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

             Wednesday, March 8, 2017, Vol. 18, No. 48


                            Headlines



A R G E N T I N A

ARGENTINA: Moody's Affirms B3 Issuer Rating, Outlook Now Positive


B R A Z I L

AMPLA ENERGIA: S&P Affirms 'BB' Global Scale Rating; Outlook Neg.
BANDEIRANTE ENERGIA: Moody's Assigns Ba2 Rating to BRL150MM Notes
ESPIRITO SANTO: Moody's Assigns Ba2 Rating to BRL190MM Debt
MAGNESITA REFRATARIOS: S&P Affirms 'BB' CCR, Outlook Now Stable


C A Y M A N  I S L A N D S

CAYMAN COMMODITY-DCS: Shareholders Receive Wind-Up Report
EMERGING SOVEREIGN: Shareholder Receives Wind-Up Report
EMERGING SOVEREIGN MASTER: Shareholder Receives Wind-Up Report
EVERBRIGHT CAPITAL: Shareholders Receive Wind-Up Report
GEMEAU LIMITED: Shareholders Receive Wind-Up Report

GLOBAL LONG: Shareholders Receive Wind-Up Report
GOLDMAN SACHS MULTI-STRATEGY: Shareholders Receive Wind-Up Report
HIGHVISTA LIQUID: Shareholders Receive Wind-Up Report
PCA INVESTMENTS: Shareholders Receive Wind-Up Report
REGAL INSURANCE: Shareholders Receive Wind-Up Report

SHIKUMEN OFFSHORE: Members Receive Wind-Up Report
SHIKUMEN SPECIAL: Members Receive Wind-Up Report
PCMC GP: Shareholders Receive Wind-Up Report
TREEBROOK MACRO: Shareholder Receives Wind-Up Report
TREEBROOK MACRO MASTER: Shareholder Receives Wind-Up Report

TRIAN SPV VI-A: Shareholders Receive Wind-Up Report
TRIPODKING INTERNATIONAL: Shareholders Receive Wind-Up Report
WEST STREET: Shareholders Receive Wind-Up Report
WEST STREET EMP: Shareholders Receive Wind-Up Report
WEST STREET MASTER: Shareholders Receive Wind-Up Report


G R E N A D A

REX RESORTS: Court of Appeal Grants Order in Favor of Hotel


M E X I C O

PETROLEOS MEXICANOS: Form Deepwater Joint Venture With Chevron


P E R U

PERU: President Talks Growth, Trade and 'Bridges' With Trump


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Locust Warning in Effect


                            - - - - -


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


ARGENTINA: Moody's Affirms B3 Issuer Rating, Outlook Now Positive
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
Government of Argentina's rating to positive from stable and
affirmed the issuer rating at B3, senior unsecured ratings at B3
and Ca, senior unsecured shelf and MTN program at (P)B3 and (P)Ca,
short term ratings at NP and global MTN program at (P)NP.

The key drivers of rating action are:

(1) Argentina's improved policy stance which supports a return to
economic growth in 2017;

(2) Moody's expectation that faster economic growth will allow
Argentina's government to begin reducing its high fiscal deficit
in 2018.

Moody's made no changes to Argentina's country ceilings.
Argentina's foreign currency bond ceiling remains unchanged at B2
and the foreign currency deposit ceiling at Caa1. The long term
local currency bond and deposit ceilings stay at Ba3. The short-
term foreign-currency bank deposit ceiling, the short-term
foreign-currency bond ceiling, and the short term local currency
bond and deposit ceilings all remain unchanged at NP.

RATINGS RATIONALE

RATIONALE FOR CHANGING ARGENTINA'S RATING OUTLOOK TO POSITIVE FROM
STABLE

Over the past fourteen months, a number of policies have been
introduced which have laid the ground for future improvements to
Argentina's economic and fiscal strength, and for a reduction in
its exposure to shocks. The positive outlook reflects the rising
likelihood that those policies, and the improvements in
Argentina's institutional strength which they illustrate, will be
sustained and bring about lasting improvements in Argentina's
credit profile.

FIRST DRIVER: IMPROVED POLICY STANCE SUPPORTS GROWTH IN THE NEXT
TWO YEARS

The first driver supporting the positive outlook is Moody's
forecast that Argentina's economy will return to growth in 2017
and 2018, supported by the government's improved policy mix which
has sought to reduce inflation and increase investor confidence.
After reporting virtually no growth since 2011, Moody's expects
Argentina's economy to grow 3% on average this year and next,
driven by greater consumption as inflation falls and increased
public and private investment.

In its first year in power Argentina's Macri administration has
successfully implemented policies meant to address some, but not
all, of the major macroeconomic imbalances and microeconomic
distortions it inherited. This represents a major policy break
with the prior government, and the positive outlook reflects
Moody's view that the credit positive change in the overall policy
stance will remain in effect at least during the current
administration's mandate which ends in 2019.

