text: TCRLA_Public/170123.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, January 23, 2017, Vol. 18, No. 016 HeadlinesA R G E N T I N AAES ARGENTINA: Fitch Assigns 'B/BB-' IDRs, Outlook StableCOMPANIA LATINOAMERICANA: Fitch Rates Sr. Notes Reopening 'B-'SANTANDER RIO: Moody's Says Citi Deal No Impact on Credit StrengthB A R B A D O SBARBADOS: Warns That Economy Will Struggle Unless FDI ImprovesC A Y M A N I S L A N D SAQR OFFSHORE: Placed Under Voluntary Wind-UpBTG PACTUAL G7: Placed Under Voluntary Wind-UpBTG PACTUAL PAR: Placed Under Voluntary Wind-UpBURNABY HOLDINGS: Commences Liquidation ProceedingsCORBIN MACRO: Placed Under Voluntary Wind-UpFINE ACE: Placed Under Voluntary Wind-UpFREESTYLE SPECIAL: Commences Liquidation ProceedingsLV PACIFIC: Commences Liquidation ProceedingsPANTHALASSA GP: Commences Liquidation ProceedingsPRASLIN LIMITED: Placed Under Voluntary Wind-UpRIOGAMA LIMITED: Commences Liquidation ProceedingsSECUREX LIMITED: Commences Liquidation ProceedingsTHREE MOUNTAIN MASTER: Commences Liquidation ProceedingsC O S T A R I C ACOSTA RICA: Fitch Lowers IDRs to 'BB' & Alters Outlook to StableD O M I N I C A N R E P U B L I CDOMINICAN REPUBLIC: Chief's Severance Pay 'Defense' Harms TalksJ A M A I C AJAMAICA: Minister Reveals Plans to Reduce Property Tax ArrearsM E X I C OBIO PAPPEL: Moody's Withdraws B1 CFR for Business ReasonsMEXICO: New Maquiladora Investment on Hold Amid Trump FearsP U E R T O R I C OPUERTO RICO: Agency Taps Denton US to Advise on RestructuringSOTO REEFER: Banco Popular to Be Given Copy of Plan DisclosuresT R I N I D A D & T O B A G OTRINIDAD & TOBAGO: Saved Only US$2.6BB Over 100Yrs, Economist SaysX X X X X X X X X* BOND PRICING: For the Week From Jan. 16 to Jan. 20, 2017 - - - - -=================A R G E N T I N A=================AES ARGENTINA: Fitch Assigns 'B/BB-' IDRs, Outlook Stable---------------------------------------------------------Fitch Ratings has assigned first time Long-Term Foreign and LocalCurrency Issuer Default Ratings of 'B' and 'BB-', respectively, toAES Argentina Generacion S.A. The Rating Outlook is Stable.In addition, Fitch has assigned an expected rating of'B+(EXP)/RR3' to the company's proposed debt issuance of up toUS$300 million, which matures in 2024. The company expects to usethe proceeds from the issuance to refinance existing debt, fundcapital expenditures and for general corporate purposes. KEY RATING DRIVERSAES Argentina's ratings reflect the industry's improvingregulatory risk; counterparty risk to Compania Administradora deMercado Mayorista Electrico S.A. (CAMMESA) as main offtaker; thecompany's strong competitive position, and sound metrics supportedby an increase in dollar linked cash inflows from past duereceivables related to the Fund for Investments Required toIncrease the Electric Power Supply (FONINVEMEM). Finally, thecompany's ratings also reflect the macro-economic environment,including high inflation and steep currency devaluation and to alesser degree implicit support and synergies with parent companyAES Corp.AES Argentina's ratings are constrained by the 'B' country ceilingof the Republic of Argentina. Fitch has assigned a countryceiling of 'B' to the Republic of Argentina, which limits theforeign currency rating of most Argentine corporates. Countryceilings are designed to reflect the risks associated withsovereigns placing restrictions upon private sector corporates,which may prevent them from converting local currency to anyforeign currency under a stress scenario, and/or may not allow thetransfer of foreign currency abroad to service foreign currencydebt obligations. Since taking power in December 2015, theMauricio Macri administration removed FX controls introduced in2011 and increased the flexibility of the Argentine peso, whichshould contribute towards improving the capacity of the economy toabsorb external shocks and relieve pressure on internationalreserves.Fitch expects to assign an 'RR3' Recovery Rating to AESArgentina's proposed issuance, which reflects good recoveryprospects in the event of default given the company's solidbalance sheet and cash flow generation. Fitch believes that thecompany's default, should it occur, would be most likely driven bytransfer and convertibility restrictions imposed upon the paymentof foreign debt, not a material deterioration of the company'sbusiness or financial profile. IMPROVING REGULATORY RISKAES Argentina's ratings reflect high regulatory risk given stronggovernment influence in the Electric/Utilities sector. AESArgentina operates in a highly strategic sector where thegovernment both has a role as the price/tariff regulator and alsocontrols subsidies for industry players. Fitch believes therecent resolutions implemented by the new government reflect atrend of less government interference and discretion in the powergeneration sector. Since 2013, the Secretariat of Energyintroduced material changes to the structure and operation of thewholesale electricity market (WEM, resulting in electric tariffsthat have almost doubled. Additionally, the Ministry of Miningand Energy, under Resolution 22/2016 adjusted the spot pricetariffs for energy sales under the Energia Base framework. COUNTERPARTY EXPOSUREAES Argentina depends on payments from government agency CAMMESA,which can be volatile given that the agency depends on thenational government for funds to make payments. In 2015, CAMMESAreceived approximately USD10 billion in funds from the Argentinetreasury, which was an increase from the USD8.7 billion injectionin 2014.During 2014-2015, AES Argentina and multiple players in theelectricity sector in Argentina experienced significant collectiondelays from CAMMESA increasing to 115 days from a historical 80days. This trend has been reverted during the second half of 2016and as of November 2016 became current at 41 days. Fitch believesthe current government measures are trending toward a more stableand sustainable system in the long term, although furtherregulatory changes will need to be implemented to make it anefficient open market. STRONG COMPETITIVE POSITIONAES Argentina owns a portfolio of well diversified generationassets in terms of operational technologies and geographicalpresence with 44% hydroelectric generation and 56% thermoelectric,allowing the company to mitigate risks associated with machinestops and the exposure to hydrological risk faced by itshydroelectric plants. This, combined with a significantgeneration capacity of close 2.76 GW (5 GW if considering Jose deSan Martin, Belgrano and Guillermo Brown) and a market share of8.2% in the Argentine matrix positions AES Argentina ascompetitive player in the Argentine market. Additionally, thegeographic location of AES Argentina's generation plants providesa relevant advantage in terms of access to fuel and to the grid indifferent connection points. STRONG CREDIT METRICSAs of December 2015, AES Argentina's financial metrics were strongwith a limited leverage and good coverage figures. Debt toEBITDA, including debt with CAMMESA, stood at 1.5x whileEBITDA/Interest expenses was 5.6x. For the last twelve monthsending September 2016, the company's EBITDA was approximatelyARS1,146 million, compared with ARS2,346 million of financial debtresulting in a total debt/EBITDA of 2.0x. Net of the debt withCAMMESA, leverage ratios for 2015 and LTM September 2016 were1.33x and 1.69x, respectively.Regarding the debt with CAMMESA, it is mostly related to loansprovided by the government agency for maintenance and / orimprovements of generation assets. Such debt, denominated inlocal currency, has special conditions according to the localregulation and it will be cancelled against specific credits(accounts receivable for certain remuneration items) that AESArgentina has with CAMMESA, and therefore it does not result indirect cash outflows.Fitch expects consolidated leverage to remain around 3.0x for 2017- 2020 although it might temporarily surpass this number as thecompany funds a portion of its expansion plan with debt in 2017.Including USD denominated receivables related to FONINVEMEM anddividends received from associates and excluding debt withCAMMESA, Fitch expects debt to adjusted EBITDA to be 1.7x onaverage for 2017 - 2020. USD DENOMINATED FLOWSAlthough all the company's energy sales are denominated in ARS,the company benefits from USD denominated receivables related tofunds contributed to the FONINVEMEM. Fitch expects the company toreceive between USD 60- USD 70 million during 2017 -2020. CAMMESAhas made timely payments related to FONINVEMEM since San Martinand Belgrano began operations in 2010, FONINVEMEM receivablesrelated to Guillermo Brown started being paid in 2016. Fitchbelieves these receivables will cover between 2.5x-3.0x thecompany's debt service. KEY ASSUMPTIONSFitch's key assumptions within the rating case for AES Argentinainclude: -- Installed capacity of 2,760MW; -- Gross Generation of 9,155GWh in 2016, and annual average generation of 10,700 GWh for 2017 - 2019; -- Average tariff s increasing in Argentine pesos, but in USD terms remaining flat around USD21 to USD22 per MWh; -- Availability and load factors in line with historicals; -- Maximum dividend payout to guarantee a minimum cash balance of USD15 to USD20 million per year; -- EBITDA margins of 42% - 43%; -- USD denominated flows related to FONINVEMEM of approximately USD64 million per year, mainly associated to Guillermo Brown. RATING SENSITIVITIESAn upgrade to Argentina's ratings could result in a positiverating action. In addition, substantial positive changes in theregulatory environment which would increase the certainty of cashflows could prove favorable to AES Argentina Generacion's creditquality.AES Argentina's ratings could be negatively affected by acombination of these: -- Argentina's ratings downgrade; -- Given high dependence on the subsidies by CAMMESA from the Treasury and CAMMESA being its off-taker, any further weakening of Argentina's fiscal accounts could have a negative impact on the company's collections / cash flow; -- A significant deterioration of credit metrics. LIQUIDITYAs of Dec. 31, 2105, AES Argentina presented an adequate capitalstructure with a moderate leverage and good credit metrics. Debtto EBITDA stood at 1.5x in ARS, having been under 2.0x for thepast five years. Much of the debt is with CAMMESA which aremainly related to the expansion of AES Parana's generationcapacity.Regarding the debt with CAMMESA, it is mostly related to loansprovided by the government agency for maintenance and / orimprovements of generation assets. Such debt, denominated inlocal currency, has special conditions according to the localregulation and it will be cancelled against specific credits(accounts receivable for certain remuneration items) that AESArgentina has with CAMMESA, and therefore it does not result indirect cash outflows.The company does not faces significant financing needs over theforeseeable future. AES Argentina will require refinancing itsexisting debt becoming due in the next three years. Proceeds fromthe proposed issuance are expected to be used to refinanceexisting debt and finance capex, improving the company's liquidityposition and mitigating its refinancing risk.AES Argentina has wide access to short-term financing in Argentinagiven its low leverage and strong relationship with local banks.The company also has uncommitted credit lines (undrawn withseveral banks). The company has a minimum cash balance ofapproximately USD15 million as an estimation based on requirementsfor sustaining one month of coal inventory and one month ofworking capital requirementsFULL LIST OF RATING ACTIONSFitch has assigned these ratings: -- Long-Term Foreign Currency IDR 'B'; Stable Outlook; -- Long-Term Local Currency IDR 'BB-'; Stable Outlook; -- $300 million senior unsecured notes due 2024 'B+(EXP)/RR3'.COMPANIA LATINOAMERICANA: Fitch Rates Sr. Notes Reopening 'B-'--------------------------------------------------------------Fitch rates the USD100 million reopening of CLISA-CompaniaLatinoamericana de Infraestructura y Servicios S.A.'s (CLISA)USD200 million 9.5% senior unsecured notes due 2023 'B-/RR4'. TheUSD100 million additional notes will be issued under the indenturedated July 20, 2016, governing the USD200 million 9.5% seniornotes due 2023Proceeds of the bond issuance reopening will be used to refinanceexisting debt, and should improve CLISA's debt maturity profile aswell as lower its overall cost of debt. The bonds will beguaranteed by Benito Roggio e Hijos S.A. and Cliba IngenieriaUrbana S.A. and rank pari passu in priority of payment withCLISA's other senior unsecured debt.] KEY RATING DRIVERSCLISA's ratings reflect the company's strong market position asone of Argentina's largest privately-owned conglomerates,supported by its businesses in various public infrastructureworks. The company is exposed to cyclicality in its constructionbusiness, leading to the increased importance of its wastemanagement business. CLISA's main activities depend oncontractual agreements and Argentine government regulations at thenational, provincial and municipal levels. Exposure to regulatoryrisk also derives from the delay in the renegotiations of publicservice contracts. The ratings are constrained by Argentina'scountry ceiling rating.CLISA operates in four main businesses: construction and toll roadconcessions (through Benito Roggio e Hijos [BRH]), watertreatment, waste management (CLIBA), and transportation. Thecompany originates substantially all of its consolidated salesfrom the operations of its waste management, construction and tollroad concessions and, transportation segments, which represented44.7%, 32.4% and 14.0% of its consolidated sales, respectively,for the nine months ended Sept. 30, 2016. These three segmentsalso generated 61.6%, 23.5%; and, 12.4% of the company's totaloperational margin during the same period.While the waste management business contributes the majority ofsales and EBITDA, CLISA's construction and toll road concessionscontinue to be important to its overall operation and are expectedto represent approximately 30% of sales and 25% of EBITDA during2017. The company's cash flow from this business is exposed tothe cycles of the construction industry and public works inArgentina. Fitch expects activity to pick up in the medium termafter the Macri administration has reviewed its priorities forinfrastructure development. The company is also exposed tocollection risk derived from having the government as its maincounterparty.Financial leverage expected to remain stable: CLISA's LTM GROSSleverage was 3.3x as of Sept. 30, 2016, compared to 3.8x atDec. 31, 2015. Total debt increased to ARS5.4 billion as ofSept. 30, 2016, from ARS4.4 billion at Dec. 31, 2015. Thecompany's total EBITDA went from ARS1.2 billion to ARS1.7 billionduring the same period. Fitch expects CLISA to manage its capitalstructure with the gross debt-to-EBITDA ratio in the 3x to 4xrange during 2017-2018. CLISA is exposed to currency mismatchrisk as approximately 60% of its debt is denominated in foreigncurrency, while its cash generation is concentrated in pesos.Fitch expects the company to manage its upcoming maturitiesprimarily with debt refinancing. The successful completion of theannounced reopening will improve CLISA's current liquidityposition. As of Sept. 30, 2016, CLISA had ARS1.4 billion of cashand marketable securities, which compares to ARS1.7 billion ofshort-term debt. The company's interest coverage ratio, measuredas EBITDA-to-interest paid has remained stable around 1.5x duringLTM September 2016. CLISA generated negative free cash flow ofARS263 million for the LTM September 2016, primarily driven bycapex incurred during the period.Fitch currently rates CLISA as: -- Foreign currency Issuer Default Rating (IDR) at 'B-'; -- Local currency IDR at 'B-'; -- International senior unsecured bonds at 'B-/RR4'.The Rating Outlook is Negative.SANTANDER RIO: Moody's Says Citi Deal No Impact on Credit Strength------------------------------------------------------------------Banco Santander Rio S.A.'s (Ba3 stable) growth ambitions won'tsignificantly compromise its credit strength, even after theacquisition of Citigroup's Argentine retail banking business, saysMoody's Investors Service, in a report.Santander announced the acquisition of Citi's retail bankingbusiness in the fourth quarter. The purchase will significantlyconsolidate its geographic footprint and give the lender access tonew clients. As a result of the acquisition alone, Santander'sloan market share should rise 11.5% from 10.3%, pushing it closerto its target of 15% of market share by 2020."Although the tie-up will likely lead to a drop in capital, itwill yield meaningful cross selling opportunities for Santander,especially in cash and wealth management services," said MariaValeria Azconegui, a Vice President and Senior Analyst at Moody's."This should boost earnings, helping the bank manage an expectedmodest contraction in interest margins."In addition, Banco Santander's management expects the Citiacquisition to lead to significant operating synergies, helpingcontain the bank's operating costs.While the bank's operating costs are high compared to regionalpeers, it is in the midst of a three-year investment program thatwill upgrade its branches, create new digital banking channels andautomate processes, with the goal being to reduce its cost-to-income ratio. The bank will also benefit from slowing inflation,which will contain salary increases.Like all Argentine banks, Santander Rio's has negative realfunding costs, an important driver of profitability in recentyears. The bank's 15% average cost of funding , as of the thirdquarter 2016, was well below the rate of inflation (40%) and theBADLAR benchmark deposits rate (22%). As such Santander Rio couldmake money simply by taking deposits and investing them in low-risk government securities. Once the Citi acquisition is completetotal deposits are expected to rise to 90% of Santander Rio'stotal funding.===============B A R B A D O S===============BARBADOS: Warns That Economy Will Struggle Unless FDI Improves--------------------------------------------------------------RJR News reports that the Barbados administration is being warnedthat the economy will continue to struggle unless foreign directinvestment picks up.The warning has come from Anthony Pilgrim, General Manager of theumbrella organization for local credit unions, according to RJRNews.Mr. Pilgrim added that despite record arrivals last year, not eventhe bright spot in tourism would be enough to revitalize thestruggling economy, the report notes.The head of the Barbados Cooperative and Credit Union LeagueLimited (BCCULL) said the Government of Barbados must get thepending capital projects going without further delay, the reportrelays.As reported in the Troubled Company Reporter-Latin America onSept. 27, 2016, S&P Global Ratings lowered its long-term foreignand local currency sovereign ratings on Barbados to 'B-' from 'B'.The outlook is negative.The short-term ratings were affirmed at 'B.' S&P also downgradedits transfer and convertibility assessment for Barbados to 'B-'from 'B'.==========================C A Y M A N I S L A N D S==========================AQR OFFSHORE: Placed Under Voluntary Wind-Up--------------------------------------------The sole shareholder of AQR Offshore Multi-Strategy Fund Ltd., onDec. 9, 2016, resolved to voluntarily wind up the company'soperations.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: AQR Capital Management, LLC c/o Sophia Leavett Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877BTG PACTUAL G7: Placed Under Voluntary Wind-Up----------------------------------------------The sole shareholder of BTG Pactual G7, Ltd., on Dec. 9, 2016,resolved to voluntarily wind up the company's operations.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: BTG Pactual WM Gestao DE RECURSOS LTDA. c/o Ben Gillooly c/o Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877BTG PACTUAL PAR: Placed Under Voluntary Wind-Up-----------------------------------------------The sole shareholder of BTG Pactual Par Asia, Ltd., on Dec. 9,2016, resolved to voluntarily wind up the company's operations.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: BTG Pactual WM Gestao DE RECURSOS LTDA. c/o Ben Gillooly c/o Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877BURNABY HOLDINGS: Commences Liquidation Proceedings---------------------------------------------------The sole shareholder of Burnaby Holdings Limited, on Nov. 28,2016, resolved to voluntarily liquidate the company's business.Only creditors who were able to file their proofs of debt byJan. 19, 2017, will be included in the company's dividenddistribution.The company's liquidator is: Matthew Wright c/o Omar Grant Windward 1, Regatta Office Park Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Grand Cayman KY1-1103 Cayman IslandsCORBIN MACRO: Placed Under Voluntary Wind-Up--------------------------------------------The members of Corbin Macro Fund, Ltd. resolved to voluntarilywind up the company's operations.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: Corbin Capital Partners, L.P. c/o Joanne Huckle Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877FINE ACE: Placed Under Voluntary Wind-Up----------------------------------------The sole member of Fine Ace Asset Management Limited, on Dec. 8,2016, resolved to voluntarily wind up the company's operations.Only creditors who were able to file their proofs of debt byJan. 9, 2017, will be included in the company's dividenddistribution.The company's liquidator is: Richard Fear c/o Kevin Butler P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7374 Facsimile: (345) 945 3902FREESTYLE SPECIAL: Commences Liquidation Proceedings----------------------------------------------------The sole shareholder of Freestyle Special Opportunities MasterFund, Ltd., on Nov. 30, 2016, resolved to voluntarily liquidatethe company' business.Creditors are required to file their proofs of debt to be includedin the company's dividend distribution.The company's liquidator is: Adrian MacKay 6 Peter Cooper Road, 2B New York, NY 10010 USA Telephone: +1 (646) 924- 9987LV PACIFIC: Commences Liquidation Proceedings---------------------------------------------The sole shareholder of LV Pacific Opportunities, on Dec. 2, 2016,resolved to voluntarily liquidate the company' business.Creditors are required to file their proofs of debt to be includedin 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 e-mail: firstname.lastname@example.com GP: Commences Liquidation Proceedings-------------------------------------------------The sole shareholder of Panthalassa GP Limited, on Dec. 6, 2016,resolved to voluntarily liquidate the company' business.Creditors are required to file their proofs of debt to be includedin 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 0100PRASLIN LIMITED: Placed Under Voluntary Wind-Up-----------------------------------------------The sole shareholder of Praslin Limited, on Dec. 2, 2016, resolvedto voluntarily wind up the company's operations.Only creditors who were able to file their proofs of debt byJan. 11, 2017, will be included in the company's dividenddistribution.The company's liquidator is: Priestleys c/o Anna Cummings P.O. Box 30310 Grand Cayman KY1-1202 Cayman Islands Telephone: (345) 946 1577 Facsimile: (345) 947 0826RIOGAMA LIMITED: Commences Liquidation Proceedings--------------------------------------------------The members of Riogama Limited, on Dec. 7, 2016, resolved tovoluntarily liquidate the company' business.Only creditors who were able to file their proofs of debt byJan. 19, 2017, will be included in the company's dividenddistribution.The company's liquidator is: Zedra Directors (Cayman) Limited c/o Enola Reid 136 Shedden Road One Capital Place, 3rd Floor P.O. Box 487 George Town, Grand Cayman Cayman Islands KY1-1106 Telephone: +1 (345) 914-5413SECUREX LIMITED: Commences Liquidation Proceedings--------------------------------------------------The sole shareholder of Securex Limited, on Dec. 6, 2016, resolvedto voluntarily liquidate the company' business.Only creditors who were able to file their proofs of debt byDec. 27, 2016, will be included in the company's dividenddistribution.The company's liquidator is: Amicorp Cayman Fiduciary Limited c/o Nicole Ebanks-Sloley The Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 10655 Grand Cayman KY1-1006 Cayman Islands Telephone: (345) 943-6055THREE MOUNTAIN MASTER: Commences Liquidation Proceedings--------------------------------------------------------The sole shareholder of Three Mountain Global Macro Master Fund,Ltd. on Dec. 7, 2016, resolved to voluntarily liquidate thecompany' business.Creditors are required to file their proofs of debt to be includedin 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===================C O S T A R I C A===================COSTA RICA: Fitch Lowers IDRs to 'BB' & Alters Outlook to Stable----------------------------------------------------------------Fitch Ratings has downgraded Costa Rica's Long-Term Foreign- andLocal-Currency IDRs to 'BB' from 'BB+'. The Outlooks were revisedto Stable from Negative. The issue ratings on Costa Rica's seniorunsecured Foreign- and Local-Currency bonds are also downgraded to'BB' from 'BB+'. The Country Ceiling was downgraded to 'BB+' from'BBB-'. The Short-Term Foreign- and Local-Currency IDRs areaffirmed at 'B'. KEY RATING DRIVERSThe downgrade reflects Costa Rica's deteriorating debt dynamicsdriven by large fiscal deficits and continued institutionalgridlock preventing progress on reforms to correct fiscalimbalances. Costa Rica's central government fiscal deficits havegrown over the last five years, reaching 5.7% of GDP in 2015 (thegeneral government deficit reached 4.6% of GDP in 2015, whichincorporates surpluses of public pension funds). Despite theestimated 0.6% of GDP improvement in 2016 (due largely toadministrative measures), the fiscal deficit is expected to riseover the next two years as a result of a higher interest burdenand spending rigidities.The government's tax reform proposals to rein in the fiscaldeficits have made little progress in Congress given itsfragmented structure and the cumbersome legislative process. Theoutlook for passage of the crucial VAT and income tax proposals(estimated to provide close to 2% of GDP in additional revenues)has significantly diminished as the February 2018 congressionaland presidential elections approach. Fitch's new baselinescenario does not incorporate passage of any meaningful tax reformmeasures in the forecast period through 2018.As a result of the large fiscal imbalances, Costa Rica's debtburden has risen rapidly over the last decade. Gross generalgovernment debt doubled to an estimated 41% of GDP in 2016 from20% of GDP in 2008 (Fitch's general government figures net outaround 4% of GDP in public pension holdings of government debt).The debt burden will continue to rise in the absence of meaningfultax measures, with debt expected to reach over 60% of GDP withinthe next decade.The Stable Outlook reflects Costa Rica's resilient growth andfinancing flexibility in the captive local market, which has beenable to accommodate the large fiscal deficits, mitigating Fitch'sprevious concerns over the financing flexibility of the sovereign.A dynamic and diversified export base and a vibrant tourism sectorhave underpinned Costa Rica's solid economic performance, with GDPgrowth estimated to have reached 4.2% in 2016. Fitch forecastsgrowth of above 4% in both 2017 and 2018. In 2016, Costa Rica waslargely able to meet its financing needs in the local market bytapping sizeable liquidity among various public-sector entities,after congressional authorization for external bond issuance endedin 2015.Furthermore, the fall in the oil price and the buoyancy of exportand tourism receipts have underpinned an improvement in CostaRica's external finances, with the current account deficit fallingto an estimated 3.5% of GDP in 2016 from 4.5% in 2015.Inflation averaged 0.7% in 2016, well below the central bank's3%+/-1pp target due to the fall in oil prices at the beginning of2016 and a relatively steady exchange rate (until the latter partof the year). As a result, the central bank's monetary policy hasremained accommodative over the last 12 months with policy rateson hold after a cumulative 350 basis point cut in 2015-Jan 2016.Inflation is expected to converge to the central bank's target in2017. High fiscal deficits, limited exchange rate flexibility,high financial dollarization and quasi-fiscal losses at thecentral bank continue to constrain monetary policy.Costa Rica's 'BB' ratings are supported by structural indicatorsthat are strong relative to peers, including high per capitaincome, social development and governance standards. The ratingsare also supported by the country's successful economic modelcentered around high value-added service and manufacturingactivities, which supports robust growth and foreign directinvestment inflows. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)Fitch's proprietary SRM assigns Costa Rica a score equivalent to arating of 'BBB+' on the LT FC IDR scale.In accordance with its rating criteria, Fitch's sovereign ratingcommittee decided to adjust the rating indicated by the SRM bymore than the usual maximum range of +/- 3 notches because of theextent of Costa Rica's intractable political gridlock and sharplyrising debt burden.Fitch's sovereign rating committee adjusted the output from theSRM to arrive at the final LT FC IDR by applying its QO, relativeto rated peers, as: -- Structural: -2 notches, to reflect a long track record of institutional gridlock that is not captured in the county's high governance indicators, as reflected by repeated failure to produce meaningful fiscal reform because of congressional fragmentation and judicial injunctions. -- Fiscal: -2 notches, to reflect our expectation that debt will continue to rise over the medium- to long-term in the absence of more substantive fiscal reform, as well as a rigid expenditure profile dominated by indexed salaries, rising interest payments, and constitutionally mandated spending in such areas as education, which makes fiscal consolidation difficult.The SRM is Fitch's proprietary multiple regression rating modelwhich employs 18 variables based on three-year centered averages,including one year of forecasts, to produce a score equivalent toa LT FC IDR. Fitch's QO is a forward-looking qualitativeframework designed to allow for adjustment to the SRM output inassigning the final rating, reflecting factors within our criteriathat are not fully quantifiable and/or not fully reflected in theSRM. RATING SENSITIVITIESThese risk factors individually, or collectively, could trigger apositive rating action: -- An easing of political gridlock that improves overall fiscal management, including passage and implementation of meaningful tax reforms; -- Meaningful progress on a fiscal consolidation strategy that improves the prospects for debt stabilization; -- Higher growth that improves fiscal and government debt dynamics.Future developments that could individually, or collectively,result in a negative rating action include: -- Significant fiscal slippage that leads to a sharper deterioration in debt dynamics; -- Evidence of sovereign financing constraints; -- A deterioration in prospects for foreign investment and growth. KEY ASSUMPTIONSFitch assumes that in absence of authorization of a Eurobondissuance, Costa Rica will be able to meet its high deficitfinancing needs in 2017-2018 through reliance on the local marketand/or through alternative external financing sources.Fitch forecasts that U.S. growth and continued lower oil priceswill support economic growth in Costa Rica in 2017-2018.===================================D O M I N I C A N R E P U B L I C===================================DOMINICAN REPUBLIC: Chief's Severance Pay 'Defense' Harms Talks---------------------------------------------------------------RJR News reports that Dominican Industries Association Executivevice President Circe Almanzar said Labor Minister Jose Fadul'sstatement on the defense of workers' severance pay contradictspart of the talks agreed with the business sector."We've been talking about starting the dialogue again and in factpart of the dialogue already broken. I'd assumed that it's part ofthis year's agenda to resume the discussion on the Labor Codereform. The negotiations of the National Wage Commission are open.There will be a meeting in the next few days," she said, accordingto RJR News.As to the wage increase, the AIRD executive said there will be aminimum wage readjustment this year, the report notes. Labor Minister"He isn't without reason that this year corresponds to thediscussion over the minimum wage, but we're astonished that aposition is already assumed on the issue of unemployment when it'salready part of the Labor Code discussions . . . . We hope thatthe minister, since he has always been a great mediator, to keepdoing so," the report quoted Mr. Almanzar as saying.Mr. Fadul said he will protect the severance pay for "as long ashe holds his post" and as an example noted that an employee whohas worked in a company for 25 years "cannot be told to go homewith one hand over his back and another in front," the reportadds.As reported in the Troubled Company Reporter-Latin America onNov. 22, 2016, Fitch Ratings has taken the following ratingactions 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: Minister Reveals Plans to Reduce Property Tax Arrears--------------------------------------------------------------RJR News reports that local Government Minister Desmond McKenziehas outlined plans to reduce property tax arrears.Mr. McKenzie said more than J$9 billion is owed in property taxand his ministry will be embarking on an aggressive collectiondrive. The clampdown will also target elected representatives,according to RJR News.The Local Government Minister says he has a list containing thenames of councilors who have property tax arrears dating back 20years, the report notes."This is not only going to be at the level of the localrepresentatives. We will extend it to Parliament also. I will bewriting to members of the upper and lower house seeking theirassistance to ensure that the elected representatives of thepeople are compliant with the obligations," the report quoted Mr.McKenzie as saying.The Local Government minister was speaking with RJR News onWednesday following a regional sensitization session with membersof the Manchester and Clarendon Municipal Corporations at the GolfView Hotel in Mandeville, the report adds.As reported in the Troubled Company Reporter-Latin America onSept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term andshort-term foreign and local currency sovereign credit ratings onJamaica. The outlook on the long-term sovereign credit ratingsremains stable. In addition, S&P affirmed its transfer andconvertibility assessment at 'B+'.===========M E X I C O===========BIO PAPPEL: Moody's Withdraws B1 CFR for Business Reasons---------------------------------------------------------Moody's Investors Service has withdrawn for business reasons BioPappel Scribe, S.A. de C.V.'s B1 Corporate Family Ratings.Moody's has withdrawn the rating for its own business reasons.The following ratings were withdrawn: LT Corporate Family Rating, B1Prior to the withdrawal, the outlook on the rating was stable.The period of time covered in the financial information used todetermine Bio Pappel Scribe, S.A. de C.V. rating is between01/01/2012 and 06/30/2016 (source: Bio Pappel Scribe S.A. deC.V.).MEXICO: New Maquiladora Investment on Hold Amid Trump Fears-----------------------------------------------------------EFE News reports that concerns about the policies to be pursued bythe incoming Trump administration have caused a freeze on newinvestment in maquiladoras on the Mexican side of the border,where thousands of workers in that industry face an uncertainfuture.Case in point is Ciudad Juarez, a city across from El Paso, Texas,where the first of the maquiladoras -- plants where goods areassembled for export -- was installed in 1968 and the maquilaindustry accounts for more than 60 percent of the local economy,according to EFE News."The current situation is one of uncertainty, of doubt about what(President-elect Donald) Trump may do," said Manuel Ochoa, vicepresident of business development for the Tecma Group, a providerof shelter services to facilitate the setting-up of maquiladorasin Mexico by foreign manufacturers, the report notes.President Trump has said he will impose tariffs of up to 35percent on US companies who move operations to Mexico with theidea of selling their products back to the American market, thereport relays.That would mark an abrupt shift away from the current climate ofvirtually tariff-free US-Mexico trade for qualifying goods underthe North American Free Trade Agreement (NAFTA), which thepresident-elect says must be renegotiated, the report notes.Inside the maquiladoras, conversations among workers reflect theirfear of being laid off in the near future, the report relays."The bosses haven't told us anything, but there's been talk thatthe maquila could close and they're going to throw us out on thestreet," Mary, a worker at a factory with US capital in CiudadJuarez, told EFE News.At present, the more than 320 maquiladoras installed there employsome 250,000 men and women, a sixth of the city's totalpopulation, the report discloses.Amid pressure by President Trump, Ford made a surpriseannouncement early this year that it would cancel plans for a $1.6billion plant in the north-central state of San Luis Potosi andinstead invest that money in Michigan, a move seen in CiudadJuarez as a bad omen, the report notes.But Hector Nunez Polando, director of the Economic Development ofthe North Civil Association, sounded a note of optimism, thereport discloses."The main impact would be on new (investment), on growth; it'svery difficult to remove what's already been established," Mr.Nunez said, the report adds.======================P U E R T O R I C O======================PUERTO RICO: Agency Taps Denton US to Advise on Restructuring-------------------------------------------------------------The Fiscal Agency and Financial Advisory Authority of Puerto Ricohas selected Dentons US as its legal advisor on all aspects of itsrestructuring and revitalization efforts, including developmentand implementation of the Fiscal Plan, restructuring andrenegotiation of municipal bond debt, communications withcreditors and with the PROMESA Oversight Board, among others.Leaders on the Dentons team and their respective roles include: -- Sam J. Alberts, Restructuring, Insolvency and Bankruptcypartner, will serve as project lead. His background includessuccessfully representing the Official Committee of Retirees inthe City of Detroit bankruptcy, the largest municipal bankruptcycase in US history. He has also represented the Federal DepositInsurance Corporation, Pension Benefits Guaranty Corporation andInternational Finance Corporation. -- Claude Montgomery, Restructuring, Insolvency and Bankruptcypartner with financial institution representation experience whoco-led the Dentons team representing the Official Committee ofRetirees in the City of Detroit bankruptcy is leading thefinancial restructuring effort. -- Jonathan Ballan, Corporate partner, will lead the municipalfinancing aspect. He has served as counsel on municipal bondtransactions for the New York Yankees, the Empire StateDevelopment Corporation, New York Transportation DevelopmentCorporation and New York Liberty Development Corporation, amongothers. -- Michael Zolandz, Federal Regulatory and Compliance partneris leading the policy, regulatory and government affairs aspects.The Firm has also assembled teams for all the relevant issuesfacing the Government including public private partnerships,litigation, securities, securitization, contracting, healthcare,tax, Puerto Rican law and others.According to the Government of the Puerto Rico, "The Dentons teamis also notable for its vast experience in the areas of governmentfinance and public policy, including a leading role in the City ofDetroit bankruptcy proceedings under Chapter 9 of the FederalBankruptcy Code, where they successfully represented and Defendedthe pensioners of said city." About DentonsDentons -- http://www.dentons.com/-- is the world's largest law firm, delivering quality and value to clients around the globe.Dentons is a leader on the Acritas Global Elite Brand Index, a BTIClient Service 30 Award winner and recognized by prominentbusiness and legal publications for its innovations in clientservice, including founding Nextlaw Labs and the Nextlaw GlobalReferral Network.SOTO REEFER: Banco Popular to Be Given Copy of Plan Disclosures---------------------------------------------------------------Judge Mildred Caban Flores of the U.S. Bankruptcy Court for theDistrict of Puerto Rico granted Banco Popular PR's Special Loans'request to be served with a copy of Soto Reefer Containers, Inc.'sdisclosure statement and plan.Soto Reefer Containers, Inc., filed a Chapter 11 petition (Bankr.D.P.R. Case No. 16-07602) on September 26, 2016, and isrepresented by Rosana Moreno Rodriguez, Esq., at Moreno & SolteroLaw Office, LLC.===============================T R I N I D A D & T O B A G O===============================TRINIDAD & TOBAGO: Saved Only US$2.6BB Over 100Yrs, Economist Says------------------------------------------------------------------Melissa Doughty at RJR News reports that Trinidad and Tobago hasonly saved US $2.6 billion in its hundred years of oil production,Group Economist Marla Dukharan, RBC Financial (Caribbean Limited)said.Ms. Dukharan was speaking to the issues of "Connecting Citizenswith their energy resources" forum held at the Trinidad and TobagoChamber of Industry and Commerce, Columbus Circle, Westmooringswhile doing a critical review of the Trinidad and TobagoExtractive Industries Transparency Initiative's (TTE ITI) 2014 to2015 report launched last year, according to RJR News.Ms. Dukharan was speaking to transparency and its importance.She noted that the Heritage and Stabilization Fund (HSF) hadgotten to approximately USD $5.7 billion before it was dipped intolast year, the report notes.Asking if anyone actually knew how much the country hadcontributed to the HSF, Ms. Dukharan noted the country had onlysaved US $2.6 billion despite producing oil for 100 years, thereport relays.The fund manager, she said, had generated the rest to get thecountry to where it was before it was dipped into, the reportnotes.In a 2016 study done by a former central bank economist, she said,it was found that spending all the country's energy revenuecreates macro- economic volatility, the report relays."The paper found that the optimal level of saving for energyrevenue is 80 percent," she said, the report notes.Ms. Dukharan said she was pleased there were efforts to establisha revenue authority to improve tax collection but, "to me it isvery disappointing of that US $2.6 billion that we saved thatbrought us to $5.7 billion we are dipping into it without havingan acceptable level of tax compliance. We are not collecting thattaxes that are due to us whether from the energy sector butparticularly from the non-energy sector." TT was among countriesthat did not escape the resource curse citing an extract done froma 2012 study that showed countries like Canada and Botswana hadescaped the that "resource curse" while countries like TT andVenezuela who had not escaped the resource curse or the paradox ofplenty, the report relays."The study found that resource rich countries on average contraryto what we might expect have had worse economic development thancountries poor in resources. One reason for this paradox of plentyas we call it in economics is that there is a well-establishedhigh correlation between resource abundance and corruption," shesaid, the report discloses."There is a tendency for oil in particular to impede democracy.This is why transparency is so important in TT," she added.=================X X X X X X X X X=================* BOND PRICING: For the Week From Jan. 16 to Jan. 20, 2017---------------------------------------------------------Issuer Name Cpn Price Maturity Country Curr----------- --- ----- -------- ------- ---Andino Investment Holding 11 68.88 11/13/2020 PE USDAndino Investment Holding 11 70.85 11/13/2020 PE USDAnton Oilfield Services G 7.5 69.03 11/6/2018 CN USDAnton Oilfield Services G 7.5 66 11/6/2018 CN USDBA-CA Finance Cayman 2 Lt 0.719 38.5 KY EURBA-CA Finance Cayman Ltd 0.749 38.93 KY EURBanco do Brasil SA/Cayman 6.25 62.84 KY USDBanco do Brasil SA/Cayman 6.25 59.51 KY USDBPI Capital Finance Ltd 2.29 40 KY EURCA La Electricidad de Car 8.5 43.75 4/10/2018 VE USDChile Government Internat 3.625 15.7 10/30/2042 CL USDCSN Islands XI Corp 6.875 61.25 9/21/2019 KY USDCSN Islands XI Corp 6.875 61.13 9/21/2019 KY USDCSN Islands XII Corp 7 48.8 BR USDCSN Islands XII Corp 7 47.75 BR USDDecimo Primer Fideicomiso 4.54 59.75 10/25/2041 PA USDDecimo Primer Fideicomiso 6 71.38 10/25/2041 PA USDEcuador Government Domest 8.45 70.8 2/6/2034 EC USDEcuador Government Domest 8.45 69.35 9/10/2034 EC USDEcuador Government Domest 8.45 70.42 4/2/2034 EC USDEcuador Government Domest 8.45 69.72 7/17/2034 EC USDEcuador Government Domest 8.45 69.71 5/30/2034 EC USDEcuador Government Domest 8.45 69.23 9/30/2034 EC USDEcuador Government Domest 8.45 70.52 3/19/2034 EC USDEcuador Government Domest 7.75 74.84 12/19/2028 EC USDEcuador Government Domest 8.45 69.94 6/12/2034 EC USDEcuador Government Domest 8.45 69.95 6/11/2034 EC USDEcuador Government Domest 8.45 69.82 7/1/2034 EC USDEcuador Government Domest 7.7 73.56 7/1/2029 EC USDEcuador Government Domest 7.7 72.94 9/10/2029 EC USDEcuador Government Domest 7.75 74.95 11/8/2028 EC USDEcuador Government Domest 7.7 73.74 6/11/2029 EC USDEcuador Government Domest 7.7 73.73 6/12/2029 EC USDEcuador Government Domest 7.7 72.77 9/30/2029 EC USDEmpresa de Telecomunicaci 7 71.24 1/17/2023 CO COPEmpresa de Telecomunicaci 7 71.24 1/17/2023 CO COPESFG International Ltd 5.753 0.883 KY EURGeneral Exploration Partn 11.5 36.75 11/13/2018 CA USDGeneral Shopping Finance 10 60.55 KY USDGeneral Shopping Finance 10 60.63 KY USDGlobal A&T Electronics Lt 10 70.88 2/1/2019 SG USDGlobal A&T Electronics Lt 10 71.88 2/1/2019 SG USDGlobal A&T Electronics Lt 10 50.5 2/1/2019 SG USDGlobal A&T Electronics Lt 10 54 2/1/2019 SG USDGlorious Property Holding 13.25 74.56 3/4/2018 HK USDGol Finance Inc 9.25 47.35 7/20/2020 BR USDGol Finance Inc 8.75 37.75 BR USDGol Finance Inc 7.5 61 4/3/2017 BR USDGol Finance Inc 7.5 59.38 4/3/2017 BR USDGol Finance Inc 7.5 59.38 4/3/2017 BR USDGol Finance Inc 9.25 43.38 7/20/2020 BR USDGol Finance Inc 8.75 36.88 BR USDGreen Dragon Gas Ltd 10 63.75 11/20/2017 HK USDGreenfields Petroleum Cor 9 11.35 5/31/2017 US CADHonghua Group Ltd 7.45 58.25 9/25/2019 CN USDHonghua Group Ltd 7.45 58 9/25/2019 CN USDInversora Electrica de Bu 6.5 59.5 9/26/2017 AR USDMIE Holdings Corp 7.5 67.25 4/25/2019 HK USDMIE Holdings Corp 7.5 68.58 4/25/2019 HK USDNB Finance Ltd/Cayman Isl 3.38 60.22 2/7/2035 KY EURNewland International Pro 9.5 24.13 7/3/2017 PA USDNewland International Pro 9.5 25.13 7/3/2017 PA USDNoble Holding Internation 6.2 65.42 8/1/2040 KY USDNoble Holding Internation 6.05 66.38 3/1/2041 KY USDNoble Holding Internation 5.25 64.71 3/15/2042 KY USDOcean Rig UDW Inc 7.25 57.75 4/1/2019 CY USDOcean Rig UDW Inc 7.25 55 4/1/2019 CY USDOdebrecht Drilling Norbe 6.35 27 6/30/2021 KY USDOdebrecht Drilling Norbe 6.35 28.5 6/30/2021 KY USDOdebrecht Finance Ltd 7.5 40 KY USDOdebrecht Finance Ltd 4.375 37.23 4/25/2025 KY USDOdebrecht Finance Ltd 7.125 33.5 6/26/2042 KY USDOdebrecht Finance Ltd 5.25 34.5 6/27/2029 KY USDOdebrecht Finance Ltd 5.125 36 6/26/2022 KY USDOdebrecht Finance Ltd 8.25 35 4/25/2018 KY BRLOdebrecht Finance Ltd 7 53.5 4/21/2020 KY USDOdebrecht Finance Ltd 6 41.51 4/5/2023 KY USDOdebrecht Finance Ltd 5.25 36 6/27/2029 KY USDOdebrecht Finance Ltd 4.375 36 4/25/2025 KY USDOdebrecht Finance Ltd 7.125 33.75 6/26/2042 KY USDOdebrecht Finance Ltd 7.5 42.5 KY USDOdebrecht Finance Ltd 8.25 35 4/25/2018 KY BRLOdebrecht Finance Ltd 5.125 35.38 6/26/2022 KY USDOdebrecht Finance Ltd 6 38.88 4/5/2023 KY USDOdebrecht Finance Ltd 7 44 4/21/2020 KY USDOdebrecht Offshore Drilli 6.75 17 10/1/2022 KY USDOdebrecht Offshore Drilli 6.625 17 10/1/2022 KY USDOdebrecht Offshore Drilli 6.75 17.38 10/1/2022 KY USDOdebrecht Offshore Drilli 6.625 17.38 10/1/2022 KY USDPetroleos de Venezuela SA 5.25 67.5 4/12/2017 VE USDPetroleos de Venezuela SA 12.75 56.1 2/17/2022 VE USDPetroleos de Venezuela SA 9 49.38 11/17/2021 VE USDPetroleos de Venezuela SA 9.75 44.57 5/17/2035 VE USDPetroleos de Venezuela SA 6 38.5 5/16/2024 VE USDPetroleos de Venezuela SA 6 36.75 11/15/2026 VE USDPetroleos de Venezuela SA 5.375 37 4/12/2027 VE USDPetroleos de Venezuela SA 5.5 36.75 4/12/2037 VE USDPetroleos de Venezuela SA 6 32.13 10/28/2022 VE USDPetroleos de Venezuela SA 6 36.4 11/15/2026 VE USDPetroleos de Venezuela SA 6 35.35 5/16/2024 VE USDPetroleos de Venezuela SA 9.75 41.7 5/17/2035 VE USDPetroleos de Venezuela SA 9 45.25 11/17/2021 VE USDPetroleos de Venezuela SA 12.75 46.15 2/17/2022 VE USDPolarcus Ltd 5.6 44.93 3/30/2022 AE USDProvincia de Rio Negro 1.6148 62 5/4/2024 AR ARSPSOS Finance Ltd 11.75 60.13 4/23/2018 KY USDRepublic of Ecuador Minis 8.45 69.22 9/30/2034 EC USDRepublic of Ecuador Minis 7.75 74.88 12/19/2028 EC USDRepublic of Ecuador Minis 7.7 73.6 7/1/2029 EC USDRepublic of Ecuador Minis 7.75 74.99 11/8/2028 EC USDRepublic of Ecuador Minis 8.45 69.22 9/30/2034 EC USDRepublic of Ecuador Minis 7.7 73.77 6/12/2029 EC USDRepublic of Ecuador Minis 8.45 69.39 9/10/2034 EC USDRepublic of Ecuador Minis 8.45 69.75 7/17/2034 EC USDRepublic of Ecuador Minis 8.45 69.39 9/10/2034 EC USDRepublic of Ecuador Minis 7.7 72.81 9/30/2029 EC USDRepublic of Ecuador Minis 7.7 73.78 6/11/2029 EC USDRepublic of Ecuador Minis 7.7 73.6 7/1/2029 EC USDRepublic of Ecuador Minis 8.45 69.98 6/11/2034 EC USDRepublic of Ecuador Minis 8.45 69.98 6/11/2034 EC USDRepublic of Ecuador Minis 7.7 73.77 6/12/2029 EC USDRepublic of Ecuador Minis 7.7 72.99 9/10/2029 EC USDRepublic of Ecuador Minis 8.45 69.97 6/12/2034 EC USDRepublic of Ecuador Minis 7.75 74.88 12/19/2028 EC USDRepublic of Ecuador Minis 8.45 70.84 2/6/2034 EC USDRepublic of Ecuador Minis 8.45 70.55 3/19/2034 EC USDRepublic of Ecuador Minis 8.45 69.85 7/1/2034 EC USDRepublic of Ecuador Minis 8.45 70.45 4/2/2034 EC USDRepublic of Ecuador Minis 7.7 72.81 9/30/2029 EC USDRepublic of Ecuador Minis 8.45 69.75 7/17/2034 EC USDRepublic of Ecuador Minis 8.45 69.74 5/30/2034 EC USDRepublic of Ecuador Minis 8.45 69.97 6/12/2034 EC USDRepublic of Ecuador Minis 7.75 74.99 11/8/2028 EC USDRepublic of Ecuador Minis 8.45 69.85 7/1/2034 EC USDRepublic of Ecuador Minis 8.45 70.45 4/2/2034 EC USDRepublic of Ecuador Minis 8.45 69.74 5/30/2034 EC USDRepublic of Ecuador Minis 7.7 73.78 6/11/2029 EC USDRepublic of Ecuador Minis 8.45 70.84 2/6/2034 EC USDRepublic of Ecuador Minis 7.7 72.99 9/10/2029 EC USDRepublic of Ecuador Minis 8.45 70.55 3/19/2034 EC USDSamarco Mineracao SA 4.125 37.25 11/1/2022 BR USDSamarco Mineracao SA 5.75 36.6 10/24/2023 BR USDSamarco Mineracao SA 5.375 35.38 9/26/2024 BR USDSamarco Mineracao SA 4.125 37.38 11/1/2022 BR USDSamarco Mineracao SA 5.75 39.63 10/24/2023 BR USDSamarco Mineracao SA 5.375 37.25 9/26/2024 BR USDSiem Offshore Inc 5.69 52.25 1/30/2018 NO NOKSiem Offshore Inc 5.49 51.75 3/28/2019 NO NOKTransocean Inc 5.05 74.75 10/15/2022 KY USDTransocean Inc 6.8 63.66 3/15/2038 KY USDTransocean Inc 7.5 65.78 4/15/2031 KY USDTransocean Inc 9.1 70.41 12/15/2041 KY USDTransocean Inc 7.45 74.9 4/15/2027 KY USDTransocean Inc 8 73.55 4/15/2027 KY USDUruguay Notas del Tesoro 5.25 61.99 12/29/2021 UY UYUUS Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USDUS Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USDVenezuela Government Inte 9.25 49.03 9/15/2027 VE USDVenezuela Government Inte 11.75 49.5 10/21/2026 VE USDVenezuela Government Inte 11.95 49.5 8/5/2031 VE USDVenezuela Government Inte 7.75 47.38 10/13/2019 VE USDVenezuela Government Inte 13.625 65.25 8/15/2018 VE USDVenezuela Government Inte 9.375 45.85 1/13/2034 VE USDVenezuela Government Inte 7 52.85 12/1/2018 VE USDVenezuela Government Inte 7 42 3/31/2038 VE USDVenezuela Government Inte 9 45.5 5/7/2023 VE USDVenezuela Government Inte 9.25 45.5 5/7/2028 VE USDVenezuela Government Inte 8.25 44.38 10/13/2024 VE USDVenezuela Government Inte 6 43.5 12/9/2020 VE USDVenezuela Government Inte 13.625 56.5 8/15/2018 VE USDVenezuela Government Inte 7.65 43.25 4/21/2025 VE USDVenezuela Government Inte 13.625 59.69 8/15/2018 VE USDVenezuela Government Inte 12.75 53.5 8/23/2022 VE USDVenezuela Government TICC 5.25 53.23 3/21/2019 VE USDVRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USDVRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USDXLIT Ltd 6.5 70 IE USD ***********Monday's edition of the TCR-LA delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-LA editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The MondayBond Pricing table is compiled on the Friday prior to publication.Prices reported are not intended to reflect actual trades. Pricesfor actual trades are probably different. Our objective is toshare information, not make markets in publicly traded securities.Nothing in the TCR-LA constitutes an offer or solicitation to buyor sell any security of any kind. It is likely that some entityaffiliated with a TCR-LA editor holds some position in theissuers' public debt and equity securities about which we report.Tuesday's edition of the TCR-LA features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.Submissions about insolvency-related conferences are encouraged.Send announcements to firstname.lastname@example.com ***********S U B S C R I P T I O N I N F O R M A T I O NTroubled Company Reporter-Latin America is a daily newsletterco-published by Bankruptcy Creditors' Service, Inc., FairlessHills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Julie Anne L.Toledo, and Peter A. Chapman, Editors.Copyright 2017. All rights reserved. ISSN 1529-2746.This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.Information contained herein is obtained from sources believed tobe 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 membersof the same firm for the term of the initial subscription orbalance thereof are US$25 each. For subscription information,contact Peter A. Chapman at 215-945-7000 or Nina Novak at202-362-8552. * * * End of Transmission * * *


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After a 5 year struggle with anorexia (with purging tendencies), depression, self harm and over exercising I have now been recovered for 4 years and i use my blog to help others in the same situation i once was. I am now a happy and positive person who wants to inspire those struggling to choose recovery and to take control over life and happiness again!
Life without Anorexia
Sunday, December 14, 2014
Dinner for one
Broccoli, leek, onion, pepper, quorn kebab, prawns fried in oil & couscous and cottage cheese and then lots and lots of soya!! It was soo good that i had to take some more... and i still have left over for tomorrows lunch :)
If you're ever out of ideas.. throw together some ingredients in a frying pan and fry and mix together with some sauce and there you go... delicious :) Can also reccommend eating it with pasta, noodles or rice :)
Do you have any simple delicious dinner/luinch ideas? :)
8 comments:
When I'm hungry and I don't have any dinner ideas, I usually make burgers with everything that is in the house ( chicken and zucchini, chicken and pumpkin, chicken and onion, tuna and onion, tuna and carrot, seitan and vegetables LOL) or I make a super vegetables omelette. And I then I steam any kind of vegetables that is in the house, and I put into the microwave to grill xD for lunch I usually eat pasta. And pasta. With pasta. LOL ( Italian food is pretty much boring xD)ReplyDeleteReplies
Sounds delicious :) Pasta is always a good idea!! Simple and you can add so many different flavours or other ingredients :)Delete
Daisy!!! "feed me. feed me." So cute! You cook like I do-throw combo's together in a yummy way!ReplyDeleteReplies
Hahah, yeah :) She always does her puppy eyes to try to get food!!Delete
This comment has been removed by the author.ReplyDeleteReplies
http://www.lifewithoutanorexia.com/2014/10/how-to-start-blogging-and-to-get.html this post might help you :)Delete
- AnonymousDecember 15, 2014 at 6:39 AM
that's basically how i cook, throw random stuff together! salad? throw all raw vegetables in the house in. warm dish? random meat chopped up and 34867386 different veggies steamed, rice or buckwheat or some stuff. but 'everything in the fridge' meals are the best!!ReplyDeleteReplies
Exactly!! Most of the time it works well.. apart from those few times when it just goes wrong because its too much or the flavours dont work ;);)Delete


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If there were two tribes in central Africa committing inexplicable atrocities against each other, and simultaneously two sects of people in central Europe doing the same; would the world respond the same to both situations? Would there be an immediate rush to end the violence and bloodshed? It begs the question, would there be an amassing of resources and financing to invest in the eventual outcome of peace? According to recent history, the truth glares at our lack of equality when it comes to intervening, or lack of, in these situations.
Unfortunately, do the powerhouse nations determine their response on economic rewards, geopolitical advantage, or ethnic background? If this is going on then there is a tiered human value system determined by a people's economic status and possible perceived contribution to other societies and cultures. Its the same principle if I see a man broke down along the side of the road and he is in an inexpensive car and I drive on by. However I would have stopped if the man would have been in a Mercedes. My response predicated on his economic status.
This inequality in our response should bring shame to our global leaders who turn a blind eye to the genocide and horrible human devastation. Global inaction demands responsibility on those who can but wont intervene.
Eric Reeves said it best concerning Darfur
International failure in responding to genocide in Darfur should be occasion for the deepest shame. Inaction has already cost hundreds of thousands of lives and caused untold human suffering.
We can do better than this! ALL lives matter regardless of skin color, ethnic background, economic status, or geopolitical advantage or disadvantage.
Dr. Reuben Egolf
Vice-President of The Human Rights Global Congress


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So I'm building a character who I had intended to be a sort of... super powered social engineer. Through physical contact, he's supposed to be able to alter the memories of people to suit his whims, making them view him and his allies favorably, or viewing their own allies with suspicion or outright anger to make it much easier to convince them to help the party, or directly hinder the party's enemies.
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Recently it was identified in Argentina a new species, Ingentia prima. And it turned to upsize down the hypothesis about dinosaur evolution.
Researchers see now the prehistoric creatures in a new light. In the first place, they thought their existence developed 25 million years later. "Before this discovery, gigantism was considered to have emerged during the Jurassic period. But Ingentia prima lived at the end of the Triassic, between 210 and 205 million years ago". Ingentia prima means "first huge." The mysterious species broke the science grounds.
The research took place in western Argentina. In Balde de Leyes they could also find other prehistoric species, like mice, turtles, and iguana.
Fast track to growth
Gigantism was an adaptation, beneficial especially for herbivores. Herbivores had no other way to defend themselves. They could only make use of their considerable proportions.
Genetics developed a mechanism named cyclic growth. The adaptation permits growing, again and again, in several phases. Ingentia prima was a four-legged herbivore that had more than 1.8 tonnes and measured more than 3 meters. It also had a particular bone construction, according to Apaldetti. "These pneumatic cavities indicate that this new species had highly developed air sacs". This feature "also helped it to keep its body cool despite its large size".
Cretaceous period
But in the Cretaceous period, dinosaurs were weighing more. The herbivore dinosaur was the first in the prehistory of such dimension. "This finding gives a new look at the magnitude of the evolutionary explosion that the dinosaurs had." The quote belongs to Diego Pol, an Argentinian paleontologist.Ingentia prima paved the way toward gigantism.
"This evolutionary explosion was so great that it explains the success the dinosaurs had during the rest of their era," said Diego Pol.
The complete research appears in Nature Ecology & Evolution
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As the international economy globalises, there is a need for national infrastructure systems to adapt to form a global infrastructure system. This network of networks aids mobility between national systems as a means of supporting their territorial needs and preferences. This reflects a strategic approach to state infrastructuring as nations seek to utilise these physical systems to support and enhance their territoriality. Providing a thorough examination through the lens of economic infrastructure, the book addresses the forces of integration and fragmentation in global networks.
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Regional Infrastructure Systems
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Colin Turner
The Institutional Evolution of China
Government vs Market
Fan Zhang
China's experience over the past decades is not just a story of economic growth, it is also one of institutional change. The current political-economic system is a bureaucratic market system, in which the government and the market both coexist and conflict with each other. This book gives a detailed description of the institutional evolution in China, using large amounts of documents and cases. The book provides a theory explaining the origin of China's reform, the political and economic forces driving the reform, and the reasoning behind the stagnation and turn-over of reform.
Edited by Andreas Nölke and Christian May
Over the past few decades, corporations have been neglected in studies of international political economy (IPE). Seeking to demystify them, what they are, how they behave and their goals and constraints, this Handbook introduces the corporation as a unit of analysis for students of IPE. Providing critical discussion of their global and domestic power, and highlighting the ways in which corporations interact with each other and with their socio-political environment, this Handbook presents a thorough and up-to-date overview of the main debates around the role of corporations in the global political economy.
Global City Makers
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Global City Makers provides an in-depth account of the role of powerful economic actors in making and un-making global cities. Engaging critically and constructively with global urban studies from a relational economic geography perspective, the book outlines a renewed agenda for global cities research. Focusing on financial services, management consultancy, real estate, commodity trading and maritime industries, the detailed studies in this volume are located across the globe to incorporate major world cities such as London, New York and Tokyo as well as globalizing cities including Mexico City, Hamburg and Mumbai.
Samuel Cameron
This incisive review analyses the most influential academic research in a burgeoning subject - the economics of music. The literature stems from both mainstream economics journals as well as pertinent works from accountancy, sociology and management sources. Topics discussed include live music, music production, labour markets and ownership and music competitions. This review provides a valuable resource for students and economists involved in this fascinating field, as well as those seeking to enter it.
Nanak Kakwani and Hyun Hwa Son
This research review offers an insight to some of the most important questions economists and policymakers have been grappling over. A substantial amount of research has been carried out using cross-country regression models, resulting in a better and improved understanding of the linkage between economic growth and poverty reduction. The literature on cross-country regressions, however, has led to conflicting conclusions. Reconciling diverging messages makes it difficult to accurately inform policy-making. Based on a selection of influential papers, this volume provides a critical review of the literature. Scholars who envision a world free of extreme poverty will find this analysis particularly valuable.
China's Long-Term Economic Development
How Have Economy and Governance Evolved since 500 BC?
Hongjun Zhao
This book examines the evolution of Chinese governmental governance and its long-lasting impact on Chinese economic development, firstly by examining the formation of Chinese style governance, the core contents of this governance and its vitality compared to other governance patterns in Chinese history. Secondly, this book discusses the effectiveness of this governance in supporting economic development before the Song dynasty and its failure in serving economic development during the past three to five centuries. Ultimately, Hongjun Zhao predicts the direction Chinese governance will take in the next 20 years.
Varieties of Capital Cities
The Competitiveness Challenge for Secondary Capitals
David Kaufmann
The political and symbolic centrality of capital cities has been challenged by increasing economic globalization. This is especially true of secondary capital cities; capital cities which, while being the seat of national political power, are not the primary economic city of their nation state. David Kaufmann examines the unique challenges that these cities face entering globalised, inter-urban competition while not possessing a competitive political economy.
Brian Goff
"Sport has the power to change the world." Sports Economics Uncut expresses this insight from Nelson Mandela, exploring sports as a fascinating mirror of the world and a powerful agent of change. In it, Brian Goff covers subjects ranging from the ebb and flow of racial discrimination, to inequality, law enforcement, managers and risky decisions, club membership, and politics. Much more than merely a review or synthesis, this book extends existing perspectives and explores provocative questions such as: how systematic is racial bias in pro sports today? Is all racial segregation in sports due to racial bias? How much are college athletes really worth, and is league parity really optimal?
Research Handbook of Investing in the Triple Bottom Line
Finance, Society and the Environment
Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen
The triple bottom line is an accounting framework with social, environmental and financial factors. This Handbook examines the nexus between these areas by scrutinising aspects of socially responsible investment, finance and sustainable development, corporate socially responsible banking firms, the stock returns of sustainable firms, green bonds and sustainable financial instruments.


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Life's too short to feel anxious about your looks. If your face is making you feel older than your years, find out how you can feel like yourself again.
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