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

               Tuesday, March 21, 2017, Vol. 18, No. 57


                            Headlines



A R G E N T I N A

QUICKFOOD: Moody's Changes Sr. Secured Rating to Ba1/Aaa.ar


B E L I Z E

BELIZE: S&P Lowers Long-Term Foreign Currency Rating to 'SD'


B R A Z I L

BRASKEM SA: Moody's Affirms Ba1 Corporate Family Rating
BRF SA: Moody's Affirms Ba1 Ratings; Changes Outlook to Stable
FLEURY SA: Moody's Affirms Ba2 GS CFR, Outlook Revised to Stable
CENTRAIS ELETRICAS: Moody's Affirms Ba3 CFR, Outlook Now Stable
COSAN SA: Moody's Affirms Ba2 Corporate Family Rating

DESENVOLVE SP: Moody's Affirms Ba2 LT Global LC Issuer Rating
EDP-ENERGIAS DO: Moody's Raises Ba2 Corporate Family Rating
LIGHT SA: Moody's Reviews B1 Corporate Family Rating for Upgrade
MINERVA SA: S&P Affirms 'BB-' CCRs; Outlook Remains Positive


C A Y M A N  I S L A N D S

AMDS SERVICE: Commences Liquidation Proceedings
BANCREDIT CAYMAN: Creditors' Proofs of Debt Due June 7
CHARIOTS OF HIRE: Commences Liquidation Proceedings
DROMEUS GREEK: Creditors' Proofs of Debt Due March 15
DROMEUS GREEK (CAYMAN): Creditors' Proofs of Debt Due March 15

GENESIS GROUP: Commences Liquidation Proceedings
KEYENCE COMPANY: Shareholder Receives Wind-Up Report
MATTERHORN GLOBAL: Members Receive Wind-Up Report
ST. MALO: Commences Liquidation Proceedings
SUNRISE CAPITAL: Commences Liquidation Proceedings

UNIVERSITY OF TOLEDO: Commences Liquidation Proceedings
WALDEN LIMITED: Commences Liquidation Proceedings
WASHINGTON AIRCRAFT: Creditors' Proofs of Debt Due March 12


C H I L E

LATAM AIRLINES: S&P Affirms 'BB-' Global-Scale Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Banks Stoke Dollar Shortage to Up Rate


P A R A G U A Y

PARAGUAY: S&P Affirms 'BB/B' Sovereign Credit Ratings


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Governor Wants to Improve Restructuring


T R I N I D A D  &  T O B A G O

ARCELOR MITTAL: Government Not Acquiring Steel Plant
CARIBBEAN AIRLINES: Losing TT$3.2MM/Year Due to Credit Card Fraud


V E N E Z U E L A

VENEZUELA: OAS Chief Urges Suspension of Membership


                            - - - - -


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A R G E N T I N A
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QUICKFOOD: Moody's Changes Sr. Secured Rating to Ba1/Aaa.ar
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo issued a
revised press release to correct the release dated March 17, 2017,
to reflect in the second line of the debt list that Quickfood's
senior secured rating was changed to Ba1/Aaa.ar:

Moody's Latin America Agente de Calificacion de Riesgo has changed
the outlook of Quickfood's senior notes guaranteed by BRF S.A. to
stable from negative, while affirming it's Ba1/Aaa.ar rating. The
rating action is in line with Moody's Investors Service outlook
change of BRF's ratings on March 17, 2017, which followed the
change in Brazil's outlook to stable from negative and the
affirmation of its issuer rating, senior unsecured and shelf
ratings at Ba2 and (P)Ba2 respectively, on March 15, 2017.

Quickfood's B3/Baa2.ar corporate family rating was affirmed.

Quickfood's Ba1/Aaa.ar. senior secured for the USD 44 million in
rated debt instruments affected was affirmed

Quickfood's Ba1/Aaa.ar senior unsecured ratings rating was
affirmed

The outlook is stable

RATINGS RATIONALE

The outlook change to stable from negative of Quickfood's
outstanding guaranteed notes mirrors the outlook change to stable
from negative of its guarantor ratings, BRF, by Moody's Investors
Service on March 17, 2017. BRF fully and unconditionally
guarantees the instruments, which would cause an acceleration of
most of the parent's debt in the event of a default.

The outlook change to stable from negative of BRF's rating follows
Moody's Investors Service decision to change Brazil's outlook to
stable from negative and the affirmation of its issuer rating,
senior unsecured and shelf ratings at Ba2 and (P)Ba2 respectively,
on March 15, 2017, driven by: (i) 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; (ii) 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, and that (iii) The risk of contingent liabilities from
government-related entities, captured in the negative outlook, has
been significantly reduced. BRF's stable outlook mirrors Brazil's
sovereign ratings outlook.

Quickfood's standalone B3/Baa2.ar ratings reflect its position as
one of the main meat processor companies in Argentina, supported
by the quality of its products and its well-recognized brands --
mainly 'Paty', which is also the country's generic burger name.
The rating also considers the potential benefits derived from
BRF's 91.21% ownership in the company. A matter of great
importance for rating is the incorporation of ongoing support,
both in terms of quality and technical affairs, provided by BRF.
The ratings are mainly constrained by Quickfood's historical weak
credit and financial profiles, the company's modest scale and its
concentration in Argentina, with a consequent strong correlation
with the country's macroeconomic environment.

The rating of the guaranteed notes could be upgraded or downgraded
if BRF's ratings were to be upgraded or downgraded, respectively.
Furthermore, give the close relationship between BRF's rating and
Brazil's sovereign rating, upward or downward pressure on Brazil's
Government bond rating could arise upward or downgrade pressure on
BRF's rating and, therefore, on the guaranteed notes' rating.

Founded in 1960 and headquartered in Buenos Aires, Argentina,
Quickfood is dedicated to the manufacturing and commercialization
of processed, refrigerated and frozen foods under specific brands.
In 2012 BRF acquired 90.05% stake in the company. For fiscal year
2016, revenues amounted to ARS5.1 billion (approximately USD321
million).

BRF is one of the largest food conglomerates globally, with
consolidated net revenues of BRL33.7 billion for fiscal year 2016.
Processed food and food service, which typically generates higher
and less volatile margins than the chilled and frozen protein
export business, represented about 50% of net sales. The company
operates 47 plants and 42 distribution centers, exports to more
than 120 countries and has a leading position in global poultry
exports.


===========
B E L I Z E
===========


BELIZE: S&P Lowers Long-Term Foreign Currency Rating to 'SD'
------------------------------------------------------------
S&P Global Ratings lowered its long-term foreign currency rating
on Belize to selective default ('SD') from 'CC'.  At the same
time, S&P removed the rating from CreditWatch with negative
implications, where it had placed it on Feb. 21, 2017.  In
addition, S&P lowered the short-term foreign currency rating to
'D' from 'C'.

At the same time, S&P affirmed the 'CC' long-term local currency
rating and the 'C' short-term local currency rating.  S&P revised
the outlook on the long-term local currency rating to stable from
negative.  S&P affirmed its transfer and convertibility (T&C)
assessment at 'CC'.

S&P is also lowering its rating on the bonds included in the
sovereign's debt exchange to 'D' from 'CC' (foreign currency bonds
due in 2038).

                             RATIONALE

These rating actions follow Belize's announcement on March 15,
2017, that holders of more than 87% of the U.S. dollar bonds due
in 2038 have consented to amendments to the terms of the bonds,
which will alter the interest rate and amortization schedule.  The
collective action clauses relating to the U.S. dollar bonds
specify the voting threshold at 75% of bondholders.  Above this
threshold, the proposed amendments become binding to all holders
of such bonds.  According to the proposed amendments, the bonds
will have a final maturity date of Feb. 20, 2034, instead of
Feb. 20, 2038.  In addition, the amendments will provide that the
principal amount of such bonds will amortize in five equal, annual
installments commencing on Feb. 20, 2030, and ending on Feb. 20,
2034; replacing the original amortization schedule, which was
previously scheduled to begin in February 2019.  Finally, the
interest rate on such bonds (which was scheduled to step up to
6.767% on Aug. 20, 2017) will now be fixed for the life of the
bonds at 4.9375%.

As per S&P's criteria, it characterizes this exchange offer as
distressed as it is S&P's view that holders of the U.S dollar
bonds have accepted less than the originally promised payments
because of the risk that the issuer won't fulfill its original
obligations with respect to such bonds.  Also, according to S&P's
criteria, once a distressed exchange offer has been confirmed
(albeit with a future effective date), S&P lowers the issuer
rating to 'SD' and the affected issue rating to 'D'.

S&P believes the government is less likely to default on its local
currency-denominated debt, and it has made no mention of its
intention to restructure this debt.  Therefore S&P affirmed its
local currency ratings.

The government of Belize expects that the restructuring will
become effective by March 21, 2017.  Upon completion of the
restructuring, S&P will reassess the sovereign's general credit
standing, most likely raising the foreign currency long term
rating to the 'CCC' or low 'B' categories.


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


BRASKEM SA: Moody's Affirms Ba1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed Braskem S.A. Ba1 corporate
family rating and the ratings on the foreign currency debt
issuances of Braskem Finance Ltd and Braskem America Finance
Company, fully guaranteed by Braskem S.A.. The outlook was changed
to stable from negative.

