TCRLA_Public/170515.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, May 15, 2017, Vol. 18, No. 94


                            Headlines



B A R B A D O S

FLOW: To Cut Some Jobs in Barbados


B R A Z I L

CARTA GOIAS: Moody's Assigns B2 GS Corporate Family Rating
ELETROPAULO METROPOLITANA: S&P Affirms BB- Rating; Outlook Stable

* BRAZIL: Declares End to Zika Emergency


C A Y M A N  I S L A N D S

CPC GHD: Commences Liquidation Proceedings
DESPINA INVESTMENTS: Shareholders' Final Meeting Set for May 24
DUNLOCH INVESTMENTS: Placed Under Voluntary Wind-Up
JAPY LIMITED: Commences Liquidation Proceedings
KUBERA-COMMONS: Creditors' Proofs of Debt Due May 23

MARLIN FUND: Members' Final Meeting Set for June 8
MOJAVE INVESTMENTS: Members' Final Meeting Set for May 25
ONE EAST: Placed Under Voluntary Wind-Up
PERRELET INVESTMENTS: Shareholders' Final Meeting Set for May 16
R&C HEDGE: Commences Liquidation Proceedings

RANESFIELD CORPORATION: Commences Liquidation Proceedings


C H I L E

ENJOY SA: S&P Assigns B- Rating to $300MM Senior Sec. Notes


C O S T A  R I C A

AUTOPISTAS DEL SOL: Fitch Assigns BB(EXP) Rating to Int'l Notes
AUTOPISTAS DEL SOL: Moody's Assigns Ba2 Rating to Sr. Sec. Notes


E C U A D O R

GUYANA: Discloses Major Cuts to Sugar Sector


J A M A I C A

SANDALS RESORTS: Silent on Reports of a Possible Sale


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: NextEra Sues Greenberg for Malpractice
MINI MASTER: Rodriguez Ready Buying Summit Tumba Agg. A3T for $12K
MINI MASTER: BTA Concrete Buying Six Vehicles for $17K
MINI MASTER: Rodriguez Ready Buying Kenworth C-11 for $12K
MINI MASTER: Rivera Buying Chevrolet Malibu (2005) for $600


V E N E Z U E L A

VENEZUELA: Warao People Cross into Brazil to Flee Crisis


X X X X X X X X X

* BOND PRICING: For the Week From May 8 to May 12, 2017


                            - - - - -


===============
B A R B A D O S
===============


FLOW: To Cut Some Jobs in Barbados
----------------------------------
RJR News reports that telecommunications provider Flow confirmed
via a statement that several employees in Barbados will be going
home, amid ongoing internal restructuring.

The company, however, did not provide details on the number of
staff who would be affected or what form the separation would
take, according to RJR News.

Marilyn Sealy, Director of Communications and Stakeholder
Management, said the development formed part of its business
transformation program, the report notes.

Mr. Sealy said as part of this broader program, it has adjusted
its team structure and a number of positions will be impacted, the
report adds.



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B R A Z I L
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CARTA GOIAS: Moody's Assigns B2 GS Corporate Family Rating
----------------------------------------------------------
Moody's America Latina assigned a first-time B2 (global scale) and
Ba1.br (national scale) corporate family rating (CFR) to Carta
Goias Industria e Comercio de Papeis S.A.  The outlook for the
ratings is stable.

Ratings assigned:

Issuer: Carta Goias Industria e Comercio de Papeis S.A.

Corporate family ratings: B2 (global scale) and Ba1.br (national
scale)

The outlook for the ratings is stable.

RATINGS RATIONALE

Carta Goias B2/Ba1.br corporate family ratings reflect the
company's adequate credit metrics and track record of relatively
stable margins, even during Brazil's recent economic recession.
Its EBITDA margins have remained relatively stable between 19%-21%
in the past three years, and adjusted leverage, measured by total
adjusted debt/EBITDA, in the 1.8x-2.3x range in the same period.
Interest coverage (measured by EBITDA/interest expenses) remained
also stable at 2.8x-2.9x from 2014 to 2016. Although the ratings
incorporate the execution risk for greenfield and brownfield
projects that Carta Goias will be carrying out in the next few
years, Moody's expects that these projects, if successfully
executed, will bring a substantial increase in scale and allow the
company to expand its market presence, in particular in diapers.

Constraining the ratings is Carta Goias small size in Brazil's
tissue and personal hygiene market, with revenues of about USD 200
million in 2016, relatively weak market share in its main
products, including diapers, and limited client and geographic
diversification, as the company operates only in Brazil.
Accordingly, the company is vulnerable to competitive pressures
from larger, well capitalized players; economic volatility; and
specific market dynamics in the tissue and hygiene segments, in
particular supply imbalances and price movements. An additional
constraint is the company's liquidity position, with a cash
balance of BRL 27 million, and BRL 90 million in short-term debt
at the end of 2016. Although the company has been able to secure
adequate funding for its working capital needs and capital
expenditures and refinance its debt in the past few years, the
liquidity risk will increase in 2017-2018 as the company embarks
in its large capital expenditure program. Carta Goias evolving
corporate governance is an additional credit constraint.

The stable outlook reflects Moody's expectations that Carta Goias
will maintain its profitability and expand its market presence
overtime. At the same time, Moody's expects that the company will
improve cash flow generation while carrying out is expansion
projects, which will allow the company to maintain or reduce
leverage metrics and improve its liquidity position.

The ratings could be upgraded if Carta Goias' liquidity profile
improves, with higher coverage of cash to debt and lower
concentration of debt in the short term. A rating upgrade would
also require greater visibility over the company's financial
policies and corporate governance. Quantitatively, the ratings
could be upgraded if Carta Goias is able to improve its cash flow
generation, with adjusted retained cash flow -- capex over debt
(RCF-capex/debt) of at least 4% (-15.6% at the end of 2016).

