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        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, December 19, 2016, Vol. 17, No. 250


                            Headlines



B R A Z I L

BANCO DE BRASILIA: S&P Affirms 'BB-/B' ICRs; Outlook Remains Neg.
BRAZIL: May Ease Takeover Rules for Troubled Firms, Paper Says
HSBC BANK: Moody's Withdraws Ba2 LT Currency Deposit Rating
MINAS GERAIS: S&P Lowers Rating to 'B-' on Increasing Concerns
RB CAPITAL: Moody's Raises Rating on 80th Series of Certs. to Ba1


C A Y M A N  I S L A N D S

CANOSA GLOBAL: Shareholders Receive Wind-Up Report
CANOSA GLOBAL MASTER: Shareholders Receive Wind-Up Report
ECHO LEASING: Sole Member Receives Wind-Up Report
EFG CREDIT: Sole Shareholder Receives Wind-Up Report
EMERALD FOUR: Sole Member Receives Wind-Up Report

FOUNTAIN HOLDINGS: Shareholders' Final Meeting Set for Dec. 28
IONIC ENHANCED: Shareholders Receive Wind-Up Report
IONIC ENHANCED INTERMEDIATE: Shareholders Receive Wind-Up Report
IONIC ENHANCED MASTER: Shareholders Receive Wind-Up Report
LEMA21 LTD: Sole Shareholder Receives Wind-Up Report

PREMIER INVESTMENTS: Members Receive Wind-Up Report
SIGNUM CBQ: Shareholders' Final Meeting Set for Dec. 23
URBAN CAR: Shareholder to Hear Wind-Up Report on Dec. 20


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Seized Sugar Standoff Shutters Border Crossing
DOMINICAN REP: Envi Auctions Seized Wood, Funds Pay Reforestation


J A M A I C A

JAMAICA: To Get $30MM IDB Loan to Promote Electricity Conservation


P E R U

MINSUR SA: Moody's Affirms Ba3 CFR & Changes Outlook to Positive


S T. V I N C E N T  &  G R E N A D I N E S

BUCCAMENT BEACH RESORT: 70 Workers Protest, Guests in the Dark


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 12 to Dec. 16, 2016


                            - - - - -


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


BANCO DE BRASILIA: S&P Affirms 'BB-/B' ICRs; Outlook Remains Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale and
'brA-/brA-2' national scale issuer credit ratings on BRB - Banco
de Brasilia S.A. (BRB).  The outlook remains negative.

The ratings on BRB reflect its weak business position due to its
concentrated business profile, moderate capital and earnings with
a forecasted risk-adjusted capital (RAC) ratio of about 5.4% for
the next two years, adequate risk position based on its track
record of satisfactory asset-quality performance, and average
funding and adequate liquidity.  GDF fully controls BRB, and the
bank benefits from stable funding and commercial conditions in the
district, particularly from payroll lending to state employees.
Nevertheless, as its shareholder is facing difficult financial
conditions, S&P believes BRB's funding could weaken if GDF's
financial woes increase.


BRAZIL: May Ease Takeover Rules for Troubled Firms, Paper Says
--------------------------------------------------------------
Reuters reports that the Brazilian government is considering
easing legislation overseeing the acquisition of companies in
distress or under bankruptcy protection by making buyers less
liable for the burden of past obligations, O Estado de S. Paulo
newspaper reported.

According to Estado, which did not say how it obtained the
information, Finance Minister Henrique Meirelles plans to propose
the amendments to the country's bankruptcy law in a policymaking
meeting, the report notes.

As part of those changes, liabilities stemming from labor lawsuits
against bankrupt companies would not be fully transferred to the
buyer, Mr. Estado said, Reuters notes.  Minister Meirelles said
that some measures were under consideration to facilitate the
repayment of corporate tax debts for companies in distress, the
report relays.

Debt restructurings and bankruptcy filings in Brazil have risen to
a record this year as the worst recession in more than eight
decades and amid a corruption probe that has cast a shadow over
dozens of companies led to a surge in defaults, the report
discloses.

