TCRLA_Public/170307.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

               Tuesday, March 7, 2017, Vol. 18, No. 47


                            Headlines



A R G E N T I N A

IAM RENTA: Moody's Assigns 'B-bf' Global Scale Bond Fund Rating
RAGHSA SA: Moody's Assigns B3 Rating to USD150MM Sr. Unsec. Notes


B A R B A D O S

BARBADOS: S&P Lowers Sovereign Ratings to 'CCC+'
BARBADOS: Central Bank Governor Fired


B R A Z I L

OURO VERDE: S&P Withdraws Preliminary 'BB-' GS CCR


C A Y M A N  I S L A N D S

GLG MMI (SPECIAL ASSETS): Members Receive Wind-Up Report
GOLDEN SHALE: Members Receive Wind-Up Report
LEAFGREEN INVESTMENTS: Shareholders Receive Wind-Up Report
PINE RIVER: Shareholders Receive Wind-Up Report
PINE RIVER ULTRA: Shareholders Receive Wind-Up Report

SILVERPATH INVESTMENTS: Shareholder Receives Wind-Up Report
SORIN ALPHA: Shareholder Receives Wind-Up Report
SORIN ALPHA MASTER: Shareholder Receives Wind-Up Report
STABLE ALPHA II: Shareholders Receive Wind-Up Report
STABLE ALPHA II MASTER: Shareholders Receive Wind-Up Report


C H I L E

CORP GROUP: S&P Lowers ICR to 'B-' on Weaker Financial Profile


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Medina Pledges Sweeping Improvements


J A M A I C A

DIGICEL GROUP: Trade Unionist Concerned About Plan to Cut Jobs


M E X I C O

GRUPO FAMSA: Fitch Lowers IDRs to B-; Outlook Stable
MEXICO: Registers $3.29 Billion Trade Deficit in January


P A R A G U A Y

BBVA PARAGUAY: S&P Lowers ICR to 'BB-'; Outlook Stable


P U E R T O   R I C O

ISLAND FESTIVAL: Taps Almeida & Davila as Legal Counsel
ISLAND FESTIVAL: Case Summary & 20 Largest Unsecured Creditors



U R U G U A Y

* URUGUAY: Wants to Increase Business With European Union


                            - - - - -



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


IAM RENTA: Moody's Assigns 'B-bf' Global Scale Bond Fund Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to IAM Renta Dolares FCI (the Fund), a
newly launched fund that will be managed by IAM Asset Management
SGFCI SA (IAM AM). The ratings assigned are:

  -- Global scale bond fund rating: B-bf

  -- National scale bond fund rating: A-bf.ar

RATINGS RATIONALE

"The Fund ratings are based on Moody's expectations that IAM Renta
Dolares FCI will invest in Argentinean dollarized fixed income
securities, including local treasuries and corporate bonds (both
rated in the range of B3 to B1). The remainder of the Fund's
assets is expected to be allocated in sub-sovereign bonds and
LEBACs. The portfolio will seek to provide low volatile returns to
investors, preserving the capital, and duration will not exceed 2
years. Additionally, Moody's has considered the asset manager's
track record of adhering to the investment guidelines since
Moody's started rating its funds in 2014" said Moody's lead
analyst Carlos de Nevares.

The rating agency noted that IAM Renta Dolares FCI is a new fund
with no prior track record, but is managed by an experienced
manager. Moody's analysis was performed on a model portfolio
provided by the fund sponsor. The rating agency expects the fund
to be managed in line with the model portfolio. However, Moody's
noted that if the Fund's invested portfolio deviates materially
from the model portfolio, the Fund's ratings could be changed.

Industrial AM is a medium sized Argentinean-fund advisor
subsidiary of the Banco Industrial. As of January 2017 managed an
AUM of ARS 2.77 Billion (USD $175.8 million).

The principal methodology used in rating the funds was Moody's
Bond Fund Rating Methodology published in May 2013.

Other methodologies and factors that may have been considered in
the process of rating this fund can also be found under Rating
Methodologies on Moody's website.


RAGHSA SA: Moody's Assigns B3 Rating to USD150MM Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 global foreign
currency rating to Raghsa S.A.'s proposed up to USD150 million
senior unsecured notes due 2024. The outlook on the rating is
stable.

Raghsa is offering bondholders of its 8.5% notes due 2021 the
possibility to exchange any and all of their holdings for newly
issued US dollar denominated notes due 2024 to be issued with a
coupon of not less than 7.25%. For each USD1000 in principal
amount of existing notes bondholders will receive USD1010 in
principal amount of proposed notes plus an Early Participation
Premium or Consent Payment, as appropriate. The deal is dependent
on the issuance of at least USD100 million of new notes among
other general conditions.

The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

The B3 rating reflects Raghsa's strong brand name and position in
the local market, good asset quality and its management's solid
track record in the industry. The company's high occupancy rates
and healthy tenants base, with significant expected growth in
operating cash flow in 2017 as a result of currency depreciation
and "Madero Riverside" project finalization in September 2016 also
supports the ratings and business model. Tenant base is somehow
diversified in terms of industry exposure although there is some
client concentration. Other factors supporting the rating are
Raghsa's good credit metrics and moderate leverage for the rating
category.

