TCRLA_Public/170330.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Thursday, March 30, 2017, Vol. 18, No. 64


                            Headlines



B R A Z I L

BANCO MERCANTIL: S&P Affirms Then Withdraws 'B-/C' GS Ratings
VALE SA: Shares Sale in Coal Business Credit Pos., Moody's Says


C A Y M A N  I S L A N D S

AMC II A: Placed Under Voluntary Wind-Up
AXIS INTERNATIONAL: Creditors' Proofs of Debt Due March 31
CANDLEWICK LIMITED: Shareholders Receive Wind-Up Report
JANEZ INC: Shareholders Receive Wind-Up Report
KEYWISE ZOOX: Commences Liquidation Proceedings

PLATINUM PARTNERS: Appoints MacInnis & Borrelli as Liquidators
POLYMER FINANCE: Placed Under Voluntary Wind-Up
ROPPONGI SKYTOWER: Commences Liquidation Proceedings
SYMBOLTECH HOLDINGS: Commences Liquidation Proceedings
SYMPOSIUM MANAGEMENT: Placed Under Voluntary Wind-Up

TAO INVESTMENT: Commences Liquidation Proceedings
TRAFIN 2011-1: Commences Liquidation Proceedings
WALNUT TREE: Placed Under Voluntary Wind-Up
WAVESTONE CAPITAL: Commences Liquidation Proceedings


C O L O M B I A

ELECTRICARIBE: Spain Calls for "Negotiated Solution"


C O S T A   R I C A

BANCO POPULAR: Fitch Affirms BB Long-Term IDRs; Outlook Stable


E C U A D O R

GRENADA: IMF Sees Marked Progress but says Public Debt Still High


J A M A I C A

JAMAICA: Labor Ministry Intervenes in Dispute at BOJ
SCOTIABANK: Jobs on the Line as Bank Restructures


M E X I C O

GUADALUPE ZACATECAS: Fitch Ratifies BB+ Credit Quality Rating
OTHON P. BLANCO: Fitch Ratifies BB+ Credit Quality Rating
SOYANIQUILPAN DE JUAREZ: Fitch Ratifies BB Credit Quality Rating


T R I N I D A D  &  T O B A G O

DIGICEL GROUP: No Decision Yet on T&T's Operations
TRINIDAD & TOBAGO: Chamber Upset With Imbert's Forex Plan


V E N E Z U E L A

VENEZUELA: Group of Nations Urges Country to Return to Democracy


                            - - - - -


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


BANCO MERCANTIL: S&P Affirms Then Withdraws 'B-/C' GS Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'brB' Brazilian national-scale
issuer credit rating on Banco Mercantil do Brasil S.A. (BMB).  S&P
also affirmed and withdrew its 'B-/C' global scale ratings.  The
outlook on the national scale ratings remains negative.

BMB has improved its regulatory capital ratios and liquidity
metrics in the past 12 months, despite still poor asset quality
metrics.  The bank continues to struggle to expand its lending and
maintain a stable operating revenue base amid Brazil's tough
economy.

The ratings on BMB reflect its somewhat concentrated business
profile--mostly lending to small- to mid-size enterprises (SMEs)
and individuals that have retiree benefits--though the bank's vast
client base tempers the impact of this concentration.  S&P also
bases its ratings on its expectation that BMB will maintain its
current internal capital generation, leading to a forecasted risk-
adjusted capital (RAC) ratio of about 4.5% for the next two years.
Moreover, S&P's assessment reflects the bank's weaker asset
quality metrics than those of its peers.  The ratings also reflect
S&P's view of a funding structure, which still has narrow
diversification of stable funding sources, and its liquidity
position that provides adequate cushion to cope with cash outflows
over the next 12 months.


VALE SA: Shares Sale in Coal Business Credit Pos., Moody's Says
---------------------------------------------------------------
Moody's Investors Service comments that the conclusion of the
equity portion of the so-called "global coal" transaction is
credit positive for Vale S.A. (Ba2 Positive). Vale will sell to
Mitsui & Co Ltd. ((P)A3 Negative) part of its equity share in the
Moatize coal mine and in the Nacala Logistics Corridor in
Mozambique for USD770 million. The conclusion of this transaction,
initially announced in December 2014, will bring USD733 million in
proceeds to Vale now, improving its liquidity. The remaining USD37
million will be received at the conclusion of the project finance
transaction of up USD2.7 billion that will help fund the project,
expected to happen still in 2017.


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


AMC II A: Placed Under Voluntary Wind-Up
----------------------------------------
The members of AMC II A Limited, on Feb. 15, 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 20, 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
          Telephone: (345) 814 7374
          Facsimile: (345) 945 3902


AXIS INTERNATIONAL: Creditors' Proofs of Debt Due March 31
----------------------------------------------------------
The creditors of Axis International Ltd. are required to file
their proofs of debt by March 31, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 15, 2017.

The company's liquidators are:

          Christopher Smith
          Lee Hart
          Telephone: (345) 947 4700


CANDLEWICK LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Candlewick Limited received on March 22,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced liquidation proceedings on Feb. 13, 2017.

The company's liquidator is:

          Vistra Cayman
          Hibiscus Way 802 West Bay Road
          Grand Cayman KY1-1205
          P.O. Box 31119 Grand Pavilion
          Cayman Islands


JANEZ INC: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Janez Inc. received on March 27, 2017, the
liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Mr. Ze Lin
          No 38, Zheda Road, Xihu District
          Hangzhou City
          Zhejiang Province
          PRC; and

          Long Ma
          No.130 Meilong Road
          Xuhui District, Shanghai
          PRC


KEYWISE ZOOX: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Keywise Zoox, on Feb. 16, 2017, resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


PLATINUM PARTNERS: Appoints MacInnis & Borrelli as Liquidators
--------------------------------------------------------------
The Grand Court of Cayman Islands, on Feb. 14, 2017, appointed
Margot MacInnis and Cosimo Borrelli as liquidators of Platinum
Partners Value Arbitrage Intermediate Fund Ltd.

The Liquidators can be reached at:

          Margot MacInnis
          Borrelli Walsh (Cayman) Limited
          Harbour Place, Ground Floor
          103 South Church Street
          Grand Cayman
          Cayman Islands; and

          Cosimo Borrelli
          Borrelli Wash Limited
          Level 17, Tower I, Admiralty Centre
          18 Harcourt Road
          Hong Kong


POLYMER FINANCE: Placed Under Voluntary Wind-Up
-----------------------------------------------
The shareholders of Polymer Finance Ltd., on Feb. 15, 2017, passed
a resolution to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


ROPPONGI SKYTOWER: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Feb. 17, 2017, the members of
Roppongi Skytower Corporation resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SYMBOLTECH HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
The members of Symboltech Holdings Inc., on Feb. 27, 2017, passed
a resolution to liquidate the company's business.

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

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J. Barrie
          #31 The Strand, 46 Canal Point Drive
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 949-9710


SYMPOSIUM MANAGEMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------
The sole shareholder of Symposium Management Partners Ltd., on
Feb. 17, 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 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          P.O. Box 4541, Floor 2
          Romasco Place Road Town
          Tortola VG1110
          British Virgin Islands
          Telephone: +1 (284) 494 2423
          Facsimile: +1 (284) 494 2475


TAO INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------
The members of Tao Investment Company, on Feb. 17, 2017, passed a
resolution to liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 27, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TRAFIN 2011-1: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Feb. 16, 2017, the members of
Trafin 2011-1, Ltd. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


WALNUT TREE: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of Walnut Tree Limited, on Feb. 17, 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 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          P.O. Box 4541, Floor 2
          Romasco Place Road Town
          Tortola VG1110
          British Virgin Islands
          Telephone: +1 (284) 494 2423
          Facsimile: +1 (284) 494 2475


WAVESTONE CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of Wavestone Capital Australian Absolute
Return (Offshore) Fund, on Feb. 17, 2017, resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

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



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


ELECTRICARIBE: Spain Calls for "Negotiated Solution"
----------------------------------------------------
Ramon Munoz at El Pais reports that Madrid supports a "negotiated
solution" to the dispute between Spain's energy utility Gas
Natural Fenosa and the Colombian government, after the latter on
March 14 liquidated Electricaribe, the electricity distributor
that supplies electricity to almost COP2.5 million.

On March 16, the Spanish government expressed regret over the
Colombian decision and said it would support Gas Natural if it
decided to pursue legal action, according to El Pais.

Speaking during a visit to Mexico, Spain's foreign minister,
Alfonso Dastis, pointed out that if Gas Natural Fenosa cannot
reach an agreement with Colombia, "there are juridical
mechanisms," referring to the International Centre for Settlement
of Investment Disputes (ICSID), the report relays.

Gas Natural Fenosa have told EL PAIS they will file a complaint
within 15 days with the World Bank's ICSID agency over Colombia's
decision to liquidate Electricaribe, the report discloses.

In November, the Colombian government took control of the company,
which is 85.38% owned by Spanish energy utility Gas Natural
Fenosa, citing risks from lack of payment and quality of service,
the report recalls.

                          High-level Meetings

The report notes that the Colombian government has launched a
diplomatic offensive in a bid to calm Spanish investors in the
South American country. There have reportedly been high-level
meetings between senior government officials and the heads of
Spanish companies operating in Colombia to emphasize that their
assets are protected by law and that the government's intervention
in Electricaribe has been an exception and justified, said
diplomatic sources.

The report relays that the message being sent out by the
government of President Juan Manuel Santos is that the takeover of
Electricaribe is not an "expropriation" and that the Colombian
government "is not looking, nor is it empowered" to, hold onto the
company, and that it "will always protect private investment."

More than 400 Spanish companies are present in Colombia, among
them Telefonica, Sacyr, Repsol, Mapfre, and Aena.

                            Ongoing Trouble

Electricaribe, which serves the Colombian Caribbean provinces of
Atlantico, Bol°var, Cesar, Cordoba, La Guajira, Magdalena and
Sucre, hit problems early last year, with customers complaining
about frequent power outages, the report recalls.

The report discloses that Gas Natural Fenosa, which bought a
controlling stake in Electricaribe in 2000, has been accused of
failing to invest in infrastructure and had stopped paying
electricity suppliers.  The Colombian government intervened in
November due to a cash crunch at Electricaribe caused by a high
number of unpaid bills and widespread consumer fraud, the report
relays.  Gas Natural Fenosa says the company has accumulated
unpaid bills of EUR1.26 billion from some 1.5 million of its
customers, the report notes.

The report relays that Dastis defended Gas Natural Fenosa, saying
that it had "worked positively and was prepared to adapt" to new
conditions.

The report notes that Spanish diplomatic sources say that two main
points of disagreement between Gas Natural and the Colombian
authorities had been overcome: payment of Electricaribe bills run
up by public bodies and fighting consumer fraud.

But so far there has been no agreement on new tariffs, and above
all, on them being maintained long enough to be able to amortize
the investments Gas Natural Fenosa was prepared to implement to
ensure supplies, the report relays.  Without these conditions, say
diplomatic sources, the viability of Electricaribe could not be
guaranteed.


===================
C O S T A   R I C A
===================


BANCO POPULAR: Fitch Affirms BB Long-Term IDRs; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Banco Popular y de Desarrollo Comunal's
(BPDC) Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB'. The Rating Outlook is Stable. Fitch has also
affirmed the bank's short-term Foreign and Local currency IDRs at
'B' and its Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS
IDR, VR, AND NATIONAL RATINGS

BPDC's IDR and National ratings are driven by its intrinsic
creditworthiness, as reflected in its VR. BPDC's VR and IDR
reflect the high influence of the operating environment, the
bank's public nature and the benefits granted by law. Ratings also
consider BPDC's ample loss absorption capacity and good
profitability, adequate asset quality, stable deposit-based
funding but less flexible than closest peers. The National ratings
of the senior unsecured debt in El Salvador and Panama reflect the
relative strength of the Costa Rican bank compared to other
issuers in those countries.

The bank's ratings are at the same level as the sovereign rating
('BB'/Stable), reflecting the high influence of the operating
environment on the bank's performance. Its financial performance
is underpinned by its public nature and the benefits granted by
law, such as mandatory capitalization and inflow of deposits. In
Fitch's view, the bank's role in the pension regime as the
depositary of mandatory savings from Costa Rican workers, its
market share in consumer lending, and its franchise evidence its
systemic importance.

