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        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

             Thursday, March 9, 2017, Vol. 18, No. 49


                            Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: Moody's Affirms B2 Corporate Family Rating
ARAUCO ARGENTINA: Moody's Affirms B1 CFR & Revises Outlook to Pos.
BANCO HIPOTECARIO: S&P Affirms 'B-' ICR; Outlook Remains Stable
BANCO PATAGONIA: Moody's Affirms b3 Baseline Credit Assessment
BANCO SUPERVIELLE: Moody's Affirms B3 Debt Rating, Outlook Pos.

CAJA DE SEGUROS: Moody's Affirms B1 GLC Rating; Outlook Positive
CAMUZZI GAS: Moody's Affirms B3 Corporate Family Rating
HOLCIM ARGENTINA: Moody's Affirms B2 CFR; Revises Outlook to Pos.
PORVINCE OF BUENOS AIRES: Moody's Affirms B3 Issuer, Debt Ratings
PROVINCE OF CHACO: Moody's Hikes Issuer and Debt Ratings to B3


B A R B A D O S

SAGICOR LIFE: S&P Cuts ICR to 'B+' Then Withdraws Rating


B O L I V I A

BANCO DE LA NACION: Moody's Affirms B3 Global LC Deposit Rating
BANCO FORTALEZA: Moody's Withdraws B2 LT Global LC Deposit Rating


B R A Z I L

ECORODOVIAS CONCESSOES: Moody's Assigns Ba2 Corp. Family Rating


C A Y M A N  I S L A N D S

798 HOLDINGS: Shareholders Receive Wind-Up Report
ABRACADABRA INVESTMENTS: Shareholder Receives Wind-Up Report
ABSORBINGLY INC: Shareholders Receive Wind-Up Report
AMERICAN HOME: Shareholder Receives Wind-Up Report
ANTHRACITE BALANCED (JR-34): Shareholders Receive Wind-Up Report

FIRELAKE STRATEGIC: Shareholders Receive Wind-Up Report
GOTTEX HORIZON: Shareholders Receive Wind-Up Report
INDEA LONG: Shareholders Receive Wind-Up Report
INTREPID GLOBAL: Shareholder Receives Wind-Up Report
IRONBRIDGE LIMITED: Shareholder Receives Wind-Up Report

LINKSUS GLOBAL: Shareholders Receive Wind-Up Report
MAGNOLIA FEEDER I: Shareholder Receives Wind-Up Report
MAGNOLIA MASTER: Shareholder Receives Wind-Up Report
MENA PORTCO: Shareholders Receive Wind-Up Report
PCA FUND: Sole Member Receives Wind-Up Report

PCA INVESTMENTS: Shareholders Receive Wind-Up Report
PM SERVICES: Shareholders Receive Wind-Up Report
ROSEWOOD INVESTMENTS: Members Receive Wind-Up Report
SABRE ASIAN: Shareholders Receive Wind-Up Report
TRIAN SPV VI: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Power Firms & Cement Makers Face Measures


E C U A D O R

GRENADA: Citizenship Investors Urged to Exercise Caution


J A M A I C A

JAMAICA: Food-Import Bill Declines by US$6 Million


M E X I C O

ANA COMPANIA: AM Best Raises Financial Strength Rating to 'B-'
MEXICO: Gave Free TVs to Poor, but Defects Wasted Taxpayers' Money
NEZTER SEGUROS: AM Best Lowers Financial Strength Rating to 'C'
SERVICIOS CORPORATIVOS: Fitch Affirms B+ Issuer Default Ratings
XIGNUX SA: S&P Affirms 'BB+' Global Scale CCR; Outlook Stable


T R I N I D A D  &  T O B A G O

PETROTRIN: Agree to Talks With OWTU


                            - - - - -


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: Moody's Affirms B2 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
rating outlook on various infrastructure companies operating in
Argentina; while outstanding ratings have been affirmed.

RATINGS RATIONALE

Moodys changed the rating outlook to positive from stable and
affirmed the current ratings on various infrastructure companies
operating in Argentina. The outlook change for the affected
companies follows the outlook change of Argentine government's B3
issuer rating outlook to positive from stable on March 6th, 2017
and reflects the exposure and linkages that these companies have
to the Argentine government credit quality.

Issuers and ratings included in this action are:

Outlook Actions:

Issuer: Aeropuertos Argentina 2000 S.A.

--  Outlook, Changed To Positive From Stable

Issuer: Albanesi S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Empresa Distribuidora de Electricidad Salta

-- Outlook, Changed To Positive From Stable

Issuer: Empresa Distribuidora Norte S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Generacion Mediterranea S.A

-- Outlook, Changed To Positive From Stable

Issuer: Genneia S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Transportadora de Gas del Sur S.A.

-- Outlook, Changed To Positive From Stable

Affirmations:

Issuer: Aeropuertos Argentina 2000 S.A.

-- Corporate Family Rating, Affirmed B2

-- Senior Secured Regular Bond/Debenture, Affirmed B2

-- Senior Unsecured Regular Bond/Debenture, Affirmed B2

Issuer: Albanesi S.A.

-- Corporate Family Rating, Affirmed B3

Issuer: Empresa Distribuidora de Electricidad Salta

-- Corporate Family Rating, Affirmed B3

-- Senior Unsecured Regular Bond/Debenture, Affirmed B3

Issuer: Empresa Distribuidora Norte S.A.

-- Corporate Family Rating, Affirmed B3

-- Senior Unsecured Regular Bond/Debenture, Affirmed B3

Issuer: Generacion Mediterranea S.A

-- Senior Unsecured Regular Bond/Debenture, Affirmed B3

Issuer: Genneia S.A.

-- Senior Unsecured Regular Bond/Debenture, Affirmed B3

Issuer: Transportadora de Gas del Sur S.A.

-- Senior Unsecured Regular Bond/Debenture, Affirmed B3

RATING OUTLOOK

The positive outlook for all these companies mainly reflects
Moody's positive outlook for Argentina's government bond rating
and Moody's view that the creditworthiness of these companies
continues to be highly dependent on the credit quality of the
Argentine government.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A further rating upgrade of the sovereign could result in positive
rating actions for these companies.

Moody's note however that an upgrade for regulated utilities would
also require the timely application of the new tariff regime, from
what Moody's expects material improvement in credit metrics.
Quantitatively an upgrade for regulated utilities would require
positive operating results and improved cash flow generation, as
measured by a CFO pre working capital to debt ratio --as adjusted-
in the 20% range.

In light of the positive outlook, Moody's does not anticipate a
rating downgrade in the near term for the affected companies. Yet,
the assigned ratings would face downward pressure if the
government of Argentina's rating or outlook were to be downgraded.
Or if the approved tariff increases for regulated utilities does
not materialize in improved credit profiles as expected.
Quantitatively, if regulated utilities report Interest coverage
(FFO + interest to interest) below 1.5 times and CFO pre working
capital to debt below 10% there could be negative pressure.

The principal methodology used in rating Transportadora de Gas del
Sur S.A. was Natural Gas Pipelines published in November 2012. The
principal methodology used in rating Aeropuertos Argentina 2000
S.A. was Privately Managed Airports and Related Issuers published
in December 2014. The principal methodology used in rating Empresa
Distribuidora Norte S.A. and Empresa Distribuidora De Electricidad
De Salta S.A. was Regulated Electric and Gas Utilities published
in December 2013. The principal methodology used in rating
Albanesi S.A., Generacion Mediterranea S.A. and Genneia S.A. was
Unregulated Utilities and Unregulated Power Companies published in
October 2014.


ARAUCO ARGENTINA: Moody's Affirms B1 CFR & Revises Outlook to Pos.
------------------------------------------------------------------
Moody's Investors Service has revised to positive from stable the
outlook for several companies operating in Argentina, while all
ratings were affirmed. The companies' outlook change follows the
revision of the Argentine government's B3 rating outlook to
positive from stable on March 6, 2017.

ISSUERS AND RATINGS AFFIRMED -- OUTLOOK CHANGED TO POSITIVE

Arauco Argentina S.A.: the Corporate Family Rating (CFR) was
affirmed at B1 and the rating of the senior unsecured notes,
guaranteed by Celulosa Arauco y Constitucion S.A. (Baa3 stable),
was affirmed at Baa3. The outlook of the issuer was changed to
positive from stable and the outlook of the notes remains stable.

Arcor S.A.I.C.: the CFR and the rating of the senior unsecured
global bonds was affirmed at B1.

CableVision S.A.: the CFR and senior unsecured notes rating were
affirmed at B3. The outlook was changed to positive from stable.

Pan American Energy LLC, Argentine Branch: the ratings of the
backed senior unsecured medium-term notes programs were affirmed
at (P)B1 and the rating of the backed global medium-term notes was
affirmed at B1. The outlook was changed to positive from stable.

Pan American Energy LLC: the CFR was affirmed at B1. The outlook
was changed to positive from stable.

YPF Sociedad Anonima: the senior unsecured notes were affirmed at
B3. The rating of the medium-term notes program was affirmed at
(P)B3. The outlook was changed to positive from stable.

RATINGS RATIONALE

The rating outlook revision for these companies follows the
outlook change of Argentine government's B3 Issuer rating outlook
to positive from stable on March 6th, 2017, supported by the
rising likelihood that the recently policies introduced, which
have laid the ground for future improvements to Argentina's
economic and fiscal strength, and the improvements in Argentina's
institutional strength will be sustained and bring improvements in
Argentina's credit profile.

Moody's expects 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.

The positive outlook for the affected companies reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 16 March 2015, and available on
www.moodys.com.

The principal methodology used in rating Arauco Argentina S.A. was
Global Paper and Forest Products Industry published in October
2013. The principal methodology used in rating Arcor S.A.I.C. was
Global Packaged Goods published in January 2017. The principal
methodology used in rating CableVision S.A. was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in January 2017. The principal methodology used in
rating Pan American Energy LLC, Argentine Branch and Pan American
Energy LLC was Global Independent Exploration and Production
Industry published in December 2011. The principal methodologies
used in rating YPF Sociedad Anonima were Global Integrated Oil &
Gas Industry published in October 2016 and Government-Related
Issuers published in October 2014.


BANCO HIPOTECARIO: S&P Affirms 'B-' ICR; Outlook Remains Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' foreign and local currency
issuer credit and issue-level ratings on Banco Hipotecario S.A.
The outlook remains stable.

S&P's ratings on Banco Hipotecario reflect its good competitive
position and relatively diversified operations, which provide
revenues stability, S&P's risk-adjusted capital ratio projection
of 5.8%, and the bank's asset quality metrics that are slightly
weaker than those of the banking system's average, given the
lender's greater focus on the retail segment.  S&P's assessment of
Banco Hipotecario's funding profile is underpinned by the higher
proportion of non-deposit funding compared with those of its
peers, a somewhat higher--but decreasing--deposit concentration,
and liquidity that's in line with those of the bank's peers and
incorporating characteristics of Argentina's financial system.

Banco Hipotecario's stand-alone credit profile (SACP) remains at
'b'.  The sovereign ratings on Argentina continue to limit the
ones on the bank.  S&P rarely rates financial institutions higher
than the sovereigns where the former operate, because S&P
considers it unlikely that these institutions would remain
unaffected by developments in domestic economies.