The ratings could be downgraded if Carta Goias' liquidity profile
deteriorates or if its capital structure weakens, with adjusted
Debt to Ebitda above 6x (2.2 x at the end of 2016) and interest
coverage (measured by adjusted EBITDA to interest expense)
declines to 1.5x or lower during the execution of its expansion
program. Performance falling below Moody's expectations, indicated
by retained cash flow - capex to debt below 3% (-15.6% at the end
of 2016), could also lead to negative rating actions.

The principal methodology used in this rating was Global Paper and
Forest Products Industry published in October 2013.

Headquartered in Niteroi, in the State of Rio de Janeiro, Carta
Goias is a Brazilian privately-owned company operating in the
tissue and personal hygiene segments since 1990. Fluminense
Industrial is the controlling shareholder of Carta Fabril (100% of
shares). Carta Fabril holds 45.3% of Carta Industrial, and 100% of
Carta Goias, which in turn has a 54.7% stake at Carta Industrial.
Carta Goias reported revenues of USD 200 million in FY 2016.


ELETROPAULO METROPOLITANA: S&P Affirms BB- Rating; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Eletropaulo
Metropolitana Eletricidade de Sao Paulo S.A. (Eletropaulo to
stable from negative.  S&P also affirmed its 'BB-' global scale
and 'brA-' Brazil national scale ratings on the company.  At the
same time, S&P affirmed the 'brA-' issue-level rating on
Eletropaulo's 15th debentures issuance of R$200 million maturing
in 2018.

The outlook revision reflects S&P's view that the risk of a
covenant breach will diminish in the next few quarters, because
Eletropaulo used higher cash flows in 2016 stemming from the
monetization of regulatory assets to reduce debt.  Still, the two
pending litigations against could harm its credit metrics if the
court rules against the company, although the timing for a
resolution in uncertain.

In 2016, Eletropaulo was able to recover a large portion of the
higher electricity costs by converting its regulatory assets into
cash.  This resulted in a higher-than-expected cash flow
generation and in the company's lower debt.  Nevertheless, S&P
expects the company to reimburse the R$520 million in regulatory
liabilities accumulated until the first quarter of 2017 to its
clients in 2017 and 2018.  Therefore, its cash flow generation for
these years will likely be lower.

Eletropaulo has been involved in two large litigations.  The first
one is ANEEL, regarding the company's regulatory asset base that
involves R$635.5 million, and there's no defined timeframe on the
potential cash outflow.  The second one, in court since 1988, is
with Eletrobras -- Centrais Eletricas Brasileiras S.A.
(Eletrobras; global scale: BB/Negative/--; national scale: /--
/brA-1).  The lawsuit is over a R$1.9 billion loan contract
between Eletropaulo Eletricidade de Sao Paulo S.A., while the
state of Sao Paulo still controlled it.  An unfavorable court
ruling could, in S&P's view, weaken Eletropaulo's credit metrics
and financial flexibility.  The timing for the court ruling is
currently uncertain.

S&P revised its liquidity assessment on Eletropaulo to adequate
from less than adequate based on S&P's view that the company's
headroom under its debt covenants will be more comfortable than
our previous expectations.  S&P expects Eletropaulo's sources to
exceed its uses by at least 10% and the difference between these
to remain above zero even if the expected EBITDA is 10% lower than
in S&P's base-case scenario.  Also, S&P believes that the company
will continue complying with its financial covenants even if its
EBITDA declines by 10%.


* BRAZIL: Declares End to Zika Emergency
----------------------------------------
Associated Press reports that Brazil declared an end to its public
health emergency over the Zika virus, 18 months after a surge in
cases drew headlines around the world.

The mosquito-borne virus wasn't considered a major health threat
until the 2015 outbreak revealed that Zika can lead to severe
birth defects. One of those defects, microcephaly, causes babies
to be born with skulls much smaller than expected, according to
Associated Press.

Photos of babies with the defect spread panic across the Western
Hemisphere and around the globe, as the virus was reported in
dozens of countries, the report relays.  Many would-be travelers
canceled their trips to Zika-infected places, the report notes.
The Centers for Disease Control and Prevention and others
recommended that women who were pregnant shouldn't travel to
affected areas, the report says.  The concern spread even more
widely when health officials said it could also be transmitted
through sexual contact with an infected person, the report
discloses.

The health scare came just as Brazil, the epicenter of the
outbreak, was preparing to host the 2016 Olympics, fueling
concerns the Games could help spread the virus, the report notes.
One athlete, a Spanish wind surfer, said she got Zika while
training in Brazil ahead of the Games, the report says.

In response to the outbreak, Brazil launched a mosquito-
eradication campaign, the report relays.  The Health Ministry said
those efforts have helped to dramatically reduce cases of Zika,
the report discloses.  From January through mid-April, the Health
Ministry recorded 95% fewer cases than during the same period last
year, the report relays.  The incidence of microcephaly has fallen
as well.

The World Health Organization lifted its own international
emergency in November, even while saying the virus remained a
threat, the report notes.

"The end of the emergency doesn't mean the end of surveillance or
assistance" to affected families, said Adeilson Cavalcante, the
secretary for health surveillance at Brazil's Health Ministry.
"The Health Ministry and other organizations involved in this area
will maintain a policy of fighting Zika, dengue and chikungunya,"
he added.

All three diseases are carried by the Aedes aegypti mosquito.

But the WHO has warned that Zika is "here to stay," even when
cases of it fall off, and that fighting the disease will be an
ongoing battle, the report says.

Adriana Melo, the Brazilian doctor who raised alarm bells in the
early days of the outbreak about a link between Zika and birth
defects, said the lifting of the emergency was expected following
the decline in cases, the report notes.

"The important thing now is that we don't forget the victims,"
said Ms. Melo, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 17, 2017, Moody's Investors Service has changed the outlook
on Brazil's rating to stable from negative and affirmed its issuer
rating, senior unsecured at Ba2 and shelf ratings at (P) Ba2.



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


CPC GHD: Commences Liquidation Proceedings
------------------------------------------
The sole shareholder of CPC GHD, Ltd., on April 12, 2017, passed a
resolution to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Michael T. Hearne
          3030 Olive Street, Suite 500
          Dallas, TX 75219


DESPINA INVESTMENTS: Shareholders' Final Meeting Set for May 24
---------------------------------------------------------------
The shareholders of Despina Investments Ltd. will hold their final
meeting on May 24, 2017, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DUNLOCH INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
The shareholders of Dunloch Investments Ltd., on April 6, 2017,
passed a resolution to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Alexandria Bancorp Limited
          c/o Dayra Triana-Munroe
          Barbara Conolly
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 945-1111


JAPY LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of JAPY Limited, on April 11, 2017, passed a
resolution to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Tiago Citino De Arruda Botelho
          Rua Belmonte
          757 - Sao Paulo SP CEP 05088 050
          Brazil


KUBERA-COMMONS: Creditors' Proofs of Debt Due May 23
----------------------------------------------------
The creditors of Kubera-Commons Fund Limited are required to file
their proofs of debt by May 23, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 13, 2017.

The company's liquidator is:

          Mr. Tetsuya Tanaka
          c/o Maples and Calder, Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road, Central
          Hong Kong


MARLIN FUND: Members' Final Meeting Set for June 8
--------------------------------------------------
The members of Marlin Fund Offshore, LDC will hold their final
meeting on June 8, 2017, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MOJAVE INVESTMENTS: Members' Final Meeting Set for May 25
---------------------------------------------------------
The members of Mojave Investments Ltd. will hold their final
meeting on May 25, 2017, to receive 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


ONE EAST: Placed Under Voluntary Wind-Up
----------------------------------------
The sole shareholder of One East Ironshore, Ltd., on April 13,
2017, passed a resolution to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          One East Capital Advisors, L.P.
          c/o Sophia Leavett
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


PERRELET INVESTMENTS: Shareholders' Final Meeting Set for May 16
----------------------------------------------------------------
The shareholders of Perrelet Investments Limited will hold their
final meeting on May 16, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Citron 2004 Limited
          Jane Freer
          Simon Voisin
          23-25 Broad Street
          St. Helier Jersey JE4 8ND
          Telephone: + 44 1534 282276/ 01534 282345
          Facsimile: + 44 1534 282400


R&C HEDGE: Commences Liquidation Proceedings
--------------------------------------------
The sole shareholder of R&C Hedge Fund, on April 12, 2017, passed
a resolution to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Claudio Coppola
          Telephone: (345) 949 - 8599
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


RANESFIELD CORPORATION: Commences Liquidation Proceedings
---------------------------------------------------------
The shareholders of Ranesfield Corporation, on April 11, 2017,
passed a resolution to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Jose A. Toniolo
          307 Fairbanks Road
          Apt. 50, George Town
          Grand Cayman
          Cayman Islands
          Telephone: (345) 916 2956


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C H I L E
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ENJOY SA: S&P Assigns B- Rating to $300MM Senior Sec. Notes
-----------------------------------------------------------
Chile-based gaming company Enjoy S.A. successfully issued five-
year $300 million senior secured notes for the acquisition of the
remaining 55% stake in Baluma and to refinance most its debt.  S&P
is assigning its 'B-' ratings on Enjoy and on its proposed senior
secured notes.  The corporate credit rating reflects Enjoy's solid
market position in Chile and Uruguay, but it's constrained by the
company's high leverage, with debt to EBITDA close to 5.0x and
funds from operations (FFO) to debt slightly below 12% in the next
two years.

The positive outlook reflects S&P's expectation of a favorable
outcome in Enjoy's bidding for the renewal of three municipal
casino licenses and that the company will gradually improve its
leverage metrics in the next 12 months.

Enjoy successfully issued five-year $300 million senior secured
notes for the acquisition of the remaining 55% stake in Baluma and
to refinance most its debt.  S&P is assigning its 'B-' ratings on
Enjoy and on its proposed senior secured notes.  The corporate
credit rating reflects Enjoy's solid market position in Chile and
Uruguay, but it's constrained by the company's high leverage, with
debt to EBITDA close to 5.0x and funds from operations (FFO) to
debt slightly below 12% in the next two years.

The positive outlook reflects S&P's expectation of a favorable
outcome in Enjoy's bidding for the renewal of three municipal
casino licenses and that the company will gradually improve its
leverage metrics in the next 12 months.

The final ratings are in line with the preliminary ratings that
S&P assigned on April 27, 2017, following the successful issuance
of the proposed notes and confirmation that final terms and
conditions don't differ materially from the draft documents
presented to S&P.

S&P believes that investors in Enjoy's senior secured notes don't
face a significant disadvantage as creditors of the holding
company, because the notes will be guaranteed by operating
subsidiaries, which generate a considerable share of consolidated
EBITDA, and because debt will be secured by real estate and shares
from subsidiaries.


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C O S T A  R I C A
==================


AUTOPISTAS DEL SOL: Fitch Assigns BB(EXP) Rating to Int'l Notes
---------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB(EXP)' to the
International Notes that Autopistas del Sol S.A. (the issuer)
intends to place in the international markets. The Rating Outlook
is Stable.

Fitch has also affirmed the rating at 'AA(cri)' for the Series
2017-A-CR notes that will be placed in the local market of Costa
Rica. The Rating Outlook is Stable.

KEY RATING DRIVERS

Summary: The ratings reflect the asset's stable traffic and
revenue profile, supported by an adequate toll adjustment
mechanism. Mostly used by commuters, the project may face
significant competition in the short-to-medium term in case the
main competing road is substantially improved and its tariff is
significantly lower than that of the project. Toll rates are
adjusted quarterly to exchange rate and annually to reflect
changes in the U.S. Consumer Price Index (CPI). The ratings also
reflect fully amortizing senior debt with a fixed interest rate
and a net present value (NPV) cash trap mechanism that protects
noteholders in the event of early NPV-related termination of the
concession before debt is fully repaid. Fitch's Rating Case
average debt service coverage ratio of 1.25x is in line with
Fitch's criteria guidance for the rating category, although
somewhat weak. The presence of a Minimum Revenue Guarantee (MRG)
mechanism provides an additional layer of comfort to the ratings.

Mostly Commuter Traffic Base (Revenue Risk: Volume - Midrange):
Light vehicles account for approximately 90% of all users, which
have proved to be the most stable and resilient traffic base. The
road is used by commuters on workdays and by residents of San Jose
travelling to the beaches on the weekends. It could face
significant competition if major improvements to the existing and
congested San Jose-San Ramon route are made and the road is
untolled or materially cheaper than the project. The concession
agreement provides a MRG that compensates the Issuer if revenue is
below certain thresholds, alleviating this risk to a certain
extent.

Adequate Rate Adjustment Mechanism (Revenue Risk: Price:
Midrange): Toll rates are adjusted quarterly to reflect changes in
the Costa Rican Colon (CRC) to USD exchange rate, and also
annually to reflect changes in the U.S.CPI. Tolls may be adjusted
prior to the next adjustment date if the U.S. CPI or the CRC/USD
exchange rate varies by more than 5%. Historically, tariffs have
been updated appropriately.

Suitable Capital Improvement Program (Infrastructure &
Development: Midrange): Brownfield asset operated by an
experienced global company with a higher-than-average expense
profile due to the geographical attributes of the project. The
majority of the investments required by the concession have been
made. The concession requires lane expansions when congestion
exceeds 70% of the ideal saturation flow, which triggers the need
for of further investments. However, the project would only be
required by the grantor to perform these investments to the extent
they do not represent a breach in the debt coverage ratios assumed
by the Issuer in the financing documents.

Structural Protections Against Shortened Concession (Debt
Structure: Midrange): Debt is senior secured, pari passu, fixed
rate and fully amortizing. The debt will be denominated in USD.
Nonetheless, no significant exchange rate risk exists due to the
tariff adjustment provisions set forth in the concession and to
the fact that CRC-denominated toll revenues will be converted to
USD on a daily basis.

The structure includes an NPV cash trap mechanism to prepay debt
if traffic outperforms the base case traffic indicated in the
issuer's financial model, which largely mitigates the risk of the
concession maturing before the debt is fully repaid. Typical
project finance features include six-month Debt Service Reserve
Account (DSRA), three-month O&M Reserve Account (OMRA), six-month
backward and forward looking 1.20x distribution trigger and
limitations on investments and additional debt.

Metrics: Under Fitch's Rating Case, the project yields minimum
DSCR of 0.94x, an average DSCR of 1.25x, and net debt to CFADS of
6.60x. The concession will expire in July 2033 under the Rating
Case, which matches its legal maturity. It assumes payments under
the MRG from 2024 to 2027, which totals an average 2% of annual
revenues. Debt repayment does not depend on the MRG payment, as
should it not be received, reserve funds would be sufficient to
cover debt service. The metrics are in line with Fitch's
applicable criteria for the rating category, although on its
weaker side. Additional comfort is provided by the presence of the
MRG.

PEER GROUP

There are no peers rated locally by Fitch that are comparable with
the project.

RATING SENSITIVITIES

Positive: Given the uncertainty related to the degree of
competition posed by the Competition Route a positive rating
action is unlikely in the short term.
Negative: Traffic volumes below Fitch's base case over a prolonged
period;
Negative: Projected ADSCR profile below 1.15x under Fitch's rating
case could trigger a negative rating action.

TRANSACTION SUMMARY

The issuer plans to issue local and International notes for a
total amount of up to USD354 million. The local notes (Series
2017-A-CR) will be denominated in U.S. dollars for up to USD104
million and for a term of 10 years, while the International notes
will be denominated in U.S. dollars for up to USD250 million and
for a term of 14 years. Both series will maintain a fixed interest
rate.

The debt structure is prohibited from distributing cash if the
historical and projected six-month DSCR is below 1.20x. In case
cash has been trapped for six consecutive periods, the trustee
must use it to prepay the International notes.

The proceeds from the notes are anticipated to be used to repay
the outstanding amount of a bank term loan and associated expenses
with its repayment, to distribute dividends and to terminate other
financial instruments related to the bank loan.

The concession will expire at the earliest of July 2033 or the
point at which the NPV of cumulative toll revenues reaches
USD301.4 million in real terms.

Since the concession can be terminated whenever the concessionaire
reaches the NPV established in the concession agreement, the
structure includes an NPV cash trap mechanism to prepay debt if
traffic outperforms the base case revenue indicated in the
issuer's financial model. In Fitch's opinion, this mechanism
largely mitigates the risk of the concession maturing before the
debt is fully repaid.

Autopistas del Sol S.A.'s traffic has grown steadily since the
road started operations. The ramp-up period occurred from 2010 to
2013, when traffic grew almost 70%. Strong traffic growth was
driven by real estate and industrial development in the area, an
increase in the commercial activity of the Port of Caldera and the
overall growth of the Gross Domestic Product (GDP). The toll road
has also benefited from a lack of competition. In recent years,
the toll road has shown moderate traffic growth of 4.0%, 9.2% and
4.7% in 2014, 2015 and 2016, respectively.

Revenue has grown in line with traffic. In 2014, revenue growth
was less than traffic growth due to a slight change in the traffic
mix, as heavy vehicles, which pay the highest tariff, decreased
their share. In 2015, revenue reached USD66.4 million, an increase
of 10.6% compared with 2014. In 2016, revenue reached USD70.6
million, an increase of 5.6%.

In addition to revenue from tolls collected at the authorized
rate, the concessionaire is also entitled to compensation from the
grantor derived from the MRG, whenever the issuer subscribes to
it. Its payment will be received whenever actual revenue in any
given year is less than the threshold established in the
concession agreement. The grantor retains the right to co-
participate in the toll revenues following certain provisions
described in the concession agreement.

The toll road is expected to face significant competition
beginning in 2019, as the Government plans to grant the concession
for the San Jose-San Ramon route (competing route), an existing
asset connecting the cities of San Ramon and San Jose, providing
an alternative route for a portion of the project. There is no
expectation of greater competition from the competing route in the
next 18 to 24 months; however, in the long term, such improvements
could represent significant competition for the project.

Operating expenses reached USD14.8 million in 2013 and USD18.9
million in 2014. During 2015, costs increased by 22% to USD23.0
million. The increase was due to an increase in administrative
expenses related to the payment of fees in relation to the sixth
novation of the current credit agreement, as well as the increase
in operating expenses related to the works performed to obtain the
definitive start of service of the toll road in 2015 and
insurance-related costs. In 2016, expenses reached USD20.1
million.

Under the concession agreement, the issuer is obliged to extend
the lanes on two segments of the toll road whenever a certain
congestion level is reached. Although one of the two segments is
reaching the congestion limits, there are no formal plans to start
the expansion or how it will be financed. However, the
concessionaire would only be required by the grantor to perform
these investments to the extent they do not generate as a result a
breach of the coverage ratios assumed by the issuer in the
financing documents.

Fitch's Base Case assumed traffic growth at a compounded annual
growth rate (CAGR) of 1.50%, which considers, amongst other, that
the competing route will charge 50% of the tariff initially
stablished when the concession was granted. U.S. CPI reflects
Fitch's forecast of 2.3% in 2017, 2.4% in 2018 and 2.0% from 2019
onwards. O&M and capex were projected following the budget
provided plus 5.0%. Fitch's Base Case resulted in a minimum DSCR
of 1.29x in 2018, an average DSCR of 1.38x and LLCR of 1.44x. Net
debt to CFADS in 2017 is 6.35x and decreases each year over the
life of the notes. Under this scenario, the concession will end in
2031, earlier than the contractual July 2033, due to the project
yielding the NPV of cumulative revenues specified in the
concession agreement.

Fitch's Rating Case assumed traffic growth at a CAGR of 0.70%,
which considers, amongst others, that the competing route will be
untolled. U.S. CPI rates as utilized in Fitch's Base Case. O&M and
capex were projected following the budget provided plus 7.5%.
Fitch's Rating Case resulted in a minimum DSCR of 0.94x in 2022,
average DSCR of 1.25x and LLCR of 1.23x. Net debt to CFADS in 2017
is 6.60x and decreases each year over the life of the Notes. Under
this scenario, the concession will end at its contractual maturity
in July 2033.

Ruta 27 is an operational toll road with a length of 76.8
kilometers located in the capital of Costa Rica. The asset serves
as a connection between the city of San Jose and its metropolitan
area with Puerto Caldera, along the Pacific coast. The asset is
operated by Globalvia, one of the world leaders in infrastructure
concession management, which manages 28 concessions in seven
countries. The company was established in 2007 by FCC Group and
Bankia Group. In March 2016, Globalvia was acquired by pension
funds OPSEU Pension Plan Trust Fund (40%), PGGM N.V. (40%) and
Universities Superannuation Scheme Ltd (20%).


AUTOPISTAS DEL SOL: Moody's Assigns Ba2 Rating to Sr. Sec. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a first time rating of Ba2 to
the Senior Secured Notes to be issued by Autopistas del Sol S.A..
The outlook on the rating is negative.

The Ba2 rating is based upon the assumption that the final
transaction and financing documents will be in accordance with
Moody's current understanding of the transaction based on
documentation reviewed as of the date of this report.

RATINGS RATIONALE

The Notes of approximately $250 million maturing 2030 will rank
pari passu with a $104 million US denominated bond to be issued in
the local market in Costa Rica, maturing in 2027. Autopistas del
Sol will use the proceeds of the notes to repay Autopistas del Sol
existing senior secured debt and associated fees, issuance
expenses and a shareholder loan.

Autopistas del Sol, a subsidiary of Global V°a Infraestructuras
S.A. (unrated), is the concessionaire that operates and maintains
the Ruta 27 toll road, a key, strategic thoroughfare in Costa
Rica. Ruta 27 connects the country's capital city of San JosÇ and
Puerto Caldera, the most important port in the country's west
coast. Moody's views Ruta 27 as a strong asset given its limited
competing alternatives and its large commuter traffic base.
Although the toll road has a relatively limited history, traffic
growth is strong and outperforming expectations (2010-2016 CAGR of
12.2%). The rating also incorporates the Ruta 27 service area, a
relatively small but diversified Costa Rican economy.

Autopistas del Sol operates under a long term concession agreement
expiring in 2033 with the Government of Costa Rica (Ba2 negative).
The concession framework is supportive to the Noteholders and the
concessionaire, allowing automatic US-inflation adjustments to
toll rates, fair mechanisms for compensation for investment and a
minimum revenue guarantee if traffic underperforms. The concession
may be terminated before the end date if the concession reaches a
maximum allowable Net Present Value of toll revenues (NPV
termination). Under such scenario, the Notes would become due.
Notwithstanding, the structure includes a cash trap / early
redemption mechanism that reduces the debt outstanding under
upside scenarios and ensures the debt is fully paid down if the
NPV termination occurs.

The rating reflects financial metrics in line with the broader Ba
rating category. Under Moody's base case, Debt Service Coverage
Ratio (DSCR) averages 1.4x over the first five years of the
transaction and Funds From Operations to Debt (FFO/Debt) ratio
averages 8.5% over the same period. The transaction provides
standard project finance features restricting additional debt,
distributions to sponsors and business activities. In addition,
the Notes benefit from a 6-month Debt Service Reserve Account
(DSRA) and a 3-month O&M and major maintenance reserve.

The outlook is negative, in line with the negative outlook on the
rating of the Government of Costa Rica. The outlook acknowledges
the strong economic and regulatory linkages of the toll road with
Costa Rica.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, Moody's does not expects upward
pressure in the near term. Notwithstanding if the rating outlook
of Costa Rica is stabilized, the outlook on the rating of
Autopistas del Sol may follow suit.

A downgrade of Costa Rica's rating would exert downward pressure
on the rating of the Notes issued by Autopistas del Sol.
Furthermore, weak traffic performance, additional leverage or
lower cash available for debt service that leads to lower than
expected financial metrics would exert downward pressure on the
ratings. Specifically, if DSCR and FFO/Debt are expected to fall
below 1.3x and 6.0%, respectively, on a sustained basis, the
rating could also be pressured.

The principal methodology used in this rating was Privately
Managed Toll Roads published in May 2014.



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



GUYANA: Discloses Major Cuts to Sugar Sector
--------------------------------------------
Caribbean360.com reports that Guyana is refining its sugar
industry, announcing major changes to operations that include a
scale back on factories and production.

Guyana Agriculture Minister Noel Holder disclosed the new plan
that would see only three factories continuing operations and the
production of 147,000 tons of sugar annually to meet the demands
of its markets, according to Caribbean360.com.

According to Mr. Holder, the changes have been driven by the
falling value of the sector to the Guyana economy and mounting
debt at the state-owned Guyana Sugar Corporation (Guysuco) among
other concerns, the report relays.

"The dire revenue situation coincided with the loss of
preferential markets and prices that the company enjoyed from 1976
to 2009," he told the National Assembly, the report discloses.

Mr. Holder also cited chronic problems, including the migration of
skilled and experienced managers, exhaustion of cash reserves,
deteriorating field infrastructure and factories, and adversarial
industrial relations, the report notes.

Under the new plan, Mr. Holder said the government will merge the
operations of the Albion and Rose Hall Estates, resulting in the
closure of the latter factory at year-end, the report relays.

The other two factories earmarked to remain open are the Blairmont
and Uitvlugt Estates, the report relays.  Production from these
factories will be geared towards meeting the demand in the local
markets (25,000 tons per year), CARICOM and regional (50,000-
60,000 tons per year) United States of America (12,500 tons per
year) and the World Market (50,000 tons), the report relays.

The David Granger administration said focus would be on producing
for direct consumption, value-added sugars and providing
electricity to the national grid (co-generation), the report
discloses.

Despite the cuts, Holder assured the government "will retain as
many workers needed for all operations of the merged estates and
factories," the report relays.

The Agriculture Minister also disclosed that the government has
begun soliciting Expressions of Interest (EOI) for the divestment
of the state-of-the-art Skeldon Sugar Factory because Guysuco
cannot afford to fix that facility, the report notes.

He said the monies from Skeldon would help to bail out the cash-
strapped and debt burdened state-owned corporation, the report
adds.


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


SANDALS RESORTS: Silent on Reports of a Possible Sale
-----------------------------------------------------
Caribbean360.com reports that officials at Jamaican hotel chain
Sandals Resorts International are staying clear of media reports
that founder Gordon 'Butch' Stewart is exploring selling the
renowned company.

Reuters carried an exclusive report claiming that SRI has hired
investment bank Deutsche Bank AG to explore several options,
including selling a majority stake in the more than three-decade-
old resort group, according to Caribbean360.com.

Sources, Reuters identified "as people familiar with the matter",
said there was no certainty the move would result in any deal, the
report notes.

Pressed for a response to the report, SRI issued a one-paragraph
statement that neither confirmed nor denied the claims, the report
relays.

"Sandals Resorts International is exploring options to accelerate
the company's long-term growth and development plans. This is not
new.  Meanwhile, it's business as usual," it said in the statement
sent to the Jamaica Gleaner, the report notes.

Reuters estimated that Sandals could be worth well over US$1
billion, the report adds.

                       About Sandals Resorts

Sandals Resorts is an operator of all-inclusive resorts for
couples in the Caribbean and part of Sandals Resorts International
(SRI), parent company of Sandals Resorts, Beaches Resorts, Grand
Pineapple Beach Resorts, Fowl Cay Resort and several private
villas. Founded by Jamaican-born Gordon "Butch" Stewart in 1981,
SRI is based in Montego Bay, Jamaica and is responsible for resort
development, service standards, training and day-to-day
operations.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 28, 2013, RJR News said that the Sandals Resorts
International chain has reached an agreement with the Bahamian
government that will help alleviate the cost of running its resort
on the island of Great Exuma.  Gordon 'Butch' Stewart, the founder
of Sandals, in 2012 said the Sandals Emerald Bay on Great Exuma
was in a dire situation because of high operating costs and
insufficient airlift, according to RJR News.  RJR News related
that the hotel chain said its effort involved looking to the
Bahamas government for solutions.


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


ADELPHIA COMMUNICATIONS: NextEra Sues Greenberg for Malpractice
---------------------------------------------------------------
Abraham Moussako, writing for Bankruptcy Law360, reports that
NextEra Energy Inc. filed a lawsuit against Greenberg Traurig LLP
in New York state court for allegedly failing to assert a common
legal defense to a $149 million fraudulent transfer claim in the
Adelphia Communications Corp. bankruptcy proceeding.

NextEra Energy, according to Law360, accused Greenberg Traurig of
committing legal malpractice by not invoking Section 546(e) of the
U.S. Bankruptcy Code, a safe harbor provision, as a defense when
the Adelphia Recovery Trust, formed in the reorganization of
Adelphia Communications, sued.

                About Adelphia Recovery Trust

The Adelphia Recovery Trust is a Delaware Statutory Trust formed
pursuant to the First Modified Fifth Amended Joint Chapter 11 Plan
of Reorganization of Adelphia Communications Corporation and
Certain Affiliated Debtors, which became effective February 13,
2007.  The Trust holds certain litigation claims transferred
pursuant to the Plan against various third parties and exists to
prosecute the causes of action transferred to it for the benefit
of holders of Trust interests.

                About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.


MINI MASTER: Rodriguez Ready Buying Summit Tumba Agg. A3T for $12K
------------------------------------------------------------------
Mini Master Concrete Services, Inc., asks the U.S. Bankruptcy
Court for the District of Puerto Rico to authorize the private
sale of Summit Tumba Agg. A3T, Serial No. 1S8AD283XT0009257, to
Rodriguez Ready Mix, Inc., for $12,000.

Objections, if any, must be filed within 21 days after service of
Notice.

The Debtor owns the unencumbered Equipment for which Debtor has no
use and must be sold to maximize its estate, in line with its
Liquidating Plan, and preclude its further deterioration.
Maintaining the Equipment, not in use by Debtor, is causing
unnecessary administrative expenses such as security, insurance
and property taxes, which are burdensome to the Debtor's estate.

The Debtor has received an offer from the Buyer for the purchase
of the Equipment free and clear of any interest.  It considers the
Buyer's offer to be reasonable and fair.

The Debtor must sell the Equipment as expeditiously as possible,
in order to maximize its value and avoid its deterioration,
particularly considering that the Debtor is no longer in
operations.  Therefore, it is in the best interest of its estate
and its creditors that the Equipment be sold as proposed.
Accordingly, the Debtor asks the Court to approve the proposed
sale.

           About Mini Master Concrete Services

Mini Master Concrete Services, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on Dec. 22, 2016.
Carmen M. Betancourt, president, signed the petition.  The Debtor
disclosed total assets of $15.78 million and total liabilities of
$5.46 million.  The Hon. Mildred Caban Flores is the case judge.
Charles A. Cuprill, Esq., at PCS Law Offices, is serving as
counsel to the Debtor.


MINI MASTER: BTA Concrete Buying Six Vehicles for $17K
------------------------------------------------------
Mini Master Concrete Services, Inc., asks the U.S. Bankruptcy
Court for the District of Puerto Rico to authorize the private
sale of six vehicles to BTA Concrete, Inc., for $17,000.

Objections, if any, must be filed within 21 days after service of
Notice.

The Debtor owns the Vehicles for which Debtor has no use and must
be sold to maximize its estate, in line with its Liquidating Plan,
and preclude its further deterioration.  Maintaining the Vehicles,
not in use by Debtor, is causing unnecessary administrative
expenses such as security, insurance and property taxes, which are
burdensome to the Debtor's estate.

The Debtor has received an offer from the Buyer for the purchase
of the Vehicles free and clear of any interest, which are
encumbered in favor of the Economic Development Bank of Puerto
Rico ("EDB") and Wells Fargo Financial Lien, Inc.  It considers
the Buyer's offer to be reasonable and fair.

The Vehicles proposed to be sold to BTA are:

          a. 1999 Volvo TM-210, Serial No. 4VHJCABE4XN866018, for
$6,000, encumbered in favor of EDB;

          b. 2000 Kenworth TM-2017, Serial No. 1NK0L00X9YR841051,
for $5,000, encumbered in favor of EDB;

          c. 2001 Kenworth TM-252, Serial No. 1NK0L00X61J879521,
for $1,500, encumbered in favor of Wells Fargo;

          d. 2001 Kenworth TM-255, Serial No. INK0X0TX61J868535,
for $1,500, encumbered in favor of Wells Fargo;

          e. 1999 Volvo TM-269, Serial No. 4VHJCABE2XN866017, for
$1,500, encumbered in favor of Wells Fargo; and

          f. 2003 Kenworth TM-274, Serial No. INK0L00X53J395701,
for $1,500, encumbered in favor of Wells Fargo.

Since the Mixers are encumbered in favor of EDB and Wells Fargo,
the proceeds of the sale will be deposited in a segregated
account, from which the payments to EDB and Wells Fargo, under the
Plan will be made on its Effective date.

The Debtor must sell the Vehicles as expeditiously as possible, in
order to maximize its value and avoid its deterioration,
particularly considering that the Debtor is no longer in
operations.  Therefore, it is in the best interest of its estate
and its creditors that the Vehicles be sold as proposed.
Accordingly, the Debtor asks the Court to approve the proposed
sale.

The Purchaser can be reached at:

          BTA CONCRETE, INC.
          P.O. Box 2181
          Barceloneta, PR 00617
          Telephone: (787) 846-3370

           About Mini Master Concrete Services

Mini Master Concrete Services, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on Dec. 22, 2016.
Carmen M. Betancourt, president, signed the petition.  The Debtor
disclosed total assets of $15.78 million and total liabilities of
$5.46 million.  The Hon. Mildred Caban Flores is the case judge.
Charles A. Cuprill, Esq., at PCS Law Offices, is serving as
counsel to the Debtor.


MINI MASTER: Rodriguez Ready Buying Kenworth C-11 for $12K
----------------------------------------------------------
Mini Master Concrete Services, Inc., asks the U.S. Bankruptcy
Court for the District of Puerto Rico to authorize the private
sale of Kenworth Remolque C-11, Serial No. 1NK0L60X3YJ840947, to
Rodriguez Ready Mix, Inc. for $12,000.

Objections, if any, must be filed within 21 days after service of
Notice.

The Debtor owns the unencumbered Vehicle for which Debtor has no
use and must be sold to maximize its estate, in line with its
Liquidating Plan, and preclude its further deterioration.
Maintaining the Vehicle, not in use by Debtor, is causing
unnecessary administrative expenses such as security, insurance
and property taxes, which are burdensome to the Debtor's estate.

The Debtor has received an offer from the Buyer for the purchase
of the Vehicle free and clear of any interest, which is encumbered
in favor of the Economic Development Bank of Puerto Rico ("EDB").
It considers the Buyer's offer to be reasonable and fair.

Since the Vehicle is encumbered in favor of EDB; the proceeds of
the sale will be deposited in a segregated account, from which the
payments to EDB, under the Plan will be made to EDB on its
Effective date.

The Debtor must sell the Vehicle as expeditiously as possible, in
order to maximize its value and avoid its deterioration,
particularly considering that the Debtor is no longer in
operations.  Therefore, it is in the best interest of its estate
and its creditors that the Vehicle be sold as proposed.
Accordingly, the Debtor asks the Court to approve the proposed
sale.

The Purchaser can be reached at:

          RODRIGUEZ READY MIX, INC.
          P.O. Box 1239
          Hormigueros, PR 00660
          Telephone: (787) 849-0055
          Facsimile: (787) 849-5533

           About Mini Master Concrete Services

Mini Master Concrete Services, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on Dec. 22, 2016.
Carmen M. Betancourt, president, signed the petition.  The Debtor
disclosed total assets of $15.78 million and total liabilities of
$5.46 million.  The Hon. Mildred Caban Flores is the case judge.
Charles A. Cuprill, Esq., at PCS Law Offices, is serving as
counsel to the Debtor.


MINI MASTER: Rivera Buying Chevrolet Malibu (2005) for $600
-----------------------------------------------------------
Mini Master Concrete Services, Inc., asks the U.S. Bankruptcy
Court for the District of Puerto Rico to authorize the private
sale of Chevrolet Malibu (2005), Serial No. 1G1ZT54895F262656, to
Mr. Angel Rivera for $600.

Objections, if any, must be filed within 21 days after service of
Notice.

The Debtor owns the unencumbered Vehicle for which Debtor has no
use and must be sold to maximize its estate, in line with its
Liquidating Plan, and preclude its further deterioration.
Maintaining the Vehicle, not in use by Debtor, is causing
unnecessary administrative expenses such as security, insurance
and property taxes, which are burdensome to the Debtor's estate.

The Debtor has received an offer from the Buyer for the purchase
of the Vehicle free and clear of any interest.  It considers the
Buyer's offer to be reasonable and fair.

The Debtor must sell the Vehicle as expeditiously as possible, in
order to maximize its value and avoid its deterioration,
particularly considering that the Debtor is no longer in
operations.  Therefore, it is in the best interest of its estate
and its creditors that the Vehicle be sold as proposed.
Accordingly, the Debtor asks the Court to approve the proposed
sale.

The Purchaser can be reached at:

          Angel Rivera
          HR 01 Box 2395
          Morovis, PR 00687
          Telephone: (787) 381-0187

           About Mini Master Concrete Services

Mini Master Concrete Services, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on Dec. 22, 2016.
Carmen M. Betancourt, president, signed the petition.  The Debtor
disclosed total assets of $15.78 million and total liabilities of
$5.46 million.  The Hon. Mildred Caban Flores is the case judge.
Charles A. Cuprill, Esq., at PCS Law Offices, is serving as
counsel to the Debtor.


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


VENEZUELA: Warao People Cross into Brazil to Flee Crisis
--------------------------------------------------------
Caribbean360.com reports that members of the indigenous Warao
people from the Orinoco Delta in Venezuela are the latest of
thousands of their compatriots to flee the deteriorating situation
in the socialist country.

About 400 of the Warao people have arrived in the Brazilian city
of Manaus in the Amazon, where authorities have declared a social
emergency to seek government funds to help with the influx,
according to Caribbean360.com.

The Warao said they had travelled around 1,250 miles and were
fleeing hunger and Venezuela's worsening economic and political
crisis, the report notes.

In Manaus, most of the group are reportedly living in a makeshift
encampment in deplorable conditions under a viaduct near the bus
station, and spend much of their time begging at traffic lights,
the report relays.

The Venezuelans arrived seeking jobs in the city's industrial
complex, but they lack documents needed for employment, according
to municipal secretary Elias Emanuel, the report notes.

"Now our Federal Police will help them.  We want to include them
in our social programs, too, but since they are foreign Indians we
really need support," Mr. Emanuel said in a statement obtained by
the news agency.

The report relays that Warao people have also sought relief from
the crisis in Venezuela by slipping into the northern Brazilian
state of Roraima, but have had little success.

City authorities in Boa Vista, the state capital, said more than
500 Warao arrived across the border but were deported because of
concerns about vagrancy and begging, the report notes.

The term Warao translates as "the boat people," after the Warao's
deep connection with water.  They live in thatched-roof huts built
on stilts over the water on the shores of the river.  Most of the
approximately 20,000 Warao inhabit Venezuela's Orinoco Delta
region, with smaller numbers in neighboring Guyana and Suriname.

By no means alone in their exodus from Venezuela, the Warao join
more than 5,400 Venezuelans who have requested visas and
permission to stay in Brazil, according to the Brazilian Ministry
of Justice, the report notes.

Both Roraima and Amazonas states, which border on Venezuela, have
reported many more people coming across in search of basic food
items, medicine and temporary jobs, the report says.

Border towns in Roraima say local state hospitals and social
services have been overwhelmed by tens of thousands of Venezuelan
migrants, the report adds.

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


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


* BOND PRICING: For the Week From May 8 to May 12, 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 Joseph Cardillo at
856-381-8268.


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