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

               Wednesday, March 22, 2017, Vol. 18, No. 58


                            Headlines




A R G E N T I N A

COMPANIA LATINOAMERICANA: Fitch Ups Long Term IDR to B
GPAT COMPANIA: Moody's Assigns B1 Global Scale Sr. Debt Rating
PETROBRAS ARGENTINA: S&P Withdraws 'B-' Corporate Credit Rating


B R A Z I L

AES TIETE: Moody's Rates BRL1.0BB Senior Unsec. Debt at Ba2
BRAZIL: Prosecutor Requests Permission to Investigate Politicians
STATE OF PARANA: Fitch Affirms BB Long-Term IDR; Outlook Neg.
VALE SA: Moody's Ups Global Scale Long-Term CFR to Ba2


C A Y M A N  I S L A N D S

BNP PARIBAS: Commences Liquidation Proceedings
GLOBAL VALUE: Placed Under Voluntary Wind-Up
LEHMAN BROTHERS: Commences Liquidation Proceedings
LEHMAN BROTHERS MYRYLLION: Commences Liquidation Proceedings
LIFE POLICY: Commences Liquidation Proceedings

LUNES ENTERPRISES: Commences Liquidation Proceedings
M & M TECH: Commences Liquidation Proceedings
M-INVEST LIMITED: Commences Liquidation Proceedings
MERRICKS CAPITAL: Commences Liquidation Proceedings
MERRICKS CAPITAL MASTER: Commences Liquidation Proceedings

NEXCO LTD: Commences Liquidation Proceedings
NORTH AMERICAN: Commences Liquidation Proceedings
PARADISE OVERSEAS: Commences Liquidation Proceedings
PI MARKET: Commences Liquidation Proceedings
PUBLISHERS CORPORATION: Commences Liquidation Proceedings

SOFT COMMODITIES: Commences Liquidation Proceedings
SOFT COMMODITIES OPPORTUNITY: Commences Liquidation Proceedings
WESTERN HEMISPHERE: Commences Liquidation Proceedings


C H I L E

MULTIEXPORT FOODS: Fitch Ratifies BB(cl) Rating; Outlook Positive


C O L O M B I A

BANCO GNB: Fitch Assigns BB+ Long-Term Issuer Default Ratings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Aviation is Region's Leader, ICAO Says


M E X I C O

MEXICO: Seeks New Outlets for Farm Exports Amid NAFTA Peril


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Offers Oil Stake to Russian Counterpart


V I R G I N   I S L A N D S

HUMMINGBIRD AIR: About to Suspend Operations


                            - - - - -



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A R G E N T I N A
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COMPANIA LATINOAMERICANA: Fitch Ups Long Term IDR to B
-------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Local Currency Issuer
Default Ratings (LC IDR) and Foreign Currency (IDRs) of Compania
Latinoamericana de Infraestructura y Servicios S.A. (CLISA) to 'B'
from 'B-', as well as the senior unsecured notes to 'B/RR4' from
'B-/RR4'. The 'B/RR4' Recovery Rating of the company's unsecured
notes reflects expectations of average-recovery prospects in the
event of default.

The Rating Outlook on the corporate ratings has been revised to
Stable from Negative.

The rating upgrade reflects the company's 2016 improved
operational performance, successful completion of a debt
refinancing process during 2016-2017 resulting in a better
liquidity position, and expectations for the company's main
businesses to benefit from an improved macro and business
environment in Argentina during 2017-2018.

CLISA's ratings reflect the company's operating environment with
most of operations in Argentina, strong market position, adequate
liquidity, moderate leverage, and high FX risk. The ratings also
incorporate CLISA's cyclicality, regulatory and political risks.
CLISA's main activities depend on contractual agreements and
Argentine government regulations at the national, provincial and
municipal levels. The ratings are constrained by Argentina's
country ceiling rating.

KEY RATING DRIVERS

OPERATING ENVIRONMENT AND SOLID MARKET POSITION INCORPORATED

CLISA's ratings reflect the company's exposure to Argentina's
business climate and economic conditions. CLISA's LC and foreign
currency (FC) IDRs are constrained at 'B' by the country ceiling
assigned to Argentina by Fitch.

CLISA's ratings reflect the company's strong market position as
one of Argentina's largest privately-owned conglomerates,
supported by its businesses in various public infrastructure
works. CLISA's main activities depend on contractual agreements
and Argentine government regulations at the national, provincial
and municipal levels. The company's EBITDA margin is expected to
be around 15% during 2017-2018.

RECENT REFINANCING POSITIVE FOR LIQUIDITY

Fitch views the company's refinancing risk as low post recent
USD100 million bond reopening, which should result in a material
reduction in the company's short term debt by the end of March 31,
2017. As of Dec. 31, 2016, CLISA had ARS1.1 billion of cash and
marketable securities, which compares to ARS1.6 billion of short-
term debt.

CLISA generated positive free cash flow of ARS269 million in 2016,
primarily driven by better operational performance and lower
working capital needs. During the first quarter of 2017 the
company successfully completed a USD100 million reopening and
materially improved its liquidity position. The proceeds of the
bond reopening are being used to refinance existing debt, and
should improve CLISA's debt maturity profile as well as lower its
overall cost of debt. Fitch expects a material decline in the
company's short-term debt and improvement in the company's
interest coverage to levels around 2.3x by the end of 2017.

MODERATE LEVERAGE, HIGH FX RISK

CLISA's net leverage was 2.5x as of Dec. 31, 2016, compared to
3.2x at Dec. 31, 2015. Total debt increased to ARS5.5 billion as
of Dec. 31, 2016, from ARS4.5 billion at Dec. 31, 2015. The
company's total EBITDA went from ARS1.2 billion to ARS1.8 billion
during the same period. Fitch expects CLISA to manage its capital
structure with the net debt-to-EBITDA ratio in the 2x to 3x range
during 2017-2018. The ratings negatively incorporate the company's
high foreign currency risk. CLISA is exposed to currency mismatch
risk as approximately 85% of its debt (post recent refinancing) is
denominated in foreign currency, while its cash generation is
concentrated in pesos.

HIGH REGULATORY, POLITICAL RISK

CLISA is exposed to the volatility of the construction industry,
particularly public works projects. This segment has accounted
historically in between 40% to 50% of its consolidated EBITDA. A
recovery in 2017 is expected in public works. In this scenario,
operating margins for construction are projected to improve. The
main activities of CLISA rely on contractual agreements and
government regulations at the federal, provincial, and municipal
levels. Regulatory risk exposure stems from lengthy renegotiations
in public service contracts. CLISA also is exposed to possible
delays in collection with the public sector as a major client.

