n, Colombia, killing 71 people including
most members of the Brazilian professional soccer team
Chapecoense, the report relays.

The airline's final flight plan was in violation of international
aviation safety standards, as it didn't include a refueling stop
despite the 4 1/2 hour trip stretching the Avro RJ85 aircraft's
flight range, the report says.

If convicted in Bolivia, Ms. Castedo would face up to four years
in jail, the report notes.

Ms. Castedo told Brazilian police she hadn't committed the crimes
she was accused of and told prosecutors she had flagged problems
with LaMia's flight plan before the plane left, the report
discloses.

Ms. Castedo had requested the plan be changed, according to a
transcript of a conversation with the plane's onboard dispatcher
that she wrote up after the crash, the report notes.  She said the
dispatcher, Alex Quispe, who was among those killed in the crash,
dismissed her concerns, the report relays.

Ms. Castedo arrived at a federal police station in the Brazilian
border town of Corumba, the spokesman said, the report notes. She
then spent several hours giving statements to police and federal
prosecutors, the report discloses.

Ms. Castedo was given her temporary asylum papers, allowing her to
live and work in Brazil while the Justice Ministry analyzes the
merits of her case.  The process typically takes around a year,
the spokesman said.

The Aasana employees' union said it stands by Ms. Castedo, that
she did her job properly and is being unfairly accused, the report
notes.  It says investigators need to look at another regulatory
agency, DGAC, to understand why the flight plan was approved, the
report discloses.


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


BANRISUL: Fitch Cuts Long Term Issuer Default Rating to 'B+'
------------------------------------------------------------
Fitch Ratings has downgraded Banrisul's (Banco do Estado do Rio
Grande do Sul S.A.) Long-Term Issuer Default Ratings (IDR) to 'B+'
from 'BB-' and National Long-Term Rating to 'A-(bra)' from
'A+(bra)'. The Rating Outlook remains Negative.

KEY RATING DRIVERS

Banrisul's downgrade reflects the ongoing worsening of the
economic and operating environment in the state of Rio Grande do
Sul (ERGS), where the bulk of the bank's operations are
concentrated. Fitch has a more negative view on Banrisul's
operating environment, as it is materially weaker and remains
under pressure.

Fitch believes that the deterioration of ERGS's credit profile
will not have a material direct and immediate impact on Banrisul's
financial profile, but the worsening environment in the bank's
core market will likely translate gradually on negative trends in
terms of asset quality, earnings, and consequently capitalization,
which has already been under pressure.

Banrisul has posted weaker capitalization and credit quality
indicators in relation to previous years and other peers. The
operating profitability remains under pressure due to potential
provision expenses related to the deterioration of the bank's loan
exposures. Fitch expects that downside risks will remain for both
the operating environment and most financial figures, which drives
the Negative Outlook.

Banrisul's Viability Rating (VR) and its IDRs reflect the bank's
regional importance, stable retail funding base, profitability and
adequate liquidity metrics. Banrisul's Negative Rating Outlook
reflect Fitch's expectations regarding a worsening of the bank's
asset quality and capitalization due to the weakening of the
financial profile of ERGS, Banrisul's main shareholders, as well
as the continued worsening on the local operating environment.
Banrisul's goals and strategies may be influenced by the weak
economic and financial situation, and potentially also by the
policy role Banrisul plays for its main shareholder.

Banrisul operates as a commercial bank, targeting both companies
and to individuals. The bank has a strong presence in Rio Grande
do Sul, with a 17% credit market share and 47% of term deposits
(in June 2016). Loans to the state's public servants represent
around 15% of the bank's credit portfolio. Fitch expects the
performance of these loans to further deteriorate linked to delays
in the disbursement of salaries to the state's employees.

The Support Rating '4' and the Support Rating Floor 'B' reflect
the limited support probability provided by the Federal Government
under a stress scenario due to the bank's relative systemic
importance. Banrisul was the 11th biggest financial institution in
the country in terms of assets, and the 7th regarding deposits (as
per September 2016). However, there are no explicit support
guarantees from the Federal Government.

Non Performance Loans (NPL 90+ days) presented some deterioration,
mainly in the bank's corporate portfolio, throughout 2015 and
until September 2016. NPLs totalled 5.4% of the portfolio in
September 2016 (4.3% in 2015, 3.4% in 2014). Loans classified as
rated 'D-H' increased to 13% against 10% in 2015. Even though
Fitch still considers Banrisul's credit portfolio quality to be
adequate, the agency expects an additional deterioration in 2017.

The capitalization indicators remain under pressure as a
consequence of the acquisition (for BRL 1.3 billion), in September
2016, of exclusive rights to provide banking services regarding
the payroll of active and retired public servants of the State of
Rio Grande do Sul, for the period of 10 years. From 2007 to May
2016 Banrisul had a non-encumbering exclusive contract with the
state. The intangible asset generation of this transaction had a
negative impact on the bank's capitalization indicators. The Fitch
core capital fell to 13.4% in September 2016 from 14.8% in
December 2015.

Banrisul's Debt

Financial Treasury Bills: The issuance of unsecured national
treasury bills is classified with the same criteria as other
senior debts that lack real guarantees, subsequently their rating
follow the downgrade of the bank's National Long-Term Rating.

Tier 2 Capital Subordinated Notes in Dollars: Banrisul's
subordinated notes maturing in 2022, evaluated by Fitch, were
downgraded to 'B-' and assigned 'RR6' and remain two grades below
VR 'b+'. The classification includes the deduction of one grade
due to the characteristics of loss severity and to its condition
as subordinated debt. Another grade was deducted due to the
moderate risk regarding a possible performance failure.

These notes were classified with the same criteria as other
subordinated bank debts and count on an accrued deferred-coupon
mechanism, which may be applied if the requirements of minimal
regulatory capital are not attained. These notes have been traded
with discounts due to the fact that they do not qualify as capital
according to Basel III

RATING SENSITIVITIES

Negative Rating Action: Banrisul's ratings are likely to be
downgraded if a major weakening of the assets quality indexes and
an increase of non-performing credits higher than 7% take place,
or if the Fitch Core Capital (FCC) falls below 11%. Moreover,
Banrisul's ratings may be impacted by any change of Fitch's
opinions regarding the operating and economics of the state of Rio
Grande do Sul due to the banks' strong presence in that state.

Positive Rating Action: Banrisul's Rating Outlook could be revised
to Stable should the bank maintain its profitability at adequate
levels (expressed by an operating profit/average total assets
ratio above 2%, with good asset quality indexes, NPLs around 4%
and FCC of 14%), coupled with a material stabilization of the
currently adverse economic environment.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

   -- Long-Term Foreign and Local Currency IDR downgraded to
      'B+' from 'BB-'; Negative Outlook;

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

   -- Viability Rating downgraded to 'b+' from 'bb-' ;

   -- Support Rating affirmed at '4';

   -- Support Rating Floor affirmed at 'B';

   -- National Long-Term Rating downgraded to 'A-(bra)' from
      'A+(bra)'; Negative Outlook ;

   -- National Short-Term Rating downgraded to 'F2 (bra)' from
      'F1(bra)' ;

   -- Rating of first issuance of unsecured senior financial notes
      downgraded to 'A-(bra)' from 'A+(bra)' ;

   -- Rating of Tier II Capital Subordinated Notes with maturity
      in February 2022, downgraded to 'B-' from 'B' ; Recovery
      Rating 'RR6'.

CYRELA BRAZIL: Fitch Cuts Currency Issuer Default Ratings to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has downgraded Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes' (Cyrela) Foreign and Local
Currency Issuer Default Ratings (IDR) to 'BB-' from 'BB'. At the
same time, Fitch has downgraded the long-term national scale to
'A+(bra)' from 'AA-(bra)'. The Rating Outlook for Cyrela's
corporate ratings is Stable.

The ratings downgrade reflects the significant deterioration in
Cyrela's operational cash flow generation, which is materially
lower than previously projected, and the important challenges to
recover its operating margins and cash flow generation in 2017, in
an unstable business environment. Weak sales and high sales
cancellation during 2016 due to depressed macroeconomic conditions
pressured the company's profitability and leverage ratios.

The Stable Outlook is supported by the expectation of a gradual
recovery in Cyrela's operational cash flow during 2017. In Fitch's
opinion, the expected reduction of costs from projects under
construction, the significant volume of project deliveries in
2017, and lower project deliveries in the Northeast region, which
has reported high sales cancellations, could benefit operational
cash generation. However, the difficult macroeconomic conditions
should continue to pressure housing demand, which is strongly
vulnerable to an economic slowdown, high unemployment and interest
rates, lower consumer confidence and restrictions in lines of
credit. This environment further challenges Cyrela's objectives to
recover cash flow generation and to strengthen credit metrics in
the short term.

KEY RATING DRIVERS

Cash Flow Generation Disappointed

After several years of strong operating cash flow generation,
Cyrela's cash flow from operations (CFFO) disappointed and was
well below Fitch's expectations. Sales cancellations continued to
increase and damaged Cyrela's cash flows. In the latest 12 months
(LTM) ended September 2016, Cyrela generated BRL514 million of
adjusted EBITDA (excluding financial expenses allocated to costs)
and CFFO of only BRL11 million. These numbers compare negatively
with BRL855 million and BRL990 million, respectively, in 2015.
Free cash flow (FCF) was negative BRL129 million in the period,
after dividends of BRL106 million and investments of BRL33
million.

The recovery of Cyrela's cash flow generation will depend on the
reduction of sales cancellation and improved demand. Fitch expects
Cyrela to report adjusted EBITDA around BRL415 million in 2016. As
of Sept. 30, 2016, the company had receivables that will mature in
the next 24 months, net of cost to be incurred, of BRL2.4 billion.
Programmed project deliveries of BRL7.6 billion up to the end of
2017 may also benefit the company's cash flow.

High Finished Inventory Remains a Concern

Cyrela still has the challenge to reduce its high inventory of
finished units. As of Sept. 30, 2016, total inventory had an
estimated market value of BRL5.2 billion and about 31% consisted
of finished units. Fitch expects finished inventory to further
increase in the short term, as 55% of units under construction
will be delivered by the end of 2017. The delivery of BRL994
million in finished inventory more than offset the BRL347 million
sales of finished inventory in the first nine months of 2016
(considering 100% participation).

Cyrela's sales speed continued to slowdown in 2016. The ratio
weakened due to low project launches and high sales cancellations.
The average sales over supply ratio, net of cancellations, was
7.3% per quarter in the first nine months of 2016, compared to
10.5% per quarter in 2015 and 17.3% per quarter in 2014.

Leverage Increased

Cyrela's leverage measured by FFO adjusted net leverage was below
2.1x in the last three years, and increased to 9.2x in 2015. Fitch
expects it to remain high in 2016, with a gradual improvement in
2017, but still above the historical leverage level. In the LTM
ended September 2016, net debt/adjusted EBITDA ratio was 3.4x, and
is expected to return to around 3x only at the end of 2017, while
it was below 2x between 2012 and 2015.

As of Sept. 30, 2016, total debt was BRL3.5 billion and net debt
was BRL1.9 billion, compared with net debt of BRL1.5 billion in
December 2015. However, a continued weak business environment in
Brazil may frustrate Fitch's expectation of cash flow generation
and leverage reduction. The cash flow ratio, measured as total
receivables on the balance sheet plus total inventory plus revenue
to be booked over net debt plus acquisition of property for
development plus cost to be incurred of units sold remained strong
at 3.2x in September 2016, above the industry's average.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Cyrela include:

   -- Adjusted EBITDA margin between 14% and 16% in 2016 and 2017.

   -- Cash position to remain strong;

   -- Net leverage to reduce to around 3.0x by the end of 2017,
      returning to lower levels only in 2018.

RATING SENSITIVITIES

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

   -- Continued high sales cancellations negatively impacting cash
      flow generation;

   -- Cash-to-short-term corporate debt coverage falls to below
      1.3x;

   -- Negative FCF on a recurring basis;

   -- Total receivables on the balance sheet plus total inventory
      plus revenue to be booked over net debt plus acquisition of
      property for development plus cost to be incurred of units
      sold ratio consistently below 2.5x.

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

   -- Return of operating margins to historical levels;

   -- Sales cancellations and inventory reduction to more
      conservative levels;

   -- Positive FCF on a sustainable basis;

   -- Net leverage to return to historical levels.

LIQUIDITY AND DEBT STRUCTURE

Cyrela's ratings remain supported by the company's conservative
financial strategy. The company has historically reported strong
liquidity and a well-distributed corporate debt maturity profile.
Cyrela's financial flexibility is well superior compared to the
majority of its peers in the industry. As of Sept. 30, 2016, cash
and marketable securities was BRL1.6 billion and total debt due by
the end of 2017 was BRL1.5 billion and BRL1.0 billion due in 2018.
Of its debt maturities, BRL337 million due by the end of 2017 and
BRL335 million due in 2018, are related to corporate debt. Cyrela
has an adequate debt profile, with 66% of total debt composed of
credit lines from SFH (Housing Financial System). In September
2016, Cyrela concluded the issuance of BRL150 million CRI
transaction due in 2018, and in November 2016, pre-paid its sixth
debentures issuance (BRL100 million). The company has no exposure
to FX risk and total debt is denominated in BRLs.


LOCALIZA RENT: Fitch Keeps 'BB+' LT FC Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings says Localiza Rent a Car S.A.'s (Localiza) ratings
will not be affected by its acquisition of Car Rental Systems do
Brasil Locacao de Veiculos Ltda. (Hertz Brazil) for BRL337
million. The transaction is expected to close by mid first half of
2017, and it is subject to approval from CADE (Brazilian's
Antitrust authority).

Fitch views the transaction as positive from a strategic
perspective as Localiza will benefit from a larger client base and
new demand from foreign passengers in Brazil. Access to new
technologies is another key aspect of the transaction. From a
financial perspective the impact will be minimal. Hertz Brazil's
fleet of 9,200 cars is relatively small compared to Localiza's
fleet of 122,334 vehicles as of Sept. 30, 2016.

As part of the transaction, Localiza and Hertz Corp will establish
a strategic alliance and a global and long-term agreement through
brand cooperation, which includes, among other, the use of the
combined brand 'Localiza Hertz' in Brazil and the use by Hertz of
'Localiza' brand in the main airports in USA and Europe which have
significant flow of Brazilian clients; and a Referral Agreement
that establishes the rules for the exchange of inbound and
outbound reservations between Localiza and Hertz Corp. The
alliance will also include the exchange of know-how and executives
between the two companies.

Localiza has a track record of strong credit metrics that provides
enough rating headroom to support an acquisition of this size.
From 2012 through the LTM ended Sept. 30, 2016, Localiza's FFO
Adjusted Leverage averaged 1.2x, while its net adjusted
debt/EBITDAR ratio averaged 2.0x. On pro forma basis per Fitch's
calculation, Localiza FFO Net Adjusted Leverage would climb to
1.1x from 0.9x, while its net adjusted debt/EBITDAR ratio would
increase to 2.5x from 2.3x.

On Sept. 30, 2016, Localiza had total adjusted debt of BRL3.7
billion and cash of BRL1.2 billion. The company shows a quite
strong debt amortization schedule, with cash sufficient to cover
all debt coming due until mid-2019.

Fitch currently rates Localiza as follows:

   Localiza Rent a Car S.A.'s (Localiza):

   -- Long-Term Foreign-Currency (FC) IDR 'BB+';

   -- Long-Term Local-Currency IDR 'BBB';

   -- Long-term National Scale Rating 'AAA(bra)';

   -- Unsecured sixth, seventh, ninth, 10th, 11th debenture
      issuance 'AAA(bra)'.

The Rating Outlook for Localiza's Long-Term Foreign-Currency IDR
is Negative due to Brazil's 'BB+' Country Ceiling rating, which
constrains the rating and the Outlook of the sovereign's 'BB'
Long-Term Foreign-Currency IDR. Localiza's operations are
essentially in Brazil. The company does not have assets or
substantial amounts of cash held abroad.

The Rating Outlooks for Localiza's Local-Currency IDR and its
National Scale Rating are Stable.


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


CAPITAL DYNAMICS: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Nov. 11, 2016, the
shareholders of Capital Dynamics GS II GP (Cayman Islands) Ltd
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


EAST LANE: Creditors' Proofs of Debt Due Dec. 13
------------------------------------------------
The creditors of East Lane RE V Ltd. are required to file their
proofs of debt by Dec. 13, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 3, 2016.

The company's liquidators are:

          Dena Thompson
          Laura Mclaughlin
          171 Elgin Avenue, Willow House
          P.O. Box 10233 Grand Cayman
          Cayman Islands
          Telephone: 914-2264
          Facsimile: 949-6021


IONIC ENHANCED: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 9, 2016, the sole shareholder of Ionic Enhanced Strategy
Intermediate Fund Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Stephen Sargison
          31 Woodland Drive, Lower Valley
          P.O. Box 414 Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 947 2390


IONIC ENHANCED MASTER: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 9, 2016, the sole shareholder of Ionic Enhanced Strategy
Master Fund Ltd. resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Stephen Sargison
          31 Woodland Drive, Lower Valley
          P.O. Box 414 Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 947 2390


LAFAYETTE STREET: Creditors' Proofs of Debt Due Dec. 12
-------------------------------------------------------
The creditors of Lafayette Street Fund Offshore, Ltd. are required
to file their proofs of debt by Dec. 12, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 3, 2016.

The company's liquidator is:

          Mourant Ozannes
          Select Equity Group, L.P.,
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


LAFAYETTE STREET OFFSHORE: Creditors' Proofs of Debt Due Dec. 12
----------------------------------------------------------------
The creditors of Lafayette Street Offshore Master Fund, Ltd. are
required to file their proofs of debt by Dec. 12, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 3, 2016.

The company's liquidator is:

          Mourant Ozannes
          Select Equity Group, L.P.,
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


LEMA21 LTD: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 9, 2016, the sole shareholder of Lema21, Ltd. resolved to
voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Bruno Rafael Ballardie De Oliveira
          c/o Campbells
          Willow House, Floor 4
          Cricket Square
          Grand Cayman KY1-9010
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


LION CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 11, 2016, the
shareholders of Lion Capital Global Credit I Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


LS CORONATION: Creditors' Proofs of Debt Due Dec. 12
----------------------------------------------------
The creditors of LS Coronation Offshore Master Fund, Ltd. are
required to file their proofs of debt by Dec. 12, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 3, 2016.

The company's liquidator is:

          Mourant Ozannes
          Select Equity Group, L.P.,
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


MGX CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Nov. 11, 2016, the
shareholders of MGX Cayman Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


ROTEUS MULTISTRATEGY: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 9, 2016, the sole shareholder of Roteus Multistrategy Fund
Ltd. resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Ocean Capital Management Ltd.
          c/o Jonathan McLean
          Harney Westwood & Riegels
          P.O. Box 10240 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 949 8599
          Facsimile: +1 (345) 949 4451


SHELF DRILLING: Moody's Lowers PDR to Ca-PD & Keeps on Review
-------------------------------------------------------------
Moody's Investors Service took a number of rating actions on Shelf
Drilling Midco, Ltd. and Shelf Drilling Holdings, Ltd.  Moody's
downgraded Midco's Probability of Default Rating (PDR) to Ca-PD
from B2-PD.  Moody's also downgraded Midco's USD350 million senior
secured term loan to Caa3 from B3.  All ratings, including Midco's
corporate family rating and Holding's USD475 million notes remain
on review for downgrade.

                          RATINGS RATIONALE

Shelf Drilling announced on Oct. 19, 2016, that it had entered
into a transaction support agreement (TSA) with its debt holders
in conjunction with signing another amended and restated TSA on
Dec 3, 2016, which consists of a number of cross-conditional
transactions including (1) repayment at par in cash of
USD28.5 million of Holdings' USD475 million senior secured notes
and the exchange of the remainder (USD446.5 million) with new
notes maturing in 2020 in exchange of a 2.5% consent fee (payable
on only 53% of USD446.5 million) and increase in coupon by
87.5 bps to 9.5%; and (2) the exchange of Midco's USD350 million
secured term loan with USD 185.75 million in cash -- out of which
USD85.75 million will come from the previously distributed
dividends to Shelf Drilling Limited, and another USD100 million
will be injected by Shelf Drilling's shareholders - and
USD86.5 million in holdings' new notes.  Post completion of the
transaction under TSA, the consolidated debt at Midco of
USD825 million (as reported) will decrease to USD533.25 million
(this excludes the sale and leaseback financing for the two new
builds).

The transaction will result in a discount of USD77.5 million on
Midco's loan; i.e. a 22.1% discount to Midco's loan holders.  The
discount would be 26.4% when the USD86.75 million in Holdings' new
notes are valued at Holdings' notes trading price of 83% on the $
as of Dec 2, 2016.

The downgrade of Midco's PDR to Ca-PD, therefore, reflects the
expectation that the amended and restated transaction support
agreement the company entered into with its debt holders now
suggests that the completion of a definitive transaction is likely
and once completed will result in a distressed exchange for
Midco's secured term loan holders.  The Caa3 rating on Midco's
term loan reflects an expected recovery rate within a range of 65%
to 80%.

As a precondition for the transaction, Shelf Drilling has
specified that it requires the consent of 100% of its Midco
lenders as well as the holders of at least USD350 million of
Holding's USD475 million notes (73.7%).  As of Dec. 3, 2016, Shelf
Drilling had already obtained the consent of 100% of Midco's
lenders and 85.6% of Holdings' note holders.

The ratings remain on review for downgrade as Moody's awaits to
review the final terms and conditions of the exchange offer on
Holding's notes that Shelf Drilling is expected to launch and in
order to determine whether that exchange offer will also be
categorized as a distressed exchange.

Shelf Drilling's revenue and profitability have been negatively
impacted by the reduction in day rates negotiated by its customers
in line with the industry trends in response to sustained decline
in oil prices since mid-2014 and its subsequent impact on oilfield
services providers and competition in the market.  This resulted
in a deterioration of leverage and interest coverage, with
adjusted debt to EBITDA (with amortization of deferred costs
included in operating expenses) increasing to 4.8x for LTM ending
September 2016 from 1.6x in 2014 and adjusted EBITDA to interest
expense decreasing to 2.4x for LTM ending September 2016 from 5.9x
in 2014.  This was partially mitigated by Shelf Drilling's ability
to generate free cash flows (as reported) every quarter since oil
prices decreased in mid-2014, by cutting operating and capital
expenditures without affecting the company's efficiency and track
record.  In response to this, Moody's has already downgraded Shelf
Drilling's ratings to B2 from Ba3 on 30 October 2015 and 29
February 2016.  Completion of the exchange offer is expected to
result in a strengthening of Shelf Drilling's credit profile,
which Moody's will be assessing once the transaction becomes
definitive.

                       PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

The Local Market analyst for this rating is Julien Haddad, 9714-
237-9539.

Shelf Drilling Midco, Ltd. is a Cayman Islands incorporated
holding company that owns all of the equity interest in Shelf
Drilling Intermediate, LTD. (Shelf Intermediate), which in turn
owns 100% of Shelf Drilling Holdings, Ltd. Holdings owns 36
independent-leg cantilever jackup rigs and one swamp barge rig,
and through various subsidiaries conducts drilling operations in
the Southeast Asia, Middle East, India, West Africa and North
Africa / Mediterranean markets.


SIGNUM CBQ: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Nov. 11, 2016, the
shareholders of Signum CBQ Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SIGNUM VERMILION: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Nov. 11, 2016, the
shareholders of Signum Vermilion Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223



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


DOMINICAN REPUBLIC: Discloses US$347.8M for Low-Cost Housing Loans
------------------------------------------------------------------
Dominican Today reports that Central banker Hector Valdez Albizu
said an additional RD$12.0 billion from the legal reserve of
multiple banks and S & Ls to build low-cost housing of up to
RD$2.4 million, especially in the new development, Ciudad Juan
Bosch.

In a meeting with executives of S & Ls and of the Commercial Banks
Association (ABA), also attended by Finance minister Donald
Guerrero, Valdez Albizu said the funds will be used for 20-year
loans to the public, at a rate of up to 9%, revisable every four
years, not exceeding 1% per annum or 12% over the 20-year period,
according to Dominican Today.

The report notes that the RD$12.0 billion are in addition to
RD$4.4 billion still pending disbursement of the 10 billion pesos
that were released in March 2015, the Central Bank said in an
emailed statement, "which means that the financial intermediation
entities will have over 16 billion pesos (US$347.8 million) to
facilitate mortgage loans for low-cost housing."

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'.


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


TRINIDAD CEMENT: S&P Puts 'B-' CCR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed its 'B-' long-term corporate credit and
issue-level ratings on Trinidad Cement Limited Group (TCL) on
CreditWatch with positive implications.

The CreditWatch listing follows CEMEX S.A.B. de C.V.'s (global
scale: B+/Positive/--; national scale: mxBBB/Positive/mxA-2)
announcement that one of its indirect subsidiaries, Sierra, will
present a takeover bid to all shareholders of TCL under which
Sierra's ownership stake could increase to up to 74.9% of the
equity share capital in TCL.

In the past, CEMEX had signaled strong engagement with TCL, given
that Sierra's stake in TCL increased from 20% to 39.5% in 2015.
Also, TCL and CEMEX entered into a technical and managerial
services agreement, which included support in manufacturing,
procurement, planning, shipping, and trading activities.  As part
of the agreement, TCL appointed five CEMEX executives to its top
management team.  In S&P's opinion, the takeover bid announcement
provides evidence of TCL''s strategic importance to CEMEX.

S&P believes that if the transaction is completed and CEMEX
successfully takes control of TCL, TCL's credit profile will
likely benefit from its new parent, which could in turn lead to an
upgrade.


TRINIDAD & TOBAGO: Chamber Hits Lack of US$
-------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday reports that the
Penal/Debe Chamber of Commerce (PDCC) has questioned the Central
Bank's ability to maintain the current foreign currency exchange
rate even as demand for the US dollar has once again outstripped
supply.

Addressing the Chamber's annual Christmas dinner at Achievors
banquet hall, Duncan Village, San Fernando recently Chamber
president Shiva Roopnarine pointed out that members were being
placed on a lengthy waiting list for US currency due to the
current shortage despite the, "controlled release of US dollars to
the banks, even after the one billion US dollars oversubscribed
loan secured by the minister of Finance," according to Trinidad
and Tobago Newsday.