In the six months to January 2017 inflation fell to less than 17%
on an annualized basis, compared to 40% for 2016 as a whole.
Moody's expects that lower inflation will boost real wages and
consumption, and the disinflationary process supports Argentina's
central bank's target of single digit inflation by 2019.

The Macri administration has also reversed the prior government's
practice of misreporting basic macroeconomic data and new
leadership in the official statistics institute is now producing
credible information, increasing economic transparency. The
improvement in data collection led the IMF Board of Directors last
November to lift a censure on Argentina's government in place
since 2013.

More generally, the government has sought to break with the
confrontational approach of the prior administration and has
actively courted international investments. International capital
inflows have boosted the central bank's official international
reserves, which stand at over $51 billion compared to less than
$25 billion in December 2015.

SECOND DRIVER: FASTER GROWTH WILL SUPPORT FISCAL CONSOLIDATION IN
2018

The second driver supporting the positive outlook is Moody's
expectation that in 2018, with the economy growing once again, and
the October 2017 midterm elections over, the government will
reduce the deficit by at least 1% of GDP vs 2017's results, and
that a similar fiscal consolidation will continue in 2019.

After the 3.9% of GDP deficit in 2015, the fiscal balance finished
at close to 4.6% of GDP last year, and Moody's expects a similar
result in 2017. The main reason for the continued high deficits is
the government's decision to maintain the historically high
spending levels it inherited from the previous administration.

But with the economy recovering, the government recently announced
fiscal targets until 2019, aiming for the deficit to fall by
roughly 1% of GDP per year, assisted by lower subsidy spending.
The overall debt level of 53% of GDP is comparable to peers and
most of the government debt is to either to multilaterals or is
intra-public sector debt (mainly to the social security
administration and to the central bank). Debt owed to the private
sector remains below 20% of GDP and foreign currency debt owed to
the private sector below 15% of GDP. Increased reliance on
international capital markets will increase those numbers in the
next few years, but Argentina's rollover risk will still remain
lower than its headline debt numbers suggests.

RATIONALE FOR AFFIRMING ARGENTINA's RATING AT B3

Moody's affirmation of Argentina's B3 government bond rating is
supported by the country's high economic development relative to
rating peers, moderate roll-over risk as a high proportion of
government debt is owed to other public entities and multilateral
banks, and a shift toward more sustainable economic policies by
the Macri administration. Key credit challenges include a high
fiscal deficit, high levels of inflation, and improving the
country's institutional framework.

Argentina's economic strength is bolstered by its $20,499 GDP per
capita (2015, PPP basis), significantly higher than the $6,958
median for B-rated sovereigns. Argentina's $575 billion (2017
estimate) economy is many times larger than the $22 billion peer
median. A weak institutional strength is a key ratings constraint
for Argentina, and reflects years of inconsistent macroeconomic
policymaking. Argentina's low fiscal strength reflects a rising
debt burden and a high share of foreign currency debt. The rating
agency estimates that foreign currency debt will be over 70% of
all government debt this year, a ratio higher than that of most
other B-rated sovereigns, and a feature that exposes the
government's balance sheet to exchange rate risk.

WHAT COULD CHANGE THE RATING UP/DOWN

A positive rating action is dependent on a continuation and
deepening of the credit positive policy stance that the Macri
administration began implementing in December 2015. Among other
things, that should support continued and sustainable improvements
in Argentina's fundamentals, including progress in reducing
currently high fiscal deficits and inflation.

A negative rating action could result from sustained high fiscal
deficits that significantly increase the country's debt burden, or
an increase in external vulnerabilities including a sharp drop in
available official international reserves.

GDP per capita (PPP basis, US$): 20,499 (2015 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -2.2% (2016 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 40% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -4.6% (2016 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -2.7% (2015 Actual) (also known as
External Balance)

External debt/GDP: 27% (2015 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On 01 March 2017, a rating committee was called to discuss the
rating of the Argentina, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's institutional strength/framework, have materially
increased. The issuer's governance and/or management, have
materially increased. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The issuer
has become less susceptible to event risks.


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


AMPLA ENERGIA: S&P Affirms 'BB' Global Scale Rating; Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
Brazil national scale ratings on Ampla Energia e Servicos S.A.
(Enel Distribuicao Rio).  The outlook remains negative. The 'bb-'
stand-alone credit profile (SACP) on the company is unchanged.

At the same time, S&P affirmed its 'brAA-' issue-level rating on
the company's sixth, seventh, and eighth debentures issuances.

The ratings affirmation reflects Enel Distribuicao Rio's strategic
importance to its ultimate controlling shareholder, Enel Americas
S.A. (BBB/Stable/--), while the ratings are limited to the
sovereign rating on Brazil, where the company operates.  As a
regulated utility, S&P believes it could be subject to a negative
intervention from the government upon a sovereign stress scenario,
including tariff freezes, which could jeopardize its cash flow
generation.

The SACP on the company is unchanged.  S&P don't expect a
significant impact on the company's credit metrics in coming
quarters due to the potential amendment of its concession
contract.  That at first would increase recognition of the amount
of electricity losses on the company's tariffs and subsequently
the weighted average cost of capital to 8.09% from 7.5% for
investments made in the concession area during the 2013-2017
period.


