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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

               Wednesday, May 10, 2017, Vol. 18, No. 91


                            Headlines



A R G E N T I N A

ARGENTINA: Fitch Affirms 'B' FC & LC Issuer Default Ratings
YPF SA: Fitch to Assign B/RR4 to Proposed US$300MM Unsecured Bonds


B E R M U D A

FLOATEL INTERNATIONAL: S&P Lowers CCR to 'CCC+' on Leverage


B R A Z I L

BANCO SAFRA: Fitch Affirms & Withdraws BB Issuer Default Ratings
COMPANHIA DE SANEAMENTO: Fitch Affirms BB Long-Term IDRs
ELDORADO BRASIL: Fitch Affirms B+ IDRs, Off CreditWatch Negative
OMNI SA: Fitch Affirms & Withdraws 'B' Issuer Default Ratings


C A Y M A N  I S L A N D S

ALKEON GLOBAL: Creditors' Proofs of Debt Due May 24
BRIDGEWATER MAC 10: Creditors' Proofs of Debt Due May 22
GLG AD: Creditors' Proofs of Debt Due May 22
GLG ASIAN: Creditors' Proofs of Debt Due May 22
LARRAIN VIAL: Commences Liquidation Proceedings

LBC BRIGHTS: Commences Liquidation Proceedings
MONARCH RESEARCH: Creditors' Proofs of Debt Due May 22
RED RIVER: Commences Liquidation Proceedings
TENSOR EUROPE: Creditors' Proofs of Debt Due May 22
TIDE POOL: Creditors' Proofs of Debt Due May 25

WATERSTONE MARKET: Creditors' Proofs of Debt Due May 22


E C U A D O R

EMPRESA PUBLICA: Fitch to Rate Sr. Unsecured Notes 'B/RR4'


J A M A I C A

DIGICEL GROUP: Seeks More Funds to Clear Debt


M E X I C O

GRUPO ELEKTRA: Fitch Raises Long-Term IDRs to BB; Outlook Stable
SU CASITA: Fitch Affirms CCsf Rating on Class A RMBS
UNIFIN FINANCIERA: Fitch to Rate Proposed Senior Notes 'BB'


P U E R T O    R I C O

PUERTO RICO: Fitch Ratings Unchanged by PROMESA Bankr. Filing


U R U G U A Y

URUGUAY: IIC Finances Valentines Wind Farm


V E N E Z U E L A

VENEZUELA: President Calls for New Venezuelan Constitution


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Fitch Affirms 'B' FC & LC Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Argentina's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'B' with a Stable
Outlook. The issue ratings on Argentina's senior unsecured Foreign
and Local Currency bonds are also affirmed at 'B'. The Country
Ceiling is affirmed at 'B' and the Short-Term Foreign and Local
Currency IDRs at 'B'.

KEY RATING DRIVERS

Argentina's ratings balance the improving consistency and
sustainability of policies, supported by the easing of financing
and external liquidity constraints, with a track record of high
inflation and economic volatility, and a wide fiscal deficit
involving heavy reliance on foreign currency funding. The ratings
also balance structural strengths in terms of high per-capita
income and a relatively large, diversified economy with a weak
debt repayment record.

The Stable Outlook reflects Fitch's expectation that macroeconomic
variables will improve gradually over the forecast horizon, but
that the political environment continues to pose relevant risks,
as the policy shift underway under the Macri administration does
not count on broad-based social and political support to ensure
its resilience through economic and electoral cycles. Midterm
legislative elections in October will be an important referendum
on the policy shift, although they will not give the ruling
Cambiemos coalition a legislative majority.

The central bank (BCRA) is in the process of building monetary
policy credibility, setting rates in response to inflation and
market expectations. Inflation ended 2016 at 40% following policy
adjustments including peso devaluation and utility rate hikes.
Fitch forecasts inflation will fall considerably but end the year
above the 12%-17% official target, as high core inflation thus far
in 2017 points to persisting inertia hindering the disinflation
process.

The external liquidity position has improved since the floating of
the exchange rate and renewed market access. International
reserves stood at USD48 billion at end-April, up from USD26
billion at end-2015. The surge in capital inflows has driven the
reserve gains, involving an influx of dollars into local banks
(and thus reserve requirements at the BCRA) and FX purchase by the
BCRA lifting its "own" reserves net of dollar liabilities.
External liquidity and reserve coverage metrics have seen a
significant improvement. The BCRA's plan to further build reserves
by USD25 billion could further enhance external shock-absorption
capacity.

The capital influx has put pressure on the peso and contributed to
an estimated 17% appreciation in real, trade-weighted terms since
the December 2015 devaluation. Fitch expects the current account
deficit will rise in the coming years from 2.8% of GDP in 2016, as
external re-leveraging lifts the interest bill and a strong peso
affects some sectors. The tourism deficit already reached a record
high in 2016, reflecting currency strength. Competitiveness in
other key sectors (such as agriculture) has benefitted from
removal of export taxes.

Argentina's economy contracted 2.3% in 2016, marking a sixth year
of erratic performance. Policy adjustments (e.g. devaluation,
tariff hikes) came at a near-term cost for domestic demand, and
while they have boosted business confidence this has yet to
materialise in investment figures. Recent data suggest an economic
recovery has begun to take shape since late 2016 - albeit slower
than expected - and Fitch expects the economy will grow 2.8% in
2017. Consumption could benefit from recovery in real wages on
lower inflation and rising consumer lending, and fiscal policy
will provide impulse via pension hikes and higher capital
expenditure.

In the medium term, the policy shift underway should support
higher investment, but this could be hindered by structural
bottlenecks, including high taxes and labour costs. An investment
rate under 16% of GDP in 2016 and FDI inflows of 1% are below
Argentina's historic levels, and well below the 'B' medians. The
administration's key structural reform priorities are unlikely to
see traction before the 2017 midterm elections, but there has been
some progress on competitiveness-enhancing efforts in specific
sectors such as agriculture and energy.

Fiscal consolidation has yet to begin in earnest under the Macri
administration, as policy adjustments thus far have come at a
fiscal cost. The federal primary deficit rose to 4.5% of GDP in
2016 from 4.0% in 2015, capturing targeted reductions on export
levies and other taxes and settlement of arrears, and a sizeable
revenue windfall from the tax amnesty. The 2017 target of 4.2% of
GDP is feasible in Fitch's view, given the rather modest spending
reduction it requires relative to 2016 and the boost from the tax
amnesty and pre-payment last year of some expenses. These benefits
and subsidy cuts help to accommodate higher pensions (both one-off
and permanent) and capital spending.

The authorities are targeting a faster pace of primary deficit
reduction of 1pp of GDP per year starting in 2018, and will no
longer count on the revenue boost from the tax amnesty. The
strategy could become clearer after elections, but presently
consists of subsidy cuts, containing current spending growth in
real terms, and relying on a recovery to buoy revenues. Budget
rigidities could pose a challenge. Social security benefits face
pressures from demographics and indexation - even a minor cut in
the formula this year was withdrawn after major pushback. Recent
public sector strikes highlight challenges to wage containment.
Additional spending restraint to ensure target compliance will be
necessary due to planned cuts in soy taxes and the federal take of
shared co-participation tax revenues.

The targeted reduction in the primary deficit will be offset in
part by rising interest costs due to increased borrowing from
costlier market funding sources. Furthermore, provincial deficits
have risen and total over 1% of GDP. As a result, Fitch projects
the general government deficit will average 5.9% in 2017-2018, in
line with 2016 and above the 'B' median of 4%.

Consolidated general government debt (federal and provincial debt,
net of social security holdings) stood at 51% of GDP in 2016.
While this level is only slightly below the 'B' median of 56%, the
high share owed to public agencies (around half) is an important
mitigating factor that reduces rollover risk and debt service
costs. Fitch projects debt will rise to 54% of GDP by 2018 - a
modest increase despite heavy borrowing due to high inflation and
real exchange rate appreciation that temper the rise in debt
ratios, posing a risk should this trend unwind. Debt in foreign
currency represents over 70% of the total, above the 'B' median,
and this vulnerability will persist given the current pace of
foreign-currency borrowing.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Argentina a score equivalent to a
rating of 'B' on the Long-Term FC IDR scale. Fitch's sovereign
rating committee did not adjust the output from the SRM to arrive
at the final Long-Term FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The main risk factors that, individually or collectively, could
trigger a positive rating action are:

-- Consolidation of strengthened policy framework leading to
    improvement in macroeconomic performance;

-- Strengthening of external buffers;

-- Fiscal consolidation and deepening of domestic market funding
    sources.

The main factors that could lead to a negative rating action are:

-- Failure to consolidate fiscal accounts and/or re-emergence of
    fiscal financing pressures;

-- Erosion of international reserves.

KEY ASSUMPTIONS

-- Fitch expects Brazil's economy will return to positive, albeit
    modest growth in 2017.

-- Fitch expects monetary policy normalisation in the US will
    proceed gradually, and will not materially impair Argentina's
    external financing access.


