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        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

               Monday, May 1, 2017, Vol. 18, No. 85


                            Headlines



A R G E N T I N A

ARGENTINA: Sub-Sovereigns to Benefit from Higher Revenues
SALTA PROVINCE: S&P Affirms 'B' Currency Rating; Outlook Stable

B A R B A D O S

BARBADOS: Investors Feel Pinch of Economic Decline

B R A Z I L

BRAZIL LOAN: Fitch Affirms BB Rating on US$661.9MM Notes
CEMIG GERACAO: S&P Assigns 'B' Rating on Proposed Sr. Unsec. Notes
HYPERMARCAS SA: Fitch Affirms BB+ FC Issuer Default Rating
RUTAS DE LIMA: S&P Revises Outlook on 'BB' Rating to Developing

C A Y M A N  I S L A N D S

CAMARES CAPITAL: Shareholders' Final Meeting Set for June 10
CAMARES CAPITAL GP: Shareholders' Final Meeting Set for June 10
CAMARES CAPITAL MANAGEMENT: Shareholders' Meeting Set for June 10
CAMARES EUROPEAN: Shareholders' Meeting Set for June 10
DIAMOND EQUITIES: Shareholders' Final Meeting Set for May 11

ENBRIDGE PACIFIC: Shareholders Receive Wind-Up Report
KAZIMIR GROUP: Shareholders' Final Meeting Set for May 3
MYTHEN RE: Shareholder to Hear Wind-Up Report on June 12
VICTORI CAPITAL: Shareholders' Final Meeting Set for May 11
WHITE BLUFF: Shareholder to Hear Wind-Up Report on May 12

C H I L E

ENJOY SA: Fitch Assigns 'B' Long-Term Issuer Default Rating
ENJOY SA: S&P Assigns Preliminary 'B-' CCR; Outlook Positive

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Minimum Wage Increase Called "Excessive"
DOMINICAN REPUBLIC: S&P Affirms 'BB-/B' Sovereign Credit Ratings

H O N D U R A S

BANCO DE LOS: Fitch Affirms B+ IDRs, Removes from Watch Negative

J A M A I C A

DIGICEL INTERNATIONAL: Fitch Assigns B+ Rating to New Sec. Loans
JAMAICA: NIF Loan Allocation to Small Biz Increased to $3-Bil.

M E X I C O

MAXCOM TELECOMUNICACIONES: S&P Lowers CCR to 'CC'
MEXICO: Lower US Taxes Could Lead to Reduced Investment in Country
MUNICIPALITY OF COACALCO: Moody's Affirms Caa1 Rating

N I C A R A G U A

CREDIFACTOR: Fitch Affirms 'B(nic)' Short-Term National Ratings

P A R A G U A Y

PARAGUAY: Prudent Macro Policies to Remain After Elections

P U E R T O    R I C O

GLOBAL COMMODITY: Hires Lozada Law as Counsel

T R I N I D A D  &  T O B A G O

NATIONAL GAS: Moody's Lowers US$400MM Global Bonds Rating to Ba1
TRINIDAD & TOBAGO: Value in Devaluing TT$ at This Time

X X X X X X X X X

* BOND PRICING: For the Week From April 24 to April 28, 2017


                            - - - - -



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


ARGENTINA: Sub-Sovereigns to Benefit from Higher Revenues
---------------------------------------------------------
Argentina's (B3 positive) sub-sovereigns are on track to record
modest gross operating surpluses in the next two years, as a
stronger economy helps support their revenue, says Moody's
Investors Service in a report.

Moody's expects a pick-up in real GDP growth of 3% in Argentina
for 2017 and 3.5% in 2018. In turn, the recovery of economic
growth should boost tax revenues at both the local and the federal
level. An agreement to gradually raise federal transfers to local
governments will also boost revenues.

"Nonetheless, although Moody's expects Argentina's economy to
return to growth, Moody's only anticipates a modest improvement in
the fiscal results for sub sovereign issuers," says Alejandro
Pavlov, a Vice President and Senior Analyst at Moody's. "Higher
revenues alone will not eliminate the short-term challenges."

Labor costs are the biggest expense item for local governments,
and the pressure to increase salaries in an economy still hit by
high inflation, is always strong. Payroll expenses rose at a
compound annual growth rate of almost 34% between 2005 and 2015,
outpacing the 32% growth in operating revenues during the same
period. As such, the main challenge for the majority of provinces
and municipalities will be to close the gap between salary
increases sought by public employees and the real financial
capacity of the local governments.

Except for very few cases, maintaining stronger and less volatile
operating results for long periods of time will also continue to
represent a major challenge, as the operating performance of many
sub-sovereigns have been very volatile in the past. This has led
to high refinancing risks and an overall weak credit assessment.

Debt trends do not represent significant risk for the provinces,
and international markets are offering longer-term funding
opportunities. A number of Argentine sub-sovereigns, including the
City of Buenos Aires (B3 positive), Province of Buenos Aires (B3
positive) and the Province of Cordoba (B3 positive), have tapped
the international bond market in the past and in the current year.


SALTA PROVINCE: S&P Affirms 'B' Currency Rating; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' foreign and local currency
ratings on the province of Salta.  The outlook remains stable.
S&P also affirmed the 'B' issue-level ratings on the province's
rated secured and unsecured notes.

                              OUTLOOK

The stable outlook on Salta reflects S&P's expectation of a
gradual improvement in its budgetary performance in the next 12-18
months as the economy recovers, with debt remaining at moderate
levels, while S&P still expects structural limitations stemming
from the limited budgetary flexibility and low GDP per capita to
remain.  It also reflects S&P's view of an increasing dialogue
between the Argentine LRGs and the federal government to address
various fiscal and economic challenges that are expected to remain
in the short to medium term.

Downside scenario

S&P could downgrade Salta if Argentina's economic performance
deteriorates consistently over the next couple of years, eroding
the province's revenue base and budgetary performance, and/or if
Salta's financial management weakens.  Also, failure to refinance
existing debt in foreign and local currency as well as
unwillingness to service debt obligations could prompt S&P to
lower ratings within the next 12-18 months.  S&P could also lower
its ratings on Salta if S&P was to lower the sovereign local or
foreign currency ratings.

Upside scenario

S&P could only raise its ratings on Salta if S&P was to raise the
local and foreign currency ratings on the sovereign.  Such an
upgrade would have to be accompanied by continued strengthening in
Argentina's institutional framework for LRGs as well as
improvement in Salta's financial management and budgetary
performance beyond our current expectations, with operating
surpluses above 5% on average or surpluses after capex and/or a
decrease in the debt burden to levels below 30% of operating
revenue.  However, under S&P's base-case scenario, such a scenario
isn't likely within the next 12-18 months.

                             RATIONALE

The 'B' ratings and 'b' stand-alone credit profile (SACP) reflect
the province's individual credit profile and the institutional
framework (SACP is a means of assessing the intrinsic
creditworthiness of Salta under the assumption that there's no
rating cap).  Like all LRGs in Argentina, Salta operates under an
institutional framework, which has recently strengthened, but
remains very volatile and underfunded, in S&P's view.  At the same
time, ratings on Salta are constrained by the province's low GDP
per capita, which results in a weak revenue base and high
infrastructure needs.  This together with Salta's rigid
expenditure structure--with provincial payroll and interest
payment accounting for around 65% of total expenses--underscores
the government's low budgetary flexibility.  A stabilizing though
still volatile economy supports S&P's expectation for an
improvement in the government's budgetary performance; S&P expects
operating deficit to decline to 3.9% in 2017 from 6.4% in 2016.
Financial management has shown continuity but still lacks planning
capacity.  On the other hand, the province's debt burden rose in
2016 with increased access to funding, but remains at moderate
levels.  Moderate debt and low contingent liabilities support
Salta's creditworthiness.

S&P still views the institutional framework as very volatile and
unbalanced.  However, S&P believes that there's a positive trend
on the predictability of the outcome of potential reforms and pace
of implementation amid an increasing dialogue between LRGs and the
national government to address various fiscal and economic
challenges that are expected to remain in the short to medium
term.

Juan Manuel Urtubey is the governor of Salta until 2019.  Since
President Mauricio Macri took office in December 2015, Mr. Urtubey
has supported several of the national government's measures and
has shown willingness to participate in a constructive political
opposition.  S&P expects continuity in the province's policies
given Mr. Urtubey's re-election and a stable relationship with the
national government for the next three years.  Similar to other
Argentine LRGs, macroeconomic volatility, though stabilizing,
still limits the management's financial planning capacity and
quality of budgetary targets.

Salta's low per capita GDP is a key rating constraint.  According
to S&P's estimates, it was $4,245 in 2016, which is around one
third of the estimated national level for the same year ($12,523)
and is lower than those of national peers such as the provinces of
Cordoba ($8,220) and Neuquen ($16,665).  Salta's economy
represents only about 1% of national GDP and is fairly diverse,
although not more so than those of other provinces.  The main
sectors of Salta's economy are public services (including
education, social and health services), which make up 32%;
agriculture (12.1%), commerce (11.0%) and construction (10.0%).

Following the steep deterioration in budgetary performance in
2016, S&P expects Salta's fiscal accounts to begin an upward trend
in the next couple of years as the economy recovers and LRGs in
Argentina continue to receive support from the national government
in the form of transfers and greater access to borrowings.  S&P
expects the province to post a surplus of 5.6% of operating
revenue by 2019, compared with the 6.4% deficit in 2016.
Therefore, S&P believes that Salta's fiscal balances will
gradually recover to levels observed historically.  A stressed
economy, low investment and high inflation in recent years
resulted in declining operating surpluses in 2014 and 2015 and an
operating deficit in 2016.  S&P believes its expected deficit
after borrowings in 2017 will be largely financed with funds from
the 2016 debt issuance and debt with suppliers, potentially.
Budgetary performance will still be subject to volatility stemming
from high inflation, which S&P believes will continue to pressure
Salta's fiscal balance in 2017-2019.

Salta receives most of its revenue from the national government,
which limits the province's budgetary flexibility.  S&P expects
locally generated revenue to remain at around 24% of total revenue
in 2017-2019.  Salta also has limited ability to cut its
expenditure.  S&P expects capex to increase to 13.4% of total
spending in next three years from 9.4% in 2016, given the
increased access to funding, but still remaining at levels S&P
considers as moderate.  In addition to its significant
infrastructure needs, due to high inflation in Argentina, the
province has to negotiate wage increases with public-sector
unions; total provincial payroll and interest payment spending
represents around 65% of Salta's operating expenditure.

S&P believes that the province's debt will remain at moderate
levels, averaging 36% of operating revenue in 2017-2019, and S&P
assumes that Salta will obtain borrowings according to its needs
in the next two years.  Salta's debt rose to ARP11.6 billion in
December 2016, or to 38.5% of its operating revenue for that year,
from 21% at the end of 2015.  The increase resulted from
additional borrowing, including the issuance of $350 million in
the international capital markets and local financing for ARP400
million from a national Trust Fund and Fondo Fiduciario Federal de
Infraestructura Regional--both of which are for infrastructure
projects--as well as the ARP1 billion credit line from National
Social Security Agency fund FGS (Fondo de Garantia de
Sustentabilidad).  As of December 2016, 72% of Salta's debt was
denominated in dollars, highlighting potential currency risk.
Even though the percentage of Salta's debt denominated in foreign
currency is lower than that of domestic peers such as the city of
Buenos Aires, steeper-than-expected depreciation in the currency
could exacerbate this risk.

In S&P's view, Salta's liquidity position is weak, given that its
free cash and reserves are insufficient to cover the 2017
projected debt service, likely to reach ARP2.5 billion.  Access to
funding for Argentine LRGs has increased following the May 2016
curing of the sovereign default, and several subnational
governments have been able to issue debt in the international
market.  However, S&P views overall access to external liquidity
as still uncertain given the country's weak banking system, which
our Banking Industry Country Risk Assessment (BICRA) scores at
group '9', and legal restrictions imposed by the national Fiscal
Responsibility Law (FRL) on the use of debt, which bans its use
for operating expenditures and requires the national government's
authorization for provinces to issue new debt.  As of December
2016, the province had funds for ARP1.4 billion from the 2016
international bond issuance, Plan Bicentenario, which the province
has been investing in low-risk assets, and which will ultimately
be used for capital investments in municipalities as well as for
hospitals and roadworks in the province, among other projects.
Salta's debt service profile is relatively smooth, so S&P don't
expect much volatility in the ratio in the next 12-36 months.

In terms of contingent liabilities, debt guaranteed by Salta is
consolidated in its debt stock.  Therefore, S&P incorporates it in
its debt burden assessment.  S&P believes overall exposure to GREs
is of modest size.  The two main public companies in Salta are
SAETA, a transportation enterprise, and CoSAySA, a water and
sanitation company.  The province provides support to both
companies in the form of subsidies to balance their accounts.
Therefore, S&P considers these two companies as non-self-
supporting.  However, only CoSAySA holds long-term debt as of
December 2015, from a leasing contract for a very small amount.
In addition, the province has other 19 government related-
entities, which include public hospitals, a provincial university,
regulatory agencies, and a health institute.  To S&P's knowledge,
none of these other GREs have debt.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the rationale and outlook.  The weighting of all rating factors
is described in the methodology used in this rating action.

RATINGS LIST

Ratings Affirmed

Salta (Province of)
Issuer Credit Rating                   B/Stable/--
Senior Secured                         B
Senior Unsecured                       B



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


BARBADOS: Investors Feel Pinch of Economic Decline
--------------------------------------------------
Caribbean360.com reports that Barbados' poor economic performance
may spill over to the bottom line of some local investors, with
them seeing lower than average returns, investment manager
Fortress Fund Managers has warned.

The company reported good returns in its recently published report
for the first quarter of 2017, noting that all the Fortress funds
"set new all-time highs in net assets and net asset value (NAV)
per share," according to Caribbean360.com.

However, regarding their Caribbean High Interest Fund, the company
noted that "there are very few investments in Barbados that meet
the Fund's objective of capital preservation and income," the
report notes.

"Investors should be aware that returns will likely continue to be
lower than average during this unusual time as we remain squarely
in capital preservation mode," it cautioned in its January to
March report, Caribbean360.com discloses.

Fortress again raised concern about the island's economic woes,
joining recent calls by noted economists, including former Prime
Minister Owen Arthur and Royal Bank of Canada's (RBC) group
economist Marla Dukharan, for the country to urgently seek outside
help to bail out the economy, the report relays.

"At current rating levels of three notches above default, the
question being addressed is no longer if a debt restructuring will
need to occur, but rather when it will happen and how large the
investor losses will be from it," it cautioned, the report
discloses.

Noting the island's prevailing economic woes, which include a high
fiscal deficit, falling government revenue and negative downgrades
by rating agencies Standard & Poor's and Moody's Investor Service,
Fortress lamented that promised measures to jump start economic
recovery were too slow in coming, suggesting that a credible plan
was lacking, the report relays.

"On the other side of a restructuring, investors will typically
want to see three things -- a viable fiscal reform and economic
growth plan from the government with support from other
stakeholders, appropriate support from multilateral organizations,
and a move to a sustainable debt profile," it said, the report
notes.

"Unfortunately, none of these three yet appears to be in place,
although the formation of working groups to advise on the debt and
currency issues suggested some constructive initial steps may be
underway," it added.

The reports were handed over last month to Prime Minister Freundel
Stuart who indicated recently that "the recommendations made are
being studied with a view to determining which proposals can be
implemented in the short term and which are more medium term,"
Caribbean360.com relays.

He gave the assurance that "the appropriate sense of urgency was
being brought to bear on the consideration of the report,"
Caribbean360.com adds.



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B R A Z I L
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BRAZIL LOAN: Fitch Affirms BB Rating on US$661.9MM Notes
--------------------------------------------------------
Fitch Ratings has affirmed the rating assigned to the senior
secured pass-through notes issued by Brazil Loan Trust I (the
issuer) as follows:

-- US$661.9 million notes at 'BBsf'; Outlook Negative.

The transaction is a pass-through securitization of a 10-year
amortizing loan originated by Bank of America N.A. ('A+'/ Outlook
Stable) to the Brazilian State of Maranhao ('BB-'/ Outlook
Negative). The loan is guaranteed on an unconditional and
irrevocable basis by the Federative Republic of Brazil (Brazil,
'BB'/Outlook Negative).

Payments on the loan are made to a bank account of Wilmington
Trust N.A. (administrative agent, 'A'/ Outlook Stable). On the
next day, funds are transferred to an Issuer account at the Bank
of New York Mellon (indenture trustee; 'AA'/ Outlook Stable).
Payments are made under the notes immediately thereafter.

Fitch's rating addresses timely payment of interest and principal.

KEY RATING DRIVERS

The rating of senior secured pass-through notes is equivalent to
Brazil's sovereign long-term Issuer Default Ratings (IDRs). Fitch
affirmed Brazil's rating on Nov. 11, 2016.

Brazil's 'BB' rating is supported by its economic diversity and
relatively high per capita income. The country's capacity to
absorb shocks is bolstered by its flexible exchange rate, robust
international reserve holdings, strong net sovereign external
creditor position, and deep and developed domestic government
securities markets. The small share of foreign currency debt in
total general government debt limits vulnerability of debt
dynamics to FX movements. These strengths are counterbalanced by
the structural weaknesses in public finances, high government debt
burden and weak growth prospects. Some of these challenges have
been exacerbated by the fallout from wide-scale corruption
investigations in the recent past.

The Negative Outlook reflects Brazil's continued large fiscal
imbalances and adverse government debt dynamics along with
uncertainty as to the implementation of fiscal measures that
improve prospects for debt stabilization. Despite the recent
lessening of political uncertainty, setbacks in the executive's
fiscal agenda in congress cannot be ruled out, which in turn could
hit confidence and increase downside risks to Fitch baseline
economic and fiscal scenarios.

The rating of the notes also considers the timely payments of
interest and principal due to date. All semiannual payments due
until January 2017 were made directly by the State of Maranhao.
The next interest and principal payment date is on July 23, 2017.

RATING SENSITIVITIES

The rating assigned to the notes is sensitive to changes in the
credit quality of Brazil as guarantor on an unconditional and
irrevocable basis. The transaction's rating is equivalent to the
higher of Brazil's long-term or Maranhao's long-term rating.
Brazil's rating remains higher than the long-term rating of
Maranhao.


CEMIG GERACAO: S&P Assigns 'B' Rating on Proposed Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' debt rating to Brazil-based
power company Cemig Geracao e Transmissao S.A.'s (Cemig GT; global
scale: B/Stable/--; national scale: brBB+/Stable/--) proposed
seven-year senior unsecured notes.

The rating on the notes reflects the 'B' global scale corporate
credit rating on parent, Companhia Energetica de Minas Gerais-
CEMIG, because the latter will unconditionally and irrevocably
guarantee them.  S&P views Cemig GT as a core operating subsidiary
of the group, which is one of the country's largest integrated
power companies, with a diversified portfolio of assets in the
electricity generation, transmission, and distribution segments.

The issue-level rating is the same as Cemig GT's corporate credit
rating, given that its priority liabilities relative to the
company's senior unsecured debt are not significant.  The company
will use the proceeds to refinance its short-term debt and to
repay a portion of the R$2.24 billion secured debentures issued at
the end of 2016.

S&P views Cemig as a government-related entity (GRE).  The state
of Minas Gerais (B-/Negative/--) controls 51% of the group, and
S&P views likelihood of extraordinary support as moderately high.
This stems from S&P's opinion that Cemig plays an important role
given that it provides essential services to the state's
population.  Cemig operates under the federal-level regulator's
Agencia Nacional de Energia Eletrica (ANEEL) supervision, which
S&P believes helps to mitigate interference from Minas Gerais.  In
addition, the financial covenants under Cemig's debentures
issuance due 2021 limit dividends to the minimum amount, as
defined in the group's bylaws, and prohibit any amendment of the
latter.  Also, Cemig's highly leveraged credit metrics and less
than adequate liquidity reduce its capacity to upstream financial
resources.

RATINGS LIST

Cemig Geracao e Transmissao S.A.
Global scale                      B/Stable/--
National scale                    brBB+/Stable/--

Rating Assigned

Cemig Geracao e Transmissao S.A.
  Senior unsecured notes           B


HYPERMARCAS SA: Fitch Affirms BB+ FC Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency (FC)
Issuer Default Rating (IDR) of Hypermarcas S.A. (Hypermarcas) at
'BB+'. The Rating Outlook remains Negative. Fitch has also
upgraded the company's Long-Term Local Currency (LC) IDR to 'BBB-'
from 'BB+' and its National Scale Long-Term rating to 'AAA(bra)'
from 'AA+(bra)'. Both Rating Outlooks were revised to Stable from
Positive. At the same time, Fitch has withdrawn all Hypermarcas'
ratings.

The upgrade of the LC IDR and the National Scale rating reflect
the significant improvement in Hypermarcas' capital structure
following the completion of the sale of its Consumer Segment for a
total amount of BRL5.5 billion and the effective use of these
resources to pay down BRL4.1 billion of debt. Hypermarcas'
business is now concentrated in the resilient pharmaceutical
segment, which has a good track record of steady operating cash
flow generation and positive free cash flow, key factors for an
investment grade rating level.

On a pro forma basis as of Dec. 31, 2016, incorporating the recent
sale of disposable products (BRL1 billion) and the announced
capital reduction and dividends payouts, Fitch estimates that
Hypermarcas has a net cash position of BRL975 million and a total
debt position of BRL747 million. This compares with about BRL1.3
billion of EBITDA generation by the company's pharmaceutical
segment.

Hypermarcas' FC IDR of 'BB+'/Outlook Negative reflects Brazil's
Country Ceiling ('BB+') and the Negative Rating Outlook on the
sovereign rating ('BB'). Hypermarcas' operations are 100% located
in Brazil and the company has no debt or cash holdings abroad.

