TCRLA_Public/170124.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, January 24, 2017, Vol. 18, No. 017


                            Headlines



A R G E N T I N A

ARGENTINA: Hopes to Keep Trade Deal With United States


B R A Z I L

GEOPARK LATIN AMERICA: S&P Raises CCR to 'B' on Better Performance
HAITONG BANCO: S&P Revises Outlook & Affirms 'BB-/B' Ratings
SAMARCO MINERACAO: Moody's Says Deal on Dam Lawsuit Credit Pos.


C A Y M A N  I S L A N D S

APQ ALEXANDRIA: Commences Liquidation Proceedings
BRJ CHINA: Placed Under Voluntary Wind-Up
CELESTIAL FINANCE: Commences Liquidation Proceedings
DESTRIER CAPITAL: Placed Under Voluntary Wind-Up
DOVETAIL INVESTMENTS: Commences Liquidation Proceedings

GINGERALE LIMITED: Commences Liquidation Proceedings
LIBERTY HOLDINGS: Commences Liquidation Proceedings
PERFIN INVESTMENT: Placed Under Voluntary Wind-Up
PERFIN INVESTMENT MASTER: Placed Under Voluntary Wind-Up
ROUNDABOUT HOLDINGS: Commences Liquidation Proceedings

STRAVA ENHANCED: Placed Under Voluntary Wind-Up
STRAVA OFFSHORE: Placed Under Voluntary Wind-Up
VINCI CAPITAL: Placed Under Voluntary Wind-Up
VINCI INTERNATIONAL: Placed Under Voluntary Wind-Up
Y2L COMPANY: Commences Liquidation Proceedings


C H I L E

AES GENER: Alto Maipo Deal No Expected Impact on Fitch Ratings


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Withdraws B1 Secured Notes Rating
DOMINICAN REPUBLIC: Offers Jobs and Homes to Valle Nuevo Squatters


M E X I C O

CEMEX SAB: Bertrand Maintains Firm Takeover Offer Too Low


P E R U

INRETAIL SHOPPING: Moody's Affirms Ba2 Sr. Unsecured Rating


V E N E Z U E L A

VENEZUELA: Names Ricardo Sanguino New Head of Central Bank


X X X X X X X X X

LATAM: ECLAC wants China, Caribbean to Cooperate in Key Areas
LATAM: Sovereign Outlook is Neg. on Tepid Growth, Moody's Says


                            - - - - -


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


ARGENTINA: Hopes to Keep Trade Deal With United States
------------------------------------------------------
EFE News reports that Argentina's agriculture minister said Sunday
that Buenos Aires was confident that the new United States
president would respect the bilateral trade agreements signed in
2016.

Ricardo Buryaile told Radio Con Vos that he was hopeful that
Donald Trump would not abandon the trade deals covering exports of
beef and lemons, according to EFE News.

"I don't see anything like that happening because all the health
and political steps have been followed, there was a right to
oppose it in Congress, and that was overcome. We're waiting, but
every country is sovereign when it comes to its decisions," the
agriculture minister said, the report relays.

Argentine President Mauricio Macri and former US President Barack
Obama signed the trade agreements in March 2016, the report notes.

Argentina said on Dec. 20 that US health officials had approved
exports of lemons to the United States following a 15-year ban,
the report relays.

The South American country, one of the world's largest growers and
exporters of lemons, had been trying to regain entry to the US
market since 2008, the report notes.

US health officials banned imports of Argentine lemons in
September 2001, the report discloses.

The Argentine government said last September that efforts to re-
enter the US beef market were making progress, the report adds.

                           *     *     *

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


GEOPARK LATIN AMERICA: S&P Raises CCR to 'B' on Better Performance
------------------------------------------------------------------
S&P Global Ratings raised its corporate credit and senior secured
debt ratings on GeoPark Latin America Limited Agencia en Chile
(GPLAC) to 'B' from 'B-'.  The outlook is stable.  The rating on
the senior secured notes incorporates the guarantees, consisting
of equity interests in its operating subsidiaries in Chile and
Colombia, which mitigate potential structural subordination to
priority liabilities at the operating subsidiaries level.

The upgrade reflects S&P's expectation that, in the next 12
months, GPLAC's credit metrics will strengthen relative to S&P's
previous projections.  In 2016, the company not only registered a
very successful drilling campaign, with a production growth of
10%, but continued to cut costs to temper the impact of lower oil
prices.  Amid some rebound in oil prices the company will carry
out a considerable investment plan mostly in Colombia and S&P
expects GPLAC's production to reach more than 28,000 barrels of
oil equivalent per day (boepd) in 2017.  These factors should help
the company to weather price volatility while maintaining a net
leverage level at 2.0x-2.5x.

Even though S&P believes GPLAC's estimated proved undeveloped
reserves of about 50 million barrels of oil (boe) bodes well for
the company's future production expansion, the rating constraints
are GPLAC's small scale on a global basis (with estimated net
proved developed reserves base at about 30 million boe as of the
end of 2016) and lack of vertical integration.  On the other hand,
these factors are mitigated by geographic diversification and
cost-control discipline.

GeoPark Limited controls GPLAC and has operations in Chile,
Colombia, Brazil, Peru and Argentina.  S&P bases its analysis of
GPLAC on its parent's consolidated figures because S&P believes
both entities constitute a single economic entity with a single
default risk.  In S&P's view, GPLAC is a core subsidiary of
GeoPark because the company is integral to the group's strategy,
it's highly unlikely to be sold and is closely linked to the
group's reputation given that it shares the same name.  Moreover,
S&P believes the group will financially support GPLAC, as seen in
the guarantee on GPLAC's $300 million bond.


HAITONG BANCO: S&P Revises Outlook & Affirms 'BB-/B' Ratings
------------------------------------------------------------
S&P Global Ratings revised its outlook on Haitong Banco de
Investimento do Brasil S.A.'s global and national scale ratings to
stable from positive.  At the same time, S&P lowered its long-term
national scale rating on the bank to 'brA' from 'brA+'.  S&P also
affirmed its 'BB-/B' global scale ratings on Haitong Brasil.

The outlook revision on Haitong Brasil reflects the same action on
its parent, Haitong Bank S.A., which was a result of the
difficulties ahead for the Portuguese banking industry.  S&P now
considers the trend in Portugal's banking industry risk to be
stable, rather than positive.  In S&P's view, the Portuguese
banking system will struggle to improve its profitability and
efficiency.  Additionally, all major banks in Portugal--except for
Banco Santander Totta S.A.-- are undergoing significant
restructuring, or management and ownership changes.

S&P continues to base its ratings on Haitong Brasil on its core
subsidiary status to Haitong Bank, given its high importance,
ownership, strategy, and long-term commitment to Brazil-based
bank. In addition, the bank has become a significant earnings
contributor for its parent.  Haitong Brasil is fully integrated
with its parent, and we believe the rest of the group will provide
support to the bank under any foreseeable circumstances, except in
an event of sovereign distress.  Due to its status as a core
subsidiary, S&P equalizes the ratings and the outlook on Haitong
Brasil with the ratings on its parent.  The downgrade of Haitong
Brasil on the national scale follows the revision of its global
scale outlook to stable and the more challenging credit conditions
for its parent.


SAMARCO MINERACAO: Moody's Says Deal on Dam Lawsuit Credit Pos.
---------------------------------------------------------------
Moody's Investors Service comments that the Preliminary Agreement
signed by Samarco Mineracao S.A. (C, no outlook), Vale S.A. (Ba3
Stable) and BHP Billiton Brasil Ltda (unrated), a subsidiary of
BHP Billiton Limited (A3 Stable), and the Federal Prosecutors'
Office in Brazil is credit positive for Samarco and its
shareholders, as it establishes the process and time frame for a
final agreement to be concluded by June 30, 2017, which would
settle the two civil public actions related to Samarco's dam
collapse in November 2015. However, the final agreement may entail
additional liabilities to Samarco and its shareholders.



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


APQ ALEXANDRIA: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of APQ Alexandria Fund Limited, on Dec. 8,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes
          c/o Bart Turtelboom
          Corey Stokes
          Attorneys-at-law
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


BRJ CHINA: Placed Under Voluntary Wind-Up
-----------------------------------------
The sole shareholder of BRJ China Credit Fund Limited, on Dec. 9,
2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Barry Wang Chi Lau
          c/o Charlotte Bradshaw
          Ogier
          Central Tower, 11th Floor
          28 Queen's Road Central
          Hong Kong
          Telephone: +852 3656 6000
          Facsimile: +852 3656 6001


CELESTIAL FINANCE: Commences Liquidation Proceedings
----------------------------------------------------
The shareholders of Celestial Finance Limited, at a Dec. 8, 2016
extraordinary meeting, resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Kent Limited
          c/o Michelle R. Bodden-Moxam
          St. George's International Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345)-946-6146


DESTRIER CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
The sole shareholder of Destrier Capital Partners, Ltd, on Dec. 1,
2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Destrier Capital Management LLC
          c/o Tim Cone
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


DOVETAIL INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------------
The members of Dovetail Investments Limited, on Dec. 7, 2016,
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Name: Enola Reid
          Telephone: +1 (345) 914-5413
          136 Shedden Road, One Capital Place, 3rd Floor
          P.O. Box 487 George Town, Grand Cayman
          Cayman Islands KY1-1106


GINGERALE LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
The members of Gingerale Limited, on Dec. 7, 2016, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Name: Enola Reid
          Telephone: +1 (345) 914-5413
          136 Shedden Road, One Capital Place, 3rd Floor
          P.O. Box 487 George Town, Grand Cayman
          Cayman Islands KY1-1106


LIBERTY HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
The shareholder of Liberty Holdings Limited, on Dec. 8, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Dr. Rolf Schmid
          c/o Dorothee Langemann
          Telephone: 41 44 711 71 71
          Facsimile: 41 44 711 71 11
          Limmatquai 94,
          Zurich, Switzerland
          CH-8021


PERFIN INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
The sole shareholder of Perfin Investment Fund, Ltd., on Dec. 9,
2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Perfin Administracao De Recursos Ltda.
          c/o Tim Cone
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


PERFIN INVESTMENT MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------------
The sole shareholder of Perfin Investment Master Fund SPC, on Dec.
9, 2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Perfin Administracao De Recursos Ltda.
          c/o Tim Cone
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


ROUNDABOUT HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on Dec. 8, 2016, the shareholders
of Roundabout Holdings resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Brott Limited
          c/o Michelle R. Bodden-Moxam
          St. George's International Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


STRAVA ENHANCED: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of Strava Enhanced Fund Ltd, on Dec. 9, 2016,
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Strava Capital Investments GP
          c/o Tim Cone
          Ogier 89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


STRAVA OFFSHORE: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of Strava Offshore Fund, Ltd., on Dec. 9,
2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Strava Capital Investments GP
          c/o Tim Cone
          Ogier 89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


VINCI CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Vinci Capital Venture - I Fund Ltd., on
Dec. 9, 2016, resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Vinci Partners USA LLC
          c/o Tim Cone
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


VINCI INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
The sole shareholder of Vinci International Fund, on Dec. 9, 2016,
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Vinci Gestora De Recursos Ltda.
          c/o Tim Cone
          c/o Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


Y2L COMPANY: Commences Liquidation Proceedings
----------------------------------------------
The members of Y2L Company Limited, on Dec. 7, 2016, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Name: Enola Reid
          Telephone: +1 (345) 914-5413
          136 Shedden Road, One Capital Place, 3rd Floor
          P.O. Box 487 George Town, Grand Cayman
          Cayman Islands KY1-1106



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C H I L E
=========


AES GENER: Alto Maipo Deal No Expected Impact on Fitch Ratings
--------------------------------------------------------------
Fitch expects AES Gener S.A.'s (Gener) credit metrics to remain
under pressure over the short term following announcement on
Jan. 19, 2017, that it will acquire the remaining 40% of Alto
Maipo Spa (Alto Maipo) from Minera Los Pelambres (MLP). To avoid
negative rating actions Gener will need to proactively take
measures to rebalance its capital structure to a consolidated
leverage level of approximately 3.5x in the medium to long term.

Gener's 'BBB-' ratings assume the additional cost overruns on Alto
Maipo were going to be financed through an increased equity
contribution from the partners and additional project finance
debt. Fitch expects that Gener's equity contribution will be in
the range of USD150 million to USD200 million, while the remaining
portion will be financed through increased non-recourse debt as a
result of the company's increased participation in Alto Maipo.

Fitch expects Gener's total consolidated leverage to be
approximately 4.0x in 2017. The company's management intends to
strengthen its capital structure through debt prepayment of USD200
million to USD380 million during 2017-2019. Gener's ratings assume
that by 2020 and after a full year of Alto Maipo's operations has
been recorded, total leverage will decline to below 3.5x,
proportionate leverage will decline to approximately 3.0x and
excluding the non-recourse debt and EBITDA, debt-to-EBITDA will
decline to below 2.0x.

Fitch expects debt repayment to be supported by the company's cash
flow generation and either through a significant reduction on
dividend payments in excess of USD190 million for 2017 to 2019
and/or equity or equity like instruments issuances. The company's
commitment has already been evidenced with a reduction in
dividends payments during 2016 of USD 178 million and debt
repayment of USD 100 million.

Fitch takes an overall neutral view of the acquisition and
reduction in tariffs under the power purchase agreement (PPA) with
Antofagasta Minerals SA (AMSA), provided the company successfully
reduces leverage within Fitch's expectations and Alto Maipo
commences operations in 2019. Fitch will continue monitoring
events as they occur, and any deviation from these expectations
may negatively affect Gener's ratings.

On Jan. 19, 2017, Gener announced that it will acquire the
remaining 40% from MLP in exchange for a renegotiation of the
existing conditions under the PPA between Alto Maipo and AMSA.
MLP, 60% owned by AMSA, will sell its participation in the Alto
Maipo project, while the amended PPA between Alto Maipo and AMSA
will remain in place including the modification of certain
conditions on the supply agreements. Additionally, after acquiring
the remaining 40% participation on Alto Maipo from MLP, Gener will
incorporate Strabag SpA, main contractor of the project as a
minority shareholder of Alto Maipo, with an initial stake of
approximately 7% of the shares of Alto Maipo.

Fitch currently rates AES Gener S.A as:

-- Long-Term Foreign and Local Currency Issuer Default Ratings
   (IDRs) 'BBB-';
-- International senior unsecured bond ratings 'BBB-';
-- International junior subordinated bond ratings 'BB';
-- Long-term national scale rating 'A+(cl)';
-- National senior unsecured bond ratings 'A+(cl)';
-- National equity rating 'Primera Clase Nivel 2(cl)'.

The Rating Outlook is Stable.



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


AEROPUERTOS DOMINICANOS: Moody's Withdraws B1 Secured Notes Rating
------------------------------------------------------------------
Moody's Investors Service withdrew the B1 rating assigned to
Aeropuertos Dominicanos Siglo XXI (Aerodom) Senior Secured Notes
originally due in 2019 (approximate outstanding amount as of
January 18 2017 of US$484 million).

The withdrawal follows Aerodom's prepayment of those notes with a
US$216 million loan due 2024 and the issuance of US$317 million in
Senior Secured Notes due 2029. The new issuance has a coupon of
6.750%. Last January 6, Moody's assigned a Ba3 rating to the new
Notes with a stable outlook.

The Ba3 rating on the new Notes is underpinned by the project
finance features embedded in their payment structure, including
step-in-rights, limitations on additional indebtedness, dividend
distribution test, a 6-month debt service reserve fund (only
through the Loan maturity) and a capital expenditure fund of US$15
million. In addition, the rating incorporates the high leverage
leading to relatively low metrics, partially offset by the
strategic importance of Aerodom's airports to the Dominican
Republic.


DOMINICAN REPUBLIC: Offers Jobs and Homes to Valle Nuevo Squatters
------------------------------------------------------------------
Dominican Today reports that environment minister Francisco
Dominguez said conserving Valle Nuevo National Park is an urgent
priority, since seven of every 10 Dominicans benefit from the
waters of the rivers born there.

The official pledged however to launch a program whose first part
would provide the villagers with as many as 50 homes, and have
been offered jobs as park rangers and in nurseries, with a salary
of 7,000, and health insurance as well, according to Dominican
Today.

Minister Dominguez said the waters from the protected area supply
more than a dozen aqueducts are and are also a source of
electricity, so its destruction should be prevented, because "it '
a great source of life," the report notes.

"Valle Nuevo is the mother of the waters. To continue this process
of deterioration is to destroy Valle Nuevo, he said, any action to
protect the park benefits the communities," Minister Dominguez
said, adding that around 15 percent of its surface area is nearly
irreparably, "and such a problem requires taking quick decisions,"
the report relays.

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'.



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


CEMEX SAB: Bertrand Maintains Firm Takeover Offer Too Low
---------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
CEMEX, S.A.B. de C.V.'S take-over bid of Trinidad Cement Limited
(TCL) is set to close Tuesday, Jan. 24, at the unchanged, amended
offer of TT $5.07 per share but former TCL CEO, Rollin Bertrand,
maintains that the offer is too low.

In a statement emailed to the media, Mr. Bertrand said based on
his "rough valuation", TCL's diluted share value should be TT
$7.71 while its undiluted share value should be TT $11.56,
according to Trinidad and Tobago Newsday.

Noting that the board's 40-page Supplemental Directors' Circular;
published in the newspapers, "revealed a "Fair Price Range" of
$5.60 to $6.18," Mr. Bertrand maintained that "their range is too
low." "(I) stick to my rough valuation, using TCL's BDP (Best
Demonstrated Performance) EBITDA (earnings before interest, taxes,
depreciation and amortization) of US $85 million with a valuation
multiple of 7, to give a diluted share (375 million shares) value
of TT$7.71 and undiluted share (250 million) value of TT$11.56,"
Mr. Bertrand said, the report relays.

The Supplemental Directors' Circular included a Fairness Opinion
from accounting firm, Ernst and Young (EY), the report notes.  The
firm valued TCL shares at between TT$5.60 and TT$6.18 per share in
a January 18 Fairness Opinion requested by the TCL board, the
report discloses.

As reported in the Newsday, EY refused however to make an
assessment of whether this is a fair price for the shares and have
advised shareholders to obtain advice from investment
professionals or lawyers, the report says.  The company's board
has also directed shareholders to do the same, even though it has
told them, outright, to reject Cemex's amended offer made through
its subsidiary, Sierra Trading, the report relays.  Saturday also
saw the publication of an advertisement by Cemex, in which the
Mexican building materials giant announced that it had surpassed
the 50.01 percent threshold of shareholders acceptances, the
report notes.  This represents one of the conditions needed to be
met to complete its bid to acquire full control of TCL, something
which Bertrand said "means that there will be no further increases
in the offer price," the report relays.

"However," Mr. Bertrand added, "one has to wonder about the
theatrics of the move from $4.50 to $5.07, as if one examines
Cemex's "Availability of Funds statement" in its December 5th 2016
offer, Cemex had borrowed US$100 million to purchase 133 million
shares suggesting that they intended making a final offer of
around $5.13 but were just playing the game depending on
shareholders' resistance," the report notes.

Mr. Bertrand, who is also a TCL shareholder, described as
"amusing" the decision of TCL Chairman, Wilfred Espinet, "to
accept Cemex's offer of $5.07", saying this goes to the heart of
his past criticisms of the Espinet-led board "who squandered all
leverage by giving away the 20 percent Limit on shareholding for
$2.90 per share to Cemex," the report notes.

As reported in the Troubled Company Reporter-Latin America on
July 27, 2016, Fitch Ratings affirmed CEMEX, S.A.B. de C.V.'s
(CEMEX) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has
also upgraded the company's National Scale Long-Term Rating to
'A(mex)' from 'A- (mex)' and affirmed the company's National Scale
Short-Term rating at 'F2 (mex)'. The Rating Outlook remains
Stable.



=======
P E R U
=======


INRETAIL SHOPPING: Moody's Affirms Ba2 Sr. Unsecured Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings of InRetail
Shopping Malls, including the Ba2 senior unsecured rating. The
rating outlook is stable.

The following ratings were affirmed:

Issuer: InRetail Shopping Malls

Foreign Currency Senior Unsecured Notes at Ba2

Global Scale, Local Currency Senior Unsecured Notes at Ba2

RATINGS RATIONALE

The Ba2 senior unsecured rating reflects InRetail's strong
operating performance, reflected in the company's stable occupancy
in the mid-90% range, good tenant profile and solid same-store
year-over-year NOI growth. The company has solid credit metrics,
including net debt/EBITDA of 3.7x, fixed charge coverage of 2.4x
and secured debt % gross assets of 1.7% as of the 3Q16. The debt
maturity profile of the company is very manageable, with less than
12% of debt coming due over the next four years.

However, same-store sales for the 3Q16, which were 4.4% have been
decelerating since 2013 due to weaker consumption trends in Peru.
Strong macroeconomic fundamentals, including strong demand and
limited supply, coupled with the portfolio's long-term leases
support earnings consistency. The tenant base is diversified, with
the largest tenants including Plaza Vea (8.6% of total rents),
Promart (8.4%), Cineplanet (6.8%) and Oechsle (6.1%), all of which
are owned by InRetail's parent Intercorp Peru. Of concern is
InRetail's lack of geographic diversification -- all assets are
located in Peru -- as well as asset concentration. The largest
asset, Real Plaza Salaverry, represented 20% of NOI as of 3Q16 and
the top three assets represented over 40% of NOI. In addition,
Moody's considers liquidity to be weak in comparison to global
peers as the company does not have a committed revolving line of
credit. The company relies on debt and free cash flow to fund its
business needs. Finally, some foreign currency risk exists as
almost 75% of its debt is denominated in U.S. dollars and most of
its revenues (88%) are denominated in Peruvian Soles. In 2015 the
company entered into a contract to hedge US$200 million of the
principal amount of its 6.5% senior notes due 2021. In addition,
the company paid down $51 million of principal on the notes in the
same year, which together with the currency hedge somewhat
mitigates the foreign currency risk, and reduced its U.S. dollar
debt exposure to 25% as of 3Q16.

The stable outlook reflects Moody's expectation of continued
positive same-store sales growth while maintaining healthy
occupancy in the mid-90% range and maintaining key credit metrics
at current levels.

Moody's indicated that a rating upgrade would be difficult,
however it would be predicated upon fully loaded fixed charge
coverage (interest expense, capitalized interest and principal
amortization) consistently above 3.0x, maintenance of the
unencumbered asset pool above 80% of gross assets, secured debt
levels sustained below 5% and the development pipeline
representing less than 15% of gross assets on a sustained basis
through real estate cycles. Negative rating pressure would likely
result from any material difficulty with the execution and lease-
up of Real Plaza Puruchuco, rapid deceleration of tenants sales
and increase in mall vacancies, an inability to show adequate
liquidity for the next 24 months and Net Debt/EBITDA consistently
above 5x.

The last rating action with respect to InRetail Shopping Malls was
on July 22, 2014 when Moody's assigned a Ba2 global scale, local
currency rating to the company's proposed senior unsecured bond
issuance with a stable ratings outlook.

InRetail Shopping Malls, is a shopping center owner and operator
in Peru with a total owned portfolio of 19 assets, representing
620,000 square meters (m2) of gross leasable area (GLA). As of
September 30, 2016, the company had total book assets of US$1
billion.



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


VENEZUELA: Names Ricardo Sanguino New Head of Central Bank
----------------------------------------------------------
Kejal Vyas at The Wall Street Journal reports that Venezuela
president Nicolas Maduro named a longtime ruling Socialist Party
lawmaker as the new head of the central bank as the oil-rich
nation tries to turn around a devastating economic crisis.

Ricardo Sanguino, who has been a legislator since 2000 and headed
the National Assembly's budget commission, replaces Nelson
Merentes, a mathematician whose leadership of the bank since 2009
has been marked by frenzied money printing to pay for populist
government programs, contributing to a free fall in the value of
the local currency, the bolivar, according to The Wall Street
Journal.

"I want to start a new stage of development of the central bank,"
President Maduro said in a televised address without providing
details, the report notes.

President Maduro called Mr. Sanguino "one of the most studious and
knowledgeable men when it comes to the financial, economic and
monetary life of the country," the report relays.

In brief comments, Mr. Sanguino praised the bank's work in 18
years of Socialist rule, first under the late firebrand Hugo
Chavez -- who stripped it of much of its autonomy -- and then
under Mr. Maduro, the report discloses.

"We were able to show that we can advance," Mr. Sanguino said, the
report notes.

As the economy has floundered in recent years, the central bank
has stopped regularly publishing basic data like gross domestic
product and inflation, the report discloses.

Venezuela's economy is estimated to have shrunk by 16.8% in 2016,
Torino Capital economist Francisco Rodriguez said in a Jan. 17
report, calling it the worst year on record, the report says.  In
the nearly four years since Mr. Maduro took office, Venezuela has
seen an economic contraction just shy of 28%, comparable with
countries entrenched in war like Iraq, Syria and Liberia, Mr.
Rodriguez said, the report relays.

Official figures show that the central bank increased bolivar
supply 15-fold since the start of 2013. The International Monetary
Fund forecasts four-digit inflation in 2017 as the country faces
dollar shortages to pay for imports, generating widespread
scarcities of food and medicine, the report notes.

Mr. Maduro blames lower commodity prices and a so-called "economic
war" waged by his political rivals, the report discloses.
Economists, however, point the finger at populist spending and
mismanagement, the report notes.

In response to soaring prices, the central bank this month began
distributing new high-denomination bank notes of up to VEB20,000,
but they were released weeks later than expected because the
bills, which are printed abroad, didn't arrive in time, the report
notes.

The government said it will soon take out of circulation its 100-
bolivar bill, which had been the country's biggest note but has a
street value of just a few U.S. cents, 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'.



=================
X X X X X X X X X
=================


LATAM: ECLAC wants China, Caribbean to Cooperate in Key Areas
-------------------------------------------------------------
Trinidad Express reports that the Executive Secretary of the
Economic Commission for Latin America and the Caribbean, Alicia
Barcena is calling on regional countries to cooperate with China
in key areas to boost development.

Speaking at the World Economic Forum here, Ms. Barcena urged that
this cooperation involve, among other things, infrastructure,
energy and "especially, agriculture, since the regional potential
for agricultural and food production could meet the Asian
country's demands," according to Trinidad Express.

"We must expand and diversify our economic relations," stressed
the regional organization's most senior representative in
participating in the session, entitled "China's Pivot to World
Markets," the report notes.

Ms. Barcena referenced an ECLAC document that coincided with a
visit last November by Chinese President Xi Jinping at ECLAC's
headquarters in Santiago, Chile, the report relays.

There, Jinping participated in a media summit with the aim of
bringing about greater cultural rapport with Latin America and the
Caribbean, ECLAC said, the report relays.

Ms. Barcena said China has delineated a strategy of links with the
region based on trade, investments, financing and cooperation,
with six priority areas: Infrastructure, transportation, energy
and natural resources, industry, science and technology, and
agriculture, the report relays.

In this last sector, Ms. Barcena said China, with 1.3 billion
inhabitants and just 7 percent of the world's arable land and 6
percent of its water resources, "represents a market with great
potential" for the region, the report notes.

The report notes that Ms. Barcena said the region, through the
Community of Latin American and Caribbean States (CELAC), has also
taken steps toward building a strategic trade relationship with
China.

The ECLAC executive secretary underscored that the trade of goods
between Latin America and the Caribbean and China expanded by 23
times between 2000 and 2013, "although two years of declines
followed that," the report relays.

Despite this, Ms. Barcena noted that the "Asian giant" displaced
the European Union in 2014 as the region's second-biggest trading
partner, exceeded only by the United States, the report notes.

However, Ms. Barcena said the export basket is concentrated in
five products that together represented 69 percent of the value of
the region's shipments to the Asian country in 2015, the report
discloses.

In the area of investments, she stressed the quantitative leap
that the Asian country experienced in 2010, when, in that year
alone, estimated Chinese Foreign Direct Investment (FDI) in Latin
America and the Caribbean rose to 14 billion dollars, doubling the
cumulative figure from the prior two decades (1990-2009), the
report relays.

During her participation at the World Economic Forum (WEF), Ms.
Barcena also participated in panels on policies for inclusive
productivity, and on economic growth and social inclusion in Latin
American and the Caribbean, the report notes.

In this last session, she underlined the importance of
strengthening innovation through public-private alliances that
allow experiences to be shared "so as to foster productivity with
social inclusion," according to ECLAC, the report says.

During the conference, ECLAC said Ms. Barcena also spoke on the
impact of the fourth industrial revolution on competitiveness, the
regional challenges regarding the digital economy, the role of
extractive industries in a context of collaboration for the 2030
United Nations Agenda, and the efforts by regional countries to
achieve the UN's Sustainable Development Goals (SDGs), the report
adds.


LATAM: Sovereign Outlook is Neg. on Tepid Growth, Moody's Says
--------------------------------------------------------------
The credit drivers for sovereign creditors in Latin America and
the Caribbean are negative due to the weak global economic
environment and still-depressed commodity prices, says Moody's
Investors Service in a report. Rising debt levels and the prospect
of higher global interest rates are also impacting credit
prospects.

Eight of the 29 Moody's-rated Latin American sovereigns ended 2016
with a negative outlook, while only three countries had a positive
outlook. In 2015, only six sovereigns had a negative outlook and
another four had positive outlooks on their ratings.

Economic growth in the region will likely average only 0.9% in
2016-18, driven largely by the weakness in Brazil and Argentina,
two of the region's largest economies. That's well below the
recent average of 3% achieved during the five-year period of 2010-
15.

"Given some improvement in commodity prices and the rating actions
already taken, we expect negative credit trends to be contained in
2017, relative to last year," said Samar Maziad, a Vice President
and Senior Analyst at Moody's. "Nonetheless, we expect the
creditworthiness of a number of sovereigns to deteriorate
further."

Of the 29 Latin American sovereigns that Moody's rates, Brazil
(Ba2 negative), Ecuador (B3 stable), Trinidad & Tobago (Baa3
negative) and Venezuela (Caa3 negative) will experience the
weakest growth and struggle with the related credit challenges in
2017 to 2018.

Moody's expects debt levels to rise in Argentina (B3 stable) and
Brazil, as fiscal consolidation remains challenging and
insufficient to reverse negative trends. Going forward, Moody's
expects that large fiscal deficits and high debt ratios will
continue to constrain policy options for many of the region's
sovereigns.

Despite weaker growth in many countries, the authorities will be
limited in their ability to initiate, or accelerate, easier
monetary policy in 2017 due to higher global interest rates and
volatile capital flows. This will curb growth and contribute to
higher interest costs on domestic debt.

Mexico (A3 negative) is exposed to a potential shift in US trade
policies and related uncertainty, which will be a drag on
investment and growth in 2017. However, recent tax reforms have
compensated for loss of oil-related revenues, improving the
resilience of the sovereign's credit profile to shocks.




                            ***********


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.

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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, Ivy B. Magdadaro, Julie Anne L.
Toledo, and Peter A. Chapman, Editors.

Copyright 2017.  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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