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

               Thursday, March 23, 2017, Vol. 18, No. 59


                            Headlines



A R G E N T I N A

CITY OF BUENOS AIRES: Moody's Rates USD530MM Notes at B3


B A R B A D O S

BARBADOS: "We Don't Need the IMF -- Yet," Prime Minister Declares


B R A Z I L

BRAZIL: on Tenterhooks Over List of Politicians Subject to Probe


C A Y M A N  I S L A N D S

AIC MARINE: Placed Under Voluntary Wind-Up
CAYMAN MS: Shareholders Receive Wind-Up Report
COMPASS INVESTMENTS: Placed Under Voluntary Wind-Up
GAVEA GLOBAL: Commences Liquidation Proceedings
GAVEA GLOBAL SPV: Commences Liquidation Proceedings

GNETOP INC: Creditors' Proofs of Debt Due March 27
HAWAII ASIA: Commences Liquidation Proceedings
NMS SERVICES: Commences Liquidation Proceedings
NORTH AMERICAN: Sole Member Receives Wind-Up Report
PETROASIA LIMITED: Shareholders Receive Wind-Up Report

RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due April 10
SUNRISE CAPITAL: Shareholders Receive Wind-Up Report
UNIVERSITY OF TOLEDO: Shareholders Receive Wind-Up Report
WALDEN LIMITED: Shareholders Receive Wind-Up Report
WESTERN HEMISPHERE: Sole Member Receives Wind-Up Report


C H I L E

SMU SA: S&P Raises CCR to 'B-' on Improved Capital Structure


C O L O M B I A

ELECTRIFICADORA DEL CARIBE: Colombia to Liquidate Company


M E X I C O

MINERA FRISCO: Moody's Ups Sr. Unsec. Nat'l Scale Rating to B3.mx
UNIFIN FINANCIERA: S&P Affirms 'BB' Issuer Credit Rating


P A R A G U A Y

PARAGUAY: Moody's Assigns (P)Ba1 Global Bond Rating


P E R U

COMPANIA MINERA: S&P Affirms 'BB' CCR; Outlook Remains Stable


X X X X X X X X X

LATAM: Latino Firms Seek Prosperity Building Trump's Wall


                            - - - - -



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A R G E N T I N A
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CITY OF BUENOS AIRES: Moody's Rates USD530MM Notes at B3
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B3 Global Scale local currency debt rating and Baa1.ar
rating on Argentina National Scale in local currency to proposed
Classes 21 and 22 Notes for up to the combined equivalent amount
in local currency of up to USD530 million, to be issued by the
City of Buenos Aires under its Local Financing Program. The
ratings are in line with the City's long term local currency
ratings, which carry positive outlook.

RATINGS RATIONALE

The creation of the Local Financing Program was authorized by Laws
4315, 4382, 4431 and 4472 of 2012, Laws 4810 and 4885 of 2013, Law
4949 of 2014 and Laws 5491, 5496, 5541, 5725 and 5727 of 2016.
These two new Classes to be issued under the program, will
constitute direct, unconditional, unsecured and unsubordinated
obligation of the City, ranking at all times pari passu without
any preference among other debts. Both Classes will bear variable
interest rate (local benchmark plus margin) on a quarterly basis
and will be issued and payable in Argentine Pesos for the combined
equivalent amount of up to USD530 million. They will be sold in
the local capital market. Class 21 Notes will mature in 18 months
whereas Class 22 will mature in 84 months with bullet amortization
in both cases.

After the issuance of these 2 Notes classes, coupled with the
repayment of some debts maturing during this year and the expected
increase in the City's total revenues, Moody's does not anticipate
a rise in the City of Buenos Aires' ratio of total debt relative
to total revenues.

The assigned ratings are in line with the City's B3 (Global Scale)
and Baa1.ar (Argentina's National Scale) local currency debt
ratings.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program 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.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns' economic and
financial profiles and ratings, and upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country's
operating environment could lead to an upgrade of the City of
Buenos Aires ratings. Conversely, a downgrade in Argentina's bond
ratings and/or systemic deterioration or idiosyncratic risks
arising in the City of Buenos Aires --such as an increase in the
share of its foreign currency denominated debt -- could exert
downward pressure on the ratings assigned to the City of Buenos
Aires and could translate in to a downgrade in the near to medium
term.

The principal methodology used in these ratings was Regional and
Local Governments published in January 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.