BANCO PATAGONIA: Moody's Affirms b3 Baseline Credit Assessment
--------------------------------------------------------------
Moody's Latin America (MLA) has affirmed the ratings and
assessments assigned to 15 domestically-owned Argentine banks and
finance companies, and to Mercado a Termino de Buenos Aires S.A.
(MATba) and Grupo Supervielle. At the same time, Moody's has
changed the outlook on all these issuers' global scale ratings
(GSRs) to positive from stable, except for Banco del Chubut, the
outlook of which remains stable. The outlooks on all of the above
the affected issuers' national scale ratings (NSRs) also remain
stable.

At the same time, Moody's affirmed the ratings and assessments of
10 foreign-owned Argentine financial institutions. The outlooks on
these issuers' foreign currency deposit ratings were revised to
positive, as were the outlooks on the B1 local currency debt,
deposit, and corporate family ratings of Rombo Compania Financiera
and PSA Finance Argentina Compania Financiera. However, the
outlooks on the other foreign-owned entities' local currency debt
and deposit ratings and foreign currency debt ratings, all of
which are constrained by Argentina's Ba3 local currency debt and
deposit and/or B2 foreign currency debt ceilings, remain stable.

Banco Patagonia S.A.'s global and national scale foreign currency
deposit rating and its baseline credit assessment (BCA) have also
been affirmed and the outlook on the GSR has been changed to
positive from stable. Patagonia's adjusted BCA and local currency
deposit and debt ratings, both global and national scale, as well
as all ratings assigned to its subsidiary GPAT Compania Financiera
S.A. and to Deutsche Bank Argentina S.A., are unaffected by action
and remain on review for downgrade. The ratings of Banco Finansur
S.A., John Deere Compania Financiera, and Balanz Capital Valores
were also unaffected by action.

These actions follow the announcement by Moody's Investors Service
that it has changed the outlook on Argentina's B3 government bond
rating to positive from stable. For additional information, please
refer to the related announcement: "Moody's changes outlook on the
Government of Argentina's B3 rating to positive from stable;
ratings affirmed".

RATINGS RATIONALE

These rating actions on Argentine banks were prompted by the
outlook change on Argentina's bond rating.

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. The rating action was driven by
Argentina's improved policy stance which supports a return to
economic growth in 2017, and Moody's expectation that faster
economic growth will allow Argentina's government to begin
reducing its high fiscal deficit in 2018.

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.

AFFIRMING BANKS AND FINANCIAL INSTITUTIONS' RATINGS AND PLACING ON
POSITIVE OUTLOOK

The affirmations reflect the relatively strong credit fundamentals
of the affected Argentine financial institutions, whose ratings
nevertheless remain constrained by their strong credit
interlinkages with the Argentine sovereign. While the country's
operating environment remains challenging, the positive outlook
reflects the expected impact market-friendly policy reforms
implemented in by the new administration, which are expected to
result in a return to economic growth and a continued decline in
inflation this year. Following a recession last year, Moody's
projects that the economy will expand by 3% this year and
inflation will fall to 20%.

In turn, this will create new business opportunities for banks
that will ease their transition into a more competitive, market-
driven operating environment and help mitigate an expected drop in
lending rates and return on securities investments and rising
credit costs. Although profitability will decline from current
very high levels (return on assets averaged 3.5% in 2016) in
nominal terms, on an inflation-adjusted basis it is likely to
improve. As financial intermediation expands, delinquencies will
climb modestly from current low levels averaging just 1.6% as of
September 2016, but asset risk will remain moderate. At the same
time, Moody's adjusted capital levels, which currently average a
robust 12.4% of risk-weighted assets, will remain relatively
strong despite a slight decline in line with narrowing
profitability and still rapid nominal loan growth.

Moreover, although cross-border borrowing is likely to continue to
increase and liquidity is likely to deteriorate as lending
activity accelerates in real terms, banks' exposure to
refinancing, interest rate, and foreign currency risk will remain
limited thanks to a base of stable, inexpensive local currency
deposits and rising dollar deposits.

Notwithstanding the positive outlooks on certain global scale
ratings, the outlooks on the corresponding national scale ratings
remain stable to reflect the likelihood that the correspondence
between Argentine national scale and global scale ratings will be
recalibrated if and when the sovereign is upgraded such that most
global scale ratings will correspond to lower Argentine national
scale ratings than is currently the case. Consequently, even if
the global scale ratings are upgraded, the national scale ratings
are not likely to be affected.

BANCO DEL CHUBUT'S RATINGS AFFIRMED WITH A STABLE OUTLOOK

The outlook on Banco del Chubut's ratings remains stable in line
with the outlook on the ratings of the bank's owner, the Province
of Chubut. The stable outlook on the bank reflects constraints on
the bank's ratings related to the credit interlinkages between the
bank and the provincial government, which is the bank's largest
depositor.

BANCO PATAGONIA, GPAT COMPANIA FINANCIERA AND DEUTSCHE BANK
(ARGENTINA) REMAIN UNDER REVIEW FOR DOWNGRADE

The local currency ratings assigned to Banco Patagonia S.A., and
its subsidiary GPAT Compania Financiera S.A. remain on review for
downgrade in light of the announcement by Patagonia's controlling
shareholder, Banco do Brasil S.A. (BB, LC deposit Ba2 negative,
ba2), that BB and the other shareholders were considering a public
offering of their equity participation in the bank. Negotiations
between shareholders are ongoing. Currently, Patagonia's Ba3
rating incorporates three notches of uplift from the bank's
standalone baseline credit assessment of b3, reflecting a very
high likelihood of affiliate support from BB, which holds a
58.9633% stake. Moody's expects to conclude the review on
Patagonia's ratings once there is greater visibility about the
potential for changes to the ownership structure and the extent of
any new shareholders' willingness and ability to provide support
to the bank, if necessary.

Notwithstanding the review, Patagonia's b3 BCA and its foreign
currency deposit ratings were affirmed (and the outlook on the
foreign currency deposit rating was changed to positive), as they
are constrained by Argentina's sovereign debt rating and foreign
currency deposit ceiling, respectively, and are unlikely to be
affected by a sale by BB of its interest in the bank.

Deutsche Bank (Argentina)'s ratings also remain under review for
downgrade pending receipt of the Central Bank of Argentina's
approval of the sale of the operation to Banco Comafi S.A., which
is expected to take place in the first half of 2017. Deutsche Bank
Argentina's current rating is two notches above the Argentine
sovereign, which generally constrains the standalone
creditworthiness of Argentine banks) to reflect the high
likelihood of support from the bank's German parent. As Banco
Comafi's B3 global scale rating is seven notches below that of
Deutsche AG and at the same level as the Argentine sovereign,
Deutsche Argentina is unlikely to receive any ratings uplift for
support from its new owner once the transaction closes.

WHAT COULD CHANGE THE RATING -- UP OR DOWN

An upgrade of the Argentine sovereign and a corresponding increase
in Argentina's debt and deposit ceilings would put upward pressure
on most Argentine banks' ratings, provided the banks continue to
demonstrate sound operating performance and any deterioration in
the banks' financial fundamentals is limited. While none of the
ratings affected by action currently face any downward ratings
pressure, those now with positive outlooks could see their
outlooks returned to stable if they suffer a substantial
deterioration in its asset quality, earnings, and/or
capitalization, or if Argentina's operating environment fails to
improve as expected.

FINANCIAL INSTITUTIONS AFFECTED

1. Banco de Galicia y Buenos Aires S.A.

2. Banco Santander Rio S.A.

3. Banco Macro S.A.

4. Banco de la Ciudad de Buenos Aires

5. Banco Hipotecario S.A.

6. HSBC Bank Argentina S.A.

7. Banco Supervielle S.A.

8. Grupo Supervielle S.A. (Argentina)

9. ICBC (Argentina) S.A.

10. Banco de Valores S.A.

11. Banco Itau Argentina S.A.

12. Banco Piano S.A.

13. Banco Comafi S.A.

14. BNP Paribas (Argentina)

15. Nuevo Banco de La Rioja S.A.

16. Banco de la Provincia de Cordoba S.A.

17. Banco de Servicios y Transacciones S.A.

18. Banco Cetelem Argentina S.A.

19. Banco del Chubut S.A.

20. Banco del Tucuman S.A.

21. Toyota Compania Financiera de Argentina S.A.

22. PSA Finance Argentina Comp.Fin.S.A.

23. Rombo Compania Financiera S.A.

24. Mercado a Termino de Buenos Aires S.A.

25. Banco Patagonia S.A.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating ICBC (Argentina) S.A.;
Banco de Valores S.A.; Banco Comafi S.A.; HSBC Bank Argentina
S.A.; Banco Macro S.A.; Banco Santander Rio S.A.; Banco de la
Ciudad de Buenos Aires; Banco Hipotecario S.A.; Banco Patagonia
S.A.; Nuevo Banco de La Rioja S.A.; Banco Piano S.A.; Banco de la
Provincia de Cordoba S.A.; Banco de Servicios y Transacciones
S.A.; Banco Supervielle S.A.; Grupo Supervielle S.A. (Argentina);
Banco de Galicia y Buenos Aires S.A.; Banco Itau Argentina S.A.;
Banco Cetelem Argentina S.A.; Banco del Chubut S.A.; BNP Paribas
(Argentina); Banco del Tucuman S.A., Toyota Compania Financiera de
Argentina S.A.; PSA Finance Argentina Comp.Fin.S.A.; was Banks
published in January 2016.

The principal methodology used in rating Rombo Compania Financiera
S.A. was Finance Companies published in December 2016.

The principal methodology used in rating Mercado a Termino de
Buenos Aires S.A. was Securities Industry Service Providers
published in February 2017.


BANCO SUPERVIELLE: Moody's Affirms B3 Debt Rating, Outlook Pos.
---------------------------------------------------------------
Moody's Investors Service has affirmed the global senior unsecured
debt ratings assigned to Banco Supervielle, Banco de Galicia y
Buenos Aires, and Banco Hipotecario and revised the outlooks to
positive from stable, following announcement by Moody's Latin
America Agente de Calificacion de Riesgo S.A. that it has taken a
similar action on the banks' deposit ratings. The rating action
also follows Moody's decision on March 6 to change the outlook to
positive from stable the B3 government bond rating of Argentina.

The following debt rating of Banco Supervielle S.A. changed the
outlook to positive from stable:

- Global Local Currency Senior Debt Rating of B3

The following debt rating of Banco de Galicia y Buenos Aires S.A.
changed the outlook to positive from stable:

- Global Foreign Currency Senior Debt Rating of B3

The following debt rating of Banco Hipotecario S.A. changed the
outlook to positive from stable:

- Global Local-and Foreign Currency Senior Debt Rating of B3

RATINGS RATIONALE

AFFIRMING BANKS DEBT' RATINGS AND PLACING ON POSITIVE OUTLOOK

The affirmations reflect the relatively strong credit fundamentals
of the affected Argentine financial institutions, whose ratings
nevertheless remain constrained by their strong credit
interlinkages with the Argentine sovereign. While the country's
operating environment remains challenging, the positive outlook
reflects the expected impact market-friendly policy reforms
implemented in by the new administration, which are expected to
result in a return to economic growth and a continued decline in
inflation this year. Following a recession last year, Moody's
projects that the economy will expand by 3% this year and
inflation will fall to 20%.

