TCRLA_Public/161220.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, December 20, 2016, Vol. 17, No. 251


                            Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: S&P Affirms 'B-' Corporate Rating
LA RIOJA: S&P Assigns 'B-' Issuer Ratings; Outlook Stable
LA RIOJA: Fitch Assigns 'B' IDR on Better Debt Metrics


B R A Z I L

BANCO DE DESENVOLVIMENTO: S&P Lowers Global Scale Rating to 'B-'
BRAZIL: Lula da Silva Indicted for Alleged Corruption
COMPANHIA ENERGETICA: S&P Puts 'B+' Rating on CreditWatch Neg.

* Brazil's Commercial Real Estate Still in Recession, Fitch Says


C A Y M A N  I S L A N D S

CAPITAL DYNAMICS: Shareholder to Hear Wind-Up Report on Dec. 23
EAST LANE: Shareholder Receives Wind-Up Report
INCOME FUND: Shareholders Receive Wind-Up Report
LAFAYETTE STREET: Shareholders Receive Wind-Up Report
LAFAYETTE STREET MASTER: Shareholders Receive Wind-Up Report

LION CAPITAL: Shareholder to Hear Wind-Up Report on Dec. 23
LS CORONATION: Shareholders Receive Wind-Up Report
LS CORONATION MASTER: Shareholders Receive Wind-Up Report
MGX CAYMAN: Shareholder to Hear Wind-Up Report on Dec. 23
OWWS LIMITED: Shareholders Receive Wind-Up Report

PROTEUS MULTISTRATEGY: Shareholders Receive Wind-Up Report
SIGNUM VERMILION: Shareholder to Hear Wind-Up Report on Dec. 23
XEMG INVESTMENT: Shareholders' Final Meeting Set for Dec. 21


C O L O M B I A

COLOMBIA: Asks Venezuela for Dialogue to Protect Businessmen


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Precarious Perch Over China-Taiwan Chasm


P U E R T O   R I C O

ARR MEDICAL: Unsecureds to Recoup 20% Over Five Years
CARLOS ROBLES TILE: Unsecureds to Recoup 5% in 60 Months


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Low Energy Prices Blamed as Deficit Worsens


V E N E Z U E L A

VENENZUELA: Protests Erupt Over Inability to Swap Cash
VENEZUELA: Extends Use of VEB100 Note to Jan. 2


                            - - - - -


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


AEROPUERTOS ARGENTINA: S&P Affirms 'B-' Corporate Rating
--------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B-' corporate and
issue ratings on Aeropuertos Argentina S.A. 2000 (AA2000), and
assigned a 'B-' rating to the proposed issuance.  The outlook
remains stable.

S&P's ratings affirmation reflects its view that AA2000's credit
quality continues to be limited by that of the sovereign,
considering the dependence the company has on the regulator that
defines concession terms, sets aeronautical tariffs, and mandates
investments.

Moreover, S&P's raising of AA2000's business risk profile reflects
its expectation of more predictable business conditions and less
potential discretional intervention from the government or
regulator, which was a major rating factor in S&P's previous base
case.

AA2000's business risk profile incorporates its solid competitive
position.  The airport operator handles more than 90% of the
country's air traffic, about 30 million passengers per year within
its 33 airports in 22 of Argentina's 23 provinces, and has
balanced distribution between aeronautical and commercial
revenues, each almost 50%.  Moreover, AA2000's biggest airports
(Ezeiza and Aeroparque in Buenos Aires) constitute on an aggregate
basis the fifth busiest in passenger volume in Latin America,
after Sao Paulo (also aggregated); Mexico City; Bogota, Colombia;
and Cancun, Mexico.  Moreover, S&P considers the company's
mandatory capital investments--about 75% of which have already
been performed--do not represent a risk, as AA2000 generates
sufficient cash flow.

As a result, S&P raised its business risk profile to weak from
vulnerable, still limited by the country risk of very high on
Argentina.

During the first nine months of 2016, international passengers
grew 7.5% compared to the same period in 2015, while domestic
passengers grew 1%.  On an aggregate basis, traffic increased
4.3%.  The high international passenger growth is mainly explained
by still low ticket prices offered by airlines and payment
facilities offered by different banks (in, for example, 18 monthly
installments).  But the domestic passenger segment remained almost
flat compared to 2015, mainly explained by a slowdown in
Argentina's economy.

In this context, credit metrics remained very strong, with debt to
EBITDA of 0.8x and EBITDA interest coverage of 9.8x as of
Sept. 30, 2016.

For S&P's base-case scenario, it is incorporating in its
projections a new issuance of $400 million in amortizing notes,
which will be used to refinance 100% of existing bonds due in 2020
(with an outstanding amount of about $200 million as of September
2016) and to finance mandatory investments.  Despite the increase
in leverage, S&P considers that credit metrics will remain solid,
with projected debt to EBITDA of about 1.6x and funds from
operations (FFO) to debt of about 37% for 2017), consistent with
an intermediate financial risk profile.