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


BARBADOS: "We Don't Need the IMF -- Yet," Prime Minister Declares
-----------------------------------------------------------------
Caribbean360.com reports that the International Monetary Fund is
not on the agenda of the Barbados Government, an adamant Prime
Minister Freundel Stuart has declared.

On the heels of warnings from his predecessor Owen Arthur that the
stressed economy urgently needs a helping hand from the
Washington-based financial institution to stave off a $3.3 billion
debt crisis, Stuart dispelled the notion that the island was so
poorly off that it had no other option, according to
Caribbean360.com.

Mr. Arthur made it clear that if and when the island had to go
that route, he would not cower, the report notes.

"I have heard all of the talk in Barbados; I heard the member for
St Peter say that we should go into an IMF program and so on. I
want to make it very clear, I spoke to the Chamber of Commerce in
January, and I said there will be no panicky resort to the IMF by
the present Government of Barbados," Mr. Stuart said in his
contribution to the debate on the Estimates and Expenditures for
2017/2018, the report notes.

"If the stage is ever reached where it has to happen, as with the
case of [then Prime Minister] Tom Adams, as with the case of [then
Prime Minister Erskine] Sandiford, this Prime Minister will have
the courage to look the country in the face and say, 'look, here
is what the facts are, here is what I think we have to do for the
good of this country'.  But that is not an agenda item of this
government at this stage," he added, the report relays.

The report notes that Mr. Arthur had argued that the island could
not afford to turn its back on the opportunity to have its debt
restructured under a Fund program, pointing out that it could get
as much as $750 million at one per cent interest.

The noted economist also proposed that the island end its currency
peg to the United States dollar, since it was doing more harm than
good, the report relays.

"Our currency is pegged to the United States dollar that is not
going down in value but is going up in value, and it is making
Barbadian exports more expensive -- not because we want them to be
more expensive but because of how our currency is pegged.  Our
currency is also making it more expensive for investors coming
from the United Kingdom and Germany to be able to make investments
in Barbados," Mr. Arthur warned, the report relays.

But again rejecting the advice of the former leader, Mr. Stuart
insisted the $2 to $1 peg had served the country well since 1975,
the report recalls.

"It has made our business transactions certain; our business
people have been able to rely on it, our citizens have been able
to rely on it. It is true that the US dollar has been
strengthening against other currencies in recent times, but that
has happened before and that can change as well," he added, notes
the report.

Prime Minister Stuart also went on to defend his Government's
printing of money, saying while it would not continue forever,
there was too much at stake to abruptly stop, the report notes.

"These things are not new. They are not desirable in the context
of our overall macroeconomic aspirations, but sometimes they
become necessary. And you only have to ask yourselves, 'if they
are not done, what the consequences will be for the society?'" he
added, reports Caribbean360.com.


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B R A Z I L
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BRAZIL: on Tenterhooks Over List of Politicians Subject to Probe
----------------------------------------------------------------
Paul Kiernan and Paulo Trevisani at The Wall Street Journal report
that Brazil's political crisis lurched into higher gear as an
unknown number of top politicians faced the prospect of being
snared in a corruption dragnet while labor groups staged
nationwide protests against President Michel Temer's economic
policies.

Politicians here in the capital were holding their breath as the
Supreme Court weighed whether to make public a highly anticipated
list of politicians Attorney General Rodrigo Janot requested its
permission to investigate in the so-called Car Wash probe,
according to The Wall Street Journal.

Several newspapers, citing leaked portions of the list, reported
that as many as five of Mr. Temer's 28 cabinet members were among
those named, along with the leaders of both chambers of Congress
and a number of high-profile senators and state governors, the
report notes.  The Wall Street Journal couldn't independently
confirm those assertions, the report relays.

Political analysts say Mr. Janot's list could push vulnerable
politicians away from supporting Mr. Temer's unpopular proposals
to overhaul the country's pension system and labor laws, changes
economists say are crucial to narrowing the government's budget
deficit and paving the way for a recovery from Brazil's worst
recession on record, the report discloses.

The attorney general's list of names is based on testimony from
witnesses at construction giant Odebrecht SA and petrochemicals
firm Braskem SA, which both agreed in late 2016 to cooperate with
authorities investigating corruption at state-controlled oil
company PetrĀ¢leo Brasileiro SA, the report relays.

"Brasilia's establishment is wobbling," said Jimena Blanco, head
of Latin America at Verisk Maplecroft, a risk-management
consulting firm.  The reported inclusion of Rodrigo Maia and
Eunicio Oliveira, heads of Brazil's lower house of Congress and
Senate respectively, "could bring legislative reform initiatives
to a standstill," she added, the report notes.

"This investigation will give me the opportunity to show there is
nothing against me," Mr. Maia said to reporters.  "This case will
be shelved," he added, reports WSJ.

A spokesman for Mr. Oliveira referred to a note released by the
Senate's presidency that said investigations aren't a final
verdict, the report notes.  "The right to ample defense must be
respected," it said.

The report relays that Mr. Temer's approval rating is hovering
around 10%, reflecting Brazilians' wariness toward his agenda
following two years of recession and corruption scandals.  In
major cities around the nation, schools, banks and transportation
systems were partly shut down by strikes, and thousands of people
took to the streets to protest the proposed pension and labor
overhauls, the report notes.

"It's an embarrassment for a country with so much potential to be
in this situation," said Rafael Boucas, a 31-year-old sales
associate in an eyeglasses store in Rio, the report relays.
"Looking at this stuff happening, what we see is that things can
only get worse, unless a miracle happens," he added.

The report discloses that Mr. Janot's request also deepened the
uncertainty surrounding Brazil's 2018 presidential election, as it
could further taint mainstream political parties and dissuade a
number of likely candidates from running.  Leading financial daily
Valor Economico reported that two leading figures of the center-
right PSDB party, one of Brazil's largest, were on the list: Sen.
Aecio Neves, who narrowly lost the last presidential election, and
Sao Paulo Gov. Geraldo Alckmin, the report says.

The PSDB party said that as the party's president, Mr. Neves had
acted "always within the law, which will be proved at the end of
the investigations," the report relays.

The report further notes that Mr. Alckmin's office said in an
emailed statement that prosecutors didn't release enough details
for him to comment on.

Leonardo Barreto, a political consultant in BrasĀ°lia, expects the
list to broaden the probe, leaving hardly any potential candidate
unharmed and compelling all parties to recalculate their 2018
plans, the report discloses.

"If you walk by a party's headquarters, they may grab you to be a
candidate," Mr. Barreto said, the report adds.

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


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


AIC MARINE: Placed Under Voluntary Wind-Up
------------------------------------------
The sole shareholder of AIC Marine Corp. on, Jan. 27, 2017, passed
a resolution to wind up the company's operations.

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

The company's liquidator is:

          William J. Lynch
          c/o Lynch & Associates
          535 Boylston St. Suite T2
          Boston, MA 02116
          United States of America
          Telephone: +1 (617) 247 7000
          Facsimile: +1 (617) 247 7275


CAYMAN MS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Cayman MS Investors received on March 6, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


COMPASS INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
The shareholders of Compass Investments Ltd. on, Feb. 2, 2017,
passed a resolution to wind up the company's operations.

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

The company's liquidator is:

          Alexandria Bancorp Limited
          c/o Dayra Triana-Munroe
          Barbara Conolly -Authorised Signatory
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 945-1111


GAVEA GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------
The members of Gavea Global Fund Ltd on Feb. 3, 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:

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


GAVEA GLOBAL SPV: Commences Liquidation Proceedings
---------------------------------------------------
The members of Gavea Global SPV on Feb. 3, 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:

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


GNETOP INC: Creditors' Proofs of Debt Due March 27
--------------------------------------------------
The creditors of Gnetop Inc. are required to file their proofs of
debt by March 27, 2017, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 3, 2017.

The company's liquidator is:

          Lin Yongyuan
          c/o Michelle R. Bodden-Moxam
          Portcullis (Cayman) Ltd,
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052, Grand Cayman, KY1-1208
          Cayman Islands


HAWAII ASIA: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Hawaii Asia Holdings II Limited on Feb. 2,
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


NMS SERVICES: Commences Liquidation Proceedings
-----------------------------------------------
The members of NMS Services (Cayman) Inc. Limited on
Feb. 1, 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:

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


NORTH AMERICAN: Sole Member Receives Wind-Up Report
---------------------------------------------------
The sole member of North American Aircraft Hire Co. Limited
received on March 13, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          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


PETROASIA LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Petroasia Limited received on March 13, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Chris Narborough
          DMS House, Ground Floor
          20 Genesis Close
          P.O. Box 1103, George Town
          Grand Cayman KY1-1103
          Cayman Islands


RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------------
The creditors of Residential Reinsurance 2012 Limited are required
to file their proofs of debt by April 10, 2017, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 19, 2017.

The company's liquidators are:

          Kevin Poole
          James Trundle
          171 Elgin Avenue, Willow House
          P.O. Box 10233 Grand Cayman
          Cayman Islands
          Telephone: 914-2270/ 949-5263
          Facsimile: 949-6021


SUNRISE CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sunrise Capital Diversified Ltd. received on
March 15, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of The University of Toledo Medical Assurance
Company SPC received on March 13, 2017, the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Walden Limited received on March 8, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


WESTERN HEMISPHERE: Sole Member Receives Wind-Up Report
-------------------------------------------------------
The sole member of Western Hemisphere Aviation Financial Services
Co., Limited received on March 13, 2017, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          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


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


SMU SA: S&P Raises CCR to 'B-' on Improved Capital Structure
------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit and
issue-level ratings on SMU S.A. y Filiales to 'B-' from 'CCC+'.
The outlook is positive.  S&P believes that the investors in SMU
senior notes don't face a significant disadvantage as creditors of
the holding company, because the notes are guaranteed by operating
subsidiaries that generate the bulk of SMU's consolidated EBITDA.

The upgrade and positive outlook reflect S&P's view of the
improved capital structure and the expectation that the company
will reduce leverage in the next two years.  S&P believes the IPO
concluded in January 2017 marks the end of a restructuring period
started in 2014 in which the company focused on achieving a
sustainable business model and financial structure by improving
its operating efficiency and defining a commercial strategy.  For
the next two years, S&P expects management to keep up the
efficiency initiatives and to increase store productivity to
maintain more gradual but steady margin improvement, with modest
capital investments.  Amid these efforts, S&P forecasts the
company will generate excess cash to repay debt and gradually
reduce its still high leverage.

S&P believes the company has a somewhat weaker brand against
stronger competitors in the developed Chilean retail market, with
little geographic diversification and revenues concentrated in the
food retail segment.  Although less diversified than peers that
also act in different retail segments, this is partially mitigated
by the greater stability of food retailing through economic
cycles.  Although S&P forecasts a gradual increase over coming
years from remodeling, SMU's sales per square meter of store space
are lower than its closest peers'.  Partially counterbalancing
factors include the company's position as the third-largest food
retailer in Chile, with about 21% market share, and its multi-
format structure that allows reaching different types of
customers.  These factors lead to S&P's assessment of a weak
business risk profile.

The IPO and operational improvements set the ground for a gradual
leverage reduction, but S&P still expects the company to post
metrics in line with a highly leveraged financial risk profile
until 2018.  S&P assess comparable rating analysis as negative,
based on the latter and the fact that S&P needs to see some more
track record of consistently increasing profitability and cash
flow generation before assessing the company's rating at one notch
higher.


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


ELECTRIFICADORA DEL CARIBE: Colombia to Liquidate Company
---------------------------------------------------------
Sara Schaefer Munoz at The Wall Street Journal reports that
Colombian authorities said they would liquidate electricity-
provider Electrificadora del Caribe SA over the objections of its
parent, Spain's Gas Natural SDG SA, in the latest escalation of
tensions between Colombia and one of Europe's largest utility
providers.

Colombian officials took over the troubled power company, known as
Electricaribe, four months ago, according to The WSJ.  Jose Miguel
Mendoza, the country's superintendent of services, said
Electricaribe's distribution network, which serves Colombia's
Caribbean cost but caused frequent blackouts, is unfit to provide
adequate service to its 2.5 million customers and that the firm
cannot afford the necessary upgrades, the report relays.

"The company is not in a condition to provide energy with the
quality and continuity needed," the report quoted Mr. Mendoza as
saying.  "We will have an absolutely public selection process in
which we will choose the best option for the coast."

The report notes that power service will continue while the
superintendent's office begins the process of auctioning
Electricaribe's assets to pay off liabilities of around $830
million, Mr. Mendoza said.

In a release, Gas Natural, which holds an 85% stake in
Electricaribe, called the liquidation process "contrary to the
conversation" the countries had pursued over the past several
months, and contrary to "the spirit of deepening of commercial
ties between the European Union and Colombia," the report relays.

The Spanish power provider said it would seek recourse through the
arm of the World Bank that handles state-investor disputes, the
report notes.

The company's November takeover angered Gas Natural officials, who
have said the decaying distribution network is the result of
financial woes stemming from millions in unpaid customer bills,
the report discloses.

