TCRLA_Public/170320.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

             Monday, March 20, 2017, Vol. 18, No. 56


                            Headlines



A R G E N T I N A

PROVINCE OF SANTA FE: Fitch Rates Proposed Sr. Unsec. Bond 'B'


B A R B A D O S

BARBADOS: Now on the Same Level With Greece on Debt


B R A Z I L

BANCO ABC: Moody's Changes Outlook on Ba3 Deposit Rating to Stable
BANCO BBM: Moody's Affirms Ba1 Sr. Debt Rating, Outlook Stable
BANCO SANTANDER: Moody's Assigns Ba3 Rating to Two Debt Issuances
GRUPO SCHAHIN: Defeats Itau Challenge to Debt Plan
STATE OF PARANA: Moody's Affirms Ba3 GS Rating, Outlook Stable

STATE OF SAO PAULO: Moody's Affirms Ba2 GS Rating, Outlook Stable
VISION SECURITIZADORA: Fitch Withdraws 'BBsf(bra)' CRIS Rating


C A Y M A N  I S L A N D S

ALFA HOLDINGS: Shareholders Receive Wind-Up Report
BELLINI DESIGNS: Shareholders Receive Wind-Up Report
CS SOLUTIONS: Shareholders' Final Meeting Set for March 21
DECISION INTERNATIONAL: Shareholders Receive Wind-Up Report
DYNAMIC CORE: Members Receive Wind-Up Report

EXTEN INVESTMENT: Members Receive Wind-Up Report
FALCON RELATIVE: Shareholder Receives Wind-Up Report
HVS III: Shareholders Receive Wind-Up Report
HVS III PLUS: Shareholders Receive Wind-Up Report
KODIAK OFFSHORE: Shareholders Receive Wind-Up Report

LIBERTY HOLDINGS: Shareholders Receive Wind-Up Report
MARKETVIEW GLOBAL: Members Receive Wind-Up Report
MARKETVIEW MANAGEMENT: Members Receive Wind-Up Report
MATTERHORN GLOBAL: Members Receive Wind-Up Report
MATTERHORN GLOBAL GENERAL: Members Receive Wind-Up Report

MC 1 - SPV 1: Shareholders Receive Wind-Up Report
MODULA CAPITAL: Shareholders Receive Wind-Up Report
PARTNERS CAPITAL: Shareholder Receives Wind-Up Report
PELICANCROSS HOLDINGS: Shareholders Receive Wind-Up Report
SCUTUM HOLDINGS: Shareholder Receives Wind-Up Report

TEMPLETON LIMITED: Members Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Gasoline, Diesel Fall, Gases Unchanged


J A M A I C A

NATIONAL COMMERCIAL BANK: Suspends Charges to Dormant Accounts


M E X I C O

AXTEL SAB: Fitch Affirms BB- Long-Term IDR; Outlook Stable
HIPOTECARIA SU: Fitch Holds 'D (mex)' National Scale Rating
METROFINANCIERA SAPI: Fitch Affirms B- Long-Term IDRs
MEXICO: January Industrial Production Held Up by Manufacturing


X X X X X X X X X

LATAM: Caribbean Warned to Prepare for More Severe Storms

* BOND PRICING: For the Week From March 13 to March 17, 2017


                            - - - - -


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


PROVINCE OF SANTA FE: Fitch Rates Proposed Sr. Unsec. Bond 'B'
--------------------------------------------------------------
Fitch Ratings has assigned an expected Long-Term Foreign-Currency
Rating of 'B(EXP)' to the Province of Santa Fe, Argentina's
upcoming senior unsecured bond issuance.

KEY RATING DRIVERS
The bond is rated at the same level as the Province of Santa Fe.
Both ratings are capped by Argentina's country ceiling.

The notes will be issued in USD for an amount of up to USD250
million, to accrue a fixed interest rate to be determined at
issuance and payable on a semi-annual basis. The estimated final
maturity of the bond is six years, with two annual amortizations
starting in March 2022. The notes will be senior (direct, general,
unconditional and unsubordinated) unsecured (will not have the
benefit of any collateral) obligations of the Province of Santa
Fe.

Provincial Law No. 13,543 of 2016 authorized the issuance of debt
of up to USD500 million. The notes will be the second issuance,
since Santa Fe placed USD250 million on Oct. 25, 2016 (6.9% notes
due 2027). The proceeds will be used by the province to finance
public works projects, in areas such as roads, water and drainage,
schools, hospitals and public housing. The issuance will be
governed by the laws of the State of New York.

Among the events of default, Fitch highlights the failure to pay
debt principal for a period of 10 days and debt service for 30
days and failure to perform any payment when due having and
aggregate principal amount equal or higher the equivalent to USD15
million.

Santa Fe's Long-Term Foreign Currency Issuer Default Rating (IDR)
reflects its low leverage, despite recent issuances, when compared
to local and international peers as well as its solid and stable
revenue system. The rating also considers the province's
constrained but increasing fiscal and budgetary flexibility along
with its relatively weak liquidity position, which is mitigated by
a low refinancing risk.

RATING SENSITIVITIES

The final rating of Santa Fe's new bond is contingent upon the
receipt of final documents conforming to information already
received.

Any change in the Province of Santa Fe's IDR could have a direct
impact on the bond rating.


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


BARBADOS: Now on the Same Level With Greece on Debt
---------------------------------------------------
Caribbean360.com reports that Barbados' Prime Minister Freundel
Stuart may not think much of the pronouncements of international
ratings agencies, but the rest of the world is watching, with
respected business publication Bloomberg reporting that the
island's debt is the worst performer in emerging markets this
year.

Two weeks ago, six days after being hit with a credit ratings
downgrade by Standard & Poor's, Moody's Investor Services
downloaded the Barbados government's bond and issuer ratings to
Caa3, placing it on the same level as the highly-indebted Greece
and Ukraine, according to Caribbean360.com.

The report notes that a senior analyst at Moody's, Samar Maziad,
wrote: "We assess the likelihood of a credit event in the near-
term as very high, given the lack of fiscal adjustment and
increasingly limited financing options."

In its report, Bloomberg said Barbados is now among the
beleaguered group of countries whose dollar bonds yield more than
10 percent, Caribbean360.com relays.

It pointed to the firing of Central Bank Governor Dr. Delisle
Worrell last month, as among the factors that would have led to
some concern among investors, the report says.  The governor had
publicly warned the government that it had to stop the practice of
asking the Central Bank to print money to finance its deficit, the
report discloses.

Mr. Worrell was subsequently asked to hand in his resignation or
be fired, and he had turned to the court in attempt to block his
dismissal, the report relays.  An injunction he obtained from the
court was subsequently discharged and he was given his walking
papers on February 24, the report notes.

"The governor being fired would have rattled investors simply
because it shows some kind of instability there at a policy-making
level.  The governor had started to come out about how bad it
really is," Royal Bank of Canada economist Marla Dukharan told
Bloomberg, adding that the 2-to-1 peg with the US dollar is
starting to show cracks and an all-out balance of payments crisis
is a possibility, the report relays.

However, Finance Minister Chris Sinckler said he expects the
reserves will rebound on inflows from foreign investors. He has
also ruled out currency devaluation "next year or at any other
time in the foreseeable future," the report notes.

"That is simply not going to happen," he told a press conference
late last month, says Caribbean360.com.

An investment manager at Aberdeen Asset Management Andrew Stanners
told Bloomberg that with only about $56 million in interest
payments due, Barbados is unlikely to default on international
debt this year.  Instead, he said, the government will continue to
rely on the Central Bank to print money, adding to levels of
domestic debt, the report notes.

"The risks are mounting," Mr. Stanners said, Caribbean360.com
relays.  "They probably can muddle through to 2018," he added.

