TCRLA_Public/170411.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

               Tuesday, April 11, 2017, Vol. 18, No. 72


                            Headlines



A R G E N T I N A

PSA FINANCE: Moody's Assigns B1 Global LC Sr. Debt Rating
EMPRESA DISTRIBUIDORA: S&P Raises CCR to 'CCC+'; Outlook Positive


B R A Z I L

BANCO DO BRASIL: S&P Affirms 'BB/B' Issuer Credit Ratings
BANCO VOTORANTIM: S&P Affirms 'BB' Global Scale Rating
ELDORADO BRASIL: Fitch Puts B+ IDR on Rating Watch Negative
MINAS GERAIS: S&P Affirms 'B-' ICR; Outlook Negative
OI SA: BDO Declines to Replace PwC at Restructuring Case

RADIO E TELEVISAO: Fitch Cuts IDR to CCC on Weak Liquidity


C A Y M A N  I S L A N D S

ABT SUKUK: S&P Lowers Rating on $200MM Certificates to 'CCC+'
FUSHAN LTD: Creditors' Proofs of Debt Due April 17
LSP CAL: Creditors' Proofs of Debt Due April 25
REGENEX HOLDINGS: Shareholders' Final Meeting Set for April 27
RISING SUN: Creditors' Proofs of Debt Due April 28

SKYDOME LIMITED: Commences Liquidation Proceedings
UNIBALL LIMITED: Creditors' Proofs of Debt Due April 27
VICTORI INTERNATIONAL: Commences Liquidation Proceedings
VICTORI MASTER: Commences Liquidation Proceedings
VISIONCHINA MEDIA: Creditors' Proofs of Debt Due April 28


C O L O M B I A

BANCO AGRARIO: Fitch Affirms 'bb' Viability Rating
BANCO CORPBANCA: Fitch Affirms BB+ Support Rating Floor


D O M I N I C A N   R E P U B L I C

* GRANADA FRUIT CO: Villagers Fear Banana Plantation May Vanish


E L  S A L V A D O R

BANCO AGRICOLA: Fitch Affirms BB- LT IDR; Outlook Negative
BANCO DAVIVIENDA: Fitch Affirms BB- LT IDR; Outlook Negative


J A M A I C A

* JAMAICA: Petroleum Stakeholders to Compensate Motorists


M E X I C O

FINANCIERA FINCA: S&P Withdraws 'BB-/B' Global Scale ICRs


V E N E Z U E L A

VENEZUELA: Top Opposition Leader Barred From Holding Office
* Venezuela, Dominican Officials Mull Natural Gas Deal


                            - - - - -



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


PSA FINANCE: Moody's Assigns B1 Global LC Sr. Debt Rating
---------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
assigned a B1 global local currency senior debt rating to PSA
Finance Argentina Compania Financiera's (PSA) twenty-third bond
issuance, due in 24 months, for up to ARS300 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 PSA Finance Argentina
Compania Financiera S.A.:

ARS300 million Series Twenty-Third senior unsecured debt issuance:

B1 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

PSA'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. These
environmental challenges outweigh PSA's sound financial
fundamentals. However, given that the entity is 50% owned by
France's Banque PSA Finance (BPF), Moody's assumes a moderate
level of support from BPF to its subsidiary in Argentina in
situations of stress, lifting the global scale rating by two
notches from the company's b3 baseline credit assessment.
Consequently, the company is one of the stronger credits in
Argentina, as reflected by its Aa2.ar national scale rating.

The ratings also consider PSA's monoline business model dedicated
to the financing of Peugeot and Citroân vehicles and the
increasing level of competition within the car-financing industry
in Argentina. Despite the high level of inflation, the company's
profitability in 2016 was affected by the weak economic activity
and was modest by Argentine standards. While non-performing loans
remain low, delinquency levels are likely to rise given the
current economic situation. These risks are balanced in part by
the company's solid risk management policies and its good
capitalization indicators. 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 on the global scale rating reflects the
anticipated 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 PSA 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 company continues to
demonstrate sound operating performance. Conversely, a downgrade
of the Argentine sovereign could put downward pressure on the
entity's ratings, but this is unlikely at this time given
Argentina's positive outlook.


EMPRESA DISTRIBUIDORA: S&P Raises CCR to 'CCC+'; Outlook Positive
-----------------------------------------------------------------
S&P Global Ratings raised its corporate credit and issue-level
ratings on Empresa Distribuidora y Comercializadora Norte S.A.
(Edenor) to 'CCC+' from 'CCC'.  The outlook is positive.

The rating action follows the government's Jan. 31, 2017,
announcement of the ITR for the electric sector, which sets a
mechanism for a rate increase and includes the investment plan for
the next five years.  S&P considers the new regulatory framework
as positive because it improves cash-flow predictability in the
medium term and reduces Edenor's dependence on compensation from a
market clearinghouse, Compania Administradora del Mercado
Mayorista Electrico S.A. (CAMMESA).  Nevertheless, S&P's
perception of risk remains high, given that although the
institutional environment in Argentina is strengthening, it has a
weak track record.  In addition, Edenor faces contingencies with
CAMMESA totaling ARP5.4 billion, renegotiation for which is still
pending.

Given that the rate increase is already approved-- 42% in February
2017, 19% in November 2017, and 17% in February 2018-- S&P
believes that Edenor would post an EBITDA generation of around
ARP6 billion per year in the next two to three years.  However, in
2017, Edenor might face capital expenditures (capex) of
ARP4 billion and significant working capital outflows of
approximately ARP4.8 billion because the company will only start
to collect part of the revenues under the new rate scheme starting
in 2018.  As a result, 2017 would be a transition year, in which
Edenor's free operating cash flow (FOCF) generation would continue
to be fragile.  S&P expects the company's cash flow generation to
improve significantly in 2018 and afterwards.


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


BANCO DO BRASIL: S&P Affirms 'BB/B' Issuer Credit Ratings
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' issuer credit ratings on
Banco do Brasil S.A. (BdB).  At the same time, S&P affirmed the
'BB' ratings on the bank's senior debt, the 'B' ratings on its
subordinated notes, and the 'B-' ratings on its junior
subordinated notes.  S&P also affirmed its 'brAA-' national scale
ratings on BdB's core subsidiary, Ativos S.A. Securitizadora de
Creditos Financeiros.  The outlook on the long-term credit rating
remains negative, mirroring the sovereign outlook.

BdB's profitability was very high prior to Brazil's descent into
recession.  Renegotiating souring loans has helped the bank
maintain adequate returns despite weakening asset quality.
Therefore, S&P affirmed its ratings on BdB.  Nevertheless, in
2016, S&P has revised BdB's SACP to 'bbb-' from 'bbb' due to the
drop of S&P's forecasted risk-adjusted capital (RAC) ratio for the
next two years, and to the bank's deteriorating quality capital.
The latter stemmed from a rising share of deferred tax assets
(DTAs), resulting from credit provisioning, which represent more
than 50% of capital in fiscal 2016.  S&P's updated RAC forecast
based on the fiscal 2016 figures incorporates these factors:

   -- Credit portfolio growth of 3%;
   -- A slight increase in net interest margins due tohigher
      spreads;
   -- Nonperforming loan (NPL) expenses in line with those in
      2016;
   -- Stable fee and equity income levels; and
   -- A milder profitability drop than in 2016.

The issuer credit ratings on BdB also reflect its diversification
in terms of business lines, geography, and customers, as seen in
its very strong pricing power.  The ratings also reflect the
bank's low quality capital and strong, although slipping,
earnings, adequate risk controls and mitigation--despite the
weakening asset quality--and sound funding and available
liquidity, given the bank's access to cheap funding sources from
the government, BdB's controlling shareholder.

The long-term issuer credit rating on BdB is two notches lower
than its SACP, and is at the same level as the long-term foreign
currency rating on Brazil.  Under S&P's criteria, it's unlikely
that S&P assigns an issuer credit rating on a bank above that on
the sovereign because the bank would have to demonstrate a
capacity to maintain sufficient capital and liquidity to cover the
significant stress that accompanies a sovereign default.
Additionally, BdB has significant asset exposure to the sovereign
because the bank's liquid assets are largely invested in sovereign
bonds.

S&P considers BdB a government-related entity (GRE) because the
Federative Republic of Brazil (foreign currency: BB/Negative/B) is
the bank's majority owner.  And S&P believes there's a very high
likelihood that the government would provide timely and sufficient
extraordinary support to BdB if needed, as seen in the
government's track record of having done so in the past.  In
accordance with S&P's criteria for GREs, S&P bases its ratings on
its view of BdB's:

   -- Very important role for the government because S&P believes
      BdB plays a key role in providing competitive and long-term
      financing to the agricultural sector, its large share in
      terms of deposits and assets in Brazil's banking system, and
      its presence throughout the country, including in remote
      areas that has a scant banking presence.  S&P believes that,
      in the event of a default or distress scenario, the bank's
      weakened creditworthiness could harm Brazil's economy.

   -- Very strong link with the government because deterioration
      in BdB's creditworthiness would sharply weaken the
      government's reputation because the latter is publicly
      associated with the bank through a high degree of control.
      As a major shareholder, the government has a strong
      influence on the bank's strategic and business plans


BANCO VOTORANTIM: S&P Affirms 'BB' Global Scale Rating
------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brA+/brA-1'
national scale ratings on Banco Votorantim S.A. (BV).  The outlook
remains negative on both scale ratings.  S&P also assigned the
'brA+/brA-1' ratings with a negative outlook to BV Leasing
Arrendamento Mercantil S.A., a core subsidiary of BV.  At the same
time, S&P affirmed its 'brA-' subordinated debt rating on the
latter company.  Finally, S&P affirmed and withdrew its 'brA+/brA-
1' ratings on Votorantim Finanáas S.A. at its request.  The
outlook was negative upon withdrawal.

The rating affirmation reflects S&P's view that Votorantim S.A.
(BB+/Negative/--; brAA+/Negative/--), which controls 50.1% of BV,
will continue to provide support to the bank if necessary.  In
addition, the affirmation reflects the bank's stable performance
despite the tightening lending conditions in Brazil for the past
two years.  BV's management was able to maintain its profitability
thanks to successfully adjusting risk controls in its used-
vehicles lending business for the past three years and following
the risky decision to renegotiate some large corporate loans.
Most of the country's large banks are pursuing the latter
strategy, which may require sizable provisions in the future.
S&P's analysis also incorporates the ongoing support to BV from
Banco do Brasil S.A. (BdB; BB/Negative/B) which owns the remaining
stake (49.9%) in the bank, through sizable and long-term funding
facilities.

According to S&P's group credit profile (GCP) assessment of the
Votorantim group, S&P's financial analysis and forecast
incorporate a potential contingent liability from BV that may
spill over to the holding level.  This results from S&P's
understanding that, under Brazil's law 9,447/1997, the individuals
or legal entities exercising control over financial institutions,
subject to intervention or liquidation, are jointly and severally
liable for the amount of the unpaid liabilities of the financial
institution.  On the other hand, Brazil's public banks such as BdB
are insulated from such liabilities because the law prevents the
central bank from freezing assets or intervene in government-owned
banks.  For Votorantim, S&P also takes into consideration the
mitigating factors for this risk, which includes the
conglomerate's and BdB's shared control of BV and the latter's 'bb-
' stand-alone credit profile (SACP).  Although the responsibility
of a Brazilian controlling shareholder to support the bank is not
equivalent to a financial guarantee, S&P views potential liability
from the latter as having a considerable impact.

Since its acquisition of BV's stake in 2008, BdB has provided
funding, which helped improve the bank's profitability and
shareholder value.  BV's financials were consolidated with those
of BdB until the 2015 regulations separated them.  As of the end
of 2016, BdB had acquired R$7.7 billion (US$2.5 billion) in
portfolios from BV without recourse in case of delinquency.  In
addition, BV has a R$6.8 billion (US$2.2 billion) interbank
facility from BdB. Moreover, BdB and Votorantim appoint BV's
chairman on a rotational basis, and each shareholder appoints half
of the board members.


ELDORADO BRASIL: Fitch Puts B+ IDR on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed Eldorado Brasil Celulose S.A.'s
(Eldorado) 'B+' Long-Term Foreign and Local Currency Issuer
Default Rating (IDR) and 'BBB+(bra)' National scale long-term
rating on Rating Watch Negative (RWN). Fitch has also placed on
RWN the 'B+/RR4' rating for the 2021 notes issued by Eldorado
Intl. Finance GmbH, and guaranteed by Eldorado and Cellulose
Eldorado Austria GmbH.

The RWN reflects the risk Eldorado's debt could be accelerated if
it is not able provide year-end audited financial statements by
April 30, 2017. If Eldorado is able to publish its audited
financial statements by this deadline the RWN will likely be
removed and a Negative Rating Outlook will be assigned to reflect
the challenging refinancing conditions the company faces due to
the continued uncertainty caused by various investigations.

KEY RATING DRIVERS

Elevated Refinancing Risk

Since July 2016, the Sepsis and the Greenfield investigations in
Brazil have focused on Eldorado's parent company, J&F
Investimentos S.A. (J&F), and Eldorado itself. The ongoing nature
of these investigations, as well as the uncertainty regarding the
future management of the company, continue to hurt Eldorado's
ability to access capital markets. Should the final outcome of the
investigations be negative the company's ability to access local
bank financing could also be impaired. Eldorado had BRL2.4 billion
of short-term debt as of Dec 31. 2016. This compares with only
BRL1.2 billion of cash and marketable securities. Excluding trade
finance lines, debt maturities during 2017 is about BRL900
million.

Improved Cash Flow Generation

Eldorado's ratings remain supported by the company's stable
business profile and cyclical cash flow generation. Fitch expects
adjusted EBITDA to be about BRL1.5 billion in 2017, given net pulp
price of USD550/ton. In the LTM ended Sept. 30, 2016, the company
reported BRL1.4 billion of adjusted EBITDA, pressured by weaker
pulp prices. The company's cash flow generation is still pressured
by significant financial expenses due to its high debt load.
Eldorado generated BRL888 million of CFFO. After investments of
BRL719 million, its free cash flow for the LTM ended Sept. 30,
2016 was BRL169 million.

Leverage to Slowly Reduce

Eldorado's leverage remains high and is expected to gradually
reduce as investments decrease. However, Fitch expects FCF to
remain pressured by high financial expenses, as total debt is not
projected to significantly reduce. During the LTM ended September
2016, net debt/adjusted EBITDA was 5.3x, compared to 5.2x in 2015
and 12.6x in 2014. Fitch does not expect Eldorado to enter into a
new investment cycle in the short term.

Lower Dependence on Third-Party Wood

Eldorado has a state of art pulp mill with an annual production
capacity of 1.7 million tons of hardwood pulp. The company has a
competitive cash cost structure and is expected to reduce its
dependence on wood from third parties and the average distance
from the forest to the mill during 2017 and 2018. Eldorado also
has some financial flexibility from its forest base, with the
accounting value of the biological assets of its forest
plantations at BRL2 billion as of Sept. 30, 2016. The nearly ideal
conditions for growing trees in Brazil make these plantations
extremely efficient by global standards and give the company a
sustainable advantage in terms of cost of fiber.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

-- Net pulp prices of USD550 per ton in 2017;
-- Pulp sales volume of 1.7 million tons in 2017;
-- Base case does not incorporate investments in the new pulp
    mill.

RATING SENSITIVITIES

Future developments that may individually or collectively lead to
a negative rating action include:

The Rating Watch Negative reflects heightened risk the company's
debt could be accelerated if it is not able to provide year-end
audited financial statements within the aforementioned timeframe.
If the company provides financial statements and avoids breaching
covenants, the Negative Watch will likely be removed and a
Negative Rating Outlook may be assigned.

Positive rating actions are not expected.

LIQUIDITY

Preliminary figures as of Dec. 31, 2016 indicated cash and
marketable securities of BRL1.2 billion and total debt of BRL9.1
billion, of which about BRL2.4 billion is due in the short term.
Excluding trade finance lines, debt maturities during 2017 are
about BRL900 million. Eldorado needs to continue to refinance part
of its impending debt maturities, as FCF is still limited and
pressured by high financial expenses.

Total debt was composed of loans from the Brazilian Development
Bank, pre-export financing, export credit agencies, export credit
notes, debentures from Fundo de Investimento do Fundo de Garantia
do Tempo de Servico, a term loan, and senior unsecured notes.
Eldorado reported a loss from derivatives transactions of about
BRL915 million during the LTM ended September 2016. In 2015,
Eldorado reported gains from derivatives transactions of BRL1.7
billion. Currently, the company does not hold any hedge positions.

FULL LIST OF RATING ACTIONS

Fitch placed the following ratings on Negative Watch:

Eldorado Brasil Celulose S.A.

-- Long-Term Foreign Currency Issuer Default Ratings (IDRs) 'B+';
-- Long-Term Local Currency IDR 'B+';
-- Long-Term National Scale Rating 'BBB+(bra)'.

Eldorado Intl. Finance GmbH

-- Senior unsecured notes, in the amount of USD350 million and
    due in 2021, 'B+/RR4'.

Transaction was issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado Brasil Celulose S.A. and Cellulose Eldorado
Austria GmbH.

In accordance with Fitch's policies the Issuer appealed and
provided additional information to Fitch that resulted in rating
action that is different than the original rating committee
outcome.


MINAS GERAIS: S&P Affirms 'B-' ICR; Outlook Negative
----------------------------------------------------
S&P Global Ratings affirmed its 'B-' foreign and local currency
issuer credit ratings on the state of Minas Gerais.  S&P also
affirmed its 'brB-' national scale rating on the state.  The
outlook on both scale ratings remains negative.

                              OUTLOOK

The negative outlook reflects a one-in-three likelihood that Minas
Gerais' credit quality could further deteriorate as a result of
weaker capacity or willingness to meet its financial obligations,
as a result of high debt to suppliers as well as unaddressed
pension liabilities.  The outlook also reflects S&P's view that
Brazil's institutional framework, under which states operate, is
weakening.  S&P expects Minas Gerais to report high fiscal
deficits in the next two years, while it's struggling to control
and/or cut its expenses.

Downside scenario

S&P could lower its ratings on Minas Gerais within the next 12
months if its willingness and capacity to make timely payments on
its debt obligations diminishes as a result of a greater strain on
its finances, or due to unfavorable outcome of the new debt
renegotiation with the federal government, such that its financial
commitments would become increasingly unsustainable.

Upside scenario

S&P could revise the outlook to stable in the next 12 months if
Minas Gerais presents a clearer and formal plan to address its
short- and medium-term fiscal imbalances, while showing increasing
commitment to maintain timely payments on its debt obligations.

                             RATIONALE

The 'B-' rating on Minas Gerais reflects an eroded fiscal
position, coupled with difficulties to implement cost-control
measures to improve public finances.  Also, the rating reflects an
upsurge in debt to suppliers, rising concerns on capacity and
willingness to make timely debt payments, very low free cash
level, budgetary constraints, and rising risks of unfunded
pensions liabilities.  A slow economic recovery in Brazil and the
state's lower per capita GDP than the national average has
impaired Minas Gerais' tax collection.  On the other hand, Minas
Gerais' moderate contingent liabilities and an evolving but
unbalanced institutional framework support the state's
creditworthiness.

Despite a still supportive institutional framework, financial
management has eroded amid recession.  The ratings on Minas Gerais
are a combination of the individual credit profile and the
institutional framework.  The current fiscal framework was
established by the 1988 Constitution, the 1997-1999 restructuring
of states' debt, and the Fiscal Responsibility Law (FRL).  S&P
believes that the framework continues to present high visibility
of Brazilian (local and regional governments' (LRGs) revenue
sources and expenditure responsibilities.  Likewise, S&P deems
that the sovereign has tempered the recession's impact through
ongoing and extraordinary transfers to LRGs, while enhancing their
compliance with the FRL.

In 2016, Minas Gerais' financial management deteriorated due to
less predictable policies and overall poor financial planning.
Payments of public-sector employees' salaries in installments and
delays in payments to suppliers, which totaled R$4.5 billion in
the year, is raising uncertainty over Minas Gerais' ability to
prioritize timely debt service repayment in a stress scenario.
These factors led S&P to downgrade the state on Dec. 13, 2016.
The state's resort to closing its fiscal gap through unpaid debt
to suppliers suggests that Minas Gerais' willingness and capacity
to repay debt will remain under severe pressure.  The state has
debt payments due in the next few months to multilateral and
bilateral lending agencies, and Credit Suisse, all of which have
the sovereign guarantees.

S&P estimates that the state's GDP per capita was $8,640 for 2016,
lower than Brazil's $9,882. Minas Gerais' economy generated 8.9%,
or R$516.6 billion, of the national GDP in 2014, according to the
latest data available from the Brazilian Institute of Geography
and Statistics.  Brazil's economy contracted 3.6% in 2016 and S&P
estimates that the state economy to have posted a similar
contraction.  S&P forecasts the Brazilian economy to post slow
growth over the next several years; in 2017 Brazil's economy is
likely to grow at less than 0.9%, which is also S&P's base case
for Minas Gerais.  Most of the state's economy is based on the
services sector, which accounts for a 58% share, while the
industrial sector makes up 33%, and agriculture 9%.  Minas Gerais'
mining sector is the second-largest in the country, after Rio de
Janeiro's.

Fiscal performance and cash levels will remain weak despite debt
renegotiation agreement, while pressures stemming from pensions
have increased Minas Gerais' finances suffer from budgetary
constraints because the state government payroll and interest
payments represent around 60% of total operating spending.  The
state's decision to delay payments as cost-control measures in
2016 combined with sharply lower capex, further illustrate the
state's limited ability to cut expenditures and higher-than-
expected spending.  While S&P expects Minas Gerais to continue
generating more than 80% of its revenue in the next three years,
capex is likely to remain low at around 3% of total spending,
reflecting fewer borrowings and limited room to make additional
cuts in investments.

As a result of a weaker financial management, Minas Gerais'
budgetary performance eroded in 2016.  The operating deficit
reached 1.6% of operating revenue, while the deficit after capex
was 5.3% of total revenue.  The state benefitted from the
extension in the term for repaying the debt it owes to the federal
government, which includes a discount in the installments for two
years, with a 100% grace period for the first six months in 2016.
The discount will be gradually reduced until June 2018.  S&P's
base-case scenario for the next three years incorporates this
agreement, as well as the new debt deal for the country's three
debt-laden states, which Congress is currently debating.  S&P's
projections assume that Minas Gerais' budgetary performance will
start to improve gradually in 2019.  This would result from the
Brazilian economy's recovery and lower interest payments and other
expenses, which according to the debt extension agreement, should
be contained at inflation levels.

Because S&P's base-case scenario incorporates the possible outcome
of a new debt agreement, S&P expects Minas Gerais to have access
to borrowings in addition to those already previously authorized,
totaling R$5 billion between 2017 and 2019.  Nevertheless, S&P
still expects the state's debt to remain at around 150% of
operating revenue, while the interest payments to drop to 2% of
operating revenue.  In S&P's view, the risk stemming from unfunded
pension liabilities in Minas Gerais is rising because they're
significantly higher than 50% of S&P's projected operating revenue
for 2017, and S&P expects fiscal pressures on the budget to
increase in the next few years.

Although the discount in the debt payment installments improved
the state's cash position, in S&P's view, Minas Gerais needs part
of these freed-up resources to meet its daily operating needs.
S&P estimates that the free cash at the end of 2016 was around
R$1.4 billion or covering around 18% of Minas Gerais' debt service
for the next 12 months.  According to S&P's estimates, debt
service for 2017 will be R$3 billion.  Although S&P expects Minas
to access more borrowings in the upcoming years due to the new
debt agreement, S&P continues to assess its access to external
liquidity as limited.  This assessment incorporates Brazil's
Banking Industry Country Risk Assessment (BICRA) of '6'.  S&P
expects the access to external financing to remain restricted
given Brazil's weak economy and the federal government's current
fiscal belt-tightening.

Minas Gerais has moderate contingent liabilities, the largest of
which stems from several state-owned companies including Companhia
Energetica de Minas Gerais - CEMIG (B/Stable/--), which S&P
considers as self-supporting.  The company, one of the country's
largest electric utilities, has adequate credit metrics and a
diversified portfolio of assets in the electricity generation,
transmission, and distribution segments.  In addition, the state
owns a development bank, Banco de Desenvolvimento de Minas Gerais
S.A. - BDMG (B-/Negative/--), which S&P also considers as self-
supporting.  S&P views the state's contingent liabilities as
moderate as a result of cross-default clauses in the Brazilian
Development Bank's (BNDES') loans to the state entities.

RATINGS LIST

Ratings Affirmed

Minas Gerais (State of)
Issuer Credit Rating
Global Scale                           B-/Negative/--
Brazil National Scale                  brB-/Negative/--


OI SA: BDO Declines to Replace PwC at Restructuring Case
--------------------------------------------------------
Tatiana Bautzer at Reuters reports that accounting firm BDO
declined to replace PriceWaterhouseCoopers in the in-court
restructuring of Brazilian carrier Oi SA, BDO said in a statement.

The judge overseeing the restructuring dropped PwC from the case
on March 31 alleging the firm made accounting mistakes in the
biggest bankruptcy filing in the country's history, according to
Reuters.

In his decision, judge Fernando Cesar Viana appointed BDO to
replace PwC, the report notes.  But BDO said in the statement that
it had decided not to take the task, despite keeping its work as
Oi's auditor through 2019, the report relays.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 24, 2017, S&P Global Ratings affirmed its 'D' corporate
credit and issue-level global and national scale ratings on Oi
S.A.  At the same time, S&P withdrew the recovery ratings on the
company's rated debt, until it has an updated capital structure
once Oi emerges from judicial reorganization.


RADIO E TELEVISAO: Fitch Cuts IDR to CCC on Weak Liquidity
----------------------------------------------------------
Fitch Ratings has downgraded Radio e Televisao Bandeirantes
Ltda.'s (RTB) Long-Term Foreign-Currency and Local-Currency Issuer
Default Ratings (IDR) to 'CCC' from 'B'. Fitch has also downgraded
the company's National long-term rating to 'CCC(bra)' from ' BBB-
(bra)'. The Rating Negative Outlook was removed.

The downgrades reflect RTB's weak liquidity and significant EBITDA
erosion during 2016 due to dampened demand for advertising in the
challenging economic conditions in Brazil. In addition, the
company is facing high refinancing risk given its reliance on
short-term bank loans with expensive interest rates amid weak
performance. RTB's financial flexibility remains limited given its
precarious cash position and it could face limited access to
credit should it fail to show signs of performance recovery in
2017.

RTB is part of Grupo Bandeirantes de Comunicacao (Band), a
diversified media group and one of the group's major free-to-air
(FTA) TV and radio broadcasters in Brazil. RTB's ratings are based
on Band's combined credit profile given the centralized group's
cash management and strong operational linkage among the group's
companies under shared executives and control by the same major
shareholder.

KEY RATING DRIVERS

Weak Liquidity; High Refinancing Risk
Fitch expects RTB to continue to face limited financial
flexibility as its short-term debt matures, which would require
continued support from banks for credit extension at high interest
expenses. The company's liquidity profile remains weak given its
high proportion of short-term debt, which was BRL302 million and
represented 37% of its total debt as of September 2016, and low
cash position, despite successful refinancing of most of its
short-term debt maturities during 2016.

Fitch does not expect RTB's high refinancing risk to be eased in
the medium term given the slow cash flow recovery under the
difficult operating environment. Operational challenges remain as
RTB aims to execute its cost savings initiatives while ensuring
content appeal to improve cash flow generation and comfortably
cover its high finance expenses.

Negative FCF: Increased leverage
Fitch believes RTB will report negative FCF generation during
2016, due to EBITDA deterioration and high interest expenses.
Fitch estimates the company's 2016 EBITDA will have fallen
significantly to well below BRL200 million from the 2015 level of
BRL275 million. The company's EBITDA during the first nine months
of 2016 was BRL108 million, which was 21% below the same period in
2015, and Fitch believes that further erosion during 4Q16 was
likely based on the weak-industry trend. Any sizable EBITDA
recovery in 2017 could be challenging given weak advertising
demand outlook along with the company's lack of key sport event
content.

Given muted EBITDA growth, Fitch forecasts the company's FCF
generation to remain negative in the medium term. Fitch forecasts
the company's high interest expenses, estimated to be in the range
of BRL140 million-BRL150 million in 2017 and 2018, to consume most
of its operational cash flow generation. Without any debt
reduction, Fitch forecasts the company's net leverage to remain at
around 5.0x over the medium term.

Unfavorable Industry Trend:
Media companies in Brazil continue to experience weak demand for
advertising due to the unfavorable macro-economic environment in
Brazil and waning importance of FTA TV due to pay-TV and internet
advertisement growth. Weak market conditions will continue to
impede any material advertising price improvements as advertisers'
budgets remain constrained. Fitch does not foresee any material
recovery in the advertising demand in the near term given current
weak macro environment in Brazil.
RTB's market position is weak, and Fitch does not foresee any
material improvement in the company's market share given the
intense competitive landscape. The company is the fourth-largest
TV operator, with about 4% market share, in a highly concentrated
industry in Brazil, where the market is dominated by Globo
Participacoes S.A.

Diversified Media Portfolio:
RTB is a nationwide diversified media group in Brazil. Its main
business is FTA television and radio, which combined represented
close to 70% of revenue in 2015. Band boasts strong operational
integration across various media platforms backed by the sharing
of production infrastructure and talent, as well as the
distribution of content under the common management. This helps
the group maintain quality of content across the segments with an
efficient cost structure.

DERIVATION SUMMARY

RTB's credit profile is weak compared to its regional peers in the
media segment. The company's low viewership market position and
weak pricing power for advertising is a key credit weakness
compared to other media operators in the investment-grade
categories. RTB's weak liquidity profile and access to credit,
given high short-term debt reliance and financing cost, as well as
a predominantly collateralized debt profile compares unfavorably
to TV Azteca, S.A.B. de C.V., which is rated 'B+'/Stable. The
company's corporate governance, with its complex group structure,
is considered weak, in line with the rating category. No country-
ceiling, parent/subsidiary or operating environment aspects impact
the rating.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

- No material EBITDA improvement in 2017 given the unfavorable
   macro factors and weak demand for advertising;
- Continued refinancing of its short-term debt maturities in
   2017;
- TV viewership market share of about 4% over the medium term;
- Uncurbed negative FCF generation in 2017 and 2018;
- Net leverage of around 5x in the short- to medium-term.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Unlikely in the short- to medium-term, given the company's
    precarious liquidity position and unfavorable economic
    conditions in Brazil negatively affecting the advertising
    sector.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- Failure to proactively manage its short-term debt maturity
    profile;
-- Continued EBITDA contraction and negative FCF generation;
-- No material short-term debt reduction, resulting in continued
    weak financial flexibility;

LIQUIDITY

RTB's liquidity is weak due to high short-term debt balance, which
amounted to BRL302 million, against a cash balance of BRL59
million as of Sept. 30, 2016. The company's financial flexibility
will remain limited as it will continue to rely on creditors'
support to manage the short-term debt rollover.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

Radio e Televisao Bandeirantes Ltda.

-- Long-Term Foreign-Currency and Local-Currency IDRs to 'CCC'
    from 'B'/Outlook Negative;
-- National long-term rating to 'CCC(bra)' from 'BBB-(bra)'/
    Outlook Negative.


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


ABT SUKUK: S&P Lowers Rating on $200MM Certificates to 'CCC+'
-------------------------------------------------------------
S&P Global Ratings said that it lowered its issue rating on the
$200 million trust certificates issued by ABT Sukuk Ltd. to 'CCC+'
from 'B-' and removed it from CreditWatch with negative
implications where it was placed on Jan. 27, 2017.

The downgrade is underpinned by the fact that the sukuk legal
documentation now includes a clause for mandatory write-down at
the point of non-viability.  This clause was introduced to ensure
the eligibility of the sukuk as a Tier 2 capital instrument under
Basel III and was subject to an investors' consent solicitation.

The 'CCC+' rating on the sukuk trust certificates now reflects the
three-notch deduction from Albaraka Turk Katilim Bankasi A.S.'
(the sukuk's sponsor) stand-alone credit profile; two for
subordination and a further notch for the clause of mandatory
write-down at the point of non-viability.


FUSHAN LTD: Creditors' Proofs of Debt Due April 17
--------------------------------------------------
The creditors of Fushan Ltd. are required to file their proofs of
debt by April 17, 2017, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 7, 2017.

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


LSP CAL: Creditors' Proofs of Debt Due April 25
-----------------------------------------------
The creditors of LSP CAL EB II, Ltd. are required to file their
proofs of debt by April 25, 2017, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 6, 2017.

The company's liquidator is:

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


REGENEX HOLDINGS: Shareholders' Final Meeting Set for April 27
--------------------------------------------------------------
The shareholders of Regenex Holdings Ltd. will hold their final
meeting on April 27, 2017, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Julian Andriesz
          6 Marine Vista #13-25
          Singapore 449030


RISING SUN: Creditors' Proofs of Debt Due April 28
--------------------------------------------------
The creditors of Rising Sun International Real Estate Investment
Consulting Ltd. are required to file their proofs of debt by
April 28, 2017, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 6, 2017.

The company's liquidator is:

          Huang, Ming-Shang
          Portcullis (Cayman) Ltd
          c/o Michelle R. Bodden-Moxam
          The Grand Pavilion Commercial Centre
          Hibiscus Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands
          Telephone: 345-946-6145
          Facsimile: 345-946-6146


SKYDOME LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Skydome Limited, on March 8, 2017, passed
a resolution to liquidate the company's business.

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

The company's liquidator is:

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


UNIBALL LIMITED: Creditors' Proofs of Debt Due April 27
-------------------------------------------------------
The creditors of Uniball Limited are required to file their proofs
of debt by April 27, 2017, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 9, 2017.

The company's liquidator is:

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


VICTORI INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
The sole shareholder of Victori International Fund Ltd., on
March 1, 2017, passed a resolution to liquidate the company's
business.

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

The company's liquidator is:

          Victori Capital LLC
          c/o Catharina von Finckenhagen
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (345) 949 8599
          Facsimile: +1 (345) 949 4451


VICTORI MASTER: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Victori Master Fund Ltd., on March 1,
2017, passed a resolution to liquidate the company's business.

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

The company's liquidator is:

          Victori Capital LLC
          c/o Catharina von Finckenhagen
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (345) 949 8599
          Facsimile: +1 (345) 949 4451


VISIONCHINA MEDIA: Creditors' Proofs of Debt Due April 28
---------------------------------------------------------
The creditors of Visionchina Media Inc. are required to file their
proofs of debt by April 28, 2017, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2017.

The company's liquidator is:

          Margot Macinnis
          Borrelli Walsh (Cayman) Limited
          Harbour Place, Ground Floor
          103 South Church Street, George Town
          Cayman Islands
          P.O. Box 30847 George Town
          Grand Cayman KY1-1204
          Cayman Islands
          Telephone: +1 (345) 743 8800



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


BANCO AGRARIO: Fitch Affirms 'bb' Viability Rating
--------------------------------------------------
Fitch Ratings has affirmed Banco Agrario de Colombia S.A.'s
(Banagrario) Viability Rating (VR) at 'bb'.

Fitch's review of the bank's VR follows the revision of the
Outlook on Colombia's sovereign rating to Stable from Negative on
March 10, 2017. On March 21, the agency affirmed Agrario's Long-
Term Foreign and Local Currency IDRs at 'BBB'. The Rating Outlooks
were revised to Stable from Negative.

KEY RATING DRIVERS

VR

Banagrario's VR is highly influenced by the bank's business model,
and its low, although improving, asset quality. Banagrario's
consistent profitability and high income diversification, strong
capital position, and low cost funding structure have a moderate
influence on its VR.

In Fitch's views Banagrario's business model is consistent with
its key role for the development of the government's agricultural
policy. The bank maintains a clear focus and a strong franchise in
the small and medium-sized agricultural producer markets; however,
its market share in the Colombian banking system is moderate, at
3.2% of total loans 2.5% of total deposits. In the agency's
opinion these elements strengthen the bank's franchise in its
specific segment but limit the scope of its business model and
challenge the asset quality metrics.

Asset quality maintained its positive trend in 2016; however, it
is still weak compared to the Colombian banking system, reflecting
the higher risk of the agricultural segment. Banagrario's non-
performing loans ratio decreased to 5.89% as of December 2016, as
a result of strengthened collection practices, consistent charge-
offs and timely restructuring of challenged operations. Its loan
loss reserves coverage increased to 158.27%.

Banagrario's profitability is consistent and supports a stable
internal capital generation and good capital levels. The bank's
profitability is underpinned by high income diversification, as an
important proportion of stable income is generated by valuation of
held-to-maturity instruments. In Fitch's opinion, Banagrario's
profitability is sustainable in the medium term but remains
sensitive to changes in asset quality. In 2016, net profits
decreased as a result of higher funding and credit costs.

In Fitch's view, Banagrario's capital position and loss absorption
capacity are consistent with the higher risk of its loan book. The
bank also maintains a satisfactory buffer over regulatory capital
ratios minimums, partly aided by the large portion of its assets
placed in sovereign debt with 0% weight in the regulatory capital
metric calculation.

Banagrario's funding structure is diversified between costumer
deposits, judicial deposits and financial resources from state
agencies or government funds, mainly FINAGRO. Funding from FINAGRO
also provides a proper matching of maturities with the
agricultural loan portfolio. Liquidity risk is carefully
controlled and adequate liquidity plans are in place.

RATING SENSITIVITIES
VR

A sustained and material increase in NPLs that jeopardizes the
bank's capital position or buffers over minimum regulatory capital
may trigger a downgrade. The VR could be upgraded in response to a
material improvement in the bank's asset quality.


Fitch affirms the following

Banco Agrario de Colombia S.A.

-- Viability Rating (VR) at 'bb';


BANCO CORPBANCA: Fitch Affirms BB+ Support Rating Floor
-------------------------------------------------------
Fitch Ratings has affirmed Banco Corpbanca Colombia S.A.'s
(Corpbanca Colombia) Long-Term Local and Foreign Currency Issuer
Default Rating (IDR) at 'BBB-' and downgraded the bank's National
long-term rating to 'AA+' from 'AAA' . The Outlook for the IDR is
Negative and for the LT national rating is revised to Negative
from Stable.

Corpbanca Colombia's IDRs are based on its own intrinsic financial
and business profile and, therefore, are aligned with the bank's
Viability Rating (VR) of 'bbb-'. Despite the recent sovereign
Outlook revision to Stable from Negative, the Outlook on the
bank's long-term IDRs remains negative, given the sustained
deterioration in key profitability and asset quality metrics, as
well as weaker capitalization relative to international peers,
which can potentially lead to a rating downgrade unless these
trends are reverted.

According to Fitch's criteria, National scale ratings are local
rankings of creditworthiness within one single jurisdiction.
Therefore, the highest national rating is assigned to the
sovereign or entities with the best creditworthiness within a
country. Fitch downgraded Corpbanca Colombia's National long-term
rating to 'AA+(col)' from 'AAA(col)' as a result of the
deterioration in the bank's credit profile to a point that is no
longer consistent with the highest National scale rating relative
to other entities rated in Colombia. The Rating Outlook on the
National long-term rating follows the same rationales for the
IDRs.

Corpbanca Colombia's ratings are higher than those implied by the
potential support from its parent (Itau Unibanco Holding, rated
'BB+'/Outlook Negative), given Colombia's stronger operating
environment relative to Brazil's.

KEY RATING DRIVERS
VR, IDRS, NATIONAL RATINGS AND SENIOR DEBT

Corpbanca's L-T Local and Foreign Currency IDRs are driven by its
'bbb-' VR. The bank's VR is highly influenced by its tight
capitalization metrics and the country's operating environment.
Corpbanca Colombia's ratings also consider its moderate financial
performance, reasonable although worsening asset quality and sound
risk management, as well as the improvements in its liquidity
management.

The operating environment highly influences Corpbanca Colombia's
VR given the challenges associated with a lower economic growth
potential over the medium term, which could potentially have a
negative effect on the bank's capital metrics, asset quality
ratios and overall profitability, among others, challenging the
bank's efforts to improve its financial performance.

Capital injections and the commitment not to pay dividends during
the first years of operation as a merged entity, support Corpbanca
Colombia's capital ratios (Fitch core capital ratio stabilized at
around 9.55% at December 2016). The bank's capital adequacy is
relatively tight as per the rating level, but there is some
comfort from its ample loan loss reserves, good asset quality and
sound risk management. However, its current capitalization metrics
compare unfavorably with similarly-rated international peers
(universal commercial banks in a 'bbb' operating environment), and
is considered by Fitch as the main constraint on the bank's VR.
The bank's outstanding subordinated debt is eligible from a
regulatory capital perspective, but these bonds are not considered
equity under Fitch's criteria, but rather as liabilities.

Corpbanca's track record of profitability is aligned with its
corporate focus and the limited size of the bank. The net interest
margin is low and sensitive to market conditions. An increase in
impaired loans that has been accompanied by higher loss loan
provisions, and operating expenses related to the bank's core
banking integration, weighed on weaker profitability in 2016. In
Fitch's view, profitability will remain weak over the rating
horizon. However, there is room for improvement over the medium
term as the bank achieves synergies with the merged entities,
better controls loan quality deterioration, and enhances its
earnings diversification.

Despite adequate diversification by economic sector and a high
proportion of guaranteed loans, the bank's loan quality was more
vulnerable than larger banks in Colombia given its exposure to
sectors that were affected most during the recent economic
slowdown and moderate loan concentration. As a result, Corpbanca
Colombia's loan quality metrics deteriorated more than those of
the banking system in 2016 (NPLs: Corpbanca: 2016 2.1% / 2015:
1.4% versus the system 2016: 2.0% / 2015: 1.9%).

In Fitch's opinion, the entity's solid liquidity levels provide it
an adequate level of comfort to manage its concentrated liability
structure. Liquidity management standards are sound and in line
with similarly rated peers. Corpbanca Colombia also has well-
developed contingency plans to act if necessary.

The bank represented about 25% of Banco Itau Corpbanca's
consolidated assets at December 2016 and its local market share
was around 6% at the same date. Fitch believes that the new
structure of the bank's parent in Chile has benefited the
Colombian franchise with the implementation of its strong risk
management culture, and Fitch expects additional benefits once the
delayed integration process is completed and Itau's brand and
business model is launched in Colombia.

SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating (SR) of '3' and Support Rating Floor
(SRF) of 'BB+' are driven by its moderate systemic importance and
its growing share of retail deposits, although this is still
modest compared to domestic systemically important banks. Fitch
believes there is a modest probability of receiving sovereign
support if the bank were to need it, which underpins its SR and
SRF. SRFs indicate the minimum level to which the entity's long-
term IDRs could fall as long as Fitch does not change its view on
potential sovereign support.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Corpbanca's national subordinated debt is rated one notch below
its National long-term rating to reflect lower expected
recoveries, while there is no notching differentiation due to
incremental non-performance risk given the terms of the issuances
(plain vanilla subordinated debt).

RATING SENSITIVITIES
VR, IDRS, NATIONAL RATINGS AND SENIOR DEBT

The rating Outlook is Negative. A material further decline in
profitability and/or weaker asset quality that erodes the bank's
Fitch core capital ratio or loan reserve coverage of impaired
loans (to below 9% or 100%, respectively) and/or problems with the
integration process would negatively affect the bank's VR and
IDRs.

The Outlook on the IDRs and National scale ratings could be
revised back to Stable if the bank is able to stabilize asset
quality metrics and its operating profit-to-risk-weighted assets
ratio reverts the trend to levels similar to its historical
average of around 1.25%.

Additionally, although Fitch considers the subsidiary's credit
profile to be mostly independent from that of its ultimate parent,
the VR (and ultimately IDRs and National scale ratings) may be
pressured in a scenario of further downgrades of Itau Unibanco
Holding (rated 'BB+'/Negative Outlook), because under Fitch's
criteria, the intrinsic credit profile of a subsidiary bank cannot
be completely delinked from that of its parent.

SUPPORT RATING AND SUPPORT RATING FLOOR

Upside potential for the SR and SRF is limited, and can only occur
over time with a material gain of the bank's systemic importance.
Upside potential on the SR could also arise from a material
improvement of the parent company's ratings. These ratings could
be downgraded if the bank loses material market share in terms of
retail customer deposits.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt ratings will mirror any action on the banks
National long-term rating, more likely maintaining a one-notch
difference.

The rating actions are:

-- Long-Term Foreign and Local Currency IDR affirmed at 'BBB-';
    Outlook Negative;
-- Short-Term Foreign and Local Currency IDR affirmed at 'F3';
-- Viability rating affirmed at 'bbb-';
-- Support Rating affirmed at '3';
-- Support Rating Floor affirmed at 'BB+';
-- National long term rating downgraded to 'AA+(col)' from
    'AAA(col)'; Outlook Revised to Negative from Stable;
-- National short -term rating affirmed at 'F1+(col)';
-- Senior unsecured National bonds downgraded to 'AA+(col)' from
    'AAA'(col);
-- Subordinated National bonds downgraded to 'AA(col)' from
    'AA+(col)'.



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


* GRANADA FRUIT CO: Villagers Fear Banana Plantation May Vanish
---------------------------------------------------------------
Dominican Today reports that farmers living in several villages of
the northwestern province affirm that some 400 hectares of banana
plants were cut allegedly on instructions from La Cruz de
Manzanillo agro project manager, Guillermo Torres.

Jose Luis Contreras, Luis Martinez, Catalina Recio and others,
said it's painful to see banana plantations cut down under full
production and demand that the project manager explain his action,
according to Dominican Today.

They said the situation affects hundreds of poor resident
families, since they depend on the jobs in the banana project, the
report notes.  They said they're worried that the country's oldest
banana plantation, founded by the Granada Fruit Company in 1942,
will cease to exist.



====================
E L  S A L V A D O R
====================


BANCO AGRICOLA: Fitch Affirms BB- LT IDR; Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Banco Agricola's (Agricola) Long-Term
Issuer Default Rating (IDR) at 'BB-', Support Rating (SR) at '3'
and Viability Rating (VR) at 'b', following an annual review. The
Rating Outlook on Agricola's long-term IDR remains Negative.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT

Agricola's IDR of 'BB-' is above the El Salvador's sovereign
rating, based on potential support from its parent Bancolombia,
S.A. (Bancolombia; Long-Term IDR 'BBB'/Outlook Negative). However,
Agricola's IDR is constrained by El Salvador's Country Ceiling. As
per Fitch's criteria, the Country Ceiling captures transfer and
convertibility risks and limits the extent to which support from
foreign shareholders can be factored into the banks' Long-Term
Foreign Currency (FC) IDRs.

In Fitch's opinion, Bancolombia's capacity and propensity to
support Agricola considers that any required support would be
manageable relative to the ability of the parent to provide it,
and the high reputational risks for the parent in the event of
subsidiary default. Fitch's view factors in the low cost of
potential support, as Agricola accounts for 6% of group's asset.
In Fitch's view, a sale of this operation is very hard to conceive
given Agricola's leadership position in El Salvador and high
management integration.

VIABILITY RATING (VR)
Agricola's significant exposure to the financial health of the
government, the wider domestic economy and local financial markets
gives the operating environment a high influence on the bank's
performance and prospects. Further deterioration in El Salvador's
operating environment may impact the bank's asset quality, as it
deteriorates household and corporate payment capacity, and its
funding and liquidity profile. Agricola's VR also considers its
adequate asset quality, good capital position, stable deposits
structure and consistently high profitability.

Agricola's loan quality metrics stand out in the Salvadorian
Banking system. Reserves coverage is ample and non-performing
loans are low compared to peers, buttressed by consistent
underwriting standards and sound credit risk controls. Low credit
costs compared to market averages are also a key element of the
bank's profitability. In Fitch's view, the consistency of
Agricola's risk management may help keep asset quality and credit
costs at manageable levels, despite the challenging environment.

Agricola's profitability is consistently above market average,
despite the increase in credit costs seen over the past two years.
The bank's low operation and credit costs compensate for a
decreasing margin and limited income diversification due to local
restrictions on service fees and commissions. In Fitch's view,
sound profitability allows for important dividends payments to its
shareholder.

In Fitch's opinion, Agricola's capital position is sound and
consistent with its rating level and the relative high risk of the
operating environment. While adequate buffers over the regulatory
minimum are still present, the Fitch Core Capital ratio and the
regulatory ratio have decreased consistently due to high dividend
pay-out ratio.

Banco Agricola has built a solid funding profile based on a stable
and relatively low cost deposits base. Agricola's costumer
deposits account for 17% of the banking system deposits. Liquidity
risk is adequately managed. Most of Agricola's liquid assets are
cash, mandatory liquidity reserves and deposits foreign financial
institutions, mostly rated 'BBB-' or above. Total investments
account for 20% of total liquid assets, highly concentrated in
sovereign debt.

SUPPORT RATING (SR)

Agricola's SR of '3' reflects Fitch's assessment of the
probability of support by its shareholders as moderate. The
agency's opinion is based on the relative size of the operations
in Central America, and on the significant reputational risk that
default would pose Bancolombia.

AGRICOLA SENIOR TRUST'S LOAN PARTICIPATION NOTES

The loan under the Senior Unsecured Loan Agreement ranks pari
passu in right of payment to all of Agricola's existing and future
senior indebtedness, and is effectively subordinated to all of
Fitch secured indebtedness with respect to the value of the assets
securing such indebtedness and to all of the existing and future
liabilities of its subsidiaries. It has thus been affirmed due to
the affirmation of Agricola's IDR.

HOLDING COMPANY INVERSIONES FINANCIERAS BANCO AGRICOLA

The holding company national ratings are aligned those of its main
subsidiary, Banco Agricola, as the bank accounts for 99% of total
assets and earnings.

RATING SENSITIVITIES
IDRS, VR, NATIONAL RATINGS AND SENIOR DEBT

Agricola's IDR is capped at El Salvador's Country Ceiling of 'BB-
'. The Negative Rating Outlook implies that a downgrade in El
Salvador's country ceiling will trigger a similar change in the
bank's IDR. In turn, Agricola's VR is highly influenced by the
operating environment and rated at the sovereign level. A
downgrade in El Salvador's sovereign rating may trigger a similar
change in the bank's VR.

Changes in Agricola's and Inversiones Financieras Banco Agricola,
S.A.'s national ratings, which are relative rankings of
creditworthiness within a particular jurisdiction, have limited
downside potential as Agricola's IDR is above the sovereign.

SUPPORT RATINGS
The support rating is sensitive to a change in Bancolombia's
ability or propensity to provide support to their subsidiaries.

AGRICOLA SENIOR TRUST'S LOAN PARTICIPATION NOTES

The rating of Agricola Senior Trust's notes is in line with
Agricola's IDR and is therefore sensitive to any changes in the
latter.

Fitch has affirmed the following ratings:

Banco Agricola, S.A.

-- Long-Term IDR at 'BB-'; Outlook Negative;
-- Short-Term IDR at 'B';
-- Viability Rating at 'b';
-- Support Rating at '3'.
-- Long-term National Rating at 'AAA(slv)'; Outlook Stable;
-- Short-term National Rating at 'F1+(slv)';
-- Senior unsecured debt long-term rating at 'AAA(slv)';
-- Senior secured debt long-term Rating at 'AAA(slv)'.

Agricola Senior Trust
-- Loan participation notes at 'BB-'.

Inversiones Financieras Banco Agricola, S.A.
-- Long-term National Rating at 'AAA(slv)'; Outlook Stable;
-- Short-term National Rating at 'F1+(slv)'.


BANCO DAVIVIENDA: Fitch Affirms BB- LT IDR; Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda Salvadoreno, S.A.'s
(Davivienda Sal) Long-term Issuer Default Rating (IDR) at 'BB-',
support rating at '3' and Viability Rating (VR) at 'b'.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SUPPORT
The bank's IDRs and National ratings reflect the likelihood of
support from its main shareholder, the Colombian Banco Davivienda,
S.A. (Davivienda; 'bbb'/'BBB'/Outlook Negative). Fitch's opinion
on the support is based on the significant reputational risk that
Davivienda Sal's default would pose to its parent. Fitch views the
probability of support from Davivienda as moderate, resulting in a
Support rating of '3'. The bank's IDR is constrained by El
Salvador's country ceiling of 'BB-' and IDR's Negative Outlook is
in line with the sovereigns. As per Fitch's criteria, the country
ceiling captures transfer and convertibility risks and limits the
extent to which support from foreign shareholders can be factored
into the banks' Long-Term FC IDRs.

VR
Davivienda Sal's VR is driven by the high influence of the
operating environment in the bank's performance and prospects and
its high exposure to El Salvador's debt. Davivienda Sal's VRs is
intrinsically linked to a worsened economic situation in El
Salvador. Fitch views the deteriorating operating environment as a
risk to Davivienda Sal's asset quality and medium to long-term
growth prospects. Davivienda Sal's VR is also moderately
influenced by its modest profitability, aligned with industry
average, sound but decreasing capital position, and adequate asset
quality. Davivienda's funding profile is robust, also underpinned
by a large and granular deposit base.

Davivienda Sal's profitability is modest in line with the industry
average, underpinned by a moderate net interest margin (NIM) and
operating efficiency and a high cost of loans reserves in the last
year. As of December 2016, the ROAA of the bank was 0.99% (System:
0.88%) close but slightly below previous fiscal years.
Improvements on profitability could only come from further
reduction of the operational costs and credit costs, but those are
very unlikely in a relevant way in the ratings horizon.

Capitalization levels of the bank are high, though showing a
decreasing trend. As of December 2016, the Fitch Core Capital
ratio was 16.2%; in the last five years the ratio has being
decreasing as the dividend payout ratio has surpassed the internal
capital generation. The bank has deliberately reduced the capital
levels in order to optimize the bank's performance measured
primarily by the return on equity. However, Fitch expects that
will remain sound in the short to medium term.

The asset quality of the bank is good and the entity has achieved
deterioration levels closer to industry average. The loan
portfolio does not show relevant exposition to volatile sectors or
unwanted concentrations. As of December 2016, the 90 days past due
loans represented 2.4% (System: 2.0%), showing an improvement from
levels above 4% in 2012 (System: 2.9%). In the last year some
retail segments, like residential mortgages, has experienced some
mild deterioration but the delinquency ratio deduced y-o-y thanks
to the collection of a large deteriorated debtor.

In line with the bank's franchise, the funding structure is
deposit based and has remaining stable in the recent years. The
bank liability franchise is favored by the historical presence in
the local industry and recognized brand. A positive feature of
this funding source is its granularity with the 20 largest
depositors representing just 7.5%, the lowest concentration of the
largest Salvadorian banks and comparing also below regional peers.
In Fitch's view, Davivienda Sal's counts with good financial
flexibility, measure by the diversity access to funding sources.

SUPPORT RATING

Davivienda's SR of '3' reflects Fitch's assessment of the
probability of support by its shareholders as moderate. The
agency's opinion is based on the subsidiary's relative size in
Central America, and on the significant reputational risk that
default would pose to the parent.

HOLDING COMPANY

INVERSIONES FINANCIERAS DAVIVIENDA

Inversiones Financieras Davivienda, S.A.'s national ratings are
aligned with Davivienda Sal's national ratings as the bank
represents more than 90% of total assets and earnings.


RATING SENSITIVITIES

Davivienda Sal's IDRs is sensitive to a change in the El Salvador
Sovereign Rating and Country Ceiling. The Negative Outlook implies
that any negative rating action on the sovereign would also lead
to a similar action on Davivienda Sal and in the banks' VR.
Changes triggered by movements in the sovereign rating would not
affect National ratings, as they would not alter relativities with
local peers.

The national and support ratings are sensitive to a change in
Davivienda's ability or propensity to provide support to its
subsidiaries.

INVERSIONES FINANCIERAS DAVIVIENDA NATIONAL RATINGS' SENSITIVITIES

Changes in Inversiones Financieras Davivienda's ratings would
mirror those of Davivienda Sal.

Fitch has affirmed the following ratings:

Banco Davivienda Salvadoreno, S.A.

-- Long-term IDR at 'BB-', Outlook Negative;
-- Short-term IDR at 'B';
-- Viability Rating at 'b';
-- Support at 3;
-- Long-term national rating at 'AAA(slv)', Outlook Stable;
-- Short-term national rating at 'F1+(slv)';
-- Long-term national rating senior secured debt at 'AAA(slv)';
-- Long-term national rating senior unsecured debt at 'AAA(slv)';
-- Short-term national rating senior secured debt at 'F1+(slv)';
-- Short-term national rating senior unsecured debt at
    'F1+(slv)'.

Inversiones Financieras Davivienda, S.A.

-- Long-term national rating at 'AAA(slv)', Outlook Stable;
-- Short-term national rating at 'F1+(slv)'.



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


* JAMAICA: Petroleum Stakeholders to Compensate Motorists
-------------------------------------------------------
Dolsie Allen, Chief Executive Officer of the Consumer Affairs
Commission, says petroleum marketing stakeholders involved in the
contaminated gas discussions have indicated a willingness to
establish a pool of funds to compensate affected motorists,
according to RJR News.

Mr. Allen said while stakeholders are yet to arrive at an
agreement it is a step in the right direction, the report notes.

Discussions regarding compensation for motorists affected by bad
gas have been ongoing since 2015 as the CAC negotiates with
stakeholders in the petroleum retail trade to arrive at a
settlement, 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'.


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


FINANCIERA FINCA: S&P Withdraws 'BB-/B' Global Scale ICRs
---------------------------------------------------------
S&P Global Ratings withdrew its 'BB-/B' global scale and
'mxBBB+/mxA-2' national scale issuer credit ratings on Financiera
Finca, S.A. de C.V. SOFOM E.N.R. (FINCA) at the issuer's request.

On Nov. 15, 2016, Mexico-based microfinance lender FINCA announced
that it signed a final agreement to sell itself to Te Creemos
Holding (not rated).

At the time of the withdrawal, S&P's ratings on FINCA reflected
its focus on Mexico's microfinance sector, which is sensitive to
economic downturns, resulting in volatile operating revenues in
the past two fiscal years.  The ratings also reflected the
lender's capital and earnings, which was supported by S&P's
estimated risk-adjusted capital ratio at about 14.7% for the next
two years, FINCA's relaxed lending and underwriting standards that
resulted in subpar asset quality metrics, and adequate funding and
adequate liquidity.  The company's stand-alone credit profile was
'bb-'.


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


VENEZUELA: Top Opposition Leader Barred From Holding Office
-----------------------------------------------------------
Anatoly Kurmanaev at The Wall Street Journal reports that
authorities barred leading opposition politician Henrique Capriles
from holding office for 15 years, disqualifying him from running
for president in elections expected next year.

The office of the comptroller general disqualified Mr. Capriles,
the 44-year-old governor of the populous Miranda state, for
allegedly breaking contracting rules and misusing public funds,
according to a copy of the ban seen by The Wall Street Journal.  A
spokesman for the comptroller confirmed the ruling, the report
notes.

The ruling means the country's two most popular politicians
according to the polls, Mr. Capriles and Leopoldo Lopez, can't run
for office in the foreseeable future, the report relays.

Mr. Capriles, a two-time presidential candidate, defied the
charges, calling them false and politically motivated, the report
discloses.

"Put this disqualification where the sun doesn't shine," he said
at a press event surrounded by the leaders of all major opposition
parties, notes the report.  "Today I declare the start of my
campaign as a candidate" for the presidency, he added.

President Nicolas Maduro and his mentor and predecessor Hugo
Chavez have barred dozens of popular opposition politicians for
minor or trumped-up offenses in the past decade to help hold on to
power, say international rights groups and constitutional experts,
the report relays. Dozens more have been jailed without trial or
are on the run.

In 2015, comptroller general Manuel Galindo disqualified
opposition leader Maria Corina Machado, daughter of a wealthy
industrialist, for running for congress because she allegedly
failed to declare a few dozen dollars-worth of food coupons, the
report recalls.

In 2008, Mr. Chavez's government barred Mr. Lopez from running for
the mayor of Caracas for allegedly misusing public funds. Polls
showed he would have won with ease, the report notes.  Mr. Lopez
is now serving a 14-year jail sentence for allegedly instigating
violence, charges that human rights groups and the prosecutor of
his case say were trumped up, the report discloses.

"One by one, the Maduro administration has taken all their
prominent political rivals out of the game-either by convicting
them without evidence or by arbitrarily barring them from office,"
said Jose Miguel Vivanco, the Americas director of Human Rights
Watch in Washington, the report says.

The move against Mr. Capriles comes after Vice President Tareck El
Aissami blasted him for leading antigovernment protests that led
to clashes between police and demonstrators earlier that day, the
report relays.  Mr. El Aissami called the protesters terrorists
and compared them to coup plotters who briefly overthrew Mr.
Chavez 15 years ago, the report notes.

"The final plan was to get to Miraflores [Presidential] Palace to
provoke violence and bathe the streets of Caracas in blood," Mr.
El Aissami said, the report notes.  He didn't provide any
evidence.

An attempt last month by judges appointed by Mr. Maduro to
dissolve the opposition-controlled congress triggered a major
political crisis, the report notes.  Tens of thousands of people
blocked Caracas's main highway. Protests turned lethal when a
student protester in Miranda died in a clash with national guards,
the report relays.

The opposition alliance called for a national rally and said it
would keep pressure on Mr. Maduro until he calls general
elections, the report notes.

"The government's plan this year was clearly to progressively tilt
the playing field to the point where they can win an election,"
said David Smilde, a Venezuela expert at Tulane University in New
Orleans.  "It looks increasingly blatant."

The latest move is likely to strengthen radical factions of the
opposition over moderates such as Mr. Capriles.  "This is just
going to accelerate the conflict," Mr. Smilde said, the report
notes.

Mr. Capriles and Mr. Lopez are both at least 20 percentage points
ahead of any ruling-party leaders, according to the latest
Venebarometro poll, the report says.

Mr. Maduro's central government manages the lion's share of the
national budget and his ruling party controls 20 out of 23 states
and almost three quarters of municipalities in a country that is
ranked the world's 10th most corrupt by Transparency
International, the report notes.

The comptroller's investigations, however, have almost exclusively
focused on the few elected opposition officials, the report
discloses.  Almost none are ever formally charged or convicted.

"Never have we seen this Mister [Galindo] acting against the
corruption in this country," said Mr. Capriles, the report relays.

Venezuela is bound by a hemisphere-wide human rights treaty that
says a politician can lose the right to run for office only after
being convicted of a crime, the report notes.

"The government knows it's in a real bind," said Michael Shifter,
the president of the Inter-American Dialogue policy group in
Washington, the report adds.

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.


* Venezuela, Dominican Officials Mull Natural Gas Deal
-------------------------------------------------------
Dominican Today reports that Dominican Republic Industry Commerce
Ministry Officials met with executives of Venezuela's State-owned
oil conglomerate, Petroleos de Venezuela, S.A., Gas to analyze the
company's potential export of natural gas to the country on a
small scale.

Dominican officials Alberty Canela and Salvador Rivas met with
PDVSA Gas new business manager Jesus Antonio Perez, among others
at Industry and Commerce, where, according to Dominican Today.

The negotiators from Venezuela, one of the countries with the
world's largest proven natural gas reserves, proposed to supply
that fuel to Petrocaribe member countries, the report notes.

The Dominican team stressed the country's effort to increase the
use of clean fuels, and the current tax breaks for natural gas for
power plants, the report discloses.

Mr. Rivas said if an agreement is reached with the Venezuelan
company, "very good prices can be obtained," the report relays.

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.

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Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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