BANDEIRANTE ENERGIA: Moody's Assigns Ba2 Rating to BRL150MM Notes
-----------------------------------------------------------------
Moody's America Latina Ltda., assigned a Ba2 global scale rating
and a Aa2.br national rating to the proposed 5-year BRL150 million
senior unsecured debentures to be issued by Bandeirante Energia
S.A. At the same time, Moody's assigned a Ba2/Aa2.br corporate
family rating (CFR) to Bandeirante and withdrew its Ba2/Aa2.br
issuer ratings. The outlook for all ratings is negative.

The 7th debentures' issuance is part of Bandeirante's liability
management strategy and proceeds from the transaction will be used
to refinance existing debt obligations due in 2017 along with
other working capital needs.

The debentures will have 5-year tenor and will amortize in
semiannual payments starting 36 months after issuance date in
April 2017. Interest payments will occur every six months
following issuance. The debentures will have acceleration clauses
in line with those of the company's outstanding debt, which
includes, among others: (i) change of control and termination of
the concession contracts, (ii) granting of intercompany loans for
an amount above BRL100 million, without waiver of debentures
holders, (iii) covenant breach by the issuer considering a Net
Debt/ adjusted EBITDA equal or below 3.5x, and (iv) cross-default
clauses with other debt of Bandeirante, without waiver of
debentures holders.

The ratings assume 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 assigned:

-- Issuer: Bandeirante Energia S.A.

BRL150 million Senior Unsecured Debentures due in April 2022 (7th
Issuance): Ba2 (global scale) / Aa2.br (National Scale Rating)

-- Corporate Family Rating: Ba2 (global scale) / Aa2.br (National
    Scale Rating)

Withdrawals:

-- Issuer: Bandeirante Energia S.A.

-- Issuer Rating: Ba2 (global scale) / Aa2.br (National Scale
    Rating)

The outlook for all ratings is negative

RATINGS RATIONALE

Bandeirante's Ba2 corporate family rating reflects: (i) the
relatively stable and predictable nature of its cash flows derived
from a distribution concession that is valid through October 2028,
(ii) historically strong credit metrics for the rating category,
measured by the three-year average CFO pre-W/C to Debt ratio of
49% and Interest Coverage Ratio of 4.6x as from 2014 through 2016,
and (iii) an evolving regulatory environment with recent evidence
of supportive aimed to provide timely relief to the financial risk
of electricity distribution companies. Continued access to the
local capital markets and the implicit support from its parent
holding company EDP - Energias do Brasil S.A. (EDB; Ba3 negative)
are also important rating considerations.

Constraining Bandeirante's rating are: (i) the still adverse
operating environment ahead of the company driven by Brazil's
economic recession and its over-contracted energy volumes (ii) the
large working capital needs driven by regulatory liabilities that
reached BRL408 million in December 2016, (ii) sizeable capital
expenditures planned for 2017-2019 to upgrade the network and
prevent losses, and (iv) a track record of high dividend
distributions. The rating is further constrained by Brazil's
sovereign rating (Ba2, negative).

The Ba2 rating for the senior unsecured debentures is equal to
Bandeirante's corporate family rating. The company's consolidated
debt profile is mainly composed of long-term senior unsecured
obligations (representing 64% of total debt, as of FYE2016) that
rank at the same level as the company's proposed debentures.
Bandeirante has other loans with the BNDES (representing 36% of
total debt) that benefit from a corporate guarantee from the
parent company EDB and certain cash collaterals; however, in spite
of the credit enhancements, Moody's also considers those as senior
unsecured obligations given the absence of a real estate asset
pledge.

Over the last two years, Bandeirante faced a challenging operating
environment as per Brazil's severe drought season in 2014-15 that
caused a significant increase in energy prices and negatively
affected the company's profitability. Since mid-2015, the
country's economic recession dragged electricity consumption and
left the company with significant over-contracted energy volumes
(111.9% in 2016). As a result, the company's credit metrics
deteriorated rapidly, as indicated by a cash from operations
before changes in working capital (CFO pre-WC) to total debt ratio
of 16% and an interest coverage ratio of 2.0x for 2016; down from
69.5% and 6.9x, respectively, on December 31, 2014.

Bandeirante has received timely regulatory tariff adjustments that
helped to mitigate the impact of high energy costs and of the
economic recession. For example, in February 2015, ANEEL,
Brazilian regulator approved an extraordinary 32.18% tariff
increase. In October 2015, the regulator also completed the fourth
periodic tariff cycle for Bandeirante, which brought an increase
of about 19% to its Regulatory EBITDA.

The company's capacity to meet the regulatory EBITDA indicated by
ANEEL, depend on the company's ability to meet the efficiency
levels related to operating costs and energy losses that will
likely translate into larger capital expenditures from 2017
through 2019. Bandeirante's energy losses reached 9.98% in 2016
and are above the 8.67% regulatory target by 2018. Moody's assumes
that the capital expenditures will be financed with a combination
of internal and external cash generation, so that the company's
debt to total capitalization ratio remains in the 50% - 60% range.

