TCRLA_Public/170208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Wednesday, February 8, 2017, Vol. 18, No. 028


                            Headlines



A R G E N T I N A

ARGENTINE PROVINCE: Moody's Withdraws B3/Baa3 Rating on Notes
CAR SECURITY: Moody's Withdraws B3/Baa2 Corporate Family Rating


B R A Z I L

BRAZIL: Gov't. Deal With Rio de Janeiro Won't Solve Debt Crisis
BRAZIL: Plans Changes to Bankruptcy Law to Help Recovery
STONEWAY CAPITAL: Fitch to Rate $500MM Senior Secured Notes 'B'
VALE OVERSEAS: Moody's B3 Rating Unaffected by Unsec. Notes Add-On


C A Y M A N  I S L A N D S

ADAM SMITH: Shareholder Receives Wind-Up Report
ALIZES INVESTMENTS: Shareholders Receive Wind-Up Report
APQ ALEXANDRIA: Members Receive Wind-Up Report
BRAX EQUITY: Shareholder Receives Wind-Up Report
CELESTIAL FINANCE: Members Receive Wind-Up Report

CHOL INTERNATIONAL: Shareholder Receives Wind-Up Report
CONVERGENX LTD: Shareholders Receive Wind-Up Report
CRYSTAL MARINE: Shareholder Receives Wind-Up Report
CZECH & SLOVAK: Shareholder Receives Wind-Up Report
INTERCONTINENTAL COMPONENT: Shareholder Receives Wind-Up Report

ORMARYD INSURANCE: Members Receive Wind-Up Report
PELICANCROSS HOLDINGS: Shareholders' Final Meeting Set for Feb. 3
PRYSMA INVEST: Shareholder Receives Wind-Up Report
ROUNDABOUT HOLDINGS: Members Receive Wind-Up Report
SEASONAL COMMODITY: Shareholders Receive Wind-Up Report

STARBOARD VALUE: Shareholders Receive Wind-Up Report
STEERSMEN II: Shareholders Receive Wind-Up Report
VINCI ALLOCATION: Shareholder Receives Wind-Up Report
VINCI ARGENTINA: Shareholder Receives Wind-Up Report
VINCI CAPITAL: Shareholder Receives Wind-Up Report

VINCI INTERNATIONAL: Shareholder Receives Wind-Up Report


J A M A I C A

SAGICOR FINANCIAL: Fitch Affirms 'B' IDR, Outlook Stable


P U E R T O    R I C O

TERRASSA CONCRETE: Unsecured Creditors to Get 2% Under Plan
UNIVERSAL INDUSTRIAL: Court Conditionally OKs Disclosures
UNIVERSAL INDUSTRIAL: Unsecureds to Get 2% Under Exit Plan


U R U G U A Y

URUGUAY: Former President Mujica Warns of Trade Wars


V E N E Z U E L A

PDVSA: Braces for Oil Production Drop as Default Looms Large
VENEZUELA: Credit Dashboard Shows Default Risk Falls Below 50%


                            - - - - -



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


ARGENTINE PROVINCE: Moody's Withdraws B3/Baa3 Rating on Notes
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn the following ratings assigned to the Argentine Province
of Mendoza:

  Baa3.ar, Issuer rating, Argentina national scale in local
  currency;

  Baa3.ar, Issuer rating, Argentina national scale, foreign
  currency;

Debt ratings in both Global Scale and Argentina national scale,
respectively, local currency of the following instruments;

  B3/Baa3.ar, Mendoza's Secured Argentine Bonds;

  B3/Baa3.ar, Mendoza's Senior Secured Bonds;

  (P)B3/Baa3.ar, Treasury Note Programs;

  B3/Baa3.ar, Medium Term Notes;

  (P)B3/Baa3.ar, MTN Programs;

In addition, Moody's withdraws the Baa3.ar national scale rating
assigned to Mendoza's 5.5% Global Bonds.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.


CAR SECURITY: Moody's Withdraws B3/Baa2 Corporate Family Rating
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn Car Security S.A.'s B3/Baa2.ar corporate family rating
for its own business reasons.

The following ratings were withdrawn:

-- Corporate Family Rating: B3/Baa2.ar

RATINGS RATIONALE

Headquartered in Buenos Aires, Argentina, Car Security markets
Stolen Vehicle Recovery System (SVRS) devices that use radio
signals to monitor vehicles and offers a tracking service for
stolen vehicles that serves more than 600,000 consumers. Car
security offers equipment and fleet telematics for cars,
motorcycles and trucks, as well as personalized assistance inside
the vehicles. The company also offers monitoring systems for homes
and tracking and monitoring systems for pets and cargo. Annual
revenues and EBITDA in fiscal year 2015 were ARS645 million ($70
million) and ARS137 million ($15 million), respectively. Car
Security has been Lo Jack Corporation's (not rated) local licensee
in Argentina since June 1998. As a difference from its licensor Lo
Jack Corp, Car Security not only provides the equipment, but also
offers the tracking service.



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


BRAZIL: Gov't. Deal With Rio de Janeiro Won't Solve Debt Crisis
---------------------------------------------------------------
Rachel Gamarski and Samy Adghirni at Bloomberg News report that
Brazilian politicians inflated growth estimates to facilitate an
agreement between the federal government and Rio de Janeiro to
resolve the state's financial crisis, raising doubts over the
viability of the deal.

The projections, even if proven true, would still leave the state
running a deficit by 2021, according to two people with direct
knowledge of the matter who were not authorized to speak publicly.

The deal was crucial as it sets a precedent for other states in
financial difficulties, according to Bloomberg News.

Bloomberg News notes Rio Governor Luiz Fernando Pezao heralded the
"good news" of a deal with the federal government that would allow
the state to suspend its debt payments to the national treasury
for three years in exchange for cuts in spending and tax hikes.

The plan still requires approval from Congress and Rio's state
assembly.

But politicians, eager to close a deal overruled technocrats to
inflate growth estimates, according to the two people familiar
with the calculations as well as internal documents reviewed by
Bloomberg.  If Rio fails to hit the agreed target, the federal
government will be left to pick up the tab and further increase an
already rising stock of public debt, said one of the two people,
Bloomberg News discloses.

Even in the best-case scenario, Rio de Janeiro will start running
a deficit again in 2021, when it would resume paying debt back to
the federal government, Bloomberg News notes.  The state is
currently so broke that it has been unable to pay many of its
public sector workers and pensioners.

Brazil's finance ministry denied that political interest prevailed
over the technical rigor that was used during the negotiation,
according to an e-mailed statement from its press department,
Bloomberg News relays.

Rio's revenue estimates were sent by the state finance ministry
office, and the state government has no interest in inflating its
income numbers, the statement read.

Under the terms of the deal, the federal government estimates the
state's gross domestic product will grow 2.5 percent over the next
few years, while its revenues will increase 8 percent, Bloomberg
News discloses.  This is based on an assumption of inflation of
4.5 percent and a rise in the state's tax take of 3.5 percent per
year.  The two people told Bloomberg that these projections were
unrealistic and that the state will need federal assistance if its
fiscal conditions do not improve at the anticipated rate.

Internal studies show Brazil growing at 2.5 percent over the next
few years, with the expectation that some individual states will
recover even more gradually, Bloomberg News relays.  Data from
Rio's finance secretariat shows tax revenue has been falling since
2013.

Rio is far from the only state facing financial difficulties two
years into Brazil's worst recession in over a century, Bloomberg
News notes.  Across the country state governments have been
cutting expenditures.

The outlook for state and municipal governments this year remains
negative even if tax revenue grows as the economy emerges from
recession, Paco Debonnaire, an analyst for Moody's Investors
Service said in a Dec. 5 report.  Efforts to curb spending will
continue to face resistance, he added.

                             Other States

In 2017, nearly half of Brazil's 27 regional governments expect to
post a primary budget deficit, which excludes debt interest
payments, according to O Estado de S. Paulo newspaper, Bloomberg
News relays.  In late December, President Michel Temer vetoed part
of a bill providing relief for the nation's debt-ridden states,
after lawmakers stripped it of virtually all austerity
obligations, Bloomberg News notes.

The agreement with Rio was hailed as a way out of the impasse.

Finance Minister Henrique Meirelles even described it as a model
for other states to follow, Bloomberg News notes.  Shortly after
announcing the deal, Meirelles met representatives from Rio Grande
do Sul to discuss its unsustainable debt problems, Bloomberg News
relays.  The state declared a state of financial calamity in
November.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/
Negative Outlook.  Brazil's senior unsecured Foreign- and Local-
Currency bonds are also affirmed at 'BB'. The Country Ceiling is
affirmed at 'BB+' and the Short-Term Foreign and Local-Currency
IDRs at 'B'.


BRAZIL: Plans Changes to Bankruptcy Law to Help Recovery
--------------------------------------------------------
Alonso Soto and Marcela Ayres at Reuters report that Brazil plans
to overhaul its bankruptcy law to help troubled companies survive
a two-year recession that has led a record number of them to
suspend debt payments, a senior member of the government's
economic team said.

President Michel Temer also plans to announce new measures next
week to increase productivity and bolster the construction sector,
said the official, who requested anonymity to speak freely,
according to Reuters.

The measures could also include creating a new income bracket for
applicants of the government-backed home-ownership program known
as "Minha Casa Minha Vida," the report notes.

Hamstrung by a crippling fiscal crisis, the President Temer
administration has relied on various measures to reduce the debt
burden of consumers and companies struggling with country's
deepest recession on record, the report relays.

Those measures, as well as other major reforms to the labor and
pension legislations, could bolster potential growth to up to 4
percent a year from the current range of 2 percent to 2.5 percent,
the official said, the report notes.

Reuters says that a key legislative change involves relaxing the
bankruptcy law to allow debt-laden companies to sell healthy
assets without transferring part of the credit risk connected to
them.

"The changes would give guarantees and viability to the recovery
of these companies by, for example, facilitating the sale of
assets," said the official, the report notes.

Bankers and lawyers expect bankruptcies to set a record in 2017,
with tight credit and the lingering recession forcing a growing
number of large Brazilian companies to seek protection from
creditors.

A new bankruptcy law is part of the government's push to improve
the business climate.  Other efforts include slashing red tape and
simplifying the intricate tax system.

To increase his dwindling popularity, President Temer in December
unveiled measures to reduce credit card interest rates and allow
workers to draw on severance fund accounts, known as FGTS, Reuters
notes.

Since taking office in May after the removal of his leftist
predecessor, Dilma Rousseff, on mismanagement charges, President
Temer has struggled to revive an economy that not long ago was an
emerging-market superstar.

The Brazilian economy is expected to grow a meager 0.5 percent in
2017 after shrinking more than 7 percent in the previous two
years, according to a weekly central bank poll, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/
Negative Outlook.  Brazil's senior unsecured Foreign- and Local-
Currency bonds are also affirmed at 'BB'. The Country Ceiling is
affirmed at 'BB+' and the Short-Term Foreign and Local-Currency
IDRs at 'B'.


STONEWAY CAPITAL: Fitch to Rate $500MM Senior Secured Notes 'B'
---------------------------------------------------------------
Fitch Ratings expects to rate Stoneway Capital Corporation's
$500 million senior secured notes 'B(EXP)' with a Stable Rating
Outlook, subject to receipt of final documentation.

Proceeds from the notes, together with $136.5 million in equity to
be funded at closing, are expected to be used to pay engineering,
procurement, construction and development costs of four power
plants, land purchase and rental costs and provide the initial
funding of the Interest During Construction (IDC) Account. A
portion of $115 million out of the total equity is expected to be
financed by the Sponsor through a borrowing under a credit
facility from Siemens Financial Services, Inc.

The expected rating reflects Stoneway's power purchase agreement
(PPA) with sole off-taker CAMMESA, moderate operating risks
established through fixed-priced operation and maintenance (O&M)
and overhaul costs with an experienced counterparty, and the
project's pre-completion status mitigated through a fixed-price
Engineering, Procurement, Construction (EPC) agreement signed with
Siemens Energy Inc.

The project benefits from an adequate debt structure, with fixed
interest rate, adequate covenants and reserves. While DSCR results
are consistent with a higher rating category, the rating is
ultimately capped by Fitch's view on the credit quality of the
revenue stream derived through payments by CAMMESA as sole off-
taker and Argentina's 'B' country ceiling.

KEY RATING DRIVERS

Low Complexity of Works; Fixed Price, Date Certain EPC Agreement
[Completion Risk: Midrange]:

The greenfield project benefits from individual full EPC turnkey-
lump sum contracts with a strong-counterparty (Siemens) and other
contractors on a joint and several basis. The simple-cycle
technology nature of the oil & gas thermal plants is considered of
low complexity and scale, with technology widely established.
Contract terms and scope are adequate and encompass all needed
activities, delivery date of Dec. 1, 2017 is challenging but
achievable, liquidated damages (LDs) provisions and delivery dates
are in line with PPA obligations, and funded contingencies are
approximately 5% of EPC costs. Delay risks which lead to PPA
termination (+180 days delayed) are viewed as very unlikely due to
low complexity of works, contractor expertise, and adequate LDs.

Experienced Operator and Defined Overhaul Costs [Operations Risk:
Midrange]:

All four plants benefit from O&M agreements and Long-Term Services
Agreements (LTSA) with Siemens S.A. for the entire tenor of the
debt. Plants benefit from a defined overhaul routine with fixed
prices for up to 60,000 hours (Las Palmas/San Pedro plants) and
75,000 hours (Lujan/Matheu plants), which is consistent with the
high dispatch scenario expected. Weaknesses of contract structure
are the exposure to foreign exchange (FX) risk, as a major part of
the O&M fixed fee is denominated in Argentine pesos (ARS), and
LTSA for Las Palmas/San Pedro plants are defined in Swedish kronas
(SEK), and expected to be hedged only after commercial operations
date (COD). Nevertheless, project can withstand a very high
increase on the overhaul routines in SEK of 171.6%, or an
appreciation of ARS to the order of 400%.

Supply Risk Embedded in the Offtake Agreement [Supply Risk:
Midrange]:

Both oil and gas will be fully supplied by CAMMESA, project's sole
off-taker. As per the PPA, in case of any supply failure the
project is not obligated to dispatch and still receives its fixed
capacity payment.

Weak Counterparty with Sufficient Capacity Payments [Revenue Risk:
Weaker]:

The project's sole off-taker is CAMMESA, the wholesale power
market administrator in Argentina. CAMMESA is considered a
counterparty of weak financial profile and is dependent on
sovereign subsidies to honor commitments. Most of the project's
revenues will come from fixed capacity payments that cover fixed
costs and debt service. Project also benefits from a one year tail
on its PPA.

Adequate Debt Structure with Overhaul Provisions [Debt Structure:
Stronger]:

The fixed-rate debt is fully amortizing and senior ranking, and
benefits from a six-month Debt Service Reserve Account (DSRA),
which will be funded with cash generation, and a 1.40x DSCR
distribution test. The debt structure includes an O&M Reserve
Account, which accumulates overhaul provisions whenever project is
dispatched and will be used to make scheduled major maintenance
payments. Additional debt can only be issued with a rating
confirmation after giving pro forma effect to such new debt.

Low Leverage with Strong Credit Metrics:
The project presents very low leverage, with the rating case,
which considers a higher dispatch scenario, yielding Debt/EBITDA
of 3.5x in 2018, the first full year of operations, and
deleveraging to 2.6x in 2021. Rating case minimum and average
DSCRs of 1.17x and 1.58x are consistent with higher ratings. In
addition, the project also presents very strong breakevens: (i)
171.6% increase in overhaul linked to SEK, (ii) 375% increase on
O&M costs linked to ARS and (iii) 370% increase on SG&A costs.

Rating Constrained at Country Ceiling:
Revenues are indexed to USD but received in ARS. The project is
therefore exposed to transfer and convertibility risks. The rating
is ultimately constrained by Argentina's 'B' country ceiling.

Peers Analysis:

The transaction's rating is capped by the credit quality of the
off-taker and the country ceiling of Argentina. There are no other
transactions in Fitch's Latin American portfolio with a similar
profile.

Criteria Variation:

For this transaction, a criteria variation to the 'Rating Criteria
for Infrastructure and Project Finance,' dated July 8, 2016, is
being applied with respect to the section 'Contractor Rating and
Credit Enhancement' in 'Appendix 1 - Completion Risk in Project
Finance.' The criteria does not specify which Issuer Default
Rating (IDR) should be used for the contractor rating in the case
of important subsidiaries of strong global or regional
multinational companies, with a solid reputation and widely
recognized expertise in a certain sector or industry. The
variation considers that when a regional or country subsidiary of
a multinational corporation that meets the aforementioned
conditions and is part of a strategic business line of such
multinational company is a contractual counterparty of an EPC
agreement, the IDR that will be used for the purposes of the
completion risk analysis will be the one of the ultimate parent
company.

Siemens Energy Inc., counterparty of the EPC agreement, is the
U.S.-based subsidiary of Siemens AG which consolidates the power
and gas business unit for Siemens A.G. ('A'/Outlook Stable) for
the Americas. The 'Americas' segment represents +30% of total
Siemens A.G. consolidated revenues. The Power and Gas business
line, of which Siemens Energy Inc. ultimately reports to, is the
largest revenue contributor, with over EUR16 billion in sales in
2016.

For purposes of the contractor IDR under the 'Contractor Rating
and Credit Enhancement' section of the 'Rating Criteria for
Infrastructure and Project Finance', this analysis considers
Siemens A.G.'s 'A'/Outlook Stable IDR.

RATING SENSITIVITIES

Positive

-- An improvement in the credit quality of CAMMESA as sole off-
    taker to the revenue stream combined with an upgrade of
    Argentina's country ceiling could result in a positive rating
    action.

Negative

-- Deterioration in the credit quality of CAMMESA as sole off-
    taker to the revenue stream and/or a downgrade of Argentina's
    country ceiling could result in negative rating action;
-- Significant delays in the completion schedule which could
    ultimately lead to the possibility of PPA cancellation could
    lead to a negative rating action;
-- Delays from CAMMESA on the PPA payments leading to a
    deterioration of the project's liquidity could lead to a
    negative rating action;
-- Although unlikely in the near term, significant appreciation
    of the argentine peso, leading to an increased share of
    contracted O&M expenses as a percentage of revenues, and
    consequently, deteriorating DSCRs

The notes will be senior and secured by a first-priority security
interest on all of existing and future tangible and intangible
assets, including but not limited to all physical assets of the
project, all inventory, machinery and equipment and all accounts,
real estate rights under land agreements.

TRANSACTION SUMMARY

Stoneway is a private company constituted with the purpose of
constructing, owning and operating four simple-cycle power-
generating plants with a total installed capacity of 686.5 MW,
through two indirect subsidiaries, Araucaria Energy S.A.
(Araucaria) and SPI Energy S.A. (SPI).

Stoneway thermal plants will be dual-fired and will utilize diesel
& heavy fuel oil or natural gas to provide electricity to the
wholesale electricity market in Argentina. Each of these plants
benefits from 10-year PPAs with CAMMESA the Argentinean entity in
charge of the management of the wholesale market and the dispatch
of electricity into the country's power grid.

PPAs are USD-denominated and have a fixed price based on
contracted capacity and a variable charge; the majority of
project's revenues are anticipated to be derived from fixed
capacity payments. Under the terms of the PPAs, plants are
required to achieve COD by Dec. 1, 2017. If COD is not attained
within 180 days of Dec. 1, 2017, the PPAs shall be automatically
terminated without the need of any notice whatsoever and without
the right of any claim of any kind. Maximum delay penalties as per
PPA are fully covered by a performance bond placed by the sponsor
at auction bid.

Two out of the four plants will be constructed by a consortium
comprised of Siemens Energy, Inc., Siemens S.A. and affiliates of
Duro Felguera S.A.; the other two plants will constructed by a
consortium comprised of Siemens Energy, Inc., Siemens S.A.,
SoEnergy International Inc. and SoEnergy Argentina S.A. Each plant
has individual EPCs on a turn-key basis.

Stoneway has also engaged individual O&M Contracts with Siemens
S.A. to perform the services necessary for the proper O&M of the
plants, and long-term maintenance contracts with Siemens Energy,
Inc. and Siemens Industrial Turbomachinery AB, for the annual
inspections and overhaul routines of the engines. All contracts
cover the tenor of the debt.

Financial Analysis

Fitch's base case incorporates COD on Dec. 1, 2017 and a 50%
dispatch scenario throughout the life of debt. O&M and LTSA costs
were considered as per the signed agreements, with the inclusion
of the 'Program Initiation' and 'Mobilization' upfront fees (USD
14.07 million), funded through the permitted working capital
facility of the project. O&M fixed prices denominated in ARS were
escalated 5.95% in 2018 and 5% onwards. An excess fuel consumption
penalty in excess of PPA heat rate of 2.5% and an unscheduled
maintenance downtime penalty of 5% due to unavailability were
considered. A 5% stress was also applied over administrative and
insurance costs. Fitch's base case scenario resulted in average
and minimum DSCRs of 1.56x and 1.31x, respectively. Debt/EBITDA is
3.3x in 2018, first year of full operations, and 2.5x in 2021.

Fitch's rating case also incorporates COD on Dec. 1, 2017 and a
67% dispatch scenario throughout the life of debt. O&M and LTSA
costs were considered as per the signed agreements, with the
inclusion of the 'Program Initiation' and 'Mobilization' upfront
fees (USD 14.07 million), funded through the permitted working
capital facility of the project. O&M fixed prices denominated in
ARS were escalated 5.95% in 2018 and 5% onwards, and overhaul
routines denominated in SEK were stressed in 10%. An excess fuel
consumption penalty in excess of PPA heat rate of 5% and an
unscheduled maintenance downtime penalty of 7.5% due to
unavailability were considered. A 10% stress was also applied over
administrative and insurance costs. Fitch's rating case scenario
resulted in average and minimum DSCRs of 1.58x and 1.17x,
respectively. Debt/EBITDA is 3.5x in 2018, first year of full
operations, and 2.6x in 2021.

Additional scenarios were run to measure the cash flow's
sensitivity to FX exposure and operational expenditures. A break
even analysis indicates the structure is able to survive to (i) a
171.6% increase in overhaul routines denominated in SEK, (ii) a
375% increase on O&M fixed prices denominated in ARS and (iii) a
370% increase over administrative and insurance costs. A delay in
COD scenario up to June 2018 yields DSCRs above 1.0x.


VALE OVERSEAS: Moody's B3 Rating Unaffected by Unsec. Notes Add-On
------------------------------------------------------------------
Moody's Investors Service comments that Vale Overseas Limited's
Ba3 senior unsecured foreign currency rating and stable outlook
remain unchanged following the company's announcement that it
plans to issue an add-on to the 10-year USD 1 billion senior
unsecured notes issued by Vale Overseas Limited in August 2016 and
fully and unconditionally guaranteed by Vale S.A.

The proposed add-on to the USD 1 billion notes issued in August
2016 is part of Vale's liability management strategy and proceeds
from the transaction will be mainly used for the refinancing of
existing debt obligations, including the notes (EUR 750 million)
due March 2018. The transaction will further lengthen the
company's amortization schedule, but will have no impact on
leverage.

Vale has taken a number of initiatives targeting leverage
reduction in 2016. The company raised about USD 1.32 billion with
the gold streaming, sale of vessels and minority participations.
For 2017, Vale expects to conclude the fertilizer assets sale --
which totals USD1.25 billion in cash and USD 1.25 billion in
shares to be issued by Mosaic - and also conclude the coal
transaction in Mozambique, for which Vale will receive, from
Mitsui & Co Ltd (A3 negative), USD 768 million for the divestiture
of part of its share in the Moatize coal mine and the Nacala
Logistics Corridor, and up to USD 2.7 billion from the project
finance. On a pro-forma basis, including all transactions, Moody's
estimates that Vale's leverage (measured by total debt to EBITDA,
including Moody's standard adjustments) would decline to 3.4x from
4x at the end of September 2016.

Moody's expects Vale's leverage to decline further in the next 12-
18 months considering prices at Moody's sensitivity medium-term
ranges ($45-65/ton), as the company continues to undertake cost
saving measures and reduces its annual capex to around USD 4.5
billion from 2017 onwards, which will reduce debt requirements and
lead to positive free cash flow generation.

Vale's Ba3 rating continues to be supported by the company's
diversified product base and competitive cost position, and
substantive portfolio of long lived assets. While Vale has
diversified its geographic footprint through various acquisitions
in Canada, Australia and elsewhere, the dominant revenue, earnings
and cash flow driver continues to be its Brazilian-based iron ore
operations and its major position in the seaborne iron ore
markets. The rating acknowledges Vale's more focused and
disciplined approach to project development, capital allocation,
resizing of its asset portfolio to strategically important
business segments, divestiture of non-strategic assets, and focus
on cost reduction, which better positions Vale to withstand
volatility in the prices for its major products over the next
twelve to eighteen months.

Constraining the ratings are the challenging fundamentals for iron
ore, a key earning driver, and base metals prices, and Moody's
expectations that prices will remain at lower levels for a
prolonged period, as a consequence of the slowdown in China's
economic growth and steel demand, which the World Steel
Association (WSA) forecasts to decline to 652 mm tons in 2017, a
8% decline over 2014 levels, bringing heightened uncertainty over
demand for iron ore and base metals in the next few years. Lower
prices relative to 2011-2014 levels will prevent a faster recovery
in credit metrics for Vale and the company will likely continue to
pursue asset divestitures and other liquidity alternatives to
strengthen its capital structure and reduce debt levels at a
steady pace. Vale's ratings also incorporate the long term
overhang represented by the uncertainties regarding the level of
support Vale will provide to Samarco and the impact it would have
on the company's liquidity and debt profile.

The stable outlook reflects the improvement in Vale's credit
metrics throughout 2016, supported by the initiatives taken by the
company to improve its liquidity and expand production volumes at
lower costs, and Vale's financial discipline regarding capex and
dividend payments, which enhance its operating resilience. The
improvement in credit metrics also reflect the recovery observed
in iron ore prices, base metals and coal relative to the levels
evidenced in 2015 and early 2016. From 2017 onwards, Moody's
expects Vale's metrics to benefit from the additional sales volume
coming from the S11D project, with total iron ore production
capacity of 90 million tons per year at a lower cost base after
full ramp-up by 2020.

Headquartered in Rio de Janeiro, Brazil, Vale is one of the
largest mining enterprises globally, with substantive positions in
iron ore and nickel, and participation in copper, coal and
fertilizers, as well as supplemental positions in energy and steel
production. Vale is the largest global supplier of iron ore, with
approximately 345 million metric tons (t) of production in the
twelve months ended September 2016 (excluding its share of
Samarco), and the largest global producer of nickel, with around
310,700 t produced during the same period. Vale's principal mining
operations are located in Brazil, Canada, Australia, Indonesia,
and Mozambique. In addition, the company is active in exploration
activities in nine countries. For the twelve months through
September 30, 2016, Vale had net operating revenues of USD25.6
billion.



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


ADAM SMITH: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Adam Smith Investments received on Jan. 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ALIZES INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Alizes Investments received on Jan. 27, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


APQ ALEXANDRIA: Members Receive Wind-Up Report
----------------------------------------------
The members of APQ Alexandria Fund Limited received on Jan. 12,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BRAX EQUITY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Brax Equity Fund SPC received on Jan. 11, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CELESTIAL FINANCE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Celestial Finance 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:

          Kent Limited
          c/o Michelle R. Bodden-Moxam
          St. George's International Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road,
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 345-946-6145
          Facsimile: 345-946-6146


CHOL INTERNATIONAL: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Chol International Inc. received on Jan. 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CONVERGENX LTD: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Convergenx 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:

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


CRYSTAL MARINE: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Crystal Marine Two Ltd received on Jan. 20,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CZECH & SLOVAK: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Czech & Slovak Investment Corporation Inc.
received on Jan. 9, 2017, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Lee Michael De'ath
          c/o Maples and Calder
          Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


INTERCONTINENTAL COMPONENT: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The shareholder of Intercontinental Component Supply International
(Cayman) Ltd received on Jan. 27, 2017, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ORMARYD INSURANCE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Ormaryd Insurance Company SPC received on Jan. 11,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          William Alt
          Strategic Risk Solutions (Cayman) Ltd.
          Caribbean Plaza, 2nd Floor
          North Building, 878 West Bay Road
          P.O. Box 1159, Grand Cayman KY1-1102
          Cayman Islands


PELICANCROSS HOLDINGS: Shareholders' Final Meeting Set for Feb. 3
-----------------------------------------------------------------
The shareholders of Pelicancross 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
          c/o Dorothee Langemann
          Limmatquai 94,
          Zurich, Switzerland CH-8021
          Telephone: 41 44 711 71 71
          Facsimile: 41 44 711 71 11


PRYSMA INVEST: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Prysma Invest SPC received on Jan. 18, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ROUNDABOUT HOLDINGS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Roundabout Holdings received on Jan. 19, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Brott Limited
          c/o Michelle R. Bodden-Moxam
          St. George's International Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


SEASONAL COMMODITY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Seasonal Commodity Spreads Portfolio (Master)
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:

          J.P. Morgan IN-DX LLC
          c/o David Miller
          383 Madison Avenue, 5th Floor
          New York
          New York 10179
          United States of America
          Telephone: +1 (212)622-5346


STARBOARD VALUE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Starboard Value and Opportunity Overseas Fund
II, 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:

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


STEERSMEN II: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Steersmen II Ltd. received on Jan. 11, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ho, Hsin-Hui
          9th Floor., No.3, Aly. 30, Ln. 78
          Sec. 2, Fuxing S. Rd., Da'an Dist.
          Taipei City 106
          Taiwan (R.O.C.)
          Telephone: (8978) 9200-3997


VINCI ALLOCATION: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Vinci Allocation International Fund received on
Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


VINCI ARGENTINA: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Vinci Argentina Opportunity Fund received on
Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Vinci Gestora De Recursos Ltda.
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


VINCI CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Vinci Capital Venture - I 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:

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


VINCI INTERNATIONAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Vinci International Fund received on Jan. 25,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Vinci Gestora De Recursos Ltda.
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877



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


SAGICOR FINANCIAL: Fitch Affirms 'B' IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Sagicor Financial Corporation Limited's
(SFCL) Long-Term Issuer Default Rating (IDR) at 'B'. The Rating
Outlook is Stable.

The rating action follows Fitch's rating action on Feb. 2, 2017 on
Jamaica's sovereign ratings, which included the affirmation of
both Jamaica's sovereign rating and country ceiling at 'B' with a
Stable Outlook.

SFCL's ratings remain constrained by Fitch's view of the economic
environments and the sovereign risks in both Jamaica and Barbados,
while the agency maintains internal viewpoints to establish the
rating of SFCL. The constraint is driven by the company's business
concentration in Jamaica and Barbados as well as the company's
high investment exposure to Barbados and Jamaica sovereign debt.

KEY RATING DRIVERS

Fitch's ratings reflect the challenging operating and economic
environments of the main insurance subsidiaries domiciled in
Barbados and Jamaica; very high capital exposure to below
investment grade sovereign debt, partially offset by good
operating company capitalization; and good and improving
profitability. The ratings also consider the company's high
financial leverage, the positive impact of the re-domiciliation of
the SFCL holding company to Bermuda from Barbados, macroeconomic
challenges associated with low interest rates, and asset liability
duration mismatches in the operations of Barbados and Trinidad.

The capitalization of SFCL's primary insurance subsidiaries is
considered good. Management uses Canadian regulatory capital
standards to help manage capital, and the consolidated MCCSR for
SFCL is strong on an absolute basis at 279% as of Sept. 30, 2016.
The quality of SFCL's insurance subsidiary capital is lower
relative to Canadian or international peers given a higher Tier 2
capital component. Historically, MCCSR at the consolidated SFCL
level has remained relatively stable above 220% since 2011. The
company's minimum target MCCSR range at the consolidated level is
175%.

Fitch considers SFCL's operating earnings to be good and improving
with an upward trend over the last four years as the company's
Jamaica, Barbados and Trinidad operations have been drivers of
increased SFCL profitability. Losses due to currency retranslation
and discontinued operations have historically been sources of
volatility for the company. Operating earnings for the first three
quarters 2016 were improved over same period prior year levels due
to the absence of residual losses from Sagicor Europe, for which
the company is no longer liable as of year-end 2015, as well as
higher investment and fee income but partially offset by currency
retranslation losses primarily from Jamaica.

SFCL's Fitch financial leverage ratio (FLR) is high at 42%
(adjusted to exclude non-controlling interests from capital) as of
the third quarter 2016, albeit lower than 49% as of year-end 2015.
The higher leverage in year-end 2015 and subsequent decline in
2016 was due to debt issued in 2016, which was used in part to
fund debt that matured in 2016. Fitch expects run rate interest
coverage to be around 4x in the medium term, which is satisfactory
for the current rating.

SFCL's investment portfolio is concentrated in the sovereign debt
of its countries of operations, including Jamaica and Barbados,
and as a result, the company has a significant concentration of
below investment grade debt. The concentration of investment
exposure to Barbados and Jamaica sovereign debt could result in
sharp declines in capitalization ratios in adverse sovereign
scenarios. Management has taken steps to actively reduce the
company's exposure to these sovereign instruments, which declined
from year-end 2015 to third quarter 2016. Where possible,
particularly in the Trinidad and Tobago and U.S. segments, the
company invests in investment grade and the investment portfolios
are of high quality.

Fitch views the re-domiciliation of the SFCL holding company to
Bermuda from Barbados to be a credit positive for the company as
the completion reduces the company's exposure to Barbados to
solely its insurance operations in that country. SFCL is in the
process of reorganizing its company structure to unstack the non-
Barbados Caribbean operating subsidiaries, including those in
Jamaica, such that they are no longer rolled up underneath the
Barbados operating entity and will instead be held directly by
SFCL. The company expects to be completed with the unstacking in
the second quarter 2017. Fitch also views the unstacking
positively and factors it into the current ratings, as it reduces
organizational complexity and increases transparency of cash flows
between regional entities and SFCL.

As a result of the lack of availability of long duration assets in
Barbados and Trinidad and Tobago, the company has a duration
mismatch, where liabilities are much longer than assets, which
would be a concern in a prolonged low rate environment. Concern
over this duration mismatch is somewhat mitigated by the company's
use of a Canadian accounting framework that requires SFCL to set
aside reserves to address the rollover risk associated with the
duration mismatch.

Customarily, holding company senior debt is notched down by one
from the IDR at a Recovery Rating of 'RR5'. However, in the case
of SFCL the IDR has been pulled down due to concerns over risks
tied to the concentration of the company's operations and
sovereign debt exposure of Barbados and Jamaica, including
transfer and convertibility (T&C) risks.

T&C exposure is somewhat mitigated by substantial assets held in
U.S. external accounts that is a source of debt service in the
event of adverse sovereign scenarios. While Fitch does not publish
a sovereign rating or a country ceiling for Barbados, it does
maintain internal viewpoints on the sovereign that were considered
in SFCL's rating. Fitch's sovereign rating for Jamaica is 'B'
(local and foreign currency IDR) and the country ceiling is 'B'.
The current use of external accounts, which are largely owned by
non-Barbados subsidiaries, reduces much but not all T&C exposure
to Barbados, but T&C risks tied to Jamaica largely remain due to
the potential move back of funds into the Jamaican subsidiaries
and imposition of foreign exchange controls in an adverse Jamaica
scenario. Thus, Jamaica's country ceiling of 'B' has been applied
to SFC's ratings.

SFCL is a Bermuda-based financial holding company and leading
provider of insurance products and financial services in the
Caribbean region. It also provides insurance products in the U.S.
as well as banking and investment management services in Jamaica.
Primary insurance subsidiaries and the corresponding regions for
SFCL include Sagicor Group Jamaica Ltd. (Jamaica and Cayman
Islands), Sagicor Life Inc. (Barbados and Trinidad and Tobago),
and Sagicor Life USA (U.S.). Aside from these main subsidiaries
and regions, the company also has insurance operations in many of
the Eastern and Dutch Caribbean islands and select Latin American
countries.

RATING SENSITIVITIES

Key rating triggers that could result in an upgrade of the ratings
for Sagicor Financial Corporation include:

-- A higher country ceiling of Jamaica, without any heightened
    sovereign concerns in Barbados or decline in performance of
    the company;

-- A shift in country mix, including a significantly greater
    percentage of profitability and capital in countries with
    higher sovereign ratings and a decline in Barbados and Jamaica
    sovereign debt concentration;

Key rating triggers that could result in a downgrade include:

-- Perceived deterioration by Fitch in the economic environments
    of Jamaica or Barbados, including a downgrade in Sovereign
    rating of Jamaica;

-- Deterioration in key financial metrics, including consolidated
    MCCSR falling below 180% and financial leverage exceeding 50%
    and ROE below 5% on a sustained basis.

Fitch affirms the following ratings with a Stable Outlook:

Sagicor Financial Corporation
-- IDR at 'B'.

Sagicor Finance (2015) Limited
-- Senior unsecured notes at 'B/RR5'.



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


TERRASSA CONCRETE: Unsecured Creditors to Get 2% Under Plan
-----------------------------------------------------------
General unsecured creditors of Terrassa Concrete Industries Inc.
will be paid 2% of their claims under the company's proposed
Chapter 11 plan.

Under the plan, Class 6 unsecured creditors will be paid an
estimated 2% of their allowed claims or $100,000 over 60 months.
These creditors assert a total of $5 million in claims.

The plan will be funded from the revenues to be generated by the
Terrassa, according to the company's disclosure statement filed on
Jan. 31 with the U.S. Bankruptcy Court for the District of Puerto
Rico.

A copy of the disclosure statement is available for free at:

                      https://is.gd/a0zKmY

Terrassa is represented by:

     Alexis Fuentes Hernandez, Esq.
     Fuentes Law Offices, LLC
     P.O. Box 9022726
     San Juan, PR 00902-2726
     Tel: (787) 722-5216
     Fax: (787) 722-5206
     Email: alex@fuentes-law.com

              About Terrassa Concrete Industries

Terrassa Concrete Industries Inc., founded in 1983 by Jose
Terrassa Rosario, is a Bayamon-based company that produces
materials for the construction industry in Puerto Rico.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 16-00182) on January 15, 2016.  The
petition was signed by Luis E. Terrassa Muniz, president.  The
case is assigned to Judge Enrique S. Lamoutte Inclan.

At the time of the filing, the Debtor estimated assets of less
than $50,000 and liabilities of $1 million to $10 million.


UNIVERSAL INDUSTRIAL: Court Conditionally OKs Disclosures
---------------------------------------------------------
The Hon. Edward A Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved the disclosure
statement filed by Universal Industrial Supplies Inc. on Jan. 31,
2017, referring to the Debtor's plan of reorganization.

A hearing to consider the final approval of the Disclosure
Statement and the confirmation of the Plan will be held on March
8, 2017, at 9:30 a.m.

Any objection to the final approval of the Disclosure Statement
and the confirmation of the Plan must be filed on or before 14
days prior to the date of the hearing on confirmation of the Plan.
Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

The Debtor will file with the Court a statement setting forth
compliance with each requirement in section 1129, the list of
acceptances and rejections and the computation of the same, within
seven working days before the hearing on confirmation.

Headquartered in Ponce, Puerto Rico, Universal Industrial Supplies
Inc. filed for Chapter 11 bankruptcy protection (Bankr. D.P.R.
Case No. 15-09895) on Dec. 15, 2015.  The petition was signed by
Javier Bustillo Gonzalez, president.

Judge Edward A. Godoy presides over the case.

Modesto Bigas Mendez, Esq., at Bigas & Bigas serves as the
Debtor's bankruptcy counsel.


UNIVERSAL INDUSTRIAL: Unsecureds to Get 2% Under Exit Plan
----------------------------------------------------------
Unsecured creditors of Universal Industrial Supplies Inc. will be
paid 2% of their claims, according to the company's plan to exit
Chapter 11 protection.

Under the restructuring plan, Class 3 general unsecured creditors,
which assert more than $1.097 million in claims, will receive
total payment of $23,718.67, including 3% interest per annum.
These creditors will be paid $395.31 per month for 60 months.
Class 3 is impaired under the plan.

Payments will be funded from Universal Industrial's post-petition
income from the operation of its business, according to the
company's disclosure statement filed on Jan. 31 with the U.S.
Bankruptcy Court for the District of Puerto Rico.

A copy of the disclosure statement is available for free at:

                  https://is.gd/ykbm21

Universal Industrial is represented by:

     Modesto Bigas Mendez, Esq.
     P.O. Box 7462
     Ponce, PR 00732
     Tel: 787 844-1444
     Fax: 787-842-4090
     Email: modestobigas@yahoo.com

              About Universal Industrial Supplies

Universal Industrial Supplies Inc., a company based in Ponce,
Puerto Rico, is engaged in the sale of commercial and residential
electrical supplies and electrical constriction materials.

Universal Industrial Supplies Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 15-09895) on
December 15, 2015.  The petition was signed by Javier Bustillo
Gonzalez, president.  The Debtor did not disclose its assets and
liabilities at the time of the filing.



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


URUGUAY: Former President Mujica Warns of Trade Wars
----------------------------------------------------
EFE News reports that former President Jose Mujica, who governed
Uruguay from 2010 to 2015, warned Monday of the possibility of
global trade wars erupting.

"The Uruguayan government must deal with an international
situation full of uncertainties, and we don't know whether this
situation will lead to a trade war.  Hopefully not, but it's a
latent danger," Mr. Mujica said after a meeting of his Broad Front
coalition, according to EFE News.



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


PDVSA: Braces for Oil Production Drop as Default Looms Large
------------------------------------------------------------
Lucia Kassai at Bloomberg News report that the recent bump in oil
prices isn't enough to help Petroleos de Venezuela SA as it faces
its fourth consecutive year of declining production.

The company's crude output is expected to fall this year as it
failed to raise cash for investments and after Venezuela agreed to
cut 95,000 barrels a day for six months as part of a deal struck
by the Organization of Petroleum Exporting Countries and other
non-members to lift oil prices, analysts say, according to
Bloomberg News.  Even the recent increase in oil prices, following
the cuts, aren't enough to ease the company's financial burden,
Lucas Aristizabal, a senior director at Fitch Ratings, said,
Bloomberg News notes.

"Giving the tight liquidity, prices need to be significantly
higher to revive output," Mr. Aristizabal said in a phone
interview from New York.  "At least more than $100 to start with,"
he said. Fitch reiterates that a default of PDVSA's debt is
"probable" amid lower production associated with a moderate oil
price increase and weak liquidity, Mr. Aristizabal added.

Front-month Brent prices closed at $56.80 a barrel on the London-
based ICE Futures Europe exchange, Bloomberg News relays.  The
last time Brent traded above the $100 a barrel mark was in August
2014. Prices have since declined on higher production from U.S.
shale oil plays and with the recovery of oilfields in Libya,
Bloomberg News notes.

At a time that oil prices aren't high enough to generate adequate
cash for PDVSA to pay off debts or invest in new rigs, the company
also faces $10 billion in interest payments and principal
maturities coming up this year with an estimated $2 billion, at
most, in cash holdings to service the amount, Mr. Aristizabal
said, the report relays.

Venezuelan oil output is expected to fall by 200,000 barrels a day
this year as PDVSA won't be able to realize projects announced
last year, Luisa Palacios, a senior managing director at the
Medley Global Advisors LLC, said in a phone interview from New
York, Bloomberg News notes.

"It's the result of a total collapse of the Venezuelan economy,"
Ms. Palacios, who is also a fellow at the Center on Global Energy
Policy at Columbia University, said.  "Production has been
declining and I don't see that trend changing direction any time
soon," she added.

Bloomberg News relays that Venezuela crude output has fallen 16
percent since 2013, to 2.33 million barrels a day in September,
the latest data made available by the energy ministry.  Falling
output should translate into reduced exports, notably to Caribbean
countries that are part of the Petrocaribe program, where PDVSA
sells oil under low-cost financing, Ms. Palacios said, Bloomberg
News notes.

She estimates Venezuelan exports of crude and fuel oil fell 10
percent last year, while shipments to China rose 11 percent.
Exports to Petrocaribe countries declined 25 percent compared with
a year earlier, Bloomberg News relays.  Lower shipments to
countries like the Dominican Republic have forced them to look
elsewhere for supplies, Bloomberg News notes.

Dominican Republic's Refineria Dominicana de Petroleo, known as
Refidomsa, recently bought two cargoes of West Texas Intermediate
from the U.S. and Jamaica's Petrojam Ltd. confirmed buying Mexican
Maya and Isthmus oil for its refinery, Bloomberg News asdds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating is negative.


VENEZUELA: Credit Dashboard Shows Default Risk Falls Below 50%
---------------------------------------------------------------
Nathan Crooks at Bloomberg News report that traders reduced their
bets on a default of Venezuela's dollar debt over the next year
amid a thin repayment schedule in the first quarter.

The implied probability of non-payment over the next 12 months
plunged to 44 percent in January from 59 percent at the end of
December, according to credit-default swaps data compiled by
Bloomberg.  That's the first time the risk of default has been
below 50 percent since September, according to Bloomberg News.
The longer-term outlook is still a little murky, with the odds of
a credit event over the next five years at 89 percent.

January proved to be a volatile month in Venezuelan politics as
President Nicolas Maduro reshuffled his cabinet, named and
delegated wide-ranging powers to a new vice president, replaced
the head of the central bank and appointed a new board at state
oil company Petroleos de Venezuela SA, Bloomberg News notes.  That
happened as officials continue to face declining oil production,
accelerating inflation and a currency still weakening on the black
market, Bloomberg News relays.

The real wild card for Venezuela's finances continues to be the
price of crude, which stagnated in January even as OPEC cuts
started to kick in, Bloomberg News notes.  With large payments
totaling nearly $3 billion coming due in April, nerves may start
to fray again if a sustained increase in oil prices is not seen
soon, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


                            ***********


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


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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.


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