BUSINESS DIVERSIFICATION

CLISA operates in four main businesses: construction and toll road
concessions (through Benito Roggio e Hijos [BRH]), water
treatment, waste management (CLIBA), and transportation. The
company originates substantially all of its consolidated sales
from the operations of its waste management, construction and toll
road concessions and, transportation segments, which represented
approximately 45%, 32% and 14% of its consolidated sales,
respectively, for 2016. These three segments also generated
approximately 62%, 24%; and, 12% of the company's total
operational margin during the same period.

EXPOSURE TO CYCLICALITY IN CONSTRUCTION

While the waste management business contributes the majority of
sales and EBITDA, CLISA's construction and toll road concessions
continue to be important to its overall operation and are expected
to represent approximately 30% of sales and 25% of EBITDA during
2017. The company's cash flow from this business is exposed to the
cycles of the construction industry and public works in Argentina.
Fitch expects activity to pick up in the medium term after the
Macri administration has reviewed its priorities for
infrastructure development. CLISA's consolidated construction
backlog continued to be strong at around ARS11 billion as of Dec.
31, 2016, allowing the company to maintain an important cash
generation source for approximately three years. The company is
also exposed to collection risk derived from having the government
as its main counterparty.

KEY ASSUMPTIONS

-- 2017-2018 net leverage in the 2x to 3x range;
-- 2017-2018 interest coverage ratio consistently above 2x;
-- 2017-2018 EBITDA margin around 15%.

RATING SENSITIVITIES

A downgrade of CLISA could be triggered by a downgrade of the
Argentine sovereign rating or a significant deterioration of the
company's credit metrics leading to an interest coverage ratio
below 1.5x.

Conversely, an upgrade of the Argentina sovereign rating could
trigger a positive rating action.


GPAT COMPANIA: Moody's Assigns B1 Global Scale Sr. Debt Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B1 global scale senior debt rating and a Aa3.ar
national scale debt rating (NSR) to GPAT Compania Financiera S.A.
(GPAT)'s XXVII series issuance up to ARS 400 million, will be
issued in two clases, A and B, which will be due in 18 months and
36 month respectively. All ratings are on review for downgrade, in
line with the review on other ratings assigned to the entity.

The following ratings were assigned to GPAT Compania Financiera
S.A.'s series XXVII senior unsecured debt issuance up to ARS 400
million:

B1 Global Local Currency Debt Rating; Rating Under Review for
Downgrade

Aa3.ar Argentina National Scale Local Currency Debt Rating; Rating
Under Review for Downgrade

RATINGS RATIONALE

Moody's B1/Aa3.ar ratings for GPAT, on review for downgrade,
reflect the review of its parent Banco Patagonia S.A.'s ratings
(Patagonia, Ba3 on review, b3), and incorporate the strong links
between the operations of the bank and this subsidiary. As the
finance company of Patagonia, GPAT is primarily engaged in
financing car sales of General Motors dealers through its parent's
branch network, while the bank provides funding for dealers' floor
plans. While the company's stand-alone credit profile of b1 is
constrained by Argentina's operating environment, the B1 global
local currency senior debt rating incorporates the probability
that GPAT will receive financial support from Patagonia, in the
event of stress. Moody's B1 rating is solidly speculative grade,
but the Aa3.ar NSR among the highest ratings in the Argentine
national scale.  Owing to a dominant market position in its core
business, GPAT's profitability has increased over the past two
years, even after adjusting for the high inflation rate in the
period and despite the weak economic conditions in Argentina,
which led to an increase in its non-performing loans in 2016.
However, the company's high loan book granularity, the strong
collateralization structure of its portfolio and conservative
reserve buffers of 2.07% in 2016, helped mitigate the
deterioration in asset quality; nonperforming loans rose to 1.66%
in December 2016, from 1.04% in 2015. . The ratings also
incorporate risks associated with a liability structure mainly
reliant on market funding, as is the case of other automobile
finance companies.

In addition, the company's stand-alone credit profile incorporates
GPAT's monoline business model and the increasing competition
within the car-financing industry in Argentina, in the context of
the ongoing macroeconomic and institutional challenges, including
high inflation and weak growth.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings for GPAT could face downward pressure if ratings for
the parent, Banco Patagonia, are downgraded, or in the event of
deterioration in GPAT's asset quality, capitalization and/or
funding access. Reflecting the review for downgrade, upward rating
pressure is unlikely at this time.

The principal methodology used in these ratings was Finance
Companies published in December 2016.

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

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$4,009 million of total assets and
Ar$1,069 million of shareholders' equity as of December2016.


PETROBRAS ARGENTINA: S&P Withdraws 'B-' Corporate Credit Rating
---------------------------------------------------------------
S&P Global Ratings said that it withdrew its 'B-' global scale
corporate credit ratings on Petrobras Argentina S.A. (PESA).

On Feb. 16, 2017, Petrobras Argentina S.A. (PESA) merged with
parent Pampa Energia S.A.

On Feb. 16, 2017, Pampa Energia fully absorbed PESA.  S&P believes
that this purely internal reorganization is neutral to its ratings
on Pampa Energia.

In S&P's view, the group's restructuring is the final step of the
acquisition of PESA by Pampa Energia and intends to maximize cost
and revenue synergies, following a strategy to simplify the group
structure and create a large holding operating company.  S&P's
ratings on Pampa Energia already followed a consolidated approach
including PESA as core subsidiary and its formal absorption
doesn't have an impact in S&P's analysis.  Following the merger,
Pampa Energia will become the obligor on PESA's financial
obligations.  Therefore, S&P is transferring the outstanding 'B-'
issue-level rating on senior unsecured notes to Pampa Energia.


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


AES TIETE: Moody's Rates BRL1.0BB Senior Unsec. Debt at Ba2
-----------------------------------------------------------
Moody's America Latina assigned ratings of Ba2/Aa1.br
(respectively, in global scale and Brazil's national scale) to AES
Tiete Energia S.A.'s planned BRL 1.0 billion senior unsecured
debentures. The outlook remained stable.

The debentures have two tranches with 5 and 7-year maturities and
biannual interest payments starting in October, 2017. The first
and second tranches will have two principal payments, 50% in the
penultimate year of the tenor (2021 and 2023 respectively) and the
remaining at maturity (2022 and 2024, respectively), but only the
second tranche's amount is adjusted by inflation (IPCA index). The
debentures will have cross-default clauses with the issuer's other
debt as well as with relevant subsidiaries and will include
acceleration clauses such as: (i) the non-payment of any financial
obligation above USD 25 million, (ii) change of control and
termination of the concession contract (iii) granting intercompany
loans for up to 180 days if not previously approved by creditors,
(iv) dividend payments above the minimum required by Brazilian
Corporate Law if the company is not in compliance with its
obligations including the financial covenants (v) covenant breach
in two consecutive quarters on the following: Net Debt/EBITDA
maintained at levels equal or below 3.5x and if AES Tiete performs
any acquisition the ratio is 3.85x during 36 months after the deal
conclusion; interest coverage ratio measured by EBITDA/ Net
Interest expense equal to or above 1.5x.

The assigned ratings are based on preliminary documentation.
Moody's does not anticipate changes in the main conditions that
the debentures will carry. Should issuance conditions and/or final
documentation deviate from the original ones submitted and
reviewed by the rating agency, Moody's will assess the impact that
these differences may have on the ratings and act accordingly.

RATINGS RATIONALE

The Ba2/Aa1.br rating reflect AES Tiete's relatively low leverage
and adequate credit metrics for the rating category as well as its
resilient access to the local banking and capital markets together
with management's prudent administration of the generation
business. Moody's ratings also incorporates the improved hydrology
conditions and the consequent better cash generation although at
lower levels compared to the historical threshold mainly due to
the termination of the bilateral supply contract with Eletropaulo
Metropolitana Eletricidade de Sao Paulo S.A. (Ba3 stable) set
above market prices.

AES Tiete's ratings are constrained by the Capex pressures from
the contractual obligation to expand generation capacity by 15% in
the State of Sao Paulo (Ba2 stable) coupled with high dividend
payout and the potential cash outflow (BRL 315 million,
provisioned as of December, 2016) of the judicial dispute over the
spot market exposure during the hydrological crisis.

What Could Change the Rating - Up /Down

The stable outlook reflects Moody's views of AES Tiete's
relatively stable cash flows in the projected period, although at
lower levels than historical average. Moody's foresee AES Tiete's
debt profile to improve as the new debenture issuance will
lengthen the debt maturity. Moody's also considers that dividend
outflows and any acquisitions or M&A activity will be prudently
managed to maintain adequate liquidity and credit metrics for the
rating category.

We could upgrade the ratings if AES Tiete's operational
performance surpass Moody's expectations or if liquidity improves.
If the credit metrics stay above Moody's projections such that
cash interest coverage (CFO Pre WC + Interest/ Interest) stays
above 4.5x and the CFO Pre WC/Debt above 35% for a sustainable
period, Moody's could also consider an upgrade. Nevertheless, AES
Tiete's ratings are constrained by Brazil's sovereign rating.

A rapid or significant downturn in AES Tiete's credit metrics such
as cash interest coverage (CFO Pre WC + Interest/ Interest) stays
below 2.0x and the CFO Pre WC/Debt below 19% on a sustainable
basis could prompt a rating downgrade as well as the degradation
of the liquidity and overall credit quality. The company's
operating margin potentially coming under pressure from a
significant mismatch on spot market exposure or on contracted
levels could also weigh on the ratings.

AES Tiete is a hydropower generation company with a 30-year
concession, granted in December 1999 to operate an installed
capacity of 2,658 MW, equivalent to around 2% of Brazil's
electricity capacity, and 1,278 MW of assured average energy. The
company has 9 hydro-power plants (HPPs) and 3 small hydro-power
plants (SHPPs) located in the State of Sao Paulo. As reported in
the FY2016, AES Tiete has 88% of its energy contracted for 2017
and did not adhere to the law 13,203 that hedges the hydrological
risk for a premium as negotiated with the regulator, Aneel,
although Moody's expects the company to maintain an uncontract 10-
15% cushion through its portfolio management.

According to Moody's standard adjustments, AES Tiete reported net
operating revenues of BRL1,561 million and EBITDA of BRL886
million in the FY 2016.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.


BRAZIL: Prosecutor Requests Permission to Investigate Politicians
-----------------------------------------------------------------
Paulo Trevisani and Jeffrey T. Lewis at The Wall Street Journal
report that Brazil's attorney general said in a public
announcement that it has asked the country's Supreme Court for
permission to start investigations of scores of politicians as
part of the blockbuster Operation Car Wash anticorruption probe.

The requests are under seal, so the names on the list weren't
immediately revealed, according to The WSJ.  Attorney General
Rodrigo Janot has asked the Supreme Court to make the names
public, his office said in the announcement, the report notes.

Mr. Janot sent a total of 83 investigation requests, according to
his office, the report relays.  A spokeswoman for Mr. Janot
couldn't say how many individuals the requests included.

Brazil's leading media outlets have reported that at least five
members of President Michel Temer's cabinet are among those who
may be on the investigators' list, as well as prominent current
and former officials, the report discloses.  The reports couldn't
be independently confirmed.

A spokeswoman for the Supreme Court said it could take days before
further details are officially released, the report notes.

Many government officials in Brazil, including the president,
members of Congress, senators and cabinet ministers can only be
investigated with the Supreme Court's permission, the report
relays.

Mr. Temer's unpopular government is trying to get controversial
changes to Brazil's pension system and labor laws passed through
Congress, the report notes.  The president has strong support from
lawmakers, but allegations of corruption among his allies could
make it harder to pass those reforms, which many analysts say are
key to the country's economic future, the report relays.

"Some of the president's allies will likely seek to distance
themselves from their investigated peers" as they face general
elections in 2018, said Thiago de Aragao of the political
consulting firm Arko Advice in Bras°lia, the report notes.

The report relays that the list sent to the Supreme Court is based
on information from plea-bargain deals with 77 former and current
executives of construction company Odebrecht SA and petrochemical
company Braskem SA, as part of the Car Wash investigation into
bid-rigging and bribery centered on state-controlled oil company
Petroleo Brasileiro SA, or Petrobras, the attorney-general's
office said.

Attorney General Janot sent a similar list with 55 names, to the
Supreme Court two years ago, the report discloses.  Those
investigations are still ongoing and have yielded six indictments
out of 20 under consideration by the court, according to the
attorney general's office, the report notes.

"The list is another step showing that our political system has
been rotten for a long time and needs to change," said JosÇ
Matias-Pereira, a political-science professor at the University of
Bras°lia, the report relays.

Odebrecht signed the largest settlement of corruption charges in
history with U.S., Brazilian and Swiss prosecutors in December,
and the Supreme Court accepted the plea testimony in January, the
report notes.  The Car Wash probe has already resulted in dozens
of convictions of executives at Odebrecht and the other builders
involved in the bid-rigging scheme, the report adds.

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


STATE OF PARANA: Fitch Affirms BB Long-Term IDR; Outlook Neg.
-------------------------------------------------------------
Fitch Rating has affirmed the Long-Term Issuer Default Rating of
the Brazilian state of Parana (IDR) at 'BB'. The Rating Outlook
remains Negative. The Outlook reflects the Negative Outlook of
Brazil. Fitch has also upgraded Parana's national long-term rating
to 'AA+(bra)' from 'AA(bra)' with a Stable Outlook.

The upgrade of the national ratings reflects Parana's consistent
revenue generation since 2015, following the increase of tax
tariffs. Despite the difficult economic situation in 2015 and
2016, operating margin has been fairly stable. It reached 5.1% in
2016 considering some Fitch adjustments and factoring in the
continuous application of some measures to curb expenditures and
improve revenues to a sustainable level.

KEY RATING DRIVERS

Debt and Other Long-term Liabilities: Fitch considers Parana's
debt profile to be a strength with stable trend. Parana's
consolidated debt of BRL21.6 billion in 2016 represented 55.8% of
the entity's operating revenues in a slightly worsening trend. In
2016, the state has accounted the debt of its state-owned bank
under liquidation (Badep; Banco de Desenvolvimento do Parana) into
its financials for an amount of BRL1.9 billion. 93% of debt is
directly and indirectly owed to the federal government, which
means it has low refinancing risk.

Economy: Fitch considers Parana's economy to be a neutral rating
factor with a stable trend. Parana's economy is highly influenced
by the services sector in addition to soft commodities such as soy
and poultry, mainly for export, which has performed positively.
The state's contribution to Brazil's GDP has been fairly stable in
the last five years, posting an estimated GDP of BRL282 billion in
2016. This corresponds to roughly 6% of the Brazilian GDP.

Finances: Fitch considers Parana's finances to be a neutral rating
factor with a stable trend. Parana's operating margin has averaged
3.9% per year over the last five years, adequately comparing to
other large states in Brazil. Based on the state's projections,
Fitch expects operating margins close to 6% until 2019. In 2016,
Parana registered an overall fiscal surplus of 5.2%, also
reflecting the migration of some payments to 2017. Considering
these deferred payments, the state would still register a small
surplus.

Management and Administration: Fitch considers the state's
management and administration practices as a neutral rating factor
with a positive trend. Parana has been building a history of co-
operation between the executive and legislative branches as
evidenced by the passing of some measures to increment the state's
revenues. In Fitch's opinion, the establishment of rainy-day
reserve funds, sinking funds for bullet debt repayments, coupled
with restrictions to using non-recurring revenue to current
expenses could lead Fitch to change this rating factor to 'strong'
from 'neutral' over the medium term.

RATING SENSITIVITIES

Any rating action affecting the Federative Republic of Brazil
('BB'/Negative) may result in a similar action for Parana. An
increased cost structure may also lead to further downgrades in
both national and international ratings.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to the following
assumptions:

-- Fitch assumes a moderate level of sovereign support for Parana
    even considering the Weak Institutional Framework given the
    national relevance of the State and the high exposure to
    Federal Government decisions;

-- Fitch expects some progress on the government's legislative
    agenda especially the items affecting subnationals, such as
    pension reform and additional federal debt relief.

Fitch has taken the following rating actions:

State of Parana:

-- Foreign Currency Long-Term IDR affirmed at 'BB'; Negative
    Outlook;
-- Foreign Currency Short-Term IDR affirmed at 'B';
-- Local Currency Long-Term IDR affirmed at 'BB'; Negative
    Outlook;
-- Local Currency Short-Term IDR affirmed at 'B';
-- National Long-term rating upgraded to 'AA+(bra)' from
    'AA(bra)'; Stable Outlook;
-- National Short-term rating affirmed at 'F1+(bra)'.


VALE SA: Moody's Ups Global Scale Long-Term CFR to Ba2
------------------------------------------------------
Moody's America Latina Ltda upgraded to Aa2.br from A2.br the
corporate family rating assigned on its Brazilian National scale
to Vale S.A. and the senior unsecured notes (Debentures de
Infraestrutura) issued by Vale S.A. The outlook is positive.

At the same time, Moody's Investors Service upgraded to Ba2 from
Ba3 Vale's ratings in the global scale local currency, the senior
unsecured rating and the ratings on the foreign currency debt
issues of Vale Overseas Limited (fully and unconditionally
guaranteed by Vale S.A.). The outlook is positive.

Rating Actions:

Issuer: Vale S.A.

LT Corporate Family Rating: upgraded to Ba2 from Ba3 (global
scale); upgraded to Aa2.br from A2.br (national scale)

BRL 1.35 billion Senior Unsecured Notes (Debentures de
Infraestrutura) due 2020 and 2022 -- upgraded to Ba2 from Ba3
(global scale); upgraded to Aa2.br from A2.br (national scale)

BRL 1.0 billion Senior Unsecured Notes (Debentures de
Infraestrutura) -- upgraded to Ba2 from Ba3 (global scale);
upgraded to Aa2.br from A2.br (national scale)

The outlook of all ratings is positive

RATINGS RATIONALE

The upgrade to Ba2 reflects the substantial recovery in credit
metrics observed during 2016, supported by Vale's improvements in
production profile, its low cost structure and financial
discipline regarding capital expenditures and dividends, which
enhanced the company's operating resilience and overall liquidity.
The recovery in credit metrics is also a consequence of higher
commodities prices, in particular iron ore, which increased by 81%
and closed 2016 at USD78.9/ton. EBITDA margins for FY 2016 were at
43.4% (56.9% in 4Q16), record levels since 2012. Adjusted
leverage, in turn, declined to 2.6x at the end of 2016, a steep
decrease from 5.6x at the end of 2015.

Vale has taken a number of initiatives targeting leverage
reduction in 2016. The company raised about USD 1.32 billion with
the gold streaming, sale of vessels and minority participations.
For 2017, Vale expects to conclude the fertilizer assets sale --
which totals USD 1.25 billion in cash and USD 1.25 billion in
shares to be issued by Mosaic - and the coal transaction in
Mozambique, for which Vale will receive, from Mitsui & Co Ltd ((P)
A3 negative), USD 770 million for the divestiture of part of its
share in the Moatize coal mine and the Nacala Logistics Corridor,
and up to USD 2.7 billion from the project finance. On a pro-forma
basis, including all transactions, Moody's estimates that Vale's
leverage (measured by total debt to EBITDA, including Moody's
standard adjustments) would decline to 2.2x from 2.6x at the end
of December 2016. Moody's expects Vale's leverage to decline
further in the next 12-18 months considering prices at Moody's
sensitivity medium-term ranges ($45-65/ton), as the company
continues to undertake cost saving measures and reduces its annual
capex to average levels of USD 4 billion from 2017 onwards, which
will reduce debt requirements and lead to positive free cash flow
generation. Notwithstanding, there has not yet been a material
reduction in debt levels, which could support a faster decline in
gross leverage metrics.

Vale's Ba2 rating continues to be supported by the company's
diversified product base and competitive cost position, and
substantive portfolio of long lived assets. While Vale has
diversified its geographic footprint through various acquisitions
(in Canada and elsewhere), the dominant revenue, earnings and cash
flow driver continues to be its Brazilian-based iron ore
operations and its major position in the seaborne iron ore
markets. The rating acknowledges Vale's more focused and
disciplined approach to project development, capital allocation,
resizing of its asset portfolio to strategically important
business segments, divestiture of non-strategic assets, and focus
on cost reduction, which better positions Vale to withstand
volatility in the prices for its major products.

Constraining the ratings are the challenging fundamentals for iron
ore, its key earning driver, and base metals prices, as a
consequence of the slowdown in China's economic growth -- Moody's
expects GDP growth to decline to 6.3% in 2017 and 6% in 2018 - and
steel demand, which the World Steel Association (WSA) forecasts to
decline to 626 mm tons in 2017, a 12% decline over 2014 levels,
bringing heightened uncertainty over demand for iron ore and base
metals in the next few years. Lower prices relative to 2011-2014
levels could bring volatility to margins and cash flows and delay
the pace of deleveraging. Vale's ratings also incorporate the
medium term overhang represented by the uncertainties regarding
the level of support Vale will provide to Samarco or the outcome
of existing litigations and the impact it would have on the
company's liquidity and debt profile.

The positive outlook reflects Moody's expectations that Vale's
will maintain good liquidity position while reducing debt levels,
and keep its ongoing focus on cost reduction, with financial
discipline regarding capex and dividend payment that will allow
the company to withstand the challenges of commodity price
volatility for its main products.

An upgrade on Vale's rating would depend on the maintenance of
strong credit metrics and market positioning, as well as sound
liquidity position and the reduction in absolute debt levels.
Quantitatively, an upgrade would also require Vale's adjusted
total debt/EBITDA below 3.0x, EBIT/interest expense at 4.0x and
positive free cash flow generation on a sustainable basis.

The ratings or outlook could suffer negative pressure should
conditions for iron ore and base metals deteriorate, leading to
lower profitability, and Vale is not able to make meaningful
progress in cost reduction and debt levels, with leverage ratios
(total debt/Ebitda) trending towards 4.0x or above. A marked
deterioration in the company's liquidity position could also
precipitate a downgrade. Negative pressure would arise to the
extent Vale is required to provide material financial support to
Samarco, or faces liabilities from litigation and class actions
resulting from the Samarco's accident, in addition to the amount
related to the Framework Agreement set with Brazilian Authorities
in March 2016 and the announced support to Samarco's working
capital needs.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Headquartered in Rio de Janeiro, Brazil, Vale is one of the
largest mining enterprises globally, with substantive positions in
iron ore and nickel, and participation in copper, coal and
fertilizers, as well as supplemental positions in energy and steel
production. Vale is the largest global supplier of iron ore, with
approximately 349 million metric tons (t) of production in 2016,
and the largest global producer of nickel, with around 311,000 t
produced during the same period. Vale's principal mining
operations are located in Brazil, Canada, Indonesia, and
Mozambique. In addition, the company is active in exploration
activities in nine countries. For the twelve months through
December 2016, Vale had net operating revenues of USD 27.5
billion.


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


BNP PARIBAS: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of BNP Paribas Trust Services (Cayman)
Limited on Jan. 31, 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:

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


GLOBAL VALUE: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole member of Global Value Ventures II Limited, on Feb. 2,
2017, passed a resolution to voluntarily wind up the company's
operations.

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:

          Richard Fear
          c/o Kevin Butler
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


LEHMAN BROTHERS: Commences Liquidation Proceedings
--------------------------------------------------
The members of Lehman Brothers Myryllion Fund, Ltd. on Jan. 26,
2017, passed a resolution to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 15, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


LEHMAN BROTHERS MYRYLLION: Commences Liquidation Proceedings
------------------------------------------------------------
The members of Lehman Brothers Myryllion Master Fund, Ltd. on Jan.
31, 2017, passed a resolution to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 15, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


LIFE POLICY: Commences Liquidation Proceedings
----------------------------------------------
The members of Lehman Brothers Life Policy Group PLC on Jan. 24,
2017, passed a resolution to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 17, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Margot MacInnis
          Telephone: +1 (345) 743 8800
          Borrelli Walsh (Cayman) Limited
          Harbour Place, Ground Floor
          103 South Church Street
          George Town
          P.O. Box 30847 Grand Cayman KY-1204
          Cayman Islands


LUNES ENTERPRISES: Commences Liquidation Proceedings
---------------------------------------------------
The members of Lunes Enterprises Limited on Jan. 31, 2017, passed
a resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 15, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


M & M TECH: Commences Liquidation Proceedings
---------------------------------------------
The members of M & M Tech Corporation Limited, on Feb. 6, passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 15, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          SCL Limited
          Smeets Law (Cayman)
          Reference: JAPF
          Suite 2206, Cassia Court
          72 Market Street Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728


M-INVEST LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of M-Invest Limited on April 13, 2011, passed
a resolution to liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          P.O. Box 897 Grand Cayman KY1-1103
          Windward 1, Regatta Office Park
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


MERRICKS CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Merricks Capital MZ Feeder Fund 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:

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


MERRICKS CAPITAL MASTER: Commences Liquidation Proceedings
----------------------------------------------------------
The sole shareholder of Merricks Capital MZ Master Fund 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:

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


NEXCO LTD: Commences Liquidation Proceedings
--------------------------------------------
The members Nexco Ltd., on Jan. 30, passed a resolution to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 16, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


NORTH AMERICAN: Commences Liquidation Proceedings
-------------------------------------------------
The members of North American Aircraft Hire Co. Limited on
Jan. 26, 2017, passed a resolution to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 12, 2017, will be included in the company's dividend
distribution.

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


PARADISE OVERSEAS: Commences Liquidation Proceedings
----------------------------------------------------
The shareholders of Paradise Overseas Holdings Inc., 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:

          Paradise Overseas Holdings Inc.
          c/o Jose A. Toniolo
          307 Fair Banks Road
          Apt. 50, George Town
          Grand Cayman
          Cayman Islands
          Telephone (345) 916 2956


PI MARKET: Commences Liquidation Proceedings
--------------------------------------------
The members PI Market Neutral Fund, Ltd., on Jan. 26, passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 16, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          P.O. Box 897 Grand Cayman KY1-1103
          Windward 1, Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


PUBLISHERS CORPORATION: Commences Liquidation Proceedings
---------------------------------------------------------
The members Publishers Corporation, on Jan. 25, passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 16, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          P.O. Box 897 Grand Cayman KY1-1103
          Windward 1, Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


SOFT COMMODITIES: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Soft Commodities Opportunity Fund, 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:

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


SOFT COMMODITIES OPPORTUNITY: Commences Liquidation Proceedings
---------------------------------------------------------------
The sole shareholder of Soft Commodities Opportunity Feeder Fund,
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:

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


WESTERN HEMISPHERE: Commences Liquidation Proceedings
-----------------------------------------------------
The members of Western Hemisphere Aviation Financial Services Co.,
Limited, on Jan. 26, 2017, passed a resolution to liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 12, 2017, will be included in the company's dividend
distribution.

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
=========


MULTIEXPORT FOODS: Fitch Ratifies BB(cl) Rating; Outlook Positive
-----------------------------------------------------------------
Fitch Ratings ratified the credit rating of Multiexport Foods SA
(Multiexport) in 'BB (cl)' and modified the Positive Outlook from
Stable. At the same time it ratified the classification of shares
in 'First Class Level 4 (cl)'.

The modification of the Outlook reflects the solid operational
performance shown by Multiexport during 2016, which allowed it to
generate a positive free cash flow (FFL), which was destined to
reduce debt and strengthen its liquidity. This led to strong debt
ratios for 2016, which achieved a financial debt / EBITDA ratio of
1.9 times (x) and net financial debt / EBITDA of 0.7x. To trigger
the Positive Perspective, Fitch expects the company to be able to
structure its current debt with a long-term amortization schedule
and more appropriate to the volatility of its operational flows,
while maintaining a generation of sound operational flow.

The Multiexport classifications are based on its positioning in
the national and international market and in the integration of
its production chain. Fitch has favorably incorporated Mitsui &
Co. Inc (Mitsui) into the property of Salmones Multiexport SA
(Salmones Multiexport), Multiexport's main operating subsidiary,
through a capital increase made in 2015. However, Multiexport Are
constrained by the strong volatility of results to which companies
in this industry are exposed, such as high health risks,
Fluctuations in the international price of products and challenges
of growth.

KEY FACTORS OF THE RATINGS

Positive Operational Performance Will Remain in 2017:
In 2016, Multiexport achieved an EBITDA of USD74 million compared
to -USD21 million in 2015 and USD29 million in 2014. This
improvement is due to a very favorable price scenario during 2016,
With higher sales volumes and strong demand coupled with the
downward trend in company costs associated with significant
improvements in operating efficiency and a stable sanitary
condition. In the course of 2017 international prices have
continued their upward trend and the health situation has remained
normal. In Fitch's opinion, the maintenance of price levels in the
current ranges, Together with the consolidation of a more
efficient cost structure and effective health control, will be the
main challenges that Multiexport will face in 2017 and 2018, in
order to capitalize on the good operational performance achieved
in 2016 and maintain a sound credit profile.

Free Cash Flow Positive:
After 2015 free cash flow (FFL) was negative -USD20 million, the
company generated USD50 million in 2016, after investments for
USD17 million and zero dividend distribution. This is explained by
a generation of high operating cash flow (FCO), associated with
its better operating performance, which reached USD67 million.
Fitch estimates that the FFL will continue to be positive in 2017,
following investments similar to those of 2016 and dividend
payments estimated by Fitch at USD1 million.

Solid
cash position: The company's cash position improved at the end of
2016 with an equivalent to USD88 million, compared to USD72
million at the close of 2015 and USD25 million in 2014. This box
covers 1.9x short- As of December 2016, reached USD45 million. The
company's liquidity was strongly strengthened following the
completion of the capital increase in 2015 and the positive FFL
generation in 2016. Fitch expects the cash level to remain
relatively stable in 2017.

Important Debt Maturities:
Multiexport presents significant amortizations of its bank loan
between 2017 and 2019. These correspond to maturities of the
syndicated loan of subsidiary Salmones Multiexport for USD22
million in September 2017, And for about USD47 million annually in
2018 and 2019. Fitch believes the company will need to refinance
its obligations for the coming periods in order to maintain its
financial flexibility and a solid cash level.

Classification of Shares:
The classification of shares of Multiexport is restricted by its
solvency classification and considers its median size on the stock
exchange, the appropriate dispersion of its property and the
appropriate levels of liquidity of the stock. With information as
of March 14, 2017, Multiexport achieved a 52% market presence on
the Santiago Stock Exchange, a market capitalization of USD595
million and a daily average daily transaction of USD124 thousand
in the last 12 months, in line with The classification of 'First
Class Level 4 (cl)'.

KEY ASSUMPTIONS

The key assumptions used by Fitch for Multiexport projections are
as follows:

- $ 3/4 lb (lb) trim D fillet of salmon at $ 5.5 / lb in 2017;
- you plant about 18 million smolts in 2017 and harvests close to
   71 thousand tons;
- stable health scenarios, with mortality levels similar to those
   observed in 2016 (between 5% and 10% in Atlantic salmon);
- limited capex to infrastructure restructurings in the order of
   USD18 million in 2017;
- Dividend distribution of USD1 million in 2017.

SENSITIVITY OF THE CLASSIFICATION

The solvency classification could deteriorate in the event that
health and market variables in the industry will result in a
reduction in the FFL to negative levels or the company lose the
financial flexibility it has shown.

