TCRLA_Public/170622.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

               Thursday, June 22, 2017, Vol. 18, No. 123


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Resumes Flights to Grenada and Trinidad
YAKINUKI EXPRESS: Destroyed in Suspected Arson


B R A Z I L

BANCO MERCANTIL: Moody's Rates Capital Notes Issuance (P)Ba2
JBS SA: To Sell Assets Worth $1.8 Billion
SUZANO PAPEL: Fitch Affirms BB+ Long-Term IDR; Outlook Positive


C A Y M A N  I S L A N D S

ACM EAGLE: Shareholders' Final Meeting Set for June 26
ALPHA LIMITED: Shareholders' Final Meeting Set for July 6
AMS-TAOS INTERNATIONAL: Shareholders' Meeting Set for June 27
ASHENDEN GLOBAL: Shareholders' Final Meeting Set for July 10
ASHENDEN GLOBAL MASTER: Shareholders' Meeting Set for July 10

CALYLE ACTIVE: Shareholder to Hear Wind-Up Report on June 30
CALYLE ACTIVE MASTER: Member to Hear Wind-Up Report on June 30
DGAM OPPORTUNITIES: Shareholder to Hear Wind-Up Report on June 30
DGAM UNIQUE: Shareholder to Hear Wind-Up Report on June 30
ENSO GLOBAL: Shareholder to Hear Wind-Up Report on July 14


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: High Time to Talk Trade With Haiti


M E X I C O

BANCO MERCANTIL: S&P Assigns 'BB' Rating to Tier 1 Hybrid Notes
GRUPO EMBOTELLADOR: S&P Affirms 'B-' CCR, Outlook Stable
GRUPO KUO: Fitch Rates Proposed US$350mm Senior Unsec. Notes 'BB'
GRUPO KUO: S&P Assigns 'BB' Rating to Proposed $350MM Notes


V E N E Z U E L A

VENEZUELA: Worse to Come for Country, IMF Says


                            - - - - -



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


LIAT: Resumes Flights to Grenada and Trinidad
----------------------------------------------
The Daily Observer reports that regional air carrier LIAT,
operating as Leeward Islands Air Transport, reminded displaced
passengers to Trinidad and Grenada that they will have a two-week
window to rebook flights at no additional cost.

The carrier had cancelled flights to those two countries and
several others in the southern Caribbean due to the passage of
Tropical Storm Bret which caused severe flooding in Trinidad,
according to The Daily Observer.

In a release issued to the media, LIAT advised passengers that it
had resumed operations to stations that were closed as a result of
the tropical storm, the report notes.

The airline also said that its offices in Trinidad and Grenada had
re-opened and flights which had been scheduled and would operate
as normal, the report relays.

Meantime, there are reports of widespread flooding in southern
parts of Trinidad and of roofs blown off houses, the report
relays.

Trinidad-based Environment Consultant, Camille Roopnarine, told
Daily Observer newsroom that some rivers have also overrun their
banks and people are being advised to apply caution, the report
says.

"Some businesses were closed while others remained opened. The
banks and schools, however, were closed while government offices
remained opened for a short period," the report quoted Ms.
Roopnarine as saying.

The National Hurricane Center (NHC), said in its 5 pm advisory
that the remnants of Bret had degenerated into a tropical wave,
which is expected to continue moving westward across the Caribbean
where strong southerly shear prevails, and regeneration of the
system is not anticipated, the report relays.

                           About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

The Troubled Company Reporter-Latin America, citing Trinidad
Express, on November 24, 2016, reported that the Barbados
government defended the operations of the cash-strapped regional
airline, LIAT, even as opposition legislators called for it to be
stop being a financial burden on the island. Both Prime Minister
Freundel Stuart and his Finance Minister, Chris Sinckler, defended
the airline, whose major shareholders are Antigua and Barbuda,
Barbados, Dominica and St. Vincent and the Grenadines. Mr. Stuart,
speaking in Parliament, said despite the criticism the value of
the airline should not be underestimated that the Antigua-based
LIAT remains "important to Barbados.

According to the TCR-LA in May 8, 2015, the Daily Observer said
that LIAT was attempting to lose excess baggage as part of
measures to make the carrier "a smaller airline in 2015."  In a
document, signed by Director of Human Resources Ilean Ramsey,
eligible employees were asked to opt to apply for voluntary
separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing Caribbean360.com, that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of
LIAT -- the Board and the Executive. Following the sudden
resignation of Chief Executive Officer Captain Ian Brunton, David
Evans replaced Mr. Brunton as chief executive officer.


YAKINUKI EXPRESS: Destroyed in Suspected Arson
----------------------------------------------
The Daily Observer reports that an estimated US$100,000 in losses
were incurred when Yakinuki Express restaurant at West Coast
Village on the Valley Road was destroyed in an early morning fire.

Derek Barrett told The Daily Observer that he received a call that
a restaurant owned by his son Adam Barrett was on fire.

Claiming it was not the first time fire was "set" to the timber
structure that is located outside Jolly Harbor, Barrett
elaborated, "A few months ago, someone set a fire behind one of
the buildings next door, according to The Daily Observer.  It
damaged the water tank that basically put the fire out, the report
notes.  But this attempt was successful and took the whole
building down. Sadly, the building was not insured," the report
relays.

Mr. Harbor explained that the fire brigade from St John's
responded in quick time but the police did not arrive on the scene
until several hours later, the report relays.

"Surprisingly the police did not arrive until after 10 o'clock in
the morning, which I find to be quite unsatisfactory on the basis
that they attended the first event a few months ago and they were
going to carry out an investigation and clearly nothing happened.
You can see the police station from the fire but nobody bothered
to come down and have a look," Mr. Barrett said, adding, whoever
set the fire is a disgrace not just to themselves but also to the
very people it directly affects, the report relays.

Noting that Tracy Holness had been operating the restaurant for
almost a year, Barrett said the operation can be relocated at
another building he has on the same compound, the report
discloses.

The report relays Mr. Barrett said, under the agreement, he
provides a building, equipment and cutlery needed to run the
restaurant and the operator is given time to establish a clientele
before paying rent.

Lawmen said initial investigations suggest the building was
deliberately set on fire, the report says.


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B R A Z I L
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BANCO MERCANTIL: Moody's Rates Capital Notes Issuance (P)Ba2
------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba2 (hyb) foreign
currency junior subordinated debt rating to Banco Mercantil del
Norte, S.A.'s (Banorte) proposed issuance of perpetual callable
subordinated non-preferred non-cumulative Additional Tier 1
capital notes, with an optional redemption on the first call date.
The Contingent Convertible Capital Notes (the notes) will be
issued through Banorte's Cayman Islands branch, Banco Mercantil
del Norte, S.A. (Cayman Islands) for an aggregate amount of about
USD500 million.

LIST OF AFFECTED RATINGS:

The following rating was assigned to Banco Mercantil del Norte,
S.A.'s Convertible Capital Notes issued through Banco Mercantil
del Norte, S.A. (Cayman I):

-- Long-term foreign currency junior subordinated debt rating of
    (P)Ba2 (hyb)

RATINGS RATIONALE

The assigned (P)Ba2 (hyb) rating is positioned three notches below
Banorte's baa2 adjusted baseline credit assessment (adjusted BCA),
in line with Moody's standard notching guidance for contractual
non-viability securities, and reflects both the higher probability
of default of these notes as well as the higher loss given default
resulting from their subordination to the bank's senior debt and
deposits.

Under the terms of the notes, principal will be partially or fully
written down in the event that (i) the bank's fundamental capital
ratio, as calculated pursuant to applicable Mexican capitalization
regulations, is equal to or below 5.125%; (ii) the bank's license
is revoked, or (iii) if Mexico's Banking Stability Committee makes
a determination that Banorte requires financial assistance, prior
to the revocation of its license, in order to avoid a systemic
risk.

In the case that any of the aforementioned events occur, the notes
would be written down, together with any concurrent pro rata write
down or conversion of any other subordinated non-preferred
indebtedness issued by the bank and then outstanding, in an amount
sufficient to return the bank's common equity Tier 1 (capital
b†sico fundamental, or CET1) ratio to the minimum level required
by local regulations at that time and to restore any
countercyclical and/or systemically important bank (D-SIB)
supplemental capital requirements then in place. The current
minimums plus conservation buffer for fundamental capital and the
bank's D-SIB buffer are 7.0% and 0.9% respectively.

Banorte will automatically cancel interest due on the notes (a) if
the bank is classified as Class II or below pursuant Articles 121
and 122 of the Mexican Banking Law, or (b) if the bank would be
classified as Class II or below as a result of the applicable
interest payment. Based upon current regulations, the bank will be
classified as Class II if its capital levels fall below the
following minimum thresholds: 10.5% for the Total Capital (Capital
Neto) ratio, 8.5% for the Tier 1 (Capital B†sico) ratio, and 7.0%
for the CET1 ratio. The bank will also be classified as Class II
if it fails to meet any additional D-SIB and countercyclical
capital supplements required by the regulator.

In addition to the contractual write-down provisions, interest on
the notes will be due and payable subject to Banorte's sole and
absolute discretion, at all times and for any reason, to cancel
any interest payment in whole or in part. These notes constitute
subordinated non-preferred indebtedness and will rank: (i)
subordinate and junior in right of payment and in liquidation to
all of the Banorte's present and future senior indebtedness and
subordinated preferred indebtedness; (ii) pari passu without
preference among themselves with all of Banorte's other present
and future unsecured subordinated non-preferred indebtedness and;
(iii) senior only to all classes of the bank's equity or capital
stock.

Despite the very high probability that the government will support
Banorte's depositors in light of the bank's large deposit market
share, the ratings assigned to these notes do not benefit from
uplift stemming from government support because they are intended
to provide loss absorption.

The bank plans to use a portion of the proceeds of the notes to
repay some of its outstanding Tier 2 bonds issued under Basel II
norms, which will improve the structure of its regulatory capital.
Although the notes will not benefit the bank's regulatory CET1 or
Total Capital ratios, or Moody's preferred ratio of tangible
common equity to risk-weighted assets, Banorte's Tier 1 ratio of
13.7% as of March 2016 could increase by more than 130 basis
points. Because the level at which the instrument will be written
down is very close to the expected point of non-viability, the
notes will not materially reduce the risk of a bank failure in
Moody's view. However, the issuance is nevertheless credit
positive for Banorte because it could reduce depositor and senior
bondholder losses if the bank is liquidated.

Moody's issues provisional (P) ratings in advance of the final
sale of notes, but these ratings only represent Moody's
preliminary credit opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings to the hybrid subordinated notes. A
definitive rating may differ from a provisional rating.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The ratings are likely to face downward pressure if the bank's
core capitalization levels significantly decrease or if its
expansion into consumer and small and midsized company lending in
the midst of a difficult operating environment leads to a
substantial deterioration of asset quality.

Upward pressure could accumulate if Banorte is capable of
sustaining its asset quality metrics while slowing its expansion
to levels more comparable to those of Mexico's GDP growth.

The principal methodology used in this rating was Banks published
in January 2016.


JBS SA: To Sell Assets Worth $1.8 Billion
-----------------------------------------
EFE News reports that Brazilian meatpacking giant JBS SA, which is
mired in several corruption scandals, said it planned to sell
assets worth BRL6 billion ($1.82 billion).

Among the assets included in the divestment plan are a 19.2
percent interest in dairy company Vigor Alimentos, a stake in
Britain's Moy Park, one of Europe's largest meat processors, and
an interest in Five Rivers Cattle Feeding, JBS said, according to
EFE News.

As reported in the Troubled Company Reporter-Latin America on June
16, 2017, S&P Global Ratings lowered its global scale corporate
credit ratings on JBS S.A. and JBS USA to 'B+' from 'BB' on global
scale.  In addition, S&P lowered its national scale rating on JBS
to 'brBBB-' from 'brAA-'.  S&P also lowered the senior unsecured
debt ratings on JBS and JBS USA to 'B+' from 'BB' and the senior
secured debt ratings on JBS USA to 'BB' from 'BBB-'.  All ratings
remain on CreditWatch negative.


SUZANO PAPEL: Fitch Affirms BB+ Long-Term IDR; Outlook Positive
---------------------------------------------------------------
Fitch Ratings has affirmed Suzano Papel e Celulose S.A.'s (Suzano)
Long-term foreign currency and local currency Issuer Default
Ratings (IDR) at 'BB+' and its national scale long-term rating at
'AA+(bra)'. The Rating Outlook for the corporate ratings is
Positive.

Suzano's ratings continue to reflect the company's leading
position in printing and writing paper and paperboard in Brazil,
and its position as the fourth largest producer of market pulp in
the world. The ratings also incorporate Suzano's strong liquidity
and comfortable debt amortization schedule.

The Positive Outlook for the corporate ratings reflects Fitch's
expectation that Suzano's FCF will remain strong in 2017 and 2018,
and net adjusted leverage will decline to below 2x by 2018. An
upgrade could occur if the company uses its FCF to continue
reducing gross debt. The Positive Outlook also reflects the
expectation that the company's strategy to decrease leverage and
improve its capital structure will remain unchanged.

KEY RATING DRIVERS

Solid Business Position: Suzano is the leading producer of
printing and writing paper in Brazil, as well as paperboard, with
1.3 million tons of annual production capacity. The company's
strong market shares in uncoated printing and writing paper and in
paperboard allow it to be a price leader in Brazil. With 3.5
million tons of market pulp capacity, Suzano is the fourth largest
producer of market pulp in the world.

Leverage Will Continue to Decline: Stronger operating cash flow
and lower investments will contribute to Suzano's debt reduction
strategy. Fitch expects net adjusted leverage to reduce to about
2.6x in 2017, falling to below 2x during 2018. Suzano's net
adjusted leverage remained relatively stable during 2016 and it
did not reduce to below 3.0x as previously projected due to the
strong Brazilian real and weak pulp prices, Suzano's adjusted net
debt /adjusted EBITDA ratio in the LTM ended March 31, 2017 was
3.3x, comparing unfavorably with 3.1x at year-end 2016 and 2015.
Historically, Suzano has operated with higher leverage within its
Latin America peer group, with an average net adjusted leverage
ratio of 3.6x between 2008 and 2011, and 5.1x between 2012 and
2014.

Operational Cash Flow to Improve in 2017: Fitch projects that
Suzano will generate about BRL4.1 billion of adjusted EBITDA in
2017 and BRL4.9 billion in 2018. Key assumptions are net BEKP
prices of USD550 and USD575 per ton and FX rate of 3.2 BRL/USD and
3.3 BRL/USD in 2017 and 2018, respectively. Fitch's base case
scenario incorporates investments around BRL3.5 billion during the
period, a downward trend of costs and some efficiency gains from
adjacent business projects.

Suzano generated BRL3.3 billion of adjusted EBITDA and BRL2.7
billion of cash flow from operations (CFFO) in the LTM ended March
31, 2017. This compares with BRL3.7 billion of adjusted EBITDA and
BRL3.1 billion of CFFO during 2016, and BRL4.5 billion and BRL2.6
billion, respectively, in 2015. FCF was BRL91 million in the LTM,
after dividends of BRL300 million and investments of BRL2.3
billion, including BRL789 million from the acquisition of land and
forest.

Forestry Assets a Key Credit Consideration: A key credit
consideration that further enhances Suzano's credit profile is its
ownership of about 1.2 million hectares of land, where the company
developed about 534,000 hectares of eucalyptus plantations. The
forestry assets are valued at BRL4.2 billion. Importantly, the
nearly ideal conditions for growing trees in the region make these
plantations extremely efficient by global standards and give the
company a sustainable advantage in terms of cost of fiber and
transportation costs between forest and mills.

DERIVATION SUMMARY

Suzano is the leading producer of printing and writing paper in
Brazil, as well as paperboard and is the fourth largest producer
of market pulp in the world. Like other producers of hardwood pulp
in Brazil, Suzano enjoys a production cost structure that is among
the lowest in the world. This enables Suzano to generate positive
cash flows during troughs in the pulp and paper cycle, ensuring
its long-term competitiveness. As other Latin American pulp
producers, Suzano is exposed to the volatility of pulp prices that
follow the supply and demand imbalance.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
-- Pulp sales volume of 3.6 million tons in 2017 and 3.7 million
    tons in 2018;
-- Paper sales volume between 1.2 million tons and 1.3 million
    tons in 2017 and 2018;
-- Average hardwood pulp price between USD550 and USD575 per ton.
-- FX rate at 3.2 BRL/USD in 2017 and 3.3 BRL/USD in 2018.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Maintenance of net adjusted leverage below 2.0x during low
    investment cycle.
-- Higher than expected cash generation during 2017.
-- A positive outlook for pulp prices in the next couple of years
    could also bolster the probability of positive rating actions.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Weaker liquidity position.
-- Increase in net adjusted leverage ratio to levels above 4.0x,
    considering pulp prices at USD550 per ton.
-- Sharp deterioration of market conditions with significant
    reduction of pulp prices.
-- A debt financed acquisition.
-- Any change in the company's strategy to reduce leverage and
improve capital structure.

LIQUIDITY

Suzano has historically maintained a strong cash position. As of
March 31, 2017, the company had BRL4.1 billion of cash and
marketable securities and total debt was BRL14.8 billion.
Liquidity covered short-term debt obligations by a multiple of
2.5x. Suzano has manageable debt maturities of BRL1.4 billion up
to the end 2017, and BRL2.3 billion in 2018. Suzano does not have
a standby facility. In March 2017, Suzano issued a USD300 million
bond due in 2047.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:
Suzano
-- Long-Term Foreign Currency IDR at 'BB+';
-- Long-Term Local Currency IDR at 'BB+';
-- National long-term rating at 'AA+(bra)'.

Suzano Austria GmbH
-- USD500 million senior unsecured notes, due in 2026 and
    guaranteed by Suzano at 'BB+';
-- USD300 million senior unsecured notes, due in 2047 and
    guaranteed by Suzano at 'BB+';

Suzano Trading Ltd.
-- USD650 million senior notes, due 2021 and guaranteed by Suzano
    at 'BB+'.

The Rating Outlook for the corporate ratings is Positive.


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


ACM EAGLE: Shareholders' Final Meeting Set for June 26
------------------------------------------------------
The shareholders of ACM Eagle Growth Fund, Ltd. will hold their
final meeting on June 26, 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:

          David La Valle
          Telephone: +1 (212) 344-3300
          Facsimile: +1 (212) 344-2045
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


ALPHA LIMITED: Shareholders' Final Meeting Set for July 6
---------------------------------------------------------
The shareholders of Alpha Limited Partners Strategies Ltd will
hold their final meeting on July 6, 2017, at 2:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Goldman Sachs Hedge Fund Strategies LLC
          c/o Helen A. Crowley
          34th Floor
          200 West Street
          New York
          New York 10282-2198
          United States of America
          Telephone: +1 (212) 902 1000


AMS-TAOS INTERNATIONAL: Shareholders' Meeting Set for June 27
-------------------------------------------------------------
The shareholders of AMS-Taos International will hold their final
meeting on June 27, 2017, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Martin Resch
          c/o Paul Goss
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4985


ASHENDEN GLOBAL: Shareholders' Final Meeting Set for July 10
------------------------------------------------------------
The shareholders of Ashenden Global Fund Ltd will hold their final
meeting on July 10, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Murphy
          FFP (Cayman) Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 640 5863


ASHENDEN GLOBAL MASTER: Shareholders' Meeting Set for July 10
-------------------------------------------------------------
The shareholders of Ashenden Global Master Fund Ltd will hold
their final meeting on July 10, 2017, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Murphy
          FFP (Cayman) Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 640 5863


CALYLE ACTIVE: Shareholder to Hear Wind-Up Report on June 30
------------------------------------------------------------
The member of Calyle Active Commodities Fund will hear on June 30,
2017, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          David Griffin
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1 - 1203
          Cayman Islands


CALYLE ACTIVE MASTER: Member to Hear Wind-Up Report on June 30
--------------------------------------------------------------
The member of Calyle Active Commodities Master Fund will hear on
June 30, 2017, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Griffin
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1 - 1203
          Cayman Islands


DGAM OPPORTUNITIES: Shareholder to Hear Wind-Up Report on June 30
-----------------------------------------------------------------
The shareholder of DGAM Opportunities Master Fund will hear on
June 30, 2017, at 1:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Griffin
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1 - 1203
          Cayman Islands


DGAM UNIQUE: Shareholder to Hear Wind-Up Report on June 30
----------------------------------------------------------
The shareholder of DGAM Unique Strategies Erisa Fund will hear on
June 30, 2017, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Griffin
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1 - 1203
          Cayman Islands


ENSO GLOBAL: Shareholder to Hear Wind-Up Report on July 14
----------------------------------------------------------
The shareholder of Enso Global Equities Fund, Ltd. will hear on
July 14, 2017, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

           Intertrust SPV (Cayman) Limited
           190 Elgin Avenue, George Town
           Grand Cayman, KY1-9005
           Cayman Islands
           c/o Kim Charaman
           Telephone: (345) 943-3100


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


DOMINICAN REPUBLIC: High Time to Talk Trade With Haiti
------------------------------------------------------
Dominican Today reports that the head of Dominican Republic's
chambers of commerce grouped in Fedocamaras said the private
sector is willing to hear the Haitian authorities' reasoning
behind the new ban on Dominican products.

Claudio Fernandez said the measure isn't "rational" if it' based
on concerns over plant and animal health and food safety, since
the products that are exported to Haiti in his view are of high
quality, according to Dominican Today.

The report notes that Mr. Fernandez called Haiti's rules on trade
with Dominican Republic aren't stable and stressed that no other
country withstands the frequent back-and-forth of the ban which
jeopardizes Dominican exporters.

Mr. Fernandez urged the Foreign Ministry, together with the
private sector and authorities on both sides of the border, "to
seek a sincere and open dialogue that would put an end to the
constant prohibitions," the report relays.

Mr. Fernandez revealed that a high-level commission of the
Dominican poultry sector recently met with Haitian business
leaders who manage the chicken trade, the report relays.  "There
once again was awareness of the quality of the birds we supply to
Haiti, including frozen chicken. Haiti has a deficit of 75% in the
supply of chickens which we can supply without major difficulties
from here," the report quoted Mr. Fernandez as saying.

Mr. Fernandez said Dominican business leaders want formal
transactions with Haiti, clear rules and mutual benefit, to
contribute with the neighboring country's need to raise revenue,
the report relays. "We want business for everyone, especially for
the small and medium entrepreneurs of both countries that forms
the basis of the business fabric of the Dominican Republic and
Haiti," Mr. Fernandez added.

"I hope that the talks between the private sector and the
authorities of the two nations will not simply remain as good
intentions, and will materialize without further delay instead,"
Mr. Fernandez said, the report notes.

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+'.


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


BANCO MERCANTIL: S&P Assigns 'BB' Rating to Tier 1 Hybrid Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to Mexico-
based universal lender Banco Mercantil del Norte S.A. Institucion
de Banca Multiple Grupo Financiero Banorte's (Banorte;
BBB+/Negative/A-2) perpetual callable subordinated non-preferred
non-cumulative Tier 1 capital notes of around $500 million.
Banorte plans to use the proceeds to substitute legacy hybrid
instruments that will lose regulatory equity content, as well as
to refinance existing debt.

The rating on the bank's notes is four notches below the issuer
credit rating and stand-alone credit profile (SACP), reflecting:

   -- The notes' contractual subordination to other senior debt;
   -- An additional notch for its discretionary and mandatory non-
      payment clause, which allows the instrument to defer coupon
      payments;
   -- One additional notch for its regulatory Tier 1
      classification, which heightens the potential for coupon
      non-payment on a going-concern basis when it comes to the
      regulatory capital buffer requirements for systemically
      important financial institutions such as Banorte; and
   -- An additional notch for its mandatory contingent capital
      clause that would lead to a principal write-down.

S&P is also assigning intermediate equity content to Banorte's
Tier 1 hybrid instrument primarily because, in S&P's view, the
instrument can absorb losses through non-payment of coupon and
principal write-down, and it is perpetual [referring to the
maturity].  There are no material restrictions on deferrals,
because the bank can discretionally suspend coupon payments, and
it doesn't contain step-up clauses that could increase the
incentive to redeem the notes (although they can be redeemed under
other circumstances).  S&P includes this instrument with
intermediate equity content, and has revised its forecast risk-
adjusted capital (RAC) ratio to 12% on average for the next two
years from 11% in S&P's previous forecast.  The RAC ratio,
nonetheless, doesn't affect S&P's current view of the bank and the
group's capital and earnings assessment, because S&P already
consider it as strong.

Likewise, the proposed notes don't affect our view of Banorte's
funding and liquidity.  The notes' size represents only 1.1% of
the bank's total funding base.  S&P's assessment of Banorte's
funding reflects a structure that's similar to that of the
industry, and S&P don't expect it to change in the near future.
Core customer deposits represent most of the funding structure:
70.2% as of March 31, 2017, and 69.3% on average for the past
three years.  In addition, retail deposits account for a large
share of the bank's deposit base, which S&P views as more stable
during times of market distress.  Banorte's wholesale deposits are
stable, underscoring its long-standing relationships with its
institutional clients.  As a result of a large and stable deposit
base, S&P's stable funding ratio (SFR) for the bank remains at
adequate levels: 100.7% for the first quarter of 2017, with a
three-year average of 103.2%--similar to the 99.8% average for the
Mexican banking system.  S&P expects Banorte's SFR to remain
sound, at around 100% for the next two years.

Low refinancing risk--through a manageable debt maturity profile--
and modest short-term liquidity needs continue to support the
bank's liquidity.  As of March 31, 2017, S&P's broad liquid assets
to short-term wholesale funding was 1.2x, with the 1.3x average
for the past three years.  The liquidity also reflects prudent
management and a proactive stance towards refinancing future debt,
which the proposed notes also highlight.  S&P expects these
factors to remain in place, so it don't have concerns about
Banorte's liquidity position for the remainder of 2017.

S&P's ratings on Banorte are supported by:

   -- Its sound RAC ratio, which S&P now projects to average 12%
      for the next two years;
   -- Its brand recognition;
   -- Its diversified business mix;
   -- Its stable market share in total consolidated loans in the
      banking system;
   -- Its strong asset quality, with non-performing assets (NPAs)
      and credit loss ratios in line with those of the Mexican
      banking system; and
   -- Its funding structure, which benefits from a stable deposit
      base with a liquidity position that provides a comfortable
      cushion to meet its short-term obligations.

S&P continues to view Banorte as a highly systemically important
bank.  This reflects the top-tier position the bank holds in the
country in terms of total deposits, which S&P don't expect to
change over the next few years.  S&P also factors in the bank's
market share in retail banking, which was 10.5% as of April 30,
2017, and which has grown consistently over the past five years.
S&P expects the bank to sustain its 10.5% market share, or at
least a 10% share.  In addition, S&P incorporates Banorte's
designation in category II as a systemically important institution
by the Mexican regulator.

RATINGS LIST

Banco Mercantil del Norte S.A. Institucion de Banca Multiple Grupo
Financiero
Banorte
Corporate Credit Rating
Global Scale                      BBB+/Negative/A-2
CaVal (Mexico) National Scale     mxAAA/Stable/mxA-1+

Ratings Assigned

Banco Mercantil del Norte S.A. Institucion de Banca Multiple Grupo
Financiero
Banorte
New Rating
Junior Subordinated               BB


GRUPO EMBOTELLADOR: S&P Affirms 'B-' CCR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'B-' corporate credit and issue-
level ratings on Grupo Embotellador Atic S.A.  The outlook on the
corporate credit rating is stable.

On May 8, 2017, Atic announced a corporate reorganization plan
consisting of the discontinuing of operations in markets that were
posting weak operating results and financial losses, including
Mexico, Brazil, Venezuela, Thailand, and Indonesia.  Under this
plan, Atic will sell those operations to its sister holding
company, Callpa, and we expect Atic to benefit from annual EBITDA
gains by more than $30 million.  The reorganization relieves Atic
from profitability pressures and improves its medium-term growth
prospects, by focusing on markets where the company has been
resilient to adverse macro conditions and to competition.

Under the new structure, Atic now only maintains presence in Peru,
Central America, Ecuador, and Colombia.  In Peru and Central
America, the company has a long track record of steady top-line
growth and average price increases slightly above inflation amid
greater acceptance of its portfolio of non-carbonated soft drinks
(CSD) thanks to a better brand recognition and wider distribution
platform.  However, in Colombia, Atic remains highly concentrated
in CSDs, a segment that yields lower margins for the company,
which coupled with higher costs of sugar, could constrain the
company's profitability.  Atic has implemented initiatives to
reduce costs, including the reallocation of certain production
facilities to support growth of its non-CSD unit, manpower
reductions, and the outsourcing of certain non-core activities
within its production process, such as the sale of its caps and
pre-forms to a third party.


GRUPO KUO: Fitch Rates Proposed US$350mm Senior Unsec. Notes 'BB'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB(EXP)' rating to Grupo KUO, S.A.B.
de C.V.'s (KUO) proposed of USD350 million senior unsecured notes
issuance due in 2027. The proceeds coming from the issuance will
be used for refinancing purposes including its USD325 million of
senior unsecured notes maturing in 2022.

The ratings reflect KUO's diversified business portfolio, leading
market positions across the industries where it participates, and
stable financial profile. The ratings also incorporate the
diversification coming from its exports and joint ventures (JVs)
with international industry leaders. The company's strategy is
oriented toward developing high value-added products with
attractive returns.

KUO's ratings are limited by the exposure to volatility in the
demand of its products and input costs across its business units,
expected negative free cash flow (FCF) generation associated with
higher capex levels, and the uncertainty in the foreign markets
associated with the U.S. trade policy and a weaker economic
activity in Mexico.

For analytical purposes, Fitch incorporates the financial
information of KUO under the proportional consolidation of its JVs
in Herdez Del Fuerte and Dynasol (pro forma). In addition, Fitch
considers the consolidated figures reported which account for the
JVs under the equity method (consolidated).

KEY RATING DRIVERS

Diversified Business Portfolio
The ratings incorporate KUO's diversified business portfolio in
the consumer, automotive and chemical industries which allow the
company to mitigate the volatility across the up and downs of the
economic cycles. The company most important businesses, Pork Meat
and Herdez Del Fuerte JV, are oriented to the more stable consumer
segment which represents around 47% of the total revenues and 51%
of the total EBITDA. Fitch believes the transformation of KUO's
portfolio in the last four years by reducing its exposure to
cyclical business in the chemical (Synthetic Rubber JV and
Polystyrene) and automotive (Transmissions and Aftermarket)
industries will result in lower volatility in revenue and cash
flow generation.

Solid Business Positions
KUO's ratings benefits by the important market positions of its
business units. The company's Pork Meat business is the largest
producer in Mexico with vertically integrated operations that
serves the domestic market and exports products to Japan and
Korea. Under its Herdez Del Fuerte JV, KUO has highly recognized
brands with leading market shares in Mexico with different
products as tomato puree and mole, among others. This JV also has
relevant operations in the U.S. as a producer and distributor of
Hispanic brands. Its Transmissions business is a leading producer
of rear wheel transmissions in North America for the high
performance segment. In the Aftermarket business, KUO is a leader
in engine components with recognized proprietary brands and third
party products in Mexico. Also, the company is the largest
producer of synthetic rubber in Mexico through its JV with
Dynasol, as well as the main producer of polystyrene in the
country.

Relevant Revenues from Exports
Fitch views as positive for KUO's credit profile the diversified
revenue stream of its exports operations. The company generates
around 51% of its total revenues from exports and subsidiaries
located outside of Mexico, which provides a natural hedge for its
exposure to foreign exchange volatility associated to U.S. dollar
denominated raw materials and financial liabilities. The
businesses with higher presence outside Mexico are Transmissions
and Synthetic Rubber JV which generate around 93% and 99%,
respectively, of their revenues from exports. In addition, the
Pork Meat operations exports around 31% of products mainly to
Japan and Korea, while its Herdez Del Fuerte JV generates around
44% of its revenues from exports and operations in the U.S.

Favourable Operating Performance
Fitch expects KUO will maintain a positive trend in 2017-2018
despite the challenges related to volatile market conditions.
Fitch forecasts an average pro forma revenue growth of 10% in
2017-2018 for KUO as a result of an expansion of its consumer
business, particularly Pork Meat, as well as expected low double
digit growth in automotive and chemical businesses. In addition,
Fitch projects that KUO's profitability on a pro forma basis will
remain relatively stable in 2017-2018 with an EBITDA margin around
11% to 12%.

Stable Leverage
Fitch's base case projection for 2017 considers that KUO's pro
forma total debt/EBITDA and net debt/EBITDA will be around 2.5x
and 2.2x, respectively. For the last 12 months as of March 31,
2017, the company's pro forma total debt-to-EBITDA estimated by
Fitch was 2.4x, while its net debt-to-EBITDA was 1.5x. Fitch
considers these credit metrics are strong for the current rating
level and believes the maintenance of these metrics in the medium
term could result in a rating upgrade. Also, on a consolidated
basis, Fitch forecasts for 2017 that KUO's total debt/EBITDA and
net debt/EBITDA will be around 3.3x and 2.7, respectively. The
company's total debt as of March 31, 2017 was MXN10.4 billion,
including the debt allocated in its JVs and factoring.

Negative FCF
Fitch expects KUO to maintain a negative FCF generation in the
midterm as a result of its capex program in the next two years.
The main investment will be to increment the capacity of feed and
production in its Pork Meat business, as well as the development
of a new generation of high technology transmissions (Dual Clutch
Transmissions, DCT). Estimated capex in 2017 is for USD180 million
and dividends of approximately USD14 million.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case include:

-- Proportional consolidation of its JVs;
-- 2017-2018 average revenue growth of around 10%;
-- 2017-2018 EBITDA margin at around 11%-12%;
-- Total debt/EBITDA and net debt/EBITDA around 2.5x and 2.2x in
    the next 12 months to 18 months.

RATING SENSITIVITIES

Positive rating actions could result from the combination of the
following factors:
-- Neutral to positive FCF through the economic cycle;
-- Maintain a strong liquidity position;
-- Sustained lower leverage ratios of total debt-to-EBITDA and
    net debt-to-EBITDA pro forma of around 2.5x and 2.0x,
    respectively.

Negative rating actions could result from the combination of the
following factors:
-- High than expected negative FCF over the next two to three
    years;
-- Weak liquidity position;
-- Sustained deterioration in operating performance across the
    company's businesses leading to total debt-to-EBITDA and net
    debt-to-EBITDA pro forma consistently above 3x and 2.5x,
    respectively.

LIQUIDITY

KUO's liquidity position is sound. Its pro forma cash balance as
of March 31, 2017 was MXN3.8 billion and on a consolidated basis
was MXN3.2 billion. Its cash balances are sufficient to cover its
debt amortizations in 2017 of MXN363 million including the
proportional debt of its JVs, and MXN72 million on a consolidated
basis. The company has an available committed credit line for
USD105 million due in October 2019.

Fitch expects KUO will improve its financial flexibility and debt
maturity profile following the refinancing of its USD325 million
of senior notes due in 2022 with the proceeds from the proposed
issuance. The company's pro forma debt maturity profile in the
next four years is manageable with amortizations of MXN1.1 billion
in 2018, MXN944 million in 2019, MXN1.3 billion in 2020 and MXN283
million in 2021.

FULL LIST OF RATINGS

Fitch currently rates KUO as follow:

-- Long-Term Foreign Currency Issuer Default Rating (IDR) 'BB';
-- Long-Term Local Currency IDR 'BB';
-- Long-term national scale rating 'A(mex)';
-- USD325 million senior notes due 2022 'BB';
-- MXN700 million Certificados Bursatiles due in 2019 'A(mex)'.

The Rating Outlook is Stable.


GRUPO KUO: S&P Assigns 'BB' Rating to Proposed $350MM Notes
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating on Grupo
KUO S.A.B. de C.V.'s (KUO; BB/Stable/--) proposed senior unsecured
notes for $350 million due 2027.  S&P also assigned its recovery
rating of '3' to the notes, indicating its expectation for a
meaningful (50% to 70%) recovery in the event of a payment
default.

S&P views the transaction as debt-neutral because KUO will use the
proceeds to repay its existing $325 million senior unsecured notes
due 2022, any fees in connection with the new issuance, and the
tender offer of the outstanding notes, as well as to repay some
other outstanding debt.  S&P also believes the proposed
transaction will improve KUO's debt maturity profile and support
the company's liquidity.

The issue-level rating on the company's proposed senior unsecured
notes is 'BB', the same as the corporate credit rating.  The notes
will be guaranteed by KUO's most important subsidiaries, which
account for around 98% of the company's EBITDA.

S&P's ratings on KUO reflect the company's strategic plan to
accelerate growth and protect market share across its core
businesses, particularly in the consumer and auto divisions.  This
plan will increase the company's capital investments and could
result in additional debt by the end of 2018.  However, S&P
believes that despite higher funding requirements to execute its
capital expenditures (capex), KUO's debt to EBITDA will remain at
around 3.5x and funds from operations to debt above 20%.

RATINGS LIST

Grupo KUO S.A.B. de C.V.
Corporate Credit Rating
Global Scale                      BB/Stable/--
CaVal (Mexico) National Scale     mxA/Stable/--

Ratings Assigned

Grupo KUO S.A.B. de C.V.
New Rating
Senior Unsecured                  BB
  Recovery Rating                  3(65%)


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


VENEZUELA: Worse to Come for Country, IMF Says
----------------------------------------------
Aleem Khan at Trinidad Express reports that the Washington-based
International Monetary Fund (IMF), long unwelcome in Venezuela
since the days of now deceased president Hugo Chavez, is
projecting worse to come for the beleaguered South American
country.

In Port of Spain, the IMF forecast more trouble for Venezuela in
its Regional Economic Outlook (REO) Forum at the Central Bank of
Trinidad and Tobago (CBTT) tower, according to Trinidad Express.

Governor Alvin Hilaire noted in his welcome remarks it was the
first time in the country's history it was hosting the launch of
an REO, the report relays.

Yan Carriere-Swallow, economist in the Regional Studies Division
of the IMF's Western Hemisphere Department, put in the disclaimer
that the IMF has not been privy to Venezuela's official government
data for the last ten years, the report relays.

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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