TCRLA_Public/170317.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

               Friday, March 17, 2017, Vol. 18, No. 55


                            Headlines



B R A Z I L

BANCO FIBRA: S&P Affirms 'B-/C' ICRs; Outlook Remains Negative
BRAZIL: Tumbles Deeper Into its Worst Ever Depression
BRAZIL: Moody's Affirms Ba2 Issuer Rating; Outlook Now Stable
PETROBRAS: Brazil's Outlook Change No Impact on Moody's B2 Ratings


C A Y M A N  I S L A N D S

AFFINITY FUND: Shareholders Receive Wind-Up Report
BRIGHT CAPITAL: Shareholder Receives Wind-Up Report
CASTERINO GP: Shareholders Receive Wind-Up Report
CEA 2004: Members Receive Wind-Up Report
DAYTON GP: Shareholders Receive Wind-Up Report

DSAM MANAGEMENT: Shareholders Receive Wind-Up Report
FINANCIAL ADVANTAGE: Shareholders Receive Wind-Up Report
KEYENCE COMPANY: Placed Under Voluntary Wind-Up
MATTERHORN GLOBAL: Commences Liquidation Proceedings
MATTERHORN GLOBAL EMERGING: Commences Liquidation Proceedings

MATTERHORN GLOBAL MASTER: Commences Liquidation Proceedings
O.G.T. INVESTMENTS: Shareholders Receive Wind-Up Report
RIVER RUN: Shareholders Receive Wind-Up Report
SHANGHAI INTERNATIONAL: To Declare Interim Dividend
TEMPLETON LIMITED: Commences Liquidation Proceedings

VISIUM CATALYST EVENT: Commences Liquidation Proceedings
VISIUM CATALYST MASTER: Commences Liquidation Proceedings
VISIUM CATALYST OFFSHORE: Commences Liquidation Proceedings
XRV MANAGEMENT: Shareholders Receive Wind-Up Report
ZILLIANS INC: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Labor Livid as Wage Hike Talks Drag On


E L  S A L V A D O R

GRUPO UNICOMER: S&P Assigns 'BB-' Rating to Proposed $350MM Notes


J A M A I C A

JAMAICA: Mixed Reactions to Budget Presentation


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Will Change Name to 'Cemex' by Next Year


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Reduces Trade to India


X X X X X X X X X

LATAM: Fitch Publishes Credit Indicators Compilation


                            - - - - -


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B R A Z I L
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BANCO FIBRA: S&P Affirms 'B-/C' ICRs; Outlook Remains Negative
--------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B-/C' global-scale
and 'brB-/brC' Brazilian national-scale issuer credit ratings on
Banco Fibra S.A.  The outlook remains negative.  The stand-alone
credit profile (SACP) on the bank remains at 'b-'.

The ratings on Fibra are supported by its concentrated business
profile given its focus on middle-market and poor profitability
metrics in the past five years.  S&P also bases the classification
on its expectation of maintenance of its internal capital
generation leading to a forecast risk-adjusted capital (RAC) ratio
of about 6.5% for the next two years.  Moreover, S&P's assessment
reflects the bank's weak asset quality metrics, which have been
consistently higher than its peers'.  The ratings also reflect
S&P's view of a funding structure that still lacks broad
diversification among stable funding sources and its liquidity
position that provides adequate cushion to cope with cash outflows
over the next 12 months.

Under S&P's bank criteria, it uses its Banking Industry Country
Risk Assessment's (BICRA) economic risk and industry risk scores
to determine a bank's anchor, the starting point in assigning an
issuer credit rating.  S&P's anchor for a commercial bank
operating only in Brazil is 'bb+', based on an economic risk score
of '7' and an industry risk score of '5'.

Fibra's business position reflects its concentrated business
profile and poor profitability metrics in the past five years.  As
a midsize bank, Fibra focuses mostly on the middle-market segment,
which was 82% of its loan portfolio as of June 2016, followed by
operations with financial institutions (14%), and retail lending
(4%).  The decrease of the retail operations reflects the shift in
the bank's strategy, which led Fibra to exit the segment after
severe credit losses from this activity.  Fibra's poor results in
the past few years were mainly due to the weak performance of its
legacy portfolio, which includes not only retail but also
wholesale loans originated outside of the bank's new business
strategy, and because of the deep economic recession in Brazil.
In the past three years, Fibra has reworked its client base,
focusing on companies with gross annual revenues above 300 million
Brazilian reals and agribusiness, in search of more stable
revenues streams, less need for loan loss provisioning, and more
cross-selling opportunities.  As a result, the bank improved its
operating performance and its bottom-end results, which S&P
expects to be slightly positive in 2016, partially due to the tax
benefit the bank obtained.  Although, S&P considers this new
strategy to be more conservative and sustainable, which could
result in longer term improvements in the bank's business
prospects, S&P believes the growth challenges the bank faces in a
tougher economic environment will continue to hurt its operating
performance over the short to medium term.

The bank's capital and earnings assessment is based on S&P's
forecast average RAC ratio of around 6.5% for the next two years
and on historical adequate regulatory capital metrics.  Its Basel
ratio reached 14.8% in June 2016.  S&P's RAC forecast takes into
consideration its base-case scenario assumptions, which include:

   -- Brazil's real GDP growth of 0.9% in 2017 and 2% in 2018;
   -- Lending growth around 10% in 2017 and 2018, as the bank
      finds more opportunities in the market and economic
      prospects improve;
   -- Higher net interest margins due to a higher spreads and
      lower cost of funding;
   -- Profitability remaining the bank's main challenge, S&P
      expects return on equity between 0% and 5% for the next two
      years;
   -- Asset quality metrics to gradually improve as the bank
      continues to implement stronger credit underwriting
      standards.  S&P expects nonperforming loans (NPLs) of 5%-7%
      and a net charge-offs ratio between 2.5% and 4%;
   -- No effective dividend payments, following historical
      figures; and
   -- Efficiency to continue to marginally improve as the bank
      maintains tight cost control.

Fibra's risk position reflects its poor asset quality metrics,
which are consistently higher than its peers'.  Most of the bank's
NPLs rose from severe asset quality deterioration in the bank's
small and midsize enterprise (SME) portfolio, which includes
companies that are more fragile and sensitive to economic
activity.  As of June 2015, an 11.1% spike in NPLs was followed by
a charge-off ratio of 9.1% at year end, which reduced its NPL
ratio to 6.4% as of December 2015.  Looking forward, S&P expects
NPLs to remain 5%-7%, potentially improving because the credit
quality metrics of its new loan portfolio, comprising loans
originated after the bank implemented its revised business plan,
have performed better than its previous riskier portfolio.
Furthermore, S&P believes the bank's efforts to pulverize its
credit concentration through reduction of its average loans should
help to somewhat mitigate its credit risk.  Despite the bank's
poor asset quality, its loan portfolio has consistently decreased
since 2012, which weakened those ratios.  Still, the bank's recent
losses are greater than its peers', which weakens its risk
position.  And S&P believes an improvement in its asset quality
will hinge on the state of Brazil's economy, given the bank's
exposure to companies that are more fragile and sensitive to
economic activity.

In the past couple years, Fibra's funding base has shifted from
wholesale-oriented to retail depositors.  The bank has taken
advantage of local distributors to reach a retail base that it
didn't reach previously.  As a result, time deposits and domestic
issuances increased to 66% as of September 2016 from 42% one year
before.  On the other hand, the bank's more expensive funding
sources such as deposits with guarantees (DPGEs) and foreign
issuances have gradually reduced.  Despite this improvement, S&P
still believes the bank lacks broader diversification among
depositors and a branch network to ensure the resilience of its
funding base, making the bank highly dependent on local
distributors.  In that sense, S&P still considers that Fibra's
funding sources are less stable than the banking industry's.
According to S&P's methodology, the bank stable funding ratio was
114% and its broad liquid assets represented 2.6x the bank's
short-term wholesale funding in June 2016.  The improvement of the
latter, which was just 1x in December 2015, is explained by an
increase in broad liquid assets and deposits in replacement of
short-term debt.  In addition, the bank's low base of deposits
with liquidity condition and the management willingness to
maintain a high liquidity level supports S&P's adequate liquidity
assessment.  As of September 2016, over 95% of the bank deposits
didn't have liquidity conditions.

The negative outlook for the next 12 months reflects S&P's view
that the bank's financial profile could further weaken, bearing
down on its capital and liquidity position amid slow activity and
challenging conditions in Brazil's economy.

It also reflects the negative trend in the BICRA economic and
industry risk in Brazil and S&P's belief that the bank could
experience financial deterioration from pressures on the Brazilian
banking system from the impact of fiscal and monetary tightening
in our economic assessment.

S&P could lower the ratings on Fibra following a revision of the
BICRA on Brazil to '7' from '6'.  Furthermore, S&P could lower the
ratings if the bank reduces its liquidity and if S&P sees weakness
in its capacity to meet its financial commitments in the event of
adverse business, financial, or economic conditions.  S&P could
take a negative rating action if it believes the bank's
shareholders will not support the bank with capital injections (if
needed) to keep its Basel III ratio above 10.5%.

On the other hand, if the negative trend in the BICRA economic and
industry risk on Brazil is revised to stable, or if the bank
succeeds in improving its performance through better
profitability, stable operating revenues, and better asset quality
metrics, S&P could revise the outlook to stable.


BRAZIL: Tumbles Deeper Into its Worst Ever Depression
-----------------------------------------------------
Karen Gilchrist at CNBC News reports that Brazil's economy has
fallen further into its worst ever recession, contracting by 3.6
percent in 2016 and pressure is mounting on policymakers to
stimulate growth.

The former Latin American powerhouse recorded a steeper-than-
expected decline of 0.9 percent gross domestic product (GDP) in
the final quarter of last year, intensifying the economic
contraction that has imbued Brazil for eight consecutive
quarters -- the longest period of decline on record for the
country, according to CNBC News.

Brazil's economy is now 8 percent smaller than it was in December
2014.

The two-year slump has hit almost all economic sectors, causing
unemployment to rise 12.6 percent, according to the data released
Tuesday by IBGE, the agency responsible for recording Brazil's
economic figures, the report relays.

Up to 12.9 million people are now unemployed in Brazil, CNBC says.

Brazil was once one of the world's fastest-growing economies,
positioning it as the 'B' in the Brics countries, the report
notes.  However, it has long-struggled with corruption and
political turmoil, and recent economic mismanagement has seen the
country's GDP slip into negative territory following the end of
the commodity super cycle of 2011, the report discloses.

                          Political Pressure

According to CNBC News, the new figures have placed further
pressures on President Michel Temer, who stepped into office
following the impeachment and removal of his predecessor, Dilma
Rousseff, for illegally manipulating government accounts.

Shortly after the GDP figures' release, the government announced
plans to expand its Investment Partnership Program (PPI) to
encourage private enterprise, the report relays.  It forecasts
that the expansion could bring investment worth BRL45 billion
($14.4 billion) and create up to 200,000 jobs, the report notes.

"We need to do this soon, because what we most want is the fight
against unemployment," Mr. Temer said at a meeting of the PPI
Council, the report relays.

Brazil has also been battling with high inflation, peaking at
almost 11 percent in early 2016, its highest level in the last
decade, recalls CNBC News.  However, forecasts released by the
Organization for Economic Co-operation and Development indicate
that inflation fell to 5.4 percent in January, down from 6.3
percent in December, the report notes.

                               Looking Up

Some analysts are now anticipating a pick-up in the economy, with
forecasts suggesting the country will close the years with
positive GDP of around 0.5 percent, close to 2014 levels when the
economy was buoyed by events including the World Cup, the report
says.

"In real terms, GDP is now nine percent below its pre-recession
peak," said Neil Shearing, Capital Economics' chief emerging
markets economist in a note, reports CNBC.  "This is comfortably
the worst recession in recorded history.

"However, we suspect that the fourth quarter should also mark the
end of the recession."

Finance Minister Henrique Meirelles told delegates at a meeting of
the Economic and Social Development Council (CDES) that indicators
including supermarket sales, motorcycle production and consumer
confidence signaled signs of recovery, 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'.


BRAZIL: Moody's Affirms Ba2 Issuer Rating; Outlook Now Stable
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on Brazil's
rating to stable from negative and affirmed its issuer rating,
senior unsecured at Ba2 and shelf ratings at (P) Ba2.

Moody's decision to change Brazil's outlook to stable was driven
by the following factors:

1. Moody's expectation that the downside risks reflected in the
negative outlook are abating and macroeconomic conditions
stabilizing, with the economy showing signs of recovery, inflation
falling and the fiscal outlook clearer.

2. Indications that the functioning of Brazil's policy framework
is improving and the strength of its institutions recovering,
supporting planned implementation of structural fiscal reforms

3. Risk of contingent liabilities from government-related
entities, captured in the negative outlook, has been significantly
reduced

Over the past six months, downside risks to the Ba2 rating have
abated and macroeconomic conditions have stabilized in Brazil,
with an incipient recovery in economic growth expected in 2017 and
faster-than-anticipated fall in inflation. A positive reform
momentum emerged last year, indicating improved functioning of
institutions that would support implementation of fiscal reforms
and passage of the social security reform this year. Contingent
liability risks related to financial support to Petrobras have
diminished, reducing downside risks, while the fiscal cost of debt
relief provided to state governments remains contained. Overall,
the government debt trajectory remains in line with Moody's
earlier expectations for 2017-19 and consistent with the Ba2
rating.

RATINGS RATIONALE

RATIONALE FOR CHANGE IN BRAZIL'S RATING OUTLOOK TO STABLE

First Driver: Moody's expectation that the downside risks
reflected in the negative outlook are abating and macroeconomic
conditions stabilizing

A more benign outlook for growth and inflations underpin Moody's
expectations of broad macroeconomic stabilization. Although growth
may still disappoint to the downside, Moody's expects an end to
the very severe economic contraction that persisted for the past
two years, reducing downside risks. Moody's expects GDP growth
between 0.5-1.0% this year and 1.5% in 2018, and inflation to drop
to 4.5% in 2017, which is the central bank target. After 2018,
Moody's expects growth to stabilize around 2-3%. The drop in
inflation has allowed the central bank to begin an easing cycle,
cutting the policy rate from 14.25% to 12.25%, with further easing
expected in 2017 in line with still weak economic activity.
Although the fall in interest rates will likely have only a
limited impact on economic activity in 2017 due to ongoing
deleveraging cycle and weak household demand, Moody's expects a
positive impact on the government's interest bill, arresting the
deterioration in Brazil's fiscal profile.

Despite an improved macroeconomic outlook, fiscal results will
remain weak in the near term. In 2016, the primary deficit reached
2.7% of GDP and Moody's expects a similar result this year.
Moody's expects Brazil's debt-to-GDP ratio will rise from 70% of
GDP at end 2016, to around 80% by 2019 as tepid and gradual
economic recovery weighs on government revenues, contributing to
high deficits. However, Brazil's debt structure has several
features that mitigate the risks of a relatively large stock of
public debt, including limited exposure to exchange rate
depreciation and a diverse and large domestic investor base. In
addition, a significant portion of government debt is issued to
the central bank as monetary policy instrument, and does not
represent a financing need for the government. In this context,
Brazil's debt trajectory remains consistent with the Ba2 rating.

Second Driver: Indications that the functioning of Brazil's policy
framework is improving, supporting planned implementation of
structural fiscal reforms

The political uncertainty that weighed on Brazil's outlook has
subsided relative to a year ago, supporting improved effectiveness
in passing fiscal reforms, and suggesting that Brazil's
institutions are beginning to function more effectively. A
sustained improvement in the functioning of the country's
legislative and executive institutions will support achievement of
a range of credit positive economic and fiscal reforms that have
been identified as needed to support recovery. The government has
already passed an important constitutional amendment to cap
primary government spending growth at the rate of last year's
inflation for the next twenty years, and Congress is discussing an
equally important reform of social security, which Moody's expects
will pass in the second half of 2017. The government also plans to
present structural reforms to boost potential growth, including
simplifying the tax code and introducing labor reforms. Consistent
compliance with the cap on primary (non-interest) spending, and
curtailing the growth of social security spending, are both
necessary to protect fiscal sustainability by curbing the increase
in government spending, which has grown in real terms from 14% of
GDP in 1995 to just under 20% of GDP last year.

Third Driver: Risk of contingent liabilities from government
related entities, captured in the negative outlook, has been
significantly reduced

The contingent liability risk related to Petrobras, which was
another driver behind the negative outlook on Brazil's rating, has
been materially reduced with the steps taken to address the
company's problems and to support its liquidity and market access
through progress on asset sales and improved management practices.
Set against that, another source of contingent liability has
emerged in the state government sector, the fiscal position of
which continued to deteriorate. A number of state governments have
called for support from the federal government in the form of debt
rescheduling. However, the fiscal impact of this support remains
contained at R$20 billion (0.3% of GDP) in 2016 with similar
magnitude expected in 2017-18.

RATIONALE FOR AFFIRMATION OF BRAZIL'S Ba2 RATING

Brazil's issuer rating at Ba2 reflects the strengths and
weaknesses of Brazil's credit profile. Below-potential economic
growth and weak fiscal position, which will result in continued
rise in government debt over the next 2-3 years, are important
constraints on the rating. This is balanced against Brazil's large
and diversified economy, limited external vulnerability and
susceptibility to event risk, and improved reform momentum to
address the structural weaknesses in Brazil's fiscal profile. The
stable outlook on the Ba2 rating also incorporates Moody's
expectations of sustained reform momentum over the next 12-18
months to preserve fiscal sustainability. This expectation is
balanced against the risk of stalled reform momentum, delays in
passing social security reform, or renewed political uncertainty.

WHAT COULD MOVE THE RATINGS UP

Positive pressure on the rating could emerge if structural reforms
restore higher growth rates and/or lead to faster pace of fiscal
consolidation to stabilize government debt. Demonstrated policy
continuity and consistent implementation of fiscal reforms,
including compliance with the spending cap in 2019 and beyond
could also lead to a rating upgrade.

WHAT COULD MOVE THE RATINGS DOWN

A re-emergence of the downside economic and fiscal risks, founded
in the performance of Brazil's institutions, that drove the
negative outlook assigned in 2016 would similarly impose downward
pressure on the rating. In particular, a re-emergence of political
dysfunction and, relatedly, stalled reform momentum that would
threaten implementation of fiscal reforms and compliance with the
spending cap -- particularly delays in passing social security
reform -- would put negative pressure on the rating.

COUNTRY CEILINGS

The long-term foreign currency bond ceiling remains unchanged at
Ba1/NP. The long-term foreign currency deposit ceiling is
unchanged at Ba3/NP. The long-term local currency bond and deposit
ceilings are unchanged at A3.

GDP per capita (PPP basis, US$): 15,647 (2015 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -3.6% (2016 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 6.3% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -8.9% (2016 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -1.4% (2016 Actual) (also known as
External Balance)

External debt/GDP (2016 Estimate): 38.4%

Level of economic development: Moderate level of economic
resilience

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

On 13 March 2017, a rating committee was called to discuss the
rating of the Government of Brazil. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have increased. The issuer's institutional
strength/framework, has improved. The issuer's governance and/or
management, have materially improved.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in December 2016.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.


PETROBRAS: Brazil's Outlook Change No Impact on Moody's B2 Ratings
------------------------------------------------------------------
On March 15, 2017, Moody's changed the outlook on the Government
of Brazil's Ba2 rating to stable from negative, reflecting Moody's
expectation that the downside risks are abating and macroeconomic
conditions stabilizing. As stated in Moody's previous reports, the
change in Brazil's outlook does not directly affect the B2 ratings
or stable outlook of state-owned oil company Petroleo Brasileiro
S.A. (Petrobras).

Petrobras' ratings and outlook reflect Moody's joint-default
analysis for the company as a government-related issuer. The
ratings reflect the rating agency's assumption of a moderate
likelihood of timely extraordinary support from the Brazilian
government. As well, Moody's assumption for default dependence
between Petrobras and the government continues to be moderate.
This assessment currently results in a one-notch uplift of
Petrobras' senior unsecured rating to B2 from its b3 Baseline
Credit Assessment (BCA).

On 21 October 2016, Moody's raised Petrobras' Baseline Credit
Assessment to b3 from caa2, upgraded its ratings to B2 from B3,
and changed the ratings outlook to stable from negative. The
action incorporated improvements in the company's liquidity
profile and in the regulatory framework in Brazil, both of which
reduced Petrobras' credit risk. Moody's continues to monitor
progress on Petrobras' execution of asset sales, operational
improvements, and debt refinancing initiatives.

Following the USD 13.75 billion in bond issuances since May 2016,
Petrobras' debt amortization schedule has improved, although debt
maturing in 2017 and 2018 remains high at USD 21.45 billion as of
September 30, 2016. In addition, the class action lawsuit, the US
Securities Exchange Commission (SEC)'s civil investigation and the
US Department of Justice (DoJ)'s criminal investigation related to
bribery and corruption could negatively affect the company's cash
position in an amount yet unclear. While Moody's believes
Petrobras' dispute with Brazil's federal securities regulator CVM
over the company's 2013-15 financial statements will not cause a
material enough restatement to prompt the agency to take a
negative rating action, any resolution with CVM could result in
some future cash implications for dividend payments.

Petrobras' lower capital spending in relation to about USD13.6
billion in asset sales could indicate a reduction in its future
revenues and cash flow. But any actions that strengthen Petrobras'
liquidity while also improving its operating margins and leverage
would likely have a greater impact on the company's credit quality
than reductions in its production, revenues and reserve base.

Petrobras is an integrated energy company, with total assets of
USD247 billion as of 30 September 2016. The company dominates
Brazil's oil and natural gas production, as well as downstream
refining and marketing. Petrobras also holds a significant stake
in petrochemicals and a position in sugar-based ethanol production
and distribution. The Brazilian government directly and indirectly
owns about 46% of Petrobras' outstanding capital stock and 60.5%
of its voting shares.


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


AFFINITY FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Affinity Fund II General Partner Limited
received on Feb. 21, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Kevin Butler
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


BRIGHT CAPITAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Bright Capital Energy II GP, Ltd. received on
Feb. 28, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          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


CASTERINO GP: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Casterino GP Limited received on Feb. 22,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Members Receive Wind-Up Report
----------------------------------------
The members of CEA 2004 Limited received on Feb. 27, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Darren Riley
          c/o Suite # 4-210,
          Governors Square
          23 Lime Tree Bay Avenue
          P.O. Box 32311 Grand CaymanKY1-1209
          Cayman Islands


DAYTON GP: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Dayton GP Limited received on Feb. 22, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


DSAM MANAGEMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of DSAM Management Corp. received on Feb. 21,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FINANCIAL ADVANTAGE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Financial Advantage, Ltd. received on March 2,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


KEYENCE COMPANY: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of Keyence Company Limited, on Jan. 20, 2017,
passed a resolution 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:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


MATTERHORN GLOBAL: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of The Matterhorn Global Emerging Markets
Fund, on Jan. 1, 2017, passed a resolution 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:

          Ewan Christian
          29 Queen Anne's Gate
          London SW1H 9BU
          UK
          Telephone: +442073402825
          Facsimile: +448707108448


MATTERHORN GLOBAL EMERGING: Commences Liquidation Proceedings
-------------------------------------------------------------
The sole shareholder of Matterhorn Global Emerging Markets General
Partner Limited, on Jan. 1, 2017, passed a resolution 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:

          Ewan Christian
          29 Queen Anne's Gate
          London SW1H 9BU
          UK
          Telephone: +442073402825
          Facsimile: +448707108448


MATTERHORN GLOBAL MASTER: Commences Liquidation Proceedings
-----------------------------------------------------------
The sole shareholder of The Matterhorn Global Emerging Markets
Master Fund, on Jan. 1, 2017, passed a resolution 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:

          Ewan Christian
          29 Queen Anne's Gate
          London SW1H 9BU
          UK
          Telephone: +442073402825
          Facsimile: +448707108448


O.G.T. INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of O.G.T. Investments Ltd. received on Feb. 28,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of River Run International, LDC received on
March 3, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SHANGHAI INTERNATIONAL: To Declare Interim Dividend
---------------------------------------------------
Shanghai International Capital Management (Cayman) Limited intends
to declare an interim dividend.

Only creditors who were able to file their proofs of debt by
March 1, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Andrew Morrison
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street, Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          c/o Kelsey Hedgecock
          Telephone: +1 (345) 743 6830


TEMPLETON LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of Templeton Limited, on Jan. 20, 2017,
passed a resolution 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:

          Christopher D. Johnson
          c/o Tanya Armstrong
          P.O. Box 2499 Grand Cayman KYl-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


VISIUM CATALYST EVENT: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on Jan. 6, 2017, the members of
Visium Catalyst Event Driven Offshore Fund, Ltd. 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:

          Andrew Childe
          c/o Trudy-Ann Scott
          FFP (Cayman) Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854


VISIUM CATALYST MASTER: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary meeting held on Jan. 6, 2017, the members of
Visium Catalyst Master Fund, Ltd. 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:

          Andrew Childe
          c/o Trudy-Ann Scott
          FFP (Cayman) Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854


VISIUM CATALYST OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------------------
At an extraordinary meeting held on Jan. 6, 2017, the members of
Visium Catalyst Offshore Fund, Ltd. 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:

          Andrew Childe
          c/o Trudy-Ann Scott
          FFP (Cayman) Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854


XRV MANAGEMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of XRV Management received on Feb. 20, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ZILLIANS INC: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Zillians Inc. received on Feb. 23, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sung, Mu-Chi
          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


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


DOMINICAN REPUBLIC: Labor Livid as Wage Hike Talks Drag On
----------------------------------------------------------
Dominican Today reports that National Salaries Committee (CNS)
were to meet March 14 to continue debates which have dragged on
for months over a salary increase between labor and management.

Rafael (Pepe) Abreu, president of the unions grouped in the CNUS,
said the employers have been spinning the salary issue and noted
that despite that management was given a month to submit their
wage proposal, no information has been forthcoming from the
National Wage Committee thus far, according to Dominican Today.

"The business leaders requested a month to formulate their
proposal, and the month passed and this is the date when the
proposal is still unknown," said Mr. Abreu, the report notes.

Mr. Abreu warned of a strong response to management if they fail
to submit their proposal, as "an intent to delay the process," the
report relays.

"We must be prepared so that, if the business leaders assume their
traditional attitude to continue to delaying this process, we will
give a strong response.  That's why we want colleagues working in
private companies and other sectors to try ad attend that meeting
at the Labor Ministry Tuesday morning," said the labor leader,
notes the report.

Labor leader Jacobo Ramos said it's time for the trade unions to
assume the commitment of the salary increase. "It's already high
time for the economic vice of always dragging the low wages in the
Dominican Republic," he said, the report relays.

                            Government

Deputy Labor minister Washington Gonzalez said it's impossible to
talk about economic growth in the country without addressing the
issue of wages, the report discloses.  "I'm convinced that the
business class knows that a salary increase should be made in the
country. Now, say as Ministry we cannot what percent will be," he
added.

The statements came during the National Forum "Economic Growth,
Wages and Poverty" held in the Hotel Barcelo Lina, the report
relays.

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 L  S A L V A D O R
====================


GRUPO UNICOMER: S&P Assigns 'BB-' Rating to Proposed $350MM Notes
-----------------------------------------------------------------
S&P assigned its 'BB-' issue-level rating to Grupo Unicomer Co.
Ltd.'s (Unicomer; formerly Regal Forest Holding Co. Ltd.) proposed
senior unsecured notes of up to $350 million.  S&P's ratings on
Unicomer, including S&P's 'BB-' long-term corporate credit rating,
remain unchanged.

Unicomer plans to use the proceeds to refinance existing debt
mainly related to maturities due between 2017 and 2019.  S&P
expects the proposed transaction to improve Unicomer's debt
maturity profile.

The rating on the notes is at the same level as the corporate
credit rating, which reflects the fact that the proposed notes
will be fully and unconditionally guaranteed on a senior unsecured
basis by most of its subsidiaries, which account for 86% of the
company's consolidated assets and EBITDA as of Dec. 31, 2016.

The rating on Unicomer reflects its solid market position in the
countries where it operates in Latin America and the Caribbean,
its diversification in various segments, strong brand recognition
and store development with attractive locations.  However, the
offsetting factors are the company's smaller volume of sales than
those of its regional rated retail companies and its exposure to
high-risk countries.

The rating also incorporates S&P's expectations that Unicomer's
captive finance adjusted debt to EBITDA will remain below 2.0x for
the next 12 months.

RATINGS LIST

Grupo Unicomer Co. Ltd.
Corporate Credit Rating        BB-/Stable/--

Rating Assigned
Grupo Unicomer Co. Ltd.
Senior Unsecured notes         BB-


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


JAMAICA: Mixed Reactions to Budget Presentation
-----------------------------------------------
RJR News reports that there have been mixed reactions to the
Budget Presentation made by Finance Minister Audley Shaw.

It has been described as balanced but also criticized for being
similar to previous budget presentations, and repetitive,
according to RJR News.

                      Well Thought Out Budget

Financial Commentator David Wan, speaking on RJR's Beyond the
Headlines, said, based on all factors, it is a well thought out
budget, the report notes.

"Even though there is a J$13.5 billion dollar tax package, there
are two or three areas of give back particularly to the most
vulnerable  in for example, the PATH program, the property tax
reduction . . . so overall, I think it is well balanced."

Mr. Wan however raised concern about the National Housing Trust
and the primary surplus, the report notes.

"They are able to make the seven per cent primary surplus, yet
thre is still going to be an extraction from the NHT of $11.4
billion.  So in other words, that amount was not needed. The other
thing that sticks out, it seems like there is going to be some
aggressiveness and compliance on individual income tax -- there's
an almost 40 per cent increase in what they expect to get from
individuals. On income tax -- that stuck out like a sore thumb,"
the report relays.

                       Repetitive Budget

UWI Lecturer Dr. Andre Haughton, also speaking on Beyond the
Headlines, commended the Finance Minister's effort, but
highlighted areas he believes are repetitive, the report notes.

"We have seen this over and over again. Last year we saw SCT
(Special Consumption Tax) on fuel, the year before we saw seven
dollars SCT on fuel . . .  It's a repetitive package -- we can
write next year's budget from now. We are searching for a couple
hundred here, a couple million here, to fill a particular gap that
we need," he added, 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'.


