TCRLA_Public/161223.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

               Friday, December 23, 2016, Vol. 17, No. 254


                            Headlines



A R G E N T I N A

FIMA RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating
* ARGENTINA: IIC Finances Largest Wind Project


B O L I V I A

LAMIA AIRLINES: Bolivia Says Pilot, Charter Firm to Blame in Crash


B R A Z I L

BRASKEM SA: Firm, Odebrecht to Pay $2BB to Settle Corruption Cases
BRAZIL: Favorable Debt Structure Help Mitigate Risks, Moody's Says
CCB BRASIL: Moody's Cuts Long-Term Global Issuer Rating to Ba1
CHINA CONSTRUCTION: Moody's Lowers LT Deposit Rating to Ba1
PETROLEO BRASILEIRO: Sells Stakes in Offshore Blocks to Total

TUPY SA: S&P Affirms 'BB-' Rating on Senior Unsecured Notes
VALE SA: Moody's Says Fertilizer Assets Sale is Credit Positive


C A Y M A N  I S L A N D S

AQR EMERGING: Shareholders Receive Wind-Up Report
FLEMING ASSET: Shareholders Receive Wind-Up Report
GLG ORE: Shareholders Receive Wind-Up Report
GLG ORE HUB: Shareholders Receive Wind-Up Report
LOIRE LIMITED: Shareholders Receive Wind-Up Report

MAN RMF: Shareholders Receive Wind-Up Report
MC 1 - SPV 1: Shareholders' Final Meeting Set for Dec. 30
RMF ENHANCED: Shareholders Receive Wind-Up Report
RMF NORDIC: Shareholders Receive Wind-Up Report


M E X I C O

ELEMENTIA SAB: S&P Lowers CCR to 'BB' on 55% Stake Acquisition
MEXICO: Inflation Gathers Speed in December


P A N A M A

ISTMO COMPANIA: S&P Puts Ratings Under Regulatory Supervision


P A R A G U A Y

PARAGUAY: Defends Higher Infrastructure Spending, Salary Cuts


P U E R T O    R I C O

ELBARDI INTERNATIONAL: Hires GTA Consulting as Accountant
JWD ASSOCIATES: Disclosures Okayed, Plan Hearing on Jan. 18


T R I N I D A D  &  T O B A G O

TRINIDAD  &  TOBAGO: Bankers Make Another FATCA Plea


                            - - - - -



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


FIMA RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Fima Renta Dolar II, a new medium-
term dollar bond fund domiciled in Argentina and managed by
Galicia Administradora SGFCI SA. The ratings assigned are as
follows:

  -- Global scale bond fund rating: B-bf

  -- National scale bond fund rating: A-bf.ar

RATINGS RATIONALE

The bond fund ratings are based on Moody's expectation that the
Fund will largely invest in sovereign bonds, local Tbills
(denominated in USD) and corporate bonds also denominated in
foreign currency. The remainder of the fund's asset will be
invested in mutual funds and REPOs. The Fund's average duration is
not expected to exceed 2.5 years.

The rating agency noted that Fima Renta Dolar II is a new fund
with no prior track record, but it will be managed by an
experienced asset manager. Moody's analysis was performed on a
model portfolio provided by the fund sponsor. The rating agency
expects the Fund to be managed in line with the model portfolio.
However, Moody's noted that if the Fund's actual portfolio
deviates materially from the model portfolio, the Fund's ratings
could change.

"Based on the Fund's pro-forma portfolio, the Fund's credit
quality profile is consistent with other B-bf/A-bf.ar rated
funds", said Moody's assistant vice president Carlos de Nevares.

Galicia Administradora de Fondos SASGFI is among the largest and
most experienced asset managers in the Argentinean Mutual Fund
Industry and is a subsidiary of Banco Galicia, one of the leading
private banks in Argentina. As of November 2016, Galicia SASGFCI
S.A., had AR$41,407.6 million in Assets under Management (AUM) or
$2.63 billion, occupying the first position with an 11.9 % market
share.


* ARGENTINA: IIC Finances Largest Wind Project
----------------------------------------------
The Inter-American Investment Corporation (IIC), acting on behalf
of the Inter-American Development Bank (IDB), granted a $200
million syndicated loan to YPF Energia Electrica S.A. in Argentina
for the construction, operation and maintenance of the 100 MW
Manantiales Behr wind farm and related facilities. The project
includes a 20 km transmission line of 132 kV and is located about
40 km northeast of the city of Comodoro Rivadavia.

The project will contribute to the diversification of Argentina's
energy matrix and will avoid 245,311 tons of carbon dioxide
equivalent per year, supporting the country's goal of generating
30 percent of its energy from non-traditional renewable sources.

The IIC led the financial structuring of the project, which
consists of a $100 million 9-year A loan and a $100 million 6-year
B loan. The participating banks are BBVA, Banco Santander and
Citibank.

                        *     *     *

On Oct. 17, 2016, the Troubled Company Reporter-Latin America
reported that Fitch Ratings has affirmed Argentina's sovereign
ratings as:

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;

   -- Senior unsecured Foreign Currency bonds at 'B';

   -- Country Ceiling at 'B';

   -- Short-Term Foreign and Local Currency IDRs at 'B'.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.


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


LAMIA AIRLINES: Bolivia Says Pilot, Charter Firm to Blame in Crash
----------------------------------------------------------------
Ryan Dube at The Wall Street Journal reports that Bolivia's
government blamed the fatal crash of a charter plane in Colombia,
which killed 71 people aboard, on the company that owns the
aircraft and the pilot that died in the accident.

Public Works Minister Milton Claros said in a news conference that
a government investigation found that the crash of the plane owned
by Bolivia's LaMia was an "isolated" incident caused by a "chain
of errors" as a result of decisions by the company and pilot,
according to The Wall Street Journal.

"At the end of this entire tragic incident, the airline and the
pilot are responsible," Mr. Claros said, the report notes.

There were only six survivors from the crash.

Efforts to contact a LaMia representative weren't immediately
successful.

The investigation of the accident, which killed most members of
Brazilian soccer team Chapecoense, found that the plane ran out of
fuel and crashed near Medellin on Nov. 28 after taking off from
the Viru Viru International Airport in the Bolivian city of Santa
Cruz, the report relays.

Officials previously said that an employee for Bolivia's airport
authority, Aasana, approved the company's flight plan despite it
being in violation of international safety requirements, the
report discloses.  The aircraft didn't have enough fuel to make
the nearly 2,000-mile flight from Santa Cruz to MedellĀ°n without
stopping to refuel, investigators found, the report says.  The
flight plan was prepared by the plane's pilot and co-owner of the
company, Miguel Quiroga, who died in the crash, the report relays.

Bolivian authorities detained earlier this month a retired
Bolivian general, Gustavo Vargas, who co-owned LaMia along with
Mr. Quiroga, the report notes.  The Bolivian airport official,
Celia Castedo who approved the flight plan fled to Brazil, seeking
asylum, the report says.

Mr. Claros said the government was increasing oversight over its
aviation sector and implementing a new safety system following the
crash. He added that the government was taking legal and
administrative actions against those allegedly responsible for the
accident, the report discloses.



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


BRASKEM SA: Firm, Odebrecht to Pay $2BB to Settle Corruption Cases
------------------------------------------------------------------
EFE News reports that Brazilian construction giant Odebrecht and
petrochemical company Braskem SA disclosed that they had agreed to
pay a total of BRL6.96 billion ($2.05 billion) to settle
corruption cases in Brazil, the United States and Switzerland.

Odebrecht said in a statement that the settlement was reached with
the Brazilian Federal Prosecution Office, the US Justice
Department and the Swiss Attorney General's Office, according to
EFE News.


BRAZIL: Favorable Debt Structure Help Mitigate Risks, Moody's Says
------------------------------------------------------------------
Brazil's (Ba2 negative) weak fiscal performance and a rising debt
trajectory will remain the weakest links in its credit profile
over the coming years. Although the cap on government spending is
a positive development to help restore the sustainability of
public finances, Moody's expect fiscal consolidation to be very
gradual, says Moody's Investors Service in a report.

"Public debt dynamics in Brazil will continue to remain
unfavorable in the near-term, due to large primary deficits, high
interest expense, and a tepid economic recovery," said Samar
Maziad, a Vice President and Senior Analyst. "We expect the
nation's debt-to-GDP ratio to climb above 75% in 2017 from 58% in
2015."

At the same time, the sovereign benefits from limited exposure to
exchange rate and rollover risks, which mitigate the risks of the
large stock of public debt relative to peers. These mitigating
factors support Brazil's rating in the Ba-space.

Brazil's foreign currency denominated debt has declined over the
last decade, and accounts for only 4.3% of federal public debt,
meaning that the government's balance sheet is resilient to
exchange-rate shocks. A deep domestic financial market mitigates
government liquidity risk, despite the relatively large gross
borrowing requirement due to the fiscal deficits in 2016-17.

In addition, Brazil's use of treasury-issued debt to implement
monetary policy overstates fiscal risks associated with Brazil's
high debt burden relative to similarly-rated peers that use
different monetary policy instruments. Roughly one-quarter of
general government debt is used by Brazil's central bank to
conduct open market operations. Unlike traditional treasury debt
(i.e. debt used to finance fiscal deficits), this portion of
Brazil's debt bears no market risk or rollover risk, as it is
issued directly to the central bank and does not represent a
financing need for the government.


CCB BRASIL: Moody's Cuts Long-Term Global Issuer Rating to Ba1
--------------------------------------------------------------
Moody's America Latina Ltda. (MAL) has downgraded CCB Brasil
Arrendamento Mercantil S.A.'s (CCB Brazil Leasing) long-term
global local-currency issuer rating to Ba1, from Baa3. At the same
time, Moody's affirmed the long-term Brazilian national scale
issuer rating of Aaa.br. The outlook on CCB Brazil Leasing's
ratings remains negative.

The following ratings assigned to CCB Brasil Arrendamento
Mercantil S.A. were downgraded:

  -- Long-term global local-currency issuer rating to Ba1, from
Baa3; negative outlook

The following ratings assigned to CCB Brasil Arrendamento
Mercantil S.A. were affirmed:

  -- Long-term Brazilian national scale issuer rating of Aaa.br

RATINGS RATIONALE

The downgrade of CCB Brazil Leasing's rating follows the downgrade
of its parent bank's ratings, China Construction Bank (Brasil)
S.A. (CCB Brazil), which in turn, incorporates the bank's ongoing
net losses, which continue to deplete capital. In the first half
of 2016, net losses were about 27% higher than a year before,
reflecting the bank's still high credit costs derived from the
poor performing legacy loans, combined with the economic
contraction that has hurt borrowers' repayment capacity. At the
same time, the bank's revenue generation remains pressured by a
shrinking loan portfolio, which declined 41% in the last two
years, driven by management's tighter underwriting standards that
have resulted in a reduction of the bank's exposures to non-
priority segments, together with limited business opportunities.

As a consequence of the recurring net losses, CCB Brazil's capital
ratio, measured by Moody's as tangible common equity relative to
risk weighted assets, fell to a very weak level of -3.2% in the
first half of 2016, despite the parent bank's BRL 760 million
capital injection in April, because deferred tax assets (a
significant portion of which Moody's deducts from capital)
exceeded common equity. While the bank's regulatory CET1 ratio of
6.9% currently remains above the regulatory minimum, the already
narrow cushion will shrink further when the regulatory minimum
increases to 5.75% in the first quarter of next year, and capital
could fall below this level if the bank continues to register net
losses.

Notwithstanding significant write-offs in recent quarters, CCB
Brazil's outstanding problem loans are still high as a percentage
of total loans. However, the risk profile of its loan portfolio is
materially shifting, in line with management's decision to reduce
exposures to the riskier small and medium sized companies, and
instead focus on high quality borrowers in the large corporate
segment, and particularly on Chinese companies doing business in
Brazil. Nevertheless, prospects for a meaningful improvement in
asset quality and a recovery in earnings will be challenged by
Brazil's persistently adverse macroeconomic environment.

While CCB Brazil is experiencing solvency pressures, its liquidity
profile remains comfortable. The funding structure improved
significantly in the last years, as about two thirds of its
current market funds consist of resources provided by the parent
bank, as part of an approved USD 2 billion facility. The bank used
this line to repay other, higher cost sources of funding. In
addition, the bank's liquidity has increased as lending dwindles,
and it could be further enhanced by the undrawn portion of the
parent line.

CCB Brazil Leasing's and CCB Brazil's ratings benefit from Moody's
assessment of very high probability of affiliate support from the
bank's parent, China Construction Bank Corporation (CCB, rated A1
negative; baa2 BCA). Moody's assessment of support results in a
four-notch uplift from the CCB Brazil's b2 BCA, reflecting the
majority ownership, management integration, the subsidiary's
strategic importance under the high trade linkages between Brazil
and China, and recurring demonstrations of support from CCB
through the injection of capital, subordinated debt and provision
of funding.

The negative outlook of CCB Brazil Leasing's ratings reflect the
negative outlook of CCB Brazil, which in turn incorporates the
risk the bank's earnings will remain negative and its
capitalization will continue to decline as its it seeks to
consolidate its new strategic focus under Brazil's current adverse
business environment.

WHAT COULD MAKE THE RATING GO DOWN

A downgrade of CCB Brazil Leasing's ratings could follow the
downgrade of CCB Brazil's ratings, which could be driven by the
bank's inability to stabilize profitability, which would lead to
further erosion of its capital, or additional deterioration of
asset quality.

METHODOLOGY AND LAST RATING ACTION

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


CHINA CONSTRUCTION: Moody's Lowers LT Deposit Rating to Ba1
-----------------------------------------------------------
Moody's Investors Service downgraded China Construction Bank
(Brasil) S.A.'s long-term global local-currency deposit rating to
Ba1 from Baa3; the short-term global local-currency deposit rating
to Not Prime from Prime-3; and the long-term foreign-currency
subordinated debt rating to Ba2 from Ba1. In addition, the bank's
baseline credit assessment (BCA) and adjusted BCA were downgraded
to b2 and ba1 from b1 and baa3 respectively. At the same time,
Moody's affirmed the long-term foreign-currency senior unsecured
program rating of (P)Ba1, the foreign currency deposit rating of
Ba3, and the long-term Brazilian national scale deposit rating of
Aaa.br, as well as CCB Brazil's Cayman Branch's long-term foreign-
currency debt rating of Ba1. The outlook remains negative.

RATINGS RATIONALE

The downgrade of CCB Brazil's ratings incorporates the bank's
ongoing net losses, which continue to deplete capital. In the
first half of 2016, net losses were about 27% higher than a year
before, reflecting the bank's still high credit costs derived from
the poor performing legacy loans, combined with the economic
contraction that has hurt borrowers' repayment capacity. At the
same time, the bank's revenue generation remains pressured by a
shrinking loan portfolio, which declined 41% in the last two
years, driven by management's tighter underwriting standards that
have resulted in a reduction of the bank's exposures to non-
priority segments, together with limited business opportunities.

As a consequence of the recurring net losses, CCB Brazil's capital
ratio, measured by Moody's as tangible common equity relative to
risk weighted assets, fell to a very weak level of -3.2% in the
first half of 2016, despite the parent bank's BRL 760 million
capital injection in April, because deferred tax assets (a
significant portion of which Moody's deducts from capital)
exceeded common equity. While the bank's regulatory CET1 ratio of
6.9% currently remains above the regulatory minimum, the already
narrow cushion will shrink further when the regulatory minimum
increases to 5.75% in the first quarter of next year, and capital
could fall below this level if the bank continues to register net
losses.

Notwithstanding significant write-offs in recent quarters, CCB
Brazil's outstanding problem loans are still high as a percentage
of total loans. However, the risk profile of its loan portfolio is
materially shifting, in line with management's decision to reduce
exposures to the riskier small and medium sized companies, and
instead focus on high quality borrowers in the large corporate
segment, and particularly on Chinese companies doing business in
Brazil. Nevertheless, prospects for a meaningful improvement in
asset quality and a recovery in earnings will be challenged by
Brazil's persistently adverse macroeconomic environment.

While CCB Brazil is experiencing solvency pressures, its liquidity
profile remains comfortable. The funding structure improved
significantly in the last years, as about two thirds of its
current market funds consist of resources provided by the parent
bank, as part of an approved USD 2 billion facility. The bank used
this line to repay other, higher cost sources of funding. In
addition, the bank's liquidity has increased as lending dwindles,
and it could be further enhanced by the undrawn portion of the
parent line.

CCB Brazil's ratings benefit from Moody's assessment of very high
probability of affiliate support from the bank's parent, China
Construction Bank Corporation (CCB, rated A1 negative; baa2 BCA).
Moody's assessment of support results in a four-notch uplift from
the Brazilian subsidiary's b2 BCA, reflecting the majority
ownership, management integration, the subsidiary's strategic
importance under the high trade linkages between Brazil and China,
and recurring demonstrations of support from CCB through the
injection of capital, subordinated debt and provision of funding.

The negative outlook reflects the risk the bank's earnings will
remain negative and its capitalization will continue to decline as
its it seeks to consolidate its new strategic focus under Brazil's
current adverse business environment.

WHAT COULD MAKE THE RATING GO DOWN

The bank's long-term foreign currency deposit and debt ratings are
constrained by the country ceilings, and will likely be downgraded
further if Brazil's sovereign rating and its country ceilings are
lowered again.

A downgrade of CCB Brazil's ratings could also be driven by its
inability to stabilize profitability, which would lead to further
erosion of its capital, or additional deterioration of asset
quality.

  -- The following ratings and assessments have been downgraded:

Issuer: China Construction Bank (Brasil) S.A.

  -- Long-term local currency deposit rating, to Ba1 from Baa3,
negative

  -- Short-term local currency deposit rating, to NP from P-3

  -- Long-term foreign currency Subordinate, to Ba2 from Ba1

  -- .Adjusted Baseline Credit Assessment, to ba1 from baa3

  -- Baseline Credit Assessment, to b2 from b1

  -- Long-term Counterparty Risk Assessment, to Baa3(cr) from
Baa2(cr)

  -- Short-term Counterparty Risk Assessment, to P-3(cr) from P-
2(cr)

  -- .Outlook, Remains Negative

Issuer: China Construction Bank (Brasil) S.A., Cayman

  -- Long-term Counterparty Risk Assessment, to Baa3(cr) from
Baa2(cr)

  -- Short-term Counterparty Risk Assessment, to P-3(cr) from P-
2(cr)

  -- Outlook, Remains Negative

  -- The following ratings have been affirmed:

Issuer: China Construction Bank (Brasil) S.A.

  -- Long-term foreign currency deposit rating, Ba3, negative

  -- Short-term foreign currency deposit rating, NP

  -- Long-term foreign currency Medium-Term Note Program, (P)Ba1

  -- Long-term National Scale Brazilian deposit rating, Aaa.br

  -- Short-term National Scale Brazilian deposit rating, BR-1

Issuer: China Construction Bank (Brasil) S.A., Cayman

  -- Long-term foreign currency debt rating, Ba1, negative

  -- Long-term foreign currency medium term note program, (P)Ba1


PETROLEO BRASILEIRO: Sells Stakes in Offshore Blocks to Total
-------------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. (Petrobras) agreed
to sell upstream and downstream assets to French supermajor Total
for $2.2 billion, including stakes in offshore "pre-salt" oil
blocks.

The companies said in a joint statement that Petrobras would sell
Total a 22.5 percent stake in the BMS-11 block and a 35 percent
operating interest in the BMS-9 block, according to EFE News.
BMS-11 includes the Iara fields that are currently under
development, while BMS-9 includes the Lapa field, where production
recently began, the report notes.

Those transactions will leave Petrobras with 42.5 percent and 10
percent stakes in BMS-11 and BMS-9, respectively, the report
relays.

Both of those blocks are located in the Santos basin's pre-salt
section, so-named because its massive reserves of high-quality
light oil are located under water, rocks and a shifting layer of
salt at depths of up to 7,000 meters (22,950 feet) below the
surface of the Atlantic, the report discloses.

Under the terms of the agreement, Petrobras also will have the
option of acquiring a 20 percent stake in a block that is located
in Mexican waters of the Gulf of Mexico and is jointly owned by
Total and ExxonMobil, the report notes.

The statement also said Total would partner with Petrobras in two
co-generation power plants in the northeastern Brazilian state of
Bahia and acquire from the Brazilian state oil company some
regasification capacity in the Bahia LNG terminal, the report
relays.

The agreement is part of a divestment program Petrobras launched
to reduce a large debt burden, the report discloses.

Petrobras has been hit by the sharp drop in global oil prices and
a massive bribes-for-inflated contracts scheme that has implicated
former company directors, politicians and high-ranking executives
of some of Brazil's largest construction and engineering
companies.

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


TUPY SA: S&P Affirms 'BB-' Rating on Senior Unsecured Notes
-----------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings on Tupy S.A. that were labeled as "under
criteria observation" (UCO) after the Dec. 7, 2016, publication of
a revised recovery ratings criteria.  With S&P's criteria review
complete, it is removing the UCO designation from these ratings.
S&P is also affirming the 'BB-' rating and are revising its
recovery rating to '3' from '4' on the company's senior unsecured
notes, issued by its subsidiary Tupy Overseas S.A., as a result of
the revision of the multiple used in our analysis to determine
enterprise value to 5x from 4.5x.  The '3' recovery rating
indicates S&P's expectation for meaningful recovery (50%-70%,
upper half of the range) for lenders in the event of default.

This rating action stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

RATINGS LIST

Rating Affirmed

Tupy Overseas S.A.
  Senior Unsecured Debt            BB-

Recovery Rating Revised            To          From

Tupy Overseas S.A.
  Senior unsecured debt
   Recovery rating                 3H          4H


VALE SA: Moody's Says Fertilizer Assets Sale is Credit Positive
---------------------------------------------------------------
Moody's Investors Service comments that the agreement entered by
Vale S.A. (Ba3 stable) with The Mosaic Company (Baa2 negative) for
the sale of the majority of Vale's fertilizers assets is credit
positive. The USD 2.5 billion transaction shows Vale's commitment
to adjust operations to the challenging environment and reduce
debt levels through the sale of non-core assets. Under the terms
of the agreement, Vale will receive USD 1.25 billion in cash and
the equivalent of USD 1.25 billion in Mosaic's common shares
representing approximately 11% of its total common shares on a
pro-forma basis after the issuance.


