TCRLA_Public/170421.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, April 21, 2017, Vol. 18, No. 79


                            Headlines



B R A Z I L

BANCO BRADESCO: S&P Affirms 'BB/B' Global & National Scale Ratings
BANCO DE DESENVOLVIMENTO: S&P Affirms 'B-' ICR; Outlook Negative
REDE D'OR: S&P Affirms 'BB' Global Scale Rating, Outlook Negative


C A Y M A N  I S L A N D S

CAMARES CAPITAL: Creditors' Proofs of Debt Due May 10
CAMARES CAPITAL GP: Creditors' Proofs of Debt Due May 10
DRYDEN CAPITAL: Shareholders Receive Wind-Up Report
GFMH ABL: Shareholders' Final Meeting Set for April 28
GRIFFIN INVESTMENTS: Shareholders Receive Wind-Up Report

KAZIMIR GROUP: Commences Liquidation Proceedings
MYTHEN RE: Creditors' Proofs of Debt Due June 12
RUFFALO CORPORATION: Shareholders Receive Wind-Up Report
SMITH ASSURANT: Shareholders' Final Meeting Set for April 24
VICTORI CAPITAL: Commences Liquidation Proceedings


C U B A

SPIRIT AIRLINES: Abandons Cuba Service


H O N D U R A S

HONDURAS: To Improve Public Health Care With $50MM IDB Loan


J A M A I C A

JAMAICA: Unemployment Rate of Poor Doubles Nat'l Unemployment Rate
JAMAICA: Program Implementation Remains Strong, IMF Says


M E X I C O

TRILOGY INTERNATIONAL: S&P Raises CCR to 'B'; Outlook Stable


P U E R T O    R I C O

PUERTO RICO: Seen Sliding Toward Bankruptcy As Deadline Nears


T R I N I D A D  &  T O B A G O

BANQUE HERITAGE: S&P Affirms 'B+' Global Scale Credit Rating


                            - - - - -


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B R A Z I L
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BANCO BRADESCO: S&P Affirms 'BB/B' Global & National Scale Ratings
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale and
'brAA-/brA-1' national scale ratings on Banco Bradesco S.A.  At
the same time, S&P affirmed its 'brAA-' national scale ratings on
its core subsidiary, Bradesco Capitalizacao S.A.  The outlook
remains negative.

S&P's ratings on Bradesco reflect the risk of operating during
Brazil's economic slump.  The ratings are supported by the bank's
predominant business position and sound market share, which
further strengthened after the acquisition of HSBC Bank Brasil,
and with the leading position in the insurance market.  The bank's
asset quality has deteriorated in 2016 due to the sharp
contraction of the economy that has taken a toll on both corporate
and individual borrowers.  And S&P believes the increasing level
of renegotiated loans in the financial system will continue adding
pressure to the system's credit quality.  On the other hand,
Bradesco's risk-adjusted capital (RAC) ratio has remained in line
with S&P's expectation, at 4.4%, and S&P expects it to remain
fairly stable in the next two years thanks to the still sound
internal capital generation that benefits from the diversified
sources and non-interest income.  Funding and liquidity metrics
remain healthy with stable funding ratio of 101.6% and broad
liquid assets to short-term wholesale funding of 1.47x.

Under S&P's bank criteria, it uses its Banking Industry Country
Risk Assessment's (BICRA) economic risk and industry risk scores
to determine a bank's anchor, the starting point in assigning an
issuer credit rating.  S&P's anchor for a commercial bank
operating only in Brazil is 'bb+', based on the country's economic
risk score of '7' and an industry risk score of '5 '.  S&P assess
the economic risk trend as negative.  In S&P's view, economic
conditions remain extremely challenging.  If Brazil fails to come
out of a recession in 2017, yielding higher-than-expected bank
losses that compromise the fundamentals of larger lenders, S&P
could reassess the impact of the correction phase and revise its
BICRA to a weaker category.  S&P views the banking sector's
industry risk trend as negative.  In S&P's view, there is at least
a one-in-three chance that corruption investigations -- such as
Lava Jato and Zelotes that has already implicated senior
management of domestic banks -- could weaken credit quality of a
large number of banks.  Such a scenario would prompt S&P to revise
its assessment of governance and transparency in S&P's
institutional framework score.


BANCO DE DESENVOLVIMENTO: S&P Affirms 'B-' ICR; Outlook Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' global scale issuer credit
rating on Banco de Desenvolvimento de Minas Gerais S.A. - BDMG.
S&P also affirmed its 'brB-' national scale issuer credit rating
on the bank.  The outlook on both ratings remains negative.

The ratings on the state of Minas Gerais (B-/Negative/--) continue
to constrain those on BDMG.  The bank's 'bb-' stand-alone credit
profile (SACP) continues to reflect BDMG's solid capitalization
and prudent underwriting standards, which are offset by its
concentrated funding base and narrow geographic mix of business
activities.

S&P now perceives a lower likelihood of extraordinary support to
BDMG in case of a financial distress due to the state's eroded
fiscal position, very low free cash levels, difficulties to
implement cost-control measures to improve public finances, and
increasing risks stemming from unfunded pension liabilities.  Due
to those financial constraints, S&P now has doubts about the
government's capacity to support BDMG in an event of distress.
Therefore, S&P revised its assessment of the link between both
entities to limited from very strong and consequently the
likelihood of extraordinary support from the state to BDMG to
moderately high from very high.

S&P believes that BDMG continues to play a very important role for
the state government, because it lends primarily to sectors, which
the government considers critical for the state's economic
development, and provides financing for long-term investments and
infrastructure construction.  On the other hand, although the
state has a long track record of support to BDMG through capital
injections, the bank is subject to adverse intervention due to the
former's high degree of control and strong influence on the
lender's strategy and business plans, in S&P's view.  Therefore,
S&P limits the ratings on BDMG to those on the state of Minas
Gerais.


REDE D'OR: S&P Affirms 'BB' Global Scale Rating, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
national scale corporate credit ratings on Rede D'Or Sao Luiz S.A.
The outlook remains negative.

At the same time, S&P affirmed the 'brAA-' issue-level rating on
the company's existing senior unsecured fifth debentures issuance.
The '4' recovery rating on these debentures remains unchanged,
reflecting S&P's expectation of average recovery (40%) in the
event of payment default.

The rating affirmation reflects S&P's expectation that Rede D'Or
will continue delivering double-digit revenue growth that,
accompanied by increasing profitability, should bolster credit
metrics with debt to EBITDA close to 2x in the next two years.
S&P believes that the company's growth will derive primarily from
new hospitals and expansion of the existing ones, which is
different from the past expansion stemming from acquisitions.
Despite the opening of new hospitals, S&P expects Rede D'Or to
maintain occupancy rates at about 80% because it has been able to
ramp-up new operations fairly quickly due to the deficit of
hospital beds in Brazil.  In addition, the company's increasing
scale should enable it to dilute operating costs and expenses,
resulting in EBITDA margin above 30% during the next few years.

S&P believes that Rede D'Or will continue benefiting from its
leading position in the private hospital segment and the aging
population in Brazil.  Additionally, its stronger bargaining power
with suppliers and health care plan operators than those of
smaller domestic players allows for better prices and lesser days
of receivables.  On the other hand, Rede D'Or's business risk
profile is constrained by its operations in Brazil, concentration
in a few health care plan operators, as well as its smaller scale
than those of larger international peers.

In January 2017, the company paid R$1 billion in dividends and
interest on shareholders' equity, after ending 2016 with a very
high cash position of R$2.7 billion.  S&P don't expect this amount
to be the norm going forward because it expects the company to use
internal cash flow generation mainly to fund growth.  S&P believes
that Rede D'Or's cash flow from operations (CFO) will be
sufficient to fund the ambitious capital expenditures plan, which
is mainly aimed at internal expansion.

S&P's base-case scenario for Rede D'Or assumes:

   -- Brazil's average inflation rate of 5.4% in 2017 and 4.4% in
      2018.

   -- Brazil's end-of-period basic interest rate of 9.5% in 2017
      and 8.5% in 2018.

   -- 540 new beds in the next two years, mainly at a new hospital
      in the city of Sao Caetano and the expansion of Real D'Or

   -- Occupancy rates of 80%-82% in the next two years.

   -- Average daily ticket increase of 10% annually, similar with
      the past years' levels.

   -- Gross revenue discounts (taxes and provisions for
      disallowances) at about 10%, in line with those in 2016.
      This is because the company has been controlling the level
      of provisions and billing process with insurers.

   -- Net revenue of R$9 billion in 2017 and R$11 billion in 2018.

   -- With a likely lower inflation this year and afterwards, S&P
      believes that the company will be able to better negotiate
      prices with suppliers, which coupled with scale gains,
      should improve profitability.

   -- Capex of about R$890 million in 2017 and R$1.2 billion in
      2018, mostly for internal expansion.

   -- Dividend payment of R$1 billion, completed in January 2017,
      and R$350 million of interest on shareholders' equity in
      2018.  A new loan of R$750 million in 2017 to refinance part
      of the short-term debt.

Based on these assumptions, S&P arrives at these credit metrics in
the next two years:

   -- EBITDA margin of 30.6% in 2017 and 32.3% in 2018, compared
      with 27.2% in 2016;

   -- Debt to EBITDA of 2.2x in 2017 and 1.8x in 2018, compared
      with 2.6x in 2016; and

   -- FOCF to debt close to 8.5% in 2017 and 13% in 2018, compared
      with -1% in 2016.

Ratings above the sovereign

S&P applied a stress test to the first year of its base-case
forecast (2017) to assess the possibility of Rede D'Or having a
higher rating than the sovereign.  In a scenario of a sovereign
default, S&P assumes a GDP contraction of 10%, inflation rate of
10.8%, and basic interest rate of 19%.  In addition, S&P assumed
that the health care plan operators (Rede D'Or's main payers)
would be facing liquidity difficulties, which would increase the
company's working capital needs and reduce cash flow generation.
In this scenario, S&P believes Rede D'Or would close about 500
beds, in order to maintain occupancy rates close to regular levels
of 80% and to reduce costs.  Additionally, S&P assumes that the
company wouldn't adjust prices, leading to revenues decrease of
about 13% compared with 2016.  S&P believes that Rede D'Or has
enough flexibility to reduce some costs, but doubling of inflation
rate would hike up expenses, leading to an EBITDA decline of 15%.
Basic interest rate of 19% would cause higher interest expenses
because the majority of company's debt is floating rate, resulting
in much lower funds from operations (FFO).

S&P also applies a haircut of 10% on bank deposits and 70% in cash
equivalents that are securities, recognizing the likely severe
discount in case entities need to sell domestic securities to
cover immediate liquidity needs.  Then, even assuming that the
company would reduce capex to minimum levels, S&P believes that
its sources of cash wouldn't be sufficient to cover the uses of
cash, which maintains the rating capped at the level the sovereign
rating.

The negative outlook on Rede D'Or mirrors that on the sovereign,
indicating that S&P would lower the ratings on the company if the
same action occurs on the sovereign, because S&P don't believe the
company would have sufficient cash sources to cover its needs
under a hypothetical sovereign default.

Although unlikely in the short to medium term, S&P could also
lower the ratings if the company takes a more aggressive approach
to dividends distribution than in S&P's base case or if
profitability and cash flow deteriorate due to higher provisions
or lower occupancy rates, resulting in debt to EBITDA consistently
above 3x and FOCF to debt below 15%.

S&P could revise the outlook to stable if it do so on Brazil.
This is currently the only upside scenario that S&P foresees for
the company in the short term because the rating on Rede D'Or is
capped at the level of the sovereign.  An upward revision of Rede
D'Or's stand-alone credit profile could occur if the company
delivers stronger-than-expected cash flow generation with new
hospitals and high occupancy rates, amid low dividend
distribution.  In this scenario S&P would see debt to EBITDA below
2x and FOCF to debt above 15% on a consistent basis.



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


CAMARES CAPITAL: Creditors' Proofs of Debt Due May 10
-----------------------------------------------------
The creditors of Camares Capital (Cayman) Limited are required to
file their proofs of debt by May 10, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 8, 2017.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


CAMARES CAPITAL GP: Creditors' Proofs of Debt Due May 10
--------------------------------------------------------
The creditors of Camares Capital GP Inc. are required to file
their proofs of debt by May 10, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 8, 2017.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


DRYDEN CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Dryden Capital, Ltd. received on April 18,
2017, 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


GFMH ABL: Shareholders' Final Meeting Set for April 28
------------------------------------------------------
The shareholders of GFMH ABL Fund Ltd will hold their final
meeting on April 28, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GRIFFIN INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Griffin Investments Limited received on
April 18, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          UBS Trustees (Cayman) Ltd.
          c/o Liliana Forbes
          Cayman Corporate Centre, 5th Floor
          27 Hospital Road, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 814 7402
          Facsimile: +1 (345) 949 9219


KAZIMIR GROUP: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Kazimir Group Holding Limited, on
March 20, 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 liquidators are:

          Frances Holliday
          Jasmine Amaria
          Walkers
          6 Gracechurch Street
          London EC3V 0AT
          UK
          Telephone: +44 (0)20 7220 4975


MYTHEN RE: Creditors' Proofs of Debt Due June 12
------------------------------------------------
The creditors of Mythen Re Ltd. are required to file their proofs
of debt by June 12, 2017, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 13, 2017.

The company's liquidators are:

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


RUFFALO CORPORATION: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Ruffalo Corporation received on April 17,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ruffalo Corporation
          Vera Lotte Kopenhagen Goldfinger
          Rua Bela Cintra, 2230
          Sao Paulo, BR


SMITH ASSURANT: Shareholders' Final Meeting Set for April 24
------------------------------------------------------------
The shareholders of Smith Assurant Group will hold their final
meeting on April 24, 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:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


VICTORI CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Victori Capital International Ltd., on
March 14, 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



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C U B A
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SPIRIT AIRLINES: Abandons Cuba Service
--------------------------------------
The Daily Observer reports that Spirit Airlines cancelled its
routes to Havana, Cuba, becoming the third airline after ultra-low
cost carrier Frontier Airlines and regional airline Silver Airways
to drop service to Cuba this spring.

Last year, US airlines were allowed to begin offering scheduled
service to Cuba for the first time in more than half a century and
in early 2016 more than a dozen US airlines applied for permission
to begin flights to Havana, according to The Daily Observer.

The US Department of Transportation awarded carriers 12 daily
flights to Havana from Miami and Fort Lauderdale, spread across
six airlines, the report notes.

However, in pulling out of the Miami-Havana market, Frontier
Airlines noted that overcapacity had forced fares down to
extremely low levels, and Spirit Airlines has faced the same
issues, the report relays.

In the meantime, JetBlue and Southwest both seem to be sticking
with their routes to Cuba, given that the market does have long
term potential, notwithstanding the unexpectedly slow start, the
report adds.



===============
H O N D U R A S
===============


HONDURAS: To Improve Public Health Care With $50MM IDB Loan
-----------------------------------------------------------
Honduras will improve the efficiency of public spending in the
health care system and the development of its legal, regulatory
and operational framework with the help of a $50 million loan from
the Inter-American Development Bank (IDB).

One of the goals of the project is to strengthen the system's
decentralized management model by expanding health care coverage,
offering broader services in areas including those for expectant
mothers, delivery-room care, postpartum needs and new-born babies.

The reform financed by the IDB will benefit more than 70 percent
of the country's population, since the network run by the Health
Secretariat covers 60 percent and the Honduran Social Security
Institute another 17 percent.

The municipalities that will take priority as coverage with the
decentralized model spreads will include communities in which
so-called Vida Mejor (Better Life) vouchers are distributed so as
to ensure joint responsibility in conditional monetary transfers
for the purpose of providing health care.

The $50 million IDB loan is composed of $30 million from the
Ordinary Capital fund and $20 million from the Concessional
Ordinary Capital fund. The former has a repayment period of 20
years, a grace period of 5.5 years and an interest rate based on
LIBOR. The financing from the Concessional Ordinary Capital fund
will be amortized over 40 years, a grace period of 40 years and an
interest rate of 0.25 percent. The executing agency will be the
Honduran Finance Secretariat.



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J A M A I C A
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JAMAICA: Unemployment Rate of Poor Doubles Nat'l Unemployment Rate
------------------------------------------------------------------
RJR News reports that the unemployment rate for people below the
poverty line in Jamaica is nearly double the national unemployment
rate.

