TCRLA_Public/170728.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

               Friday, July 28, 2017, Vol. 18, No. 149


                            Headlines



A R G E N T I N A

TMF TRUST: Moody's Rates ARS21.17MM Certificates 'C(sf)'


B E R M U D A

SEADRILL LIMITED: Warns of Chapter 11 Anew as Debt Talks Continues


B R A Z I L

BRAZIL: Egan-Jones Assigns B+ Rating on Sr. Unsecured Debt


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cash flow Crunch Not The Central Bank's Fault
DOMINICAN REPUBLIC: Leaders Demand Works in Industrial Zone
DOMINICAN REP: Blame Blackouts on Lack of Money, Power Firm Says


M E X I C O

MEXICO: Registered $62 Million Trade Surplus in June
MEXICO: PM Substitution No Effect on Moody's Ratings on 3 RMBS


P A N A M A

AVIANCA HOLDINGS: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B-


P U E R T O    R I C O

PUERTO RICO: Oversight Board Appoints Revitalization Coordinator
SPANISH BROADCASTING: Egan-Jones Withdraws 'C' Sr. Unsec. Ratings


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Revenue Declines in April to June Quarter


V E N E Z U E L A

VENEZUELA: US Puts More Officials Under Sanctions
VENEZUELA: Turmoil in Country Could Cause Rise in Oil Prices
VENEZUELA: Avianca Becomes Latest Airline to Suspend Service


                            - - - - -



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A R G E N T I N A
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TMF TRUST: Moody's Rates ARS21.17MM Certificates 'C(sf)'
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned ratings to the Class A (VRDA), Class B (VRDB), Class C
(VRDC) and Participation Certificates (CP) of Fideicomiso
Financiero Colcar Serie II, to 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.

- ARS73,636,308 in Class A Floating Rate Debt Securities (VRDA)
   of "Fideicomiso Financiero Colcar Serie II", rated A2.ar (sf)
   (Argentine National Scale) and B2 (sf) (Global Scale)

- ARS1,150,567 in Class B Floating Rate Debt Securities (VRDB)
   of "Fideicomiso Financiero Colcar Serie II", rated Caa2.ar (sf)
   (Argentine National Scale) and Caa3 (sf) (Global Scale)

- ARS19,099,417 in Class C Fixed Rate Debt Securities (VRDC) of
   "Fideicomiso Financiero Colcar Serie II", rated Ca.ar (sf)
   (Argentine National Scale) and Ca (sf) (Global Scale)

- ARS21,170,439 in Certificates (CP) of "Fideicomiso Financiero
   Colcar Serie II", rated C.ar (sf) (Argentine National Scale)
   and C (sf) (Global Scale)

The transaction will be backed by an amortizing pool of closed-end
savings plans (planes de ahorro) and loans for the acquisition of
chassis for Mercedes Benz' vehicles. The loans have been
originated by Colcar Merbus S.A. (NR) and the saving plans by
Colservice S.A. de Ahorro para Fines Determinados (NR). Colcar
Merbus is the largest dealer of Mercedes Benz buses in Argentina.
The receivables are backed by a first-priority security interest
on the vehicles.

RATINGS RATIONALE

The ratings are based mainly on the following factors:

- The available credit enhancement in the transaction, in the
   form of initial subordination of 48.6% for the VRDA, 47.8% for
   the VRDB, 34.5% for VRDC and 19.8% for the CP (calculated over
   the nominal amounts of loans assigned to the trust). In
   addition the transaction benefits from reserve funds.

- The value of the collateral, represented by receivables related
   to 254 closed-end savings plans and 18 loans with a current
   weighted average LTV of approximately 51.3%.

- The ability of TMF Trust Company (Argentina) S.A. to act as
   trustee.

- The first-priority security interest on the Mercedes Benz buses
   and trucks.

- The ability of Colservice to act as primary servicer in the
   transaction.

- The availability of several reserve funds.

- The concentrated nature of the obligors in the pool, that
   mainly consists of small and medium sized companies in the
   transportation industry.

Colcar Merbus S.A. (Colcar) y Colservice S.A. (Colservice), acting
as sellers, will assign fixed installments related to closed-end
saving plans and loans to finance the purchase of chassis for new
or used Mercedes Benz buses and trucks. Moody's notes that the
pool is highly concentrated in the transportation and tourism
industry in Argentina. A negative economic environment affecting
these sectors may impact a large number of securitized
receivables. The pool is highly concentrated by borrower, as the
272 receivables included in the transaction correspond to
borrowers of 132 economic groups. Also, the top 10 borrowers
represent 29.3% of the original pool balance. This risk is
mitigated by: 1) the low average loan CLTV of 51.3%, 2) the fact
that the vehicles backing the securitized receivables are, in
general, a key component of the borrower's working capital, which
is expected to have a lower probability of default in comparison
with other company obligations, 3) the historical performance of
similar pools and the initial subordination which will increase
over time due to a turbo-sequential payment structure. Moody's
modeled the effect of the concentration in the pool performance
and stressed the pool's default rate significantly above the
historical observed default rates of similar portfolios. These
concentrations result in potential high rating volatility.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of similar
portfolios and previous transactions. In addition, Moody's
considered factors common to equipment financing securitizations
such as obligor concentration levels, 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.

To determine the rating assigned to the tranches, Moody's has used
an expected loss methodology that reflects the probability of
default for each tranche times the severity of the loss expected
for the securities. For rating this transaction Moody's used two
models: CDROM and ABSROM. Moody's used CDROM to derive the default
distribution applicable to this transaction. The Moody's CDROM(TM)
model is a Monte Carlo simulation which takes borrower specific
Moody's default probabilities as input. In order to allocate
losses to the securities in accordance with their priority of
payment and relative size, Moody's has used a cash-flow model
(ABSROM) that reproduces many deal-specific characteristics: the
main input parameters of the model are described below. Weighting
each loss scenario's severity result on the tranches with its
probability of occurrence, the model has calculated the expected
loss level for each series. Moody's model then compares the
quantitative values to the Moody's Idealized Expected Loss table
for each tranche.

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2015.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

A receivables performance consistently better than original
projections by Moody's could lead to an upgrade of the ratings. A
deterioration in the performance of the receivables or a severe
downturn in the Argentine economy could lead to a downgrade in the
rating of the securities.

Also, a deterioration in the credit quality of Colcar and
Colservice, could lead to a downgrade of the ratings.

Stress Scenarios:

In assigning the rating to this transaction, Moody's assumed a
Caa2 rating for obligors related to public transportation and a
Caa3 for the rest of the obligors to determine the default
definition in CDROM. Also, Moody's assumed a lognormal
distribution for recoveries with a 40% mean and a 20% standard
deviation. These assumptions are derived from the historical
performance of similar portfolios originated by Colcar and
Colservice.

The model results showed 4.3% expected loss for VRDA, 25.1%
expected loss for VRDB, 73.2% for VRDC, and 100% for the CP.

Parameter sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Moody's ran parameter sensitivities by testing a recovery rate
assumption of 20%. Under this parameter sensitivity, the global
scale ratings of the VRDA would be downgraded to Caa2 (sf). The
ratings for VRDB would be downgraded to Ca (sf). However, the
ratings for the VRDC and residual class would remain unchanged.

Colservice is a company of the Colcar Group and was constituted in
2006 to originate closed-end saving plans for the purchase of
Mercedes-Benz buses. Colcar is the largest Mercedes-Benz dealer in
Argentina. Colcar is also the largest seller of chassis of buses
used for public transportation in Argentina. The company is
divided in six business lines: buses, commercial vehicles, cars,
equipment, services and spare parts. Moody's believes that
Colservice's origination and servicing practices are adequate.
Colservice is regulated by the Inspeccion General de Justicia in
Argentina and received periodic audits of procedures from
Mercedes-Benz. For more details about Colcar and Colservice's
origination and servicing practices please refer to Moody's Pre
Sale Report.

Finally, Moody's also evaluated the servicing arrangements in the
transaction. Multiconex, a late payment collection company that
provides service to several banks and consumer finance companies
in the Argentine market, will perform some servicing functions for
this transaction: it will contact borrowers on a monthly basis to
inform the amounts due and the payment dates. It will also
instruct borrowers to make payments directly into the trust
account.



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B E R M U D A
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SEADRILL LIMITED: Warns of Chapter 11 Anew as Debt Talks Continues
------------------------------------------------------------------
Seadrill Limited said on July 26, 2017, it has reached an
agreement with its bank group to extend the comprehensive
restructuring plan negotiating period until Sept. 12, 2017.

The Company has also received lender consent to extend the
maturity date under the US$400 million credit facility from
August 31, 2017 through September 14, 2017.  The extension will
become effective upon satisfaction or waiver of customary
conditions precedent.

In relation to the West Eminence facility, the Company has
received the support of lenders representing 84% of the exposure
under the US$450 million credit facility maturing on August 15,
2017 (the "US$450m Facility") to extend the maturity date under
the US$450 million Facility to September 14, 2017.  The Company
expects that a scheme of arrangement under section 99 of the
Companies Act 1981 of Bermuda, which requires a majority in number
of the lenders representing 75% in value, will be used to
implement the extension of the US$450 million Facility if an
acceptable maturity extension agreement is not reached.

The Company is in advanced discussions with certain third party
and related party investors and its secured lenders on the terms
of a comprehensive recapitalization, which remain subject to
further negotiation, final due diligence, documentation and
requisite approvals.

                         About Seadrill

Seadrill Limited is a deepwater drilling contractor, which
provides drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of total
operating revenues for the year ended in 2015.

Seadrill had net income of US$57 million on US$569 million of
operating revenue for the three months ended March 31, 2017,
compared with US$149 million of net income on US$891 million of
operating revenue in the same period in 2016.

"[W]e continue to believe that implementation of a comprehensive
restructuring plan will likely involve chapter 11 proceedings, and
we are preparing accordingly. The extension provides additional
time to finalise negotiations and prepare for the necessary
potential implementation filings," Seadrill said in the July 26
statement.

"It is likely that the comprehensive restructuring plan will
require a substantial impairment or conversion of our bonds, as
well as impairment and losses for other stakeholders, including
shipyards.  As a result, the Company currently expects that
shareholders are likely to receive minimal recovery for their
existing shares."

The Company's business operations remain unaffected by these
restructuring efforts and the Company expects to continue to meet
its ongoing customer and business counterparty obligations.

"Over the past year the Company has been engaged in discussions
with its banks, potential new investors, existing stakeholders and
bondholders in order to restructure its secured credit facilities
and unsecured bonds, and in order to raise new capital.  The
Company expects the implementation of a comprehensive
restructuring plan will likely involve commencing schemes of
arrangement in the United Kingdom or Bermuda or proceedings under
Chapter 11 of the United States Bankruptcy Code," Seadrill said in
May 2017 when it released its first quarter 2017 results.

"Although discussions are well advanced and significant progress
has been made, until such time our restructuring is completed,
uncertainty remains and therefore substantial doubt exists over
the Company's ability to continue as a going concern for twelve
months after the date the financial statements are issued."

Seadrill reported $21.31 billion in assets against $4.732 billion
in current liabilities and $6.473 billion in non-current
liabilities as of March 31, 2017.



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B R A Z I L
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BRAZIL: Egan-Jones Assigns B+ Rating on Sr. Unsecured Debt
-----------------------------------------------------------
Egan-Jones Ratings Company, on June 5, 2017, assigned B+ senior
unsecured ratings on debt issued by the Federal Republic of
Brazil.



===================================
D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Cash flow Crunch Not The Central Bank's Fault
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic Central Banker
Hector Valdez Albizu said the demand for money and low investment
are the cause of complaints that there's a fall in the currency
circulating in the economy and not from the institution's
measures, which has maintained a neutral monetary policy, with
controlled inflation and no surprises in the exchange rate.

Mr. Albizu said there's sufficient liquidity in the economy,
citing the amount available for bank loans, which Mr. Valdez
affirms was RD$19.4 billion, according to Dominican Today.

"The monetary policy is totally neutral," said the governor of the
official said when asked to respond to complaints of slumping
liquidity by some sectors, the report relays.

Mr. Albizu added that opinions and interpretations on monetary
policy sometimes lead to talk of no currency and that the Central
Bank has a restrictive policy, without reviewing the information
posted daily on its website and without taking into account the
commercial bank's position in terms of "overnight" (LIBOR)
transactions, the report adds.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1) The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2) The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.


DOMINICAN REPUBLIC: Leaders Demand Works in Industrial Zone
-----------------------------------------------------------
Dominican Today reports that hundreds of retail, industrial and
services sector companies operating in the Herrera Industrial Zone
have grown tired of waiting for fulfillment of government promises
of street lighting, storm drainage and public safety, in return
for the taxes they pay.

That's the reason that prompted the Herrera and Santo Domingo
Province Industries Association (AEIH) to stage a march with
orange umbrellas to draw attention and demand a definitive
solution to the problems of a sector that provides thousands of
good-paying jobs, according to Dominican Today.

AEIH President Antonio Taveras headed the protest, which concluded
at the Herrera monument, accompanied by senior executives of the
institution and representatives of numerous companies, the report
relays.

"We have images that illustrate the hardship that employees of the
businesses go through when it rains and they must be taken out on
trucks because of the flooding, because much of the area where the
companies becomes a river," the report quoted Mr. Taveras as
saying.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1) The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2) The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.


DOMINICAN REP: Blame Blackouts on Lack of Money, Power Firm Says
----------------------------------------------------------------
Dominican Today reports that Dominican Electricity Industry
Association (Adie) President Manuel Cabral blamed the blackouts of
up to 15 hours in many sectors on the distributors that he affirms
don't pay for the energy required to supply customers.

Mr. Cabral said there is an average of 13% more generation, than
the supply provided by the distributors Edesur, Edeeste and
Edenorte, according to Dominican Today.

"The issue of mismanagement forces the Edes to rationalize energy,
the supply, that is to say the supply that should go to the
population cannot provide it fully, because they do not have the
financial strength to be able to cope with the total energy
demand, then, that produces blackouts, because they oversee the
supply," the report quoted Mr. Cabral as saying.

                       Lots of Generation

Mr. Cabral reiterated that there's enough energy to meet the
electricity demand.  "We calculate daily the proportion between
the supply earmarked by the Edes and the availability of
generation, ie. how much is the total availability of both that
enters the system and was ready to enter, but wasn't requested,
and the percent we have on average is that there is 13% more
generation than there is supply," the report relays.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1) The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2) The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.



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M E X I C O
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MEXICO: Registered $62 Million Trade Surplus in June
----------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexico
chalked up a small trade surplus in June as strength in exports of
manufactured goods offset increased imports of petroleum products.

Exports last month rose 11.5% from June 2016 to $35.61 billion,
and imports grew 9.5% to $35.55 billion, according to The Wall
Street Journal.  The $62 million surplus brought the trade balance
for the first half of the year to a deficit of $2.91 billion, the
report notes.

State Oil Company Petroleos Mexicanos exported 1.157 million
barrels a day of crude oil in June, up from 958,000 in May and
1.098 million a year earlier.  The value of petroleum exports rose
10.4% to $1.78 billion, while imports of gasoline, natural gas and
other fuels were 19.6% higher at $3.1 billion, the report relays.

The $1.32 billion deficit in petroleum trade was offset by a $1.38
billion surplus in nonpetroleum goods, the report says.  Exports
of manufactured goods rose 11.3%, including a 17.8% jump in
exports of vehicles and auto parts, the report notes.  Exports of
steel products and processed foods also rose sharply, the report
discloses.

The increase in crude-oil exports came as Pemex's biggest refinery
at Salina Cruz in southern Mexico was shut down in mid-June
because of damage from a major fire after tropical storm Calvin
flooded the complex, the report relays.  Preliminary Pemex data
for the first half of July point to even higher crude exports and
less production of fuels this month, the report says.

A recovery in the Mexican peso from record lows in January has
supported imports of consumer goods, which rose 10.2% excluding
fuels and were up 0.9% in the first half of the year, the report
notes.  Imports of intermediate goods used in production processes
were 10.8% higher than in June 2016, the report adds.


MEXICO: PM Substitution No Effect on Moody's Ratings on 3 RMBS
--------------------------------------------------------------
Moody's de Mexico says that as of presstime, it is not downgrading
nor withdrawing its ratings on three mortgage-backed securities
solely as a result of primary servicer substitution. According to
the request from CIBanco S.A. Institucion de Banca Multiple,
acting solely as trustee for the trusts F/00196, F/00247 and
F/00325, Patrimonio, S.A. de C.V. SOFOM ENR (Patrimonio) will be
substituted for Proyectos Adamantine, S.A. de C.V. SOFOM ER
(Proyectos Adamantine) as primary servicer.

The primary servicer's removal and the appointing of the
substitute servicer should be sanctioned by CIBanco S.A.
Institucion de Banca Multiple, as trustee.

The affected certificates and their ratings are:

-- MXMACCB 05U, ratings of B3 (sf) (Global Scale, Local Currency)
    and Ba3.mx (sf) (Mexican National Scale).

-- MXMACCB 05-2U, ratings of Caa3 (sf) (Global Scale, Local
    Currency) and Caa3.mx (sf) (Mexican National Scale).

-- MXMACCB 06U, ratings of Ca (sf) (Global Scale, Local Currency)
    and Ca.mx (sf) (Mexican National Scale).

Moody's considered the following key factors and evaluated how
they apply to the specific circumstances of each transaction:

1) The credit quality of the underlying pools, which is severely
deteriorated. As of May 2017, the percentages of 180+ days past
due portfolio against original pool balances (including REOs),
were 51% for MXMACCB 05U, 56% for MXMACCB 05-2U, 62% for MXMACCB
06U. Moody's does not expects additional severe deterioration as a
result of the primary servicer substitution.

2) Moody's notes a potential conflict of interest because
Proyectos Adamantine would act as successor primary servicer and
master servicer, respectively. The expectation is that Proyectos
Adamantine will resign as master servicer and a successor master
servicer will be appointed.

3) An adequate alignment of interests since Proyectos Adamantine
is the holder of the residual certificates in the MXMACCB 05U,
MXMACCB 05-2U and MXMACCB 06U transactions.

Moody's opinion is based in part on information provided by
CIBanco S.A.Institucion de Banca Multiple and Proyectos
Adamantine, as well as the agency's expectations regarding the
impact of a servicing transfer on pool performance, mortgage
collections, and the trust's ability to make timely interest
payments on the affected securities.



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P A N A M A
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AVIANCA HOLDINGS: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B-
------------------------------------------------------------------
Egan-Jones Ratings Company, on June 9, 2017, lowered the senior
unsecured ratings on debt issued by Avianca Holdings SA to B- from
BB-.  EJR also lowered the commercial paper ratings on the Company
to B from A3.

Avianca Holdings S.A., through its subsidiaries, provides air
transportation services in North America, Central America, the
Caribbean, Colombia, South America, and internationally. The
company was formerly known as AviancaTaca Holding S.A. and changed
its name to Avianca Holdings S.A. in March 2013. The company was
founded in 1919 and is based in Panama City, Panama. Avianca
Holdings S.A. is a subsidiary of Synergy Aerospace Corp.



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P U E R T O    R I C O
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PUERTO RICO: Oversight Board Appoints Revitalization Coordinator
----------------------------------------------------------------
The Financial Oversight and Management Board for Puerto Rico
created by Congress under the bipartisan Puerto Rico Oversight,
Management and Economic Stability Act confirmed July 24, 2017, the
appointment of Noel Zamot as Revitalization Coordinator.

Born and raised in Puerto Rico, Mr. Zamot is a fully bilingual
senior executive with 25 years of experience in the aerospace and
defense (A&D) industry with a proven track record in government,
large-scale commercial enterprises and startup ventures.  He will
be tasked with identifying, coordinating and accelerating the
execution of critical infrastructure projects in Puerto Rico
through Title V of the Puerto Rico Oversight, Management and
Economic Stability Act (PROMESA).

The Oversight Board has concentrated its efforts on the three
critical areas that will move Puerto Rico's turnaround towards
recovery: debt restructuring, fiscal reform and economic
development.  In the area of economic development, PROMESA
provides a powerful tool to aid Puerto Rico's recovery with Title
V and the Critical Project Process.  The newly appointed
Revitalization Coordinator will lead the implementation of this
process which will positively impact the Island's economic
activity and job creation through energy and infrastructure
capital improvements.

"The success of PROMESA's Title V mandate is based on the strength
of the partnership between local and federal government agencies
and private investors to support critically needed economic growth
in Puerto Rico.  Noel Zamot's successful career and multifaceted
experience interfacing between the government and the private
sector in critical defense infrastructure areas will allow him to
hit the ground running to foster strategic infrastructure
investment expeditiously," said Jose B. Carrion, Chairman of the
Oversight Board, who noted that the Governor of Puerto Rico,
Ricardo Rossello Nevares, was consulted and agreed on the
designation.

Under Zamot's leadership, and in coordination with Government of
Puerto Rico officials, the Oversight Board will evaluate project
submissions and designate projects that meet the criteria
established in PROMESA for energy and infrastructure projects that
address critical needs and help jumpstart the economy.  This
designation will enable expedited permitting processes that will
allow key infrastructure projects to be delivered faster with the
consequent positive impact on job growth.

"I am honored by this opportunity to serve and give back to Puerto
Rico, my birthplace, and contribute to its success.  Over more
than two decades of professional experience I have seen firsthand
how investments in infrastructure can have a catalyzing effect on
economic growth and prosperity.  I look forward to working with
government and the private sector to establish the conditions for
future growth and to increase investment in our island.  I am
committed to exceeding the expectations of the Oversight Board,
and plan to devote all my energy to working with them and the
Executive Director to achieve the objectives ahead," said Zamot.

Zamot's appointment ends the interim role served by Aaron C.
Bielenberg, who is credited by the Oversight Board for developing
and putting in place the criteria and processes for the Critical
Projects Program.

"We thank Mr. Bielenberg for establishing the bases for this
program, which is paramount to propel short and long-term economic
development, create jobs and bring back opportunity to all in
Puerto Rico as soon as possible.  He worked closely with the
Oversight Board and the Government of Puerto Rico developing the
fiscal plans for the Commonwealth as well as for key covered
instrumentalities, such as PREPA, PRASA and the HTA, laying the
foundation for the pipeline of P3 and other critical energy and
infrastructure projects to be expedited in Puerto Rico.  His
contribution was extremely valuable and we look forward to having
him continue to assist us as part of our consulting team.  The
groundwork is in place and we look forward to having Mr. Zamot
promptly take it to the next level.  He brings a progressive
vision, a broad set of skills, experience and constructive
judgment that will quickly translate into visible results," added
Oversight Board Executive Director Natalie Jaresko.

Noel Zamot's professional background includes work at the United
States Space Command at the Peterson Air Force Base in Colorado,
NATO, and the Wyle Aerospace Group's Acquisition Management
Division.  He founded Corvus Analytics, a cyber-security firm that
currently delivers cutting edge security and assured autonomy
solutions to clients in aviation, autonomous systems, robotics and
critical infrastructure.

Zamot holds an MBA from the Sloan School of Management at MIT; an
MA from the National Security Strategy, National Defense
University, Ft McNair, Washington, DC; an MS in Aerospace
Engineering from the University of Michigan; an SB, in
Aeronautical and Aerospace Engineering from MIT; and a Management
Degree from Escuela de Administracion de Empresas para Graduados
(ESAN) in Lima, Peru.  Zamot is also a Graduate of the USAF Test
Pilot School at Edwards AFB in California.

Contact:

         Jose Luis Cedeno
         Tel: 787-400-9245
         E-mail: jcedeno@forculuspr.com

         Edward Zayas
         Tel: 787-975-8696
         E-mail: ezayas@forculuspr.com

         info@forculuspr.com

Board's Contact Information:

         E-mail: comments@oversightboard.pr.gov
         Web site: www.oversightboard.pr.gov

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.  On July 2, 2017, a Title III case was commenced for the
Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

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

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

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

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

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds,
which collectively hold over $3.5 billion in COFINA Bonds and over
$2.9 billion in other bonds issued by Puerto Rico and other
instrumentalities, including over $1.8 billion of Puerto Rico
general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                            Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.   The Creditors Committee tapped Paul Hastings  LLP and
O'Neill & Gilmore LLC as counsel.


SPANISH BROADCASTING: Egan-Jones Withdraws 'C' Sr. Unsec. Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 13, 2017, withdrew the C
senior unsecured ratings on debt issued by Spanish Broadcasting
System Inc. EJR also withdrew the D commercial paper rating on the
Company.

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



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


CARIBBEAN CEMENT: Revenue Declines in April to June Quarter
-----------------------------------------------------------
RJR News reports that Caribbean Cement Limited ended the April to
June quarter with increased profit despite a decline in revenue.

Profit during the three months amounted to J$605 million up from
$220 million during the corresponding period last year, according
to RJR News.

It says this was achieved by cost saving initiatives, which
resulted in lower fixed and administrative costs, the report
notes.

However, Caribbean Cement's revenue fell eight percent mainly due
to a reduction in exports, the report relays.

The cement manufacturer said it focused its resources on the local
market and suspended exports, the report notes.

Meanwhile, revenue and profit were down at Sterling Investments
during the January to June period, the report says.

Gross revenue was $62.1 million compared to $83.6 million the same
period in 2016, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that Caribbean Cement said it
racked up a loss of $89 million in the three months to the end of
June, compared to a $359 million profit in the corresponding
period a year ago.  The report noted that Caribbean Cement said
the loss was due to the shutdown of a clinker line to facilitate
maintenance work.

According to a TCRLA report on Aug. 7, 2013, RJR News related that
Caribbean Cement Company Limited suffered a consolidated loss of
J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News.  The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.



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


VENEZUELA: US Puts More Officials Under Sanctions
-------------------------------------------------
Jose de Cordoba at The Wall Street Journal reports that the U.S.
government leveled sanctions on 13 high-ranking Venezuelan
officials for alleged corruption, human-rights violations and
undermining the country's democracy, days before a scheduled vote
for a constitutional assembly that many believe would deal a death
blow to Venezuela's democracy.

The officials targeted by the U.S. Treasury include Tibisay
Lucena, the head of the country's electoral agency, as well as the
chiefs of the Venezuelan Army, National Guard and National Police,
according to The Wall Street Journal.

The U.S. also blacklisted the finance chief of state oil firm
Petroleos de Venezuela; Elias Jaua, a leading politician close to
President Nicolas Maduro; and Erick Malpica Flores, a nephew of
Venezuela's powerful first lady, Cilia Flores, the report relays.

Under the sanctions, the officials' U.S. assets are frozen and
their U.S. visas revoked, WSJ relays.  The measures also prohibit
U.S. citizens and institutions from doing business with them, the
report notes.

The U.S. government warned that any individuals who become members
of the constituent assembly to be elected risked being added to
the U.S. sanctions list, the report says.

"The United States will not ignore the Maduro regime's ongoing
efforts to undermine democracy, freedom, and the rule of law,"
said U.S. Treasury Secretary Steven Mnuchin, the report notes.

Mr. Maduro responded to the U.S. move with defiance.  "We will
never kneel, and our vengeance will be our victory on Sunday, July
30," he said in a broadcast to the nation, after which he bestowed
ceremonial swords on Ms. Lucena and other targeted officials, the
report says.

The newest round of sanctions comes days after U.S. President
Donald Trump called Mr. Maduro a "bad leader who dreams of
becoming a dictator" and threatened that the U.S. would take
"strong and swift economic action" if the Venezuelan leader
followed through with Sunday's planned vote for the constituent
assembly, which is to be tasked with rewriting the constitution,
the report relays.

The Trump administration says Mr. Maduro's push to create the
assembly is the final step toward a full dictatorship, the report
discloses.  "We see July 30th as a critical line that, if crossed,
could be the end of democracy in Venezuela," a senior Trump
administration official said, the report says.

The U.S. put eight Venezuelan Supreme Court justices under similar
sanctions in May after the court issued rulings that gutted the
country's opposition-led congress, WSJ notes.  Vice President
Tareck El Aissami was placed on a U.S. Treasury blacklist in
February for allegedly aiding drug traffickers, along with
financier Samark Lopez, the report relays.  U.S. authorities have
frozen "hundreds of millions of dollars" in assets linked to Mr.
El Aissami, much more than they had previously estimated, a senior
U.S. official said, the report notes.

Mr. Jaua, the Venezuelan official in charge of creating the
constituent assembly, said he had no assets to lose as a result of
the sanctions, WSJ relays.  "The Empire's sanctions are an
acknowledgment of my 34 years of struggle for national sovereignty
and for the poor of this Earth.  We will overcome!," he wrote on
his Twitter account, the report relays.

Mr. Maduro's efforts to convene a constituent assembly are being
boycotted by Venezuela's opposition coalition, the report notes.
Once elected, the assembly is set to become the country's supreme
political institution, with power to rewrite the constitution and
dissolve the opposition-dominated congress, the report relays.

The opposition has called a two-day general strike -- its second
in as many weeks -- starting Wednesday, July 26 in an last-ditch
attempt to stop the constituent assembly, the report relays.  In
Caracas, some government opponents participating in the general
strike supported the sanctions against the government officials,
but were skeptical they would matter, the report notes.

Last week, more than 7.5 million Venezuelans voted in an
unofficial referendum whose results showed overwhelming opposition
to creating the new assembly, WSJ cites.

Mr. Maduro dismissed that referendum as a nonbinding internal
consultation by the opposition, but as the president and his aides
move ahead with their plans to hold the vote, anxiety about the
adverse international reaction has been high inside the Miraflores
Presidential Palace, according to people close to the ruling
Socialist Party, the report relays.

It isn't clear, however, whether the new sanctions would fracture
Mr. Maduro's backing within the military and government or unify
the regime behind the president, the report discloses.

Trump administration officials said expanded sanctions on the
country's vital oil industry, which provides 95% of Venezuela's
foreign exchange, were possible if Mr. Maduro carried out his
plans, WSJ notes.  "All options are on the table," the senior
official said, the report relays.

WSJ relays that many experts have warned against a broad-based ban
on oil exports from Venezuela, saying it could cause a backlash
against the U.S. and strengthen the Maduro regime while disrupting
U.S. energy markets that rely heavily on Venezuelan crude imports.

U.S. Secretary of State Rex Tillerson's past dealings with Caracas
as the former chief executive of American oil giant Exxon Mobil
may have helped spur the administration to take a more aggressive
sanctions stance with the country, said James Lewis, a former
State Department official responsible for sanctions and currently
a senior vice president at the Center for Strategic and
International Studies, WSJ relays.

"Tillerson knows the Venezuela story," Mr. Lewis said, WSJ cites

The U.S.-based oil company, like several of its peers, was locked
in a bitter legal battle during Mr. Tillerson's tenure there over
Venezuelan assets nationalized by the late President Hugo Chavez,
the report says.

Venezuela, which boasts bigger oil reserves than Saudi Arabia, is
mired in a deep economic and political crisis, the report notes.
More than 100 people have died in the last four months amid
violent street protests held almost daily, the report discloses.
Most of them have been killed by government security forces and
paramilitary gangs allied with the government, the report relays.

Venezuela's economy has shrunk by nearly a third in the last four
years, the report notes.  The International Monetary Fund
estimates inflation will surpass 700% this year, the report
relays.  Dwindling supplies and access to food means that three
out of four Venezuelans lost an average of 18 pounds last year,
the report adds.

As reported on Troubled Company Reporter-Latin America on July 13,
2017, S&P Global Ratings lowered its long-term foreign and local
currency sovereign credit ratings on the Bolivarian Republic of
Venezuela to 'CCC-' from 'CCC'. The outlook on the long-term
ratings is negative. S&P affirmed its 'C' short-term
foreign and local currency sovereign ratings. In addition, S&P
lowered its transfer and convertibility assessment on the
sovereign to 'CCC-' from 'CCC'.


VENEZUELA: Turmoil in Country Could Cause Rise in Oil Prices
------------------------------------------------------------
RJR News reports that deepening turmoil in Venezuela could fuel a
rise in oil prices -- something the Organization of the Petroleum
Exporting Countries has not been able to do.

The South American nation, home to the world's largest oil
reserves, faces a vote to elect a constituent assembly whose job
will be to redraft its constitution, according to RJR News.

The opposition charges the vote could mark the end of democracy in
Venezuela, the report relays.

Energy analysts argue that the possibility of chaos in the country
is the only true element that would change the dynamic for crude,
the report adds.

As reported on Troubled Company Reporter-Latin America on July 13,
2017, S&P Global Ratings lowered its long-term foreign and local
currency sovereign credit ratings on the Bolivarian Republic of
Venezuela to 'CCC-' from 'CCC'. The outlook on the long-term
ratings is negative. S&P affirmed its 'C' short-term
foreign and local currency sovereign ratings. In addition, S&P
lowered its transfer and convertibility assessment on the
sovereign to 'CCC-' from 'CCC'.


VENEZUELA: Avianca Becomes Latest Airline to Suspend Service
------------------------------------------------------------
Miami Herald reports that one of Latin America's largest airlines,
Avianca, is suspending all flights to and from Venezuela, further
isolating the troubled South American nation.

In a press release, Bogota-based Avianca said its last flights
will be on August 16, according to Miami Herald.  The carrier has
routes to Caracas from Bogota and Lima, the report notes.

In a statement, the airline said it would reconsider the decision
if Venezuela's "airport infrastructure" was improved and
"international standards" were met in Caracas, the report relays.

"After 60 years of continuous service to Venezuela, we regret that
we had to reach this difficult decision," said Avianca Executive
President Hernan Rincon, the report relays.  "But our obligation
is to guarantee the safety of our operations," the report quoted
Mr. Rincon as saying.

Avianca is just the latest company to pull out of Venezuela.
United Airlines quit flying to the country this month, and Air
Canada and Lufthansa have also quit providing service, the report
relays.

International carriers have long complained that the government's
strict currency controls have kept them from moving billions of
dollars out of the country, the report notes.

Avianca, which flies to 108 locations, including daily flights to
and from Miami and Fort Lauderdale, didn't mention money in its
release, the report says.

"As a company we have the desire and the will to resume flights,"
Rincon said, "once the conditions exist to do so," the report
notes.

Venezuela has been caught in months of anti-government protests
that have left more than 100 dead, the report discloses.  The
crisis has also led to a mass exodus of Venezuelans, the report
notes.

As the news spread, Venezuelans took to Twitter to both blast and
praise the company's decision, the report relays.

As reported on Troubled Company Reporter-Latin America on July 13,
2017, S&P Global Ratings lowered its long-term foreign and local
currency sovereign credit ratings on the Bolivarian Republic of
Venezuela to 'CCC-' from 'CCC'. The outlook on the long-term
ratings is negative. S&P affirmed its 'C' short-term
foreign and local currency sovereign ratings. In addition, S&P
lowered its transfer and convertibility assessment on the
sovereign to 'CCC-' from 'CCC'.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *