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

               Thursday, December 28, 2017, Vol. 18, No. 257


                            Headlines



A R G E N T I N A

BALANZ MULTIMERCADO: Moody's Assigns B-bf Global Scale Bond Rating
ITAU ASSET: Moody's Assigns B-bf Global Scale Bond Fund Rating

B A H A M A S

BAHA MAR: Sues Chinese Contractor Over $3.9-Bil. Resort Fraud

B R A Z I L

BRAZIL: Halts Fish Exports to EU

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 5% Growth Projected for 2018
DOMINICAN REPUBLIC: Industries to Snub Secretive Electricity Pact
DOMINICAN REPUBLIC: US Lifts Ban on Fruits, Vegetables

J A M A I C A

JAMAICA: Urged to Maintain Property Insurance

M E X I C O

BNTECB 07-2: Moody's Puts Ba3 Rating on Review for Downgrade

P U E R T O   R I C O

GOTITAPAK INC: Taps L.A. Morales as Legal Counsel


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A R G E N T I N A
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BALANZ MULTIMERCADO: Moody's Assigns B-bf Global Scale Bond Rating
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to a new bond fund, Balanz Multimercado
I (the Fund), managed by Balanz S.G.F.C.I.S.A. and domiciled in
Argentina.

The ratings assigned are:

   * Global scale bond fund rating: B-bf
   * National scale bond fund rating: A-bf.ar

RATINGS RATIONALE

"The B-bf global scale bond fund rating is based on Moody's
expectation that the fund will have a medium to high single B
credit profile supported by investments in Argentinian fixed-
income securities. The Fund will mostly invest in sub-sovereign
fixed income securities and T-Bills in ARS (Letes). Additionally
the fund duration will be below 90 days", said Carlos de Nevares,
Moody's Vice President. The national scale ratings reflects a
national scale mapping consistent for funds with a B global scale
credit profile.

The rating agency noted that this is a new fund managed by an
experienced investment manager. 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, the Fund's ratings
could change. The new fund is geared mainly to local insurance
companies who have historically been clients of Balanz SGFCISA.

Balanz S.G.F.C.I.S.A. is a medium Argentinian asset manager with
1.25% market share. As of November 2017, this asset manager had
assets under management of approximately ARS 7 billion (USD0.4
billion).

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


ITAU ASSET: Moody's Assigns B-bf Global Scale Bond Fund Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to one new Bond Fund, Goal Renta
Dolares (the Fund), managed by Itau Asset Management
S.A.S.G.F.C.I., domiciled in Argentina.

The ratings assigned are:

* Global scale bond fund rating: B-bf

* National scale bond fund rating: A-bf.ar

RATINGS RATIONALE

"The B-bf global scale bond fund rating is based on Moody's
expectation that the fund will have a medium to high single B
credit profile supported by investments in Argentinian fixed-
income securities. The Fund will largely invest in Argentinian
Treasuries and Sovereign bonds issued by the Argentinian
Government (B2 stable). The fund will complement its investment
strategy through Argentinian corporate bonds and LEBACs.", said
Carlos de Nevares, Moody's Vice President. The national scale
ratings reflects a national scale mapping consistent for Funds
with a B global scale credit profile.

The rating agency noted that this is a relatively new fund managed
by an experienced investment manager. In order to support the
recommendation, Moody's used the fund's recent investment
portfolios.

Itau Asset Management S.A.S.G.F.C.I. (Itau) is a medium
Argentinian asset manager with 1.97% market share. As of November
2017, Itau had assets under management of approximately ARS 11.1
billion (USD637 million).

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



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B A H A M A S
=============


BAHA MAR: Sues Chinese Contractor Over $3.9-Bil. Resort Fraud
-------------------------------------------------------------
Bob Van Voris at Bloomberg News reports that China Construction
America Inc. was accused in a lawsuit of ripping off the original
developer of the long-delayed $3.9 billion Baha Mar resort in the
Bahamas by submitting fraudulent bills and collecting undeserved
fees.

BML Properties Ltd., led by wealthy Bahamas businessman Sarkis
Izmirlian, sued CCA claiming the state-owned Chinese contractor
pulled off a "massive fraud" to enrich itself at BML's expense,
leading to the collapse of the project in 2015. Delays in the
construction of the biggest and most expensive resort to be built
in the Caribbean have been a drag on the Bahamian economy in
recent years, according to Bloomberg News.

BML claims that CCA submitted hundreds of millions of dollars in
fake bills, understaffed the project and used it as a training
ground for inexperienced workers, the report notes.  CCA knew it
wouldn't be able to meet the planned December 2014 deadline to
open the resort but created the appearance that it would, in order
to remain on the project and collect undeserved fees, BML claims,
the report relays.  BML is seeking at least $2.25 billion in
damages, the report says.

CCA didn't respond to phone messages and an email seeking comment
on the suit.

BML filed for Chapter 11 bankruptcy protection in Delaware in
2015. A U.S. bankruptcy judge dismissed the case in favor of a
Bahamian court, the report notes.

Baha Mar, which opened in April, is now owned by Hong Kong-based,
Chow Tai Fook Enterprises Ltd, the report relays.  The development
features more than 2,300 rooms, 40 restaurants and lounges, a
convention center, a Jack Nicklaus-designed golf course, shopping
and the biggest casino in the Caribbean, according to Baha Mar's
website, the report notes.

BML outlined its claims in a 259-page complaint filed in state
court in Manhattan, the report adds.

The case is BML Properties Ltd. v. China Construction America
Inc., 657550/2017, New York State Supreme Court, New York County
(Manhattan).

                     About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The bankruptcy cases are assigned to Judge Kevin J. Carey.  The
Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq., and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York.  The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,
Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones
LLP, in Wilmington, Delaware.  The Debtors' Bahamian counsel is
Glinton Sweeting O'Brien.  The Debtors' special litigation counsel
is Kobre & Kim LLP.  The Debtors' construction counsel is Glaser
Weil Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


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


BRAZIL: Halts Fish Exports to EU
--------------------------------
Business Standard reports that Brazil disclosed a temporary halt
on fish exports to the European Union following detection of
irregularities in the way some Brazilian firms apply food-safety
regulations.

The halt will take effect from January 3, in conjunction with the
implementation of an action plan aimed at addressing the concerns
raised by the EU following an audit in September, Brazil's
Agriculture Ministry said, according to Business Standard.

The action plan calls for intensive inspection of the ships used
by Brazilian seafood exporters to transport goods to Europe.
Brazil also plans to ask the EU to establish different standards
for wild-caught and farm-raised fish, the report notes.

Inspectors had detected problems with six of the 10 companies they
scrutinized, Efe news reported, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2017, Fitch Ratings has affirmed Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a
Negative Outlook.


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


DOMINICAN REPUBLIC: 5% Growth Projected for 2018
------------------------------------------------
Dominican Today reports that the Minister for Economy, Planning
and Development, Isidoro Santana, stated that the economic growth
trend is expected to reach 5% at the end of this year, and
projected to continue increasing.

"It is very likely that we will end at 5%, more than was projected
mid-year and expectations for next year are good.  There is
nothing on the horizon to make us fear any kind of economic
slowdown," the report quoted Mr. Santana as saying.  "On the tax
front, the government has made progress in the consolidation and
the deficit on which they operate has been reduced. "Every year we
prepare the budget and execute it on a deficit slightly lower than
the previous year," she added.

For 2018, the fiscal deficit approved in the national budget is
2.2% of GDP, as a way of maintaining economic confidence, the
report notes.

The Dominican Republic has shown significant progress in its
fiscal indicators, according to vice minister Ivan Rodriguez, who
pointed out that even the International Monetary Fund (IMF) had
assessed it as "a very positive element in president Danilo
Medina's administration," the report relays.

Between 2007 and 2016/2017 the country had registered negative
values in terms of fiscal consolidation, the report notes.
However, the current indicator is positive, because the primary
balance (difference between the total public sector revenue and
expenditure, minus interest payments) is above 1% of the GDP, the
report says.

Minister Santana was speaking at a meeting organized by Listin
Diario newspaper, coordinated by economist Juan Guilliani Cury,
with vice minister for planning Ivan Rodriguez; Juan Carlos Lopez
Perez, coordinator of the Macroeconomics section; Roberto Liz,
general director of Economic and Social development; Alexis Cruz
Rodr°guez, director of the Economic and Social analysis unit and
Edwin Ruiz, communications director at the ministry, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Industries to Snub Secretive Electricity Pact
-----------------------------------------------------------------
Dominican Today reports that Herrera and Santo Domingo Province
industries Association President Antonio Taveras announced that
despite their being convened to sign the Electricity Pact in the
National Palace, they won't sign it.

He said they will not attend because they affirm the document is
deficient, legitimizes the highly compacted sector and curtails
the possibility of new competitors, among others disputes,
according to Dominican Today.

Earlier the business leader slammed the pact's commission,
describing as "secretive" the manner in which measures are
adopted, the report notes.

"The country has a strong problem of institutionalism," Mr.
Taveras said, the report relays.  There's a high politicization of
the distributors that deepen the sector's problems, he added.

"Government agencies work with five, six times the payroll they
need," he said, adding that "If the problem of the Edes is not
resolved we can have several Punta Catalinas (power plant), but we
cannot solve this," Mr. Taveras said, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: US Lifts Ban on Fruits, Vegetables
------------------------------------------------------
Dominican Today reports that United States has lifted restrictions
on the entry of fruits and vegetables from the seven Dominican
Republic provinces that were still under the ban.

In a statement the Agriculture Ministry said the Dominican
authorities were informed of the measure in Federal Order DA-2017-
38, according to Dominican Today reports.  The missive dated Dec.
1, 2017 lifts the ban from the East region provinces that were
still unable to export to the country's main international
partner, the report notes.

The measure completely opens the region's fruit and vegetable
exports, and that of the entire country into the US market, the
report relays.

"With the provision recognizing the declaration of the Dominican
authorities and the Ministry of Agriculture, that the country is
free of the Mediterranean fly, whose outbreak was detected in the
town of Punta Cana, La Altagracia province and reported on March
18 of 2015," the agency said in a statement obtained by the news
agency.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


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


JAMAICA: Urged to Maintain Property Insurance
---------------------------------------------
RJR News reports that the Insurance Association of Jamaica is
urging property owners to maintain their property insurance amidst
the upcoming increase in premiums.

News came that property insurance rates in Jamaica will be going
up by as much as 35 per cent as reinsurers try to recover from the
massive losses caused by Hurricanes Irma and Maria which ravaged
several Caribbean countries earlier this year, according to RJR
News.

Peter Levy, Vice President of the Insurance Association, says the
local property insurance market has remained stable in recent
years, and given the threat of weather systems in the region,
property owners should maintain insurance coverage for their
assets, the report notes.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings affirmed on Sept. 25, 2017, its 'B' long- and
short-term foreign and local currency sovereign credit ratings on
Jamaica. The outlook on the long-term rating remains stable. At
the same time, S&P Global Ratings affirmed its 'B+' transfer and
convertibility assessment on the country.


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


BNTECB 07-2: Moody's Puts Ba3 Rating on Review for Downgrade
------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has placed the ratings of BNTECB 07
& 07-2 on review for possible downgrade due to a lower credit
quality of its portfolio.

Originator: Banco Mercantil del Norte S.A., Institucion de Banca
Multiple, Grupo Financiero Banorte

Trustee: CIBanco S.A. Institucion de Banca Multiple

The complete rating action is:

Class A BNTECB 07: Ratings of Baa2 (sf) / Aa2.mx (sf) Global
Scale, Local Currency and Mexican National

Scale; placed on review for possible downgrade

Class B BNTECB 07-2: Ratings of Ba3 (sf) / A3.mx (sf) Global
Scale, Local Currency and Mexican National

Scale; placed on review for possible downgrade

RATING RATIONALE

This rating action reflects the deteriorating credit quality of
the underlying pool, as indicated by the downgrade of the rating
of the State of Baja California to Ba3/A3.mx from Ba2/A2.mx
(Negative Outlook) in September 2017, and Moody's downgrade of the
credit estimates of certain Estates, that represent approximately
54.5% of the underlying pool.

Trust assets are currently comprised of 22 loans. The loans were
originated to 5 states (provinces), 2 municipalities and 1 public
company. Total loan portfolio is concentrated in 8 obligors, of
which the largest accounts for 19.8% of the current portfolio.
According to the collateral manager report, all loans are current.

4 out of the 22 outstanding loans comprising the underlying
collateral include a fixed-floating swap (Michoacan, Guaymas,
Hermosillo and San Luis Potosi), which represent 56% of the total
balance in the underlying portfolio. The swap counterparty is
Banco Mercantil del Norte, S.A. (rated A2,CR).

For the review period, Moody's will focus on the credit quality of
the underlying portfolio and its potential effects on the expected
loss for tranches BNTECB 07 and 07-2.

The Senior Certificates BNTECB 07 benefit from a minimum credit
enhancement of 6% of the total loan balance in the form of
subordination and overcollaterization. The Subordinated
Certificates BNTECB 07-2 benefit from a minimum credit enhancement
of 2% of the total loan balance in the form of
overcollaterization.

According to the transaction documents, interest collections net
of fees and expenses are used to pay interest on the certificates,
and principal collections are only to be used to pay principal on
the certificates if credit enhancement is below its minimum level.

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

Factors that may lead to a downgrade or upgrade of the ratings
include changes in the credit quality of the portfolio and/or
changes in the credit quality of the states that issued the loans
that are part of the portfolio.

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published on August 2017.

Moody's considered the servicer's practices and considers them
adequate.

Interest and principal payments to certificate holders are backed
by cash flow from a portfolio comprised of loans granted to
Mexican states and municipalities by Banco Mercantil del Norte
S.A. (rated A3 / Aaa.mx Bank Deposits, Local Currency and Mexican
National Scale, respectively). Most of securitized loans are
backed by federal participation revenues assigned to a trust
established under the laws of Mexico.


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P U E R T O   R I C O
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GOTITAPAK INC: Taps L.A. Morales as Legal Counsel
-------------------------------------------------
Gotitapak, Inc., seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire the Law Firm of L.A. Morales &
Associates, P.S.C. as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; negotiate with creditors for the purpose of
arranging the orderly liquidation of its assets or for proposing a
plan of reorganization; and provide other legal services related
to its Chapter 11 case.

Lyssette Morales Vidal, Esq., the attorney who will be handling
the case, charges an hourly fee of $275.  Senior associates and
junior attorneys charge $250 per hour and $225 per hour,
respectively.  The firm charges $75 per hour for paralegal and in-
house special clerical services.

Ms. Vidal disclosed in a court filing that she is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.

L.A. Morales can be reached through:

     Lyssette A. Morales Vidal, Esq.
     Law Firm of L.A. Morales & Associates, P.S.C.
     Urb Villa Blanca
     76 Aquamarina Street
     Caguas, PR 00725-1908
     Tel: 787-746-2434 / 787-258-2658
     Fax: 1-855-298-2515
     Email: lamoraleslawoffice@gmail.com

                       About Gotitapak Inc.

Gotitapak, Inc., a privately-held company based in Caguas, Puerto
Rico, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. P.R. Case No. 17-06821) on November 12, 2017.  Marie C.
Ramirez Alvarez signed the petition.

At the time of the filing, the Debtor disclosed that it had
estimated assets and liabilities of less than $100,000.

Judge Enrique S. Lamoutte Inclan presides over the case.


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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
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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
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liabilities that may never materialize.  The prices at which
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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, Psyche A. Castillon, 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
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Information contained herein is obtained from sources believed to
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