TCRLA_Public/170301.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, March 1, 2017, Vol. 18, No. 43


                            Headlines



B R A Z I L

BANCO BTG: Fitch Affirms B- Rating on Jr. Subordinated Notes
BANCO NACIONAL: Works to Unlock Close to $5BB Loan in Disbursement


C A Y M A N  I S L A N D S

MEDICAL VENTURES: Sole Member Receives Wind-Up Report
PARTICULAR HOLDINGS: Members Receive Wind-Up Report
PHNIA CO: Members Receive Wind-Up Report
PURSUIT OPPORTUNITY: Shareholders Receive Wind-Up Report
SEQUEDGE ASA: Shareholder Receives Wind-Up Report

SPR 2 LIMITED: Shareholders Receive Wind-Up Report
STANDARD GLOBAL: Members Receive Wind-Up Report
TULOS COMMODITIES: Shareholders Receive Wind-Up Report
TULOS COMMODITIES MASTER: Shareholders Receive Wind-Up Report
US FUND II: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Medina Signs Sweeping Transport Bill Into Law


J A M A I C A

JAMAICA: Chief Justice Establishes Insolvency Division in S.C.
NATIONAL COMMERCIAL: Fitch Affirms Long-Term IDRs at 'B'

* Jamaican Banks Issue Detailed Response to Private Members Bill


P U E R T O    R I C O

DACCO TRANSMISSION: Examiner Taps Jenner & Block as Attorneys
ONCOLOGY INSTITUTE: Taps Gonzalez-Cordero as Legal Counsel
ONCOLOGY INSTITUTE: Taps Luis Cruz Lopez as Accountant
PET EXPRESS USA: Seeks to Hire Landrau Rivera as Legal Counsel
SPANISH BROADCASTING: Renaissance Technologies Owns 7% CL-A Shares

SPANISH BROADCASTING: PlusTick Management Owns 8.9% Class A Shares
VIA NIZA: Seeks to Hire Luis Cruz Lopez as Accountant


                            - - - - -


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


BANCO BTG: Fitch Affirms B- Rating on Jr. Subordinated Notes
------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
BTG Pactual S.A. and its related entities: BTG Pactual Holding
S.A. (BTGH) and BTGI Investments LP (BTGI).

At the same time, Fitch upgraded BTG Pactual and BTGH national
ratings to 'A(bra)' from 'A-(bra)' with a Stable Outlook.

KEY RATING DRIVERS

The upgrade of the national scale ratings reflects the local
relativity adjustment on BTG Pactual's creditworthiness, to
incorporate the bank's reduced refinancing risk and improved
liquidity and capital stance, which are now more consistent to the
'A(bra)' rating category. This reflects management's successful
efforts towards the repositioning of its franchise, only 14 months
after the liquidity crisis that affected the bank.

The Outlook on the IDRs remains Negative and captures the
challenges imposed by the current operating environment, which in
Fitch's view continues to present a negative trend.

BTG Pactual's management demonstrated a satisfactory ability to
address the bank's liquidity concerns, by building a large
liquidity cushion and reinforcing its capitalization, through a
timely and successful deleveraging process, which included the
sale of core and non-core assets throughout 2015 and 2016. In
Fitch's view, those were all key measures contributing to a
greater restoration of investor's confidence and to the bank's
increased capability of accessing long-term funding over the past
quarters.

The sale of BSI, concluded on November 2016, and the spin-off of
the commodities business were also important to reinforce BTG
Pactual's capital and liquidity position, besides allowing it to
pre-pay, during October 2016, the remaining portion of the funding
facility obtained with FGC (local FDIC) during the liquidity
crisis. Fitch also believes that BTG Pactual's recent announced
intention to separate stock market listings for its investment
bank and private equity businesses should also favor greater
investor confidence, as it will formally separate and add more
clarity to the bank's commercial activities separating them from
its private equity and proprietary trading operations.

At December 2016, BTG's cash position amounted to BRL12.7 billion
- even above pre-crises level and was enough to meet roughly 84%
of its short-term liabilities. Accordingly, BTG Pactual's
regulatory capital ratio improved to 21.5% in December 2016 (15.5%
in December 2015), while Fitch Core Capital ratio stood at 17% at
the same date (10.6% in December 2015).

In the long-run, however, Fitch recognizes that capital
consumption may accelerate following the attainment of the bank's
business goals. Still, management's intention to leverage under
its less balance-sheet intensive businesses (Asset & Wealth
Management and Investment Banking) may allow it to maintain
improving internal capital generation, without necessarily
compressing its capital base. The spin-off of the commodities
division and the deleveraging of its Principal Investments
division bodes well in the bank's strategy to reduce the group's
market risk exposure and free-capital.