In turn, this will create new business opportunities for banks
that will ease their transition into a more competitive, market-
driven operating environment and help mitigate an expected drop in
lending rates and return on securities investments and rising
credit costs. Although profitability will decline from current
very high levels (return on assets averaged 3.5% in 2016) in
nominal terms, on an inflation-adjusted basis it is likely to
improve. As financial intermediation expands, delinquencies will
climb modestly from current low levels averaging 1.6% as of
September 2016, but asset risk will remain moderate. At the same
time, Moody's adjusted capital levels, which currently average a
robust 12.4% of risk-weighted assets, will remain relatively
strong despite a slight decline in line with narrowing
profitability and still rapid nominal loan growth.

Moreover, although cross-border borrowing is likely to continue to
increase and liquidity is likely to deteriorate as lending
activity accelerates in real terms, banks' exposure to
refinancing, interest rate, and foreign currency risk will remain
limited thanks to a base of stable, inexpensive local currency
deposits and rising dollar deposits.

WHAT COULD CHANGE THE RATING -- UP OR DOWN

An upgrade of the Argentine sovereign and a corresponding increase
in Argentina's debt and deposit ceilings would put upward pressure
on the affected banks' ratings, provided the banks continue to
demonstrate sound operating performance and any deterioration in
the banks' financial fundamentals is limited. While none of the
ratings affected by action currently face any downward ratings
pressure, the outlooks could return to stable if the banks suffer
a substantial deterioration in its asset quality, earnings, and/or
capitalization, or if Argentina's operating environment fails to
improve as expected.

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


CAJA DE SEGUROS: Moody's Affirms B1 GLC Rating; Outlook Positive
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo affirmed
the global local currency (GLC) and national scale (NS) insurance
financial strength (IFS) ratings of 14 insurers and 7 reciprocal
guarantors in Argentina. The GLC IFS rating outlook of 8 insurers
and all 7 reciprocal guarantors was changed to positive from
stable, while the GLC IFS rating outlook of other 5 insurers
remains stable. The NS IFS rating outlook of 13 insurers and all 7
reciprocal guarantors remains stable. In the same rating action,
Moody's changed the outlook of Provincia Seguros' ratings to
stable from negative.

This portfolio-wide rating action on the Argentine insurers and
reciprocal guarantors follows Moody's Investors Service's recently
announced outlook change to positive, from stable, of Argentina's
local-currency and foreign-currency B3 sovereign bond ratings on 6
March 2017 (see press release titled "Moody's changes outlook on
the Government of Argentina's B3 rating to positive from stable;
ratings affirmed").

RATINGS RATIONALE

Moody's said that the rating affirmation and change to a positive
outlook for the 8 insurers and all 7 reciprocal guarantors reflect
the positive outlook on the sovereign rating, given their
relatively high sovereign investment exposure and the close
linkages between the credit profiles of those entities and the
sovereign, meaning that an upgrade of the country's sovereign
bond's rating would benefit the companies' financial fundamentals.
The following 8 insurers' and all 7 reciprocal guarantors' GLC/NSR
IFS ratings have been affirmed. Their GLC IFS rating outlooks have
been changed to positive from stable, whereas their NS IFS rating
outlooks remain stable:

-- Caja de Seguros S.A.: B1/Aa1.ar

-- Fianzas y Credito S.A. Cia. de Seguros: B3/Baa2.ar

-- La Segunda ART: B2/A1.ar

-- La Segunda Compania de Personas S.A.: B2/A1.ar

-- La Segunda Coop. Ltda. Seguros: B2/A1.ar

-- Origenes Seguros S.A.: B2/A2.ar

-- San Cristobal Seguros Generales: B2/A1.ar

-- Seguros Sura S.A. (Argentina): B1/Aa2.ar

-- Acindar Pymes S.G.R.: B2/A2.ar

-- Affidavit S.G.R.: B3/Baa2.ar

-- Aval Rural S.G.R.: B2/A2.ar

-- Fondo de Garantias del Chaco (FOGACH): B3/Baa3.ar

-- Garantia de Valores SGR: B2/A2.ar

-- Integra Pymes S.G.R.: B3/Baa3.ar

-- Vinculos SGR: B3/Baa3.ar

Notwithstanding the positive outlooks on the global scale ratings
of the entities noted above, the outlooks on the corresponding
national scale ratings remain stable to reflect the likelihood
that the correspondence between Argentine national scale and
global scale ratings will be recalibrated if and when the
sovereign is upgraded such that most global scale ratings will
correspond to lower Argentine national scale ratings than is
currently the case. Consequently, even if the global scale ratings
are upgraded, the national scale ratings are not likely to be
affected.

Moody's went on to say that the rating affirmation and stable
outlook for other 3 insurers reflect that their current ratings
are capped by Argentina's Ba3 local currency country ceiling;
however, if that ceiling was uplifted upon an upgrade of
Argentina's sovereign rating, their credit profile would be
stronger given their relatively high sovereign investment exposure
and the close linkages between the credit profiles of those
entities and the sovereign. The following 3 insurers' GLC/NSR IFS
ratings have been affirmed. Their outlooks remain stable:

-- ACE Seguros S.A.: Ba3/Aaa.ar

-- Chubb Argentina de Seguros: Ba3/Aaa.ar

-- QBE Seguros La Buenos Aires S.A.: Ba3/Aaa.ar

The rating agency said that the rating affirmation and stable
outlook for 2 insurers reflect their overall stable recent and
projected credit profiles. Moreover, given that sovereign
investment exposure relative to capital of these entities is
relatively low, an upgrade of Argentina's sovereign bond rating
would not necessarily translate into meaningfully improved credit
profiles for those entities. The following 2 insurers' GLC/NSR IFS
ratings have been affirmed. Their outlooks remain stable:

-- Allianz Argentina Compania de Seguros S.A.: Ba3/Aaa.ar;

-- BBVA Consolidar Seguros: Ba3/Aaa.ar;

Regarding Provincia Seguros, Moody's mentioned that the
affirmation of the company's ratings reflects its adequate market
position, as well as the advantages provided by its access to
diversified product distribution channels and the synergies
maintained with its parent bank, Banco de la Provincia de Buenos
Aires. Provincia Seguros' ratings also highlights its credit
challenges relating to the company's regulatory solvency margin
deficit and weak capitalization. The rating agency further noted
that while the positive outlook on Argentina's sovereign rating is
not sufficient to offset the abovementioned credit challenge, its
positive impact results in a change of the outlook of the
company's ratings to stable from negative. Going forward, a
significant restoration of Provincia Seguros' capital adequacy and
profitability, along with an upgrade of Argentina's sovereign
rating could lead to an upgrade of the company's ratings.
Conversely, factors that could lead to a downgrade of the
company's ratings include failure to comply with the 3-year
capital remediation plan recently approved by the regulator, or a
sustained weak profitability track record. The following insurer's
GLC/NSR IFS ratings have been affirmed. The outlook has been
changed to stable from negative:

-- Provincia Seguros: B3/Baa1.ar;

In addition to company-specific rating drivers, the GLC IFS
ratings of Argentina's rated insurers and reciprocal guarantors
could be upgraded if the Argentine sovereign rating is upgraded
and/or if the country's insurance operating environment improves.
Conversely, a deterioration in Argentina's sovereign rating and/or
insurance operating environment could result in a downgrade of the
companies' ratings.

The principal methodology used in rating ACE Seguros S.A., Acindar
Pymes S.G.R., Affidavit S.G.R., Allianz Argentina Compania de
Seguros S.A., Aval Rural S.G.R., BBVA Consolidar Seguros, Caja de
Seguros S.A., Chubb Argentina de Seguros, Fianzas y Credito S.A.
Cia. de Seguros, Fondo de Garantias del Chaco (FOGACH), Garantia
de Valores SGR, Integra Pymes S.G.R., La Segunda ART, La Segunda
Coop. Ltda Seguros, Provincia Seguros, QBE Seguros La Buenos Aires
S.A., San Cristobal Seguros Generales, Seguros Sura S.A.
(Argentina), and Vinculos SGR was Global Property and Casualty
Insurers published in June 2016. The principal methodology used in
rating La Segunda Compania de Personas S.A. and Origenes Seguros
S.A. was Global Life Insurers published in April 2016.


CAMUZZI GAS: Moody's Affirms B3 Corporate Family Rating
-------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
changed to positive from stable the rating outlook on various
infrastructure companies operating in Argentina; while outstanding
ratings have been affirmed.

At the same time, Moody's has upgraded Empresa Distribuidora Norte
S.A. (Edenor) national scale rating to Baa2.ar from Baa3.ar.

RATINGS RATIONALE

Moodys changed the rating outlook to positive from stable and
affirmed the current ratings on various infrastructure companies
operating in Argentina. The outlook change for the affected
companies follows the outlook change of Argentine government's B3
issuer rating outlook to positive from stable on March 6th, 2017
and reflects the exposure and linkages that these companies have
to the Argentine government credit quality.

At the same time, Moody's upgraded Empresa Distribuidora Norte
S.A. (Edenor)'s national scale rating to Baa2.ar from Baa3.ar,
reflecting the expected improvement in the company's cash flows
and credit metrics resulting from the implementation of the new
tariff regime (RTI).


Issuers and ratings included in this action are:

Outlook Actions:

Issuer: Aeropuertos Argentina 2000 S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Albanesi S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Camuzzi Gas Pampeana S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Distribuidora De Gas Cuyana S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Empresa Distribuidora de Electricidad Salta

-- Outlook, Changed To Positive From Stable

Issuer: Empresa Distribuidora Norte S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Empresa Provincial de Energia de Cordoba

-- Outlook, Changed To Positive From Stable

Issuer: Gas Natural BAN, S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Generacion Mediterranea S.A

-- Outlook, Changed To Positive From Stable

Issuer: Genneia S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Hidroelectrica El Chocon S.A.

-- Outlook, Changed To Positive From Stable

Issuer: Transportadora de Gas del Sur S.A.

-- Outlook, Changed To Positive From Stable

Affirmations:

Issuer: Aeropuertos Argentina 2000 S.A.

-- Corporate Family Rating, Affirmed A2.ar

-- Senior Unsecured Regular Bond/Debenture, Affirmed A2.ar

Issuer: Camuzzi Gas Pampeana S.A.

-- Corporate Family Rating, Affirmed B3

-- Corporate Family Rating, Affirmed Baa1.ar

Issuer: Distribuidora De Gas Cuyana S.A.

-- Corporate Family Rating, Affirmed B3

-- Corporate Family Rating, Affirmed Baa1.ar

Issuer: Empresa Distribuidora de Electricidad Salta

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa2.ar

Issuer: Empresa Provincial de Energia de Cordoba

-- Corporate Family Rating, Affirmed B3

-- Corporate Family Rating, Affirmed Baa3.ar

-- Senior Secured Regular Bond/Debenture, Affirmed B3

-- Senior Secured Regular Bond/Debenture, Affirmed Baa3.ar

Issuer: Gas Natural BAN, S.A.

-- Corporate Family Rating, Affirmed B3

-- Corporate Family Rating, Affirmed Baa1.ar

Issuer: Generacion Mediterranea S.A

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa2.ar

Issuer: Genneia S.A.