BPDC's capitalization is the financial profile's main strength
with a Fitch Core Capital ratio of 24.8% as of December 2016,
which is above similarly rated international and local peers. The
bank maintains an ample buffer above the solvency metrics required
by regulation, buttressed by good profitability, combined with the
mandatory contributions it receives from employers.

Asset quality metrics are adequate in Fitch's view, with a
delinquency ratio (90 days past-due loans) of 2.3%, which has been
gradually shrinking and is above the Costa Rican financial system
average, as is expected of a retail-oriented bank. Important to
note is performance of the bank's loans is controlled by adequate
collateral coverage, effective collection mechanisms and
sufficient reserves coverage for non-performing loans (NPLs).

BPDC's funding structure is comprised primarily of deposits from
the public, and those have shown a healthy increase in 2016, in
contrast to last year's decline which was compensated for with a
shift towards collecting deposits from banks. In Fitch's opinion
BPDC's financial flexibility is lower than most local peers that
have access to correspondent banks' funding and some of them have
international debt issuances.

BPDC's profitability compared above local peers and the industry
average, underpinned by the bank's consumer lending business
model. Nonetheless, in comparison the bank's financial performance
was below the leaders in neighboring financial systems. The margin
has slightly declined in recent years but still remains ample to
offset the low operational efficiency of the bank.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's SR of '3' and SRF of 'BB-' reflect the moderate
probability of support from the Costa Rican government despite
having no explicit guarantee, given the nature of the bank and its
systemic importance.

RATING SENSITIVITIES

IDRs, VR and National Ratings
BPDC's IDRs and VR are sensitive to changes in the sovereign
rating. Potential upgrades of BPDC's IDRs and VR are unlikely in
the foreseeable future. Conversely, a downgrade of the bank's VR
and IDRs could be driven by a significant deterioration in
profitability and asset quality that lead to a substantial drop in
capital levels. However, the ratings are unlikely to be downgraded
below its SRF of 'BB-', considering potential sovereign support.

Changes triggered by movements in the sovereign rating would not
affect National ratings in Costa Rica, as they would not alter
relativities with local peers. On the contrary, such changes would
alter the relative strength of BPDC compared to other issuers in
Panama and El Salvador.

SR and SRF
BPDC's SR and SRF are also sensitive to changes in the sovereign
rating. Fitch's base case scenario anticipates BPDC maintaining
its current systemic importance and company profile and, in turn,
changes to the SR and SRF are not likely.

Fitch has affirmed BPDC's ratings:

-- Long-Term Foreign Currency IDR at 'BB', Outlook Stable;
-- Short-term Foreign Currency IDR at 'B';
-- Long-Term Local Currency IDR at 'BB', Outlook Stable;
-- Short-term Local Currency IDR at 'B';
-- Viability Rating at 'bb';
-- Support Rating at '3';
-- Support Rating Floor at 'BB-'.

National Ratings

Costa Rica
-- Long-term National rating at 'AA+(cri)'; Outlook Stable;
-- Short-term National rating at 'F1+(cri)';
-- Long-term senior unsecured debt in local currency and foreign
    currency at 'AA+(cri)';
-- Short-term senior unsecured debt in local currency and foreign
    currency at 'F1+(cri)'.

El Salvador
-- Long-term senior unsecured debt at 'AAA(slv)'; Outlook Stable;
-- Short-term senior unsecured debt at 'F1+(slv)'.

Panama
-- Long-term senior unsecured debt at 'A+(pan)';
-- Short-term senior unsecured debt at 'F1(pan)'.


=============
E C U A D O R
=============


GRENADA: IMF Sees Marked Progress but says Public Debt Still High
-----------------------------------------------------------------
An International Monetary Fund (IMF) team led by Nicole
Laframboise visited Grenada from March 15-22, 2017 to conduct
discussions on the Sixth Review of Grenada's IMF-supported program
under the Extended Credit Facility (ECF).  The ECF arrangement was
approved on June 26, 2014 for an amount of SDR 14.04 million (then
US$19.4 million, or 120 percent of Grenada's quota at the IMF).
Thus far, total resources of SDR 12.04 million (about US$17.5
million) have been made available to Grenada under the
arrangement.

At the conclusion of the visit, Ms. Laframboise made the following
statement:

"Overall performance during this last phase of the ECF-supported
Home Grown program has been strong. The government has continued
with steadfast implementation of reforms and made progress toward
achieving the key program goals of restoring fiscal
sustainability, strengthening the financial sector, and setting
the stage for durable growth.

"The staff team has assessed that the government met all of the
performance criteria and structural benchmarks due at end-December
2016. All the indicative targets were met, except for a minor
under-spending on the World Bank-supported SEED program because of
extra time needed to process candidates under the new eligibility
system. Nonetheless, it is worth noting that the results so far
point to an improvement in the effectiveness and targeting of
programs to those most in need.

"Real GDP is estimated to have expanded by 3.9 percent in 2016,
implying annual real GDP growth of 5.8 percent on average from
2014-2016. Activity in 2016 was driven by tourism, construction,
and some pick up in domestic demand, while agriculture experienced
weather-related contraction. Growth is expected to moderate to 2.5
percent in 2017, near its estimated potential. Average CPI
inflation rose to 1.7 percent in 2016 and is forecast at 2.6
percent in 2017 as oil and food prices start to rise. With steady
tourism momentum, the external position remains stable.

The government achieved a primary surplus (fiscal balance
excluding interest payments) in 2016 of 5.3 percent of GDP.
Expenditures were kept under firm control, and tax revenues
performed well across all categories, driven by improvements in
compliance and administration as well as robust activity.

"Grenada has also taken important steps towards completing the
comprehensive debt restructuring started in 2014. Of the stock
outstanding at program inception, over 90 percent has been
restructured. Public debt is forecast to fall to 72 percent at
end-2017, a drop of 36 percentage points from its peak of 108
percent in 2013. This sizeable decline in the debt-to-GDP ratio is
attributed to all three key factors: debt relief and
restructuring, fiscal adjustment, and strong GDP growth.

"While improvements in economic indicators are noteworthy, there
is still much to do to improve job prospects. Employment has grown
on average by about 4 percent annually since 2014, but
unemployment in Grenada is high, particularly for the youth. Labor
force statistics suggest an important skills mismatch in the
economy. A review of education curriculums and new labor market
programs to improve training and job search tools, in
collaboration with the private sector, would help address this
mismatch.

"To achieve broader-based growth, the government is focusing on
structural reforms to improve the supply response. Based on the
natural endowments and market brand, the agriculture sector could
be a more important source of growth and employment in Grenada.
The authorities are moving toward some liberalization in the
sector and staff urges them to continue in that direction. The
government is also taking steps to remove impediments to doing
business, including streamlining property registration processes
and customs procedures, and strengthening building quality control
and regulation. Further consultations with the private sector in
these areas could help identify pressure points to be addressed.

"Despite marked progress, it is important to note that public debt
is still relatively high and further effort is needed to reach the
medium term target. Grenada is a small open economy susceptible to
external shocks, including from natural disasters, swings in key
tourism markets, commodity price shocks, as well as potential
volatility of Citizen-by-Investment revenues. With these types of
vulnerabilities, lower debt and higher reserve buffers will help
the country mitigate the impact of external shocks to avoid output
losses and setbacks in income and social progress.

"In this light, continued policy resolve will be needed to
safeguard the progress thus far and achieve the country's medium
term debt reduction goals. The government agreed with staff on the
imperative of adhering to the strengthened policy framework.
Follow through on the Fiscal Responsibility legislation and the
full set of systems and practices of public finance management
developed over the past three years is critical to secure fiscal
sustainability for future generations. It will also build
credibility in the rules-based policy framework.

"In support of this goal, the government is preparing a strategy
to modernize the management of the public sector. This three-year
strategy will aid in improving the operations and efficiency of
the public sector as well as develop a fair and rational system of
compensation and incentives. There will be extensive consultation
on the strategy and its implementation with all stakeholders.

"The government and people of Grenada should be commended for
their achievements during the Home Grown program, particularly
with respect to debt reduction, growth, and the strengthened
fiscal policy framework. This success is due in no small part to
the strong country ownership and high degree of consultation and
collaboration with stakeholders, in particular the Committee of
Social Partners and the Home Grown Monitoring Committee. We
encourage Grenada to press ahead with its medium term goals and to
focus on ways to promote growth further and lower unemployment to
improve the economic opportunities for all Grenadians.

"The IMF remains committed to supporting Grenada. The team is
grateful for the warm welcome extended to us by the authorities
and representatives of the private sector, labor, civil society,
and financial institutions, and for the constructive discussions."


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


JAMAICA: Labor Ministry Intervenes in Dispute at BOJ
----------------------------------------------------
RJR News reports that Jamaica Ministry of Labour has intervened in
the industrial dispute at the Bank of Jamaica (BOJ).

It has scheduled a conciliation meeting with officials of the
Central Bank and the Bustamante Industrial Trade Union which
represents workers at the BOJ, according to RJR News.

A statement from the Ministry said the meeting was called to deal
with a 72-hour Notice of Industrial Action, issued by the Union,
the report notes.

This is in relation to alleged anomalies in the compensation
structure at the Bank of Jamaica, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B'
with a Stable Outlook. The issue ratings on Jamaica's senior
unsecured Foreign and Local Currency bonds are also affirmed at
'B'. The Outlooks on the Long-Term IDRs are Stable. The Country
Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and
Local Currency IDRs at 'B'.


SCOTIABANK: Jobs on the Line as Bank Restructures
-------------------------------------------------
Caribbean360.com reports that Scotiabank is to set to close and
100 Jamaicans could lose their jobs as Scotiabank embarks on a
restructuring exercise.

Bank officials confirmed the staff cuts but declined to announce
the number, according to Caribbean360.com.

However, according to President General of the Bustamante
Industrial Trade Union (BITU) Kavan Gayle, about 100 positions
would be made redundant by the Canadian bank, the report notes.

The report, citing The Jamaica Observer, relays that the posts
were being transferred from Jamaica and Trinidad and Tobago.

According to Mr. Gayle, the workers to be affected include support
staff that deal with certain services right across the region, the
report notes.

The bank justified the move saying the plans were in line with its
focus to develop centers of excellence to establish best practices
and improve efficiency, the report discloses.

However, Mr. Gayle challenged the bank to clarify what it meant by
"centres of excellence," the report notes.

Meantime, Scotiabank assured that it would engage in fair and
transparent negotiations with the BITU, which represents the
majority of the affected employees in the units to be
consolidated, the report discloses.

The company assured it would do all in its power to minimize the
impact on employees, the report relays.

Three years ago, Scotiabank announced plans to conduct a US$451
million restructuring, which included closures and job losses in
the Caribbean, the report relays.

Scotiabank said it plans to close or downsize 120 branches outside
Canada, largely in Mexico and the Caribbean, in a bid to save
CAN$120 million (US$90 million) annually, the report says.

It said it would close down 35 of its 200 branches in the
Caribbean and would sever 1,500 full-time employees, including 500
from its international operations, the report adds.


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


GUADALUPE ZACATECAS: Fitch Ratifies BB+ Credit Quality Rating
--------------------------------------------------------------
Fitch Ratings ratified the credit quality rating of the
municipality of Guadalupe, Zacatecas in 'BB + (mex)'. The credit
outlook is stable. At the same time, it ratified the Bansi 14
loan, contracted for up to MXN180 million and a balance of MXN177
million at the end of 2016 at 'BBB + (mex) vra'.

KEY FACTORS OF THE QUALIFICATIONS

The ratification of the rating in Guadalupe's credit quality is
based on its indicators of budgetary performance that remained
stable in 2016. It also considers Fitch's expectation that long-
term direct debt (DDLP) will remain low With respect to their
ordinary tax revenues (IFOs) since there are no additional debt
plans.

The Municipality's finances are in the process of improving
towards levels similar to those observed before the financial
stress of 2013. In contrast, the limitations of the rating are
very limited and volatile financial flexibility and weak debt
sustainability. In addition, the indicator of collection
efficiency that is below the median of the Group of Qualified
Municipalities by Fitch (GMF) and which translates into a greater
reliance on federal resources. There is also a history of
selective default on a revolving short-term bank credit in 2013.
At the same time, it shows deficit balances and a volatile
liquidity position.

With regard to the Bansi loan 14, The ratification of its rating
contemplates the favorable debt service coverage presented in the
structure. The natural credit coverage from July 2014 to December
2016 was 4.8 times (x), while the minimum coverage was 3.6x.

