TCRLA_Public/170712.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

            Wednesday, July 12, 2017, Vol. 18, No. 136


                            Headlines



A N T I G U A  A N D  B A R B U D A

ANTIGUA AND BARBUDA: Banks Adversely Affected By De-Risking


A R G E N T I N A

AMES X: Moody's Rates ARS22.94MM Certificates Ca(sf)
CMA ARGENTINA: Moody's Affirms B-bf Global Scale Ratings


B O L I V I A

BOLIVIA: Fitch Affirms B Short-Time Foreign and Local Currency IDR


B R A Z I L

BR PROPERTIES: Fitch Affirms BB- Long-Term IDR; Outlook Negative
COSAN LIMITED: Fitch Affirms BB Long-Term IDR; Outlook Stable
CYRELA COMMERCIAL: Fitch Ups IDR to BB-; Revises Outlook to Stable
OI SA: Stalled Legislation Hampers Recovery Process


C A Y M A N   I S L A N D S

LIFE PREMIUM: Chapter 15 Case Summary


C O L O M B I A

BANCO DE BOGOTA: Moody's Changes Outlook to Stable


M E X I C O

COACALCO MUNICIPALITY: Moody's Affirms Caa1 Local Currency Rating


P U E R T O  R I C O

SHORT BARK: Case Summary & 20 Largest Unsecured Creditors
WEST WINDOWS: Taps Heriberto Acevedo as Accountant


                            - - - - -



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


ANTIGUA AND BARBUDA: Banks Adversely Affected By De-Risking
-----------------------------------------------------------
antiguaobserver.com reports that the Economic Commission for Latin
America and the Caribbean (ECLAC) says 67% of the banks in Antigua
and Barbuda have been adversely affected by de-risking.

This is the outcome of a regional study that is looking at the
economic impact of de-risking on the economies of the Caribbean,
according to the report.

antiguaobserver.com relates that the study, conducted by ECLAC, an
agency of the United Nations, said that on the other hand, in the
nonbanking sector the figure has been considerably lower, standing
at 35 per cent.

According to the report, Belizian national Dr Ydahlia Metzgen, an
economist, who is leading the study, said they just completed a
visit to St John's where they conducted a series of interactions
with representatives from local, off-shore banks and foreign-owned
banks, credit unions, money transfer operations, financial
regulators, and private sector Non-Governmental Organisations
(NGOs) among others.

Belize and St Kitts Nevis are also being used as part of the case
study for the project, the report states.

antiguaobserver.com relates that Dr. Metzgen said a study among
the banking sector and the non-banking financial services sector
in all three territories revealed that many have been adversely
affected by derisking.

"The survey results based on these entities which responded by
completing the questionnaire, showed that 64 per cent of the
banking sector had been adversely affected while the figure for
the non-banking sector stood at 51 per cent," the report quotes
Dr. Metzgen as saying.

The economist said the Caribbean needs to have a healthy banking
sector in order for it to achieve it wider goals of providing a
higher standard of living for its people, the report relays.

For Antigua and Barbuda, she said from the information gleaned so
far, it appears that the country is ahead of most with respect to
its banks which have been taking the necessar steps not only to
upgrade their systems, but also to appoint compliance officers,
antiguaobserver.com relays.

She said the role of these officers is to ensure that the banks
are compliant with the latest advisories coming
from local legislators as well as from the external banks and
watchdog agencies, adds antiguaobserver.com.

In the case of Belize, that was hit early and hard by the de-
risking problem, she said the banks have been able to cope by
putting in place an updated AML/CTF framework and to move to
automated software systems that automatically trigger suspicious
activities, antiguaobserver.com reports.


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


AMES X: Moody's Rates ARS22.94MM Certificates Ca(sf)
----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
(Moody's) rates Fideicomiso Financiero AMES X, a transaction that
will be issued by TMF Trust Company (Argentina) S.A. - acting
solely in its capacity as Issuer and Trustee.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

- ARS 38,085,915 in Class A Floating Rate Debt Securities (VRD)
   of "Fideicomiso Financiero AMES X", rated Aaa.ar (sf)
   (Argentine National Scale) and Ba3 (sf) (Global Scale).

- ARS 22,949,205 in Certificates (CP) of "Fideicomiso Financiero
   AMES X", rated Ca.ar (sf) (Argentine National Scale) and Ca
   (sf) (Global Scale).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 1,589 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by the
Asociacion Mutual de la EconomĀ°a Solidaria ("AMES"), for a
principal amount of ARS 30,373,807.

The VRD will bear a floating interest rate (BADLAR plus 300 bps).
The VRD's interest rate will never be higher than 29.0% or lower
than 22.0%.

These personal loans are granted to employees of the City of
Buenos Aires (rated B3/Baa1.ar) using a "Codigo de Descuento". The
"Codigo de Descuento" is an identifier granted by a government-
related entity (in this case the City of Buenos Aires) that allows
deducting a personal loan's installment directly from the
borrowers' paycheck.

The originator access an Internet-based system to verify the
borrower's disposable income and originate the personal loan. The
maximum DTI ratio established by the City of Buenos Aires is 50%.
In this transaction, the City of Buenos will be instructed to
send, on a monthly basis, the scheduled principal and interest on
the securitized loans directly to the trust account. In turn, the
trustee, based on the master servicer's reports will reconcile any
amounts that belong to the originator.

The automatic deduction of the loans' installments reduces
significantly the probability of default of the loans, which is
not dependent on the borrower's willingness to pay.

In this type of loan the main causes of delinquency are: (i)
termination of the work relationship between the borrower and the
Government of the City of Buenos Aires, (ii) judicial embargos,
that may limit the maximum disposable income that can be deducted
by the GCBA, (iii) increases in the Minimum Wage that increases
the minimum disposable income that the employee must receive net
of deductions, (iv) variable components of the wages that are not
collected in a particular month and therefore decreases the
disposable income (v) and unpaid work licenses.

Initial negative overall credit enhancement is mitigated by a
turbo sequential structure, which allows for the building of
credit enhancement since first coupon payment. In addition the
transaction has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency and prepayment levels higher than Moody's
original expectations, or a disruption in the flow of payments
from the City of Buenos Aires.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the historical performance of AMES's portfolio,
factors common to consumer loans securitizations such as
delinquencies, prepayments and losses; as well as specific factors
related to the Argentine market, such as the probability of an
increase in losses if there are changes in the macroeconomic
scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 7% and a coefficient of variation of 70%. Also, Moody's assumed
conditional prepayment rate (CPR) of 20.5%. These assumptions are
derived from the historical performance to date of AMES' pools and
prior transactions.

The model results showed 0.7% expected loss for VRD and 62.1% for
the Certificates.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 10% and a
coefficient of variation of 70%), the ratings of VRD would likely
decreased to B1 (sf). The rating of the Certificates would be
unchanged.

Moody's also applied a stress to the cash flows by assuming an
interruption of the salary payments of the City of Buenos Aires.
The assigned ratings are consistent with this stress scenario.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS " published in
September 2015.

For more information on this transaction, please refer to the Pre-
Sale Report to be published in moodys.com.ar.

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


CMA ARGENTINA: Moody's Affirms B-bf Global Scale Ratings
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (Moody's)
upgraded the bond fund national scale rating (NSR) of seven bond
funds, and affirmed their global scale ratings (GSR).

The following is a list of the rating actions related to these
funds:

* CMA Argentina FCI's NSR was upgraded to Aa-bf.ar from A-bf.ar;
its GSR was affirmed at B-bf

* Consultatio Renta Local's NSR was upgraded to Aa-bf.ar from A-
bf.ar; its GSR was affirmed at B-bf

* Consultatio Renta Mixta FCI's NSR was upgraded to Aa-bf.ar from
A-bf.ar; its GSR was affirmed at B-bf

* Galileo Renta Fija FCI's NSR was upgraded to Aa-bf.ar from A-
bf.ar; its GSR was affirmed at B-bf

* Goal Ahorro Max FCI's NSR was upgraded to Aa-bf.ar from A-bf.ar;
its GSR was affirmed at B-bf

* 1822 Raices Renta en Pesos FCI's NSR was upgraded to Aa-bf.ar
from Baa-bf.ar; its GSR was affirmed at B-bf

* IAM Renta Crecimiento FCI's NSR was upgraded to A-bf.ar from
Baa-bf.ar; its GSR was affirmed at B-bf

RATINGS RATIONALE

The upgrades of the national scale ratings reflect a sustained
improvement in the Funds' maturity-adjusted weighted average
credit quality profiles. Changes to investment strategy which have
led to increased exposure to LEBACs (local TBILLs) has lifted the
Funds' global scale rating profile within the B-bf rating
category. The Funds' elevated positioning within the B-bf global
scale rating category results in higher national scale ratings
based on Moody's national scale rating mapping for Argentenian
bond funds. The upgrades to the national scale ratings are further
supported by Moody's expectations that the funds will sustain
their improved credit profiles.

The principal methodology used in these ratings was Moody's Bond
Fund Rating Methodology published in May 2013.

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



=============
B O L I V I A
=============


BOLIVIA: Fitch Affirms B Short-Time Foreign and Local Currency IDR
------------------------------------------------------------------
Fitch Ratings has affirmed Bolivia's sovereign ratings as follows:

-- Long-Term Foreign and Local Currency Issuer Default Ratings
    (IDRs) at 'BB-', Outlook Stable;
-- Senior unsecured Foreign and Local Currency bonds at 'BB-';
-- Country Ceiling at 'BB-';
-- Short-Term Foreign and Local Currency IDRs at 'B'.

KEY RATING DRIVERS

Bolivia's ratings are supported by its strong external balance
sheet, firm economic growth, and moderate public debt burden with
low refinancing risk and debt service costs. These strengths are
balanced by high fiscal and external deficits stemming from a
structural terms-of-trade shock and expansionary policy response,
involving steady erosion of buffers, and structural weaknesses in
terms of low per-capita income and weak indicators of governance
and the business climate relative to peers.

The Stable Outlook reflects Fitch's view that the authorities will
be able to contain the on-going erosion in fiscal and external
balance sheets, which should remain strong relative to 'BB'
category peers in the forecast period. Moreover, liquidity and
solvency metrics have eroded at a pace broadly in line with
Fitch's prior expectations incorporated in last year's downgrade
from 'BB' to 'BB-'. However, beyond the two-year forecast horizon
it is unclear if policies will be implemented that will stabilize
the deterioration in the fiscal and external balance sheets.

Bolivia's economic growth moderated to 4.3% in 2016 from 4.9% in
2015, below the official and Fitch's own prior forecasts, but
marking a continued strong and stable performance. Lower
government spending in the face of reduced natural gas revenues
implied a somewhat reduced fiscal impulse, but broader monetary,
credit and salary policies have remained supportive of growth.
Fitch projects continued firm growth of 4% in 2017-2018.

Inflation has fallen to low levels (1.8% in the 12 months through
June) and monetary policy has remained expansionary. Credit growth
remains high as banks have aimed to meet quotas under the
Financial Services Law. Indicators of solvency, asset quality and
profitability in the banking sector remain sound.

Reduced fiscal revenues and execution challenges pose increasing
constraints to the state-led growth model and could make medium-
term prospects more dependent on private investment trends. Key
bottlenecks include a rigid labour market and weak confidence in
the legal framework according to surveys, which continue to weigh
on the business climate despite government measures to improve it.
Private investment at 8% of GDP in 2016 remains low. Ambitious
public industrialization projects may result in a more limited
economic boost than expected, in Fitch's view. Finished projects
are operating below capacity, and others scheduled to open face
uncertain timing, profitability and buyer commitments.

The key gas sector is facing supply and demand challenges.
Production is faltering on declines in mature fields (more than
offsetting the boost from the new Incahuasi field) and more
volatile Brazilian demand. Argentina fined Bolivia for sending gas
below the contractual minimum in 2016. Production after 2019 is
unclear in the absence of major discoveries and reserves that have
not been certified since 2013, but the authorities aim to ramp up
exploration with private companies.

Weak gas prices and faltering volumes kept the current account
deficit high at 5.5% of GDP in 2016, and foreign direct investment
has continued falling. Capital outflows compounded these pressures
in 2016, resulting in a USD3 billion fall in foreign reserves to
USD10 billion. These FX pressures have persisted in 2017, but
reserves have been kept above USD10 billion so far in the year due
to one-off boosts from a sovereign bond issuance and changes in
commercial bank reserve requirements benefitting the central
bank's (BCB) balance sheet.

Fitch expects external borrowing and policy actions (e.g. a recent
hike in the commission on capital outflows) could ease the pace of
reserve declines, but risks persist amid sluggish gas export
volumes and prices, and hard-to-predict capital outflows. The
sovereign's net foreign creditor position is set to reverse in the
forecast period. However, the external liquidity ratio should
remain far above the 'BB' median given low external debt service
needs and still ample commercial bank and BCB assets.

The public sector deficit fell to 6.6% of GDP in 2016 from 6.9% in
2015, balancing a lower general government deficit (3% in 2016,
down from 4.5%) with higher deficits among SOEs. This outturn was
better than Fitch's prior forecast, as greater-than-expected
spending reductions (non-payment of a salary bonus, lower social
spending and central and local-government capex) offset a sharp
drop in gas revenues. Some payroll and pension obligations
normally paid in January had been paid early in December 2015.
With this effect eclipsed, the public sector and general
government deficits rose to 9.1% and 4.3% of Fitch-estimated GDP,
respectively, in the 12 months through March 2017.

Fitch expects the fiscal deficit will rise back to higher levels
in 2017-2019, reflecting the trend of weak gas revenues seen so
far in 2017 and spending pressures that could intensify as 2019
elections approach or if execution of the five-year development
plan (PDES) improves.

General government debt rose to 32% of GDP in 2016 from 30% in
2015. Fitch projects the debt burden will rise to 38% of GDP by
2019 but remain below the current 'BB median of around 50%. The
pace of deposit drawdown has slowed as deficit financing has
relied increasingly on borrowing. General government deposits
stood at 15% of GDP at end-2016, down from 23% in 2013, but remain
relatively high.

The indebtedness of public companies has risen considerably in
recent years, and debt explicitly guaranteed by the treasury rose
to 7.4% of GDP in 2016 from 3.2% in 2014. While this represents a
source of contingent liability risk to the sovereign in the
context of these companies' broadly weaker profitability, the
intra-public sector nature of this debt (namely low-interest
central bank loans) is a mitigating factor.

Bolivia's public debt profile remains favourable. Refinancing
risks are mitigated by low maturities in the coming years
averaging 1.6% of GDP, and solid access to multilateral and
bilateral lenders (e.g. China), capital markets (evidenced by a
successful USD1 billion bond issuance in March), and a captive
local market. Interest costs represent just 3.5% of revenues,
below a 'BB' median near 9%, reflecting the concessional nature of
the bulk of external debt and favourable local interest rates.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Bolivia a score equivalent to a
rating of 'BB' on the Long-term Foreign Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign Currency IDR by
applying its QO, relative to rated peers, as follows:

-- Macroeconomic Performance and Policy Management: -1 notch, to
    reflect maintenance of expansionary policies (fiscal,
    monetary, salary, quasi-fiscal) and a stable currency in the
    face of a structural terms-of-trade shock that is supporting
    growth at the cost of high fiscal and external deficits,
    eroding buffers and raising economic vulnerability.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within Fitch criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES
The following risk factors individually, or collectively, could
trigger a negative rating action:
-- Greater than expected deterioration of fiscal and external
    balance sheets (for example, due to a secular deterioration in
    the gas production profile);
-- Signs of increased macroeconomic instability or stress in the
    financial system;
-- Evidence of external financing constraints.

The following risk factors individually, or collectively, could
trigger a positive rating action:
-- Sustained fiscal deficit reduction that improves public debt
    dynamics;
-- Reduction in the current account deficit and improvement in
    external solvency and liquidity metrics;
-- Evidence of improvement in governance and the business climate
    that supports stronger investment and growth prospects.

KEY ASSUMPTIONS
-- Fitch expects Brent oil prices to average USD52.5/b in 2017
    and USD55/b in 2018, from USD45.1 in 2016, affecting Bolivian
    gas prices linked to global oil benchmarks.


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


BR PROPERTIES: Fitch Affirms BB- Long-Term IDR; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has removed BR Properties S.A.'s from Rating Watch
Negative and affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) at 'BB-' and National scale long-
term rating at 'A(bra)'. The Rating Outlook for the corporate
ratings is Negative.

KEY RATING DRIVERS

Fitch removed the ratings from Negative Watch following the
announcement that BR Properties concluded a capital increase in
the amount of BRL953 million in July 2017 and the expected
positive impact on the company's high leverage ratios and
liquidity. Proceeds will be used to finance the company's asset
acquisitions during the last six months of BRL1.2 billion and
future acquisitions, and for debt amortization. In July 2017, BR
Properties approved the acquisition of condominium Centenario
Plaza for BRL433.4 million.

On a pro forma basis, net leverage should reduce to about 6.0x
considering the capital increase and properties acquisition, from
8.2x in March 2017. The proceeds from the capital increase reduced
the strong downgrade pressure in the short term, but the
challenges to gradually reduce leverage remains. Ratings pressure
could increase if leverage reduction is not addressed in the
medium term. BR Properties' strategy for future acquisitions and
the successful increase in EBITDA from greenfield assets recently
acquired will be key for leverage ratios and determinant for
future rating actions.

BR Properties' ratings remain supported by the company's position
as the largest Brazilian commercial properties company, with high
quality of the properties and of its tenant base. The ratings are
also supported by the estimated market value of properties of
BRL7.1 billion in March 2017 (excluding projects under
development), covering in 2.8x the company's net debt, and BR
Properties' conservative liquidity strategy.

The Negative Outlook reflects BR Properties' important challenges
to recover its cash flow generation and preserve leverage at more
conservative levels for a longer period, to avoid continued
pressure on its ratings. In Fitch's opinion, BR Properties still
has to demonstrate its commitment to maintain leverage at lower
levels.

The company's cash flow generation reduced in the last couple of
years, due to the negative business environment and lower scale of
operations, which resulted in an increase in leverage and lower
interest coverage ratios, and was intensified by relevant
properties acquisitions of about BRL1.2 billion from December 2016
to July 2017. Fitch expects EBITDA generation to more
significantly improve only in 2018. If BR Properties is not
successful in reducing vacancy rates and recovering cash flow
generation during the next two years, the ratings will be
pressured.

BR Properties generated BRL313 million of EBITDA and cash flow
from operations (CFFO) was negative BRL135 million in the latest
12 months (LTM) ended March 31, 2017, pressured by high financial
expenses of about BRL419 million. In this period, total
debt/EBITDA and net debt/EBITDA ratios were 12x and 8.2x,
respectively, and compare with 6.1x and 4.0x in 2015. Interest
coverage, measured as EBITDA/interest ratio, remains weak and fell
to 0.7x in the LTM ended March 31, 2017, from 0.8x in 2016 and
1.5x in 2015.

DERIVATION SUMMARY

BR Properties is the largest commercial properties company in
Brazil, with high quality of the properties and of its tenant
base. The company has an estimated market value of properties of
BRL7.1 billion in March 2017 (excluding projects under
development), with a gross leasable area of 533,144 sqm. BR
Properties sold several properties between 2014 and 2016,
including the industrial warehouse and retail portfolio, and some
office buildings, resulting in lower scale of operations and
reduced flexibility during difficult market conditions, as the
portfolio is now concentrated in office buildings. As other
commercial properties companies in Brazil, BR Properties' vacancy
is high, pressured by negative business environment.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

  --  Vacancy rate slowly reducing during 2017 and 2018;
-- Sale of assets of BRL240 million in February 2017;
-- Properties acquisition of BRL482 million in 2017;
-- Net leverage below 6x by the end 2018;
-- Maintenance of adequate liquidity.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
A rating upgrade for BR Properties is not likely in the near
future. A sustainable recovery of cash flow generation and
maintenance of leverage at more conservative levels for a longer
period could result in a stabilization of the Rating Outlook.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Net leverage consistently above 6.0x, without the expectation
    of a reduction trend in the following years;
-- EBITDA to gross interest expense coverage ratio consistently \
    below 1.0x;
-- Liquidity falling to levels that considerably weaken short-
    term debt coverage;
-- Vacancy rates consistently above 20% and higher delinquency
    rates, which could result in a reduction in operational cash
    generation;
-- Sale of assets that results in a weaker portfolio of
    properties, with a significant reduction of the company's cash
    flow generation capacity, absent a strong leverage reduction.

LIQUIDITY

BR Properties' liquidity was strong as of March 31, 2017,
benefitting from the sale of assets. Total cash and marketable
securities was BRL1.2 billion and total debt was BRL3.8 billion.
Cash covered short-term debt by 1.8x and was used to finance the
company's negative free cash flow.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

BR Properties S.A.
-- Long-Term Foreign Currency IDR at 'BB-';
-- Long-Term Local Currency IDR at 'BB-';
-- USD285 million senior unsecured perpetual notes at 'BB-';
-- Long-term national scale rating at 'A(bra)'.

The ratings have been removed from Rating Watch Negative, and the
Outlook for the corporate ratings is Negative.


COSAN LIMITED: Fitch Affirms BB Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of Cosan Limited at 'BB'.
The Rating Outlook is Stable.

KEY RATING DRIVERS

Cosan Limited's ratings reflect its low leverage and robust
liquidity position on a standalone basis, as well as the expected
comfortable debt service coverage through the dividends coming
from its main subsidiary, Cosan S.A Industria e Comercio (Cosan;
Foreign and Local Currency IDRs of 'BB+' and Long-Term National
Scale Rating 'AA+(bra)'). Cosan and its subsidiaries accounted for
around 90% of Cosan Limited's consolidated pro-forma revenues, 75%
of pro-forma EBITDA and 100% of dividends received in the latest-
12-months (LTM) ended March 31 2017. The one-notch difference
compared to Cosan's ratings continues to incorporate the holding
company nature and inherent structural subordination of Cosan
Limited's debt to dividends received from Cosan.

Cosan Limited's credit profile is also supported by a diversified
asset portfolio. The company's investments include operations in
energy generation from biomass, distribution of natural gas, fuel
and lubricants. These businesses enjoy predictable cash flow that
partly softens the inherent volatilities of its sugar and ethanol
business. The company also operates in the logistic industry,
which is not expected to distribute dividends over the next four
years though it presents strong growth potential.

Robust Asset Portfolio

Cosan Limited is a non-operating holding company that carries a
robust and diversified asset portfolio that reduces sector
concentration risks. The company holds a 62% interest in Cosan,
the holding company that is engaged in sugar, ethanol and energy
production, and distribution of natural gas, lubricants and fuel.
Its three main assets and source of dividends are companies with
robust credit quality.

Raizen Combustiveis S.A. (Raizen Combustiveis; Foreign and Local
Currency IDRs 'BBB', National Scale Rating 'AAA(bra)') 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 sugar and ethanol company in Brazil
and as such it benefits from business scale, which somewhat
mitigates the frequent challenging scenario for the sector.
Companhia de Gas de Sao Paulo (Comgas; Foreign Currency IDR 'BB+',
Local Currency IDR 'BBB-', National Scale Rating 'AAA(bra)') is
the largest natural gas distributor in Brazil, with high growth
potential and robust financial profile. The other asset that Cosan
invests in is Cosan Lubrificantes S.A., which adds to business
diversification.

All of Cosan's businesses managed to report strong credit profiles
in LTM ended March 2017, despite the challenging macroeconomic
scenario in Brazil. During the LTM ended March 2017, Comgas's
normalized EBITDA was BRL1.5 billion, which positively compares
with BRL1.4 billion and BRL1.3 billion, reported respectively in
2015 and 2014. In the same period, Raizen Combustiveis and Raizen
Energia reported consolidated revenues and EBITDAR of BRL79
billion and BRL6.5 billion, respectively, 7% and 9% higher than
previous year.

Cosan Limited also holds 72% interest in Cosan Logistica S.A
(Cosan Logistica), which owns 28% of Rumo S.A. (Rumo; Foreign and
Local Currency IDRs 'BB-', National Scale Rating 'A(bra)'). While
still highly levered, Fitch expects Rumo to embark on a fast
deleverage trend following the company's ongoing gains of scale
and improving operating profitability. Fitch does not expect Rumo
to pay dividends over the next four years due to the massive capex
necessary to improve operations. The presence of Rumo contributes
to broader business diversification and helps the group to further
lessen the cash flow volatility derived from the sugar and ethanol
business.

Low Leverage at Holding Level

As of March 31 2017, Cosan Limited posted low leverage on a
standalone basis. At the holding company level, Cosan Limited's
leverage measured as net debt-to-dividends received was 0.9x as
per Fitch's calculations, in line with 0.8x as of Dec. 31, 2016.
The one-notch difference from Cosan's incorporates the structural
subordination of Cosan Limited's debt. Its main dividends provider
- Cosan - receives dividends from Raizen Energia, Raizen
Combustiveis and Comgas and must serve or manage its own debt
before paying dividends to its shareholders.

On a consolidated basis, Cosan Limited's leverage is also adequate
for the rating category even with the consolidation of Rumo. The
net adjusted debt-to-EBITDAR was at 3.1x when dividends received
from non-consolidated subsidiaries are factored into EBITDAR
figures. Fitch expects the logistics division to slow down the
deleveraging process of the group, and for Cosan Limited's
consolidated net debt-to-EBITDAR plus dividends received to stay
at 2.9x and 2.7x in 2017 and 2018, respectively.

KEY ASSUMPTIONS

-- Increased flow of dividends coming from Comgas, Raizen
    Combustiveis and Raizen Energia to Cosan, over the next two
    years, reaching around BRL1.5 billion per year.
-- Cosan Logistica not to pay meaningful dividends over the next
    four years.
-- No additional investments coming from Cosan Limited.
-- Flexibility of Cosan Limited to reduce the payouts to its
    shareholders if necessary.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:
-- Expectation of debt service coverage ratio at Cosan Limited
    level below 0.5x when the debt matures in 2018, based on
    reduced dividends to be received;
-- Cosan Limited entrance in new investments financed by debt;
    and
-- Deterioration of the credit profile of either Cosan or Cosan
    Logistica.

Future developments that may, individually or collectively, lead
to a positive rating action include:
-- Improvement of the credit profile of either Cosan or Cosan
    Logistica; and
-- Expectation of stronger than anticipated debt service coverage
    ratio at Cosan Limited based on more robust dividends received

LIQUIDITY

Cosan Limited posted healthy debt service coverage ratios on a
standalone basis as of March 31, 2017, with cash plus dividends
received-to-short-term debt ratio at 29x. At the same date, the
company reported a cash position of BRL214 million and total debt
of BRL704 million, of which short-term debt was BRL26 million.
Dividends received amounted to BRL543 million in the LTM ended
March 31, 2017.

Cosan Limited's total debt consisted of bank debt taken on to
finance the acquisition of Cosan Logistica shares. The group's
strong financial flexibility relative to its access to the debt
and capital markets, in combination with dividends received from
Comgas, Raizen Energia and Raizen Combustiveis, ensures strong
refinancing capacity for Cosan Limited. Fitch believes Cosan
Limited has the flexibility to reduce the payouts to its
shareholders if necessary

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Cosan Limited
-- Long-Term Foreign and Local Currency IDRs at 'BB'.

The Rating Outlook is Stable.


CYRELA COMMERCIAL: Fitch Ups IDR to BB-; Revises Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Cyrela Commercial Properties S.A.
Empreendimentos e Participacoes' (CCP) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDR) to 'BB-' from 'B+' and its
National Long-Term rating to 'A(bra)' from 'BBB+(bra)'. The Rating
Outlook for the corporate ratings is revised to Stable from
Negative.

KEY RATING DRIVERS

The rating upgrades follow the announcement that CCP concluded the
transaction to sell and exchange assets with Canada Pension Plan
Investment Board (CPPIB) and Prologis, and the material positive
impact expected on the company's capital structure. Fitch
considered the expected proceeds from the sale of assets, in the
amount of BRL1.13 billion, will be used to amortize about BRL1
billion of debt in 2017, reducing leverage to significantly more
conservative levels and improving interest coverage ratios. The
rating action incorporates Fitch's expectation that CCP will
preserve more conservative leverage on a recurring basis, when the
transaction is concluded and relevant volume of debt is amortized.

On July 4, 2017, CCP announced two transactions with its partners
in the logistics warehouses business. The transactions include:
(i) CCP will transfer to CPPIB 33% equity interest in the
companies which own the CCP corporate offices portfolio; (ii) In
exchange, CPPIB will transfer to CCP its equity interest in the
companies which own the logistic warehouses portfolio; (iii)
Establish guidelines for the creation of new joint ventures
between CCP and CPPIB towards new investments in corporate offices
in the amount of up to USD400 million; and (iv) CCP will sell to
Prologis 100% of CCP's interest (considering CPPIB transaction) in
CCP Logistica Empreendimentos Imobiliarios S.A. (CCP Logistica),
for BRL1.2 billion, of which CCP will receive BRL1.13 billion.

CCP's high leverage will significantly reduce following the sale
of assets. On a pro forma basis, net debt/adjusted EBITDA
(including dividends received) ratio will improve to 5.1x, from
8.9x reported in the latest 12 months (LTM) ended March 2017 and
8.4x in 2016, and incorporates a net debt reduction of about BRL1
billion and lower annual EBITDA generation of about BRL46 million.
This compares with the previous expected reduction of net leverage
to about 7.0x by the end 2018, during the March 2017 rating review
that included the expectation of asset sales close to BRL500
million.

CCP still has the challenge to improve cash flow generation in
less favorable macroeconomic conditions. Fitch expects free cash
flow (FCF) to remain highly pressured by weak operational cash
generation, despite lower cash burn from reduced financial
expenses and investments. Vacancy rates should remain high and
lease spreads in rental contracts below inflation in 2017, which
should continue to limit company's cash flow generation. The sale
of 33% equity interest in the companies which own the CCP
corporate offices portfolio and the sale of CCP Logistica will
also negatively affect cash flow generation. High volume of lease
contracts expiring or with market alignment expected in the short
term also presents challenges to CCP.

CCP generated BRL235 million of adjusted EBITDA and cash flow from
operations (CFFO) was BRL34 million in the LTM ended March 31,
2017, pressured by high financial expenses of about BRL229
million. During this period, total debt/EBITDA and net debt/EBITDA
ratios were 10.1x and 8.9x, respectively, and compare with 8.5x
and 6.6x in 2015. Interest coverage, measured as EBITDA/interest
ratio, was 1x in the LTM ended March 31, 2017, stable compared
with 2016.

CCP's ratings continue to benefit from the company's high quality
portfolio and adequate financial flexibility, that has been tested
and remain preserved based on the company's continued access to
new credit lines, in a scenario of restricted credit. This
positive access limited refinancing risk. During the last three
years, the company received BRL400 million of capital increase
from shareholders and BRL220 million from the sale of assets, in
addition to the recent announcement.

DERIVATION SUMMARY

CCP is one of the largest companies of investment, lease and
commercialization of commercial properties in Brazil, with a
diversified and high quality portfolio. The diversification of
revenues from shopping centers, office buildings, industrial
warehouses and services adds more flexibility to the company.
Following the conclusion of the transaction, the company will have
an estimated market value of properties of BRL3.3 billion
(excluding projects under development), with a gross leasable area
of 279,278 sqm. As other commercial properties companies in
Brazil, CCP's vacancy is high, pressured by negative business
environment.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

-- Vacancy rates between 10% and 20% for office and warehouse and
    8% for shopping in 2017;
-- Reduction in average rent up to 10% in 2017;
-- Closure of transactions with CPPIB and Prologis in 2017;
-- Net leverage around 5.0x in 2017;
-- Low investments of BRL65 million in 2017 and 2018. Investments
    in the JV with CPPIB are not considered.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
Positive rating actions are unlikely due to the difficult business
environment. However, the following factors could lead to positive
rating actions.

-- Significant improvement in the company's cash flow generation;
-- Net leverage consistently below 5.0x;
-- EBITDA to gross interest expense coverage ratio above 1.3x, on
    a recurring basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Net leverage consistently above 6.0x, without the expectation
    of a reduction trend in the following years;
-- EBITDA to gross interest expense coverage ratio consistently
    below 1x;
-- Liquidity falling to levels that considerably weaken short-
    term debt coverage;
-- Sale of assets that results in a weaker portfolio of
    properties, with a significant reduction of the company's cash
    flow generation capacity, and not followed by a strong
    leverage reduction.

LIQUIDITY

CCP's liquidity will improve with the proceeds from the sale of
assets and part of the proceeds will be used to prepay about BRL1
billion of debt, materially minimizing the refinancing pressure
during the next couple of years. As of March 31, 2017, cash and
marketable securities totaled BRL293 million and total debt,
BRL2.4 billion. The company has BRL381 million of debt maturing in
the short term and BRL306 million from April to December 2018, of
which BRL127 million and BRL192 million, respectively, consisted
of corporate debt.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings:
Cyrela Commercial Properties S.A. Empreendimentos e Participacoes
-- Long-term Foreign Currency IDR to 'BB-, from' 'B+';
-- Long-term Local Currency IDR to 'BB-', from 'B+';
-- Long-term National Scale rating to 'A(bra)', from 'BBB+(bra)';
-- Fifth debenture issuance, in the amount of BRL200 million, due
    in 2019, to 'A(bra)', from 'BBB+(bra)';
-- Eighth debenture issuance, in the amount of BRL200 million,
    due in 2020, to 'A(bra)', from 'BBB+(bra)'.

The Rating Outlook for the corporate ratings was revised to
Stable, from Negative.


OI SA: Stalled Legislation Hampers Recovery Process
---------------------------------------------------
Fabiola Moura at Bloomberg News reports that for more than a year,
Oi SA has struggled to reach a deal with various factions
jockeying for a leg up in its US$19 billion bankruptcy case.

Almost entirely absent from that process is the company's single
biggest creditor, Bloomberg notes.

According to Bloomberg, Brazil's government claims that Oi owes
telecom regulator Anatel as much as BRL20 billion (US$6.1
billion), but current law forbids the agency from accepting any
sort of haircut or extending the payment schedule.  Now, two
pieces of legislation that would free up the regulator to
negotiate are stalled as Brazil President Michel Temer and
hundreds of politicians fight for their political survival
following a new round of graft allegations, Bloomberg discloses.

"Nothing is getting done," Bloomberg quotes Anatel President
Juarez Quadros as saying in a telephone interview from Brasilia.
"Because of that, we're unable to offer any guidance or say
anything."

The paralysis that's gripped the nation's capital is stymieing
Oi's recovery process, Bloomberg states.  While the telecom giant
says it's meeting regularly with creditors and shareholders to
work out the final details, the Anatel debt has become a major
sticking point, Bloomberg relays.  According to Bloomberg, without
that final piece, Oi may not be able to hold a planned general
assembly by September, raising the chances the government will
have to step in to rescue the nation's largest operator of
landlines.

Potential investors are reluctant to pour new money into the
embattled phone operator until they know that the Anatel debt can
be renegotiated, Bloomberg relays, citing a person close to the
negotiations.  The person said the legislative delay is also
making debt holders hesitant to agree to a haircut, Bloomberg
notes.

Held hostage by the crisis is a presidential decree that would
allow Anatel to extend the payment schedule on the debt to 20
years from the current seven-year limit, and pave the way for
exchanging part of the fines for investments, Bloomberg discloses.
The trustee overseeing the bankruptcy case has said Anatel is
entitled to claim BRL11.1 billion in the negotiations, Bloomberg
relates.

Also in limbo is legislation that would free Oi up from some of
the onerous regulation that led to that monstrous bill in the
first place, Bloomberg notes.

                          About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
"Brazilian Bankruptcy Law"), Oi S.A. and certain of its
subsidiaries filed for recuperas judicial (judicial
reorganization) in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste
S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

In the Chapter 15 cases, the Debtors are represented by John K.
Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP,
in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq.,
and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida.

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the
Chapter 15 Debtors, and granted certain additional related relief.



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


LIFE PREMIUM: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Petitioner: Andrew Richard Victor Morrison
                       FTI Consulting (Cayman) Limited
                       53 Market Street, Suite 3212
                       P.O. Box 30613
                       Camana Bay
                       Grand Cayman, KY1-1203
                       Cayman Islands
                       Tel: 212-488-1200

Foreign
Proceeding in
which appointment
of the foreign
representative
occurred:              Fin. Servs. Div. of the Grand Ct.
                       Cayman Is., Cause No. FSD 3 of
                       2015 (AJJ)

Chapter 15 Debtor:     Life Premium Fund, SPC
                       FTI Consulting
                       53 Market Street, Suite 3212
                       P.O. Box 30613
                       Camana Bay
                       Grand Cayman KY1-1203
                       Cayman Islands

Chapter 15 Case No.: 17-11899

About the Debtor: Life Premium Fund was incorporated on May 8,
                  2007, in the Cayman Islands as a closed-ended
                  exempted segregated portfolio company under the
                  laws of the Cayman Islands.  The Company has an
                  authorized share capital of $50,000 divided
                  into 100 "voting shares" and 4,999,900 "non-
                  voting participating shares", with all shares
                  having a nominal value of $0.01 each.

                  The Company carried on business as an
                  investment fund.  It was formed to procure and
                  pool: (1) life insurance policies that insure
                  the lives of elderly persons who were either
                  terminally or chronically ill; and (2) rights
                  to receive death benefits that would otherwise
                  have been paid to the beneficiary of the
                  insured or the original owner, capitalizing on
                  their maturity, or selling the assets prior to
                  their maturity.

                  The Company initially established and operated
                  three segregated portfolios denominated
                  as LS1, LS2 and LS3.  An additional portfolio,
                  LS4, was later established in or around August
                  2011.

                  A winding up order was made in relation to Life
                  Premium Fund, SPC on March 6, 2015.  In
                  accordance with the provisions of the Order,
                  David Griffin and Andrew Morrison (FTI
                  Consulting (Cayman) Ltd) were appointed as
                  Joint Official Liquidators.

                  Website: http://www.lpfliquidation.com/

Chapter 15 Petition Date: July 10, 2017

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Stuart M. Bernstein

Chapter 15 Petitioner's Counsel: David Farrington Yates, Esq.
                                 KOBRE & KIM LLP
                                 800 Third Avenue
                                 New York, NY 10022
                                 Tel: (212) 488-1211
                                 Email:
                                 farrington.yates@kobrekim.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated

A full-text copy of the Chapter 15 petition is available at:

         http://bankrupt.com/misc/nysb17-11899.pdf



===============
C O L O M B I A
===============


BANCO DE BOGOTA: Moody's Changes Outlook to Stable
--------------------------------------------------
Moody's Investors Service has changed Banco de Bogota S.A.'s
outlook to stable, from negative. At the same time, Moody's
affirmed all of the bank's ratings, including its Baa2 deposit
ratings.

Moody's also changed the outlooks of Grupo Aval Acciones y
Valores, S.A. (Grupo Aval) and Grupo Aval Limited to stable, from
negative and affirmed their ratings, including Grupo Aval's Ba2
issuer rating and Grupo Aval Limited's Ba2 senior unsecured debt
rating.

Issuer: Banco de Bogota S.A.

-- LT Senior Unsecured Deposit Rating , Affirmed Baa2, Stable

-- ST Deposit Rating, Affirmed P-2

-- Subordinate Regular Bond/Debenture, Affirmed Ba2

-- Adjusted Baseline Credit Assessment, Affirmed ba1

-- Baseline Credit Assessment, Affirmed ba1

-- LT Counterparty Risk Assessment , Affirmed Baa1(cr)

-- ST Counterparty Risk Assessment , Affirmed P-2(cr)

-- Outlook, Changed To Stable From Negative

Issuer: Grupo Aval Acciones y Valores S.A.

-- LT Issuer Rating, Affirmed Ba2, Stable

-- ST Issuer Rating, Affirmed NP

-- Outlook, Changed To Stable From Negative

Issuer: Grupo Aval Limited

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba2,
    Stable

-- Outlook, Changed To Stable From Negative

RATINGS RATIONALE

BANCO DE BOGOTA

The change in Banco de Bogota's outlook and affirmation of its
ratings consider that the bank has maintained a significantly
improved, albeit still modest, level of capital since completing
its corporate restructuring in June 2016, and is likely to
continue to do so going forward, sustained by sound earnings
generation and lower capital consumption as asset growth slowed
from previous years. The stable outlook additionally considers
that the bank's asset quality remains strong despite a modest
increase in delinquencies over the past year, while its liquidity
position and funding structure have both improved slightly.

Banco de Bogota's adjusted capital ratio has been relatively
stable at is March 2017 level of 8.3% for the past year. While
this is still modest by global and regional standards, it is
considerably stronger than the 4.7% that Moody's estimated as of
March 2016. Net income equaled a robust 1.6% of tangible assets in
2016 after adjusting for one-offs, in line with the bank's
performance the prior year. Profitability is expected to remain
strong this year due to the bank's large interest margins and low
operating costs, despite pressures from Colombia's still weak
economic environment, continued high credit costs, and slight
margin compression arising from the declining policy rates in
Colombia.

Despite a 40 basis point jump in the first quarter related to some
of the bank's large corporate borrowers, NPLs remained modest at
2.1% in March 2017. Nevertheless, the increase highlights the
risks stemming from the bank's high single borrower concentration.
These delinquencies could further pressure asset risk and
profitability if the problems faced by these troubled borrowers do
not abate or if the loss rate proves to be higher than currently
incorporated into the bank's stock of loan loss reserves. However,
Moody's anticipates that any further deterioration will be
limited.

Due to the slowdown in loan growth, market funds have fallen to
just 19% of tangible banking assets as of March, from a peak of
25% in September 2015, while liquid assets have risen to 22.6% of
tangible banking assets from 17.5%. Once loan growth starts to
accelerate, however, Moody's expect these figures to revert to
historical levels.

The Baa2 deposit ratings also reflect Moody's assessment that
there remains a very high probability that Banco de Bogota will
benefit from government support in a situation of stress given the
bank's position as the country's second largest deposit taker.

The stable outlook of Banco de Bogota's ratings considers that its
current financial profile is resilient to potential negative
pressures arising from asset risk and profitability in the near
term. Also, it incorporates Moody's expectation that
capitalization will remain around current levels. Moreover, asset
risk pressures should start easing and loan growth should
accelerate in 2018 with a gradual recovery of the economy, while
profits will benefit from a scheduled decline income tax rates.

WHAT COULD CHANGE THE RATING -- DOWN/UP

Banco de Bogota's ratings could be downgraded if its capital ratio
weakens, or if the bank posts higher-than-expected deterioration
in asset risk and profitability. An upgrade of its ratings could
derive from a further improvement in its capital position coupled
with its ability to preserve asset risk and profitability.

GRUPO AVAL AND GRUPO AVAL LIMITED

The change in Grupo Aval and Grupo Aval Limited's outlook and
affirmation of their ratings is in line with the similar actions
taken on Banco de Bogota's outlook and ratings. Grupo Aval's
ratings incorporate the structural subordination of the bank
holding company's liabilities versus the liabilities of the bank
and its other subsidiaries and are notched off the Banco de
Bogota's baseline credit assessment. Banco de Bogota is the
group's chief operating entity and accounted for nearly 60% of the
total dividends paid to the holding company in 2016. The stable
outlook and affirmation also acknowledge Grupo Aval's relatively
stable leverage ratios, and ample liquidity, with liquid assets
sufficient to cover a meaningful portion of debt maturities in the
next three years. Moody's does not incorporate governmental
support in the holding company's ratings.

Grupo Aval Limited's debt ratings are based on Grupo Aval's
irrevocable and unconditional guarantee of Grupo Aval Limited's
liabilities under the indentures.

WHAT COULD CHANGE THE RATING -- DOWN/UP

Upward/downward pressures on Grupo Aval and Grupo Aval Limited's
ratings would be associated with similar pressures on Banco do
Bogota's BCA. The ratings could also face downward pressures
following a significant increase in the group's double leverage
and debt to cash dividends ratios.

The principal methodology used in these ratings was Banks
published in January 2016.


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


COACALCO MUNICIPALITY: Moody's Affirms Caa1 Local Currency Rating
-----------------------------------------------------------------
Moody's de Mexico affirms the Caa1 (Global Scale, local currency)
ratings of the Municipality of Coacalco and upgrades its Mexico's
National Scale Issuer Rating to B2.mx from B3.mx. The outlook
changed to positive from stable.

RATINGS RATIONALE

The affirmation of Coacalco's Caa1 issuer ratings reflects very
low liquidity, relatively high debt levels and low own-source
revenues. In 2016, cash to current liabilities stood at 0.17 times
and the municipality continues to rely on short-term debt.
Coacalco's net direct and indirect debt was equivalent to 49.8% of
operating revenues versus the B3-Caa1 peers average of 35.4% and
its own-source revenues to operating revenues ratio of 29.1% is
much lower than the peers average of 44%.

The change of outlook to positive from stable and the upgrade of
the National Scale issuer rating to B2.mx from B3.mx reflects
Coacalco's improvement of its operating balances and consolidated
financial results. The gross operating balance increased to 14.5%
of operating revenues in 2016 from -14.5% in 2014 and it recorded
cash financing surpluses in 2015 and 2016 that averaged 16.9% of
total revenues. Financial results for April 2017 show operating
revenues growing at 17.9% compared to April 2016, however,
operating expenditures are more than doubling. If this trend
continues, gross operating balances will decrease significantly to
around -0.2% of operating revenues. As a result, Moody's expects
that operating expenditures will rise more than in previous years
and that gross operating balances will decline in 2017 and 2018,
but within levels that are in line with its Caa1 rating.

WHAT COULD CHANGE THE RATINGS UP/DOWN

If Coacalco's gross operating balances stay positive, its
liquidity improves further and debt levels remain stable, issuer
ratings could be upgraded. Given the positive outlook a downgrade
on Coacalco's issuer ratings is not expected. However, a sudden
decrease in cash reserves in combination with more short term debt
could exert downward pressure on the ratings.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine Municipality of Coacalco's rating is between 01/01/2012
and 12/31/2016.

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



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


SHORT BARK: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Affiliated Debtors that filed separate Chapter 11 bankruptcy
petitions:

    Debtor                                      Case No.
    ------                                      --------
    EXO SBI, LLC                                17-11501
    1209 Orange Street
    Wilmington, DE 19801

    Short Bark Industries, Inc.                 17-11502
    SBI PR Building 1
    Parque Industrial Cienaga
    Carr. 322 Km 0.4 Lot #7
    Guanica, PR 00647

Type of Business: Short Bark Industries, Inc. --
                  http://www.shortbark.com/-- provides military
                  apparels for the Department of Defense, law
                  enforcement industry.  The Company's current or
                  previously manufactured items in the military
                  category include but are not limited to military
                  MOLLE, medium and large rucksacks, assault
                  packs, IWCS, ACU, ABU, BDU, helmet covers, FROG,
                  A2CU and more.  The Company offers men and boys
                  suits, over garments, bag, and coats.  Short
                  Bark Industries holds over 120,000+ square feet
                  of manufacturing capacity with operations in
                  Florida, Puerto Rico and Tennessee.

Chapter 11 Petition Date: July 10, 2017

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtors' Counsel: David M. Klauder, Esq.
                  BIELLI & KLAUDER, LLC
                  1204 N. King Street
                  Wilmington, DE 19801
                  Tel: 302-803-4600
                  Fax: 302-397-2557
                  Email: dklauder@bk-legal.com

                                     Estimated   Estimated
                                      Assets    Liabilities
                                    ----------  -----------
EXO SBI, LLC                         $0-$50k      $0-$50k
Short Bark Industries               $10M-$50M    $10M-$50M

The petition was signed by Phil Williams, CEO and Chairman.

Full-text copies of the petitions are available for free at:

        http://bankrupt.com/misc/deb17-11501.pdf
        http://bankrupt.com/misc/deb17-11502.pdf

A. List of EXO SBI, LLC's Three Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Anthony J. Gallo                      Consulting         Unknown
Law Office of Anthony J. Gallo         services

Corporation Trust Company          Registered Agent      Unknown
                                       services

Delaware Secretary of State                              Unknown

B. List of Short Bark Industries's 20 Largest Unsecured Creditors:


   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
AGMA Security Services                Services            $27,420

Atlantic Diving Supply, Inc.           Trade             $709,063
621 Lynnhaven Pkwy., Ste. 400
Virginia Beach, VA 23453
Fax: 757-481-2039

Bornquen Container Group               Trade              $17,432

Carter Enterprises, LLC                Trade              $22,477

Consolidated Waste Services          Services             $14,468


Diversitex, Inc.                       Trade             $953,542
376 Hollywood Ave.
Ste. 203
Fairfield, NJ 07004
Fax: 973-808-6261

FedEx Freight                        Services             $14,468

Global Enterprises                     Trade           $3,165,350
Co., Ltd.
Shia Bian No. 91,
Zao Shang Ind.
Wetang District,
Dongcheng, D
China 52312
(86769) 22081980

Hayne Surridge Company                 Trade              $68,496

LSQ Funding Group, L.C.                Loan            $3,376,177
c/o Gary Soles, Esquire
Lowndes, Drosdick,
Doster, Kantor & Reed
215 N. Eola Dr.
Orlando, FL 32801
Tel: 407-843-4600

Millken & Company                      Trade             $451,197
PO Box 1926
Spartanburg, SC 29304
Tel: 864-503-2100

MMI Textiles, Inc.                     Trade             $490,264
29260 Clemens Rd.,
Bldg. II, Ste. B
Westlake, OH 44145
Tel: 440-899-8055

Old Dominion Freight                 Services             $25,188
Email: odinvoicing@odfl.com

Pine Belt Processing, Inc.             Trade             $234,408

Propper International                  Trade              $14,082

Southeast Freight                    Services             $51,005
Lines, Inc.
Email: rburleson@sefl.com

SSM Industries                         Trade             $292,317
211 Ellis Ave.
Spring City, TN 37381

Tapecraft                              Trade             $266,815
PO Box 2027
Anniston, AL 36202
Tel: 256-832-3152

Tencate Southern Mills                 Trade             $225,082

Warmkraft, Inc.                        Trade              $26,660
Taylorsville-Apparel


WEST WINDOWS: Taps Heriberto Acevedo as Accountant
--------------------------------------------------
West Window Films Corp. and Eric William Toro, the company's
president, have filed an application seeking court approval to
hire an accountant.

In a filing with the U.S. Bankruptcy Court in Puerto Rico, the
Debtors propose to hire Heriberto Reguero Acevedo to prepare their
financial statements, cash flow projections, monthly operating
reports and tax returns, and provide other accounting services
related to their Chapter 11 cases Mr. Acevedo will charge an
hourly fee of $150 while his associates who may assist him will
charge $75 per hour.

In a court filing, Mr. Acevedo disclosed that he and his employees
and associates are "disinterested" as defined in section 101(14)
of the Bankruptcy Code.

Mr. Acevedo maintains an office at:

           Heriberto Reguero Acevedo
           105 Avenue Borinquen Base Ramey
           Aguadilla, PR 00603

                   About West Windows Films Corp.

West Window Films Corp. and Eric William Maurosa Toro, the
company's president, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case Nos. 17-03607 and 17-03604)
on May 23, 2017. Mr. Toro signed the petitions.

The cases are substantially consolidated pursuant to an order
issued on June 16, 2017.

At the time of the filing, West Window disclosed that it had
estimated assets of less than $100,000 and liabilities of less
than $500,000. The Debtors are represented by Gloria Justiniano
Irizarry, Esq., at the Justiniano's Law Office.



                            ***********


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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