Despite the impact of the downgrades, Prime Minister Stuart has
suggested that he is not interested in any ratings from external
markers.

After the S&P downgrade, but before the Moody's development --
which brought to 19 the number of downgrades recorded since his
Democratic Labour Party came to power in 2008 -- Mr. Stuart said
Barbados no longer needed external validation from "metropolitan
capitals", the report recalls.

"We seem now to be working ourselves back into a frame of mind
where once again we want to sit exams for people outside of
Barbados and wait on them to grade us and if they tell us we have
passed we are supposed to feel good that we have passed, and when
they tell us we have failed we are supposed to hold our heads in
shame and think that we are failures," the report quoted Mr.
Stuart as saying.

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


BANCO ABC: Moody's Changes Outlook on Ba3 Deposit Rating to Stable
------------------------------------------------------------------
Moody's Investors Service has changed the outlooks to stable, from
negative, of certain ratings of 30 Brazilian banks and their
affiliates and the Brazilian stock and futures exchange
BM&FBovespa S.A.  In addition, Moody's affirmed all the affected
ratings. These actions follow the change in outlook to stable,
from negative, on Brazil's government bond rating of Ba2, on
March 15, 2017.

Specifically, Moody's revised the outlooks on the issuer and local
currency deposit and foreign currency senior unsecured debt
ratings of 16 domestically-owned banks that are constrained by
Brazil's sovereign rating, as well as those of several foreign-
owned banks and BM&F Bovespa that are above the sovereign. Moody's
also changed the outlooks on the long-term global foreign currency
deposit ratings that are capped by Brazil's Ba3 foreign currency
deposit ceiling. At the same time, Moody's affirmed the ratings
and baseline credit assessments of 19 Brazilian banks.

RATINGS RATIONALE

These rating actions were prompted by the change in outlook to
stable, from negative, on Brazil's bond rating. Sovereign credit
quality can directly affect the credit standing of other issuers
domiciled within the country, and, more generally, tends to be
associated with macroeconomic and financial market trends that
affect all domestic issuers. Banks in particular exhibit strong
credit interlinkages with their sovereign. As such, the change in
Brazil's outlook to stable, from negative, reduced the risk of
these financial institutions being downgraded in conjunction with
a sovereign downgrade.

Consequently, Moody's changed the outlooks on 18 entities' local
currency deposit ratings, 3 local currency issuer ratings, 28
foreign currency deposit ratings, and 9 foreign currency senior
unsecured debt ratings. At the same time, Moody's affirmed all
ratings whose outlooks were revised, as well as the ratings and
baseline credit assessments of 19 issuers.

The affirmations consider that the credit fundamentals of the
affected financial institutions remain sound despite the depth and
duration of Brazil's recession. The stable outlooks consider that
the underlying fundamentals of the affected issuers are stable
and/or the affected ratings continue to be constrained by Brazil's
sovereign rating or its country ceilings.

The impact of the recession on Brazil's banking system, and in
particular the banks affected by action, has been contained. The
system-wide non-performing loan ratio remains moderate at 3.7%, up
just 90 basis points from January 2015 while loan loss reserves
total 6.5% of gross loans. In addition, Brazilian banks continue
to post strong earnings notwithstanding mounting credit costs,
with return on assets averaging 1.1%, and capitalization has
remained stable. Strong liquidity and a largely domestic funding
structure reduces the vulnerability of Brazilian banks to
unexpected shocks from global markets, and will support the
gradual expansion of lending activities.

The recession finally appears to have bottomed out, laying the
foundation for a modest recovery as business and consumer
confidence improve. Nevertheless, banks will remain cautious in
2017; following a 3.5% contraction in 2016, credit markets are
expected to expand by just 2% in the year. The lagging effects of
the deep downturn over the past two years and the high level of
unemployment will continue to pressure asset quality, but any
further deterioration of the system-average problem loan ratio is
expected to be limited. At the same time, profitability is
expected to improve as declining domestic interest rates reduce
funding costs, and credit costs begin to decrease, helping to
compensate for still low business volumes.

WHAT COULD CHANGE THE RATING -- DOWN/UP

The affected ratings could face upward pressure if Brazil's
government bond rating is upgraded and its country ceilings
raised. Upward pressure could also depend upon an improvement in
the issuers' credit fundamentals or Brazil's macroeconomic
environment. On the other hand, if Brazil's government bond rating
again faces downward pressures, the affected ratings would be
negatively pressured as well.

ENTITIES AFFECTED

1. Banco ABC Brasil S.A.

2. Banco Alfa de Investimento S.A.

3. Banco BBM S.A.

4. Banco Bradesco S.A. and Banco Bradesco S.A. Cayman Branch

5. Banco BTG Pactual S.A.

6. Banco Cetelem S.A.

7. Banco Citibank S.A.

8. Banco Cooperativo Sicredi S.A.

9. Banco Daycoval S.A.

10. Banco do Brasil S.A. and Banco Do Brasil S.A. (Cayman)

11. Banco do Estado de Sergipe S.A.

12. Banco do Estado do Para S.A.

13. Banco do Estado do Rio Grande do Sul S.A.

14. Banco do Nordeste do Brasil S.A.

15. Banco Ford S.A.

16. Banco GMAC S.A.

17. Banco Industrial do Brasil S.A.

18. Banco Mizuho do Brasil S.A.

19. BANCO NAC. DE DESENV. ECONOMICO E SOCIAL -- BNDES

20. Banco Psa Finance Brasil S.A.

21. Banco RCI Brasil S.A.

22. Banco Safra S.A. and Banco Safra S.A. (Cayman Branch)

23. Banco Santander (Brasil) S.A. and Banco Santander (Brasil)
S.A. - Cayman Br

24. Banco Sofisa S.A.

25. Banco Votorantim S.A. and Banco Votorantim S.A. (Nassau
Branch)

26. BM&FBovespa S.A.

27. Caixa Economica Federal (CAIXA)

28. China Construction Bank (Brasil) S.A.

29. ING Bank N.V. - Sao Paulo

30. Itau Unibanco Holding S.A. and Itau Unibanco Holding S.A.
(Cayman Islands)

31. Itau Unibanco S.A. and Itau Unibanco S.A. (Cayman Branch)

METHODOLOGIES

The principal methodology used in rating Banco ABC Brasil S.A.;
Banco Alfa de Investimento S.A.; Banco BBM S.A.; Banco Bradesco
S.A. and Banco Bradesco S.A. Cayman Branch; Banco BTG Pactual
S.A.; Banco Cetelem S.A.; Banco Citibank S.A.; Banco Cooperativo
Sicredi S.A.; Banco Daycoval S.A.; Banco do Brasil S.A. and Banco
Do Brasil S.A. (Cayman); Banco do Estado de Sergipe S.A.; Banco do
Estado do Para S.A.; Banco do Estado do Rio Grande do Sul S.A.;
Banco do Nordeste do Brasil S.A.; Banco Ford S.A.; Banco GMAC
S.A.; Banco Industrial do Brasil S.A.; Banco Mizuho do Brasil
S.A.; Banco Nac. Desenv. Economico e Social -- BNDES; Banco Psa
Finance Brasil S.A.; Banco RCI Brasil S.A.; Banco Safra S.A. and
Banco Safra S.A. (Cayman Branch); Banco Santander (Brasil) S.A.
and Banco Santander (Brasil) S.A. - Cayman Br; Banco Sofisa S.A.;
Banco Votorantim S.A. and Banco Votorantim S.A. (Nassau Branch);
Caixa Economica Federal (CAIXA); China Construction Bank (Brasil)
S.A; ING Bank N.V. - Sao Paulo; Itau Unibanco Holding S.A. and
Itau Unibanco Holding S.A. (Cayman Islands) and Itau Unibanco S.A.
and Itau Unibanco S.A. Cayman Branch, was Banks published in
January 2016.