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


AQR EMERGING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of AQR Emerging Defensive Equity Offshore Fund
Ltd. received on Dec. 13, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          AQR Capital Management, LLC
          c/o Joanne Huckle
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


FLEMING ASSET: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Fleming Asset Management (Cayman) Ltd.
received on Dec. 22, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GLG ORE: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of GLG Ore Hill Levered Credit 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:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


GLG ORE HUB: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of GLG Ore Hill Levered Credit Hub 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:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


LOIRE LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Loire 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:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


MAN RMF: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of MAN RMF Investment Strategies 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:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


MC 1 - SPV 1: Shareholders' Final Meeting Set for Dec. 30
---------------------------------------------------------
The shareholders of MC 1 - SPV 1 will hold their final meeting on
Dec. 30, 2016, at 11:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close, Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


RMF ENHANCED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of RMF Enhanced Alpha (Master) 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:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


RMF NORDIC: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of RMF Nordic Top Select EUR Master 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:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


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


ELEMENTIA SAB: S&P Lowers CCR to 'BB' on 55% Stake Acquisition
--------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Elementia, S.A.B. de C.V. to 'BB' from 'BB+'.

S&P also lowered its long-term issue-level rating on its senior
unsecured notes due 2025 to 'BB' from 'BB+'.  S&P's recovery
rating of '4H' continues to indicate its expectation of average
(30%-50%; higher band of the range) recovery prospects for the
bondholders in the event of a payment default.

At the same time, S&P removed the ratings from CreditWatch
negative, where it placed them on Oct. 19, 2016, following the
announcement that Elementia signed a letter of intent with
Cementos Portland Valderrivas to acquire 55% of Giant Cement
Holding (Giant).  The outlook is stable.

The downgrade reflects S&P's belief that following the buyout of a
55% stake in Giant, Elementia will post weaker-than-expected
credit metrics, leading S&P to revise its financial risk profile
assessment on the company to significant from intermediate.  To
fund the acquisition, Elementia used the proceeds from its capital
increase through a rights offering, raising about MXN4.4 billion
of new equity from existing shareholders.  As part of the
transaction, Elementia incorporated Giant's $305 million existing
debt into its balance sheet, and used part of its committed credit
lines to refinance it at a lower financing cost.  S&P now
estimates that Elementia's pro forma adjusted net leverage will
increase sharply to about 3.9x at the end of 2016 from 2.9x before
the transaction, and remaining above 3.0x until the end of 2017.

S&P's ratings on Elementia continue to reflect its leading market
position and wide presence in Latin America, including countries
with favorable macroeconomic fundamentals, and its product
diversification across the value chain of the building materials
industry.  S&P also incorporates its well-recognized brands, large
network of independent distributors, cross-selling system--which
allows marketing of complementary products--and its long track
record in the do-it-yourself construction market.  In addition, as
the company is expanding its activities in the cement business,
S&P expects continuing improvement in its sales mix and EBITDA
margin in the following years, with the latter trending towards
the 19%-20% range.

Giant's acquisition will increase Elementia's scale of operation
and geographic footprint in the U.S., where it currently has some
operations in the building systems division.  However, S&P still
believes that it remains a relatively mid-size company with about
MXN22.6 billion in sales and MXN4.1 billion in EBITDA on a pro
forma basis for 2016 and with narrower geographic diversification
than those of global industry peers.  The recently acquired
business includes three cement plants on the U.S. Eastern Coast,
which is a highly competitive market where other large cement
multinational companies operate.  The new business will provide an
additional total installed capacity of 2.8 million tons per year
of cement to Elementia, which underscores the company's strategy
to expand its cement business.

S&P revised its financial risk profile assessment on the company
to significant from intermediate because S&P expects pro forma
leverage to be above 3.0x in the next 12-18 months.


MEXICO: Inflation Gathers Speed in December
-------------------------------------------
Anthony Harrup at The Wall Street Journal reports that inflation
in Mexico accelerated in the first half of December, moving
further from the central bank's 3% target as a weaker peso put
pressure on goods prices and tourism services rose ahead of the
Christmas holiday season.

