TCRLA_Public/170516.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Tuesday, May 16, 2017, Vol. 18, No. 95


                            Headlines



B R A Z I L

BRAZIL: Auto Production Declines


C A Y M A N  I S L A N D S

ADI SPV: Shareholders' Final Meeting Set for May 18
ALKEON GLOBAL: Shareholders' Final Meeting Set for June 8
EKRON INTERNATIONAL: Shareholders' Final Meeting Set for May 22
LARRAIN VIAL: Shareholders' Final Meeting Set for May 18
LBC BRIGHTS: Shareholders' Final Meeting Set for May 18

RAMIUS MERGER: Shareholders' Final Meeting Set for May 15
RED RIVER: Shareholders' Final Meeting Set for May 18
SWISS CAPITAL: Shareholders' Final Meeting Set for May 31
TIDE POOL: Shareholders' Final Meeting Set for May 25
WILLIE RESOURCES: Shareholder to Hear Wind-Up Report on May 26


M E X I C O

MBIA MEXICO: S&P Affirms 'CCC' Counterparty Credit Ratings


P U E R T O    R I C O

PUERTO RICO: Cede & Co Added to List of Top Unsecured Creditors
PUERTO RICO: COFINA Files Petition; Joint Administration Sought
PUERTO RICO: COFINA's Case Summary & List of Creditors
PUERTO RICO: Proposes Prime Clerk as Claims Agent
PUERTO RICO: Retirees Ask for Own Official Committee


S T.  K I T T S  &  N E V I S

* ST. KITTS & NEVIS: Economy to Grow Again in 2017, IMF Says


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Unemployment Rate Down to 4% in 3rdQ
TRINIDAD & TOBAGO: Chair Warns Gov't. on Informal Forex Controls


V E N E Z U E L A

VENEZUELA: Maduro Replaces Top Health Official After Data Released


                            - - - - -


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


BRAZIL: Auto Production Declines
--------------------------------
EFE News reports that motor vehicle production in Brazil fell 18.8
percent last month compared with March, the Anfavea trade
association said.

At the same time, the 191,069 vehicles that rolled off assembly
lines last month represented a gain of 11.4 percent from the level
of output in April 2016, according to EFE News.

Brazilian automakers produced a total of 801,600 units in the
first four months of this year, up 20.9 percent over the same
period in 2016, the report notes.

The report says that vehicle exports advanced 64.2 percent in
January-April from the same period last year, to 232,192 units,
the report relays.

Brazil's auto industry -- No. 6 in the world -- has suffered from
the economic crisis that saw gross domestic product decline for
two successive years for the first time since the 1950s, the
report relays.

Firms in the sector have resorted to early retirement, layoffs,
and furloughs to bring the size of the workforce into life with
sharply reduced demand for new cars and trucks, the report notes.

Nearly 11,000 Brazilian autoworkers were affected by reductions in
hours last month, according to Anfavea, the report discloses.

Sales of new vehicles in Brazil totaled 156,894 units last month,
a drop of 3.7 percent month compared with April 2016, the dealers
association said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2017, Moody's Investors Service has changed the outlook
on Brazil's rating to stable from negative and affirmed its issuer
rating, senior unsecured at Ba2 and shelf ratings at (P) Ba2.


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


ADI SPV: Shareholders' Final Meeting Set for May 18
---------------------------------------------------
The shareholders of ADI SPV Fund (Offshore) Ltd. will hold their
final meeting on May 18, 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:

          ADI Capital Management LLC
          Paritosh Gupta
          295 Madison Avenue, 36th Floor
          New York
          New York 10017
          United States of America
          Telephone: +1 (212) 7630


ALKEON GLOBAL: Shareholders' Final Meeting Set for June 8
---------------------------------------------------------
The shareholders of Alkeon Global Alpha Master Fund L.P. will hold
their final meeting on June 8, 2017, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EKRON INTERNATIONAL: Shareholders' Final Meeting Set for May 22
---------------------------------------------------------------
The shareholders of Ekron International Ltd. will hold their final
meeting on May 22 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:

          Lily Lee
          Campbells Directors Limited
          Willow House, Floor 4, Cricket Square
          Grand Cayman KY1-9010
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


LARRAIN VIAL: Shareholders' Final Meeting Set for May 18
--------------------------------------------------------
The shareholders of Larrain Vial Investment Management Ltd will
hold their final meeting on May 18, 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:

          Larrain Vial Investment Inc
          Av. El Bosque 0117, 4th Floor
          Las Condes
          Santiago
          Chile
          Telephone: +55 9 23398500
          e-mail: alarrain@larrainvial.com


LBC BRIGHTS: Shareholders' Final Meeting Set for May 18
-------------------------------------------------------
The shareholders of LBC Brights Creek, Ltd. will hold their final
meeting on May 18, 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:

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


RAMIUS MERGER: Shareholders' Final Meeting Set for May 15
---------------------------------------------------------
The shareholders of Ramius Merger Arbitrage Master Fund Ltd will
hold their final meeting on May 15, 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:

          Ramius LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York NY 10022
          USA
          Telephone: (212) 823 0226
          e-mail: Michael.Benwitt@cowen.com


RED RIVER: Shareholders' Final Meeting Set for May 18
-----------------------------------------------------
The shareholders of Red River Holding will hold their final
meeting on May 18, 2017, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SWISS CAPITAL: Shareholders' Final Meeting Set for May 31
---------------------------------------------------------
The shareholders of Swiss Capital Alternative Investments GP
Limited will hold their final meeting on May 31, 2017, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Penney
          Landmark Square
          West Bay Road
          P.O. Box 775 Grand Cayman KY1-9006


TIDE POOL: Shareholders' Final Meeting Set for May 25
-----------------------------------------------------
The shareholders of Tide Pool Offshore Income Fund, Ltd. will hold
their final meeting on May 25, 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:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


WILLIE RESOURCES: Shareholder to Hear Wind-Up Report on May 26
--------------------------------------------------------------
The shareholder of Willie Resources Incorporated will hear on
May 26, 2017, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Man Wai Chuen
          China United Centre, 32nd Floor
          28 Marble Road
          North Point
          Hong Kong
          Telephone: +852 3198 0130


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


MBIA MEXICO: S&P Affirms 'CCC' Counterparty Credit Ratings
----------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' global scale counterparty
credit and financial strength ratings on MBIA Mexico S.A. de C.V.
S&P also affirmed its 'mxCCC' national scale financial strength
rating on the company.  The outlook on both ratings remains
negative.

Ratings on MBIA Mexico reflect S&P's opinion of its status as core
subsidiary of MBIA Insurance Corp. (MBIA Corp.; CCC/Negative/--).
This status is based on the parent support, which consists of a
reinsurance agreement between the two companies, given that MBIA
Mexico cedes 100% of its net liability to MBIA Corp.
Additionally, MBIA Mexico benefits from a net worth maintenance
agreement (NWMA) in which MBIA Corp. commits to maintain its
subsidiary's capital base at the minimum regulatory requirement in
Mexico or at US$10 million, whichever is greater.  MBIA Mexico is
in run-off and its portfolio consists of two financial guarantee
policies backing Mexican RMBS issuances maturing in 2036.  MBIA
Mexico is currently undergoing the cancellation of its outstanding
policies to be replaced by policies issued by MBIA Corp.,
according to an agreement with bondholders.  The regulatory filing
and approval is currently ongoing.  If and when this process is
completed and the Mexican subsidiary ceases to exist, S&P will
discontinue its ratings.

In S&P's view, MBIA Corp.'s liquidity position is weak, and absent
favorable developments, the company is unlikely to meet all of its
insurance policy obligations in the next 12 months.


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


PUERTO RICO: Cede & Co Added to List of Top Unsecured Creditors
---------------------------------------------------------------
The Commonwealth of Puerto Rico filed an amended list of creditors
who have the 20 largest unsecured claims and are not insiders to
provide that Cede & Co., as nominee of the Depositary Trust
Company, as holder of the $12,096,636,080 bond debt, replacing
Banco Popular de Puerto Rico, which was in the original list as
the bond trustee.  Cede & Co represents publicly held beneficial
holders of the bond debt.  For questions regarding holders of the
bond debt please contact Prime Clerk at 844-822-9231.

   Entity                          Nature of Claim       Amount
   ------                          ---------------       ------
Cede & Co., as                        Bond Debt   $12,096,636,080
55 Water St.
New York, NY 10041

U.S. Army Corps of Engineers          Services       $212,302,479
Annex Building
Fundacion Angel Ramos
2nd Floor Suite 202
Franklin Delano Roosevelt Avenue #383
San Juan, Puerto Rico-00917
Fax: 787-729-6875
Email: Antilles.AO@usacc.army.mil

Total Petroleum Corps.                 Supplies       $11,506,512
PO Box 362916
San Juan, Puerto Rico 00936-2916
Attn: Luis Llado
Fax: 787-783-0407
Email: Luis.Llado@tpprc.com

EVERTEC Inc.                           Services       $10,167,835
Carr. #176 k.m. 1.3 Cupey Bajo
Rio Piedras, PR 00926
Fax: 787-250-7356
Email: eserrano@evertecinc.com

Microsoft                              Services        $8,120,058
City View Plaza I Suite 107
#48 State Road 165 Km 1.2
Guaynabo, PR 00968
Attn: Jenny Rivera
Fax: 787-273-3634
Email: jerivera@microsoft.com

Baxter Sales & Distrib PR Corp.        Supplies        $6,974,075
P.O. Box 360002
San Juan, PR 00936-0002
Attn: Eric Ruiz Malave & John Almeida
Fax: 787-792-4646
Email: cric_ruiz@baxter.com
       pat_johnsen@baxter.com
One Baxter Park Way
Deerfield, Illinois 60015

Cesar Castillo Inc.                     Supplies       $6,008,917
PO Box 191149
San Juan, PR 00919-1149
Attn: Jose L. Castillo
Fax: 787-999-1613
Email: jgonzalez@cesarcastilo.com

IKON Solutions, Inc.                    Services       $5,857,040
270 Avenida Munoz Rivera PHI
San Juan, PR 00918
Attn: Pedro J. Latorre Negron
Fax: 787-620-0590
Email: pedro.latorre@ikonpr.com

Kirkland & Ellis LLP                    Services       $5,342,970
655 Fifteen Street, N.W.
Washington DC 20005
Attn: Travis Langenkamp &
      Michael F. Williams
Email: mwilliams@kirkland.com

MC&CS                                  Services        $3,998,904
428 Ave Escorial Caparra Hts
Vicjo San Juan, Puerto Rico 00926
Attn: Carlos Colon Medina
Fax: 787-774-1870
Email: carloscolon@mccspr.com
       ccolon@mccspr.com

Manpower                               Services        $3,236,683
268 Munoz Rivera Ave, Ground Floor
San Juan, PR 00918
Attn: Melissa Rivera
Fax: 787-767-7611
Email: melissa.rivera@manpower.com

COSALL                                 Services        $3,234,442
Carr 181 Km 2.0
Trujillo Alto, Puerto Rico 00976
Attn: Jorge 1, Valentin Asencio
Fax: 787-292-1211
Email: jorge.valentin@cosallpr.com
PO Box 1858
Trujillo Alto, P.R. 00977

Puerto Rico Telephone Company          Services       $3,200,935
1515 F.D. Roosevelt Avenue
Guaynabo, PR 00968
Attn: Enrique Ortiz de Montelano Rangel
Fax: 787-792-9830
Email: enrique.ortiz@claropr.com

Ediciones Santillana, Inc.             Supplies       $2,807,231
Avenida Roosvelt 1506
Guaynabo, PR 00968
Attn: Daniel Sanz & Obed Betancourt
Fax: 787-486-4826
Email: dsanz@santilluna.com
       ydejesus@santillana.com
       obetancourt@santillana.com

Corporacion de Servicios               Services       $2,517,577
Educativos de Yabucoa
Sector Juan Martin
Carretera #3 Km 93.7
Ruta 901
Yabucoa, PR 00767
Attn: Dr. Roque Diaz Tizol
Fax: 787-266-3881
Email: mmedia@cosey.org

Cardinal Health PR                    Supplies        $2,460,000
Centro Internacional de
Distribucion PR -165
Km 2.4 Edificio 10
Guaynabo, PR 00965
Attn: Deborah Weitzman @ Kaleny Nazario
Bartolomei
Fax: 787-625-4322
Email: kaleny.nazario@cardinalhealth.com
       deborah.weitzman@cardinalhealth.com
PO Box 366211
San Juan PR, 00936

Institucion Educativa NETS, LLC       Services        $2,439,180
84-11 70 Street, Sierra Bayamon
Bayamon, PR 00961
Attn: Nydia T. Rodriguez Lopez
Fax: 787-785-5564
Email: mrodriguez@netspr.com

Braxton School of Puerto Rico         Services        $2,153,106
K-2 Ave. San Patricio
Guaynabo, PR 00968
Attn: Angelina Sosa
Fax: 787-793-0495
Email: wmunoz@baraxtonpr.com
       academico@braxtonpr.com
       braxton.dp@gmail.com

Workforce Training and                Services         $2,063,354
Employment Center, Inc. (WOTEC)
Marginal 65 Infanteria #23
Urb. San Agustin
San Juan, PR 00925
Attn: Rosa J. Orama Ortiz
Fax: 787-815-0432
Email: info@wotecpr.org

Ediciones SM                          Supplies         $1,893,127
Barrio Palmas 776
Calle 7, Suite 2
Catano, PR 00962
Attn: Marisol Diaz
Fax: 787-625-9799
Email: marisol.diaz@primaspr.net
       consultas@sm-pr.com

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto
Rico's PROMESA petition is available at

         http://bankrupt.com/misc/17-01578-00001.pdf

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).   Joint administration has been sought for the
Title III cases.

U.S. Chief Justice John Roberts has named U.S. District Judge
Laura Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


PUERTO RICO: COFINA Files Petition; Joint Administration Sought
---------------------------------------------------------------
The Financial Oversight and Management Board for Puerto Rico
issued on May 5, 2017, a restructuring certification pursuant to
PROMESA sections 104(j) and 206 and filed a voluntary petition for
relief for Puerto Rico Sales Tax Financing Corporation pursuant to
PROMESA section 304(a), commencing a case under title III thereof
(D.P.R. Case No. 17-01599).

COFINA was created, among other things, to raise money for the
Commonwealth in exchange for the Commonwealth's transfer to COFINA
of certain sales and use taxes.

The Commonwealth of Puerto Rico (which earlier filed a PROMESA
petition) and COFINA have filed a motion, through the Oversight
Board, as the Debtors' representative pursuant to section 315(b)
of PROMESA, filed a motion, pursuant to PROMESA section 304(g),
and rule 1015(b) of the Federal Rules of Bankruptcy Procedure,
made applicable to these cases by PROMESA section 310, for entry
of an order directing the joint administration of the Debtors'
Title III Cases.

"Joint administration of the Title III Cases will save the Debtors
substantial time and expense, because it will remove the need to
prepare, replicate, file, and serve duplicative notices,
applications, and orders in each of the Debtors' cases.  Further,
joint administration will relieve administrative burdens otherwise
placed on the Court as a result of having to enter potentially
duplicative orders and maintaining duplicative files and dockets.
Joint administration of these Title III Cases will therefore
promote judicial economy and efficiencies, reducing delay and
expenses for the Debtors, their creditors, and other interested
parties," Martin J. Bienenstock, Esq., at Proskauer Rose LLP,
explains.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto
Rico's PROMESA petition is available at

         http://bankrupt.com/misc/17-01578-00001.pdf

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).   Joint administration has been sought for the
Title III cases.

U.S. Chief Justice John Roberts has named U.S. District Judge
Laura Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


PUERTO RICO: COFINA's Case Summary & List of Creditors
------------------------------------------------------
Debtor: Puerto Rico Sales Tax Financing Corporation

        c/o Financial Oversight and Management Board for
        Puerto Rico, as Representative of the Debtor
        Jacob Javits Federal Bldg.
        26 Federal Plaza
        Room 2-128, Attn: Jaime El Koury
        New York, NY 10278

Case No.: 17-01579

About the Debtor: COFINA was created, among other things, to raise
                  money for the Commonwealth in exchange for the
                  Commonwealth of Puerto Rico's transfer to COFINA
                  of certain sales and use taxes.

                  On Sept. 30, 2016, COFINA was designated by the
                  Financial Oversight and Management Board for
                  Puerto Rico as a Covered Territorial
                  Instrumentality pursuant to Sec. 101(d)(1)(A) of
                  PROMESA.

                  Title III of PROMESA provides a means for a
                  covered territory (such as the Commonwealth)
                  that has encountered financial difficulty to
                  work with its creditors to adjust its debts.  To
                  that end, certain sections of the United States
                  Bankruptcy Code, 11 U.S.C. Sec. 101 et seq., are
                  incorporated and made applicable to cases under
                  title III of PROMESA.  During the Title III
                  Case, the Commonwealth will remain in possession
                  and control of its property, and will continue
                  to maintain its functions and provide services
                  for the benefit of the citizens of Puerto Rico.
                  The Commonwealth intends to propose a plan for
                  the adjustment of the Commonwealth's debts.

PROMESA Title III Petition Date: May 5, 2017

Court: United States District Court
       District of Puerto Rico
       150 Carlos Chardon Street
       San Juan, PR 00918-1767
       http://www.prd.uscourts.gov/

Judge: Judge Laura Taylor Swain

Related entity that earlier filed PROMESA petition:

                                                   Petition
         Debtor                        Case No.       Date
         ------                        --------       ----
    The Commonwealth of Puerto Rico   17-01578     May 3, 2017

Attorneys for the
Financial Oversight and
Management Board:         Martin J. Bienenstock, Esq.
                          Scott K. Rutsky, Esq.
                          Philip M. Abelson, Esq.
                          PROSKAUER ROSE LLP
                          11 Times Square, New York NY 10036
                          Tel: (212) 969-3000
                          Fax: (212) 969-2900
                          E-mail: mbienenstock@proskauer.com
                                  srutsky@proskauer.com
                                  pabelson@proskauer.com

Co-Attorneys for the
Oversight Board:          Hermann D. Bauer, Esq.
                          O'NEILL & BORGES LLC
                          250 Munoz Rivera Ave., Suite 800
                          San Juan, PR 00918-1813
                          Tel: (787) 764-8181
                          Fax: (787) 753-8944
                          E-mail: hermann.bauer@oneillborges.com

Oversight Board's
Strategic Consultant:     MCKINSEY & CO.

Oversight Board's
Municipal Investment
Banker:                   CITIGROUP GLOBAL MARKETS

Oversight Board's
Financial Advisor:        ERNST & YOUNG

Counsel to the
Puerto Rico Fiscal
Agency and Financial
Advisory Authority:       John J. Rapisardi, Esq.
                          Suzzanne Uhland, Esq.
                          Peter Friedman, Esq.
                          O'MELVENY & MYERS LLP
                          7 Times Square
                          New York, NY 10036
                          Tel: 212.326.2000
                          Fax: 212.326.2061
                          E-mail: jrapisardi@omm.com
                                  suhland@omm.com
                                  pfriedman@omm.com

Claims &
Noticing
Agent:                    PRIME CLERK LLC

The petition was signed by Jaime El Koury, general counsel.

A copy of COFINA's Petition is available at:

    http://bankrupt.com/misc/prb17-01599_PR-COFINA_Petition.pdf

COFINA's List of Creditors Who Have the 20 Largest Unsecured
Claims and Are Not Insiders:

   Entity                          Nature of Claim       Amount
   ------                          ---------------       ------
Lehman Brothers Holdings Inc.     Legal Claim- SWAP    $3,400,000
c/o Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY
Attn: Garrett A. Fail.
Fax: (212) 310-8007

KPMG, LLC                         Audit Fees             $218,811
American Int'l Plaza, 250 Ave.
Luis Munoz Rivera
San Juan, PR 00918
Attn: Angel Perez & Luisette Negron
Fax: (787) 754-6175
E-mail: aperez@kpmg.com
        lnegron@kpmg.com


PUERTO RICO: Proposes Prime Clerk as Claims Agent
-------------------------------------------------
The Commonwealth of Puerto Rico and the Puerto Rico Sales Tax
Financing Corporation, by and through the Financial Oversight and
Management Board for Puerto Rico, ask the U.S. District Court for
the District of Puerto Rico, to authorize the employment and
payment of Primer Clerk LLC as the official solicitation, notice,
and claims agent in the Title III cases.

According to the Debtors, appointing Prime Clerk as the
solicitation, notice and claims agent in the Title III cases
expedites the distribution of notices and solicitation of votes on
a plan of adjustment, and relieves the office of the Clerk of the
Court of the administrative burden of processing a potentially
overwhelming amount of claims.

Prime Clerk will, to the extent requested by the Oversight Board
and the Debtors:

   (a) prepare and serve required notices and documents in the
Title III Cases in accordance with PROMESA, the Bankruptcy Code,
and the Bankruptcy Rules.

   (b) prepare and file or cause to be filed with the Clerk an
affidavit or certificate of service for all notices, motions,
orders, other pleadings, or documents served within 3 business
days of service.

   (c) maintain a list of all potential creditors and other
parties in interest, maintain a core mailing list of all parties
described in Bankruptcy Rule 2002(i),(j), and (i) and those
parties that have filed a notice of appearance under Bankruptcy
Rule 9010; and (iii) update and make available the foregoing lists
upon request by a party in interest or the Clerk.

   (d) identify and correct any incomplete or incorrect addresses
in any mailing or service lists.

   (e) furnish a notice to all potential creditors of the last
date
for filing proofs of claim.

   (f) maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail received.

   (g) process all proofs of claim received, including those
received by the Clerk, check said processing for accuracy and
maintain the original proofs of claim in a secure area.

   (h) provide an electronic interface for filing proofs of claim.

   (i) maintain the official claims register for the Debtors on
behalf of the Clerk.

   (j) implement necessary security measures to secure the
completeness and integrity of the Claims Registers and the
safekeeping of the original claims.

   (k) record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e).

   (l) relocate, by messenger or overnight delivery, all of the
court-filed proofs of claim to the offices of Prime Clerk, not
less than weekly.

   (m) upon completion of the docketing process for all claims
received to date, turn over to the Clerk a copy of the Claims
Register for the Clerk's review.

   (n) monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders filed.

   (o) assist in the dissemination of information to the public
and respond to requests for administrative information regarding
these Title III Cases.

   (p) 30 days before the close of these Title III Cases, to the
extent practicable, request that the Oversight Board, on behalf of
the Debtors, submit to the Court a proposed order dismissing Prime
Clerk as solicitation, notice and claims agent and terminating its
services in such capacity upon completion of its duties and
responsibilities and upon the closing these Title III cases.

   (q) within seven days of notice to Prime Clerk of entry of an
order closing these Title III Cases, provide to the Court the
final version of the Claims Register as of the date immediately
before by the close of the Title III Cases.

   (r) at the close of the Title III Cases, box and transport all
original documents to any location requested by the Clerk's
office.

   (s) assist with the solicitation, balloting and tabulation of
votes and preparation of any related reports, as required in
support of a confirmation of a plan of adjustment.

   (t) prepare an official ballot certification.

   (u) manage and coordinate any distributions pursuant to a plan
of adjustment.

   (v) provide such other processing solicitation balloting and
other administrative services as may be requested from time to
time by the Debtors, the Oversight Board, the Court or the Clerk.

Prime Clerk has agreed to be employed by the Debtors conditioned
upon its ability to work under its customary terms and conditions
of employment, including the proposed compensation arrangements
set for in the Engagement Agreement.

The Debtors have agreed to pay Prime Clerk an advance of $100,000.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto
Rico's PROMESA petition is available at

         http://bankrupt.com/misc/17-01578-00001.pdf

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).   Joint administration has been sought for the
Title III cases.

U.S. Chief Justice John Roberts has named U.S. District Judge
Laura Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


PUERTO RICO: Retirees Ask for Own Official Committee
----------------------------------------------------
The Ad Hoc Committee for the Protection of Accrued Retirement
Benefits of Puerto Rico's Public Employees and Retirees is asking
the U.S. District Court for the Commonwealth of Puerto Rico for
entry of an order directing the appointment of an official retiree
committee with respect to the interests of Puerto Rico's public
employees and retirees as holders of accrued pension and other
retirement benefits.

The Ad Hoc Committee also wants the District Court to enter an
order specifically appointing the members of the Ad Hoc Retiree
Committee to serve as the members of the Official Retiree
Committee.

"[T]he size and complexity of this case clearly militate in favor
of creating an Official Retiree Committee to ensure adequate
representation of Retirees.  There are approximate 160,000
public-employment retirees in Puerto Rico and approximately
another 160,000 active public employees holdings accrued
retirement benefits.  The claims of these Retirees for pension
benefits, health care and other post-employment benefits are
complex and completely distinct from other types of unsecured
claims.  The claims for pension underfunding alone are estimated
at approximately alone are estimated at approximately $50 billion.
In light of the size, volume, uniqueness and complexity of Retiree
claims, the appointment of an Official Retiree Committee is
warranted and necessary to provide adequate representation of
Retirees," explains A.J. Bennazar-Zequeira, Esq., at Bennazar,
Garcia & Milian, C.S.P.

"If an unsecured creditors committee is appointed, participation
of Retirees on that committee would not provide adequate
representation of Retirees.  The claims of Retirees will likely be
in direct conflict with those of financial and trade creditors on
such committee, whose claims in total are also in the billions of
dollars.  Thus, an unsecured creditors committee comprising
Retirees along with financial and trade creditors would likely be
rendered dysfunctional and would not serve the representation
needs of Retirees."

"Negotiating with over 300,000 individual creditors is simply
impossible, and any attempt to do so would engender enormous delay
and costs in administering these proceedings.  Moreover, these
individuals generally lack the means to represent themselves
individually in this matter.  Even collectively, as mentioned, the
Ad Hoc Retiree Committee cannot afford to pay legal fees of its
counsel and is receiving legal services at present on a
concessionary basis.  In contrast, an Official Retiree Committee
would be authorized to employee counsel and other professionals
necessary to protecting Retiree interests, with the expenses being
borne by the Debtor, pursuant to 11 U.S.C. Sec. 1103, PROMESA
Sections 316 and 317 (48 U.S.C. Sec. 2176, 2177), and any other
applicable orders of the Court.  Thus, an Official Retiree
Committee able to deploy professionals to analyze issues and
appear at court and in negotiations on behalf of all Retirees,
collectively, is a more effective, efficient and realistic method
of giving voice to Retiree concerns and also provides a
centralized point of contact for the professionals representing
the Oversight Board and Governor Rosello's administration.  For
these very reasons, retiree committees charged with appearing and
negotiating on behalf of retirees are routinely appointed in
municipal bankruptcies.  See In re City of Detroit, Case No. 13-
53846 (Bankr. E.D. Mich.), Appointment of Official Committee of
Retirees (Dkt. No. 566, Aug. 22, 2013); In re City of Stockton,
Case No. 12-32118 (Bankr. E.D. Cal.), Appointment of Official
Committee of Retirees (Dkt. No. 846, Apr. 1, 2013); In re City of
Vallejo, Case No. 08-26813 (Bankr. E.D. Cal.), Appointment of
Official Unsecured Creditors Committee of Retirees (Dkt. No. 286,
Oct. 8, 2008).  In fact, consistent with this Motion, in In re
city of Stockton, a prepetition ad hoc retiree committee was
appointed to serve as the official retiree committee."

"Also, in this case, many Retirees may struggle to understand
pleadings and reports written in English.  Having an Official
Retiree Committee regularly posting information in Spanish
regarding matters occurring in the Court would provide an
important public information function."

"While Governor Rossello, the Oversight Board, and bondholders
have differed in their views as to what is the appropriate level
of cuts to accrued pension benefits, they have all contemplated
such cuts, and the certified fiscal plan clearly envisions such
reductions -- without permitting the effected parties (i.e. the
Retirees) to participate in the negotiations.  As stated, counsel
for the Ad Hoc Retiree Committee attended a meeting with counsel
for the Oversight Board and the Governor in Washington, D.C., and
participated in a public meeting of the Oversight Board.  However,
the Committee has not been invited to participate in any debt-
restructuring negotiations to date.  Not permitting the Retirees
to participate in restructuring negotiations that contemplate cuts
to their own accrued retirement benefits blatantly threatens
prejudice to Retiree interests and is completely antithetical to
the holistic and inclusive approach that is the hallmark of multi-
party creditor restructuring negotiations.  Therefore, even if
Title VI-type negotiations may continue to be pursued under Title
III, the time has come for Retirees to be at the table to protect
their interests.  As creditors owed an estimated aggregate
underfunding claim of approximately $50 billion, the Retirees
clearly deserve at the negotiating table.  If an Official Retiree
Committee is appointed pursuant to 11 U.S.C. Sec. 1102 and 1103,
such Committee would be affirmatively authorized to participate in
the restructuring negotiations."

Counsel of the Ad Hoc Retiree Committee:

         A.J. Bennazar-Zequeira, Esq.
         BENNAZAR, GARCIA & MILIAN, C.S.P.
         Edificio Union Plaza, PH-A
         416 Ave. Ponce de Leon
         Hato Rey, Puerto Rico 00918
         Tel: (787) 754-9191
         Fax: (787) 764-3101
         E-mail: ajb@bennazar.org

Co-Counsel to the Ad Hoc Retiree Committee:

         Robert D. Gordon, Esq.
         Shannon L. Deeby, Esq.
         Jennifer K. Green, Esq.
         CLARK HILL PLC
         151 South Old Woodward Avenue, Suite 200
         Birmingham, MI 48009
         Tel: (248) 988-5882
         Fax: (248) 988-2502
         E-mail: rgordon@clarkhill.com
                 sdeeby@clarkhill.com
                 jgreen@clarkhill.com

                 Members of Ad Hoc Committee

The Ad Hoc Retiree Committee comprises a group of public-
employment retiree organizations based in Puerto Rico that share a
common concern regarding the protection of accrued retirement
benefits in the restructuring process under PROMESA.  In addition,
there are several individuals who serve on the Ad Hoc Retiree
Committee solely in their individual retiree capacities.  All
individuals participating on the Ad Hoc Retiree Committee are
personally holders of accrued public pension and other retirement
benefits.

The Ad Hoc Retiree Committee's constituent organizations represent
over 91,000 Retirees.  Retirees who participate in four out of the
five public pension systems in Puerto Rico are represented by the
Ad Hoc Retiree Committee; only retirees from the Puerto Rico
Electrical Power Authority are currently unrepresented by the
Committee.

To date, these associations and individuals have joined the Ad Hoc
Retiree Committee:

    i. Asociacion de Empleados de Comedores y Pensionados del
Gobierno de Puerto Rico (Retired school lunch workers);

   ii. Asociacion de Empleados Jubilados de la UPR (Retired
University of Puerto Rico employees);

  iii. Asociacion de Ex Empleados Socios;

   iv. Asociacion de Pensionados del Gobierno de Puerto Rico
(APGPR) (Retired Government of Puerto Rico employees);

    v. Asociacion de Profesores Jubilados de la UPR-Humacao
(Retired Professors of the University of Puerto Rico Humacao
Campus);

   vi. Departamento de Pensionados y/o Retirados Asociacioni de
Maestros (Retired teachers/ members of the Teachers' Association);

  vii. Pensionados C.F.S.E. (Retired employees of the State
Workers Compensation Insurance Fund);

viii. Retirados AEELA INC (Retired AEELA employees);

   ix. Sindicato de Policias Puertorriquenos (Retired members of
the Policemen's Syndicate);

    x. Asociacion de Retirados Residentes en el Exterior
A.S.R.E.P. (Retirees residing outside of Puerto Rico);

   xi. Asociacion de Medicos Jubilados C.F.S.E. (Retired doctors
of the Workers Compensation Insurance Fund);

  xii. Movimiento Retiro 447 (Active employees who still qualify
for Law 447 Defined Benefit Plan);

xiii. Individual Pensionado S.R.M. (Retired employees of the
Teachers Retirement System);

  xiv. Individual Pensionada E.L.A. (Retired Judge, Judiciary
Retirement System);

   xv. Empleados Jubilados de la Comision Industrial  (Retired
Employees of the Industrial Commission);

  xvi. Capitulo de Jubilados de Federacion de Maestros (Chapter of
Retired Members of the Teachers Federation); and

xvii. Asociacion de Veteranos de la Policia Inc. (Police Veterans
Association).

The Ad Hoc Retiree Committee's roster also includes the American
Association of Retired Persons ("AARP") as an ex-officio member.

The scope of retirees represented by the Ad Hoc Retiree Committee
includes representation of, inter alia, retired teachers, police
officers, school lunch room employees, professors, judges, and
general government employees.

The Ad Hoc Retiree Committee has retained qualified legal counsel,
Clark Hill PLC, the same first that represented the General
Retirement System and the Police and Fire Retirement System of the
City of Detroit in the historic City of Detroit municipal
restructuring case.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto
Rico's PROMESA petition is available at

         http://bankrupt.com/misc/17-01578-00001.pdf

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).   Joint administration has been sought for the
Title III cases.

U.S. Chief Justice John Roberts has named U.S. District Judge
Laura Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


=============================
S T.  K I T T S  &  N E V I S
=============================


* ST. KITTS & NEVIS: Economy to Grow Again in 2017, IMF Says
------------------------------------------------------------
An IMF mission visited St. Kitts and Nevis during April 18-May 4
to conduct the 2017 Article IV consultation.

Notwithstanding a difficult international environment, St. Kitts
and Nevis' economy is expected to grow again in 2017 for the 5th
consecutive year. St. Kitts and Nevis' strong macroeconomic
performance owes much to the robust Citizenship-by-Investment
(CBI) inflows and their spillovers to the economy, as well as
overall prudent macroeconomic policies. Against the background of
elevated risks to CBI inflows and risks associated with completion
of the debt-land swap, the mission focused on measures to
safeguard macroeconomic and financial stability, including by
strengthening the fiscal policy framework and reducing reliance on
CBI inflows, and necessary reforms to attain sustainable,
inclusive growth.

1. Economic performance moderated somewhat in 2016 compared to the
recent years. The economy grew at a modest 3.2 percent in 2016,
compared to 4.9 percent in 2015, while still exceeding the average
growth rate in the ECCU region. The overall fiscal surplus, at 4.2
percent of GDP, deteriorated compared to 2015, owing mainly to
lower CBI receipts. The underlying overall balance (that is, the
overall balance excluding SIDF grants, CBI-related receipts and
due diligence expenditure) remains in deficit, around 3.3 percent
of GDP. A combination of lower CBI-budgetary receipts and a larger
trade deficit resulted in a significant widening of the current
account deficit. At the same time, public debt fell further,
projected to reach the 60 percent ECCU debt-to-GDP target by 2018,
ahead of ECCU peers.

2. The authorities made significant efforts to strengthen the CBI
program, given risks to CBI revenues in a challenging regional and
global environment. They have strengthened the due-diligence
process with dedicated resources and global collaboration, as this
is essential to reduce integrity and security risks, preserve the
program's credibility, and avoid a race-to-the-bottom.

3. The medium-term outlook incorporates conservative assumptions
on future CBI flows. Growth is projected to be 2.7 percent for
2017 and is expected to average around 3 percent in the medium
term. The projected slowdown in construction would be offset by
public investment on infrastructure and higher tourism growth (as
source market growth accelerates and new tourism facilities come
on stream in 2017-19). The external current account deficit should
remain large with CBI inflows tapering off.

4. Risks to the medium-term outlook are broadly balanced. Key
risks include further delays in completing the debt-land swap and
a sharp drop in CBI inflows due to more acute competition and
global security concerns. Other negative risks include a stronger
U.S. dollar, a tighter financial environment, a more severe Zika
epidemic, and a major natural disaster. Loss of correspondent
banking relationships (CBRs) could add to challenges. Softer
global climate change policy may exacerbate natural-disaster
risks. On the upside, stronger CBI inflows (from ongoing program
reforms and tougher immigration policies in the United States on
other countries) and weaker oil-prices could support faster
growth.

5. The authorities' 2017 policy priorities focus on preserving the
gains in fiscal sustainability while supporting growth and
strengthening resilience. The strategy aims at controlling
government recurrent spending while scaling up public investment
to build resilience, and to support stronger sustainable and
inclusive growth. The budget does not propose new taxes, but
envisages streamlining concessions over the next 2-3 years and
implementing public financial management reform.

6. The medium-term fiscal framework should continue to focus on
reducing reliance on CBI inflows in a world of heightened
uncertainty. The VAT and import-duty exemptions since 2014 have
weakened the fiscal framework. Notwithstanding the large fiscal
buffers accumulated, an extreme scenario of a sharp drop in CBI
inflows could result in fiscal deficits that erode the buffers as
early as 2020 and risk reversing the downward debt trajectory,
absent fiscal adjustment. An economic slowdown could further
weaken tax performance.

7. A medium-term fiscal framework anchored to a balanced
underlying primary-balance target would help increase resilience
to sharp drops in CBI inflows, with needed adjustment at about 2.1
percent of GDP paced over 3-5 years. Such a target, along with the
ECCB-debt target, could be enshrined in fiscal responsibility
legislation that would provide the government with a commitment
device to anchor its adjustments. It would safeguard against
pressure to deviate from the adjustment path, and save windfall
CBI inflows, excluded from the rule, in a contingency fund.
Approval of both Cabinets of an action plan to meet the primary
balance target at the country level is key.

8. On the revenue side, the tax base should be broadened,
including by streamlining tax incentives and continuing to improve
tax administration. The revenue loss from tax incentives remains
high (at 6.4 percent of GDP -- both discretionary and granted by
legislation). [2] Tax incentives should be transparent, rule-
based, and well-targeted. The Fund supports the authorities'
intention to refine the system and stands ready to assist.
Consideration should also be given to updating property valuations
and enhancing compliance. Other taxes, including on cigarette,
alcohol, and sugary products (consistent with initiatives that
CARICOM is exploring) can raise revenue, while contributing to
government efforts to reduce no communicable diseases.

9. On the expenditure side, containing spending on goods and
services and the public wage bill should remain a priority. We
welcome the intention to establish a more predictable system for
public pay-packages and recommend that pay increases be consistent
with budgetary constraints, macroeconomic developments, and
regular benchmarking with private sector wages. A ceiling on the
public-wage bill could be set, guided by the medium-term fiscal
framework anchored to the debt and primary-balance targets.
Allocations could be communicated by Cabinet to line ministries
within the budget process, taking into account the envisaged
qualification- and performance-based incentive system.

10. Plans to introduce universal health-coverage (UHC) are
commendable, but its fiscal implications should be carefully
managed. The design, coverage, and financing of UHC should limit
risk to fiscal sustainability. The scheme should be funded from
permanent revenue sources to avoid recurrent drains on the budget.
The benefit package for the population should ensure the system's
financial viability, and use specific measures to target the poor.
Appropriate incentives and regulatory tools should contain costs.
Drawing on expertise from PAHO and the World Bank should help
tailor the scheme appropriate to the country characteristics.

11. We welcome the commitment to establish a Growth and Resilience
Fund (GRF) and stand ready to assist with the modalities. The GRF
should have a simple sovereign-wealth-fund structure, with a
prudent investment strategy and flows fully integrated with the
fiscal framework. We welcome the agreement on the budgetary
arrears with PDVSA and near-agreement on NIA debt-restructuring,
and support any further liability-management efforts, including
reducing outstanding T-bills, accelerating payment of expensive
debt, and improving debt terms.

12. Structural reforms to strengthen public financial management
need urgent attention. The SIDF's quasi-fiscal spending should be
contained, including by streamlining its activities and
integrating with the general government's consolidated account to
facilitate more comprehensive fiscal planning and cash management.
Once the GRF is established, the authorities should consider
transferring revenue from CBI flows and resulting SIDF deposits to
the GRF. The authorities have accepted the need to enhance the
oversight of public corporations by enforcing timely reporting of
financial statements. The overall public financial management
would also benefit from the strengthening of the NIA's debt and
cash management frameworks.

13. Fiscal efforts should address the need to prepare for the
inevitable recurrence of natural disasters. A comprehensive risk-
management framework focusing on risk reduction and mitigation is
critical to building resilience and reducing the fiscal burden of
disasters. Natural disaster risk could be assessed and
incorporated into budget and debt management frameworks, with
investments in risk reduction (e.g., targeted infrastructure
projects, early warning systems, and risk maps), and self-
insurance (financed through fiscal buffers). Contingent financing
plans, risk-transfer arrangements, and encouraging private sector
investment in risk mitigation are also essential.

14. The sale of lands under the debt-land swap arrangement must be
completed urgently to limit fiscal and financial risks. A clear
action plan and timetable with concrete milestones are needed.
Completing existing purchase proposals and stepped up marketing to
generate sales, including through real-estate agents and the SLSC
website, will help establish momentum and remove the policy
uncertainty. Cooperation with CIU and SKIPA is welcome and should
support these efforts. We welcome the ongoing discussions on the
renewal of the dividend-guarantee agreement with banks at
renegotiated terms.

15. The authorities should continue strong efforts to reduce CBR
risks and maintain the integrity of the CBI-program. The
authorities have further improved compliance with international
AML/CFT standards and exchange of information, and are jointly
working with the ECCB to implement AML/CFT standards. Banks
continue to suffer from increasing costs through higher fees,
lengthier transactions, and increased due diligence, but open
communication and information-sharing between respondent and
correspondent banks have helped limit loss of CBRs. Introducing
Basel II and the continued implementation of risk-based
supervision should also improve perceptions. Careful consideration
of amalgamation opportunities can help address volume-of-business
concerns and improve risk-management capability.

16. Banks are still burdened by high levels of nonperforming loans
(NPLs). Their swift resolution is critical to limit further
deterioration, revive credit expansion, and support economic
growth. The establishment of the ECAMC will allow for a more
efficient collection and disposal of distressed assets. Ongoing
efforts to modernize the foreclosure and insolvency frameworks
would help maximize recovery. The new collateral appraisal
guidelines, credit bureau, and land registry should help contain
future losses from NPLs.

17. The authorities should monitor other potential risks,
including the implications of a slowdown in CBI inflows for the
banking system. While the direct impact may be limited, and even
though the local and CBI-related real-estate markets are
segmented, and most CBI-properties are self-financed, slower
inflows may affect banks through reduced construction activity and
its spillover effects on borrowers' repayment capacity.
Authorities should monitor market developments closely and ensure
adequate prudential oversight to minimize any potential effects on
banks of further slowdown in CBI inflows and the ending of the 5-
year holding-period for existing CBI properties.

18. The authorities should adopt a comprehensive strategy to
overcome persistent structural challenges that continue to limit
the potential for inclusive growth. Ongoing efforts to expedite
business registration, establish a dedicated land-registry, credit
bureau, and SME partial-credit-guarantee scheme, and revise the
foreclosure legislation should improve the weak business
environment that lags peers. Alternative investment options under
the CBI program could channel funds to renewable energy, health,
education, supporting skill development and economic
diversification, while also reducing the risk of asset bubbles.
Soft-skills training program is welcome; however, time-bound
participation should be enforced upon certification, and stipends
set below the minimum wage. A substantial rise in the minimum wage
(already high compared to non-Caribbean tourist-islands and
competitive middle-income countries) should be avoided without
increased productivity. Focusing on housing programs for the
poorest and emphasis on gender gaps in the National Social
Protection Policy should support inclusiveness. Ongoing actions to
reduce crime through increased use of CCTV systems and community-
related programs are welcome.

19. The authorities welcome Technical Assistance to improve the
availability and quality of data with respect to balance of
payments, national accounts, and labor market and social
statistics. These are key to assessing vulnerabilities and for
effective policymaking.


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


TRINIDAD & TOBAGO: Unemployment Rate Down to 4% in 3rdQ
-------------------------------------------------------
Leah Sorias at Trinidad Express reports that the Central
Statistical Office has reported a decrease in Trinidad and
Tobago's unemployment rate-from 4.4 per cent in the second quarter
of 2016 to four per cent in the third quarter.

However, compared to the third quarter of 2015, there was an
overall increase in the unemployment rate, according to Trinidad
Express.  The rate for 2015 stood at 3.4 per cent, the report
notes.

In its latest labor force bulletin, the CSO indicated that the
largest number of jobs lost were seen in the public sector, with
employment in "Government public service/statutory board" falling
by 9,400 or 6.5 per cent, the report relays.

It noted, though, that this decrease was offset by an increase in
the number of self-employed persons (by 9,100 or 8.5 per cent),
the report says.

CSO said the decrease in the third quarter rate was not uncommon
for the period and was mainly due to seasonality changes, the
report adds.



TRINIDAD & TOBAGO: Chair Warns Gov't. on Informal Forex Controls
----------------------------------------------------------------
Trinidad and Tobago Newsday reports that Dr. Terrence Farrell,
Trinidad and Tobago chairman of the Economic Development Advisory
Board, has sounded the alarm on what he sees as a potentially
dangerous development in the foreign exchange situation.

Giving his comments during an armchair discussion at the first
instalment of the Chamber of Commerce's Economic Transformation
Series, "Is Oil and Gas Smothering the Private Sector in Trinidad
and Tobago?", Mr. Farrell agreed with Ronald Hinds, chamber
president, that the institution of what appeared to be informal
controls in distributing forex was a "slippery slope," according
to Trinidad and Tobago Newsday.

The report notes that Mr. Farrell, who identified himself as a
director of Republic Bank, said banks were responsible for selling
foreign exchange to the public, while the Central Bank's job was
to disburse that foreign exchange to the market.  He pointed out
that the Minister of Finance was telling the Central Bank to tell
the commercial banks they must prioritize manufacturers, the
report notes.

He said, "What is a banker to do? "Corruption is going to enter
into that. I have told my colleagues at Republic Bank precisely
that. The Bankers Association of this country should have told the
Central Bank, told the Ministry of Finance, 'We are not prepared
to do exchange controls for you.'  But they have not said that.
And they are going to get themselves in a lot of trouble, the
bankers are going to get themselves in a lot of trouble.  Because
customers are going to say, 'You are favoring that one,' and it is
going to open us up to a royal mess," notes the report.

Mr. Farrell said the float system put in place in 1993 was more
than enough to manage forex without exchange controls, the report
relays.

"What we are doing now is re-introducing exchange controls. They
do not work.  They cause corruption, they cause problems," he
added, notes Trinidad and Tobago Newsday.  The finance minister
presented the mid-year budget review, in which he reiterated
government's stance that priority was to be given to manufacturers
to access US dollars, the report adds.


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


VENEZUELA: Maduro Replaces Top Health Official After Data Released
------------------------------------------------------------------
Kejal Vyas at The Wall Street Journal reports that Venezuela
President Nicolas Maduro replaced his top health official just
days after her ministry reported a severe worsening in public
health in a rare release of government statistics.

After withholding data since 2015, the Health Ministry in
Venezuela last week published an epidemiological bulletin showing
a 30% increase in infant mortality and a 66% rise in maternal
mortality last year, while malaria cases rose by 76%, according to
The Wall Street Journal.

The report was the latest blow for Mr. Maduro, whose government
has foregone publishing basic health and economic statistics
during a troubled four-year tenure marked by food and medicine
scarcity, The WSJ notes.

Since April, thousands of Venezuelans have poured into the streets
almost daily to protest Mr. Maduro's economic oversight and call
for his ouster, The WSJ relays.  He has also drawn criticism from
within his own party, the report discloses.

The Maduro administration said Luis Lopez, a 43-year-old
pharmacist and activist for the ruling Socialist party, will take
over as health minister for Antonieta Caporale, a gynecologist who
had been appointed to the post in early January, the report notes.

In announcing Mr. Lopez's appointment, Vice President Tareck El
Aissami didn't give a reason for the move, the report relays.
"President Maduro appreciates Dr. Antonieta Caporale's work and
commitment for the ministry," Mr. El Aissami said in a Twitter
post, the report discloses.

Mr. Lopez previously served as a health secretary for the state of
Aragua under Mr. El Aissami, who used to be governor of that
state, the report says.

Mr. Lopez becomes the eighth health minister under Mr. Maduro and
takes over a health-care system that has been plagued by shortages
of everything from antibiotics to vaccines to mosquito repellent,
the report relays.  The Health Ministry report showed that in
2016, rates of infant deaths rose along with the spread of
illnesses like diphtheria and malaria, the report says.

Venezuela's top advocacy group for pharmaceutical companies says
that 85% of basic medications are unavailable as the government
lacks dollars to pay for imports and local industries close amid
the recession, the report notes.

As the economy worsens, the Maduro administration has stopped
regularly publishing a host of indicators ranging from gross
domestic product and inflation to homicides, the report adds.

As reported by The Troubled Company Reporter-Latin America,
S&P Global Ratings, on Feb. 28, 2017, affirmed its 'CCC' long-term
foreign and local currency sovereign credit ratings on the
Bolivarian Republic of Venezuela.  The outlook on both long-term
ratings remains negative.  S&P also affirmed its 'C' short-term
foreign and local currency sovereign ratings.  In addition, S&P
affirmed its 'CCC' transfer and convertibility assessment on the
sovereign.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


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