The withdrawal of the ratings is due to commercial reasons.
Hypermarcas' ratings are no longer considered relevant to Fitch's
analytical coverage as there is no relevant outstanding public
debt. Fitch will no longer provide ratings or analytical coverage
of the company.

RATING SENSITIVITIES

Rating Sensitivities are not applicable as the ratings have been
withdrawn.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

-- Long-Term Foreign Currency IDR at 'BB+'; Rating Outlook
remains Negative.

Fitch has upgraded the following ratings:

-- Long-Term Local Currency IDR to 'BBB-' from 'BB+';
-- Long-Term National Scale rating to 'AAA(bra)' from 'AA+(bra)'.

Both Rating Outlooks were revised to Stable from Positive.

At same time, Fitch has withdrawn all above ratings.


RUTAS DE LIMA: S&P Revises Outlook on 'BB' Rating to Developing
---------------------------------------------------------------
S&P Global Ratings revised its outlook on its 'BB' debt rating on
Rutas de Lima S.A.C (RdL or the project) to developing from
negative.  In addition, S&P affirmed the rating.

The outlook revision follows S&P's reassessment of the
construction funding certainty for the project to negative from
marginally negative.  This followed S&P's belief that the risk to
secure the financing to construct the Ramiro Priale 19 kilometer
(km) tranche has increased in the past six months.  S&P believes
that the project's inability to receive the financing is mostly
related to the eroded reputation of Odebrecht, which continues to
be the road's constructor (through Odebrecht Peru) and a 25% stake
owner in the project (through Odebrecht Latinvest).  Authorities
have been investigating allegations of Odebrecht's involvement in
the massive corruption and bribery scandal, and although RdL was
not mentioned, S&P considers these events have hampered the
securing of the construction funding for the project.  As a
result, funding certainty became the main driver of the
construction phase risk.

Partly compensating for the increasing funding risk is that
according to the concession contract terms, the 18-month period to
complete construction on Ramiro Priale is triggered if the project
is able to secure the financing and starts as soon as it receives
100% of the lands, on which the tranche will be located, but which
hasn't occurred yet.  Construction was about 20% complete as of
April 2017, but its pace has slowed in the past two months.  As a
result, under S&P's new base case, it expects construction to be
completed by mid-2018 (contingent to RdL receiving the financing,
which S&P expects to occur), compared with S&P's original expected
date at the end of 2017.

Finally, the developing outlook reflects a potential upgrade in
the next 6-12 months if the project is able to secure the
financing.  However, S&P could lower the rating if RdL fails to
secure financing, which would require RdL to use its internally
generated cash to cover the construction costs.  Under such a
scenario, S&P expects the startup of Ramiro Priale to delay, which
could weaken future cash flow generation and consequently, DSCRs.



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C A Y M A N  I S L A N D S
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CAMARES CAPITAL: Shareholders' Final Meeting Set for June 10
------------------------------------------------------------
The shareholders of Camares Capital (Cayman) Limited will hold
their final meeting on June 10, 2017, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Commercial Centre, Grand Pavilion
          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: Shareholders' Final Meeting Set for June 10
---------------------------------------------------------------
The shareholders of Camares Capital GP Inc. will hold their final
meeting on June 10, 2017, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Commercial Centre, Grand Pavilion
          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 MANAGEMENT: Shareholders' Meeting Set for June 10
-----------------------------------------------------------------
The shareholders of Camares Capital Management L.P. will hold
their meeting on June 10, 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:

          Highwater Limited
          c/o Nicole Gagliano
          Commercial Centre, Grand Pavilion
          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 EUROPEAN: Shareholders' Meeting Set for June 10
-------------------------------------------------------
The shareholders of Camares European Credit Fund GP Inc. will hold
their meeting on June 10, 2017, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DIAMOND EQUITIES: Shareholders' Final Meeting Set for May 11
------------------------------------------------------------
The shareholders of Diamond Equities Limited will hold their final
meeting on May 11, 2017, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kent Limited
          c/o Michelle R. Bodden-Moxam
          St. George's International Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


ENBRIDGE PACIFIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Enbridge Pacific (Caymans) Inc. will hear on
May 10, 2017, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KAZIMIR GROUP: Shareholders' Final Meeting Set for May 3
--------------------------------------------------------
The shareholders of Kazimir Group Holding Limited will hold their
final meeting on May 3, 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:

          Frances Holliday
          Kazimir Partners (UK) Limited
          2 Eaton Gate
          London SW1W 9BJ


MYTHEN RE: Shareholder to Hear Wind-Up Report on June 12
--------------------------------------------------------
The shareholder of Mythen Re Ltd. will hear on June 12, 2017, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Kevin Poole
          James Trundle
          P.O. Box 10233 Grand Cayman
          Cayman Islands
          Telephone: 914-2270/ 914-2265/ 949-5263
          Facsimile: 949-6021


VICTORI CAPITAL: Shareholders' Final Meeting Set for May 11
-----------------------------------------------------------
The shareholders of Victori Capital International Ltd. will hold
their final meeting on May 11, 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:

          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


WHITE BLUFF: Shareholder to Hear Wind-Up Report on May 12
---------------------------------------------------------
The shareholder of White Bluff Limited will hear on May 12, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626



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


ENJOY SA: Fitch Assigns 'B' Long-Term Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned Enjoy S.A. (Enjoy) a 'B' Long-Term
Issuer Default Rating (IDR). Fitch has also assigned an expected
rating of 'B (EXP)/RR4' to the company's proposed notes, which are
expected to total USD330 million. The Rating Outlook is Stable.

KEY RATING DRIVERS

Enjoy's ratings factor in the longstanding and leading position of
the company's operating casinos in Chile and operational
improvement in the last three years. The ratings are constrained
by the uncertainty in the municipal casinos' bidding process, high
leverage in comparison to its peers, and weak financial
flexibility to face new challenges or further opportunities.

Bidding Process Adds Uncertainty: The bidding process for Chile's
municipal casinos is currently at a standstill. A new timeline and
additional requirements could be implemented, depending on the
legal resolution. This situation generates uncertainty about
Enjoy's cash flow generation capacity, as the municipal casinos in
Vina del Mar, Coquimbo and Pucon currently represent over 30% of
Enjoy's EBITDA. Fitch base case factors in the agency's
expectation that Enjoy will keep operating these three municipal
casinos. The bidding process could result in Enjoy receiving new
concessions, which would require additional investments. This has
not been factored into Fitch's base case.

Limited Financial Flexibility: Enjoy had an Adjusted Debt/EBITDAR
ratio of 6.6x as of Dec. 31, 2016. The company's leverage has not
reduced due to the revaluation of the option for the remaining 55%
of the Conrad Casino (Uruguay), valued at USD188 million as of
Dec. 31, 2016. The company has only limited ability to face
business downturns and has no headroom to launch new projects
without a capital increase. The proposed bond will alleviate
pressure in the short and medium term, giving the company room to
use its cash flow for these purposes instead of facing financial
commitments.

Mixed Industry Trends: The gaming industry is improving in Latin
America. Chilean casinos are performing better than in previous
years. The expected recovery in Argentina and Brazil should
improve results at the Conrad Casino in Uruguay. Negatively, the
prospects of an opening of the gaming market in Brazil and
improving laws in Colombia could put pressure on the company's
operations in Uruguay.

DERIVATION SUMMARY

Enjoy's 'B' IDR is in line with other casinos in the Americas.
While its leverage is on the high end, its business factors are
good, with strong market position, profitability and an operating
environment that limits new competition. Enjoy shows similar
margins as Caesars, Boyd Gaming Corporation and MGM Resorts
International. However, it is a much smaller operation. No
country-ceiling, parent/subsidiary or operating environment
aspects impacts the rating.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Enjoy include:

-- Enjoy maintains the license of its current municipal casinos.
Investments are made during 2018 and 2019 to improve facilities,
and margin decreases in the municipal casinos afterwards.

-- Average CAPEX of CLP 20 Bn during the next four years.

-- Bond issuance is used to pay the Caesars option, to refinance
bank debt and to repurchase the full stake in Inversiones
Inmobiliarias Enjoy S.A., subsidiary that owns most of the
casinos' buildings.

-- Dividends payments remain at 30%, the legal minimum.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:
A resolution of the municipal casinos bidding process that allows
the company to maintain or improve its cash flow generation is
needed before considering an upgrade. Additional measures to
bolster Enjoy's capital structure and reduce leverage to Adjusted
Debt/EBITDAR below 5.0x could lead to a positive rating action.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:
Additional debt to finance new projects without a corresponding
growth in EBITDA that lead to an Adjusted Debt/EBITDAR ratio above
6.0x for a sustained period of time, or a deterioration of the
operational performance that results in lower EBITDAR could result
in a negative rating action.

LIQUIDITY

Enjoys shows low liquidity, with 23% of its debt in the short
term, and cash and equivalents covering only 22% of it. The
proposed bond will restructure most of its short-term debt for a
longer period, giving the company more head room to use its cash
flow to face the upcoming bidding process.
Currently, in addition to the option to buy 100% of Conrad, the
company faces amortizations of CLP93 billion in 2017, CLP51
billion in 2018 and CLP36 billion in 2019. With the proposed
refinancing, the company will not face relevant maturities until
the new bond is due.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings

Enjoy S.A.
-- Long-Term IDR 'B';
-- Senior Unsecured USD330 million notes 'B (EXP)/RR4'.

The Rating Outlook is Stable.


ENJOY SA: S&P Assigns Preliminary 'B-' CCR; Outlook Positive
------------------------------------------------------------
S&P Global Ratings has assigned its preliminary 'B-' corporate
credit rating to Enjoy S.A.  S&P also assigned a preliminary 'B-'
issue-level rating to the company's proposed senior secured notes.
The outlook is positive.

The ratings are preliminary pending on the successful issuance of
the proposed notes and that its final terms and conditions do not
differ materially from the draft documents presented to S&P.

S&P believes that the investors in Enjoy S.A. senior secured notes
don't face a significant disadvantage as creditors of the holding
company, because the notes will be guaranteed by operating
subsidiaries that generate a considerable share of consolidated
EBITDA and because they will be secured by real estate and shares
collateral.

S&P's preliminary rating considers the successful issuance of the
company's proposed $330 million bond, which would significantly
improve the company's liquidity for the next 12 months, reduce
refinancing risk, and strengthen its capital structure.  Enjoy
intends to use the proceeds to execute the put option by Caesars'
for 55% stake in Baluma S.A. (Enjoy Conrad), which is the
company's main EBITDA contributor (Enjoy already owns a 45%
controlling stake in Baluma), and to pay down most of its
outstanding debt, except for local bonds.

The rating reflects Enjoy's leading market position in the Chilean
and Uruguayan markets, some geographic diversity stemming from its
presence in Chile, Uruguay, and Argentina and recent start of
operations in Colombia.  However, the company has a limited
revenue diversification, with gaming representing about 80% of
revenue and EBITDA, with Conrad's operations contributing around
30% of the company's total EBITDA.  The supportive regulatory
framework, which provides barriers to entry in the Chilean gaming
market, and favorable tax regime in Uruguay support the company's
profitability and operating efficiency.  Conversely, Enjoy's scale
is smaller than those of large international players in the gaming
industry, while the Chilean and Uruguayan gaming markets are also
much smaller on a global comparison.

The rating constraint stems from the company's high leverage and
S&P's expectation that it will post a shortfall in cash flow
available for debt repayment in 2017.  Although S&P do not expect
adjusted debt to increase in 2017 compared to 2016 because it
already considers the put option on Baluma in S&P's historical
adjusted leverage metrics, the company will replace this put
option for an actual financial obligation that requires interest
expenses.  However, S&P assumes that Enjoy's strong market
position, operational discipline, and expansion of the gaming
industry in the region will allow the company to post revenue and
EBITDA growth in the next couple of years, which should lead to
gradual deleveraging in the short to medium term given that S&P
don't expect the company to incur additional debt through 2018.

The company faces uncertainties over the renewal process of three
municipal casino licenses.  Although, following the recent
resolution of the Superintendence of Gambling Casinos, the company
will be able to operate these casinos beyond December 2017, it is
still not clear when and how the new bidding process would be
resolved, which is reflected in S&P's negative comparable ratings
analysis.  If Enjoy is unable to renew its three municipal casino
licenses, which contribute about 30% of consolidated EBITDA, it
would dent its competitive position and weaken credit metrics due
to lower EBITDA and cash flow generation.



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


DOMINICAN REPUBLIC: Minimum Wage Increase Called "Excessive"
------------------------------------------------------------
RJR News reports that Dominican Republic Industries Association
has described the 20 per cent increase in the minimum wage as
excessive, saying it will lead to layoffs.

The AIRD has demanded an industrial reclassification since 2004,
to establish a salary according to a company's sales volume and
number of workers, according to RJR News.

A spokesperson indicated that the minimum wage should be
established according to the inflation level, which is around 4.5
per cent, the report relays.

The association noted that the increase should be 60 per cent
above the inflation level, the report discloses.


DOMINICAN REPUBLIC: S&P Affirms 'BB-/B' Sovereign Credit Ratings
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term
sovereign credit ratings on the Dominican Republic.  The outlook
remains stable.  The transfer and convertibility (T&C) assessment
is unchanged at 'BB+'.

                             RATIONALE

The ratings on the Dominican Republic reflect its relatively
diversified economy that continues to grow, and is expected to
continue to grow, above its peers with a similar level of economic
development.  The ratings also consider the Dominican Republic's
monetary policy, which moved to inflation targeting and greater
exchange rate flexibility several years ago, and that the
Dominican Republic's monetary policy track record has
strengthened.  The ratings are constrained by S&P's assessment of
the country's still-weak institutional and governance
effectiveness, growing general government debt and interest
burden, and relatively weak external profile.

S&P estimates the country's GDP per capita at US$7,420 in 2017.
The Dominican Republic posted real GDP growth of 6.7% in 2016, and
its 7.1% average growth rate of the last three years is the
highest in the Latin American and Caribbean region.  It is also
above global peers with similar levels of economic development.
In recent years, growth has been boosted by construction (both
public and private), mining projects such as the Pueblo Viejo gold
mine, tourism, and a recovery of agricultural output after a
severe drought in 2015.  Moreover, low oil prices and growing
remittances have supported domestic consumption.  S&P expects GDP
growth during 2017-2020 to average 5%-5.5% (the country's
estimated potential growth rate), above all major economies in the
region.  Real GDP per capita growth is expected to average 4.2%
during these years.

Low oil prices, stable exports from free trade zones, and growing
remittances and tourism receipts helped to reduce the current
account deficit (CAD) to 1.4% of GDP in 2016--the lowest in the
last 11 years.  Foreign direct investment (FDI) and portfolio
inflows exceeded the CAD, leading to rising international
reserves, which reached a historical high of US$6.1 billion in
2016.

S&P's base case assumes that the CAD will increase during 2017-
2020 to around 2.5% of GDP on average, reflecting moderately
higher oil and commodity prices.  S&P expects FDI and portfolio
inflows to fully finance the CAD, resulting in higher
international reserves.  That, plus a moderate increase in
government and private-sector external debt service, should keep
gross external financing needs just above 100% of current account
receipts (CAR) plus usable international reserves during 2017-
2020.  During the same period, S&P expects narrow net external
debt to be around 70% of CAR and net external liabilities at 170%
of CAR.  The significant gap between narrow net external debt and
net external liabilities highlights the country's vulnerability to
adverse external conditions.

According to official data, the general government deficit (which
includes the central bank quasi-deficit and the results from the
nonfinanicial public sector) was 4.2% of GDP in 2016, below the
4.9% average of 2013-2015 and the 8% deficit of 2012 (an electoral
year).  Low oil prices (which reduced fiscal transfers and the
losses of the energy sector), revenue management efforts, and
controls on capital spending contained fiscal slippage during an
electoral year.  The final 2016 results have not been published
yet, but, in S&P's opinion, the deficit could be revised up,
toward 5% of GDP.

Persistent general government deficits will likely boost net
general government debt toward 50% of GDP by 2020.  The net debt
stock includes central bank certificates (equivalent to 13.2% of
GDP in 2016) and excludes the recapitalization bonds that the
central government issued to capitalize the central bank
(equivalent to 4% of GDP) following the 2003-2004 bailout of the
banking sector.  S&P expects general government debt to increase
by an average of 4.6% of GDP during 2017-2020, reflecting both
fiscal deficits and exchange rate changes.  Higher debt will raise
interest payments, which S&P expects to consume around 21% of
general government revenues during 2017-2020 on average.  This
figure is not fully comparable with peers since almost 25% of the
central government's interest bill is paid to the central bank to
help recapitalize it.

Due to its still-shallow domestic debt market (which is highly
concentrated in the central government and the central bank), the
Dominican Republic is highly dependent on external financing.
More than 50% of the general government debt is denominated in
foreign currency.  S&P assess the contingent liabilities as
limited.  This considers assets of the deposit-taking financial
institutions that are just below 50% of GDP.  Non-deposit-taking
institutions are not material in size, mainly considering the size
of the Dominican pension system funds, which was less than 15% of
GDP.  Moreover, S&P incorporates much of the debt of nonfinancial
public enterprises into its general government debt figures, as
well as the fiscal results of large enterprises (such as energy
transmission and distribution public companies) into S&P's
calculation of general government deficits.

The Dominican Republic's political system and public institutions
have not been able to reduce policy uncertainty following changes
in presidential administrations.  They also do not provide a high
level of checks and balances, in S&P's view.  For example, there
have been several political reforms during the last 20 years to
allow, regulate, or prohibit presidential reelection.

President Danilo Medina, from the Partido de la Liberacion
Dominicana (PLD), is currently in the first year of his second
four-year term.  Although the PLD has an overwhelming majority in
the Senate (28 out of 32 seats) and the Lower House (120 out of
178), internal party divisions and ongoing corruption scandals
have constrained effective policy decisions.  Nevertheless,
improved monetary and fiscal policy execution during recent years
has sustained rapid economic growth.

Progress in implementing long-promised electricity and fiscal
reform has proven politically challenging but could alleviate
fiscal pressure and reduce the expected increase in the
government's debt burden.  The electricity reform is designed to
lower high energy generation costs, cut transmission losses and
theft (now around 30% of total generated energy in the island gets
lost or stolen), and set up an independent regulator to fix
tariffs.  Similarly, fiscal reform (which is expected after energy
reform) would expand the tax base, cut tax exceptions and rates,
and simplify the tax code.  Implementation of these reforms would
reduce the country's fiscal and external vulnerability to higher
oil prices, as well as strengthen public finances.

In 2012, the central bank became operationally independent and
moved to an inflation-targeting regime, improving its policy track
record.  Inflation has averaged 2.7% since then, near the lower
end of the central bank's target (4% plus/minus 1%).  The central
bank has allowed the Dominican Republic's peso to float more
freely, although it still intervenes in the foreign exchange
market.  Its monetary transmission mechanism is constrained by
quasi-fiscal losses, a low level of domestic credit (below 30% of
GDP in 2016), and shallow domestic debt and capital markets.
These factors constrain S&P's long-term local currency rating at
'BB-'.

The T&C assessment is 'BB+', two notches higher than the foreign
currency sovereign rating.  This reflects S&P's opinion that the
likelihood of the sovereign restricting access to foreign exchange
that Dominican Republic-based nonsovereign issuers need for debt
service is moderately lower than the likelihood of the sovereign
defaulting on its foreign currency obligations.  The distinction
is based on the outward orientation of the Dominican economy,
especially given the importance of tourism and tourism investment,
CARs at 35% of GDP, and the fairly unrestrictive nature of
Dominican Republic's foreign-exchange regime.

                              OUTLOOK

The stable outlook reflects S&P's expectation of continuity in
economic policies and high GDP growth rates during the next two
years.  S&P also expects that fiscal losses in the energy sector
will contribute to persistent general government deficits and a
gradually rising debt burden.

An unexpected fall in GDP growth could contribute to higher fiscal
deficits, a faster increase in general government debt, and
greater external vulnerability.  S&P could lower the rating as a
result.

S&P could raise the ratings in the coming two years if the
government is able to strengthen public finances in order to
reduce fiscal deficits, lower the annual increase in its debt
burden, and improve its external liquidity.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "fiscal rating factor" and "external
rating factor" had deteriorated.  All other key rating factors
were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Dominican Republic
Sovereign Credit Rating                     BB-/Stable/B
Transfer & Convertibility Assessment        BB+
Senior Unsecured                            BB-



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


BANCO DE LOS: Fitch Affirms B+ IDRs, Removes from Watch Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab)
Long-Term Issuer Default Ratings (IDRs) at 'B+'. Fitch has also
affirmed the long-term National scale ratings of Bantrab and
Financiera de los Trabajadores (Fintrab) at 'BBB(gtm)'. The
ratings have been removed from Rating Watch Negative and assigned
a Stable Outlook.

Bantrab's IDRs, Viability Rating (VR) and National ratings have
all been affirmed as the entity has stabilized its correspondent
banking relationships and moved to improve its corporate
governance and a series of events that led to the arrest of
various former executives and members of the Board of Directors by
the Guatemalan authorities on charges of fraud, illicit
associations and embezzlement to the detriment of the bank's
shareholders in 2016.

The ratings have been removed from Negative Watch and assigned a
Stable Outlook as Fitch believes that Bantrab's sole correspondent
bank relationship is sufficient to fulfil its obligations.
Additionally, its funding and liquidity profile have recovered.
Bantrab indicates that the next coupon payment, scheduled for May
15, 2017, has been transferred to fulfil its payment obligation as
scheduled.

In line with the rating actions on Bantrab, Fitch has affirmed
Bantrab Senior Trust's (BST) IDR at 'B+'/RR4. Fitch believes the
bank has the operational capacity to make future debt payments but
will continue to monitor the evolution of Bantrab's relationship
with more correspondent banks.

Fitch affirmed Fintrab's National scale ratings since they are
driven by support from Bantrab.

KEY RATING DRIVERS
IDRS, VR and NATIONAL RATINGS - Bantrab

The bank is characterized by its stable funding structure,
evolving corporate governance standards, high risk appetite,
mainly reflected on its focus on segments of middle and low income
customers, particularly in the Guatemalan public sector. The bank
registers good loan quality indicators given the debt collection
via automatic payroll deductions, and its capital position
compares favourably with the industry average and its main
competitors. Bantrab's profitability is good. This is based on a
high net interest margin, acceptable operational efficiency and
moderate loan loss provisions.

SUPPORT RATING AND SUPPORT RATING FLOOR - Bantrab
Bantrab's SR and SRF of '5' and 'NF', respectively, indicate that,
although possible, external support cannot be relied upon given
the currently low state ownership and limited systemic importance.

IDR - Bantrab Senior Trust
BST's seven-year U.S.-dollar loan participation notes' rating is
in line with Bantrab's VR, reflecting that the senior unsecured
obligations rank equally with the bank's unsecured and
unsubordinated obligations.

Bantrab's 'RR4' Recovery Rating reflects Fitch's expectations of
an average recovery in the event of a default.

National Scale Ratings - Fintrab
Fintrab's National ratings are underpinned by institutional
support it would likely receive from its shareholder, Bantrab.
Fitch's opinion of the support is based on the high integration of
the subsidiary with the parent and the significant reputational
risk that a default would pose to Bantrab. As a result, Fintrab's
National scale ratings are aligned with Bantrab's credit profile.

RATING SENSITIVITIES
IDRS, VR, RECOVERY RATING, NATIONAL RATINGS, SR AND SRF
Fitch believes that the likelihood of a positive rating action is
limited in the medium term. However, an upgrade could take place
in the long term if Bantrab diversifies its funding sources,
mainly by ensuring relationships with more correspondent banks,
while maintaining its current profitability, asset quality and
capitalization levels.

On the other hand, while not Fitch's base case scenario, a
substantial and sustained deterioration of the bank's credit
portfolio quality that would affect operating profitability and
lead to a material weakening in its capital position could trigger
a downgrade.

IDR - BST
Changes in the notes' rating are contingent upon rating actions
for Bantrab.

National Ratings - Fintrab
The National ratings of Fintrab subsidiaries would mirror changes
in the National scale ratings of their parent.

Fitch has taken the following rating actions:

Banco de los Trabajadores:

-- Long-term Foreign Currency IDR affirmed at 'B+', Rating
    Outlook Stable assigned and Rating Watch Negative removed;
-- Short-term Foreign Currency IDR affirmed at 'B', Rating Watch
    Negative removed;
-- Local Currency Long-term IDR affirmed at 'B+', Rating Outlook
    Stable assigned and Rating Watch Negative removed;
-- Local currency Short-term IDR affirmed at 'B', Rating Watch
    Negative removed;
-- National Long-term Rating affirmed at 'BBB(gtm)', Rating
    Outlook Stable assigned and Rating Watch Negative removed;
-- National Short-term Rating affirmed at 'F3(gtm)', Rating Watch
    removed;
-- Viability Rating affirmed at 'b+', Rating Watch Negative
    removed;
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF'.

Financiera de los Trabajadores, S.A.
-- Long-term national rating affirmed at 'BBB(gtm)', Rating
    Outlook Stable assigned and Rating Watch Negative removed;
-- Short-term national rating affirmed at 'F3(gtm)', Rating Watch
    Negative removed.

Bantrab Senior Trust
-- Long-term foreign currency loan participation notes affirmed
    at 'B+/RR4',Rating Watch Negative removed



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


DIGICEL INTERNATIONAL: Fitch Assigns B+ Rating to New Sec. Loans
----------------------------------------------------------------
Fitch Ratings has assigned a 'B+(EXP)/RR3' rating to Digicel
International Finance Limited's (DIFL) USD935 million new senior
secured Term-loan A and B, as well as USD100 million senior
secured revolving credit facility. The proceeds of the loans are
expected to be used to fully redeem the company's existing secured
loan, which amounted to USD856 million as of Dec. 31, 2016, and
for general corporate uses including debt service, if necessary.

KEY RATING DRIVERS

DIFL is an intermediate holding company within Digicel group's
organization structure and owns operating assets in 25 markets in
the Caribbean region. DIFL is an indirect 100% owned subsidiary of
Digicel Limited (DL), which is a wholly owned subsidiary of
Digicel Group Limited (DGL), the ultimate holding company. These
companies are collectively referred to as 'Digicel'.

Under Fitch's approach to rating entities within a corporate group
structure, DGL's Issuer Default Ratings (IDR) and those of its
subsidiaries, DL and DIFL, are equal at 'B', based on a
consolidated group credit profile, given the strong strategic and
financial linkages. Different rating levels for each entity's debt
instruments reflect varying recovery prospects given default
according to seniority of the claims.

Fitch believes that DIFL's secured debt has good recovery
prospects under default, reflected in its 'RR3' recovery ratings,
given their senior rankings against parents' bonds and first lien
security claims on the assets of operating companies, while Term-
loan A creditors will benefit from stricter covenants and
prepayment requirements under certain conditions than Term-loan B
creditors. DIFL's secured debt to EBITDA ratio is expected to be
modestly over 1.0x at the closing of the refinancing transaction,
which compares to over 6.0x of the group consolidated leverage.

Digicel's ratings reflect the company's well-diversified
geographical operations with leading market positions, strong
network quality, and brand recognition, which support stable
performance under the local-currency basis. The company's high
leverage, negative FCF generation and low cash balance, and
ongoing FX volatility in some of its key markets temper the
ratings.

KEY RATING DRIVERS

Improved Financial Flexibility: DIFL's refinancing of the existing
credit facilities improves its financial flexibility as the group
will not face any sizable debt maturities until 2020 when its
bonds start becoming due. The company plans to issue USD935
million, through a five-year term loan A and a seven-year term
loan B, to fully pay off its USD856 million credit facility loans,
which were originally scheduled to be amortized from March 2018 on
a semi-annual basis until March 2019. Digicel will only face USD80
million debt maturity from its Digicel Pacific Limited (DPL)
facility loan during August 2017, which Fitch expects to be
comfortably covered with additional liquidity from the refinancing
transaction. The company will also have additional USD100 million
revolver, which will be undrawn at the closing of the transaction.

High Leverage: Digicel's leverage is high, which is incorporated
in its 'B' rating level. The company's leverage has been gradually
trending up due to uncurbed negative FCF generation since the
fiscal year 2012, which ended March 31, 2012 (FY12), caused by
high capex, amid ongoing EBITDA contraction. Digicel's adjusted
net leverage was 6.4x including off-balance sheet adjustment, with
its gross debt amounted to USD6.5 billion at Q3FY17, relatively
unchanged from the end-FY16 level, while its EBITDA during the
first nine month of FY17 has fallen by 12% compared to the same
period a year ago. Material improvement in leverage ratios with
sustainable FCF generation in the short to medium term is critical
for the company to mitigate any refinancing risk ahead of its bond
maturities of USD5.5 billion during FY20 - FY23. Fitch expects a
gradual recovery in its leverage ratios from FY18 backed by EBITDA
improvement from profitable cable operations and the company's
transformation project to improve operational efficiencies.

Negative FCF to Reverse: Fitch forecasts Digicel's FCF generation
to turn positive from FY18 driven by gradual EBITDA improvement
amid a lower capex requirement. Digicel's FCF has remained in
negative territory in recent years mainly due to high capex for
fiber network investments. The company's capex soared to USD649
million and USD607 million in FY15 and FY16, respectively, from
just USD361 million in FY13, with the capital intensity ratio,
measured by capex-to-sales, rising to an average 23%, compared to
just 13% in FY13. FY17 Capex is forecast to close at about USD450
million, resulting in continued negative FCF given CFFO of about
USD360 million, based on Fitch's projection.

Negative FCF generation is likely to reverse from FY18 as major
investments for fiber are largely completed. EBITDA is expected to
improve, mainly supported by first-time positive EBITDA
contribution from the cable segment and cost savings from the
transformation project (through which the company plans to enhance
its EBITDA margins by 2% to 4% by the end of FY18). Fitch
estimates that Digicel requires at least USD1.1 billion of EBITDA
to achieve break-even FCF, with reduced capex of USD400 million in
FY 2018 and FY 2019. Fitch forecasts the company's EBITDA
generation to gradually improve to above USD1.2 billion by FY19,
which should support positive FCF generation of about USD50
million in FY18 and USD125 million in FY19, and gradual
deleveraging to below 5.5x by end-FY19. This compares to Digicel's
publicly announced target of positive FCF generation of at least
USD100 million in FY18 and reducing its gross leverage to below
5.25x by the end of FY18 and to 4.5x by the end of FY19. Despite
positive FCF generation, Fitch believes that the actual net debt
reduction would be slow due to cash outflows related to Digicel
Holdings Central America Ltd (DHCAL) investments, license fees,
and one-off cash outflows related with its transformation project.

FX Threatens Stable Performance: Digicel's relatively stable
performance based on constant currency terms have been beset by
negative impact from the local currency depreciation against the
U.S. dollar. Digicel is subject to FX mismatch as its debt is
mostly denominated in U.S. dollar, compared to 50% to 55% of
EBITDA generation in U.S. dollars or euros, or currencies pegged
to the U.S. dollar. This could continue to weigh on the company's
cash flow generation and its ability to service debt obligation,
while the company's recent tariff increases in its key markets
should help mitigate the risk to an extent.

Digicel has generated relatively stable operating results on a
local-currency basis in the first nine months of fiscal 2017
(9MFY17). During the period, the company's constant-currency-based
service revenue grew by about 1%, underpinned by increasing
revenue contributions from mobile data, cable and broadband, and
business solutions operations, which helped offset continued voice
revenue erosion. Negatively, this growth has been largely diluted
by ongoing FX volatility, which led to a 6% revenue contraction in
the reported U.S. dollar. Reported EBITDA has also deteriorated by
12% during 9MFY17, although it remained relatively unchanged under
the constant currency terms.

Positive Revenue Diversification: Ongoing revenue diversification
away from traditional mobile voice is positive as the revenue
proportion of mobile voice fell to 50% during 9MFY17 from 56% a
year ago. The contribution from mobile data should continue to
steadily increase over the medium term, mitigating negative
pressures on the voice ARPU, which has suffered from competitive
pressures and reduced mobile termination rates in some markets.
During 3QFY17, mobile data revenues grew by 7% from a year ago on
a constant currency basis, accounting for 33% of total service
revenues, driven by a steady increase in smartphone penetration to
49% from 41% a year ago.

In addition, Digicel's recent strategic focus on cable/broadband,
along with business solutions, should enable further revenue
diversification as it continues to connect more homes on its
established networks. The company's total cable RGUs have
increased by 2.6 times in Q3FY17 compared to a year ago to 546,000
from 152,000 with the segmental revenues increasing by 106% to
USD43 million from USD21 million. Digicel's cable and business
solutions segments represented 7% and 8% of total service
revenues, respectively, during 3Q17.

DERIVATION SUMMARY

Digicel's solid business profile, with leading mobile market
shares in its well-diversified operational geographies supported
by network competitiveness, is considered strong for a 'B' rating
category. Digicel's financial profile, mainly leverage, is
materially weaker than its regional diversified telecom peers in
the sub-investment grade rating categories, including Millicom
International Celular S.A., rated 'BB+', and Cable & Wireless,
rated 'BB-'. Digicel's financial leverage is one of the highest
among the regional telecom peers, reflected in its 'B' rating
level. Strong parent-subsidiary linkage exists among Digicel group
companies based on intra-group cash flow movement to service debt
at its holding company level, resulting in a same IDR level for
DGL, DL, and DIFL. No country ceiling or operating environment
influence was in effect for the ratings.

KEY ASSUMPTIONS

-- Low-to-mid single-digit annual revenue growth in FY2018 and
    FY2019;
-- EBITDA margin to remain above 40% over the medium term;
-- Positive FCF generation in FY18 and FY19 with reduced capex to
    USD400 million annually;
-- No dividend payments over the medium term;
-- Net leverage to fall to below 5.5x by FY19.

RATING SENSITIVITIES

A negative rating action could be considered if consolidated
leverage at DGL increases to above 6.0x on a sustained basis, due
to a combination of competitive pressures, negative FX movement,
high capex, sizable acquisitions, and aggressive shareholder
distributions. Digicel's failure to improve EBITDA generation and
to reduce its net debt level in the coming quarters will pressure
the ratings. In addition, the company's inability to proactively
execute refinancing of sizeable bullet maturities in the medium-
to long-term could be materially negative for the ratings.

Conversely, a positive rating action could be considered in the
case of a sustained reduction in consolidated gross leverage to
4.0x or below, consistent FCF generation, as well as proactive
conservative debt maturities management.

LIQUIDITY

Digicel's liquidity profile is adequate, as the company will not
face any sizable debt maturity until FY20, when USD250 bonds
become due, other than USD80 million of DPL loan maturity in
August 2017, which Fitch expects to be paid off with additional
liquidity obtained from the DIFL loan refinancing. The company
also has access to its USD100 million secured credit facility.
Digicel company held readily available cash balance of USD201
million as of Dec. 31, 2016, which is materially lower than its
historical levels of at least USD500 million or higher until FY15.

FULL LIST OF RATING ACTIONS

Fitch currently rates Digicel as follows:

Digicel Group Limited
-- Long-Term Issuer Default Rating (IDR) 'B'; Stable Outlook;
-- USD 2.0 billion 8.25% senior subordinated notes due 2020
    'B-/RR5';
-- USD 1 billion 7.125% senior unsecured notes due 2022 'B-/RR5'.

Digicel Limited
-- Long-Term IDR 'B'; Stable Outlook;
-- USD 250 million 7% senior notes due 2020 'B/RR4';
-- USD 1.3 billion 6% senior notes due 2021 'B/RR4';
-- USD 925 million 6.75% senior notes due 2023 'B/RR4'.

Digicel International Finance Limited
-- Long-Term IDR 'B'; Stable Outlook;
-- USD1,035 million credit facilities 'B+/RR3'.


JAMAICA: NIF Loan Allocation to Small Biz Increased to $3-Bil.
--------------------------------------------------------------
RJR News reports that money set aside under the National Insurance
Fund (NIF) for lending to the small business sector is to be
increased to $3 billion, up from $1.5 billion.

This was disclosed by Labor Minister Shahine Robinson, during her
contribution to the Sectoral Debate in Parliament, according to
RJR News.

Mrs. Robinson pointed out that the funds will be disbursed through
the approved Participating Financial Institutions (PFIs), the
report notes.

Mrs. Robinson said that this increase has been made possible due
to the Fund's excellent performance over the 2016/17 financial
year, which was one of the "fastest growth periods in the history
of the NIF," the report relays.

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'.



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


MAXCOM TELECOMUNICACIONES: S&P Lowers CCR to 'CC'
-------------------------------------------------
S&P Global Ratings lowered its corporate credit and issue-level
ratings on Maxcom Telecomunicaciones S.A.B de C.V. to 'CC' from
'CCC+'.  The outlook is negative.

The downgrade follows Maxcom's announcement to purchase up to
$25 million of the outstanding senior secured step-up notes due
2020.  The total consideration payable to the holders will be
below par at 55 cents plus an early tender premium for 5 cents.

S&P views the proposed offer as distressed because investors will
receive less than what was promised on the original securities and
because S&P is concerned about Maxcom's current business model
sustainability due to high competitive pressures from larger and
better capitalized telecom and cable companies.  S&P also believes
that investors will be willing to take the offer because it could
be attractive compared with what they expect to receive if a
default occurs.


MEXICO: Lower US Taxes Could Lead to Reduced Investment in Country
------------------------------------------------------------------
EFE News reports that investment in Mexico could fall if the
United States' corporate tax rate is slashed from 35 percent to 15
percent, the chief executive officer of Mexico's largest financial
institution said.

If Congress approves the corporate tax cut proposed by US
President Donald Trump's administration, there will be a greater
appetite to invest in the US, BBVA Bancomer Chief Executive
Officer Eduardo Osuna said in presenting his institution's first-
quarter results, according to EFE News.

Asked if that would lessen investors' desire to invest in Mexico,
he responded affirmatively, noting that the creation of different
special economic zones in Mexico had modified the tax regime to
achieve the same effect, the report notes.

"The tax rate in any country creates a cost of production (for the
company), and so if your tax rate falls the country is more
competitive," the report quoted Mr. Osuna as saying.

In a press briefing at the White House, US Treasury Secretary
Steven Mnuchin unveiled plans for what he said would be one of the
largest tax cuts in American history, the report relays.

Trump's plan -- which is thus far short on details -- also would
reduce the number of tax brackets for individuals from seven to
three (10 percent, 25 percent and 35 percent), among other things,
the report relays.

In presenting the bank's results for the first quarter, when BBVA
Bancomer posted net income of MXN11.8 billion ($615 million), up
16.9 percent from the same period of 2016, Mr. Osuna said that if
Trump's tax plan receives legislative approval it will have
implications for many countries and force them to adapt, the
report adds.


MUNICIPALITY OF COACALCO: Moody's Affirms Caa1 Rating
-----------------------------------------------------
Moody's de Mexico affirmed the A3 (Global Scale, local currency)
and Aaa.mx (Mexico National Scale) debt ratings and negative
outlook assigned to the following bond issuances of Mexico City:

   * MXN1.382 billion bond issuance (original face value) under
the program GDFECB 15.

   * MXN2.5 billion bond issuance (original face value) under the
program GDFECB 15-2.

   * MXN2.5 billion bond issuance (original face value) under the
program GDFECB 14.

   * MXN2.126 billion bond issuance (original face value) under
the program GDFECB13.

   * MXN2.5 billion bond issuance (original face value) under the
program GDFECB12.

   * MXN1 billion bond issuance (original face value) under the
program GCDMXCB 16V.

   * MXN3.5 billion bond issuance (original face value) under the
program GCDMXCB 16 (not issued).

   * MXN1.1 billion bond issuance (original face value) under the
program GDFCB10-2.

   * MXN7 billion (original face value) securitization of a loan
from Dexia Credito Local Mexico, S.A. de C.V. to Mexico City,
Mexico CBPF48.

Moody's affirmed the Global Scale (local currency) and Mexico
National Scale ratings on its portfolio of Mexican states,
municipalities, and universities, and maintained negative
outlooks, except for the following issuers:

- Municipality of Corregidora: Affirmed Baa2/Aa2.mx, outlook
  revised to stable from negative.

- Municipality of Leon: Affirmed Baa3/Aa3.mx, outlook revised to
  stable from negative.

- Municipality of San Pedro Garza Garcia: Affirmed Baa3/Aa3.mx,
  outlook revised to stable from negative.

- Municipality of Zapopan: Affirmed Baa3/Aa3.mx, outlook revised
  to stable from negative.

- Municipality of Tlalnepantla: Affirmed Ba2/A2.mx, outlook
  revised to stable from negative.

- Municipality of Cuautitlan Izcalli: Affirmed Ba3/A3.mx ratings
  and stable outlook maintained.

- Municipality of Nogales: Affirmed Caa1/B2.mx ratings and stable
  outlook maintained.

- Municipality of Coacalco: Affirmed Caa1/B3.mx ratings and stable
  outlook maintained.

The action follows Moody's rating action on April 27, 2017, in
which the agency affirmed Mexico's government bond rating of A3,
negative outlook.

RATINGS RATIONALE

RATING RATIONALE FOR MEXICO CITY

Under the legal framework governing Mexico City, the Government of
Mexico is the direct obligor of all debt incurred by Mexico City.
Accordingly, the rating fully reflects the credit quality of the
Federal Government.

RATIONALE FOR STATES AND MUNICIPALITIES

Moody's considers that the sovereign's negative outlook indicates
heightened systemic risk for sub-sovereign issuers, which have
close operating and financial linkages with the federal
government. The sovereign rating outlook continues to be weighed
down by Mexico's external vulnerability, which raises risks for
the economy. As the government moves ahead with a fiscal
consolidation plan in this uncertain operating environment, it is
likely that transfers to states and municipalities will decline.

The ratings affirmation with a negative outlook for Mexican states
reflects these entities' high dependence on federal transfers (90%
of total revenues, on average), which Moody's expects will fall in
2017. Given Moody's expectations that GDP will remain subdued,
Moody's expects non-earmarked transfers (participaciones), which
account for about 35% of total revenues, to rise at a historically
slow pace in 2017-2018. In addition, the federal government's
fiscal consolidation plan includes cuts to earmarked transfers,
which represent 55% percent of revenues for states. In 2016 these
earmarked funds rose less than 0.1%, short of their 6.4% compound
annual growth rate during 2010-2016, and the federal government's
current budget calls for them to decline in 2017. Given that
states have a rigid current expenditure structure, these revenue
pressures could lead to a deterioration in states' financial
metrics.

The ratings affirmation with a negative outlook for Mexican
municipalities also reflects risks stemming from the federal
government's consolidation plans. While cities depend less on
federal transfers than states (with transfers amounting to between
50% to 70% of their total revenue), a continued slowdown in growth
of transfers would nonetheless exert negative pressure on their
financial metrics.

RATIONALE FOR THE MUNICIPALITIES OF CORREGIDORA, LEON, ZAPOPAN,
AND SAN PEDRO GARZA GARCIA

The affirmation of the ratings listed below, and the outlook
change to stable from negative, reflects these municipalities'
consistent generation of high own source revenues (median of 55.9%
of operating revenues), making them less vulnerable to systemic
risks. Moreover, they have a strong track record of robust
governance and management practices, which Moody's expects will
continue to assure strong operating and financial metrics along
with solid liquidity, despite short term pressures coming from the
sovereign.

- Municipality of Corregidora: Baa2/Aa2.mx, stable outlook

- Municipality of Leon: Baa3/Aa3.mx, stable outlook.

- Municipality of San Pedro Garza Garcia: Baa3/Aa3.mx, stable
  outlook.

- Municipality of Zapopan: Baa3/Aa3.mx, stable outlook.

RATIONALE FOR THE MUNICIPALITY OF TLALNEPANTLA (Ba2/A2.mx, Stable)

The affirmation of the Ba2/A2.mx ratings, and the outlook change
to stable from negative of the municipality of Tlalnepantla
reflect a continued improvement of the municipality's operating
balances in conjunction with Moody's expectations that contingent
liabilities related to its water company will decline in the next
18 months and that debt levels will remain around current levels
of 16.5% of operating revenues. Given these factors, Moody's
believes the municipality is well positioned at its current
rating, despite negative headwinds facing the sovereign.

RATIONALE FOR THE MUNICIPALITIES OF CUAUTITLAN IZCALLI, NOGALES
AND COACALCO

Moody's considers that the systemic pressures captured in the
Sovereign's negative outlook will have a nonmaterial impact on the
probability of default and expected loss levels for the following
municipalities:

- Municipality of Cuautitlan Izcalli: Ba3/A3.mx, stable outlook.

- Municipality of Nogales: Caa1/B2.mx, stable outlook.

- Municipality of Coacalco: Caa1/B3.mx, stable outlook.

RATIONALE FOR PUBLIC UNIVERSITIES

The negative outlook for the Benemerita Universidad Autonoma de
Puebla (Baa3/Aa3.mx, Negative) reflect the negative outlook of its
respective supporting government, the state of Puebla
(Baa3/Aa3.mx, Negative).

RATIONALE FOR ENHANCED LOANS

The affirmation of the enhanced loans reflects the affirmation of
all issuer ratings in Moody's portfolio. As per Moody's
methodology, issuer ratings are the starting point to assign debt
ratings (refer to
https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
172119).

WHAT COULD CHANGE THE RATINGS UP/DOWN

Excluding the cases of the municipalities of Coacalco,
Corregidora, Cuautitlan Izcalli, Leon, Nogales, San Pedro Garza
Garcia, Tlalnepantla and Zapopan, a rating upgrade for states,
municipalities, and the public university in the medium-term is
unlikely. However, the outlook could be stabilized if the
sovereign rating is stabilized. A downgrade of the sovereign could
lead to a downgrade of their ratings as well as expectations of a
material reduction in federal transfers to states and municipal
governments. A deterioration of the financial metrics of states,
municipalities and the public university could result in a rating
downgrade.

Given the links between the loans and the credit quality of the
obligors, an upgrade/downgrade of the issuer ratings could exert
upward/downward pressure on debt ratings for the enhanced loans.
Also, if debt service coverage metrics improve/fall materially
below Moody's expectations, the ratings could face upward/downward
pressure.

The principal methodology used in rating the Mexico RLGs' issuer
ratings was Regional and Local Governments published in January
2013.

The principal methodology used in rating the enhanced loans was
Rating Methodology for Enhanced Municipal and State Loans in
Mexico published in June 2014.

The principal methodology used in rating Benemerita Universidad
Autonoma de Puebla was Global Higher Education published in
November 2015.

The period of time covered in the financial information used to
determine state, municipality, government related issuer and
public university rating is between 01/01/2011 and 12/31/2015.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.



=================
N I C A R A G U A
=================


CREDIFACTOR: Fitch Affirms 'B(nic)' Short-Term National Ratings
---------------------------------------------------------------
Fitch Ratings affirmed Credifactor's long- and short-term national
ratings on 'BB + (nic)' and 'B (nic)', respectively. Perspective
remains stable. The national long and short term ratings of their
issues were also stated in 'BB + (nic)' and 'B (nic)'.

KEY FACTORS OF THE QUALIFICATIONS

The ratings given to CrediFactor and its issuance programs
consider the moderate quality of the institution's loan portfolio,
natural lending concentrations to companies of the same profile,
as well as its low scale of business in the financial industry.
Likewise, Fitch considers the specialization of its business model
focused on discount of documents receivable.

CrediFactor has a credit portfolio with moderate quality and its
indicators show a tendency towards stability. As of December 2016,
loans with arrears of more than 90 days represented 0.5% of the
total, while the local financial system reported 0.9% of the
total. As is natural in its business model, the portfolio has high
concentrations in its clients and payers, which exposes the entity
to the deterioration of some of them.

The profitability of CrediFactor has a downward trend, due to a
reduction in its net interest margin (MIN) and in its operating
efficiency. As of December 2016, the entity's return on assets
(ROA) was 0.8%, while the local financial system reported 2.5% To
the same date. Increased competition has influenced the decline of
the MIN. Fitch believes that improvements in profitability of
CrediFactor would come mainly from an increase in operating
efficiency.

CrediFactor is the best positioned factoring company and has
consolidated its business in the local market. However, the sector
has high and growing competition, which limits the capacity of
expansion of the entity. In addition, it has a low scale of
operations in the financial system and management expects moderate
credit increases, so the size of the business will remain at
similar levels in the short term.

The capitalization of the entity is adequate for its operations.
As of December 2016, the equity ratio in relation to assets was
13.8% versus 11.2% in the financial system. Their levels of
leverage are considered adequate. However, the reduction in
profitability has resulted in a decrease in the generation of
capital. The expected credit growth will be moderate, so that the
entity's equity levels will be sufficient to sustain it and remain
at similar levels.

CrediFactor anchors its operations mainly with debt issues that
constitute 82.5% of the funding and the rest is complemented by
lines of credit. The liquidity of the entity is low, although it
is reasonable given the short term of assets and liabilities. The
fit of the same indicates that the ability to pay their
obligations is adequate.

SENSITIVITY OF THE QUALIFICATIONS According

to Fitch, Increases in CrediFactor's ratings would come from
credit growth and strategic expansions in the business that
provide better financial performance as well as material
reductions in the factoring portfolio. On the other hand, declines
in ratings would come from deterioration in the credit quality of
clients and debtors of the entity that impact their performance,
while exposing their capital levels.

Fitch affirmed CrediFactor's following ratings:

- Long-Term National Rating in 'BB + (na)', Stable Outlook;
- National short-term rating in 'B (nic)';
- National Long-Term Rating of Fixed Income Securities in 'BB +
   (nic)';
- National Short-Term Rating of Fixed Income Bonds in 'B (nic)'.



===============
P A R A G U A Y
===============


PARAGUAY: Prudent Macro Policies to Remain After Elections
----------------------------------------------------------
Major economic policies are unlikely to change as a result of the
April 2018 Paraguayan Presidential and Congressional elections,
Fitch Ratings says. Fitch expects economic policy continuity as
there is broad consensus on prudent policies across the political
spectrum.

Political tensions in Paraguay flared in recent weeks around a
proposed amendment that would allow incumbent presidents to run
for reelection. The Lower House voted against the amendment
setting the stage for a change in government in 2018. The protests
against the bid for reelection did not impact economic growth
prospects.

Structural and institutional challenges remain, however. The next
government will have to work with a strong, independent-minded
Congress to pass legislation. Structural factors remain Paraguay's
major rating constraints.

Paraguay's governance and human development indicators are well
below those of the 'BB' median. Per-capita income is less than
$4000, which is well below the 'BB' median of nearly $5000. Fitch
expects Paraguay's per capita income and governance indicators to
only gradually converge toward the 'BB' medians.

Fitch forecast Paraguay's growth rate to be 3.5% this year and
slightly higher in 2018. Most of this growth will be based on
higher investment and a pick-up in consumption. Real investment is
expected to rise by 5.5% in 2017. One of the key priorities of the
Cartes administration has been improving infrastructure, an area
that has been one of the country's key bottlenecks to growth.
Solid economic expansions in both Argentina and Brazil in 2018 are
expected to boost prospects for Paraguay's exports, helping drive
GDP growth somewhat higher to 3.8%.

Paraguay's growth proved resilient in 2015 and 2016. Real GDP
growth reached 4.1% in 2016 despite low commodity prices for key
exports (soya and beef) and though Paraguay's main trading
partners -- Brazil and Argentina -- were in deep recessions.
Paraguay's prudent macroeconomic policy framework with sound
fundamentals helped it adjust to external shocks. One of the main
drivers was the government's ability to raise infrastructure
spending while containing other spending increases. Favorable
weather also played a part in recent growth as it helped
agriculture and electricity production to rise.

Paraguay's monetary and fiscal framework has strengthened
gradually for over a decade. In 2011, the central bank adopted an
inflation target and has met that target each year since,
increasing credibility. In March, the central bank lowered the
target to 4.0% from 4.5%, underscoring its commitment to lower
inflation. Furthermore, the central bank has allowed greater
exchange rate flexibility.

Fiscal credibility has also risen due to the Fiscal Responsibility
Law came that came into effect in 2015. It established a 1.5% of
GDP deficit ceiling and limited real current primary expenditure
growth to 4%. Although actual budget performance did not make
these marks in the first year, the government met the fiscal
target in 2016. Showing commitment to the fiscal target, the
government vetoed the 2017 budget passed by the Congress as higher
wages threatened the target. Paraguay's debt to GDP ratio is one
of the lowest in the 'BB' category at less than 25%.

The government is considering changing the rule to one based on a
structural balance with a public debt objective based on the
country's potential GDP. This would allow for more flexibility to
run countercyclical policies.



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


GLOBAL COMMODITY: Hires Lozada Law as Counsel
---------------------------------------------
Global Commodity Group, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Lozada
Law & Associates, LLC, as counsel to the Debtor.

Global Commodity requires Lozada Law to represent the Debtor in
the Chapter 11 bankruptcy proceedings.

Lozada Law will be paid at these hourly rates:

     Attorney                  $200
     Associates                $150
     Paralegal                 $75

Lozada Law will be paid a retainer in the amount of $3,000.

Lozada Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Maria Soledad Lozada, principal of Lozada Law & Associates, LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Lozada Law can be reached at:

     Maria Soledad Lozada, Esq.
     LOZADA LAW & ASSOCIATES, LLC
     PO Box 9023888
     San Juan, PR 00902-3888
     Tel: (787) 200-0673
     E-mail: msl@lozadalaw.com

                   About Global Commodity Group, Inc.

Global Commodity Group Inc., based in Manati, PR, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 17-01589) on March 8, 2017.
The Hon. Brian K. Tester presides over the case. Maria Soledad
Lozada, Esq., at Lozada Law & Associates, LLC, serves as
bankruptcy counsel.

In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Ramon
Nunez Freytes, president.



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


NATIONAL GAS: Moody's Lowers US$400MM Global Bonds Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings on National Gas
Company of Trinidad & Tobago's US$400 million global bonds due
2036 to Ba1 from Baa3. At the same time, Moody's assigned a Ba1
corporate family rating ("CFR") and maintained the ba1 baseline
credit assessment ("BCA") for NGC. The outlook on all ratings is
stable. These rating actions were triggered by Moody's April 25,
2017 downgrade of the Government of Trinidad & Tobago ("the
Government") bond ratings to Ba1 from Baa3, with a stable outlook.

RATINGS RATIONALE

The downgrade of NGC's bond ratings was triggered by the downgrade
of the government ratings although Moody's believe that the
company's liquidity and credit metrics, already solid for its
rating category, will improve in 2017 and 2018 from 2016 given
strict cost controls and better prices for methanol and ammonia,
which will positively affect operating margins and cash flow
generation. In addition, Moody's expects that NGC and the
government will remain committed to maintaining the company's
solid balance sheet, avoiding increase in debt to transfer funds
to the government.

NGC's Ba1 rating and ba1 BCA reflect the company's long track
record as a profitable and conservatively-managed company as well
as its monopoly position in the transmission and distribution of
natural gas from Trinidad and Tobago's offshore gas fields to the
domestic petrochemical, electrical power generation, steel and
light industrial sectors. However, the BCA also considers the
highly cyclical nature of the petrochemical sector and longer term
natural gas supply risk. The BCA incorporates the company's
economic burden of serving as a conduit for the Government for
national development, including the need to extend special credit
terms to the gas consuming electric utility company, although
Moody's understands that NGC plans to address the pending accounts
receivables as of 2016, thereby reducing that amount significantly
before the end of 2017, which will help release working capital
and strengthen the company's liquidity further. Moody's recognizes
that although the rating agency had anticipated that NGC's
adequate credit metrics and cash generation would make it
vulnerable to a government's decision to increase the company's
dividend payments, it was not the case in 2016 and the company
actually paid less dividends than in 2015.

In its joint default analysis, Moody's assumes a high default
correlation between the company and the sovereign, its sole
shareholder, and a very high support probability from the
Government to NGC, in case of need. The high level of dependence
on credit factors, such as the oil and gas industry dynamics, that
could cause stress to both the Government and the company
simultaneously, hinders the Government's ability to provide
extraordinary support.

The stable outlook on NGC's rating reflect Moody's view that the
company's creditworthiness will remain solid in the foreseeable
future. In addition, its rating outlook is highly dependent on the
credit quality of the government of Trinidad and Tobago.

NGC's ratings could be downgraded because of materially weakened
margin or cash flow performance, greater government interference
via increased taxation or dividends that could jeopardize the
company's liquidity profile, or a diversion of the company away
from its core gas pipeline operations into public policy programs,
including the extension of special credit terms to less profitable
state entities. In addition, NGC's Ba1 rating could be downgraded
as a result of a decreased likelihood that the government of
Trinidad & Tobago would provide extraordinary support to NGC, or
as a result of a downgrade of the Government's Ba1 rating.

NGC's BCA could be raised if size and scale improves, in
combination with sustainable low leverage and satisfactory
returns. Although unlikely at this point, an upgrade of the
ratings of the government of Trinidad & Tobago would provide a
lift to the company's rating.

The principal methodology used in this rating was Global Midstream
Energy published in December 2010. Other methodologies used
include the Government-Related Issuers methodology published in
October 2014.

NGC is a diversified natural gas transmission and distribution
company 100% owned by the Trinidad and Tobago's government. NGC is
Trinidad & Tobago's sole purchaser, transporter, and distributor
of natural gas to the domestic natural gas-based energy sector and
is also the designated agent of the Trinidad and Tobago's
government to promote and facilitate natural gas-based investment
in the country.

- Municipality of Coacalco: Affirmed Caa1/B3.mx ratings and stable
  outlook maintained.


TRINIDAD & TOBAGO: Economist Suggest Devaluing TT$ to Start Change
------------------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that senior
economist at the St. Augustine Campus of the University of the
West Indies, Dr. Roger Hosein, has suggested that it may be time
for this country to devalue the dollar to kick-start structural
change in the economy.  He suggested an exchange rate of between
$6 to $9 saying the market should be allowed to determine where it
would settle within that range, according to Trinidad and Tobago
Newsday.

Dr. Hosein said demand and supply should be allowed to determine
what the exchange rate should be, the report notes.

Dr. Hosein said a devaluation will, in the short term, affect the
level of import spending in the country but over the long term it
would increase the price of foreign goods, the report relays.
This, he said, will encourage households and other "economic
agents" to gradually shift their consumption patterns, which have
become very consumer-oriented, and that can help to dampen the
amount of import expenditure, the report notes.

Dr. Hosein added that if appropriately managed, a devaluation can
help to increase export revenue generation, the report notes.

However, a devaluation will not work if the State continues to
intervene in the labor market and starve the domestic private
sector of important chunks of the work force tied up in make-work
and other such programs, the report discloses.

Dr. Hosein made the comment in response to the latest downgrade of
this country, this time by Moody's Investors Services, which on
downgraded the country's issuer and senior unsecured debt ratings
to Ba1 from Baa3 and assigned a stable outlook.  Moody's action
followed the other major rating agency Standard & Poor's which on
April 21 also downgraded the country.

Moody's based its action on three factors: It found that the
authorities policy response has been insufficient to effectively
offset the impact of low energy prices on government revenues, as
fiscal consolidation efforts have mostly relied on oneoff revenue
measures.  It concluded that there has been a steady rise in debt
ratios driven by large government deficits and this has eroded the
country's fiscal strength.

Dr. Hosein said that indicates that the agency believes the State
has been relying on one-off revenue measures which, he said, will
come to an end at some point, the report relays.  He said apart
from the property tax, the State has not been making a significant
genuine effort to increase Government revenues, the report notes.
He said it did make some attempts in February 2016 with the Value
Added Tax when it widened the net to include previously non-VAT
items but reduced the rate to 12.5 percent from 15 percent, the
report adds.



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


* BOND PRICING: For the Week From April 24 to April 28, 2017
-------------------------------------------------------------


Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
CSN Islands XII Corp      7        68                  BR    USD
CSN Islands XII Corp      7        67.75               BR    USD
Decimo Primer Fideicomi   4.54     52.63  10/25/2041   PA    USD
Decimo Primer Fideicomi   6        63.5   10/25/2041   PA    USD
Dolomite Capital Ltd     13.26     67.2   12/20/2019   CN    ZAR
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
ESFG International Ltd    5.75      0.66               KY    EUR
General Shopping Financ  10        72.5                KY    USD
General Shopping Financ  10        71.7                KY    USD
Global A&T Electronics   10        74      2/1/2019    SG    USD
Global A&T Electronics   10        74.5    2/1/2019    SG    USD
Global A&T Electronics   10        65.5    2/1/2019    SG    USD
Global A&T Electronics   10        65      2/1/2019    SG    USD
Gol Finance               8.75     63                  BR    USD
Gol Finance               8.75     63.88               BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
MIE Holdings Corp         7.5      75.16   4/25/2019   HK    USD
MIE Holdings Corp         7.5      75.26   4/25/2019   HK    USD
NB Finance Ltd/Cayman I   3.88     58.01   2/7/2035    KY    EUR
Newland International P   9.5      19.88   7/3/2017    PA    USD
Newland International P   9.5      19.88   7/3/2017    PA    USD
Noble Holding Internati   5.25     72.98   3/15/2042   KY    USD
Ocean Rig UDW Inc         7.25     39      4/1/2019    CY    USD
Ocean Rig UDW Inc         7.25     38      4/1/2019    CY    USD
Odebrecht Drilling Norb   6.35     48.5    6/30/2021   KY    USD
Odebrecht Drilling Norb   6.35     47.25   6/30/2021   KY    USD
Odebrecht Finance Ltd     7.5      49                  KY    USD
Odebrecht Finance Ltd     4.3      48.29   4/25/2025   KY    USD
Odebrecht Finance Ltd     7.12     48.2    6/26/2042   KY    USD
Odebrecht Finance Ltd     5.25     46.15   6/27/2029   KY    USD
Odebrecht Finance Ltd     7        57.02   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.12     53.51   6/26/2022   KY    USD
Odebrecht Finance Ltd     8.25     70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     6        51.47   4/5/2023    KY    USD
Odebrecht Finance Ltd     5.25     45.92   6/27/2029   KY    USD
Odebrecht Finance Ltd     7.1      47.82   6/26/2042   KY    USD
Odebrecht Finance Ltd     7.5      49.25               KY    USD
Odebrecht Finance Ltd     4.3      48.39   4/25/2025   KY    USD
Odebrecht Finance Ltd     6        51.77   4/5/2023    KY    USD
Odebrecht Finance Ltd     8.2      70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     7        56.85   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.1      52.99   6/26/2022   KY    USD
Odebrecht Offshore Dril   6.6      39.64  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      36.44  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.6      38.79  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      38.75  10/1/2022    KY    USD
Petroleos de Venezuela   12.75     67.19   2/17/2022   VE    USD
Petroleos de Venezuela      9      58.28  11/17/2021   VE    USD
Petroleos de Venezuela      6      40.32   5/16/2024   VE    USD
Petroleos de Venezuela    9.75     50.15   5/17/2035   VE    USD
Petroleos de Venezuela    6        38.22  11/15/2026   VE    USD
Petroleos de Venezuela    5.37     37.39   4/12/2027   VE    USD
Petroleos de Venezuela    5.5      37.1    4/12/2037   VE    USD
Petroleos de Venezuela    6        41.25  10/28/2022   VE    USD
Petroleos de Venezuela    6        40.01   5/16/2024   VE    USD
Petroleos de Venezuela    9        58.11  11/17/2021   VE    USD
Petroleos de Venezuela    6        38.13  11/15/2026   VE    USD
Petroleos de Venezuela   12.75     67.2    2/17/2022   VE    USD
Petroleos de Venezuela    9.75     49.94   5/17/2035   VE    USD
Polarcus Ltd              5.6      60      3/30/2022   AE    USD
Siem Offshore Inc         5.8      49.75   1/30/2018   NO    NOK
Siem Offshore Inc         5.59     50.25   3/28/2019   NO    NOK
STB Finance Cayman Ltd    2.04     58.35               KY    JPY
Sylph Ltd                 2.36     50.93   9/25/2036   KY    USD
Uruguay Notas del Tesor   5.25     68.02  12/29/2021   UY    UYU
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
USJ Acucar e Alcool SA    9.87     67.5   11/9/2019    BR    USD
USJ Acucar e Alcool SA    9.87     65.75  11/9/2019    BR    USD
Venezuela Government In   9.25     48.75   5/7/2028    VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   9        51.75   5/7/2023    VE    USD
Venezuela Government In   9.37     49      1/13/2034   VE    USD
Venezuela Government In   7        71.88  12/1/2018    VE    USD
Venezuela Government In   9.25     52      9/15/2027   VE    USD
Venezuela Government In   7.65     46.38   4/21/2025   VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   7.75     61.75  10/13/2019   VE    USD
Venezuela Government In  11.95     58.13   8/5/2031    VE    USD
Venezuela Government In   6        53.75  12/9/2020    VE    USD
Venezuela Government In  12.75     67      8/23/2022   VE    USD
Venezuela Government In   7        44      3/31/2038   VE    USD
Venezuela Government In   6.5      36.53  12/29/2036   VE    USD
Venezuela Government In   8.25     47.75  10/13/2024   VE    USD
Venezuela Government In  11.75     57.75  10/21/2026   VE    USD
Venezuela Government TI    5.25    69.59   3/21/2019   VE    USD


                            ***********


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
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