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


TRINIDAD CEMENT: Will Change Name to 'Cemex' by Next Year
---------------------------------------------------------
Aleem Khan at Trinidad Express reports that Trinidad Cement Ltd
has already de-listed from Guyana's equivalent of a stock
exchange, the Eastern Caribbean Securities Exchange (ECSE), and
the Jamaica Stock Exchange (JSE). It is now de-listing from the
Barbados Stock Exchange, and analysts say its T&T base is next.

"Trinidad Cement Ltd (TCL) wishes to advise that effective as of
Monday, March 6, 2017, its ordinary shares have been de-listed
from the Barbados Stock Exchange Inc. (BSE)," the company said in
a Trinidad and Tobago Securities and Exchange Commission (TTSEC)
Form 10 Material Change Report, according to Trinidad Express.

The report notes that the plan to de-list from the BSE was made
since July 20, 2015, when TCL shareholders unanimously voted to so
do, citing high costs of being listed on these small regional
capital markets.

TCL's board of directors also passed a resolution on February 23,
2017, authorizing the company to make an application to the JSE
pursuant to Rule 411B to de-list the ordinary shares of TCL from
the Kingston-based exchange, the report relays.  The application
was made on March 2.  "The delisting of TCL from the exchange will
be effective on a date to be determined by the JSE," the JSE said
in a March 6 statement, the report discloses.

Last year, on January 18, TCL also de-listed from Guyana's
equivalent of a stock exchange, the Guyana Association of
Securities Companies and Intermediaries (GASCI), the report notes.

Later that same year, effective March 1, TCL de-listed from the
ECSE.

Majority Cemex-owned "TCL will gradually also de-list from the
Trinidad and Tobago Stock Exchange (TTSE), and change its name to
'Cemex' between 2018 and 2019," Mexico City-based financial
analyst Miguel Moreno said in a telephone interview, the report
notes.

Head of Cemex Media Relations Jorge Perez did not immediately
return phone calls or emails seeking confirmation, says the
report.

Moreno expects Cemex will begin by taking the majority of seats on
the TCL board, and between board and annual general meetings
(AGMs) vote to de-list from the TTSE and then change the name of
the three cement plants in Barbados, Jamaica and Trinidad to
'Cemex,' the report relays.

The report discloses that Mr. Perez said this is the natural
course of events in a takeover, and estimated local shareholders
will be given an option to cash out of TCL before de-listing, as
they were in Barbados, or have their shares swapped for much
smaller quantities of Cemex shares listed on the New York Stock
Exchange (NYSE).

As reported in the Troubled Company Reporter-Latin America on Feb.
6, 2017, S&P Global Ratings said that it raised its long-term
corporate credit rating on Trinidad Cement Limited Group (TCL) to
'B' from 'B-'.  S&P also raised its issue-level rating on the
company's senior secured term loan to 'B' from 'B-'.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Reduces Trade to India
----------------------------------------------
RJR News reports that Venezuela's state-run oil company, Petroleos
de Venezuela, S.A. (PDVSA), is to slash sales to its crucial trade
partner, India.

This is due to a combination of declining crude production and
heavy obligations under oil-for-loan deals with China and Russia,
according to RJR News.

This is according to internal PDVSA data and two people familiar
with the company's strategy and operations, the report notes.

Caracas needs the oil to pay debts to China and Russia, key
political allies that have together lent Venezuela at least $50
billion in exchange for promised crude and fuel deliveries, the
report relays.

PDVSA and the Venezuelan Oil Ministry did not respond to requests
for a comment.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating is negative.


=================
X X X X X X X X X
=================


LATAM: Fitch Publishes Credit Indicators Compilation
----------------------------------------------------
Fitch Ratings has just published its Latin American Credit
Indicators, a compilation of its quarterly macroeconomic data
reports for Argentina, Brazil, Chile, Colombia, Mexico and Peru.

Latin American corporates with Negative Outlooks comprised 31% of
Fitch's international rating portfolio rated 'B-' and above in
2016, compared with 4% on Positive Outlook and 66% on Stable
Outlook.

Issuers will continue to face numerous hurdles in 2017 but there
are initial signs of a slow recovery in credit profiles due to a
lower capex phase, cash flow optimization, cuts to the SELIC rate
in Brazil alleviating interest burdens for domestic borrowers and
higher than expected prices for some commodities, such as metals
and sugar. Short-term growth prospects for Argentine corporates
remain weak while Peru exhibits robust economic fundamentals for
2017.

Fitch forecasts regional GDP growth to recover to 1.6% in 2017
following two years of recession, a tepid rate when compared to
average growth of 4.1% between 2010-2013.




                            ***********


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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