The consumer price index rose 0.42% in the first two weeks of the
month, pushing the annual rate up to 3.48% from 3.31% at the end
of November, the National Statistics Institute said, according to
The Wall Street Journal.  The core index, which excludes energy
and fresh fruit and vegetables, rose 0.47% to an annual 3.46%, the
report notes.

The increases were above the median estimates of 0.35% and 0.30%,
respectively, in a Wall Street Journal poll of economists, the
report relays.

Core goods prices, which reflect inflationary effects of a weaker
Mexican peso, rose 0.36% and were up 3.97% from a year earlier,
the report discloses.  Services rose 0.56%, including a 33% jump
in airfares and a 14% increase in tourism packages before the
holidays, the report notes.  Overall services were up 3.03% in the
12 months through mid-December, the report relays.

The Bank of Mexico stressed concerns about rising inflation and
inflation expectations when it raised interest rates earlier this
month, its fifth increase of the year which brought the overnight
rate target to 5.75% from 3.25% at the end of 2015, the report
says.

With gasoline prices expected to rise in 2017 as the government
phases out price controls, and a continued impact from the weaker
peso, analysts predict interest rates will move even higher next
year, the report notes.

The central bank says it expects inflation to end next year within
the 2%-4% target band, although market estimates are for a faster
pace, the report discloses.

Higher interest rates are also likely to put the brakes on
economic growth, which is projected to slow to 1.7% from about
2.1% this year, the report relates.  The statistics institute said
that economic activity in October rose 0.2% seasonally adjusted
from September, and was up 1.2% from the year-earlier month, the
report says.


===========
P A N A M A
===========


ISTMO COMPANIA: S&P Puts Ratings Under Regulatory Supervision
-------------------------------------------------------------
S&P Global Ratings placed its issuer credit and financial strength
ratings on Istmo Compania de Reaseguros Inc. (Istmo Re) on 'R'
(under regulatory supervision).  S&P also suspended the global
scale issuer credit and financial strength ratings on Istmo Mexico
Compania de Reaseguros, S.A. de C.V. and Liffey Reinsurance Co.
Ltd. (Liffey Re).

On Dec. 12, 2016, the regulator, Superintendencia de Seguros y
Reaseguros de Panama (SUPSEG), announced that it will intervene
and assume control of Istmo Re for a period of 180 days.

The regulatory action followed the company's failure to execute a
three-month plan to improve its financial position, which included
the sale of assets to cover financial and/or policyholder
obligations.  The company didn't inform S&P Global Ratings about
its discussions with the regulator or about its plan that it
presented to the SUPSEG on Sept. 7, 2016.  However, Istmo Re
informed S&P on November 18 that it was working on a plan with the
International Finance Corporation to sell assets and that details
were not available at the time.

The regulator's rationale for intervening in Istmo Re is based on
its analysis of the company's audited financial statements as of
Dec. 31, 2015, and unaudited ones as of Sept. 30, 2016, which the
reinsurer didn't provide to S&P Global Ratings for its most recent
surveillance in November 18.  The regulator took into account
quantitative measures to determine the company's available assets
in relation to its liabilities and other measures of capital
(different from regulatory capital adequacy ratios).  Also, in its
decision to intervene, the regulator cited cases of claims of
either late or non-payments to ceding companies; rating agencies',
including S&P's, publications Istmo Re; as well as seizures over
company's assets as it's mentioned in the referred resolution.

An obligor rated 'R' is under regulatory supervision owing to its
financial condition.  During the pendency of the regulatory
supervision the regulators may have the power to favor one class
of obligations over others or pay some obligations and not others.

"We maintained the CreditWatch negative listing and then suspended
the global scale ratings on Istmo Re's core subsidiaries, Istmo
Mexico and Liffey Re, at their current level in our global scale
ratings.  Although both entities are currently not subject to
regulatory intervention, we currently don't have enough
information of satisfactory quality to make a rating decision and
perform our surveillance, assess their group status, or to
determine their creditworthiness on a stand-alone basis.  Ratings
on both subsidiaries reflected their core status to the parent,
according to our group rating methodology, and Istmo Re's credit
quality on a group consolidated basis," S&P said.

S&P may reinstate global scale ratings on Istmo Re once and if the
regulatory intervention ends and if S&P can determine the
company's creditworthiness.  S&P may reinstate the suspended
global scale ratings on Istmo Mexico and Liffey Re if S&P receives
sufficient and ongoing information for credit surveillance.
Otherwise, S&P would withdraw the ratings.



===============
P A R A G U A Y
===============


PARAGUAY: Defends Higher Infrastructure Spending, Salary Cuts
-------------------------------------------------------------
EFE News reports that Paraguay's finance minister defended federal
government spending in 2016, a year that has seen increased
investment in infrastructure and a reduction in spending on
salaries.