S&P's base case scenario also considers:

   -- Domestic and international passenger growth rates of 2.5%-3%
      for 2017 and 2018.

   -- Aeronautical passenger tariffs: The international passenger
      tariff is set at US$49 in 2017, for which S&P projects no
      further increases, and the domestic passenger tariff is set
      at 74.33 Argentine pesos in 2017, for which S&P projects no
      further increases.

   -- Average exchange rate of ARS16.65 per U.S. dollar for 2017
      and ARS18.25 for 2018.

   -- Commercial revenues projected to maintain about a 50%-50%
      mix of total revenues.

   -- Operating and maintenance costs increasing in line with
      inflation, projected at 20% for 2017 and 15% for 2018.

   -- Projected mandatory investments of ARS625 million for 2017
      and ARS898 million for 2018.

Based on these assumptions, S&P arrives at these credit measures
in 2017 and 2018:

   -- Debt to EBITDA of 1.6x-1.7x;
   -- FFO to debt of 36%-38%;
   -- EBITDA margins close to 40%; and
   -- Interest coverage of more than 3x.

AA2000 is 75.4% owned by Corporacion America.  S&P assess AA2000
as a core member of Corporacion America, given AA2000's high
relevance to the holding company in terms of cash flow generation
and reputation.  S&P believes the group credit profile is mostly
driven by AA2000.

S&P assess AA2000's liquidity as adequate, considering these
sources and uses for the upcoming 12 months:

Principal liquidity sources:

   -- Cash and liquid investments: ARS1.2 billion (considering
      cash as of September 2016)
   -- Funds from operations: ARS2.5 billion
   -- Working capital inflows: ARS239 million

Principal liquidity uses:

   -- Debt maturities: ARS786 million.  In this case, S&P is
      considering only existing debt and not the pro forma
      scenario after the issuance, as the new bond has not been
      yet issued.

   -- Capital expenditures: ARS625 million.

Although the sources to uses ratio exceeds 2x for the upcoming two
years, AA2000's liquidity assessment is limited by S&P's view of
the company's standing in the credit markets, which is influenced
by the still a weak market perception of Argentina's specific
country risk issues.  S&P also believes that the liquidity ratio
(measured as sources to uses) could fall if the company starts
paying dividends in upcoming years, which S&P expects.

The outlook is stable, reflecting S&P's expectation that AA2000
will maintain its strong operating and financial performance in
the upcoming 12 months, mirroring the sovereign's stable outlook
that caps the rating.  Moreover, S&P is considering in its base-
case scenario that AA2000 successfully issues the $400 million
debt and refinances 100% of its existing bonds, reaching debt to
EBITDA of about 1.6x, which S&P still views as solid from a credit
standpoint.

Upside scenario
Any positive sovereign rating action would result in an upgrade
for AA2000 given that ratings on AA2000 are currently capped by
those on Argentina.

Downside scenario
Any negative sovereign rating action would affect AA2000's
ratings.  On the SACP, S&P considers that if it views regulatory
deterioration, in line with its previous years' assessments, S&P's
business risk profile of AA2000 could be lowered again to
vulnerable, resulting in an SACP in the 'b' category.
Additionally, S&P considers that if after the issuance AA2000's
sources to uses decrease to less than 1.2x, for example because of
high dividend payments, our SACP could be also lowered.



LA RIOJA: S&P Assigns 'B-' Issuer Ratings; Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'B-' foreign and local currency
issuer ratings on the province of La Rioja. The outlook is stable.

The 'B-' ratings and 'b-' stand-alone credit profile (SACP)
reflect the province's individual credit worthiness and the
institutional framework in which it operates. (SACP is a means of
assessing the intrinsic creditworthiness of La Rioja under the
assumption that there's no rating cap.)  La Rioja, like all local
and regional governments (LRGs) in Argentina, operates under a
very volatile and underfunded institutional framework.  At the
same time, La Rioja's very weak economy and budgetary flexibility,
weak financial management, and high contingent liabilities are
rating constraints.  On the other hand, the province's average
budgetary performance, adequate liquidity, and moderate debt
burden support its creditworthiness.

The public sector dominates La Rioja's economy, which is anchored
by a low income per capita of around $5,600.  This strong presence
has come in the absence of private-sector investment or economic
growth in the past several years.  S&P estimates that the public
sector directly accounts for about a third of provincial GDP and
indirectly for at least 40%, while it makes up more than half of
provincial employment.  The public sector has recently supported
the local economy, particularly through the creation of 11 state-
majority-owned-corporations (SAPEMs in Spanish initials) since
2012, in addition to the existing 21, in order to promote
investment and employment.  However, the government has nearly
reached its limit in spurring the provincial economy, in S&P's
opinion.  S&P thus believes that the province's economic growth
prospects will remain limited, particularly in the absence of
significant private-sector investment amid Argentina's economic
contraction of 1.8% in 2016.

At the same time, S&P believes that the major role the government
plays in supporting La Rioja's economy, the province's rigid
spending structure, and its infrastructure needs will continue to
limit its spending flexibility, despite relatively high levels of
capital spending, averaging at 17% of total expenditures.  This,
combined with low levels of own-source revenue that average 15% of
operating revenue and the province's weak tax base, leads S&P to
view the province's budgetary flexibility as very weak.
Similarly, S&P believes that La Rioja's SAPEMs present high
contingent liability risks, given their importance in the local
economy and the financial support they receive from the provincial
government.

The strong role of the public sector in La Rioja has been
supported by continuity in financial management with a steadfast
political mandate for the Partido Justicialista party, which has
dominated the local government for more than two decades.  This
stability has led to an accumulation of adequate financial
management expertise and accountability, in S&P's opinion, with
sufficient distinction between political and managerial
responsibilities, which S&P expects to continue at least for the
next four years.  Nevertheless, S&P believes that the
administration's self-imposed and informal, though prudent, debt
and liquidity policies, reliance on short-term planning, and
transparency shortcomings prompt S&P to view the province's
financial management as weak.

Despite these weaknesses, La Rioja has managed to maintain average
budgetary performance, in S&P's view.  S&P expects the province to
continue posting relatively high operating surpluses, averaging
7.6% of operating revenue, for the next three years, and moderate
deficits after capital accounts averaging 3.8% of total revenue.
Though S&P expects La Rioja's budgetary performance to remain
average, S&P expects it to weaken in 2016 amid shrinking local tax
collection in real terms due to the expected overall economic
contraction.  At the same time, S&P believes that the province's
efforts to boost tax revenue in the next two years, along with a
recovery in annual GDP growth, will improve La Rioja's budgetary
performance.  However, S&P believes that a sharp deceleration in
the country's current double-digit inflation could pose a risk to
fiscal recovery and induce volatility in the province's budgetary
performance.  S&P assumes that La Rioja will continue to receive
sizeable extraordinary transfers from the federal government.  The
transfers--National Treasury Funds (ATNs)--are negotiated annually
between the provincial and national governments to compensate for
historical losses in the country's coparticipation distribution
scheme, which was established in the late 1980s.  Because
modifications to this framework require unanimous approval from
LRGs, the transfers were never institutionalized in the system. La
Rioja successfully negotiated with the national government to
receive around ARP2.5 billion under this concept in 2017, which
S&P estimates will represent 13% of the province's operating
revenue for that year.

Average budgetary performance has also prevented the accumulation
of significant debt levels.  Only moderate financing needs, along
with several years of double-digit inflation, have reduced La
Rioja's debt relative to operating revenue to around 12% in 2015.
However, S&P expects debt to increase over the next couple of
years, and reach 32% by 2017.  In addition to the debt reported by
the province, this figure takes into account the SAPEMs' debt,
which S&P estimates will represent about 3% of the province's
debt).  At the same time, S&P believes that there's potential
volatility in La Rioja's debt burden due to its exposure to market
risk.  As of June 2016, approximately 34% of the province's debt
was denominated in U.S. dollars.  While this risk will be partly
hedged by the expected income that the province will receive from
the electricity produced by the wind farm it plans to expand, the
size of this hedge will depend on national price dynamics and is
subject to the pace of expansion and electricity production.

La Rioja's adequate liquidity and liquidity management have
provided the province with sufficient resources to meet its debt
service.  S&P estimates that La Rioja's free cash and liquid
assets (liquid assets that are unrestricted and not needed to meet
daily operating needs or planned capital costs) will more than
cover the province's 2017 debt service, which S&P estimates at
ARP585 million.  This analysis takes into account the funds that
the province has deposited, and will continue to do so, into an
account that provincial decree created to manage financing
proceeds.  These funds include the unlocked transfers following
the May 2016 agreement that the province reached with the national
government to gradually reduce the 15% deduction from the
coparticipation funds, including the loans from ANSES'
Sustainability Guarantee Fund (FGS for its Spanish initials) under
this agreement.  La Rioja plans to use these resources to meet its
future debt service payments.

S&P believes that La Rioja's access to external liquidity will
remain uncertain largely because of the ongoing development of the
domestic capital markets in Argentina, as well as S&P's assessment
of the domestic banking system.  For the latter, S&P's Banking
Country Risk Assessment (BICRA) is at group '9'.  S&P's BICRAs,
which evaluate and compare global banking systems, are grouped on
a scale from '1' to '10' ranging from what S&P views as the
lowest-risk banking systems (group '1') to the highest-risk (group
'10').  S&P also expects volatility in La Rioja's ratio of
liquidity to debt service beyond the next 12 months, due to the
expected profile of its debt service.  Although the province has
relied on short-term treasury bills in the past for its short-term
liquidity needs, it doesn't currently have outstanding bills.  S&P
estimates that 45% of La Rioja's 2017 debt service will be
interest payments, 31% to Banco de La Nacion Argentina for a loan
granted to the province to spur economic growth, 14% to
multilateral lending agencies, 8% to the national government, and
2% to local bondholders.