Key rating challenges are Raghsa's small size relative to industry
peers, its portfolio concentration in the city of Buenos Aires and
historical margin volatility. Raghsa's aggressive growth plans are
also a key rating challenge, in particular for a private, family
owned company, with limited access to external financing. This
challenge is somewhat mitigated by the expected stability of lease
revenues derived from the company's current leasable area.

Raghsa is exposed to exchange-rate risk as most of its financial
debt is denominated in US dollars, although this is mitigated by
the fact that lease fees are set in US dollars but are payable in
Argentine pesos. Raghsa's hedging strategy-acquiring dollar-
denominated marketable securities-and its revenues indexed to
currency fluctuation through US dollar denominated fees ease both
its exchange-rate risk and liquidity risk.

In the proposed transaction, Raghsa offers to bondholders of its
8.5% notes due in 2021 the possibility to exchange any and all of
their holdings for newly issued US Dollar-denominated notes due
2024 with a coupon of not less than 7.25%. The deal is dependent
on the issuance of at least USD100 million of new notes. Moreover,
it will not bind dissenting creditors. Raghsa's primary purpose
for the exchange offer is to extend the maturity of its
outstanding financial debt.

Raghsa's stable outlook reflects Moody's view that the
creditworthiness of the company will be supported by steady
revenue growth and cash flow derived from the broad base of
tenants, high occupancy rates and multiple-year lease contracts.

Although Raghsa's small size, aggressive growth strategy and
limited access to alternative sources of funding are challenges,
the ratings could be upgraded if the company continues to make
progress in its growth strategy, while maintaining an adequate
liquidity profile and moderate leverage levels. Quantitatively,
the ratings could be upgraded if total assets remain largely
unencumbered and above $500 million ($625.0 as of November 30,
2016), with debt to total gross assets below 50% (13.3% as of
November 30, 2016). A reduction of EBITDA margin volatility to
less than 15% (24.5% as of November 30, 2016) would also
contribute to a potential upgrade of the ratings. An upgrade on
Raghsa's ratings would also be dependent of a rating upgrade of
Argentina's government bond rating.

A rating downgrade would likely result from a significant decline
on Raghsa's profit margins such that adjusted EBITDA margin drops
below 35% (116.0% for the twelve month period ended on November
30, 2016). A significant increase in leverage or encumbering of
the company's portfolio could also prompt a rating downgrade. In
particular, if net debt to adjusted EBITDA exceeds 10.0x (2.7x as
of November 30, 2016) and/or if the ratio of debt to gross assets
exceeds 80% (13.3% as of November 30, 2016), the ratings could be
downgraded.

A rating downgrade of the sovereign would likely result in
negative rating actions for the company to maintain the issuers'
current notching gap relative to the sovereign in the absence of
any significant change in its underlying credit quality.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

RAGHSA S.A. (Raghsa) is an Argentine family owned fully integrated
developer that has been engaged in the construction, development,
ownership and leasing of premium office, commercial and
residential buildings for more than 45 years. Mainly located in
Buenos Aires, as of November 30, 2016, Raghsa owned four office
buildings comprising around 96,000 square meters (sqm) of leasable
area, of which 16.024 sqm were incorporated in September 2016 with
"Madero Riverside". In addition, Raghsa has one project underway:
the office building "Centro Empresarial Libertador" whose
construction began in early 2016 and is expected to add 64,000 sqm
of leasable office area by 2019. For the twelve month period ended
on November 30, 2016, Raghsa's reported total assets of ARS9.82
billion (approximately $625.0 million) and equity of ARS5.6
billion (approximately $356.5 million).


===============
B A R B A D O S
===============


BARBADOS: S&P Lowers Sovereign Ratings to 'CCC+'
------------------------------------------------
S&P Global Ratings lowered its long-term foreign and local
currency sovereign ratings on Barbados to 'CCC+' from 'B-'.  The
outlook is negative.  S&P also lowered the short-term ratings to
'C' from 'B.'  At the same time, S&P lowered its transfer and
convertibility assessment for Barbados to 'CCC+' from 'B-'.

                             RATIONALE

The downgrade reflects S&P's view that the government of Barbados'
willingness to take timely, proactive corrective measures to
strengthen its financial profile continues to erode.  In S&P's
view, a weaker ability to meet its debt-servicing requirements
stems from still-high fiscal deficits, limited access to private-
sector funding in the local market, as well as a decline in
external funding, and with it foreign exchange reserves.  The
sovereign's debt servicing capacity depends on favorable financial
and economic conditions consistent with S&P's "Criteria For
Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," in our opinion

The government has not succeeded in substantially reducing high
fiscal deficits.  Furthermore, reliance on the central bank to
directly finance these deficits continued to rise again in 2016.
From April to December 2016 (the first nine months of fiscal 2016-
2017) the central bank, and, to a lesser degree, the National
Insurance Scheme (NIS) in effect wholly financed the government's
borrowing needs.  Private domestic financial institutions reduced
their exposure to government securities, and the government paid
down external debt.  S&P considers the policy of ongoing
dependence on central bank financing at odds with the government's
goal of defending Barbados' long-standing currency peg with the
U.S. dollar.  It significantly curtails the central bank's ability
to act as a lender of last resort in the financial system.

The high level of central bank financing underscores the
challenges associated with timely corrective fiscal policy
actions.  The government plans to present the 2017-2018 budget in
the coming month.  While it seemingly aims to rely on increased
recourse to asset sales to fund the deficit, in S&P's view, the
prospects for deeper expenditure or revenue adjustment are
uncertain, underscored by the poor track record of execution.
This comes as the country moves into an electoral cycle, with
parliamentary elections due by February 2018.  Furthermore, one-
off revenues from the sale of the Barbados National Terminal
Company are still pending after initially expected to materialize
a year ago.  This demonstrates policy inaction and prospects for
slow progress on asset sales.  The streamlining of state-owned
enterprise finances is behind schedule, and their management
continues to weigh on Barbados' fiscal profile.  Finally, delays
in complying with terms and requirements for official borrowing
(from multilateral agencies, for example) have contributed to
delays in external disbursements, which are important to bolster
international reserves.  In sum, the various failures to respond
in a timely fashion to mitigate fiscal and financial pressures
further weigh on S&P's view of Barbados' institutional and policy
effectiveness.

With about US$15,800 per capita GDP projected for 2017, Barbados
is still one of the richest countries in the Caribbean.  However,
growth has been below that of peers with a similar level of
economic development, and the economy depends highly on tourism.
While three major hotels had announced new investments on the
island--the Hyatt, the Sam Lord's Castle project by Wyndham, and
the expansion of the all-inclusive Sandals hotel--only Sandals is
not suffering from delays.  Given these recurrent delays, and
S&P's expectations for ongoing risks associated with sluggish
fiscal correction, S&P has lowered its growth forecast and level
for per capita GDP, which weakens Barbados' overall economic
profile.

S&P expects Barbados' net general government debt to continue to
rise toward 111% of GDP over the next three years from 101% in
2016.  S&P considers this level of debt a key credit weakness,
particularly given Barbados' narrow, open economy (which depends
highly on tourism) and fixed exchange rate regime.  In addition,
the general government interest to revenue burden is over 15%.
S&P assess Barbados' contingent liabilities as limited,
considering its view of the strength of the banking system, with
assets of the deposit-taking financial institutions at 170% of
GDP.

The high current account deficit (CAD), which is not fully
financed by foreign direct investment, and slow external
disbursements from multilateral and official creditors contributed
to a decline in international reserves to US$341 million at year-
end 2016.  This keeps the country's external vulnerabilities high
and underscores challenges of sustaining the fixed exchange rate.
Usable international reserves, which S&P considers for assessing
external liquidity, are even lower; S&P subtracts the monetary
base from international reserves because reserve coverage of the
monetary base is critical to maintaining confidence in the
exchange-rate regime.  Barbados' usable reserves have been
negative since 2013, and the position continues to deteriorate, in
part because of the central bank's deficit financing, which has
expanded the monetary base.  S&P expects Barbados' gross external
financing needs to be above 200% of current account receipts (CAR)
plus usable reserves.  S&P expects narrow net external debt to
average about 40% of CAR during 2017-2019.  S&P's external
assessment also considers that net external liabilities of a
projected 160% of CAR during 2017-2018 are substantially higher
than narrow net external debt.  Finally, in S&P's view, data on
Barbados' international investment position has inconsistencies
and is not timely.

Low inflation is a reflection of global conditions rather than
effective monetary policy execution given the fixed exchange rate
regime.  In addition, the central bank's ongoing financing of the
government's deficit impairs the credibility of monetary policy,
the peg, and the ability of the central bank to act as a lender of
last resort for the financial system.

                               OUTLOOK

The negative outlook reflects the potential for a downgrade over
the next 12 months should the government fail to make additional
progress in lowering its high fiscal deficit or if external
pressures worsen with persistent and large CADs.  This scenario
would likely lead to further deterioration in the availability of
deficit financing and pose challenges for the fixed exchange rate.

S&P could revise the outlook to stable within the next 12 months
if the government succeeds in stemming further slippage in its
fiscal accounts--be it from implementation of fiscal measures or a
stronger-than-expected rebound in growth; improves its access to
financing, especially from private creditors locally and globally;
and stabilizes the country's external vulnerabilities and bolsters
international reserves.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the "institutional and governance
effectiveness" and "economic" assessments had deteriorated.  All
other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Downgraded
                                        To             From
Barbados
Sovereign Credit Rating                CCC+/Neg./C    B-/Neg./B
Transfer & Convertibility Assessment   CCC+           B-
Senior Unsecured
Long term                              CCC+           B-
Short term                             C              B


BARBADOS: Central Bank Governor Fired
-------------------------------------
Trinidad and Tobago Newsday reports that less than 24 hours after
the Appeal Court lifted an injunction against his removal,
Governor of the Central Bank of Barbados Dr. DeLisle Worrell has
been fired.

His attorney, Gregory Nicholls, confirmed that his client had
received correspondence terminating his services, according to
Trinidad and Tobago Newsday.

Dr. Worrell, 72, was appointed for a second five-year term in
October 2014 after he was initially appointed on November 1, 2009,
the report notes.

However, Mr. Nicholls has warned that the matter is far from over
since Worrell intends to challenge the minister's right to dismiss
him at the Trinidad-based Caribbean Court of Justice (CCJ), the
island's highest court, the report discloses.



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B R A Z I L
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OURO VERDE: S&P Withdraws Preliminary 'BB-' GS CCR
--------------------------------------------------
S&P Global Ratings withdrew its preliminary 'BB-' global scale and
'brA' national scale corporate credit ratings on Ouro Verde
Locacao e Servico S.A.