YPF SA: Fitch to Assign B/RR4 to Proposed US$300MM Unsecured Bonds
------------------------------------------------------------------
Fitch Ratings expects to assign a rating of 'B/RR4' to YPF S.A.'s
(YPF) proposed senior unsecured bond issuance of USD300 million
senior unsecured notes due 2022. The notes will be denominated in
Argentine pesos, payable in U.S. dollars, and will carry a fixed
rate. The proceeds will be used to refinance existing debt and to
fund fixed asset investments in Argentina and working capital
requirements. The notes will rank at least pari passu in priority
of payment with all other YPF senior unsecured debt. The notes
would be rated the same as all of YPF's senior unsecured
obligations.

At closing, the issuance amount will be converted into an initial
equivalent Argentine Peso amount based on the then current
exchange rate. The Argentine peso amounts payable in respect of
principal and interest will be converted to U.S. dollars based on
the Argentine Peso exchange rate prevailing at that moment.
Payment of the notes is therefore exposed to exchange rate
fluctuations, and payment of principal and interest can decrease
in USD terms if the Argentine peso depreciates.

KEY RATING DRIVERS

YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina and the company's relatively low
reserve life. YPF's 'B' ratings are linked to the sovereign rating
of Argentina, which has Long-term Foreign Currency and Local
Currency Issuer Default Ratings (IDRs) of 'B' / Stable Outlook.

Fitch has assigned a country ceiling of 'B' to the Republic of
Argentina, which limits the foreign currency rating of most
Argentine corporates. Country Ceilings are designed to reflect the
risks associated with sovereigns placing restrictions on private
sector corporates, which may prevent them from converting local
currency to any foreign currency under a stress scenario, and/or
may not allow the transfer of foreign currency abroad to service
foreign currency debt obligations.
The 'RR4' Recovery Rating (RR) for the company's senior unsecured
notes outstanding reflects an average expected recovery given
default and is in line with the RR soft cap established for
Argentine corporates.

LINKAGE TO SOVEREIGN

YPF's ratings reflect the close linkage with the Republic of
Argentina resulting from the company's ownership structure as well
as recent government interventions such as energy price controls.
The Republic of Argentina controls the company through its 51%
participation and since the new government has been in place, day
to day management decisions have become independent of the direct
government influence. Historically, government regulations
maintained domestic crude oil prices significantly below world
prices, these same regulations kept Argentine crude oil prices
above global prices during the global oil price decline observed
during the last two years. Fitch expects oil domestic prices to
smoothly converge to international prices by the end of 2017.

FAVORABLE ENVIRONMENT FOR VACA MUERTA

Fitch believes the price environment for natural gas (NG) in
Argentina will remain favorable and that subsidies are expected to
remain at least until 2021 for non-conventional production. On
January 2017, the Argentine government agreed to extend existing
natural gas (NG) subsidies. Domestic prices for NG will remain
high at USD7.5 per million Btu (MMBtu) for new production, more
than twice the NG prices in the U.S. The Argentine government
attempts to attract major oil and gas companies to invest in
exploration and production in Argentina's prolific Vaca Muerta
shale basin.

LOW HYDROCARBON RESERVE LIFE

The ratings consider the company's relatively weak operating
metrics characterized by a low reserve life. As of year-end 2016,
YPF reported proved reserves (1P) of 1,113 million barrels of oil
equivalent (boe) and average production of 577,000 boe per day
(boe/d) with 52% of the production related to liquids. In 2016 and
after three years of reserve replacement ratios (RRR) above 100%,
1P reserves decreased 9%. The decline in domestic prices led YPF
to reduce capex investments during this year resulting in an RRR
of 46%. Based on production trends the company's reserve life is
below-optimal at approximately five years, well below Fitch's
ideal range of 10 years. Fitch believes the favourable environment
for NG prices in Argentina would incentivize investments in the
Neuquen basin that could result in an increase in reserves which
would allow the company to maintain a reserve life between five to
six years.

In 2016, total proved developed reserves totalled 815 mmboe,
representing 73% of total reserves, in the upper range of the 60%
to 80% that Fitch considers adequate. Fitch believes the company's
low reserve life could create significant operational challenges
in the medium to long term and gives the company limited
flexibility to reduce capex investments in order to increase
upstream reserves/production. The company's ability to develop
mature fields and non-conventional resources will be key on the
success of its long-term investment plan to maintain reserves and
increase production.

STABLE OPERATING METRICS

As expected by Fitch, during 2016 production remained relatively
flat with an average production of 575,000 boe/d. During 2016, the
company continued its intensive drilling program with a focus on
non-conventional formations, and the company's lifting cost
decreased to USD 11per barrel from USD16 per barrel observed in
2015 due to Argentine Peso depreciation and negotiations with
suppliers. Additionally, during the 2016, the company
significantly reduced the costs of drilling horizontal wells in
Loma Campana to USD8.2 million per well from USD13.6 million
observed in 2015 and USD16.6 million in 2014. These cost
reductions mitigated the decline in domestic prices. As oil prices
converge to international prices, Fitch expects the company will
focus on cost reduction strategies to remain competitive

STRONG BUSINESS POSITION

Fitch expects the company to continue to solidify its market
leadership in Argentina. YPF benefits from a strong business
position supported by its vertically integrated operations and
dominant market presence in the Argentine hydrocarbons' market.
Fitch anticipates that YPF will continue to exercise an active
role in domestic fuel and gas supply. In the downstream segment,
where YPF enjoys a 55% market share of domestic gasoline and
diesel sales, the company benefits from relatively high prices for
refined products in Argentina.

STRONG FINANCIAL PROFILE

YPF maintains a strong financial profile, which Fitch views as in
line with a 'BB' on a standalone basis. YPF has relatively solid
credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule. The company reported
approximately USD4 billion of adjusted EBITDA and USD9.7 billion
of debt as of year-end 2016. This translates into a Fitch
calculated financial leverage ratio of approximately 2.5x in
dollar terms. The company reported high leverage when measured by
total proven reserves (1P) to total debt, of approximately USD8.7
of debt per barrel.

Fitch expects the company's capex investment needs during the
rating period to be funded through a combination of cash flow
generation and incremental debt, but the company will be able to
maintain net leverage levels between 2.0x to 2.5x, still
considered moderate for the rating level. During recent years the
company's leverage has increased moderately, mostly as a result of
increases in debt to fund the company's ramped up capital
expenditure program.

MANAGEABLE CAPEX PLAN

The company reduced its capex investments during 2016 as a result
to lower prices and lower cash flow generation. Capex investments
for 2016 were approximately 36% lower in dollar terms compared
with 2015, mostly as a result of lower activity in the upstream
segment. Fitch expects the company will slightly reduce capex
investments during 2017, nevertheless, despite the reductions in
capex investments during 2016-2017, Fitch expects the company to
continue with its initial ambitious capex program to maintain
stable production and increase production in the following years.

DERIVATION SUMMARY

YPF's ratings reflect its leading position in the Argentine energy
market and its strategic importance for the country. The company's
ratings are constrained by the credit quality of the Republic of
Argentina given that the government controls the company through
its 51% participation and its strategy and business decisions are
governed by the Republic. YPF's 'B' ratings are linked to the
sovereign rating of Argentina, which has long-term LC and FC IDRs
of 'B' with a Stable Outlook. To a lesser degree, the ratings also
reflect the company's weak operating metrics reflected in a low
reserve life of approximately five years.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for YPF include:

-- Production remains flat during the rating period;
-- Realized oil prices of USD60/bbl for 2017, decreasing to mid-
    USD50's by the end of 2017 as domestic prices converge to
    international prices.
-- Fitch's oil price assumptions per barrel of Brent of USD
    55/bbl for 2018, USD60/bbl for 2019 and USD65/bbl in the long
    term;
-- Natural gas prices subsidies remain until 2020.
-- Capex slightly decreasing in 2017 and then increasing during
    2018-2020.

RATING SENSITIVITIES

YPF's ratings could be negatively affected by a combination of the
following: a downgrade of the Republic of Argentina's ratings; a
significant deterioration of credit metrics; and/or the adoption
of adverse public policies that can affect the company's business
performance in any of its business segments.

A positive rating action could occur as the result of an upgrade
of the sovereign rating.

LIQUIDITY

YPF's cash and cash equivalents totalled USD1.15 billion as of
December 2016, compared with debt becoming due in 2017 of USD1.4
billion. The company's liquidity position is further strengthened
by the USD650 million government bonds (BONAR 2020) related to the
2015 Plan Gas receivables. The company's liquidity position is
considered adequate to cover its short-term debt.

The company has been successful accessing the local and
international markets, and given that the company is controlled by
the Argentine government, Fitch does not anticipate any
difficulties for the company to tap the local or international
debt markets in order to refinance short-term debt.

FULL LIST OF RATING ACTIONS

Fitch currently rates YPF S.A. as follows:

-- Long-Term Foreign Currency IDR 'B'; Outlook Stable;
-- Long-Term Local Currency IDR 'B'; Outlook Stable;
-- Notes due 2018,2019, 2020, 2021, 2024, 2025, 2028 'B'/'RR4'.



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B E R M U D A
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FLOATEL INTERNATIONAL: S&P Lowers CCR to 'CCC+' on Leverage
-----------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on
Bermuda-based accommodation rig owner Floatel International Ltd.
to 'CCC+' from 'B-'.  The outlook is negative.

At the same time, S&P lowered its issue rating on Floatel's $650
million term loan to 'CCC+' from 'B-'.  The recovery rating on
this loan remains at '3', indicating S&P's expectation of
meaningful (50%-70%; rounded estimate 50%) recovery for
debtholders in the event of a payment default.

The downgrade reflects S&P's opinion that, without a rebound in
market conditions to provide new work opportunities and support
future revenues, Floatel will not be able to maintain its capital
structure.  Floatel recently lost a contract bid with Norwegian
oil and gas producer Statoil ASA to a key competitor, and S&P
believes this reduces the probability of a meaningful improvement
in the group's backlog during the first half of 2017, a condition
S&P indicated in its previous review as necessary to maintaining a
'B-' rating.  Despite Floatel's solid cash balance and S&P's
projection of positive free operating cash flow (FOCF) in 2017-
2018, S&P believes that the company's ability to sustain leverage,
and that of the overall industry, will be dependent on higher oil
prices fueling oil companies' spending appetites for offshore
projects.  More specifically, in S&P's opinion, Floatel relies on
more positive market scenarios to secure contracted cash flows in
2019-2020 and be able to refinance its debt instruments under
favorable conditions.

Although S&P forecasts that Floatel's credit measures will remain
weak over 2017-2018, S&P anticipates that its FOCF will be
positive, thanks to low investments and continued material
operating cash flow generation.  S&P expects debt to EBITDA to
fall to about 6.0x-6.5x in 2017, from about 7.0x in 2016, but S&P
has limited visibility on Floatel's ability to secure new
contracts and revenue streams from 2018.

S&P's assessment of Floatel's business risk is largely determined
by the highly competitive and cyclical nature of the offshore
oilfield services industry, in which the company operates.  With a
fleet of five accommodation vessels, Floatel draws its revenues
and cash flows from a relatively concentrated asset base.  S&P
expects the Floatel Triumph, which was delivered in 2016, to
contribute close to 40% of EBITDA in 2017.  Geographic and
customer diversification is limited by the low number of vessels.
S&P does not view this as a major constraint, however, given the
high quality of Floatel's fleet of semisubmersible units and its
strong commercial relationships with blue-chip exploration and
production companies.  However, although there are fewer than 30
operational semisubmersible units globally, this is a large amount
given the current low demand; it will take several years to reach
a balance under current market conditions, notably depending on
the pace of scrapping older units.

Moreover, the operating environment remains sluggish.  Oil
companies globally continue to be cautious and are focusing on
locking in low costs for field developments and maintenance work.
As such, S&P expects continued low demand for accommodation rigs
and that a material pick-up in activity is not likely to occur
before 2019 at the earliest.

The negative outlook reflects S&P's view that elevated debt
levels, given the current weak operating environment and limited
opportunities for improvements, make Floatel's capital structure
unsustainable beyond 2017.  Although S&P doesn't expect Floatel to
face a near-term payment crisis, without marked positive
developments in the industry to usher in new contracts and support
revenues, S&P believes that the company will face increasing
refinancing risk alongside debt maturities in 2019-2020.

S&P could lower the rating if Floatel is unable to secure new
contracts in 2017, potentially leading to a maintenance covenant
breach in 2018 under its bank documentation and increasing risk of
a capital restructuring.  Such an absence of new or prolonged
contracts could lead S&P to revise its timeframe for a possible
default to under 12 months.  S&P could also lower the rating if
the company pursues debt-restructuring strategies.

S&P could revise the outlook to stable if the company manages to
secure material new backlog that eases the pressure from
approaching debt maturities.  This could notably be the result of
more spending from oil companies on offshore projects as a result
of higher oil prices.  A continuing solid improvement in backlog
could brighten future refinancing prospects and address S&P's
concerns about the sustainability of the capital structure.  This
could support an upgrade in time.



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B R A Z I L
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BANCO SAFRA: Fitch Affirms & Withdraws BB Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn its ratings for Banco
Safra S.A. (Safra) and Safra Leasing-Arrendamento Mercantil S.A.
(Safra Leasing).

KEY RATING DRIVERS

Fitch is withdrawing these ratings as Safra and Safra Leasing have
chosen to stop participating in the rating process for commercial
reasons. Fitch will no longer have sufficient information to
maintain the ratings and, accordingly, will no longer provide
ratings or analytical coverage for Safra and Safra Leasing.

RATING SENSITIVITIES

Rating sensitivities are not applicable as the ratings have been
withdrawn.

Fitch has affirmed and withdrawn the following ratings:

Banco Safra S.A.

-- Long-Term Foreign and Local Currency Issuer Default Ratings
    (IDRs) at 'BB'/Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- National Scale Long-Term rating at 'AA+(bra)'/Outlook Stable;
-- National Scale Short-Term rating at 'F1+(bra)';
-- Viability Rating at 'bb';
-- Support Rating at '4';
-- Support Rating Floor at 'B+';
-- Senior Unsecured Debt at 'BB'.

Safra Leasing - Arrendamento Mercantil S.A.

-- National Scale Long-Term rating at 'AA+(bra)'/Outlook Stable;
-- National Scale Short-Term rating at 'F1+(bra)';
-- 12th, 13th, 14th, 15th issuances at 'AA(bra)'.


COMPANHIA DE SANEAMENTO: Fitch Affirms BB Long-Term IDRs
--------------------------------------------------------
Fitch Ratings has affirmed Companhia de Saneamento Basico do
Estado de Sao Paulo's (Sabesp) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB'. Fitch has also
upgraded Sabesp National Long-term rating to 'AA(bra)' from 'AA-
(bra)'. The Rating Outlook is Stable. A full list of rating
actions follows at the end of this release.

KEY RATING DRIVERS

The upgrade on the national scale rating reflects Fitch's view
that Sabesp has strengthened its credit profile within its IDR
level of 'BB', based on the expectation that the company will
maintain sound operating cash flow, conservative capital
structure, robust liquidity position and manageable debt maturity
profile during the next four years. The agency believes the
company has sustainably resumed its capacity to generate strong
cash flow from operations (CFFO) as hydrological risk reduced,
estimates of adequate tariff adjustments and gradual recovery in
water and sewage volumes billed going forward.

Sabesp benefits from its low business risk associated with its
near monopolistic position as a provider of an essential service
to its customers within its concession area, as well as on the
economies of scale obtained as the largest basic sanitation
company in the Americas by number of customers. These
characteristics allow Sabesp to present higher predictability in
terms of cash generation and EBITDA margins above its peers.

Fitch sees Sabesp's expected negative free cash flow (FCF) due to
its significant capex plans and the relevant FX debt exposure as
limiting factors for the IDRs. The IDRs also reflect the new
regulatory environment for Sabesp and the political risk
associated with being a state-owned company subject to the
potential changes in management and strategy after each election
for the Government of the State of Sao Paulo.

Sound Operational Cash Flow Generation

Fitch estimates Sabesp will sustain its strong CFFO generation
under regular hydrological conditions, with around BRL3.0 billion
in 2017 and trending towards BRL3.3 billion by 2019, supported by
growth in volumes billed and adequate tariff adjustments. In 2016,
CFFO was strong at BRL3.0 billion, benefiting from a 4% increase
in volumes and an 8.4% tariff increase when compared to the
previous year, along with a reduced working capital requirement.

In accordance with Fitch's forecast for Sabesp, the company will
present a negative FCF in the next four years, being negative at
BRL100 million in 2017 and pressured by BRL823 million in
dividends to be paid in June. The agency has considered in its
base case an average annual capex of BRL2.7 billion and a dividend
distribution of 25% of net income. In 2016, FCF was positive at
BRL728 million after reduced capex of BRL2.1 billion and dividends
distribution of BRL139 million.

Strong Capital Structure

Fitch estimates Sabesp's net leverage to range from 2.0x to 2.5x
in the next four years. In 2016, total debt/EBITDA and net
debt/EBITDA of 2.8x and 2.4x, respectively, showed a material
improvement compared to the ratios of 4.0x and 2.8x, respectively
in 2015. The company's capital structure benefited from improved
hydrologic conditions, adequate tariff adjustments, suspension of
the bonus program for water reduction, and volume billed recovery.
Sabesp's 2016 adjusted EBITDA according to Fitch's methodology
increased to BRL4.2 billion, with the adjusted EBITDA margin of
40.9% above the last couple of years and comparing favourably with
its peers.

High FX Debt Exposure

Sabesp should remain carrying risks associated with its high
percentage of foreign-currency debt given its strategy to
continuing accessing international funding. Risks are mainly
linked with cash flow impact in the case of strong devaluation
during significant foreign currency debt maturing periods and
financial covenants calculations, as the company is subject to the
3.65x gross leverage covenant. Nevertheless, Fitch's estimates
that Sabesp would only breach the covenant in the case of a FX
devaluation beyond 60%, assuming the same EBITDA of 2016.

By the end of December 2016, Sabesp's total debt of BRL12.0
billion consisted mainly of multilateral agency loans (BRL3.7
billion), debenture issuances (BRL3.5 billion) and bonds (BRL1.1
billion). From the company's total debt, BRL5.7 billion (or 47%)
was linked with FX variation without any protection. There is
BRL1.4 billion maturing until 2019, in addition to the BRL1.4
billion maturing in 2020, mainly composed of the USD350 million
bonds due 2020.