The principal methodology used in rating BM&FBovespa S.A. was
Securities Industry Service Providers published in February 2017.

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

A list of the Affected Ratings is available at:

                       http://bit.ly/2nzokgj


BANCO BBM: Moody's Affirms Ba1 Sr. Debt Rating, Outlook Stable
--------------------------------------------------------------
Moody's America Latina (MAL) has changed the outlooks to stable,
from negative, of the local currency debt and/or issuer ratings
assigned to Banco BBM S.A., Banco Daycoval S.A., BNDES
Participacoes S.A. - BNDESPAR, Itausa -- Investimento Itau S.A.,
and BM&FBovespa S.A. At the same time, MAL affirmed all the
affected ratings. These actions follow the announcements by
Moody's Investors Service that it had changed the outlook on
Brazil's Ba2 government bond rating to stable from negative and
that it affirmed the baseline credit assessments of several of the
affected entities on 15 March 2017 and 16 March 2017 respectively.

For additional information on bank ratings, please refer to the
webpage containing Moody's related announcements.

The following are the Brazilian entities covered in this press
release:

- Banco BBM S.A.

- Banco Daycoval S.A.

- BNDES Participacoes S.A. - BNDESPAR

- Itausa -- Investimento Itau S.A.

- BM&FBovespa S.A.

RATINGS RATIONALE

These rating actions were prompted by the change in outlook to
stable, from negative, on Brazil's bond rating. Sovereign credit
quality can directly affect the credit standing of other issuers
domiciled within the country, and, more generally, tends to be
associated with macroeconomic and financial market trends that
affect all domestic issuers. Banks in particular exhibit strong
credit interlinkages with their sovereign. As such, the change in
Brazil's outlook to stable, from negative, reduced the risk of
these financial institutions being downgraded in conjunction with
a sovereign downgrade.

Consequently, Moody's changed the outlooks to stable, from
negative, and affirmed all ratings whose outlooks were revised, as
well as the Brazilian national scale ratings.

The affirmations consider that the credit fundamentals of the
affected entities remain sound despite the depth and duration of
Brazil's recession. The stable outlooks consider that the
underlying fundamentals of the affected issuers are stable and/or
the affected ratings continue to be constrained by Brazil's
sovereign rating or its country ceilings.

The impact of the recession on Brazil's banking system, and in
particular the banks affected by action, has been contained. The
system-wide non-performing loan ratio remains moderate at 3.7%, up
just 90 basis points from January 2015 while loan loss reserves
total 6.5% of gross loans. In addition, Brazilian banks continue
to post strong earnings notwithstanding mounting credit costs,
with return on assets averaging 1.1%, and capitalization has
remained stable. Strong liquidity and a largely domestic funding
structure reduces the vulnerability of Brazilian banks to
unexpected shocks from global markets, and will support the
gradual expansion of lending activities.

The recession finally appears to have bottomed out, laying the
foundation for a modest recovery as business and consumer
confidence improve. Nevertheless, banks will remain cautious in
2017; following a 3.5% contraction in 2016, credit markets are
expected to expand by just 2% in the year. The lagging effects of
the deep downturn over the past two years and the high level of
unemployment will continue to pressure asset quality, but any
further deterioration of the system-average problem loan ratio is
expected to be limited. At the same time, profitability is
expected to improve as declining domestic interest rates reduce
funding costs, and credit costs decrease, helping to compensate
for still low business volumes.

WHAT COULD CHANGE THE RATING -- DOWN/UP

The affected ratings could face upward pressure if Brazil's
government bond rating is upgraded and its country ceilings
raised. Upward pressure could also depend upon an improvement in
the issuers' credit fundamentals or Brazil's macroeconomic
environment. On the other hand, if Brazil's government bond rating
again faces downward pressures, the affected ratings would be
negatively pressured as well.

The following ratings assigned to Banco BBM S.A. were affirmed:

-- Long-term global local-currency senior unsecured debt rating
    of to Ba1; outlook changed to stable, from negative

-- Long-term Brazilian national scale senior unsecured debt
    rating of Aaa.br

The following ratings assigned to Banco Daycoval S.A. were
affirmed:

-- Long-term global local-currency senior unsecured debt
    rating of Ba2; outlook changed to stable, from negative

-- Long-term global local-currency senior unsecured MTN rating
    of (P)Ba2

-- Long-term Brazilian national scale senior unsecured debt
    rating of Aa2.br

-- Long-term Brazilian national scale senior unsecured MTN
    rating of Aa2.br

The following ratings assigned to BM&FBovespa S.A. were affirmed:

-- Long term global local currency senior unsecured debt rating
    of Ba1; outlook changed to stable, from negative

-- Long term Brazilian national scale debt rating of Aaa.br

The following ratings assigned to BNDES Participacoes S.A. -
BNDESPAR were affirmed:

-- Long-term global local-currency issuer rating of Ba2; outlook
    changed to stable, from negative

-- Long-term global local-currency senior unsecured debt rating
    of Ba2; outlook changed to stable, from negative

-- Long-term Brazilian national scale issuer rating of Aa1.br

-- Long-term Brazilian national scale senior unsecured debt
    rating of Aa1.br

The following ratings assigned to Itausa -- Investimento Itau S.A.
were affirmed:

-- Long-term global local-currency issuer rating of Ba3; outlook
    changed to stable, from negative

-- Long-term Brazilian national scale issuer rating of A1.br

The ratings of CCB Brasil Arrendamento Mercantil S.A. were not
affected by this rating action.

METHODOLOGIES USED

The principal methodology used in rating Banco BBM S.A., Banco
Daycoval S.A., BNDES Participacoes S.A. - BNDESPAR and Itausa --
Investimento Itau S.A., was Banks published in January 2016.

The principal methodology used in rating BM&FBovespa S.A. was
Securities Industry Service Providers, published in February 2017.

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


BANCO SANTANDER: Moody's Assigns Ba3 Rating to Two Debt Issuances
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
has assigned a Ba3 global local currency senior debt rating and a
Aaa.ar national scale debt rating to Banco Santander Rio S.A.'s
Class 18 expected issuance of up to ARS 1,500 million, which will
be due in 18 months, and Class 19 expected issuance up to ARS
1,500 million, which will be due in 36 months. The two issuances
will not exceed a total of ARS 1,500 million.

The outlook for all ratings is stable.

The following ratings were assigned to Banco Santander Rio S.A.'s
expected issuances:

Class 18 up to ARS 1,500 million:

Ba3 Global Local Currency Debt Rating

Aaa.ar Argentina National Scale Local Currency Debt Rating

Class 19 up to ARS 1,500 million:

Ba3 Global Local Currency Debt Rating

Aaa.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

Santander Rio's global scale ratings are constrained by
Argentina's operating environment, which remains challenging
despite various market-friendly policy reforms implemented by the
new administration that are expected to result in a return to
economic growth and a continued decline in inflation this year.
The environmental challenges outweigh Santander Rio's sound
financial fundamentals.

The Ba3 global local currency debt rating of Santander R°o also
incorporates the very high probability that the bank will receive
financial support from its shareholder Banco Santander S.A.
(Spain), rated baa1, in an event of stress. Notwithstanding the
bank's speculative grade global scale rating, Santander Rio is one
of the strongest credits in Argentina thanks to this expectation
of support from its foreign parent, as reflected by its Aaa.ar
national scale rating. In addition, the rating considers Santander
Rio's growing range of products and customer base, which drives
sound earnings generation capacity. The bank's diversified loan
portfolio in the corporate and consumer lending segments,
including a significant component of payroll lending, supports
good asset quality. Payroll accounts also provide a base of
inexpensive core deposit funding.

