TCRLA_Public/170227.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, February 27, 2017, Vol. 18, No. 41


                            Headlines



B R A Z I L

BTG PACTUAL: To Keep High Capital Ratios to Fan Growth
JBS SA: Brazil Prosecutors Request Freeze on Chairman's Assets
PARANA BANCO: S&P Affirms 'BB-/B' Global Scale Ratings


C A Y M A N  I S L A N D S

AES EL SALVADOR: Shareholders Receive Wind-Up Report
ASIA STAR: Shareholders Receive Wind-Up Report
AVENUE ASIA: Shareholders Receive Wind-Up Report
AVENUE STRATEGIC: Shareholders Receive Wind-Up Report
BALLISODARE INVESTMENTS: Shareholders Receive Wind-Up Report

DENDERA LTD: Shareholders Receive Wind-Up Report
EJF GREATER: Shareholders Receive Wind-Up Report
GENTING SINGAPORE: Shareholders Receive Wind-Up Report
GLOBAL QUANTS: Shareholders Receive Wind-Up Report
GRANITE INVESTORS: Shareholders Receive Wind-Up Report

GREAT FORTUNE: Shareholders Receive Wind-Up Report
INSPARO AFRICA: Shareholders Receive Wind-Up Report
INSPARO AFRICA MASTER: Shareholders Receive Wind-Up Report
LA NANA: Members Receive Wind-Up Report
LCDC FUND: Shareholder Receives Wind-Up Report

LCDC INVESTMENT: Shareholders Receive Wind-Up Report
OHA AVAERO: Shareholders Receive Wind-Up Report
PEGASUS ADMINISTRATION: Shareholders Receive Wind-Up Report
PWP DIVERSIFIED: Shareholders Receive Wind-Up Report
SOFAER CAPITAL: Members Receive Wind-Up Report

SPARKLE INTERNATIONAL: Shareholders Receive Wind-Up Report


C O S T A   R I C A

COSTA RICA: S&P Affirms 'BB-' Sovereign Credit Rating


M E X I C O

MAXCOM TELECOMUNICACIONES: S&P Affirms 'CCC+' CCR; Outlook Stable


P U E R T O    R I C O

PUERTO RICO: Said to Seek Deeper Concessions in Utility Deal


V E N E Z U E L A

VENEZUELA: Signs Deal With Jamaica on Petrojam Upgrade
VENEZUELA: Oil Price Edges Up


X X X X X X X X X

* BOND PRICING: For the Week From Feb. 20 to Feb. 24, 2017


                            - - - - -


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


BTG PACTUAL: To Keep High Capital Ratios to Fan Growth
-------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that Grupo BTG Pactual
SA will keep high capital ratios in coming quarters to prepare
Latin America's No. 1 independent investment bank to grow in core
activities, following a dramatic balance sheet downsizing last
year, Chief Executive Officer Roberto Sallouti said.

The regulatory capital ratio at BTG Pactual's core banking unit
rose to 21.5 percent in the fourth quarter, the highest among
Brazil's top banks, according to Reuters.  Such a level is key to
promote expansion in investment banking and money management
without straining costs, Mr. Sallouti said on a conference call to
discuss quarterly results, the report notes.

The report relays that Mr. Sallouti, who became CEO late last year
after a broad management reshuffle, reiterated a long-term target
for annualized return on equity above 20 percent.  Mr. Sallouti
expects organic growth to help triple assets under management and
double the bank's loan book over the coming years, the report
relays.

His remarks highlighted how BTG Pactual is trying to reassure
investor confidence after the November 2015 arrest of former CEO
and billionaire founder Andre Esteves in a corruption probe in
Brazil, the report notes.

Mr. Sallouti says that the scandal sent the lender's shares and
bonds into a tailspin, forcing it to dismantle trading positions
and sell assets to cope with massive client fund withdrawals.

"Little by little, our strategy has taken shape, and we can now
say that we're ready to undertake growth in each of our main
business franchises without triggering expenses," the report
quoted Mr. Sallouti as saying.

Fourth-quarter profit fell as revenue in most core activities
declined following the year-long balance sheet downsizing
triggered by the arrest, the report notes.

The report relays that net income totaled BRL652 million ($211
million) in the quarter, down 1 percent from the prior three
months and 47 percent from the same quarter of 2015.

Revenue fell 35 percent, touching a five-year low, after both
income from trading and fees from wealth management sank 90
percent, the report says.

While Mr. Sallouti managed to cut expenses sharply, the spin-off
of a commodities unit and the sale of Swiss private bank BSI Ltd
hurt BTG Pactual's ability to generate revenue, the report notes.

Analysts had warned that fourth-quarter results would make it
clear whether BTG Pactual was on track to return to healthy
recurring operational numbers, the report relays.

"Despite the miss, results provided a clearer picture of the what
should be the forward path of earnings for BTG Pactual," said
Carlos Macedo, an analyst with Goldman Sachs Group Inc., the
report discloses.

Return on equity rose slightly to 12.7 percent in the fourth
quarter, after a large interest-on-equity payment and the spin-off
of the commodities unit led to a 17 percent reduction in
shareholder equity, the report says.

The report notes that SEGREGATION BTG Pactual's capital ratio
could at some point return to historical levels around 15 percent,
Mr. Sallouti said, without specifying a timetable.  Units, a blend
of common and preferred shares in BTG Pactual's investment banking
and private equity divisions, shed 0.7 percent to BRL17.62.

The stock is up 29 percent this year, in light of an expected
segregation of shares of the two divisions, Banco BTG Pactual SA
and BTG Pactual Participations Ltd, the report notes.

BTG Pactual laid out the basics for a segregation of stock trading
of its two main business divisions in order to enhance
transparency and regain investor trust, the report relays.

Under the plan, units of Banco BTG Pactual and BTG Pactual
Participations would be offered to holders of Grupo BTG Pactual's
units, the report says.

Investors can opt for the split or keep their current Grupo BTG
Pactual units.  The plan underscores Grupo BTG Pactual's steps to
reignite growth and boost trading of its stock, Mr. Sallouti said,
the report notes.

For years, many investors criticized Grupo BTG Pactual's
structure, saying it encouraged Mr. Esteves and his partners to
take on excessive risk in sectors highly exposed to Brazil's
struggling economy, the report notes.

Some questioned whether the investment bank and the private equity
divisions incurred conflicts of interest with clients that they
advised or with which they competed for deals, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec 5, 2016, Moody's Investors Service affirmed Banco BTG Pactual
S.A. (BTG)'s global scale ratings, including its long-term global
local currency deposit rating of Ba3 and its Grand Cayman branch's
Ba3 long-term foreign currency senior unsecured debt, and changed
the outlook to stable from negative.


JBS SA: Brazil Prosecutors Request Freeze on Chairman's Assets
--------------------------------------------------------------
Luciana Magalhaes and Rogerio Jelmayer at The Wall Street Journal
report that shares of Brazilian meatpacking company JBS SA opened
sharply lower after federal prosecutors asked a judge to freeze
the chairman's assets amid a fraud investigation unrelated to JBS
that involves one of his family's companies.

Chairman Joesley Batista is among dozens of people being
investigated in the so-called Operation Greenfield, a federal
probe into alleged malfeasance at state pension funds, according
to The Wall Street Journal.

The report notes that prosecutors previously alleged that four
state pension funds overpaid for shares of Eldorado Brasil
Celulose, a pulp-and-paper firm controlled by the Batista family's
investment company, J&F Investimentos SA. J&F is headed by Mr.
Batista.

Mr. Batista and his brother, JBS Chief Executive Wesley Batista,
were temporarily removed from their positions last year amid the
probe, the report relays.  The two brothers, who have denied
wrongdoing, were allowed to return to their posts after reaching a
court agreement in which they committed to carrying out an
independent investigation into the allegations and providing
financial guarantees worth BRL1.5 billion ($480 million), the
report notes.

Prosecutors have since said they no longer suspect Wesley Batista
of wrongdoing.  J&F has denied wrongdoing, according to the
report.  JBS, the world's largest meatpacker by sales and owner of
the Pilgrim's Pride brand in the U.S., isn't a target of the
probe, according to prosecutors.  A JBS spokeswoman declined to
comment.

But at a time when many of Brazil's top companies are facing
corruption allegations, the investigation of JBS's chairman on a
separate matter spooked some investors, the report says.  Recent
developments suggest the concerns aren't likely to go away soon.

Federal prosecutor Anselmo Henrique Cordeiro Lopes said in a court
filing that rather than conducting an investigation, Eldorado
hired consulting firms Ernst & Young and Veirano Advogados to
cover up its alleged wrongdoing, the report discloses.  He
requested that a judge freeze up to BRL3.8 billion in assets
belonging to Joesley Batista and another executive at his family's
holding company, the report notes.

According to The Journal, Veirano Advogados said in a statement
that its work was conducted with "independence and ethics."  A
spokesman for Ernst & Young didn't have an immediate comment.

"We need to understand if this investigation may harm and stop
JBS's plan to offer shares outside of Brazil," said Marco
Saravalle, a Sao Paulo-based equity analyst at investment firm XP
Investimentos, which manages a portfolio of about BRL50 billion in
equities and fixed-income assets, the report relays.  "For now,
the news is negative for JBS shares, as this creates more
volatility," he added.

Mr. Saravalle said XP doesn't hold JBS shares in its portfolio,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2016, Fitch Ratings has affirmed JBS S.A.'s foreign and
local currency Issuer Default Ratings and senior unsecured notes
at 'BB+'.


PARANA BANCO: S&P Affirms 'BB-/B' Global Scale Ratings
------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale and 'brA'
national scale ratings on Parana Banco S.A.  The outlook remains
negative.

The ratings of Parana Banco are based on its portfolio
concentration in payroll deductible loans, small market share, and
solid capital position due to S&P's projected risk-adjusted
capital (RAC) ratio close to 10%.  The ratings are also based on
the bank's adequate asset quality metrics, given its focus on its
core business, and its sound liquidity metrics and funding base,
which is concentrated in institutional investors.

"We consider Parana Banco's business position a rating weakness
given its concentrated business profile, geographic concentration,
and small market share.  With total assets of R$6 billion as of
September 2016, Parana Banco was the 53rd-largest bank in in
Brazil in terms of assets, with a market share of less than 0.1%.
Almost 70% of the bank's loan portfolio is concentrated in
southern Brazil, especially in the state of Parana.  Furthermore,
Parana Banco intends to discontinue lending to midsize
corporations and its consumer finance business.  The bank will be
mainly focused on payroll loans, which already represented around
63% of total revenue on 2016.  Given Brazil's deep economic slump,
Parana Banco's strategy is to exit business lines in which it has
less expertise and that have been posting higher delinquency
rates.  At the same time, Parana Banco holds a 1.2% market share
in the payroll-lending market, as of September 2016, and it
intends to increase its exposure to pensioners of INSS (Instituto
Nacional de Seguro Social - National Social Security Service),
while decreasing the participation of loans to states' civil
servants," S&P said.

The bank's capital and earnings assessment is a rating strength
and is based on S&P's forecasted RAC ratio of 9.8% in the next two
years and high quality of capital and earnings, in S&P's view.


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


AES EL SALVADOR: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of AES EL Salvador Distribution Ventures, Ltd.
received on Jan. 25, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          James Kostura
          c/o Maples and Calder
          Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


ASIA STAR: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Asia Star Investments Holding Ltd. received on
Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

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 3902


AVENUE ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Avenue Asia International Master Genpar, Ltd.
received on Jan. 24, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sonia Gardner
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


AVENUE STRATEGIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Avenue Strategic Partners Feeder, Ltd.
received on Jan. 26, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sonia Gardner
          Avenue Capital Group
          399 Park Avenue, 6th Floor
          New York, NY 10022
          United States of America
          Telephone: +1 (212) 878 3500
          e-mail: tgreenbarg@avenuecapital.com


BALLISODARE INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Ballisodare Investments received on Jan. 3,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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) 943-6055


DENDERA LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Dendera Ltd. received on Jan. 25, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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 3902


EJF GREATER: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of EJF Greater China Master Fund, Ltd. received
on Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GENTING SINGAPORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Genting Singapore Aviation Management received
on Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GLOBAL QUANTS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Global Quants Opportunity SPC received on
Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          P.O. Box 10085 Grand Cayman KY1 1001
          161a Artillery Court, Shedden Road
          Cayman Islands
          Telephone: (345) 747 2739


GRANITE INVESTORS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Granite Investors, LLC received on Jan. 26,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


GREAT FORTUNE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Great Fortune Asia Fund received on Jan. 25,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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 3902


INSPARO AFRICA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Insparo Africa Fixed Income Fund received on
Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INSPARO AFRICA MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Insparo Africa Fixed Income Master Fund
received on Jan. 26, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LA NANA: Members Receive Wind-Up Report
---------------------------------------
The members of La Nana received on Feb. 6, 2017, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LCDC FUND: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of LCDC Fund received on Jan. 26, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Yip Ka Kay
          Jardine House, Suite 3406
          1 Connaught Place
          Central
          Hong Kong
          Telephone + 011 852 2360 32798
          Facsimile: + 011 852 2360 2799


LCDC INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of LCDC Investment Management Limited received on
Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Yip Ka Kay
          Jardine House, Suite 3406
          1 Connaught Place
          Central
          Hong Kong
          Telephone + 011 852 2360 32798
          Facsimile: + 011 852 2360 2799


OHA AVAERO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Oha Avaero Genpar Ltd. received on Jan. 26,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PEGASUS ADMINISTRATION: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Pegasus Administration Limited received on
Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PWP DIVERSIFIED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of PWP Diversified Equities Offshore Fund Ltd.
received on Jan. 26, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SOFAER CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Sofaer Capital Global Hedge Fund received on
Feb. 3, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Sofaer Administration Ltd AS
          13th Floor LKF29
          29 Wyndham Street
          Central
          Hong Kong
          Telephone: 852 2521 8882
          Facsimile: 852 2530 2913


SPARKLE INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Sparkle International Holding Limited received
on Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

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 3902


===================
C O S T A   R I C A
===================


COSTA RICA: S&P Affirms 'BB-' Sovereign Credit Rating
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term foreign and local
currency sovereign credit ratings on the Republic of Costa Rica.
The outlook remains negative.  At the same time, S&P affirmed its
'B' short-term foreign and local currency sovereign credit ratings
and our 'BB+' transfer and convertibility assessment.

                            RATIONALE

The ratings on Costa Rica reflect its monetary inflexibility,
consistently high fiscal deficits that continue to translate into
a growing debt burden, and rising interest payments.  Also,
current account deficits (CADs) have led to a deterioration of the
country's external positon in recent years, worsening its external
debt and overall liability metrics.  The ratings also reflect
moderate--albeit consistent--real GDP growth, a stable political
system, and higher social indicators than peers'.

S&P expects GDP growth to be 4% in 2017, compared with an
estimated 4.3% last year.  GDP growth could average 4% in the next
three years, equivalent to per capita growth around 2.8%.

A prolonged stalemate in Congress over policies to boost tax
revenues and contain government spending has contributed to weak
public finances.  Over the past few years, Congress has been
discussing fiscal reform proposals without reaching any
significant agreement.  As the electoral process approaches, with
the next presidential election scheduled for Feb. 4, 2018, S&P
thinks it's highly unlikely that any fiscal reform will be
approved before that date.  Primary elections in political parties
to elect their presidential candidates in the first half of 2017
will make it even harder to reach agreement in the short term.

Costa Rica's general government fiscal deficit declined to 5.2% of
GDP in 2016 from 5.7% in 2015 (S&P's definition of general
government includes the central bank, decentralized government
agencies, and social security).  As wages and salaries are
indexed, deficit reduction is primarily explained by inflation
that averaged 0% over the past two years.  This compensated for
the 15% increase in interest expenditures and 9.6% growth in
transfers.  S&P projects a general government deficit of 5.5% in
2017 and around 6%, on average, in 2018-2019, based on S&P's
assumption of no tax reform and continued expenditure rigidity.
S&P bases this projection primarily on its forecast for rising
interest payments and a gradual increase in the inflation rate
that would translate into higher spending on wages and salaries.

In addition to fiscal reform on the revenue side (likely including
value-added and income taxes), S&P believes that additional steps
to curtail current expenditures, including transfers to autonomous
entities such as universities, would also be needed to stabilize
the debt burden and allow the government to gradually increase
capital spending while containing fiscal deficits.

For 2017, S&P projects that net general government debt could
approach 43% of GDP and would be close to 50% in 2019.  This is up
sharply from 21% of GDP in 2010.  In turn, interest payments would
surpass 3% of GDP in 2017, or almost 12% of general government
revenues.  An additional source of vulnerability is that 36% of
sovereign debt is denominated in U.S. dollars, which exposes Costa
Rica to a sudden adverse change in the exchange rate.

Costa Rica's CAD declined to 3.5% in 2016--its lowest level in
recent years.  Strong services exports, coupled with a 3.4% gain
in terms of trade (mostly driven by a 17.6% drop in the value of
fuel imports), helped to lower the CAD.

S&P expects the CAD to increase to around 4% of GDP over the next
two years, based on a gradual recovery of commodity prices,
moderate currency depreciation, and sustained economic growth in
the U.S., which is the main source of tourism and accounts for
about 65% of foreign direct investment (FDI).  S&P projects that
FDI would cover most of the CAD (as it has in the last five
years), containing the sovereign's external debt.

Costa Rica's external profile has deteriorated in recent years.
S&P expects Costa Rica's narrow net external debt (gross external
debt less official reserves, other liquid external assets held by
the public sector, and financial sector external assets) to reach
55% of current account receipts (CAR) in 2017, more than double
from 24.5% of in 2012.  The country's net external liabilities
could reach close to 150% of CAR this year, from 94% five years
ago.  Further erosion of the external profile, potentially
reflecting adverse external shocks or fiscal developments, could
weaken the rating.

S&P expects inflation to return to the central bank target of 3%
(plus/minus 1%) in 2017 and 2018.  Inflation had averaged 0% in
the last two years, reflecting declining oil and commodity prices,
more than a tighter monetary policy.  The combination of rising
inflation, the expected increase in U.S. interest rates, and
substantial public-sector borrowing needs is likely to lead the
central bank to increase its monetary policy rate accordingly.
S&P expects that the central bank will continue to intervene in
the foreign exchange market to dampen volatility in the exchange
rate.

A high level of dollarization in the financial system exposes
Costa Rica to external shocks and, at the same time, constrains
its conduct of monetary policy.  At the end of 2016, dollar-
denominated loans represented 41% of total loans to the private
sector, despite regulatory efforts to discourage such lending to
non-dollar earning borrowers.

Costa Rica's diversified economy makes it more resilient than
regional peers' economies.  Over the years, the country's economy
has diversified, developing its services sector to complement
commodity production (mostly banana and coffee) and tourism.  The
gradual change in its economic profile has sustained economic
growth and contributed to macroeconomic stability, compensating,
in large part, for its poorer fiscal performance and rising debt
burden.  Consistent growth has allowed its GDP per capita to more
than double over the last 10 years to reach $11,667 in 2016--the
second highest in Central America, after Panama.

                              OUTLOOK

The negative outlook reflects the at least one-in-three chance
that S&P could lower the ratings over the next 12 months if Costa
Rica's external position were to deteriorate beyond S&P's current
expectations.  A high debt burden and monetary inflexibility raise
the country's vulnerability to potentially adverse external shocks
or fiscal developments that could further erode its external
profile, which would lead to a downgrade.

