TCRLA_Public/170224.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 24, 2017, Vol. 18, No. 40


                            Headlines



A R G E N T I N A

ARGENTINA: To Tackle Fiscal Deficit More Aggressively
CORDOBA PROVINCE: Moody's Rates USD550MM Sr. Unsec. Notes 'B3'
CORDOBA PROVINCE: S&P Assigns 'B-' Rating to $550MM Notes


B R A Z I L

BRAZIL: Jose Serra Resigns as Foreign Minister
OI S.A: S&P Affirms 'D' CCR on Judicial Reorganization


C A Y M A N  I S L A N D S

AMBASSADOR SAN JUAN: Members Receive Wind-Up Report
ASIA RACE: Shareholders Receive Wind-Up Report
AVENUE STRATEGIC: Shareholders Receive Wind-Up Report
CAMBIUM FUND: Placed Under Voluntary Wind-Up
CYPRESS MANAGEMENT: Shareholders Receive Wind-Up Report

DOUBLE HAVEN: Shareholders Receive Wind-Up Report
FR MIDSTATES: Shareholders Receive Wind-Up Report
ICIG LIMITED: Placed Under Voluntary Wind-Up
LGBPIV - HV CR: Commences Liquidation Proceedings
LG IIIA - HV CR: Commences Liquidation Proceedings

MARADONA LIMITED: Commences Liquidation Proceedings
NEXUS ASIAN PRIVATE: Commences Liquidation Proceedings
NEXUS ASIAN PUBLIC: Commences Liquidation Proceedings
NKND TRADING: Commences Liquidation Proceedings
POWER ASSETS: Shareholders Receive Wind-Up Report

SANCTUAIRE CAPITAL: Shareholders Receive Wind-Up Report
SEAL LIMITED: Commences Liquidation Proceedings
VICTOR EQUITY: Shareholders Receive Wind-Up Report
WYETREE YIELD: Commences Liquidation Proceedings
ZEDRA CORPORATE: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agrees With IMF on Nixed Tax Breaks


J A M A I C A

DIGICEL GROUP: Will Reduce Global Workforce by 25%


M E X I C O

MEXICO: Sets Condition for NAFTA Renegotiation With U.S.
SAN LUIS POTOSI: Moody's Withdraws Ba3 GS Local Currency Rating


S U R I N A M E

SURINAME: Fitch Lowers LT Currency Issuer Default Ratings to 'B-'


                            - - - - -



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


ARGENTINA: To Tackle Fiscal Deficit More Aggressively
-----------------------------------------------------
Taos Turner at The Wall Street Journal reports that Argentina's
government aims to reduce its fiscal deficit next year to 3.2% and
then to 2.2% in 2019, Economy Minister Nicolas Dujovne said.

The new targets are part of an increasingly aggressive effort that
officials say will lower financing costs and boost economic
growth, according to The Wall Street Journal.  The government
hopes to cut the deficit to 4.2% this year, says the report.

The report relays that Mr. Dujovne said the government will
continue cutting subsidies that have long kept the price of gas,
electricity and public transportation among the cheapest in the
world.

"As we eliminate subsidies we can increase spending on public
works, such as better roads and better hospitals," Mr. Dujovne
told a news conference, the report says.

He said the government will begin publishing quarterly fiscal
deficit targets and use them to adjust federal spending each
quarter, the report notes.

Cutting the deficit, he said, will eventually allow the government
to cut taxes, the report relays.

Small-business owners in Argentina often say that if they paid all
the taxes required by law they would end up bankrupt, the report
notes.  Consumers here also pay much more for home appliances and
electronics than do people in other countries, thanks in part to
high taxes, the report discloses.

Gasoline in Argentina costs double what it does in the U.S.
because half the price is composed of taxes, the report adds.  The
same is true of cars.

"We're thinking about presenting a tax reform package to Congress
in 2018," Mr. Dujovne said, noting that cutting taxes will be
possible if the government reduces the deficit, WSJ relays.
"Fiscal policy is core to macroeconomic policy.  We need both of
those pillars to be working," he added.

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2017, Moody's Investors Service has assigned a B3 rating
to the Government of Argentina's US$3.25 billion bond due 2022 and
the US$3.75 billion bond due 2027. The outlook on the Government
of Argentina's rating is stable.

On Oct. 17, 2016, the Troubled Company Reporter-Latin America
reported that Fitch Ratings has affirmed Argentina's sovereign
ratings as:

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;

   -- Senior unsecured Foreign Currency bonds at 'B';

   -- Country Ceiling at 'B';

   -- Short-Term Foreign and Local Currency IDRs at 'B'.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.


CORDOBA PROVINCE: Moody's Rates USD550MM Sr. Unsec. Notes 'B3'
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 (Global Scale foreign
currency) rating to the Senior Unsecured Notes to be issued by the
Province of Cordoba for up to USD550 million. The rating is in
line with the Province's long term foreign currency issuer rating,
which carries a stable outlook.

RATINGS RATIONALE

The proposed Notes issuance have been authorized by the
Provincial's Laws Nß 10.340 and 10.410 whereas Governor's Decree
Nß170/2017 approved the documentation related to the Notes
issuance. The Province of C¢rdoba will use the proceeds of the
Notes for any of the following purposes: (i) to the cancelation of
the Province's outstanding 12.375% Senior Notes due 2017 for
USD396 million, either by way of its repayment at maturity,
repurchase, exchange, and/or any type of debt management; and/or
(ii) to finance infrastructure projects, other than those related
to the trunk pipelines system that have their own independent
financing.

The Notes will constitute direct, general, unconditional and
unsubordinated obligations of the Province. They will be
denominated and payable in US dollars with an expected maximum
maturity of 10 years and fixed interest rate on a semi-annual
basis. The Notes will be subject to the State of New York Law.

After the issuance of these Notes and coupled with planned new
debts with other funding sources, amortizations and exchange rate
evolution; Moody's anticipates that the ratio of total outstanding
debt relative to total revenues will grow up to 40% approximately
-from the 35% estimated at the end of 2016 fiscal year. The
assigned debt rating is in line with the Province's long term
foreign currency issuer rating because these Notes do not present
any credit enhancements that differentiate them from the general
solvency of the province already reflected in its current issuer
rating level.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor anticipates changes in the main conditions that the Notes will
carry. Should issuance conditions and/or final documentation of
these Notes deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns an upgrade in the
Argentine sovereigns ratings and/or a systemic improvement coupled
with lower idiosyncratic risks arising from this Province -for
instance with a sustained record of cash financing and operating
surpluses in the two digits range- could exert an upward pressure
in Cordoba's current ratings.

Conversely, a downgrade in Argentina's bond ratings and/or further
systemic deterioration or idiosyncratic risks arising in this
issuer -i.e. a debt to total revenues ratio rising above 50%-
could exert downward pressure on the ratings assigned and could
translate into a downgrade in the near to medium term.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.


CORDOBA PROVINCE: S&P Assigns 'B-' Rating to $550MM Notes
---------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating to the
province of Cordoba's (B-/Stable/--) unsecured notes for up to
$550 million.  The amortizing notes will be denominated in
dollars.  The province will use the proceeds to fund
infrastructure projects and for the refinancing of its debt.

S&P don't view the new debt as harmful to the province's financial
profile.  S&P expects that its low debt profile, despite its
vulnerability to exchange rate risk which has increased in 2016,
will continue to support Cordoba's creditworthiness.  Including
the new $550 million issuance, S&P expects the province's debt
stock to reach around ARP31 billion by the end of 2017, or nearly
21% of its operating revenue.

S&P's 'B-' foreign and local currency ratings and 'b-' stand-alone
credit profile (SACP) on the province of Cordoba reflect its
individual credit profile and the institutional framework it
operates in.  The SACP is a means of assessing the intrinsic
creditworthiness of Cordoba under the assumption that there is no
rating cap.  Cordoba, like all local and regional governments
(LRGs) in Argentina, operates under a very volatile and
underfunded institutional framework.  Cordoba's weak economy, very
weak budgetary flexibility, weak liquidity, and high contingent
liabilities also constrain the ratings.  On the other hand, the
province's average budgetary performance and low debt burden
support its creditworthiness.

The renewed relations with the central government following the
election of governor Juan Schiaretti and president Mauricio Macri,
as well as the cure of Argentina's 2014 default on its foreign
currency bonds, allowed Cordoba to resolve some outstanding issues
it had with the national government such as the previously
withheld 15% of coparticipation funds and access external
liquidity and to plan investments.  Nevertheless, the province now
has a higher exposure to unhedged exchange-rate risk, at around
80% of its outstanding debt.  Cordoba issued an international bond
in May 2016 to finance its capex, unlike some of its domestic
peers that have been accessing international markets to cover
their liquidity needs.  The province's main capex projects include
the construction of roads, gas pipelines, housing, and sewage
facilities.  Following the change at the national government and
amid more favorable macroeconomic conditions, Cordoba is slowly
moving towards a more formal prudent debt management policy,
although the province still lacks a track record in managing high
levels of unhedged foreign currency debt and adequate cash flow
planning.

"The stable outlook on the province mirrors our outlook on the
sovereign.  The outlook reflects renewed dialogue between the
Argentine LRGs and the federal government about tackling the
provinces' fiscal and economic challenges in the short to medium
term.  Given that we don't believe Cordoba could meet the
conditions to have a higher rating than the sovereign, we would
only consider raising our ratings on the province during the next
12 months if we were to raise our foreign and local currency
ratings, and our transfer and convertibility assessment (T&C), on
Argentina.  Such an upgrade would have to be accompanied by
improvement in Cordoba's currently weak long-term capital and
financial planning, and debt and liquidity management; or
improvement in budgetary flexibility or consistently stronger
budgetary performance in the form of operating surpluses.  At the
same time, structural improvements in the institutional framework
in which the province operates could help improve its
creditworthiness.  On the other hand, we could lower our ratings
on Cordoba during the next 12 months if Argentina's T&C assessment
weakens, if we lower the sovereign local or foreign currency
ratings, or if we perceive that the province's financial
commitments are unsustainable or that it faces a near-term payment
crisis.  However, we don't foresee this scenario materializing
during the next 12 months," S&P said.

RATINGS LIST

Province of Cordoba
  Issuer credit rating        B-/Stable/--

Rating Assigned

Province of Cordoba
  Sr. unsec. notes            B-


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


BRAZIL: Jose Serra Resigns as Foreign Minister
----------------------------------------------
Paulo Trevisani at The Wall Street Journal reports that Brazil's
Senator Jose Serra stepped down as foreign minister, the
government said.

In a letter to President Michel Temer, a copy of which was shown
to reporters, Mr. Serra, who is 74 years old, said health problems
kept him from carrying out the work, according to at The Wall
Street Journal.  Mr. Serra didn't mention details of his health
condition in the letter.

A spokeswoman for the administration said his replacement hasn't
been announced yet.

The report notes that Mr. Serra said in the letter he will resume
work as a senator.  "I will work (in Congress) for the approval of
projects aiming at recovering the economy," the letter says, the
report relays.

Mr. Serra has been Brazil's foreign minister since May, when then
Vice President Temer became the sitting president as Dilma
Rousseff stood trial for impeachment, the report notes.  Ms.
Rousseff was ousted in August.

Mr. Serra was widely seen as a key member of Mr. Temer's
administration.  He turned away from the foreign policy of Ms.
Rousseff's leftist Workers' Party, or PT, which had ruled the
country since 2003 and favored close ties with leftist leaders,
such as Cuba's Fidel Castro and Venezuela's Nicolas Maduro, the
report discloses.

The U-turn raised criticism from left-wing politicians, who said
he was turning his back to longtime partners of Brazil, but was
praised by supporters as a way to beef up the country's standing
in the international community, said political scientist Sergio
Praca, the report relays.

"Serra came in with a mandate to restore credibility," the report
quoted Mr. Praca as saying.

Mr. Serra pushed for more trade openness, a move thwarted by a
weak economy and turbulent politics that kept foreign investors at
bay, the report notes.

In December, he had spine surgery, according to The Journal.  A
foreign ministry official said the long travels inherent to the
job have become a torment for Mr. Serra.

According to the report, the foreign ministry press office didn't
comment on Mr. Serra's health.  A spokeswoman for Mr. Serra didn't
reply to a message seeking comment.

The resignation comes as Mr. Temer struggles with low popular
support, the report relays.  A recent poll put his approval rate
at 10%. His administration is pushing an ambitious agenda of
fiscal reform in Congress, including pension and tax reform, 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'.


OI S.A: S&P Affirms 'D' CCR on Judicial Reorganization
------------------------------------------------------
S&P Global Ratings affirmed its 'D' corporate credit and issue-
level global and national scale ratings on Oi S.A.  At the same
time, S&P withdrew the recovery ratings on the company's rated
debt, until it has an updated capital structure once Oi emerges
from judicial reorganization.

The 'D' ratings continue to reflect the company's judicial
reorganization, given that all of its bank and capital market debt
is in default.  Oi remains in talks with its creditors and
shareholders to adjust its initial debt restructuring plan to meet
interests of both sides.  Once the judicial reorganization process
is approved and finalized, S&P will evaluate the company under its
updated capital structure and new strategic plan.


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


AMBASSADOR SAN JUAN: Members Receive Wind-Up Report
---------------------------------------------------
The members of Ambassador San Juan Limited received on Jan. 26,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Elliot Greenberg
          c/o Maples and Calder
          Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


ASIA RACE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Asia Race Investments (Cayman) 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre, 27 Hospital Road
          George Town, Grand Cayman KY1-9008
          Cayman Islands


AVENUE STRATEGIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Avenue Strategic Partners, Ltd. received on
Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Sonia Gardner
          Avenue Capital Group
          399 Park Avenue, 6th Floor
          New York, NY 10022
          United States of America
          Telephone: +1 (212) 878 3500


CAMBIUM FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole shareholder of Cambium Fund Ltd., 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:

          Eric Haymann
          c/o Higgs & Johnson
          Willow House Cricket Square
          P.O. Box 866 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +41 44 386 60 00


CYPRESS MANAGEMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Cypress Management Holding 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:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


DOUBLE HAVEN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Double Haven Credit Opportunities Feeder Fund
received on Jan. 26, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kanwaljit Singh Bahra
          c/o Double Haven Capital (Hong Kong) Limited
          Level 41, 4104-08, 248 Queen's Road East
          Wan Chai
          Hong Kong


FR MIDSTATES: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of FR Midstates Cayman Holdings, 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:

          Daren Schneider
          c/o Matt Bernardo
          Telephone: +1 (345) 914 4268


ICIG LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole shareholder of ICIG Limited, 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:

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


LGBPIV - HV CR: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of LGBPIV - HV CR Limited, on Dec. 19, 2016,
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:

          Aisling Clarke
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands



LG IIIA - HV CR: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of LG IIIA - HV CR Limited on Dec. 19, 2016,
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:

          Aisling Clarke
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


MARADONA LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Maradona Limited, on Dec. 20, 2016,
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:

          Aisling Clarke
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


NEXUS ASIAN PRIVATE: Commences Liquidation Proceedings
------------------------------------------------------
The sole shareholder of Nexus Asian Hybrid Credit Private
Securities Limited, on Dec. 21, 2016, 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:

          Aisling Clarke
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


NEXUS ASIAN PUBLIC: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of Nexus Asian Hybrid Credit Public
Securities Limited, on Dec. 21, 2016, 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:

          Aisling Clarke
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


NKND TRADING: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of NKND Trading 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:

          Natasha Morgan
          c/o Maples Liquidation Services (Cayman) Limited
          Boundary Hall
          PO Box 1093 Grand Cayman KY1-1102
          Cayman Islands


POWER ASSETS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Power Assets (Cayman) Limited received on
Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


SANCTUAIRE CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sanctuaire Capital Limited received on
Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Sherwyn Mohan Katarki
          80 Anson Road
          #25-02 Fuji Xerox Towers
          Singapore 079907
          Telephone: +65 9127 8044


SEAL LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Seal Limited, on Dec. 20, 2016, 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:

          Aisling Clarke
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


VICTOR EQUITY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Victor Equity Fund II, Ltd. received on
Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K. Dunlop Scott
          5425 Wisconsin Avenue
          Suite 700 Chevy Chase
          Maryland 20815
          United States of America
          Telephone: +1 240 482 0400
          e-mail: blord@columbiaptrs.com


WYETREE YIELD: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Wyetree Yield Distribution Fund (General
Partner) Limited, 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:

          Natasha Morgan
          c/o Maples Liquidation Services (Cayman) Limited
          Boundary Hall
          PO Box 1093 Grand Cayman KY1-1102
          Cayman Islands


ZEDRA CORPORATE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Zedra Corporate Services Limited received on
Feb. 3, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: Agrees With IMF on Nixed Tax Breaks
-------------------------------------------------------
Dominican Today reports that Finance Minister Donald Guerrero said
the government is willing to promote fiscal changes, focusing
especially on the elimination of some tax breaks and improved tax
collection, but noted that a sweeping fiscal adjustment isn't
necessary, as International Monetary Fund (IMF) recently
recommended.

"We don't dismiss the IMF's comments.  We share the comments that
the country needs to strengthen its revenue raising base.  The
difference we have with the position of the Fund is that we know
that once the construction of the Punta Catalina plant is
completed, resources that have been transferred during the last
years for its construction -- which reach approximately 1% of GDP
-- are going to release, and will allow fiscal accounts to
strengthen even more," the official said, according to Dominican
Today.

The report notes that after the visit of its technical delegation,
the IMF stated concern about the sustainability of the Dominican
debt and suggested that an "important fiscal adjustment" was
required.  "It would be irresponsible to sit down to negotiate a
fiscal pact that involves new tax figures if we're unable to
administer them."

In a press conference at the Finance Ministry, Guerrero said there
is a provision for the relief of public accounts and to revise tax
exemptions, which account for 6.4% of GDP, some of which have
already fulfilled their objectives, the report relays.

As an example Guerrero cited the Cinematographic Activity
Promotion Law 108-10, which includes tax breaks on income, the
report notes.  He said it aims to maintain the same figure, "but
with a greater ability to monitor whether the exemptions are
granted to those who correspond," the report discloses.

The report notes that he also referred to the elimination of
bearer shares, which he described as "havens to hide beneficiaries
from operations that are plausible to be taxed.  That figure is
going to disappear from the Dominican Republic."

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'.


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


DIGICEL GROUP: Will Reduce Global Workforce by 25%
--------------------------------------------------
RJR News reports that Digicel Group has said it will reduce its
global workforce by 25 per cent.

In a statement, Digicel Group said redundancies will be done
within the next 18 months, according to RJR News.

However, the company said it will offer a voluntary redundancy
option to employees starting March 1 this year, adds RJR News.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2016, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL

-- Long-Term Issuer Default Rating (IDR) at 'B'; Stable Outlook;

-- $US 2.0 billion 8.25% senior subordinated notes due 2020 at
    'B-/RR5';

-- $US 1 billion 7.125% senior unsecured notes due 2022 at
    'B-/RR5'.

DL

-- Long-Term IDR at 'B'; Stable Outlook;
-- $US 250 million 7% senior notes due 2020 at 'B/RR4';
-- $US 1.3 billion 6% senior notes due 2021 at 'B/RR4';
-- $US 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

-- Long-Term IDR at 'B'; Stable Outlook;
-- Senior secured credit facility at 'B+/RR3'.

The Rating Outlook is Stable.


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


MEXICO: Sets Condition for NAFTA Renegotiation With U.S.
--------------------------------------------------------
EFE News reports that Washington must acknowledge that the United
States has profited from the North American Free Trade Agreement
(NAFTA), which President Donald Trump blames for massive losses of
American manufacturing jobs, before Mexico will agree to
renegotiate the pact, Mexican Economy Secretary Ildefonso Guajardo
said.

Mr. Guajardo, who is in Toronto for a conference on the future of
relations in North America along with Foreign Relations Secretary
Luis Videgaray, said that without such an acknowledgment by the US
government, talks on revising NAFTA would get off to a bad start,
according to EFE News.

The report notes that the Mexican economy secretary said he did
not expect talks on renegotiating NAFTA to begin "before the
summer."

The report relays that Mr. Guajardo admitted that the negotiations
would "not be easy" and would definitely not include quotas or
tariffs.

President Trump threatened during the campaign to walk away from
NAFTA, saying it was a destroyer of American jobs and benefited
Mexico, although he later said he would seek to renegotiate the
trade agreement, the report notes.

NAFTA, whose members are the US, Mexico and Canada, took effect on
Jan. 1, 1994.


SAN LUIS POTOSI: Moody's Withdraws Ba3 GS Local Currency Rating
---------------------------------------------------------------
Moody's de Mexico withdrew the State of San Luis Potosi's Ba3
(Global Scale, local currency) and Baa1.mx (Mexico's National
Scale) issuer ratings. Moody's also withdrew the negative outlook.

At the same time, Moody's withdrew debt ratings of the following
three enhanced loans:

   -- Baa2/Aa2.mx ratings of the MXN 2,680 million enhanced loan
      with Banorte

   -- Baa3/Aa3.mx ratings of the MXN 1,430 million enhanced loan
      with Banorte

   -- Ba3/A3.mx ratings of the MXN 750 million enhanced loan with
      Banorte

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.
Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com.

The methodologies used in these ratings were Rating Methodology
for Enhanced Municipal and State Loans in Mexico published in June
2014 and Regional and Local Governments published in January 2013.


===============
S U R I N A M E
===============


SURINAME: Fitch Lowers LT Currency Issuer Default Ratings to 'B-'
-----------------------------------------------------------------
Fitch Ratings has downgraded Suriname's Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'B+'.
The Rating Outlook remains Negative. The issue ratings on
Suriname's senior unsecured Foreign Currency bonds are also
downgraded to 'B-' from 'B+'. The Country Ceiling was downgraded
to 'B-' from 'B+'. The Short-Term Foreign and Local Currency IDRs
are affirmed at 'B'.

KEY RATING DRIVERS

The downgrade of Suriname's IDRs to 'B-' from 'B+' reflects the
deterioration of its public and external balance sheets relative
to the 'B' median and continued macro instability in the wake of
commodity shocks. Slow progress on fiscal adjustment has sustained
a large fiscal deficit, contributed to rapidly rising government
debt and taken the IMF Stand-By Arrangement (SBA) approved in May
2016 off track. Exchange-rate adjustment has reduced external
imbalances but produced high inflation. Suriname's external
liquidity remains weak relative to its larger external
vulnerabilities. Fiscal policy uncertainty and adverse debt
dynamics tilt risks to the downside.

Macro conditions deteriorated in 2016. The Suriname dollar lost
46% of its value against the US dollar as the central bank adopted
a flexible exchange-rate regime and raised interest rates.
Currency depreciation and electricity tariff increases lifted
average inflation to 55.5% year-over-year (yoy). The economy
contracted more-than-expected by 10.4% in 2016 as a result of
negative oil and gold price shocks, declining gold-mine
production, and cessation of alumina exports. A steep decline in
real wages and a brake on government spending led to falling
domestic investment and consumption. Fitch expects the recession
to persist in 2017.

Public finances remain weak, reflected in a large general
government (GG) deficit at 8% of GDP on a preliminary cash basis
in 2016 (2015: 10.7%). Falling commodity revenues, which
represented one-third of fiscal revenue during 2006-2013, cut GG
revenues by 6pp of GDP. Expenditure flexibility is limited by the
large public-sector wage bill, 7.1% of GDP in 2016, despite the
government's near wage freeze during 2016; electricity subsidies
estimated at 1.2% of GDP; and the rising interest burden, 9% of
revenues in 2016. Natural resources, including a new gold mine,
will make a lesser fiscal contribution in 2017-2018 than in past
years. The government slowly cleared some domestic arrears to
contractors and suppliers during 2016, but it incurred new arrears
during the year, highlighting financing constraints.

Suriname's debt dynamics have deteriorated sharply. GG debt at
65.1% of GDP at December 2016 exceeds the 'B' median at 56.2% of
GDP, with greater embedded currency risk, as close to 80% of GG
debt is foreign currency-denominated. Suriname's GG debt has more
than doubled from 26.4% in 2014. Public debt sustainability is
highly sensitive to interest-rate risk and currency-depreciation
pressure.

Reform momentum has slowed. The Bouterse administration partially
reversed and/or delayed full implementation of electricity-tariff
and fuel-tax increases planned under the SBA in light of public
opposition. Teacher strikes and union salary-increase demands have
raised pressure on the public wage bill in 2017. The National
Assembly has not yet passed the 2017 budget or key legislation for
a value-added tax, which Fitch expects would be required to meet
the government's 2018 primary surplus target envisioned in the
SBA.

The government's financing flexibility remains limited and it
could face a fiscal financing gap in 2017. Proceeds of a USD550
million Eurobond issue in October was used to refinance existing
obligations of the state oil company and to pre-finance a
commercial sovereign maturity due September 2017. Financing
pressures could emerge in 2017 as a result of fiscal policy
uncertainty, saturation of the domestic capital market, and
reduced access to concessional IFI loans with the SBA off-track.
Suriname lacks a fiscal savings buffer, with GG deposits at 1.8%
of GDP, in contrast to other oil-exporting peers. GG external debt
service is USD230 million in 2017.

Financial system fragilities represent a potential contingent
liability. The government agreed in January to inject an
undisclosed amount of capital into DSB, Suriname's largest
financial institution, whose credit portfolio deteriorated in 2016
due to the slow clearance of government arrears and the recession.
Timely credit quality and capitalization data are not available
since 2015. Deposit dollarization rose to 70% in December 2016
from 58% the previous year.

External imbalances declined following exchange-rate adjustment.
Fitch expects the current account deficit to have narrowed sharply
to 3.6% of GDP in 2016, from 19.4% of GDP in 2015, and it was
fully financed by FDI to a new gold mine. Pressure on the current
account will be sustained by fiscal deficits and higher external
interest payments despite strengthening gold and oil export
performance. International reserve (IR) accumulation in this
scenario will depend on the government's ability to secure
external financing amid lower FDI inflows.

External vulnerabilities have risen relative to Suriname's still
weak external liquidity. Public external borrowing and depletion
of the IR buffer weakened its sovereign-net-foreign-assets to -
49.8% of GDP in 2016, from a net creditor position in 2006-2012,
and much worse than the 'B' median (2016: -15.7% of GDP). Gross
IR, USD398.6 million in January, stabilized in the fourth quarter
of 2016 (4Q16) at low levels, 2.3 months of CXP, relative to the
'B' median of 3.9 months. Suriname's commodity dependence at 77%
of CXR exceeds the 'B' median.

Structural features provide some support to Suriname's rating,
including its higher per-capita-GDP and social indicators than the
'B' median. Suriname's governance indicators score above peers as
well. However, governance weaknesses negatively affected
macroeconomic policy in 2015 as the government delayed fiscal and
external adjustment to commodity shocks ahead of elections.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Suriname a score equivalent to a
rating of 'CCC' on the Long-Term FC IDR scale. Fitch's sovereign
rating committee adjusted the output from the SRM to arrive at the
final Long-Term FC IDR by applying its QO, relative to rated
peers, as follows:

-- Public Finances: +1 notch, to reflect Suriname's manageable
    commercial sovereign external debt service obligations in the
    near term, which is not captured by the SRM.

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

RATING SENSITIVITIES
The main factors that could lead to a rating downgrade are:

-- Deterioration of external liquidity and/or sovereign external
    debt service capacity;
-- Failure to achieve consolidation of public finances that
    increase prospects for stabilization of the general government
    debt burden;
-- Failure to take policy decisions that facilitate a return to
    macro stability and sustainable growth.

The current Rating Outlook is Negative. Consequently, Fitch does
not currently anticipate developments with a material likelihood
of leading to an upgrade. The following factors however could lead
to the Outlook returning to Stable:

-- Consolidation of public finances consistent with stabilization
    of the general government debt-to-GDP ratio;
-- Strengthened external liquidity and/or easing of external
    financing constraints that reduce the risk of a funding
    crisis.

KEY ASSUMPTIONS

-- Fitch assumes gold prices of USD1,100 per oz. during 2017-
    2018.
-- Fitch assumes the average Brent crude price will rise on a
    steadily increasing path during 2017-2018.


                            ***********


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.

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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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