TCRLA_Public/170315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Wednesday, March 15, 2017, Vol. 18, No. 53


                            Headlines



A R G E N T I N A

TCAP FACTORING: Moody's Keeps Ca(sf) Certificates (CP) GS Rating


B A R B A D O S

BARBADOS: Government Moves to Cut Fiscal Deficit


B O L I V I A

BOLIVIA: To Get $140MM-IDB Loan for Environmental Management
BOLIVIA: S&P Assigns 'BB' Rating to Proposed US$1BB Sr. Notes


B R A Z I L

BRAZIL: Economy Contracts 3.6 pct. in 2016
CREDIT RIGHTS: Fitch Assigns B- Rating to BRL6.5MM Sub. Shares


C A Y M A N  I S L A N D S

BRIGHT CAPITAL: Placed Under Voluntary Wind-Up
CAMBIUM FUND: Members Receive Wind-Up Report
CAMINO ALTO: Placed Under Voluntary Wind-Up
CASTERINO GP: Commences Liquidation Proceedings
CEA 2004: Commences Liquidation Proceedings

COLUMBUS FRONTIERS: Placed Under Voluntary Wind-Up
DAYTON GP: Commences Liquidation Proceedings
DORCY LIMITED: Members Receive Wind-Up Report
DSAM MANAGEMENT: Placed Under Voluntary Wind-Up
FINANCIAL ADVANTAGE: Placed Under Voluntary Wind-Up

KINGBIRD LIMITED: Members Receive Wind-Up Report
MARINER TOTAL: Shareholder Receives Wind-Up Report
OGT INVESTMENTS: Placed Under Voluntary Wind-Up
RIVER RUN: Commences Liquidation Proceedings
TRAFALGAR MULTI: Placed Under Voluntary Wind-Up

UR FUND: Commences Liquidation Proceedings
XRV MANAGEMENT: Commences Liquidation Proceedings
ZILLIANS INC: Commences Liquidation Proceedings


J A M A I C A

JAMAICA: Study to Address Issues Facing Banking Sector


M E X I C O

AMERICA MOVIL: To Face Tougher Regulation in Mexico
CEMEX SAB: Fitch Affirms BB- IDR; Outlook Positive


P U E R T O    R I C O

PUERTO RICO: Oversight Board Rejects Governor's Turnaround Plan


                            - - - - -


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


TCAP FACTORING: Moody's Keeps Ca(sf) Certificates (CP) GS Rating
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo reviewed
the new structure of Fideicomiso Financiero Tcap Factoring I,
resulting in no rating changes for the ratings assigned on June
22, 2016. This transaction will be issued by TMF Trust Company
(Argentina) S.A. - acting solely in its capacity as issuer and
trustee.

The VDF's (Senior Class) interest rate cap and floor have been
modified as follows: The interest rate cap has been reduced from
40% to 33%. Also, the interest rate floor has been reduced from
28% to 21%. The VDF will pay a floating interest rate (BADLAR plus
spread) with a cap and a floor.

As of March 13, the securities for this transaction have not been
placed in the market yet. The transaction is pending for approval
from the Comision Nacional de Valores. If any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

On June 22, 2016 Moody's assigned the following ratings to the
transaction:

* Class A Floating Rate Debt Securities (VDF): Aaa.ar (sf)
(Argentine National Scale) and Ba3 (sf) (Global Scale).

* Certificates (CP): Ca.ar (sf) (Argentine National Scale) and Ca
(sf) (Global Scale).

The principal methodology used in these ratings was "Moody's
Global Approach to Rating SME Balance Sheet Securitizations"
published in October 2015.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity. Moody's ratings address only the credit risks associated
with the transaction. Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


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


BARBADOS: Government Moves to Cut Fiscal Deficit
------------------------------------------------
Caribbean360.com reports that the Barbados Government has signaled
its intention to reduce its fiscal deficit with Finance Minister
Chris Sinckler presenting a 2017-2018 Estimates of Revenue and
Expenditure.

Of the $4.5 billion Government intends to spend this financial
year, $1.8 million has been allocated to help the country clear
its debt, according to Caribbean360.com.

However, overall there were not many far reaching cuts in
Government expenditure, with state agencies in line to benefit
from funding of $1.1 billion, just a 2.5 percent decline on the
allocation for 2016/1017, the report notes.

Other notable payouts include close to $30 million for Clico
International Life and British American Insurance Company Limited.
$25 million has been set aside for CLICO policy holders and $4.96
million for BAICO, the report relays.

With respect to key sectors and agencies, the Queen Elizabeth
Hospital will get the lion share of allocations -- $146.3 million,
the same amount as last year, the report notes.

Tourism is next in line to receive $87.7 million, which will go to
the Barbados Tourism Marketing Inc, and $8.6 million to the
Barbados Tourism Product Authority, the report discloses.

The report relays that government is also bankrolling the
redevelopment of the Sam Lord's Castle with $45.9 million.

The estimates also include close to $30 million, $19 million to
the welfare department and $15 million for road rehabilitation,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2017, S&P Global Ratings lowered its long-term foreign
and local currency sovereign ratings on Barbados to 'CCC+' from
'B-'.  The outlook is negative.  S&P also lowered the short-term
ratings to 'C' from 'B.'  At the same time, S&P lowered its
transfer and convertibility assessment for Barbados to 'CCC+' from
'B-'.


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


BOLIVIA: To Get $140MM-IDB Loan for Environmental Management
-----------------------------------------------------------
Bolivia will strengthen its system of environmental management in
order to promote economic growth that is compatible with
environmental conservation, social development and reduction of
vulnerability to global warming with a $140 million loan from the
Inter-American Development Bank (IDB).

In recent decades Bolivia has enjoyed sustained economic and
social growth, which has been fueled mainly by its natural
resources. But Bolivia must prevent this process -- despite the
benefits it generates, such as reduction of poverty -- from
causing negative effects through environmental damage. These
effects could exact a toll of around five percent of the country's
GDP.

The IDB loan will help enhance Bolivia's environmental management
through the use of monitoring networks, contingency plans,
mitigation measures and control systems. The project is designed
to improve air and water quality and their consequences for public
health, and to ease productivity losses due to soil erosion and
inadequate handling of forest resources.

The IDB financing package is composed of $119 million over 20
years with a grace period of four years and interest rate based on
LIBOR, plus $21 million over 40 years with a grace period also of
40 years and a yearly interest rate of 0.25 percent.

As reported in the Troubled Company Reporter-Latin America on July
18, 2016, Fitch Ratings downgraded Bolivia's Long-Term Foreign and
Local Currency Issuer Default Ratings to 'BB-' from 'BB'.  The
Rating Outlook is Stable.  The issue ratings on Bolivia's senior
unsecured Foreign and Local Currency bonds have also been
downgraded to 'BB-' from 'BB'.  The Country Ceiling has been
downgraded to 'BB-' from 'BB' and the Short-Term Foreign Currency
IDR is affirmed at 'B'.


BOLIVIA: S&P Assigns 'BB' Rating to Proposed US$1BB Sr. Notes
-------------------------------------------------------------
S&P Global Ratings said it assigned its 'BB' issue rating on the
Plurinational State of Bolivia's proposed up to US$1 billion
senior unsecured notes issuance.  The rating on the notes is the
same as the long-term foreign currency sovereign credit rating on
Bolivia.

RATINGS LIST

Plurinational State of Bolivia
Sovereign Credit Rating                    BB/Stable/B

New Rating

Plurinational State of Bolivia
Senior Unsecured
  Proposed up to US$1 bil notes       BB


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


BRAZIL: Economy Contracts 3.6 pct. in 2016
------------------------------------------
EFE News reports that Brazil's economy contracted 3.6 percent in
2016, remaining in recession for two consecutive years for the
first time since 1930, the Brazilian Institute of Geography and
Statistics (IBGE) said.

The GDP figure was slightly worse than expected by the financial
markets, which projected a 3.5 percent drop in economic output for
2016, according to EFE News.

The report notes that the economy contracted 2.5 percent in the
fourth quarter of 2016, compared to the same period a year
earlier, the IBGE said.

Brazil's economy, the largest in Latin America, contracted by 3.8
percent in 2015 and 0.10 percent in 2014, the report relays.

The drop in economic output last year was driven mainly by the
agricultural sector, which contracted 6.6 percent, manufacturing,
which fell 3.8 percent, and services, which contracted 2.7
percent, the report says.

On the trade front, exports rose just 1.9 percent and imports
plunged 10.3 percent, the report discloses.

Brazil's GDP totaled BRL6.2 trillion (about $2 trillion), while
per capita GDP fell 4.4 percent to BRL30,407 (about $9,765), the
IBGE said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/
Negative Outlook.  Brazil's senior unsecured Foreign- and Local-
Currency bonds are also affirmed at 'BB'. The Country Ceiling is
affirmed at 'BB+' and the Short-Term Foreign and Local-Currency
IDRs at 'B'.


CREDIT RIGHTS: Fitch Assigns B- Rating to BRL6.5MM Sub. Shares
--------------------------------------------------------------
Fitch Ratings attributed the following Long-Term National Ratings
to the issues of Credit Rights Investment Fund (FIDC) quotas.

Official Pirelli Resellers - ROP:

- Senior shares in amount Nominal of BRL80.0 million: 'AA-sf
   (bra)' (AA minus sf (bra));

- Subordinated shares mezzanine A in the nominal amount of
   BRL9.5 million: 'A-sf (bra)' (Un sf (bra));

- Subordinated shares mezzanine B in the nominal amount of
   BRL6.5 million: 'B-sf (bra)' (B minus sf (bra));

- Junior subordinated quotas in the nominal amount of
   BRL4.0 million: Not assessed.

All ratings have a Stable Outlook.

The transaction is a securitization of existing trade accounts
receivable and trade accounts of domestic sales of products
manufactured and / or marketed by Pirelli Pneus Ltda., Pirelli
Comercial e Pneus Ltda. and TP Industrial de Pneus Brasil Ltda.
For official Pirelli resellers (ROPs) in Brazil.

The ratings reflect the expectation of full payment of the
principal invested, plus the respective benchmark yield,
equivalent to the respective percentage of the Interbank Deposit
Certificate (CDI), until the final legal maturity of the
transaction, on March 13, 2020.

MAIN FOUNDATIONS RATINGS Raising

Credit

Senior investors have an initial credit reinforcement of 20.0%
While the mezzanine subordinate classes A and B will have initial
credit reinforcement of 10.5% and 4.0%, respectively. In addition,
receivables will be purchased at a discount rate that will provide
an excess spread. The available credit enhancement will be
sufficient to cover the results from the reserve for losses and
interest rate mismatch applied to the stress scenario and in
accordance with the rating category of each assessed share class.
The risks of dilution of the receivables were not considered in
the credit enhancement analysis, since Pirelli will be obliged to
repurchase them.

Diversification of Sacados Throughout

the term of the operation, the fund may have a maximum individual
exposure to the withdrawn (considering economic group) of 3.4% of
its shareholders' equity (PL). Thus, The increase in credit
available for the senior quotas will be sufficient to cover the
concentration of the sum of the six largest withdrawals. For the
mezzanine A subordinate dimensions, the reinforcement will be
sufficient to cover the three largest drawers. The mezzanine B
subordinate dimensions do not support more than one drawer. These
levels of coverage of the balances exposure are consistent with
the rating assigned to each class evaluated.

Profile of the Assignor

Pirelli is one of the largest tire manufacturers in Brazil and has
four manufacturing units, which sell their products to auto
assemblers and the aftermarket through an exclusive network of
outsourced Pirelli dealers. The FIDC does not represent a
significant portion of the total debt or receivables generated by
the assignors. Fitch considers this positive factor, Because the
companies maintain their operational activities with low
dependence of the FIDC.

However, there is a strong link between the financial profile of
the assignors and the fund, due to the obligatory support to
indemnify receivables that have been subject to dilution
(cancellations, refunds and discounts).

Counterparty risk

The receivables will be paid through bank vouchers, linked to an
account held by the fund domiciled in Banco Bradesco SA (National
Long-Term Rating 'AAA (bra)' and National Short-Term Rating 'F1 +
(bra) '). In the event that a drawee makes payment directly to the
assignor, Pirelli has up to two days to transfer the funds to the
FIDC account. Like this, The credit quality of the counterparties
who domicile the accounts held by the FIDC does not limit the
quota classifications.

Protection of Securitization Interests

The fund does not provide for registration of the terms of
assignment in registry. For Fitch, the registration of the
agreement and the assignment term strengthens the fund's right of
ownership of receivables that have not yet been paid by the
debtors in the event of the bankruptcy of the assignor and of
potential defiance of their creditors, or in case of The same
receivable has been assigned to two different entities. The
exposure to a possible dispute over ownership of credit rights
assigned to the fund falls on Pirelli, since any receivables that
are to be disputed by third parties must be repurchased by the
transferor company.

RATING SENSITIVITY

The ratings of the quotas may be impacted by a deterioration of
the financial profile of the assignors, as the operation depends
on the mandatory support for dilution events, which are not
supported by the credit enhancement.

The ratings may be downgraded in the event of a reduction in
debtor coverage provided by the minimum credit enhancement
available for each share class assessed. A significant increase in
delinquency, followed by a reduction in the credit reinforcement
of the quotas can also negatively affect the ratings.

SUMMARY OF

OPERATION The fund is managed by BEM - Distributor of Securities
(BEM) and guarded by Bradesco. The current account held by FIDC is
domiciled in the custodian, Which acts as custodian of the
documents related to the credit rights assigned and belonging to
the fund. The management of the assets of FIDC is the
responsibility of Claritas Administracao de Recursos Ltda. Pirelli
was hired to provide collection services for non-performing loans.

The first distribution of the first series of FIDC quotas has a
total nominal amount of BRL100.0 million, of which BRL80 million
refers to the senior class, BRL9.5 million to the Mezzanine A
class, BRL6.5 million to the Mezzanine B class and BRL4.0 million
To the junior subordinate class, which was not rated by Fitch.

Senior Quota: The total term of this series is 36 months, with six
months grace period for monthly payment of interest and monthly
amortization to be paid from the 31st to the 36th month. The
benchmark yield is 118% of CDI.

Mezzanine Subordinated Quotient A: The total term of this series
is 36 months and also has six months grace period for monthly
payment of interest and monthly amortization to be paid from the
31st to the 36th month, subordinated to the full payment of the
amortization of the senior series. The benchmark yield rate is
150% of the CDI rate.

Subordinated Quotation Mezanino B: The total term of this series
is 36 months, and also has six months grace period for monthly
payment of interest and monthly amortization to be paid from the
31st to 36th month, subordinated to the full payment of the
amortization of the senior series. The benchmark yield rate is
limited to 255% of the CDI rate.

Junior Subordinate Quota: The total term of this series is
indeterminate, and any payment will be subordinated to the full
payment of amortization of the senior series, mezzanine A and
mezzanine B. The series has no benchmark yield and has not been
the subject of Fitch's risk analysis. It will be paid for by
Pirelli.


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


BRIGHT CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Bright Capital Energy II GP, Ltd., on
Jan. 10, 2017, resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 21, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ms. Myrofora Symeou
          Stelios Americanos & Co Llc, Advocates
          Legal Consultants
          12 Demostheni Severi Ave.
          6th Floor, Office 601
          1080 Nicosia
          Cyprus
          Telephone: +357 22465500
          Facsimile: +357 22338500


CAMBIUM FUND: Members Receive Wind-Up Report
--------------------------------------------
The members of Cambium Fund Ltd. received on Jan. 26, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CAMINO ALTO: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of Camino Alto Fund, on Dec. 20, 2015,
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 28, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christian Michelsen Herman
          1644 San Leandro Ln, Santa Barbara
          California 93108, USA
          Telephone + 44 22 347 7344
          Facsimile + 41 22 347 7346


CASTERINO GP: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Casterino GP Limited, on Jan. 16, 2017,
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Ardmore GP Limited
          c/o Ian Williams
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +44 (0)20 7220 4980


CEA 2004: Commences Liquidation Proceedings
-------------------------------------------
The sole shareholder of CEA 2004 Limited, on Jan. 3, 2017,
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Darren Riley
          c/o Suite # 4-210
          Governors Square
          23 Lime Tree Bay Avenue
          P.O. Box 32311, Grand Cayman KY1-1209
          Cayman Islands


COLUMBUS FRONTIERS: Placed Under Voluntary Wind-Up
--------------------------------------------------
The Grand Court of Cayman Islands, on Jan. 6, 2017, entered an
order to wind up the operations of Columbus Frontiers Latin
America Trade Finance Opportunities Ltd.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

          Michael Pearson
          Andrew Childe
          FFP Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 640-5860


DAYTON GP: Commences Liquidation Proceedings
--------------------------------------------
The shareholder of Dayton GP Limited on Jan. 16, 2017, resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Ardmore GP Limited
          c/o Ian Williams
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +44 (0)20 7220 4980


DORCY LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Dorcy Limited received on Feb. 23, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Dec. 30, 2016.

The company's liquidator is:

          Vistra Cayman Trust Limited
          Grand Pavilion
          Hibiscus Way, 802 West Bay Road
          P.O. Box 31119 Grand Cayman KY1-1205
          Cayman Islands


DSAM MANAGEMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole member of DSAM Management Corp., on Jan. 12, 2017,
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FINANCIAL ADVANTAGE: Placed Under Voluntary Wind-Up
---------------------------------------------------
The sole shareholder of Financial Advantage, Ltd., on Jan. 11,
2017, resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Cayman Fiduciary Limited
          c/o Robin Garnham
          Landmark Square, Third Floor
          64 Earth Close
          P.O. Box 707CB Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 746 3100


KINGBIRD LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Kingbird Limited received on Feb. 23, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Dec. 30, 2016.

The company's liquidator is:

          Vistra Cayman Trust Limited
          Grand Pavilion
          Hibiscus Way, 802 West Bay Road
          P.O. Box 31119 Grand Cayman KY1-1205
          Cayman Islands


MARINER TOTAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Mariner Total Return Municipal Bond Fund Ltd.,
on Jan. 16, 2017, received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 16, 2017.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


OGT INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------
The shareholders of O.G.T. Investments Ltd., on Dec. 23, 2016
passed a resolution to wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


RIVER RUN: Commences Liquidation Proceedings
--------------------------------------------
The members of River Run International, LDC, on Jan. 16, 2016,
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 2, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TRAFALGAR MULTI: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of Trafalgar Multi Asset Trading Company
Limited, on Jan. 13, 2017, entered an order to wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Doran
          Doran + Minehane Limited
          59-60 O'Connell Street, Limerick
          Ireland
          Telephone: +353 61 430000
          Facsimile: +353 61 408613


UR FUND: Commences Liquidation Proceedings
------------------------------------------
The shareholder of UR Fund Limited on Jan. 9, 2017, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 2, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


XRV MANAGEMENT: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of XRV Management, on Dec. 29, 2016, resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          JTC (Cayman) Limited
          45D Market Street, Camana Bay
          P.O. Box 780 Grand Cayman KY1-9006
          Cayman Islands
          Christine Godfray
          Telephone: (345) 949 7212


ZILLIANS INC: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 31, 2016, the members of
Zillians Inc. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 23, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Portcullis (Cayman) Ltd.
          c/o Michelle R. Bodden-Moxam
          Portcullis (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


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


JAMAICA: Study to Address Issues Facing Banking Sector
------------------------------------------------------
RJR News reports that a study has been commissioned on competition
and efficiency in the local banking sector.

Finance Minister Audley Shaw made the announcement during his
budget presentation, according to RJR News.

According to RJR News, the study will assess the issues facing
commercial banks: "In the context of the IMF program we are also
pursuing the broader issue of banking competitiveness.  Starting
with a study that will analyze issues affecting the efficiency of
commercial banks and the factors affecting access to services by
various segments of users.

The study will also inform the development of policy
recommendations while having regard to financial stability -- a
draft of this study is expected by August of this year."

                      Central Bank Reform

Meanwhile, Bank of Jamaica (BOJ) is to undergo further reform.
This will, among other things, enhance its independence, the
report notes.

"The BOJ's operational independence will be reviewed with a view
to ensuring its ability to pursue this priority mandate. The
Government has taken significant steps to enshrine greater fiscal
responsibility in its laws, particularly as it relates to debt
accumulation, greater parliamentary oversight and stricter
auditing . . .. the government is also committed to revising the
BOJ Act," he said, the report adds.

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
===========


AMERICA MOVIL: To Face Tougher Regulation in Mexico
---------------------------------------------------
Juan Montes at The Wall Street Journal reports that billionaire
Carlos Slim's telecommunications company America Movil SAB said
that Mexican regulators imposed additional measures on its local
operations, including the separation into a new company of certain
wholesale services provided by fixed-line unit Telmex.

The additional measures follow a review of regulations imposed in
2014 on Telmex and mobile unit Telcel, which were determined to be
dominant with more than 50% of their respective markets, according
to The Wall Street Journal.

The report notes that those regulations included asymmetric
interconnection rates and infrastructure sharing with rivals.

Those regulations will remain in place while the Federal
Telecommunications Institute adds restrictions on both mobile and
fixed-line services, including terms under which the company
provides wholesale services to other operators, the report relays.

The agency also ordered the creation of a company independent of
Telmex to provide wholesale access to last-mile infrastructure for
competitors, while Telmex's other wholesale services must be
separated from its retail services, the report discloses.

The report notes that America Movil intends to challenge the new
regulations, which it said doesn't consider "the profound changes
in the Mexican telecommunications sector within three years from
the imposition of the asymmetric regulations and the effective
competition that exists in mobile and fixed services."

The agency's decision comes as a blow for Mr. Slim's Mexican
telecommunications operations, which have already seen profit
margins shrink amid tougher competition, the report says.  In the
fourth quarter, America Movil reported a net loss of about $300
million, in part because of a weak performance in Mexico, the
report relays.

The main beneficiaries of the decision are Mr. Slim's rivals AT&T
Inc. of the U.S. and Telefonica SA of Spain, which have gained
market share in recent years and are aggressively investing in
Mexico, the report notes.

The report says that AT&T has committed to invest about $3 billion
from 2015 to 2018 on top of the $4.4 billion purchase in 2015 of
mobile-phone companies Iusacell and Nextel.

The U.S. telecom giant, which has about a 10% share of the Mexican
mobile market, has launched an advertising campaign, deploying
hundreds of banners around Mexico City implicitly criticizing
Telcel's service, the report relays.

AT&T also has sought further restrictions on America Movil.
Company executives met twice in the past year with top officials
of Mexico's regulator to discuss the effectiveness of the
regulations, according to public records, the report discloses.

In a 2016 report about Mexico's telecom sector, AT&T said the
existing regulations were insufficient to tackle America Movil's
dominant position in the market and urged regulators to impose
additional measures, the report notes.

"The promise of the 2013 telecom reform has not been fulfilled
yet, and there is a risk it joins the long list of failures to
control the overwhelming power of America Movil," AT&T said, the
report notes.

Telmex and Telcel were first declared dominant in March 2014 under
laws passed the previous year to stoke competition in a near-
monopolistic market that had resulted in poor service and high
prices for Mexican consumers, the report relates.

The telecom regulator has said the phone market has improved since
then.  Prices of cellphone services have fallen about 30% in the
past year, while investments have increased and the market is less
concentrated, the report says.

The report discloses that Telcel's market share fell to 66% in the
third quarter of 2016 from 71% in the same period of 2013. In
turn, AT&T and Telefonica have increased their share of
subscribers to 10% and 24%, respectively.

But Mr. Slim's companies still have a market share well above the
50% threshold that requires companies to face specific
regulations, the report relays.  In mobile broadband services,
Telcel even increased its market share to 70% in the third quarter
from 62% three years before, the report notes.

Telmex, which has about 64% of Mexico's fixed phone lines, will
continue to allow competitors low-cost access to its network,
including the so-called last mile that reaches final users, notes
the report.

Telcel must still pay to connect calls to rival networks, while
completing incoming calls free of charge -- a system known as
asymmetric regulation that works as a subsidy to rivals, making
them better able to compete on prices, the report says.

Mr. Slim's companies also must share parts of its infrastructure -
- such as rights of way, transmission towers and antennas -- with
rivals, the report adds.


CEMEX SAB: Fitch Affirms BB- IDR; Outlook Positive
--------------------------------------------------
Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s Long-Term
Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the
company's National Scale Long-Term Rating at 'A(mex)' and upgraded
the company's National Scale Short-Term rating to 'F1(mex)' from
'F2(mex)'. The Rating Outlook has been revised to Positive from
Stable.

CEMEX's rating affirmation and Positive Outlook incorporate the
company's commitment and continued ability to reduce its high
gross debt level, which will further improve its capital structure
in 2017. The company benefitted from a combination of price
increases across its key markets and cost management initiatives
resulting in EBITDA margin expansion to above 20% and free cash
flow generation of USD1.3 billion during 2016. The company
improved its capital structure by reducing gross debt by USD2.3
billion during 2016 by delivering stronger free cash flow
generation and through the receipt of cash from closed asset
sales. Fitch expects CEMEX will further reduce its gross debt
position by at least an additional USD2 billion in 2017, further
improving its credit profile.

KEY RATING DRIVERS

Strong Business Position: CEMEX's 'BB-' IDRs continue to reflect
its strong and diversified business position. The company is one
of the largest producers of cement, ready-mix, and aggregates in
the world. CEMEX's main geographic areas, in terms of EBITDA
before intercompany eliminations, include: Mexico (38%), Central
and South America (20%), the U.S. (23%), Europe (14%), and Asia,
Middle East, and Africa (13%). The company's product and
geographic diversification offset some of the volatility
associated with the cyclical cement industry.

Strengthening Credit Profile: Based on Fitch's calculations, net
leverage improved to 4.8x in 2016 from 5.7x in 2015 driven by
CEMEX's USD2.3 billion gross reduction throughout the year despite
exchange rate volatility and its impact on cash flow. Fitch
calculates pro forma net leverage based off closed asset sales to
be 4.4x. The close of additional asset sales and possibility for
the conversion of some of CEMEX's USD1.2 billion of convertible
debt would result in net leverage falling to 4.0x by year-end.

Improving Cash Flow Generation: CEMEX generated positive free cash
flow (FCF) of USD1.3 billion based off Fitch's calculations during
2016, which compared favorably to USD587 million in 2015 and
USD146 million in 2014. Keys to stronger cash flow generation have
been higher profitability, cost reduction measures, and
improvement in working capital days. Fitch projects CEMEX will
generate at least USD500 million of FCF in 2017 as continued
EBITDA margin expansion and reductions in financial expenses,
offset any higher levels of working capital and capex
requirements.

Delivery of Asset Sales: CEMEX has delivered on its gross debt
reduction primarily due to its successful round of asset sales in
addition to its improved FCF generation. The company has received
close to USD1.2 billion from the receipt of asset sales in 1Q17 of
which will be used for additional debt prepayments. The close of
additional asset sales, such as the sale of its Croatia business
and other pending assets could bring this raise this figure before
the end of the year.

Headwinds to Persist: Challenges to CEMEX's ongoing deleveraging
efforts include lower domestic demand expectations due to economic
uncertainties in Mexico, increased volumes brought online from
other Mexican producers, exposure to additional local currency
depreciation, a potential need to increase capex in the coming
years as capex/depreciation is around 0.5x per year, and continued
volatility in other emerging markets.

Challenges in Mexico: CEMEX will face a more difficult environment
in Mexico with rising inflation, constrained credit growth, and
reduced consumer confidence which should result in a more cautious
Mexican consumer and lower levels of self-construction activity.
Fitch lowered its GDP growth to 1.5% in 2017 reflecting the
economic uncertainty Mexico faces during the year. Higher interest
rates should dampen mortgage lending. The government's target to
rein in spending will likely result in lower public investment
over the near term.

U.S. Infrastructure Spending: CEMEX is poised to benefit from
increased private and public infrastructure spending as the second
largest U.S. producer with approximately 16 million metric tons of
capacity. Highway spending should accelerate, driven by planned
spending under the long-term highway bill and state initiatives to
fund local highway projects. Government proposals to boost
infrastructure spending would support long-term positive cement
demand and support additional price increases.

High Share Price Volatility: The volatile performance of CEMEX's
stock price in the last 24 months negatively affects the
probability of conversion of more than USD1 billion of debt to
equity. CEMEX holds USD690 million of convertible debt due in 2018
and USD521 million due in 2020. The strike prices for conversions
are USD8.92/American Depositary Share (ADS) for 2018 convertibles
and USD11.45/ADS for 2020 convertibles, compared with a current
stock price of USD8.61. Fitch excludes the impact of the
conversion of CEMEX's convertible notes into equity from its base
case due to the historic volatility of the company's share price.

FX Exposure: CEMEX reported 78% of total debt was denominated in
U.S. dollars compared with about 21% of EBITDA generation during
2016. Somewhat mitigating this risk is that a majority of CEMEX's
cash is held in U.S. dollars, most debt is long-term with an
average maturity of 5.3 years, and the company has no significant
debt maturities until 2018. Furthermore, CEMEX's U.S. dollar-
generated EBITDA matched its U.S. dollar-interest expense in 2016
and is expected to continue to going forward driven by improving
EBITDA generation in the U.S. and lower interest expense due to
CEMEX's refinancing activities and lower gross debt levels.

KEY ASSUMPTIONS

-- U.S. cement sales volumes increase low-single digits in 2017;
-- Mexico cement sales volumes increase low-single digits in
    2017;
-- Consolidated sales volume growth of low-single digits in 2017;
-- EBITDA margin above 20% for 2017;
-- Capital expenditures of approximately USD750 million in 2017;
-- Positive FCF generation in 2017 and 2018 used for debt
    reduction;
-- Receipt of USD1.3 billion from completed asset sales used debt
    reduction;
-- Mexican peso to U.S. dollar exchange rate to remain at 20.5 in
    2017 and 2018;
-- Fitch's pesos to U.S. dollar exchange rates used in 2016 were
    20.7 spot rate and 18.7 average rate in 2016, and 17.2 spot
    rate and 15.9 average rate in 2015.

RATING SENSITIVITIES

Rating downgrades are not likely during 2017 as CEMEX's ability to
reduce its gross debt through the proceeds of its asset sales
coupled with continued free cash flow generation should continue
throughout 2017. CEMEX's Outlook would likely be revised to Stable
should a loss of positive momentum in the U.S. market occur or a
material decline in volumes in its Mexico market resulting in net
leverage reverting towards 5.0x. A significant loss in cash flow
generation resulting in net leverage of around 5.5x and/or gross
leverage around 6.0x on a sustained, could result in a negative
rating action.

Future developments that may, individually or collectively, lead
to an upgrade of CEMEX's ratings include:

-- CEMEX is close to Fitch's previous rating action triggers
    of net leverage at or less than 4.0x or gross leverage at
    or less than 4.5x based on pro forma leverage figures
    (adjusting for closed asset sale transactions, which
    incorporates the Positive Outlook). An ability to maintain
    and improve these metrics over the coming quarters would
    likely result in an upgrade within the next 12 months.

-- Fitch projects that CEMEX's EBITDA in its U.S. operations
    will grow to USD714 million during 2017 from USD619 million
    in 2016. This projection incorporates an expectation that
    single-family and multi-family housing starts in the U.S. will
    total 1.2 million in 2016. Growth beyond this figure would be
    positive for the company's U.S. business and would accelerate
    its deleveraging process.

-- Cement demand in Mexico is likely to grow at a slower pace
    during 2017. Fitch currently projects EBITDA in this market
    to remain stable at around UDS1 billion in 2017 as CEMEX's
    12% price increase during the year offsets lower volume growth
    and risks of higher inflation. Growth above Fitch's figures
    could result in higher deleveraging and would be factor into a
    possible positive rating action.

LIQUIDITY

CEMEX has a very manageable amortization schedule with essentially
no debt coming due until 2018 as a result of its aggressive
refinancing efforts over the past few years. The company had
USD557 million of cash and marketable securities compared to
short-term debt of USD20 million as of Dec. 31, 2016. Most of the
company's marketable securities are held in U.S. and Mexican
government bonds. CEMEX also has availability under its USD1.4
billion committed revolving credit facility as of March 10, 2017.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

CEMEX S.A.B. de C.V.

-- Long-Term Foreign-Currency and Long-Term Local-Currency
    IDRs affirmed at 'BB-';

-- Senior secured notes due 2018, 2019, 2021, 2022, 2023,
    2025, and 2026 affirmed at 'BB-';

-- National scale Long-Term Rating affirmed at 'A(mex)';

-- Senior unsecured certificates due 2017 affirmed at 'A(mex)'

-- National scale Short-Term rating upgraded to 'F1(mex)'
    from 'F2(mex)'.

The Outlooks for the IDRs and National Long-Term Rating have been
revised to Positive.

Fitch has also affirmed the following Cemex-guaranteed debt at
'BB-':

CEMEX Materials LLC, a limited liability company incorporated in
the U.S.

-- Senior notes due 2025.

CEMEX Finance LLC, a limited liability company incorporated in the
U.S.

-- Senior secured notes due 2021, 2022, and 2024.

C5 Capital (SPV) Limited, a British Virgin Island restricted
purpose company

C8 Capital (SPV) Limited, a British Virgin Island restricted
purpose company

C10 Capital (SPV) Limited, a British Virgin Island restricted
purpose company

C-10 EUR Capital (SPV) Limited, a British Virgin Island
restricted purpose company

-- Senior secured perpetual notes.


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


PUERTO RICO: Oversight Board Rejects Governor's Turnaround Plan
---------------------------------------------------------------
Daniel Bases at Reuters reports that Puerto Rico's federally
appointed fiscal oversight board rejected a fiscal turnaround plan
proposed by Governor Ricardo Rossello, saying it did not comply
with PROMESA, the restructuring law passed last year by the U.S.
Congress.

In a letter obtained by leading newspaper El Nuevo Dia and posted
on its website, the board said the plan to put the U.S.
Commonwealth on a sustainable fiscal path was insufficient,
according to Reuters.

"The Board has determined that the Proposed Plan does not comply
with the requirements set forth in PROMESA," the letter said,
notes the report. Representatives of the board said it was not
making the letter public, and Rossello's office said it could
therefore not make the letter public either as a matter of
protocol, reports Reuters.

"The Proposed Plan does not provide a path to restructuring debt
and pension obligations to reach a sustainable level, and ensuring
funding of essential services for the people of Puerto Rico," the
letter said, the report relays.

                            *     *     *

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.

The Fiscal Agency and Financial Advisory Authority of Puerto Rico
has selected Dentons US as its legal advisor on all aspects of its
restructuring and revitalization efforts, including development
and implementation of the Fiscal Plan, restructuring and
renegotiation of municipal bond debt, communications with
creditors and with the PROMESA Oversight Board, among others.


                            ***********


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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