Santander R°o planned acquisition of the retail business of
Citibank in Argentina will be positive for the bank's business
strategy and revenues. Though these benefits will be partially
offset by negative impacts on capitalization and liquidity, both
should nevertheless remain adequate. Once the agreement is
approved by local regulators, which is anticipated in the first
quarter of 2017, Santander Rio will be incorporating Citi's
500,000 retail clients and 70 offices to its network,
strengthening its position as the largest private bank in
Argentina. The acquisition will increase Santander Rio's
profitability by giving it access to Citibank's high income retail
client base. In addition to opportunities to cross sell to Citi's
clients, including cash and wealth management services, Santander
also expects to be able to realize meaningful operating synergies,
which should allow it to achieve significant cost savings on the
acquired operations.

What could move the rating up or down

An upgrade of the Argentine sovereign and a corresponding increase
in Argentina's debt and deposit ceilings would put upward pressure
on the bank's ratings, provided the bank continue to demonstrate
sound operating performance and any deterioration in the banks'
financial fundamentals is limited. Conversely, a downgrade of the
Argentine sovereign could put downward pressure on the bank's
ratings, but this is unlikely at this time given Argentina's
positive outlook.

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

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


GRUPO SCHAHIN: Defeats Itau Challenge to Debt Plan
--------------------------------------------------
Ana Mano at Reuters reports that Grupo Schahin in a statement said
it can execute a reorganization plan after an appeals court
favored the ailing Brazilian engineering and rig-leasing
conglomerate over disgruntled creditors, according to a statement.

The reorganization, confirmed by a bankruptcy court a year ago,
was challenged by a 13-bank consortium led by Itau Unibanco SA,
the statement said, according to Reuters.

The report notes that Grupo Schahin's reorganization foresees
repayment of BRL6.5 billion ($2 billion) of defaulted debt over a
15-year period, without any deductions, the company said.

After the Sao Paulo appeals court ruling, the repayment will be
executed as planned, according to the statement, the report
relays.

Separately, the company said it had won a ruling in court to
maintain the contract of its Vitoria 10.000 drill ship with state
oil firm Petroleo Brasileiro SA, the report notes.

Petrobras, as the company is known, had sought to stop renting the
drillship, which is Schahin's last in operation and whose rental
proceeds are included as collateral in the reorganization plan,
the report discloses.

The report relays that Mr. Schahin said in statement the contract
with Petrobras will guarantee that Schahin can meet the terms of
its plan, the statement said.


STATE OF PARANA: Moody's Affirms Ba3 GS Rating, Outlook Stable
--------------------------------------------------------------
Moody's America Latina has revised the rating outlook of the
Brazilian states of Parana (Ba3/A1.br), Bahia (Ba3/A2.br),
Maranhao (Ba3/A3.br), and of the Municipality of Rio de Janeiro
(Ba2/Aa1.br) to stable from negative. All ratings have been
affirmed. The ratings impacted are:

State of Parana. Ratings affirmed at Ba3 (Global Scale, Local and
Foreign Currency) and at A1.br (National Scale, Local and Foreign
Currency), outlook changed to stable from negative

State of Bahia. Ratings affirmed at Ba3 (Global Scale, Local
Currency), and at A2.br (National Scale, Local Currency), outlook
changed to stable from negative

State of Maranhao. Rating saffirmed at Ba3 (Global Scale, Local
and Foreign Currency) and at A3.br (National Scale, Local
Currency), outlook changed to stable from negative

Municipality of Rio de Janeiro. Ratings affirmed at Ba2 (Global
Scale), and at Aa1.br (National Scale, Local Currency), outlook
changed to stable from negative

The action follows Moody's March 15, 2017 rating action in which
the outlook for Brazil's government bond rating was revised to
stable from negative.

RATINGS RATIONALE

The ratings affirmation coupled with the outlook change to stable
from negative on the above ratings follows a similar rating action
on Brazil's sovereign bonds ratings and reflects the very close
economic and financial linkages that exist between Brazil's
government and Brazilian sub-sovereigns governments.

The rating action also reflects Moody's expectation that Brazilian
states and municipalities will continue to focus on controlling
spending and adapting their cost structure such as to allow a
progressive stabilization of their fiscal balance, even in the
absence of visible tax revenue week growth resulting from an
incipient recovery in Brazil's economic growth expected in 2017.

In Moody's view, the sustained improvement in the functioning of
the country's legislative and executive institutions witnessed at
the federal level will support achievement of structural reforms
at the subnational level, that are needed for the rebalancing of
their fiscal position. The agency notes in that regards that a
successful execution of a pension reform driven at the federal
level would support the implementation of similar reform at the
level of states and municipalities as well, helping them to
rebalance their fiscal position quicker.

Moody's also notes that the assigned ratings are supported by a
strong institutional framework and the close oversight of Brazil's
federal government on states and municipalities in the country.
The agency continues to view Brazil's institutional framework as a
credit positive for states and municipalities relative to
international peers.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of Brazil's sovereign bond rating could exert upward
pressure on the assigned ratings. A sustained improvement in key
financial metrics could lead to an upgrade of these issuers.
Conversely, a downgrade of the sovereign bond rating, and/or a
deterioration in the key financial metrics of each of these states
and municipality could exert downward pressure on the assigned
ratings.


STATE OF SAO PAULO: Moody's Affirms Ba2 GS Rating, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has revised the rating outlook of the
Brazilian state of Sao Paulo and the Municipality of Belo
Horizonte to stable from negative. At the same time the agency
maintained the rating outlook of the state of Minas Gerais at
negative. All ratings have been affirmed. The ratings impacted
are:

State of Sao Paulo. Rating affirmed at Ba2 (Global Scale, Local
and Foreign Currency), outlook changed to stable from negative

Municipality of Belo Horizonte. Rating affirmed at Ba3 (Global
Scale, Local and Foreign Currency), outlook changed to stable from
negative

State of Minas Gerais. Rating affirmed at B1 (Global Scale, Local
and Foreign Currency) with a negative outlook

The action follows Moody's March 15, 2017 rating action in which
the outlook for Brazil's government bond rating was revised to
stable from negative.

RATINGS RATIONALE

The ratings affirmation coupled with the outlook change to stable
from negative on the above ratings follows a similar rating action
on Brazil's sovereign bonds ratings and reflects the very close
economic and financial linkages that exist between Brazil's
government and Brazilian sub-sovereigns governments.

The rating action also reflects Moody's expectation that Brazilian
states and municipalities will continue to focus on controlling
spending and adapting their cost structure such as to allow a
progressive stabilization of their fiscal balance, even in the
absence of visible tax revenue growth resulting from an incipient
recovery in Brazil's economic growth expected in 2017.

In Moody's view, the sustained improvement in the functioning of
the country's legislative and executive institutions witnessed at
the federal level will support achievement of structural reforms
at the subnational level, that are needed for the rebalancing of
their fiscal position. The agency notes in that regards that a
successful execution of a pension reform driven at the federal
level would support the implementation of similar reform at the
level of states and municipalities as well, helping them to
rebalance their fiscal position quicker.

Moody's also notes that the assigned ratings are supported by a
strong institutional framework and the close oversight of Brazil's
federal government on states and municipalities in the country.
The agency continues to view Brazil's institutional framework as a
credit positive for states and municipalities relative to
international peers.

The negative outlook on the rating of Minas Gerais reflects the
agency's expectation that the path towards rebalancing the state's
fiscal position will remain challenging given its high debt levels
and pension burden relative to peers. The negative outlook also
reflects the risk that a further deterioration in Minas Gerais
liquidity could lead to missed payments on the state's debt and
other financial obligations in the next 12 to 18 months.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of Brazil's sovereign bond rating could exert upward
pressure on the assigned ratings. A sustained improvement in key
financial metrics could lead to an upgrade of these issuers.
Conversely, a downgrade of the sovereign bond rating, and/or a
deterioration in the key financial metrics of each of these states
and municipality could exert downward pressure on the assigned
ratings.

Given its negative outlook, a rating upgrade for the state of
Minas Gerais is unlikely in the near term. A rating downgrade
could result from a further deterioration of the state's liquidity
profile, evidenced by challenges in making timely payments on its
financial obligations.


VISION SECURITIZADORA: Fitch Withdraws 'BBsf(bra)' CRIS Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn the National Long-Term Rating 'BBsf
(bra)' from the first series of Vision Securitizadora SA's first
issue of Real Estate Receivables Certificates (CRIs). Rating had
Negative Perspective.

MAIN FUNDAMENTALS OF RATING

Fitch has withdrawn the rating of this issue for commercial
reasons. At the time of the withdrawal, Fitch did not have enough
information to review the rating. Therefore, the agency will no
longer provide analytical coverage or ratings to this structured
transaction.

RATING

SENSITIVITY Not applicable due to the withdrawal of the rating.


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


ALFA HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Alfa Holdings Limited received on Feb. 20,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Roy Alan Angliss
          HSM Chambers
          68 Fort Street
          PO Box 31726 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 815 7427


BELLINI DESIGNS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Bellini Designs Ltd. received on Feb. 14,
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


CS SOLUTIONS: Shareholders' Final Meeting Set for March 21
----------------------------------------------------------
The shareholders of CS Solutions Holdings Limited will hold their
final meeting on March 21, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Michelle Bryan
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


DECISION INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Decision International Fund Limited received
on Feb. 23, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Robert F. Logan
          28570 Calabria Court #101
          Naples
          Florida 34110
          Telephone: (239) 908-0911


DYNAMIC CORE: Members Receive Wind-Up Report
--------------------------------------------
The members of Dynamic Core Capital received on Feb. 22, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bell Rock Corporate Services Limited
          10 Market Street, 758 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


EXTEN INVESTMENT: Members Receive Wind-Up Report
------------------------------------------------
The members of Exten Investment Fund received on Feb. 22, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bell Rock Corporate Services Limited
          10 Market Street, 758 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


FALCON RELATIVE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Falcon Relative Value Fund 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:

          Gulf International Bank (UK) Limited
          c/o Ridhiima Kapoor
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


HVS III: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of HVS III (ECI), Ltd. 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


HVS III PLUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of HVS III (ECI) Plus, Ltd. 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


KODIAK OFFSHORE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Kodiak Offshore Manager, Ltd. received on
Feb. 23, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LIBERTY HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Liberty Holdings Limited received on Jan. 30,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Dr. Rolf Schmid
          c/o Dorothee Langemann
          Limmatquai 94,
          Zurich, Switzerland CH-8021
          Telephone: 41 44 711 71 71
          Facsimile: 41 44 711 71 11


MARKETVIEW GLOBAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Marketview Global Fund received on Feb. 22, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bell Rock Corporate Services Limited
          10 Market Street, 758 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


MARKETVIEW MANAGEMENT: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Marketview Management received on Feb. 22, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bell Rock Corporate Services Limited
          10 Market Street, 758 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


MATTERHORN GLOBAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of The Matterhorn Global Emerging Markets Fund
received on March 2, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MATTERHORN GLOBAL GENERAL: Members Receive Wind-Up Report
---------------------------------------------------------
The members of Matterhorn Global Emerging Markets General Partner
Limited received on March 2, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MC 1 - SPV 1: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of MC 1 - SPV 1 received on Feb. 28, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Landmark Square, 2nd Floor 64 Earth Close
          Seven Mile Beach
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


MODULA CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Modula Capital One (MC-1) received on Feb. 28,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Landmark Square, 2nd Floor 64 Earth Close
          Seven Mile Beach
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


PARTNERS CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Partners Capital Peregrine Fund 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:

          Tobias Seth
          c/o Richard Bennett
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


PELICANCROSS HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Pelicancross Holdings Limited received on
Jan. 30, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Dr. Rolf Schmid
          c/o Dorothee Langemann
          Limmatquai 94,
          Zurich, Switzerland CH-8021
          Telephone: 41 44 711 71 71
          Facsimile: 41 44 711 71 11


SCUTUM HOLDINGS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Scutum Holdings Limited received on March 2,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


TEMPLETON LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Templeton 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:

          Christopher D. Johnson
          c/o Tanya Armstrong
          P.O. Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


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


* DOMINICAN REPUBLIC: Gasoline, Diesel Fall, Gases Unchanged
------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry
posted the fuel prices for the week from March 18 to 24, 2017,
when premium gasoline will cost RD$210.80, or RD$2.00 less, and
regular will cost RD$195.70, or RD$1.50 less per gallon.

Regular diesel will cost RD$148.00, or RD$5.00 less, optimum
diesel will cost RD$155.60, or RD$9.00 less; avtur will cost
RD$111.90, and kerosene will cost RD$137, both RD$4.00 lower,
while fuel oil will cost RD$92.30, or RD$5.00 less per gallon,
according to Dominican Today.

Propane gas will cost RD$100.50 per gallon, and natural gas will
cost RD$25.26 per cubic meter, both unchanged, the report notes.

The Dominican Republic Central Bank's posted average exchange rate
of RD$47.31 per dollar was used to calculate all fuel prices, 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'.


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


NATIONAL COMMERCIAL BANK: Suspends Charges to Dormant Accounts
--------------------------------------------------------------
RJR News reports that National Commercial Bank (NCB) disclosed
that effective immediately it will suspend charges applied to
dormant accounts.

In a notice to staff, it said the charges have been suspended
indefinitely, according to RJR News.

NCB added that it will review its current processes and determine
how it can best address the costs associated with maintaining and
monitoring dormant accounts, the report notes.

A charge of J$450 plus General Consumption Tax (GCT) was
previously applied to business and personal accounts classified as
dormant, the report relays.

The report discloses that accounts are classified as dormant if
there is no customer activity for two years for saving accounts
and one year for current accounts.

Under the Banking Services Act, deposit taking institutions are
required to report to the Bank of Jamaica deposits treated as
unclaimed, due to the absence of a transaction or request for a
statement, for seven years, the report relays.

After a further 8 years, the Act provides for the Minister of
Finance to publish information on the unclaimed funds, to begin a
procedure under which the amounts are paid over to the Government,
the report says.

Meanwhile, Fitz Jackson, Member of Parliament for St. Catherine
Southern, who has been leading the fight against bank fees,
welcomed the move by NCB to suspend charges on dormant accounts,
but, he is still not satisfied -- stating that if the bank is
sincere they will return the funds to the customers, the report
notes.  He told RJR News that he has taken preparatory steps to
start legal proceedings in relation to the matter.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2017, Fitch Ratings has affirmed National Commercial Bank
Jamaica Limited's ratings as follows:

-- Long-term foreign and local currency IDRs at 'B';
    Outlook Stable;
-- Short-term foreign and local currency IDRs at 'B';
-- Viability Rating at 'b';
-- Support Rating at '4';
-- Support Rating Floor at 'B'.


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


AXTEL SAB: Fitch Affirms BB- Long-Term IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Axtel S.A.B. de C.V.'s Long-Term Local-
and Foreign-Currency Issuer Default Ratings (IDRs) at 'BB-'. Fitch
also affirmed the company's National long-term rating at 'A-
(mex)'. The Outlook on the IDR and National long-term rating
remains Stable.

