TCRLA_Public/170125.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

               Wednesday, January 25, 2017, Vol. 18, No. 018


                            Headlines



A R G E N T I N A

ARGENTINA REPUBLIC: S&P Assigns 'B-' Rating on US$7BB Sr. Bonds
FIDEICOMISO FINANCIERO: Moody's Withdraws Ratings on Certs.


B R A Z I L

ODEBRECHT SA: Peru Cancels Pipeline Contract
SUL AMERICA: S&P Affirms 'BB' Rating; Outlook Remains Negative


C A Y M A N  I S L A N D S

ADAM SMITH: Placed Under Voluntary Wind-Up
ADAR LATAM: Placed Under Voluntary Wind-Up
ALIZES INVESTMENTS: Placed Under Voluntary Wind-Up
BANYAN FUND: Commences Liquidation Proceedings
BRAX EQUITY: Placed Under Voluntary Wind-Up

CHOL INTERNATIONAL: Placed Under Voluntary Wind-Up
COGNIS CREDIT: Placed Under Voluntary Wind-Up
COGNIS CREDIT MASTER: Placed Under Voluntary Wind-Up
CONVERGENX LTD: Commences Liquidation Proceedings
CRYSTAL MARINE: Placed Under Voluntary Wind-Up

INDUS JAPAN: Placed Under Voluntary Wind-Up
INDUS JAPAN MASTER: Placed Under Voluntary Wind-Up
INTERCONTINENTAL COMPONENT: Placed Under Voluntary Wind-Up
OZER INVEST: Commences Liquidation Proceedings
PELICANCROSS HOLDINGS: Commences Liquidation Proceedings

PRYSMA INVEST: Placed Under Voluntary Wind-Up
REDSTREAM FUND: Placed Under Voluntary Wind-Up
STARBOARD VALUE: Commences Liquidation Proceedings
STEERSMEN II: Commences Liquidation Proceedings
TREBLECLEF INVESTMENTS: Commences Liquidation Proceedings


C H I L E

CHILE: Raging Wildfires Force Leader to Skip Dominican Summit


C O S T A   R I C A

GRUPO ICE: Fitch Cuts Issuer Default Ratings to 'BB'


J A M A I C A

JAMAICA: NIR Decline Expected W/Prepayment in Deposit Certs


M E X I C O

MEXICO: To Negotiate Bilateral Pacts With TPP Countries


P U E R T O    R I C O

ESTEBAN BEAUTY: Unsecureds to Get Pro-rata Distribution of $2,000
ESTEBAN DISTRIBUTOR: Unsecureds to Get Pro-rata Distribution
PUERTO RICO: Gov. Cites "Sharp Contrast" With Island's Overseer


X X X X X X X X X

LATAM: IMF Forecasts Economic Growth of Just 1.2% in 2017


                            - - - - -


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


ARGENTINA REPUBLIC: S&P Assigns 'B-' Rating on US$7BB Sr. Bonds
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue rating on the Republic
of Argentina's senior unsecured bonds for a total of
US$7.0 billion.  From the issued amount, US$3.25 billion is due in
2022, and the remaining US$3.75 billion is due in 2027.  The
government will use proceeds from the issuance for general
purposes, as well as to refinance existing debt.  The long-term
rating on Argentina remains 'B-', with a stable outlook.  The
rating on the bond is the same as the long-term foreign currency
sovereign credit rating on Argentina.

The ratings on Argentina reflect the ongoing challenges to address
the country's main problems, including high inflation, a large
fiscal deficit, and economic contraction, while the administration
of President Mauricio Macri lacks a majority in either chamber of
Congress.  Moreover, midterm Congressional elections in October
2017 make it hard for the Macri Administration to get support from
other political parties for its main policy initiatives.  On the
social side, issues including poverty, with 30% of the population
under the poverty line; high inflation that peaked in 2016;
layoffs at the beginning of the year; and economic contraction in
2016 are generating social discontent and demands.  Still, the
latest polls show that the government's popularity is still
relatively high, and approval ratios remain at about 50%.

As part of its plan, the government successfully resolved the
holdout litigation in early May 2016, allowing the government to
subsequently issue debt in the external markets.  Argentina issued
$22 billion in the external capital markets during 2016.  Latest
official reports show debt levels increased to $251 billion as of
September 2016 from $241 billion as of December 2015.  Around 55%
is debt held by public-sector entities (mainly Anses, the social
security agency; the central bank; and, to a lesser extent,
government-owned Banco Nacion), reducing the market rollover risk.
At the same time, over 70% of the debt is denominated in foreign
currency, highlighting the vulnerability to exchange rate
movements.

