TCRLA_Public/170426.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

               Wednesday, April 26, 2017, Vol. 18, No. 82


                            Headlines



B R A Z I L

ECO SECURITIZADORA: Moody's Rates 114th and 115th CRA at Ba1
JBS SA: Resuming Operations as 63 Indicted in Meat Scandal


C A Y M A N  I S L A N D S

FEINGOLD O'KEEFFE: Placed Under Voluntary Wind-Up
FEINGOLD O'KEEFFE MASTER: Placed Under Voluntary Wind-Up
FR ALFAJOR: Commences Liquidation Proceedings
GOLDMAN SACHS MULTI-U: Commences Liquidation Proceedings
KINGSFIELD PROPERTIES: Creditors' Proofs of Debt Due May 5

SAADIYAT BEACH: Commences Liquidation Proceedings
SPRINGINVEST LTD: Creditors' Proofs of Debt Due May 10
SULAMERICA EXPERTISE: Creditors' Proofs of Debt Due May 10
TRUE ARROW: Placed Under Voluntary Wind-Up
TRUE ARROW MASTER: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Nixing Banking Secrecy a Concern in New Law


E L  S A L V A D O R

SALVADORENO DPR: Fitch Cuts Rating on Series 2015 Loans to BB-


J A M A I C A

JAMAICA: Finance Minister Prepares to "Clean Up" His Ministry


M E X I C O

COMPANIA MINERA: S&P Raises CCR to 'BB+' on Revision of Status
MEXICO: Business Group Head Calls for NAFTA Overhaul During Visit


P U E R T O    R I C O

PUERTO RICO: Government Pushing Forbearance Deal in Creditor Talks


V E N E Z U E L A

GENERAL MOTORS: Halts Ops After Accusing Gov't of Seizing Factory


                            - - - - -


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B R A Z I L
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ECO SECURITIZADORA: Moody's Rates 114th and 115th CRA at Ba1
------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Ba1
(global scale, local currency) and Aaa.br (national scale) to the
114th and 115th series of agribusiness certificates ("certificados
de recebiveis do agronegocio" or CRA) issued by Eco Securitizadora
de Direitos Creditorios do Agronegocio S.A. (Eco Agro, the Issuer
or the Securitizadora) and backed by two series of a debentures
issued by Ipiranga Produtos de Petroleo S.A. (Ipiranga) and
guaranteed by Ultrapar Participacoes S.A. (Ultrapar). The proceeds
were used to purchase the debentures issued by Ipiranga

Issuer / Securitizadora: Eco Securitizadora de Direitos
Creditorios do Agronegocio S.A.

114th and 115th Series of the first issuance -- Ba1 (global scale,
local currency) / Aaa.br (national scale)

RATINGS RATIONALE

The Ba1 (global scale, local currency) and Aaa.br (national scale)
ratings assigned to the CRA are primarily based on the willingness
and ability of Ultrapar (as guarantor) to honor the payments
defined in transaction documents, reflecting the Ba1/Aaa.br senior
unsecured ratings of the underlying debenture backing the CRA
issuances. Any change in the ratings of the debenture will lead to
a change in the ratings of the CRA.

Each CRA series issued by Eco Agro is backed by a series of
debentures issued by Ipiranga and guaranteed by Ultrapar. The
underlying debentures are rated Ba1 (global scale, local currency)
and Aaa.br (national scale). Ipiranga and Ultrapar are responsible
to cover all transaction expenses.

The 114th series of CRA are floating rate notes, indexed to 95% of
the DI (interbank deposit rate). The total issuance amount of this
series is BRL660,139 million. Interest will be paid on a
semiannual basis, followed by a balloon payment of principal at
the legal final maturity in April 2022.

The 115th series of CRA have the principal balance adjusted by the
IPCA (Extended National Consumer Price Index) inflation index and
will pay an annual fixed spread of 4,6766%. The total issuance
amount of this series is BRL352,361 million. Interests will be
paid on an annual basis, followed by a balloon payment of
principal at the legal final maturity in April 2024.

The sum of the two series equals to BRL1.012,5 billion.

The definitive ratings on the CRA are based on a number of
factors, among them, the following:

- The willingness and ability of Ultrapar (as guarantor) to make
   payments on each series of the underlying debentures, rated
   Ba1/Aaa.br.

- Pass through structure; interest risk mitigated: the payment
   schedule of each series of CRA replicates the scheduled cash
   flow of the underlying debentures, with a one-day lag, which
   provides adequate timing to make payments on the CRA. The CRA
   will make payments that match the payments to be made by the
   underlying debentures. The floating rate of DI to be paid under
   the 114th series has been determined using the same DI period
   under the underlying debenture. The principal balance of the
   115th series will be adjusted by the same IPCA index used to
   adjust the underlying debentures. Also, the coupon is
   calculated considering the same business days for both series.
   In addition, to mitigate the risk of the additional one day of
   interest for the first interest payment, the debentures will
   incorporate one extra day of interest accrual to address any
   potential interest rate mismatch.

- The event of default (EOD) on the CRA are matched to the EOD on
   the underlying debentures. Therefore, the risk of having an EOD
   on the certificates while the underlying assets are current is
   mitigated. In addition, and EOD on the underlying debentures
   will trigger and EOD on the CRA.

- Ipiranga or Ultrapar, in the last instance, will pay the CRA
   expenses: Ipiranga or Ultrapar will be responsible, under the
   transaction documents, for all CRA expenses. Nonetheless, the
   transaction have recourse back to Ultrapar, in case Ipiranga
   miss any payment of expenses.

- Ipiranga's payment obligations, as well as Ultrapar's guarantee
   under the debentures, assignment agreement and the trust
   expenses related to the CRA issuance also benefits from a
   guarantee provided by Ultrapar, which is the holding company
   from Ipiranga. The senior unsecured ratings assigned to the
   underlying debentures issued by Ipiranga (as debtor) reflect
   the profile of the guarantor's senior unsecured debt.

- No commingling risk: Ipiranga commits to make the payments due
   on the two series of debentures directly to the respective
   accounts of each series of CRA held at Banco Bradesco S.A. (Ba2
   stable). Also, Ultrapar commits to make the payment to the
   transaction bank account, in case requested upon Ipiranga's
   default.

- Segregated assets: The CRA benefit from a fiduciary regime
   ("regime fiduci†rio") whereby the assets backing each series of
   CRA are segregated. These segregated assets are destined
   exclusively for payments on the CRA as well as certain fees and
   expenses, and will be segregated from all of the other assets
   on the issuer's balance sheet. However, the transaction is
   subject to residual legal risk because Eco Agro agribusiness
   credits can be affected by the securitization company's tax,
   labor and pension creditors.

Ultrapar Participaáoes S.A. ("Ultrapar"), headquartered in Sao
Paulo, Brazil, is engaged in fuel (Ipiranga) and liquefied
petroleum gas (Ultragaz) distribution, specialty chemicals
production (Oxiteno), storage for liquid bulk (Ultracargo) and
retail drugstore (Extrafarma). In the last twelve months ended
December 31, 2016, Ultrapar reported consolidated net revenues of
BRL 77.3 billion (about USD 22.2 billion). Ipiranga is the group's
largest business segment, representing 86% of consolidated net
revenues and 73% of EBITDA in the same period.

Ultrapar's ratings reflect primarily the company's solid business
model, low risk profile, stable cash flows and leading position in
different segments. Over the past few years the company
demonstrated its ability to post robust growth across all business
lines and to sustain conservative credit metrics and strong cash
generation even under adverse market conditions and sizable
investment plan.

On the other hand, the ratings are primarily constrained by
Brazil's sovereign government bond rating. The company's
acquisitive growth strategy and its dependence on a few key
suppliers for raw materials are additional negative rating
considerations. To a lesser extent, the more cyclical nature of
its specialty chemicals business is also viewed as credit
negative.

Ultrapar's Ba1/Aaa.br Corporate Family Rating ratings stand one
notch above Brazil's government bond rating of Ba2. Granted only
on an exceptional basis, the notching represents a fundamental
corporate profile that is stronger than the sovereign's government
bond rating. This is evidenced by the resilient nature of
Ultrapar's cash flows and financial flexibility, which allow it to
withstand Brazil's weakened economic and fiscal condition.

A Eco Securitizadora de Direitos Creditorios do Agronegocio S.A.
(Eco Agro) was incorporated in 2007 as a securitization company of
agribusiness credit rights and is headquartered in Sao Paulo. The
issuer is part of the Eco Agro Participacoes S.A., Group, which
maintains 99.99% of shares in Eco Agro. In addition to Eco Agro,
Eco Agro Participacoes also holds controlling positions in Eco
Consultoria Ltda (company which provides services to Eco Agro) and
Eco Gestao Ltda (company which manages funds). Since the beginning
of its operations, Eco Agro has issued 107 CRA, totaling an
issuance amount of approximately BRL10,5 billion, with currently
outstanding CRAs totaling arround BRL9 billion.


JBS SA: Resuming Operations as 63 Indicted in Meat Scandal
----------------------------------------------------------
Feedstuffs.com reports that the Federal Public Prosecutor's Office
in Parana, Brazil, published its final report regarding the two-
year-long "Operation Weak Flesh" investigation into 21 meatpacking
plants, including multinational companies BRF SA and JBS SA, two
of the world's largest meat producers and exporters.

A total of 63 people, including federal employees, have been
indicted for their role in a corruption scheme that sold expired
or adulterated meat, according to Feedstuffs.com.  Charges include
falsifying medical records and certificates, tampering with food
products, conspiracy and corruption, the report notes.

A low-level manager at Seara, a pork and poultry production and
processing business unit of JBS S.A., was indicted allegedly due
to his relationship with federal inspectors, the report relays.
The manager was not in an executive role and has been suspended by
the company, the report notes.

JBS suspended a number of its Brazilian operations following the
March 17 federal police raids, but operations will resume for some
of those plants beginning this week.  JBS spokesperson Cameron
Bruett said in a statement that six of the 10 Brazilian beef units
under furlough will resume operations April 24, as previously
planned, the report notes.  "The other four plants will resume
operations on May 2, upon the conclusion of refurbishment
activities, operational adjustments and equipment replacement
activities," she added.

Two BRF executives were charged for their role in a scheme to
bribe health officials, prosecutors said, the report relays.
Federal prosecutors in the state of Parana allege that both BRF
director Andre Luiz Baldissera and government relations executive
Roney Nogueira took part in a scheme to bribe officials in return
for less-rigorous plant inspections, the report notes.

Besides the two BRF executives, additional BRF employees, as well
as public officials and health inspectors, were charged, the
report says.

The scandal has cost Brazil's export market an estimated $1.5
billion in lost revenue, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2016, Fitch Ratings has affirmed JBS S.A.'s foreign and
local currency Issuer Default Ratings and senior unsecured notes
at 'BB+'.



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C A Y M A N  I S L A N D S
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FEINGOLD O'KEEFFE: Placed Under Voluntary Wind-Up
-------------------------------------------------
The sole shareholder of Feingold O'Keeffe Secured Value Fund,
Ltd., on March 31, 2017, passed a resolution to wind up the
company's operations.

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

The company's liquidator is:

          Newstar Capital LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


FEINGOLD O'KEEFFE MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------------
The sole shareholder of Feingold O'Keeffe Secured Value Master
Fund, Ltd., on March 31, 2017, passed a resolution to wind up the
company's operations.

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

The company's liquidator is:

          Newstar Capital LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


FR ALFAJOR: Commences Liquidation Proceedings
---------------------------------------------
The shareholders of FR Alfajor (Cayman) Holdings Limited, on
March 24, 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:

          Daren Schneider
          c/o Matt Bernardo
          Telephone: +1 (345) 914 4268


GOLDMAN SACHS MULTI-U: Commences Liquidation Proceedings
--------------------------------------------------------
The sole shareholder of Goldman Sachs Multi-U Portfolio Ltd., on
March 23, 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


KINGSFIELD PROPERTIES: Creditors' Proofs of Debt Due May 5
----------------------------------------------------------
The creditors of Kingsfield Properties International Limited are
required to file their proofs of debt by May 5, 2017, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 24, 2017.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          P.O. Box 897 Grand Cayman KY1-1103
          Windward 1, Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


SAADIYAT BEACH: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Saadiyat Beach Management Limited, on
March 16, 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


SPRINGINVEST LTD: Creditors' Proofs of Debt Due May 10
------------------------------------------------------
The creditors of Springinvest Ltd. 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 24, 2017.

The company's liquidators are:

          Desmond Campbell
          Stuart Brankin
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 814 0711


SULAMERICA EXPERTISE: Creditors' Proofs of Debt Due May 10
----------------------------------------------------------
The creditors of Sulamerica Expertise Equities Long Only Fund Ltd.
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 27, 2017.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          DMS House
          20 Genesis Close, George Town
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


TRUE ARROW: Placed Under Voluntary Wind-Up
------------------------------------------
The sole shareholder of True Arrow China Investments, Ltd., on
Dec. 30, 2016, passed a resolution to wind up the company's
operations.

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

The company's liquidator is:

          True Arrow Capital Management, LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


TRUE ARROW MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------
The sole shareholder of True Arrow China Investments Master Fund,
Ltd., on Dec. 30, 2016, passed a resolution to wind up the
company's operations.

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

The company's liquidator is:

          True Arrow Capital Management, LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Nixing Banking Secrecy a Concern in New Law
----------------------------------------------------------------
Dominican Today reports that in a meeting with the Senate Defense
and Justice commissions, several banking, tourism and other
business sectors, said that among their top concerns with the
around 30 dissident proposals, is the elimination of banking
secrecy contained in the bill for the Money Laundering and
Terrorism Financing Law.

The legislation would repeal current Drugs Control Law 72-02, and
note that it's a longstanding demand by international
organizations, according to Dominican Today.

In order to study the entities' demands, both commissions
appointed a subcommittee to seek consensus among the parties, the
report notes.

"The biggest concern that some business sectors have is the part
of banking secrecy, much debated," said Senator Jose Rafael
Vargas, the report discloses.

He said however that everyone agrees that it's a demand by
international organizations, which seek to maintain the need for
documents by direct or nominal means of investors or donors on the
funds handled by those negotiations, the report relays.

The commissioners heard the positions of the Institutionalism and
Justice Foundation (Finjus) executive vice president Servio Tulio
Castanos; Dominican Republic Hotels and Tourism Association
(Asonahores) legal director Alba Russo, National Free Zone Council
legal advisor Cristian Pimentel, and Dominican Free Zones
Association representative Jose A. Marti, the report notes.

Also present were Internal Taxes Agency legal director Ubalilo
Trinidad; Central Bank adviser Ricardo Rojas, and Presidency
Deputy minister Juan Jimenez, the report adds.

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

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

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

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

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

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



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


SALVADORENO DPR: Fitch Cuts Rating on Series 2015 Loans to BB-
--------------------------------------------------------------
Fitch Ratings has downgraded Salvadoreno DPR Funding Ltd's series
2015 loans to 'BB-' from 'BB+' and revised the Rating Outlook to
Stable from Negative.

The rating actions reflect the downgrade to Banco Davivienda
Salvadoreno, S.A. (Davivienda Sal) following Fitch's downgrade to
El Salvador. The future flow ratings are supported by the
underlying structure, Fitch's view of the bank's going concern,
and the moderate strength of the diversified payment rights (DPRs)
program. The Stable Outlook on the future flow ratings reflects
the Rating Outlook on Davivivenda Sal.

The future flow program is backed by existing and future U.S.
dollar-denominated DPRs originated by Davivienda Sal. The majority
of DPRs are processed by designated depositary banks (DDBs) that
have signed acknowledgement agreements (AAs) irrevocably
obligating the DDBs to send DPRs to an offshore account controlled
by the trustee.

Fitch's ratings address timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Downgrade to Davivienda Sal: On April 20, 2017, Fitch downgraded
Davivienda Sal's Long-Term (LT) Issuer Default Rating (IDR) to
'B-' and revised the Rating Outlook to Stable from Negative. The
Viability Rating (VR) was downgraded to 'ccc' from 'b'. The
downgrade follows Fitch's downgrade of El Salvador.

Sovereign Downgrade: On April 10, 2017, Fitch downgraded El
Salvador's LT IDR to 'RD' (Restricted Default) from 'B'/Outlook
Negative. Fitch also downgraded El Salvador's LT Foreign Currency
IDR to 'CCC' from 'B'/Outlook Negative. The Country Ceiling was
downgraded to 'B-' from 'BB-'.

Going Concern Assessment (GCA) Score: Davivienda Sal's GCA score
of 'GC2' reflects the bank's moderate systemic importance and the
strong likelihood of parent support. The GCA score serves as a
rating cap on the future flow transaction, but Fitch tempers
notching uplift from the originator's IDR when the bank's rating
benefits from parent support.

Performance Consistent with Expectations: DDB and former DDB flows
supported an average debt service coverage ratio (DSCR) of
approximately 40x during the last 12 months. This moderate
coverage level is in line with Fitch's expectations.

Moderately Large Program Size: The outstanding balance of the
program is $175 million, which represents approximately 7.6% of
the bank's total liabilities and 31.3% of non-deposit funding.
While Fitch is comfortable with the level of future flow debt at
the current rating level, an increase in these ratios could impact
the transaction ratings.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the
performance of Davivienda Sal. The future flow ratings are
sensitive to changes in the credit quality of Davivienda Sal, the
ability of the DPR business line to continue operating (as
reflected by the GCA score) and changes in the ratings assigned to
El Salvador. A downgrade of the bank could trigger a downgrade to
the future flow ratings. In addition, severe reductions in DSCRs
or an increase in the level of future flow debt as a percentage of
the bank's liabilities could result in rating downgrades.



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J A M A I C A
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JAMAICA: Finance Minister Prepares to "Clean Up" His Ministry
-------------------------------------------------------------
RJR News reports that Jamaica Finance Minister Audley Shaw said
he's on a mission to clean up corruption in his ministry, its
departments and agencies and has put Jamaica Custom's Agency on
the priority list.

Mr. Shaw said corruption, which denies the treasury of much needed
finances, has caused the government to turn outside of Jamaica for
funding, according to RJR News.

The report notes that Mr. Shaw said cutting out corruption could
cause the country to reduce that dependence.

"We have a number of agencies that come to immediate attention and
I put at the top of my list -- Customs Administration of Jamaica,
Customs represents not just the potential for revenue leakage, but
also the point for national security," Mr. Shaw said, the report
notes

He said the customs agency will have to be reorganized and
assistance is being sought from the United States to make customs
more effective in collecting revenues and preventing security
breaches, the report relays.

The Finance Minister was speaking at the 3rd Annual Commonwealth
Caribbean Association of Integrity Commissions and Anti-Corruption
Bodies Conference Opening Ceremony held in Kingston, the report
notes.

Concerning corruption, Mr. Shaw said the high level of informality
in the economy contributes to corruption, the report relays.

He noted that based on statistics up to 40 percent of the economy
is informal.  And this creates less transparency which leads to
corruption, the report 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'.



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M E X I C O
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COMPANIA MINERA: S&P Raises CCR to 'BB+' on Revision of Status
--------------------------------------------------------------
S&P Global Ratings said that it raised its corporate credit and
issue-level ratings on Compania Minera Milpo S.A.A. to 'BB+' from
'BB'.  The outlook is negative.

S&P is aligning its ratings on Milpo with those on its immediate
parent, VM Holdings S.A. (VMH).  Moreover, S&P views VMH as highly
strategic to Votorantim.

VMH has recently announced an issuance that will have cross-
default clauses with and be fully and unconditionally guaranteed
by Milpo.  In S&P's opinion, this is a clear incentive for VMH to
provide timely and sufficient support to Milpo under any
foreseeable circumstances, and it increases the reputational link
between Milpo and VMH.  In addition, Milpo is integral to the
group's strategy and performance given that it holds the most
important projects (Aripuana, Magistral and Shalipayco).  The
consistent increase in VMH ownership in Milpo, currently at 83%,
reinforces this view.

VMH enjoys a solid position as an integrated zinc producer, with
operations in Brazil and Peru.  It has a well-defined growth
strategy that should enable it to continue to expand its zinc
production.  Milpo is VMH's most significant subsidiary given that
it accounts for about 60% of the group's EBITDA and about 78% of
the total metal production.  Milpo's product concentration, narrow
scale, and dependence on Cerro Lindo's output remain key
weaknesses.  In addition, for 2017 S&P continues to expect the
company to post a debt-to-EBITDA below 3.0x and an FFO-to-debt
ratio above 30%.  Milpo's 'bb' stand-alone credit profile
continues to reflect these factors.

The negative outlook on Milpo mirrors that on its immediate
parent, VMH, which in turn reflects the outlook on Votorantim S.A.
Therefore, a downgrade of Votorantim S.A. or VMH would result in a
downgrade for Milpo.

In addition, S&P could revise Milpo's stand-alone credit profile
if its credit metrics deteriorate, leading to FFO to debt below
30% or debt to EBITDA above 3.0x.  This could occur because of,
for instance, lower-than-expected revenues as a result of lower
prices or a sudden drop in one of its main asset's production.

S&P could revise the outlook to stable following the same action
on Milpo's ultimate parent, Votorantim S.A.

In addition, S&P could upgrade Milpo's SACP if its revenue stream
diversifies to the point that its dependence on the Cerro Lindo
mine decreases to less than 50%, improving its business risk
profile while maintaining current sales levels and credit metrics.
Its Magistral or Aripuana projects could contribute to this once
they start operations.


MEXICO: Business Group Head Calls for NAFTA Overhaul During Visit
-----------------------------------------------------------------
EFE News report that U.S. Chamber of Commerce president and CEO
Thomas J. Donohue said in an address in Mexico City that he was
open to modernizing the North American Free Trade Agreement
(NAFTA) as long as no trade barriers were erected that threatened
the tens of thousands of jobs that depend on the trade pact.

"We welcome the opportunity to consider how to modernize the terms
of trade between our countries to meet the realities of the 21st
century.  Remember, things like e-commerce and the digital economy
didn't even exist when NAFTA was negotiated more than two decades
ago," the business leader said, according to EFE News.



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


PUERTO RICO: Government Pushing Forbearance Deal in Creditor Talks
------------------------------------------------------------------
Lawyers for Puerto Rico's government are drafting a forbearance
agreement that could allow the U.S. territory to avoid invoking
bankruptcy protections in the short-term, two sources with direct
knowledge of the discussions revealed to Reuters.

Nick Brown at Reuters reports that Puerto Rico and its creditors
wrapped up roughly a week's worth of mediated talks in New York,
aimed at striking a deal to restructure much of the $70 billion in
debt the island cannot pay.

Government officials could not immediately be reached for comment.

It remains unclear if creditors would support such an offer to
extend talks past a May 1 deadline to reach an agreement,
according to Reuters.  After that date, Puerto Rico could face
lawsuits from creditors or seek a court-sanctioned restructuring
process akin to U.S. bankruptcy, a provision of the 2016 rescue
law known as PROMESA, the report notes.

One of the sources said a government attorney with O'Melveny &
Myers informed some creditors the government's legal team would
circulate a draft forbearance agreement, and would be in touch in
the coming week about scheduling new mediation talks, the report
relays.

The sources requested anonymity because talks are private.

Puerto Rico's financial team is due back on the island this week
as its prepares a budget for the federal financial oversight board
that is due by April 30, the report adds.

                           *     *     *

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.



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


GENERAL MOTORS: Halts Ops After Accusing Gov't of Seizing Factory
-----------------------------------------------------------------
EFE News reports that General Motors accused authorities in
Venezuela of illegally seizing its lone assembly plant there and
announced a halt to its operations in the South American country.

The plant operated by General Motors Venezolana (GMV) in the
northwestern city of Valencia was "unexpectedly taken by the
public authorities, preventing normal operations," the United
States automaker said in a statement, according to EFE News.

The factory had not produced any vehicles since 2015 due to GMV's
difficulties in accessing the US dollars it needs to import parts,
the report notes.

Venezuela, which has been gripped by a severe economic crisis in
recent years, has strictly limited importers' access to the
greenback to bolster its hard-currency reserves, the report
relays.

It said the plant seizure had caused irreparable harm to the
company, its 2,678 employees, its network of 79 dealerships and
its suppliers, the report notes.

The automaker said it would pay end-of-service benefits to workers
to the extent allowed by the authorities and continue providing
service to owners of GM-branded vehicles through its dealer
network, the report discloses.

It added that the seizure was arbitrary and that it would
vigorously take all legal action, within and outside of Venezuela,
to defend its rights, the report says.

                      About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.

Motors Liquidation had $669 million in total assets, $56.4 million
in total liabilities and $613 million in net assets in liquidation
as of Dec. 31, 2015.


                            ***********


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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