Lower Hydrological Risk

Sabesp's reservoirs are at sound levels to face the dry rainfall
season during 2017. The company's implemented actions to enhance
water systems interconnection and higher supply capacity has
improved its operating flexibility, which further mitigates
hydrology concerns and should provide stronger resilience to the
company's CFFO generation capacity.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Sabesp include:

-- Total volume billed growth of 1.2% during the next four years
    based on population growth
-- Annual tariff increases aligned with inflation
-- EBITDA margin of around 40%
-- Average annual capex of BRL2.7 billion from 2017 to 2020
-- Dividends payout ratio of 25% of net profit

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- EBITDA margins below 33%
-- Net leverage above 3.5x on a sustainable basis
-- Cash and equivalents + CFFO/short-term debt below 1.3x
-- Higher political risk

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- Sustainable positive FCF generation
-- Cash and equivalents + CFFO/short-term debt above 2.0x
-- Lower FX debt exposure

LIQUIDITY

Sabesp's strong cash balance of BRL1.9 billion by the end of 2016
should moderate after high dividends of BRL823 million scheduled
to be paid in June. Fitch estimates the company's liquidity of
around BRL1.4 billion by the end of 2017, which is moderate.
Sabesp carries manageable debt payment schedule during the next
three years despite sizable maturities as the company benefits
from a proven track record of accessing debt and capital markets
and relies on a sound CFFO generation.

By the end of December 2016, Sabesp's cash and equivalents
position comfortably covered short-term debt of BRL1.3 billion by
1.5x. The ratio (cash and equivalents + CFFO)/short-term debt of
3.9x was also robust.

FULL LIST OF RATING ACTIONS

Sabesp
-- Long-Term Local Currency IDR affirmed at 'BB';
-- Long-Term Foreign Currency IDR at 'BB';
-- USD350 million notes affirmed at 'BB';
-- National Long-Term rating upgraded to 'AA(bra)' from
    'AA-(bra)'.

The Rating Outlook for the corporate ratings is Stable.


ELDORADO BRASIL: Fitch Affirms B+ IDRs, Off CreditWatch Negative
----------------------------------------------------------------
Fitch Ratings has removed from Negative Watch and affirmed
Eldorado Brasil Celulose S.A.'s (Eldorado) Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'B+' and National
scale long-term rating at 'BBB+(bra)'. Fitch has also affirmed the
'B+/RR4' rating for the 2021 notes issued by Eldorado Intl.
Finance GmbH, and guaranteed by Eldorado and Cellulose Eldorado
Austria GmbH. The Rating Outlook for the corporate ratings is
Negative.

Eldorado's ratings remain supported by the company's stable
business profile and cyclical cash flow generation. The ratings
also incorporate the company's high leverage and the expectation
that it will gradually reduce as investments decrease. Fitch does
not expect Eldorado to enter into a new investment cycle in the
short term.

The Negative Rating Outlook reflects the challenging refinancing
conditions Eldorado faces due to continued uncertainty caused by
various investigations. Fitch removed the ratings from Negative
Watch as Eldorado published its audited financial statements
before the deadline of April 30, 2017, preventing debt payments
from accelerating.

KEY RATING DRIVERS

Elevated Refinancing Risk: Since July 2016, the Sepsis and
Greenfield investigations in Brazil included Eldorado and its
parent company, J&F Investimentos S.A. (J&F). The ongoing nature
of these investigations and uncertainty regarding future
management of the company continue to hurt Eldorado's ability to
access capital markets. Should the final outcome of the
investigations be negative, the company's ability to access local
bank financing could be impaired. Eldorado had BRL2.4 billion of
short-term debt as of Dec 31. 2016. This compares with only BRL1.2
billion of cash and marketable securities. Excluding trade finance
lines, debt maturities during 2017 are about BRL941 million.

Improved Cash Flow Generation: Eldorado's ratings remain supported
by the company's stable business profile and cyclical cash flow
generation. Fitch expects adjusted EBITDA to be about BRL1.4
billion in 2017, given net pulp price of USD550/ton. In 2016, the
company reported BRL1.3 billion of adjusted EBITDA, pressured by
weaker pulp prices. The company's cash flow generation is still
pressured by significant financial expenses due to its high debt
load. Eldorado generated BRL671 million of CFFO, but its free cash
flow was negative BRL31 million due to BRL702 million of capital
expenditures. Fitch projects BRL300 million of FCF in 2017 as the
company improves its cost structure and reduces investments.

Leverage to Slowly Reduce: Eldorado's leverage remains high and is
expected to gradually reduce as investments decrease. However,
Fitch expects FCF to remain pressured by high financial expenses,
as total debt is not projected to significantly reduce. In 2016,
net debt/adjusted EBITDA was 6.2x. This represented an increase
from 5.2x in 2015 and was due to a strengthening of the Brazilian
real, which pressured costs, and weaker pulp prices. Fitch expects
the company's net leverage to fall below 4.0x by the end 2018.
Fitch does not expect Eldorado to enter into a new investment
cycle in the short term.

Lower Dependence on Third-Party Wood: Eldorado has a state of art
pulp mill with an annual production capacity of 1.7 million tons
of hardwood pulp. The company has a competitive cash cost
structure and is expected to reduce its dependence on wood from
third parties and the average distance from the forest to the mill
during 2017 and 2018. Eldorado also has some financial flexibility
from its forest base, with the accounting value of the biological
assets of its forest plantations at BRL2.1 billion as of Dec. 31,
2016. The nearly ideal conditions for growing trees in Brazil make
these plantations extremely efficient by global standards and give
the company a sustainable advantage with fiber costs.

DERIVATION SUMMARY

Eldorado has a modern pulp mill with an annual production capacity
of 1.7 million tons of hardwood pulp. The company enjoys an
excellent position in the production cost curve because of very
productive forests, a favorable climate for growing trees, and
modern pulp mill. However, as with other Latin American pulp
producers, Eldorado is exposed to the volatility of pulp prices
that follow the supply and demand imbalance. Eldorado's leverage
is high compared to other Latin America pulp companies, like
Fibria ('BBB-',/Outlook Stable), Suzano ('BB+'/Outlook Positive),
Empresas CMPC ('BBB+'/Outlook Negative), and Celulosa Arauco
('BBB'/Outlook Negative).

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Net pulp prices between USD550 per ton and USD575 per ton in
    2017 and 2018;
-- Pulp sales volume of 1.7 million tons in 2017;
-- FX rate at 3.2 BRL/USD in 2017 and 3.3 BRL/USD in 2018;
-- Base case does not incorporate investments in the new pulp
    mill.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Positive rating actions are not expected;

-- Stronger than expected FCF generation, leading to a consistent
    reduction in leverage to more conservative levels.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- Liquidity falling to levels that considerably weaken short-
    term debt coverage;

-- Negative outcome of the investigations affecting the company's
    ability to access local bank financing.

LIQUIDITY

As of Dec. 31, 2016, Eldorado had cash and marketable securities
of BRL1.2 billion and total debt of BRL9.1 billion, of which about
BRL2.4 billion is due in the short term. Excluding trade finance
lines, debt maturities during 2017 are about BRL941 million.
Eldorado needs to continue to refinance part of its impending debt
maturities, as FCF is still limited and pressured by high
financial expenses.

Total debt was composed of loans from the Brazilian Development
Bank, pre-export financing, export credit agencies, export credit
notes, debentures from Fundo de Investimento do Fundo de Garantia
do Tempo de Servico, a term loan, and senior unsecured notes.
Eldorado reported a loss from derivatives transactions of about
BRL911 million in 2016. In 2015, Eldorado reported gains from
derivatives transactions of BRL1.7 billion. Currently, the company
does not hold any hedge positions.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Eldorado Brasil Celulose S.A.

-- Long-Term Foreign Currency Issuer Default Ratings (IDRs) at
    'B+';
-- Long-Term Local Currency IDR at 'B+';
-- Long-Term National Scale Rating at 'BBB+(bra)'.

Eldorado Intl. Finance GmbH

-- Senior unsecured notes, in the amount of USD350 million and
   due in 2021, at 'B+/RR4'.

The transaction was issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado Brasil Celulose S.A. and Cellulose Eldorado
Austria GmbH.

The ratings have been removed from Negative Watch, and the Outlook
for the corporate ratings is Negative.


OMNI SA: Fitch Affirms & Withdraws 'B' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the Long- and Short Term
Foreign and Local Currency Issuer Default Ratings (IDRs) for Omni
S.A. Credito, Financiamento e Investimento (Omni).

Fitch has withdrawn the ratings as Omni has determined for
commercial reasons that it no longer requires Fitch's
International Rating. Fitch continues to maintain Omni's National
Rating, which remains unchanged since it was last affirmed on
Sept. 27, 2016 at 'BBB-(bra)'/Outlook Stable.

KEY RATING DRIVERS

NATIONAL RATINGS

Omni's National Long-Term rating is driven by the company's stable
funding structure, its satisfactory level of capitalization,
adequate liquidity, and pricing and collection expertise that
resulted in consistent performance within the challenging
operating environment of the past four years.