Natural Gas officials have also complained that Colombia does
little to control what they say are tens of thousands of
Colombians tapping into power lines illegally, or to guarantee the
safety of their workers charged with disconnecting the illegal
lines, the report relays.  Officials in coastal towns have said
they are combating the problem, the report notes.

Colombian President Juan Manuel Santos praised the move toward
liquidation, saying in a message on his Twitter account that "the
process of the liquidation of Electricaribe is responsible, the
report notes.  The priority is that neither individuals or
companies suffer because of electricity supply," the report adds.


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


MINERA FRISCO: Moody's Ups Sr. Unsec. Nat'l Scale Rating to B3.mx
-----------------------------------------------------------------
Moody's de Mexico has upgraded the senior unsecured national scale
rating of Minera Frisco, S.A.B. de C.V. to B3.mx from Caa1.mx.

RATINGS RATIONALE

The action reflects the correction of a prior error. In the 13
June 2016 rating action, when Moody's repositioned national scale
ratings of non-financial corporates following the recalibration of
Mexico's national rating scale, an inappropriate national scale
rating map was used. The error has now been corrected, and rating
action reflects the use of the appropriate rating map. All other
ratings of Minera Frisco remain unchanged.

Minera Frisco's B3 corporate family rating continues to reflect
its high leverage, as well as its small scale compared to peers,
modest reserves in certain of its mines and the pressures on its
production which has been declining recently. In addition, the
rating also incorporates the company's weak liquidity profile.
Nevertheless, the B3 also takes account of Minera Frisco's
moderate mine diversification and expected enhanced metal
diversification, once the Tayahua Primary Copper project is
finalized and substantially increases the company's copper
production.

An upgrade would require improvements in the company's liquidity
and credit metrics. Quantitatively, an upgrade would require
debt/EBITDA below 4.5x and EBIT/interest expense above 2.0x on a
sustained basis, both as adjusted by Moody's.

The ratings could be downgraded if Minera Frisco experiences any
significant operational difficulties or a substantial increase in
operating costs. Quantitatively, a downgrade would be considered
if debt/EBITDA increases to above 5.5x on a sustained basis. A
downgrade would also occur if the company's liquidity profile
deteriorates further.

Minera Frisco is dedicated to the exploration and exploitation of
mining lots for the production and sale of gold and silver dore
bars, as well as copper cathode and copper concentrate, lead-
silver and zinc concentrates. The company has nine mining units in
Mexico and generated MXN13.9 billion of revenues in 2016.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

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.

The period of time covered in the financial information used to
determine Minera Frisco, S.A.B. de C.V.'s rating is between
01/01/2012 and 12/31/2016 (source: audited financial statements
and regulatory filings).


UNIFIN FINANCIERA: S&P Affirms 'BB' Issuer Credit Rating
--------------------------------------------------------
S&P Global Ratings affirmed its global scale 'BB' issuer credit
and issue-level ratings on Unifin Financiera, S.A.B. de C.V.
SOFOM, E.N.R.  S&P also affirmed its 'mxA/mxA-2' national scale
counterparty credit rating.  Outlook remains stable.

S&P's ratings on Unifin reflect its stable and growing operating
revenue base as well as a diversified loan portfolio by sectors.
Moreover, the ratings also incorporate S&P's forecasted RAC ratio
of 8.4% for the next 18 months and a risk position that reflects a
slight increase in the firm's NPAs as well as subpar reserve
coverage.  Furthermore, S&P's funding and liquidity assessment on
the lender reflects a diversified funding structure compared with
the Mexican NBFI industry and liquidity levels sufficient with
ongoing operations.  Unifin's stand-alone credit profile (SACP)
remains at 'bb'.



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


PARAGUAY: Moody's Assigns (P)Ba1 Global Bond Rating
---------------------------------------------------
Moody's Investors Service has assigned a provisional rating of (P)
Ba1 to Paraguay's global bond, the same level as Paraguay's issuer
rating.

In making this decision, Moody's was guided by the following
considerations:

1) The Bond constitutes direct, general, unconditional and
unsubordinated External Debt of the Republic of Paraguay and will
rank equally with all other unsubordinated External Debt of the
Republic.

2) Moody's assessment, based on legal opinion and Paraguay's
Supreme Court ruling, that the new bond is legal and enforceable,
according to Paraguay's Constitution and budget laws currently in
effect.

The government of Paraguay is issuing a global bond under New York
law in the amount of $500 million. Moody's assigned a provisional
rating of (P) Ba1 to the new bond, in line with Paraguay's issuer
rating. Despite objections by elements in Congress regarding the
legality of the issuance of debt under the 2016 budget law,
currently in effect for 2017, it is Moody's assessment, based on
legal opinion and the ruling by Paraguay's Supreme Court, that the
new bond is legal according to Paraguay's Constitution and laws in
effect, therefore it constitutes a direct and enforceable
liability of the government and ranks equally with other external
debt issued by the Republic of Paraguay. Hence Moody's assigned
the current issuer rating of the government of Paraguay. Were this
legal opinion to change, or if the enforceability of the debt were
to be challenged under subsequent law, this would cause us to
reassess credit risk and could have rating implications.

RATINGS RATIONALE

FIRST DRIVER: THE BOND CONSTITUTES DIRECT, GENERAL, UNCONDITIONAL,
AND UNSUBORDINATED DEBT OF THE REPUBLIC OF PARAGUAY

According to the preliminary offering memorandum, the bonds
constitute and will constitute direct, general, unconditional and
unsubordinated external debt of the Republic of Paraguay for which
the full faith and credit of the Republic is pledged. The bonds
rank and will rank without any preference among themselves and
equally with all other unsubordinated external debt of the
Republic.

Accordingly, the provisional rating assigned is fully aligned to
the government's issuer rating of Ba1 which balances the
government's strong fiscal position, improving fiscal framework,
and on-going economic diversification, against the economy's
dependence on agriculture, its growth volatility, and overall weak
institutions.

SECOND DRIVER: MOODY'S ASSESSEMENT THAT THE BOND IS A LEGAL AND
ENFORCEABLE DEBT OBLIGATION, ACCORDING TO PARAGUAY'S CONSTITUTION
AND LAWS CURRENTLY IN EFFECT

Moody's assessment, based on legal opinion and ruling by
Paraguay's Supreme Court, confirms the legality and enforceability
of the bond issued under the 2016 Budget Law, which is currently
in effect as the budget law for 2017. The 2016 budget law has come
into effect in its entirety, following the President's veto of the
2017 budget law, and is thus applicable to the 2017 fiscal year,
with all the financing sources contemplated, including public
external debt. Neither the Constitution nor Paraguayan laws
provides for partial exclusion of the budget law or require
further approvals by the Congress in case the budget law of the
previous fiscal year applies.

In consequence, the Congress is deemed to have granted valid
authorization to issue external bonds by passing the 2016 budget
law, currently in effect for 2017. Similarly, in 2013, 2014, 2015
and 2016, the government legally issued bonds in the international
capital markets with the authorization of the Congress, which was
embedded in the budget law of the respective year.

In addition, the declaratory judgment on Constitutional Certainty
issued by the Supreme Court of Paraguay gives certainty regarding
the legality of the issuance. Such judgment may not be set aside
under any resource, challenge or argument in light of the
Constitution and Paraguayan laws as currently in force.

GDP per capita (PPP basis, US$): 9,050 (2015 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 4.1% (2016 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.9% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -1.5% (2016 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -1.2% (2015 Actual) (also known as
External Balance)

External debt/GDP: 59.5% (2015 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On March 20, 2017, a rating committee was called to discuss the
rating of the Paraguay, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/ framework, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed.

The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2016.

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


=======
P E R U
=======


COMPANIA MINERA: S&P Affirms 'BB' CCR; Outlook Remains Stable
-------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB' corporate credit
and issue-level ratings on Peruvian mining company Compania Minera
Milpo S.A.A.  The outlook remains stable.

The affirmation reflects Milpo's solid credit metrics over the
last quarters due to higher zinc prices.  It also reflects the
company's solid cash position due to a $250 million upfront
deposit as a result of a silver streaming transaction.  S&P also
took into account Milpo's solid operational results, underpinned
by the expansion of the Cerro Lindo mine's capacity to 20,000 tons
per day (tpd) in 2016 from 18,000 tpd in 2015 as well as the
integration of the El Porvenir and Atacocha facilities at the
Pasco complex.  S&P expects that these factors will continue to
support EBITDA margins of about 36%-40% over the next years and
strong cash flow generation.

Votorantim S.A. (BB+/Negative/--), through its subsidiary
Votorantim Metais Cajamarquilla S.A. (not rated), has consistently
increased its ownership in Milpo since 2005.  On April 22, 2016,
the group increased its participation to 80% from 50%.  S&P
believes this demonstrates Milpo's relevance to the group's
overall strategy, and S&P now views Milpo as almost integral to
the group.  In addition, S&P believes that the increase in
ownership gives additional incentives to provide support under
almost all foreseeable circumstances in times of stress.  And
although Milpo does not share the group name, it remains closely
linked to the group's brand and risk management.  Due to these
factors, S&P revised its assessment of Milpo's group status to
highly strategic from strategically important.