Fitch notes that BTG Pactual's overall performance is now
naturally lower if compared to the bank's historical returns, as
the bank still faces the challenge of repositioning its remaining
existing business lines after its liquidity crises event. Over the
last three years prior to the liquidity crises event, the group's
structure benefited from an increasing diversification on its
business franchise, expanding its leadership in the Latin American
region, reinforcing its fee business through the acquisition of
BSI and leveraging on corporate lending opportunities. After BTG's
business reorganization, though, a relevant share of its revenues
generations is now linked again to its trading units, which Fitch
deems are more volatile.

Recent quarterly results suggests early signs of profitability
development on the back of BTG Pactual's leaner structure coupled
with the gradual improvement on the bank's client divisions.
Nevertheless, Fitch does not rule out the possibility of a longer
than expected weaker operating environment, which may postpone
short-term business targets and delay BTG Pactual's capability to
achieve targeted profitability improvements.

KEY RATING DRIVERS: BTGH
BTGH's IDR's and National Scale Ratings are equalized to those of
its sole operating subsidiary, BTG Pactual. BTGH is a pure holding
company and directly controls 70.3% of BTG Pactual. The
equalization of the ratings is based on the high correlation
between the probability of default for BTGH and the bank. Both are
incorporated in the same jurisdiction, being overseen by Brazilian
authorities.

Double leverage (equity investments in subsidiaries and BHC
intangibles/equity) is acceptable at 117% in June 2016, and
liquidity risk management is centralized at the bank. BTGH shares
the same executives, controls and systems with BTG Pactual. They
are supervised by the Central Bank of Brazil, which requires the
entire group to be responsible for the liabilities and obligations
of any group company. Nevertheless, BTGH's support and support
floor ratings are assigned at '5' and 'NF', respectively, given
BTGH's nature as a holding company, indicating that although
possible, external support cannot be relied upon.

Most revenue derives from the equity pickup received from BTG
Pactual, with low funding expenses and costs. Average return on
equity has surpassed 20% each year, with exception of 2015 when it
was 10.8%, as net income was affected by expenses related to the
creation of provisions for contingencies.

KEY RATING DRIVERS: BTGI
BTGI's Long-Term IDR rating reflects its implicit and indirect
support it receives from BTG Pactual. However, despite its evident
links with the group (franchise, common management, relevance of
its revenue stream and completely aligned business model), BTGI
remains a 'sister company' of BTG within the organization
structure, without being a direct subsidiary of BTGH. Hence, its
rating remains one notch down from the rating of BTGH, the primary
source of support to the entity.

The group's recent announced intention to split the stock market
listing for its investment banking and merchant banking division
does not alter Fitch expectations that BTGI will continue to
benefit from BTG Pactual's indirect support, through BTGH, should
it be needed. They will remain sharing the same ultimate owners
with majority control, and, in a stress situation, Fitch believes
that BTGI may continue to rely on BTG Pactual's willingness to
extend support. The group's partnership holds, directly or
indirectly, 70.3% of both BTG Pactual and BTGI voting shares.

BTGI concentrates the bulk of the Principal Investment business,
which includes the group's Merchant Banking (Private Equity
investments), Global Markets (Proprietary Trading) and Real Estate
(investment in Real Estate funds and other Real Estate Structures)
divisions. Those areas were already planned to reduce in size and
relevance in the group's business, and had their deleverage
process accelerated after BTG Pactual's liquidity crises. At the
end of 2016, BTGI had total equity of BRL2.1 billion, roughly 10%
of BTG Pactual's consolidated equity.

During 2015 and 2016, Principal Investments division accumulated
losses of BRL1.1 billion and BRL594 million, respectively, mainly
due mainly due to negative contribution from private equity and
real estate units. With the deleveraging of its principal
investments, BTGI should become less important for the group while
the volatility in the contribution of global markets business to
earnings should fall.

RATING SENSITIVITIES
BTG Pactual IDRs and VR

The potential for an upgrade of BTG Pactual's IDRs remains limited
in the short and medium term due to the challenges imposed by the
current operating environment.

The bank's ratings could be downgraded in case of a steep
deterioration of its profitability metrics to levels below an
operating profit ROAA of 1% and/or Fitch Core Capital falls below
10%.

Though there is a lower risk of this scenario materializing, BTG
Pactual's ratings could be downgraded in the event of any
accusation of wrongdoings and/or official investigations are
unveiled related to the bank's business and operations that result
in pressures on the bank's reputation and further weaken its
franchise and financial profile

BTG Pactual National Ratings

Further positive rating actions on the BTG Pactual's national
scale ratings could arise if the entity sustains recent
improvements on its business and funding franchise while
maintaining satisfactory capitalization and preserving its credit
metrics.

BTGH
Changes to the rating of BTG Pactual may lead to changes to BTGH's
ratings. Also, an increase of its double leverage ratio above 120%
or a deterioration of its debt service metrics may result in a
downgrade of BTGH's ratings.

BTGI
Changes to the rating of BTG Pactual or BTGH may lead to changes
to BTGI's ratings. Also, the company can be downgraded if Fitch
has reason to believe that the capacity or propensity of support
from BTGH has changed, illustrated, for instance, by a lower level
of management, operational and balance-sheet integration between
BTG Pactual and BTGI.

In addition, a material deterioration of BTGI's financial profile
where sustained losses and/or a significant increase of its
leverage may hinder the overall financial profile of BTG Group,
may trigger a rating downgrade.

Fitch has taken the following rating actions:

Banco BTG Pactual S.A.
-- Long-Term Foreign and Local Currency IDRs affirmed at 'BB-',
Negative Outlook;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B';
-- Viability Rating affirmed at 'bb-';
-- Long-term National Rating upgraded to 'A(bra)' from 'A-(bra)';
Stable Outlook;
-- Short-term National Rating upgraded to 'F1 ' from 'F2(bra)';
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF';
-- Senior unsecured notes, due in September 2017, foreign
currency rating affirmed at 'BB-';
-- Senior unsecured notes due in January 2020, foreign currency
rating affirmed at 'BB-';
-- Senior unsecured notes due in January 2034, foreign currency
rating affirmed at 'BB-';
-- Subordinated notes due in September 2022, foreign currency
rating affirmed at 'B';
-- Perpetual non-cumulative junior subordinated notes, foreign
currency rating affirmed at 'B-'.

BTG Investments LP
-- Long-Term Foreign and Local Currency IDRs affirmed at 'B+';
Negative Outlook;
-- Support Rating affirmed at '4';
-- Senior guaranteed notes affirmed at 'BB-'.

BTG Pactual Holding S.A.
-- Long-Term Foreign and Local Currency IDRs affirmed at 'BB-',
Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B';
-- Long-term National Rating upgraded to 'A(bra)' from 'A-(bra)';
Outlook Stable;
-- Short-term National Rating upgraded to 'F1(bra)' from
'F2(bra)';
-- Support Rating at affirmed '5';
-- Support Rating Floor affirmed at 'NF'.


BANCO NACIONAL: Works to Unlock Close to $5BB Loan in Disbursement
------------------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that Banco
Nacional de Desenvolvimento Economico e Social S.A. (BNDES) is
working to unlock close to $5 billion in loans that were suspended
last year because they were linked to companies involved in the
sweeping Operation Car Wash corruption probe, Chief Executive
Officer Maria Silvia Bastos Marques said in an interview.

The executive, who was also previously a director at the bank,
said she has been reviewing all the lender's practices to make it
more transparent and agile, and to give it a broader reach,
according to The Wall Street Journal.

The report notes that the Car Wash investigation, launched in
2014, uncovered a vast bid-rigging and bribery scheme centered on
government-controlled oil company Petroleo Brasileiro SA.

Investigators have also said they suspect there might have been
undue political influence on lending decisions at the Banco
Nacional de Desenvolvimento Economico e Social, known as BNDES,
the report relays.

In her tenure at the top, Ms. Marques said she hasn't found any
evidence of systemic graft at the state-owned lender and is
confident that the BNDES hasn't hidden anything in a so-called
black box, a term used in Brazil to refer to hidden wrongdoing,
the report notes.

"I'm convinced . . . it's impossible [that there was corruption
and that it wasn't yet uncovered] at the institutional level," Ms.
Marques said in an interview in the bank's headquarters, the
report relays.  "No black box would withstand [the investigation].
Brazil is being cleaned up," she added.

Last year, before Ms. Marques took the helm, BNDES halted payments
to 25 approved projects abroad by Brazilian construction firms
Odebrecht, OAS, Queiroz Galvao, Camargo Corràa and Andrade
Gutierrez in countries, including Argentina, Cuba, Venezuela,
Guatemala, Honduras, the Dominican Republic, Angola, Mozambique
and Ghana, the report recalls.

The value of those projects totaled $7 billion, of which $2.3
billion had already been disbursed. The bank also put under review
another 22 projects which were in various stages of analysis, the
report notes.

BNDES has written new rules for financing construction projects
abroad that include a requirement to consider the impact of the
project on the Brazilian economy, the report relays.  Borrowers
and exporters must also sign a statement attesting to the lawful
use of the loan and establishing penalties in the case of fraud or
inaccuracies in the contract, the report says.

"The criteria (for approving the projects) have been defined and
we're not standing still, far from it," said Ms. Marques, a former
head of steelmaker Companhia Siderurgica Nacional, who was
appointed by Mr. Temer last May, the report notes.  "It's very
important to us to do all we can, as fast as we can," the report
notes.

The bank already approved one disbursement from the list of
suspended projects, by Queiroz Galvao, for work in Honduras.

Disbursements for other projects could be unlocked as early as
next month, according to BNDES director Ricardo Ramos, and the
flow is likely to continue, the report relays.

"I don't know if we will be able to resolve all 25 [projects], but
we'll be able to resolve a good part of them" in the next year or
two, Mr. Ramos said, the report discloses.

Created in 1952, BNDES in recent years was used by the government
to try to build up globally competitive champions in key sectors,
the report says.

Ms. Marques's revamping of the bank emphasizes a new focus on
small-and medium-size companies that otherwise could have more
difficulty getting loans, the report relays.

"Everyone asks if there won't be any more national champions, I
say on the contrary, we are offering the same conditions to all so
there could be many national champions," she said, the report
notes.

Despite Ms. Marques's conviction there was no systemic wrongdoing,
analysts suspect investigators could still uncover crimes at the
bank, which as of last September had about BRL646 billion ($209.1
billion) in outstanding loans, the report relays.

The report discloses that Rafael Alcadipani, an academic at
Brazil's Get£lio Vargas Foundation, said that there is already
evidence of influence peddling and that more could be discovered.

Prosecutors suspect that Odebrecht, which agreed in December to
pay the world's largest anticorruption settlement, benefited from
political influence that helped it arrange loans and win public
works contracts overseas, the report notes.

Analysts, including Mr. Alcadipani, believe Eike Batista, the
former billionaire who at the height of his wealth received
billions of dollars in loans from the BNDES and is currently in
jail for alleged corrupt practices, could decide to sign a plea-
bargain agreement with Brazilian authorities and tell them about
his dealings with the bank, the report relays.

Ms. Marques, however, said that if there was any wrongdoing at the
public bank, it was on a personal level and bank employees want it
to be uncovered, the report adds.

As reported in the Troubled Company Reporter - Latin America on
July 14, 2016, S&P Global Ratings affirmed its 'BB' foreign and
local currency global scale ratings on Banco Nacional de
Desenvolvimento Economico e Social S.A. (BNDES).



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


MEDICAL VENTURES: Sole Member Receives Wind-Up Report
-----------------------------------------------------
The sole member of Medical Ventures Limited received on, Feb. 7,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michel Clemence
          Mao Financial Services S.A.
          14, rue Charles-Bonnet
          1206 Geneve - Suisse
          Telephone: +41-22-818-6161


PARTICULAR HOLDINGS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Particular Holdings Ltd. received on Feb. 6, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106
          Grand Cayman KY1-1205
          Cayman Islands


PHNIA CO: Members Receive Wind-Up Report
----------------------------------------
The members of Phnia Co 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:

          Paul Travers
          P.O. Box 1569 Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +345 949 4018
          Facsimile: +345 949 7891


PURSUIT OPPORTUNITY: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Pursuit Opportunity Fund I, Ltd. received on,
Jan. 24, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Anthony Schepis
          Frank Canelas
          c/o Ashleigh Dixon, Carey Olsen
          CO Services Cayman Limited
          Willow House, Cricket Square
          P.O. Box 10008 Grand Cayman, KY1-1001
          Cayman Islands
          Telephone: (+1 345) 749 2023


SEQUEDGE ASA: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Sequedge Asa Capital (Cayman) 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:

          Junichi Naganawa
          Lincoln Road
          #24-12 Singapore
          308345 Singapore
          Telephone: + 1 (345) 949 2648
          Facsimile: +1 (345) 949 8631


SPR 2 LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of SPR 2 Limited received on, Jan. 30, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


STANDARD GLOBAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Standard Global Equity Cayman, 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:

          CDL Company Ltd.
          P.O. Box 31106
          Grand Cayman KY1-1205
          Cayman Islands


TULOS COMMODITIES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Tulos Commodities 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:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085, Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


TULOS COMMODITIES MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Tulos Commodities Master 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:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085, Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


US FUND II: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of US Fund II Investment Holding 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:

          Jess Shakespeare
          c/o Ruth Simpson
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8734
          Facsimile: (345) 945 4237


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


DOMINICAN REPUBLIC: Medina Signs Sweeping Transport Bill Into Law
-----------------------------------------------------------------
Dominican Today reports that President Danilo Medina signed the
Mobility, Land Transport, Traffic and Road Safety bill into Law,
which creates the National Traffic and Land Transport Institute
(INTRANT) as a national governing agency, with a financially
autonomous status, and forms part of the Public Works Ministry.

The new agency abolishes five transport sector regulatory
institutions: The Technical Land Transport Office (OTTT), the Land
Transit Directorate (DGTT), the Taxis Administration and
Regulation Council (CART), the Public Transport Drivers Pensions
and Retirements, and the Land Transport Development Fund (Fondet),
according to Dominican Today.

The new law also creates the General Traffic Safety and Land
Transport Agency (DIGESETT), which fuses the Metropolitan Transit
Authority (AMET) and the Santiago Metropolitan Transit Authority
(AMETRASAN), the report notes.

Moreover, the new agency will oversee the fines and infractions
and control the land passenger and cargo transport and road
safety, as part of the National Police, the report relays.

                           Controls

The legislation establishes controls on public transport such as
the age of drivers, the number of passengers in vehicles, their
lifespan; the number of passengers on motorcycles; bars the
transport of children under 8 on motorcycles, among other rules,
the report adds.

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
=============


JAMAICA: Chief Justice Establishes Insolvency Division in S.C.
--------------------------------------------------------------
RJR News reports that Chief Justice Zaila McCalla disclosed the
establishment of the Insolvency Division of the Jamaican Supreme
Court.

The announcement was made last weekend at a training session,
where members of the judiciary were sensitized on the new
provisions of the Insolvency Act, according to RJR News.

The report notes that the Act makes provision for Jamaicans filing
for bankruptcy to benefit from a more business friendly approach
to adjudicating these matters.

It sets out changes to the application process, the role of the
court, personal and corporate insolvency as well as the role and
functions of the Supervisor of Insolvency, the report relays.

The Chief Justice said the main objective of modern insolvency
laws is rehabilitation of the debtor where possible, maximizing
payments to creditors as well as distributing assets fairly and
equitably, the report discloses.

Vivian Brown, Director General in the Ministry of Industry and
Commerce, is seeking to promote the broader benefits of the
Insolvency Act to Jamaica's economy, the report says.

According to him, this is a very important component of the
business environment reform and reducing the stigma of business
failure, the report notes.

The Insolvency Act, which repealed the Bankruptcy Act, came into
effect in January 2015.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B'
with a Stable Outlook. The issue ratings on Jamaica's senior
unsecured Foreign and Local Currency bonds are also affirmed at
'B'. The Outlooks on the Long-Term IDRs are Stable. The Country
Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and
Local Currency IDRs at 'B'.


NATIONAL COMMERCIAL: Fitch Affirms Long-Term IDRs at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed National Commercial Bank Jamaica
Limited's ratings as follows:

-- Long-term foreign and local currency IDRs at 'B';
    Outlook Stable;
-- Short-term foreign and local currency IDRs at 'B';
-- Viability Rating at 'b';
-- Support Rating at '4';
-- Support Rating Floor at 'B'.

KEY RATING DRIVERS
IDRS and VR
The bank's IDRs and VR reflect the high influence of the operating
environment given its substantial exposure to the sovereign as
well as its reach into all major sectors of the Jamaican economy
through its diverse corporate and retail banking, insurance and
securities services. As a result, NCBJ's IDRs are in line with
those of the sovereign ('B'; Outlook Stable).

NCBJ's capital position represents a relative strength,
underpinned by moderate asset growth, stable earnings, a
reasonable dividend distribution policy, as well as stringent
local capital requirements. At September 2016, Fitch estimated
NCBJ's consolidated Fitch Core Capital at 24.1% of adjusted risk
weighted assets, well above the peer median. The Bank of Jamaica
requires that NCBJ maintain a regulatory capital ratio of 12.5%
compared to the 10% regulatory minimum, due to its systemic
importance (42.9% commercial bank market share by assets at
September 2016). In addition, contrary to Fitch or Basel
standards, local regulation excludes retained earnings from
qualifying capital.

In terms of financial performance, NCBJ's has successfully adapted
to a steadily pressured net interest margin, relying increasingly
on fee, commission and premium income. Together, non-interest
income grew to 32.7% of gross revenues during fiscal year 2016
(31.5% during fiscal year 2015). NCBJ's administrative expenses
registered an uptick as a proportion of gross revenues in 2016,
but should decline over the medium term in response to the bank's
efficiency strategy.

NCBJ's ratings also reflect its solid liquidity profile,
surpassing local requirements. At December 2016, liquid assets
covered customer deposits by 108.2% and covered estimated short
term net cash outflows by 170%. However, a majority of NCBJ's
liquid assets consist of speculative grade government bonds that
could become illiquid during periods of stress.

Asset quality is correlated with the sovereign due to NCBJ's large
holdings of government securities, representing approximately
36.7% of consolidated assets at September 2016. In addition,
NCBJ's loan quality indicators demonstrate steady improvement but
lag behind regional peers. NCBJ's non-performing loans (NPLs)
registered a moderate decline to 3.1% of gross loans at September
2016 (5.0% at September 2015). The improvement was driven by the
recovery of large legacy problem loans. The bank's loan loss
reserves should be viewed in light of non-distributable reserves
in the capital account. Taking into account these voluntary
reserves, reserve coverage was 136% of nonperforming loans,
compared to 118.7% at fiscal year-end 2015.

SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating Floor of 'B' is equalized with the sovereign
rating, reflecting NCBJ's systemic importance. However,
notwithstanding the government's record of extraordinary support
to the banking system during prior crises, NCBJ's Support Rating
of '4' reflects uncertainties over the sovereign's capacity to
provide future support in light of its high levels of
indebtedness.

RATING SENSITIVITIES
IDRS AND VR
The bank's IDRs and VR could be negatively affected by a
deterioration in the operating environment or a downgrade of the
sovereign rating. In addition, a sustained deterioration in
financial performance, including a decline in asset quality,
weakened profitability that pressures the bank's capital position,
or deterioration in liquidity, could result in a negative rating
action. Any potential upgrade of NCBJ's ratings is contingent on a
similar rating action on the sovereign.

SUPPORT RATING AND SUPPORT RATING FLOOR
While Fitch views the sovereign's propensity to provide timely
support to NCBJ as high due to the bank's systemic importance,
NCBJ's SR has limited upside potential given the weakness of the
government's creditworthiness.


* Jamaican Banks Issue Detailed Response to Private Members Bill
----------------------------------------------------------------
RJR News reports that the Jamaica's commercial banks have issued a
detailed response regarding the Private Members Bill which is
seeking to amend the Banking Services Act.

During a meeting last month involving the Jamaica Bankers
Association and Member of Parliament for South St. Catherine Fitz
Jackson, who tabled the Bill, the group said it would present a
position paper, according to RJR News.

Mr. Jackson is reviewing the response.

"I have read their general response which really reflects their
publicly enunciated position on the bill. But as we had agreed,
they have also provided a detailed clause by clause response which
I will be going through with the legislative of Parliament and
provide my further response," Mr. Jackson said, the report notes.

The Private Members Bill, which was tabled in the House of
Representatives, seeks tighter regulations for banking fees and
charges, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B'
with a Stable Outlook. The issue ratings on Jamaica's senior
unsecured Foreign and Local Currency bonds are also affirmed at
'B'. The Outlooks on the Long-Term IDRs are Stable. The Country
Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and
Local Currency IDRs at 'B'.



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


DACCO TRANSMISSION: Examiner Taps Jenner & Block as Attorneys
-------------------------------------------------------------
Richard Levin, the examiner in the Chapter 11 cases of DACCO
Transmission Parts (NY), Inc. and its debtor-affiliates, seeks
authorization from the U.S. Bankruptcy Court for the Southern
District of New York to employ Jenner & Block LLP as attorneys,
nunc pro tunc to Dec. 28, 2016.

The Examiner requires Jenner & Block to:

   (a) represent and assist the Examiner in the discharge of his
       duties and responsibilities under the Examiner Order, other

       orders of this Court, and applicable law;

   (b) assist the Examiner in the preparation of reports and
       represent him in the preparation of motions, applications,
       notices, orders, and other documents necessary in the
       discharge of the Examiner's duties;

   (c) represent the Examiner at hearings and other proceedings
       before this Court;

   (d) analyze and advise the Examiner regarding any legal issues
       that arise in connection with the discharge of his duties;

   (e) assist the Examiner with interviews, examinations, and the
       review of documents and other materials in connection with
       the Examiner's investigation;

   (f) perform all other necessary legal services on behalf of the

       Examiner in connection with the chapter 11 cases; and

   (g) assist the Examiner in undertaking any additional tasks or
       duties that the Court might direct or that the Examiner
       might determine are necessary and appropriate in connection

       with the discharge of his duties.

Jenner & Block will be paid at these hourly rates:

       Angela Allen,
       Partner-Restructuring and Bankruptcy     $785
       John VanDeventer,
       Associate-Restructuring and Bankruptcy   $565
       Elizabeth Edmondson,
       Partner-Complex Commercial Litigation    $840
       Jeremy Ershow,
       Associate-Litigation                     $665
       Nicole Taykhman,
       Associate-Litigation                     $470
       Partners                                 $770-$1,250
       Counsel                                  $625-$750
       Associates                               $445-$795
       Staff Attorneys                          $380-$480
       Discovery Attorneys                      $175
       Litigation Support                       $365
       Paralegals                               $305-$365

Jenner & Block will also be reimbursed for reasonable out-of-
pocket expenses incurred.

The Examiner and Ms. Allen, a partner at Jenner & Block, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

In accordance with Appendix B-Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases,
the following is provided in response to the request for
additional information:

   -- Jenner & Block did not agree to any variations from, or
      alternatives to, its standard or customary billing
      arrangements for this engagement;

   -- None of the professionals included in this engagement vary
      their rate based on the geographic location of the
      bankruptcy case.

   -- Jenner & Block has not represented the Examiner in the 12
      months prepetition.

   -- The Examiner is consulting with various parties in interest
      to determine the appropriate scope of the Examiner's role in

      these Chapter 11 Cases. Jenner & Block will prepare a budget

      and staffing plan for the Examiner's approval following the
      Examiner's determination of the appropriate scope of the
      Examiner's role in these Chapter 11 Cases.

The Court will hold a hearing on the application on March 8, 2017,
at 10:00 a.m. Objections, if any, are due March 1, 2017, at 4:00
p.m.

Jenner & Block can be reached at:

       Richard Levin, Esq.
       JENNER & BLOCK LLP
       919 Third Avenue, 37th Floor
       New York, NY 10022
       Tel: (212) 891-1600
       E-mail: rlevin@jenner.com

               About DACCO Transmission Parts (NY)

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

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

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

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

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

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

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


ONCOLOGY INSTITUTE: Taps Gonzalez-Cordero as Legal Counsel
----------------------------------------------------------
Oncology Institute of Puerto Rico, P.S.C. seeks approval from the
U.S. Bankruptcy Court in Puerto Rico to hire legal counsel in
connection with its Chapter 11 case.

The Debtor proposes to hire Nilda Gonzalez-Cordero, Esq., to give
legal advice regarding its duties under the Bankruptcy Code,
negotiate with creditors on the formulation of a bankruptcy plan
or liquidation of its assets, and provide other legal services.

Ms. Gonzalez-Cordero will be paid an hourly rate of $250 while
paralegals will be paid $75 per hour.

In a court filing, Ms. Gonzalez-Cordero disclosed that she is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Ms. Gonzalez-Cordero maintains an office at:

     Nilda Gonzalez-Cordero, Esq.
     P.O. Box 3389
     Guaynabo, PR 00970
     Tel: (787)721-3437 / (787)724-2480
     Email: ngonzalezc@ngclawpr.com

            About Oncology Institute of Puerto Rico

Oncology Institute of Puerto Rico, P.S.C., a health care business,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. P.R. Case No. 17-00212) on January 18, 2017.  At the time of
the filing, the Debtor estimated assets and liabilities of less
than $500,000.


ONCOLOGY INSTITUTE: Taps Luis Cruz Lopez as Accountant
------------------------------------------------------
Oncology Institute of Puerto Rico P.S.C. seeks approval from the
U.S. Bankruptcy Court in Puerto Rico to hire an accountant.

The Debtor proposes to hire Luis Cruz Lopez, a certified public
accountant, to supervise its accounting affairs, assist in the
preparation of its monthly operating reports and income tax
returns, and prepare financial projections and analysis required
for the formulation of a bankruptcy plan.

Mr. Lopez will charge an hourly rate of $150 and will receive
reimbursement for work-related expenses.  Staff accountants will
charge $75 per hour.

In a court filing, Mr. Lopez disclosed that he is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.

Mr. Lopez maintains an office at:

     Luis Cruz Lopez
     172 La Coruna Street
     Ciudad Jardin
     Caguas, Puerto Rico
     Phone: (787) 703-2552
     Phone: (787) 747-0620
     Email: cpalcruz@gmail.com

            About Oncology Institute of Puerto Rico

Oncology Institute of Puerto Rico, P.S.C., a health care business,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. P.R. Case No. 17-00212) on January 18, 2017.  Nilda
Gonzalez-Cordero, Esq., serves as the Debtor's bankruptcy counsel.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.


PET EXPRESS USA: Seeks to Hire Landrau Rivera as Legal Counsel
--------------------------------------------------------------
Pet Express USA Corp. seeks approval from the U.S. Bankruptcy
Court in Puerto Rico to hire legal counsel in connection with its
Chapter 11 case.

The Debtor proposes to hire Landrau Rivera & Assoc. to give legal
advice regarding its duties under the Bankruptcy Code, negotiate
with creditors on the formulation of a bankruptcy plan, and
provide other legal services.

The hourly rates charged by the firm are:

     Noemi Landrau Rivera          $200
     Josue Landrau Rivera          $175
     Legal/Financial Assistants     $75

Noemi Landrau Rivera, Esq., disclosed in a court filing that all
members of the firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Noemi Landrau Rivera, Esq.
     Landrau Rivera & Assoc.
     P.O. Box 270219
     San Juan, PR 00928
     Tel: (787) 774-0224
     Fax: (787) 793-1004
     Email: nlandrau@landraulaw.com

                   About Pet Express USA Corp.

Pet Express USA Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 17-00914) on February 13,
2017.  The case is assigned to Judge Edward A. Godoy. At the time
of the filing, the Debtor estimated assets and liabilities of less
than $50,000.


SPANISH BROADCASTING: Renaissance Technologies Owns 7% CL-A Shares
------------------------------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission, Renaissance Technologies LLC and Renaissance
Technologies Holdings Corporation reported that as of
Dec. 30, 2016, they beneficially owned 292,720 shares of
Class A common stock, par value $0.0001 per share, of Spanish
Broadcasting System, Inc., which represents 7.02 percent of the
shares outstanding.  A full-text copy of the regulatory filing is
available for free at https://is.gd/LSUr3c

                   About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. (OTCQX:SBSAA) -- http://www.spanishbroadcasting.com/
-- owns and operates 21 radio stations targeting the Hispanic
audience.  The Company also owns and operates Mega TV, a
television operation with over-the-air, cable and satellite
distribution and  affiliates throughout the U.S. and Puerto Rico.
Its revenue for the twelve months ended Sept. 30, 2010, was
approximately $140 million.

As of Sept. 30, 2016, Spanish Broadcasting had $451.7 million in
total assets, $569.4 million in total liabilities and a total
stockholders' deficit of $117.7 million.

                            *     *     *

As reported by the TCR on Feb. 1, 2016, Moody's Investors Service
downgraded Spanish Broadcasting System's Corporate Family Rating
to 'Caa2' from 'Caa1', Probability of Default Rating to 'Caa3-PD'
from 'Caa1-PD', and lowered its Speculative Grade Liquidity Rating
to SGL-4 from SGL-3.  Spanish Broadcasting's 'Caa2' Corporate
Family Rating and Caa3-PD Probability of Default Rating reflect
very high debt+preferred stock-to-EBITDA of 10.4x estimated for
LTM December 2015 (including Moody's standard adjustments, 6.9x
excluding preferred stock and accrued dividends), the need to
address the Voting Rights Triggering Event, and the heightened
potential of a payment default given the near term maturity of the
12.5% senior secured notes due April 2017.

As reported by the TCR on June 21, 2016, S&P Global Ratings said
it lowered its corporate credit rating on Spanish Broadcasting
System to 'CCC' from 'CCC+'.


SPANISH BROADCASTING: PlusTick Management Owns 8.9% Class A Shares
------------------------------------------------------------------
PlusTick Management LLC and Thomas J. Hill disclosed in an amended
Schedule 13G filed with the Securities and Exchange Commission
that as of Dec. 31, 2016, they beneficially owned 371,608 shares
of Class A common stock, par value $0.0001 per share, of Spanish
Broadcasting System, Inc. representing 8.92 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at:

                      https://is.gd/7HDG37

                   About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. (OTCQX:SBSAA) -- http://www.spanishbroadcasting.com/
-- owns and operates 21 radio stations targeting the Hispanic
audience.  The Company also owns and operates Mega TV, a
television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico.
Its revenue for the twelve months ended Sept. 30, 2010, was
approximately $140 million.

As of Sept. 30, 2016, Spanish Broadcasting had $451.7 million in
total assets, $569.4 million in total liabilities and a total
stockholders' deficit of $117.7 million.

                            *     *     *

As reported by the TCR on Feb. 1, 2016, Moody's Investors Service
downgraded Spanish Broadcasting System's Corporate Family Rating
to 'Caa2' from 'Caa1', Probability of Default Rating to 'Caa3-PD'
from 'Caa1-PD', and lowered its Speculative Grade Liquidity Rating
to SGL-4 from SGL-3.  Spanish Broadcasting's 'Caa2' Corporate
Family Rating and Caa3-PD Probability of Default Rating reflect
very high debt+preferred stock-to-EBITDA of 10.4x estimated for
LTM December 2015 (including Moody's standard adjustments, 6.9x
excluding preferred stock and accrued dividends), the need to
address the Voting Rights Triggering Event, and the heightened
potential of a payment default given the near term maturity of the
12.5% senior secured notes due April 2017.

As reported by the TCR on June 21, 2016, S&P Global Ratings said
it lowered its corporate credit rating on Spanish Broadcasting
System to 'CCC' from 'CCC+'.


VIA NIZA: Seeks to Hire Luis Cruz Lopez as Accountant
-----------------------------------------------------
Via Niza Inc. seeks approval from the U.S. Bankruptcy Court in
Puerto Rico to hire an accountant.

The Debtor proposes to hire Luis Cruz Lopez, a certified public
accountant, to supervise its accounting affairs, assist in the
preparation of its monthly operating reports and income tax
returns, and prepare financial projections and analysis required
for the formulation of a bankruptcy plan.

Mr. Lopez will charge an hourly rate of $150 and will receive
reimbursement for work-related expenses.  Staff accountants will
charge $75 per hour.

In a court filing, Mr. Lopez disclosed that he is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.

Mr. Lopez maintains an office at:

     Luis Cruz Lopez
     172 La Coruna Street
     Ciudad Jardin
     Caguas, Puerto Rico
     Phone: (787) 703-2552
     Phone: (787) 747-0620
     Email: cpalcruz@gmail.com

                       About Via Niza Inc.

Via Niza, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 17-00215) on January 18,
2017.  Nilda Gonzalez-Cordero, Esq., serves as the Debtor's
bankruptcy counsel.  At the time of the filing, the Debtor
estimated assets and liabilities of less than $1 million.


                            ***********


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

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

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


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Ivy B.
Magdadaro, and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                   * * * End of Transmission * * *