-- Corporate Family Rating, Affirmed B3

-- Corporate Family Rating, Affirmed Baa2.ar

-- Senior Secured Regular Bond/Debenture (Class 2, Class 3),
Affirmed B3

-- Senior Secured Regular Bond/Debenture (Class 2, Class 3),
Affirmed Baa2.ar

Issuer: Hidroelectrica El Chocon S.A.

-- Corporate Family Rating, Affirmed B3

-- Corporate Family Rating, Affirmed Baa2.ar

Issuer: Transportadora de Gas del Sur S.A.

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa1.ar

Upgrades:

Issuer: Empresa Distribuidora Norte S.A.

-- Corporate Family Rating, Upgraded to Baa2.ar from Baa3.ar

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Baa2.ar
from Baa3.ar

RATING OUTLOOK

The positive outlook for all these companies mainly reflects
Moody's positive outlook for Argentina's government bond rating
and Moody's view that the creditworthiness of these companies
continues to be highly dependent on the credit quality of the
Argentine government.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A further rating upgrade of the sovereign could result in positive
rating actions for these companies.

Moody's note however that an upgrade for regulated utilities would
also require the timely application of the new tariff regime, from
what Moody's expects material improvement in credit metrics.
Quantitatively an upgrade for regulated utilities would require
positive operating results and improved cash flow generation, as
measured by a CFO pre working capital to debt ratio --as adjusted-
in the 20% range.

In light of the positive outlook, Moody's does not anticipate a
rating downgrade in the near term for the affected companies. Yet,
the assigned ratings would face downward pressure if the
government of Argentina's rating or outlook were to be downgraded.
Or if the approved tariff increases for regulated utilities does
not materialize in improved credit profiles as expected.
Quantitatively, if regulated utilities report Interest coverage
(FFO + interest to interest) below 1.5 times and CFO pre working
capital to debt below 10% there could be negative pressure.

The principal methodology used in rating Transportadora de Gas del
Sur S.A. was Natural Gas Pipelines published in November 2012. The
principal methodology used in rating Aeropuertos Argentina 2000
S.A. was Privately Managed Airports and Related Issuers published
in December 2014. The principal methodology used in rating Empresa
Distribuidora Norte S.A. and Empresa Distribuidora De Electricidad
De Salta S.A., Camuzzi Gas Pampeana S.A., Distribuidora de Gas
Cuyana S.A. and Gas Natural Ban S.A. was Regulated Electric and
Gas Utilities published in December 2013. The methodologies used
in rating Empresa Provincial de Energia de Cordoba were Regulated
Electric and Gas Utilities published in December 2013, and
Government-Related Issuers published in October 2014. The
principal methodology used in rating Generacion Mediterranea S.A.,
Genneia S.A. and Hidroelectrica El Chocon S.A. was Unregulated
Utilities and Unregulated Power Companies published in October
2014.


HOLCIM ARGENTINA: Moody's Affirms B2 CFR; Revises Outlook to Pos.
-----------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo has revised to
positive from stable the outlook for several companies operating
in Argentina, while affirming and upgrading some ratings. The
companies' outlook change follows the revision of the Argentine
government's B3 rating outlook to positive from stable on March 6,
2017.

ISSUERS AND RATINGS AFFIRMED/UPGRADED -- OUTLOOK CHANGED TO
POSITIVE

Arauco Argentina S.A.: the rating of the senior unsecured notes,
guaranteed by Celulosa Arauco y Constitucion S.A. (Baa3 stable),
was affirmed at Aaa.ar in the national scale. At the same time,
Moody's Investors Service has affirmed Arauco Argentina's
corporate family rating (CFR) at B1 in the global scale rating and
the rating of the guaranteed senior unsecured notes at Baa3 in the
global scale. Additionally, the outlook of the issuer was changed
to positive from stable and the outlook of the notes remains
stable.

Arcor S.A.I.C.: the ratings of the senior unsecured local bonds
were affirmed at B1 in the global scale and Aa1.ar in the national
scale. Additionally, the senior unsecured global bonds was
affirmed at Aa1.ar in the national scale. At the same time,
Moody's Investors Service has affirmed Arcor's CFR and the rating
of the senior unsecured global bonds at B1 in the global scale.
The outlook was changed to positive from stable.

Asociacion de Cooperativas Argentinas Coop. (ACA): the ratings of
the CFR and the senior unsecured bank credit facility were
affirmed at B2 in the global scale and were upgraded to A1.ar from
A2.ar in the national scale. The outlook was changed to positive
from stable.

CableVision S.A.: the rating of the senior unsecured notes was
affirmed at Baa1.ar in the national scale. At the same time,
Moody's Investors Service has changed the outlook to positive from
stable.

Holcim (Argentina) S.A.: the CFR was affirmed at B2 in the global
scale and A1.ar in the national scale. The outlook was changed to
positive from stable.

Mirgor S.A.: the CFR was affirmed at B3 in the global scale and
Baa1.ar in the national scale. The outlook was changed to positive
from stable.

Telecom Argentina S.A.: the CFR was affirmed at B3 in the global
scale and Baa1.ar in the national scale. The outlook was changed
to positive from stable.

YPF Sociedad Anonima: the Issuer Rating was affirmed at B3 in the
global scale and Baa1.ar in the national scale. At the same time,
Moody's Investors Service has changed the outlook to positive from
stable.

RATINGS RATIONALE

The rating outlook revision for these companies and the NSR change
of Asociacion de Cooperativas Argentinas to A1.ar from A2.ar
follows the outlook change of Argentine government's B3 Issuer
rating outlook to positive from stable on March 6th, 2017,
supported by the rising likelihood that the recently policies
introduced, which have laid the ground for future improvements to
Argentina's economic and fiscal strength, and the improvements in
Argentina's institutional strength will be sustained and bring
improvements in Argentina's credit profile.

Moody's expects 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.

The positive outlook for the affected companies reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 16 March 2015, and available on
www.moodys.com.

The principal methodology used in rating Arauco Argentina S.A. was
Global Paper and Forest Products Industry published in October
2013. The principal methodology used in rating Arcor S.A.I.C. was
Global Packaged Goods published in January 2017. The principal
methodology used in rating Asociacion de Cooperativas Argentinas
Coop. was Global Protein and Agriculture Industry published in May
2013. The principal methodology used in rating CableVision S.A.
was Global Pay Television - Cable and Direct-to-Home Satellite
Operators published in January 2017. The principal methodology
used in rating Holcim (Argentina) S.A. was Building Materials
Industry published in January 2017. The principal methodology used
in rating Mirgor S.A. was Global Automotive Supplier Industry
published in June 2016. The principal methodology used in rating
Telecom Argentina S.A. was Telecommunications Service Providers
published in January 2017. The principal methodologies used in
rating YPF Sociedad Anonima were Global Integrated Oil & Gas
Industry published in October 2016 and Government-Related Issuers
published in October 2014.


PORVINCE OF BUENOS AIRES: Moody's Affirms B3 Issuer, Debt Ratings
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo affirmed
the issuer and debt ratings on both Global/National scales and in
Foreign and Local currencies of Argentine provinces and
municipalities except in the case of the Province of Chaco. In the
same action it changed the outlooks on Global Scale ratings to
positive from stable of most of its rated sub-sovereigns whereas
the current positive outlooks on the Provinces of Chaco and
Formosa were maintained. The outlooks of all ratings in National
Scale remained stable.

This portfolio-wide rating action on the Argentine sub-sovereigns
follows Moody's Investors Service's recently announced outlook
change to positive, from stable, of Argentina's local-currency and
foreign-currency B3 sovereign bond ratings on 6 March 2017 (see
press release titled "Moody's changes outlook on the Government of
Argentina's B3 rating to positive from stable; ratings affirmed).

RATINGS RATIONALE

The ratings affirmation coupled with the outlook change to
positive from stable on the Global Scale in local and in foreign
currencies ratings of most provinces and municipalities in
Argentina follows a similar rating action on Argentina's sovereign
bonds ratings -both in local and foreign currency- and reflects
the very close economic and financial linkages that exist between
Argentina's government and Argentine sub-sovereigns, as well as
the maintenance of their key credit strength and challenges.

Moody's went on to say that Province of Chaco's ratings were
upgraded to B3/Baa3.ar from Caa1/Ba1.ar on Global/National scales,
because of the sustained improvement in its operating and debt
profile while keeping its Positive outlook due to the same
economic and financial linkages described above.

Finally, Moody's explained that the outlooks of all National
scales ratings remained stable because these types of sovereign
ratings actions normally affect or impact all issuers and sectors
within a specific country in an equal manner.

ISSUERS AND RATINGS AFFECTED

The specific rating actions taken are described below:

1) The outlooks for the global scale ratings were changed to
positive from stable and the outlook on the National Scale ratings
remained at Stable while affirming their current ratings:

- Province of Buenos Aires: Issuer and debt ratings affirmed at
   B3/Baa3.ar (on Global/Argentina's national scales,
   respectively). MTN ratings also affirmed at (P)B3/Baa3.ar.

- Province of Cordoba: Debt and issuer ratings affirmed at
   B3/Baa2.ar (on Global/Argentina's national scales,
   respectively).

- City of Buenos Aires: Debt ratings affirmed at B3/Baa1.ar (on
   Global/Argentina's national scales, respectively). MTN ratings
   also affirmed at (P)B3/Baa1.ar.

- Municipality of Cordoba: Issuer and debt ratings affirmed at
   B3/Baa2.ar (on Global/Argentina's national scales,
   respectively). The local currency debt ratings of Series 1
   Senior Secured Notes affirmed at B3/Baa1.ar (on
   Global/Argentina's national scales, respectively). Treasury
   Note Program ratings also affirmed at (P)B3/Baa2.ar.

- Municipality of Rio Cuarto: local currency issuer and debt
   ratings affirmed at B3/Baa3.ar (on Global/Argentina's national
   scales, respectively). MTN ratings also affirmed at
   (P)B3/Baa3.ar.

- Province of Misiones: local currency issuer and debt ratings
   affirmed at B3/Baa3.ar (on Global/Argentina's national scale,
   respectively).

- Province of Rio Negro: local currency issuer ratings affirmed
   at B3/Baa3.ar (on Global/Argentina's national scale,
   respectively). MTN ratings also affirmed at (P)B3/Baa3.ar.

2) The outlook of the global scale ratings were maintained at
positive and while the outlook on the National Scale ratings were
changed to stable. The current ratings were upgraded:

- Province of Chaco: local currency issuer ratings upgraded to
B3/Baa3.ar (Global/Argentina's national scale, respectively) from
Caa1/Ba1.ar. The local currency debt ratings of Chaco's Senior
Secured Bonds due 2026 upgraded to B3/Baa3.ar (on
Global/Argentina's national scales, respectively).

3) The outlook of the global scale ratings were maintained at
positive and while the outlook on the National Scale ratings were
changed to stable. The current ratings were affirmed:

- Province of Formosa: local currency issuer affirmed at
   Caa1/Ba1.ar (on Global/Argentina's national scale,
   respectively). The local currency debt ratings of Formosa's
   Senior Secured Bonds due 2022 affirmed at Caa1/Ba1.ar (on
   Global/Argentina's national scales, respectively).