Santiago Pena made his remarks during the presentation of the
Finance Ministry's year-end report for 2016, according to EFE
News.

Mr. Pena said 39 percent of total public spending had been
allocated for infrastructure this year, while 8 percent went to
salaries, down sharply from previous years, the report notes.

"We've improved the public spending structure. Public investment
has risen, and for the first time in its history Paraguay's wage
bill has declined," Mr. Pena said, the report notes.

Mr. Pena added that strict containment of salary spending was not
a popular measure but would bring long-term benefits in the form
of new highways and overpasses, noting that only 17 percent of
Paraguay's road network is currently paved, the report relays.

Infrastructure investment in 2016 was financed with loans from
regional organizations such CAF -- Development Bank of Latin
America as well as sovereign bond placements, according to Mr.
Pena, the report relays.

But the Paraguayan Senate, citing concerns about an increase in
public debt, reduced by half the Finance Ministry's plans for $558
million in bond financing for 2017, the report says.

"The outcome of the budget discussion in Congress was not what we
had hoped, but we have to continue to build consensus," Mr. Pena
said, the report relays.

Mr. Pena insisted that Paraguay's public debt load of around 20
percent of gross domestic product (GDP) was manageable, while the
International Monetary Fund says a debt-to-GDP ratio of between
30-45 percent was a sustainable level for the South American
nation, the report adds.


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


ELBARDI INTERNATIONAL: Hires GTA Consulting as Accountant
---------------------------------------------------------
Elbardi International Plaza C, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ GTA
Consulting, LLC, as accountant to the Debtor.

Elbardi International requires GTA Consulting to:

   a. provide assistance in the preparation of the monthly
      operating reports;

   b. provide assistance in business consulting services in the
      development of reorganization strategies and business
      plans; and

   c. provide tax preparation services.

GTA Consulting will be paid as follows:

   a. Tax Compliance Services                 $1,500 per year
   b. Bankruptcy Related Services             $80-$75 per hour
   c. Routine Advice Services                 $80-$75 per hour

GTA Consulting will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Jorge Guallini, member of GTA Consulting, LLC, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtor and its estates.

GTA Consulting can be reached at:

     Jorge Guallini
     GTA CONSULTING, LLC
     Ave. Ashford 1018, Suite 3a-7
     San Juan, PR 00907
     Tel: (787) 993-5323
     E-mail: Jorge-guallini@gta-cpa.com

                       About Elbardi International Plaza

Elbardi International Plaza C, LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-03845) on May
13, 2016, disclosing under $1 million in both assets and
liabilities. The Debtor is represented by Luis E Correa Gutierrez,
Esq.


JWD ASSOCIATES: Disclosures Okayed, Plan Hearing on Jan. 18
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
will consider approval of the Chapter 11 plan of reorganization of
JWD Associates at a hearing on Jan. 18.

The hearing will be held at 9:30 a.m., at Court Room No. 2, 900
Market Street, Philadelphia, Pennsylvania.

The court had earlier approved the disclosure statement, allowing
JWD Associates to start soliciting votes from creditors.

The Dec. 7 order set a Jan. 13 deadline for creditors to cast
their votes and file their objections to the plan.

The restructuring plan proposes to pay creditors through the sale
or refinancing of JWD Associates' property located at 914-924 S.
Concord Road, West Chester, Pennsylvania.

                      About JWD Associates

Headquartered in West Chester, PA,  JWD Associates filed for
Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 14-17493)
on Sept. 17, 2014, listing $1.70 million in total assets and and
no liabilities. The petition was signed by Joachim H. Nussbaumer,
Winnifred J. Nussbaumer, and Dorothea R. Iverson, general
partners.



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


TRINIDAD  &  TOBAGO: Bankers Make Another FATCA Plea
----------------------------------------------------
Trinidad Express reports that the Bankers Association of Trinidad
and Tobago (BATT) has issued another appeal for the Government and
the Opposition to come together in the best interests of Trinidad
and Tobago and pass the Foreign Account Tax Compliance Act (FATCA)
legislation.

In a release, BATT stated that it had met with Opposition members
to discuss matters related to the Tax Information Exchange Act and
the implications of FATCA non-compliance on the country, according
to Trinidad Express.

Opposition members, it stated, shared with the BATT executive team
their areas of concern related to the process around the debate
and the need for a Joint Select Committee (JSC) to debate the bill
to ensure the legislation agreed is "good legislation," the report
notes.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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