TCRLA_Public/170919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Tuesday, September 19, 2017, Vol. 18, No. 186


                            Headlines



B A H A M A S

BAHAMAS: IDB Offers Support to Country Following Hurricane Irma


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Trims 2017 Growth Target Again
DOMINICAN REPUBLIC: Latest Hurricane to Further Soak Nation's Soil


J A M A I C A

JAMAICA: IMF approves BOJ's Foreign Exchange Auction
JAMAICA: JMA Signs MOU With Bureau of Standards


P U E R T O    R I C O

EURO BOUTIQUE: Hearing on Plan Outline Rescheduled to Oct. 31
INMOBILIARIA LEGUISAMO: $1.5K Monthly Payment for TR's Sec. Claim
GENERAL MOTRIZ: Hearing on Plan Outline Approval Moved to Nov. 2
L&R DEVELOPMENT: Gets Court Approval for Plan Outline
TSAWD HOLDINGS: Unsecureds to be Paid 11% Under TSA Caribe Plan


V E N E Z U E L A

MERCANTIL BANK: Fitch Affirms B Short-Term IDR; Outlook Stable
VENEZUELA: Opposition Leader Attended Meetings With Government


                            - - - - -


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B A H A M A S
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BAHAMAS: IDB Offers Support to Country Following Hurricane Irma
----------------------------------------------------------------
President of the Inter-American Bank (IDB), Luis Alberto Moreno
has offered support to The Bahamas after the recent passage of
Hurricane Irma.  The IDB has pledged emergency grant funds of up
to $200,000 to assist with food, water, shelter and basic human
needs, as well as an economic impact assessment grant of $100,000.

"On behalf of the Inter-American Development Bank Group (IDB), I
would like to express our institution's thoughts and prayers for
the Bahamian people and the Government, in the wake of Hurricane
Irma," said Moreno in a statement.

Moreno recognized the outstanding leadership of Prime Minister
Minnis and relevant government entities in preparing for and
managing the passage of the storm throughout the archipelago. He
noted the significant damage to communities and infrastructure in
Ragged Island, Acklins, Grand Bahama, Bimini and Great Inagua.

"As a development partner, we want to reiterate the IDB's long
term commitment to The Bahamas, and offer our collaboration to
facilitate relief, assessment and reconstruction efforts in the
aftermath of Hurricane Irma," he said.

As reported in the Troubled Company Reporter-Latin America on
July 31, 2017, Caribbean360.com reports that Bahamian Prime
Minister Dr. Hubert Minnis has disclosed harsh cuts in the Bahamas
Government spending as he embarks on a strategy to remedy the
country's fiscal deficit, which is projected to reach $500 million
this year.


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


DOMINICAN REPUBLIC: Trims 2017 Growth Target Again
--------------------------------------------------
Dominican Today reports that for the second time this year the
Dominican government revised its growth target for 2017, trimming
it from 5.25% to 4.75%, according to the Economy Ministry's latest
Macroeconomic Outlook report.

As recent as June, the Economy Ministry, in conjunction with the
Finance Ministry of and the Central Bank had cut this year's
projected GDP growth from the initial 5.5% to 5.25%, according to
Dominican Today.

The pace of growth of the Dominican economy sustained a sharp
slowdown for the first half, standing at 4%, the report notes.

To jumpstart the economy, the Central Bank in July released part
of the bank reserve of RD$20.4 billion, of which up to August,
RD$5.0 billion had already been allocated to loans, the report
relays.

Moreover, Presidency minister Jose Ramon Peralta announced a fast
track allocation of RD$20.0 billion for public housing and
infrastructure, given their capacity to boost the economy, 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: Latest Hurricane to Further Soak Nation's Soil
------------------------------------------------------------------
Dominican Today reports that while the north region's damage from
Hurricane Irma has yet to be tallied, the country is menaced by
Hurricane Maria, which the National Hurricane Center says will
become a major category 3 storm as it approaches the Dominican
Republic.

This new hurricane is expected to buffet a nation where recent
downpours have soaked the soil and filled the dams, according to
Dominican Today reports that.

As a result, the Emergency Operations Center (COE) said 34 people
had to be evacuated after the Masacre river overflowed its banks
in northwestern Dajabon province, and reported a bridge collapse
in Montellano, near Puerto Plata, the report notes.

                              Tracking

National Weather Office (Onamet) forecaster Francisco Holguin
affirmed they keep a close eye on Hurricane Maria's development,
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.


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


JAMAICA: IMF approves BOJ's Foreign Exchange Auction
----------------------------------------------------
RJR News reports that the The International Monetary Fund (IMF)
has given the thumbs up to the Bank of Jamaica's (BOJ) foreign
exchange auction system.

In a media release following its visit to Jamaica, the IMF team
commended the Central Bank for the successful introduction of the
Foreign Exchange Intervention and Trading Tool (B-FXITT) in June,
according to RJR News.

The IMF said it created a transparent and market-based exchange
rate price discovery mechanism, the report notes.

The BOJ intends to limit foreign exchange interventions to
smoothing volatility and countering disorderly market conditions,
the report says.

Under the B-FXITT system of weekly auctions, authorized dealers
and cambios are advised beforehand of the amount the central bank
will be selling so that they are able to adjust their operations,
the report adds.

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


JAMAICA: JMA Signs MOU With Bureau of Standards
-----------------------------------------------
RJR News reports that the Jamaica Manufacturers' Association (JMA)
has signed a third, two-year Memorandum of Understanding with the
Bureau of Standards Jamaica (BSJ).

The JMA says the MOU, which was signed Sept. 12, is aimed at
positioning Jamaica as a highly competitive global producer of
goods and services, according to RJR News.

JMA President Metry Seaga urged the Association's members to take
full advantage of the MOU benefits, which include a 20 per cent
discount on BSJ services as well as training of Association
members in quality control systems, the report notes.

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


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


EURO BOUTIQUE: Hearing on Plan Outline Rescheduled to Oct. 31
-------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has rescheduled to Oct. 31, 2017, at 9:00
a.m. the hearing to consider the final approval of Euro Boutique
Auto Group Inc.'s disclosure statement and confirmation of the
plan of reorganization.

As reported by the Troubled Company Reporter on July 4, 2017, the
Court conditionally approved the Debtor's disclosure statement
dated June 20, 2017, referring to the Debtor's plan of
reorganization.  A hearing for the consideration of the final
approval of the Disclosure Statement and the confirmation of the
Plan was set for Aug. 30, 2017, at 9:00 a.m.

                      About Euro Boutique

Euro Boutique Auto Group Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-07887) on Sept. 30, 2016,
disclosing under $1 million in both assets and liabilities.  The
Debtor is represented by Luis D. Flores-Gonzalez, Esq., at the Law
Offices of Luis D. Flores Gonzalez.


INMOBILIARIA LEGUISAMO: $1.5K Monthly Payment for TR's Sec. Claim
-----------------------------------------------------------------
Inmobiliaria Leguisamo Inc. filed with the U.S. Bankruptcy Court
for the District of Puerto Rico an amended disclosure statement
referring to its plan of reorganization, dated August 30, 2017.

Class 3 under the latest plan consists of the secured claims of
the Department of Treasury, Triangle Reo PR Corp, and CRIM.

Triangle Reo - secured claim, matured loan with a debt of
$2,363,806.92. The property encumbered by Triangle Reo is located
at Ward Leguisamo, Carr 352, km 4.7, Mayaguez, lot no 41,410,
registered at the Property Registry of Mayaguez. The Debtor will
sell the real property located at Ward Leguisamo, Carr 352, km
4.7, Interior, Mayaguez, within the next 30 months. The debtor
will be paid the secured portion of this claim, that is $212,000
(as the value of recent appraisal). This class is not impaired.

The debtor submitted the following offers to the creditor Triangle
REO PR Corp., related with Inmobiliaria Leguisamo Inc:

   (1) The debtor proposes to pay and/or sell for $180,000,
covering the full payment of this property.

   (2) The debtor will maintain Adequate Protection Payment of
$1,500 per month until the entire sale process is completed.

   (3) Time frame of 30 months from the effective date to make the
sale.

   (4) Once approved, it is necessary to send a letter of intent
to the debtor to request payment.

   (5) That each transaction be carried out separately (sell or
refinance).

   (6) As of August 30, 2017, the debtor paid an adequate
protection of $18,000.

The debtor submitted the following offer to the creditor Triangle
REO PR Corp., related with HG Management Inc.:

   (1) The debtor proposes to pay and/or sell for $180,000
covering
the full payment of this property (relief all debts).

   (2) Adequate Protection Payment of $1,500 per month until the
entire sale process is completed.

   (3) Thirty months to make the sale.

   (4) Once approved, it is necessary to send a letter of intent
to the debtor to request payment.

   (5) That each transaction be carried out separately (sell or
refinance). Upon the sale of the property and payment to the
creditor, Triangle REO PR Corp. will release all liens on the
property.

   (6) As of August 30, 2017, the debtor paid an adequate
protection of $18,000.

As reported by the Troubled Company Reporter on July 19, under the
previous plan, Triangle Reo will receive nothing for its unsecured
claim.

A full-text copy of the Amended Disclosure Statement dated August
30, 2017, is available at:

     http://bankrupt.com/misc/prb16-00123-11-200.pdf

             About Inmobiliaria Leguisamo

Inmobiliaria Leguisamo Inc. owns a commercial building in
Mayaguez, Puerto Rico.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 16-00123) on Jan. 13, 2016. The
Debtor is represented by Nydia Gonzalez Ortiz, Esq., at Santiago &
Gonzalez Law, LLC.


GENERAL MOTRIZ: Hearing on Plan Outline Approval Moved to Nov. 2
----------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has rescheduled to Nov. 2, 2017, at 9:00
a.m. the hearing on the final approval of General Motriz Inc.'s
disclosure statement and confirmation of the plan of
reorganization.

The hearing was initial set for Aug. 30, 2017.

As reported by the Troubled Company Reporter on Jan. 19, 2017, the
Debtor filed with the Court a small business disclosure statement
describing its Chapter 11 plan of reorganization, which proposes
to pay general unsecured creditors $146.04 in 60 equal monthly
installments.  The Plan will be funded with cash available
proceeds from the revenue that the stores generate, after paying
operating expenses and taxes.

                     About General Motriz

General Motriz, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-02193) on March 21,
2016.  The Debtor is represented by Victor Gratacos Diaz, Esq., at
Gratacos Law Firm, P.S.C.


L&R DEVELOPMENT: Gets Court Approval for Plan Outline
-----------------------------------------------------
L&R Development & Investment Corp. is now a step closer to
emerging from Chapter 11 protection after a bankruptcy judge
approved the outline of its plan of reorganization.

Judge Brian Tester of the U.S. Bankruptcy Court in Puerto Rico on
September 5 gave the thumbs-up to the disclosure statement after
finding that it contains "adequate information."

A hearing to consider confirmation of the plan will be scheduled
when the matters pending in the related adversary proceedings are
adjudicated, according to Judge Tester's order.

Under the proposed plan filed on March 15, creditors holding Class
10 general unsecured claims totaling $3,235,574.99 will be paid a
15% dividend of their allowed claims on equal monthly payments
during 60 months from the effective date of the plan.

                      About L&R Development

L&R Development & Investment Corp. is a real estate development
and investment corporation that was created on May 31, 2002, by
two main partners, Hector Noel Roman and Jose Joaquin Lopez.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 16-08792) on Nov. 1, 2016.  The
petition was signed by Joaquin Lopez, president.  At the time of
the filing, the Debtor disclosed $3.05 million in assets and $5.56
million in liabilities.  The case is assigned to Judge Brian K.
Tester.

Carmen Conde Torres, Esq., of C. Conde & Assoc. represents the
Debtor.  Inmuebles Bienes Raices, LLC, has been tapped as realtor
to the Debtor.

On March 15, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.


TSAWD HOLDINGS: Unsecureds to be Paid 11% Under TSA Caribe Plan
---------------------------------------------------------------
TSA Caribe Inc., an affiliate of TSAWD Holdings Inc., on September
5 filed with the U.S. Bankruptcy Court for the District of
Delaware its proposed Chapter 11 plan of liquidation.

The liquidating plan proposes to pay creditors from the net
proceeds generated from the disposition of all of the company's
assets.

Most of TSA Caribe's assets before it filed for bankruptcy were
inventory.  After it sold its inventory and other assets
(primarily fixtures and equipment) and made certain payments, the
company is holding as much as $4.2 million in cash.

The company also owned and leased three locations but rejected the
lease agreements for these locations following the liquidation of
its inventory.

Under the proposed liquidating plan, creditors holding Class 3
general unsecured claims will be paid 11% of their claims.  Class
is impaired and general unsecured creditors are entitled to vote
to accept or reject the plan.

The funds utilized to make cash payments under the plan have been
or will be generated from, among other things, cash on hand and
the proceeds of sale, liquidation or other disposition of the
assets, according to TSA Caribe's disclosure statement filed on
September 5.

A copy of the disclosure statement is available for free at
https://is.gd/6MYLTU

                    About TSAWD Holdings Inc.

TSAWD Holdings Inc., formerly known as Sports Authority Holdings,
and its affiliates are sporting goods retailers with roots dating
back to 1928.  The Debtors currently operate 464 stores and five
distribution centers across 40 U.S. states and Puerto Rico.  The
Debtors offer a broad selection of goods from a wide array of
household and specialty brands, including Adidas, Asics, Brooks,
Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The
North Face, and Under Armour, in addition to their own private
label brands.  The Debtors employ 13,000 people.

TSAWD and six of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March
2, 2016.  The petitions were signed by Michael E. Foss as chairman
and chief executive officer.

The Debtors have engaged Robert A. Klyman, Esq., Matthew J.
Williams, Esq., Jeremy L. Graves, Esq., and Sabina Jacobs, Esq.,
at Gibson, Dunn & Crutcher LLP as general counsel; Michael R.
Nestor, Esq., Kenneth J. Enos, Esq., and Andrew L. Magaziner,
Esq., at Young Conaway Stargatt & Taylor, LLP as co-counsel;
Rothschild Inc. as investment banker; FTI Consulting, Inc., as
financial advisor; and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.  Lawyers at Pachulski
Stang Ziehl & Jones LLP represent the Official Committee of
Unsecured Creditors.

                      *     *     *

In May 2016, the Delaware Court allowed Sports Authority to
proceed with the liquidation of all of its roughly 450 stores
across the country after the Debtors resolved or beat out about
100 objections to the sale.  Judge Mary F. Walrath approved an
agreement for a joint venture of Gordon Brothers Retail Partners
LLC, Hilco Merchant Resources LLC and Tiger Capital Group LLC to
conduct going out of business sales.  The Joint Venture won an
auction for the Debtors' inventory.  The Debtors failed to obtain
a winning going-concern bid at a May 17, 2016 auction.

In July 2016, Judge Walrath approved the sale of the Debtors'
intellectual property and more than two dozens of property leases
to Dick's Sporting Goods Inc.  A Wall Street Journal report,
citing anonymous sources, said Dick's bid was for $15 million.


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V E N E Z U E L A
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MERCANTIL BANK: Fitch Affirms B Short-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-Term Issuer Default
Ratings (IDRs) of Mercantil Bank Holding Corp. (MBH) and its main
bank subsidiary, Mercantil Bank, N.A. (MB) at 'BB/B' with a Stable
Outlook. Through MBH, the bank is beneficially owned by Mercantil
Servicios Financieros (MSF), one of the largest financial
institutions based in Venezuela.

KEY RATING DRIVERS
IDRS AND VIABILITY RATINGS

MBH's IDRs reflect its geographic concentration, mainly in
Florida, a risk profile that includes exposure to economic
conditions in Latin America, a limited franchise, and modest
earnings metrics. Offsetting this, the company's ratings are
supported by its solid capital levels and good liquidity profile.
Fitch believes MBH's improved earnings performance over 2017 is
sustainable.

In Fitch's view, MBH's ratings are not immediately affected by
deteriorating economic conditions in Venezuela and their impact on
MSF. Although MBH and MB are part of the organizational structure
of MSF, and the franchise could be affected by the financial
performance of its parent company/and or affiliated companies in
Venezuela and other countries, Fitch believes that, at this time,
any impact on the Florida-based franchise, is manageable.

In addition, Fitch believes that contagion risk to MBH from the
parent is limited at this time. MBH's holding company structure
isolates its assets, and management at both MBH and MSF have
committed to maintaining capital and liquidity at MBH. In the
event that MSF should need additional capital, a contingency
capital plan is in place. The plan focuses on Venezuela-based
capital strategies, including equity capital raises.

To date, there is no evidence that MSF has withdrawn liquidity or
capital. In general, subsidiary banks can be vulnerable to a sharp
deterioration in the parent's credit profile. However, Fitch
believes this is a rare case, where the subsidiary's Viability
Rating (VR) and Long-Term IDR can be higher than its parent's
Long-Term IDR.

MBH's funding structure is largely core-deposit driven and
benefits from a high volume of international deposits. The
majority of international funding is sourced from Venezuelan
depositors who have turned to U.S. banks as a safe haven.
Historically, these deposits have a very low attrition rate,
limited rate sensitivity and provide a stable source of low-cost
funding.

Overall, MBH has exhibited a relatively stable deposit base,
despite volatility in Venezuela over the last 10 years. To cushion
volatility and improve diversification, the bank continues to
execute on its strategy to gather U.S. deposits through a branch-
led expansion, primarily in the Houston area, which Fitch views
favorably.

Fitch believes the company has good liquidity with a combination
of cash, cash equivalents and investment securities representing
about 24% of total assets as of June 30, 2017 and with a loan-to-
deposit ratio of 92%.

In Fitch's view, the lack of access to external capital is
considered a rating constraint. Even so, MBH's capital position is
adequate, supports the risks inherent in the bank's business mix,
and is in line with Fitch expectations for the current rating
level. MBH's TCE/TA ratio stood at 8.28% and its common equity
tier 1 capital ratio stood at 9.98% at June 30, 2017. Although
Fitch considers the capital base sufficient to support risks
within the business mix, higher than expected growth coupled with
limited profitability could reduce capital ratios.

Net charge-offs (NCOs), nonperforming assets (NPAs), and the
inflows of criticized/classified assets are all at relatively low
levels. Fitch expects future credit costs to remain manageable
although asset quality ratios may worsen driven by continued
portfolio seasoning. Additionally, loan losses in general have
been well below historical averages; therefore Fitch expects mean
reversion to take hold especially in a higher interest rate
environment where marginal borrowers may be unable to support debt
servicing.

Given MBH's strategy to de-emphasize C&I and grow CRE loans in
Florida, New York, and Houston, there is some concern that asset
quality in this asset class, including construction loans, could
deviate from recent trends. Additionally, the bank also engages in
syndicated lending through participations in large lending
arrangements to corporate borrowers. Although performance to date
has been stable, Fitch believes a reversion in credit performance
to normalized levels from historical lows may lead to credit
deterioration in the syndicated loan book.

MBH's earnings are on the lower end of community bank peers and
are considered a rating constraint. Although profitability
measures have improved over the last several periods as credit
costs have declined, core profitability remains low due to the
company's relatively large low-yielding liquid asset mix,
operating cost structure, and, more generally, balance sheet
growth during an extended period of low interest rates.

Fitch expects management to continue to focus on cost containment
initiatives while repositioning the loan portfolio towards
relatively higher yielding CRE loans and away from lower yielding
trade finance and correspondent banking loans. These actions
should have a positive impact on the bank's earnings profile.

SUPPORT RATING AND SUPPORT RATING FLOOR

MBH and Mercantil Florida Bancorp Inc (MFB) have a Support Rating
of '5' and Support Rating Floor of 'NF'. In Fitch's view, MBH and
MFB are not systemically important and, therefore, the probability
of support is unlikely. IDRs and Viability Ratings (VRs) do not
incorporate any support.

LONG- AND SHORT-TERM DEPOSIT RATINGS

MB's uninsured deposit ratings are rated one notch higher than its
IDR and senior unsecured debt rating because U.S. uninsured
deposits benefit from depositor preference. U.S. depositor
preference gives deposit liabilities superior recovery prospects
in the event of default.

HOLDING COMPANY

MBH has a bank holding company (BHC) structure with the bank as
the main subsidiary. The subsidiary is considered core to the
parent holding company, supporting equalized ratings between the
bank subsidiary and the BHC. IDRs and VRs are equalized with those
of MBH's operating company and bank reflecting its role as the
BHC, which is mandated in the U.S. to act as a source of strength
for its bank subsidiaries.

RATING SENSITIVITIES
IDRS AND VRS

Given MBH's geographic concentration in Florida, its IDRs are
sensitive to market conditions within its regional footprint.
Additionally, MFB has a meaningful international exposure (roughly
14% of its total loan book), which is also affected by economic
conditions in Latin America.

MBH's ratings are on the high end of its near-term rating
potential. Although Fitch recognizes MBH's improvements in
earnings and stable asset quality as well as its strategy to
diversify its loan portfolio and deposit base, the company's ties
to its parent company, MSF, and affiliated bank, Mercantil CA
Banco Universal (VR 'cc'), are considered a rating constraint.

If there are unexpected declines in MBH's Venezuelan deposits due
to customers withdrawing funds to make routine operational
purchases, particularly as a result of a Venezuelan sovereign
default, negative rating action could occur. To date, Fitch notes
that the bank has been able to manage through the change in its
international deposit mix by growing its domestic deposits.
Although not anticipated, reputational risk is also a concern
given that MBH's ultimate parent is domiciled in Venezuela.

Other factors that would be viewed negatively are a decline in
capital or a material deterioration in credit performance. Fitch
notes that MBH has experienced above-average CRE loan growth that
is, as yet, unseasoned.


VENEZUELA: Opposition Leader Attended Meetings With Government
--------------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro said
opposition leader Leopoldo Lopez, who is under house arrest,
attended meetings between the opposition and the government,
adding that a "dialogue" is under way between the two sides,
although the anti-government forces say it is merely an
"exploratory" process.

"Mr. Leopoldo Lopez, despite his status as a criminal, has been
authorized by me, as head of the penitentiary administration, to
attend meetings," said the president during a social movement
event known as "We're All Venezuela" in Caracas, according to EFE
News.

In response to President Maduro's remarks about Lopez attending
meetings in the dialogue process, opposition lawmaker and
negotiator Luis Florido denied that assertion, the report notes.

"It's untrue.  President Maduro is lying because he knows that the
international community is pressuring for his exit through
democratic elections and guarantees," said the opposition figure
on Twitter, the report relays.

The report says that President Maduro referred to meetings between
the government and the opposition -- which the latter has called
"exploratory meetings" -- and reaffirmed that they constitute a
"dialogue."

"Sixteen hours speaking about the future of Venezuela, the
different issues. What is that called? Dialogue, conversation,"
President Maduro said, the report relays.

President Maduro also emphasized that the meetings are the result
of "months" of work and he thanked Dominican President Danilo
Medina for his "personal effort" in getting the process going,
given that the latter has been the main promoter and the host of
those meetings.

"I can tell you that there have been dozens, if not hundreds, of
meetings between the opposition" and the Venezuelan government,
Maduro emphasized, adding that there were "private meetings" held
all during 2016 and 2017.

Apart from Lopez, President Maduro said that the opposition chief
of the Venezuelan Parliament, Julio Borges, and former Zulia state
governor and presidential candidate Manuel Rosales had attended
some of the meetings, the report says.

Representatives of the Venezuelan government and the opposition
met in Santo Domingo at the start of a prospective dialogue
process, with the next meeting scheduled for Sept. 27, the report
relays.

The opposition representatives say that there will be no formal
dialogue until the government agrees to a set of conditions they
have put on the table, including the release of political
prisoners, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2017, Fitch Ratings has taken the following rating
actions on Venezuela's sovereign ratings:

-- Long-term foreign and local currency IDRs downgraded to 'CC'
    from 'CCC';
-- Senior unsecured debt downgraded to 'CC' from 'CCC';
-- Short-term foreign and local currency IDRs affirmed at 'C';
-- Country ceiling downgraded to 'CC' 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


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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
856-381-8268.


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