The change in outlook for Braskem follows the change in Brazil's
outlook to stable from negative and the affirmation of its issuer
rating, senior unsecured at Ba2 and shelf ratings at (P) Ba2 on
March 15, 2017.

Ratings Affirmed:

Issuer: Braskem S.A.

LT Corporate Family Rating: at Ba1

Issuer: Braskem America Finance Company

USD 750 mm GTD Global Senior Unsecured notes due 2041: at Ba1

Issuer: Braskem Finance Ltd

USD 500 million GTD Global Senior Unsecured notes due 2018: at Ba1

USD 750 million GTD Global Senior Unsecured notes due 2020: at Ba1

USD 1000 million GTD Global Senior Unsecured notes due 2021: at
Ba1

USD 500 million GTD Global Senior Unsecured notes due 2022: at Ba1

USD 750 million GTD Global Senior Unsecured notes due 2024: at Ba1

USD 250 million GTD Global Senior Unsecured notes (perpetual): at
Ba1

USD 450 million GTD Global Senior Unsecured notes (perpetual): at
Ba1

Outlook Actions:

Issuer: Braskem S.A:

-- Outlook, Changed To Stable From Negative

Issuer: Braskem America Finance Company:

-- Outlook, Changed To Stable From Negative

Issuer: Braskem Finance Ltd

-- Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The change in outlook to stable follows Moody's rating action on
March 15, 2017 on Brazil's government bond rating, in which the
Ba2 rating was affirmed and its outlook changed to stable from
negative. As well, it reflects the improvement in the company's
credit metrics observed in 2016, supported by favorable
petrochemical spreads, strong results of international operations,
including the start-up of the Mexico complex, and the increase in
exports, all of which have helped offset the weaknesses in
Brazil's domestic market. Accordingly, Braskem has demonstrated
operating resilience to withstand the challenges in its key
markets and the volatility inherent to petrochemical cycles. In
LTM ended September 2016, adjusted EBITDA margins reached 23.6%, a
substantial improvement compared to 2015 margins of 19.8%, and
especially compared to adjusted EBITDA margins between 8.7% and
11.8% in the period from 2011 to 2014. The stable outlook also
incorporates Moody's expectations that Braskem will maintain good
liquidity to support its operations and will manage dividend
distribution without jeopardizing its financial profile and
leverage metrics.

The Ba1 rating reflects Braskem's standalone credit profile and
risks. The rating is supported by its size as the largest
petrochemical company in Brazil and in the Americas by production
capacity of resins, with historically above industry average
operating margins coming from high capacity utilization rates,
long-term client relationships, and product customization. The
rating also reflects the company's dominant market position in
Brazil and the geographic diversification with operations in the
USA, Mexico and Europe. Exports from Brazil and international
operations in the US, Europe and Mexico already represented about
49% and 47% of the company's consolidated revenues and EBITDA,
respectively, in 2016. Geographic diversity should improve further
as the company maintains its strategy of international
diversification, enhancing product and feedstock diversification,
reducing the inherent volatility to the petrochemical cycles, and
helping to offset the impact of weak domestic economic
fundamentals on the company's creditworthiness. Braskem's Ba1
rating ranks one notch above Brazil's government bond rating,
which is granted only on an exceptional basis for issuers with
fundamentals that are stronger than the sovereign.

Challenges for the company's credit metrics include the timid
economic growth in the Brazilian domestic market, which somewhat
limits volume growth, and the expected decline in PE spreads from
2017 onwards as new capacity hits the market, which will also
compete with Braskem's established markets. The rating also
factors in the company's exposure to naphtha and gas prices and
its dependence on Petroleo Brasileiro S.A. - Petrobras (B2 stable)
for the supply of those inputs in Brazil and on Petroleos
Mexicanos -- PEMEX (Baa3 negative) for the ethane supply in
Mexico. Deceleration in global demand for resins and basic
petrochemicals is an additional challenge.

An upgrade of Braskem's rating is unlikely given the high credit
risk of the company's controlling shareholders - Odebrecht S.A.
(unrated) and Petrobras - that could require Braskem to increase
its dividend distribution to levels materially above the minimum
law requirements, jeopardizing its liquidity position. In 2016,
Braskem, supported by its strong cash flows, distributed BRL2
billion in dividends relative to FY 2015, a substantial increase
when compared to dividends distributed in previous years (2011-
2015). Quantitatively, an upgrade would also require Braskem's
leverage (as measured by Total Adjusted Debt to EBITDA) to be
sustained below 3x and the maintenance of a sound liquidity
profile and positive free cash flow generation.

Negative pressure on the rating could result from weaker operating
results or from persistently high leverage, with Total Adjusted
Debt to EBITDA of 3.5x or above and Retained Cash Flow/Total Debt
lower than 15% on a sustained basis, with dividend payout
consistently above the minimum established by the law.
Furthermore, the rating could be negatively affected if Braskem
faces liabilities from litigations and class actions in addition
to the amount related to the Global Agreement signed in December
2016 or if Braskem assumes substantial risks related to greenfield
projects.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Braskem S.A. (Braskem) is the largest producer of thermoplastic
resins (Polyethylene, Polypropylene and Polyvinyl chloride) in the
Americas, with annual production capacity of 19 million tons.
Braskem also produces caustic soda, chlorine and basic
petrochemicals as ethylene, propylene, gasoline, among others. In
the LTM ended December 2016, Braskem reported consolidated net
revenues of BRL 47.7 billion (USD 13.7 billion).


BRF SA: Moody's Affirms Ba1 Ratings; Changes Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has revised to stable from negative the
outlook for several companies operating in Brazil, while all
ratings were affirmed. The companies' outlook change follows the
change in Brazil's outlook to stable from negative and the
affirmation of its issuer rating, senior unsecured at Ba2 and
shelf ratings at (P) Ba2, respectively on March 15, 2017.

ISSUERS AND RATINGS AFFIRMED -- OUTLOOK CHANGED TO STABLE

Ambev S.A.: the long-term issuer rating was affirmed at Baa3. The
outlook was changed to stable from negative.

BRF S.A.: the CFR and the foreign currency senior unsecured global
bonds issued by BRF S.A. and the backed foreign currency senior
unsecured global bonds issued by BBF International, Ltd. and Sadia
Overseas Ltd. ratings were affirmed at Ba1. The outlook was
changed to stable from negative.

Cielo S.A.: the CFR and foreign currency senior unsecured notes
issued by Cielo S.A. and the backed foreign currency senior
unsecured notes issued by Cielo USA Inc. were affirmed at Ba1. The
outlook was changed to stable from negative.

Embraer S.A.: the CFR and the foreign currency senior unsecured
notes issued by Embraer S.A., and the Backed foreign currency
senior unsecured notes issued by Embraer Overseas Limited and
Embraer Netherlands Finance BV ratings were affirmed at Ba1. The
outlook was changed to stable from negative.

Fibria Overseas Finance Limited.: the Backed foreign currency
senior unsecured ratings of the notes guaranteed by Fibria
Celulose S.A. were affirmed at Ba1. The outlook was changed to
stable from negative.

Suzano Trading Ltd.: The Backed foreign currency senior unsecured
rating of the notes issued by Suzano Trading Ltd, a wholly-owned
subsidiary of Suzano Papel e Celulose S.A. ('Suzano') were
affirmed at Ba1. The outlook was changed to stable from negative.

Globo Comunicacao e Participacoes S.A.: the CFR and foreign
currency senior unsecured debt ratings were affirmed at Ba1. The
outlook was changed to stable from negative.

Ultrapar Participacoes S.A.: the CFR of Ultrapar Participacoes S.A
(Ultrapar) and the USD 750 million backed foreign currency senior
unsecured notes due 2026 issued by Ultrapar International S.A,
irrevocably and unconditionally guaranteed by Ultrapar and by
Ipiranga Produtos de Petroleo S.A. were affirmed at Ba1. The
outlook was changed to stable from negative.

RATINGS RATIONALE

The rating affirmation and the change in outlook to stable for
these companies follows the change in Brazil's outlook to stable
from negative and the affirmation of its issuer rating, senior
unsecured and shelf ratings at Ba2 on March 15, 2017, 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.


FLEURY SA: Moody's Affirms Ba2 GS CFR, Outlook Revised to Stable
----------------------------------------------------------------
Moody's America Latina has revised to stable from negative the
outlook for several companies operating in Brazil, while all
ratings were affirmed. The companies' outlook change follows the
change in Brazil's outlook to stable from negative and the
affirmation of its issuer rating, senior unsecured at Ba2 and
shelf ratings at (P) Ba2 on March 15, 2017.

ISSUERS AND RATINGS AFFIRMED -- OUTLOOK CHANGED TO STABLE

Ambev S.A.: the ratings of senior debentures issued by Ambev S.A
were affirmed at Baa3 in the global scale and Aaa.br in the
national scale. At the same time, Moody's Investors Service
affirmed Ambev's issuer ratings at Baa3 (global scale foreign
currency and local currency). The outlook was changed to stable
from negative.

Fibria Celulose S.A.: the CFR was affirmed at Ba1 in the global
scale and Aaa.br in the national scale. At the same time, Moody's
Investors Service affirmed the Ba1 rating of the notes issued by
Fibria Overseas Finance Ltd and guaranteed by Fibria Celulose S.A.
The outlook was changed to stable from negative.

Fleury S.A.: the CFR and senior unsecured debentures ratings were
affirmed at Ba2 for the global scale and Aa2.br in the national
scale. The outlook was changed to stable from negative.

Localiza Rent a Car S.A.: the CFR and senior unsecured debt
ratings were affirmed at Ba2 in the global scale and Aa1.br in the
national scale. The outlook was changed to stable from negative.

Raizen Energia S.A and Raizen Combustiveis S.A.: the CFR and the
senior unsecured debt issued by Raizen Energia S.A. (guaranteed by
Raizen Combustiveis S.A.) ratings were affirmed at Ba1 in the
global scale and Aaa.br in the national scale. The outlook was
changed to stable from negative.

Suzano Papel e Celulose S.A.: the CFR and senior unsecured notes
rating was affirmed at Ba1 in the global scale and Aaa.br in the
national scale. At the same time, Moody's Investors Service
affirmed the Ba1 rating of the backed foreign currency senior
unsecured notes issued by Suzano Trading Ltd, a wholly-owned
subsidiary of Suzano Papel e Celulose S.A.. The outlook was
changed to stable from negative.

Telefonica Brasil S.A.: the CFR and senior unsecured debentures
ratings were affirmed at Ba1 in the global scale and Aaa.br in the
national scale. The outlook was changed to stable from negative.

Ultrapar Participacoes S.A.: the CFR was affirmed at Aaa.br in the
national scale and at the same time, Moody's Investors Service
affirmed the Ba1 Corporate Family Rating assigned on its global
scale to Ultrapar and also affirmed the Ba1 rating assigned to the
backed foreign currency senior unsecured notes issued by Ultrapar
International S.A, irrevocably and unconditionally guaranteed by
Ultrapar and by Ipiranga Produtos de Petroleo S.A. The outlook was
changed to stable from negative.

RATINGS RATIONALE

The rating affirmation and the change in outlook to stable for
these companies follows the change in Brazil's outlook to stable
from negative and the affirmation of its issuer rating, senior
unsecured at Ba2 and shelf ratings at (P)Ba2 on March 15, 2017,
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.

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

The principal methodology used in rating Ambev S.A. was Global
Alcoholic Beverage Industry published in March 2017. The principal
methodology used in rating Fibria Celulose S.A. and Suzano Papel e
Celulose S.A. was Global Paper and Forest Products Industry
published in October 2013. The principal methodology used in
rating Fleury SA was Business and Consumer Service Industry
published in October 2016. The principal methodology used in
rating Localiza Rent a Car S.A. was Equipment and Transportation
Rental Industry published in December 2014. The principal
methodology used in rating Raizen Energia S.A. and Raizen
Combustiveis S.A. was Global Protein and Agriculture Industry
published in May 2013. The principal methodology used in rating
Telefonica Brasil S.A. was Telecommunications Service Providers
published in January 2017. The principal methodology used in
rating Ultrapar Participacoes S.A. and Raizen Combustiveis S.A was
Retail Industry published in October 2015.


CENTRAIS ELETRICAS: Moody's Affirms Ba3 CFR, Outlook Now Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings and changed the
outlook for Centrais Eletricas Brasileiras SA-Eletrobras and
Itaipu Binacional to stable from negative. The rating action
follows Moody's rating action to stabilize the outlook on the
government of Brazil.

Outlook Actions:

Issuer: Centrais Eletricas Brasileiras SA-Eletrobras

-- Outlook, Changed To Stable From Negative

Issuer: Itaipu Binacional

-- Outlook, Changed To Stable From Negative

Affirmations:

Issuer: Centrais Eletricas Brasileiras SA-Eletrobras

-- Corporate family ratings (CFR), Affirmed at Ba3

$1750M Global Notes due 2021, Affirmed at Ba3

Issuer: Itaipu Binacional

-- Issuer Rating, Affirmed at Ba2 (Local currency) and Ba2
(Foreign currency)


RATINGS RATIONALE

The rating outlook change follows Moody's March 15 action to
stabilize the outlook on Brazil's government issuer rating
(Ba2,stable).

Eletrobras' Ba3 ratings consider Moody's joint-default analysis
for the company as a government-related issuer. It considers
Moody's assumption for a strong likelihood of timely extraordinary
support from the government of Brazil and high default dependence
between Eletrobras and the government. Eletrobras' Ba3 rating
incorporates two notches uplift from the company's baseline credit
assessment (BCA) of b2. The company's BCA indicates Moody's view
of the Eletrobras' standalone credit strength, currently
constrained due to relatively weak credit metrics and tight
liquidity.

Itaipu Binacionals Ba2 issuer rating reflects the company's strong
competitive position as well as its stable and predictable cash
flow supported by the legal treaty signed by Brazil's Federal
Government (Ba2, stable) and the Republic of Paraguay (Ba1,
stable). Further supporting the rating is Itaipu Binacional's
favorable debt maturity profile consisting of long-term USD
denominated debt owed to Brazil's Federal Government and
Eletrobras.

RATING OUTLOOK

The stable outlook for Eletrobras and Itaipu mainly reflects the
stable outlook for Brazil's government bond rating and Moody's
view that the creditworthiness of these companies continues to be
highly dependent on the credit quality of the Brazilian economy.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A rating or outlook change of the sovereign could result in
subsequent rating actions for these companies. Upward limited
pressure is limited by Brazil's current rating. A rating or
outlook change could also be triggered if Moody's perceives a
material change in the regulatory frameworks under which these
companies operate, or disruptive political interference in the
normal course of their businesses. Sustained deterioration or
improvement in the relevant credit metrics or the liquidity
profile is also a trigger for a rating change for those issuers.

METHODOLOGIES USED

The methodologies used in rating Centrais Eletricas Brasileiras
SA-Eletrobras were Regulated Electric and Gas Utilities published
in December 2013 and Government-Related Issuers published in
October 2014. The principal methodology used in rating ITAIPU
Binacional was Unregulated Utilities and Unregulated Power
Companies published in October 2014.

Eletrobras is a holding company controlled by Brazil's federal
government, which indirectly holds 75% of Eletrobras' voting
capital and 63% of its total capital. Eletrobras is the largest
Brazilian electricity company, responsible for 47% of the
country's total high-voltage transmission lines, 32% of Brazil's
total generation installed capacity and 5% of the total energy
distributed in the country.

Itaipu Binacional is controlled by Centrais Eletricas Brasileiras
S.A. - Eletrobras (Ba3, stable) and Admnistracion Nacional de
Electricidad - Ande (not rated), wherein each individually holds
50% of Itaipu's total capital. It was created to administer the
construction and operation of Itaipu hydro power plan with an
installed capacity of 14GW that produces around 15% of Brazil'
total energy production.


COSAN SA: Moody's Affirms Ba2 Corporate Family Rating
-----------------------------------------------------
Moody's America Latina has affirmed Cosan S.A. Industria e
Comercio corporate family ratings at Ba2 (global scale) and
upgraded the national scale ratings (NSR) to Aa1.br from Aa2.br.

The actions mirror the change in outlook to stable from negative,
on March 17, of the ratings of its subsidiaries Raizen (Ba1
stable) and Comgas (Ba2 stable), both of which are constrained by
Brazil's sovereign bond ratings. On March 15, Moody's changed
Brazil's outlook to stable from negative and affirmed its issuer
rating, senior unsecured at Ba2 and shelf ratings at (P)Ba2.

Rating Actions:

Issuer: Cosan S.A. Industria e Comercio

Corporate family ratings: affirmed at Ba2

National scale ratings: upgraded to Aa1.br from Aa2.br

Outlook actions:

Revised to stable from negative

RATING RATIONALE

Cosan's Ba2 corporate family rating reflects the group's aggregate
credit risk, and is supported by the company's diversified
portfolio of businesses, including the entire sugar-ethanol chain,
fuel and gas distribution, and lubes in Brazil, and its adequate
liquidity profile. The company's diversification, especially
towards resilient businesses such as the fuel and gas
distribution, translates into a stable cash source over the long-
term. Moody's expects Raizen and Comgas to distribute a
significant amount of dividends over the next several years, which
will be the primarily liquidity source to service Cosan's
obligations.

Constraining the ratings is Cosan's ongoing corporate restructure,
likely high dividend upstream to Cosan Limited -- although the
company is expected to generate enough cash to fund those
dividends and reduce leverage -- and an acquisitive growth
history. Still, the company has not made any significant
acquisitions over the past few years and entered a deleveraging
path with strong dividends from Comgas and Raizen. Cosan no longer
proportionally consolidates its stake in Raizen, but Moody's
continues to incorporate Raizen's strengths, including its strong
cash generation, and risks, such as the exposure to the underlying
volatility of the sugar-ethanol business, in Cosan's ratings.

The recent rating action affirming Raizen and Comgas ratings and
outlook change to stable from negative followed the action that
affirmed Brazil's government bond rating to Ba2 and changed the
outlook to stable from negative. Although Moody's believes a
significant portion of Cosan's cash flows, represented by Raizen
Combustiveis and Comgas, is more resilient than the overall
economy in Brazil, these entities are not fully insulated from the
deterioration in the domestic environment.

The stable outlook on Cosan's ratings mirrors the stable outlook
on its two main subsidiaries, Raizen and Comgas.

A downgrade of Cosan's ratings could result from further negative
rating actions on Comgas or Raizen or if liquidity deteriorates.
In addition, the ratings could be downgraded if total adjusted
debt to EBITDA is sustained above 4.0x.