Bandeirante reported a cash position of BRL355 million as of
December 31,2016, which covers BRL153 million of debt maturities
in 2017. Despite the excess cash cushion, Moody's anticipates a
negative free cash flow generation over the next 12 to 18 months,
as a result of higher working capital needs along with higher-
than-historical capital expenditures to prevent energy losses and
upgrade the network. Nevertheless, Moody's expects some
improvement in Bandeirante's liquidity profile following the
transaction, as it will further lengthen the company's
amortization schedule.

The negative outlook reflects the current outlook on Brazil's
sovereign rating, as well as the challenging macroeconomic
environment, which Moody's expects to only modestly improve in
2017, thus continuing to pressure electricity sales volumes and
providing little relief to most distributors over-contracted
positioning.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The company's ratings are currently constrained by Brazil's
sovereign rating given the domestic nature of its operations,
therefore an upgrade of the sovereign could lead to positive
rating pressure on Bandeirante's ratings.

Downward rating pressure could come with a deterioration in
Bandeirante's liquidity position, resulting from weaker than
anticipated growth in its concession area or if there is any
change in the perceived level of support from the electricity
regulatory framework. Quantitatively, the ratings could be
downgraded if the interest coverage remains below 2.0x, and the
CFO pre-WC-to-Debt falls below 15%, on a sustainable basis. A
downgrade of Brazil's sovereign rating could exert downward
pressure on Bandeirante's rating.

Bandeirante, headquartered in Sao Paulo, Brazil, is an electricity
distribution utility fully controlled by EDP - Energias do Brasil
S.A. (EDB; Ba3/A1.br negative), a diversified utility group that
is in turn controlled by EDP - Energias de Portugal, S.A. (Baa3
stable). Bandeirante serves around 1.8 million clients in 28
municipalities between Alto Tietà in the Paraiba valley and the
North coast of the Sao Paulo State, a highly industrialized area.
In 2016, Bandeirante reported net revenues of BRL2.9 billion,
which does not include construction revenues of BRL249 million, on
sales of 15.771 GWh, constituting around 2.8% of the electricity
consumed in Brazil's integrated system.


ESPIRITO SANTO: Moody's Assigns Ba2 Rating to BRL190MM Debt
-----------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba2 global scale rating
and a Aa1.br national rating to the proposed 5-year BRL190 million
senior unsecured debentures to be issued by Espirito Santo
Centrais Eletricas S.A. At the same time, Moody's assigned a
Ba2/Aa1.br corporate family rating (CFR) to Escelsa and withdrew
its Ba2/Aa2.br issuer ratings. The outlook for all ratings is
negative.

The 5th debentures' issuance is part of Escelsa' liability
management strategy and proceeds from the transaction will be used
to refinance existing debt obligations due in 2017 along with
other working capital needs.

The debentures will have 5-year tenor and will amortize in
semiannual payments starting 36 months after issuance date in
April 2017. Interest payments will occur every six months
following issuance. The debentures will have acceleration clauses
in line with those of the company's outstanding debt, which
includes, among others: (i) change of control and termination of
the concession contracts, (ii) granting of intercompany loans for
an amount above BRL100 million, without waiver of debentures
holders, (iii) covenant breach by the issuer considering a Net
Debt/ adjusted EBITDA equal or below 3.5x, and (iv) cross-default
clauses with other debt of Escelsa, without waiver of debentures
holders.

The ratings assume 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 assigned:

-- Issuer: Espirito Santo Centrais Eletricas S.A. ("Escelsa")

BRL190 million Senior Unsecured Debentures due in April 2022 (5th
Issuance): Ba2 (global scale) / Aa1.br (National Scale Rating)

-- Corporate Family Rating: Ba2 (global scale) / Aa1.br (National
    Scale Rating)

Withdrawals:

-- Issuer: Espirito Santo Centrais Eletricas S.A.

-- Issuer Rating: Ba2 (global scale) / Aa2.br (National Scale
    Rating)

The outlook for all ratings is negative

RATINGS RATIONALE

Escelsa's Ba2 corporate family rating reflects: (i) the relatively
stable and predictable nature of its cash flows derived from a
distribution concession that is valid through July 2025, (ii)
historically strong credit metrics for the rating category, by the
three-year average CFO pre-W/C to Debt ratio of 39.3% and Interest
Coverage Ratio of 3.8x from 2014 through 2016 (iii) an evolving
regulatory environment with recent evidence of supportive aimed to
provide timely relief to the financial risk of electricity
distribution companies. Continued access to the local capital
markets and the implicit support from its parent holding company
EDP - Energias do Brasil, S.A. (EDB; Ba3 negative), are also
important rating considerations.

Constraining Escelsa's credit rating are: (i) the challenging
operating environment ahead of the company driven by Brazil's
economic recession, (ii) the sizeable capital expenditures planned
for 2017-2019 to upgrade the network and prevent losses and (iii)
a track record of high dividend distributions to the parent
company. The rating is further constrained by Brazil's sovereign
rating (Ba2, negative).

The Ba2 rating for the senior unsecured debentures is equal to
Escelsa's corporate family rating. The company's consolidated debt
profile is mainly composed of long-term senior unsecured
obligations (representing 68% of total debt as of FYE2016) that
rank at the same level as the company's proposed debentures.
Escelsa has other loans with the BNDES (representing 32% of total
debt) that benefit from a corporate guarantee from the parent
company EDB and certain cash collaterals; however, in spite of the
credit enhancements, Moody's also considers those as senior
unsecured obligations given the absence of a real estate asset
pledge.

Over the last two years, Escelsa faced a challenging operating
environment as per Brazil's severe drought season in 2014-15 that
caused a significant increase in energy prices and negatively
affected the company's profitability. Since mid-2015, the
country's economic recession also dragged electricity consumption
and left the company with over-contracted energy volumes (106.8%
in 2016). As a result, the company's credit metrics deteriorated,
as indicated by a cash from operations before changes in working
capital (CFO pre-WC) to total debt ratio of 33% and an interest
coverage ratio of 3.3x for 2016; down from 48% and 5.1x,
respectively, in December 31, 2014. Despite the deterioration,
Escelsa's credit metrics have weakened less than previously
estimated, particularly with the regulator granting extraordinary
and timely tariff increases.

Escelsa has received timely regulatory tariff adjustments that
helped mitigate the impact of high energy costs and of the
economic recession. For example, in February 2015, ANEEL, Brazil
regulator approved an extraordinary 26.8% tariff increase. More
recently, in August 2016, the regulator completed the seventh
periodic tariff cycle for Escelsa, which brought an increase of
35% of its Regulatory EBITDA.

The company's capacity to meet the regulatory EBITDA indicated by
ANEEL, will however depend on the company's ability to meet the
efficiency levels related to operating costs and energy losses
that will likely translate into an increase in capital
expenditures in 2017 through 2019. Escelsa's energy losses reached
13.88% in 2016 and are above the 11.45% regulatory target. Moody's
assumes that the capital expenditures will be financed with a
combination of internal and external cash generation, so that the
company's debt to total capitalization ratio remains in the 45% -
52% range.

Escelsa reported a cash position of BRL238 million as of December
31,2016, which covers BRL163 million of debt maturities in 2017.
Despite the excess cash cushion, Moody's anticipates a negative
free cash flow generation over the next 12 to 18 months, primarily
as result of higher-than-historical capital expenditures to
prevent energy losses and upgrade the network. Nevertheless, the
liquidity profile will improve following the transaction, as it
will further lengthen the company's amortization schedule.

The negative outlook reflects the current outlook on Brazil's
sovereign rating, as well as the challenging macroeconomic
environment, which Moody's expects to only modestly improve in
2017, thus continuing to pressure electricity sales volumes and
providing little relief to most distributors over-contracted
positioning.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The company's ratings are currently constrained by Brazil's
sovereign rating given the domestic nature of its operations,
therefore an upgrade of the sovereign could lead to positive
rating pressure on Escelsa's ratings.

Downward rating pressure could come with a deterioration in
Escelsa's liquidity position, resulting from weaker than
anticipated growth in its concession area or if there is a
perception of reduced support from to regulatory framework to
electricity companies. Quantitatively, the ratings could be
downgraded if the interest coverage remains below 2.5x, and the
CFO pre-WC-to-Debt falls below 20%, on a sustainable basis. A
downgrade of Brazil's sovereign rating could exert downward
pressure on Escelsa's rating

Escelsa, is an electricity distribution utility fully controlled
by EDP - Energias do Brasil, S.A. (EDB; Ba3/A1.br negative), a
divirsified utility group that is in turn controlled by EDP -
Energias de Portugal, S.A. (Baa3 stable). Escelsa serves around
1.5 million clients in 70 municipalities of the state of Espirito
Santo, which represents approximately 90% of the state. In 2016,
Escelsa reported net revenues of BRL2.5 billion, which does not
include construction revenues of BRL234 million, on sales of
10,567 GWh, representing approximately 2% of the electricity
consumed in Brazil's integrated system.


MAGNESITA REFRATARIOS: S&P Affirms 'BB' CCR, Outlook Now Stable
---------------------------------------------------------------
S&P Global Ratings has revised its outlook on its 'BB' global
scale corporate credit rating on Magnesita Refratarios S.A. to
stable from negative.  S&P also affirmed this rating.  At the same
time, S&P raised its national scale corporate rating to 'brAA-'
from 'brA+' on the company.  The outlook on this rating is stable.

S&P has also affirmed the 'BB' issue-level rating on Magnesita's
senior unsecured notes due 2020 and on its perpetual notes.  The
issue-level rating also reflects the recovery rating, which S&P
has revised to '3' from '4', reflecting meaningful recovery of
50%-70%.

The outlook revision reflects the company's gradual deleveraging
despite still sluggish demand from steel producers.  Magnesita
sold its non-core talc business and focused on operating
efficiencies to raise its cash generation to around R$135 million
in 2016, according to S&P estimates, which enabled Magnesita to
present lower net leverage.  Magnesita was able to maintain fairly
stable cash generation, and is likely to benefit from a slight
increase in demand in Brazil and the U.S., while sales in the
Middle East should continue growing.  These factors support S&P's
expectations that the company's metrics will continue to improve,
although still at slow pace, over the next several quarters.

In addition, Magnesita has recently announced the intention to
merge its operations with Europe-based RHI AG, which will create
the largest company in the global refractories industry.  S&P
believes that the merger will bolster Magnesita's operations in
the medium to long term.  However, the merger currently has no
ratings impact because its completion is subject to several
regulatory approvals that will likely extend until at least the
end of 2017, and could require additional debt for the
consolidated entity.  Therefore, S&P will analyze the final
capital structure and business profile once it has more clear view
on the final combined company.

The main clients for Magnesita, the steel and cement industries,
continues to face challenging market conditions due to low demand
and global oversupply.  S&P expects the company to continue to
benefit from its competitive advantages, such as leading market
position in the Americas and Europe, as well as ability to change
its product mix in order to maximize operating efficiency.  In
addition, S&P expects slight improvements in demand in key markets
such as Brazil and the U.S.  This supports S&P's view that
Magnesita's margins will remain fairly stable and its cash
generation to slightly rise over coming quarters.

S&P expects that stronger EBITDA generation will allow the company
continue to deleverage through the next few quarters, given that
Magnesita is likely to repay more expensive debt and focus on
improving its capital structure.  In addition, S&P's base-case
scenario assumes that the company will maintain a conservative
approach to capital expenditures and focus on maintaining positive
free cash generation.


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


CAYMAN COMMODITY-DCS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Cayman Commodity-DCS, Ltd. received on
Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EMERGING SOVEREIGN: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Emerging Sovereign Offshore Fund, Ltd. received
on Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Emerging Sovereign Group LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


EMERGING SOVEREIGN MASTER: Shareholder Receives Wind-Up Report
--------------------------------------------------------------
The shareholder of Emerging Sovereign Master Fund, Ltd. received
on Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Emerging Sovereign Group LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


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

The company's liquidator is:

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


GEMEAU LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Gemeau 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:

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


GLOBAL LONG: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Global Long Short Partners Erisa Ltd received
on Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GOLDMAN SACHS MULTI-STRATEGY: Shareholders Receive Wind-Up Report
-----------------------------------------------------------------
The shareholders of Goldman Sachs Multi-Strategy Portfolio X, 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:

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


HIGHVISTA LIQUID: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Highvista Liquid Multi-Asset Fund Moderate
(Cayman), Ltd. received on Jan. 25, 2017, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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

The company's liquidator is:

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


REGAL INSURANCE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Regal Insurance Company 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:

          Thomas F. Grojean, Sr.
          c/o Chandler Insurance Management Ltd.
          Waterfront Centre, 2nd Floor
          P.O. Box 1854 Grand Cayman KY1-1110
          Cayman Islands
          Telephone: (345) 949-8177


SHIKUMEN OFFSHORE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Shikumen Offshore Feeder Fund received on Jan. 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Fok Hei Yu
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central
          Hong Kong
          c/o Stanley Law
          Telephone: +852 3768 4724


SHIKUMEN SPECIAL: Members Receive Wind-Up Report
------------------------------------------------
The members of Shikumen Special Situations Fund received on
Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Fok Hei Yu
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central
          Hong Kong
          c/o Stanley Law
          Telephone: +852 3768 4724


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

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100


TREEBROOK MACRO: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Treebrook Macro Fund, Ltd. received on Jan. 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Treebrook Partners, LLC
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TREEBROOK MACRO MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Treebrook Macro Master Fund, Ltd. received on
Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Treebrook Partners, LLC
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TRIAN SPV VI-A: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Trian SPV VI-A, Ltd. received on Jan. 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


TRIPODKING INTERNATIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Tripodking International Holdings Corp.
received on Jan. 25, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Huang, Wen-Li
          3rd Floor., No. 14, Jingcheng Rd.
          Xitun Dist., Taichung City 407
          Taiwan (R.O.C.)
          Telephone: (04) 2329-7199 ext. 211


WEST STREET: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of West Street Ltd received on Jan. 27, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WEST STREET EMP: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of West Street EMP Ltd received on Jan. 27, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WEST STREET MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of West Street Partners Master Ltd. received on
Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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



=============
G R E N A D A
=============


REX RESORTS: Court of Appeal Grants Order in Favor of Hotel
-----------------------------------------------------------
Caribbean News Now reports that the Eastern Caribbean Court of
Appeal ruled that Rex Resorts "be permitted to continue to remain
in possession of and to continue to operate the hotel known as the
Grenadian by Rex Resorts."

The government of Grenada has been trying to enforce a compulsory
purchase order in respect of the property in circumstances that
have raised a number of questions locally concerning its motives,
according to Caribbean News Now.

A legal challenge to the government's first attempt was upheld by
the court last year, with an oral decision handed down just before
Christmas that essentially said the government erred in the
compulsory acquisition process, but was given leave to start the
procedure over again, which it has done, the report notes.

However, Justice of Appeal Davidson Kelvin Baptiste has now
ordered, in part, the following:

"An interim conservatory order is hereby granted directing that
the applicant [Rex Resorts] be permitted to continue to remain in
possession of and to continue to operate the hotel known as the
Grenadian by Rex Resorts, which the applicant built and owns,
until the hearing and determination of the applicant's appeal
against the decision of Adrien-Roberts J delivered on 20th
December 2016."

The report notes that Mr. Baptiste went on to state that "[Rex
Resorts] quite legitimately complains about the extraordinary
haste with which the [government] have acted in issuing the
notices of declaration of acquisition of the land after the
judgement of Adrien-Roberts J. The [government] acted with such
expedition that in a mere ten days after the judgement, they
provided themselves with a platform for arguing that as a matter
of law the land now vests absolutely in them."

Responding to this order, Rex Resorts Chief Executive Officer
Richard Bryson issued the following statement:

"Rex Resorts is happy that the court of appeal issued this
conservatory order. this judgment states very clearly that
government acted with extraordinary haste and that Rex Resorts'
rights under the constitution of Grenada must not be ignored. We
are eager to resolve this matter and to move forward with
executing the property enhancement plans we've outlined to
government."

Last month, Grenada's minister for health, social security and
international business Nickolas Steele was accused of making
misleading public statements pertaining to the Grenadian by Rex
Resorts and the requirements outlined in the 99-year lease with
the government, the report notes.

According to local sources, a private Canadian company, Sunwing
Travel Group, the largest integrated travel company in North
America, which is partially owned by a publically traded German
company (TUI Group) is working with the government of Grenada to
seize the fully operating hotel, the report relays.

This has raised a number of questions locally:

   -- First, the cash-strapped government, as the acquirer of
      land, would be responsible for fair compensation if it is
      successful in its expropriation but where is the money
      coming from?

   -- Second, there is presumably an agreement in place with
      Sunwing, but what does that agreement contain and what
      financial incentives, if any, have been offered by Sunwing
      or any other interested party to prompt Grenada government
      ministers to embark on such attempted seizure?

Furthermore, if the property is in fact intended for commercial
redevelopment by a private party, there must be some doubt,
notwithstanding the governor general's "conclusive" declaration,
as to whether it is genuinely required "for a public purpose", a
term that is not defined in the Act but which is generally held to
mean something that purports to benefit the populace as a whole
and not narrow private or other interests, the report notes.

The Grenada government has so far declined to address these
issues, reports Caribbean News Now.

The Grenadian by Rex Resorts recently received a certificate of
excellence from TripAdvisor -- the world's largest travel site --
for the year 2016, the report relays.  This recognition
distinguishes the hotel from competitors, gives guests more reason
to choose the hotel, and is a testament to the quality of
facilities and service provided by the hotel and its local staff,
the report notes.


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


PETROLEOS MEXICANOS: Form Deepwater Joint Venture With Chevron
--------------------------------------------------------------
EFE News reports that state-owned Petroleos Mexicanos, US-based
supermajor Chevron, and Japan's INPEX formed a joint venture to
explore for oil in deep waters of the Gulf of Mexico.

Last December, the three firms secured the concession for Block 3
North in the fourth tender of Round 1 of Mexico's first oil
auction since a 2013 energy sector overhaul ended Pemex's 75-year-
old monopoly, according to EFE News.  Chevron is the leader of the
consortium.

Pemex is following international best practices to develop
deepwater oil reserves, Chief Executive Officer Jose Antonio
Gonzalez Anaya said at the signing ceremony, the report relays.

The plan calls for investing roughly MXN100 million ($5 million)
over the next four years to determine the potential of the block,
the Pemex chief said, the report discloses.

"The execution of this contract represents an important milestone
in our ongoing, strategic partnership with Pemex, INPEX and
Mexico," Ali Moshiri, president of Chevron Africa and Latin
America Exploration and Production, said during the event in
Mexico City, the report relays.

The report notes that Block 3 North lies some 117 kilometers (45
miles) off the coast of the northeastern state of Tamaulipas in
waters of depths ranging from 500 to 1,700 meters (1,640 to 5,575
ft.).

The government is looking to the energy overhaul to attract tens
of billions of dollars in investment and reverse a roughly 30
percent decline in Mexico's oil output, which peaked at 3.38
million barrels per day in 2004 and currently stands at less than
2.3 million bpd, adds the report.


=======
P E R U
=======


PERU: President Talks Growth, Trade and 'Bridges' With Trump
-------------------------------------------------------------
Ted Mann and Ryan Dube at The Wall Street Journal report that U.S.
President Donald Trump held his first sit-down meeting with a
Latin American leader since taking office, and was told by
visiting President Pedro Pablo Kuczynski of Peru that Peruvians
"prefer bridges to walls."

Mr. Kuczynski, a former Wall Street banker and ex-World Bank
economist, came to discuss economic growth in the region and
problematic hot spots such as Venezuela, according to The Wall
Street Journal.

"Latin America needs to grow more," Mr. Kuczynski said.  "And
we're going to talk about how to do that. Maybe you have a few
ideas?"

"Yes I do," replied Mr. Trump, who said he had read about Mr.
Kuczynski's work and knew he was in the U.S. to receive an award
from the Peruvian leader's alma mater, Princeton University, the
report notes.

The meeting came a day after two top Trump administration
officials returned from a trip to Mexico, where the U.S. image has
been battered by a public backlash against Mr. Trump's plan to
build a border wall, renegotiate the North American Free Trade
Agreement, and toughen U.S. immigration enforcement, the report
relays.

The report notes that Mr. Kuczynski, who also led mining companies
in the U.S., is a staunch promoter of free trade, which has
benefited Peru over the last decade by slashing poverty and
boosting economic growth.

"I think that we have to open doors in this world, build bridges,
but I don't want to get into the wall with Mexico," Mr. Kuczynski
said, after the meeting.  "We are interested in free movement of
people, legally, I emphasized that to President Trump, and we
prefer bridges to walls," he added.

The report relays that Mr. Kuczynski said the two also discussed
immigration issues. He said there are about 200,000 Peruvians who
are in the U.S. illegally, but only about 70 of them have been
imprisoned.  "Peru has not exported criminals to the United
States," he said, picking up on one of Mr. Trump's frequent
complaints about immigrants, the report notes.

Mr. Trump said he expects Peru to purchase U.S. military vehicles,
though didn't elaborate, the report discloses.  He said he would
"talk some business" with Mr. Kuczynski, who said Peruvians
"greatly respect the U.S." as the two briefly exchanged
pleasantries in front of reporters.

"Peru has been a fantastic neighbor," Mr. Trump said, the report
notes.  "We've had great relationships, better now than ever
before."

"We have excellent relations," said Mr. Kuczynski, notes the
Journal.

Mr. Trump said Latin America has "a problem with Venezuela," a
country he said is "doing very poorly," the report notes.

The report relays that Mr. Kuczynski said they discussed
corruption in Peru and Latin America, briefly touching on the case
of former President Alejandro Toledo, who is wanted in Peru for
allegedly taking a $20 million bribe from Brazilian construction
giant Odebrecht SA. Mr. Toledo is believed to be in California,
where he is a visiting scholar at Stanford University.

Mr. Kuczynski didn't elaborate on the discussion of Mr. Toledo
with the U.S. president, says the Journal.

Mr. Kuczynski said he didn't ask Mr. Trump for additional U.S.
antidrug support, but his government was open to accepting more
technical assistance in improving economic development in coca-
growing zones, the report notes.

Peru has a free-trade agreement with the U.S., China, Canada and
European Union, among others, the report relays.  It was also a
member of the Trans-Pacific Partnership, a trade pact from which
Mr. Trump withdrew the U.S., and the Pacific Alliance, a four-
member Latin American group that includes Mexico, Chile and
Colombia, the report discloses.

Heading into the meeting, Peruvian officials didn't expect Peru's
bilateral trade deal with the U.S. to be a point of contention for
the Trump administration as it benefits both countries, the report
notes.

Mr. Kuczynski's meeting with Trump also carries political risks
for the Peruvian leader, who will need to balance the need of
pushing back against the U.S. administration's trade and
immigration policies while not antagonizing Peru's second-biggest
trade partner, said Michael Shifter, the president of the Inter-
American Dialogue think tank, the report says.

"He comes at a tough time," he said, notes the Journal.  "There is
just heightened concern both on immigration and the trade issue,"
he added.



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


TRINIDAD & TOBAGO: Locust Warning in Effect
-------------------------------------------
Trinidad and Tobago Newsday reports that a public awareness
seminar on the Moruga locust was held at the Richard Douglas
Presbyterian School in Barrackpore targeting residents and farmers
of the southern side of Barrackpore, where locust swarms were
previously identified.

This session was coordinated by the Ministry's Regional
Administration South Division (Victoria County Agricultural
Office) and facilitated by the Agricultural Assistant III (with
direct responsibility for the Locust Control Programme), Rudy
Ramdass, according to Trinidad and Tobago Newsday.

Gangapersad, Agricultural Officer I, Victoria, acknowledged that
the Ministry's efforts were supplemented as there were some
farmers who 'had become very proactive in the management of their
own holdings either through their purchase and application of
chemicals and/ or by their active surveillance and responsible
reporting of the locusts,' the report notes.  Farmers at the
session were informed of life cycle of the locust and the
concomitant control strategy that the ministry has been employing,
the report relays.

The Ministry continues to effect its pest management strategy to
treat the Marac, Moruga Food Crop Project (La Savanne), Cachipe,
St. Mary's, Santa Maria and Edward Trace areas, the report
discloses.


                            ***********


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 * * *