S&P expects general government debt will continue to rise
gradually due to both fiscal deficits and the impact of currency
depreciation.  S&P expects debt to have reached around 55% of GDP
in 2016, up from 52.6% of GDP at year-end 2015.  The debt
trajectory over the next three years will depend on the
government's capacity to steadily reduce fiscal deficits while
maintaining access to global markets.

RATINGS LIST

Republic of Argentina
Sovereign Credit Rating           B-/Stable/B

New Rating

Republic of Argentina
Senior Unsecured
  US$3.25 billion due 2022         B-
  US$3.75 billion due 2027         B-


FIDEICOMISO FINANCIERO: Moody's Withdraws Ratings on Certs.
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn the ratings of the certificates listed below due to
business reasons.

LIST OF DEALS AND CERTIFICATES AFFECTED

Issuer: Fideicomiso Financiero Pvcred Serie XV

CP Certificate, Withdrawn (sf) due to business reasons; previously
on May 11, 2016 Upgraded to Ba3 (sf) / Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVI

CP Certificate, Withdrawn (sf) due to business reasons; previously
on May 11, 2016 Upgraded to Ba3 (sf) / Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVII

CP Certificate, Withdrawn (sf) due to business reasons; previously
on May 11, 2016 Downgraded to Ca (sf) / Ca.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVIII

CP Certificate, Withdrawn (sf) due to business reasons; previously
on May 11, 2016 Downgraded to C.ar (sf) / C (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XIX

CP Certificate, Withdrawn (sf) due to business reasons; previously
on May 11, 2016 Downgraded to C (sf) / C.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XX

CP Certificate, Withdrawn (sf) due to business reasons; previously
on Apr 24, 2014 Assigned Ca.ar (sf) / Ca (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XXI

CP Certificate, Withdrawn (sf) due to business reasons; previously
on May 11, 2016 Downgraded to C.ar (sf) / C (sf)



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


ODEBRECHT SA: Peru Cancels Pipeline Contract
--------------------------------------------
Ryan Dube at The Wall Street Journal reports that Peru will
terminate a contract with a consortium led by Odebrecht SA to
build a $7 billion natural-gas pipeline, a government minister
said, the latest blow to the Brazilian construction giant amid an
expanding corruption scandal into how the company secured
lucrative deals.

Mines and Energy Minister Gonzalo Tamayo said the Southern
Peruvian Gas Pipeline consortium, which is majority-owned by
Odebrecht SA, failed to meet the deadline to secure financing and
would be officially told that the contract will be rescinded,
according to The Wall Street Journal.

The report notes that Mr. Tamayo said the consortium would also be
assessed a $262 million penalty for not completing the contract to
build the 700-mile long pipeline to transport cheap natural gas
from the Amazon to towns across the southern highlands and on to
the Pacific.  Odebrecht has a 55% stake in the project. Spain's
Enagas has 25%, and Peru's Grana y Montero has 20%.

"The project isn't going ahead with the current partners," Mr.
Tamayo told radio broadcaster RPP Noticias, the report relays.
"They had to obtain this financing from the international
financial community as a sign of their capacity to bring this
project forward," the report notes.

The consortium said it wouldn't be able to meet the financing
deadline and was preparing for the contract's termination, the
report discloses.  It remained unclear exactly who would finish
the pipeline, but Mr. Tamayo said the government was studying
options, including auctioning off the project to a new set of
bidders, the report notes.

In separate statements, Enagas and Grana y Montero said the
contract stipulates that Peru use the funds from a new auction to
compensate them for their investments. They said they expected to
receive back within the next three years a significant portion of
the investments they already made, the report relays.  Odebrecht
SA declined to comment.

As a condition for loans, banks required Odebrecht SA to sell its
stake in the project, for which about 10% of the construction has
already been completed, the report notes.  The company's efforts
to do so fell apart when authorities refused to remove an
anticorruption clause in the contract allowing the government to
seize the project if it found wrongdoing, the report relays.

The pipeline, one of Peru's biggest infrastructure projects, was
awarded in 2014 under the administration of President Ollanta
Humala, ther.  Odebrecht's consortium was the only bidder on the
project after another group was disqualified.

Odebrecht, Latin America's biggest construction company, has faced
a growing backlash since acknowledging last month to the U.S.
Justice Department that it paid nearly $800 million in bribes,
most of it in Latin America, to secure public works contracts, the
report relays.  Peru, Ecuador, and Panama have since banned the
company from signing new public-works contracts, the report
discloses.

Colombian authorities said last week they would look to oust the
firm from the country following the arrest of a former deputy
transport minister, who has since pleaded guilty to charges of
illicit enrichment for helping Odebrecht SA win a majority stake
in a road project, the report notes.  A former senator also
arrested on bribery charges has denied the allegations, the report
discloses.  Colombia's attorney general's office says it is
investigating about two dozen people for possible links to the
corruption scandal, the report relays.

In Peru, where Odebrecht SA has admitted to paying $29 million in
bribes, prosecutors plan to question Mr. Humala and his
predecessors, former Presidents Alan Garcia and Alejandro Toledo,
over contracts the Brazilian firm won, the report says.  All three
men have denied wrongdoing, the report notes.  A judge said Mr.
Humala would need court approval before traveling abroad as a
money-laundering probe tied to Odebrecht continues, the report
discloses.

Edwin Luyo, a member of the committee charged with awarding
Odebrecht the concession for Lima's subway system in 2009, was
arrested for allegedly taking bribes paid through accounts at a
bank in the tiny European state of Andorra, the report says.  Mr.
Luyo has publicly said he would cooperate with the investigation,
the report notes.

Prosecutors have also issued an arrest warrant for a former deputy
communications minister accused of receiving kickbacks for the
subway project in exchange for helping Odebrecht SA, the report
adds.

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal said that Marcelo Odebrecht,
the jailed former head of Brazilian construction giant Odebrecht
SA, agreed to sign a plea-bargain agreement in connection with
Brazil's largest corruption probe ever, according to a person
close to the negotiations.  The move could roil the nation's
political class yet again.  The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.


SUL AMERICA: S&P Affirms 'BB' Rating; Outlook Remains Negative
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
national scale ratings on Sul America Companhia Nacional de
Seguros.  S&P also affirmed its 'B+' and 'brBBB+' ratings on Sul
America S.A. (SASA).  The outlook remains negative.

Ratings on Sul America reflect its strong brand recognition,
business diversification, and operating performance that's in line
with those of its peers.  Nevertheless, its investment portfolio
continues to be concentrated in speculative-grade securities,
given its high exposure to Brazilian sovereign securities.

As a multiline insurer, Sul America is exposed to the risks of
health, property and casualty (P/C), and life insurance
businesses.  Therefore, Sul America's overall Insurance Industry
and Country Risk Assessment (IICRA) score is based on the weighted
average of S&P's P/C, life, and health IICRA scores, which are
moderate, intermediate, and moderate risks, respectively.  Given
the higher share of health and P/C business lines in the company's
business structure, its overall IICRA score is a moderate risk.



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


ADAM SMITH: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on Dec. 5, 2016, the sole
shareholder of Adam Smith Investments 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


ADAR LATAM: Placed Under Voluntary Wind-Up
------------------------------------------
The sole shareholder of Adar Latam High Income 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:

          Adar Capital Partners Ltd.
          c/o Paul Ebanks
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


ALIZES INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on Dec. 5, 2016, the
shareholders of Alizes Investments 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


BANYAN FUND: Commences Liquidation Proceedings
----------------------------------------------
The members of Banyan Fund, on Oct. 18, 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:

          Ouyang Wensheng
          Suite 2403 199 Urumqi Road Shanghai
          People's Republic of China
          Telephone: + 18621698863


BRAX EQUITY: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of Brax Equity 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:

          First Management Ltd
          c/o Daniella Skotnicki
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


CHOL INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on Dec. 7, 2016, the sole
shareholder of Chol International Inc. 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


COGNIS CREDIT: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Cognis Credit Opportunities 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265
          190 Elgin Avenue George Town
          Grand Cayman KY1-9007
          Cayman Islands


COGNIS CREDIT MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
The sole shareholder of Cognis Credit Opportunities Master 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265
          190 Elgin Avenue George Town
          Grand Cayman KY1-9007
          Cayman Islands


CONVERGENX LTD: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Convergenx Ltd, 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 Erie Limited
          Corey Stokes
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


CRYSTAL MARINE: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Crystal Marine Two Ltd., on Nov. 30, 2016,
resolved to voluntarily wind up the company's operations.

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:

          William E. Craver III
          2702 Ion Avenue, Box 754
          Sullivan's Island, SC 29482
          USA
          Telephone: (843) 577-7557
          Facsimile: (843) 577-0811


INDUS JAPAN: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of Indus Japan Market Neutral 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Joanne Huckle
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


INDUS JAPAN MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------
The sole shareholder of Indus Japan Market Neutral Master Fund, on
Dec. 9, 2016, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Joanne Huckle
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


INTERCONTINENTAL COMPONENT: Placed Under Voluntary Wind-Up
----------------------------------------------------------
At an extraordinary general meeting held on Dec. 7, 2016, the sole
shareholder of Intercontinental Component Supply International
(Cayman) Ltd resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


OZER INVEST: Commences Liquidation Proceedings
----------------------------------------------
The members of Ozer Invest 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 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


PELICANCROSS HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------------
The sole shareholder of Pelicancross 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
          Limmatquai 94, Zurich
          Switzerland CH-8021
          Telephone: 41 44 711 71 71
          Facsimile: 41 44 711 71 11


PRYSMA INVEST: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Prysma Invest 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Daniella Skotnicki
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


REDSTREAM FUND: Placed Under Voluntary Wind-Up
----------------------------------------------
The shareholders of Redstream Fund Limited, on Dec. 5, 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:

          Avalon Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


STARBOARD VALUE: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Starboard Value and Opportunity Overseas
Fund II, Ltd, on Dec. 7, 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:

          Starboard Value LP
          Kenneth Marlin
          777 Third Avenue, 18th Floor
          New York
          New York 10017
          United States of America
          Telephone: +1 (212) 845 7906
          e-mail: kmarlin@starboardvalue.com


STEERSMEN II: Commences Liquidation Proceedings
-----------------------------------------------
The shareholders of Steersmen II Ltd., on Nov.29, 2016, resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 29, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ho, Hsin-Hui
          9th Floor., No.3, Aly. 30, Ln. 78
          Sec. 2, Fuxing S. Rd., Da'an Dist.
          Taipei City 106, Taiwan (R.O.C.)
          Telephone:  +886.2.8978.9200 #3997
          Facsimile:  +886.2.2767.8801


TREBLECLEF INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
The members of Trebleclef Investments Limited Company, 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 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



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


CHILE: Raging Wildfires Force Leader to Skip Dominican Summit
-------------------------------------------------------------
Dominican Today reports that the Dominican Foreign Ministry on
Monday said it regrets the absence of the Chilean president
Michelle Bachelet, at the 5th CELAC Summit of Heads of State and
Government and expressed its solidarity with Chile, where forest
and wildfires have devastated several regions of the country.

Ms. Bachelet announced her decision to cancel her attendance at
the summit due to the fires during a Council of Ministers in the
Chilean government headquarters at Palacio de la Moneda, according
to Dominican Today.

The Dominican Foreign Ministry tweeted its "solidarity with the
brotherly Chilean people" and lamented the Chilean leader's
absence at the conclave, to be held at the resort Bavaro, the
report notes.

The Chilean leader also canceled her planned working visit to
Haiti after the summit, local media said, quoting sources, the
report relays.

In a hot spell of temperatures above 35 degrees in central Chile,
the raging fires have charred more than 127,000 hectares of
vegetation, crops, forests and houses in seven regions, the report
notes.



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


GRUPO ICE: Fitch Cuts Issuer Default Ratings to 'BB'
----------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign Currency and
Local Currency Issuer Default Ratings for Instituto Costarricense
de Electricidad y Subsidiarias (Grupo ICE) to 'BB' from 'BB+'. The
rating action affects the ratings of its senior unsecured bonds
due in 2021 and 2043, which have also been downgraded to 'BB' from
'BB+'. The Rating Outlook has been revised to Stable from
Negative.

KEY RATING DRIVERS

These rating actions follow the downgrades of Costa Rica's Long-
Term Foreign and Local Currency IDRs to 'BB' from 'BB+' and the
revision of the Rating Outlooks to Stable from Negative. The
sovereign rating revisions reflect the country's deteriorating
debt dynamics driven by large fiscal deficits and continued
institutional gridlock preventing progress on reforms to correct
fiscal imbalances. Despite the estimated 0.6% of GDP improvement
in 2016 (due largely to administrative measures), the fiscal
deficit is expected to rise over the next two years as a result of
a higher interest burden and spending rigidities.

Grupo ICE's ratings are linked to the sovereign rating of Costa
Rica due to government ownership and the government's implicit and
explicit support. The company holds strategic importance for the
government given the growing demand of electricity in the country
and government's plans to increase renewable generation and to
reduce exposure to fluctuations in fossil fuel prices. The ratings
also reflect company's diversified portfolio of assets, adequate
financial profile, aggressive capital expenditure program oriented
to increase renewable generation capacity and maintaining a strong
market share position in the telecommunications business.

KEY ASSUMPTIONS

-- The strong linkage between the sovereign rating of Costa Rica
    and ICE continues;
-- Grupo ICE remains important to the government as a strategic
    asset for the country;
-- Fuel variable-cost tariff revision and ordinary tariff
    adjustments are in place;
-- The Reventazon asset and the associated debt will be
    incorporated in ICE's 2016 financial statements.
-- The 2017 tariff review considers the debt service for
    Reventazon hydroelectric project;
-- Grupo ICE will continue to support its subsidiaries in terms
    of its financial obligations, and as advisor on operational or
    technical issues, when is needed or required.

RATING SENSITIVITIES

Grupo ICE's ratings could be negatively affected by any
combination of the following factors: sovereign downgrades;
weakening of legal, operational and/or strategic ties with the
government; or regulatory intervention that negatively affects the
company's.

Grupo ICE's ratings could be positively affected by an upgrade of
Costa Rica's sovereign rating, or if the company is materially
isolated from government interference.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings

Instituto Costarricense de Electricidad y Subsidiarias (Grupo ICE)

-- Long-Term Foreign Currency IDR to 'BB' from from 'BB+';
-- Long-Term Local Currency IDR to 'BB' from from 'BB+';
-- Senior unsecured debt rating to 'BB' from from 'BB+'.

The Rating Outlooks have been revised to Stable from Negative.



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


JAMAICA: NIR Decline Expected W/Prepayment in Deposit Certs
-----------------------------------------------------------
RJR News reports that Jamaica's Net International Reserves is to
decline with the Central Bank set to prepay US$256 million in
certificates of deposit.

A notice from the Bank of Jamaica said the pre-payment follows the
call notice it issued last October in accordance with the terms of
the instruments, according to RJR News.

The Bank said it will continue regular monthly issues of US dollar
certificates of deposit, the report notes.

It is aiming to reduce the stock of outstanding US currency
certificates of deposit to US$900 million by March 31, the report
relays.

It adds that despite the decline in the NIR the non-borrowed
reserves target agreed under the precautionary Stand-By
Arrangement with the IMF will be comfortably met, the report says.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term and
short-term foreign and local currency sovereign credit ratings on
Jamaica.  The outlook on the long-term sovereign credit ratings
remains stable.  In addition, S&P affirmed its transfer and
convertibility assessment at 'B+'.



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


MEXICO: To Negotiate Bilateral Pacts With TPP Countries
-------------------------------------------------------
EFE News reports that Mexican President Enrique Pena Nieto
announced that his government will negotiate new trade pacts with
signatory nations of the Trans-Pacific Partnership, the ambitious
treaty that the United States withdrew from on Jan. 23.

"Given the difficulty of making the TPP a reality, Mexico will
immediately initiate talks that will create new bilateral trade
agreements with the treaty's participating countries," said Pena
Nieto in a statement from the Los Pinos presidential residence,
according to EFE News.

Accompanied by a good portion of his Cabinet, as well as business
and union representatives, the Mexican leader also backed
improving relations with the Asia-Pacific region, given that five
of Mexico's 10 main trade partners are located there, the report
relays.

"It's our priority to consolidate ourselves as a relevant partner
(in the Pacific region) to intensify trade, investment and tourism
flows," he said, the report discloses.

US President Donald Trump fulfilled one of his campaign promises
by signing an executive order to withdraw Washington from the TPP,
which had been a key piece of predecessor Barack Obama's trade
legacy, the report says.

The treaty, negotiation of which took more than six years, was
signed in early 2016 by Australia, Brunei, Canada, Chile, the
United States, Japan, Malaysia, Mexico, New Zealand, Peru,
Singapore and Vietnam and is in the process of being ratified by
the parliaments of the member nations so that it may enter into
effect, the report notes.

According to Mexican government figures, the trade bloc --
including the participation of the United States -- would
represent 37 percent of the world GDP and 20 percent of global
trade, the report adds.



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


ESTEBAN BEAUTY: Unsecureds to Get Pro-rata Distribution of $2,000
-----------------------------------------------------------------
Esteban Beauty Distributor Corp. filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a small business disclosure
statement and plan of reorganization, dated Jan. 17, 2017.

The administrative expenses are classified in Class 1 and shall be
paid in full in cash as soon as practicable or agreed with the
creditor no later than (a) the Effective Date or (b) the date any
such claim becomes an allowed Administrative Claim.

There are unsecured priority claims classified in Class 2. These
unsecured priority claims shall be paid in full from Debtor's
ongoing sales.

The unsecured general claims classified are in Class 3. The
amounts due under this class will be paid a pro-rata distribution
of $2,000 from proceeds of the ongoing sales operations of the
Debtor.

The equity interest holders claim classified in Class 4. The
amounts due under this class will be paid a portion pro-rata from
proceeds of the ongoing sales operations of the Debtor.

The Plan will be funded by Debtor's ongoing sales operations.
Thus, it will have enough cash on hand on the effective date of
the Plan to pay all the claims and expenses that are entitled to
be paid on that date.

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

      http://bankrupt.com/misc/prb16-03796-11-72.pdf

                     About Esteban Beauty

Esteban Beauty Distributor Corp. sought protection under Chapter
11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the
District of Puerto Rico (Case No. 16-03796) on May 11, 2016.


ESTEBAN DISTRIBUTOR: Unsecureds to Get Pro-rata Distribution
------------------------------------------------------------
Esteban Distributor Inc. filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a small business disclosure statement
and plan of reorganization, dated Jan. 17, 2017.

The administrative expenses are classified in Class 1 and will be
paid in full in cash as soon as practicable or agreed with the
creditor no later than (a) the Effective Date or (b) the date any
such claim becomes an allowed Administrative Claim.

There are unsecured priority claims classified in Class 2 and
shall be paid in full from Debtor's on going sales operations in
years 1 and 2 of the plan.

The Critical Vendor claim is classified in Class 3. This claim has
been paid in full as per the critical vendor agreement from
Debtor's ongoing sales operations.

There are unsecured non-priority claims classified in Class 4
which will receive a pro-rata distribution.

The general unsecured claims classified in Class 5 will receive a
pro-rata distribution of $4,000.

The equity holders claims classified in Class 6 will receive the
same compensation as the last year, but no amount in excess.

The Plan will be funded by Debtor's ongoing sales operations.
Thus, it will have enough cash on hand on the effective date of
the Plan to pay all the claims and expenses that are entitled to
be paid on that date.

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

        http://bankrupt.com/misc/prb16-03799-11-86.pdf

                   About Esteban Beauty

Esteban Beauty Distributor Corp. sought protection under Chapter
11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the
District of Puerto Rico (Case No. 16-03796) on May 11, 2016.

Esteban Distributor Inc.'s bankruptcy case is Case no. 16-03799.


PUERTO RICO: Gov. Cites "Sharp Contrast" With Island's Overseer
---------------------------------------------------------------
The American Bankruptcy Institute, citing Nick Brown of Reuters,
reported that Puerto Rico Governor Ricardo Rossello criticized a
set of recommendations by the federal board in charge of managing
the U.S. territory's finances, signaling a potential power
struggle between the government and the board on how to pull the
island out of economic crisis.

According to the report, in a letter to the board, Gov. Rossello
said that while he supports reducing government spending, he would
not focus on layoffs as a primary means of saving money.

He also took a more moderate stance on reducing repayments to
holders of the island's $70 billion in debt, saying his
administration had a "fundamental willingness to pay based upon
available resources," the report related.

The board, in a letter to the governor, said the island may have
only $800 million available annually for debt service, just 21
percent of what it owes, the report further related.

The board's letter had called for Puerto Rico to save more than
$4.5 billion a year through a mix of savings and new revenues,
including by "right-sizing government" through a 30 percent
reduction in payroll and other means, the report said.

                           *     *     *

The Fiscal Agency and Financial Advisory Authority of Puerto Rico
has selected Dentons US as its legal advisor on all aspects of its
restructuring and revitalization efforts, including development
and implementation of the Fiscal Plan, restructuring and
renegotiation of municipal bond debt, communications with
creditors and with the PROMESA Oversight Board, among others.

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.



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


LATAM: IMF Forecasts Economic Growth of Just 1.2% in 2017
---------------------------------------------------------
EFE News reports that the IMF said that Latin America's economy
would grow just 1.2 percent in 2017, a downward revision of four-
tenths of a percentage point from the prior estimate.

"The projected recovery is weaker than that forecast in October,
given the persistent weakness in some of the principal economies
even though they continue to experience moderate growth,"
International Monetary Fund (IMF) Western Hemisphere Department
director Alejandro Werner said in a press conference, according to
EFE News.


                            ***********


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, 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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