That's according to data published by the International Monetary
Fund (IMF), the report notes.

The IMF, in its publication, said Jamaica's poor report an
unemployment rate of 25 per cent -- that is almost twice the
overall unemployment rate, which at the end of January was 13 per
cent, according to RJR News.

RJR News relays that the IMF report noted that most Jamaicans who
are working, but whose income falls below the poverty line,
operate in the agriculture sector.  The IMF report also noted that
poverty was linked to educational under achievement, according to
RJR News.

The IMF says the data on Jamaica shows that 73 per cent of poor
households are headed by people who did not study beyond secondary
level education, RJR News adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings 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'.


JAMAICA: Program Implementation Remains Strong, IMF Says
--------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF), on
April 14, 2017, completed the first review of Jamaica's
performance under the program supported by the Stand-By
Arrangement (SBA), on a lapse of time basis.  The 36-month SBA
with a total access of SDR 1,195.3 million (about US$1.63
billion), equivalent of 312 percent of Jamaica's quota in the IMF,
was approved by the IMF's Executive Board on November 11, 2016
(see Press Release No.16/503).  The Jamaican authorities continue
to view the SBA as precautionary, and to use it as an insurance
policy against unforeseen external economic shocks that could lead
to a balance of payments need.

Program implementation remains strong under the SBA. Sustained
macroeconomic discipline and visible reforms have boosted
stability and confidence. Positive real GDP growth has been
recorded in 7 consecutive quarters, and Jamaica is projected to
grow by 2 percent in FY2017/18, bolstered, by construction and
tourism, among other factors. Inflation reached an all-time low in
2016, and investor confidence is at an all-time high, attracting
foreign direct investment. The current account deficit has
narrowed significantly, supporting accumulation in non-borrowed
reserves.

Continued fiscal consolidation -- as reflected in the 7 percent of
GDP primary surplus target under the FY2017/18 budget -- remains
critical for further debt reduction. The ongoing revenue-neutral
rebalancing from direct to indirect taxes, designed around the
principles of fairness, progressivity and efficiency, will further
expand the tax base and work incentives. The budget also provides
for greater capital spending.

The significantly higher budget allocation for social spending
will help insulate Jamaica's poor and vulnerable from the impact
of the rebalancing to indirect taxes. Implementation of the PATH
graduation strategy later this year will help reallocate resources
to the neediest families. The planned targeting assessment will be
critical to improving and expanding the coverage.

Decisive policy actions are required to improve public sector
resource allocation and efficiency. Reducing the government's wage
bill, including by strengthening budgetary controls, redefining
the size of government, and lowering pension costs, is key to
shifting Jamaica's limited fiscal resources to productive
spending. At the same time, a broader effort to reduce the number
of public bodies and improve their monitoring will enhance their
governance and transparency, and reduce fiscal risks. Avoiding a
return to discretionary tax incentives to specific businesses
and/or sectors is critical to safeguard the gains achieved in tax
policy from implementing the 2014 Omnibus bill.

Anchoring monetary actions on the central bank's inflation
objectives, supported by a flexible exchange rate, is crucial for
policy credibility. The BOJ's planned move towards a transparent
and more market-based exchange rate pricing mechanism via foreign
exchange auctions will improve price discovery in the foreign
exchange market, and facilitate BOJ's market-based purchase of
international reserves. The authorities are also taking actions to
further enhance financial sector supervision, crisis preparedness,
and strengthening the framework for anti-money laundering efforts
and combating the financing of terrorism (AML/CFT).

The expanded program monitoring -- through the Economic Program
Oversight Committee, the Economic Growth Council, and the Public-
Sector Transformation Oversight Committee -- will continue to
update the wider public on progress under the government's policy
commitments, holding the government accountable to the Jamaican
people.

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'.



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M E X I C O
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TRILOGY INTERNATIONAL: S&P Raises CCR to 'B'; Outlook Stable
------------------------------------------------------------
S&P Global Ratings said raised its long-term corporate credit
rating on Trilogy International Partners LLC to 'B' from 'B-', and
its issue rating on the company's debt to 'B' from 'CCC'.  The
outlook on the corporate credit rating is stable.  S&P also
removed the ratings from CreditWatch with positive implications,
where S&P initially placed them on Dec. 19, 2016.

At the same time, S&P has assigned a 'B' rating to Trilogy's
proposed $345 million senior secured notes due 2022.

"The rating actions follow our expectation that Trilogy will
successfully issue its $345 million notes and use the proceeds,
together with about the $100 million received from the business
combination transaction with Alignvest, to redeem its existing
$450 million 13.375% notes," said S&P Global Ratings credit
analyst Gerardo Leal.

Moreover, S&P expects improved profitability, due to a better mix
of prepaid/postpaid customers in New Zealand and Bolivia that will
increase ARPUs (average revenues per user) in both markets for the
next 2 to 3 years.  These improvements would strengthen Trilogy's
credit metrics.

Despite Trilogy's high priority liabilities-to-total assets ratio,
S&P is now rating the notes at the same level of the corporate
credit rating because the company has consistently increased its
share of EBITDA generation in New Zealand to about 50% of the
total.  S&P expects the level to reach 60% by 2018.  S&P
previously subordinated the notes given the preponderance of the
company's operations in less credit-supportive jurisdictions.  In
S&P's opinion, Trilogy's greater presence in New Zealand increases
the notes' recovery prospects, given S&P's view of the country's
strong institutions, which in our view translates into a more
creditor friendly regime.

On Feb. 7, 2017, Trilogy International Partners LLC and Alignvest
closed their business combination.  Alignvest changed its name to
Trilogy International Partners Inc., the new holding company of
the group, and invested $199.3 million in Trilogy LLC, acquiring
53% of the equity stake.  S&P believes that this business
combination will enable Trilogy to continue pursuing additional
growth opportunities.

Despite improved profitability, Trilogy's margins and ARPUs remain
below those of its peers.  The company continues to be constrained
by its low market share, limited geographic diversification, and
its narrow scale compared with other players within the global
telecommunication industry.  The company has recently invested
significantly in its 4G network infrastructure to benefit from
growth in additional data consumption.  Despite this, S&P believes
the company's competitive landscape will remain relatively
unchanged.

S&P's updated base-case scenario contemplates an equity injection
of about $208 million, the issuance of the $345 million notes, and
a debt repayment of $450 million.  Upon the completion of this
transaction, S&P don't expect the company to require additional
financing needs over the next 12 months.  S&P also expects Trilogy
to maintain its investment plan in line with previous years,
focused on continuing to develop its 4G network.

Mr. Leal added: "The stable outlook reflects our view that Trilogy
will continue to improve its subscriber mix and expand its 4G
network, leading to higher data usage and overall higher ARPUs.
We expect these factors to contribute to maintaining the company's
debt to EBITDA around 3.4x and FFO to debt around 17% in 2017."

A downgrade could follow if the company is not able to issue its
$345 million notes, because it would result in unchanged credit
metrics.

S&P could also downgrade the company over the next 12 months if
Trilogy's debt-to-EBITDA ratio is above 4.0x and/or FFO to debt
falls below 12% on a consistent basis.  This scenario could occur
if the company's EBITDA growth is lower than S&P's base case
because the company is unable to realize its growth strategy.

An upgrade within the next 12 months is unlikely because it would
require the company to significantly improve its geographical
diversification and scale of operations.  This would have to be
accompanied by debt to EBITDA and/or FFO to debt ratios below 3.0x
and above 30%, respectively.



======================
P U E R T O    R I C O
======================


PUERTO RICO: Seen Sliding Toward Bankruptcy As Deadline Nears
-------------------------------------------------------------
Nick Brown at Reuters reports that bankruptcy for Puerto Rico is
looking ever more likely as the clock ticks down toward a May 1
deadline to restructure $70 billion in debt, ramping up
uncertainty for anyone betting on returns from the island's widely
held U.S. municipal bonds.

When U.S. Congress last year passed the Puerto Rico rescue law
dubbed PROMESA, it froze creditor lawsuits against the island so
its federally appointed oversight board and creditors could
negotiate out of court on the biggest debt restructuring in U.S.
municipal history, according to Reuters.

The freeze expires on May 1, however, and an extension by Congress
is "not going to happen," said a Republican aide to the House
Committee on Natural Resources, which is in charge of territory
matters, the report notes.

A round of mediated talks is scheduled to begin.   But absent an
agreement soon, a growing number of analysts say Puerto Rico will
seek protection from creditors under PROMESA's court-sanctioned
restructuring process, akin to U.S. bankruptcy, the report relays.

Forbearance deals could let negotiations continue past May 1, but
a source directly involved in the talks said avoiding an eventual
bankruptcy is "impossible."

The source, who declined to be named because the talks are
private, said parties have grown further apart since Governor
Ricardo Rossello took office in January, the report relays.

The report notes that the negotiating tactics of Rossello and the
board have jarred investors who expected more creditor-friendly
approaches from both.  The board is pushing debt repayment cuts
more than double those proposed by former Governor Alejandro
Garcia Padilla, a populist whose policies had already alienated
creditors, the report relays.

Disparate stakeholders have united to question the legality of a
fiscal turnaround blueprint approved by the board, and to resist
mediation efforts, the report discloses.

Hector Negroni, whose Fundamental Credit Opportunities fund holds
Puerto Rico debt, said he recalled "constructive comments" from
Rossello and board members "about protecting the priorities of
creditors" during the board's early days, the report notes.  "But
their words are not being followed up by their actions," Mr.
Negroni said, the repot relays.

Bankruptcy is now "the most likely outcome," said Height
Securities analyst Ed Groshans, who increased loss projections for
bond insurers like MBIA Inc and Assured Guaranty Ltd in an April 3
note, the report discloses.

Elias Sanchez, Rossello's liaison to the board, said the
government holds out hope for at least partial compromise, the
report relays.  "We feel very confident we can strike some deals
by May 1, maybe not all of them," the report quoted Mr. Sanchez as
saying.

The oversight board is committed to pursuing agreements out of
court, its spokesman, Francisco Cimadevilla, said, the report
notes.  "A transaction is always better than a lawsuit," he added.

But with myriad creditor classes competing for priority,
compromise over Puerto Rico -- once a rising star of U.S. high-
yield muni funds -- could be tough, the report notes.

"The more creditors insist that part of their position is that no
one fare better than they do, the more difficult that is to
effectuate outside of bankruptcy," said restructuring expert
Melissa Jacoby, a professor at the University of North Carolina
School of Law, the report relays.

Puerto Rico is trying to escape a crisis marked by a 45 percent
poverty rate and rampant emigration, the report says.

Since bankruptcy gives debtors the ability to impose payment cuts
over creditor objections, it is seen as a negative for bond
markets, Mr. Jacoby said, the report notes.

Trading prices of Puerto Rico's benchmark 2035 general obligation
bonds have reflected that concern, falling precipitously in recent
weeks, the report discloses.

But risk cuts both ways and Sanchez said the government wants to
avoid bankruptcy as much as creditors, the report says.

Putting Puerto Rico's fate in the unpredictable hands of a judge
"could go really bad for the government too," he added.

                             *     *     *

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities."  Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, 2016, EFE
News reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.

The Fiscal Agency and Financial Advisory Authority of Puerto Rico
has selected Dentons US as its legal advisor on all aspects of its
restructuring and revitalization efforts, including development
and implementation of the Fiscal Plan, restructuring and
renegotiation of municipal bond debt, communications with
creditors and with the PROMESA Oversight Board, among others.



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


BANQUE HERITAGE: S&P Affirms 'B+' Global Scale Credit Rating
------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' global scale credit rating on
Banque Heritage Uruguay SA.  The outlook remains negative.

The rating on Banque Heritage Uruguay reflects its moderate
business position resulting from its low participation in the
Uruguayan financial system and from some dependence on trading
gains, which S&P considers to be a less stable source of income.
The rating also reflects the bank's good capital and earnings
profile derived from S&P's projected risk-adjusted capital (RAC)
ratio of 8% for the next 12-18 months, which mitigates the impact
on risk position resulting from a higher concentration in its loan
portfolio than those of peers.  Additionally, S&P considers Banque
Heritage Uruguay to have a below average funding profile,
resulting from a high share of non-resident deposits, and adequate
liquidity, given the characteristics of the Uruguayan financial
system.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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