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial ratings, and upgrade of Argentina's sovereign bonds
ratings and/or the improvement of the country' operating
environment could lead to an upgrade of the sub-sovereigns
ratings. Regarding the Provinces of Chaco and Formosa, further
improvements in their economic fundamentals --mainly in the growth
of their own-source revenues-- could also exert upward pressure in
these two provinces in particular. Conversely, a downgrade in
Argentina's bond ratings and/or further systemic deterioration or
idiosyncratic risks arising in the rated issuers could continue to
exert downward pressure on most of the ratings assigned and could
translate in to a downgrade in the near to medium term.

In the specific case of the Province of Chubut, a strong and
sustained improvement in its operating and financing performance
coupled to lower debt levels could lead to an upgrade of its
ratings. Conversely, a downgrade in Argentina's bond ratings
and/or further systemic deterioration or idiosyncratic risks
arising in this Province -- with for instance a debt to total
revenues ratio sustained at a 75% level - could exert downward
pressure on the ratings assigned and could translate in to a
downgrade in the near to medium term.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.


PROVINCE OF CHACO: Moody's Hikes Issuer and Debt Ratings to B3
--------------------------------------------------------------
Moody's Investors Service affirmed the issuer and debt ratings on
Global Scale --foreign currency -- of four Argentine provinces and
of two municipalities and changed their outlooks to positive from
stable. In this same rating action Moody's upgraded to B3 from
Caa1 the issuer and debt ratings in Global scale --foreign
currency- of the Province of Chaco.

This portfolio-wide rating action on the Argentine sub-sovereigns
follows Moody's recently announced outlook change to positive,
from stable, of Argentina's local-currency and foreign-currency B3
sovereign bond ratings on March 6, 2017 (see press release titled
"Moody's changes outlook on the Government of Argentina's B3
rating to positive from stable; ratings affirmed").

RATINGS RATIONALE

The ratings affirmation coupled with the outlook change to
positive from stable on the Global Scale foreign currency ratings
of the following five provinces and two municipalities in
Argentina follows a similar rating action on Argentina's sovereign
bonds ratings -- both in local and foreign currency -- and
reflects the very close economic and financial linkages that exist
between Argentina's government and Argentine sub-sovereigns, as
well as the maintenance of their key credit strength and
challenges.

Moody's went on to say that Province of Chaco's ratings were
upgraded to B3 from Caa1 because of the sustained improvement in
its operating and debt profile while keeping its positive outlook
due to the same economic and financial linkages described above.

ISSUERS AND RATINGS AFFECTED

1) The outlook of the following debts were changed to positive
from stable while affirming their current ratings:

- Province of Buenos Aires: foreign currency debt ratings
   affirmed at B3 (on Global Scale).

- Province of Cordoba: foreign and local currency issuer and
   foreign currency debt ratings affirmed at B3 (on Global Scale).

- Province of Mendoza: local and foreign currency issuer ratings
   affirmed at B3 (on Global Scale). Foreign currency debt rating
   affirmed at B3 (on Global Scale).

- Province of Santa Fe: foreign currency issuer and debt ratings
   affirmed at B3 (on Global Scale).

- Municipality of Cordoba: foreign currency issuer and debt
   ratings affirmed at B3 (on Global Scale).

- City of Buenos Aires: senior unsecured MTN and debt ratings
   affirmed at (P)B3/B3 (on Global Scale).

2) The outlook of the following debts were maintained positive
while upgrading their current ratings:

- Province of Chaco: foreign currency issuer and debt ratings
   upgraded to B3 from Caa1 (on Global Scale).

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial ratings, and upgrade of Argentina's sovereign bonds
ratings and/or the improvement of the country' operating
environment could lead to an upgrade of the sub-sovereigns
ratings. Conversely, a downgrade in Argentina's bond ratings
and/or further systemic deterioration or idiosyncratic risks
arising in the rated issuers could continue to exert downward
pressure on most of the ratings assigned and could translate in to
a downgrade in the near to medium term.

In the specific case of the Province of Chubut, a strong and
sustained improvement in its operating and financing performance
coupled to lower debt levels could lead to an upgrade of its
ratings. Conversely, a downgrade in Argentina's bond ratings
and/or further systemic deterioration or idiosyncratic risks
arising in this Province -- with for instance a debt to total
revenues ratio sustained at a 75% level - could exert downward
pressure on the ratings assigned and could translate in to a
downgrade in the near to medium term.


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


SAGICOR LIFE: S&P Cuts ICR to 'B+' Then Withdraws Rating
--------------------------------------------------------
S&P Global Ratings lowered its financial strength and issuer
credit ratings to 'B+' from 'BB-' on Sagicor Life Inc. (SLIB).
S&P also removed the ratings from CreditWatch negative and
assigned a negative outlook.  S&P Global Ratings subsequently
withdrew its ratings at the issuer's request.

On March 3, 2017, S&P Global Ratings lowered its long-term
sovereign ratings on Barbados to 'CCC+' from 'B-' based on the
country's weaker financial profile.

The ratings on SLIB reflected S&P's view of its core status to its
Bermuda-based parent Sagicor Financial Corporation (SFC), which
provided a maximum uplift of three notches above the sovereign
rating of Barbados, SLIB's country of domicile.

S&P had placed its ratings on SLIB on CreditWatch negative after
SFC announced a corporate reorganization which consisted of
separating its Caribbean and Central American operating
subsidiaries from SLIB and shifting them to the ultimate parent
structure, leaving SLIB solely with its Barbados insurance
operations.  S&P's negative CreditWatch listing reflected its
concern that SLIB would no longer be a core entity once the
reorganization was completed.

Given that the reorganization is still in progress and the
separation of the larger operations in the Caribbean, including
that of Jamaica and Trinidad & Tobago, has not been completed, S&P
maintained its view of SLIB's core subsidiary status.  Therefore,
S&P removed the ratings on SLIB from CreditWatch.

The negative outlook on SLIB reflected that on Barbados.  After
taking the rating actions above, S&P is withdrawing its financial
strength and issuer credit ratings on SLIB at the issuer's
request.


=============
B O L I V I A
=============


BANCO DE LA NACION: Moody's Affirms B3 Global LC Deposit Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
affirmed Banco de la Nacion Argentina S.A. (Bolivia)'s ratings,
including its B3 global scale and Baa3.bo Bolivian national scale
ratings, and changed the bank's outlook to positive from stable.
The rating action follows the announcement by Moody's Investors
Service that it has changed the outlook of Argentina's local- and
foreign-currency B3 sovereign bond ratings to positive from stable
on 6 March 2017 (see press release "Moody's changes outlook on the
Government of Argentina's B3 rating to positive from stable;
ratings affirmed").

The following BNA Bolivia ratings were affirmed:

- Long-term global local currency deposit rating, affirmed B3 with
  positive outlook (previously stable)

- Short-term global local currency deposit rating, affirmed Not
  Prime

- Long-term global foreign currency deposit rating, affirmed B3
  with positive outlook (previously stable)

- Short-term global foreign currency deposit rating, affirmed Not
  Prime

- Bolivian long-term national scale local currency deposit rating,
  affirmed Baa3.bo with positive outlook (previously stable)

- Bolivian short-term national scale local currency deposit
  rating, affirmed BO-3

- Bolivian long-term national scale foreign currency deposit
  rating, affirmed Baa3.bo with positive outlook (previously
  stable)

- Bolivian short-term national scale foreign currency deposit
  rating, affirmed BO-3

- Long-term counterparty risk assessment, affirmed B2(cr)

- Short-term counterparty risk assessment, affirmed Not Prime(cr)

RATINGS RATIONALE

Banco de la Nacion Argentina S.A. (Bolivia) is a branch of Banco
de la Nacion Argentina S.A. The affirmation of the Bolivian
branch's rating and change in its outlook considers the Argentine
government's guarantee of Banco de la Nacion Argentina's
operations. As such, the Bolivian branch's ratings are aligned
with the Argentine government's bond rating.

WHAT COULD CHANGE THE RATING UP/DOWN

BNA Bolivia ratings will face upward pressure if the Government of
Argentina's bond rating is upgraded. Although there is no downward
pressure at the current time given the positive outlook, the
outlook could revert to stable if the outlook on Argentina's
sovereign bonds stabilizes.

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

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.

Banco de la Nacion Argentina (Bolivia) is headquartered in Santa
Cruz de la Sierra, Bolivia and had total assets of Bs 220 million
($31.8 million) and equity of Bs 98 million ($14.2 million) as of
31 December 2016.


BANCO FORTALEZA: Moody's Withdraws B2 LT Global LC Deposit Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Banco Fortaleza S.A.
for business reasons.

The following ratings of Banco Fortaleza S.A. were withdrawn:

- Long-term global local currency deposit rating, previously
   rated B2 with stable outlook

- Short-term global local currency deposit rating, previously
   rated Not Prime

- Long-term global foreign currency deposit rating, previously
   rated B2 with stable outlook

- Short-term foreign currency deposit rating, previously rated
   Not Prime

- Long-term global local currency debt rating, previously rated
   B2 with stable outlook

- Long-term global foreign currency MTN debt rating, previously
   rated (P)B2

- Long-term global local currency MTN debt rating, previously
   rated (P)B2

- Long-term global local currency subordinate debt rating,
   previously rated B3

- Long-term global local currency subordinate MTN debt rating,
   previously rated (P)B3

- Long-term global foreign currency subordinate MTN debt rating,
   previously rated (P)B3

- Bolivian long-term national scale local currency deposit
   rating, previously rated A3.bo with stable outlook

- Bolivian short-term national scale local currency deposit
   rating, previously rated BO-2

- Bolivian long-term national scale foreign currency deposit
   rating, previously rated A3.bo stable outlook

- Bolivian short-term national scale foreign currency deposit
   rating, previously rated BO-2

- Bolivian long-term national scale local currency debt rating,
   previously rated A3.bo with stable outlook

- Bolivian long-term national scale foreign currency MTN debt
   rating, previously rated A3.bo

- Bolivian long-term national scale local currency MTN debt
   rating, previously rated A3.bo

- Bolivian long-term national scale local currency subordinate
   debt rating, previously rated Baa3.bo

- Bolivian long-term national scale local currency subordinate
   MTN debt rating, previously rated Baa3.bo

- Bolivian long-term national scale foreign currency subordinate
   MTN debt rating, previously rated Baa3.bo

- Baseline credit assessment, previously rated b2

- Adjusted baseline credit assessment, previously rated b2

- Long-term counterparty risk assessment, previously rated B1(cr)

- Short-term counterparty risk assessment, previously rated Not
   Prime(cr)

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.

Banco Fortaleza S.A. is headquartered in La Paz, Bolivia, and as
of December 2016 it had Bs 2.9 billion ($413.3 million) in assets
and Bs 239 million ($34.6 million) in shareholders' equity.