An upgrade of Cosan's ratings could result from positive rating
actions on Comgas or Raizen. In addition, the company would have
to maintain an adequate liquidity and gross leverage below 3.2x
(All pro-forma ratios including Raizen figures).

Headquartered in Sao Paulo, Cosan S.A. Industria e Comercio has a
50% stake in Raizen (Ba1/Aaa.br stable) and a 62.6% stake in
Comgas (Ba2/Aa1.br stable). With annual revenue of BRL 81.2
billion (approximately USD 24.9 billion) as of December 2016,
Raizen is one of the global leading players in the sugar-ethanol
segment with an installed crushing capacity of 68 million tons and
also the third largest Brazilian fuel distributor, operating 6,027
gas stations, mainly under the Shell brand name. Comgas, with
annual net revenues of approximately BRL 7.0 billion
(approximately USD 2.1 billion) in the same period, is Brazil's
largest gas distributor, providing natural gas to industrial,
residential, commercial, automotive, thermal-power generation and
co-generation consumers. The company benefits from an attractive
concession area strategically located in one of the most densely
populated and economically robust regions in the country.
Additionally, Cosan produces and distributes automotive lubricants
and base oil under the Mobil brand name with net revenues of BRL
1.9 billion (USD 0.5 billion) as of December 2016. In the fiscal
year 2016 Cosan's net sales reached BRL 7.5 billion (approximately
USD 2.3 billion).

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.

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


DESENVOLVE SP: Moody's Affirms Ba2 LT Global LC Issuer Rating
-------------------------------------------------------------
Moody's America Latina Ltda has affirmed the long-term global
local currency and Brazilian national scale issuer ratings and
baseline credit assessments (BCA) assigned to three state
government owned institutions, including Desenvolve SP - Agencia
de Fomento do Estado de Sao Paulo (Desenvolve SP), Agencia de
Fomento do Parana S.A. (Fomento Parana), and DESENBAHIA - Agencia
de Fomento do Estado da Bahia (Desenbahia).

This action follows Moody's announcement published on 16 March
2017 that it has affirmed the ratings of these entities'
government shareholders, including the States of Sao Paulo, Parana
and Bahia, and changed their outlooks to stable from negative. For
more information, please refer to respective press releases "
Moody's America Latina revises the outlook on the ratings of the
Brazilian states of Parana, Bahia, Maranhao, and of the
Municipality of Rio de Janeiro to stable from negative" and
"Moody's revises the rating outlook of the Brazilian state of Sao
Paulo and the Municipality of Belo Horizonte to stable from
negative, maintains the negative rating outlook for the state of
Minas Gerais".

The following ratings and assessments were affirmed:

Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo:

- Long-term global local currency issuer rating of Ba2, stable
outlook

- Short-term global local currency issuer rating of Not Prime;

- Long-term local currency Brazilian national scale issuer rating
of Aa2.br

- Short-term local currency Brazilian national scale issuer
rating of BR-1

- Baseline credit assessment of ba3

- Adjusted Baseline Credit Assessment of ba2

Agencia de Fomento do Parana S.A. (Fomento Parana):

- Long-term global local currency issuer rating of Ba3, stable
outlook

- Short-term global local currency issuer rating of Not Prime;

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

- Short-term local currency Brazilian national scale issuer
rating of BR-1

- Baseline credit assessment of ba3

- Adjusted Baseline Credit Assessment of ba3

DESENBAHIA - Agencia de Fomento do Estado da Bahia:

- Long-term global local currency issuer rating of Ba3, stable
outlook

- Short-term global local currency issuer rating of Not Prime;

- Long-term local currency Brazilian national scale issuer rating
of A2.br,

- Short-term local currency Brazilian national scale issuer
rating of BR-1

- Baseline credit assessment of ba3

- Adjusted Baseline Credit Assessment of ba3

The outlooks for Desenvolve SP - Agencia de Fomento do Estado de
Sao Paulo, Agencia de Fomento do Parana S.A., and DESENBAHIA -
Agencia de Fomento do Estado da Bahia were changed to stable from
negative.

RATINGS RATIONALE

The rating actions on these Brazilian issuers were prompted by the
affirmation of the ratings and change of outlook to stable of the
states of Sao Paulo, Parana and Bahia, which in turn followed the
change in the outlook of Brazil's sovereign bond rating to stable
from negative on 15 March 2017. The affirmation of the state
governments' ratings consider the close macroeconomic and
institutional linkages between the state and federal governments.

In turn, the affirmation of the ratings of Desenvolve SP, Fomento
Parana and Desenbahia reflects the strong macroeconomic and
institutional linkages between these entities and their respective
state government-shareholders. The state shareholders determine
the agencies' strategy, budgets and objectives and are the sole
providers of their equity, which is their main funding source.
Established to act as financial development agents of the state
governments, the agencies have limited ability to diversify and
operate beyond the boundaries of their states. Consequently, they
are highly dependent upon and vulnerable to their local economies
and exhibit concentrations in terms of segments, products and
borrower types. Despite Brazil's long and deep recession, however,
the agencies' credit fundamentals remain sound.

Moody's assesses as high the willingness of the state governments
of Sao Paulo, Parana, and Bahia to provide financial support to
Desenvolve SP, Fomento Parana, and Desenbahia, respectively, if
necessary. Desenvolve SP's issuer rating continues to benefit from
one notch of uplift for affiliate support from its ba3 baseline
credit assessment (BCA). However, as the ba3 BCAs of Fomento
Parana, and Desenbahia are at same level as the ratings of the
States of Parana and Bahia, those agencies issuer ratings do not
benefit from uplift related to support.

The outlooks on Desenvolve SP, Fomento Parana and Desenbahia are
stable, in line with the outlooks on their respective government-
shareholders.

WHAT COULD CHANGE THE RATING UP/DOWN

If the ratings for their respective government-shareholders are
upgraded, Desenvolve SP, Fomento Parana and Desenbahia's ratings
would face upward pressure as well, since these ratings are
currently constrained. Conversely, if the state ratings were to
face renewed downward pressure, so to would the ratings of their
respective agencies.

METHODOLOGIES USED

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


EDP-ENERGIAS DO: Moody's Raises Ba2 Corporate Family Rating
------------------------------------------------------------
Moody's America Latina Ltda. has affirmed the ratings and changed
the outlook for several infrastructure companies operating in
Brazil to stable from negative. The rating action follows Moody's
rating action to stabilize the outlook on the government of
Brazil.

At the same time, Moody's assigned Corporate Family Ratings (CFR)
and withdrew the issuer ratings of some infrastructure companies.
Moody's has also upgraded Brennand Investimentos S.A.and Brennand
Energia S.A. national scale CFRs to A1.br and A2.br, respectively,
from A3.br. And, Moody's upgraded EDP-Energias do Brasil CFR to
Ba2 from Ba3 (global scale) and to Aa2.br from A1.br (national
scale).

ISSUERS AND RATINGS AFFECTED

A list of the affected credit ratings is available at:

  http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_194868

This list is an integral part of this press release and identifies
each affected issuer.

RATINGS RATIONALE

The rating outlook change follows Moody's March 15 action to
stabilize the outlook on Brazil's government issuer rating (Ba2,
stable).

At the same time, Moody's withdraw the issuer ratings and assigned
Corporate Family Ratings (CFRs) for some companies affected by the
outlook change, more accurately reflecting the enterprise risks.

The upgrade of the CFRs of Brennand Investimentos S.A., Brennand
Energia S.A. and EDP- Energias do Brasil reflect the resilient
operating performance of those companies and Moody's expectation
that their credit metrics will remain strong for the rating
category.

RATING OUTLOOK

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

WHAT COULD CHANGE THE RATINGS UP/DOWN

A rating or outlook change of the sovereign could result in
subsequent rating actions for these companies. A rating or outlook
change could also be triggered if Moody's perceives a material
change in the regulatory frameworks under which these companies
operate, or disruptive political interference in the normal course
of their businesses. Sustained deterioration or improvement in the
relevant credit metrics or the liquidity profile is also a trigger
for a rating change for those issuers.

METHODOLOGIES USED

The principal methodology used in rating Autovias S.A., CCR S.A.,
Conc da Rodovia dos Lagos S.A. (ViaLagos), Conc Sist Anhang-
Bandeirant S.A. Autoban, Concessionaria Bahia Norte S.A. -- CBN,
Concessionaria de Rod Int do Oest SA (SPVias), Concessionaria de
Rodovias Interior Paulista, Concessionaria do Rodoanel Oeste S.A.,
Concessionaria Rod.Oeste SP Viaoeste S.A., Concessionaria Rodovia
Pres. Dutra S.A., Ecorodovias Concessoes e Servicos S.A., and Rota
das Bandeiras S.A. was Privately Managed Toll Roads published in
May 2014. The principal methodology used in rating EATE - Emp.
Amazonense Trans. Energ. S.A., ECTE - Emp. Catarinense Trans.
Energ. S.A., ENTE - Emp. Norte de Trans. de Energ. S.A, ETEP -
Emp. Paraense Trans. Energ. S.A., and Transmissora Alianca de
Energia Eletrica was Regulated Electric and Gas Networks published
in March 2017. The principal methodology used in rating
Bandeirante Energia S.A., Cia de Gas de Sao Paulo -- COMGAS, EDP -
Energias do Brasil S.A., Eletropaulo Met. Elet. de Sao Paulo,
Energisa S.A., and Espirito Santo Centrais Eletricas -- ESCELSA
was Regulated Electric and Gas Utilities published in December
2013. The principal methodology used in rating AES Tiete Energia
S.A., Brennand Energia S.A., Brennand Investimentos S.A., CPFL
Energias Renovaveis S.A., Rio Paranapanema Energia S.A., Energest
S.A., Lajeado Energia S.A. and Statkraft Energias Renovaveis S.A.
was Unregulated Utilities and Unregulated Power Companies
published in October 2014. The methodologies used in rating
Companhia de San Bas do Estado de Sao Paulo, Companhia de
Saneamento do Parana -- SANEPAR and Empresa Baiana de Aguas e
Saneamento S.A. were Regulated Water Utilities published in
December 2015, and Government-Related Issuers published in October
2014. The principal methodology used in rating Cea I - Centrais
Eolicas Assurua I Spe S/A was Power Generation Projects published
December 2012.


LIGHT SA: Moody's Reviews B1 Corporate Family Rating for Upgrade
----------------------------------------------------------------
Moody's America Latina has placed the Corporate Family Rating
(CFR) of Light S.A (CFR at B1/Baa3.br), as well as the issuer
ratings of its wholly-owned subsidiaries Light Serviáos de
Eletricidade S.A. ("Light SESA" or "the company", B1/Baa3.br) and
Light Energia S.A.("Light Energia", B1/Baa2.br) under review for
upgrade.

The rating action follows a decision from Brazil's electricity
regulator ANEEL to anticipate Light SESA's tariff review by 19
months. ANEEL granted the company a tariff increase of 10.45% and
revised the loss rates targets and quality requirements for the
period 2018-2022. Moody's understands that the tariff revision
will help Light SESA to recover a number of costs incurred as well
as investments made by the company that were not incorporated in
the previous tariff cycle.

RATINGS RATIONALE

Moody's will use the review period to analyze the impact that the
revised tariff structure and revised quality indicators and energy
loss rates will have on the company's cash flow generation and
overall credit metrics. In particular, Moody's will assess the
impact on the company's cash flow from operations before working
capital change (CFO pre WC) interest coverage and CFO pre WC to
debt ratios (2.0x and 11% respectively in the last twelve months
ending September 2016). Through its review, Moody's will determine
if the improved credit metrics warrant a rating upgrade. The
agency aims to conclude the review in short order.

The ratings of Light SA, Light SESA and Light Energia could be
upgraded as a result of visible improvements in operating
performance of those companies such that CFO pre WC interest
coverage exceeds 3.0x and CFO pre WC to debt stays above 25% on a
sustained basis. A rating upgrade would also require the
maintenance of adequate liquidity profile of those companies. In
light of the review for upgrade, downward rating pressure is
unlikely to emerge in the short term.

Headquartered in Rio de Janeiro - Brazil, Light S.A is an
integrated utility company with activities in generation,
distribution and commercialization of electricity. The electricity
distribution business is Light S.A's largest segment, which
accounted for around 62% of its consolidated EBITDA in 2015. Light
S.A's distribution business is operated by its wholly owned
subsidiary Light SESA through a thirty-year concession granted by
the Brazilian Federal Government on June 4, 1996, expiring in June
2026. Light SESA's operations cover thirty one municipalities in
the state of Rio de Janeiro (not rated), including the
municipality of Rio de Janeiro (Ba2/ Aa1.br stable) serving a
population of approximately 10 million. Light S.A's second largest
segment is the hydro generation business which, through its direct
subsidiary Light Energia represented 29% of Light SA's
consolidated EBITDA in 2015. A third business segment accounting
for around 8% of Light SA's 2015 consolidated EBITDA involves the
trading of energy in the free electricity market.

In the twelve months ended 30 September 2016 Light S.A reported
BRL9.7 billion in net revenues (excluding construction revenues)
and BRL 1 billion in adjusted EBITDA (as reported by Light S.A)
respectively. Light S.A is ultimately controlled by Companhia
Energetica de Minas Gerais (rated B1/Baa1.br, negative), the
company's major shareholder with a direct 26.1% and a 17.32%
stake, respectively, in Light SA.

The principal methodology used in rating Light S.A., and Light
Servicos De Eletricidade S.A. was Regulated Electric and Gas
Utilities published in December 2013. The principal methodology
used in rating Light Energia S.A was Unregulated Utilities and
Unregulated Power Companies published in October 2014.


MINERVA SA: S&P Affirms 'BB-' CCRs; Outlook Remains Positive
------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB-' global-scale
and 'brA+' national-scale corporate credit ratings on Minerva S.A.
The outlook remains positive.

S&P also affirmed its 'BB-' issue-level ratings on the company's
unsecured debt, with a '3' recovery rating, indicating a
meaningful recovery expectation (50%-70%; rounded estimate: 50%).

S&P's ratings outlook is still positive, reflecting the company's
sound operating efficiency and ability to sustain EBITDA margins
consistently around 10% and reduce leverage to 3.5x in 2016 from
4.2x in 2015 despite adverse conditions for the Brazilian beef
industry.  FFO to debt deviated from S&P's expectation and delayed
expected improvements.  Thus, S&P still weighs on the positive
outlook its expectation of improved FFO and free operating cash
flow (FOCF) generation over coming quarters due to expected lower
cattle costs and higher export profits, but also mirroring the
company's lower interest burden following recent liability
management and lower policy interest rates in Brazil, reducing its
cost of debt.

Minerva has delivered EBITDA margins in line with its 2015 results
and above those of its domestic industry peers, despite the still
sluggish domestic market in Brazil and currency appreciation
lowering export earnings.  It reflects the company's sound
operating efficiency, adequate hedging strategies, pulverized
sales, and the benefits from increased scale and geographic
diversification into Paraguay, Uruguay, and Colombia.  Management
also offset the negative industry scenario by quickly adjusting
capacity and diversifying its sales channels.

S&P sees tailwinds to the sector over the next couple of years.
It is likely that domestic cattle prices soften this year, with
the higher slaughtering volume of breeding cows increasing the
availability of cattle for meat processors.  Additionally, the
recent opening of the U.S. beef market for Brazilian export
companies--and the expectation that the Mexico, Japan, South
Korea, and Canada markets will follow amid restricted supply from
Australia--could boost industry export revenues, mainly for 2018.

S&P forecasts Minerva's revenue growth mainly coming from some
recovery of beef consumption in Brazil, volume growth in its
domestic operations in Colombia and Chile, and increasing export
volumes to Asia and the Middle East.  This, along with lower
interest burden in 2017, can benefit our assessment of the
company's financial risk profile if Minerva also sustains a
prudent financial policy in terms of working capital management,
capital expenditures (capex), and shareholders' remuneration.

The main assumptions of S&P's base case forecast are:

   -- Brazil's real GDP increasing 0.9% in 2017 and 2% in 2018.
   -- Brazil's inflation at 4.5% in 2017 and 4.2% in 2018.
   -- An average foreign-exchange rate of 3.30 Brazilian reals to
      $1 in 2017 and R$3.38/$1 in 2018.
   -- A 7% decline in average cattle prices to R$142/arroba in
      2017 and slightly higher in 2018.
   -- Net revenues increasing 9% in 2017 and 2018 due to the
      recovery of volumes and prices in Brazil's domestic market,
      higher export volumes, and some depreciation of the real,
      benefiting exports.
   -- Export volume growth coming mainly from Asia and the Middle
      East, while it also posts some volume growth in Colombia and
      Chile.
   -- Capex of R$250 million in 2017 and increasing somewhat in
      coming years.
   -- Dividend distribution of 25% of previous-year net income.

As a result of these assumptions, S&P arrives at these credit
metrics:

   -- EBITDA margins in the 10%-11% range in 2017 and 2018.
   -- Adjusted debt to EBITDA moving toward 3x by year-end 2017
      and below 3x in 2018.
   -- FFO to debt close to 15% by year-end 2107 and improving
      afterward.
   -- FOCF of about R$140 million in 2017 and above R$250 million
      in 2018.

S&P assess Minerva's liquidity as strong.  The company has
sustained a consistent large cash position and smooth debt
amortization profile, working as a cushion against market
volatility.  Its sources of cash exceed uses by more than 1.5x
over the next 12 months and remains above 1x over the subsequent
12-month period.  Sources also exceed uses if forecast EBITDA
declines by 30%.  The company has no covenant pressures and
comfortable headroom on its 3.5x debt-to-EBITDA covenant, which
excludes the foreign-exchange variation on the debts.

Principal liquidity sources:

   -- Cash position of R$3.4 billion in Dec. 31, 2016; and
   -- FFO generation of about R$465 million in 2017 and
      R$600 million in 2018.

Principal liquidity uses:

   -- Short-term debt of R$1.4 billion as of Dec. 31, 2016;
   -- Redemption in February 2017 of the outstanding notes due in
      2022, amounting to $105 million;
   -- Working capital outflows of R$75 million in 2017 and
      seasonal working capital of R$150 million per year;
   -- Capex of about R$250 million in 2017 and R$255 million in
      2018; and
   -- Dividend distribution of around R$60 million in 2017, and
      payout ratio of 25% in coming years.

The positive outlook still indicates a 1-in-3 likelihood of an
upgrade over the next 12-18 months, if the company continues
reducing debt and interest burden, amid better industry
fundamentals.

S&P could upgrade Minerva if lower cost pressures and resilient
export demand translates into consistent positive FOCF, which
along with lower interest payments results in a clear deleverage
trend--with FFO to debt approaching 20%, FOCF to debt closer to
10%, and debt to EBITDA remains around 3.2x-3.5x in 2017.  In this
scenario, S&P estimates EBITDA margins will remain around 10%.

S&P could revise its outlook back to stable over the next 12-18
months amid a scenario of higher volatility of exchange rates,
impacting export earnings, while a continuing weak demand in the
domestic market and higher than expected cattle prices prevent the
company from deleveraging.  In this scenario, Minerva's EBITDA
margins would drop below 8.5% coupled with an FOCF shortfall,
while debt to EBITDA would likely be above 4x and FFO to debt
remain consistently below 20%.


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


AMDS SERVICE: Commences Liquidation Proceedings
-----------------------------------------------
The shareholder of AMDS Service Co., Limited, on Jan. 23, 2017,
passed a resolution to liquidate the company's business.

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

The company's liquidator is:

          Liu Minghua
          Five Villager Group 012
          Rock Plate Beach Village
          Jianshi Town
          Taoyuan County, Hunan
          China
          Telephone: +86 0755 8337 4353 8009


BANCREDIT CAYMAN: Creditors' Proofs of Debt Due June 7
------------------------------------------------------
The creditors of Bancredit Cayman Limited are required to file
their proofs of debt by June 7, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 8, 2016.

The company's liquidator is:

          Tammy Fu
          c/o Iain Gow
          38 Market Street, Camana Bay
          P.O. Box 776 Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 814 4039


CHARIOTS OF HIRE: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Chariots of Hire Insurance Company
(Cayman), on Jan. 26, 2017, passed a resolution to 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:

          Nathan Dwiri
          Telephone: (345) 949-0488
          P.O. Box 1990 Grand Cayman KY1-1104
          Cayman Islands


DROMEUS GREEK: Creditors' Proofs of Debt Due March 15
-----------------------------------------------------
The creditors of Dromeus Greek Advantage Fund are required to file
their proofs of debt by March 15, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 22, 2016.

The company's liquidator is:

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


DROMEUS GREEK (CAYMAN): Creditors' Proofs of Debt Due March 15
--------------------------------------------------------------
The creditors of Dromeus Greek Advantage (Cayman) Fund are
required to file their proofs of debt by March 15, 2017, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 22, 2016.

The company's liquidator is:

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


GENESIS GROUP: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Genesis Group Company Limited, on Jan. 23,
2017, passed a resolution to liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 6, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


KEYENCE COMPANY: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Keyence Company Limited received on Feb. 24,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Fiona Crellin
          Samantha Powell
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


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


ST. MALO: Commences Liquidation Proceedings
-------------------------------------------
The members of St. Malo Investments Limited, on Jan. 12. 2017,
passed a resolution to 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:

          H.T.M. Services Ltd.
          Carey Olsen, PO Box 10008, Willow House,
          Cricket Square
          Grand Cayman, KY1-1001
          Cayman Islands


SUNRISE CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
The members of Sunrise Capital Diversified Ltd., on Jan. 6. 2017,
passed a resolution to liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 6, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 640 0540


UNIVERSITY OF TOLEDO: Commences Liquidation Proceedings
-------------------------------------------------------
The shareholders of The University of Toledo Medical Assurance
Company SPC, on Jan. 10. 2017, passed a resolution to liquidate
the company's business.

The company's liquidator is:

          Strategic Risk Solutions (Cayman) Limited
          North Building, 2nd Floor, Caribbean Plaza
          878 West Bay Road
          P.O. Box 1159 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 623 6611
          Facsimile: +1 (345) 946 6612


WALDEN LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
The shareholder of Walden Limited, on Jan. 25, 2017, passed a
resolution to 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:

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


WASHINGTON AIRCRAFT: Creditors' Proofs of Debt Due March 12
-----------------------------------------------------------
The creditors of Washington Aircraft Hire Co. Limited are required
to file their proofs of debt by March 12, 2017, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 26, 2017.

The company's liquidator is:

          Thomas Mylott
          Marguerite Britton
          c/o 238 North Church Street
          P.O. Box 1043, George Town Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 640-6600



=========
C H I L E
=========


LATAM AIRLINES: S&P Affirms 'BB-' Global-Scale Rating
-----------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB-' global-scale
rating on Latam Airlines Group S.A.  At the same time, S&P
affirmed the 'BB-' global-scale rating on TAM S.A., a subsidiary
of Latam operating in Brazil.  S&P also raised to 'brA' from
'brA-' the Brazil national-scale rating on TAM.  S&P revised the
outlook on the corporate credit ratings to stable from negative.

S&P also affirmed the 'B+' issue-level rating on Latam's and TAM's
senior unsecured notes.  The ratings on the senior unsecured debt
remain one notch below the corporate rating on Latam due to its
subordination to secured debt, such as operating and financial
leases, and reflecting the high amount of secured debt at Latam.

The outlook revision to stable from negative reflects S&P's
expectation that market conditions in Brazil will be less
volatile, although still challenging, and that Latam's strategy to
improve operating efficiency will offset most of the remaining
potential instability and drive mild profitability improvement in
that market.  Furthermore, S&P expects Latam's margins in its
other main markets to remain sound, but with some pressure from
increasing competition.  S&P also believes the company's execution
of adjustments to its new aircraft delivery schedule significantly
reduced cash flow pressures and liquidity was improved following
the capital increase from Qatar Airways (not rated) in December
2016.  These factors support S&P's expectation of stronger cash
generation and slight improvement to financial metrics over the
next two years, diminishing the downside risk on its financial
risk profile that S&P envisioned.

Sluggish market conditions in Brazil should persist through part
of 2017, with stronger recovery signs expected in the second half.
The cautiously more positive trends in Brazil also support S&P's
expectation of less volatile exchange rates over the next two
years.  This scenario supports S&P's expectation of no further
relevant capacity adjustments by the industry and a more stable
pricing environment.  In that sense, S&P anticipates Latam will
continue with its strategy to improve utilization of its fleet in
Brazil, which can lead to a marginal increase of available seat
kilometer (ASK) by increasing flight time by aircraft.  S&P
expects the combination of these factors with Latam's leaner cost
base, following cost-reduction efforts, will improve some
profitability in Brazil over the next two years.  Also, even
though S&P sees potential short-term volatility to base ticket
prices coming from the changing regulatory environment for
Brazilian airlines, S&P expects Latam to compensate by increasing
ancillary revenues.

Latam's strategy of relocating aircraft from Brazil to its
operations in Spanish-speaking countries (SSCs) allows the company
to service growing demand but also contributes to increasing
competition in some markets, pressuring prices down.  Nonetheless,
S&P expects Latam's efficiency focus on its fleet and cost-
management strategy to continue supporting strong profitability in
SSCs.  S&P also expects the company's cargo business to remain
pressured by weak demand due to the slow Brazilian recovery and
excess belly capacity in the industry, but to recover in the
medium term as South American economies improve.  Also, the
company is expected to continue to adjust cargo capacity by an
additional 10%-12% in 2017.

The company's strategy to manage its new aircraft delivery
schedule will continue to support lower cash flow pressures over
the next two years, which combined with fairly stable operational
results back up S&P's expectations of more positive free cash
generation in 2017 and 2018.  S&P's base-case scenario also
assumes Latam will continue with its liability-management strategy
by repaying more expensive debt and accessing both the domestic
and international debt markets to refinance part of the short term
maturities.  Also, S&P believes Latam will continue to benefit
from the availability of new aircraft financing, both through
sale-leasebacks and financial leases, to maintain low cost funding
on its balance sheet.  S&P's base-case scenario also considers
these assumptions:

   -- Chile GDP growth of 2.8% in 2017 and in 2018.
   -- Brazil GDP growth of 0.9% in 2017 and 2% in 2018.
   -- GDP growth in Latam's main markets supports increasing
      demand.
   -- An average exchange rate of 675 Chilean pesos per $1 in 2017
      and CLP685 in 2018.
   -- An average exchange rate of 3.30 Brazilian reals per $1 in
      2017 and R$3.38 in 2018, affecting costs and revenues.
   -- Fuel prices increasing in line with our Brent crude oil
      price deck of $50 in 2017 and $50 in 2018.
   -- Consolidated ASK increase of 3% in 2017 and 5% in 2018,
      following fleet management plan.
   -- Revenue per passenger kilometer (RPK) increasing by 6% in
      2017 and 5.5% in 2018, according to expected demand growth
      in SSCs and improvements in Brazil.

   -- Capital expenditures (capex) of about $500 million in 2017,
      including $100 million in advanced payments (PDPs), and
      $1 billion in 2018, including $200 million of PDPs.

As a result of these assumptions, S&P reaches these financial
metrics:

   -- Revenues (including Multiplus, sub-leases, and other
      revenues) of $10.1 billion in 2017 and $10.6 billion in
      2018.
   -- EBITDA of $2 billion in 2017 and $2.3 billion in 2018.
   -- Funds from operations (FFO) of $1.4 billion in 2017 and
      $1.8 billion in 2018.
   -- Free operating cash flow (FOCF) of $900 million in 2017 and
      $600 million in 2018.
   -- Debt to EBITDA of about 4.5x in 2017 and close to 4x in
      2018.
   -- FFO to debt in the 15%-20% range over the next two years.
   -- FOCF to debt in the 5%-10% range in 2017 and 2018.

The stable outlook reflects S&P's expectation that Latam will
continue to improve financial metrics over coming quarters, even
if slowly, despite still-weak market conditions in Brazil.  The
company is expected to benefit from lower cash flow needs as its
revised fleet plan leads to lower capex levels over the next two
years, while slow improvement to the Brazilian economy should
support less volatile exchange rates and therefore allow for
improved cash generation.  S&P expects the company to present
about 4.5x debt to EBITDA by the end of 2017, with FFO to debt
close to 15%.  S&P's base case expectation now diminishes the
downside risk in the financial risk profile that it envisioned.

S&P could lower the ratings on Latam if market conditions further
deteriorate and prevent the company from improving cash
generation, resulting in leverage above 5x debt to EBITDA and
consistent FFO to debt below 12%.

An upgrade is unlikely given the still-challenging market
conditions in Brazil and increasing competition in Latam's other
important markets.  In this sense, a positive rating action is
possible if the company presents debt to EBITDA close to 3x and
FFO to debt of about 30%.



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


DOMINICAN REP: Banks Stoke Dollar Shortage to Up Rate
-----------------------------------------------------
Dominican Today reports that the Dominican Republic the Central
Bank's injection of US$275.0 million not only seeks to ensure that
financial institutions meet the foreign currency needs of their
customers, but also to guarantee the RD$47.35 per dollar rate.

Central banker Hector Valdez Albizu reached that agreement with
financial and business representatives to discuss the reasons for
the dollar's alleged shortage, according to Dominican Today.

The report notes that the economist Henri Hebrard provided the
information to eldial.com.do, after a meeting as a consultant to
the Herrera Industries Association.  "I think the Central Bank
decision was very well and there will be no reason to talk about
dollar shortages for a few weeks," the report quoted Mr. Hebrard
as saying.

Mr. Hebrard said the meeting sent a clear message that there's no
shortage of dollars, and a lack of fluency instead, notes the
report.

"What I learned was that banks have tried to trickle down the
issue of dollars, and the Central Bank wants to force financial
institutions to provide the foreign currency at an attractive and
non-speculative rate," the report quoted Mr. Hebrard as saying.

Mr. Hebrard said the banks pledged to sell the currency at
RD$47.35 per dollar, which in his view, is the prevailing market
rate, the report relays.

                         Banks Cause Shortages

The economist said his impression is that the lack of dollars "was
stoked by a bank administration . . . creating pressure to raise
the exchange rate," the report relays.

Mr. Hebrard affirmed that the representatives of financial
institutions gave a very poor explanation, the report relays.
"They argued that customers wanted dollars but did not have pesos
to pay for them, and that's not true, because we did a survey and
the banks said that there were no dollars," he added.

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'.


===============
P A R A G U A Y
===============


PARAGUAY: S&P Affirms 'BB/B' Sovereign Credit Ratings
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' long- and short-term
sovereign credit ratings on the Republic of Paraguay.  The outlook
remains stable.  S&P also assigned its 'BB' issue rating on
Paraguay's unsubordinated bond issuance for up to US$500 million.
At the same time, S&P affirmed its 'BB+' transfer and
convertibility assessment on Paraguay.

                             RATIONALE

The political dispute arising out of the 2017 budget initially
passed by Congress but subsequently vetoed by Paraguay's
president, Horacio Cartes, is, in S&P's view, evidence of the
government's ongoing policy implementation challenges.  S&P
understands that President Cartes vetoed the 2017 budget in part
because of conflicts with Paraguay's Fiscal Responsibility Law
(FRL).  Specifically, the budget increased public-sector wages by
percentages greater than the proposed private-sector minimum wage
increase.

S&P believes that Paraguay continues to face institutional
challenges that are not likely to be resolved in the near term.
Nevertheless, the veto of the 2017 budget has the effect, by
Paraguayan law, of reinstating the 2016 budget for fiscal-year
2017.  This demonstrates the executive's prioritization of what
S&P views as prudent macroeconomic policy, which it expects will
continue to support sustainable public finances and timely debt
service.  This supports S&P's decision to affirm the 'BB' rating
on Paraguay and maintain a stable outlook.

At the same time, S&P assigned its 'BB' issue rating on Paraguay's
expected unsubordinated bond issuance for up to US$500 million.
S&P understands that the government will use the proceeds to
finance infrastructure projects and capital expenditures, as well
as to meet its debt service needs.

S&P understands that the bond issuance is supported by Paraguay's
constitutional structure, which provides for the reinstatement of
the previous year's budget following an executive branch veto of a
congressionally approved budget.  Also, the reinstatement of the
2016 budget, as well as the legality of the bond issuance, was
recently upheld by Paraguay's Supreme Court.  Despite the
political opposition to the proposed issuance of the bonds, S&P do
not believe that these challenges have materially diminished the
government's capability and willingness to maintain timely debt
service.  S&P thinks the government will continue to prioritize
meeting its financial commitments.

In S&P's view, the FRL has somewhat limited scope to control
fiscal outcomes given that it only addresses Paraguay's budget
approval process.  S&P understands that the 2016 budget complied
with the FRL, in particular its deficit ceiling for the central
government of 1.5% of GDP.  At the same time, early estimates
suggest that the 2016 fiscal result came in below the ceiling, at
1.4% of GDP.  This benefited from the government's containment of
the public wage bill, which allowed for higher capital spending.
For 2017, S&P expects that the fiscal outturn will be similar to
that of 2016 and that that the executive branch veto of the 2017
budget demonstrated President Cartes' commitment to comply with
the FRL.  Over the next three years, S&P expects the average
change in general government debt to reach 1.9% of GDP, despite
the provisions of the FRL.

Despite increased infrastructure expenditure, S&P believes that
infrastructure needs will continue to limit the government's
fiscal flexibility.  Addressing these needs remains a significant
part of President Cartes' agenda.  To that end, the government's
strategy includes boosting infrastructure via public-private
partnerships (PPPs).  The first two public initiatives approved
under this framework are the extension of two highways and the
modernization of Asuncion's international airport.  However, the
execution of these first projects was delayed, in part reflecting
the government's limited experience in the implementation of PPPs.
The government has now said that it expects to complete these
projects over the next three years.

S&P believes that the government's track record of prudent
macroeconomic policy will continue to support healthy growth,
although at lower-than-historical levels for a country with an
expected income per capita of $4,117 in 2017.  At the same time,
debt, though increasing, remains low, and fiscal deficits are
moderate.  In addition to institutional challenges, these
strengths are weighed against what S&P views as weak monetary
policy flexibility, particularly given the high dollarization of
the Paraguayan economy.

"We expect moderate fiscal deficits over the next three years will
continue to grow the government's debt burden, though we believe
that debt will remain low.  By year-end 2017, we anticipate that
net general government debt will reach 12.2% of GDP and will
continue to rise to 15.7% by 2020, while general government
interest payments will average 4.3% of general government revenues
between 2017-2019.  In recent years, a growing portion of the
government's financing needs has been covered by bond issuances,
including the $600 million issuance in international capital
markets in March 2016 to refinance outstanding debt and finance
public works.  The government's growing issuance of bonds has also
increased its exposure to exchange rate movements, given that
about 76% of the public sector's debt stock is denominated in
foreign currency," S&P said.

Although S&P believes the rise in public-sector external debt,
which it expects to continue over the next several years, will
slightly weaken Paraguay's overall external debt position on the
margin, S&P still believes that its external finances are a rating
strength.  External debt net of public and commercial bank assets
reached -6.8% of current account receipts (CARs) in 2016, and S&P
expects that growing external debt will lead to a net external
debtor position in 2019.  S&P also expects external financing
needs to average 83% of CARs and usable reserves over the next
three years.

The Paraguayan economy remains highly dollarized, continuing to
limit monetary policy.  Foreign currency deposits represented
50.9% of banks' deposits as of Jan. 31, 2017.  Nevertheless,
Paraguay's inflation remains within the central bank's target, and
S&P expects it to average 4.5% through 2019, suggesting a credible
policy commitment.

                              OUTLOOK

The stable outlook reflects S&P's expectations that the
government's structural challenges and implementation capacity
limitations will continue to restrain policymaking effectiveness,
and that Paraguay's external profile will weaken on rising
external indebtedness, amid still-low commodity prices.  S&P
expects these factors to be balanced against Paraguay's resilient
economic growth, which is likely to remain buoyant over the next
three years.  S&P also expects moderate deficits and an
increasing, though still low, debt burden.

S&P could raise its ratings on Paraguay over the next year if
policymaking effectiveness strengthens, if external risks--
including low commodity prices--subside, and if S&P do not expect
Paraguay's external indebtedness to weaken.

On the other hand, S&P could lower the ratings if higher-than-
expected fiscal deficits or stronger currency depreciation lead to
larger expected changes in general government debt over the next
year, and if S&P sees growing contingent liability risks from off-
budget operations, including from PPPs, or from the financial
sector that lead S&P to worsen its assessment of Paraguay's debt
risks.  S&P could also lower its ratings if, in its view,
Paraguay's political institutions weaken in such a way that would
diminish its capability and willingness to maintain timely debt
service, or if S&P perceives there to be a considerable risk of
breakdown of political institutions.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Paraguay (Republic of)
Sovereign Credit Rating                       BB/Stable/B
Transfer & Convertibility Assessment          BB+
Senior Unsecured                              BB

New Rating

Paraguay (Republic of)
Unsubordinated bonds for up to US$500 mil     BB


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


PUERTO RICO ELECTRIC: Governor Wants to Improve Restructuring
-------------------------------------------------------------
Nick Brown at Reuters reports that Puerto Rico Governor Ricardo
Rossello said he does not want to "destroy" the pending debt
restructuring deal for the island's ailing power utility, but
wants to "get a better one" as the U.S. territory's fiscal
situation worsens.

Gov. Rossello said in an interview that he was invited to
Washington for a U.S. congressional hearing on March 22 to discuss
the fate of Puerto Rico Electric Power Authority, also known as
PREPA, according to Reuters.

The report notes that the new governor said he is aware that his
unwillingness to rubber-stamp the existing deal, whereby PREPA's
creditors would take a 15 percent cut on their $8 billion in debt,
has vexed stakeholders who thought they were close to a
resolution.

But Puerto Rico's financial picture has deteriorated since the
deal was first struck, the governor said, adding that he is
willing to renegotiate within the existing framework, the report
notes.

"If I didn't care, I would have just blown the deal up," Rossello
told Reuters.  "I'm not here to destroy a deal, I'm here to get a
better one, based on the reality that things have changed," he
added.

The report relays that PREPA's fate is one of the most contentious
issues on an island facing $70 billion in debt.  It was a focal
point at the public meeting in New York of the island's federally
appointed financial oversight board, the report notes.

During the meeting, the oversight board approved Rossello's
revised blueprint to steer the island out of economic crisis, the
report discloses.

The board voiced support for Rossello's efforts to extract deeper
concessions from PREPA creditors, the report relays.  They have
grumbled privately that his opposition to the deal is political
since it dates back more than a year to his predecessor's time in
office, the report notes.

The U.S. House Committee on Natural Resources said it would hold a
hearing on the status of the deal, reports Reuters.

The report relays that Mr. Rossello said he "received an
invitation" to the hearing. "I'll be there," he said, but would
not say if he had been subpoenaed.

The report adds that Mr. Rossello also discussed austerity
measures ordered by the board as conditions for its approval of
the fiscal plan, including reducing pension spending by 10
percent.

The governor said he would not cut benefits to the island's most
vulnerable retirees, the report discloses.

"The board and I are a little over $100 million apart there . . .
. and I don't see any way I can reduce pensions of people already
having a hard time getting medications and things," he said, the
report relays.

The report notes that Mr. Rossello believes the island will avoid
other austerity measures including furloughs and cuts to Christmas
bonuses that the board has directed the utility to impose if it
cannot find another $200 million to shore up its accounts by April
30.

"I'm very confident we'll have $200 million in reserve cash, so
that we can jump over that obstacle," he added, notes Reuters.

As reported in the Troubled Company Reporter-Latin America on July
15, 2016, Moody's Investors Service has revised the outlook on the
Puerto Rico Electric Power Authority (PREPA) to developing from
negative, while affirming the Caa3 rating on PREPA's approximately
$8.3 billion of Power Revenue Bonds.


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


ARCELOR MITTAL: Government Not Acquiring Steel Plant
----------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
Minister in the Office of the Prime Minister Stuart Young said the
Finance Ministry has reviewed a proposal to purchase the former
Arcelor Mittal steel plant in Point Lisas.

At a news conference at the OPM in St Clair, Mr. Young said the
ministry has advised against an acquisition of the plant by the
Government, according to Trinidad and Tobago Newsday.  Mr. Young
also explained that the investors, who the Steel Workers Union
have asked Government to partner with, lack the experience needed
for the venture, the report notes.

Mr. Young said Government communicated with the union on several
occasions, indicating that it could not intervene in this matter
as the steel company is under the control of a liquidator.  In the
Senate, Labour Minister Jennifer Baptiste-Primus said Government
was awaiting legal advice on this matter, the report notes.  The
plant was closed last year, the report recalls.


CARIBBEAN AIRLINES: Losing TT$3.2MM/Year Due to Credit Card Fraud
-----------------------------------------------------------------
The Daily Observer reports that Trinidadians are among credit card
tricksters involved in the unauthorized use of people's credit
card information to purchase airline tickets which is causing
state-owned Caribbean Airlines to lose about TT$3.25 million
annually.

This was revealed by Caribbean Airlines officials as they appeared
before a Joint Select Committee of Parliament, according to The
Daily Observer.  Caribbean Airlines Vice-Chairman Michael Quamina
also told the JSC that the airline was in line to return to
profitability "within 12 to 24 months," the report notes.

Responding to a question from Committee member Fazal Karim, CAL's
Senior Manager, Financial and Revenue Accounting, Adrian Agarrat,
revealed that "criminal activity against the airline in which
persons were using other people's credit card information" to book
and pay for flights through the airline's website was costing CAL
US$40,000 (TT$270,000) a month, the report notes.

Mr. Agarrat said the highest incidence of this fraud was at four
points of entry -- Trinidad (to New York); Kingston (to New York);
Guyana (to North America) and "out of Caracas", the latter of
which was being addressed through the immigration department, the
report notes.

The report relays that Mr. Agarrat said the airline was looking at
a system to "prevent the frequency" of this problem and that there
was a team at the airline "working every day to mitigate the
impact" of this practice.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


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


VENEZUELA: OAS Chief Urges Suspension of Membership
---------------------------------------------------
Kejal Vyas at The Wall Street Journal reports that the head of the
Organization of American States recommended suspending Venezuela
from the 34-nation body unless President Nicolas Maduro's
government moves quickly to hold general elections.

In a 75-page letter, OAS Secretary General Luis Almagro urged the
Maduro administration to call elections within 30 days, free
political prisoners, appoint independent Supreme Court justices
and reinstate laws that were passed by the opposition-controlled
congress but annulled by his government, according to The Wall
Street Journal.

"There is a total rupture of the democratic order," Mr. Almagro
said, the report notes.  "And the only democratic solution is that
people going back to having in their hands the power to decide
their destiny," Mr. Almagro added.

It is rare for the OAS to openly criticize its member states.  But
since taking over the Washington-based regional diplomacy
organization in 2015, Mr. Almagro, a leftist who is a former
foreign minister from Uruguay, has been a leading critic of Mr.
Maduro's increasingly authoritarian rule, the report notes.  Mr.
Almagro has lobbied for international pressure to restore
democratic order in a country buffeted by rampant crime, scarcity
of food and medicine and state crackdowns on dissent and the
press, the report relays.

There was no immediate response from Caracas.  In the past, Mr.
Maduro and other officials have characterized Mr. Almagro's
criticisms of Venezuela as part of a Washington-led attempt to
destabilize the leftist government, the report discloses.

Mr. Almagro's call for Venezuela's suspension comes after Vatican-
mediated talks between the government and the opposition last year
failed, the report relays.  Mr. Maduro faces increasingly
unfriendly governments in the region -- particularly in Argentina
and Peru -- that have criticized his jailing of opponents and
crackdown on the press. But it is unclear whether Mr. Almagro has
the needed two-thirds votes in the OAS to suspend Venezuela, the
report notes.

Several smaller governments, particularly in the Caribbean, have
benefited from subsidized Venezuelan oil shipments, the report
notes.  An effort last year to begin proceedings against Mr.
Maduro's administration for violating the Inter-American
Democratic Charter fell short because of the support of Caribbean
governments, the report recalls.

In his letter, Mr. Almagro said a suspension from OAS would be
"the clearest effort and gesture that we can make at this moment
for people of that country and for democracy on the continent,"
the report says.

Facing a crippling economic crisis and triple-digit inflation, Mr.
Maduro in October called off state governor elections that were
supposed to take place in late 2016, the report relays.  Mr.
Maduro also used his control over the military and the courts to
scuttle a constitutionally permitted effort by the opposition to
call a recall referendum that polls show would have ended his
rule, the report discloses.

The suspension of elections has left Venezuela's opposition
fuming, with leaders of an antigovernment coalition accusing the
ruling Socialist Party of avoiding any vote that they would be
likely to lose, the report relays.

The opposition recently made a call for general elections across
all levels of government, for president, members of congress,
governors and mayors, WSJ relays.  A Venebarometro poll released
found that more than half the country agreed with that idea, the
report notes.  More than two-thirds of respondents told the
pollster they wanted Mr. Maduro out of office immediately.

Christopher Sabatini, a professor of Latin America studies at
Columbia University, said a suspension from OAS would be "an
extreme move," the report discloses.

"The idea perhaps is to force OAS's hand to do something short of
suspension, such as affect a credible dialogue" between the
government and the opposition to resolve the country's crisis, he
added, notes WSJ.

As reported by The Troubled Company Reporter-Latin America
S&P Global Ratings, on Feb. 28, 2017, affirmed its 'CCC' long-term
foreign and local currency sovereign credit ratings on the
Bolivarian Republic of Venezuela.  The outlook on both long-term
ratings remains negative.  S&P also affirmed its 'C' short-term
foreign and local currency sovereign ratings.  In addition, S&P
affirmed its 'CCC' transfer and convertibility assessment on the
sovereign.


                            ***********


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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