TCRLA_Public/170331.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

               Friday, March 31, 2017, Vol. 18, No. 65


                            Headlines



A R G E N T I N A

MUNICIPALITY OF LA PLATA: Fitch Withdraws B Long-Term IDRs
ROMBO COMPANIA: Moody's Puts B1 Sr. Debt Rating to Bond Issuances


B A R B A D O S

CONSOLIDATED ENERGY: S&P Affirms 'BB' CCR, Outlook Remains Neg.


C A Y M A N  I S L A N D S

ASIAN DEVELOPMENT: Commences Liquidation Proceedings
ATALAYA 95: Commences Liquidation Proceedings
BELLINI DESIGNS: Members Receive Wind-Up Report
DROMEUS GREEK: Shareholders Receive Wind-Up Report
E-SMART HOLDING: Shareholders Receive Wind-Up Report
FAIRLIGHT OFFSHORE: Commences Liquidation Proceedings

GRIFFIN INVESTMENTS: Members Receive Wind-Up Report
INDOCHINA MONTGOMERIE: Shareholders Receive Wind-Up Report
INDOCHINA QUANG: Shareholders Receive Wind-Up Report
SIMBUL INVESTMENTS: Shareholders Receive Wind-Up Report
TITRAN INVESTMENTS: Commences Liquidation Proceedings

WORLD SHIPPING: Members Receive Wind-Up Report
ZEPELLIN INVESTMENT: Shareholders Receive Wind-Up Report


C H I L E

ESCONDIDA: Mine Workers Decide to Extend Contract, End Strike


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Increases Tax Revenue, Report Says
DOMINICAN REP: Int'l. Reserves Fall 6.08% as $ Rate Sees Pressure


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: FATCA is Now Law


X X X X X X X X X

LATAM: Tax Revenues Continue to Rise Despite Low Economic Growth


                            - - - - -



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


MUNICIPALITY OF LA PLATA: Fitch Withdraws B Long-Term IDRs
----------------------------------------------------------
Fitch Ratings has withdrawn Argentine Municipality of La Plata's
'B' Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) with Stable Outlooks.

Fitch has withdrawn the ratings of Municipality of La Plata due to
lack of information. Fitch will no longer provide ratings or
analytical coverage on Municipality of La Plata.


ROMBO COMPANIA: Moody's Puts B1 Sr. Debt Rating to Bond Issuances
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
assigned a B1 global local currency senior debt rating and Aa2.ar
national scale local currency debt rating to Rombo Compania
Financiera's Class 37 and 38 bond issuances, due in 18 and 36
months respectively, in an combined of up to of ARS500 million.

The global ratings have positive outlook in line with the positive
outlook on the B3 Government Bond Rating, while the national scale
ratings have stable outlook.

The following ratings were assigned to Rombo Compania Financiera
S.A.'s expected issuances:

Class 37 up to ARS500 million:

B1 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Class 38 up to ARS500 million:

B1 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

Rombo's global scale ratings are constrained by Argentina's
operating environment, which remains challenging despite various
market-friendly policy reforms implemented by the new
administration that are expected to result in a return to economic
growth and a continued decline in inflation this year. The
environmental challenges outweigh Rombo's sound financial
fundamentals. However, ratings benefit from Moody's assessment of
a moderate probability that Rombo will receive financial support
from its main parent, RCI Banque (Baa1, stable) in case of stress.
Rombo, which is 60% owned by RCI Banque and 40% by BBVA Banco
Frances (unrated) and together with RCI Banque forms the principal
financial arm of its ultimate owner, Renault S.A. (Baa3, stable)
in Argentina, is responsible for nearly 50% of Renault's financed
sales in the country. Consequently, notwithstanding the company's
speculative grade global scale rating, it is one of the stronger
credits in Argentina, as reflected by its Aa2.ar national scale
rating.

The rating also Rombo's monoline business model dedicated to the
financing of Renault vehicles and the increasing level of
competition within the car-financing industry in the country. The
company posted modest profitability in 2016, which was affected by
the weak economic activity of the country and it was distorted by
the high rate of inflation. While non-performing loans remain low
thanks to the company's focus on middle and high-income
individuals, delinquency levels are likely to rise in the medium
term given the current economic situation. These risks are
balanced in part by the Rombo's satisfactory risk management
practices that are aligned to those of its parent companies, as
well as its adequate capitalization. The ratings also include
risks associated with a liability structure mainly reliant on
market funds, as is the case of other automobile finance
companies.

While the country's operating environment remains challenging, the
positive outlook reflects the expected impact of market-friendly
policy reforms implemented in by the new administration, which are
expected to result in a return to economic growth and a continued
decline in inflation this year. In turn, this will create new
business opportunities for Rombo that will ease its transition
into a more competitive, market-driven operating environment and
help mitigate an expected drop in lending rates and rising credit
costs.

Notwithstanding the positive outlook on the global scale ratings,
the outlook on the national scale ratings remains stable to
reflect the likelihood that the correspondence between Argentine
national scale and global scale ratings will be recalibrated if
and when the sovereign is upgraded such that most global scale
ratings will correspond to lower Argentine national scale ratings
than is currently the case. Consequently, even if the global scale
ratings are upgraded, the national scale ratings are not likely to
be affected.

WHAT COULD CHANGE THE RATING UP/DOWN

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


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


CONSOLIDATED ENERGY: S&P Affirms 'BB' CCR, Outlook Remains Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale, long-term
corporate credit rating and its 'BB-' issue-level rating on
$1.25 billion senior unsecured notes on Consolidated Energy
Limited (CEL).  The latter rating remains one notch below the
corporate credit rating, reflecting the subordination to Methanol
Holding (Trinidad) Ltd.'s (MHTL's) secured debt of about $290
million.  S&P also affirmed the 'BB' rating on the latter debt,
which CEL guarantees.  The outlook remains negative.

CEL's ratio of priority obligations to net tangible assets was
about 37% as of Sept. 30, 2016, above S&P's 30% threshold,
creating a potentially significant disadvantage to noteholders
under a bankruptcy or liquidation scenario.  The mitigating
factors for a subordination of one notch instead of two are
subsidiaries' upstream guarantee for the issuances and the
concentration of debt at CEL.

The negative outlook continues to reflect the company's weak
operating and financial performance.  CEL's production levels have
been slipping due to the natural gas supply curtailments at CEL's
production complex in Trinidad and Tobago (MHTL), deteriorating
the company's debt to EBITDA to 10.4x and FFO to debt to 4% for
the 12 months ended Sept. 30, 2016.  S&P acknowledges that
methanol prices have been recovering sharply since the fourth
quarter 2016, which could mitigate CEL's natural gas supply
issues.  However, S&P is still concerned that the company's
production recovery at MHTL could take longer than expected or
methanol prices recovery slows down in 2017.

CEL's fair business risk profile continues to reflect the
company's exposure to inherent commodity price volatility,
industrial asset concentration, and product concentration in
methanol.  However, the mitigating factors are the company's
leading market position, large scale of operations, diversified
customer base, end industries of methanol, CEL's logistic
capabilities, and the competitive raw material pricing through
contracts with The National Gas Co. of Trinidad & Tobago Ltd.
(NGC; BBB+/Negative/--) provides for CEL's business divisions.

The company's business risk profile also benefits from the
vertical integration that its shareholders provide, such as Proman
Holding AG as a global engineering, procurement, and construction
services player, and Helm AG as a global player in the marketing
and distribution of chemicals and fertilizers.

CEL's financial risk profile, in S&P's view, is based on its
expectation that the company will maintain its margins, improve
its cash flow generation and leverage metrics thanks to its
operating efficiencies, low natural gas prices, and a recovery of
methanol prices in 2017.


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


ASIAN DEVELOPMENT: Commences Liquidation Proceedings
----------------------------------------------------
The members of Asian Development Finance, Ltd., on Jan. 27, 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:

          Yao Chye Chiang
          6 Temasek Boulevard, #38-03, Suntec
          Tower Four
          Singapore 038986
          Telephone: + (65) 6827-9276


ATALAYA 95: Commences Liquidation Proceedings
---------------------------------------------
The members of Atalaya 95 Investment Company passed a resolution
to liquidate the company's business.

The shareholders of Atalaya 95received on March 28, 2017, the
liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BELLINI DESIGNS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Bellini Designs Ltd. received on March 1, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DROMEUS GREEK: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Dromeus Greek Advantage Fund received on March
29, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


E-SMART HOLDING: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of E-Smart Holding Co., Ltd., on March 21, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lin, Hsun-Min
          12th Floor., No. 368
          Gong-Jian Rd., Shi-Ji Dist.
          New Taipei City
          Taiwan (R.O.C.)
          Telephone: 886-2-2642-6789 #3206
          Facsimile: 886-2-2649-6599


FAIRLIGHT OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Feb. 17, 2017, the members of
Fairlight Offshore Fund, Ltd. resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Mr. Wilton McDonald II
          AFA Legal Resources (Cayman) Ltd.
          27 Hospital Road
          Cayman Corporate Centre, 5th Floor
          P.O. Box 1748, Grand Cayman
          Cayman Islands, KY1-1109
          Cayman Islands


GRIFFIN INVESTMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Griffin Investments Limited, on Feb. 27, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          UBS Trustes (Cayman) Ltd.
          c/o Liliana Forbes
          e-mail: liliana.forbes@ubs.com
          Telephone: +1 345 814 7402
          Facsimile: +1 345 949 9219


INDOCHINA MONTGOMERIE: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Indochina Montgomerie Links Residences
received on March 27, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


INDOCHINA QUANG: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Indochina Quang Nam Resort Holding Ltd.
received on March 27, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


SIMBUL INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Simbul Investments Ltd.  received on March 22,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


TITRAN INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
The members of Titran Investments, on Feb. 24, 2017, passed a
resolution to liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 22, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


WORLD SHIPPING: Members Receive Wind-Up Report
----------------------------------------------
The members of World Shipping and Investment Company Limited, on
March 21, 2017, received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Kevin Butler
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7374
          Facsimile: (345) 945 3902


ZEPELLIN INVESTMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Zepellin Investment Company received on March
28, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


ESCONDIDA: Mine Workers Decide to Extend Contract, End Strike
-------------------------------------------------------------
EFE News reports that employees at Chile's Escondida copper mine,
the world's largest, decided to end a 43-day strike after invoking
a labor-law provision that allows them to extend their existing
contract for an additional 18 months.

The workers launched the job action early last month to press
demands for, among other things, a CLP25 million ($37,800) bonus
per worker and a 7 percent salary hike, according to EFE News.

They also accused Minera Escondida, majority-owned by Anglo-
Australian giant BHP Billiton, of not committing to equal health
benefits for new hires, the report notes.

The company initially offered a bonus of CLP8 million per worker
and no salary hike but said it had preserved full health-care
coverage for workers, the report discloses.

Minera Escondida sweetened its proposal, increasing an end-of-
strike bonus offer to CLP11 million and agreeing to inflation-
adjusted salary hikes, the report relays.

Workers, meanwhile, reduced their demands but still insisted on no
change in working hours; no change in benefits in existence under
the previous collective agreement, which expired on Jan. 31; and
no distinction in benefits between existing and new workers, the
report notes.

During the strike, mining-sector experts and Minera Escondida's
management said production costs needed to be adjusted downward
because of declining ore grades for Chilean copper, the report
notes.

"We'll return to work on Saturday," Carlos Allendes, a spokesman
for a union representing around 2,500 striking workers, said,
adding that it would take around two weeks for the mine to return
to normal production, the report notes.

The end to the impasse came when employees invoked an article in
Chile's Labor Code that allows them to extend their existing
contract for 18 months before resuming talks on a new deal, the
report discloses.

That means the next negotiation will take place after the entry
into force in April of a new labor law backed by President
Michelle Bachelet's government that, among other things, bars
companies from replacing striking workers and does not allow them
to lower benefits from one contract to the next, the report
relays.

The report notes that Minera Escondida's president, Marcelo
Castillo, said the contract extension was problematic for his
company and would force it to revise its productive structure and
operating model.

A total of 1 million metric tons of copper were extracted last
year from Escondida, a mine in northern Chile's Atacama Desert in
which BHP Billiton has a 57.5 percent stake and London-based Rio
Tinto and two Japanese consortiums have minority interests, the
report adds.


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


DOMINICAN REPUBLIC: Increases Tax Revenue, Report Says
------------------------------------------------------
Dominican Today reports that the fiscal trajectory of Latin
America and the Caribbean reveals important differences among the
countries of the north and the south of the continent, which show
divergent trends of their deficits, income and fiscal expenditure.

The report Fiscal Outlook for Latin America and the Caribbean
2017, released by the Economic Commission For Latin America and
the Caribbean (ECLAC), calls for caution in spending and public
investment to boost growth, innovation, technological change and
face climate change, according to Dominican Today.

It said that during 2016 the average fiscal deficit remained
stable in the countries of the region and stood at -3% of the
regional GDP for the second consecutive year, although with marked
sub-regional differences: (-2.4% of GDP in 2015 to -2.2% of GDP in
2016) and worsening in South America (-3.6% of GDP in 2015 to -4%
of GDP in 2016), Dominican Today relays.

It also notes the divergence in the evolution of tax revenues and
expenditures among sub-regions, Dominican Today discloses.

Latin America's total revenues increased slightly compared with
output in 2016, reaching 18.4% of GDP in the average of the 17
countries covered, thanks to the increase in revenue in Mexico
(two percentage points of GDP) and Central America, Haiti and the
Dominican Republic (0.5 percentage points of GDP), Dominican Today
says.

In South America, meanwhile, there was a significant fall (0.5
percentage points of GDP), as a result of a fall in its tax
revenue, Dominican Today notes.

"In terms of expenses, the divergent trajectory in capital
expenditures stands out. These expenditures in Mexico (1.1
percentage points of GDP, partly due to the recapitalization of
Pemex by the federal government) and in the Central American
isthmus, Haiti and the Dominican Republic (0.2 percentage points
of GDP), the Capital expenditures in South America fell
significantly (0.5 percentage points of GDP)," the ECLAC report
said, Dominican Today adds.

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

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

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

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

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

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


DOMINICAN REP: Int'l. Reserves Fall 6.08% as $ Rate Sees Pressure
-----------------------------------------------------------------
Dominican Today reports that international reserves fell 6.08% in
a month, from US$6.7 billion in January to US$6.3 billion at the
end of last month, according to figures from Dominican Republic's
Central Bank.

The country's saving in the US currency fell by US$407.9 million
in one month, whereas reserves however remain above the US$6.04
billion reported in December, according to Dominican Today.

The Public Credit Directorate reported US$96.2 million in payments
for the foreign debt service in February, which is coupled with
heightening demand for dollars and the ensuing rising pressure on
the market since the start of the yea, the report notes.

Despite the lack of official reports of interventions in the
exchange market in February, economist Ernesto Selman recently
said the Central Bank had injected US$400.0 million in early March
to ease the pressure on the exchange rate, while another injection
of US$275.0 million is expected this month, the report relays.

                         Central Bank Mum

The Central Bank officials didn't respond to requests by
diariolibre.com for information on the causes that led to the
decline in international reserves in February, the report adds.

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

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

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

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

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

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


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


TRINIDAD & TOBAGO: FATCA is Now Law
-----------------------------------
Trinidad Express reports that the controversial Foreign Account
Tax Compliance Act (FATCA) legislation is now law.

The Office of the President confirmed that President Anthony
Carmona assented to the Tax Information Exchange Agreements (US)
Act, according to Trinidad Express.

"This Act now makes provision for the implementation of agreements
between Trinidad and Tobago and the United States of America,
providing for the exchange of information for the purposes of
taxation, the validation of the sharing of personal information
held by the Board of Inland Revenue or financial institutions and
for related purposes," a statement from the Office of the
President said, the report notes.

Also becoming law is the Public Procurement and Disposal of Public
Property (Amendment) Act, which was received by Carmona on March
16 and assented to on March 17, the report relays.


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


LATAM: Tax Revenues Continue to Rise Despite Low Economic Growth
----------------------------------------------------------------
Tax revenues in Latin America and the Caribbean (LAC) countries
continued to increase in 2015, according to new data from the
annual Revenue Statistics in Latin America and the Caribbean
publication. The average tax-to-GDP ratio for LAC countries
reached 22.8 percent of GDP in 2015, up from 22.2 percent in 2014.

The report, produced jointly by the Inter-American Centre of Tax
Administrations (CIAT), the Economic Commission for Latin America
and the Caribbean (ECLAC), the Inter-American Development Bank
(IDB), the Organisation for Economic Co-operation and Development
(OECD) Centre for Tax Policy and Administration and the OECD
Development Centre, covers 24 LAC countries, including Cuba and
Belize for the first time. It was launched today during the 29th
Regional Seminar on Fiscal Policy, held at ECLAC headquarters in
Santiago, Chile.

The average tax-to-GDP ratio across LAC countries is currently
11.4 percentage points lower than the OECD average of 34.3
percent.The difference between the OECD and LAC countries is
mainly explained by lower tax collection on personal income taxes
and social security contributions in the LAC region; however, the
difference between OECD and LAC tax-to-GDP ratios in 2015 is the
smallest on record.

Surging revenues from the value-added tax (VAT) and excise taxes
offset a decline of 0.2 percentage points in corporate income tax
revenues and explain the overall increase in the LAC average tax-
to-GDP ratio in 2015. This is the first decrease in corporate
income tax revenues across LAC countries since 2011. In contrast,
personal income tax revenue has reached its highest level, during
the period covered in this report, at 2.1 percent of GDP.

Revenue Statistics in Latin America and the Caribbean shows that
there is a wide variation of tax-to-GDP ratios across countries.
Tax-to-GDP ratios in LAC counties range from 12.4 percent in
Guatemala and 13.7 percent in the Dominican Republic to 32.0
percent in Brazil, 32.1 percent in Argentina and 38.6 percent in
Cuba, which is the only country that had a tax-to-GDP ratio above
the OECD average.

Amid these differences, a common feature in the region continues
to be the reliance on indirect taxation as the main revenue
source. On average, indirect taxation accounted for a share of 49%
of total tax revenue in LAC countries in 2014, compared with an
average of 33 percent in OECD economies.

The share of corporate income tax revenues in the LAC region
remained high compared to OECD levels (16.8 percent of total tax
revenues compared to 8.7 percent respectively on average) whereas
the personal income tax revenue share was much lower than in OECD
countries (8.8 percent and 24 percent respectively).

A special feature in this year's report analyses the impact of
declining international commodity prices on fiscal revenues. The
substantial reduction of oil prices since 2014 resulted in a
significant fall. As a result, oil-related public revenues went
from 6.8 percent of GDP on average in 2014 to 4.4 percent in 2015
for the 10 LAC countries included in the analysis. Similarly the
decline in mineral and metal prices reduced mining-related public
revenues from 0.5 percent of GDP in 2014 to 0.4 percent in 2015.
Further falls are predicted for revenues deriving from both
commodities in 2016.

A second special feature of the report analyses the financing
structure of sub-national governments in nine LAC countries. Sub-
national tax revenues in these countries derive principally from
recurrent taxes on immovable property, taxes on consumption and
taxes on business and motor vehicle licences. Sub-national
governments in Argentina, Brazil and Mexico were found to have a
high level of tax autonomy defined as the degree on which sub-
national governments can enforce new local taxes, define tax bases
and grant tax exemptions to individuals and companies. In
contrast, in Chile 58 percent of sub-national tax revenue is
subject to a tax-sharing agreement with the central government.

Key findings

Tax to GDP ratios

On average, tax revenues in Latin America and the Caribbean
increased from 22.2 percent in 2014 to 22.8% of GDP in 2015, a 0.6
percentage point increase. In comparison, tax revenues averaged
20.8 percent of GDP during the last decade.
Tax revenue growth was driven by taxes on goods and services,
which grew by 0.5 percentage points. Personal and property taxes
also increased by 0.1 percentage point. Additionally, social
security contributions rose by 0.1 percentage points. These
increases offset a decline of 0.2 percentage points in corporate
income tax revenues.

Tax Structures

Taxes on income and profits as a share of total tax revenues
increased between 2003 and 2014, spurred by the increase in prices
of commodities in LAC countries. A small decline in the share of
these taxes was observed in 2015, from 28.1 percent to 27.2
percent of total tax revenue.

The share of taxes on goods and services decreased from 55 percent
of total tax revenues in 1990 to 49 percent in 2014. By contrast,
in OECD countries, it remained stable at around 33 percent during
the same period.
About us


                            ***********


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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