The Positive Outlook could trigger a rating rise if the company
managed to successfully refinance its long-term debt and showed a
comfortable repayment profile, a stable debt level and maintained
a cash level in line with its short-term debt Which will help
offset the inherent volatility of the industry.


===============
C O L O M B I A
===============


BANCO GNB: Fitch Assigns BB+ Long-Term Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' to Banco GNB Sudameris S.A.'s
(GNB) Long-Term Local and Foreign Currency Issuer Default Ratings
(IDRs). The Rating Outlook is Stable. Additionally, Fitch expects
to assign a 'BB' rating to GNB's upcoming 10-year U.S. dollar
subordinated notes.

GNB's Long-Term Local and Foreign Currency IDRs are driven by its
Viability Rating (VR) of 'bb+'. The bank's VR is highly influenced
by its tight capitalization metrics and still moderate franchise.
The bank's conservative risk policies reflect GNB's ability to
manage risks and preserve strong asset quality ratios while
improving its liquidity profile and asset liability management.
The ratings also considered the efficiency gains and cost control
policies during the process of integration of the subsidiaries it
acquired from HSBC in Colombia, Peru and Paraguay.

The subordinated notes (the amount currently undetermined) are
planned as a 144A 10 year issuance with a fixed rate coupon (based
on the five year treasury benchmark rate plus a spread). At the
fifth anniversary of the notes the interest rate will be reset for
the remaining five years based on the current benchmark rate at
that time (whether higher, same or lower) plus the spread (which
will remain unchanged). Interest payments will be made semi-
annually until maturity. The proceeds will be used to repay an
existing subordinated debt and the net proceeds will be used to
boost regulatory capital as a component of Tier Two Capital and
for general corporate purposes.

The subordinated debt will rank junior in right of payment to the
prior payment in full of all of the bank's existing and future
Senior Liabilities; and will be senior only to GNB's Capital Stock
and Tier One Capital subordinated indebtness. The notes will rank
pari passu with all of unsecured and Tier Two Capital
subordinated, if any, that complies with the requirements set
forth in Decree 2555 of Colombian law.

On the Reset Date, subject to the prior approval of the Colombian
Superintendence of Finance or any other then-applicable Colombian
governmental authority, if required, GNB at its option may redeem
the notes in whole or in part, upon giving not less than 30 or
more than 60 days' notice.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

KEY RATING DRIVERS

VIABILITY RATING (VR) and IDRS

GNB's VR is constrained by the relatively low Fitch Core Capital
(FCC) levels that have been affected since the acquisition of
HSBC's subsidiaries in Colombia, Peru and Paraguay in 2013, the
introduction of IFRS accounting standards, and significant peso
depreciation in recent periods. However, the bank's tight capital
position is partially offset by its ample loan loss reserves,
solid asset quality and risk management. However, the bank's
current capitalization metrics compare unfavourably with
similarly-rated international peers. The bank's outstanding
subordinated debt is eligible as capital from a regulatory
perspective, but these bonds are not considered equity under
Fitch's criteria, but rather liabilities. The bank's
capitalization levels benefited during 2016 from the bank's
internal capital generation and the shareholder's decision to
retain 100% of the 2016 earnings, and are expected to further
benefit by a partial retention of at least 50% in 2017 and 2018.
As a result, the FCC ratio increased to 8.9% at December 2016.

GNB is a medium-sized universal bank whose size and geographical
presence increased with the aforementioned acquisitions from HSBC
in 2013. GNB has a local market share in Colombia of approximately
3.6% of total assets, 2.0% of total loans and 4.1% of total
deposits at November 2016. The bank has grown steadily since 2003,
increased market share, and consolidated its business model,
achieving consistent, albeit moderate, performance metrics while
maintaining sound asset quality.

Recently, asset quality has seen a slight deterioration, but it
remains among the best in Colombia and sound by international
standards. The bank's conservative policies, relatively robust
underwriting standards, and adequate risk controls, should
contribute toward maintaining solid asset quality in the
foreseeable future. The 90-day past due loan (PDL) ratio increases
to 1.43% at year-end 2016 (YE16) and was covered by loan loss
reserves that amounted to about 1.4x PDLs. Asset quality metrics
at its newly acquired subsidiaries are stabilizing and steadily
improving.

GNB's profitability is modest given its moderate business volumes
and limited competitive advantages, which generally constrains the
bank's net interest margins. In the years following the
acquisitions from HSBC, the bank's profitability ratios were
affected by the rapid asset growth, merger-related accounting
implications, as well as one-time expenses and support contracts
with HSBC that ended in 2015. During the 24-month period of fully
integrated operations, trading revenues and fees are the main
source of operating income (average 2015-2016: 66% of total),
followed by net interest income. Sustainable earnings
diversification and efficiency improvements on improving economies
of scale support the bank's performance. Operating ROAA has
recently ranged between 1.0% and 1.25%, a level below its regional
peers.

As a medium-sized bank with ample presence throughout the country,
GNB enjoys a stable and ample deposit base. Deposits come
primarily from institutional and public investors, resulting in
higher funding costs and higher concentrations by depositors,
compared to banks with a wider retail deposit base. Over 40% of
GNB's consolidated assets are in the form of cash and securities,
as the bank is a market maker of government securities in
Colombia. These holdings also contribute toward fulfilling the
treasury services the bank provides to institutional customers,
while further enhancing its overall funding and liquidity
strategy.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's support rating (SR) of '4' and Support Rating Floor
(SRF) of 'B+' are driven by its moderate systemic importance and
the growing share of retail deposits, although still modest as
compared to local systemically important banks. Fitch believes
there is a limited probability of receiving sovereign support if
the bank were to need it, which underpins its SR and SRF. SRFs
indicate the minimum level to which the entity's Long-Term IDRs
could fall if Fitch does not change its view on potential
sovereign support.

SUBORDINATED DEBT

GNB's subordinated debt is rated one notch below its VR to reflect
lower expected recoveries in the event of liquidation. There is no
notching applied due to non-performance risk, given the terms of
the issuance, since this is a plain-vanilla subordinated debt
issue without any material going concern loss-absorption features.
Therefore, these securities are entirely considered liabilities by
Fitch, rather than eligible loss-absorbing capital.

RATING SENSITIVITIES

VR and IDRS

Upside potential for the international ratings is heavily
contingent on a material improvement on capitalization levels,
which is currently one of the weakest elements under Fitch's
rating approach. An upgrade on the VR and IDRs could arise if the
bank is able to reach and sustain a FCC ratio of at least 10%,
while avoiding material deterioration of its other financial and
qualitative credit fundamentals.

On the other side, downside pressure for the VR and IDRs would
arise from further deterioration of its FCC ratio (consistently
below 8%), especially if accompanied by negative trends in its
profitability and/or asset quality metrics.

SUPPORT RATING AND SUPPORT RATING FLOOR

Upside potential for the SR and SRF is limited, as a significant
growth of market share in Colombia is unlikely in the near and
medium term. Should the bank's role as a market maker, or the
market share of retail deposits decrease, the SR and SRF rating
might eventually be revised downward.

SUBORDINATED DEBT

Subordinated debt ratings will mirror any action on the banks VR,
likely maintaining a one-notch difference under most
circumstances.


Fitch has assigned the following ratings:

-- Long-Term Foreign and Local Currency Issuer Default Ratings
    (IDRs) 'BB+'; Outlook Stable;
-- Short-term foreign and local currency rating 'B';
-- Viability Rating 'bb+';
-- Support Rating '4';
-- Support Floor 'B+';
-- USD denominated subordinated notes 'BB(EXP)'.


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


* DOMINICAN REPUBLIC: Aviation is Region's Leader, ICAO Says
-------------------------------------------------------------
Dominican Today reports that International Civil Aviation
Organization (ICAO) regional director Melvin Cintron, called the
Dominican Republic the region's civil aviation leader.

Mr. Cintron said he bases that conclusion on verifiable and
measurable data, according to the report.  "These are indisputable
data that represent the audits we have taken to measure the level
of compliance and standards," he added.

In a speech to inaugurate facilities built at a cost of RD$86
million in the Dominican Air Force Botello Complex headed by
President Danilo Medina, Mr. Cintron lauded Dominican Republic's
advances in aeronautics and civil aviation, the report notes.

Mr. Cintron said the audits carried out by ICAO -- globally --
indicate that the average level of compliance with standards is
63% and that of the region is 68%, while in Dominican Republic's
case, the level of compliance reached 90.63%, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


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


MEXICO: Seeks New Outlets for Farm Exports Amid NAFTA Peril
-----------------------------------------------------------
EFE News reports that the Mexican government presented a plan to
diversify trade in agricultural goods ahead of talks with the
United States and Canada on overhauling the 1994 North American
Free Trade Agreement (NAFTA).

In 2016, 78 percent of Mexico's farm exports went to the United
States, but that could change given US President Donald Trump's
insistence on renegotiating NAFTA, a pact he has denounced as
harmful to industries and workers north of the border, according
to EFE News.

"We have increased and accelerated country visits with the
objective of diversifying even more quickly," Agricultural
Secretary Jose Calzada told a press conference, the report notes.

Mexico exported a record $29 billion in agricultural products last
year, the secretary said, the report notes.

The report relays that Mexican avocados and tequila are in demand
in the world market, he said, though acknowledging his county's
huge dependence on the US as a customer.

In 2016, Mexico posted a $7 billion surplus in agricultural trade
with the giant to the north, the report discloses.

Mexican officials have made trade-promotion visits to Colombia,
Argentina, Chile, and the Arabian peninsula, Mr. Calzada said,
adding that there is potential to sell up to $1 billion of halal
meat to Muslim nations in the Middle East, the report notes.

Another possible outlet for Mexican beef is Russia, the secretary
said, while noting that Moscow would be looking for reciprocity in
any agreement, the report discloses.

The Russians, he said, "want us to buy wheat from them, and this
seems fair to me," the report says.

Regarding the farm goods Mexico currently imports from the US,
such as soy, rice and yellow maize, Mr. Calzada said that those
commodities are also available from Brazil and Argentina, notes
EFE News.

Mexico said they will be ready to begin NAFTA talks this summer,
but observers in Washington suggest the start of negotiations
won't come until late in the year, the report notes.

Mexican agricultural producers need to emerge from their "comfort
zone" and begin looking for alternatives to the US as an export
market, Mr. Calzada said, the report adds.


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


PETROLEOS DE VENEZUELA: Offers Oil Stake to Russian Counterpart
---------------------------------------------------------------
RJR News reports that Venezuelan state oil company Petroleos
de Venezuela, S.A. (PDVSA) has offered Russian counterpart Rosneft
a stake in a joint venture in the country's Orinoco Belt extra-
heavy crude area.

Reuters reported that Rosneft, Russia's top oil producer, has been
offered a 10 per cent stake in the Petropiar joint venture,
according to RJR News.

The report notes that Reuters suggested it was a sign of the Latin
American nation's dire economic situation and Moscow's growing
muscle there.

PDVSA has a 70 per cent share, and U.S. oil company Chevron Corp
holds 30 per cent of the venture, which includes an oil field and
a 210,000 barrel-per-day oil upgrader, the report relays.

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


===========================
V I R G I N   I S L A N D S
===========================


HUMMINGBIRD AIR: About to Suspend Operations
--------------------------------------------
Caribbean360.com reports that the St Croix-based Hummingbird Air
will put the brakes of flights at the end of the month.

But it could soar again under new management, notes
Caribbean360.com.

The airline's managing director Samuel Raphael informed customers
in a March 14 letter that negotiations are underway with a new
management group to take over the carrier's operations, according
to Caribbean360.com.

"We recognize that aviation options are limited and had hoped for
a seamless management changeover.  However, due to a number of
factors we have decided to suspend service at the end of this
month," Mr. Raphael wrote, the report notes.

The report relays that Mr. Raphael had also told Dominica News
Online that the major contributing factor for the suspension was
that airport fees in the USVI were raised dramatically last month.

Hummingbird Air operates regular passenger and cargo flights from
its base at St. Croix Henry E. Rohlsen to each of Basseterre and
Dominica Douglas-Charles, the report discloses.

The airline has informed customers of its SHOPNET service -- which
allows residents of Dominica and St Kitts and Nevis to make online
purchases and route them through the carrier -- to ensure that
their final orders are registered no later than March 25 to
guarantee delivery, the report relays.

The suspension in operations comes more than a year after
Hummingbird Air experienced two crash landings, the report notes.

In August 2015, a plane veered off the runway in Barbuda and
crashed into a nearby field, with five passengers on board,
including Mr. Raphael, the report relays.  Three months later, one
of the airline's 15-seater aircraft veered off the runway upon
landing at the George FL Charles Airport in Castries, St. Lucia,
the report adds.

No one was injured in either incident, notes Caribbean360.com.


                            ***********


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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