Fitch considers the Municipality's DDLP as low and its
sustainability as weak, in relation to its financial capacity. In
June 2014, Guadalupe contracted a financing with Bansi for MXN180
million and a 12-year term that affected 50% of the General Fund
of Participations. At the close of 2016, the balance of this loan
is MXN177 million, representing 0.37x the IFOs of the entity; (GMF
in BBs: 0.30x), adequate proportion for municipal finances and
their qualification level. In 2016 the debt sustainability
indicator was greater than 100% of domestic savings (AI; Free flow
for the service of debt or make investment) of the entity, being
one of the main limitations of the qualification of Guadalupe.

Administrative and financial practices have improved over the
past, although they are still considered non-institutional over
time. After the default on a short-term credit in 2013, the
Municipality has not resorted to the use of short-term loans and
has requested advance payments in manageable amounts.

In 2016, the Municipality managed to reduce the non-bank
liabilities from MXN133 million to MXN93 million, thanks to the
settlement of arrears and with Conagua. With respect to current
current liabilities (suppliers and contractors), this is adequate
since Guadalupe has generated sufficient liquidity for its payment
in recent years.

With respect to financial performance, Guadalupe presented total
revenues of MXN586 million in 2016. Of these, 22% represent own
revenues (BBs: 16.8%) and the rest of the federal and state
revenues, which were similar to previous years. In taxes, the
property amounted to MXN27 million, remaining practically equal to
2015. Although the taxpayer base is considered narrow, the
Municipality has improved the collection of own revenues through
better collection policies.

The operational expenditure (GO, current expenditure plus
unlabeled transfers) of Guadeloupe is high. It amounted to MXN462
million in 2016 and accounted for 97.4% of IFOs, which compares
unfavorably with the GMF of 89.2% for IFOs. Likewise, it has been
increasing during the last five fiscal years, represented 87. 2%
IFOs in 2012. From 2012 to 2016, the GO had an average annual
growth rate (tmac) of 12% and that of the IFOs was 9%.

The IIA of the entity has been volatile and very limited during
the last 5 years; However, Fitch expects to be sufficient in
relation to the long-term financial obligations in the following
years. The foregoing, as long as the new administration maintains
the policies of containment of GO and increase of own income. In
2016 it stood at 2.6% of the IFOs (5.4% in 2015), which is higher
than the median of the BBs rating range of 1.1%.

Regarding the obligations for pensions and retirement, Guadalupe
makes regular contributions to the IMSS and to the state agency
ISSSTEZAC, in charge of the social provision to the workers of the
Municipality. Thus, These obligations do not represent a direct
contingency in municipal finances. To date, the Municipality does
not register pensioners or retirees.

Water, sewage and drainage services are provided by the Zacatecas
Inter-Municipal Water and Sewerage Board (JIAPAZ), which operates
in four municipalities in the region. Although the statutes mark
the agency as intermunicipal, the State exerts a high influence on
its operation, supports economically through the State Commission
of Drinking Water and Sewage of Zacatecas (CEAPA) and has direct
interference in the designation of the organization chart board.
Guadalupe does not make transfers for the operation of the agency,
so it does not currently represent a direct contingency for the
entity.

SENSITIVITY OF RATINGS

Moderate debt and sustainability indicators, as well as a
consistent increase in AI generation and adequate and less
volatile liquidity levels that compare satisfactorily in the BBBs
range, could improve the rating. On the other hand, the continuity
in the deterioration in the generation of AI, as well as an
increase in both short- and long-term debt that affect leverage
and sustainability indicators, would put the rating or its outlook
down.

As regards the rating of the Bansi 14 credit, it is closely linked
to that of Guadalupe, in accordance with Fitch's methodology. So
an adjustment in the rating of the entity could be reflected
directly and in the same sense in the credit. Failure to comply
with the obligations set forth in the documents of the transaction
or any other deemed to increase the risk could lead to a downward
adjustment in the rating.


OTHON P. BLANCO: Fitch Ratifies BB+ Credit Quality Rating
---------------------------------------------------------
Fitch Ratings ratified the credit quality rating of the
municipality of Othon P. Blanco (Chetumal), Quintana Roo in 'BB +
(mex)'. The credit outlook is stable. In addition, it ratified the
qualification of 'A- (mex) vra' corresponding to a bank financing
contracted by the Municipality with Interactions in 2015
(Interacciones 15) with an initial amount of MXN320 million and a
balance of MXN319.9 million as of December 31 2016.

KEY FACTORS OF THE QUALIFICATIONS

The ratification of Chetumal's qualification is based on the
strength of the collection with respect to its peers and the
socio-economic profile that it occupies in the state context. On
the other hand, the factors that limit the credit quality of the
Municipality are the limited generation of internal savings (AI;
Free flow to serve debt or make investment), high operating
expenditure (GO, current expenditure plus unlabeled transfers) and
reduced debt sustainability.

The ratification of the Interacciones 15 rating is based on a
satisfactory performance in debt service coverage, the reserve
fund balance and the contracting of insurance coverage against
changes in the interest rate. The issuer undertakes to renew this
insurance during the life of the credit. With respect to
coverages, these are favorable. On the other hand, the credit
agreement defines the fulfillment of financial obligations of
collection, expense and short-term financial debt to which Fitch
will follow up.

Fitch considers that the level of bank debt of the Municipality is
moderate. At the end of 2016, Long-term debt represented 0.76
times (x) its Ordinary Tax Revenue (IFOs). According to data from
the Ministry of Finance and Public Credit (SHCP), by the end of
2016 the balance of the long-term debt was MXN439.6 million.

The Municipality does not have short term indebtedness. The 2017
budget does not incorporate additional indebtedness, although it
is estimated that the sustainability of debt service will be under
pressure. On the other hand, Chetumal has a history of non-
compliance with short-term financial obligations in 2013. Fitch
will follow up on short- and long-term debt policies.

In 2016, the Municipality had revenues of MXN759.2 million, of
which 23.8% corresponded to own revenues. This ratio is higher
than that observed in the median of its rating pairs of 16.8% and
is slightly below the median of the Fitch Group of Municipalities
(FGM) of 24.2%. In 2016 own revenues grew 10.3% per annum, but
accounted for 31.3% of IFOs, reflecting a high reliance on state
and federal revenues.