Conversely, a fiscal correction that lowers the general government
fiscal deficit could stabilize the sovereign's debt burden.  That,
along with continued economic growth and modest CADs that staunch
erosion of the country's external profile, could lead S&P to keep
the rating at the current level.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the fiscal assessment had improved.  All
other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Costa Rica (Republic of)
Sovereign Credit Rating                     BB-/Negative/B
Transfer & Convertibility Assessment        BB+
Senior Unsecured                            BB-


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


MAXCOM TELECOMUNICACIONES: S&P Affirms 'CCC+' CCR; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'CCC+' corporate
credit rating on Maxcom Telecomunicaciones S.A.B. de C.V.  The
outlook is stable.  At the same time, S&P affirmed its 'CCC+'
issue-level rating on the company's senior secured notes.  The '4'
recovery rating on the notes is unchanged, indicating S&P's
expectation for average recovery (30%-50%) recovery in the event
of a payment default.

The rating affirmation reflects Maxcom's weak credit metrics, low
EBITDA margins, and regarding the sustainability of its business
model due to high competitive pressures from larger and better
capitalized telecom and cable companies.  That materialized last
year with the company's announcement that it will wind down its
residential business to focus on the commercial business.  Winding
down the residential business will take a toll on revenues and
EBITDA generation for the following two years.  The company will
try to offset it with growth in the commercial segment.  However,
it will allow Maxcom more efficient use of resources, focusing its
capital expenditures (capex) on increasing its participation in
the commercial segment.

The ratings on Maxcom reflect its vulnerable competitive position
due to its operations in only a few cities in Mexico, its small
market share, smaller scale than that of larger players in the
Mexican market, limited growth potential, and margin pressures.
Additionally, frequent management changes continue to constrain
the rating.

S&P expects key credit metrics to remain weak through 2017 because
it anticipates decreased EBITDA and a shortfall in free operating
cash flow (FOCF), resulting in debt to EBITDA of almost 10x and
funds from operations (FFO) to debt of about 3%.  S&P estimates
the company has sufficient cash to fund its operations beyond the
next 12 months.  However, S&P believes that Maxcom's capital
structure is unsustainable in the long term because its negative
FOCF will gradually weaken its liquidity position and force it to
rely on favorable business, financial, and economic conditions to
meet its financial obligations.

The stable outlook reflects S&P's expectation that liquidity will
remain adequate, allowing Maxcom to cover financial obligations
over the next 12 months.

S&P could lower the ratings if liquidity deteriorates as a result
of intense competition, higher capital investments, or if a higher
cash burn rate jeopardizes the company's debt service payments.
S&P could also lower the ratings if the company continues to
repurchase what S&P considers a significant percentage of its debt
below par, which S&P could view as distressed, according to its
criteria.

An upgrade is unlikely over the next few years, given the
company's weak business prospects and S&P's view that competition
will remain intense, which restricts Maxcom to expand its scale
and could cause additional revenue pressures and increase churn
rates.  However, in the longer term, an upgrade could follow the
successful execution of Maxcom's business strategy that improves
operating performance, resulting in revenue and EBITDA growth that
leads to debt to EBITDA below 5x.



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


PUERTO RICO: Said to Seek Deeper Concessions in Utility Deal
------------------------------------------------------------
Erik Schatzker and Rebecca Sparkling at Bloomberg News report that
Puerto Rico Governor Ricardo Rossello's administration has
indicated that it wants to renegotiate a deal struck more than a
year ago to restructure about $9 billion of electric utility debt,
an effort that could result in a showdown with insurers that
guaranteed some of the bonds against default, people familiar with
the matter said.

Rothschild & Co., which Governor Rossello hired to oversee
negotiations after he took office last month, has explored the
possibility of persuading MBIA Inc., Assured Guaranty Ltd. and
Syncora Guarantee Inc. to contribute more to the restructuring,
according to people who spoke on the condition that they not be
identified because the negotiations are ongoing, says Bloomberg
News.

Unlike bondholders, under the agreement reached in December 2015
with the Puerto Rico Electric Power Authority, known as Prepa, the
companies didn't take losses on the approximately $2.2 billion
they insure, Bloomberg News notes.

The deal was seen as a template for other restructurings.
Governor Rossello's interest in renegotiating it may signal he
wants to take a tougher stance with creditors after a series of
record-setting defaults on Puerto Rico's $70 billion of debt, the
report relays.  Since the initial agreement, the federal
government has given the island legal ability to cut its debts in
court, strengthening Governor Rossello's bargaining power
Bloomberg News notes.

It's still not clear how big a concession his administration wants
from the bond insurers, nor whether it will ask bondholders to
accept deeper losses, Bloomberg News discloses.  No formal request
to renegotiate has yet been made and no new terms have been
offered to creditors, the people familiar with the matter said,
says the report.

Elias Sanchez, the governor's representative to the U.S. oversight
board that was installed to help oversee any debt restructuring,
said the administration is reviewing the agreement's terms, though
no decisions regarding potential changes have been made, Bloomberg
News relays.

It's also unclear how much leverage Governor Rossello has with the
insurance companies, Bloomberg News relays.  Under the December
2015 pact, they agreed to provide a surety bond that would
underpin the sale of new debt by Prepa, Bloomberg News notes.  In
a showdown with Governor Rossello, they could withdraw the surety
bond, jeopardizing the restructuring and pushing the island closer
to ceding control to the federal oversight board, Bloomberg News
says.

The current deal, which has been extended multiple times, is set
to expire on March 31. Prepa's next bond payment is due July 1.
The restructuring deal in question -- the only one Puerto Rico's
government has reached with creditors so far -- calls for
bondholders to accept losses of about 15 percent, Bloomberg News
relays.

Deadlines have been pushed back several times, including last
month, when creditors consented to give Puerto Rico more time to
validate the agreement, Bloomberg News notes.  Lisa Donahue of
AlixPartners International Inc., who negotiated the original deal
as Prepa's chief restructuring officer, has since resigned and her
firm's contract will expire on Feb. 15. Rothschild banker Todd
Snyder will oversee the negotiations, Bloomberg News discloses.

Assured Guaranty spokesperson Ashweeta Durani and MBIA
spokesperson Greg Diamond both declined to comment.  Spokespeople
for Rothschild, AlixPartners, and a group representing the
utility's bondholders also declined to comment.  Prepa
spokesperson Brunilda Torres declined to comment. An e-mail
seeking comment from a Syncora spokesperson wasn't returned says
the report.

                           *     *     *

The Fiscal Agency and Financial Advisory Authority of Puerto Rico
has selected Dentons US as its legal advisor on all aspects of its
restructuring and revitalization efforts, including development
and implementation of the Fiscal Plan, restructuring and
renegotiation of municipal bond debt, communications with
creditors and with the PROMESA Oversight Board, among others.

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.


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


VENEZUELA: Signs Deal With Jamaica on Petrojam Upgrade
------------------------------------------------------
Jamaica Observer reports that Jamaica Energy Minister Dr. Andrew
Wheatley returned from Caracas happy and relieved that Jamaica and
Venezuela had finally arrived at an agreement on the long-awaited
upgrade of the Petrojam refinery in Kingston.

Dr. Wheatley and his Venezuelan counterpart, Nelson Martinez,
signed the agreement in the Venezuelan capital, bringing into
force a condition of the deal reached in 2008 when State-owned
Petroleos de Venezuela (PDVSA) spent US$63.5 million to acquire a
49 per cent stake in Petrojam, according to Jamaica Observer.  The
remaining 51 per cent is held by the Jamaican Government.

"We finally signed the deal after 10 years," an upbeat Dr.
Wheatley told the Jamaica Observer shortly after his arrival home,
the report notes.

Dr. Wheatley said the upgrade will meet Jamaica's requirement of
"55,000 barrels per day when the facility is up and running," the
report relays.

"First of all, we'll be able to fully satisfy all our domestic
demand and have additional supplies to export to other Caribbean
countries," the report quoted Dr. Wheatley as saying.

The upgrade, he added, will cost an estimated US$850 million to
US$1 billion, "depending on the technology that is employed," the
report relays.  However, the Jamaican Government is hoping that
the cost will not rise above the US$850 million.

Last September, Petrojam General Manager Winston Watson had told a
meeting of the House of Representatives' Economy and Production
Committee that the issue of the planned upgrade and expansion of
the outmoded refinery would have to be decided by the end of
October 2016, the report notes.

Asked by Opposition member Fitz Jackson what were Jamaica's
options if Venezuela failed to meet that deadline, Watson said the
fact that PDV Caribe, a subsidiary of PDVSA, owns a 49 per cent
share of the refinery, it must be an incentive for it to seek to
maximise and improve its investment in Petrojam, the report says.

However, he said that if the Venezuelans had said no to the
upgrade, then Petrojam "would have to go to the market and seek
another investor," the report notes.

The energy ministry said the upgrade will lead to enhancements to
the plant including:

   -- a desulphurisation facility to reduce the sulphur content in
      diesel;

   -- a delayed coker to produce higher-quality products such as
      gasoline and jet fuel; and

   -- a vacuum tower to produce vacuum gas oil.

"The project will be executed by SINOHYDRO Corporation Limited,
which will undertake financing, engineering, procurement and
construction," the ministry said in a news release, the report
notes.

"The next steps will involve the establishment of a task force
comprised of five representatives from either country within the
next month. The team will have responsibility for finalizing
contractual arrangements with SINOHYDRO for project execution,"
the ministry added, the report relays.

"This is an important milestone after a lengthy period of
groundwork, and we will now be moving expeditiously to iron out
the final arrangements to make this upgrade a reality; so now, the
real work begins," Dr. Wheatley said, the report adds.

Earlier, Dr. Wheatley had told the Observer that a number of
factors, including decreases in the price of oil on the
international market, had, over the years, prevented the partners
from going ahead with the upgrade, the report relays.  "But
because it's on the upward trend now, for our own energy security
it is imperative that; we get the refinery up and running . . . we
stressed that, the Venezuelans shared that opinion and supported
us in that regard," he added.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


VENEZUELA: Oil Price Edges Up
-----------------------------
The Latin American Herald reports that the price Venezuela
receives for its mix of medium and heavy oil rose 1.44% during the
week ending February 17 as traders sifted through data on initial
compliance over an OPEC production cut that started in January.

According to figures released by the Venezuela Ministry of
Petroleum and Mining, the average price of Venezuelan crude sold
by Petroleos de Venezuela S.A. (PDVSA) during the week ending
February 17 rose to $46.34, up 66 cents from the previous week's
$45.68, according to The Latin American Herald.

WTI in New York averaged $53.29 -- up 42 cents -- for the week,
while Brent crude traded in London averaged $55.93 -- up 26 cents
from the previous week, the report notes.

According to Venezuelan government figures, the average price in
2017 for Venezuela's mix of heavy and medium crude is $45.45, the
report relays.

The report discloses that Venezuela's average oil price for 2016
was $35.15, down from 2015's $44.65 and 2014's $88.42, below
2013's $98.08, 2012's $103.42 and 2011's $101.06, 2010's $72.43,
and even 2009's average price of $57.01.

In 2016, WTI averaged $43.32 -- down from 2015's $48.86 -- while
Brent averaged $44.98 -- down from 2015's $53.66, the report
relays.

Historically, Venezuela's basket set its highest weekly average
ever on July 18, 2008, when it hit $126.46 before economies around
the world began crashing under the weight of expensive oil, the
report notes.  The recent low was set January 22, 2016, when
Venezuela's basket averaged just $21.63, Latin American Herald
says.

The United States is the largest importer of Venezuela's oil
exports.

According to the US Department of Energy, Venezuela is the third-
largest supplier of imported crude oil and petroleum products to
the United States, though U.S. imports from Venezuela have been on
an overall decline in recent years, the report notes.

In the month of November 2016, the United States imported an
average of 797,000 barrels per day of crude oil and petroleum
products from Venezuela, a decline of 49% from a decade ago, the
report relays.  That makes Venezuela the third largest supplier of
crude to the U.S., after Canada's 3.556 million bpd and Saudi
Arabia's 1.02 million bpd, says Latin American Herald.  Mexico was
fourth with 623,000 bpd, Iraq fifth with 414,000 bpd, Colombia
sixth with 315,000 bpd, and Ecuador the seventh largest supplier
with 250,000 bpd. Kuwait, Nigeria and Brazil round out the top 10
suppliers, the report discloses.

The report says that Venezuela sends a large share of its oil
exports to the United States because of the proximity and the
operation of sophisticated U.S. Gulf Coast refineries specifically
designed to handle heavy Venezuelan crude.

While U.S. imports of primarily crude oil from Venezuela have been
on the decline, U.S. exports of petroleum products to Venezuela
have increased largely because of Venezuela's tight finances that
leave it unable to invest and maintain its own domestic
refineries, the report relays.

Oil is the main export of Venezuela and provides most of the
country's foreign currency, according to Latin American Herald.

As of 2015, Venezuela had nearly 298 billion barrels of proved oil
reserves -- the largest in the world, the report notes.  The next
largest proved oil reserves are in Saudi Arabia with 268 billion
barrels and Canada with 173 billion barrels, the report relays.

Venezuela reported to OPEC -- where Venezuela is a founding member
-- that its production was 2.225 million barrels per day in
December 2016. According to OPEC's calculations, Venezuela had
average production of 2.004 million barrels per day in January,
the report says.

Under the November 30 OPEC agreement, Venezuela agreed to cut its
production by 95,000 bpd to 1.972 million bpd beginning in
January, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


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


* BOND PRICING: For the Week From Feb. 20 to Feb. 24, 2017
----------------------------------------------------------


Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
CSN Islands XII Corp      7        68                  BR    USD
CSN Islands XII Corp      7        67.75               BR    USD
Decimo Primer Fideicomi   4.54     52.63  10/25/2041   PA    USD
Decimo Primer Fideicomi   6        63.5   10/25/2041   PA    USD
Dolomite Capital Ltd     13.26     67.2   12/20/2019   CN    ZAR
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
ESFG International Ltd    5.75      0.66               KY    EUR
General Shopping Financ  10        72.5                KY    USD
General Shopping Financ  10        71.7                KY    USD
Global A&T Electronics   10        74      2/1/2019    SG    USD
Global A&T Electronics   10        74.5    2/1/2019    SG    USD
Global A&T Electronics   10        65.5    2/1/2019    SG    USD
Global A&T Electronics   10        65      2/1/2019    SG    USD
Gol Finance               8.75     63                  BR    USD
Gol Finance               8.75     63.88               BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
MIE Holdings Corp         7.5      75.16   4/25/2019   HK    USD
MIE Holdings Corp         7.5      75.26   4/25/2019   HK    USD
NB Finance Ltd/Cayman I   3.88     58.01   2/7/2035    KY    EUR
Newland International P   9.5      19.88   7/3/2017    PA    USD
Newland International P   9.5      19.88   7/3/2017    PA    USD
Noble Holding Internati   5.25     72.98   3/15/2042   KY    USD
Ocean Rig UDW Inc         7.25     39      4/1/2019    CY    USD
Ocean Rig UDW Inc         7.25     38      4/1/2019    CY    USD
Odebrecht Drilling Norb   6.35     48.5    6/30/2021   KY    USD
Odebrecht Drilling Norb   6.35     47.25   6/30/2021   KY    USD
Odebrecht Finance Ltd     7.5      49                  KY    USD
Odebrecht Finance Ltd     4.3      48.29   4/25/2025   KY    USD
Odebrecht Finance Ltd     7.12     48.2    6/26/2042   KY    USD
Odebrecht Finance Ltd     5.25     46.15   6/27/2029   KY    USD
Odebrecht Finance Ltd     7        57.02   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.12     53.51   6/26/2022   KY    USD
Odebrecht Finance Ltd     8.25     70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     6        51.47   4/5/2023    KY    USD
Odebrecht Finance Ltd     5.25     45.92   6/27/2029   KY    USD
Odebrecht Finance Ltd     7.1      47.82   6/26/2042   KY    USD
Odebrecht Finance Ltd     7.5      49.25               KY    USD
Odebrecht Finance Ltd     4.3      48.39   4/25/2025   KY    USD
Odebrecht Finance Ltd     6        51.77   4/5/2023    KY    USD
Odebrecht Finance Ltd     8.2      70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     7        56.85   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.1      52.99   6/26/2022   KY    USD
Odebrecht Offshore Dril   6.6      39.64  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      36.44  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.6      38.79  10/1/2022    KY    USD

Odebrecht Offshore Dril   6.7      38.75  10/1/2022    KY    USD
Petroleos de Venezuela   12.75     67.19   2/17/2022   VE    USD
Petroleos de Venezuela      9      58.28  11/17/2021   VE    USD
Petroleos de Venezuela      6      40.32   5/16/2024   VE    USD
Petroleos de Venezuela    9.75     50.15   5/17/2035   VE    USD
Petroleos de Venezuela    6        38.22  11/15/2026   VE    USD
Petroleos de Venezuela    5.37     37.39   4/12/2027   VE    USD
Petroleos de Venezuela    5.5      37.1    4/12/2037   VE    USD
Petroleos de Venezuela    6        41.25  10/28/2022   VE    USD
Petroleos de Venezuela    6        40.01   5/16/2024   VE    USD
Petroleos de Venezuela    9        58.11  11/17/2021   VE    USD
Petroleos de Venezuela    6        38.13  11/15/2026   VE    USD
Petroleos de Venezuela   12.75     67.2    2/17/2022   VE    USD
Petroleos de Venezuela    9.75     49.94   5/17/2035   VE    USD
Polarcus Ltd              5.6      60      3/30/2022   AE    USD
Siem Offshore Inc         5.8      49.75   1/30/2018   NO    NOK
Siem Offshore Inc         5.59     50.25   3/28/2019   NO    NOK
STB Finance Cayman Ltd    2.04     58.35               KY    JPY
Sylph Ltd                 2.36     50.93   9/25/2036   KY    USD
Uruguay Notas del Tesor   5.25     68.02  12/29/2021   UY    UYU
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
USJ Acucar e Alcool SA    9.87     67.5   11/9/2019    BR    USD
USJ Acucar e Alcool SA    9.87     65.75  11/9/2019    BR    USD
Venezuela Government In   9.25     48.75   5/7/2028    VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   9        51.75   5/7/2023    VE    USD
Venezuela Government In   9.37     49      1/13/2034   VE    USD
Venezuela Government In   7        71.88  12/1/2018    VE    USD
Venezuela Government In   9.25     52      9/15/2027   VE    USD
Venezuela Government In   7.65     46.38   4/21/2025   VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   7.75     61.75  10/13/2019   VE    USD
Venezuela Government In  11.95     58.13   8/5/2031    VE    USD
Venezuela Government In   6        53.75  12/9/2020    VE    USD
Venezuela Government In  12.75     67      8/23/2022   VE    USD
Venezuela Government In   7        44      3/31/2038   VE    USD
Venezuela Government In   6.5      36.53  12/29/2036   VE    USD
Venezuela Government In   8.25     47.75  10/13/2024   VE    USD
Venezuela Government In  11.75     57.75  10/21/2026   VE    USD
Venezuela Government TI    5.25    69.59   3/21/2019   VE    USD


                            ***********


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

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

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


                            ***********


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 Nina Novak at
202-362-8552.


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