"Members have issues accessing foreign exchange and if they do,
the waiting time could be weeks," Mr. Roopnarine said, adding, "we
need foreign exchange in an equitable manner, just like any other
business community in Trinidad and Tobago from the local
commercial banks," he added, says the report.

According to Trinidad and Tobago Newsday, Mr. Roopnarine said the
Central Bank governor had to respond to the call from the business
community and monitor the allocation of US Dollars to these
institutions and wondered whether the country would be "able to
hold the TT dollar at its present value to the US dollar
considering the high demand."

"Will we now be able to know who is using the majority of the US
dollars or will this lead to the loss of another Central Bank
Governor," he said, asking, "where the US money gone?" notes the
report.

Mr. Roopnarine said the shortage was forcing businesses to incur
additional expenses which included using credit cards to purchase
goods and services which attract credit card fees, notes Trinidad
and Tobago Newsday.

"Suppliers are not willing to absorb the three to five percent
charged to them by the credit card companies and members feel
exploited by the commercial banks since the cannot get US for cash
or wire transfers but have little problems paying their US credit
card bills," the report quoted Mr. Roopnarine as saying, adding,
"we call on the banking sector to immediately correct this
dilemma, assist us in conducting our business and end this banking
monopoly. You need our business as much as we require your
services." He noted that fear continued to, "permeate" the country
as crime and security continued unabated and once again called for
"a concerted effort in prosecuting criminals and a reduction in
legal red tapes bugging the judicial system.  The policy makers
must set this right and afford us the right to live in the absence
of fear," he said, and reiterated the need for CCTV cameras
throughput the Penal Debe area.

In a wide ranging address, Mr. Roopnarine also noted that
agriculture had be given greater priority as the national food
import bill "continue to be higher than desired" and called for
lands once owned by Caroni Limited to be allocated to farming, the
report notes.

Mr. Roopnarine also congratulated Chamber members on their
decision to "bite the bullet, work more efficiently and
effectively, and keeping workers employed in this trying and
difficult economic period."  "On behalf of the hundreds of
families depending on you, the chamber says Thank You. This is
indeed a difficult period for business and we hope that things
will get better soon," Mr. Roopnarine said, the report adds.




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


PETROLEOS DE VENEZUELA: Unit Seeks Compensation in US Bribe Case
----------------------------------------------------------------
Caribbean News Now reports that a unit of Venezuela's state-owned
oil company Petroleos de Venezuela SA (PDVSA) has asked a US court
to order two businessmen to compensate it for carrying out a
"staggering" bribery scheme that cost the company $600 million in
losses.

A motion filed in federal court in Houston marked the first time
PDVSA had formally intervened in the case, part of a US Justice
Department investigation into bribery of company officials,
Reuters reported, according to Caribbean News Now.

The report notes that PDVSA subsidiary Bariven SA is seeking
restitution from Venezuelan businessmen Roberto Rincon and Abraham
Shiera, who have pleaded guilty to charges under the Foreign
Corrupt Practices Act.

PDVSA had initially described the case as part of a wider US-led
conspiracy and "smear campaign" against socialism in Venezuela,
the report relays.

However, in its motion, the company said an internal probe
conducted after the charges were announced determined it suffered
$600 million in losses, the report notes.

"The scope of this criminal enterprise is staggering," the company
said, the report says.

The company asked US District Judge Gray Miller to grant it victim
status and set a restitution hearing before sentencing next June,
the report notes.

Rincon and Shiera conspired to pay bribes to PDVSA officials to
secure contracts, with more than $1 billion traced to the
conspiracy between 2009 and 2014, the report relays.

Four other people besides Rincon and Shiera have pleaded guilty to
charges, including three former PDVSA officials, the report adds.

The case is US v. Rincon-Fernandez, US District Court, Southern
District of Texas, No. 15-cr-654

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.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *