TCRLA_Public/170217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Friday, February 17, 2017, Vol. 18, No. 35


                            Headlines



A R G E N T I N A

DEUTSCHE BANK: Moody's Extends B1 Rating Review for Downgrade


C A Y M A N  I S L A N D S

ARCASIA OFFSHORE: Commences Liquidation Proceedings
CAYMAN COMMODITY-DCS: Commences Liquidation Proceedings
GEMEAU LIMITED: Commences Liquidation Proceedings
GLOBAL LONG: Commences Liquidation Proceedings
GOLDMAN SACHS: Commences Liquidation Proceedings

HIGHVISTA LIQUID: Commences Liquidation Proceedings
INDEA LONG: Commences Liquidation Proceedings
INTREPID GLOBAL: Placed Under Voluntary Wind-Up
PCA FUND: Commences Liquidation Proceedings
PCA INVESTMENTS: Commences Liquidation Proceedings

PCA INVESTMENTS HOLDINGS: Commences Liquidation Proceedings
SABRE ASIAN: Placed Under Voluntary Wind-Up
TREEBROOK MACRO: Placed Under Voluntary Wind-Up
TREEBROOK MACRO MASTER: Placed Under Voluntary Wind-Up
TRIAN SPV VI: Commences Liquidation Proceedings

TRIAN SPV VI-A: Commences Liquidation Proceedings
WEST STREET: Commences Liquidation Proceedings
WEST STREET EMP: Commences Liquidation Proceedings
WEST STREET MASTER: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Needs to Strengthen Fiscal Position, IMF Says
DOMINICAN REPUBLIC: IMF Warns on the Debt; Leaders Agree


M E X I C O

MEXICO: Thousands March in to Protest Trump, Pena-Nieto


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Fiscal Deficit Widened 143% Last Year


V E N E Z U E L A

VENEZUELA: U.S. Puts VP El Aissami on Sanctions List


                            - - - - -


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


DEUTSCHE BANK: Moody's Extends B1 Rating Review for Downgrade
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA)
continues its review for downgrade Deutsche Bank S.A.
(Argentina)'s B1 global scale and Aa2.ar national scale local
currency deposit ratings. The review was initiated on Sept. 2,
2016, following the sale and purchase agreement announcement
signed by its parent, Deutsche Bank AG (A3/ Baa2 stable, ba1), to
sell its Argentine subsidiary to Banco Comafi S.A. as part of a
broader scaling back of its global operations.

The following ratings assigned to Deutsche Bank S.A. (Argentina)
remain on review for downgrade:

Global long-term local currency deposit rating of B1

Long-term national scale local currency deposit rating of Aa2.ar

RATINGS RATIONALE

The bank's ratings remain under review for downgrade pending
receipt of the Central Bank of Argentina's approval of the
transaction, which is expected to take place in the first half of
2017. The review considers that Deutsche Argentina's creditors
will no longer benefit from the promise of support from the bank's
German parent in times of stress once the transaction closes. In a
declaration of backing, Deutsche AG has ensured that except in the
case of political risk, the Argentine subsidiary will meet its
contractual liabilities. Deutsche Bank Argentina's current rating
incorporates two notches of uplift to reflect the high likelihood
of affiliate support. As Banco Comafi's B3 global scale rating is
seven notches below that of Deutsche AG and two notches below
Deutsche Argentina's current rating, Deutsche Argentina is
unlikely to receive any ratings uplift for support from its new
owner once the transaction closes.

The bank's BCA is constrained by Argentina's operating
environment, which remains challenging despite the country's
recent return to global capital markets and various other market-
friendly policy reforms implemented in recent months by the new
administration. Although Deutsche Bank has discontinued some
businesses since the sale was announced, it has nevertheless
continued to report good earnings as evidenced its annualized
return on assets of 8.2% through the first nine months of
2016.Government securities and fee income are the main drivers for
the bank's earnings.

Notwithstanding the bank's speculative grade global scale rating,
it remains one of the strongest credits in Argentina thanks to the
high probability of support from its parent, as reflected in its
Aa2.ar Argentinean national scale local-currency deposit rating.
The national scale ratings are positioned at the middle of the
range of available options for issuers with B1 in global scale.
The national scale rating is also on review for downgrade in line
with the review of the corresponding global scale rating, and is
likely to fall to the same level as Banco Comafi's Baa1.ar NSR,
which is the highest Argentine national scale rating corresponding
to the bank's B3 global scale rating, and considers the absence of
support from a foreign parent.

WHAT COULD MAKE THE RATING GO DOWN

The review is expected to conclude when the transaction closes, at
which point Deutsche Argentina's rating will likely be lowered to
the same level as Comafi's. If Deutsche Argentina's assets and
liabilities are directly assumed by Comafi as is currently
expected, its rating will then be withdrawn. If the sale does not
go through, the ratings could potentially be confirmed at their
current level.

The principal methodology used in these ratings was Banks
published in January 2016.


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


ARCASIA OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------
The shareholder of Arcasia Offshore Fund Limited, on Dec. 22,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

           Ms. Trisa Tay Lay Hwa
           Telephone. +65 6309 1101
           e-mail. trisatay@zanacapital.com


CAYMAN COMMODITY-DCS: Commences Liquidation Proceedings
-------------------------------------------------------
The sole shareholder of Cayman Commodity-DCS, Ltd., on Dec. 15,
2016, resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


GEMEAU LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 20, 2016, the members of
Gemeau Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stanislas Le Carpentier
          Saffery Champness (Suisse) S.A.
          Boulevard Georges-Favon 18
          1204 Geneva
          Switzerland
          Telephone: +41 22 319 09 75
          Facsimile: +41 22 319 09 77


GLOBAL LONG: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Global Long Short Partners Erisa Ltd, on
Dec. 14, 2016, resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


GOLDMAN SACHS: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Goldman Sachs Multi-Strategy Portfolio X,
on Dec. 9, 2015, Ltd. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

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


HIGHVISTA LIQUID: Commences Liquidation Proceedings
---------------------------------------------------
The members of Highvista Liquid Multi-Asset
Fund - Moderate (Cayman), Ltd., on Dec. 15, 2016, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Kevin Butler
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7374
          Facsimile: (345) 945 3902


INDEA LONG: Commences Liquidation Proceedings
---------------------------------------------
The sole shareholder of Indea Long Term Opportunities Fund, on
Dec. 21, 2016, resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Peter John Stephen Newing
          256 Laurel Wood Ave, 275911
          Singapore


INTREPID GLOBAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of Intrepid Global Opportunities Fund, on
Dec. 20, 2016, resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ajlan Abdulaziz A. Alajlan
          Ajlan & Bros Building, 4th Floor
          Olaya Street, Riyadh 11541
          Saudi Arabia
          Telephone + 966 466 5555 Ext 400
          e-mail: ajlan@ajlanbros.com


PCA FUND: Commences Liquidation Proceedings
-------------------------------------------
The sole member of PCA Fund, Ltd., on Dec. 21, 2016, resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Hang Hu
          Wilson House, Room 902
          19 - 27 Wyndham Street, Central
          Hong Kong


PCA INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of PCA Investments, Ltd., on Dec. 21, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Hang Hu
          Wilson House, Room 902
          19 - 27 Wyndham Street, Central
          Hong Kong


PCA INVESTMENTS HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------------
The shareholder of PCA Investments Holdings, Ltd., on Dec. 21,
2016, resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Hang Hu
          Wilson House, Room 902
          19 - 27 Wyndham Street, Central
          Hong Kong


SABRE ASIAN: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of Sabre Asian Absolute Return Fund, on Dec.
15, 2016, resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Sabre Fund Management Limited
          c/o Deepika De Mel
          46-48 Grosvenor Gardens
          London SW1W OEB
          Telephone: 0207 592 7874
          Facsimile: 0207 592 7880


TREEBROOK MACRO: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of Treebrook Macro Fund, Ltd., on Dec. 21,
2016, resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


TREEBROOK MACRO MASTER: Placed Under Voluntary Wind-Up
------------------------------------------------------
The sole shareholder of Treebrook Macro Master Fund, Ltd., on Dec.
21, 2016, resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

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


TRIAN SPV VI: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Trian SPV VI, Ltd., on Dec. 15, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Edward P. Garden
          Trian Fund Management, L.P.
          280 Park Avenue
          41st Floor, New York, NY 10017
          United States of America
          e-mail: egarden@trianpartners.com
          Telephone: +1 (212) 451 3075


TRIAN SPV VI-A: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Trian SPV VI-A, Ltd., on Dec. 15, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Edward P. Garden
          Trian Fund Management, L.P.
          280 Park Avenue
          41st Floor, New York, NY 10017
          United States of America
          Telephone: +1 (212) 451 3075


WEST STREET: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of West Street Ltd, on Dec. 15, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


WEST STREET EMP: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of West Street EMP Ltd, on Dec. 15, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


WEST STREET MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of West Street Partners Master Ltd, on Dec.
15, 2016, resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: Needs to Strengthen Fiscal Position, IMF Says
-----------------------------------------------------------------
An International Monetary Fund mission led by Aliona Cebotari
visited Santo Domingo during January 31 - February 10, 2017, to
conduct Article IV Consultation discussions. The mission met with
government and Central Bank officials, think tanks, and the
private sector. It exchanged views on economic developments and
outlook, as well as policy challenges going forward. At the end of
the visit, Ms. Cebotari issued the following statement:

"The Dominican economy is in a cyclically strong position. With
activity expanding at an average pace of 7 percent over the past
three years, the economy is operating above potential, while
positive supply shocks are muting inflationary pressures and
strengthening the external position. Sustained strong growth and
prudent policies of the past several years helped improve social
indicators and build up confidence.

"Growth is projected to remain healthy while tapering off towards
potential and inflation is expected to pick up towards target.
Domestic demand will continue to drive growth, buoyed by
recovering real incomes, growth in the U.S., and strong
investment. Growth is expected to slow towards the potential rate
of around 5 percent from 2017 onward, as both external and
domestic financing conditions tighten. The recovery in fuel prices
will push inflation to target and will widen the current account
moderately during 2017.

"Risks around this baseline outlook are balanced. Key risks stem
from the uncertainty surrounding the economic and policy outlook
for the external trading partners, notably the U.S., the outlook
for oil prices, higher than expected global interest rates and the
ensuing dollar appreciation.

"The fiscal position needs to be decisively strengthened to
maintain sustainability in the face of increasing risks. The
government has improved the fiscal position in the face of
increasing spending pressures, through overall expenditure
restraint and a strong revenue administration effort.
Nevertheless, large projected deficits for the consolidated public
sector (including financial and non-financial public sector) would
generate both sustainability and debt affordability pressures,
especially in light of the tightening global financing conditions.
A strong fiscal adjustment would be needed to secure debt
sustainability, with a larger consolidation effort in the near
term warranted by the still favorable economic conditions. The
consolidation should be underpinned by a comprehensive reform to
broaden the very narrow tax base, simplify the tax system and make
it more equitable. This should go along with reforms to address
the fiscal drag of the electricity sector and increase spending
efficiency.

"Adopting a robust medium-term fiscal framework would ensure that
annual fiscal policies are consistent with sustainability
objectives. The medium-term fiscal framework should be anchored on
a medium-term debt-to-GDP ratio and operationalized through a
fiscal rule to deliver the debt target. Integrating fiscal
responsibility objectives in the framework could further cement
fiscal discipline.

"The tightening bias of monetary policy is appropriate, and
progress towards a more flexible exchange rate framework should
continue. Given upside risks to the inflation outlook stemming
from global financial conditions, monetary policy is appropriately
leaning towards tightening. We welcome the authorities' commitment
to continue to build up reserve buffers in the face of increased
uncertainty, with foreign exchange interventions limited to
smoothing excessive volatility. Staff strongly supported the
authorities' plans to move towards a progressively more flexible
exchange rate, through building up market infrastructure and
instruments to facilitate such a transition.

"Ongoing reforms to strengthen the macro-financial framework will
help entrench financial stability. Financial soundness indicators
for the banking system remain strong, and the authorities are
appropriately focusing on addressing gaps in the regulation and
supervision of nonbanks. Completing reforms that will address the
gaps identified in the context of the recent Global Forum
evaluation on tax transparency and those that could arise in the
context of the upcoming Financial Action Task Force of Latin
America evaluation on anti- anti-money laundering and combating
the financing of terrorism will be important in preserving the
integrity of the financial system. Staff supported the monetary
authorities' efforts to strengthen the macro-prudential framework
through bolstering capacity to monitor and address systemic risks,
further developing stress testing capacity and preparing financial
stability reports.

"Ambitious structural reforms remain critical to securing better
longer-term growth and social outcomes in a fragile external
environment. The government's reform agenda appropriately focuses
on improving educational outcomes, boosting housing supply and
strengthening social safety nets. At the same time, the dividend
from the higher growth has accrued unevenly and significant
bottlenecks to higher productivity and longer-term growth remain:

   -- Ongoing discussions on the electricity pact provide a unique
      opportunity to address the governance challenges,
      infrastructure gaps and pricing policies in the electricity
      sector, one of the major drags on growth.

   -- Other reforms that would preserve incentives for investment
      and improve the business environment include strengthened
      institutions and governance, increased predictability of the
      tax system, and continued public investment in
      infrastructure.

   -- Policies to boost employment-through improved labor markets,
      graduation from safety nets into labor force, and skill
      development and retooling through vocational training-would
      directly support government's poverty-reduction objectives.

   -- Social protection could also be strengthened through
      expanded coverage of social insurance, addressing challenges
      in the public healthcare system, and policies to encourage
      formalization.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.



DOMINICAN REPUBLIC: IMF Warns on the Debt; Leaders Agree
--------------------------------------------------------
Dominican Today reports that economists and business leaders agree
with the International Monetary Fund's warning on the
sustainability of Dominican Republic's public debt and the need to
adjust the tax base, as the same thing they've been demanding.

"What the IMF has done is remind the country, in a very soft way,
of the set of reforms that it has pending," said the economist
Pavel Isa, according to Dominican Today.

"This time we agree with what the Fund is saying, what it's
reiterating that if the country doesn't sit down to discuss
fundamental issues such as fiscal reform, reform of the electric
sector, institutional reform and governance, as it says, the
economy and people will end up paying the consequences," Ms. Isa
said, the report notes.

                             Industries

For Herrera and Santo Domingo Province Industries Association
(AEIH) president Antonio Taveras, what the IMF has said is the
same thing they've been saying, despite macroeconomic growth and
stability, "the country is entering into a situation of fiscal
unsustainability," the report relates.

"The government's current spending is very high and the commitment
of the debt already reaches almost 40% of the budget," Taveras
said, and warned that the country faces threats from the
international scope, such as the possible rise in oil prices and
US Federal Reserve interest rates, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


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


MEXICO: Thousands March in to Protest Trump, Pena-Nieto
--------------------------------------------------------
Robbie Whelan at The Wall Street Journal reports that thousands of
protesters took to Mexico City's central thoroughfare to protest
U.S. President Donald Trump and his plans to build a 2,000-mile
border wall, while also blasting Mexican President Enrique Pena
Nieto and the ruling PRI party.

Marchers carried signs criticizing both the U.S. and Mexican
leaders along the capital city's Paseo de La Reforma boulevard to
the Angel of Independence monument, according to The Wall Street
Journal.

Mexico City's police department said there were no injuries or
incidents at the demonstration, the report notes.  Police
estimated the crowd at 20,000 people, with 3,000 police officers
on hand to keep order, the report relays.

Protesters from Vibra Mexico, a coalition of nonprofits, media
outlets and university groups that organized anti-Trump protests
Sunday in 19 cities across the country, erected a wall made of
cardboard blocks at the foot of the monument spray-painted with
the words "Xenophobia," "Discrimination," "Exclusion" and
"Racism," the report discloses.

While some marchers carried effigies of the U.S. president and
chanted anti-Trump slogans, equal numbers of protesters called for
Mr. Pe§a Nieto to resign and held signs denouncing what they
described as corruption in Mexico's government, the report notes.

"This march is about removing Pena," said Mauricio Hern†ndez, a
55-year-old waiter and Mexico City resident, the report relays.
"The people who are yelling about Trump are just a distraction . .
.. There's no leadership in this country," Mr. Hernandez added.

Mr. Pena Nieto's approval rating fell as low as 12% in January,
the lowest of any recent president, amid widespread protests over
big increases in gasoline prices, the report notes.

Also unpopular in Mexico is Mr. Trump, who has riled Mexicans with
his plans to expel illegal immigrants from the U.S., renegotiate
the North American Free Trade Agreement under better terms for the
U.S., and his assertions that he can make Mexico pay for the
border wall, the report relays.

Mr. Pena Nieto canceled a planned Jan. 31 meeting in Washington
with Mr. Trump after the U.S. president insisted in a tweet that
Mexico should pay for the wall, something Mexico says is
nonnegotiable, the report discloses.

"I'm here because I'm Mexican and I'm angry because of Trump's
threats and insults," said Nelia Someillan, a 65-year-old teacher
from Mexico City, the report notes.  "And why is Trump able to
threaten and insult us? Because our government is a total
pushover," Mr. Someillan added.

Yolanda Castillo, a 48-year-old insurance agent from Mexico City,
carried a sign criticizing all of Mexico's major political parties
as well as Mr. Trump, and said Mexico is vulnerable to attacks
from the U.S. president because of its weak leadership, the report
relays.

"If our economy were stronger, we wouldn't have any problems with
our neighbors," she added.


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


TRINIDAD & TOBAGO: Fiscal Deficit Widened 143% Last Year
--------------------------------------------------------
Aleem Khan at Trinidad Express reports that the government of
Trinidad and Tobago saw its fiscal deficit expand by more than 143
per cent last year, a report by Barbados-based CIBC FirstCaribbean
International Bank has found.

Analyst Shane Lowe noted the deficit in his Caribbean Market
Overview for the first quarter (Q1) of 2017 released, according to
Trinidad Express.

Supporting Lowe's statement, Government showed it was still
looking for cash by borrowing another TT$1 billion in a new
Valentine's Day bond issue, the report notes.

These bonds will mature on February 14, 2025 after issue on Feb.
14.

They were auctioned and analysts were expecting another over-
subscription, the report notes.  Investors applied for TT$1.8
billion of a December 19, 2016 bond, after TT$500 million was
offered, the report relays.
Government took more than double what it originally planned to
borrow to the chagrin of analysts and University of the West
Indies economics lecturers, the report adds.


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


VENEZUELA: U.S. Puts VP El Aissami on Sanctions List
----------------------------------------------------
Kejal Vyas and Anatoly Kurmanaev at The Wall Street Journal report
that the U.S. government said it has put Venezuela's vice
president on a sanctions list for allegedly aiding drug
traffickers, dealing a setback to the country's hopes of rebooting
bilateral ties during President Donald Trump's first term.

Executive Vice President Tareck El Aissami and Venezuelan
financier Samark Lopez were placed on the Office of Foreign Assets
Control blacklist, the Treasury Department said in a statement,
according to The Wall Street Journal.  The list freezes their
assets in the U.S. and blocks U.S. companies and individuals from
doing business with them, the report notes.

Mr. El Aissami "facilitated shipments of narcotics from
Venezuela," while serving as Venezuela's Interior Minister and
then governor of the central Aragua state, said the statement
obtained by the news agency.  "He oversaw or partially owned
narcotics shipments of over 1,000 kilograms from Venezuela on
multiple occasions," the statement added.

A spokeswoman for Mr. El Aissami and Venezuela's Ministry of
Communications didn't immediately respond to requests for comment.
A statement posted on a webpage that a friend of Mr. Lopez
identified as belonging to the financier, said that Mr. Lopez has
known Mr. El Aissami for a number of years but "has not engaged in
drug trafficking," the report notes.

In the past, both Mr. El Aissami and other Venezuelan officials
have dismissed U.S. sanctions and accusations as attempts to
destabilize the country's leftist government, the report relays.

"What a coincidence that the U.S. never has any of its own drug
lords?" President Nicolas Maduro said last year, after the last
batch of drug-related accusations against his officials, the
report discloses.

Mr. Maduro had repeatedly accused former President Barack Obama of
sponsoring coup attempts against him, but had asked President
Trump to "build a new relationship based on respect," the report
relays.  The two countries haven't exchanged ambassadors since
2010.

The Treasury department said Mr. El Aissami, as Interior Minister,
was paid for using his control of Venezuelan air bases, ports and
highways to facilitate drug shipments from Venezuela and Colombian
druglords as well as Mexico's Los Zetas drug cartel, the report
says.

U.S. officials said Mr. El Aissami's inclusion on the list was the
culmination of a long investigation into drug trafficking out of
the troubled South American nation, the report notes.  "This began
many months ago," said one senior U.S. administration official,
"long before El Aissami was named vice president," the official
added.

The U.S. statement described Mr. Lopez as a "key frontman" for Mr.
El Aissami who allegedly laundered the vice president's drug
proceeds through a web of oil, engineering, telecommunications and
asset holding companies in Panama, the United Kingdom, Venezuela
and the British Virgin Islands, the report notes.

The report relays that the U.S. identified and froze five Florida
registered companies, as well as a private jet belonging to Mr.
Lopez.

As part of the sanctions, "tens of millions of dollars" worth of
property and other assets controlled by Mr. Lopez around the Miami
area were blocked, said one senior U.S. official, noting that
authorities were still trying to get a handle on its total value,
the report notes.

Mr. Maduro has overseen a decline in economic output of more than
a quarter during the past three years, the report discloses.  With
inflation estimated at 600%, large swaths of the country lack
effective control, fueling drug trafficking, illegal mining and
violent crime, say analysts, the report relays.

The president's low popular support and collapsing oil revenues
have forced him to allow powerful governors and generals to
benefit from the drugs trade to maintain their loyalty, according
to former and current Venezuelan officials, the report notes.

Allegations of the Venezuelan administration's ties to the
narcotics trade intensified last year, when two of Mr. Maduro's
nephews-in-law were convicted in a New York court of attempting to
ship drugs to the U.S, the report discloses.

"The Venezuelan government is run by corrupt, incompetent and
criminal thugs who have inflicted misery on their own people and
routinely used violence to crush dissent," said Florida Sen. Marco
Rubio, who welcomed the sanctions against Mr. El Aissami, the
report notes.  "I'm hopeful this is only the beginning of making
sure the Maduro regime feels pressure to cease its illicit
activities," he added.

The Venezuelan vice president joins a growing list of top former
Venezuelan officials sanctioned by the U.S. government for alleged
links with drug trafficking, the report relays.

In 2008, the Treasury placed two top military officers-Gen. Hugo
Carvajal, the chief of military intelligence at the time, and Gen.
Henry Rangel Silva, the head of Venezuela's civilian intelligence
agency-on the so-called kingpin list, the report recalls.

The two, along with a third official, allegedly assisted the drug
trafficking activities of Colombia's communist guerrillas, the
report notes.  Four other officials were sanctioned by the
Treasury for the same reason in 2011.

Gen. Carvajal was later indicted on a charge of drug trafficking
in Miami and New York in 2014, the report recalls.  That year, he
was briefly detained on the Dutch Caribbean island of Aruba, but
was freed after the Dutch government determined that he had
diplomatic immunity, the report says.

In the past, Gen. Carvajal and Gen. Silva have said they were
innocent victims of U.S. attempts to destabilize Venezuela, the
report notes.

Born in the mountainous state of Merida to Syrian-Lebanese
immigrants, Mr. El Aissami joined the party of Venezuela's late
Socialist leader Hugo Ch†vez at 17, quickly gaining reputation for
ruthlessness and intellectual brilliance, the report relays.

In 2015, The Wall Street Journal reported that Mr. El Aissami was
one of a group of high-ranking Venezuelan officials who were being
investigated for drug trafficking by U.S. prosecutors, the report
notes.  The probe included testimony from a high ranking
Venezuelan government official who had defected, the report
relays.  The defector told investigators that Walid Makled, a
Venezuelan drug kingpin who boasted of having scores of generals
and high officials in his payroll, and is now in prison in
Venezuela, had paid off Mr. El Aissami to get drug shipments
through the country, the report adds.

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


                            ***********


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.


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