Although the total expenditure of the Municipality decreased 4.7%
annually, current expenditure is still high. At the end of 2016,
the GO grew by 0.7% per year, due to the growth of 4.1% in current
expenditure, mainly due to growth in the material and supplies. As
a result, the GO represented 93.8% of the IFOs, higher than the
GMF median (89.2%) and lower than the median of their qualifying
peers (98.9%). In 2016 the financial performance of the entity was
positive. The AI level was MXN35.6 million or 6.2% of the IFOs,
which compares negatively with the GMF median (10.7%) but is
higher than its rating pairs (1.1%).

In 2016, Chetumal's current liabilities decreased slightly
compared to 2015, however, it still represents 70 days of primary
expenditure, higher than the 65-day GMF median, but below the
level of its 86-day rating pairs . At the end of 2016, the
available cash balance was MXN39.2 million, 0.29x the PC compared
to 0.45x in 2015. Fitch will follow up on the Municipality's
liquidity indicators.

Pensions and pensions do not represent a contingency for Chetumal
as they are the direct responsibility of ISSSTE and IMSS.
Regarding the potable water and sewerage service, the agency that
provides this service is a decentralized state agency so its
financial situation does not pose a risk to municipal finances.
The Municipality is in a litigation for the concession for the
installation of luminarias. Fitch will follow up on the resolution
of the trial and its possible impact on municipal finances.

Chetumal is located to the south of the state of Quintana Roo,
concentrates the Executive and Legislative Powers to be the
capital of the State as well as the education to superior level.
Its economic activity focuses on trade and services. The main
economic activities are tourism, aquaculture, fisheries, services,
agribusiness and manufacturing. According to the Inegi intercensal
survey, In 2015 the population was estimated at 224,000
inhabitants. The reduction of approximately 20,000 inhabitants
compared to the Population and Housing Census 2010 is explained by
Bacalar's divestiture. According to the National Population
Council, Chetumal is a municipality with a "low" marginalization
index and had a poverty rate of 42.9% in 2010, according to
information from the National Council for the Evaluation of Social
Development Policy (Coneval).

SENSITIVITY OF THE RATINGS

The ratings could be adjusted downwards if financial flexibility
or liquidity deteriorates through a larger current liability or if
the level of short and long term debt is increased. For its part,
the strengthening of the IIA, The decrease in the levels of
current liabilities and improvement in the municipality's
liquidity levels are factors that could improve the credit
quality.

The Interacciones 15 credit rating is closely linked to the credit
rating of the municipality of Chetumal and, according to Fitch's
methodology, a change in the Municipality's rating could affect
the rating of the financing in the same direction.


SOYANIQUILPAN DE JUAREZ: Fitch Ratifies BB Credit Quality Rating
----------------------------------------------------------------
Fitch Ratings ratified the credit quality rating of the
municipality of Soyaniquilpan de Juarez, State of Mexico, at 'BB
(mex)'. The credit outlook is stable. At the same time, it
ratified the specific classification of a credit that includes the
long-term direct debt of the Municipality:

- Credito Banobras 13 with an initial amount of MXN20.0 million
   and balance of MXN7.3 million as of December 31, 2016, AA +
   (mex) vra '.

KEY FACTORS OF THE QUALIFICATIONS

Among the main factors that support the qualification of the
municipality of Soyaniquilpan de Ju†rez are: the low level of long
term indebtedness with good terms and conditions, absence of
social security contingencies, A strengthening of the liquidity
position mainly in the reduction of non-bank liability levels. On
the other hand, among the limitations of the qualification are: a
low revenue strength due to the socioeconomic profile of the
Municipality as well as an operational expense (GO, current
expenditure plus unlabeled transfers), volatile financial
flexibility and a quality deficiency Financial accounting
information.

Regarding the Long-term Direct Debt (DDLP), it remains at low
levels of indebtedness, since at the close of 2016 it amounted to
MXN7.3 million, which represented 0.16 times (x) Ordinary Tax
Revenue (IFOs) Or disposable income). The DDLP is made up of the
loan contracted at the end of 2013 under the auspices of the
Special Program of Financial Support (PEAF) of the State Fund for
Municipal Strengthening (FEFOM), a program focused on financial
sanitation.

It should be noted that the PEAF establishes financial discipline
guidelines for each of the municipalities participating in the
program. Failure to comply with the commitments made would be
making Fefom withholdings to make prepayments to the outstanding
credit balance, which has happened twice since accession. The
first was in November 2015 when a prepayment was made for MXN6.9
million and the second was for MXN4.6 million in August 2016.

As a result, the unpaid credit balance has decreased significantly
in the last 2 years. Based on fiscal year 2016 information, Fitch
estimates that Soyaniquilpan de Juarez could partially meet PEAF's
financial commitments. Therefore, the agency will follow up on the
opinion and resolution of the Technical Committee.

On the other hand, the credit has a coverage agreement (cap) that
is about to expire. Management is seeking to renew this
instrument, Fitch will follow up given the increase in the
benchmark interest rate.

The rating ratification action of the Banobras 13 credit is based
on the adequate performance of the debt service (interest and
capital) by observing an average monthly coverage of 7.2x and
10.2x by including the reserve fund.

In 2016, the Municipality had total revenues (IT) of MXN114.6
million, which represents an increase of 15. 3% compared to the
year 2015. Of these revenues, 3.9% were own income (IP), which is
lower than the median of the Fitch Group of Municipalities (GMF,
24.2%). This reflects a limited economic base of taxpayers that
relates to the size of the Municipality.

However, the administration renewed the agreement with the
Government of the State of Mexico [A + (mex)] for the next 5 years
to receive support and training in both collection and cadastre.
Therefore, the IPs could be benefited in the following years,
Fitch will follow up the tax and fiscal performance.

In particular, IFOs totaled MXN44.9 million at the close of 2016.
This represented an annual increase of 5.5%, with an average
annual growth rate (tmac) in the period from 2012 to 2016 of 2.8%.
The increase in the IFOs was mainly due to the growth in
shareholdings; At the close of 2016, MXN2.1 million of the Income
Tax (ISR) actually received was received.

On the other hand, current expenditure (GC) has remained stable
and decreased 1.2% over 2015; Reached MXN39 million. Although the
GO had a decrease with respect to IFOs, it still consumes almost
all of its IFOs (98.7%, 2016), which is in line with that observed
in the median of its level of qualification (BBs, 98.9%), . The
municipality will implement new spending control policies among
them are: eliminating the gratifications, austerity in the
salaries of new entry workers, And renew the agreement to the
Municipal Financial Support Fund (savings fund) that helps to
mitigate liquidity pressures for end-of-year expenditures.

At the close of 2016, domestic savings (IIA) were slightly
positive; Amounted to MXN0.6 million. Fitch believes that this
limits and puts pressure on municipal finances since, although
most of the investment is done with resources tagged, the
Municipality will require available cash to cover capital
expenditure.

At the end of 2016, the Municipality presents the financial
statements according to the guidelines of the National Accounting
Harmonization Council (CONAC), but with inconsistency in
accounting records. Fitch will monitor the progress of the
Municipality in this limitation.

By the end of 2016, the total investment of the Municipality
amounted to MXN33. 6 million which represented 42.7% of total
expenditure, a share that is above that observed in the GMF (GMF,
23.2%). It is worth noting that this investment was financed
primarily with resources from the different orders of government.
Among the main investment projects in the last year in the
community are the rehabilitation of the Boulevard in the municipal
head, construction and paving of roads to communities of the same
Municipality, and the rehabilitation of drinking water in Zaragoza
and Loma del Perdon.

By the end of 2016, Soyaniquilpan de Juarez presented an
improvement in its liquidity levels in relation to liquid cash as
well as a decrease in the levels of current liabilities. Regarding
cash, closed with a cash of MXN9.6 million which represented 8.4%
of IT, Portion that is above what is observed with respect to its
rating level (BBs, 5.1%); Covers 1.7x the PC. On the other hand,
there was a decrease in the PC, since it decreased MXN9.1 million
compared to 2015; That is, closed at MXN5.6 million. The day-of-
expenditure indicator amounted to 26 days spent, which is below
what was observed with the GMF (65 days spent).

In terms of social security, the Social Security Institute of the
State of Mexico and Municipalities (ISSEMYM) is responsible for
covering pension and retirement obligations, as well as providing
medical services to workers of the entity, the municipality is
aware of His contributions to the institute. On the other hand,
The Municipality does not have a decentralized water agency which
represents a direct contingency for municipal finances, currently
does not have a plan to create a decentralized agency for which
Fitch will follow up the issue because it could pressure municipal
finances.

Soyaniquilpan de Juarez is in the northern part of the State of
Mexico. It borders to the south, west and north with the
municipality of Jilotepec and to the east with the state of
Hidalgo [A (mex)]. According to the last Intercensal Survey 2015
of the National Institute of Statistics and Geography (INEGI), the
Municipality has a population of approximately 13,900.
Soyaniquilpan de Juarez covers an area of 140.7km2. According to
the National Population Council (Conapo), in 2015 the municipality
presented a degree of average marginalization.

SENSITIVITY OF THE QUALIFICATIONS

The Municipality's Outlook is stable, which considers that the
rating is in line with the current rating factors, however, to
generate a larger and stable AI, maintain liquidity levels and
decrease GO levels with respect To their IFOs could lead to a
rating rise. Conversely, a significant increase in long-term debt
levels or non-bank liabilities could lead to a decline in the
entity's rating.

Regarding the Banobras 13 Financing, according to Fitch's
methodology, changes in the credit quality of the State of Mexico
could affect the rating of the financing in the same direction as
it is linked to the Fefom structure.


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


DIGICEL GROUP: No Decision Yet on T&T's Operations
--------------------------------------------------
Trinidad Express reports that Digicel Group has not made a
decision with regards to the restructuring of its operations in
Trinidad and Tobago (T&T).

This was the information relayed by Digicel T&T chief executive
officer John Delves to Minister of Public Administration and
Communications, the Honorable Maxie Cuffie during a meeting hosted
by the minister's office on March 21, according to Trinidad
Express.

The report notes that Mr. Cuffie took the opportunity to reassure
all stakeholders that Trinidad and Tobago remains committed to an
"open and free market in the telecommunications industry", in
keeping with this country's obligations to the International
Telecommunication Union (ITU) and the Telecommunications Act
(2001).

In February, it was reported that Digicel would be adopting a new
organizational structure, with centralized regional hubs
consisting of two in the Caribbean region, and two in the Pacific
region, the report recalls.

Delves said that talks on this restructuring are ongoing at an
international level, and a decision is yet to be made as to the
location of the Caribbean hubs.

The reorganization is part of a wider Digicel 2030 plan which also
includes enhancing their digital platforms and services, as well
as the rollout of full LTE capabilities for a better customer
experience.

The report notes that Mr. Delves said Digicel remains committed to
its investment in the country and to delivering the best possible
service to its customers here.

Mr. Delves expressed pride in Digicel's developments in TT, not
only in terms of infrastructure, but its strong presence as a
"good corporate citizen" through the work of the Digicel
Foundation, the report relays.  In response, Mr. Cuffie urged the
company to "keep investing, and keep your commitments to Trinidad
and Tobago," the report discloses.

The report relays that Mr. Cuffie expressed the hope that Digicel
would consider T&T as a possible location for one of its Caribbean
hubs. He noted that such a decision will lead to job creation and
boost the economy.

Mr. Cuffie said that he can "only trust that any reorganizing
would not affect Trinidad and Tobago particularly hard," and gave
the assurance assured that Government "will continue to work with
Digicel and all other telecoms partners," the report notes.

In addressing Digicel's concerns about perceptions of an anti-
competitive environment in the local telecommunications industry,
Mr. Cuffie was firm in his reiteration that telecommunications
operates under the framework of the ITU, the report says.

Mr. Cuffie said the government has "drafted legislation in keeping
with those commitments for liberalization, transparency and open
access, and we have been consistent in our application of such".
This can be placed, he said, in the context of the revised Public
Procurement Act which will be fully proclaimed at at the end of
this month, the report adds.


TRINIDAD & TOBAGO: Chamber Upset With Imbert's Forex Plan
---------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago Chamber of
Commerce -- the country's biggest business group -- is
disappointed with Finance Minister Colm Imbert's statement on
access to foreign exchange.

The chamber believes this could be tantamount to exchange
controls, according to Trinidad Express.

In a statement the chamber said it "appreciates that the job of
the Minister of Finance is a very difficult one -- and more so in
challenging times.  We accept fully that he would be constantly
searching for solutions to the many problems that confront us --
including the issue of foreign exchange.  For this reason, we
believe the time has come for bold initiatives," the report
relays.

But it noted: "The T&T Chamber wishes to express its
disappointment with the Government's announcement that there might
be a return to what would, in effect, be a regime of exchange
controls. As laudable as the Honorable Minister's objective might
appear to be, if he fails to change the underlying management of
the exchange rate, such a measure, as proposed, would further
decrease the amount of foreign exchange available to other key
sectors and industries in our country," notes the report.

The report says Mr. Imbert told reporters at the post-Cabinet
press briefing in Port of Spain that Government had to start
focusing away from entities that simply imported manufactured
goods and thereby don't really create any jobs towards assisting
local manufacturers who were exporting goods to Central America.

". . . . In fact, it is one of the things we are looking at in
terms of the foreign exchange system, whether the minister should
exercise his authority under the Exchange Control Act to direct
foreign exchange towards manufacturing as opposed to imports and I
can tell you it's something we are looking at very seriously and a
statement will be made about that in the near future," Mr. Imbert
said, the report notes.

The chamber said: "Government can be assured that numerous other
groups which regard their businesses as just as significant as the
manufacturing sector, will make equal or superior claims for
access of foreign exchange. We fully agree that Government policy
should seek to encourage the growth of the export business for
manufacturers; however, it must not be done at the expense of
providers of services," the report discloses.

It noted: "Ironically, a more dynamic and proactive management of
the exchange rate would have achieved this. Better management of
the exchange rate would have permitted the TT dollar to find its
right balance. If this flexibility is not permitted and instead
exchange controls are implemented, this could be followed by a
deep devaluation of the TT dollar," the report relays.

The chamber said Mr. Imbert might wish to consider the impact of
his statements on the foreign exchange markets, notes the report.

"The T&T Chamber therefore urges the minister to engage with all
stakeholders before finalizing the new arrangements as outlined,"
it added, the report discloses.


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


VENEZUELA: Group of Nations Urges Country to Return to Democracy
----------------------------------------------------------------
David Luhnow and Jose De Cordoba at The Wall Street Journal report
that the U.S., Canada and 12 of Latin America's leading nations
called on Venezuela's government of President Nicolas Maduro to
release political prisoners and take other steps to return to full
democracy, an unprecedented show of unity against the oil-rich
regime.

The 14 nations, which included Mexico, Brazil and Argentina,
issued a joint statement calling on Mr. Maduro's government to
return full powers to Venezuela's opposition-dominated National
Assembly, which has repeatedly seen its decisions ignored by the
government or overturned by pro-government courts, according to
the WSJ.

It also called on Venezuela to hold regional elections that were
scheduled for last year but were postponed by the government,
which was losing badly in polls, the report notes.

"We consider it urgent to address as a matter of priority the
release of political prisoners, the recognition of the legitimacy
of the National Assembly's decisions as provided in the
Constitution and the establishment of an electoral calendar that
includes the postponed elections," said the statement, signed by
the U.S., Canada, Brazil, Mexico, Argentina, Chile, Peru,
Colombia, Uruguay, Paraguay, Guatemala, Honduras, Costa Rica and
Panama, the report relays.

The unusual joint statement reflects growing impatience in the
region with the deepening crisis in Venezuela, the report notes.
The country is gripped by the worst economic collapse in Latin
America in recent decades, the report discloses.

WSJ relays that Mr. Maduro's government has launched a broad
crackdown against the opposition, jailing political rivals like
opposition leader Leopoldo Lopez.  The government also blocked an
opposition-led recall referendum on the president, even though the
opposition had taken all the legal steps to holding the vote, says
the report.

Putting pressure on Mr. Maduro is a big shift for the region,
where most countries have long shied away from interfering in each
other's internal affairs, WSJ says.

"It's an encouraging development," the report quoted Michael
Shifter, president of the Inter-American Dialogue, a Washington-
based think tank, as saying.  "It's a very powerful coalition of
nations in the hemisphere and ratchets up the pressure on Maduro
to negotiate seriously."

The statement was a response to a recent report by the secretary-
general of the Organization of the American States, Luis Almagro,
to get the 34 member nations of the hemispheric body to suspend
Venezuela within a month if it doesn't take steps such as freeing
political prisoners, the report relays.

The 14 nations said that they supported diplomacy and dialogue as
the right path to solve Venezuela's problems, the report notes.
But they said that suspending Venezuela out of the OAS was "a last
resort," and that Venezuela should be given a reasonable time to
respond to the demands. Still, the nations signaled that they
wouldn't wait indefinitely, WSJ notes.

"We will review the progress in addressing these challenges over
the coming weeks as we consider next steps," the joint statement
said, WSJ relates.

Suspension or expulsion from the OAS -- still a long shot -- would
have little economic impact on Venezuela at present, but such a
public shaming would be a blow to the regime, which prides itself
as being an important player on the world stage, the report
relays.

The report discloses that Mexican Foreign Minister Luis Videgaray
said the countries that signed the statement would attempt to get
it passed as a resolution at the OAS, where it would need at least
18 countries to come to a vote and two-thirds support to pass.

In an interview, he said getting rid of the one-month time limit
was done in the hope of getting more countries to back the
resolution, WSJ says.

The pressure on Venezuela reflects changing political dynamics in
Latin America, where a string of once-populist, leftist
governments have been thrown out of power, the report relays.
Countries such as Argentina, Brazil and Peru that were friendly to
Venezuela have moved toward the center-right, the report notes.
And elections in Ecuador next month could cause a shift there,
too.

Venezuelan Foreign Minister Delcy Rodriguez, in a series of
messages on her official Twitter account, accused the U.S.
government of orchestrating an attack on Venezuela, according to
WSJ.

"What is the purpose here? Assault Venezuela? We will denounce
these actions country by country," she wrote.  She also accused
Mexico's Mr. Videgaray, who led the diplomacy in Latin America, of
being "insolent" and "servile," notes the report.

State Department spokesman Mark Toner said the U.S. shares the
concerns about Venezuela laid out in the OAS secretary-general's
report, which said Venezuela was in violation of the body's
democratic principles, the report discloses.

"We're not pushing for Venezuela's expulsion from the OAS at this
time, however we do think that the OAS is the appropriate venue to
deal with the ongoing situation in Venezuela," she added, notes
WSJ.

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


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Ivy B.
Magdadaro, and Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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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