The stable outlook on La Rioja mirrors the one on the sovereign.
Given that S&P don't believe that the province could meet the
conditions to have a higher rating than the sovereign, it would
only consider raising our ratings on the province in the next 12
months if S&P was to raise Argentina's foreign and local currency
ratings, along with the transfer and convertibility assessment
(T&C).  Such an upgrade would have to be accompanied by stronger
and more formalized financial planning -- with an adequately-
managed revenue and expenditure balance-an enhanced local tax
base, less rigidity in the province's spending structure --
allowing for greater budgetary flexibility -- or a lower
contingent liability risk stemming from an improvement in the
outlook on SAPEMs.  At the same time, structural improvements in
the institutional framework in which the province operates could
help strengthen its creditworthiness.  On the other hand, S&P
could lower the ratings on La Rioja during the same period if
Argentina's T&C assessment weakens, if S&P was to lower the
sovereign local or foreign currency ratings, or if S&P perceives
that the province's financial commitments are unsustainable, or
that it faces a near-term payment crisis.


LA RIOJA: Fitch Assigns 'B' IDR on Better Debt Metrics
------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to the Province of La
Rioja, Argentina's Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs).  The Rating Outlook is Stable.

                         KEY RATING DRIVERS

Provincia de La Rioja's ratings reflect the features of the
Argentinian institutional framework with a solid and stable
revenue system.  The ratings are based on the province's better
than average debt metrics when compared to local and international
peers and adequate operating margins.  The province's ratings are
capped by those of the sovereign.

In 2015, leverage (debt versus operating income) was 12.9%.  This
compares better to the average of peers rated B (47.9%).  Debt
sustainability (debt service/operating balance) of 23.8% is also
better than peers (71.2%).  Unlike other Argentinean provinces,
PLR does not have short-term financial debt concentration.

Operating margins reached an annual average of 12% over the last
five years, thus higher than B rated peers (5.3%).  The evolution
of La Rioja's margin is dependent on national treasury
contributions, which are discretionary federal revenues; these
revenues where recurrent during 2011-2015 however any reduction in
these revenues could affect the province's operating balance.
Fitch expects PLR will manage to maintain an adequate level of
operating margin since the recent evolution of current expenditure
has been met by these federal transfers.

PLR's economy has a low value-added activity, comparing poorly
with other local economies and a large share of public employment,
which further conditions the already limited financial autonomy of
the province.  The local economy is heavily influenced by
agricultural-related activities (mainly vines and olive trees) and
the production of paper and cardboard products, which have
performed better than commodities.  Main trade partner is Chile
followed by Brazil.

PLR's has an adequate liquidity position; in 2015 cash deposits
represented around 7% of its operating revenues.  Moreover, the
province has been able to alternate deficits with surpluses over
the last five years.  In 2015, floating debt represented 5.8% of
La Rioja's operating revenues.  PLR has transferred its pension
regiment to the nation.  As a result, the province does not have
to handle pension deficits.

                        RATING SENSITIVITIES

The IDR of the Province of La Rioja should move in tandem with
Argentina's sovereign ratings.  An upgrade of the sovereign IDR,
coupled by positive and sustained operating margins could lead to
an upgrade in the province's IDR.

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

Fitch has assigned these rating:

Province of La Rioja, Argentina
   -- Long-Term Foreign and Local Currency IDRs 'B'; Outlook
      Stable.


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


BANCO DE DESENVOLVIMENTO: S&P Lowers Global Scale Rating to 'B-'
----------------------------------------------------------------
S&P Global Ratings lowered its global scale rating on Banco de
Desenvolvimento de Minas Gerais S.A. - BDMG to 'B-' from 'BB-'.
Additionally, S&P lowered its national scale rating on the bank to
'brB-' from 'brA'.  The outlook is negative.

The rating actions on BDMG follow similar actions S&P took on the
state of Minas Gerais, which owns 89.8% of the bank directly and
10.2% indirectly through Companhia de Desenvolvimento Economico de
Minas Gerais (CODEMIG) and other state-owned companies.  The
downgrade of the state reflects its poor financial management
planning stemming from delays in payments to suppliers and of
public-sector employee salaries, which have raised questions over
the state's capacity and willingness to make full and timely
payments on its financial obligations due in the next 12 months.
Despite the efforts to increase tax rates, strengthen tax
collection, and tighten spending control, Minas Gerais has been
struggling to stabilize its finances and has declared financial
emergency on Dec. 5, 2016, signaling less predictable financial
management and overall poor financial policies.

"Despite its 'bb-' stand-alone credit profile (SACP), we
downgraded BDMG due to its controlling shareholder's deteriorating
finances and our view that its weakened financial condition limits
the ratings on the bank due to the very strong link between the
two.  We believe the state government has the ability to interfere
in BDMG's operations due to its high degree of control of the
bank, and a strong influence on its strategy and business plans,
given that the bank lends primarily to sectors that the government
considers critical for the state's economic development.  The
state government has a long track record of providing capital
injections to BDMG to support its very important role for Minas
Gerais, which reflects the bank's strong link with the states
government.  Furthermore, there are strong reputational ties
between the bank and its shareholder.  Therefore, we believe that
BDMG is subject to the state's intervention, a risk that has
increased because the latter is currently under financial
pressure," S&P said.


BRAZIL: Lula da Silva Indicted for Alleged Corruption
-----------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that a
Brazilian judge accepted criminal charges against former President
Luiz Inacio Lula da Silva, the fifth indictment against Mr. da
Silva, for alleged corruption and money laundering as part of the
anticorruption probe centered on state-controlled oil company
Petroleo Brasileiro SA, or Petrobras.

Judge Sergio Moro also accepted charges against Mr. da Silva's
wife, Marisa Leticia Lula da Silva, and six other people. A
representative for Mr. da Silva's think tank Instituto Lula denied
any wrongdoing by Mr. da Silva and his wife, according to The Wall
Street Journal.

The report notes that Mr. da Silva is accused of illegally
benefiting from two real estate deals, in exchange for contracts
at state-run companies.  Mrs. da Silva benefited from one of the
deals, according to the indictment, the report relays.

Prosecutors say Mr. da Silva, who led Brazil between 2003 and
2010, oversaw a massive graft ring that had construction companies
overcharge Petrobras for projects, then channel part of the money
to politicians, the report discloses.

A different judge ruled that there was sufficient evidence to put
Mr. da Silva, and one of his sons, on trial for money laundering
and influence peddling for allegedly accepting illegal payments in
exchange for favors, the report discloses.  Those charges were
unrelated to the anticorruption investigation, known as Operation
Car Wash. Both have denied wrongdoing in the case, the report
notes.

The elder Mr. da Silva has now been indicted four times on charges
stemming from the Car Wash probe, and a fifth time for the other
investigation, the report adds.

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


COMPANHIA ENERGETICA: S&P Puts 'B+' Rating on CreditWatch Neg.
--------------------------------------------------------------
S&P Global Ratings placed its 'B+' global scale and 'brBBB+'
Brazilian national scale corporate credit ratings on Companhia
Energetica de Minas Gerais (Cemig) and on its operating
subsidiaries, Cemig Distribuicao S.A. (Cemig D) and Cemig Geracao
e Transmissao S.A. (Cemig GT), on CreditWatch negative.

The CreditWatch listing follows the downgrade of Cemig's
controlling shareholder, the Brazilian state of Minas Gerais.  The
latter declared on Dec. 5, 2016, financial emergency, as it's
struggling to stabilize its finances and comply with the Fiscal
Responsibility Law's targets.  Although the state was able to
implement some measures to stem its fiscal deterioration, S&P
deems its cost-control measures as still insufficient and its
financial management as weakening, with rising concerns over its
capacity and willingness to make full and timely payments on its
financial obligations in the next 12 months.

S&P expects to assess within the next 90 days the extent to which
degree Cemig may be exposed to a potential intervention from its
controlling shareholder, and whether the company would pass a
stress test for the state of Minas Gerais.  The ratings on the
Brazilian states usually pose a limitation on the entities they
control.  S&P attributes varying degrees of likelihood of support
from the states to these companies.  However, S&P also believes
states might intervene by redirecting resources to the government
and therefore weaken the credit quality of government-related
entities (GREs), especially amid challenging fiscal conditions.
Nevertheless, under specific conditions, a GRE can be rated above
the rating of its related-government.


* Brazil's Commercial Real Estate Still in Recession, Fitch Says
----------------------------------------------------------------
Brazil's commercial real estate market continues to face rental
income volatility and an oversupply in the office and industrial
sectors, Fitch Ratings says.  Despite deterioration in cash flow
generation and property values, Fitch-rated CMBS will remain
stable.

Fitch expects Brazilian GDP to grow by 1.2% in 2017 and 2.2% in
2018.  The current decline in inflation will continue while
unemployment will likely continue to rise amid political
stabilization.

Fitch believes this will result in positive momentum for the
commercial real estate market.  However, in the near term,
volatility will continue in most of the market's subsectors,
particularly given the nuances of the local market.  For example,
unlike commercial property lease obligations in other markets,
most term rental contracts in Brazil do not have substantial
early-termination penalties.

The commercial market will need to absorb its oversupply before a
meaningful recovery takes hold.  This need is particularly acute
in Rio de Janeiro where approximately half the new commercial
space that became usable in the second quarter of 2016 was built
to accommodate tenants for the 2016 Olympic Games.  Rio also must
contend with the contraction of the oil industry as it is home to
Petrobras and many other oil related businesses.

The office sector was expanding when the recession began, leading
to price declines.  Available office space has doubled in Sao
Paulo during the last five years and grew by 70% in Rio de Janeiro
over the same period.  Contracted rates are estimated at 22-25%
below asking.  Vacancies peaked at near 30% in both cities.  While
net absorption has begun to rise in Sao Paulo, we expect prices
will continue to fall, albeit at a slower rate, in 2017.  Recovery
is possible in 2018.

The industrial real estate sector was also growing when the
recession began to shrink consumer spending and industrial
production.  Fitch expects these pressures will continue to hold
asking rents at their current levels through 2017.  Vacancy rates,
which are currently 26%, could rise a bit.  Over the long run,
Fitch expects the Olympic-related builds to provide some benefit
to this sector in the form of better transportation infrastructure
and improved building quality.

Despite some deterioration in leverage, Fitch-rated Brazilian CMBS
continue to perform near expectations as we consider sustainable
through-the-cycle property cash flows and conservative property
values in our ratings analyses.


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


CAPITAL DYNAMICS: Shareholder to Hear Wind-Up Report on Dec. 23
---------------------------------------------------------------
The shareholder of Capital Dynamics GS II GP (Cayman Islands) Ltd
will hear on Dec. 23, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of East Lane RE V Ltd. received on Dec. 13, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Dena Thompson
          Laura Mclaughlin
          Telephone: 914-2267/ 914-2264/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 Grand Cayman
          Cayman Islands


INCOME FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Income Fund GP Limited received on Dec. 15,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Arthur Dzaghgouni
          c/o Lainston Corporate Services.
          Sussex House, 128 Elgin Ave
          P.O. Box 31298 Grand Cayman KY1-1206
          Cayman Islands
          Telephone: (345) 926 5707


LAFAYETTE STREET: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Lafayette Street Fund Offshore, Ltd. received
on Dec. 15, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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 MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Lafayette Street Offshore Master Fund, Ltd.
received on Dec. 15, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


LION CAPITAL: Shareholder to Hear Wind-Up Report on Dec. 23
-----------------------------------------------------------
The shareholder of Lion Capital Global Credit I Limited will hear
on Dec. 23, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of LS Coronation Offshore, Ltd. received on
Dec. 15, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


LS CORONATION MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of LS Coronation Offshore Master Fund, Ltd.
received on Dec. 15, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Shareholder to Hear Wind-Up Report on Dec. 23
---------------------------------------------------------
The shareholder of MGX Cayman Limited will hear on Dec. 23, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


OWWS LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of OWWS Limited received on Dec. 16, 2016, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Law Yui Lun
          Wong Man Chung Francis
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


PROTEUS MULTISTRATEGY: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Proteus Multistrategy Fund Ltd. received on
Dec. 14, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


SIGNUM VERMILION: Shareholder to Hear Wind-Up Report on Dec. 23
---------------------------------------------------------------
The shareholder of Signum Vermilion Limited will hear on Dec. 23,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


XEMG INVESTMENT: Shareholders' Final Meeting Set for Dec. 21
------------------------------------------------------------
The shareholders of XEMG Investment will hold their final meeting
on Dec. 21, 2016, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Tan Hian Yew George
          c/o Carey Olsen
          Willow House, Cricket Square
          P.O. Box 10008 Grand Cayman KY1 - 1001
          Cayman Islands


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


COLOMBIA: Asks Venezuela for Dialogue to Protect Businessmen
------------------------------------------------------------
EFE News reports that Colombian Foreign Minister Angela Holguin
asked the Venezuelan government for a dialogue so that Colombian
businessmen along the mutual border are not harmed economically by
the recent decision by Caracas to close the frontier for 72 hours.

In remarks to reporters in Madrid, where she is accompanying
Colombian President Juan Manuel Santos on his European tour after
receiving the Nobel Peace Prize, Holguin referred to the
Venezuelan government measure implemented within the framework of
the process of withdrawing 100-bolivar bills from circulation,
according to EFE News.

President Santos said that each day 50,000 Venezuelans enter
Colombia to acquire products they cannot find in their homeland
and a regular means of payment is the VEB100 bill, which Colombian
businessmen accept, the report relays.

The withdrawal of the bills within the next 72 hours could harm
businessmen who would not have time to exchange all the Venezuelan
currently they legally accept, she emphasized, the report notes.

The Colombian foreign minister said she received a telephone call
from her Venezuelan counterpart, Delcy Rodriguez, who told her of
the move by Caracas to close the border for three days, the report
discloses.

"It was not a consultation, she informed us of it," said Ms.
Holguin, who added that it would be difficult to remove all VEB100
bills from circulation within such a short time, the report says.

The report notes that Ms. Holguin said that she had not been able
to convince Venezuelan authorities that payment in Colombia with
those bills has nothing to do with the differential in price
between the official dollar and the parallel dollar.

Ms. Holguin mentioned the case of exchange houses in Cucuta,
Colombia, saying that they are acting legally in physical
locations, such that the moneychangers are not operating on the
street, although she admitted that Venezuela insists that the
exchanges made in that city are affecting the difference in the
dollar price, the report discloses.

Ms. Holguin said that a VEB100 note is worth about $0.30 and
admitted that there are 100-bolivar bills that leave Venezuela "in
large quantities," such that Venezuelans can legally acquire
products in Colombia, the report says.

Ms. Holguin emphasized her wish to work jointly with Venezuelan
authorities to resolve this problem and so that "people of good
faith" in Cucuta will not be harmed, the report relays.

The Nicolas Maduro government announced the closure of the border
for 72 hours to deal with criminal groups who allegedly are
smuggling cash after announcing on Sunday the withdrawal of the
100-bolivar bill -- the most widely used currency note -- from
circulation, the report adds.


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


DOMINICAN REPUBLIC: Precarious Perch Over China-Taiwan Chasm
------------------------------------------------------------
Dominican Today reports that Foreign Minister Miguel Vargas said
despite Dominican Republic's continuing official ties with Taiwan,
it maintains contacts in Beijing "to explore new markets," local
media report quoting China State-owned agency Xinhua.

"We've been making contacts, exploring markets, exploring
impressions, we're in that process with the trade office which
China has" in Dominican territory, said Mr. Vargas, according to
Dominican Today.

"We have made progress in pursuing important aspects of investment
with China," the official said when asked about on the
negotiations with the Asian nation, the report notes.

Speaking in the American Chamber of Commerce, Vargas stressed
Dominican Republic's trade office in Beijing, "which offers
proposals and facilities and obviously make contacts," the report
relays.

The Dominican Republic is one of the few countries which still
maintains diplomatic relations with Taiwan, considered a rogue
province by China, the report adds.

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

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

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

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

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

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


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


ARR MEDICAL: Unsecureds to Recoup 20% Over Five Years
-----------------------------------------------------
Arr Medical Group, PSC, on Dec. 6, 2016, filed a second supplement
to the disclosure statement explaining its plan.

The second supplement provides that the secured claim of Banco
Santander Puerto Rico, classified as Class 2 under the Plan, will
be treated as follows:

   "Debtor's obligation is secured by 2 commercial secured claims
collaterized by real property located at Torre San Francisco, 369
De Diego St., Suite 609, San Juan, Puerto Rico 00923-3004. The
commercial mortgage loans are cross-collaterized with another
property located at Torre San Francisco, Suite 201, San Juan,
Puerto Rico, which belongs to Debtor's principal, Ariel Rosado
Rosa."

A full-text copy of the Plan Supplement is available for free at:

        http://bankrupt.com/misc/prb-16-00400-11-74.pdf

General unsecured creditors will receive a dividend of 20% under
its proposed plan to exit Chapter 11 protection.  Each Class 5
general unsecured creditor with a claim of more than $5,000 will
receive a dividend of 20% to be paid in monthly installments over
five years.  The total obligation to Class 5 creditors is $65,372,
according to the court filing.

Meanwhile, each Class 6 general unsecured creditor with a claim of
$5,000 or less will receive a dividend of 20% on the effective
date of the plan in full payment of its claim.  The total
obligation to these creditors is $8,642.

A copy of the supplement to the disclosure statement dated
November 30, 2016, is available for free at https://is.gd/061Zvk

                    About Arr Medical Group

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


CARLOS ROBLES TILE: Unsecureds to Recoup 5% in 60 Months
--------------------------------------------------------
Carlos Robles Tile & Stone, Inc., filed with the U.S. Bankruptcy
Court for the District of Puerto Rico an amendment disclosure
statement explaining its amended plan of reorganization, dated
Nov. 5, 2016.

Class 2 consists of all secured claims or portions of claims. Any
amount owed under this class will be paid in full over a period
not exceeding five years from the effective date of the Plan. An
interest of 3% annually fixed rate will be paid to secured
creditors allowed claims.

Class 3 are the claims of taxing authorities entitled to priority
pursuant to 11 U.S.C. section 507 (a)(7) to the extent that these
claims are allowed and ordered paid by the Court. Claims allowed
in this class will be paid in full as provided in section 1129
(a)(9).  These claims will be paid in full by Debtor over a period
ending not later than five years after the date of the order for
relief.

Class 4 are the claims of unsecured creditors without priority to
the extent that these claims are not disputed and are allowed and
ordered paid by the Court. Creditors in this class will be paid 5%
on monthly installments within a period not to exceed 60 months.

The Plan will be funded by cash on hand at the Effective Date;
future income from savings on reduction of operational expenses
maintaining; and increasing the sales to customers.

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

              http://bankrupt.com/misc/prb15-02004-79.pdf

Headquartered in San Juan, Puerto Rico, Carlos Robles Tile &
Stone,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D.P.R.
Case No.15-02004) on March 19, 2015, listing $800,000 in total
assets and $3.6 million in total liabilities. The petition was
signed by Carlos Robles Marin, president.


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


TRINIDAD & TOBAGO: Low Energy Prices Blamed as Deficit Worsens
--------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago's economy would
have shrunk by 4.5 per cent in 2016, following contractions of 0.6
per cent and 0.5 per cent in 2014 and 2015 respectively, the
Economic Commission for Latin America and the Caribbean (ECLAC)
has said.

This was one of the findings disclosed as ECLAC launched its
Preliminary Overview of the Economies of Latin America and the
Caribbean 2016 at its regional headquarters along Chancery Lane in
Port of Spain, according to Trinidad Express.

"In 2017, natural gas output from two new fields should increase
the supply for downstream production and the government should
raise capital expenditure, leading to estimated growth of 0.5 per
cent," ECLAC said in a statement released at the launch, the
report notes.


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


VENENZUELA: Protests Erupt Over Inability to Swap Cash
------------------------------------------------------
EFE News reports that dozens of Venezuelans protested in several
states over their lack of ability to swap VEB100 bills that have
been taken out of circulation amid sky-high inflation, with
reports of looting at some commercial establishments.

"Attempted looting in some parts of the country.  A situation
aggravated by the lack of cash.  The new bills aren't appearing,"
the president of Venezuela's opposition-led National Assembly,
Henry Ramos Allup, said on Twitter, according to EFE News.

The mayor of the southeastern municipality of Sifontes, Bolivar
state, reported road closures, attempts to loot stores and angry
protests in that region and uploaded photos on Twitter that showed
dozens of people lining up outside state-owned banks to swap their
money for new higher-denomination bills and coins, the report
notes.

"Looting in the municipality of El Callao (Bolivar state); the
people demand an extension of the time to deposit the discontinued
bill," Carlos Chancellor, a member of the opposition MUD alliance,
wrote, the report relays.

The governor of the north-central state of Miranda, prominent
opposition leader and two-time presidential candidate Henrique
Capriles, also urged citizens to demand that the deadline for
swapping the VEB100 note be extended, the report notes.

The Venezuelan Central Bank took the VEB100 note, the largest
denomination bill, out of circulation, while citizens have between
Dec. 14 and Dec. 16 to deposit those notes at public or private
banks, the report says.

Those unable to deposit all of their VEB100 notes at bank branches
will still have until Dec. 20 to declare and deposit those bills
at the Central Bank, the report discloses.

The government had announced that a new family of higher-
denomination bills better suited to the country's high inflation
rate, which hit 180.9 percent at the end of 2015, would begin to
circulate, the report relays.

With citizens still waiting for these bills, leftist President
Nicolas Maduro said that they were now being distributed at bank
branches, the report adds.

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


VENEZUELA: Extends Use of VEB100 Note to Jan. 2
-----------------------------------------------
Kejal Vyas at The Wall Street Journal reports that President
Nicolas Maduro delayed plans to withdraw Venezuela's most widely
used bank note because the replacement bills weren't ready, with
the socialist leader alleging an international conspiracy to
prevent the launch of the new notes.

Protests and civil unrest have flared around the South American
country following Mr. Maduro's surprise move earlier in the week
to void Venezuela's VEB100-bolivar, its largest bill in
circulation but worth only a few U.S. cents, according to The Wall
Street Journal.  Citizens were given just a few days to turn in
their cash, leaving many stuck with stacks of worthless bills,
which set off panic and looting in this country already reeling
from food shortages and triple-digit inflation, the report notes.

The VEB100 bills will remain valid until Jan. 2, Mr. Maduro said,
the report relays.

A new timetable for the release of higher denomination notes,
which are being imported from private printers, will be announced
when the bills arrive, he said, the report discloses.  The new
notes were supposed to go into circulation, the report notes.

"Venezuela has been the victim of sabotage, persecution so that
the new bills do not arrive," Mr. Maduro said in a televised
meeting with his cabinet.  The government paid for the shipments
but "simply, they couldn't make it because they sabotaged our
cargoes," Mr. Maduro said, without explaining, notes WSJ.

Larger bills are needed in inflation-hit Venezuela where a third
of the country lacks a bank account, the report says.  Dinner can
require multiple brick-sized bundles of cash due the free-falling
value of the bolivar, the report notes.

Mr. Maduro also said Venezuela's border with Colombia would remain
closed until Jan 2.  Along with banning the 100-bolivar note, the
border closure aims to crack down on alleged currency speculation
along the frontier that Mr. Maduro blames for his country's
economic woes, the report discloses.

Economists said currency speculation is the least of Venezuela's
problems, with mismanagement and an exhausted state-led economic
model causing most of the country's woes, the report adds.

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



                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *