TCRLA_Public/170206.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

               Monday, February 6, 2017, Vol. 18, No. 026


                            Headlines



B R A Z I L

PARANA BANCO: S&P Affirms 'BB-/B' Ratings, Off Watch Negative
RUMO SA: Fitch Assigns 'BB-' Rating to New $300MM Global Notes


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


M E X I C O

MEXICO: Avocado Producers Diversify Markets Due to U.S. Obstacles
MEXICO: No Gasoline Price Hike Until Feb. 17 Due to Protests


P U E R T O    R I C O

DACCO TRANSMISSION: Seeks to Hire Jones Day as New Legal Counsel
PUERTO RICO: Passes Bill Freezing Debt Payments Until May 1


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: S&P Raises CCR to 'B', Off CreditWatch Positive
TRINIDAD  & TOBAGO: Public Asked to Comment on FATCA


X X X X X X X X X

LATAM: Crime Costing Region US$261 Billion Yearly, IDB Says
* BOND PRICING: For the Week From Jan. 30 to Feb. 3, 2017


                            - - - - -


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B R A Z I L
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PARANA BANCO: S&P Affirms 'BB-/B' Ratings, Off Watch Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale and 'brA'
national scale ratings on Parana Banco S.A.  At the same time, S&P
removed ratings from the CreditWatch negative, where it placed
them on Nov. 7, 2016.  The outlook is negative.

On Oct. 24, 2016, Parana Banco announced that its controlling
shareholder block bought the bank's preferred shares from Cox
Gestao de Recursos Ltda.  In addition, the bank's board approved
extraordinary dividends distribution of R$215.9 million.
Furthermore, because of the purchase, the bank's shareholder had
more than one-third of the bank's preferred stocks, above the
maximum required by CVM "Comissao de Valores Mobiliarios"
(Brazil's Securities and Exchange Commission).  In this sense, the
controlling shareholder will have to make a public offering to buy
back shares and cancel Parana Banco's registration as publicly
held bank.

S&P reassessed its RAC ratio for the next two years to incorporate
the dividends distribution in 2016 and the bank's strategy of
reducing its exposure to consumer and midsize corporate loans,
which improves S&P's assessment given lower credit risk in its
capital model.  Additionally, the negative impact of the
extraordinary dividends distribution is offset by the bank's
higher expected margins for 2017 and 2018 thanks to higher
profitability in its payroll deductible business line because of
currently falling interest rates in Brazil, given that those loans
are based on fixed interest rate.  As a result, the average RAC
ratio for the next two years is 9.8%.  In addition, S&P's capital
and earnings assessment is supported by the bank's high quality of
capital and earnings because its core capital, as measured by
adjusted common equity, consists of 100% of total adjusted capital
(TAC), while its DTAs represent around 4.3% of its TAC, compared
with a peers' average of 27.4%.  In addition, S&P expects Parana
Banco's profitability to improve in the next two years, given that
its return on average assets should surpass 3% and return on
equity at around 12% in 2018.  At the same time, the upcoming
public offering shouldn't affect the bank's capitalization because
it has been directly negotiated between the controlling
shareholder and the market, and S&P doesn't expect further
dividends distribution to make the transaction feasible.

"We don't believe that the bank's strategy of discontinuing its
consumer and midsize corporate lending has weakened our business
position assessment because the payroll loans already accounted
for a high share of total loans and the risk of a concentration in
a single product was already incorporated in our rating analysis.
Parana Banco aims to exit lending segment in which it has less
expertise and that posts higher delinquency rates amid tough
economy.  On the other hand, the bank has large expertise and a
sound market position in payroll deductible loans with a market
share of around 1.2% and status as the 13th-largest lender in this
segment as of September 2016.  Moreover, payroll deductible
banking is less cyclical, has a sticky customer base and generates
a stable source of income. Additionally, the bank's business
position benefits from the shareholder control of J. Malucelli
Part. Seguros e Resseguros S.A., which we expect to continue
providing around 35% of the bank's net income in the next two
years, being an important source of diversification to Parana
Banco," S&P said.


RUMO SA: Fitch Assigns 'BB-' Rating to New $300MM Global Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(EXP)' rating to Rumo S.A.'s
proposed issuance of global notes of minimum USD300 million. The
proposed senior unsecured global notes will mature in 2024. The
notes will be issued through its wholly owned subsidiary, Rumo
Luxembourg S.a.r.l. and will be unconditionally and irrevocably
guaranteed by Rumo and its subsidiary ALL - America Latina
Logistica Malha Norte S.A. Proceeds will be used to repay certain
indebtedness and for general corporate purposes.

The rating incorporates Rumo's leveraged capital structure, offset
by the high predictability of its cash flow generation under
adverse economic conditions through several cycles, and its solid
business position as a railroad and logistic operator in the
Brazilian infrastructure industry. Fitch sees as credit positive
Rumo's affiliation with the Cosan Group (Cosan Limited; Foreign
Currency Long-Term Issuer Default Rating (IDR) 'BB'/Stable
Outlook), which provides reasonable financial flexibility to the
company. The merger with ALL in April 2015 strengthened their
consolidated business profile and generated synergy gains for both
companies.

The substantial capex plan for expansion and negative free cash
flows (FCF) expected for the next years constrain the ratings.
Another important challenge will be the company's ability to
consistently capture increasing volumes as it seeks scale gains
and increasing operating profitability. Rumo needs to strengthen
its business position and improve operating cash flow generation
in order to reduce leverage on a sustainable basis.

KEY RATING DRIVERS

Leverage Remains High; Decline Expected for the Medium Term

The BRL2.6 billion capital injection received in April 2016 did
not materially benefit Rumo's adjusted leverage, though it enabled
the company to reduce its net adjusted debt to BRL11 billion as of
Sept. 30 2016 (adjusted by BRL2.5 billion of leases and concession
obligations) from BRL12.3 billion on Dec. 31 2015 (BRL2.2 billion
of leases and concession obligations). The company's net adjusted
debt/EBITDAR ratio reached 5.1x as of latest-12-month (LTM)
September 2016, comparing favorably to 6.4x in 2015 on a pro forma
basis, which combines both Rumo's and ALL's operations. Fitch does
not expect Rumo's net adjusted leverage to improve materially by
year-end but expects a soft deleveraging for Rumo over the long
term as the company's balance sheets will remain pressured by the
BRL8.2 billion capex expected from 2016 to 2019. Fitch expects
Rumo's net adjusted leverage to range from 4.5x to 5.2x over the
next three years.

Operating Performance Improvement is Challenging

The company still faces major challenges to capture increasing
load volumes and raise its business operations profitability from
2017 onwards following the conclusion of the measures taken to
improve its financial profile in 2016. After the performance
volatility faced in late 2014 and early 2015, Rumo started to
recover volumes from mid-2015 onwards as a consequence of
operational efficiencies unleashed by its capex program. Fitch
base-case projects railroad volumes reached 43 billion RTK
(revenue ton kilometer) in 2016, negatively affected by
agricultural performance within the country, slightly below 45
billion RTK in 2015.

Expectation of Negative FCF

The company's sizeable capex plan is expected to lead to negative
FCF of above BRL1 billion a year until 2018. Rumo is expected to
invest about BRL8.2 billion until 2019, which should result in
volume increases of 7%-8% per year from 2017 onwards, according to
Fitch's assumptions. The company is expected to finance investment
mostly with long-term debt.

Business Profile Remains Strong

The ratings incorporate Rumo's solid business position as the sole
railroad transportation operator in the South and Mid-Western
regions of Brazil, areas with high growth potential due to stable
demand for grains worldwide. While Rumo faced some performance
volatility between late 2014 and early 2016, the long-term
fundamentals of its business remain strong. The company's
operating model has demonstrated resilience against adverse global
economic conditions through several cycles, and has been able to
increase cargo volumes in the last few years during diverse
economic scenarios. In Fitch's view the merger with ALL's
operation will strengthen the consolidated business profile as it
will combine important operational logistics assets and new
business opportunities with Cosan Group's rail operation.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- 4% volume decline in 2016; mid-single-digit volume growth from
    2017 to 2019;
-- 5% tariff increase in 2016 and 2017;
-- EBITDA of BRL2 billion in 2016, BRL2.4 billion in 2017 and
    BRL2.8 billion in 2018;
-- BRL1.9 billion capex in 2016 and BRL6.3 billion capex from
    2017 to 2019;
-- Adjusted net debt/EBITDAR, according to Fitch' calculation, in
    the range of 5.3x-5.5x in 2016 and close to 5.0x in 2017.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- Net adjusted leverage trends below 4x, while maintaining
    strong liquidity and positive debt-refinancing schedule;

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Inability to finance capex with long-term and low-cost debt,
    putting pressure on debt amortization schedule;

-- Substantial weakening of current EBITDA margins.

LIQUIDITY

The capital injection of BRL2.6 billion strengthened Rumo's
liquidity significantly. The extension of BRL2.9 billion of debt
maturing in 2016, 2017 and 2018 also contributed to protecting the
company's current liquidity. As of Sept. 30, 2016, the company
reported cash of BRL1.43 billion and short-term debt of BRL1.95
billion, comparing favorably with BRL0.58 billion and BRL2.12
billion, respectively, in December 2015.

Fitch believes Rumo's liquidity is adequate and sustainable in the
long term, considering the financial flexibility the company
demonstrated in financing part of its aggressive capex plan. The
company is not expected to use a significant part of its cash and
operating cash flow generation to finance the ongoing investments.
Rumo is counting on BRL3.5 billion of long-term debt to be
provided by Banco Nacional de Desenvolvimento Economico e Social
(BNDES), which is expected to be partly received during 2016.
FULL LIST OF RATING

Fitch currently rates Rumo as follows:

-- Foreign and Local Currency IDR 'BB-';
-- National scale rating 'A(bra)'.

The Rating Outlook is Stable.



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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



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M E X I C O
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MEXICO: Avocado Producers Diversify Markets Due to U.S. Obstacles
-----------------------------------------------------------------
EFE News reports that producers of Mexican avocados, of which
35,000 tons will be consumed in the United States during this
weekend's Super Bowl Sunday, are counting on maintaining their
exports of the fruit to consumers north of the border while
working hard to develop other markets -- just in case trade
negotiations with the new Trump government go awry.

"We hope negotiations (about NAFTA, the North American Free Trade
Agreement) will allow us to continue our trade in avocados as it
has been up to now, because it has been a great benefit for the US
consumer," the strategy consultant for Producers and Packers of
Mexican Avocados for Export (APEAM), Ramon Paz, told EFE News.


MEXICO: No Gasoline Price Hike Until Feb. 17 Due to Protests
------------------------------------------------------------
EFE News reports that the maximum prices of gasoline and diesel
between Feb. 4 to 17 in Mexico will remain the same as in January,
when a significant price hike sparked strong protests, the
Secretariat of Finance and Public Credit (SHCP).

The average maximum prices of Magna gasoline will therefore remain
at 15.99 pesos ($0.78) per gallon, Premium gasoline at MXN17.79
pesos ($0.83) per gallon, and a gallon of diesel at MXN17.05
($0.83), the SHCP said in a bulletin, according to EFE News.



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


DACCO TRANSMISSION: Seeks to Hire Jones Day as New Legal Counsel
----------------------------------------------------------------
DACCO Transmission Parts (NY), Inc. filed an application seeking
approval from the U.S. Bankruptcy Court for the Southern District
of New York to hire Jones Day as its new legal counsel.

The move came after Willkie Farr & Gallagher LLP, the firm
initially hired by the company, withdrew as counsel due to
"potential conflicts," according to the court filing.

Jones Day will advise the company and its affiliates regarding
their duties under the Bankruptcy Code, negotiate with creditors,
and provide other legal services related to their Chapter 11
cases.

The hourly rates charged by the firm are:

     Partners/Counsel    $650 - $1,050
     Associates            $350 - $775
     Paraprofessionals     $200 - $425

The attorneys designated to represent the Debtors and their hourly
rates are:

     Scott Greenberg          $1,025
     Carl Black                 $950
     Daniel Merrett             $700
     Stacey Corr-Irvine         $775
     Danielle Barav-Johnson     $450
     Peter Saba                 $475

Scott Greenberg, Esq., disclosed in a court filing that his firm
is a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Greenberg disclosed that no variations or alternatives to Jones
Day's customary billing arrangements were agreed to in connection
with its employment.

Mr. Greenberg also said the Debtors have approved a budget and
staffing plan for the period of January 22 to February 28,
2017.

Jones Day can be reached through:

     Scott J. Greenberg, Esq.
     Jones Day
     250 Vesey Street
     New York, NY 10281
     Tel: (212) 326-3939
     Fax: (212) 755-7306

         -- and --

     Carl E. Black, Esq.
     901 Lakeside Avenue
     Cleveland, Ohio 44114
     Tel: (216) 586-7035
     Fax: (216) 579-0212

              About DACCO Transmission Parts (NY)

Headquartered in Cleveland, Ohio, Transtar Holding
Company manufactures and distributes aftermarket driveline
Replacement parts and components to the transmission repair and
remanufacturing market. It also supplies autobody refinishing
products and manufactures air conditioning, cooling and power
steering assemblies and components.

Founded in 1975, Transtar maintains over 70 local branch
locations, four manufacturing and production facilities (in Alma,
Michigan; Brighton, Michigan; Cookeville, Tennessee; and Ferris,
Texas), and four regional distribution centers throughout the
United States, Canada and Puerto Rico.

On Dec. 21, 2010, the Company was acquired from Linsalata
Capital Partners by current majority equity holder Friedman
Fleischer & Lowe LLC. The acquisition was financed with $425
million of senior secured credit facilities.

As of the Petition Date, the Company employs approximately
2,000 full-time and 50 part-time employees in the United States,
and approximately 100 full-time employees in Canada and Puerto
Rico.

DACCO Transmission Parts (NY), Inc. and 46 affiliated
debtors, including Transtar Holding Company, filed chapter 11
petitions (Bankr. S.D.N.Y. Case Nos. 16-13245 to 16-13291) on
Nov. 20, 2016.  The petitions were signed by Joseph Santangelo,
authorized signatory. The cases are pending before Judge Mary
Kay Vyskocil, and the Debtors have requested that their cases be
jointly administered under Case No.16-13245.

The Debtors estimated assets and liabilities at $500 million
to $1 billion at the time of the filing.

The Debtors tapped Rachel C. Strickland, Esq., Christopher
S. Koenig, Esq., Debra C. McElligott, Esq., and Jennifer J.
Hardy, Esq., at Willkie Farr & Gallagher LLP as attorneys.
Citing potential conflicts, DACCO Transmission has hired
Jones Day as its new legal counsel to replace Willkie Farr.
The Debtors also have hired FTI Consulting, Inc. as
restructuring and financial advisors, Ducera Partners LLC
as financial advisors and investment banker and Prime
Clerk LLC as claims, noticing and solicitation agent.


PUERTO RICO: Passes Bill Freezing Debt Payments Until May 1
-----------------------------------------------------------
The Associated Press reports that Puerto Rico Gov. Ricardo
Rossello has signed a bill that freezes debt payments until May 1,
2017, with a three-month extension option.  According to published
reports, the bill will allow the commonwealth to pay for essential
services as well as a portion of its $70 billion in bond debt.
Martin O'Sullivan, writing for Bankruptcy Law360, relates that the
bill requires that the governor receive legislative approval to
take out loans or issue bonds.



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


TRINIDAD CEMENT: S&P Raises CCR to 'B', Off CreditWatch Positive
----------------------------------------------------------------
S&P Global Ratings said that it raised its long-term corporate
credit rating on Trinidad Cement Limited Group (TCL) to 'B' from
'B-'.  S&P also raised its issue-level rating on the company's
senior secured term loan to 'B' from 'B-'.

At the same time, S&P removed the ratings from CreditWatch
positive, where it had placed them on Dec. 6, 2016, following the
announcement that CEMEX S.A.B. de C.V. (global scale: BB-/Stable
/--; national scale: mxA-/Stable/mxA-2) presented a takeover bid
of TCL.  The outlook is stable.

The upgrade reflects CEMEX's recent takeover of TCL through one of
its indirect subsidiaries, Sierra Trading, and S&P's expectations
of the group support to TCL due to its strategically important
status to the group in the Caribbean cement market.

In the past, CEMEX had already signaled strong commitment to TCL
given that Sierra's stake in TCL increased to 39.5% from 20% in
2015 following the latter's debt restructuring.  At that time, TCL
and CEMEX entered into a technical and managerial services
agreement, which continues to include support in manufacturing,
procurement, planning, finance, shipping and trading activities.
As part of the agreement, TCL also appointed eight CEMEX
executives to its top management team.  With the recent takeover,
CEMEX now controls 67.39% of the voting shares, which could be
further increase up to 74.9% until Feb. 7, 2017, and is
integrating TCL.  These actions confirm S&P's view that TCL is
strategically important to CEMEX.  S&P believes that TCL is
unlikely to be sold and that it's very likely to receive support
from the rest of the group, particularly because of the implicit
guarantee that CEMEX provides to its consolidated subsidiaries'
debt obligations.

However, S&P believes that several factors limit the level of
support that CEMEX might provide to TCL.  They include TCL's
fairly small size (only 2.2% of CEMEX's total sales, 3.2% of
EBITDA, 1.3% of assets, and 1% of total debt in 2015) and its
separate identity and brand name from the group.  Therefore, S&P
don't give additional notches of support to TCL.  In addition, TCL
has a considerable exposure to Jamaica (B/Stable/B) because the
company generates about 35% of its sales there.  As a result,
Jamaica's sovereign foreign currency rating currently prevents
additional notch of support from CEMEX, given TCL's current stand-
alone credit profile and its strategically important status vis-a-
vis the group.

S&P believes TCL's business risk profile continues to reflect the
small scale of both the company and its end markets compared with
those of its rated peers.  It also takes into account the
company's aging operating plants, which require significant
maintenance capital expenditures (capex), and its large export
base revenue, which is unusual in the industry because of pressure
stemming from high transportation costs.  Finally, S&P sees some
weakness due to TCL's asset and production capacity concentration
and its limited product diversity.

However, the company's strong brand recognition and its presence
in markets with a limited cement supply provide TCL with a certain
level of pricing power.  S&P also incorporates TCL's regional
scope and end-market diversification as favorable in comparison to
its Latin American peers.  Other rating strengths include its
leading position in the Caribbean market and strategic partnership
with CEMEX through a technical and managerial services agreement.

S&P's assessment of TCL's financial risk profile continues to
reflect S&P's expectation that the company will further improve
its credit metrics given the gradual deleveraging of its capital
structure in the next two years resulting from its scheduled debt
amortization feature.  This is despite S&P's expectation of
relatively low top-line growth--including sales and EBITDA--due to
the weak cement demand and increasing competition in most of the
markets where the company operates.  Moreover, S&P believes that
TCL will continue to focus on cash flow generation thanks to its
increasing operating efficiencies and tight working-capital
management.  Nevertheless, S&P also expects relatively high capex,
of about TT$204 million in 2017, as the company continues to
upgrade its assets production and gradually increases its dividend
distribution starting in 2017.  Finally, based on S&P's above
expectations, it expects TCL to post debt to EBITDA below 2.0x and
FOCF to debt close to 30% in 2017.

S&P's assessment also continues to factor in its view of the very
high volatility of the company's cash flow and leverage ratios
during periods of stress, which continue to limit S&P's financial
risk profile assessment.

Moreover, S&P's ratings continue to be constrained by the
company's recent financial restructuring and the need for a longer
track record of top management stability in TCL, given the changes
partly stemming from the technical and service agreement with
CEMEX.

TCL's main subsidiaries guarantee the $200 million term loan,
which benefits from a collateral package that includes all large
properties and assets of TCL and its guarantors.

S&P's base-case scenario assumes:

   -- Trinidad & Tobago's GDP growth of 1.2% in 2017 and 2.0% in
      2018 amid a gradual recovery in energy prices and an
      increase in volume of natural gas output due to new energy
      projects, including the expansion of hydrocarbon production.

   -- Jamaica's GDP growth of 1.5% in 2017 and 1.7% in 2018 in
      part because of an acceleration in growth of the U.S.
      economy, which in turn should support remittances to Jamaica
      and boost its consumption.

   -- Barbados and other Caribbean countries' GDP growth between
      1.0% and 3.0% in the next two years.

   -- Revenue growth of about 0.5% in the next two years.  TCL's
      gross margins to reach 74.7% and selling and general
      administrative expenses to represent about 50% of total
      sales in 2017 and 2018.

   -- Positive working capital inflow due to the company's
      strategy to gradually reduce its inventories level and
      improve its terms and conditions with suppliers.

   -- Capex of about TT$204 million in 2017 related to the
      maintenance of the three production plants, and TT$136
      million in 2018 for general maintenance activities.

   -- Dividend payments of about TT$47 million in 2017 and
      TT$49 million in 2018.

   -- Annual debt amortization according to the terms and
      conditions of the credit agreement.

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

   -- EBITDA margin of about 24.7% in both years;

   -- Debt to EBITDA of 1.6x and 1.5x; and

   -- FOCF to total debt at 30% and 42%.

S&P assesses TCL's liquidity as adequate under its criteria.  S&P
expects sources to exceed uses by more than 1.2x in the next 12
months, and that this ratio will remain above 1.0x even if EBITDA
declines by 15% from our base case.  The company benefits from a
smooth debt amortization repayment profile over the next few
years, which provides it with financial flexibility.  S&P's
assessment also considers that TCL has limited flexibility to cut
and/or defer its budgeted capex as it's upgrading its production
plants.  In addition, S&P believes that TCL benefits from CEMEX's
financial advice, as seen in TCL's recent senior secured term loan
borrowing.

Principal Liquidity Sources:

   -- Cash and liquid investment of TT$313.9 million as of the end
      of September 2016; and

   -- FFO of about TT$441.1 million for the next 12 months.

Principal Liquidity Uses:

   -- Short-term debt of TT$263.3 million (including a $10 million
      debt prepayment during the the fourth quarter of 2016);

   -- Intra-year working capital requirements of TT$50.9 million;

   -- Capex of TT$204 million in the next 12 months; and

   -- Dividend payments of TT$39.3 million in the next 12 months.

S&P believes that TCL will continue to comply with its financial
maintenance covenants in the next 12 months.  If the forecasted
EBITDA were to decline by 15%, the company won't breach its
covenants tests, including its consolidated interest coverage
ratio above 4.0x, total debt leverage ratio below 3.5x, and
consolidated senior debt leverage ratio below 2.75x by the end of
2017.

The stable outlook reflects S&P's view that TCL will post low
revenue and EBITDA growth in 2017 due to the weak cement demand in
most of its markets.  S&P nonethless expects TCL to generate solid
FOCF through the year and to commit to its gradual debt reduction
in line with its amortization, which S&P believes should translate
to debt to EBITDA below 2.0x and FOCF to debt close to 30% in
2017.

S&P could raise the ratings in the next 12 months if it was to
revise upward its assessment of TCL's SACP by two notches.  This
could occur if TCL shows a track record of solid operating
performance with EBITDA margin stabilizing close to 25% and
posting debt to EBITDA below 2.0x and FOCF to debt above 25% in a
consistent manner, while showing a longer track record of top
management stability.  An upgrade would also depend on TCL's
ability to withstand a stress scenario of a sovereign default in
Jamaica because the company's credit rating is currently capped at
'B' due to its significant exposure to Jamaica's sovereign foreign
currency rating.

S&P could also upgrade TCL if S&P revises upward its assessment of
its subsidiary status to "highly strategic" or higher from
"strategically important."  Such a revision would mean that S&P
would include one additional notch in the long-term rating on TCL
to reflect additional support from CEMEX.

S&P views a downgrade in the next 12 months as very unlikely and
would depend on one or more of the following factors: TCL's
capital structure becoming unsustainable, CEMEX's credit quality
deteriorating, S&P's view of CEMEX's likelihood of support to TCL
changing drastically, and/or Jamaica's downgrade and TCL failing
to pass a stress test scenario on Jamaica.


TRINIDAD  & TOBAGO: Public Asked to Comment on FATCA
----------------------------------------------------
Trinidad and Tobago Newsday reports that the public is invited to
comment on the Foreign Account Tax Compliance Act (FATCA) Bill,
currently before the Joint Select Committee on the Tax Information
Exchange Agreement Bill 2016, introduced to the House of
Representatives on September 9.

The Bill activates treaties between TT and other States to
exchange information for the purposes of taxation and validates
the sharing of personal information held by the Board of Inland
Revenue or financial institutions, according to Trinidad and
Tobago Newsday.

The Committee is inviting all stakeholders and interested persons
to submit written comments/suggestions/recommendations related to
the consideration of the Bill, the report notes.

The deadline for submissions is February 10. According to the
report, written submissions can be sent by email to, or forwarded
to:

   The Secretary
   Joint Select Committee on Tax Information Exchange Agreements
   Bill 2016
   Office of the Parliament of Trinidad and Tobago
   Levels G-9, Tower D, International Waterfront Centre
   1A Wrightson Road
   Portof- Spain



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


LATAM: Crime Costing Region US$261 Billion Yearly, IDB Says
-----------------------------------------------------------
RJR News reports that a study by the Inter-American Development
Bank (IDB) estimates the direct annual cost of crime and violence
in Latin America and the Caribbean at US$261 billion or almost
four per cent of GDP.

This is roughly what the region invests on infrastructure and
double the average cost for developed countries, according to RJR
News.

It is also the equivalent income for 30 per cent of the poorest
population, underscoring the grave development impact violence has
on the region, the report notes.


* BOND PRICING: For the Week From Jan. 30 to Feb. 3, 2017
---------------------------------------------------------

Issuer Name                 Cpn   Price   Maturity  Country Curr
-----------                 ---   -----   --------  ------- ----
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     USD


                            ***********


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

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

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


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                   * * * End of Transmission * * *