S&P assigned the preliminary ratings to Ouro Verde on Sept. 13,
2016, based on a proposed $300 million senior unsecured notes
issuance that the company would use for liability management to
strengthen the liquidity position.  However, Ouro Verde has
revised its strategy, opting to access the local debt markets, and
has cancelled the notes issuance for the next few months.  As a
result, S&P is withdrawing all ratings at the company's request.



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


GLG MMI (SPECIAL ASSETS): Members Receive Wind-Up Report
--------------------------------------------------------
The members of GLG MMI Diversified (Special Assets) Fund, on
Jan. 30, 2017, received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


GOLDEN SHALE: Members Receive Wind-Up Report
--------------------------------------------
The members of Golden Shale Resources International, Ltd., on
Jan. 25, 2017, received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ryann Yap
          c/o Campbells
          Willow House, Floor 4
          Cricket Square
          Grand Cayman KY1-9010
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


LEAFGREEN INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Leafgreen Investments Limited on Jan. 25,
2017, received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PINE RIVER: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Pine River Asia Fund Ltd., on Jan. 31, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


PINE RIVER ULTRA: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Pine River Ultra Fund Ltd., on Jan. 31, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


SILVERPATH INVESTMENTS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Silverpath Investments Ltd., on Jan. 26, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Silverpath Capital Management LLC
          c/o Paul Ebanks
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SORIN ALPHA: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Sorin Alpha Real Estate Offshore Fund Ltd., on
Jan. 27, 2017, received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Sorin Capital Management, LLC
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SORIN ALPHA MASTER: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Sorin Alpha Real Estate Master Fund Ltd., on
Jan. 27, 2017, received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Sorin Capital Management, LLC
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


STABLE ALPHA II: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Stable Alpha II Fund Ltd., on Jan. 27, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


STABLE ALPHA II MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Stable Alpha II Master Fund Ltd., on Jan. 27,
2017, received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


=========
C H I L E
=========


CORP GROUP: S&P Lowers ICR to 'B-' on Weaker Financial Profile
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit and issue-level
ratings on Corp Group Banking S.A. (CG Banking) to 'B-' from 'B'.
The outlook on the issuer credit rating remains negative.

The rating action reflects the weakening in CG Banking's financial
profile and liquidity position as a result of a lower-than-
projected flow of dividends from its main asset, Itau CorpBanca
(BBB+/Negative/A-2).  These factors are increasing the dependence
of CG Banking on flows from the parent, to cover debt service,
particularly in 2017 and gradually less starting in 2018.

The ratings on CG Banking reflect its heavy reliance on dividends
from Itau CorpBanca, which is a regulated entity and the company's
largest asset (with a 26.92% stake); the deep subordination to the
bank's creditors; and tight liquidity.  S&P's analysis of CG
Banking takes a consolidated approach, given that dividends it
receives from Itau CorpBanca are the main recurrent source of
payment of the holding company's and Interhold's (CG Banking's
parent) debt.  Due to CG Banking and Interhold's high debt burden,
the former's liquidity and financial metrics are very tight, given
the commitment to upstream cash to cover the parent's debt
service.  CG Banking's debt consists of $500 million notes due
2023.  Under these notes' terms and conditions, the company can't
incur additional debt and is subject to restricted payments.
Interhold's debt mostly consists of credit lines for up to
$1.2 billion from Itau Unibanco obtained as part of Itau CorpBanca
merger agreement.

S&P considers these factors when assessing the company's credit
quality:

   -- S&P assess cash flow stability as negative because of lower-
      than-expected dividends from Itau CorpBanca.  For 2017, S&P
      don't expect dividend distributions due to the bank's losses
      in 2016.  For 2018, S&P expects the bank to resume dividend
      payments to CG Banking at $35 million - $40 million.

   -- S&P considers the investee company's (Itau CorpBanca's)
      corporate governance and financial policy to be negatively
      influenced by expected lower dividend stream in the coming
      years.  Although there is a shareholder agreement that
      establishes a minimum dividend distribution from Itau
      CorpBanca, it's subject to regulatory ratios to be in line
      with those of its peers, and capital requirements could
      increase with the implementation of Basel III principles in
      Chile.  S&P assess CG Banking's financial ratios as
      negative.  S&P expects interest coverage ratios to be below
      1.5x in the next two years and average consolidated debt to
      remain very high.

   -- Although Itau CorpBanca is a publicly traded bank with a
      relatively deep market for its shares, S&P views CG
      Bankings's ability to liquidate investments as negative
      also, given that a significant portion of the shares of the
      bank are pledged (about 67%).  If CG Banking were to
      liquidate its stake in Itau CorpBanca, S&P believes the
      asset valuation deducting pledges relative to its debt would
      be around 0.7x.

S&P assess CG Banking's liquidity as weak, given the dependence on
flows from the parent to cover debt service, which consist of the
interest coupon payments of its $500 million notes due March 15
and September 15 for a total of $33.8 million per year.

CG Banking is a non-operating holding company that participates in
the Chilean banking sector mainly through its direct 26.92% stake
in Itau CorpBanca, following the merger of the latter with Banco
Itau Chile. Corp Group and Itau Unibanco Holding S.A.
(BB/Negative/B) agreed to merge their banking subsidiaries. Corp
Group currently owns 31% of Itau CorpBanca, and Itau Unibanco
Holding owns 35.71%.  Interhold owns 99.9% of CG Banking.  In
turn, the Saieh family holds a 75.6% stake in Interhold.

Despite CG Banking's lower stake in Itau CorpBanca after the
merger, the former maintains an active participation--according to
conditions established in the shareholder agreement--through joint
decisions on the merged entity's strategy, dividend distributions,
and risk credit policies.  The shareholder agreement establishes a
minimum total dividend distribution of $370 million from Itau
CorpBanca (of which $115 million would go to Corp Group), but
subject to regulatory ratios to be in line with those specified in
the shareholder agreement.  Consensus among Corp Group and Itau
Unibanco is necessary to make changes to Itau CorpBanca's dividend
policy.



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


DOMINICAN REPUBLIC: Medina Pledges Sweeping Improvements
--------------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina disclosed higher salaries for the National Police and the
Armed Forces, some in excess of 100 percent.

Mr. Medina also announced an overhaul in passenger transport and
increased street patrols to improve public safety, according to
Dominican Today.

President Medina said starting March 1, the salary of a police
officer on patrol will climb from RD$7,000 to RD$16,150; the wage
of a zone supervisor captain will jump from RD$17,500 to
RD$36,000, whereas a department commander with the rank of
colonel, will earn RD$79,325 monthly, the report notes.

Moreover, the president ordered RD$100million per year allocated
to finance the down payment on houses for police officers, as well
as RD$50 million for special training and improve the professional
profile of the officers, the report relays.  "We're working to
enact a performance evaluation scheme, with an incentive in
keeping with the results that will begin to be implemented staring
2018."

                          Community Police

Mr. Medina said community policing pilot projects will be started
this year in more than a dozen neighborhoods with the highest
crime rates in the National District, and Santo Domingo, Santiago
and San Cristobal provinces, the report notes.

The initiative will include better street lighting, improved
infrastructure, basic services and housing, social assistance,
creation of new public spaces for sports and recreation and an
open schools strategy, among others, the report says.

Together with that initiative, he promised to expand the coverage
of the 911 System to Santiago, Puerto Plata, Imbert, Luper¢n,
Sosua and Cabarete, the report relays.

The fight against street crimes involves the expanded urban video
surveillance system with 340 new security cams installed in the
South region, 852 in the North and 329 in Santo Domingo, in
addition to the existing 1,305 cameras, the report notes.  The
system will be expanded to Moca and La Vega, Villa Altagracia, San
Pedro de Macoris and Bani, the report relays.

In transport, Medina stressed a revamp in the sector, merging the
Metropolitan Transport Authority (AMET), the Technical Land
Transport Office (OTTT), the Drivers Pension Fund and the Land
Transport Development Fund (FONDET), the report notes.

The Integrated Public Transport System, which will have two Metro
lines, the Santo Domingo Cable Car and its extensions, and the
Urban Bus Feeder System, 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
=============


DIGICEL GROUP: Trade Unionist Concerned About Plan to Cut Jobs
--------------------------------------------------------------
RJR News reports that Jamaica Trade Unionist Danny Roberts has
characterized Digicel Group's plan to reduce its global workforce
by 25 per cent over the next 18 months as a matter that raises
serious concerns.

The company was to offer a voluntary separation program starting
March 1, says the report. The move comes as Digicel embarks on
wide scale transformation.

However, Mr. Roberts is asserting that the company is doing well
and the decision to carry out job cuts is puzzling, notes the
report.

"I think it is very important for us to get behind the narrative
and the real reasons for the staff cuts.  The staff cuts will have
serious implications for Jamaica and the entire Caribbean.  It
doesn't tell the entire story; it seems contradictory that a
company that is doing well and, from all indications, making
enormous profit, sees the need to cut staff when there seems to be
operational efficiency," he declared, the report relays.

Mr. Roberts suggested that a debate be held on the role of multi-
national companies in the economies of developing countries like
Jamaica, the report notes.

"In economies where there is a high demand for employment and you
want to attract investment -- there is always what the World Bank
calls the race to the bottom. We need to get back on board with
the debate about the role of multinational entities," he
concluded, the report adds.

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
===========


GRUPO FAMSA: Fitch Lowers IDRs to B-; Outlook Stable
----------------------------------------------------
Fitch Ratings has downgraded Grupo Famsa S.A.B. de C.V.'s Local
and Foreign Currency Long-Term Issuer Default Rating (IDR) to 'B-'
from 'B' as well as the long-term National Scale rating to
'BB(mex)' from 'BBB-(mex)'. The Rating Outlook is Stable. In
addition, Fitch has downgraded Famsa's National short-term rating
to 'B(mex)' from 'F3(mex)'.

The rating downgrades reflect the company's high leverage,
constant capital requirements from its subsidiary Banco Ahorro
Famsa (BAF), the deterioration of Famsa's U.S. operations and the
expected economic slowdown in Mexico, which will pressure the
company's cash flow generation in 2017. Famsa's expected
improvements in operating margins will not be sufficient to offset
the company's current challenges.

The rating actions also take into account a material delay in
receiving the full amount of proceeds from the guarantee
(collection rights) Famsa has with its main shareholder Humberto
Garza Gonzalez. The company announced that by April 2017 it will
receive MXN1.3 billion of the MXN5.1 billion shareholder guarantee
due in June 2017. Additional payments of a total of MXN2 billion
will be received during 2018 and 2019. The remaining MXN1.8
billion will be collected in monthly payments equivalent to
Famsa's lease payments to related parties, estimated by Fitch at
MXN70 million per year.

The Stable Outlook reflects Fitch's expectation that the company
will receive a MXN1.3 billion payment from Mr. Garza in April 2017
to pay short-term debt and that Famsa's initiatives to refinance a
part of its remaining short-term debt will be successful. The
Outlook also considers Fitch's expectation that Famsa will receive
two additional payments of MXN1 billion each from Mr. Garza during
2018 and 2019, which will be directed toward repaying debt.

KEY RATING DRIVERS

The rating continues to reflect Famsa's market position within the
Mexican retail sector, its geographic and product diversification,
stable operating cash flow generation by the Mexican retail
operation, as well as an expectation of a gradual improvement in
leverage.

Good Performance in Mexican Retail Sales:
Following the consumption trend in the country for the last two
years, Famsa presented a consolidated revenue increase of 10.1%
compared to 2015. For 2017, Famsa's main challenge is to retain
market share and still be profitable amid the economic uncertainty
in Mexico and in a market where larger retail chains, such as
Coppel and Elektra, also target the low-income segment of the
population.

Banco Famsa Undergoing Operational Consolidation:
Famsa's financial division, Banco Famsa (BAF), has good brand
equity and a good competitive position in consumer finance, mainly
in northeastern Mexico. Its financial performance is constrained
by its high funding costs which limit the bank's profitability,
along with still high loan-impairment charges. During the period
of 2014 to 2016, Famsa made total capital increases of MXN800
million to BAF.

BAF continues to operate with a diversified and growing base of
customer deposits. BAF also shows organic growth in its loan
portfolio, although customers' sensitivity to a weak economic
environment continues to be a limiting factor.

U.S. Operations Under Pressure:
During 2016, U.S. stores' same store sales decreased 11.3%
compared to 2015 despite the company's expectations for sales to
remain positive. Fitch believes 2017 will be a challenging year
for Famsa's U.S. operations given consumer trends in the country
and the recent changes in migration policy that will negatively
affect Famsa's target market of U.S. Hispanic customers.

Fiscal year end (FYE) 2016 revenues for the U.S. operations were
MXN2.3 billion, an increase in pesos compared to MXN2 billion in
2015. Most of the increase is related to the peso devaluation.

High Leverage:
Weaker expected results in Famsa's U.S. operations coupled with
debt increases have led to sustained levels of high leverage. The
company ended 2016 with a lease adjusted debt (excluding banking
deposits) to EBITDAR ratio of 5.9x and Fitch estimates 2017's
adjusted leverage will remain at similar levels. As of Dec. 2016,
Famsa's total debt was MXN10 billion, with 56% from the USD250
million senior unsecured notes due in 2020.

Profitability and Liquidity Improvement Initiatives Underway:
The company has been taking some actions to improve profitability
and liquidity, such as redesigning the personnel structure,
reducing costs and expenses, executing maintenance-only capex and
carrying out selective store closings. Famsa is also planning to
reduce its short-term FX exposure by hedging its USD250 million
senior notes coupons for 2017 and 2018.

During 2016, Famsa increased its payroll credit origination to
strengthen its credit portfolio. The results from this initiative
were not realized in 2016 but could affect 2017 results positively
relative to Fitch's expectations.

RATING SENSITIVITIES
Future developments that may individually or collectively lead to
a negative rating action include: failure to receive the MXN1.3
billion from Mr. Garza scheduled by April 2017, failure to receive
additional significant payments from Mr. Garza's guarantee in the
coming years, sustained weaknesses in internal operating controls,
deterioration in BAF's creditworthiness beyond FAMSA's ability to
lend support, consolidated gross leverage (excluding bank
deposits) consistently above 5.5x, lower than expected EBITDA
generation by FAMSA USA, as well as further deterioration in the
quality of the loan portfolio.

No positive rating actions are currently contemplated over the
near term.

LIQUIDITY

Liquidity is tight: For year-end 2016, Famsa's short-term debt
(excluding banking deposits) was MXN4 billion, with non-restricted
cash holdings of about MXN1.5 billion (most of it at BAF), so some
refinancing risk will likely persist.

Short-term debt for Famsa is mostly made up of short-term Cebures
issuances, which the company has been able to roll over, and bank
loans with several institutions. The company does not face major
debt amortizations until 2020.

KEY ASSUMPTIONS

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

-- Consumption decrease during 2017 due to economic uncertainty;
-- Consolidated revenues grow on average 4.6% annually during
    2018-2020;
-- Average EBITDA margin of 9.1% during 2017-2020;
-- EBITDA from the U.S. division is positive during 2017-2020;
-- Average funds from operations (FFO) of MXN5.4 billion per year
    for 2017-2020;
-- Consolidated debt (excluding bank deposits) of around MXN8
    billion in 2017-2018;
-- Average capex of MXN227 million during 2017-2020;
-- No dividends payment for 2017-2020;
-- Famsa receives the MXN1.3 billion from Mr. Garza's guarantee
    before June 2017 to repay short-term debt;
-- Famsa receives additional payments from Mr. Garza's guarantee
    in 2018-2019 to reduce debt;
-- If necessary, FAMSA will continue to support Banco Famsa.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

-- Foreign Currency Long-Term IDR to 'B-' from 'B';
-- Local Currency Long-Term IDR to 'B-' from 'B';
-- Long-term National scale rating to 'BB(mex)' from 'BBB-(mex)';
-- Short-term National scale rating to 'B(mex)' from 'F3(mex)';
-- USD250 million senior unsecured notes due in 2020 to 'B-/RR4'
    from 'B/RR4';
-- MXN1 billion Certificados Bursatiles issuance due 2017 to
    'BB(mex)' from 'BBB-(mex)'.
-- MXN500 million short-term Certificados Bursatiles program to
    'B(mex) from 'F3(mex)';
-- MXN500 million short-term Certificados Bursatiles program to
    'B(mex) from 'F3(mex)'.

The Rating Outlook is Stable.

The 'RR4' rating reflects average recovery prospects in case of
default of between 30% and 50% of principal.


MEXICO: Registers $3.29 Billion Trade Deficit in January
--------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexico ran
up a trade deficit of $3.29 billion in January, similar to the
year-ago gap as oil prices rose from a year before, pushing up
both exports and imports of petroleum.

Total exports in the first month of the year rose 11.4% from
January of 2016 to $27.49 billion, while imports were 10% higher
at $30.79 billion, the National Statistics Institute said,
according to The Wall Street Journal.

About 80% of Mexico's exports go to the U.S, the report notes.

Petroleum exports jumped 74.4% to $1.87 billion as average crude
oil prices nearly doubled to $45.35 a barrel, although that was
offset by a 59.6% increase in petroleum imports as the cost of
foreign gasoline and other fuels also rose, the report relays.
State Oil Company Petroleos Mexicanos exported 1.09 million
barrels a day of crude oil, down from 1.12 million barrels a day
in January 2016, the report notes.

Trade in petroleum accounted for $1.5 billion of the $3.29 billion
January deficit, and non-petroleum goods for $1.79 billion, the
report notes.

Exports of manufactured goods rose 7.7% from a year before to
$23.83 billion, with auto exports up 4.4% and shipments of other
factory goods up 9.7%, the report discloses.  That was offset by
higher imports of intermediate goods used in production processes,
which rose 11.1% to $23.4 billion, says the report.

The weaker Mexican peso, which touched new lows against the U.S.
dollar in January, continued to limit imports of non-petroleum
consumer goods, the report says.  Those imports fell 5.2% to $2.89
billion, while imports of equipment and machinery rose 4.4%, the
report adds.


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


BBVA PARAGUAY: S&P Lowers ICR to 'BB-'; Outlook Stable
------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Banco Bilbao Vizcaya Argentaria Paraguay S.A. (BBVA Paraguay) to
'BB-' from 'BB'.  S&P also lowered the bank's SACP to 'b+' from
'bb-'.  Finally, S&P affirmed its 'B' short-term issuer credit
rating on BBVA Paraguay.  The outlook is stable.

The downgrade follows S&P's revision of the business position
assessment on the bank because its operations are now more
representative of the average of banks that operate under a
similar industry risk score.  BBVA Paraguay's business volume
stability has taken a hit from stiff competition, the country's
economic slowdown, lower commodities prices, and slowing regional
economy.  Despite some improvement in the bank's margins and
profitability in 2016, after a drop in 2015 as a result of higher
credit loss provisioning due to a punctual case in the
agribusiness sector, these metrics are currently in line with
those of its peers.  As of the end of 2016, BBVA Paraguay
maintained its position as the fourth-largest financial
institution with an 11.3% market share in terms of loans and 11.2%
in terms of deposits, compared with 11.6% and 11.2%, respectively,
as of the end of 2015.  BBVA Paraguay offers a wide range of
products through its 23 branches, but focuses mainly on lending to
corporations, small- to mid-size enterprises, and agribusiness
entities, which account for 88% of its total loan portfolio,
compared with the 85% industry average.  For the next 12 months,
S&P expects the bank to continue focusing on its core business,
with the agribusiness loans accounting for almost half of its
total loan portfolio, maintaining its current market position, and
improving its profitability and margins.

The ratings on BBVA Paraguay reflect its business operations that
are more representative of the industry average, its weak capital
and earnings (based on our forecasted risk-adjusted capital [RAC]
ratio), manageable asset quality metrics and the expectation they
will improve in the next few quarters, stable funding structure
that benefits from a healthy deposit base, and its liquidity
position that provides adequate cushion to cover short-term
maturities.  The 'BB-' long-term issuer credit rating on BBVA
Paraguay incorporates one notch of group support.  S&P believes
BBVA Paraguay is a moderately strategic subsidiary for its Spain-
based parent, BBVA (BBB+/Stable/A-2), which owns 99.99% of the
bank's equity.

BBVA Paraguay continues to post manageable asset quality metrics
despite their weakening in 2016 due to economic slowdown, lower
commodities--given that the agribusiness segment represents the
bulk of the loan portfolio--and a slowing regional economy.
Furthermore, in 2016, a punctual case in the agribusiness segment
jeopardized the bank's asset quality indicators and placed them
above the system's average.  Also, BBVA Paraguay, like its
domestic peers, has increased repossessed assets that it expects
to sell in the next 12-18 months.  As a result, its nonperforming
assets (NPAs; which include repossessed assets and nonperforming
loans) increased to 4.6% as of September 2016 from 4.2% as of the
end of 2015 and 3.2% as of the end of 2014, levels that are above
the industry average.  BBVA Paraguay's nonperforming loans (NPLs;
loans more than 60 days past due) increased to 3.9% as of
September 2016 from 3.3% at the end of 2015, also above the system
average.  However, excluding the punctual case in the agribusiness
segment, the bank's NPLs would have reached 2.6% as of September
2016, which would have been better than system average.  BBVA
Paraguay's net charge-offs to average customer loans accounted for
about 2.4% as of Sept. 30, 2016 -- due to the punctual case--
compared with 0.3% as of the end of 2015.  On the other hand, the
bank's loan-loss reserves coverage increased to 93% of NPAs as of
September 2016 from 83% at the end of 2015 (101% and 104%,
respectively, excluding repossessed assets).  BBVA Paraguay's
exposure to dollarization is higher than the system average as a
result of its focus on the agribusiness segment.  The latter
accounts for about 47% of the bank's loan portfolio, compared with
the 34% system average.  The segment's operations are linked to
dollars.  However, the bank has a prudent policy in place to
manage currency mismatches.  For the next 12 months, S&P expects
BBVA Paraguay to gradually improve its asset quality metrics,
given its focus on current products, maintenance of origination
standards, controls over delinquency, resolution of punctual
cases, and the sale of repossessed assets.


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


ISLAND FESTIVAL: Taps Almeida & Davila as Legal Counsel
-------------------------------------------------------
Island Festival Rentals and Recycling Corp. seeks approval from
the U.S. Bankruptcy Court for the District of Puerto Rico to hire
legal counsel.

The Debtor proposes to hire Almeida & Davila, PSC to give legal
advice regarding its duties under the Bankruptcy Code, and provide
other legal services related to its Chapter 11 case.

The hourly rates charged by the firm are:

     Enrique Almeida Bernal        $200
     Zelma Davila Carrasquillo     $200
     Associate Attorneys           $175
     Paralegals                     $85

Almeida & Davila is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Enrique Almeida Bernal, Esq.
     Almeida & Davila, PSC
     P.O. Box 191757
     San Juan, PR 00919-1757
     Tel: (787) 722-2500
     Fax: (787) 777-1376
     Email: info@almeidadavila.com

                  About Island Festival Rentals

Island Festival Rentals and Recycling Corp. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No.
17-01377) on February 28, 2017.  The petition was signed by
Wilfredo Medina Ramirez, president.  The case is assigned to Judge
Edward A Godoy.

At the time of the filing, the Debtor estimated assets of less
than $100,000 and liabilities of $1 million to $10 million.


ISLAND FESTIVAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Island Festival Rentals and Recycling, Corp.
        PMB 150
        138 Winston Churchill
        San Juan, PR 00926

Case No.: 17-01377

Chapter 11 Petition Date: February 28, 2017

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Edward A Godoy

Debtor's Counsel: Enrique M Almeida Bernal, Esq.
                  ALMEIDA & DAVILA PSC
                  PO Box 191757
                  San Juan, PR 00919-1757
                  Tel: (787) 722-2500
                  Fax: (787)777-1376
                  E-mail: info@almeidadavila.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Wilfredo Medina Ramirez, president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb17-01377.pdf



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


* URUGUAY: Wants to Increase Business With European Union
---------------------------------------------------------
EFE News reports that trade promotion agency Uruguay XXI and the
European Union delegation plan to hold the 1st European Investment
Forum June 21-22 in Montevideo as part of an effort to increase
business in the South American country, officials said.

"Uruguay has an opportunity to pursue a renewed and intense
connection with European companies with energy and efficiency,"
Foreign Minister Rodolfo Nin Novoa said, according to EFE News.
"We extend this invitation to all European businessmen interested
in exploring opportunities in Latin America . . . .  to increase
exchanges, cooperate in a coordinated way and establish
interesting alliances."

EU Ambassador to Uruguay Juan Fernandez Trigo said the trade bloc
had a commitment to Uruguay, adding that EUR300,000 ($257,000) has
already been spent to organize the conference, the report relays.

"Trade between the EU and Uruguay is worth roughly EUR3 billion
euros ($2.5 billion) a year, and it is very important for the
country.  Investment is even more important since not only is it
greater than that figure, but because of the (EU business)
presence, the job creation, the technology transfer and what all
this implies for the country's opening," the report quoted Mr.
Trigo as saying.

Organizers expect 300 to 400 people to attend the investment
conference, which will end on June 23 with a meeting of officials
from the EU and Uruguay, the report notes.

The meeting's goal will be to target European business leaders
interested in starting operations in Uruguay, which an official
statement described as "a gateway to Latin American markets," the
report relays.

"Participants will have access to custom-made agendas and the
chance to meet with local business people and officials. There
will be a B2B meeting space with local entrepreneurs, and we
expect that European companies already operating in Uruguay will
provide their expertise," Uruguay XXI director Antonio Carambula
said, the report adds.


                            ***********


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 * * *