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


ECORODOVIAS CONCESSOES: Moody's Assigns Ba2 Corp. Family Rating
---------------------------------------------------------------
Moody's America Latina assigned a corporate family rating (CFR) of
Ba2/Aa3.br to Ecorodovias Concessoes e Servicos S.A. Moody's also
affirmed ECO C&S' senior unsecured debt ratings at Ba3/A2.br. The
outlook remains negative. At the same time, Moody's upgraded the
issuer ratings assigned to Concessionaria das Rodovias Ayrton
Senna e Carvalho Pinto S.A. (Ecopistas) to Ba3/A2.br from
B1/Baa1.br (respectively, in global scale and Brazil's national
scale) and affirmed Ecopistas'senior secured debt ratings at
Ba3/A2.br. The outlook for Ecopistas was changed to stable.

RATINGS RATIONALE -- ECO C&S

ECO C&S' Ba2/Aa3.br ratings reflect the group's financial strength
and diversified toll road portfolio with concessions strategically
located in economically robust regions of Brazil (Ba2 negative). A
solid track record of tolled traffic and relative stable cash
flows drive the company's strong credit metrics for the rating
category. The ratings are further supported by Moody's assessments
of the ultimate shareholders.

ECO C&S ratings are constrained by (i) a track record of high
dividend distributions (ii) significant expansion Capex for the
newer concessions and (iii) intercompany loans granted to the
company's subsidiaries.

As a holding company, ECO C&S largely depends on the regular
payment of dividends up-streamed by its operating subsidiaries to
meet with all its obligations. Moody's opinions of ECO C&S ability
to honor its senior unsecured debt and debt-like obligations,
incorporates Moody's considerations of structural subordination
compared to operating companies.

What Could Change the Rating -- Up/ Down

ECO C&S ratings and outlook are constrained by the sovereign
rating due to the domestic nature of the toll road operations. A
stabilization of Brazil's rating could also lead to a
stabilization of the outlook.

A downgrade of Brazil's sovereign rating could exert downward
pressure on ECO C&S ratings. A rapid or significant downturn in
the credit metrics such that cash interest coverage stays below
1.7x and FFO to Debt below 6% on a sustainable basis could also
prompt a rating downgrade as would the degradation of the
liquidity and overall credit quality of the group. A deterioration
in the supportiveness of the shareholders as well as of the
concession and regulatory framework could also prompt a downward
action. Any contagion from the cross default provisions embedded
in the group's financial agreements could also weigh on the
ratings.

RATINGS RATIONALE -- ECOPISTAS

The Ba3/A2.br ratings of Ecopistas incorporate the
concessionaire's robust road system located in a well-developed
region in the State of Sao Paulo (Ba2, negative) with a long
remaining concession life up to 2039. The ratings are further
supported by the strong credit metrics for the rating category and
relatively stable cash flows. The ratings also incorporate the
support of the ultimate shareholders.

Ecopistas is in the process of negotiating amendments to the terms
of its 1st Debentures and improve its debt structure. Amendments
considered include: (i) the use of cash amount at beginning of
period and not end of period to calculate financial covenants (ii)
the exclusion of intercompany loans from the covenant formula if
subordinated and if interest/principal payments are accrued up to
the debentures' maturity (iii) the allowance of additional debt
issuance after January 2019 as long as the issuer is in compliance
with the financial covenants and the principal payments are
accrued up to the 1st debentures maturity (iv) the extension of
the corporate guarantee from ECO C&S up to the debenture's full
amortization. These amendments are pending BNDES and creditors
approval expected by March 2017.

What Could Change the Rating -- Up/ Down

The stable outlook reflects Moody's expectations that traffic
volume will resume growth in the next 12 to 18 months after two
years of decline. Moody's also considers Ecopistas' debt profile
to improve as the concessionaire receives intercompany financing
from ECO C&S which will lengthen the debt maturity in about 2 to 3
years.

A rapid or significant downturn in Ecopista's credit metrics such
as cash interest coverage stays below 1.5x and FFO to Debt below
5% on a sustainable basis could prompt a rating downgrade as well
as the degradation of the liquidity and overall credit quality of
the group. A deterioration in the supportiveness of the
shareholders as well as of the concession and regulatory framework
could also prompt a downward action. Any contagion from the cross
default provisions embedded in the group's financial agreements
could also weigh on the ratings.

ECO C&S is a holding company created to consolidate the toll road
business of Ecorodovia's group with approximately 1,792 kilometers
of toll roads managed through seven concessions with an average
remaining life of fourteen years. The combined tolled traffic was
285 million equivalent vehicles (VEQ) in 2016, presenting a 2.1%
decrease on a consolidated basis (-6.2% in comparable basis
excluding the newer concessions).

Currently, ECO C&S directly controls the following toll roads:
Concessionaria Ecovias dos Imigrantes S.A. (Ecovias dos
Imigrantes, not rated), Concessionaria das Rodovias Ayrton Senna e
Carvalho Pinto S.A. (Ecopistas, Ba3/A2.br), Concessionaria Ecovia
Caminho do Mar S.A. (Ecovia Caminho do Mar, not rated), Rodovia
das Cataratas S.A. (Ecocataratas, not rated), Empresa
Concessionaria de Rodovias do Sul S.A. (Ecosul, not rated), ECO101
Concessionaria de Rodovias S.A. (ECO 101, not rated),
Concessionaria Ponte Rio-Niteroi (Ecoponte, not rated).

ECO C&S ultimately has 36% of the shares held by the public and is
controlled by the CR Almeida Group (unrated) and Igli (unrated)
with a 64% participation, which is the Brazilian arm for
investments of the Italian group Gavio that controls SIAS -
SocietÖ Iniziative Autostradali e Servizi S.p.A.'s (SIAS, (P)Baa3
stable), a toll road holding company.

Ecopistas holds a 30-year concession, granted by the State of Sao
Paulo regulatory agency (ARTESP) in April 2009, to operate the
toll road services of the Ayrton Senna and Carvalho Pinto highway
system, a 135-kilometer road section with four toll plazas between
the cities of Sao Paulo and Taubate in the Paraiba Valley.
Ecopistas is an operating subsidiary of ECO C&S responding for
about 14% of the consolidated revenues.

The principal methodology used in these ratings was Privately
Managed Toll Roads published in May 2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.


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


798 HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of 798 Holdings received on Jan. 27, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Margot Macinnis
          c/o Samantha Wood
          Suite 731, 10 Market Street
          Camana Bay Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 743 8805


ABRACADABRA INVESTMENTS: Shareholder Receives Wind-Up Report
------------------------------------------------------------
The shareholder of Abracadabra Investments, Ltd. received on
Jan. 31, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Christopher Benthan Ruffle
          1601 Citigroup Tower
          33 Huayuan Shi Qiao Rd.
          Pudong
          Shanghai 200120
          China
          Telephone: (345)9496258
          Facsimile: (345)9452877


ABSORBINGLY INC: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Absorbingly Inc. received on Jan. 25, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Xuefei Chen
          No. 1804 Unit 1, Building 2
          No 138 Dongli Street
          Chenghua District, Chengdu City
          Sichuan Province, PRC
          Telephone: (345) 943 7700


AMERICAN HOME: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of The American Home Investors Fund Ltd. received
on Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Aaron Edelheit
          c/o Sophia Leavett
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ANTHRACITE BALANCED (JR-34): Shareholders Receive Wind-Up Report
----------------------------------------------------------------
The shareholders of Anthracite Balanced Company (JR-34) Limited
received on Jan. 30, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Simon Conway
          c/o Andrew Nembhard
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237


FIRELAKE STRATEGIC: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Firelake Strategic Technology Fund, Ltd.
received on Jan. 25, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lisa Lee
          575 High Street, Suite 330
          Palo Alto, CA 94301
          United States of America


GOTTEX HORIZON: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Gottex Horizon Master Fund Limited received on
Jan. 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Margot Macinnis
          c/o Samantha Wood
          Suite 731, 10 Market Street
          Camana Bay Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 743 8805


INDEA LONG: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Indea Long Term Opportunities Fund received on
Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Peter John Stephen Newing
          256 Laurel Wood Ave, 275911
          Singapore


INTREPID GLOBAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Intrepid Global Opportunities Fund received on
Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ajlan Abdulaziz A. Alajlan
          Ajlan & Bros Building, 4th Floor
          Olaya Street
          Riyadh 11541
          Saudi Arabia
          Telephone + 966 466 5555 Ext 400


IRONBRIDGE LIMITED: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Ironbridge 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:

          Ironbridge Capital Management Pty Ltd
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


LINKSUS GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Linksus Global Group 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:

          Ding Lei
          Building 36, RM 502 Unit 2
          Meiliyuan Xiaoqu
          Haidian
          Beijing
          China
          Telephone: 8610-83798686
          Facsimile 8610-85171378


MAGNOLIA FEEDER I: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of The Magnolia Feeder Fund I received on Jan. 26,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Xinliang Zhang
          The Center, 47th Floor
          Unit 4701, 99 Queen's Road
          Central
          Hong Kong
          Telephone: +852 3758 2975
          Facsimile: +852 3758 2970


MAGNOLIA MASTER: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of The Magnolia Master Fund received on Jan. 26,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Xinliang Zhang
          The Center, 47th Floor
          Unit 4701, 99 Queen's Road
          Central
          Hong Kong
          Telephone: +852 3758 2975
          Facsimile: +852 3758 2970


MENA PORTCO: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Mena Portco received on Jan. 26, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jeronimo Roura Mas
          Building 4 (West), Level 3
          Gate District, Dubai
          International Financial Centre
          P.O. Box 506553
          Dubai
          United Arab Emirates


PCA FUND: Sole Member Receives Wind-Up Report
---------------------------------------------
The sole member of PCA Fund, Ltd. received on Jan. 25, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PCA INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of PCA Investments, 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


PM SERVICES: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of PM Services, 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:

          Stuart Sybersma
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


ROSEWOOD INVESTMENTS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Rosewood Investments received on Jan. 26, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

Patrick Storchenegger is the company's liquidator.


SABRE ASIAN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Sabre Asian Absolute Return Fund received on
Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TRIAN SPV VI: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Trian SPV VI, 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:

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


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


DOMINICAN REPUBLIC: Power Firms & Cement Makers Face Measures
-------------------------------------------------------------
Dominican Today reports that the power companies and cement makers
are the country's top polluters, affirmed Environment minister
Francisco Dominguez, and revealed measures for both industries.

"The two industries that pollute the most at the moment are
electricity generation and cement.  We will measure these two
types of companies and we will announce in December which are the
least polluting to establish the increments," the official said,
according to Dominican Today.

He acknowledged however that the pollution results from the nature
of those industries, the report notes.

The report relays that Mr. Dominguez also forecasts that as many
as 15 power companies will leave the electricity market once the
Punta Catalina plant starts operating, which he affirms will lead
to lower greenhouse gas emissions.

The official spoke during the launch of the 4th annual National
Clean Production Prize, which seeks to make the use of natural
resources more efficient, the report notes.

"This award recognizes companies and institutions that implement
actions to streamline the use of natural resources, while reducing
negative impacts to the ecosystem and thereby increasing the
competitiveness of companies," said the Environment Minister, 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'.


=============
E C U A D O R
=============


GRENADA: Citizenship Investors Urged to Exercise Caution
--------------------------------------------------------
Caribbean News Now reports that there is growing concern among
international investors in Grenada's citizenship-by-investment
program about the attempt by the government to seize a foreign-
owned resort.  A court in Grenada has temporarily blocked the
government's plan to forcibly end a 99-year lease and expropriate
the Grenadian by Rex Resorts, a 172-room hotel located on the
island's southern tip, according to Caribbean News Now.