The rating on Milpo reflects the company's continuous efforts to
increase production capacity at Cerro Lindo, which S&P expects to
stabilize at about 20,000 tpd by the end of 2017, and cost-cutting
measures that have contributed to preserve margins at this
complex. It also takes into account the completion of the third
phase of the integration of the Atacocha and El Porvenir
facilities at the Pasco complex, which included a new energy line
for both processing plants and improved the complex's margins in
2016.  S&P expects the fourth stage of integration to be completed
through 2018 and that it will facilitate access to resources in
Atacocha's deepest zones through El Porvenir's infrastructure.
S&P also believes this initiative will continue to reduce the
complex's overall cash cost.

Although S&P believes the Pasco integration is gradually improving
the complex's contribution to Milpo's consolidated EBITDA, Cerro
Lindo continues to account for about 80% of the company's
consolidated EBITDA.  This--along with a product portfolio
concentrated in zinc--constitute key ratings constraints because
of the exposure to sudden drops in production and zinc price
swings, which have affected profitability in the past.  However,
in S&P's opinion, the start of copper operations at Magistral,
scheduled by 2020, will help reduce this dependence by
diversifying the current asset portfolio and revenue stream.

S&P's financial risk profile assessment incorporates its
expectation that Milpo will maintain its debt to EBITDA and FFO to
debt ratios below 3.0x and above 30%, respectively, mainly because
of higher EBITDA generation due to higher prices and sustained
output at Cerro Lindo and Pasco.  S&P also expects the company to
generate negative cash flow for debt repayment over the next three
years due to the continuation of its share-repurchase program in
2017, which will consume some of the cash balance, and capital
expenditures related to the Magistral project through 2018 and
2019.

S&P's base case scenario for 2017 and 2018 includes these
assumptions:

   -- Zinc prices at $2,500 per ton for 2017 and $2,400 for 2018
      given the closure of certain mines and modest demand growth,
      gradually decreasing in 2018 as some marginal players
      restart production.  Lead prices at $2,200 per ton in 2017
      and $2,208 in 2018 and copper prices at $5,070 per ton in
      2017 and $5,290 in 2018.

   -- Cerro Lindo's treatment capacity at an average of 20,000 tpd
      in 2017, stabilizing at 21,000 tpd onwards.  Pasco treatment
      capacity marginally increasing through 2017 and 2018.

   -- Revenue growth of 15.6% in 2017 due to an increase in zinc
      and lead prices.  S&P expects a 3% revenue contraction in
      2018 as global zinc production regains traction and global
      supply recovers from 2017 levels, also influenced by lower
      output at Cerro Lindo.

   -- Cash cost in Cerro Lindo slightly increasing from $27.8 per
      treated ton (ptt) in 2016 to $29.9 ptt in 2017 and $30 ptt
      in 2018 due to the progression of the natural life of the
      mine.  Cash cost in the Pasco complex decreasing from
      $43.3 ptt in 2016 to $41.6 ptt in 2017 and $40.7 ptt in 2018
      due to the gradual integration of El Porvenir and Atacocha.

   -- EBITDA margin at 40% for 2017 despite a better pricing
      environment due to an increase in greenfield and exploration
      expenses.  S&P expects the EBITDA margin to decrease to 37%
      on lower prices in 2018 and gradually recover thereafter.

   -- Capital expenditures at $71 million in 2017, mainly for
      maintenance purposes.  In 2018, S&P expects capex to
      increase to about $220 million because of the start of the
      Magistral copper project, which S&P expects to be
      operational by 2020.

   -- The continuation of a share repurchase program started in
      2015, which S&P expects to consume some of Milpo's cash
      balance.

   -- Dividend payments of about 25% of net income.

Resulting from these assumptions, S&P arrives to these adjusted
credit metrics:

   -- Debt to EBITDA of 1.25x for 2017 and 1.41x for 2018.
   -- FFO to debt of 53.5% in 2017 and 50.5% in 2018.
   -- FOCF to debt of 16.3% in 2017 and negative 4.7% in 2018.

The stable outlook reflects S&P's view that Milpo will continue to
deliver solid operational results, with Cerro Lindo's output
capacity stabilizing at about 20,000 tpd by the end of 2017 and
the Pasco integration providing significant operating efficiencies
for the next 12 months.  S&P also expects higher zinc prices to
continue to enhance the company's financial position and provide
some headroom to cope with potential industry swings in the future
to maintain company's financial performance.  The outlook also
reflects that a one-notch downgrade of Milpo's ultimate parent,
Votorantim, would not immediately trigger a corresponding
downgrade of Milpo because of its status as a highly strategic
subsidiary.

S&P could revise Milpo's stand-alone credit profile if its credit
metrics deteriorate, leading to FFO to debt below 30% or debt to
EBITDA above 3.0x.  This could occur because of, for example,
lower-than-expected revenues as a result of lower prices or a
sudden drop in one of its main assets' production.  S&P could also
downgrade the company if it was to downgrade Votorantim by two or
more notches.

S&P could upgrade Milpo if its revenue stream diversifies to the
point that its dependence on the Cerro Lindo mine decreases to
less than 50%, improving its business risk profile while
maintaining current sales levels and credit metrics.  The
Magistral project could contribute to this once it starts
operations.  S&P could also upgrade Milpo if S&P upgrades
Votorantim, though that is currently unlikely given the negative
outlook.


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


LATAM: Latino Firms Seek Prosperity Building Trump's Wall
---------------------------------------------------------
Jorge Mederos at EFE News reports that more than 60 Hispanic
companies, all interested in constructing the controversial wall
that U.S. President Donald Trump wants to build on the Mexican
border, are putting aside political and patriotic concerns for the
chance to make money and create jobs.

"Honestly, for us it is above all an infrastructure project and a
way to create jobs, something we really need in New Mexico," Mario
Burgos of the Burgos Group construction company told EFE, adding
that his state has an unemployment rate of 6.7 percent, the
country's highest.

Of Peruvian descent, Mr. Burgos said that if the family business
takes part in a project that can award contracts worth $20
billion, that's not being anti-immigrant, it's just being
practical, according to EFE News.

Amadeo Saenz of the Texas firm J.D. Adams was of the same opinion.
He said that though for the past eight years the company has been
a cooperative owned by the employees, most of them Hispanic, when
they decided to take part they didn't think about the "political
aspects, just the economic ones," the report relays.

This construction company based in Austin, Texas, which has laid
highways and built bridges for a total of around $300 million in
state and federal contracts, now sees the chance to take part in a
giant infrastructure project, the report discloses.

The report relays that the wall was one of the Trump's leading
electoral promises and annoyed many in Mexico, which according to
the president would have to pay for the entire construction as
compensation for allowing criminals and rapists to come into the
United States.

Mr. Saenz told EFE he understands the logistical difficulties of
finishing a wall that already exists along some 354 miles of
border in California, Arizona, New Mexico and part of Texas, in
order to make it extend the entire 2,000 miles of border between
Mexico and the US.

According to the US government, the wall, to be built in three
stages, will be 30 feet (9 meters) high so no one can climb over
it, must resist intentional damage, and will take at least 3 1/2
years to build, according to the Department of Homeland Security
(DHS), which must also deal with purchasing and expropriating the
land, the report relays.

Ricardo Diaz of Halbert Construction, located in El Cajon near San
Diego, California, said that his company has 38 employees with
very different origins and opinions about Trump and the wall, but
that does not stop them from being interested in the work, the
report notes.

"Someone has to do it, work is work and political affiliations
don't matter," he added, notes the report.

From the city of Luquillo, Puerto Rico, retired military engineer
Patrick Balcazar told EFE that he is against the wall, and in his
opinion it would be better to develop both sides of the border to
stop the undocumented from emigrating, the report notes.

But his company San Diego Project Management, with experience in
design and development of large contracts, believes participation
in the wall project would help alleviate the island's economic
problems, the report discloses.

"There's no work in Puerto Rico, we're going through a depression
and to keep up with my payroll I have to take advantage of
whatever comes my way," he said, the report relays.

The report dislcoses that Mr. Balcazar said that Puerto Rico could
contribute cement and the ability of build prefabricated
structures to be assembled on the construction site, though he
admitted it will be "a fight between David and Goliath," because
there are huge international companies also interested in the
project.

In his opinion, says the report, it would be a paradox if the
Mexican consortium Cemex, one of the leading producers of cement
in the world and which has several plants in the United States,
were to provide the material to build Trump's wall.


                            ***********


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.


                   * * * End of Transmission * * *