Bankers and lawyers have long called for an overhaul of Brazil's
2005 bankruptcy law, saying it prevents restructuring from taking
place faster, the report says.  Debts to the tax authorities and
to workers take priority over other obligations, while court
rulings can be easily appealed, meaning a bankruptcy can drag on
for years, the report notes.

The report relays that Minister Meirelles presented the proposals
to senators from the PSDB party, Estado said.

The finance ministry's media office did not have an immediate
comment, notes the report.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/
Negative Outlook.  Brazil's senior unsecured Foreign- and Local-
Currency bonds are also affirmed at 'BB'. The Country Ceiling is
affirmed at 'BB+' and the Short-Term Foreign and Local-Currency
IDRs at 'B'.


HSBC BANK: Moody's Withdraws Ba2 LT Currency Deposit Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all ratings assigned to
HSBC Bank Brasil S.A. -- Banco M£ltiplo (HSBC Brazil), including
the long and short-term local currency deposit ratings of Ba2 and
Not Prime; long and short-term foreign currency deposit ratings of
the Ba3 and Not Prime; long and short-term Brazilian national
scale deposit ratings of Aa1.br and BR-1, respectively. Moody's
has also withdrawn the baseline credit assessment (BCA) of ba2;
the adjusted BCA of ba2 and the long- and short-term counterparty
risk assessments of Ba1(cr) and Not Prime(cr). Before the
withdrawal, the outlook was negative.

The following ratings were withdrawn:

   Issuer: HSBC Bank Brasil S.A. -- Banco M£ltiplo

   -- Long-Term Global Local Currency Deposit Rating, previously
      rated Ba2, Negative

   -- Short-Term Global Local Currency Deposit Rating, previously
      rated Not Prime

   -- Long-Term Foreign Currency Deposit Rating, previously rated
      Ba3, Negative

   -- Short-Term Foreign Currency Deposit Rating, previously rated
      Not Prime

   -- Long-Term Brazilian National Scale Deposit Rating,
      previously rated Aa1.br

   -- Short-Term Brazilian National Scale Deposit Rating,
      previously rated BR-1

   -- Baseline Credit Assessment, previously rated ba2

   -- Adjusted Baseline Credit Assessment, previously rated ba2

   -- Long-Term Counterparty Risk Assessment, previously rated
      Ba1(cr)

   -- Short-Term Counterparty Risk Assessment, previously rated
      Not Prime(cr)

   -- Outlook, Changed To Rating Withdrawn From Negative

RATINGS RATIONALE

Moody's has withdrawn the ratings following the reorganization of
HSBC Bank Brazil after its acquisition by Banco Bradesco S.A. (Ba2
negative, ba2) concluded on July 1st 2016.

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

The last rating action on HSBC Bank Brasil - Banco M£ltiplo S.A.
was on 14 June 2016, when Moody's downgraded the long- and short-
term global local currency deposit ratings to Ba2/Not Prime from
Baa3/Prime-3, and long-term Brazilian national scale deposit
rating to Aa1.br from Aaa.br. At the same time, Moody's confirmed
HSBC Brazil's baseline credit assessment at ba2 and long-term
foreign currency deposit rating at Ba3, and affirmed the bank's
Not Prime short-term foreign currency deposit rating , as well as
the BR-1 short-term Brazilian national scale deposit rating. The
adjusted BCA assigned to HSBC Brazil was downgraded to ba2, from
baa3, as support from HSBC Holding (A1 Negative) is no longer
incorporated, following completion of the sale of its operations
to Banco Bradesco S.A. (Bradesco). The outlook assigned to HSBC
Brazil is negative. HSBC ratings were aligned to ratings assigned
to Bradesco, which are constrained to Brazil's bond rating.

Banco Bradesco S.A. is headquartered in Sao Paulo and had total
assets of BRL 1,185.9 billion ($365.9 billion) and equity of BRL
98.5 billion ($30.3 million) as of 30 September 2016.


