TCRLA_Public/170605.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

               Monday, June 5, 2017, Vol. 18, No. 110


                            Headlines



B A R B A D O S

BARBADOS: OKs Controversial National Social Responsibility Act
BARBADOS: Tax Measures Unsustainable, Accountants Argue


B R A Z I L

BANCO AHORRO: S&P Affirms B Global Scale Rating, Outlook Negative
BRASIL DISTRESSED: Shifts Partnership, Boosts Target
BRAZIL: Senator Aligned With Temer Accuses of Accepting Bribes
TRANSMISSORA ALIANCA: S&P Keeps BB Global Scale CCR on Watch Neg.
TUPY SA: S&P Affirms BB- Global Scale CCR, Outlook Still Stable


C A Y M A N  I S L A N D S

BARRINGTON PROPERTIES: Creditors' Proofs of Debt Due June 12
BEAULIEU PROPERTIES: Creditors' Proofs of Debt Due June 12
CHESTNUT HOLLOW I: Commences Liquidation Proceedings
CHESTNUT HOLLOW II: Commences Liquidation Proceedings
CHESTNUT HOLLOW III: Commences Liquidation Proceedings

FPCM INVESTMENT: Commences Liquidation Proceedings
MOORE STEPHENS: Commences Liquidation Proceedings
ORBY LTD: Commences Liquidation Proceedings
SPRUCE BROOK I: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

EMPRESA GENERADORA: S&P Affirms BB- CCR, Outlook Still Stable


E C U A D O R

ECUADOR: S&P Rates $2-Bil. Series of Unsecured Notes 'B'


G U A T E M A L A

GUATEMALA: S&P Assigns 'BB' Rating to US$500MM Notes Due 2027


M E X I C O

BANCO MONEX: S&P Puts 'BB+' Rating on CreditWatch Negative
CONSUBANCO SA: S&P Lowers ICR to 'BB-' & Puts on Watch Neg.
FINCOMUN SERVICIOS: S&P Affirms 'B+/B' Global Scale Rating
GRUPO FAMSA: S&P Affirms B Global Scale CCR, Outlook Negative


P A R A G U A Y

VISION BANCO: S&P Affirms 'B' ICR; Outlook Remains Stable


T R I N I D A D  &  T O B A G O

DENNY'S: Forced to Close its Doors


X X X X X X X X X

* BOND PRICING: For the Week From May 29 to June 2, 2017


                            - - - - -


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


BARBADOS: OKs Controversial National Social Responsibility Act
--------------------------------------------------------------
RJR News reports that the Barbados Parliament approved the
controversial National Social Responsibility Act after Minister of
Finance Chris Sinckler put up a strident defense of the tax on
imported and locally produced goods.

The tax is due to be increased from two to 10 per cent, effective
July 1, according to RJR News.

Two government ministers warned that it is impossible to tax their
way out of the country's economic problems, the report notes.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2017, S&P Global Ratings lowered its long-term foreign
and local currency sovereign ratings on Barbados to 'CCC+' from
'B-'.  The outlook is negative.  S&P also lowered the short-term
ratings to 'C' from 'B.'  At the same time, S&P lowered its
transfer and convertibility assessment for Barbados to 'CCC+' from
'B-'.


BARBADOS: Tax Measures Unsustainable, Accountants Argue
-------------------------------------------------------
RJR News reports that the Institute of Chartered Accountants of
Barbados (ICAB) is describing as unsustainable, the tax measures
introduced by its government.

Executive Director Reginald Farley said ICAB was concerned that
missing from the Budget presentation was a suggested date by which
the taxes would be phased out, according to RJR News.

The increased cost to businesses and consumers will further worsen
Barbados' international competitiveness and its ability to sell
goods and services to earn foreign exchange, he contended, the
report notes.

Among the measures announced by Minister of Finance Chris Sinckler
were an increase in excise on fuels, a 500 per cent rise in the
National Social Responsibility Levy and a two per cent fee on
foreign exchange transactions, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2017, S&P Global Ratings lowered its long-term foreign
and local currency sovereign ratings on Barbados to 'CCC+' from
'B-'.  The outlook is negative.  S&P also lowered the short-term
ratings to 'C' from 'B.'  At the same time, S&P lowered its
transfer and convertibility assessment for Barbados to 'CCC+' from
'B-'.


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


BANCO AHORRO: S&P Affirms B Global Scale Rating, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Banco Ahorro Famsa (BAF)
to negative from stable. We also affirmed our 'B' global scale and
'mxBBB-/mxA-3' national scale ratings on the bank.

The rating action on BAF follows the similar action on Grupo Famsa
S.A.B. de C.V. (GFamsa; B/Negative/--), which owns 100% of the
bank. We maintain our view of BAF as core entity of GFamsa.

The negative outlook on BAF reflects that on its parent, GFamsa,
because we consider the bank as a core subsidiary and its rating
will continue to move in tandem with its parent's. The negative
outlook on GFamsa reflects our view that business and financial
challenges that it faces, due to a fierce competition and sluggish
economic growth in Mexico, could pressure its margin and constrain
its ability to further deleverage its capital structure.


BRASIL DISTRESSED: Shifts Partnership, Boosts Target
----------------------------------------------------
Cristiane Lucchesi and Felipe Marques at Bloomberg News report
that Brasil Distressed, the troubled-asset buyer also known as
BrD, shuffled its partnership and said it plans to step up
purchases this year.

BrD aims to invest in as much as BRL1.5 billion ($460 million) in
soured debt from mid-size Brazilian companies, two-thirds more
than it bought last year, Carlos Catraio, a managing partner, said
in an interview, according to Bloomberg News.  The firm has
purchased about BRL3 billion in debt since it was created in 2010.

In addition, BrD named Marcio Fujita a managing partner to replace
Jose Guilherme Lembi de Faria, who's left the company, according
to Catraio, Bloomberg News notes.  Fujita and Catraio together own
68 percent of BrD, Bloomberg News relays.  The remaining 32
percent was sold to Araba Comercio de Bens e Participacoes Ltda.,
controlled by Portugal's Lapa family, Bloomberg News says.

Small and medium-size companies are among the most damaged by
Brazil's two-year recession, with roughly 14 percent of their
loans delinquent or already restructured, according to central
bank data from December, the most recent available, Bloomberg News
notes.  That's up from about 11 percent a year earlier. Data from
Serasa Experian shows that 94 mid-size companies asked for court
protection from creditors this year through April, down from an
all-time high of 149 in the same period of 2016, Bloomberg News
says.

                          Credit Recovery

"The crisis generates potential raw material, but it also
increases the difficulty of credit recovery because fewer
companies are able to survive," the report quoted Mr. Catraio as
saying.  More firms have been repaying debts in the past few
months as Brazil's economy shows signs of recovery from the
downturn, the worst in the nation's history, he said.

That's why BrD gave up on some sectors, including companies that
provide heavy machinery to the construction industry, according to
Mr. Catraio, Bloomberg News notes.

"In this environment, like the rest of the credit market we became
more cautious," said Fujita, who was named a managing partner in
February, according to his LinkedIn page.

BrD's purchases are typically in the range of BRL1 million to
BRL30 million, and the company doesn't buy retail portfolios or
legal claims, Mr. Catraio said. "We have also been buying offshore
debt from Brazilian debtors," he added.

Distressed asset investors have been flocking to Brazil.  Lone
Star Funds, founded by billionaire John Grayken, is buying Apoema
Capital Partners, a Brazilian firm that manages about BRL4.5
billion in distressed assets, a person with knowledge of the
matter said in April, Bloomberg News relays.  Canvas Capital SA,
backed by Credit Suisse Group AG, is raising a fund of as much as
$600 million to invest in distressed corporate assets in Brazil,
people said in March, Bloomberg News notes.

"We might consider joining forces with an international distressed
player," said Mr. Catraio, adding that no such talks are under way
yet, Bloomberg News adds.


BRAZIL: Senator Aligned With Temer Accuses of Accepting Bribes
--------------------------------------------------------------
Paulo Trevisani at The Wall Street Journal reports that Brazil's
top prosecutor leveled corruption charges against Sen. Aecio
Neves, one of country's most influential politicians, deepening a
severe political crisis that has tarnished much of the political
class.

Attorney General Rodrigo Janot accused Mr. Neves of taking about
$615,000 in bribes from Joesley Batista, the former chairman of
meatpacker JBS SA, according to WSJ.  He was also accused of
trying to obstruct the sprawling graft investigation known as
Operation Car Wash, which has ensnared business executives,
lawmakers and former presidents, the report notes.

A lawyer for Mr. Neves, who was until recently considered a
possible presidential candidate, said his client hadn't seen the
charges and couldn't comment.

Mr. Batista last month cut a plea deal with Mr. Janot's office,
admitting to having paid bribes to Mr. Neves and other politicians
in exchange for cheap loans from Brazil's giant development bank,
the report relays.  The holding company for JBS, the world's
largest meatpacker, agreed earlier this week to pay a $3.2 billion
penalty in exchange for leniency in what has turned into a
sweeping corruption probe into the company's efforts to win favor
with lawmakers, the report notes.

The Supreme Court will now decide whether to accept the charges
against Mr. Neves, since a sitting federal lawmaker can only be
tried by the high court, as per Brazilian law, the report relays.
Mr. Neves, though still a senator, cannot cast a vote or
participate in congressional hearings, the report discloses.

The charges are a blow to embattled President Michel Temer because
Mr. Neves has been a strong supporter of the controversial
economic reforms the government has proposed, the report relays.
Mr. Neves, who finished second in the 2014 presidential election,
had been the president of the powerful Brazilian Social Democracy
Party until May, when Mr. Batista's accusations against him became
public, the report notes.

Mr. Batista has also accused Mr. Temer of authorizing hush money
payments to Eduardo Cunha, a jailed former lawmaker who had close
ties to the president, the report says.  Mr. Temer has strongly
denied the allegations.

As reported in the Troubled Company Reporter-Latin America on
May 24, 2017, S&P Global Ratings placed its 'BB' long-term foreign
and local currency sovereign credit ratings on the Federative
Republic of Brazil on CreditWatch with negative implications.  S&P
also affirmed the short-term foreign and local currency ratings at
'B'. The transfer and convertibility assessment is unchanged at
'BBB-'. In addition, S&P placed the 'brAA-' national scale rating
on CreditWatch with negative implications.


TRANSMISSORA ALIANCA: S&P Keeps BB Global Scale CCR on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings kept its 'BB' global scale and 'brAA-' Brazil
national scale corporate credit ratings on Transmissora Alianca de
Energia Eletrica S.A. (Taesa) on CreditWatch with negative
implications. The company's 'bbb-' stand-alone credit profile
(SACP) remains unchanged. At the same time, S&P's 'brAA-' issue-
level rating on Taesa's third debentures' issuance of R$2.2
billion in three series due 2024 remains on CreditWatch negative.

The CreditWatch update reflects the ratings on the Federative
Republic of Brazil (Brazil: BB/Watch Neg/B; brAA-/Watch Neg/--)
cap on those on the company. In S&P's view, Taesa has an
appreciable likelihood of following the sovereign in a default
scenario, as other companies that operate in a regulated
environment. In this scenario, Taesa would be subject to tariff
controls, and we believe that revenue collection and credit
availability could suffer.

The regulatory framework in Brazil for electric power transmission
segment is proven and favorable, allowing a stable and predictable
revenue stream derived from the permitted revenues model (Receita
Anual Permitida)[RAP]) related to the availability of the
transmission lines, rather than the actual volume of power it
transmits. In S&P's view, this shields the segment from
electricity demand volatilities and an adverse macroeconomic
scenario.

Taesa has recently shifted its growth strategy from acquisitions
to one based on greenfield projects. This entails execution risk,
but S&P expects the company to leverage on the expertise of its
controlling shareholders. Taesa participated in the last three
regulatory transmission auctions, because of higher rates of
return and longer tenors (five instead of three years) to build
these lines and some flexibility to perform the required
investments. This, in S&P's view, will help the company to replace
cash flows of some of its transmission lines that are getting
closer to the middle of their concession terms, when revenues are
reduced by half, according to their concession contracts.

Taesa is planning to build seven new assets in the next few years
(four of them in partnership with other players), which will
require about R$2.9 billion investments from the company that's
likely to be mostly financed through new debt.


TUPY SA: S&P Affirms BB- Global Scale CCR, Outlook Still Stable
---------------------------------------------------------------
On May 30, 2017, S&P Global Ratings affirmed its 'BB-' global
scale and 'brA' national scale corporate credit ratings on Tupy
S.A. The outlook remains stable. At the same time, S&P affirmed
the 'BB-' issue-level rating on the company's 2024 notes. The '3'
recovery rating on these notes remains unchanged, reflecting S&P's
expectation of meaningful recovery (65%) in the event of payment
default.

The ratings affirmation reflects S&P's view that Tupy's cost
efficiency measures should bolster profitability and cash flow
generation, allowing the company to reduce debt.  This will likely
strengthen debt to EBITDA to 3.5x by the end of 2017, from 4.5x in
2016. Some examples of these measures are the reduction of its
labor force and closing part of the Maua plant recently, which
will increase capacity utilization to about 65% from 55% in 2016.
As a result, S&P expects EBITDA margin of about 14.5% in 2017,
compared with 12.9% in 2016. At the same time, the company expects
to increase the contribution of more value-added products by
raising the share of fully machined products in its portfolio,
which should also gradually strengthen profitability.

S&P continues to consider Tupy's concentration on few products and
customers and the commodity-like nature of its products amid stiff
competition as a rating limitation because it could result in
future cash flow volatility. In S&P's view, this is only partly
compensated by Tupy's leading position in the cast iron engine
blocks and heads market in Americas and Europe and its geographic
diversification, with North America representing 61.8% of revenue,
followed by Latin America (17.4%), Europe (12.3%) and Asia-Pacific
and Africa (8.5%) during the first quarter of 2017.

For 2017, S&P believes that North America will make up the bulk of
Tupy's revenues growth. S&P expects a volume growth of 10% in this
region during the year, mainly due to increasing production and
sales of commercial and off-road vehicles, already taking into
consideration the strong volume growth of 17.3% in the first
quarter over a year-earlier period in North America. On the other
hand, Brazil's ongoing political and macroeconomic uncertainties
should weaken Tupy's domestic sales. However, for 2018, S&P
expects better macroeconomic perspectives for Brazil to result in
volume growth of 10%, due to increased production and sale of
commercial and passenger's vehicles.

S&P's base-case scenario for Tupy assumes:

- U.S. GDP growth of 2.3% in 2017 and 2.4% in 2018.

- U.S. inflation of 2.1% in 2017 and 2.3% in 2018.

- Brazil's GDP growth of 0.5% in 2017 and 2.0% in 2018.

- Brazil's inflation of 4.6% in 2017 and 4.1% in 2018.

- Average exchange rate of R$3.20 per $1.00 in 2017 and R$3.30
   per $1.00 in 2018.

- Volumes in Brazil to decline by 2.8% in 2017 compared with
   2016, due to continued poor demand from end customers that
   should limit production recovery. Volume growth of 10% in 2018,
   reflecting a recovery in the sale of vehicles in the country,
   assuming improving macroeconomic conditions.

- A 10% volume growth in the international market in 2017 coming
   mainly from the North America and from increasing demand for
   off-road vehicles in Africa. In 2018, a 5% volume growth,
   reflecting stabilization in sales.

- In the domestic market, a price increase in line with past year
   level. In the international market, a pass-through mechanism
   and slightly higher prices from potential new contracts to be
   mitigated by the appreciation of Brazilian real.

- Net revenue growth of 8.5% in 2017 and 6.4% in 2018 as a result
   of the combination of volume and price adjustments.

- Stronger profitability in 2017 and 2018 due to lower labor
   costs and inflation in Brazil and higher capacity utilization.

- Capital expenditures (capex) of about R$145 million in 2017 and
   R$156 million in 2018, mainly for maintenance of operations.

- Dividend and interest on shareholders' equity of R$200 million
   in 2017, which the board already approved, and R$100 million
   afterwards, assuming it goes back to historical levels.

- Debt refinancing of about R$250 million in 2017 and 2018, and
   payment of the remaining debt maturities with cash flow, which
   will reduce gross debt.

Based on these assumptions, we arrive at the following credit
metrics for the next two years:

- EBITDA margin of 14.5% in 2017 and close to 17.5% in 2018;
- Debt to EBITDA close to 3.5x in 2017 and 2.5x in 2018;
- Funds from operations (FFO) to debt close to 22% in 2017 and
   31.5% in 2018; and
- Free operating cash flow (FOCF) to debt close to 11.5% in 2017
   and 20% in 2018.

S&P said, "We view Tupy's liquidity as strong, reflecting our
expectation that sources over uses of liquidity will exceed 2.0x
in the next 12 months and 1.0x over the subsequent 12-month
period. Additionally, we forecast that net sources would remain
positive even if EBITDA were to decline by 30% from our base-case
scenario.

"We believe Tupy has a well-established and solid relationship
with banks and it shows generally prudent risk management. We
expect the company to maintain adequate headroom under its
financial covenant of net debt to EBITDA below 3x even if its
EBITDA were to decline by 30%. However, we don't believe that the
company can absorb high-impact low probability events without
refinancing."

Principal Liquidity Sources:

- Cash position of R$1.1 billion as of March 31, 2017; and

- Projected FFO generation of about R$426 million in the next 12
   months from March 31, 2017.

Principal Liquidity Uses:

- Short-term debt of R$306.6 million as of March 31, 2017;

- Estimated working-capital needs of about R$40 million in the
   next 12 months from March 31, 2017;

- Estimated capex of about R$148 million in the next 12 months
   from March 31, 2017; and

- Dividend payment and interest on shareholders' equity of R$200
   million in 2017.

The stable outlook reflects S&P's expectation that Tupy will
improve profitability through cost reductions and higher capacity
utilization, while it maintains its leading position among the
iron blocks and heads manufacturers. For the next 12 months, S&P
believe that cash flow generation will come mainly from increasing
volumes in the company's international operations that will offset
weak results in the domestic market, and result in debt to EBITDA
close to 3.5x and FFO to debt around 22%.

S&P'could lower the ratings in the next 12-18 months if the
company's cash flow generation weakens as a result of lower
international volumes due to weaker market conditions or higher
competition. In this scenario, S&P would see revenues declining
120bps and gross margin 60bps below its base-case scenario,
leading to debt to EBITDA consistently above 4x and FFO to debt
below 20%. S&P could also lower the ratings if the these metrics
materialize due to a more aggressive expansion plan funded with
debt or due to higher foreign-exchange volatility.

S&P could raise the ratings over the next 12-18 months if the
company presents much higher revenue, EBITDA, and cash flow
generation than we expect due to stronger demand mainly in the
domestic market. This could result in consistently stronger credit
metrics such as debt to EBITDA below 3x and FFO to debt above 30%.


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


BARRINGTON PROPERTIES: Creditors' Proofs of Debt Due June 12
------------------------------------------------------------
The creditors of Barrington Properties II Ltd. are required to
file their proofs of debt by June 12, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2017.

The company's liquidator is:

          Westport Services Ltd.
          c/o Avril G. Brophy
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


BEAULIEU PROPERTIES: Creditors' Proofs of Debt Due June 12
----------------------------------------------------------
The creditors of Beaulieu Properties Limited are required to file
their proofs of debt by June 12, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2017.

The company's liquidator is:

          Westport Services Ltd.
          c/o Avril G. Brophy
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


CHESTNUT HOLLOW I: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of Chestnut Hollow I Holdings, Ltd., on
May 11, 2017, passed a resolution to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue
          10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 212 756 5300


CHESTNUT HOLLOW II: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of Chestnut Hollow II Holdings, Ltd., on
May 11, 2017, passed a resolution to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue
          10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 212 756 5300


CHESTNUT HOLLOW III: Commences Liquidation Proceedings
------------------------------------------------------
The sole shareholder of Chestnut Hollow III Holdings, Ltd., on
May 11, 2017, passed a resolution to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue
          10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 212 756 5300


FPCM INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of FPCM Investment Limited, on May 11, 2017,
passed a resolution to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


MOORE STEPHENS: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Moore Stephens Decosimo Cayman Limited, on
May 10, 2017, passed a resolution to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Russell S. Homer
          c/o Tanya Armstrong
          P.O. Box 2499, George Town KYl-1104
          Grand Cayman
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


ORBY LTD: Commences Liquidation Proceedings
-------------------------------------------
The sole shareholder of Orby Ltd., on May 11, 2017, passed a
resolution to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue
          10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 212 756 5300


SPRUCE BROOK I: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Spruce Brook I Holdings, Ltd., on May 11,
2017, passed a resolution to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue, 10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 212 756 5300


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


EMPRESA GENERADORA: S&P Affirms BB- CCR, Outlook Still Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' corporate credit and issue-
level ratings on Empresa Generadora de Electricidad Itabo S.A.
(Itabo). The outlook remains stable.

The ratings on Itabo continue to reflect S&P's expectation that
despite its conservative credit metrics and adequate liquidity
position, the company won't be able to withstand a sovereign
stress scenario. As a result, the 'BB-' ratings on the Dominican
Republic continue to limit the ratings on Itabo. This is because
the country's electricity sector is heavily dependent on subsidies
from the government. Therefore, S&P believes that the company's
cash flow generation could be damaged under a sovereign default
scenario.

In turn, Itabo's 'bb' SACP continues to incorporate the company's
resilient operating track record in terms of availability and
energy production, and its maintenance of operating cost
efficiency. In addition, it reflects Itabo's fairly low leverage
combined with sound cash flow generation, as seen in its
total debt to EBITDA of 1.2x and funds from operations (FFO) to
total debt of 63.3% in 2016. On the other hand, Itabo's operation
of a single asset, geographic concentration, as well as the
challenges of operating in the country's electric power industry
-- given its weak regulatory framework with uncertain long-term
financial sustainability -- mitigates the positive rating
factors.


=============
E C U A D O R
=============


ECUADOR: S&P Rates $2-Bil. Series of Unsecured Notes 'B'
--------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating on the Republic
of Ecuador's series of senior unsecured notes for an aggregate
amount of US$2 billion. The ratings on the notes are the same as
the foreign currency sovereign credit rating on Ecuador. The US$1
billion notes due June 2023 have a coupon of 8.75%, and the US$1
billion notes due June 2027 have a coupon of 9.625%.

RATINGS LIST

Republic of Ecuador
Sovereign Credit Rating                B/Stable/B

New Rating

Republic of Ecuador
US$2 bil. series of notes              B


=================
G U A T E M A L A
=================


GUATEMALA: S&P Assigns 'BB' Rating to US$500MM Notes Due 2027
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB' rating on the Republic of
Guatemala's senior unsecured US$500 million notes due June 2027
with a coupon of 4.375%.  Guatemala will use the proceeds to pay
capital and interest of existing debt and the remainder to finance
social and capital expenditures.  The rating on the notes is the
same as the long-term foreign currency sovereign credit rating on
Guatemala.

S&P's ratings on Guatemala reflect its low fiscal deficits, stable
debt-to-GDP ratio, and sound monetary policy.  The ratings also
take into account high political fragmentation, which hampers
structural reforms; high poverty levels; and weak government
institutions.  The negative outlook on the long-term ratings
reflects S&P's expectation that Guatemala's government
institutions will remain weak, resulting in low public-sector
investment and in consistently low general government revenues.
This in turn could hurt the country's long-term growth prospects
and the possibility to overcome its immense social needs.

RATINGS LIST

Republic of Guatemala
Sovereign Credit Rating
  Foreign Currency                      BB/Negative/B
  Local Currency                        BB+/Negative/B

New Rating

Republic of Guatemala
Senior Unsecured
  US$500 mil notes due June 2027        BB


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


BANCO MONEX: S&P Puts 'BB+' Rating on CreditWatch Negative
----------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term global scale and
'mxA+/mxA-1' national scale ratings on Banco Monex S.A. on
CreditWatch with negative implications.  S&P also placed the
'mxA+/mxA-1' ratings on Monex Casa de Bolsa S.A. and the 'mxA'
issuer credit and issue-level ratings on its ultimate parent
company, Monex S.A.B. de C.V., on CreditWatch negative.  S&P also
affirmed the 'B' short-term global scale on Banco Monex.

The CreditWatch negative listing reflects the pressure on the
bank's RAC ratio after Monex announcement that it has terminated
the participation agreement with Ventura Capital Privado, S.A. de
C.V.  This agreement would have resulted in a capital injection of
MXN1 billion in Banco Monex.  S&P incorporated such a capital
injection in our last base-case scenario assumptions, resulting in
a projected RAC ratio of 10.5% on average for 2017 and 2018.  The
absence of such capital injection is prompting S&P to reassess
Monex's forecasted RAC for the next two years.


CONSUBANCO SA: S&P Lowers ICR to 'BB-' & Puts on Watch Neg.
-----------------------------------------------------------
S&P Global Ratings lowered its long-term global scale issuer
credit rating to 'BB-' from 'BB' and its national scale issuer
credit rating to 'mxBBB+' from 'mxA' on Consubanco, S.A.
Institucion de Banca Multiple.  At the same time, S&P lowered the
issue-level ratings on the bank's debt.  Also, S&P placed these
ratings on CreditWatch negative.  S&P also affirmed the short-tern
national scale rating at 'mxA-2'.

The downgrade reflects S&P's view that, on a peer comparative
basis, Consubanco's relative credit standing is no longer in line
with its previous global and national scale ratings.  S&P believes
the bank's liquidity ratios, by its measurement, are
underperforming those of its direct peers with similar credit
rating, facing an increasing refinancing risk.  S&P was previously
confident that the bank would be able to issue unsecured debt, as
seen in its plans to do so for MXN1.5 billion in September 2016
and then for MXN750 million in March 2017 that were not issued,
and finally in May 2017 for MXN500 million out of an initial
MXN750 million amount offer, in order address future debt
maturities.

The CreditWatch listing reflects the increasing refinancing risk
for Consubanco in the next 12 months, which could pressures its
liquidity, if the bank's funding plan doesn't occur as planned.
Such a plan includes looking at secured and unsecured funding
alternatives, which if successful would diminish liquidity
pressures and improve its debt maturity profile.  However, S&P
acknowledges such a success is dependent on market sentiment and
confidence sensitivity to the bank.  Consubanco has MXN2.4 billion
in wholesale maturities for the next 12 months.

The ratings reflect S&P's view of Consubanco's revenue
concentration in payroll discount lending services, as well as the
risks inherent in lending to public-sector entities.  It also
incorporate the bank's lack of a sound deposit, retail-oriented
base compared with Mexican banking system.  The ratings are also
supported by a solid capital base, reflected in S&P's forecasted
risk-adjusted capital ratio of 19.8% on average for the next 12
months also supports the ratings.


FINCOMUN SERVICIOS: S&P Affirms 'B+/B' Global Scale Rating
----------------------------------------------------------
S&P Global Ratings said that it revised its outlook, for both its
long-term global and national scale ratings, on FinComun Servicios
Financieros Comunitatios S.A. de C.V. Sociedad Financiera Popular
(FinComun) to negative from stable. At the same time, S&P affirmed
the 'B+/B' global scale rating. S&P also lowered the national
scale long-term rating to 'mxBBB-' from 'mxBBB' and affirmed the
short-term national scale at 'mxA-3' on the lender.

The rating action reflects the pressures on FinComun's asset
quality. The latter has weakened its business position due to
increased risk appetite, which in S&P's view, is more aggressive
than the industry average, as seen in the significant growth on a
non-core business product (payroll loans to government employees)
that's hurting asset quality. As a result, FinComun entered into a
correction plan with Mexico's regulator that in addition to a
MXN92 million capital injection contemplates other initiatives
that will keep strengthening the capital base. Therefore, S&P's
projected risk-adjusted capital (RAC) ratio will strengthen to
8.5%-9.0% in 2017 and 2018, which makes S&P's assessment on its
capital and earnings stronger than in the past.

The issuer credit ratings also reflect FinComun's weaker-than-
average asset quality metrics, which limit its risk position. The
ratings also incorporate S&P's assessment of its funding as below
average, given the lack of access to the central bank window, and
its liquidity as adequate. The stand-alone credit profile (SACP)
remains at 'b+'. The long-term global scale credit rating on
Fincomun is the same as its SACP because the latter doesn't factor
external support either from the government or parent.

The downgrade on FinComun's long-term national scale rating is
based on a comparative analysis with local peers. S&P believes the
already seen asset quality deterioration, in addition to the
challenges the company will face over the next 12 months, is no
longer commensurate with other Mexican issuers that are rated in
the 'mxBBB' rating level, thus, the creditworthiness on a
national scale basis has deteriorated.

The negative outlook on FinComun for the next 12 months reflects
that there is more than a 33% probability of a downgrade as result
of a weakening of its risk position. This is because if the
correction plan fails, and the sum of NPA and NCOs consistently
represents more than 20% of the total portfolio, with loan loss
reserves not fully covering NPLs, S&P would reassess FinComun's
risk position to a weaker category.

S&P could revise the outlook to stable in the next 12 months if
the lender complies with its correction plan, resulting in the sum
of NPAs and NCOs representing less than 20% of its total loan
portfolio and reserves fully cover the NPAs in a consistent
manner. These factors would relieve pressure on the risk position
while keeping the RAC ratio consistently above 7%.


GRUPO FAMSA: S&P Affirms B Global Scale CCR, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on the corporate credit
rating on Grupo Famsa, S.A.B. de C.V. (GFamsa) to negative from
stable. "At the same time, we affirmed our 'B' global scale
and 'mxBBB-' national scale corporate credit ratings. We also
affirmed our 'B' and 'mxBBB-' issue-level ratings on GFamsa's
debt. Our recovery rating of '3', which indicates our expectation
of meaningful (50%-90%; rounded estimate 50%) recovery prospects
for the bondholders in the event of a payment default,
remains unchanged," said S&P.

During the first quarter of 2017, GFamsa received proceeds related
to an asset monetization plan, as part of the execution of a
guarantee granted by the company's controlling shareholder. As of
May 30, 2017, GFamsa has received from this series of transactions
more than MXN700 million, which the company used to amortize
short-term maturities. The company also expects to receive an
additional MXN1.7 billion throughout the rest of the year and
another MXN900 million during 2018 to further reduce debt. In
S&P's opinion, these initiatives signal the shareholders'
commitment to improve GFamsa's capital structure and ensure that
it meets all financial obligations in a timely manner.

Nevertheless, these efforts have not sufficiently improved
GFamsa's financial performance, and its key credit metrics still
underperform S&P's expectations for the rating level. In addition,
the company continues to face several challenges in light of
sluggish economic conditions in Mexico, a less favorable business
environment in the U.S., and fierce competition. Although
GFamsa has shown progress in improving its liquidity and capital
structure, S&P considers that the company could fall short to
revert its deteriorating trend.

GFamsa's business position is still constrained by its small size
in terms of revenues compared with those of regional peers, holds
a small market share in Mexico, and has limited geographic
footprint and product differentiation. However, offsetting factors
that support GFamsa's rating are its still strong presence in
northern Mexico, as well as a healthy performance of its captive
finance division, Banco Ahorro Famsa S.A. Institucion de Banca
Multiple. Moreover, despite the decline in profitability in the
past two years, S&P still expects the company to maintain EBITDA
margins above those of other industry players, at 18-19% in the
next two years, reflecting the implementation of some cost
reductions and layoffs.

S&P said, "We have revised our financial risk profile assessment
to highly leveraged, because we now expect GFamsa's debt-to-EBITDA
ratio to remain above 5.0x and its EBITDA interest coverage ratio
below 2.0x in the next 12 months. All of our ratios are adjusted
by operating leases, pensions, and captive finance operations. The
company has a significant exposure to the dollar-denominated
debt, and carries substantial operating leases that pressure
leverage metrics. However, the company is analyzing different
options to diminish its dollar exposure and we will continue to
monitor these strategies."


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


VISION BANCO: S&P Affirms 'B' ICR; Outlook Remains Stable
---------------------------------------------------------
S&P Global Ratings Services affirmed its 'B' long-term issuer
credit rating on Vision Banco S.A.E.C.A.  The outlook remains
stable.

The rating on Vision reflects S&P's view of its leading market
position and strong expertise in the microfinance segment in
Paraguay; weak capital and earnings despite recent improvements
based on S&P's forecasted RAC ratio 4.5%-4.7% for the next 18-24
months; weaker-than-average asset quality indicators given the
bank's exposure to the microfinance and consumer businesses
(middle and lower income segments), which are more susceptible to
soft economic conditions, although mitigated by a more fragmented
and less dollarized loan portfolio compared with those of its
peers.  S&P also incorporates in its ratings Vision's diversified
and stable deposit base thanks to a nationwide branch network and
its adequate liquidity, with liquidity metrics in line with those
of other rated banks in the country.


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


DENNY'S: Forced to Close its Doors
----------------------------------
Trinidad Express reports that strapped for foreign exchange to
import food supplies for its menu, the local franchise holder of
Denny's in Maraval has been forced to close the restaurant's
doors.

Denny's, a 24-hour US restaurant chain, was opened in January last
year, according to Trinidad Express.

Local franchise holder, Grand Slam Restaurants, announced the
immediate closure in a statement, the report notes.

"Whil[e] we no longer represent the Denny's brand, we are
committed to re-opening before the end of June at our Maraval
location with a restaurant and sports bar focused on a wide-
ranging, great tasting menu, value priced options and exceptional
customer service that you, our patrons, have demand," it said, the
report notes.


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


* BOND PRICING: For the Week From May 29 to June 2, 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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                            ***********


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.


                   * * * End of Transmission * * *