Axtel's ratings reflect the company's improved operational scale
and market position in the enterprise business segment following
the merger with Alestra in 2016. The company benefits from
enhanced financial flexibility as a subsidiary of Alfa S.A.B. de
C.V. (Alfa, 'BBB-'/Stable), which is one of the largest business
groups in Mexico, with leading market positions across various
industries. The ratings are tempered by Axtel's weak financial
profile for the rating category, small market positions in Mexico
and volatile demand outlook from its government clients, as well
as negative FX exposure.

KEY RATING DRIVERS

Enterprise-driven Growth:
Fitch forecasts Axtel to undergo modest low single-digit revenue
growth in 2017 and 2018, driven mainly by continued solid growth
in the enterprise segment, which represented 65% of its total
sales on a pro forma basis in 2016. Fitch believes that the demand
outlook for network connectivity and IT solutions for enterprise
clients should remain relatively stable in Mexico, in line with
the regional trend. Also, the recurring revenue proportion based
on multi-year contracts represented 95% of the company's total
enterprise revenues in 2016, which should remain relatively stable
given the switching cost of service providers.

Negatively, Fitch expects revenue contraction in the residential
and government segments to continue in 2017. For the residential
services, Fitch expects continued subscriber loss for the wireless
service until the service discontinuation in 2018, which will
dilute the steady growth in its fiber-to-the-home (FTTH)
subscribers. The mass market segment revenue is forecast to resume
growth from 2019, as FTTH revenues continue solid double-digit
growth annually backed by steady expansion in the subscriber base.
Demand from government agencies could continue to be volatile
given austerity measures amid difficult macro conditions. Any
material improvement in contract volumes from the public sector
would be challenging, as the discretionary budgets for IT and
telecom investments will likely remain constrained.

Positive Merger Impact:
The impact of Axtel's merger with Alestra has been positive in
terms of a strategic fit of Alestra's operations, increased market
presence, as well as opex and capex savings. Axtel disclosed that
the merger synergy during 2016 was about MXN500 million, with
additional MXN500 million headroom to be achieved in 2017 for a
total run-rate of MXN1 billion. Synergy benefits have and will
continue to come from network-related opex efficiencies and lower
corporate expenses, following the integration of operations. In
addition, Fitch believes that being a part of a reputable group in
Alfa helps Axtel gain better access to banks/capital markets,
leading to stronger financial flexibility.

Negative FCF to Continue:
Fitch forecasts that Axtel's negative FCF generation will remain
uncurbed at least for the short term. Fitch projects the company's
capital intensity, measured by capex/sales, to remain consistently
well above 20% in 2017 and 2018 at around MXN3.4-MXN3.5 billion,
which will largely consume the projected CFFO during the period.
Annual cash interest payments in 2017 and 2018 should fall by over
50% from the 2016 level of MXN2.4 billion, which was high due to
expenses related to the prepayment of Axtel's previous bonds.
Fitch does not expect any dividend payments in the short- to
medium-term.

High Leverage:
Axtel's current leverage is weak for the rating level, and its
failure to show any signs of leverage improvement in the coming
quarters will immediately pressure the ratings. The company's net
leverage increased to 4.4x at end-2016 on a pro forma basis,
compared to Axtel's pre-merger leverage of 3.8x at end-2015, due
mainly to MXN depreciation against the USD, integration costs, as
well as continued revenue contraction in its government business.
Axtel is negatively exposed to MXN depreciation as about 70% of
its total debt is denominated in USD against its MXN-based EBITDA
generation.

Fitch forecasts a modest leverage reduction over the medium term
towards 4.0x as the company's EBITDA gradually improves.
Deleveraging could be accelerated should the company successfully
divest its 143 mobile towers in 2017, as recently disclosed. While
any details on the potential asset disposal is yet to be
available, Fitch forecasts the company to potentially garner about
USD50 million from the transaction, which should lead to 0.2x net
leverage improvement based on Fitch's 2017 EBITDA projection.

DERIVATION SUMMARY

Axtel's 'BB-' ratings reflect the company's relatively weak
financial profile, mainly its high leverage compared to other 'BB'
category telecom operators in the region. The company's weak
market position and small scale of operations are also negative
considerations versus its peers in the rating category; this is
somewhat offset by its business concentration in the enterprise
segment which faces less competition than the residential segment.
Parent/subsidiary linkage exists between Axtel and Alfa, given the
latter's 51% ownership in the company. However, the ratings are
based on Axtel's stand-alone credit profile given weak legal and
strategic linkages. No country ceiling constraint and operating
environment influence were in effect for the ratings.

KEY ASSUMPTIONS

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

- Low- to single-digit revenue growth on a pro forma basis in the
   short- to medium-term, mainly led by enterprise segment;
- WiMax service to be discontinued from mid-2018;
- Modest EBITDA margin improvement to 33% in 2017;
- Capex to represent 22%-23% of sales over the medium term;
- Adjusted net leverage to gradually fall toward 4.0x over the
   medium term.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Strong revenue growth backed by continued solid growth in the
    enterprise and the FTTH business, with stable demand from the
    government segment
-- Positive FCF generation to strengthen its cash position
-- Improved adjusted net leverage to comfortably below 3.5x on a
    sustained basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- Unfavorable economic conditions negatively affecting
    IT/telecom budgets of the corporate and public segments
-- Uncurbed negative FCF generation
-- Further depreciation of MXN against the USD
-- Failure to improve adjusted net leverage toward 4.0x on a
    sustained basis, from the current level of 4.4x.

LIQUIDITY

Adequate Liquidity: Axtel's liquidity profile is adequate. The
company's cash balance was MXN1,447 million at end-2016, which
comfortably covered its short-term debt of MXN895 million. The
company will not face sizable bullet maturities until 2019, when
MXN10.3 billion of bank loans become due. Axtel expects to boost
its liquidity position with the planned tower sales. While the
company does not have any committed credit facilities, Fitch
believes that Axtel can retain solid financial flexibility in
terms of access to domestic financial institutions in Mexico, as a
part of Alfa group.

FULL LIST OF RATING ACTIONS

Axtel S.A.B. de C.V.

--  Long-Term Local Currency and Foreign Currency IDR affirmed at
    'BB-'/Outlook Stable;
--  National long-term rating affirmed at 'A-(mex)'/Outlook
     Stable.


HIPOTECARIA SU: Fitch Holds 'D (mex)' National Scale Rating
-----------------------------------------------------------
Fitch Ratings maintains in 'D (mex)' the long-term and short-term
counterparty risk ratings of Hipotecaria Su Casita, SA de CV,
Sofom ENR. It also maintains the long-term national rating of the
issue of stock certificates (CBs) CASITA 11.

KEY FACTORS OF THE QUALIFICATIONS

Su Casita's ratings consider the default in the payment of
interest on the issue of CBs CASITA 11 registered since September
25, 2012. The entity continues in commercial bankruptcy
proceedings since January 2013. Fitch has stated since March 13,
2012 that default in the payment of its obligations was considered
as imminent in view of the weak and deteriorating financial
situation of the entity.

SENSITIVITY OF THE QUALIFICATIONS

In Fitch's opinion, changes in Su Casita's ratings would be
unlikely due to the conditions in which it is located. Upon
completion of the commercial tender, Fitch would withdraw the
issuer's counterparty risk ratings. The qualification of CASITA 11
could also retire before the same scenario. However, this latter
rating would be reviewed in the event that sufficient measures are
taken to favor the payment of its obligations based on the assets
that form part of the trust that serves as collateral to this
issuance.

Fitch performed the following rating actions on the ratings:

Hipotecaria Su Casita:
- Long-term national scale rating remains at 'D (mex)';
- Short-term national scale rating remains at 'D (mex)';
- National scale rating of the CASITA 11 issue is maintained in
   'D (mex)'.


METROFINANCIERA SAPI: Fitch Affirms B- Long-Term IDRs
-----------------------------------------------------
Fitch Ratings has affirmed Metrofinanciera S.A.P.I. de C.V. Sofom,
E.R.'s Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'B-' and its Short-Term IDRs at 'B'. Fitch has also
affirmed Metrofinanciera's long- and short-term National scale
ratings at 'B-(mex)' and 'B(mex)', respectively. The Outlook on
the long-term ratings was revised to Negative from Stable.

The revision of the Outlook to Negative is driven by
Metrofinanciera's deterioration in earnings generation capacity,
as it posted greater losses in 2016 than in 2015, contrary to
Fitch's and management's expectations. The Negative Outlook also
reflects the pressure on liquidity the company will face in 2019,
if it is not able to successfully implement strategies that
mitigate the contingency.

KEY RATING DRIVERS

IDRS AND NATIONAL RATINGS

Metrofinanciera's ratings reflect its still weak asset quality
metrics, the continued pressure on its loss-absorption capacity as
a result of recurring net losses, and the concentration of its
funding base. Ratings also consider its moderate and gradually
recovering franchise in the construction loans segment in Mexico.
It is one of the few non-bank mortgage lenders still functioning
in Mexico after the crisis, although the number of new
participants in the segment is growing progressively.

During 2016, the loan portfolio mix shifted toward construction
loans after it wrote-off a relevant amount of impaired legacy
mortgage loans and construction loan originations exhibited
double-digit growth. As of year-end 2016, 63.8% of its portfolio
was composed of construction loans, up from 46.1% in 2015.

Despite showing moderate improvements during 2016, asset quality
continues to be Metrofinanciera's main weakness and challenge. As
of December 2016, its impaired loan ratio decreased to 10.8% from
26% in 2015, mainly due to individual loan write-offs. The
impaired loan ratio adjusted for gross charge-offs, foreclosed
real estate and other unproductive assets stood at 26%, down from
35.1% in 2015. Restructured construction loans represented 8.6% of
the total construction loan portfolio, though most of these were
on performing status (88%). Regarding its individual loan
portfolio, 46% of it was restructured and 54.1% of it was still in
delinquent status.

Reserve coverage decreased during 2016, to 40% compared to 67.1%
in 2015, as a result of the charge-offs of individual loans
performed during the year that amounted to MXN1,010 million.
Reserves are in line with regulatory requirements for banks and
industry practice; however, in Fitch's opinion they are
insufficient. Concentrations per borrower continue to be high and
put pressure on the asset quality of its construction loan
portfolio. The company's top 20 clients represented almost 2x its
equity as of the end of 2016.

Metrofinanciera's performance has been negative since the 2008
crisis. During 2016, higher than forecasted reserve requirements,
higher than expected increases in Mexico's reference valuation
curves, and the payment of co-financed mortgages to Infonavit
drove the larger than expected negative results. There were other
unforeseen events that benefitted profitability, but they were not
sufficient to offset the negative drivers of performance. The
company expects to break-even in 2019 and forecasts losses of
approximately MXN98 million for 2017.

Metrofinanciera's loss absorption capacity continues to be
pressured by the negative results registered over the past years
and by the high level of unproductive assets on its balance sheet.
The company's debt/tangible common equity ratio increased to 6.7x
as of YE16 from 5.5x as of YE15. Increased leverage is a result of
balance sheet growth and losses put pressure on capital. Its Fitch
Core Capital (FCC) and regulatory capital ratios were 11.7% and
14.2% as of YE16, respectively, compared with 13.4% and 16.5% as
of YE15

Since the 2014 restructuring, all of Metrofinanciera's funding is
provided by SHF and Fovi (a trust administered by SHF). This
limits the funding flexibility, as the company has faced
difficulties in finding alternative funding sources.

Metrofinanciera's net cash flow was positive in 2016; in addition,
the maturity profile of its liabilities is comfortable for the
next two years. However, one of the credit lines granted by SHF
has a pass-through payment scheme up until January 2019, when
fixed payments must be made for the remaining term (approximately
five years). Additionally, the company has an obligation with SHF
that amounts to approximately MXN210 million due in November 2019.
The company is currently working on the development of strategies
to mitigate these contingencies. The rest of Metrofinanciera's
interest-bearing liabilities also have a pass-through structure.

RATING SENSITIVITIES

IDRS AND NATIONAL RATINGS

Ratings could be downgraded if Metrofinanciera's earnings
generation capacity continues to be pressured within the next 12
to 24 months. Relevant pressure in liquidity that may occur if the
company is not able to successfully implement strategies to
mitigate the pressure stemming from maturity mismatches in 2019 or
an FCC ratio consistently below 10% could also negatively affect
ratings.

The Outlook could be revised to Stable if Metrofinanciera is able
to materially reverse the negative trend in its financial
performance while continuing to grow its construction loan
portfolio, with continued improvements in asset quality ratios and
an improvement in its debt maturity schedule for 2019 and beyond.

Fitch affirmed the following ratings:

Metrofinanciera S.A.P.I. de C.V. Sofom, E.R.
-- Long-Term Foreign Currency IDR at 'B-';
-- Short-Term Foreign Currency IDR at 'B';
-- Long-Term Local Currency IDR at 'B-';
-- Short-Term Local Currency IDR at 'B';
-- National long-term rating at 'B-(mex)';
-- National short-term rating at'B(mex)'.

The Rating Outlook is Negative.


MEXICO: January Industrial Production Held Up by Manufacturing
--------------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
industrial production was little changed in January from a year
before as higher factory output was offset by continued declines
in oil and gas production, the National Statistics Institute said.

Industrial production slipped 0.1% from January 2016, slightly
less than the expected 0.2% fall, and was up 0.1% seasonally
adjusted from December, according to The Wall Street Journal.

The report notes that overall production continued to be hurt by
lower oil and gas output, which fell 11.9% from a year before.

State oil company Petroleos Mexicanos produced 2.02 million
barrels a day of crude oil in January, down from 2.26 million in
the year-earlier month, while Pemex's natural gas output fell
13.6% to 5.326 billion cubic feet a day, the report relays.

Manufacturing output rose 4.3% from January of 2016, helped by a
pickup in export demand, even as doubts about trade and investment
relations with the U.S. weigh on business and consumer confidence,
the report discloses.  Manufacturing was up 0.5% from December.

"The favorable external conditions that manufacturers are enjoying
today stands in sharp contrast to depressed sentiment indicators,
the latter hurt by uncertainty regarding the future shape of the
U.S.-Mexico bilateral relationship," Morgan Stanley said in a
report, notes WSJ.

A renegotiation of the North American Free Trade Agreement is
expected to start in the summer, and it still isn't clear what the
talks will entail, the report relays.  Mexico could be among the
hardest hit by a possible U.S. border-adjusted tax, since it sends
80% of its exports to the U.S., and manufactured goods make up
nine-tenths of its exports, the report notes.

"We believe that manufacturing exports will continue recovering
during the first half of the year, as trade flows continue without
disruption," Mr. Barclays said in its weekly outlook, the report
discloses.

WSJ relays that Mr. Barclays was guardedly optimistic about the
outcome of Nafta negotiations between Mexico, the U.S. and Canada.

So far, comments by both Mexican and U.S. officials about adding
chapters to Nafta to include e-commerce, telecommunications and
energy, and willingness to discuss rules of origin "definitely
reduces the risks of trade disruptions between the three
economies, and there is room for win-win scenarios," the bank
said, the report notes.

On the domestic front, government budget restrictions are
affecting construction, which fell 1% in January from a year
earlier and was flat compared with December, the report discloses.
Utilities output rose 1% from January 2016, but was down 2%
seasonally adjusted from December, the report adds.


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


LATAM: Caribbean Warned to Prepare for More Severe Storms
---------------------------------------------------------
Caribbean360.com reports that organization of Eastern Caribbean
(OECS) member states have been urged to prepare for more extreme
weather conditions and natural disasters as a result of climate
change.

The warning came from Crispin d'Auvergne, St. Lucia's chief
sustainable development officer as he contributed to a panel
discussion at an OECS climate change forum in Dominica, part of
the Vini Kozä (Let's Chat) Series that engages citizens in
discussion and debate on development opportunities and challenges
facing the region, according to Caribbean360.com.

According to d'Auvergne, a 2008 environmental study showed that
while St Lucia sees an average of one to two Category 4 or
Category 5 hurricanes per year, it is likely to increase to four
or five hurricanes of that magnitude each year, the report notes.

Citing another study, he said rainfall in the Caribbean is
expected to increase by 25 to 50 percent in the next five decades,
the report relays.  These extreme weather patterns will become
"the new normal", he said, adding that because the frequency and
intensity of extreme weather conditions is likely to increase, the
Caribbean should plan accordingly, preparing for more severe
natural disasters like droughts, hurricanes and floods, the report
relays.

After Dominica was devastated by Tropical Storm Erica in August
2015, the Minister for Health and Environment, Dr. Kenneth
Darroux, said Dominica had never seen a disaster of such
proportions in terms of damage to infrastructure and the loss of
life, the report discloses.  Infrastructural damage was estimated
at $1.4 billion, the report relays.

Minister Darroux said the storm caused the government to revisit
its land use, policies, and regulations, the report adds.


* BOND PRICING: For the Week From March 13 to March 17, 2017
------------------------------------------------------------


Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
CSN Islands XII Corp      7        68                  BR    USD
CSN Islands XII Corp      7        67.75               BR    USD
Decimo Primer Fideicomi   4.54     52.63  10/25/2041   PA    USD
Decimo Primer Fideicomi   6        63.5   10/25/2041   PA    USD
Dolomite Capital Ltd     13.26     67.2   12/20/2019   CN    ZAR
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
ESFG International Ltd    5.75      0.66               KY    EUR
General Shopping Financ  10        72.5                KY    USD
General Shopping Financ  10        71.7                KY    USD
Global A&T Electronics   10        74      2/1/2019    SG    USD
Global A&T Electronics   10        74.5    2/1/2019    SG    USD
Global A&T Electronics   10        65.5    2/1/2019    SG    USD
Global A&T Electronics   10        65      2/1/2019    SG    USD
Gol Finance               8.75     63                  BR    USD
Gol Finance               8.75     63.88               BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
MIE Holdings Corp         7.5      75.16   4/25/2019   HK    USD
MIE Holdings Corp         7.5      75.26   4/25/2019   HK    USD
NB Finance Ltd/Cayman I   3.88     58.01   2/7/2035    KY    EUR
Newland International P   9.5      19.88   7/3/2017    PA    USD
Newland International P   9.5      19.88   7/3/2017    PA    USD
Noble Holding Internati   5.25     72.98   3/15/2042   KY    USD
Ocean Rig UDW Inc         7.25     39      4/1/2019    CY    USD
Ocean Rig UDW Inc         7.25     38      4/1/2019    CY    USD
Odebrecht Drilling Norb   6.35     48.5    6/30/2021   KY    USD
Odebrecht Drilling Norb   6.35     47.25   6/30/2021   KY    USD
Odebrecht Finance Ltd     7.5      49                  KY    USD
Odebrecht Finance Ltd     4.3      48.29   4/25/2025   KY    USD
Odebrecht Finance Ltd     7.12     48.2    6/26/2042   KY    USD
Odebrecht Finance Ltd     5.25     46.15   6/27/2029   KY    USD
Odebrecht Finance Ltd     7        57.02   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.12     53.51   6/26/2022   KY    USD
Odebrecht Finance Ltd     8.25     70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     6        51.47   4/5/2023    KY    USD
Odebrecht Finance Ltd     5.25     45.92   6/27/2029   KY    USD
Odebrecht Finance Ltd     7.1      47.82   6/26/2042   KY    USD
Odebrecht Finance Ltd     7.5      49.25               KY    USD
Odebrecht Finance Ltd     4.3      48.39   4/25/2025   KY    USD
Odebrecht Finance Ltd     6        51.77   4/5/2023    KY    USD
Odebrecht Finance Ltd     8.2      70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     7        56.85   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.1      52.99   6/26/2022   KY    USD
Odebrecht Offshore Dril   6.6      39.64  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      36.44  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.6      38.79  10/1/2022    KY    USD

Odebrecht Offshore Dril   6.7      38.75  10/1/2022    KY    USD
Petroleos de Venezuela   12.75     67.19   2/17/2022   VE    USD
Petroleos de Venezuela      9      58.28  11/17/2021   VE    USD
Petroleos de Venezuela      6      40.32   5/16/2024   VE    USD
Petroleos de Venezuela    9.75     50.15   5/17/2035   VE    USD
Petroleos de Venezuela    6        38.22  11/15/2026   VE    USD
Petroleos de Venezuela    5.37     37.39   4/12/2027   VE    USD
Petroleos de Venezuela    5.5      37.1    4/12/2037   VE    USD
Petroleos de Venezuela    6        41.25  10/28/2022   VE    USD
Petroleos de Venezuela    6        40.01   5/16/2024   VE    USD
Petroleos de Venezuela    9        58.11  11/17/2021   VE    USD
Petroleos de Venezuela    6        38.13  11/15/2026   VE    USD
Petroleos de Venezuela   12.75     67.2    2/17/2022   VE    USD
Petroleos de Venezuela    9.75     49.94   5/17/2035   VE    USD
Polarcus Ltd              5.6      60      3/30/2022   AE    USD
Siem Offshore Inc         5.8      49.75   1/30/2018   NO    NOK
Siem Offshore Inc         5.59     50.25   3/28/2019   NO    NOK
STB Finance Cayman Ltd    2.04     58.35               KY    JPY
Sylph Ltd                 2.36     50.93   9/25/2036   KY    USD
Uruguay Notas del Tesor   5.25     68.02  12/29/2021   UY    UYU
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
USJ Acucar e Alcool SA    9.87     67.5   11/9/2019    BR    USD
USJ Acucar e Alcool SA    9.87     65.75  11/9/2019    BR    USD
Venezuela Government In   9.25     48.75   5/7/2028    VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   9        51.75   5/7/2023    VE    USD
Venezuela Government In   9.37     49      1/13/2034   VE    USD
Venezuela Government In   7        71.88  12/1/2018    VE    USD
Venezuela Government In   9.25     52      9/15/2027   VE    USD
Venezuela Government In   7.65     46.38   4/21/2025   VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   7.75     61.75  10/13/2019   VE    USD
Venezuela Government In  11.95     58.13   8/5/2031    VE    USD
Venezuela Government In   6        53.75  12/9/2020    VE    USD
Venezuela Government In  12.75     67      8/23/2022   VE    USD
Venezuela Government In   7        44      3/31/2038   VE    USD
Venezuela Government In   6.5      36.53  12/29/2036   VE    USD
Venezuela Government In   8.25     47.75  10/13/2024   VE    USD
Venezuela Government In  11.75     57.75  10/21/2026   VE    USD
Venezuela Government TI    5.25    69.59   3/21/2019   VE    USD


                            ***********


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.

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                            ***********


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

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


                   * * * End of Transmission * * *