MINAS GERAIS: S&P Lowers Rating to 'B-' on Increasing Concerns
--------------------------------------------------------------
S&P Global Ratings lowered its global scale rating on the state of
Minas Gerais to 'B-' from 'BB-'.  At the same time, S&P lowered
its national scale rating on the state to 'brB-' from 'brA'.  The
outlook remains negative.

The downgrade reflects Minas Gerais' poor financial management
planning stemming from delays in payments to suppliers and of
public-sector employee salaries, which have raised questions over
the state's capacity and willingness to make full and timely
payments on its financial obligations due in the next 12 months.
The state declared financial emergency on Dec. 5, 2016, signaling
less predictable financial management and overall poor financial
policies.  By declaring financial emergency, the FRL allows Minas
Gerais to temporarily breach the law's fiscal targets and spending
limits, as well as to delay in complying with the law's state
government payroll and debt ratios.

Despite the efforts to increase tax rates, strengthen tax
collection, and tighten spending control, Minas Gerais has been
struggling to stabilize its finances.  Although data as of October
2016 are better than those in October 2015, S&P's base-case
scenario for this year assumes that Minas Gerais will post an
operating deficit of nearly 4% and a deficit after capex of at
least 6.5% of total revenue.  As S&P don't expect Minas to expand
its borrowing base to close the fiscal gap in 2016, S&P expects
the state to finance its projected R$5.5 billion fiscal deficit by
accumulating debt to suppliers.  According to the available
information as of Dec. 13, 2016, unpaid debt to suppliers totaled
R$3 billion.

Minas Gerais' unpaid debt to suppliers continues to increase,
which prompts the state to delaying payments of the public-sector
employee wages by paying them in installments.  As the state
accumulates arrears, S&P now detects more risks related to its
payment culture and its willingness to make full and timely
payments on its financial obligations due in the next 12 months.
Therefore, S&P now assess Minas Gerais' financial management as
very weak, given not only the deteriorating revenue and
expenditure practices and debt and liquidity management, but also
because S&P detects subpar financial accountability and increasing
uncertainty over its likelihood of prioritizing timely debt
service repayment in a stress scenario.  Minas Gerais has payments
coming due in the next few months to multilateral and bilateral
lending agencies, and Credit Suisse, all of which the sovereign
guarantees.

S&P's assessment of Minas Gerais' budgetary performance is now
very weak as a result of a weakening financial management.  As the
state continues to accumulate unpaid debt to suppliers and to
delay salary payments, S&P believes Minas Gerais has
underestimated its spending, which is taking a toll on its
creditworthiness.  S&P's base case for 2017 and 2018 assumes a
slow recovery in the state's finances as Brazil's economy exits
recession.  S&P expects the state's operating deficits to be above
3% of operating revenue in 2017 and close to 1% in 2018; on
average its deficit after capex is likely to remain around 6% of
total revenue if capex reaches R$3 billion for each year.

Likewise, the adoption of insufficient cost-control measures, in
addition to Minas Gerais' already rigid operating expenses,
because the state government's payroll and interest payments
account for more than 60% of its operating spending, reflect its
very limited ability to cut expenditures.  Although the state
generates more 80% of its own revenue, a similar level to the
states of Santa Catarina and Sao Paulo, S&P now assess Minas
Gerais' budgetary flexibility as weak.  Its capex has declined as
a percentage of total expenditures to 3% in October 2016 from 5%
in 2015.  For 2016-2018, S&P expects capex at around 3.7% due to
fewer borrowings.  S&P's base-case scenario assumes that Minas
Gerais will only have access to previously authorized credit lines
from the state bank, Banco do Brasil S.A., and the international
development banks.

S&P views Minas Gerais' economy as weaker than those of its
domestic and international peers.  S&P estimates the state's
three-year average GDP per capita at $6,616 for 2015, lower than
Brazil's $8,679.  Minas Gerais generated 8.9%, or R$516.6 billion,
of the national GDP in 2014, according to the latest available
data from the Brazilian Institute of Geography and Statistics.
Only the states of Sao Paulo and Rio de Janeiro generate higher
shares of Brazil's GDP, at 32% and 12%, respectively.

Minas Gerais' debt burden is high, according to S&P's criteria.
As of October 2016, its tax-supported debt reached R$108 billion,
close to 200% of the state's operating revenue.  Its debt is
higher than those of domestic and international peers, such as the
states of Santa Catarina and Sao Paulo, and the Argentine province
of Buenos Aires.  S&P expects Minas Gerais' debt level to fall to
an average of 140% of operating revenue in the next two to three
years.  Its debt service costs are likely to be about 6% of
operating revenue and interest expenses at 3% for the next three
years.  S&P's base-case scenario includes the refinancing of the
state's debt owed to the central government, given that Minas
Gerais secured an injunction from the Supreme Court that allows
the state to suspend its debt service payment to the central
government, although Senate hasn't yet approved the refinancing
agreement.

Minas Gerais has moderate contingent liabilities, the largest of
which stems from several state-owned companies including Companhia
Energetica de Minas Gerais - CEMIG (B+/Stable/--), which S&P
considers as self-supporting.  The company, one of the country's
largest electric utilities, has adequate credit metrics and a
diversified portfolio of assets in the electricity generation,
transmission, and distribution segments. In addition, the state
owns a development bank, Banco de Desenvolvimento de Minas Gerais
S.A. - BDMG (BB-/Negative/--), which S&P also considers as self-
supporting.  S&P don't believe that there are significant
contingent liabilities as a result of cross-default clauses in the
Brazilian Development Bank's (BNDES') loans to the state entities.

Minas Gerais, like other Brazilian LRGs, operates in what S&P
assess as an evolving and unbalanced institutional framework.  The
current fiscal framework was established in general by the 1988
Constitution, the 1997-1999 restructuring of states' debt, and the
FRL.  S&P believes that the framework continues to present high
visibility of Brazilian LRGs' revenue sources and expenditure
responsibilities.  Likewise, S&P deems that the sovereign has
continued to provide cushion from the recession's impact, through
ongoing and extraordinary transfers to LRGs, while enhancing LRGs'
compliance with the FRL.

S&P views Minas Gerais' liquidity as weak because its average cash
reserves are likely to cover only 14.8% of the projected debt
service costs in 2016. Minas Gerais faces a high annual debt
service of about R$4.3 billion (6% of operating revenue), which
the sovereign guarantees.  S&P expects Minas Gerais to continue
servicing its debt on a timely basis despite the state's fiscal
crisis.

S&P assess Minas Gerais' access to external liquidity as limited.
This assessment considers Brazil's Banking Industry Country Risk
Assessment (BICRA) of '6'.  S&P expects the availability of
external financing will continue to be restricted given Brazil's
weak economy and the federal government's current fiscal policies.

The negative outlook reflects a one-in-three likelihood that Minas
Gerais' credit quality could further deteriorate as a result of
S&P's view that the state's financial management is weakening.
The outlook also reflects S&P's view that Brazil's institutional
framework is weakening.  S&P expects the state to report high
fiscal deficits in the next two years, while it's struggling to
control and cut its expenses.  S&P could lower its ratings on
Minas Gerais again in the next 12 months if its financial
management continues to falter and the state is unable to tighten
its finances further and relies more on short-term financing,
which could increase risk on timely debt payments.  On the other
hand, S&P could revise the outlook to stable if Minas Gerais shows
more prudent expenditure control practices and increases fiscal
transparency, and S&P has more certainty over the state's capacity
and willingness to prioritize full and timely payments on its
upcoming financial obligations.


RB CAPITAL: Moody's Raises Rating on 80th Series of Certs. to Ba1
-----------------------------------------------------------------
Moody's America Latina has upgraded to Ba1 from Ba2 (global scale,
local currency) and to Aaa.br from Aa1.br (national scale) the
ratings of the 80th series of real estate certificates issued by
RB Capital Companhia de Securitizacao and the 68th series of
agribusiness certificates issued by Eco Securitizadora de Direitos
Creditorios do Agronegocio S.A., following a similar upgrade on
the ratings of the underlying assets.

The CRI are backed by CCI where Suzano Papel e Celulose S.A.
(Suzano, Ba1/Aaa.br) is the debtor.

The CRA are backed by an export credit note (NCE) issued by
Suzano.

This rating action follows Moody's decision to upgrade the ratings
of the underlying CCI and NCE payable by Suzano that back the CRI
and the CRA, respectively.  The ratings of the CCI and the NCE
were upgraded to Ba1/Aaa.br (negative outlook) from Ba2/Aa1.br
(stable outlook), on Dec. 9, 2016.

The full rating action is:

Issuer: RB Capital Companhia de Securitizacao.

  80th Series / 1st Issuance: Upgraded to Ba1 from Ba2 (global
   scale, local currency); Upgraded to Aaa.br from Aa1.br
   (national scale) ratings

Issuer: Eco Securitizadora de Direitos Creditorios do Agronegocio
S.A.

  68th series / 1st issuance: Upgraded to Ba1 from Ba2 (global
   scale, local currency); Upgraded to Aaa.br from Aa1.br
   (national scale) ratings

                         RATINGS RATIONALE

The ratings assigned to the CRI and CRA are based mainly on the
willingness and ability of Suzano (as debtor) to honor the
payments defined in transaction documents.

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

Any changes in the rating of the underlying assets could lead to a
change in the ratings on the CRI and CRA.

                          RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.


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


CANOSA GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Canosa Global Macro Fund Limited received on
Dec. 15, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


CANOSA GLOBAL MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Canosa Global Macro Master Fund Limited
received on Dec. 15, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


ECHO LEASING: Sole Member Receives Wind-Up Report
-------------------------------------------------
The sole member of Echo Leasing Three Limited heard on Dec. 13,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Phang Thim Fatt
          6 Shenton Way #18-01 S068811
          Singapore 068811


EFG CREDIT: Sole Shareholder Receives Wind-Up Report
----------------------------------------------------
The sole shareholder of EFG Credit Strategies Fund received on
Dec. 14, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          EFG Capital Advisors, Inc.
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


EMERALD FOUR: Sole Member Receives Wind-Up Report
-------------------------------------------------
The sole member of Emerald Four Limited heard on Dec. 13, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Phang Thim Fatt
          6 Shenton Way #18-01 S068811
          Singapore 068811


FOUNTAIN HOLDINGS: Shareholders' Final Meeting Set for Dec. 28
--------------------------------------------------------------
The shareholders of Fountain Holdings Limited will hold their
final meeting on Dec. 28, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

           Matthew Wright
           c/o Omar Grant
           Windward 1, Regatta Office Park
           P.O. Box 897 Grand Cayman KY1-1103
           Cayman Islands
           Telephone: (345) 949-7576
           Facsimile: (345) 949-8295


IONIC ENHANCED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Ionic Enhanced Strategy Fund Ltd. received on
Dec. 15, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          31 Woodland Drive
          Lower Valley
          P.O. Box 414 Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 947 2390


IONIC ENHANCED INTERMEDIATE: Shareholders Receive Wind-Up Report
----------------------------------------------------------------
The shareholders of Ionic Enhanced Strategy Intermediate Fund Ltd.
received on Dec. 15, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          31 Woodland Drive
          Lower Valley
          P.O. Box 414 Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 947 2390


IONIC ENHANCED MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Ionic Enhanced Strategy Master Fund Ltd.
received on Dec. 15, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          31 Woodland Drive
          Lower Valley
          P.O. Box 414 Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 947 2390


LEMA21 LTD: Sole Shareholder Receives Wind-Up Report
----------------------------------------------------
The sole shareholder of Lema21, Ltd. received on Dec. 13, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bruno Rafael Ballardie de Oliveira
          c/o Campbells
          Willow House, Floor 4
          Cricket Square
          Grand Cayman KY1-9010
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


PREMIER INVESTMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Premier Investments Holding Co., Ltd. received on
Dec. 13, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Susan Lo Yee Har
          Hopewell Centre, Level 54
          183 Queen's Road East
          Hong Kong
          c/o Anthony McKenzie
          Telephone: +1 (345) 749 2001


SIGNUM CBQ: Shareholders' Final Meeting Set for Dec. 23
-------------------------------------------------------
The shareholders of Signum CBQ Limited will hold their final
meeting on Dec. 23, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


URBAN CAR: Shareholder to Hear Wind-Up Report on Dec. 20
--------------------------------------------------------
The sole shareholder of Urban Car Park Management Limited will
hear on Dec. 20, 2016, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Tat Man Choi
          China Resources Building, 37th Floor
          26 Harbour Road Wanchai
          Hong Kong
          Telephone: +852 2131 2200
          Facsimile: 852 2131 2201


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


DOMINICAN REPUBLIC: Seized Sugar Standoff Shutters Border Crossing
------------------------------------------------------------------
Dominican Today reports that Haiti authorities shuttered the Juana
Mendez-Dajabon border crossing with chains and padlocks to halt
the market held Fridays and Mondays, in reprisal for the alleged
retention of 48 containers of sugar at Dominican ports.

Through flyers and social networks Haitian merchants had
threatened to close the border in Dajabon, and Pedernales and
Jimani as well, because of the standoff, according to Dominican
Today.

The report notes that the warning prompted a meeting with a
commission of Dajabon merchants and truckers in Mao with
Agriculture minister Angel Estevez, who pledged to release the
sugar containers shipped from Miami to the border to be handed
over to the owners in Haiti.

The apparent failure to deliver on the promise led Haitian
authorities and merchants to put a halt to the market during 24
hours, while Dominican Border Police set up a security perimeter
to avert incidents, the report adds.


DOMINICAN REP: Envi Auctions Seized Wood, Funds Pay Reforestation
-----------------------------------------------------------------
Dominican Today reports that the Environment Ministry sold in
public auction around RD$2.0 million in forest products that had
been confiscated across the country.

The agency carried out activity in compliance with Environment and
Natural Resources Law 64-00, which stipulates the sale in public
auction of "products seized for having been used in environmental
violations," according to Dominican Today.

The funds raised from the auction of lots of mahogany, oak and
carob, among other varieties will be used to pay for reforestation
and forestry nurseries, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.



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


JAMAICA: To Get $30MM IDB Loan to Promote Electricity Conservation
------------------------------------------------------------------
The Inter-American Development and the Japan International
Cooperation Agency will fund a $30 million project to promote
electricity conservation in Jamaica by reducing electricity
consumption, improving traffic flows in congested road corridors
in the Kingston Metropolitan area, and enhancing the capacity of
Jamaica's Ministry of Energy to improve electricity sector
planning.

Jamaica's dependence on petroleum imports and the inefficient use
of energy resources seriously impacts government expenditure and
debt, which is currently estimated at around 124 percent of GDP.

The absence of a complete Urban Traffic Management System (UTMS)
to synchronize 161 traffic lights is a key factor causing
congestion in the Kingston Metropolitan Region, contributing to
inefficient urban mobility and unnecessary fuel consumption. A
better use of energy resources would free public funds through
lower government bills and reduced oil imports, helping Jamaica
further reduce debt.

This Energy Management and Efficiency Programme promotes energy
efficiency and conservation as one approach to bring down
Jamaica's fuel bill. It mitigates against volatile oil prices, and
contributes to Green House Gas emissions reduction.