"It would be disastrous if this happened," said a regional lawyer
and CBI agent who did not wish to be named, the report notes.
"Expropriations by governments really do affect investment
decisions of developers, while the perception will affect the
decisions of CBI agents and, in turn, CBI applicants. It would
leave a bad smell for 20 years.  Why bother with Grenada when you
can have a safe ride in one of our sister islands?"

Government officials said property managers haven't fully complied
with the lease agreement and argue the resort has become run down,
the report relays.  The government also said it is intent on
collecting taxes and feels the property is not being operated in
the people's best interest, the report discloses.

UK developer Rex Resorts rejects those claims, saying the hotel is
running at nearly 90 percent capacity and that it has invested
more than $4 million in the last five years to renovate the
property, the report says.  It also said it is up to date on all
lease payments, taxes and fees owed to the government.

"Whatever the rights or wrongs of this individual case, the
government is acting like a strongman," said an investor, the
report notes.  "People will be holding off making investments in
the country until they see how this dispute turns out," the
investor added.

The report relays that Rex Resorts signed the lease agreement with
the government in 1991 and has operated the Grenadian for 25
years.  It is understood that calls have been made to Whitehall,
the British government headquarters, to come to the defence of the
beleaguered British company.  There are even calls to reconsider
the continuation of the country's visa free treaty with the United
Kingdom.

According to a Grenadian government website, applicants seeking to
obtain citizenship by investment in Grenada must invest at least
US$350,000, the report discloses.  They need keep the real estate
for at least three years following the grant of citizenship.
There is a list of 13 developments that qualify for the scheme,
including the Grenada Resort Complex, Kawana Bay Resort and Mount
Cinnamon.

"The government has not said what it plans to do with the
Grenadian by Rex Resorts, though we suspect that they want to sell
it on, and a judge has sealed files in the case," said a source,
notes the report.  "The court will hold another hearing in May
but, until then, many investments will be put on hold. If the
government can do this to a company that has been there for 25
years, how will it treat an individual who just wants to buy a
piece of real estate and a second citizenship?"

People in the Caribbean with long memories recall the shadow cast
over development in Antigua when the government acquired the Half
Moon Bay hotel, the report says.  In June 2007, after 12 years of
broken promises and legal arguments, the London-based Privy
Council delivered a decision allowing the powers of eminent domain
to be used by the government of Antigua under the Antiguan Land
Acquisition Act to expropriate the Half Moon Bay Resort, the
report recalls.

The only action initiated by the attorney general was to take
physical possession of the property in the name of the people of
Antigua, says the report. With neither maintenance nor security,
it took very little time for the property to fall into disrepair.
Ten years after expropriation, the case continues in the courts,
while the beach is now a garbage dump, the report notes.

This grim story does not seem to deter the Grenadian government.
Oliver Joseph, Grenada's minister of economic development, said
that private investors have expressed interest in the Rex
property, the report discloses.  This reportedly includes Jamaican
hotel magnate Gordon "Butch" Stewart.

However, 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 notes.

In the meantime, the resort will keep operating as usual, unless
and until a judge issues a contrary decision following the new
hearing set for May, adds the report.


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


JAMAICA: Food-Import Bill Declines by US$6 Million
--------------------------------------------------
RJR News reports that Shaun Baugh, Principal Director in the
Ministry of Commerce, Agriculture and Fisheries, is reporting a
US$6 million reduction in the country's food-import bill up to
October last year.

He has linked this to a 17 per cent increase in the agricultural
sector, according to RJR News.

Addressing the opening of the Hague Agricultural and Livestock
show in Falmouth, Trelawny, Mr. Baugh said while stakeholders in
the agricultural sector should celebrate, there is still room for
improvement, especially in the area of providing irrigated water
for farmers, the report relays.

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


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


ANA COMPANIA: AM Best Raises Financial Strength Rating to 'B-'
--------------------------------------------------------------
A.M. Best has upgraded the Financial Strength Rating to B- (Fair)
from C++ (Marginal), the Long-Term Issuer Credit Rating to "bb-"
from "b+" and the Mexico National Scale Rating to "bb+.MX" from
"bb.MX" of ANA Compania de Seguros S.A. de C.V. (ANA) (Mexico).
The outlook of these Credit Ratings (ratings) has been revised to
positive from stable.

The rating upgrades reflect adequate risk-adjusted capitalization
as measured by Best's Capital Adequacy Ratio (BCAR), an improving
trend in operating performance, stringent cost discipline and the
company's affiliation with its immediate parent, GMS Valore, S.A.
de C.V. (formerly Grupo Maxasem) (GMS Valore), which affords ANA
synergies and operating efficiencies as a member of this group.
Offsetting these positive rating factors is the company's a
relatively small size within the industry's highly competitive
environment and its concentration in a single business line.

ANA was established in Mexico in 1995 and acquired by GMS Valore
in 2002.  The company exclusively underwrites auto insurance.  ANA
operates through a network of local agents, auto dealers and
service offices throughout Mexico.

ANA's underwriting risk historically stands as the main component
affecting required capital.  In addition, the company's coverage
of its regulatory solvency requirement has increased, but could
experience pressure derived from growth or poor operating
performance.  While risk-adjusted capitalization diminished
slightly in 2016 on ANA's premium growth, its BCAR score remains
supportive of the ratings.  Conversely, the company has benefited
historically from the support of GMS Valore in terms of previous
capital injections and synergies with other group members.

ANA strengthened its underwriting policies during 2014 and 2015,
which finally resulted in premiums sufficiency indicators in 2016.
During 2016, the improvement in operating performance was driven
by premium growth in line with improved underwriting practices, an
expense optimization scheme and a good evolution of claims that
positively impacted the company's cost structure, thus generating
stronger bottom line results.  ANA posted a 91.5% combined ratio
and ROE of 11.8% in 2016. A.M. Best expects the company to
continue its good operating performance, which will ultimately
strengthen its capitalization levels.

Key rating drivers that could lead to positive rating actions
include continued premiums sufficiency that ultimately leads to a
stronger capital position.  Key factors that could lead to
negative rating action include a sustained deterioration of
operating performance that weakens the company's capital position
to levels no longer supportive of the ratings.


MEXICO: Gave Free TVs to Poor, but Defects Wasted Taxpayers' Money
------------------------------------------------------------------
Juan Montes at The Wall Street Journal reports that Mexico's
congressional audit office has ruled that a controversial
government program to give away some 10 million flat-screen TV
sets to the poor wasted an estimated $39 million of taxpayers'
money.

The audit found that some 339,000 of the televisions in President
Enrique Pena Nieto's nearly $1-billion program were defective,
according to The Wall Street Journal.  The subsidy program was
aimed at helping the poor during the country's 2015 switch from
analog to digital signals for television, the report notes.

Around 12,200 television sets are missing altogether, the audit
office said as part of a recently released wide-ranging review of
government spending in 2015, the report relays.  Together with the
defective sets, the office computed the probable loss to Mexico's
coffers at $39 million, the report notes.

The finding comes in the wake of broader concerns about the TV
giveaway, the report discloses.  In September, The Wall Street
Journal published a story about the program that included
allegations that a high-ranking Mexican official asked for
kickbacks during the bidding process, the report relays.  At the
time, senior government officials said the acquisition of TVs was
transparent and legal, the report notes.

"The irregularities found by the audit office showcase the
problems of corruption that the program has had, and also the
government's lack of capacity to implement it correctly," said
Marco Fernandez, a professor at the Tecnologico de Monterrey and
researcher at think-tank Mexico Evalua, the report discloses.

In response to questions about the audit, Mexico's Communications
and Transport Ministry, which handled the program, said it was
taking legal action to get restitution from the company that
provided the defective television sets, the report relays.  It
didn't name the supplier.

The report notes that regarding the 12,000 missing televisions,
the ministry said 8,000 were handed out after the audit office
finished its report and that the rest were in the process of being
delivered.

Contracts for almost two-thirds of the sets went to domestic
electronics wholesaler Comercializadora Milenio SA, in partnership
with its sister company, domestic television manufacturer Diamond
Electronics SA, the report says.  In one case Diamond was awarded
a no-bid contract for 460,000 sets, government documents show.
Both firms have denied any wrongdoing, the report notes.

Although Mexico is the world's largest exporter of flat-screen
TVs, none of the leading television manufacturers with operations
here played a prominent role in the giveaway initiative, the
report relays.  Mexico's largest producer, Samsung, was
disqualified for technical reasons, according to government
documents, the report notes.

The program, launched in 2014 and 2015, was one of the largest
targeted subsidy in Mexico's recent history, the report discloses.

Critics said the program was politically motivated and sought to
increase the popularity of Mr. Pena Nieto's government, the report
notes.  In most of the country, the TVs came stamped with the Pena
Nieto administration's motto, "Moving Mexico," the report relates.
Others said the government shunned less-expensive alternatives,
including the converter boxes used in most other countries, the
report discloses.

In a separate report published in August by Mexico's telecom
regulator, a commissioner wrote that around half of the
televisions were given away to people who already had digital TVs
or converter boxes, the report says.  The ministry said it had
relied on a list of needy families provided by the Social
Development Ministry in allocating the sets, the report adds.


NEZTER SEGUROS: AM Best Lowers Financial Strength Rating to 'C'
---------------------------------------------------------------
A.M. Best has downgraded the Financial Strength Rating to C (Weak)
from C++ (Marginal), the Long-Term Issuer Credit Rating to "ccc+"
from "b+" and the Mexico National Scale Rating to "ccc+.MX" from
"bb.MX" of Nezter Seguros, S.A. de C.V. (Nezter Seguros) (Mexico
City, Mexico).  Additionally, A.M. Best has placed these Credit
Ratings (ratings) under review with negative implications.

The rating downgrades reflect the substantial reduction in Nezter
Seguros' risk-based capitalization within a year, a significant
delay in implementing its business plan, and the company's weak
operating performance mainly derived from the lack of consistency
between revenues and the company's cost structure.  Partially
offsetting these rating factors is the company's still strong
risk-adjusted capitalization as of December 2016.

In 2015, Nezter Seguros was authorized as a newly constituted
local property title insurance company by the Mexico Minister of
Finance after it had acquired the former First American Title
Insurance Mexico, S.A. Nezter Seguros intends to place itself
within a non-saturated market that consists of just three
participants.  Initial underwriting activity took place during
2016.  This recent acquisition aspect places a burden on company's
brand recognition and is viewed as a challenge in implementing its
growth strategy.

As of December 2016, Nezter Seguros underwrote a considerably
small amount of policies that couldn't mitigate the company's
operating costs and the fees from an excess of loss agreement with
Lloyd's, which resulted in net losses for Nezter Seguros.  These
two factors will continue to erode the already diminishing capital
base, assuming Nezter Seguros doesn't receive additional capital
injections or fails to underwrite sufficient premium volume.

Nezter Seguros had a strong capital position as of December 2016,
as measured by Best's Capital Adequacy Ratio (BCAR), driven by the
fact that it has issued very low levels of premium since being
authorized.

The under review with negative implications status considers the
uncertainty regarding Nezter Seguros' ability to replenish its
capital base, as well as the feasibility to implement its original
business model.

Negative rating actions could take place if risk-adjusted
capitalization erodes to a level that is no longer supportive of
the current ratings, or if the company fails to cover regulatory
solvency requirements.  Conversely, positive rating actions could
occur if the company is able to expand its capital base through
additional capital contributions, thereby reducing the burden from
its fixed expenses, or if Nezter manages to underwrite a volume of
premium that is more in line with its original business plan and
cost structure.

The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of
A.M. Best's rating process and contains the different rating
criteria employed in the rating process.


SERVICIOS CORPORATIVOS: Fitch Affirms B+ Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Servicios Corporativos Javer, S.A.B. de
C.V.'s Long-Term Local and Foreign Currency Issuer Default Ratings
(IDRs) at 'B+'. The agency has also affirmed JAVER's outstanding
USD159 million senior notes due 2021 at 'BB-/RR3'. In addition,
Fitch has revised the Rating Outlook to Stable from Positive.

JAVER's ratings are supported by the company's solid business
position as one of the largest homebuilding companies in Mexico
and improved total adjusted leverage after the debt repayment
completed in 2016. Cash Flow from Operations (CFFO) remained
robust during 2016 supported by reduced working capital
requirements; during 2016 the company generated a Free Cash Flow
(FCF)of MXN149 million, pro-forma, including dividends paid in
January 2017; the FCF was negative MXN108 million.

The company specializes in the construction of affordable entry
level, middle-income and residential housing. Housing demand is
exposed to consumer income and population growth. JAVER's
geographic footprint includes some of the Mexican states with the
highest income per capita and positive economic and population
growth trends. These factors have a positive relation with the
number of available mortgages through the Infonavit system. JAVER
is the national leader for houses sold through Infonavit.

The revised Outlook to Stable reflects the company's extension
into 2017 of its refinancing strategy that has prevented it from
mitigating the foreign exchange risk exposure derived from its
dollar denominated debt. In addition, profitability, cash flow
generation and leverage metrics remained within Fitch's base case
projection for the rating level.

KEY RATING DRIVERS

Leading Market Position

JAVER is the leading homebuilding company in Mexico based on the
number of units sold through the Infonavit system. During 2016,
the company sold 16,737 units through Infonavit. The company holds
a leading position on its main markets (states of Nuevo Leon and
Jalisco). JAVER has presence in some of the states with the
highest income per capita (Nuevo Leon, Jalisco and Queretaro) and
positive economic and population growth trends (Queretaro and
Estado de Mexico) that have a positive relation with the number of
available mortgages through the Infonavit system. As of Dec. 31,
2016 JAVER remains the leader of homes sold through the Infonavit
system with 4.9% units sold.

Ability to Adjust Sales Strategy

The company has shown the ability to adjust its sales strategy
according to market dynamics. JAVER has the ability to adapt the
prices of its inventory of units ready to be sold. Given the
uncertain market conditions regarding subsidies to low income
houses, the company was able to change its sales strategy,
changing the sales mix towards increased middle-income houses. For
year-end 2016, 63.8% of the company's units sold were middle-
income houses compared to 47% in 2014.

Limited Geographic Diversification

Historically, total revenue has been concentrated in only two
states. As of Dec. 31, 2016, 67% of the total revenue was
generated in Nuevo Leon and Jalisco, down from 77% in the previous
year. This concentration increases the company's dependence upon
specific local and municipal governments to secure land and
permits, and translates into exposure to individual market
dynamics. This concentration has been decreasing slowly as the
company enters other markets such as Estado de Mexico and Quintana
Roo.

FCF Generation Key to Deleveraging

JAVER's pre-dividend FCF continues robust and can potentially be
used to reduce debt. Fitch expects JAVER will continue with a
strict working capital management, which could be translated into
a FCF generation of MXN160 million, including MXN257 million of
dividends paid in January 2017, which correspond to the dividends
declared in 2016. Going forward, dividend payments are subject to
shareholders' approval annually.

Credit Metrics Aligned with Rating Level

JAVER's total adjusted leverage improved after the debt repayment
completed in 2016 with the proceeds from the company's IPO and
cash on hand. At year-end 2016, total adjusted debt to EBITDA
(total debt at face value / EBITDA) was 3.6x compared to 5.6x at
year-end 2015; net adjusted leverage improved to 2.9x from 4.4x in
the same period. The company reduced the balance of the senior
notes in USD161 million. During 2016, Fitch calculated EBITDA
amounted to MXN916 million, representing a margin of 13.0%, down
from the 14.4% reported in 2015. Fitch expects a challenging 2017
business environment resulting from lower GDP growth, increased
interest rates and inflation. Fitch expects that JAVER's total
adjusted leverage will be at or below 3.5x and net adjusted
leverage could improve below 2.5x.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for JAVER include:
-- Sales volume (housing units) grows around 1% while sales price
increase just below inflation;
-- JAVER's maintains current sales mix;
-- EBITDA margin strengthens to 13.5%;
-- Capex within historic levels;
-- Annual dividends payments of about MXN475 million;
-- The company maintains current debt levels;
-- Net Debt/EBITDA improves to 2.0x by 2020

RATING SENSITIVITIES

Negative rating actions could result from one or a combination of
the following: weak operational results with sales volume
decreases; sustained EBITDA margin reductions below current level
of 13%; land capex levels substantially above current expectations
of investing to replace land reserves used; negative FCF for
consecutive years driven by increasing working capital need due to
slow inventory rotation and net debt to EBITDA approaching 3.0x.

Positive rating actions could result from strong operational
results, reaching targets of housing units sold in the near future
while improving EBITDA margin, continued positive FCF generation
and net adjusted leverage at or below 2.0x. Rating upgrades could
also result from the successful refinancing of the outstanding
USD159 million notes due 2021 with a peso denominated credit
facility.

LIQUIDITY

JAVER's liquidity related to debt maturities and projected
investments remains strong. The company changed their financing
strategy from short-term debt and bridge loans financing to
longer-term debt with the issuance of the senior notes due in
2021. As a result of this strategy, as of Dec. 31, 2016 the
company's short-term debt represented 0.9% of the total debt. The
capex plan for the next years is expected to be funded with the
internally generated cash flow and cash on hand.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following

Servicios Corporativos Javer, S.A.B. de C.V.
-- Long-term Issuer Default Rating (IDR) at 'B+';
-- Local Currency Long-term IDR at 'B+';
-- USD159 million senior unsecured notes due 2021 at
'BB-/RR3';

The Rating Outlook has been revised to Stable from Positive.

The Recovery Ratings are 'RR3', which indicates good recovery
prospects given default. 'RR3' rated securities have
characteristics consistent with securities historically recovering
51% to 70% of current principal and related interest.


XIGNUX SA: S&P Affirms 'BB+' Global Scale CCR; Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its global scale 'BB+' and national
scale 'mxAA-/mxA-1' corporate credit ratings on Xignux S.A. de
C.V.  The outlook remains stable.

The ratings affirmation reflect S&P's view that Xignux's operating
and financial performance has been mostly resilient to the soft
macroeconomic conditions in the region, specifically as demand for
copper and industrial activity slipped in the past few years.  The
ratings also reflect volumes stability and product portfolio
expansion in the company's cable and wire business, coupled with
favorable foreign exchange effects.  We believe that the company
will operate in line with our expectations that will improve its
leverage metrics in the next few years, given a likely gradual
recovery in copper prices.  Furthermore, we still view the
volatile copper prices as a main concern given its impact on
Xignux's prices in its cable and wire division.  However, as the
food segment continues to gain greater importance for the group,
given that this business has the ability to pass through higher
raw material prices and the resilient nature of the food industry,
we believe that Xignux can temper some pressure on its margins,
accompanied by other operating efficiencies and competitive
position," S&P said.

Xignux's fair business risk profile includes S&P's expectations
that the company will continue to be a significant player in
Mexico's cable and wire industry.  This is due to the company's
ongoing efforts to strengthen its operations in this segment
through higher volumes sold, a stable food business that continues
to increase its scale, geographic footprint across the Americas,
and product portfolio diversification.  However, Xignux's cable
business generates about 70% of total revenue.  S&P's assessment
also includes its view that the company is still smaller than its
global peers, increasing competition in the industries where it
operates, and Xignux's exposure to the end markets' cyclicality
and to price volatility of its raw materials.

Xignux's financial risk profile reflects the company's consistent
cash flow generation, stable debt levels, and key credit metrics
in line with S&P's expectations.  In S&P's view, the these factors
are due to Xignux's prudent financial policy, overhaul of its food
business, operating efficiencies, cost reductions, and positive
effects of the dollar's strength on the company's cable and wire
business because about 75% of its revenue are dollar denominated.
Additionally, S&P's assessment reflects an expected gradual
recovery of copper prices and an amelioration of macroeconomic
conditions in the Americas, mostly in Latin America.


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


PETROTRIN: Agree to Talks With OWTU
-----------------------------------
Trinidad and Tobago Newsday reports that executives of State oil
company Petroleum Company of Trinidad and Tobago (Petrotrin) and
the Oilfield Workers Trade Union (OWTU) agreed to meet on May 23;
24 and 29 and continue talks on June first and second.

The agreement was reached at case management hearings at the
Industrial Court as both parties prepare for open court on their
unresolved 2014-2017 industrial dispute, according to Trinidad and
Tobago Newsday.  The session lasted about one and a half hours,
according to Ozzi Warwick, the OWTU's Chief Education and Research
Officer, the report notes.

However, Newsday reported that President General of the OWTU Ancel
Roget said there is still "an opportunity for conciliation and
conclusion of negotiations meaning it's not over until it's over
should the company present an improved position."  And Petrotrin
said in a statement that both parties will continue meetings at
the Industrial Court, the report discloses.

"While parties are still in discussion, Petrotrin reiterates its
commitment to participating fully in this process and to engaging
with employees and their representatives.

We continue to strive for a solution that is in the best interest
of all employees and that ensures the viability, survivability and
sustainability of Petrotrin," the company's statement said, notes
the report.

Trinidad and Tobago Newsday says that Mr. Roget had described as
"premature" an alleged internal memo issued by Petrotrin to its
employees that negotiations between both parties had broken down,
saying case management discussions were scheduled for the
Industrial Court.  And Mr. Roget told Newsday that the Industrial
Court judge, at the last conciliation session last week, had
indicated that case management discussions would take place in
preparation for open court.

                         About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on July
23, 2015, Trinidad Express reports that state-owned Petroleum
Company of Trinidad and Tobago (Petrotrin) multiplied its losses
11.2 times to reach US$168 million for the nine months ended June
30 compared to US$15 million loss for the same period last year,
but its earnings before income tax, depreciation and amortisation
(EBITDA) rose 132 per cent between March and June, preliminary
financials show.

TCRLA reported on Dec. 2, 2014, that Trinidad and Tobago Newsday
said that in the face of falling global oil prices, which is
starring to impact on Trinidad and Tobago's earnings from its
petroleum resources, Petroleum Company of Trinidad and Tobago has
rolled out a plan to remain viable and to survive in the harsh
global oil industry.  Petrotrin said in a media release that it is
forging ahead with objective cost management decisions imperative
to secure its viability, according to Trinidad and Tobago Newsday.
The report said Petrotrin's operations have also been severely
impacted due to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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