TCRLA_Public/170203.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, February 3, 2017, Vol. 18, No. 025


                            Headlines



B R A Z I L

JBS SA: Discloses Unit's Independent Board Members
JBS SA: Moody's Assigns Ba1 Rating to USA Lux's $2.8BB Term Loan
MARFRIG GLOBAL: Moody's Changes Outlook to Pos; Affirms B2 CFR

C A Y M A N  I S L A N D S

LIBERTY HOLDINGS: Shareholders' Final Meeting Set for Feb. 3
LV PACIFIC: Shareholders Receive Wind-Up Report
PANTHALASSA GP: Shareholders Receive Wind-Up Report
PRASLIN LIMITED: Shareholder Receives Wind-Up Report
RIOGAMA LIMITED: Shareholders Receive Wind-Up Report

SECUREX LIMITED: Shareholders Receive Wind-Up Report
STRAVA ENHANCED: Shareholder Receives Wind-Up Report
STRAVA OFFSHORE: Shareholder Receives Wind-Up Report
TETON SPC: Shareholder Receives Wind-Up Report
THREE MOUNTAIN: Shareholders Receive Wind-Up Report

THREE MOUNTAIN MASTER: Shareholders Receive Wind-Up Report
Y2L COMPANY: Shareholders Receive Wind-Up Report

E L  S A L V A D O R

EL SALVADOR: Fitch Lowers IDRs to 'B'; Outlook Revised to Negative

G U Y A N A

GUYANA: Tax on Domestic Flights Causing Turbulence

M E X I C O

MEXICO: NAFTA Renegotiations to Start in 90 Days
MEXICO: President Under Fire Over Trump Phone Call

P U E R T O    R I C O

PASO GAS: Hires Vega CPA as Accountant
SPI ENERGY: LDK New Energy Holds 21.7% of Shares as of Jan. 25

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Leaders Seek State Of Emergency Declaration


                            - - - - -


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B R A Z I L
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JBS SA: Discloses Unit's Independent Board Members
--------------------------------------------------
JBS S.A. disclosed to its shareholders and the market in general
the appointment of independent members of the Board of its
subsidiary JBS Foods International. The directors will serve on
the JBS Foods International Board of Directors only after the
company's effective listing on the NYSE.

Mr. John Boehner

The Honorable John Boehner is the 53rd Speaker of the U.S. House
of Representatives. He served as the representative of Ohio's 8th
Congressional District from 1991 to 2015. During his time in
Congress, he served as Vice Chairman of the U.S. House Committee
on Agriculture and as Chairman of the U.S. House Committee on
Education and the Workforce. He was the House majority leader from
2006 to 2007, and House minority leader from 2007 through 2010. In
January 2011, he was elected U.S. Speaker of the House. He retired
from Congress in October 2015 after more than 30 years of public
service.

Speaker Boehner is currently a Senior Strategic Advisor at Squire
Patton Boggs, a full-service global law and public policy firm,
where he provides strategic advice and counsel to clients on all
aspects of domestic and international policy, drawing from his
decades of experience both in business and at the highest levels
of the U.S. government. He currently serves as a member of the
Board of Directors of Reynolds American (RAI).

Mr. Greg Heckman

Mr. Heckman is an accomplished leader with more than 30 years of
experience in the agriculture and energy industries, and a strong
understanding of commodity and overall business risk management.
Mr. Heckman is the former President and CEO of The Gavilon Group,
where he directed the carve-out of the company from ConAgra Foods
in 2008. As CEO of Gavilon, he doubled the size of the Company
from 2008 to 2012, and led its successful sale to Marubeni in
2013. Prior to leading Gavilon, he spent 24 years with ConAgra
Foods, where he had leadership responsibility for multiple
business segments and corporate functions. Currently, Mr. Heckman
is one of the founding partners of Flatwater Partners, LLC, a
private investment company.

Mr. Heckman serves as a member of the Board of Directors of OCI
N.V. (NYSE:OCI), a global producer of natural gas-based
fertilizers and industrial chemicals. He is also a Board Member of
Waitt Brands and previously served on the Board of Trustees for
Brownell-Talbot College Preparatory School.

Mr. Charles Macaluso

Mr. Macaluso has been a principal at Dorchester Capital Advisors,
LLC, a management consulting and corporate advisory service firm
focusing on operational assessment, strategic planning and
workouts, since 1998. He has significant experience in operational
assessment, strategic planning, crisis management and turnaround
advisory services.

Mr. Macaluso currently serves as a member of the Board Directors
of Darling Ingredients Inc. (DAR), Pilgrim's Pride Corporation
(PPC) and Global Equipment Power Group (GLPW). During the past
five years, Mr. Macaluso also served as a director of the Elder
Beerman Stores Corp. and Global Crossing Limited. Mr. Macaluso is
also a member of the National Association of Corporate Directors.

Mr. Steven Mills

Mr. Mills is a consultant and advisor, providing services to
clients in the private equity, agribusiness, renewable products
and financial services fields. He has nearly 40 years of
experience in the fields of accounting, corporate finance,
strategic planning, risk management, and mergers & acquisitions.
He served as CFO of Amryis, Inc. (AMRS), an integrated renewable
products company, from May 2012 to December 2013. Prior to joining
Amyris, he had a 33-year career at Archer-Daniels-Midland Company
(ADM), one of the world's largest agricultural processors and food
ingredient providers. At ADM, he held various senior executive
roles, including Chief Financial Officer, Controller, and
responsibility for leading ADM's strategic efforts globally.

Mr. Mills is currently a member of the Board of Directors of Black
Hills Corporation (BKH), a vertically-integrated energy company,
where he chairs the audit committee. He also serves on the boards
of Farmers Edge, Inc., Big Red Group Holdings LLC, Hickory Point
Bank & Trust.

Mr. Dimitri Panayotopoulos

Mr. Panayotopoulos is former Vice Chairman and Advisor to the
Chairman and Chief Executive Officer of Procter & Gamble (PG), a
global consumer goods company and manufacturer of family, personal
and household care products. During his 37-year career at Procter
& Gamble, he worked in many markets across the globe and was
involved in and led significant breakthrough innovations. He
continued to focus on innovation, speed to market and scale across
all of Procter & Gamble's businesses while Vice Chairman of all
Global Business Units.


JBS SA: Moody's Assigns Ba1 Rating to USA Lux's $2.8BB Term Loan
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to a new $2.8
billion 5-year parent-guaranteed senior secured term loan being
arranged by JBS USA Lux S.A. Net proceeds from the new term loan
will be used to consolidate existing senior secured term loans and
to repay other debt at parent guarantor JBS S.A. (Ba2 stable) and
subsidiaries. The assigned rating is subject to completion and
final documentation of the offering. The rating outlook is stable.

JBS USA's three existing senior secured term loans totaling $2.09
billion will be refinanced into the new $2.8 billion term loan
with the incremental $710 million to be used to retire more costly
debt at JBS USA or JBS S.A. and subsidiaries. The new term loan is
expected to be priced at least 25 basis points lower than the debt
to be retired, which could generate over $40 million of annual
cash interest cost savings.

JBS USA plans to complete the transaction and the refinancings in
February 2017 after which time Moody's will withdraw the ratings
of the existing term loans and other rated debt instruments that
are repaid.

RATINGS RATIONALE

JBS USA's direct debt instruments are guaranteed by parent company
JBS S.A, which controls JBS USA in all material respects. Thus,
JBS USA's instrument ratings are driven primarily by the JBS S.A.
Corporate Family Rating. Moody's expects any future changes to the
JBS USA debt instrument ratings to mirror changes to the JBS S.A.
Corporate Family Rating.

Moody's has taken the following actions on JBS USA Lux, LLC:

Rating assigned:

Proposed $2.8 billion guaranteed senior secured term loan due
September 2022 at Ba1.

Ratings to be withdrawn at closing:

$408 million guaranteed senior secured term loan due May 2018 at
Ba1;

$486 million guaranteed senior secured term loan due September
2020 at Ba1;

$1.2 billion guaranteed senior secured term loan due September
2022 at Ba1.

The rating outlook is stable.

The security package, parent guarantee and right of payment of the
new $2.8 billion term loan will be identical to those of the
existing term loans.

JBS USA currently has three senior secured term loans outstanding
under a master term loan agreement: $408 million due 2018, $486
million due 2020 and $1.2 billion due 2022, all rated Ba1, or one
notch above the Ba2 Corporate Family Rating of JBS S.A. The higher
notching reflects the significant value of assets (over $3
billion) pledged directly to the term loan lenders and the senior
position of the term loans relative to $3.5 billion of JBS USA
senior unsecured debt. The term loans are effectively subordinate
to a $900 million asset-based revolving line that is secured by
JBS USA's most liquid assets -- accounts receivable, finished
goods and supply inventories. The asset-based revolver, the
secured term loans and nearly all of the unsecured notes have
downstream guarantees from the ultimate parent JBS S.A., as well
as from intermediate holding company, JBS Holdings.

JBS USA operates the US beef and pork segments and the Australian
beef and lamb operations of Brazil-based JBS S.A., the largest
protein processor in the world. JBS USA also owns a controlling
indirect 76.7% equity interest in US-based Pilgrim's Pride
Corporation (Ba3 stable), the second largest poultry processor in
the world. Reported net sales for JBS S.A. and JBS USA for the
twelve months ended September 2016 were approximately BRL 175.9
billion (USD 56.4 billion) and $32.8 billion, respectively.

The principal methodology used in this rating was "Global Protein
and Agriculture Industry" published in May 2013.


MARFRIG GLOBAL: Moody's Changes Outlook to Pos; Affirms B2 CFR
--------------------------------------------------------------
Moody's Investors Service affirmed Marfrig Global Foods S.A.'s B2
ratings, including its corporate family ratings (CFR) and the
senior unsecured ratings of Marfrig Holdings (Europe) B.V. and
Marfrig Overseas Limited. At the same time Moody's changed the
company's outlook to positive from stable.

The following ratings have been affirmed:

Issuer: Marfrig Global Foods S.A.

-- Corporate Family Rating: B2 (global scale);

Issuer: Marfrig Overseas Limited and guaranteed by Marfrig:

-- USD 484 million 9.500% senior unsecured guaranteed notes due
2020: B2 (foreign currency);

Issuer: Marfrig Holdings (Europe) B.V. and guaranteed by Marfrig:

-- USD 281 million 8.375% senior unsecured guaranteed notes due
2018: B2 (foreign currency);

-- USD 660 million 6.875% senior unsecured guaranteed notes due
2019: B2 (foreign currency);

-- USD 27 million 11.250% senior unsecured guaranteed notes due
2021: B2 (foreign currency);

-- USD 1000 million 8.000% senior unsecured guaranteed notes due
2023: B2 (foreign currency);

The outlook of all ratings is Positive

RATINGS RATIONALE

The change in outlook to positive from stable follows the
conversion of BRL2.1 billion in debentures to equity and the
perspective of improving margins for the Latin American beef
operations during 2017. Moreover, it also recognizes the company's
(i) consistent strategy of organic growth and deleveraging, (ii)
remarkable improvement in liquidity profile over several quarters
and (iii) increased participation of the more stable US poultry
business in sales. The mentioned debentures were subscribed by
BNDESPAR in 2014, in order to redeem BRL2.1 in outstanding balance
of debentures from the 2nd issue, and the last interest payment
was made on January 26, 2017, same date in which the conversion of
214,955 debentures into shares was announced.

Marfrig's B2 ratings are supported by its diversified portfolio of
animal proteins, as well as a diverse geographic footprint and
distribution capabilities. The company's diversity in terms of raw
material sourcing reduces risks related to weather and animal
diseases, while its product portfolio and food service business
help to mitigate some of the volatility inherent in commodity
cycles and supply-demand conditions for each specific protein. In
addition, the company has maintained a clear focus on organic
growth, presents a good liquidity profile, and has been working to
deleverage via higher EBITDA generation and disposal of assets.

On the other hand, the ratings are constrained by a considerable
exposure to the commodity related business which is highly
volatile. Event risks and sharp price movements are common. In
recent years the deleveraging effort of the company has been
delayed initially by higher USD denominated debt and interest
burden caused by the Brazilian Real (BRL) depreciation. More
recently, margins in the beef operations were compressed by a
stronger BRL, that led to lower BRL revenues from exports while
cattle costs remained at historically high levels, in BRL terms.
Marfrig's adjusted leverage, measured by gross debt to EBITDA
remains high, and it should peak at around 6.8x by December 2016.
Pro-forma to the conversion of BRL 2.1 billion in debentures into
equity this figure would be at 5.8x. Going forward, Moody's
estimates that gradual improvements in operating performance will
translate into overall better metrics, considering (i) the EBITDA
generation from Keystone Foods, both in the US and Asia poultry
operations, will remain at high single digit level, especially
given the advance of sales in Asia and international low feed
costs, and (ii) EBITDA margin recovery for the beef segment
(Brazil, Uruguay and Argentina beef operations), with lower
average cattle costs, as compared to 2016, as well as an improved
consumer scenario in Brazil and an increase in export volumes,
towards the end of 2017. These events paired with active liability
management will also yield an improvement in interest coverage by
2018.

As of September 30, 2016, Marfrig's total cash balance of BRL 5.7
billion was sufficient to cover reported short term debt by 3.1x.
Additionally, the company currently holds, through its subsidiary
Keystone, approximately USD300 million (BRL 940 million) in
revolving credit facilities available.

The positive outlook reflects Moody's views that Marfrig will be
able to gradually reduce leverage while sustaining a good
liquidity profile and generating positive free cash flow in 2017.

FACTORS THAT COULD LEAD TO AN UPGRADE

The ratings could be upgraded if Marfrig maintains a consistent
and predictable execution of its financial policy with the ability
to improve operating margins from current levels and maintain a
good liquidity. In addition, it would require CFO/Net Debt
approaching 15% and a Total Debt/EBITDA below 4.5x.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Marfrig's ratings could be downgraded if a consistent and
predictable financial policy execution is not observed going
forward. A downgrade could also be triggered if liquidity were to
deteriorate in a way that unrestricted cash position would
represent less than 80% of short term debt. Quantitatively,
downward pressure on Marfrig's B2 rating or outlook is likely if
Total Debt / EBITDA is sustained above 6.0x, EBITA to gross
interest expense falls below 1.0x or if Retained Cash Flow to Net
Debt is below 10%. All credit metrics are according to Moody's
standard adjustments and definitions.

Marfrig, headquartered in Sao Paulo, Brazil, is one of the largest
protein players globally, with consolidated revenues of BRL 18.9
billion (approximately USD 5.2 billion) in the last twelve months
period ended in September 30, 2016. The company has significant
scale and is diversified in terms of sales, raw materials and
product portfolio, with operations in Brazil, US, Uruguay,
Argentina, and Asia-Pacific and presence in the beef, poultry and
food service segments. The company has two main business segments
- Keystone Foods and Marfrig Beef, each representing approximately
50% of Marfrig's total revenues. Approximately 80% of Marfrig's
sales and EBITDA are tied to foreign currencies, with food
service, which produces less volatile cash flows than the in-
natura exports business, representing 56% of total EBITDA.
Keystone Foods, headquartered in the US, is one of the world's
largest food service suppliers in the US and Asia, with Mc
Donald's accounting for 57% of its revenues. Marfrig Beef is the
world's third largest beef producer.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.


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


LIBERTY HOLDINGS: Shareholders' Final Meeting Set for Feb. 3
------------------------------------------------------------
The shareholders of Liberty Holdings Limited will hold their final
meeting on Feb. 3, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LV PACIFIC: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of LV Pacific Opportunities received on Jan. 12,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Larrain Vial Investment Inc.
          Av. El Bosque 0117, 4th Floor
          Las Condes
          Santiago
          Chile
          Telephone: +55 9 23398500
          E-mail: rurzua@larrainvial.com


PANTHALASSA GP: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Panthalassa GP Limited received on Jan. 11,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


PRASLIN LIMITED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Praslin Limited received on Jan. 19, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Priestleys
          c/o Anna Cummings
          P.O. Box 30310 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945 1577
          Facsimile: (345) 947 0826


RIOGAMA LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Riogama Limited received on Jan. 19, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SECUREX LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Securex Limited received on Dec. 27, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          c/o Nicole Ebanks-Sloley
          The Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          Telephone: (345) 943-6055


STRAVA ENHANCED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Strava Enhanced Fund Ltd. received on Jan. 25,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Strava Capital Investments GP
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


STRAVA OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Strava Offshore Fund, Ltd. received on Jan. 25,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Strava Capital Investments GP
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TETON SPC: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Teton SPC Limited received on Jan. 20, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


THREE MOUNTAIN: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Three Mountain Global Macro Fund, Ltd.
received on Jan. 12, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


THREE MOUNTAIN MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Three Mountain Global Macro Master Fund, Ltd.
received on Jan. 12, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


Y2L COMPANY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Y2L Company Limited received on Jan. 19, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


====================
E L  S A L V A D O R
====================


EL SALVADOR: Fitch Lowers IDRs to 'B'; Outlook Revised to Negative
------------------------------------------------------------------
Fitch Ratings has downgraded El Salvador's Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) to 'B' from 'B+'. The
Rating Outlook was revised to Negative from Stable. The issue
ratings on El Salvador's senior unsecured Foreign and Local
Currency bonds are also downgraded to 'B'. The Country Ceiling is
downgraded to 'BB-' from 'BB'. The Short-Term Foreign Currency IDR
is affirmed at 'B'.

KEY RATING DRIVERS
The downgrade reflects El Salvador's continuing high level of
political polarization with a prolonged period of congressional
gridlock that has severely limited the government's financing
options and hindered meaningful fiscal measures to arrest the
deterioration of public finances. The Negative Outlook reflects
persisting risks to meeting financing needs for 2017 in the
absence of a political agreement that unlocks additional external
borrowing.

Fiscal policy negotiations between the two main political parties
broke down in January 2017 over disagreements on the 2017 budget.
The political polarization between the government-led FMLN party
and the main opposition ARENA party has prevented the government
from issuing external debt since September 2014. A 2/3 majority of
the Congress is needed to authorize external debt issuance,
requiring agreement from the opposition. As a result, the
government has relied mostly on the issuance of local short-term
debt (Letes), which reached $1.07 billion as of end-December 2016
from $794 at year-end 2015. The legal limit of Letes issuance is
$1.34 billion. Furthermore, government arrears have accumulated
due to the lack of financing options and the resulting liquidity
crunch.

Fitch estimates El Salvador's 2017 financing needs at $1.3 billion
(excluding short-term debt). Fitch's base-case scenario assumes it
will be financed through some combination of external debt and
local issuance. A further build-up of arrears can occur given the
financing constraints the government is confronting. El Salvador
has no long-term amortization of external commercial debt until
2019. Tax and pension reform measures require only a simple
majority vote of the legislature and can help reduce financing
needs, although the election cycle can hurt prospects for getting
these measures approved in congress.

In November 2016, the government and ARENA reached a partial
agreement that included a Fiscal Responsibility Law (calling for a
3% of GDP adjustment over three years) and authorization of $550
million in external issuance. However, a final agreement over
specific fiscal measures remains elusive. Failure to reach an
agreement in a timely fashion, most likely under the auspices of
an IMF program, could further constrain financing flexibility and
result in a disorderly adjustment with significant damage to
public finances and the overall economy.

El Salvador's fiscal deficit fell to 2.5% of GDP in 2016 from 3.3%
in 2015 partly as result of fiscal restraint and relatively
buoyant tax revenues, which grew by an estimated 6% in 2016,
although there was some build-up of government arrears as well.

El Salvador's GDP growth remains low compared to that of its
peers, with five-year average GDP growth at just 2% compared to a
'B ' median of 4.1%. El Salvador's growth is estimated at 2.5% in
2016, similar to the growth rate in 2015. Fitch expects growth of
over 2% in 2017-18. However, the continuation of such a modest
rate of growth is insufficient to generate employment, reduce
poverty or stabilize the general government debt dynamics.
Political polarization, security concerns, and high emigration
levels undermine the business climate and hinder investment
prospects and growth.

Fiscal deficits and weak growth are leading to a steadily
increasing debt burden, to an expected 62.8% of GDP in 2017 up
from 61.6% in 2016 and 60% in 2015. Furthermore, the interest
burden is expected to continue to rise, growing to nearly 14% of
revenues in 2017 from 12.9% in 2016.

The 'B' ratings are supported by El Salvador's macroeconomic
stability underpinned by full dollarization of the economy,
adequately capitalized banking system and unblemished sovereign
repayment record. The country has a higher income per capita,
social development and governance indicators than peers. The
banking sector remains sound due to prudent regulation, although
the weak economy could affect asset quality and profitability.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns El Salvador a score equivalent to
a rating of 'BB' on the Long-Term FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final LT FC IDR by applying its QO, relative
to rated peers, as follows:

-- Structural: Minus 1 notch to reflect the deep political
polarization in El Salvador that has made fiscal and financing
agreements difficult to reach.

-- Public Finances: Minus 1 notch to reflect El Salvador's narrow
tax base and budgetary rigidities that make fiscal consolidation
difficult to achieve, as well as the government's increasing
reliance on short-term debt to meet its substantial financing
needs and the difficulty of obtaining authorization for external
debt issuance.

-- Macroeconomics: Minus 1 notch to reflect El Salvador's weaker
potential growth prospects relative to the 'B' median, with
important repercussions for public finances.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within our
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES
The main factors that could, individually or collectively, lead to
a negative rating action are:

-- Hardening financing constraints in domestic or international
markets.
-- Failure to break the political impasse resulting in heightened
financing challenges and a further build-up in government arrears.

The Rating Outlook is Negative. Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a high
likelihood of leading to a positive rating change. Future
developments that could, individually or collectively, result in a
stabilization of the Outlook include:

-- An easing of political tensions that improves financing
flexibility and reduces short-term debt
-- Fiscal adjustment (including a possible IMF agreement) that
improves prospects for debt stabilization.
-- Improvements in the political and business environment that
support growth and investment prospects.

KEY ASSUMPTIONS

-- The sovereign will continue to prioritize debt service,
finance itself through treasury bills and tap the international
capital markets.

-- U.S. economic growth continues to support economic and
external forecasts. Furthermore, oil prices rise only gradually,
to $45 in 2017 and $55 in 2018, helping contain imports, utility
subsidies and consumer prices.

-- Monetary policy normalization in the U.S. proceeds in a
gradual and orderly manner, not resulting in external financing
constraints for El Salvador in 2016-2018.


===========
G U Y A N A
===========


GUYANA: Tax on Domestic Flights Causing Turbulence
--------------------------------------------------
Caribbean360.com reports that the imposition of the 14 per cent
Value Added Tax (VAT) on domestic flights in Guyana is not flying
well with citizens, tourists and business leaders.

Several players in key sectors are already forecasting a drop in
movement and a loss of revenue, according to Caribbean360.com.

President of the National Air Transportation Association (NATA)
Annette Arjoon-Martins told Demerara Waves Online News it will be
a major challenge for clients, including tourists and workers in
the mining sectors who have to travel frequently, the report
notes.

"The big challenge to us is all of our customers who depend on
hinterland transportation -- for example, our tourism clientele,
our mining clientele -- will be affected, because the cost of
interior travel will go up. We feel, as well, that this will have
an effect on those sectors," the report relays.

The tax measure will not affect residents from the hinterland.
But Ms. Arjoon-Martins said the implementation of the measure was
also confusing, saying there was no clear procedure to identify
who is a hinterland resident, the report notes.

One official of domestic carrier Roraima Airways has already
indicated the airline will charge everyone, since the Guyana
Revenue Authority (GRA) had not provided criteria, the report
discloses.

She said domestic carriers would be collecting data on the tax's
impact on travel to make a clear case for the GRA to scrap the
measure, the report says.

"I am sort of comforted by the fact that we should be able to go
back to the GRA within a couple of months to substantiate our
claim to show obviously that there will obviously be some
shrinkage, and hopefully the door will be opened for further
conversation," said Ms. Arjoon-Martins.

Meanwhile, president of the Tourism and Hospitality Association of
Guyana Andrea De Caires has called for a 60-day grace period to
avoid operators having to absorb the tax, since several bookings
would have made been made months ago, the report notes.

"The biggest concern is for the trips that have already been sold.
If a tour operator has sold something and the customers have
already paid, it is difficult for a tour operator to now go back
and say there is 14 per cent more on the airfare, so the tour
operators are having to absorb that cost," Ms. Arjoon-Martins told
Demerara Waves Online.


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


MEXICO: NAFTA Renegotiations to Start in 90 Days
------------------------------------------------
EFE News reports that Mexico's president said talks to renegotiate
the 1994 North American Free Trade Agreement linking his country
with the United States and Canada would begin after a 90-day
consultation period.

Referring to those consultations with productive sectors in both
Mexico and the US, Enrique Pe¤a Nieto said at the launch of a
campaign dubbed "Made in Mexico" that they would set the
parameters for a review of NAFTA, according to EFE News.


MEXICO: President Under Fire Over Trump Phone Call
--------------------------------------------------
Jose De Cordoba at The Wall Street Journal reports that Mexican
President Enrique Pena Nieto faced calls to disclose details of
his recent telephone call with U.S. President Donald Trump after
media reports said Mr. Trump criticized the efficacy of Mexico's
war on drug cartels.

During the call, Mr. Trump is reported to have told his Mexican
counterpart that Mexico wasn't doing a good enough job fighting
cartels and that the U.S. stood ready to help, according to The
Wall Street.

"You have some pretty tough hombres in Mexico that you may need
help with.  We are willing to help with that big-league, but they
have be knocked out and you have not done a good job knocking them
out," Mr. Trump said, according to a transcript obtained by CNN,
the report notes.

Mr. Trump struck an unapologetic tone over the exchange at
National Prayer Breakfast in Washington, the report relays.

"When you hear about the tough phone calls I'm having, don't worry
about it," Mr. Trump said at the annual event.  "They're tough. We
have to be tough.  It's time we're going to be tough, folks. We're
taken advantage of by every nation in the world, virtually. It's
not going to happen anymore," he added.

Earlier, the Associated Press reported that Mr. Trump had
threatened to send U.S. troops to help fight the cartels if
Mexico's army was too timid or couldn't handle the challenge, the
report relays.

The Mexican government said the AP's accounts of the remarks "do
not correspond to reality," the report notes

"The tone was constructive and an agreement was reached so work
teams could meet often to build a positive accord for both Mexico
and the U.S.," Mexico's foreign ministry said, the report notes.

The reported criticism of Mexico's handling of the war on drug
cartels, which has claimed about 120,000 lives since 2006, hasn't
sat well with Mexicans. Mexico's army, which has maintained a wary
stance toward the U.S. since the 1846-48 Mexican-American War, has
lost about 400 soldiers fighting drug gangs over the past decade,
according to the Mexican government, the report relays.

"The armed forces will question their relationship with the U.S.,"
said Raul Benitez, a security analyst at the Autonomous National
University of Mexico.  "The [new U.S. administration] is risking
throwing in the garbage, in a single week, the work of 20 years
building a relationship," he added.

Mr. Benitez said Mr. Trump was lighting the fire of Mexican
nationalism, and stoking a feeling of national unity similar to
when President Lazaro Cardenas nationalized foreign oil firms in
1938, the report relays.

Mr. Benitez said Mr. Trump's alleged mention of "bad hombres" that
the Mexican military couldn't deal with also awoke memories of
Gen, the report notes.  John J. Pershing's punitive and
unsuccessful expedition into Mexico in pursuit of Mexican
revolutionary Pancho Villa after Mr. Villa's cross-border attack
on the New Mexico town of Columbus left 18 Americans dead in 1916,
the report relays.

"The argument is the same," said Mr. Benitez.  "Pancho Villa was a
bad guy nobody could deal with," he added.

Several Mexican senators called on Mr. Pe¤a Nieto to disclose the
details of the call to several senate committees, the report
notes.  "This would give us some certainty about what really
happened," said Gabriela Cuevas, head of the Senate Foreign
Relations Committee in Mexico and a member of the conservative
opposition, the report relays.

Whether Mr. Trump's comment was a threat, an offer of assistance,
or a joke, it was inappropriate, said Alejandro Hope, a public-
security expert who once worked at the country's civilian
intelligence agency, the report discloses.

Mr. Hope said Mexican and U.S. administrations have cooperated
closely in the fight against drugs for more than a decade, the
report notes.  That cooperation has included the exchange of
intelligence as well as the U.S. providing equipment and training,
the report says.  U.S. intelligence, for instance, twice helped
lead Mexican armed forces to capture fugitive drug lord Joaquin
"El Chapo" Guzman, the report relays.

Mexican officials have long acknowledged that corruption makes the
domestic fight against drug cartels more difficult. But both
Mexican and U.S. governments have said demand by U.S. drug users
is the root cause of the drug war, the report says.

U.S. criticism of Mexico's military has caused problems in the
sometimes prickly relationship between the two nations before, the
report notes.  In 2011, U.S. Ambassador Carlos Pascual resigned
after WikiLeaks released several cables bearing his signature in
which the U.S. envoy questioned Mexico's ability to tackle
organized crime, the report relays.

Then President Felipe Calderon of the conservative National Action
Party was particularly angered by one cable signed by Mr. Pascual,
a 23-year career diplomat, which described the Mexican army as
risk-averse and inefficient, the report notes.

Mr. Benitez said both U.S. and Mexican military officials have
been ordered by their superiors not to talk to media about the
alleged exchange between Mr. Trump and Mr. Pe¤a Nieto in an
attempt to lower tensions, the report adds.


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


PASO GAS: Hires Vega CPA as Accountant
--------------------------------------
Paso Gas Corp. seeks permission from the United States Bankruptcy
Court for the District Of Puerto Rico to employ Luis Armando Vega
as the Debtor's accountant.

Services to be rendered by the firm are:

     a. Reconciliation of financial information to assist Debtor
in the preparation of monthly operating reports.

     b. Assist in the reconciliation and clarification of proof of
claims filed and amount due to the creditors.

     c. Provide general accounting and tax services to prepare
quarterly tax return, withholding statements, year-end reports and
income tax preparation.

     d. Assist Debtor and Debtor's counsel in the preparation of
the supporting documents for the Chapter 11 Reorganization Plan.

For the reconciliation of the monthly financial information, which
is subject to the approval of the Court and as specified in the
engagement letter will be hourly rate of $60.00 plus reimbursement
of actual out-of-pocket incurred in case.

Luis Armando Vega attests that he is a disinterested person as
defined in 11 USC sec. 101(14).

The Accountant can be reached through:

     Luis Armando Vega
     HC 01 BOX 2937-9615
     Florida, PR 00650
     Tel: (787)910-9682 / (787)621-9196
     Email: luarve@gmail.com

               About Paso Gas Corporation

Paso Gas Corporation, based in Manati, Puerto Rico, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 16-06843) on August
29, 2016.  Manolo R Santiago, Esq., at Rivera-Velez & Santiago
LLC, serves as bankruptcy counsel.  In its petition, the Debtor
indicated $480,489 in assets and $1.29 million in liabilities. The
petition was signed by Nestor Algarin Lopez, president.


SPI ENERGY: LDK New Energy Holds 21.7% of Shares as of Jan. 25
--------------------------------------------------------------
LDK New Energy Holding Limited disclosed in an amended Schedule
13D filed with the Securities and Exchange Commission that as of
Jan. 25, 2017, it directly owns 534,000 ordinary shares and
1,220,000 American depositary shares (representing 12,200,000
Shares) and holds an option to purchase 162,170,000 Shares,
subject to the completion of its purchase of all shares pursuant
to the September 2016 SPA.  As a result, as of Jan. 25, 2017, and
excluding the additional Shares issuable to LDK under the
September 2016 SPA, LDK beneficially owns 174,904,000 Shares,
representing 21.7% of the total outstanding Shares (assuming the
issuance of the 162,170,000 option Shares) of SPI Energy Co., Ltd.

As of Jan. 25, 2017, Xiaofeng Peng directly owns 20,000 ADSs
(representing 200,000 Shares) and an option to purchase 2,000,000
Shares within 60 days.  As the spouse of Ms. Zhou, Mr. Peng may be
deemed to beneficially own the Shares owned by Ms. Zhou pursuant
to Section 13(d) of the Exchange Act and the rules promulgated
thereunder.  Similarly, as a director of LDK, Mr. Peng may be
deemed to beneficially own the Shares owned by LDK.  As a result,
as of Jan. 25, 2017, and excluding the additional Shares issuable
to LDK under the September 2016 SPA, Mr. Peng beneficially owns
264,604,000 Shares, representing 32.7% of the total outstanding
Shares (assuming the issuance of the 162,170,000 option Shares).

As of Jan. 25, 2017, Tracy Shan Zhou directly owns 8,750,000 ADSs
(representing 87,500,000 Shares).  As the spouse of Mr. Peng, Ms.
Zhou may be deemed to beneficially own the Shares owned by Mr.
Peng pursuant to Section 13(d) of the Exchange Act and the rules
promulgated thereunder.  Similarly, as a shareholder and director
of LDK, Ms. Zhou may be deemed to beneficially own the Shares
owned by LDK.  As a result, as of Jan. 25, 2017, and excluding the
additional Shares issuable to LDK under the September 2016 SPA,
Ms. Zhou beneficially owns 264,604,000 Shares, representing 32.7%
of the total outstanding Shares (assuming the issuance of the
162,170,000 option Shares).

A full-text copy of the regulatory filing is available at:

                     https://is.gd/PV0iof

                      About SPI Energy Co.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors.  SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America.  The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as http://www.solartao.com/, a B2B
e-commerce platform offering a range of PV products for both
upstream and downstream suppliers and customers.  The Company has
its operating headquarters in Shanghai and maintains global
operations in Asia, Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014.  As of Dec. 31, 2015, SPI Energy had $710 million
in total assets, $493 million in total liabilities and $216.6
million in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these factors
raise substantial doubt about the Group's ability to continue as a
going concern.


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


TRINIDAD & TOBAGO: Leaders Seek State Of Emergency Declaration
--------------------------------------------------------------
Caribbean360.com reports that Trinidad and Tobago is fast becoming
"a land of anarchy and chaos", the country's business leaders have
lamented, and they are urging the Government to declare a limited
state of emergency.

In a strong statement pleading with authorities to arrest the
crime situation, The Couva/Point-Lisas Chamber of Commerce,
Chaguanas Chamber of Industry and Commerce and the Penal/ Debe
Chamber of Commerce said enough was enough and the country had to
get a handle on what it described as "a ridiculous state of
lawlessness and criminal activities in our country," according to
Caribbean360.com.

The business groupings bemoaned both Government's response and
that of citizens who have been circulating several violent videos
on social media, the report notes.

"It is evident that we have lost respect for public spaces, as
seen on many viral videos that [were] shared via social media
recently. This begs the question, what about those that were no
captured? It appears we are becoming a land of anarchy and chaos,"
the report relays.

The Chambers suggested that the situation was so dire that it
merited Trinidad and Tobago seeking help from other countries to
tackle the scourge, the report discloses.

The business leaders also made a strong case for the Government to
strengthen the resources of the police force to detect and solve
crime, the report notes.

"More resources should be given to the forensic authorities to
assist in the detection rate by increased staffing and updated
technology. Given the recent positive changes made in the
Licensing Department, this information should be shared with the
Trinidad and Tobago Police Service by introducing a fully
computerized system to detect criminal activities, for example,
using on-board computer systems in "police vehicles, dash-cam and
vest-cam systems," the report relays.

More than five years ago, former Prime Minister Kamla Persad-
Bissessar imposed a state of emergency in Trinidad and Tobago at
the height of spiraling crime, the report notes.

The business community had taken issue with the initiative,
expressing concern that it had harmed economic activity,
particularly at night, the report adds.


                            ***********


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

Copyright 2017.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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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,
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202-362-8552.


                   * * * End of Transmission * * *