The project targets the demand side of electricity generation and
road transport sectors, which consume over 45% of the country's
energy. The primary focus of the programme is on replacing
outdated equipment and inefficient systems consuming electricity
in 73 health, education, and public agency government facilities,
while demonstrating the attractive economic and environmental
return of energy-efficient retrofits and investments.

The project will also finance the purchase and installation of
equipment to complete the Urban Traffic Management System in the
Kingston Metropolitan Region, taking advantage of the integrated
use of information systems and telecommunications technology to
better monitor and manage Kingston's traffic.

Finally, the project also addresses the issue of capacity building
to strengthen public institutions critical to the promotion of
energy efficiency in Jamaica. For these investments to be
sustained or scaled-up, targeted investments are needed in project
management, electricity planning and supervision on a wide range
of energy efficiency projects.

The project is a Specific Investment Operation in which $15
million will be financed by the IDB's Ordinary Capital resources,
while parallel financing totalling $15 million will be provided by
the Japan International Cooperation Agency (JICA) through the Co-
financing for Renewable Energy and Energy Efficiency (CORE)
mechanism.

The IDB loan is for a 24-year term, with a 6.5-year grace period
and a LIBOR-based interest rate.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term and
short-term foreign and local currency sovereign credit ratings on
Jamaica.  The outlook on the long-term sovereign credit ratings
remains stable.  In addition, S&P affirmed its transfer and
convertibility assessment at 'B+'.


=======
P E R U
=======


MINSUR SA: Moody's Affirms Ba3 CFR & Changes Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service affirmed Minsur S.A.'s Ba3 corporate
family rating and the rating assigned to its USD 450 million
senior unsecured notes due in 2024.  The outlook was changed to
positive from negative.

Ratings affirmed:

Issuer: Minsur S.A.
  LT Corporate Family Rating: affirmed at Ba3
  USD 450 million senior unsecured notes due 2024: affirmed at Ba3

Outlook Actions:

Issuer: Minsur S.A.
  Outlook, Changed To Positive from Negative

                       RATINGS RATIONALE

The positive outlook reflects the improvement in Minsur's credit
metrics throughout 2016, supported by the initiatives taken by the
company to enhance its operational profile, such as the ore
sorting plant in San Rafael and the flotation plant expansion in
Pitinga, and Minsur's financial discipline regarding costs, capex
and dividend distribution.  Accordingly, Minsur's EBITDA margins
(Incorporating Moody's standard adjustments) reached 43.3% in the
3Q16, a significant improvement from the 13.7% margins observed in
4Q15, while adjusted leverage (measured by total debt/EBITDA)
declined to 3x in LTM ended September 2016, from a peak of 4x in
LTM ended March 2016.  Improvement in credit metrics also
benefited from the rebound in tin prices from levels between USD
13,000-14,000/ton in late 2015/early 2016 to current levels close
to USD 21,000/ton, as well as improvement in gold prices relative
to the low levels observed late 2015/early 2016.

Minsur's Ba3 ratings are supported by high margins along with its
position as the fourth largest tin producer worldwide.  The
company's low-cost and high-grade position are largely due to its
ownership of the world-class San Rafael mine, the world's largest
tin-producing mine.  However, Minsur's concentration in tin, that
accounts for 72% of revenues, makes the company highly susceptible
to such metal price volatility and supply-demand dynamics.  Even
considering gold production at Pucamarca (which started in January
2013), Minsur has a high percentage of its sales generated at the
San Rafael mine (about 56% of total revenues in the last twelve
months ended September 2016).  Offsetting some of the above
mentioned risks are Minsur's deep tin mining expertise and very
low production costs that support its higher margins compared to
rated mining peers in Peru and other countries.  The company's
strong liquidity position, with cash and equivalents of USD 596
million (at the end of September 2016) covering the entirety of
its debt, is also a credit positive.

In the medium term, Minsur may be able to improve diversity in
mines and metals with its expansion plan that targets a greenfield
copper project in southern Peru, Mina Justa, which is currently in
the feasibility stage.  Additional diversification in the short-
term will be mainly supported by the growth in its subsidiary
Taboca, which owns one mine in Brazil (tin & tantalum/niobium as
byproducts).

An upward rating movement would require further improvements in
credit metrics and evidence that the company is on track to
execute its growth and diversification strategy that should
improve its overall production profile and extend the life of its
mines.  Quantitatively, a positive action would also require
leverage -- as measured by Total Adjusted Gross Debt to EBITDA --
to remain below 3.5x and interest coverage -- expressed by
Adjusted EBITDA to Interest Expense -- to stay above 3.5x on a
consistent basis.

Ratings could be negatively impacted if profitability and cash
generation capacity materially deteriorates, for example, due to a
combination of a drop in metals prices and increase in production
costs significantly exceeding Moody's expectations, or higher than
anticipated capital expenditures, with negative impact on
liquidity and on interest coverage metrics.  Specifically, if EBIT
margin falls below 5% with cash generation being negative on a
sustained basis, ratings could be downgraded.  Negative pressure
could also result from increase in debt levels leading to leverage
ratios trending towards 4x or above, and interest coverage below
2.5x on a consistent basis.

The principal methodology used in this rating was "Global Mining
Industry" published in August 2014.

Headquartered in Lima, Peru, Minsur S.A. is a majority-owned
subsidiary of Peruvian conglomerate Inversiones Breca S.A. (not
rated).  The company is primarily a producer and seller of tin,
mined from its San Rafael mine, located in the Puno region of
Peru, and a producer and seller of gold, mined from its Pucamarca
mine, located in the Tacna region of Peru.  Through its
subsidiaries, Minsur has other mining and smelting assets in Peru
and Brazil, producing tin, as well as niobium and tantalum alloys
as byproducts.  Minsur reported consolidated revenues of
USD599 million in the LTM ended in September 2016.


==========================================
S T. V I N C E N T  &  G R E N A D I N E S
==========================================


BUCCAMENT BEACH RESORT: 70 Workers Protest, Guests in the Dark
--------------------------------------------------------------
Caribbean360.com reports that a dream vacation for more than two
dozen guests at the Buccament Beach Resort in St Vincent and the
Grenadines has turned into a nightmare.

Already forced to cope with scant services as more than 70 workers
stage protests demanding overdue wages for three months now,
guests have now been left in the dark, according to
Caribbean360.com.

The state-owned electricity company, St. Vincent Electricity
Services Limited (VINCLEC) cut the power supply to the property
because of its failure to settle a mounting bill, the report
notes.

VINLEC's Chief Executive Officer Thornley Mayers told I-Witness
News, he could not disclose the sum owed, but he defended the
move, stressing it was a tough but necessary action that was only
taken after deep consideration, the report relays.

"The resort is a place of employment that brings in revenue and is
an important symbol for tourism in the country.  These decisions
are never taken lightly and all sorts of things are taken into
consideration, besides payment," Mr. Mayers said, the report
discloses.

Angry guests are not amused by the unfolding crisis which has
gripped the resort owned by Harlequin Property (SVG) Ltd under the
direction of David Ames, a British-born naturalized Vincentian
businessman, the report says.

The property is presently embroiled in several legal battles.

A British court ordered accounting firm, Wilkins Kennedy to pay
the resort US$11.6 million in damages, the report discloses.  But
the judge ordered that money be placed in an escrow account rather
than be given to Harlequin because of what he called evidence of
"a serious and significant scam" in the company's business model,
the report says.

Back in June, the property's chairman Dave Ames fled St Vincent
after prosecutors summoned him to court on tax evasion and theft
charges, related to the non-payment of PAYE and other social
security deductions, the report notes.

Ames claimed he was too ill to return to the island and was
scheduled to be tried in Kingstown in February next year, the
report adds.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From Dec. 12 to Dec. 16, 2016
----------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     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 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, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  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 Nina Novak at
202-362-8552.


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