RATING SENSITIVITIES

NATIONAL RATINGS

The Omni's ratings could benefit from a stronger growth in its
operational income ratios, continued funding diversification, and
a sustained improvement in its asset quality ratios. Specifically,
Omni's ratings may be upgraded if the company manages to increase
operational ROAA to around 2% within the economic cycle and
improve its FCC capitalization levels to above 12% while
maintaining adequate asset and liability management and loan loss
reserves aligned with its asset quality trends.

Negative pressure on the rating may come from: a decrease in
operating earnings and operational ROAA remaining below 1%
combined with a Fitch core capital ratio below 9%; a relevant
increase in the level of encumbered assets; and/or a significant
deterioration of its asset quality ratios.

Fitch has affirmed and withdrawn the following ratings:

Omni S.A., Credito Financiamento e Investimento

-- Long Term Foreign and Local Currency IDRs at 'B'/Outlook
    Stable;
-- Short-Term Foreign and Local Currency IDRs at 'B'.

Fitch continues to monitor the following national scale ratings
for Omni, which were last affirmed on Sept. 27, 2016:

-- National Scale Long-Term rating 'BBB-(bra)'/Outlook Stable;
-- National Scale Short-Term rating 'F3(bra)'.



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


ALKEON GLOBAL: Creditors' Proofs of Debt Due May 24
---------------------------------------------------
The creditors of Alkeon Global Alpha Master Fund L.P. are required
to file their proofs of debt by May 24, 2017, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 6, 2017.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          PO Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


BRIDGEWATER MAC 10: Creditors' Proofs of Debt Due May 22
--------------------------------------------------------
The creditors of Bridgewater MAC 10 Ltd. are required to file
their proofs of debt by May 22, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 7, 2017.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          EY Cayman Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG AD: Creditors' Proofs of Debt Due May 22
--------------------------------------------
The creditors of GLG AD Astra Value Fund are required to file
their proofs of debt by May 22, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 7, 2017.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          EY Cayman Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG ASIAN: Creditors' Proofs of Debt Due May 22
-----------------------------------------------
The creditors of GLG Asian Equity Long-Short Fund are required to
file their proofs of debt by May 22, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 7, 2017.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          EY Cayman Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


LARRAIN VIAL: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Larrain Vial Investment Management Ltd.,
on April 5, 2017, resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Larrain Vial Investment Inc
          Av. El Bosque 0117, 4th Floor
          Las Condes
          Santiago
          Chile
          Telephone: +55 9 23398500


LBC BRIGHTS: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of LBC Brights Creek, Ltd., on March 29,
2017, resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

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


MONARCH RESEARCH: Creditors' Proofs of Debt Due May 22
------------------------------------------------------
The creditors of Monarch Research Alpha Master Fund Ltd are
required to file their proofs of debt by May 22, 2017, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 7, 2017.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          EY Cayman Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


RED RIVER: Commences Liquidation Proceedings
--------------------------------------------
The sole shareholder of Red River Holding, on March 30, 2017,
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

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


TENSOR EUROPE: Creditors' Proofs of Debt Due May 22
---------------------------------------------------
The creditors of Tensor Europe Limited are required to file their
proofs of debt by May 22, 2017, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 7, 2017.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          EY Cayman Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


TIDE POOL: Creditors' Proofs of Debt Due May 25
-----------------------------------------------
The creditors of Tide Pool Offshore Income Fund, Ltd. are required
to file their proofs of debt by May 25, 2017, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 7, 2017.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Landmark Square, 2nd Floor
          64 Earth Close, Seven Mile Beach
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


WATERSTONE MARKET: Creditors' Proofs of Debt Due May 22
-------------------------------------------------------
The creditors of Waterstone Market Neutral Mac 51 Ltd. are
required to file their proofs of debt by May 22, 2017, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 7, 2017.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          EY Cayman Ltd, 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands



=============
E C U A D O R
=============


EMPRESA PUBLICA: Fitch to Rate Sr. Unsecured Notes 'B/RR4'
----------------------------------------------------------
Fitch Ratings expects to assign a 'B/RR4' rating to the senior
unsecured notes issued by Empresa Publica de Exploracion y
Explotacion de Hidrocarburos Petroamazonas EP (PAM). The
transaction is a remarketing of the notes originally issued in
February 2017. The notes are fully covered by a sovereign
guarantee, which constitutes a general, direct, unsecured,
unsubordinated and unconditional obligation of the sovereign. The
guarantee is backed by the full faith and credit of the Republic
of Ecuador and ranks equally in terms of priority with other
sovereign debt.

PAM's senior unsecured notes rating is linked to the Republic of
Ecuador's ratings as guarantor. This linkage reflects PAM's
importance to the government of Ecuador as the main supplier of
the country's energy supply, and large contributor of USD and
government revenues.

KEY RATING DRIVERS

Sovereign Guarantee: Fitch's ratings on PAM's senior unsecured
notes are linked to the Republic of Ecuador's rating as guarantor
of the notes. The notes are fully covered by a sovereign
guarantee, which constitutes a general, direct, unsecured,
unsubordinated and unconditional obligation of the sovereign. The
guarantee is backed by the full faith and credit of the Republic
of Ecuador and ranks equally in terms of priority with other
sovereign debt.

Importance to the Government: PAM is fully owned by the government
of Ecuador. The Republic has absolute control over business
strategies and the company's revenue generation. PAM is
strategically important for the country as it provides the vast
majority of the country's hydrocarbon supply. Government support
is further evidenced by the Minister of Finance's annual
contribution to fund PAM's operations.

Significant Contributor to Government Revenue: Ecuador is highly
dependent on oil. Net revenues to the government from PAM have
historically averaged between USD4.2 billion - USD 7 billion.
These payments represented 15% of public sector revenues in 2015,
a drop from 28% in 2014. This decline is due to the sharp drop in
oil prices. As prices recover, we expect this percentage to climb
to historical levels. PAM has a competitive cost structure and
could withstand depressed prices if its revenue generation was
based on market price, which it is not. Due to a lack of a defined
revenue structure, the company is reliant upon government
transfers to cover its ongoing operations and debt service
payments.

Large FX Flows: Ecuador relies on exports and tourism for
generating US dollars. Crude oil has historically represented 50%
of the country's exports. FX proceeds related to oil declined to
33% of export revenues in 2015 due to the dive in oil prices.
While lower than historical levels, the revenues are still the
largest single source of US dollar inflows. The percentage should
climb toward historical levels in the future as oil prices
rebound. The country's export destinations are rather narrow with
three countries - US (62.4%), Chile (13.%) and Peru (6.0%) -
accounting for more than 80% of exports.

Strong Operational Metrics, Uncertain Revenue Generation: PAM
reported good operational metrics tempered by the uncertainty of
its revenue generation. As of December 2016, PAM's proved reserves
amounted to approximately 1.534 billion barrels of oil equivalent
(boe), of which almost all is oil, equivalent to approximately 13
years of reserve life. PAM's leverage is low at about less than
USD1 of debt per barrel of proved reserves as of December 2016.
Despite adequate production levels and reserve life, political
risk remains high for the company, as its revenue generation
totally depends on fund transfers from the government and the
timing of receipt of these funds.

Sovereign's Weaker Growth and Liquidity Expectations: The sharp
fall in public investment and generally weak potential for foreign
direct investments (FDI) have undermined Ecuador's growth
prospects. Fitch expects the economy to grow by less than 2% a
year over the next two years after a GDP contraction of more than
2% in 2016. Ecuador's external liquidity is weak compared with
peers due to its low international reserves, low FDI and growing
external debt. The external liquidity ratio is 81%, compared with
155% for the 'B' rating category median.

Ecuador's High Deficit Will Increase Debt: Ecuador's fiscal
deficits averaged nearly 5% of GDP in 2013-2015 as financing
constraints eased. Fitch expects the fiscal deficit to widen
further to more than 5.5% of GDP in 2016-2017, leading to a debt-
to-GDP ratio above the legal debt ceiling limit of 40% by end-
2017.

DERIVATION SUMMARY

PAM's ratings reflect its close linkage with the sovereign rating
of Ecuador due to being owned by the Republic of Ecuador and its
strategic importance to Ecuador as one of the largest suppliers of
crude oil to the country. Ecuador depends on oil exports as a
significant source of hard currency for the country, which
historically has represented 50% of the country's exports. The
sovereign linkage is further evidenced by the sovereign guarantee
provided to PAM to cover its debt obligations under the notes.

PAM is well positioned relative to its peers in terms of reserves,
reserve life, and debt/1P reserves. Despite adequate production
levels and reserve life, political risk remains high for the
company as its revenue generation totally depends on fund
transfers from the government and timing for receiving them.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Sr. unsecured notes fully guaranteed by the Republic of
    Ecuador;
-- Production levels remain stable at approximately 360,000
    barrels of oil equivalent per day (boed) and Sacha Field would
    contribute an additional 72,000 boed;
-- Approved budget and consequent government transfers will be
    enough to cover operating expenses, capex investments and debt
    service payments;
-- Annual capex of approximately USD 2 billion per year for 2017-
    2020.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:

-- An upgrade of PAM's sr. unsecured notes guaranteed by the
    government could result from an upgrade of the sovereign.

Future developments that could individually, or collectively,
result in a positive rating change for Ecuador's sovereign ratings
include:

-- Renewed growth momentum, for example, from higher investment
    in the oil sector;
-- Productivity-enhancing reforms and improvements in the
    business environment,
-- A longer track record of servicing external debt and
    implementing policy adjustments to preserve fiscal
    sustainability;
-- Improvements in the economy's external liquidity position

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:

  -- A negative rating action could be triggered by a downgrade of
    the sovereign's rating

The main factors that could individually, or collectively, lead to
a negative rating change for Ecuador's sovereign rating includes:

-- Financing constraints or failure to adjust external accounts
    to low oil prices;
-- Political or social unrest that aggravates economic weakness
    or limits the space for fiscal adjustment;
-- Policies that undermine the sustainability of the
    dollarization regime.

LIQUIDITY

PAM's credit profile is supported by an adequate liquidity
position; the company's cash position as of December 2016 was
USD73 million, which compares favorably to USD19 million of debt
due in 2017. Nevertheless, PAM's liquidity position may weaken as
result of its considerable cash requirements, which may include
capex investments and working capital needs. PAM does not have any
secured committed revolving credit lines. As of December 2016,
total debt was USD38 million. In February 2017, the company issued
approximately USD670 million of notes, which are guaranteed by the
Republic of Ecuador. The company's access to the markets will be
driven by the sovereign's ability to continue tapping the local
and international markets.

FULL LIST OF RATING ACTIONS

Fitch expects to assign the following rating:

-- Sr. unsecured notes guaranteed by the government of Ecuador:
    'B/RR4'



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


DIGICEL GROUP: Seeks More Funds to Clear Debt
---------------------------------------------
RJR News reports that Digicel Group has decided to increase the
amount of funds it is seeking to clear some of its debt.

News came that the group has hiked the figure by 33 per cent to
almost US$1.24 billion in order to fund the early redemption of
bonds that mature in 2020, according to RJR News.

The group's Digicel International Finance Limited subsidiary,
which owns assets across the Caribbean, signaled at the end of
last month that it planned to raise US$935 million in senior
secured loans that are due to be repaid within the next five to
seven years, the report notes.

This would allow the group to redeem its US$856 million of
existing secured loans, which are due to be repaid between March
2018 and March 2019, the report relays.

Digicel however decided to increase the amount of debt it is
raising by US$300 million, RJR News notes.

In a statement, the report cites, Digital said this will enable it
to finance an early buy back of US$250 million of bonds that are
due to mature in February 2020 and which carry an annual interest
rate of 7 per cent.

Ireland's Independent newspaper said the heavily indebted company
is also seeking to secure a US$100 million revolving credit
facility, RJR News conveys.

The upsized fundraising would give the company additional
financial headroom over the medium term, ahead of its next big
debt maturity, when US$2 billion of bonds fall due for repayment
in late 2020, the report relays.

The group is currently in the middle of its biggest-ever
restructuring plan, which would see 1,500 of its staff, or a
quarter of its workforce, leave the company by the middle of next
year, RJR News says.

Meanwhile Fitch Ratings has estimated Digicel will start
generating cash again from the full year to March 2018 on the back
of an expected rebound in earnings and lower investment demands.
According to Fitch, the group's free cash flow has been negative
in recent years due to high capital expenditure for fibre network
investments.

As reported in the Troubled Company Reporter-Latin America on
April 28, 2017, Moody's Investors Service has affirmed the B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR) of Digicel Group Limited following the issuance of
bank credit facilities by its subsidiary Digicel International
Finance Limited.  Moody's has assigned a Ba2 (LGD-1) rating, to
DIFL's new $635 million term loan B, $100 million revolving credit
facility and $300 million term loan A. The proceeds will be used
to repay an $837 million credit facility at DIFL as well as for
general corporate purposes. Moody's has also affirmed the B1 (LGD-
3) rating on the unsecured notes of Digicel Limited ("DL") and the
Caa1 (LGD-5) rating on the unsecured notes of DGL. The outlook
remains stable.



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


GRUPO ELEKTRA: Fitch Raises Long-Term IDRs to BB; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Grupo Elektra, S.A.B. de C.V.'s
(Elektra) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) to 'BB' from 'BB-' and the National Long-Term Rating
to 'A+(mex)' from 'A(mex)'. The Rating Outlook is Stable. A full
list of rating actions follows at the end of this press release.

The rating upgrade reflects Elektra's improvement in profitability
and leverage over the years, as well as its flexibility to quickly
adapt to adverse economic conditions. The upgrades also reflect
the company's consistent operating improvements and strategy
execution to consolidate and reorganize the group.

The rating upgrades take into account Elektra's efforts to keep
the business in line with consumer trends and to be more
accessible to its market. Fitch also factors positive the
company's initiatives to strengthen its management and corporate
culture.

Elektra's ratings are supported by its market position in the
retail business as one of the main Mexican department store
chains, operational and financial linkage with Banco Azteca S.A.
(BAZ; rated 'AA-(mex)'/'F1+(mex)' ), as well the company's sizable
liquidity position and financial flexibility. The ratings also
consider the company's foreign exchange exposure of part of its
inventories and the controlling ownership by the Salinas family.

KEY RATING DRIVERS

Strong Market Position

Elektra's market position is supported by the diversification of
its operations and the linkage with BAZ, one of the Mexican banks
with most granularity in the country. Elektra has a nearly 67-year
track record in the commercialization of durable goods, with
operations in six Latin American countries including Mexico. The
company also has a presence in the U.S. through its subsidiary
Advance America (AEA), a payday lending and other short-term
financial services provider.

Elektra generates about 72% of the group's consolidated revenues
in Mexico (including retail and financial businesses). However,
Fitch believes that the operations in other countries across Latin
America, somewhat mitigates revenue concentration.

BAZ Supports Elektra's Ratings

The linkage between Elektra's retail and financial divisions is
strong as both depend on one another to complete service offerings
to customers. The retail division complements its product sales by
offering BAZ credit services, while BAZ maintains a strong base of
customer derived from Elektra and Salinas y Rocha's shoppers.

Last February, Fitch upgraded BAZ's ratings based on the bank's
structural improvements in its origination and collection
processes, which has resulted in the portfolio's quality
enhancement and sustained profitability through economic cycles.
BAZ's ratings reflect the bank's capacity to adjust to adverse
operating environments and its robust position in its main market,
consumer loans to the medium-low income segment of the population.
Furthermore, they incorporate the bank's solid funding structured
through an ample, stable and diversified base of core customer
deposits as well as its good liquidity position.

Stable Leverage Expected

Elektra's total adjusted debt to EBITDAR for the retail operation,
which excludes the banks in Mexico and Latin America, should be
close to 3.0x over the long term. For the year end as of Dec. 31,
2016, the retail division lease adjusted debt-to-EBITDAR
(excluding non-cash items) was 2.8x and the adjusted net debt-to-
EBITDAR was 0.6x (considering marketable securities), an
improvement from the 3.7x and 1.7x a year before, respectively.

As of March 31, 2017, consolidated total adjusted debt to EBITDAR
(as per Fitch's criteria) is 1.6x. Fitch expects this ratio to be
around 2.3x in the short to medium term. Debt is mainly composed
of local issuances. Where financial services (FS) activities are
consolidated by a rated entity, Fitch criteria assumes a capital
structure for FS operations, which is strong enough to indicate
that FS activities are unlikely to be a cash drain on retail
operations over the rating horizon. Then, the FS entity's debt
proxy, or its actual debt (if lower), can be deconsolidated and
the remainder debt used for credit metric calculations.

Currency Exposure Partially Mitigated

Some of Elektra's inventory is exposed to currency variations as a
portion of it is linked to USD. This could potentially pressure
profit margins for some products if this effect is not reflected
in price increases, or might affect sales volumes if the effect is
passed through prices. However, this exposure is partially
mitigated by Advance America's (AEA) cash flows and money transfer
fees collected in USD by Elektra.

In addition, Fitch believes the company should have the
flexibility to face currency variations effects by changing its
sales mix or extending its credit periods to customers, among
other measures. During December 2016 and February 2017, Elektra
prepaid its USD550 million senior notes denominated in USD,
reducing importantly its exposure to currency variations.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- Revenue growth for retail business of 6% average per year and
    EBITDA margin of 18.5% per year;
-- Revenue growth for AEA of 2.8% average per year and EBITDA
    margin of 11.9% per year;
-- Revenue growth for BAZ of 3.3% average per year and EBITDA
    margin of 12.3% per year;
-- Annual growth of 5.8% in banking deposits;
-- Accounts receivables portfolio growing at 8.9% per year;
-- NPL provisions of MXN7.3 billion per year;
-- Capex of MXN3.9 billion annually;
-- Dividend payments growing at 7% per year;
-- The company refinances its debt maturities.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to negative rating actions include:

-- Sustained adjusted debt to EBITDAR for the retail division
above 4.0x, sustained adjusted net debt to EBITDAR for the retail
division above 3.0x (including readily available cash equivalents,
as per Fitch's calculations), sustained consolidated adjusted debt
to EBITDAR (as per Fitch's criteria) above 3.0x, deterioration in
Banco Azteca's creditworthiness, as well as a weakening in
corporate governance practices.

Factors that may, individually or collectively, lead to positive
rating actions include:

-- A sustained decrease in adjusted leverage and adjusted net
leverage for the retail division to levels below 2.5x and 1.5x,
respectively; sustained consolidated adjusted debt to EBITDAR (as
per Fitch's methodology) below 1.5x, a strengthening of the bank's
creditworthiness coupled with solid performance of the retail
business revenue, profitability and cash flow dynamics, as well as
Fitch's perception of a continued strengthening in corporate
governance.

LIQUIDITY

Elektra's liquidity position is sound. As of March 31, 2017, cash
for the retail division was MXN5.3 billion and short-term debt was
MXN3.3 million. Fitch believes that Elektra's MXN8.6 billion
marketable financial instruments portfolio could provide
additional liquidity if required.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings:

-- Long-Term Foreign- and Local-Currency Issuer Default Rating
    (IDR) to 'BB' from 'BB-';
-- Long-Term National Rating to 'A+(mex)' from 'A(mex)';
-- Short-Term National Rating to 'F1(mex)' from 'F2(mex)';
-- MXN5.0 billion unsecured CBs (ELEKTRA 16) due 2019 to
    'A+(mex)' from 'A(mex)';
-- MXN0.5 billion unsecured CBs (ELEKTRA 16-2) due 2023 to
    'A+(mex)' from 'A(mex)';
-- Short-Term portion of Certificados Bursatiles program for up
    to MXN10 billion to 'F1(mex)' from 'F2(mex)'.

The Rating Outlook is Stable.


SU CASITA: Fitch Affirms CCsf Rating on Class A RMBS
----------------------------------------------------
Fitch Ratings has affirmed the 'CCsf' and 'D(mex)' ratings of Su
Casita Trust's class A and class B residential mortgage backed
securities (RMBS), respectively.

KEY RATING DRIVERS

Persistent Liquidity Risk and Exposure to Non-Performing Assets:
Intrinsic interest payments on the notes are still dependent on
Real Estate Owned (REO) sales, which are relatively volatile. REO
inventory is 299 houses (per notes the March 2017 servicer report)
while the mortgage portfolio is still highly broken up into 3,070
loans. +91 days defaulted loans represent 22.9% of the securitized
original loan balance and 63.2% of their aggregate outstanding
balance, according to Fitch's calculations. Positively, 51% of
total existing defaulted loans are reported to have initiated
special collection processes, which Fitch expects to result in
more REOs ready to be sold in the near future. Fitch considers REO
sales continue showing adequate growth since Proyectos Adamantine
(rated 'AAFC2(mex)'/Outlook Positive) took over as secondary
servicer. Total sold properties were reported at 98 during 2016,
which favorably compares to 12 in 2015. However, observed recovery
rates (Net REO sales proceeds / reported Loan Balance at default
date) during 2016 were lower than those observed in 2015 (47.6%
vs. 58.5%).

Negative Intrinsic (Without External Guarantees) Credit
Enhancement (CE): As of March 2017, class A overcollateralization
(excluding +91 days delinquent loans from the loan pool) was still
negative and stood at -105.9% or -93% when excluding +181 days
delinquent loans. While still low, both levels are better than 12
months ago, partially because of the implementation of loan
modification products and, to a lesser extent, the gradual
amortization of the notes. Class B's rating also considers the
tranche's structural subordination to class A and its consistent
default on accrued interest payments. The repayment on the class A
notes is becoming dependent on an unrated third party guarantee.

Consistent Servicing Activities: Servicing efforts are focused on
promoting cash flow through keeping loans current, restructuring
delinquent loans and recurrent sales of REOs. The number of
restructured loans is consistently growing and special collections
exhibit reasonable results as delinquent loans transit through the
foreclosure process. As of March 2017, total outstanding
restructured loans represent 19.3% of current portfolio and about
7.7% of the original portfolio at the closing date.

RATING SENSITIVITIES

Class A's ratings exhibit limited upgrade potential. Among other
factors, they would be downgraded if REO management deteriorates,
if special collection efforts do not result in better recovery
prospects in the foreseeable future, or if the third party
guarantee stops making payments since class A's interest and
principal payment have become more dependent on such external
credit protection. As of this date, Recovery Estimates (RE) for
the class A outstanding balance (without taking into account the
third party guarantee) are approximately 70% (RE70%).

Fitch has affirmed the following ratings:

-- Class A floating rate notes due 2035 at 'CCsf'; RE70% and
    'CC(mex)vra';

-- Class B UDI-indexed notes due 2035 at 'D(mex)'.


UNIFIN FINANCIERA: Fitch to Rate Proposed Senior Notes 'BB'
-----------------------------------------------------------
Fitch Ratings has assigned an expected Long-Term rating of
'BB(EXP)' to Unifin Financiera, S.A.B. de C.V., SOFOM E.N.R.'s
(Unifin) proposed senior notes. The final rating is contingent
upon the receipt of final documents conforming to the information
already received.

Proposed senior notes, up to USD500 million, will have a maturity
of seven years (due 2024) with semi-annual fixed-rate interest
payments and the principal will be paid on the maturity day.

The notes will be unconditionally guaranteed by two subsidiaries
of the entity: Unifin Credit, S.A. de C.V. Sofom, E.N.R. and
Unifin Autos, S.A. de C.V. The notes will be Unifin's and the
subsidiaries' guarantors senior unsecured obligations.

KEY RATING DRIVERS

The 'BB(EXP)' rating reflects that these are senior unsecured
obligations of Unifin that rank pari passu with other senior
indebtedness, and therefore, this rating is aligned with the
company's 'BB' Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs).

Unifin's ratings reflect its moderately sized franchise in the
financial sector and its sound national market position in
leasing. It also reflects its business expertise and robust legal
resources for collection purposes, which have allowed it to
consistently generate earnings and maintain adequate asset quality
under sustained expansion and ambitious targets. Unifin's ratings
also reflects its decreasing capitalization, its aggressive growth
and high business concentration, as well as the company's improved
but still concentrated securitizations funding profile.

Unifin's leverage and capitalization ratios have been gradually
deteriorating due to the accelerated growth and recurrent dividend
payment. As of March 2017, Unifin's leverage measured as total
debt-to-tangible equity reached 8.1x, which Fitch considers
inconsistent with the current rating level. However, Unifin is
planning to strengthen its capitalization metrics in the next 12
months through an extraordinary capital injection that would
release capital pressure, driving the capital to assets ratio to
nearly 15%. As of March 2017, equity-to-assets ratio adjusted by
the unreserved portion of the impaired portfolio (as calculated by
Fitch) was 10.3% (2016: 11.5%). Unifin's challenge is to maintain
healthy levels of capitalization due to its expected growth and
limited loan loss reserves.

Unifin is the national leader for specialized independent (i.e.
not related to a banking-holding company) leasing in Mexico and
still holds third place within the total leasing sector. Fitch
believes that Unifin's growth targets are aggressive. At end of
March 2017, Unifin's loan portfolio grew approximately 61% over
YoY, and strong growth is expected to continue for the next few
years.

Unifin's ample expertise drives its strong ability to consistently
generate earnings through economic cycle. Over the past four
years, operating profit-to-average assets averaged 5% and 43% of
average equity (Operating ROE). As of March 2017, operating
profit-to-average assets and operating ROE were 4% and 31%,
respectively. The entity's good financial results are driven by
controlled operational expenses and its reasonable interest
margins due to loan portfolio growth, controlled funding costs and
its business focus on SMEs. However, Fitch considers Unifin's
profits as somewhat overestimated because of its low reserve
coverage relative to other institutions.

Unifin's asset quality is adequate and has had reasonable non-
performing loans (NPLs) levels, almost no charge-offs and low
levels of foreclosed assets. However, it still exhibits limited
reserve coverage. In Fitch's view, Unifin's adherence to its
credit policy, adequate collection practices, ownership of the
leased assets and the solid legal methods to recover them mitigate
the possibility of a material deterioration of its asset quality.
Under Fitch's metrics, the NPL ratio (NPLs at 90-days overdue plus
the remaining contractual rents) averaged around 3.7% in the past
four years with reserves for impaired loans coverage of less than
25% impaired loans (As of March 2017: 3.5% and 18%, respectively).

Concentration per client relative to capital has improved. The top
20 obligors with respect to equity represented 0.9x Unifin's total
equity as of March 2017 (March 2015: 1.8x). However, concentration
by client continues to be exacerbated by the low loan loss reserve
cushion, which does not even cover the main debtor.

Unifin has diversified its funding sources over the past years;
however, in Fitch's view it still holds important concentrations
in market debt issuances. Unifin is heavily reliant on wholesale
debt through local debt issuances via securitizations and
international bonds (62% of its total interest-bearing
liabilities) and the company has proven stability in the debt
markets since 2006.

In addition, Unifin has access to national and international
development banks and commercial bank facilities. Fitch believes
Unifin's business model will continue favoring securitization as
the main funding source. Because of its latest global debt
issuance Unifin increased the average maturity of its financial
liabilities and improved its liquidity profile, thereby reducing
its tenor mismatches. The currently rated expected debt issuance
will also be positive for maturity matching. This partially
mitigates refinancing risk arising from the entity's high reliance
on market securitizations, its aggressive asset growth plans and
the bullet nature of most of its market-driven funding. The latter
is also partially offset by the flexibility provided by the
current portfolio securitizations. Unifin holds 43% of
unencumbered assets as of March 2017.

RATING SENSITIVITIES

Given their senior unsecured nature, these notes will typically be
aligned with the company's IDRs, and the rating of the notes will
mirror any potential change to Unifin's IDRs.

Unifin's International scale ratings could be downgraded in the
event that the expected capitalization does not occur and its
capitalization and leverage indicators remain pressured.
Specifically, under a scenario of a sustained total debt-to-
tangible equity ratio above 7x and/or a equity-to-assets ratio
adjusted by the unreserved portion of the impaired portfolio (as
calculated by Fitch) below 11.5%. Downside potential could also
arise from a material deterioration of asset quality metrics or
risk concentrations (top 20 concentrations above 2.0x equity).

In turn, controlled growth accompanied by risk diversification and
consistent financial performance could benefit Unifin's ratings.
Specifically, the ratings could be upgraded if leverage reaches
and remains at levels consistently below 5x and/or its tangible
equity-to-tangible asset ratios are sustained over 10%. Additional
improvements in Unifin's funding profile (i.e. diversification,
length and staggering of debt maturities), as well as top 20
concentrations consistently below 1x company's equity could be
positive for the ratings.



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


PUERTO RICO: Fitch Ratings Unchanged by PROMESA Bankr. Filing
-------------------------------------------------------------
The Commonwealth of Puerto Rico's ratings are unchanged following
the filing on May 3, 2017 by the Puerto Rico Oversight Board of a
petition under Title III of the Puerto Rico Oversight, Management
and Economic Stability Act (PROMESA), according to Fitch Ratings.

The sales tax bonds of the Puerto Rico Sales Tax Financing
Corporation (COFINA) and the pension funding bonds of the
Employees Retirement System of the Commonwealth of Puerto Rico
(ERS) are currently rated 'C' by Fitch and are on Rating Watch
Negative. The 'C' rating indicates Fitch's belief that default of
some kind on the COFINA and ERS bonds appears inevitable due to
the Commonwealth's previously stated intent to restructure its
debt.

Although sales tax revenues pledged to COFINA continue to be set-
aside per the flow of funds and debt service has been paid, there
is significant uncertainty as to the eventual impact of a broader
restructuring of the commonwealth's debt on COFINA bondholder
protections.

The ERS has begun to draw on the debt service reserve to make debt
service payments. A default on the pension bonds is expected once
the debt service reserve is depleted, which is expected as early
as this month (May 2017). Under the Commonwealth's debt
moratorium, enacted in April 2016, the Commonwealth has suspended
transfers of employer contributions to the ERS in an amount equal
to the debt service payable by the ERS and suspended the
obligation of the ERS to transfer pledged funds to the trustee
under the bond resolution.

Fitch rates securities on which the Commonwealth has already
failed to make full and timely payment 'D'. These securities
include the general obligation (GO) bonds and government
facilities revenue and revenue refunding bonds, issued by the PR
Building Authority and guaranteed by the Commonwealth.

The Commonwealth's Issuer Default Rating (IDR) remains 'RD',
indicating that the issuer has defaulted on a select class of its
debt.

Other ratings of Commonwealth entities include:

Puerto Rico Electric Power Authority (PREPA): The current rating
of 'C' and the Rating Watch Negative continue to reflect Fitch's
view that a payment default or restructuring of PREPA's debt
obligations is inevitable. A common component of the PREPA
restructuring plans being considered is the reduction of existing
debt by means of a proposed distressed debt exchange.

Puerto Rico Aqueduct and Sewer Authority (PRASA): PRASA's rating
of 'C' and Negative Watch reflects Fitch's view that a payment
default or restructuring appears inevitable. PRASA's fiscal plan
recently approved by the Oversight Board projects annual
shortfalls over the next 10 years absent significant cuts in debt
service costs or sizeable rate increases that may be untenable. To
date, PRASA has made all payments related to its rated bonds,
although PRASA entered into forbearance agreements related to its
state revolving fund and rural development obligations in June
2016 and currently owes more than $70 million to contractors.

Housing Finance Authority (HFA): Fitch currently rates two of the
Authority's outstanding bond issues; both ratings are on Rating
Watch Negative:

-- Puerto Rico Housing Finance Authority capital fund
    modernization program subordinate bonds (Puerto Rico Housing
    Projects), series 2008 (Non-AMT) 'A'. The capital fund bonds
    are secured by payments from Puerto Rico Public Housing
    Administration's public housing HUD capital fund annual
    appropriations;

-- Puerto Rico Housing Finance Authority mortgage-backed
    certificates, 2006 series A 'AAA'. The certificates are
    limited obligations of the issuer secured by the revenues and
    assets of a trust indenture portfolio of GNMA and FNMA MBS.



=============
U R U G U A Y
=============


URUGUAY: IIC Finances Valentines Wind Farm
-------------------------------------------
The Inter-American Investment Corporation (IIC), acting on behalf
of the Inter-American Development Bank (IDB) Group, has disbursed
a US$120 million financing package to Areaflin, S.A. to support
the construction, operation, and maintenance of the Valentines
Wind Farm in Uruguay.

The 70 MW project will provide clean energy to over 100,000
Uruguayans at cheaper rates than fossil-fuel based alternatives.
It will generate approximately 311.4 GWh of renewable energy per
year and will reduce annual emissions by approximately 187,726
tons of CO2e.

The financing includes an IDB A-loan of US$68.6 million, a B-loan
of US$17 million from BBVA, and a US$34.3 million Co-loan from the
China Co-Financing Fund for Latin America and the Caribbean. The
A-loan and the Co-loan offer a tenor of 18 years, while the B-loan
has a tenor of 16 years.

Uruguay's state-run electric utility, Administracion Nacional de
Usinas y Trasmisiones Electricas (UTE), owns 20% of Areaflin's
shares. The project attracted the remaining 80% of the capital
through an initial public offering (IPO) on the Montevideo Stock
Exchange in December 2016.

Valentines is the first wind project to access Uruguayan capital
markets tapping exclusively individual investors. The transaction
has introduced new financing options for renewable energy projects
in the country, increasing the participation of local investors.



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


VENEZUELA: President Calls for New Venezuelan Constitution
----------------------------------------------------------
Kejal Vyas at The Wall Street Journal reports that Venezuela
President Nicolas Maduro signed an order to convene a special
assembly to redraft the country's constitution, the latest in a
string of efforts to retain power in the face of mounting protests
and civil unrest.

Mr. Maduro called for a vote -- though it remained unclear among
whom -- to elect a so-called constituent assembly, which would in
theory become the nation's highest authority, according to The
WSJ.

The WSJ cites that the opposition responded by pledging to
intensify antigovernment demonstrations.  They called on
protesters to block roads in rejection of what they said was the
leftist leader's latest attempt to violate democratic order and
avoid elections that polls show his ruling Socialist Party would
overwhelmingly lose, the report notes.

Mr. Maduro said a constituent assembly would ease Venezuela's
crippling economic crisis, guarantee peace and beat back what he
alleges are efforts to destabilize his administration, without
explaining in detail how, the report notes.

But legal experts said Mr. Maduro's decision was a last-ditch
effort to sideline his rivals who control the National Assembly,
The WSJ relays.  While Mr. Maduro has largely neutered the
legislature by barring it from passing laws, lawmakers have warned
international investors that any deals with the government would
be illegal unless approved by congress, curtailing the cash-
strapped Maduro administration's ability to secure credit lines
overseas, the report relays.

Mr. Maduro's proposal, the first call for a constituent assembly
since his mentor and predecessor, Hugo Chavez, rewrote the
constitution in 1999, came as thousands of Venezuelans took to the
streets, facing tear gas and National Guard armored vehicles for
the fifth straight week to demand an immediate end to the
president's autocratic rule, the report relays.

At least 29 people have died over a month of clashes between
demonstrators and state security forces that are sometimes backed
by armed paramilitary gangs, work as the Socialist government's
enforcers and often charge into opponents on motorbikes, the
report notes.

After scrapping regional elections last year, Mr. Maduro in recent
days has said that he would be open to holding those elections
later this year and has called for dialogue with his detractors,
The WSJ reports. But the opposition has said anything short of
general elections to vote on the presidency would be insufficient,
the report relays. They have also forgone renewed talks with the
government after Vatican-mediated negotiations last year broke
down, the report adds.

As reported by The Troubled Company Reporter-Latin America
S&P Global Ratings, on Feb. 28, 2017, affirmed its 'CCC' long-term
foreign and local currency sovereign credit ratings on the
Bolivarian Republic of Venezuela.  The outlook on both long-term
ratings remains negative.  S&P also affirmed its 'C' short-term
foreign and local currency sovereign ratings.  In addition, S&P
affirmed its 'CCC' transfer and convertibility assessment on the
sovereign.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *