TCRLA_Public/170620.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, June 20, 2017, Vol. 18, No. 121


                            Headlines



B A R B A D O S

BARBADOS: Small Business Sector to Consider Measures


B R A Z I L

COSAN SA: Fitch Affirms BB+ Long-Term Issuer Default Rating


C A Y M A N  I S L A N D S

AUBURNDALE FINANCIAL: Shareholders' Final Meeting Set for June 30
CLOUGH OFFSHORE: Shareholders' Final Meeting Set for June 26
COTIL INVESTMENTS: Shareholders' Final Meeting Set for June 28
GHSF LTD: Shareholders' Final Meeting Set for June 28
IMPALA MAGPIE: Shareholders' Final Meeting Set for June 28

MMTALENT HOLDING: Shareholders' Final Meeting Set for June 27
PHOENIX REAL: Shareholders' Final Meeting Set for June 27
PINE CO: Shareholders' Final Meeting Set for June 30
RST INVESTMENTS: Shareholders' Final Meeting Set for July 6
WASHINGTON OC 30: Shareholders' Final Meeting Set for June 28


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Medina Pledges Help to Farmers


H O N D U R A S

INVERSIONES ATLANTIDA: S&P Affirms 'B' ICR; Outlook Remains Pos.


J A M A I C A

JAMAICA: Consumer and Business Confidence Down in Jamaica
JAMAICA: Flood Rains Could Impact Growth


P U E R T O    R I C O

ASCENA RETAIL: Moody's Revises Outlook to Neg. & Affirms Ba3 CFR
RAMIREZ OB-GYN: Hires Conde & Assoc. as Chapter 11 Counsel
SPANISH BROADCASTING: Completes Sale of Calif. Property for $14.7M
SPANISH BROADCASTING: Egan-Jones Cuts Sr. Unsecured Ratings to C


S T.  V I N C E N T  &  N E V I S

ST VINCENT & NEVIS: Charter Flights to Airport Fails to Pay Off


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Forex Shortage Affecting Chicken Prices


                            - - - - -


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


BARBADOS: Small Business Sector to Consider Measures
----------------------------------------------------
Caribbean360.com reports that wary of the dreaded July 1
implementation of a number of tax measures, small businesses in
Barbados are mobilizing forces to send a strong message to Finance
Minister Chris Sinckler.

In his 2017 Budget delivered last month, Mr. Sinckler announced a
400 per cent increase in the National Social Responsibility Levy
(NSRL), which climbs from two per cent to ten per cent; a two per
cent tax on foreign exchange transactions; and increases to the
excise duty on gasoline and diesel, according to Caribbean360.com.

Chief Executive Officer of the Small Business Association Lynette
Holder is fearful of the damaging impact the tax measures could
have on the country's entrepreneurs, and she told online newspaper
Barbados Today it's an issue that requires a united response from
her members, the report notes.

Ms. Holder said the executive has set a meeting with members
yesterday day to reach consensus on a national response, the
report notes.

"We very well will need to get a mandate from our membership
relative to a national response on this issue. We have to go to
our membership and say, 'well members, this is the reality and we
need to get a mandate from you'," the report quoted Ms. Holder as
saying.

Ms. Holder added that her organization was not alone in its
attempt to stave off the impact, revealing that other private
sector organizations were mobilizing their membership to formulate
a collective response, the report relays.

Finance Minister Chris Sinckler stood his ground that the measures
were reasonable, stressing that the Government had engaged in
weeks of consultations, the report relays.

"We looked at all the options and I laid out those in the Budget.
Some of them are quite far more draconian than we have chosen, so
we have put options on the table and said, 'what are the ones we
are going to pursue?' And I understand the reaction.  Austerity is
never easy. It is painful. Nobody relishes or holds a party when
they hear there is austerity because it means there is going to be
some pain," he said, the report notes.  "The question is, if you
don't do that, what are the alternatives? The alternatives are
much worse. We can lose jobs, we can continue to lose value in our
economy, suffer more downgrades, find ourselves in a position
where we can't pay our debts, social services continue to
deteriorate and then we are forced in a position where we have to
take even harsher decisions."

"My view is that we have to weigh everything in the balance and
see the ones that can achieve your objective with less disruption
as possible," the Minister of Finance said, the report notes.

Mr. Sinckler, however, assured that he remains open to dialogue
with any concerned group, the report adds.


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


COSAN SA: Fitch Affirms BB+ Long-Term Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Cosan S.A. Industria e Comercio's Long-
Term Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) at 'BB+', and its National Scale rating at
'AA+(bra)'. The Rating Outlook for the FC IDR is Negative, and
Stable for the LC IDR and National Scale rating. The ratings on
all related debts were affirmed at 'BB+', as they are
unconditionally and irrevocably guaranteed by Cosan.

Cosan's ratings are supported by its strong and diversified asset
portfolio. Fitch expects this portfolio to provide a robust flow
of dividends to Cosan in order to cover its interest expenses
above 2x and pay a sufficient dividend to support its main
shareholder's (Cosan Ltd.) debt service. The company's portfolio
benefits from the strength of activities such as distribution of
natural gas, and the sale of lubricants and fuels. The share of
the more volatile sugar and ethanol (S&E) business over Cosan's
pro forma consolidated EBITDA increased to 37% in the last 12
months (LTM) ended March 31, 2017 from 33% in 2015, as this
business benefited from soaring sugar prices in 2016.

Cosan posts relatively high leverage for its rating category as of
March 31, 2017, at 4.4x, though it benefits from a comfortable
debt maturity profile. Fitch's analysis has also considered the
subordination of this company's debt to the obligations of its
main investments, as access to their cash is limited to dividends
received.

Cosan's FC IDR is capped by Brazil's country ceiling currently
rated 'BB+'. The sovereign rating is 'BB'/Outlook Negative, a
downgrade of it will also trigger a downgrade of Brazil's country
ceiling and, consequently, of Cosan's FC IDR.

KEY RATING DRIVERS

Robust Asset Portfolio

Cosan's three main assets and source of dividends are companies
with robust credit quality. Raizen Combustiveis S.A. (Raizen
Combustiveis; FC and LC IDRs 'BBB'/Outlook Stable, National Scale
rating 'AAA(bra)'/Outlook Stable) is the second largest fuel
distributor in Brazil, with predictable operational cash
generation. Despite its more volatile results, Raizen Energia S.A.
(Raizen Energia; rated the same as Raizen Combustiveis) is the
largest S&E company in Brazil and as such it benefits from its
large business scale, which somewhat mitigates the current
challenging scenario for the sector. Companhia de Gas de Sao Paulo
(Comgas; FC IDR 'BB+'/Outlook Negative, LC IDR 'BBB-'/Outlook
Stable, National Scale rating 'AAA(bra)'/Outlook Stable) is the
largest natural gas distributor in Brazil, with high growth
potential. All of Cosan's businesses managed to report strong
credit profiles in LTM ended March 2017, despite the challenging
economic scenario.

Raizen Combustiveis's and Raizen Energia's investment grade
ratings are based on the combined financial strength of the two
operational companies (collectively Raizen) and their mutual
financial support and cross guarantees provided. Raizen is a joint
venture (JV) and represents an important investment for both its
shareholders: Cosan and Royal Dutch Shell plc ('AA-'/Outlook
Negative). The ratings benefit from Raizen's strong financial
profile, underpinned by conservative capital structure and robust
liquidity. Fitch's expectation that the company will maintain
positive and strong free cash flows (FCF) in the coming years was
factored in the analysis. Raizen Combustiveis's stable EBITDA
margin and Raizen Energia's expected higher prices for its
volatile S&E businesses were also considered as positive.

Comgas' ratings reflect the sound fundamentals of its natural gas
distribution business and the company's track record of robust
financial profile, supported by reduced leverage, adequate
financial flexibility and relevant cash flow from operations
(CFFO). Comgas' growth perspectives are favorable over the medium
and long term supported by the estimated expansion in its gas
distribution network and client base, without considering gas
supply to thermal plants. Comgas' credit profile benefits from its
long-term concession contract, which includes pass-through clauses
regarding non-manageable cost variations. In addition, its more
diversified client base within different segments compared with
peers is viewed as positive.

High Interest Coverage Expected to Remain

Fitch expects Cosan's investees to pay robust dividend payments
over the next few years, with Cosan receiving around BRL1.5
billion in 2017, mainly coming from Raizen, in line with 2016.
Cosan's dividends to interest coverage should be above 2x on a
sustainable basis, which is adequate for the rating category and
allows the company to gradually reduce its debt. In 2016, the
ratio of EBITDA + dividends received/interest expense was near
2.6x. Cosan's access to its main investees is limited to
dividends, as Raizen Combustiveis and Raizen Energia are jointly
controlled by Cosan and Shell. Comgas is a regulated concession
and any intercompany loan to shareholders must be approved by
regulators.

High Leverage for Cosan

Cosan's leverage is expected to remain high on a stand-alone
basis. The company reported net adjusted debt of BRL4.4 billion
and total dividend inflow of BRL1.2 billion in the LTM ended March
31, 2017, bringing down the ratio of net adjusted debt-to-EBITDA
plus dividends received to 4.4x. This compares with the net
adjusted debt of BRL4.7 billion and net adjusted leverage of 3.5x
reported in 2016.

Debt consisted mostly of intercompany loans of BRL4 billion, which
represent past bond issuances by its fully owned subsidiaries, and
non-voting preferred shares of BRL1.8 billion. Although issued by
Cosan Luxembourg S.A. (Cosan Luxembourg) and Cosan Overseas Ltd.
(Cosan Overseas), the associated debt at both entities is
guaranteed by Cosan, which is ultimately responsible for the
payment.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for Cosan
include:

-- An increased flow of dividends coming from Comgas, Raizen
Combustiveis and Raizen Energia over the next two years, reaching
over BRL1.5 billion per year.

-- Potential new issuances will only be used to refinance existing
debt.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Deterioration of the credit profiles of Raizen Combustiveis,
Raizen Energia and/or Comgas, and Cosan's interest coverage by
dividends received falling below 2x on a sustainable basis.

-- A downgrade of the sovereign rating may also trigger a
downgrade of Cosan's FC IDR and ratings for the associated bond
issuances.

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- More predictable cash flow generation at Raizen Energia, and
Cosan's interest coverage by dividends received remaining above 3x
on a sustainable basis.

LIQUIDITY

Cosan's debt maturity profile is well laddered and is not expected
to pressure the company's cash flows until 2021 when the preferred
shares of BRL1.8 billion are due. As of March 31, 2017, the
holding company had BRL1.2 billion of cash versus short-term debt
of BRL146 million, yielding robust cash-to-short-term debt
coverage of over 8x. Fitch expects Cosan to receive a robust
inflow of dividends that should provide adequate repayment
capacity for upcoming interest. Cosan's liquidity is reinforced by
the positive dividend track record.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Cosan S.A Industria e Comercio:
-- Long-Term Foreign Currency IDR at 'BB+'; Outlook Negative;
-- Long-Term Local Currency IDR at 'BB+'; Outlook Stable;
-- National scale rating at 'AA+(bra)'; Outlook Stable.

Cosan Overseas Limited:
-- Perpetual notes at 'BB+'.

Cosan Luxembourg S.A.:
-- Senior unsecured notes due in 2018, 2023 and 2027 at 'BB+'.


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


AUBURNDALE FINANCIAL: Shareholders' Final Meeting Set for June 30
-----------------------------------------------------------------
The shareholders of Auburndale Financial Corp. will hold their
final meeting on June 30, 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:

          Auburndale Financial Corp.
          Jose A. Toniolo
          307 Fairbanks Road
          Apt. 50, George Town
          Grand Cayman
          Cayman Islands


CLOUGH OFFSHORE: Shareholders' Final Meeting Set for June 26
------------------------------------------------------------
The shareholders of Clough Offshore Fund (QP), Ltd. will hold
their final meeting on June 26, 2017, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Austin C. McClintock
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


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

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


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

The company's liquidator is:

          Jane Fleming
          c/o Dennis Hunter or Jane Fleming
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197


IMPALA MAGPIE: Shareholders' Final Meeting Set for June 28
----------------------------------------------------------
The shareholders of Impala Magpie Limited will hold their final
meeting on June 28, 2017, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MMTALENT HOLDING: Shareholders' Final Meeting Set for June 27
-------------------------------------------------------------
The shareholders of Mmtalent Holding will hold their final meeting
on June 27, 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
          c/o Neil Lupton
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


PHOENIX REAL: Shareholders' Final Meeting Set for June 27
---------------------------------------------------------
The shareholders of Phoenix Real Estate Fund GP Limited will hold
their final meeting on June 27, 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:

          Ho Lon Gee
          c/o Carey Olsen
          Cricket Square
          P.O. Box 10008, Willow House
          Grand Cayman, KY1 - 1001
          Cayman Islands


PINE CO: Shareholders' Final Meeting Set for June 30
----------------------------------------------------
The shareholders of Pine Co. Ltd. will hold their final meeting on
June 30, 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:

          Pine Co. Ltd.
          Jose A. Toniolo
          307 Fairbanks Road
          Apt. 50, George Town
          Grand Cayman
          Cayman Islands


RST INVESTMENTS: Shareholders' Final Meeting Set for July 6
-----------------------------------------------------------
The shareholders of RST Investments Ltd. will hold their final
meeting on July 6, 2017, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


WASHINGTON OC 30: Shareholders' Final Meeting Set for June 28
-------------------------------------------------------------
The shareholders of Washington OC 30 Ltd. will hold their final
meeting on June 28, 2017, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: Medina Pledges Help to Farmers
--------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina resumed his surprise visits, this time to Las Yayas, Azua
(south), where he promised to help various producers in the area
through financing.

Among the works announced figure a 12,000 square meter greenhouse
to cost RD$7.0 million to harvest red peppers, which will benefit
young adults of the area, according to Dominican Today.

Dairy producers will also be helped by the Government with the
construction of 38.1 kilometers of country roads including Bija-
La Biafara, Los Quemaos, Alto de La Cuaba and El Batey, in the
Palo Nuevo area, the report relays.  Also Tabara Arriba-Los
Ranchos, La Cienaguita-Los Aguacates, also in Tabara Arriba, the
report notes.

The report discloses that President Medina announced the
reconstruction of the roads Los Coquitos, Viajama-Los Niguas, Las
Canas, Los Higos-Bejucal, Los Higos-Los Bellos, Los Higos and Los
Piquitos, in Las Yayas, among others.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.  The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.


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


INVERSIONES ATLANTIDA: S&P Affirms 'B' ICR; Outlook Remains Pos.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Inversiones Atlantida, S.A.  At the same time, S&P assigned its
'B' issue-level rating to the company's proposed senior unsecured
notes for up to $150 million with a five-year maturity.  The
outlook remains positive.

The rating on Inversiones Atlantida continues to reflect its
status as a non-operating holding company (NOHC).  Therefore, the
rating is one notch below that of the company's consolidated
operating entities' creditworthiness, which includes Honduras-
based universal bank Banco Atlantida, S.A.  The one-notch rating
subordination reflects the NOHC's dependence on the bank's
dividend upstream to service debt.  S&P's consolidated analysis of
the operating entities reflects Inversiones Atlantida's historical
revenue business stability mainly thanks to its banking business
including its leading position in the Honduran banking system.
The rating on Inversiones Atlantida incorporates S&P's forecasted
average risk-adjusted capital (RAC) ratio of 6.2% for the next 18-
24 months.  In S&P's view, the group has been able to maintain
sound asset quality metrics that are in line with those of the
Honduran financial system.  Inversiones Atlantida also maintains a
diversified funding structure which provides enough liquidity to
cover its short-term maturities.  The group's credit profile (GCP)
is 'b+'.

The rating on the proposed senior unsecured notes for up to $150
million reflect their pari passu ranking to Inversiones
Atlantida's other senior debt.  Currently, double leverageat the
group level is negligible, and the new debt will increase it to a
modest level, which S&P estimates at around 107% because the net
debt on balance will be around $81 million after the group pays
down existing credit facilities with the notes' proceeds.  In
addition, the broad liquid assets at the group level provide
satisfactory liquidity cushion because they covers in excess
Inversiones Atlantida's debt service.  As a result, S&P don't
widen the notching gap between the rating on the group and
creditworthiness of its main operating entities.  Given that the
subsidiaries' internal capital continues to grow, S&P expects the
group's double leverage to remain below 120% for the next 12
months.

The positive outlook on the long-term issuer credit rating on
Inversiones Atlantida reflects that of the sovereign because the
ratings on the latter constrain the group's creditworthiness.  S&P
also expects Inversiones Atlantida's capital generation from its
subsidiaries to compensate for the expected growth and to maintain
a RAC at around 6.2% in the next 18-24 months.

If S&P was to revise the outlook on the sovereign to stable and
there are no changes in the GCP, S&P will take the same action on
the group.

If S&P upgrades Honduras in the next 18-24 months, a similar
action will follow on Inversiones Atlantida.


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


JAMAICA: Consumer and Business Confidence Down in Jamaica
---------------------------------------------------------
Caribbean360.com reports that Jamaican companies and consumers
appear wary of the economy, with results from the latest survey of
businesses and consumers showing a decline in confidence.

And according to pollster Don Anderson, confidence is at an all-
time low when compared to last year, the report notes.

"Unlike previous quarters, we are now seeing consumer confidence
slightly contracting. Their spending plans have contracted and
intentions to go on vacation have contracted as well. Income
expectations have also softened," Mr. Anderson reported, according
to Caribbean360.com. "In the previous quarter, consumers were
saying 'jobs are going to come on stream, we are going to get some
of it, we are going to participate in the growth of the economy,
benefits will accrue to us'. What they are now saying is that 'we
are not so sure'."

While saying that he would await the results of the survey of the
second quarter to measure whether confidence is on a downward
spiral, Anderson says there was already strong evidence with all
areas of the consumer indices showing declines, the report relays.

The report discloses that consumer outlook for the economy for the
year ahead weakened, down to 30 per cent from 38 per cent of
consumers expecting an improved economy.  Job gains were also
lower, with only 26 per cent of consumers expecting a rise in job
availability, down from the 42 per cent recorded in the first
quarter of 2016, the report relays.

On the business side, confidence for the first quarter of 2017
stood at 139.3, slightly below the last quarter's 142, the report
notes.

Mr. Anderson reported that firms were somewhat less likely to
anticipate a worsening economy in the year ahead, 16 per cent down
from the 22 per cent reported in the last quarter,
Caribbean360.com relays.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings affirmed Jamaica's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Jamaica's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is
affirmed at 'B' and the Short-Term Foreign Currency and Local
Currency IDRs at 'B'.


JAMAICA: Flood Rains Could Impact Growth
----------------------------------------
RJR News reports that the International Monetary Fund (IMF), says
the recent flood rains may further impact growth in 2017/18.

A team from the Fund issued the caution on June 16 following a
five day visit to take stock of progress under the economic reform
program, according to RJR News.

Head of the IMF staff mission to Jamaica, Dr. Uma Ramakrishnan,
however, said the program implementation continues, although
weather swings are taking a toll on growth, the report notes.

The report relays that Dr. Ramakrishnan said in addition to the
floods, drought conditions adversely impacted agriculture in the
second half of the 2016/17 fiscal year.

The IMF official added that while the unemployment rate is
declining it remains high, the report notes.  On the other hand,
she noted that inflation is modest, and international reserves are
above the program target, supported by a low current account
deficit, the report relays.

The IMF team emphasized the need to anchor upcoming public sector
wage negotiations on a comprehensive and forward-looking
compensation framework.

While in Jamaica, the team also discussed progress in
institutional reforms, including those related to public bodies,
the BOJ Act, the mitigation of risks to the security dealers'
sector, and the development of the domestic bond market, the
report discloses.

The second review under the IMF's Standby Arrangement is planned
for September, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings affirmed Jamaica's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Jamaica's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is
affirmed at 'B' and the Short-Term Foreign Currency and Local
Currency IDRs at 'B'.


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


ASCENA RETAIL: Moody's Revises Outlook to Neg. & Affirms Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service changed Ascena Retail Group, Inc.'s
rating outlook to negative and affirmed all ratings, including the
Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default
Rating, and Ba3 senior secured term loan rating. The SGL-2
Speculative Grade Liquidity Rating was also affirmed.

The negative outlook reflects the risk that Ascena may not be able
to stabilize and grow earnings in the near term, beyond expected
weakness in Q4 2017.

The affirmation reflects Moody's view that given the company's
scale and financial flexibility, it has an opportunity for
significant operational improvement through its transformation
initiatives, including cost reduction, fleet optimization,
omni-channel, and customer relationship management.

"While Ascena's business transformation should generate earnings
growth, the retail environment remains challenging and the broad
scope of the company's initiatives results in elevated execution
risk," said Moody's analyst Raya Sokolyanska. "Improved earnings
and cash flow would be necessary for maintaining the Ba3 CFR."

Moody's took the following rating actions for Ascena Retail Group,
Inc.:

-- Corporate Family Rating, affirmed Ba3

-- Probability of Default Rating, affirmed Ba3-PD

-- Speculative Grade Liquidity Rating, affirmed SGL-2

-- $1.8 billion ($1.597 billion outstanding) senior secured first

    lien term loan B due 2022, affirmed Ba3 (LGD3)

-- Outlook, changed to Negative

RATINGS RATIONALE

Ascena's Ba3 CFR reflects the company's large scale and
diversified portfolio of women's apparel brands. With six out of
its seven key brands generating revenues near the $1 billion mark,
the company is the third largest rated specialty apparel retailer.
Ascena's track record of debt repayment and conservative financial
policies also support the rating. At the same time, key credit
metrics have weakened following recent earnings declines, with
lease-adjusted leverage at 4.3 times and EBIT/interest expense at
1.1 times as of April 29, 2017. Moody's believes that Ascena will
continue to face a difficult retail environment and meaningful
execution risk from implementing a wide range of transformation
initiatives. However, the ratings incorporate Moody's view that
given its scale and financial flexibility, Ascena has an
opportunity for significant operational improvement. Moody's
expects the company to have a good liquidity profile in the next
12-15 months, including positive free cash flow, ample revolver
availability and lack of near term maturities.

The ratings could be upgraded if the company returns to solid
earnings growth, while maintaining conservative financial policies
and good liquidity. Quantitatively, the ratings could be upgraded
if Ascena achieves and maintains debt/EBITDA below 4 times and
EBIT/interest expense approaches 1.75 times.

The ratings could be downgraded if Moody's comes to expect that
revenues and earnings will not recover from projected 2017 levels,
if liquidity deteriorates or the company's financial policies
become more aggressive, including share repurchases.
Quantitatively, the ratings could be downgraded if debt/EBITDA is
sustained above 4.5 times or EBIT/interest expense remains near
1.1 times.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Headquartered in Mahwah, New Jersey, Ascena Retail Group, Inc.
("Ascena") operates approximately 4,900 women's specialty retail
stores throughout the United States, Canada and Puerto Rico under
the brands Justice, Lane Bryant, maurices, dressbarn, Catherines,
Ann Taylor, LOFT and Lou & Grey. Revenue for the twelve months
ended April 29, 2017 was $6.8 billion.


RAMIREZ OB-GYN: Hires Conde & Assoc. as Chapter 11 Counsel
---------------------------------------------------------
Ramirez Ob-Gyn, PSC, seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ the Law Offices of
C. Conde & Assoc., as attorney to the Debtor.

Ramirez Ob-Gyn requires Conde & Assoc.to:

   a. advise the Debtor with respect to its duties, powers and
      responsibilities it the bankruptcy case under the laws of
      the U.S. and Puerto Rico in which the Debtor-in-possession
      conducts its operation, do business, or is involved in
      litigation;

   b. advise the Debtor in connection with a determination
      whether a reorganization is feasible and, if not, helping
      the Debtor in the orderly liquidation of its assets;

   c. assist the Debtor with respect to negotiations with
      creditors for the purpose of arranging the orderly
      liquidation of assets and propose a viable plan of
      reorganization;

   d. prepare on behalf of the Debtor the necessary complaints,
      answers, orders, reports, memoranda of law and any other
      legal papers or documents;

   e. appear before the bankruptcy court, or any court in which
      the Debtor assert a claim interest or defense directly or
      indirectly related to the bankruptcy case;

   f. perform such other legal services for the Debtor as may be
      required in the proceedings or in connection with the
      operation and involvement with the Debtor's business,
      including but not limited to notarial services; and

   g. employ other professional services, if necessary.

Conde & Assoc. will be paid at these hourly rates:

     Attorney                  $300
     Associates                $275
     Junior Attorney           $250
     Legal Assistant           $150

Conde & Assoc. will be paid a retainer in the amount of 10,000.

Conde & Assoc. will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Carmen D. Conde Torres, partner of Law Offices of C. Conde &
Assoc., assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtor and its estates.

Conde & Assoc. can be reached at:

     Carmen D. Conde Torres, Esq.
     LAW OFFICES OF C. CONDE & ASSOC.
     254 San Jose Street, 5th Floor
     Old San Juan, PR 00901-1523
     Tel: (787) 729-2900
     Fax: (787) 729-2203

                   About Ramirez Ob-Gyn, PSC

Ramirez Ob-Gyn, PSC, filed a Chapter 11 bankruptcy petition
(Bankr. D. P.R. Case No. 17-04090) on June 7, 2017, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by Carmen D. Conde Torres, Esq., at C. Conde & Assoc.,
as counsel.


SPANISH BROADCASTING: Completes Sale of Calif. Property for $14.7M
------------------------------------------------------------------
Spanish Broadcasting System, Inc. closed on the sale of its
facilities at 10281 Pico Boulevard, Los Angeles, California
pursuant to an agreement dated May 15, 2017, by its subsidiary
Spanish Broadcasting System, Inc.  The Property is where it
currently maintain its Los Angeles radio operations.  The purchase
price under the Agreement was $14,700,000, which resulted in net
proceeds of $10,337,883 to the Company, as defined by the
Indenture governing its outstanding 12.5% Senior Secured Notes due
2017.  The net proceeds were used to repay a portion of the
outstanding indebtedness on the Company's Notes.

Pursuant to a separate office lease agreement, the Company will
continue to maintain its radio operations at the Property for a
period of up to 12 months after the closing.

                   About Spanish Broadcasting

Spanish Broadcasting System, Inc. (OTCMKTS:SBSAA) --
http://www.spanishbroadcasting.com/-- is one of the largest
owners and operators of radio stations in the United States.  SBS
owns and operates 17 radio stations located in the top U.S.
Hispanic markets of New York, Los Angeles, Miami, Chicago, San
Francisco and Puerto Rico, airing the Spanish Tropical, Regional
Mexican, Spanish Adult Contemporary, Top 40 and Latin Rhythmic
format genres.  SBS also operates AIRE Radio Networks, a national
radio platform which creates, distributes and markets leading
Spanish-language radio programming to over 250 affiliated stations
reaching 93% of the U.S. Hispanic audience.  SBS also owns MegaTV,
a television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico.
SBS also produces live concerts and events and owns multiple
bilingual websites, including http://www.LaMusica.com/, an online
destination and mobile app providing content related to Latin
music, entertainment, news and culture.

Spanish Broadcasting reported a net loss of $16.34 million for the
year ended Dec. 31, 2016, compared with a net loss of $26.95
million for the year ended Dec. 31, 2015.

Crowe Horwath LLP, in Fort Lauderdale, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016, stating that the 12.5% Senior
Secured Notes had a maturity date of April 15, 2017.  Cash from
operations or the sale of assets was not sufficient to repay the
notes and other short term obligations when they became due, which
resulted in significant liquidity requirements on the Company that
raise substantial doubt about its ability to continue as a going
concern.

                          *     *     *

As reported by the TCR on May 25, 2017, S&P Global Ratings
withdrew its 'D' corporate credit rating and issue-level ratings
on U.S.-based Spanish-language broadcaster Spanish Broadcasting
System.  "We withdrew the ratings because we were unlikely to
raise them from 'D', based on SBS' ongoing plans to restructure
its debt," said S&P Global Ratings' credit analyst Scott Zari.
S&P had downgraded SBS to 'D' on April 21, 2017, following the
company's announcement that it didn't repay its $275 million 12.5%
senior secured notes that were due April 15, 2017.

In April 2017, Moody's Investors Service downgraded SBS's
corporate family rating to 'Ca' from 'Caa2'.  SBS's 'Ca' corporate
family rating reflects an elevated expected loss rate following
the recently announced default under the company's 12.5% senior
secured notes due April 2017.


SPANISH BROADCASTING: Egan-Jones Cuts Sr. Unsecured Ratings to C
----------------------------------------------------------------
Egan-Jones Ratings, on May 26, 2017, lowered the local currency
and foreign currency senior unsecured ratings on debt issued by
Spanish Broadcasting System Inc. to C from CCC-.

Spanish Broadcasting System, Inc. is one of the largest owners and
operators of radio stations in the United States.  SBS owns and
operates 17 radio stations located in the top U.S. Hispanic
markets of New York, Los Angeles, Miami, Chicago, San Francisco
and Puerto Rico, airing the Spanish Tropical, Regional Mexican,
Spanish Adult Contemporary, Top 40 and Latin Rhythmic format
genres.


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


ST VINCENT & NEVIS: Charter Flights to Airport Fails to Pay Off
---------------------------------------------------------------
Caribbean360.com reports that four months after the historic
opening of the Argyle International Airport, the Vincentian
Government is reporting substantial losses after it chartered
airlines for the official opening.

The Government had chartered Trinidad and Tobago's national flag
carrier Caribbean Airlines that provided a service from New York;
and Sunwing, which provided a flight from Toronto, according to
Caribbean360.com.

The report notes that Prime Minister Dr. Ralph Gonsalves told
Parliament that Government spent close to EC$1 million
(US$370,341) on chartering the aircraft, but it recovered less
than half the amount -- EC$293,803 (US$108,807) -- in ticket
sales.

However, Dr. Gonsalves said the funds came from the budget of the
Tourism Authority and Government was not expecting to recover the
funds, the report notes.

"It was not intended . . . that there would be any break-even
here," the Prime Minister said as he was pressed by Opposition
Leader Dr. Godwin to bring the country up to date on the matter,
the report relays.

The Prime Minister said it was policy decision intended to attract
more business to the multi-million-dollar airport, which opened
six years behind schedule, the report notes.

But his comments were in stark contrast to earlier statements made
by head of the Tourism Authority Glen Beache who had predicted
that tickets would have sold out within one hour of going on sale,
the report says.  He was, however, forced to change his tune.

Mr. Beache told nationals in Canada that the flights operated at a
loss since none of the aircraft were at full capacity, the report
notes.

Dr. Gonsalves has maintained that the move was in the country's
best interest, prompting to query whether the Government would
continue to charter planes, the report relays.

Prime Minister Gonsalves did not rule out the idea but he made it
clear that his administration would "make a determination as to
when and how it is appropriate to use flights to do promotions or
to use flights to make a return," the report adds.


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


* TRINIDAD & TOBAGO: Forex Shortage Affecting Chicken Prices
------------------------------------------------------------
Caribbean360.com reports that chicken prices are rising in
Trinidad and Tobago and local retailers are warning that until the
government intervenes they will continue to rise.

President of Pluck Shop Association Rasheed Karim says consumers
have been paying more for live chicken over the last two months,
according to Caribbean360.com.  The reason? Because a shortage of
foreign exchange has led large poultry producing companies to hike
their prices, the report notes.

Currently consumers are paying between $5.50 to $6.50 for live
chicken in Trinidad and as much as $8 per pound in Tobago, the
report notes.

Mr. Karim is urging the Government to intervene and suggests that
the only way to lower prices is to provide incentives to get more
small poultry farmers back into production, the report relays.

"I am calling on the Government to create some kind of subsidy
[for] the poultry market, to encourage the small farmers to come
back. . . It can reduce the price so that customers won't have to
pay more," the report quoted Mr. Karim as saying

Mr. Karim expressed concern that there has been a drop in sales
since the increase, the report notes.

Mr. Karim also appealed to authorities to remove the Value Added
Tax (VAT) on machinery for processing chicken, the report says.

Mr. Karim said this would help to drive down the price of the
poultry, adds the report.


                            ***********


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.


                   * * * End of Transmission * * *