TCRLA_Public/170821.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Monday, August 21, 2017, Vol. 18, No. 165





BANK OF THE BAHAMAS: Bad Loans Crippling Bank


* S&P Removes Ratings On 14 BR Cross-Border Deals From Watch Neg.


BANCO AGRARIO: Estraval, Navelena Cases No Effect on Fitch Ratings
COLOMBIA: Seeks More Investment from Mexico in Post-Conflict Phase


DOMINICA: Manufacturers Get Helping Hand From Government


COMPANIA MINERA: S&P Affirms BB+ CCR & Removes from Watch Negative

T R I N I D A D  &  T O B A G O

TRINIDAD  &  TOBAGO: TDC Ceases Operations
TRINIDAD  &  TOBAGO: Facing Large Fiscal Deficit
TRINIDAD  &  TOBAGO: TTMA Wants Export Incentives


VENEZUELA: Constituent Assembly Seizes Powers of Assembly

V I R G I N   I S L A N D S

VIRGIN ISLANDS: S&P Lowers GRT Loan Notes Rating to 'CCC'


* BOND PRICING: For the Week From Aug. 14 to Aug. 18, 2017

                            - - - - -


Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Consultatio Multiestrategia, a new
medium-term corporate bond fund managed by Consultatio SASGFCI.

The ratings assigned are:

- Global scale bond fund rating: B-bf

- National scale bond fund rating:


"The B-bf global scale bond fund rating is based on Moody's
expectation that the Fund will have a low-to-mid single B credit
profile supported by investments in diversified Argentinian
corporate bonds and to a lesser extent LEBACs" said Carlos de
Nevares, Moody's Vice President. The Fund's national scale
rating reflects a national scale mapping consistent with a B-bf
global scale credit profile. Consultatio Multiestrategia is a
total return bond fund that will seek to provide institutional
investors with moderate returns in ARS with low-medium volatility
and its average duration is not expected to exceed 2 years.

The rating agency noted that the Fundwill be managed by an
experienced investment manager, Consultatio SASGFCI. Moody's
analysis was performed on a model portfolio provided by the fund
sponsor. The rating agency expects the Fund to be managed in line
with this model portfolio. However, Moody's noted that if the
Fund's actual portfolio deviates materially from the model
portfolio provided, the Fund's ratings could change.

Consultatio SASGFI is among the largest asset managers in the
Argentinian mutual fund industry. As of July 2017, Consultatio
SASGFCI had assets under management (AUM) of approximately ARS
19.3 billion (approximately $1.1 billion) and was the 9th largest
manager in the industry with a 3.9% AUM market share.

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.


BANK OF THE BAHAMAS: Bad Loans Crippling Bank
--------------------------------------------- reports that the Bank of the Bahamas (BOB) is
facing an uphill battle to get out of the red as it continues to
rack up millions of dollars in losses due to bad loans.

According to a report on the bank's financial performance for the
fourth quarter ended June 30, 2017, the bank recorded net loan
loss provisions of about $35.4 million during the final quarter of
the fiscal year 2016 and $49.2 million since the start of 2017,
the report notes.

"This was up by $20.1 million from the same quarter last year and
up by $24.7 million year to date compared to the prior year. As a
result of the increased credit loss expenses, the bank recognized
a net loss of $32.8 million for the quarter and $43.8 million year
to date," the bank report stated, according to

BOB acknowledged that the situation was worrying, stressing that
its ultimate return to profitability is largely dependent on the
performance of its loan portfolio, notes.

It was at pains to point out that it would have earned $2.5
million in net income for the reporting quarters and $5.4 million
to date barring the losses from bad loans,

"As such, a great part of the bank's profitability will be
contingent on resolving its non-performing loans," the bank report
said, discloses.

The Bahamas Government has expressed concern about the bank's
continuing troubles, relays.

It recently announced that it would allow BOB to release itself of
$166 million of non-performing loans to a special purpose vehicle
-- Bahamas Resolve Limited, notes.

The bank said this transaction would "provide substantial relief"
for its credit portfolio and overall financial position, relays.

Meanwhile, BOB said it would continue to focus on transforming its
business by focusing on initiatives around corporate governance,
collections, cost optimization and customer care,


* S&P Removes Ratings On 14 BR Cross-Border Deals From Watch Neg.
S&P Global Ratings removed from CreditWatch negative its ratings
on 14 Brazilian structured finance transactions.

Eleven of the transactions are diversified payment rights
securitizations backed by U.S. dollar-denominated Society for
Worldwide Interbank Financial Telecommunications (SWIFT) MT 100 or
MT 200 series payment order messages, which are a product of the
respective Brazilian bank's international financial operations.
Three deals are synthetic asset-backed securities (ABS)
transactions, two of which have unconditional guarantees from the
Federative Republic of Brazil and one of which has one from
Votorantim Participacoes S.A.

S&P said, "Today's rating actions follow the Aug. 15, 2017,
removal of our long-term foreign credit rating on Brazil from
CreditWatch negative and our subsequent affirmation of the rating.
As a result, various rating actions were taken on Brazilian
corporate and infrastructure entities as well as Brazilian
financial services companies on Aug. 16, 2017.

"Our ratings on Brazil reflect our view of its established
political institutions that provide important backing for economic
stability. We find that the ongoing investigations of corruption
allegations against high-profile individuals and companies in both
the private and public sectors and across political parties have
increased near-term political uncertainty. However, the
institutional framework is a guiding resolution. The government
has advanced sound and corrective policy, but governability
challenges have slowed recent progress and present downside risk
to the rating.

"Meanwhile, subdued economic prospects and fiscal weaknesses are
key credit constraints. The diversified economy is exiting a steep
multiyear contraction, and its growth is expected to remain below
peers. High general government deficits persist with debt
continuing to rise over the forecast period until 2020. Fiscal
correction is a multiyear, multi-administration challenge, in our
view. In contrast, Brazil's external position and monetary policy
credibility are relative credit strengths. (For more information
please see "Brazil Ratings Removed From CreditWatch And Affirmed
At 'BB/B'; Outlook Is Negative On Ongoing Policy Challenges,"
published Aug. 15, 2017.)

"We will continue to monitor the ratings on these structured
finance transactions and revise the ratings as necessary to
reflect any changes in the transactions' underlying credit


  Dollar Diversified Payment Rights Finance Co.
  Series                  To               From
  2008-2                  BBB              BBB/Watch Neg

  International Diversified Payment Rights Co. (Banco Bradesco)
  Series                  To               From
  2008-2                  BBB              BBB/Watch Neg
  2009-4                  BBB              BBB/Watch Neg
  2010-1                  BBB              BBB/Watch Neg
  2010-2                  BBB              BBB/Watch Neg
  2011-1                  BBB              BBB/Watch Neg
  2011-2                  BBB              BBB/Watch Neg
  2015-1                  BBB              BBB/Watch Neg
  2015-2                  BBB              BBB/Watch Neg
  2016-1                  BBB              BBB/Watch Neg
  2016-2                  BBB              BBB/Watch Neg

  Brazil Loan Trust 1
  Series                  To               From
  Notes                   BB               BB/Watch Neg

  Brazil Minas SPE
  Series                  To               From
  Notes                   BB               BB/Watch Neg

  Voto-Votorantim Overseas Trading Operations IV Ltd.
  Series                  To               From
  Notes                   BB+ (sf)         BB+ (sf)/Watch Neg


BANCO AGRARIO: Estraval, Navelena Cases No Effect on Fitch Ratings
Banco Agrario de Colombia S.A.'s ratings are unlikely to be
affected by its portfolio of loans acquired from Estraval, a
lender accused of fraud, and its exposure to Navelena, a
consortium recently stripped of a major infrastructure project
concession, according to Fitch Ratings.

Fitch estimates that in a worst case recovery scenario, potential
related losses would not exceed 1.2% of gross loans, a level that
could be absorbed in a manner consistent with the bank's Viability
Rating (VR) of 'bb'. These cases are also unlikely to influence
Fitch's opinion on the likelihood of sovereign support which
underpins Banagrario's Issuer Default Rating (IDR) of 'BBB' /
Stable Outlook.

As of March 2017, Banagrario had a total exposure to payroll loans
acquired from Estraval of COP15 billion (0.12% of gross loans).
Estraval was intervened by the government and later liquidated
after being accused of fraud. Banagrario's claim against Estraval
was rejected by the Colombian Superintendence of Corporations and
the likelihood of recovery is low.

Banagrario's exposure to Navelena totals COP120 billion (0.91% of
gross loans). Banagrario's approval of credit to the consortium is
under investigation by the Comptroller General of the Republic
given that one of the stakeholders, Odebrecht, was under
investigation for bribery in other countries at the time. Although
the related infrastructure project is in liquidation Banagrario
estimates a high likelihood of loan recovery due to high quality
collateral held in trust.

In Fitch's view, while these problem loans reflect negatively on
the bank's risk management and internal controls, the bank has
adequate loss absorption capacity to cover potential losses. Based
on the findings of the Comptroller General of the Republic, the
agency estimates that Banagrario's key financial metrics are
likely to remain consistent with its VR of 'bb'. Assuming a total
loss related to these cases, Banagrario's Fitch Core Capital ratio
(FCC) would decrease to a level close to 15.4% by YE2017, while
operating profits to risk weighted assets would decrease to 4.5%.

The bank's VR is highly influenced by the bank's business model,
and its weak asset quality. Banagrario's consistent profitability
and high income diversification, strong capital position, and low
cost funding structure have a moderate influence on its VR. A
sustained and material increase in NPLs that jeopardizes the
bank's capital position or buffers over minimum regulatory capital
may trigger a downgrade.

Banco Agrario's IDRs are aligned with those of the sovereign,
reflecting Fitch Ratings' assessment of the Colombian government's
willingness and capacity to provide timely support to Banagrario
if needed. Fitch views the entity as an integral arm of the state
given its key role in the development of the government's
agricultural policy among other policy roles. Banagrario is
Colombia's main development tool for the agricultural sector.

COLOMBIA: Seeks More Investment from Mexico in Post-Conflict Phase
EFE News reports that Colombia is seeking to attract more foreign
investment from Mexico after signing a peace agreement last year
with leftist rebels, whose entry into civilian life has opened up
business opportunities in formerly conflict-plagued regions.

"There's not only a social impact in regions that had been
involved in the conflict but also a dynamic of economic
integration and investment generation," the vice president for
investment at the Andean nation's ProColombia trade, investment
and tourism promotion agency, Ancizar Guerrero, told EFE.

During a visit to Mexico that will include stops in Mexico City
and the northern industrial hub of Monterrey to meet with
representatives of scores of companies and promote opportunities
in the South American nation, Mr. Guerrero said opportunities had
arisen in manufacturing, tourism and agriculture in areas once
affected by the armed conflict pitting government forces against
Revolutionary Armed Forces of Colombia (FARC) rebels, according to
EFE News.

The relationship between Colombia and Mexico has strengthened in
recent years, especially since a 2011 protocol that deepened
bilateral trade and the establishment in 2012 of the Pacific
Alliance, a trade bloc that links those two nations as well as
Peru and Chile, the report notes.

Between 2012 and 2016, Mexican investment in Colombia came from a
wide range of sectors and exceeded $2.6 billion, a four-fold
increase over the previous four-year period, the report relays.

In terms of trade, Colombian exports to Mexico totaled $937
million, while Mexican exports to the South American country
amounted to $3.4 billion, according to official figures, the
report notes.

Gains also are being seen in the tourism sector, Colombia's
second-largest source of hard currency, the report discloses.

In 2016, a total of 159,000 people visited Colombia from Mexico,
an 8 percent increase over the previous year, the report relays.

ProColombia, meanwhile, is carrying out major promotional efforts
to boost those numbers further, emphasizing the country's
historical, cultural and natural riches, the report says.

Mexico, for its part, is particularly eager to diversify its trade
relations now that it has entered into North American Free Trade
Agreement renegotiation talks with the United States and Canada,
the report notes.

The Mexican government is acutely aware that changes to NAFTA
could complicate its trade relationship with the US, which is by
far its biggest trading partner, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 13, 2017, Colombia's creditworthiness could be pressured if
growth is lower than expected and higher fiscal deficits undermine
efforts to stabilize and gradually reduce the government's debt
burden, Fitch Ratings says.


DOMINICA: Manufacturers Get Helping Hand From Government
-------------------------------------------------------- reports that manufacturers in Dominica are
getting some much needed assistance from the Government.

The Roosevelt Skerrit administration has outlined plans to
establish a US$5.5 million special loan facility to meet the needs
of the manufacturing sector, according to

"To be eligible, the manufacturer should be engaged in
manufacturing in Dominica, and such eligibility will include new
and existing manufacturers who are currently in active production.
Startups will be channeled through the Invest Dominica Authority,"
he explained during the recent 2017/2018 National Budget, the
report relays.

The prime minister said he hoped the measure would yield
substantial benefits to the manufacturers and to the economy as a
whole, the report notes.

"The terms of the special loan facility are: an interest rate of
three percent; maturity of five to 12 years and; a grace period of
up to 12 months for investments and three months for loans
contracted for working capital," he added.

Funds available via the special loan facility will be accessed via
the island's Agricultural Industrial and Development (AID) Bank
for lending for working capital, expansion and/or improvement of
manufacturing plants; construction of facilities; purchase of
equipment/machinery and; systems updates.

Skerrit, who is also finance minister, noted that for many years,
only one company dominated the sector. And he made an appeal for
other companies to begin making a more substantial contribution to

The Troubled Company Reporter-Latin America, citing, reported on Dec. 8, 2015, that tropical Storm
Erika wiped out 90 per cent of Dominica's Gross Domestic Product
(GDP), according to the rapid damage and impact assessment
conducted by the island's government in collaboration with the
World Bank, United Nations, and other development partners with
funding support from the EU and the World Bank Global Facility for
Disaster Reduction and Recovery.  The total damage and loss was
estimated at US$483 million.

In April 2017, reported that the International
Monetary Fund said the devastating impact of Tropical Storm Erika
in 2015 has held back the Dominican economy from expanding.
Head of IMF delegation Alejandro Guerson reported that since the
storm in August 2015, government efforts continued to focus on
infrastructure rehabilitation and social relief, and significant
effort and resources were allocated to the reconstruction of
public infrastructure and support to the affected population.
He added that economic activity was depressed last year, largely
due to unfavorable weather conditions, "Economic activity in 2016
remained weak as capacity constraints and unfavourable weather
conditions slowed public investment more than anticipated."


COMPANIA MINERA: S&P Affirms BB+ CCR & Removes from Watch Negative
S&P Global Ratings removed its 'BB+' corporate credit and issue-
level ratings on Compania Minera Milpo S.A.A. from CreditWatch,
where it placed them with negative implications on May 24, 2017.
At the same time, S&P affirmed the ratings. The outlook is

The rating affirmation and CreditWatch removal follow a similar
action on the group's ultimate parent, Brazil-based Votorantim,
and Milpo's immediate parent, VMH (see "Various Rating Actions
Taken On Brazilian Corporate, Infrastructure Entities On Sovereign
Action, Revised Mapping Table," published Aug. 16, 2017.)

S&P said, "We consider Milpo as a core subsidiary of VMH because
it's integral to the group's long-term strategy and performance,
given that the mining company holds the group's most profitable
asset, Cerro Lindo. In addition, we expect Milpo to contribute
about 60% of VMH's consolidated EBITDA for 2017, and remain the
main source of growth for the group going forward. We also believe
that the cross-default clauses, and full and unconditional
guarantees that Milpo provides to VMH's recently issued $700
million notes represent a clear incentive for VMH to provide
support to Milpo under any foreseeable circumstances. In addition,
the clauses and guarantees increase reputational link between
Milpo and VMH. This remains a key consideration of Milpo's group

The negative outlook on Milpo reflects that on VMH, which at the
same time reflects the outlook on Votorantim. Thus, a downgrade of
Votorantim or VMH would result in the same rating action on Milpo.

S&P said, "We could revise Milpo's stand-alone credit profile
(SACP) to a weaker category if its credit metrics deteriorate as a
result of an unexpected decrease in zinc prices or a sudden drop
in Cerro Lindo's production. This scenario would be consistent
with a funds from operations to debt below 30% or debt to EBITDA
above 3.0x on a consistent basis.

"We could revise the outlook to stable resulting from the same
action on Votorantim. Moreover, we could raise Milpo's SACP if the
company's revenues diversify to a point where its dependence on
its Cerro Lindo's mine is less than 50%. This could happen, for
instance, when the company's Magistral project starts operating,
which would improve the company's business risk profile while
maintaining its current sales levels and credit metrics."

T R I N I D A D  &  T O B A G O

TRINIDAD  &  TOBAGO: TDC Ceases Operations
Trinidad Express report that the Tourism Development Company (TDC)
has ceased operations.

The announcement came from the Ministry of Tourism in a news
release, according to Trinidad Express.

The ministry said it will manage on an interim basis the four
portfolios previously under the remit of the TDC, the report

They are the Tourism Investment and Incentives, Cruise Passenger
Visitor Services, Airport Visitor Information Services and Sites
and Attractions (Maracas Beach Facility, Las Cuevas Beach
Facility, Vessigny Beach Facility, Manzanilla Beach Facility and
the La Brea Pitch Lake), the report notes.

The closure of the TDC comes five months after Tourism Minister
Shamfa Cudjoe announced Cabinet's decision to dissolve the
company, the report relays.  111 TDC workers were served with
retrenchment notices, the report relays.

The TDC will be replaced by three separate new entities -- the
Tourism Trinidad Destination Management Company Ltd (Tourism
Trinidad), the Tobago Tourism Agency and the Trinidad and Tobago
Tourism Regulatory and Licensing Authority, the report discloses.

"Trinidad and Tobago remains one of the most unspoilt tourist
destinations within the Caribbean . . . These three entities are
intended to act as catalysts for the sustained development of
Trinidad and Tobago's tourism sector and present us all with a
unique opportunity to move our tourism product forward in new and
exciting ways," the ministry said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2017, an International Monetary Fund staff team led by Mr.
Elie Canetti visited Trinidad and Tobago during July 20 --
August 2, 2017 to conduct the annual Article IV consultation.

At the end of the visit, Mr. Canetti issued the following
statement in Port of Spain:

"Trinidad and Tobago continues to face economic challenges
stemming primarily from the sharp declines in global energy prices
since 2014, combined with a fall in natural gas and oil production
in recent years. These, along with the prolonged economic
stagnation, capital allowances, and challenges with tax
administration have continued to contribute to weak revenue
collections, leading to still significant fiscal deficits and
rising public debt levels.

TRINIDAD  &  TOBAGO: Facing Large Fiscal Deficit
Trinidad Express reports that as he changes his focus from the CL
Financial debacle to the preparation of the 2018 budget, Trinidad
and Toabago Finance Minister Colm Imbert could be facing a $10
billion shortfall in government revenues for the 2017 fiscal year
that may force him to increase gasoline prices again while adding
to T&T's burgeoning debt.

Express Business calculations, using official budget documents,
estimate that a $10 billion shortfall in government revenues could
result from Minister Imbert's failure to raise the $4.1 billion
predicted from the sale of state assets and the lack of success in
generating the predicted $5.7 billion from the sale of Clico
assets, according to Trinidad Express.

Also contributing to the Minister of Finance's $10 billion
headache could be a $1.3 billion shortfall in VAT revenues and the
$600 million the government will not collect as a result of
litigation that has slowed down the collection of property taxes,
the report notes.

In delivering the 2017 budget on September 30, 2016, Minister
Imbert estimated that the government would collect $47.4 billion
in revenue, leaving the country with a $6 billion deficit, which
he proposed to finance by borrowing and drawing down from the
Heritage and Stabilisation Fund, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2017, an International Monetary Fund staff team led by Mr.
Elie Canetti visited Trinidad and Tobago during July 20 -
August 2, 2017 to conduct the annual Article IV consultation.

At the end of the visit, Mr. Canetti issued the following
statement in Port of Spain:

"Trinidad and Tobago continues to face economic challenges
stemming primarily from the sharp declines in global energy prices
since 2014, combined with a fall in natural gas and oil production
in recent years. These, along with the prolonged economic
stagnation, capital allowances, and challenges with tax
administration have continued to contribute to weak revenue
collections, leading to still significant fiscal deficits and
rising public debt levels.

TRINIDAD  &  TOBAGO: TTMA Wants Export Incentives
Trinidad Express reports that the Trinidad and Tobago
Manufacturers' Association (TTMA) wants the Government to provide
export incentives to manufacturers to encourage the creation of
additional foreign exchange revenue streams for the economy.
In its 2017/2018 budget recommendations to the Government, the
TTMA stressed the need for expansion and growth of the sector.

It said this could only be achieved through the creation of an
enabling environment required to allow for expansion of
operations, according to Trinidad Express.

This would lead to greater production, employment, export and
foreign exchange, the TTMA said, the report notes.

The business group said it would like to see as many of its
manufacturers competing on the global market as possible, but
pointed out that without the right conditions locally, it would
not be possible to effectively compete with some of the most
efficient world market leaders, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2017, an International Monetary Fund staff team led by Mr.
Elie Canetti visited Trinidad and Tobago during July 20 - August
2, 2017 to conduct the annual Article IV consultation.

At the end of the visit, Mr. Canetti issued the following
statement in Port of Spain:

"Trinidad and Tobago continues to face economic challenges
stemming primarily from the sharp declines in global energy prices
since 2014, combined with a fall in natural gas and oil production
in recent years. These, along with the prolonged economic
stagnation, capital allowances, and challenges with tax
administration have continued to contribute to weak revenue
collections, leading to still significant fiscal deficits and
rising public debt levels.


VENEZUELA: Constituent Assembly Seizes Powers of Assembly
Carlos Camacho at The Latin America Herald Tribune reports that
the Nicolas Maduro-controlled National Constituent Assembly, which
was fraudulently created without a single opposition member, gave
itself the power to pass laws -- a power specifically reserved for
the opposition-dominated National Assembly by the nation's

Constituent President Delcy Rodriguez pointed out that National
Assembly President Julio Borges and Vice President Freddy Guevara
had not attended the meeting before the Constituent National
Assembly even though they were summoned, as other powers, namely
the already Maduro-controlled Supreme Court, Armed Forces and CNE
electoral board, had done in previous days, according to The Latin
America Herald Tribune.

"Their backs are to the people," claimed Rodriguez when Borges,
Guevara and other opposition lawmakers failed to show up at her
invitation.  Minutes later she read a decree, which still has not
been published, a tersely worded statement that in essence said
that the Constituent Assembly would assume most of all of the
functions of the National Assembly.  "They were obligated to come
here and subordinate the Assembly to the Constituent," Mr.
Rodriguez said later during a radio interview, the report relays.

The National Assembly "only obeys the constitution and the
people," said National Assembly Vice President Freddy Guevara via
twitter. "We do not recognize the constituent assembly much less
subordinate ourselves to it," 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 said, "We affirmed our 'C' short-term
foreign and local currency sovereign ratings. In addition, we
lowered our transfer and convertibility assessment on the
sovereign to 'CCC-' from 'CCC'."

V I R G I N   I S L A N D S

VIRGIN ISLANDS: S&P Lowers GRT Loan Notes Rating to 'CCC'
S&P Global Ratings lowered its rating two notches to 'CCC' from
'B-' on the Virgin Islands Public Finance Authority's (VIPFA)
gross receipts tax (GRT) loan notes, issued for the U.S. Virgin
Islands (USVI). At the same time, S&P removed the rating from
CreditWatch with negative implications, where it was placed on
Feb. 28, 2017. The outlook is negative.

S&P said, "The 'CCC' rating on the GRT loan notes reflects our
view of USVI's persistent fiscal and liquidity pressures in the
face of a continued inability to access the capital markets, as
reflected in growing payables despite the adoption of its recent
five-year plan," said S&P Global Ratings credit analyst Oladunni
Ososami. We believe ongoing liquidity pressures and the potential
inability of the territory to meet ongoing business operation
obligations indicates near-term liquidity pressures within the
next 12 months, consistent with our "Criteria for Assigning
'CCC+', 'CCC', 'CCC-', and 'CC' Ratings" (published Oct. 1, 2012,
on RatingsDirect).

"Although the territory adopted the five-year economic growth plan
in March, it has continued to deal with liquidity pressures
without access the capital market. Current liquidity levels are
about three days' cash, augmented in part by a significant amount
of payables which continues to grow, and estimates show the
territory could be facing a negative cash balance by the end of
August without any additional cash flow management initiatives,
which we believe leaves USVI vulnerable to a total depletion of
cash before the end of the current fiscal year."

The USVI is an unincorporated territory of the U.S. and includes
the islands of St. Croix, St. Thomas, and St. John in the
Caribbean Sea.

"The negative outlook reflects our view that the territory's
five-year plan to address the current budget pressures is
optimistic and it remains uncertain as to whether the measures are
adequate to address financial pressures without market access,"
added Ms. Ososami. It also reflects the uncertainty as to whether
bond repayments will continue to remain insulated if financial
conditions worsen.


* BOND PRICING: For the Week From Aug. 14 to Aug. 18, 2017

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
CSN Islands XII Corp      7        68                  BR    USD
CSN Islands XII Corp      7        67.75               BR    USD
Decimo Primer Fideicomi   4.54     52.63  10/25/2041   PA    USD
Decimo Primer Fideicomi   6        63.5   10/25/2041   PA    USD
Dolomite Capital Ltd     13.26     67.2   12/20/2019   CN    ZAR
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
ESFG International Ltd    5.75      0.66               KY    EUR
General Shopping Financ  10        72.5                KY    USD
General Shopping Financ  10        71.7                KY    USD
Global A&T Electronics   10        74      2/1/2019    SG    USD
Global A&T Electronics   10        74.5    2/1/2019    SG    USD
Global A&T Electronics   10        65.5    2/1/2019    SG    USD
Global A&T Electronics   10        65      2/1/2019    SG    USD
Gol Finance               8.75     63                  BR    USD
Gol Finance               8.75     63.88               BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
MIE Holdings Corp         7.5      75.16   4/25/2019   HK    USD
MIE Holdings Corp         7.5      75.26   4/25/2019   HK    USD
NB Finance Ltd/Cayman I   3.88     58.01   2/7/2035    KY    EUR
Newland International P   9.5      19.88   7/3/2017    PA    USD
Newland International P   9.5      19.88   7/3/2017    PA    USD
Noble Holding Internati   5.25     72.98   3/15/2042   KY    USD
Ocean Rig UDW Inc         7.25     39      4/1/2019    CY    USD
Ocean Rig UDW Inc         7.25     38      4/1/2019    CY    USD
Odebrecht Drilling Norb   6.35     48.5    6/30/2021   KY    USD
Odebrecht Drilling Norb   6.35     47.25   6/30/2021   KY    USD
Odebrecht Finance Ltd     7.5      49                  KY    USD
Odebrecht Finance Ltd     4.3      48.29   4/25/2025   KY    USD
Odebrecht Finance Ltd     7.12     48.2    6/26/2042   KY    USD
Odebrecht Finance Ltd     5.25     46.15   6/27/2029   KY    USD
Odebrecht Finance Ltd     7        57.02   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.12     53.51   6/26/2022   KY    USD
Odebrecht Finance Ltd     8.25     70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     6        51.47   4/5/2023    KY    USD
Odebrecht Finance Ltd     5.25     45.92   6/27/2029   KY    USD
Odebrecht Finance Ltd     7.1      47.82   6/26/2042   KY    USD
Odebrecht Finance Ltd     7.5      49.25               KY    USD
Odebrecht Finance Ltd     4.3      48.39   4/25/2025   KY    USD
Odebrecht Finance Ltd     6        51.77   4/5/2023    KY    USD
Odebrecht Finance Ltd     8.2      70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     7        56.85   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.1      52.99   6/26/2022   KY    USD
Odebrecht Offshore Dril   6.6      39.64  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      36.44  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.6      38.79  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      38.75  10/1/2022    KY    USD
Petroleos de Venezuela   12.75     67.19   2/17/2022   VE    USD
Petroleos de Venezuela      9      58.28  11/17/2021   VE    USD
Petroleos de Venezuela      6      40.32   5/16/2024   VE    USD
Petroleos de Venezuela    9.75     50.15   5/17/2035   VE    USD
Petroleos de Venezuela    6        38.22  11/15/2026   VE    USD
Petroleos de Venezuela    5.37     37.39   4/12/2027   VE    USD
Petroleos de Venezuela    5.5      37.1    4/12/2037   VE    USD
Petroleos de Venezuela    6        41.25  10/28/2022   VE    USD
Petroleos de Venezuela    6        40.01   5/16/2024   VE    USD
Petroleos de Venezuela    9        58.11  11/17/2021   VE    USD
Petroleos de Venezuela    6        38.13  11/15/2026   VE    USD
Petroleos de Venezuela   12.75     67.2    2/17/2022   VE    USD
Petroleos de Venezuela    9.75     49.94   5/17/2035   VE    USD
Polarcus Ltd              5.6      60      3/30/2022   AE    USD
Siem Offshore Inc         5.8      49.75   1/30/2018   NO    NOK
Siem Offshore Inc         5.59     50.25   3/28/2019   NO    NOK
STB Finance Cayman Ltd    2.04     58.35               KY    JPY
Sylph Ltd                 2.36     50.93   9/25/2036   KY    USD
Uruguay Notas del Tesor   5.25     68.02  12/29/2021   UY    UYU
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
USJ Acucar e Alcool SA    9.87     67.5   11/9/2019    BR    USD
USJ Acucar e Alcool SA    9.87     65.75  11/9/2019    BR    USD
Venezuela Government In   9.25     48.75   5/7/2028    VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   9        51.75   5/7/2023    VE    USD
Venezuela Government In   9.37     49      1/13/2034   VE    USD
Venezuela Government In   7        71.88  12/1/2018    VE    USD
Venezuela Government In   9.25     52      9/15/2027   VE    USD
Venezuela Government In   7.65     46.38   4/21/2025   VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   7.75     61.75  10/13/2019   VE    USD
Venezuela Government In  11.95     58.13   8/5/2031    VE    USD
Venezuela Government In   6        53.75  12/9/2020    VE    USD
Venezuela Government In  12.75     67      8/23/2022   VE    USD
Venezuela Government In   7        44      3/31/2038   VE    USD
Venezuela Government In   6.5      36.53  12/29/2036   VE    USD
Venezuela Government In   8.25     47.75  10/13/2024   VE    USD
Venezuela Government In  11.75     57.75  10/21/2026   VE    USD
Venezuela Government TI    5.25    69.59   3/21/2019   VE    USD


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

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

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


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, 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

                   * * * End of Transmission * * *