TCRLA_Public/170606.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

               Tuesday, June 6, 2017, Vol. 18, No. 111


                            Headlines



A R G E N T I N A

CABLEVISION SA: Fitch Affirms B LT FC IDRs; Outlook Remains Stable
DEUTSCHE BANK (ARGENTINA): Moody's Cuts GS Deposit Rating to B3
GPAT COMPANIA: Moody's Assigns B1 Global LC Senior Debt Rating

* ARGENTINA: Perfect Time for EU-Mercosur Pact, Minister Says


B E R M U D A

SEADRILL LIMITED: Q1 Revenue Down 15% to $569 Million


B O L I V I A

BANCO DO BRASIL: Affirms B1 Global FC Deposit Rating; Outlook Neg.


B R A Z I L

BANCO ORIGINAL: Moody's Cuts Global Long Term Deposit Rating to B2
COMPANHIA DE GAS: Fitch Affirms BB+ FC LT IDR; Outlook Negative
COSAN S.A.: Moody's Affirms Ba2 CFR; Revises Outlook to Negative
OLEO E GAS: Files for Permission to Exit Bankruptcy
QUICKFOOD SA: Moody's Affirms Ba1 Sr. Notes Rating; Outlook Neg.


C A Y M A N  I S L A N D S

ABELNEAUX LIMITED: Commences Dissolution Proceedings
AIFAM CAPITAL: Shareholders' Final Meeting Set for June 30
GLOT FINANCE: Commences Dissolution Proceedings
HAWKESBURY FARMS: Creditors' Proofs of Debt Due June 13
PATRONUS SELECT: Shareholders' Final Meeting Set for June 24

POINT72 CAYMANS: Shareholders' Final Meeting Set for June 12
SKYPE MANAGEMENT: Shareholders' Final Meeting Set for June 12
SPR 1 LIMITED: Commences Liquidation Proceedings
SPRUCE BROOK II: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Money Laundering Law Limits Cash Deals


J A M A I C A

DIGICEL GROUP: Refinanced by 2 Irish Financial Institutions


P U E R T O    R I C O

AES PUERTO: Fitch Keeps 'C'-Rated Bonds on Rating Watch Negative
PUERTO RICO: Creditors Want to Depose Officials Over 'Conflicts'


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A R G E N T I N A
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CABLEVISION SA: Fitch Affirms B LT FC IDRs; Outlook Remains Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Cablevision S.A.'s Long-Term Foreign
Currency (FC) Issuer Default Rating (IDR) at 'B'. Fitch also
affirmed the company's Long-Term Local Currency IDR at 'BB-' and
its USD500 million senior notes at 'B+'/RR3. The Rating Outlook on
IDRs remains Stable.

Cablevision's ratings reflect the company's strong business
position as the leading Pay-TV and broadband provider in
Argentina, its solid financial profile underpinned by its robust
free cash flow generation and conservative capital structure.
Negatively, the company's ratings are tempered by Argentina's
mature Pay-TV market with new entrants from 2018, and subdued
macro-economic environment, including high inflation and steep
currency devaluation.

Cablevision's FC IDR is constrained by the 'B' country ceiling of
the Republic of Argentina which limits the FC rating of most
Argentine corporates. Country ceilings are designed to reflect the
risks associated with sovereigns placing restrictions upon private
sector corporates that may prevent them from converting local
currency to any foreign currency under a stress scenario and/or
may not allow the transfer of foreign currency abroad to service
foreign currency debt obligations.

Cablevision's 'RR3' Recovery Rating of its senior unsecured notes,
reflects good recovery prospects in the event of default given the
company's solid balance sheet and cash flow generation. Fitch
believes that the company's default, should it occur, would be
most likely driven by transfer and convertibility restrictions
imposed upon the payment of foreign debt, and not as a result of a
material deterioration of the company's business or financial
profile.

KEY RATING DRIVERS

Strong Business Position: Fitch expects Cablevision's market
leadership to remain intact over the medium term given its
extensive network coverage, quality of service, and strong brand
recognition. During 2016, Cablevision's pay-tv market share
remained stable at 39% while its broadband subscriber market share
grew to 30% from 29% the prior year. The company's network spans
across 7.8 million homes-passed connecting 5.7 million revenue
generating units (RGU) as of March 31, 2017. Its pay-tv subscriber
base has remained relatively stable at 3.5 million since 2011,
while its broadband customer base has grown 64% during the same
period to 2.2 million subscribers. Additionally, the company has
0.7 million mobile subscribers following the acquisition of
Nextel.

Mature Pay-TV Market: Argentina has among the highest Pay-TV
penetration in Latin America with 9.1 million subscribers
representing a penetration rate of 79%. In addition, the
regulatory changes will allow telecom operators to enter the Pay-
TV market from January 2018, adding additional competitive
pressures. These factors will offer limited growth headroom going
forward. Although Cablevision is well positioned to cope with
increasing competition given its entrenched business position,
Fitch believes that competitive pressures amid market maturity
will impose a gradual adverse impact on its market shares and
operating margins in the long term.

Fitch expects Cablevision's growth to come mainly from its
broadband segment as the company focuses on cross-selling
opportunities within its Pay-TV customer base. The company's
network competitiveness is solid against telecom operators, and
the broadband penetration rate in Argentina remained relatively
lower, at 62.3% as of year-end 2016, compared to pay-TV services,
which still offers some growth headroom.

Solid Performance: Cablevision has a solid operational track
record, with consistent revenues and EBITDA growth in recent
years, supported by continued expansion of its subscriber base and
average revenue per user (ARPU). The company has exhibited its
ability to consistently raise prices to mitigate pressures from
high inflation and local currency devaluation. Total ARPU improved
to ARS718 during the first quarter of 2017 (1Q17) compared to
ARS193 in the 1Q13, which resulted in ARPU growth in U.S. dollar
terms to USD46 during the 1Q17 compared to USD39 during the 1Q13.
Based on this, Cablevision's revenues and EBITDA increased to
USD2.2 billion and USD788 million, respectively, during the latest
12 months (LTM) ending March 31, 2017, which were 42% and 63%
improvement from the levels in 2011.

Robust Financial Profile: Cablevision's financial profile is among
the strongest of regional Fitch-rated telecom companies across
rating categories. The company has historically maintained a
conservative capital structure to cope with operational and
regulatory risks. As of the LTM ended March 31, 2017, the
company's gross and net leverage were 0.8x and 0.5x, respectively.
Fitch forecasts the company's net leverage will remain comfortably
below 1.0x over the medium-to-long term, backed by its stable cash
flow generation despite high capex. The company's capital
intensity, measured as capex-to-sales, is expected to remain high
in the short to medium term due to continued network upgrades, in
both fixed and mobile, which should be largely covered by its
solid cash flow from operations resulting in stable leverage.

Moderate Regulatory Environment: The regulatory environment has
stabilized in Argentina with the establishment of its new
regulatory agency, Ente Nacional de Comunicaciones - ENACOM
(National Communications Entity) removing uncertainty for telecom
& media operators, including Cablevision. Nevertheless, the
regulatory risk remains moderately negative as the regulator aims
to promote market competition in an already highly saturated and
competitive market, by eliminating certain restrictions and
loosening regulations, that could lead to the company's weaker
market position going forward. Fitch believes that the regulatory
framework is unlikely to change, given the already intense
competitive landscape and high level of penetration in the cable
industry.

DERIVATION SUMMARY

Cablevision's business profile is considered strong for 'B'
category telecom operator backed by its leading pay-tv and
broadband market shares, extensive network coverage and solid
quality. Its financial profile is among the strongest compared to
its regional Fitch-rated telecom peers across rating categories.
Despite this, the company's ratings are constrained by the 'B'
country ceiling of the Republic of Argentina, which limits the
Foreign Currency rating of most Argentine corporates. The
company's long-term Local Currency rating is rated two notches
above the country ceiling at 'BB-' reflecting its strong
underlying credit profile. Cablevision's operating performance,
robust cash generation ability, and conservative capital structure
have remained resilient despite operating in a challenging
economic environment with high inflation. No parent/subsidiary
linkage is applicable.

KEY ASSUMPTIONS

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

-- Double-digit annual revenue growth
-- EBITDA margins trending down towards 34% over the long-term as
    a result of increasing competition;
-- Pay-TV market share undergoes gradual loss given increased
    competition;
-- Broadband undergoes strong double-digit growth over the medium
    term;
-- Net leverage to remain well below 1.0x over the medium term
    despite high capex.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
An upgrade is unlikely as the ratings are constrained by the
country ceiling.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
Fitch does not foresee any negative rating pressures for
Cablevision that would stem from operational difficulties in the
short to medium term given its solid market position and strong
financial profile, however, the ratings would be downgraded in
case of a downgrade of Argentina's sovereign rating, introduction
of adverse regulatory or government measures that would materially
affect the company's market share and credit profile.

LIQUIDITY

Cablevision has a strong liquidity position, underpinned by its
high readily available cash balance, low leverage and robust cash
flow generation. As of the LTM ended March 31, 2017, the company
held ARS3,006 million (USD195 million) of readily available cash
versus short-term debt of ARS883 million (USD57 million). The
company has no material debt repayments until 2021, which further
bolsters its financial flexibility.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:
Cablevision S.A.
-- Long-Term Foreign Currency IDR at 'B'; Outlook Stable;
-- Long-Term Local Currency IDR at 'BB-'; Outlook Stable;
-- Senior unsecured notes due 2021 at 'B+/RR3'.


DEUTSCHE BANK (ARGENTINA): Moody's Cuts GS Deposit Rating to B3
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
downgraded the global scale and national scale local currency
deposit ratings of Deutsche Bank S.A. (Argentina) (Deutsche
Argentina) of B1 and Aa2.ar to B3 and Baa1.ar respectively.
Deutsche Argentina's global scale rating outlook has been revised
to positive in line with the positive outlooks on the ratings of
Comafi and the Argentine sovereign, while the national scale
ratings remains stable. This action concludes the review for
possible downgrade initiated on September 2, 2016 following the
announcement by Deutsche Argentina's parent, Deutsche Bank AG
(Deutsche, A3/ Baa2 stable, ba1), that it had agreed to sell its
Argentine subsidiary to Banco Comafi S.A. (Comafi) (B3/B3
positive, b3) as part of a broader scaling back of its global
operations.

The transaction is expected to close this coming Monday, June 5.
Once the transaction closes, Deutsche Argentina will be renamed
Banco BC S.A., though it will operate under Comafi's brand. It is
eventually expected to be merged directly into Comafi.

The following ratings assigned to Deutsche Bank S.A. (Argentina)
were downgraded:

Global long-term local currency deposit rating downgraded to B3
from B1, with positive outlook

Long-term national scale local currency deposit rating downgraded
to Baa1.ar from Aa2.ar, with stable outlook.

RATINGS RATIONALE

Deutsche Argentina's ratings were downgraded following the central
bank's approval of the sale of the bank to Comafi, to reflecting
the B3 rating of the new shareholder. Although Moody's expects
Deutsche Argentina's new owner will be willing to support the bank
as necessary until the merger is complete, its ability to do so is
much more limited than was that of the rating of the bank's former
parent, whose baseline credit assessment is five notches higher.

Although Deutsche Argentina has discontinued some businesses since
the sale was announced, it has nevertheless continued to report
good earnings; net income equaled nearly 10% of tangible assets in
2016, extremely high even by Argentine standards, which are
distorted by the country's very high inflation rate. Government
securities and fee income are the main drivers for the bank's
earnings. Nevertheless, the bank's rating is constrained by
Argentina's operating environment, which remains challenging
despite the country's return to global capital markets and various
other market-friendly policy reforms implemented in recent months
by Macri administration.

Deutsche Bank's sale of its Argentine unit is part of its global
rationalization to boost efficiency. The German bank announced
late last year that it planned to exit 10 countries by 2018.
Deutsche Bank will continue to serve certain clients in Argentina
from global and regional hubs, providing M&A services and
underwriting and advisory services to corporate and government
debt issuers.

The Baa1.ar national scale rating is the highest Argentine
national scale rating corresponding to the bank's B3 global scale
rating, in line with that of Comafi,.

The positive outlook on the global scale rating is aligned with
the outlook of both Comafi the Argentina's government. While the
country's operating environment remains challenging, the positive
outlooks, reflect the anticipated impact of market-friendly policy
reforms implemented in by Macri administration, which are expected
to result in a return to economic growth and a continued decline
in inflation this year. In turn, this will create new business
opportunities for Deutsche Argentina that will ease its transition
into a more competitive, market-driven operating environment and
help mitigate an expected drop in return on securities
investments.

WHAT COULD MAKE THE RATING GO DOWN

The ratings will face positive pressures if Argentine operating
environment improves and Argentina government bond rating is
upgraded. Given the positive outlook, the ratings do not face
downward pressure. However, the outlook would likely stabilize if
and when Argentina's sovereign outlook stabilizes.

The principal methodology used in these ratings was Banks
published in January 2016.

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


GPAT COMPANIA: Moody's Assigns B1 Global LC Senior Debt Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B1 global local currency senior debt rating and an
Aa3.ar national scale local currency debt rating to GPAT Compania
Financiera S.A. (GPAT)'s XXVIII series issuance. The notes will be
issued in two tranches, A and B, which will be due in 18 months
and 36 month respectively, for up to Ar$ 400 million. All ratings
assigned to GPAT are on review for downgrade, in line with the
review on other ratings assigned to the entity.

The following ratings were assigned to GPAT Compania Financiera
S.A.'s series XXVIII senior unsecured debt issuance up to ARS

400 million:

B1 Global Local Currency Debt Rating; Rating Under Review for
Downgrade

Aa3.ar Argentina National Scale Local Currency Debt Rating; Rating
Under Review for Downgrade

RATINGS RATIONALE

The review for downgrade of GPAT's ratings reflects the review of
its parent Banco Patagonia S.A.'s ratings (Patagonia, Ba3 on
review, b3) as GPAT's ratings incorporate the strong links between
the operations of the bank and this subsidiary and the probability
that the company will receive financial support from Banco
Patagonia, in the event of stress. As the finance company of
Patagonia, GPAT is primarily engaged in financing car sales of
General Motors dealers through Patagonia's branch network, while
Patagonia provides funding for dealers' floor plans.

In addition, the ratings also consider GPAT's monoline business
model, in the context of the ongoing macroeconomic and
institutional challenges, including still high inflation and low
growth. GPAT maintains a dominant market position in this
business, amid an increasingly competitive car-financing industry
in Argentina. Although credit costs doubled in 12 months ended in
March 2017 due to weak economic conditions in Argentina, GPAT's
dominance allowed it to post an an annualized return on assets of
8.65% in 1Q17. This ratio is high even by Argentine standards,
which are distorted by the high rate of inflation.

Though they remain moderate, nonperforming loans have gradually
risen over the past five quarters, from just 1.04% as of year-end
2015 to 1.75% in 1Q17. Moreover, the company's high loan book
granularity, the strong collateralization structure of its
portfolio, and loan loss reserves equal to 2% of gross loans in
1Q17 help to mitigate the deterioration in asset quality. The
ratings also incorporate risks associated with a liability
structure mainly reliant on market funding, as is the case of
other automobile finance companies.

The Aa3.ar NSR is the lowest of the three alternatives on the
Argentine national scale corresponding to GPAT's B1 global scale
rating, reflecting the review for downgrade of the issuer's global
scale rating.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings for GPAT could face downward pressure if ratings for
its parent, Banco Patagonia, are downgraded, or in the event of
deterioration in GPAT's asset quality, capitalization and/or
funding access. Given the review for downgrade, upward rating
pressure is unlikely at this time. However, the ratings could be
confirmed at the current level if and when Patagonia's ratings are
confirmed.

The principal methodology used in these ratings was Finance
Companies published in December 2016.

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

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$4,763 million of total assets and
Ar$864 million of shareholders' equity as of March 2017.

* ARGENTINA: Perfect Time for EU-Mercosur Pact, Minister Says
-------------------------------------------------------------
EFE News reports that Argentina's foreign minister said that now
is the perfect time for reaching the long-delayed accord between
the European Union (EU) and the Southern Cone Common Market
(Mercosur), adding that a pact of this standing will have great
significance a world that is now questioning certain long-
cherished values.

"Now is the perfect time for us to rise to the occasion and deal
with what is going on in the world, while working beyond
geographical differences," Foreign Minister Susana Malcorra said
at the opening of the second day of the forum "Argentina-European
Union: Opportunities of a New Strategic Relationship," which winds
up Friday in Buenos Aires, according to EFE News.

Ms.  Malcorra, who will step down from her post on June 12 for
family reasons, noted that the accord, which has been bogged down
in negotiations since 2000, is not just a free trade agreement but
also a strategic association between the EU and the bloc founded
by Argentina, Brazil, Paraguay and Uruguay, the report notes.

In that sense, she asked those present, who included business
owners and executives, not to view this pact in purely economic
terms, but also to value the impact this "long delayed" accord
will have on the defense of European and Mercosur values such as
democracy, human rights and a respect for institutions, the report
relays.

She said the EU and Mercosur are working "on the idea of
strengthening their strategic association" against a background of
widespread dissatisfaction reflected in "surprising" election
results, particularly in developed countries.

"Now is the time to send a clear message of adherence to those
profoundly held values. This clear message has probably no better
example than the ties between Mercosur and the EU," she said, the
report discloses.

Ms. Malcorra added that, with all that is being questioned in the
world, the values defended by Europe and Mercosur will stand
stronger than ever if both parties "come politically to an accord,
to a very rapid accord," the report notes.  "If we agree to a pact
that is reasonable for both parties, we will send a message to the
world that it is possible to arrive at a shared vision of an
integrated world dedicated to the needs of its citizens."

Ms. Malcorra said the negotiations "are intense," that a previous
round of talks was held several weeks ago in Buenos Aires, where
the two parties are meeting again, and that the negotiators will
hold another round in Brussels sometime in the next six months.

                         *     *    *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2017, Fitch Ratings affirmed Argentina's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Argentina's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Country Ceiling is affirmed at 'B' and the Short-Term Foreign and
Local Currency IDRs at 'B'.

On Jan. 30, 2017, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service has assigned a B3 rating
to the Government of Argentina's US$3.25 billion bond due 2022 and
the US$3.75 billion bond due 2027. The outlook on the Government
of Argentina's rating is stable.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.


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B E R M U D A
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SEADRILL LIMITED: Q1 Revenue Down 15% to $569 Million
-----------------------------------------------------
Seadrill Limited announced its first quarter results for the
period ended March 31, 2017.

Highlights

   * Revenue of $569 million

   * Operating income of $83 million

   * EBITDA of $291 million

   * 98% economic utilization

   * Reported net income of $57 million and diluted net income per
     share of $0.13

   * Underlying net income, excluding non-recurring items and
     non-cash mark to market movements on derivatives, was $22
     million and earnings per share was $0.06

   * Cash and cash equivalents of $1.5 billion

   * Seadrill Limited order backlog of approximately $3.4 billion

Per Wullf, CEO and president of Seadrill Management Ltd., said:
"Tendering activity continues to increase, especially in the North
Sea, South-East Asia and Middle-East segments.  While competition
remains fierce for available work we are well positioned with our
scale, young modern fleet and highly skilled workforce.  We remain
committed to keeping our units working in the short-term and have
successfully re-contracted a number of our available units.  Our
priority continues to be to implement our restructuring plan with
the right structure and terms for our stakeholders."

Revenues of $569 million for the first quarter (Q4 2016: $667
million) were down approximately 15% primarily due to:

   * The West Saturn becoming idle during the quarter;

   * The West Epsilon and West Vigilant having a full quarter of
     idle time;

   * Lower West Hercules termination fee recognition (terminated
     contract originally scheduled to conclude in January); and

   * West Epsilon termination fee received in the fourth quarter
     not repeated in the first quarter

These reductions to revenue were partially offset by the West
Castor operating for a full quarter and the West Phoenix
commencing operations during the quarter.

EBITDA was $63 million lower in the first quarter, as the revenue
reduction was partly offset by lower opex due to additional idle
units and lower general and administrative expenses due to the
continued benefits of cost control and saving initiatives
implemented during 2016.

Net operating income for the quarter was $83 million (Q4 2016: $87
million), approximately in-line with the prior quarter.  The
EBITDA reduction was offset by no impairment charges taken during
the quarter (Q4 2016: charge of $44 million) and lower
depreciation.

Net financial and other items resulted in an expense of $31
million in the quarter (Q4 2016: income of $6 million).  The
increase in expense was due to lower results from associated
companies related to our share of Seadrill Partners net income and
foreign exchange gains not repeated in the first quarter.  This
was partially offset by a gain on derivatives (loss in 4Q16) and
lower expense in other financial items (4Q 2016 expense related to
the recognition of the Archer guarantee liability that did not
recur).

Income taxes for the first quarter were a credit of $5 million,
(Q4 2016: expense of $10 million) reflecting an estimate of the
annual effective tax rate for the full year applied to the result
for this reporting period.

Net income for the quarter was $57 million resulting in basic and
diluted earnings per share of $0.13.

Balance sheet

As at March 31, 2017, total assets were $21.3 billion (Q4 2016:
$21.7 billion).

Total current assets were $2.6 billion (Q4 2016: $2.9 billion).
The main movements during the quarter were the settlement of the
West Mira arbitration, a reduction in accounts receivable related
to additional idle units and receipt of final installments of
termination payments for two units.

Cash and cash equivalents were $1.5 billion, an increase of $94
million.

Total non-current assets were $18.7 billion (Q4 2016: $18.8
billion).  Quarterly depreciation was partially offset by an
increase in the value of investments in associated companies,
primarily related to Seadrill Partners.
Total current liabilities were $4.7 billion (Q4 2016: $4.7
billion).  The main movement was the NOK1,800m Seadrill bond with
an outstanding value of $211m becoming current, offset by a
reduction in unrealized losses on derivatives, accrued interest,
deferred mobilization, and tax payable.

Total non-current liabilities were $6.5 billion (Q4 2016: $6.9
billion).  The main movement was the reclassification of long term
debt to short term debt.

Over the course of the quarter total net interest bearing debt
(including related party debt and net of cash and cash
equivalents) was $8.2 billion (Q4 2016: $8.5 billion), reflecting
normal quarterly installments.

Total equity was $10.1 billion as at March 31, 2017 (Q4 2016:
$10.1 billion), primarily reflecting net income for the quarter.

Cash flow

As at March 31, 2017, cash and cash equivalents were $1.5 billion
(Q4 2016: $1.4 billion).

Net cash provided by operating activities for the three month
period ended March 31, 2017, was $155 million (Q4 2016: $345
million). Net cash provided by investing activities was $181
million (Q4 2016: $75 million) driven mainly by the West Mira
settlement, and net cash used in financing activities was $244
million (Q4 2016: $313 million) due to debt repayments.

Cost Reduction

Headcount has been reduced from 6,995 at year end 2015 to 5,196 at
the end of the first quarter. Of the 1,799 reduction, 1,380 have
been offshore and 419 onshore.

Vessel and rig operating expenses decreased by $23 million during
the first quarter, primarily due to additional idle units, and
general and administrative expenses decreased from $69 million to
$61 million.  The Company continues to expect G&A, excluding
restructuring costs, to be in the range of $220 million for full
year 2017.

Newbuilding Program

During the first quarter a settlement agreement was reached with
Hyundai Samho Heavy Industries Co Ltd. in relation to the West
Mira arbitration.  A cash payment of $170 million was received in
March 2017 as full settlement of the dispute.  Arbitration
proceedings began in October 2015 following the cancellation of
the construction contract for the West Mira and were expected to
conclude during the first half of 2018.  This settlement agreement
brings an early conclusion to the arbitration process.  As part of
this settlement, Northern Drilling (as agreed with Seatankers), a
related party, has purchased the West Mira from HSHI.  Northern
Drilling is an asset holding company and is not expected to engage
in offshore drilling activities.  The Company expects to execute
an agreement with Northern Drilling for the commercial and
technical management of the West Mira as well as a right of first
refusal for purchase of the Unit.

In April 2017, Sevan Drilling and Cosco deferred the negotiation
of the final delivery deferral agreement for the Sevan Developer
until May 31, 2017.  If an agreement cannot be reached, the
remaining installment of $26.3 million will be refunded.
The West Dorado and West Draco, currently under construction at
Samsung, are not yet completed and we are in discussions with
Samsung to defer the delivery dates prior to the units being
completed and ready for delivery.

The Company remains in constructive discussions with our shipyards
as part of its broader restructuring discussions regarding
reaching agreements to defer our remaining deliveries further into
the future.

Operations

During the first quarter economic utilization was 98% (Q4 2016:
99%).  The West Saturn completed its contract, while the West
Castor and West Phoenix returned to service.

Commercial Developments

During the first quarter:

   * The West Phoenix was awarded a one well contract with Nexen
     Petroleum.  The contract will run in direct continuation from
     its existing contract with Total and the total backlog is
     estimated to be $17 million.

   * The West Elara was awarded a one well extension plus one
     option well from Statoil.  The backlog for the firm well is
     estimated to be $10 million.

   * The West Mischief received a contract termination notice from
     NDC and is expected to end operations in August 2017 as
     opposed to the original contracted December 2017 date.  The
     total backlog impact is a $9 million decrease.

   * West Cressida was awarded a two month extension of its
     existing contract with PTTEP Thailand at the original
     contract day rate of $64,500 per day.

   * SeaMex, the Company's 50% owned JV, agreed a 29 month
     contract extension at the current contracted day rates for
     each of the five jack-up rigs contracted with Pemex in
     Mexico.  Simultaneously SeaMex agreed to provide Pemex with a
     discount to contracted rates for 22 months effective November
     2016.  The net impact on contract backlog for SeaMex was an
     increase of $580 million.

   * The West Saturn was awarded a one well contract with Ophir
     Cote d'Ivoire in Cote d'Ivoire, which commenced in the second
     quarter of 2017.  Total contract backlog is expected to be
     approximately $5.5 million based on an estimated contract
     duration of 35 days.

Additionally, during the second quarter to date we have concluded
the following commercial agreements:

   * The West Freedom was awarded a one well contract with
     Ecopetrol in Columbia.  Commencement is expected in the third
     quarter of 2017.  Contract backlog is expected to be
     approximately $5 million.

   * In April, NADL, the Company's majority owned subsidiary,
     announced the contract awards and extension for the jack-ups
     West Elara and West Linus with ConocoPhillips, for work in
     the Greater Ekofisk Area.  The contracts are for a period of
     10 years and the total additional backlog for the new
     contract awards is estimated at $1.4 billion, excluding
     performance bonuses.  The contracts include market indexed
     dayrates and the estimated backlog is subject to change based
     on market conditions.

   * In April, Statoil exercised an option to extend the contract
     for the West Elara with one additional well at a rate of
     $135,000 per day.  The contract is now expected to extend
     until September 2017.

   * In May, Seadrill announced an agreement with Shelf Drilling
     to sell the West Triton, West Resolute and West Mischief for
     a total consideration of $225 million subject to customary
     closing conditions.  The West Triton and West Resolute were
     delivered to Shelf Drilling in May 2017.  The West Mischief
     is due for delivery to Shelf Drilling during the third
     quarter of 2017 after completion of its current drilling
     contract with NDC in Abu Dhabi.

   * The West Cressida was awarded a binding letter of award for a
     90 day contract with PCPPOC in Malaysia.  Commencement is
     expected in June 2017. Contract backlog is expected to be
     approximately $5 million.

Seadrill's order backlog as at May 24, 2017, is $3.4 billion,
comprised of $1.4 billion for the floater fleet and $2.0 billion
for the Jack-up fleet.  The average contract duration is 13 months
for floaters and 30 months for Jack-ups.

For the Seadrill Group, the total order backlog is $7.1 billion.

Market Development

The offshore drilling market remains challenging and the Company
expects this dynamic to continue in the short to medium term.  The
majority of customers remain focused on conserving cash and are
still reluctant to commit to significant new capital projects
offshore until an increased consistency and upward trend in oil
prices is demonstrated.  The significant rig supply overhang
remains and a faster return to a balanced market will require
drilling contractors to be more disciplined in retiring older
units.

Tendering activity has continued at increased levels, albeit from
a low base, over the past few months, especially in the North Sea
floater and South-East Asia and Middle-East jack-up segments.
Market behavior points increasingly to the market having reached
its bottom.  An increasing number of recent tenders released by
oil companies seek to contract at current bottom of cycle dayrates
for increased durations and / or with multiple fixed price options
periods.

The Company remains committed to keeping its units working in the
short-term and have successfully re-contracted a number of its
units.  The Company still believes in the long term fundamentals
of the offshore drilling industry, driven by years of under-
investment in new fields and the competitiveness of offshore
resources on a full cycle basis.

The Company's enduring focus on its customers, safe and efficient
operations and a disciplined approach to contracting, will ensure
that Seadrill is well placed to capitalize when the market
recovers.

Restructuring Update

In April, the Company reached an agreement with its bank group to
extend the comprehensive restructuring plan negotiating period
until 31 July 2017, reflecting significant progress on the terms
of such restructuring made with the bank group.

The Company is now in advanced discussions with certain third
party and related party investors and its secured lenders on the
terms of a comprehensive recapitalization.  The Company is in
receipt of a proposal from the third party and related party
investors which remains subject to further negotiation, final due
diligence and documentation.

The Company is also in discussions with certain bondholders who
have recently become restricted again.

While discussions with its secured lenders and certain investors
have advanced significantly, a number of important terms continue
to be negotiated and no assurance can be given that an agreement
will be reached.  As previously disclosed, the Company continues
to believe that implementation of a comprehensive restructuring
plan will likely involve schemes of arrangement or chapter 11
proceedings, and it is preparing accordingly.

It is likely that the comprehensive restructuring plan will
require a substantial impairment or conversion of our bonds, as
well as impairment and losses for other stakeholders, including
shipyards.  As a result, the Company currently expects that
shareholders are likely to receive minimal recovery for their
existing shares.

The Company's business operations remain unaffected by these
restructuring efforts and the Company expects to continue to meet
its ongoing customer and business counterparty obligations.

Archer

In April the Company, as part of its restructuring plans, signed
and closed an agreement with Archer and its lenders to extinguish
approximately $253 million in financial guarantees provided by
Seadrill in exchange for a cash payment of approximately $25
million.  The Company remains in constructive discussions with
Archer and its lenders to extinguish the remaining $25 million of
financial guarantees in exchange for a cash payment representing
10% of their face value.

As part of Archer's restructuring plans the Company has also
agreed to convert $146 million in subordinated loans provided to
Archer into a $45 million subordinated convertible loan.  The
subordinated convertible loan will bear interest of 5.5%, matures
in December 2021 and has a conversion right into equity of Archer
Limited in 2021 based on a strike price of US$2.083 per share
(subject to appropriate adjustment mechanics), which is
approximately 75% above the subscription price in Archer's private
placement on Feb. 28, 2017.

NYSE Listing Requirements

On May 4, 2017, the Company was notified by the New York Stock
Exchange that it is no longer compliant with continued listing
standards because the average closing price of its common shares
over a period of 30 consecutive trading days had fallen below
$1.00 per share, which is the minimum average closing price per
share required to maintain listing on the NYSE.

Under the NYSE rules, during the six-month period from the date of
the NYSE notice, the Company can regain compliance if the price
per share of the Company's common shares on the last trading day
of any calendar month within such period and the 30 trading day
average price per common share for that month is at least $1.00.
During this period, subject to the Company's compliance with other
NYSE continued listing requirements, the Company's common shares
will continue to be traded on the NYSE under the symbol "SDRL" but
will have an added designation of ".BC" to indicate the status of
the common shares as below compliance.

The Company has notified the NYSE that it believes it could regain
compliance through the completion of a comprehensive restructuring
plan arising from the Company's previously disclosed ongoing
negotiations with its banks, potential new money investors, an ad
hoc committee of bondholders, and other constituents in the event
that such restructuring is completed prior to the expiration of
the six-month grace period from the date of the NYSE notice.
There can be no assurances that the Company will regain such
compliance, the restructuring will be completed within such grace
period or that the common shares will not be subject to delisting
during the grace period if the Company enters into Chapter 11
proceedings or for other reasons.

The NYSE notification does not affect the Company's business
operations or its Securities and Exchange Commission reporting
requirements and does not conflict with or cause an event of
default under any of the Company's material debt agreements.

Guidance

Second Quarter 2017

With a number of its units coming off contract and the impact of
lower day rates, EBITDA will be lower for the second quarter, at
around $240 million.  This is based on second quarter expected
operating income of $40 million.

The following units have already or are expected to become idle
during the second quarter of 2017:

   * Sevan Louisiana

   * West Tucana

   * West Cressida

The following units will have lower dayrates compared to the first
quarter of 2017:

   * West Elara

   * West Hercules (final termination payment received in the
     first quarter).

These reductions are expected to be partially offset by a full
quarter of operations for the West Phoenix, the West Saturn
commencing a one well contract and the West Freedom returning to
normal operating rate for a full quarter.

Operationally, performance in the second quarter of 2017 is strong
with 99% utilization quarter to date.

A full-text copy of the press release is available for free at:

                       https://is.gd/GRHC1U

                         About Seadrill

Seadrill Limited is a deepwater drilling contractor, which
provides drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of total
operating revenues for the year ended in 2015.

Seadrill had US$21.66 billion in assets and US$11.60 billion in
liabilities as of Dec. 31, 2016.

                          *     *     *

The Company in its annual report on Form 20-F filed with the U.S.
Securities and Exchange Commission April 24, 2017, noted that it
has cross default clauses in existing financing agreements which
cause near term liquidity constraints in the event Seadrill
Limited is unable to implement a restructuring plan by July 31,
2017.  The existence of the cross default clauses and uncertainty
of the restructuring raise substantial doubt about the Company's
ability to continue as a going concern.

There are cross default clauses with Seadrill in three Seadrill
Partners facilities.  In order to address this risk of default,
Seadrill Partners has to the lenders:

   * Removal of Seadrill as a guarantor under each of the three
     facilities and separation of the facilities such that each
     facility is secured only by Seadrill Partners' assets without
     recourse to Seadrill or its assets; and

   * Extending the maturity of each of the three facilities by 2.5
     years.

The Company is targeting execution of these amendments on a
consensual basis.  In the event a consensual agreement cannot be
reached, the Company said it is preparing various contingency
plans that may be needed to preserve value and continue operations
including seeking waivers of cross default with Seadrill and
potential schemes of arrangement and Chapter 11 proceedings.


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B O L I V I A
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BANCO DO BRASIL: Affirms B1 Global FC Deposit Rating; Outlook Neg.
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
affirmed Banco do Brasil S.A.(Bolivia) (BdB Bolivia)'s ratings and
changed the outlook of its global scale local currency deposit
rating (Ba2) to negative from stable. The rating action follows
the announcement by Moody's Investors Service that it has changed
the outlook of Banco do Brasil's (BdB) local currency deposit
ratings to negative from stable on May 31, 2017.

The following BdB Bolivia ratings were affirmed:

- Long-term global local currency deposit rating, rated Ba2 with
  negative outlook (previously stable)

- Short-term global local currency deposit rating, rated Not Prime

- Long-term global foreign currency deposit rating, rated B1 with
  negative outlook

- Short-term global foreign currency deposit rating, rated Not
  Prime

- Bolivian long-term national scale local currency deposit rating,
  rated Aaa.bo

- Bolivian short-term national scale local currency deposit
  rating, rated BO-1

- Bolivian long-term national scale foreign currency deposit
  rating, rated Aa3.bo with stable outlook

- Bolivian short-term national scale foreign currency deposit
  rating, rated BO-1

- Long-term counterparty risk assessment, rated Ba1(cr)

- Short-term counterparty risk assessment, rated Not Prime(cr)

RATINGS RATIONALE

As a branch of Banco do Brasil, BdB Bolivia carries its home
office's ratings subject to Bolivian country ceilings.
Consequently, the affirmation of BdB Bolivia's ratings and the
change in outlook to negative, from stable, on its Ba2 local
currency deposit rating follows directly from the similar rating
action taken on BdB on May 31, 2017.

WHAT COULD CHANGE THE RATING UP/DOWN

BdB Bolivia ratings will face downward pressure if BdB's ratings
are downgraded. While there is no upward pressure at this time,
BdB Bolivia's outlook will likely stabilize if and when BdB's
outlook stabilizes. Additionally, an upgrade or downgrade of
Bolivia's sovereign rating could also lead to a change of some or
all of BdB Bolivia's global scale ratings, though its national
scale ratings would likely be unaffected.

The principal methodology used in these ratings was Banks
published in January 2016.

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

Banco do Brasil S.A.(Bolivia) is headquartered in La Paz, Bolivia
and had total assets of BOB 510 million ($74 million) and equity
of BOB 194 million ($28 million) as of March 31, 2017.


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



BANCO ORIGINAL: Moody's Cuts Global Long Term Deposit Rating to B2
------------------------------------------------------------------
Moody's Investors Service has downgraded the global long-term
local and foreign currency deposit ratings assigned both to Banco
Original S.A. (Original) and Banco Original do Agronegocio S.A.
(BOA) to B2, from B1 and the banks' outlooks were changed to
negative from stable. At the same time, Moody's also downgraded
the banks' Brazilian long and short-term national scale deposit
ratings to Ba2.br/BR-4, from Baa1.br/BR-2, respectively. The
baseline credit assessment (BCA) was lowered to b2, from b1 and
the long-term counterparty risk assessments to B1(cr), from
Ba3(cr). The Not Prime short term deposit ratings for local and
foreign currencies were both affirmed, as was the short-term
counterparty risk assessment of Not Prime(cr).

RATINGS RATIONALE

The downgrade reflects contagion risks to Banco Original and its
sister-bank Banco Original do Agronegocio stemming from an ongoing
criminal investigation into alleged corrupt practices by several
executives of the banks' sister company, JBS S.A. (Ba3, review for
downgrade), the world's largest protein producer, and the holding
company of the group J&F Investimentos S.A. (unrated). While the
group's banking operation has not been directly implicated by the
recent corruption allegations, the bank is the subject of an
Administrative Procedure by Brazil's securities and exchange
commission, CVM (Comissao de Valores Mobiliarios), to analyze its
recent activities in the derivatives market. Further revelations
or developments in the cases -- even if they do not relate
specifically to the bank itself - could cause investors to begin
to lose confidence in the bank, which in turn could have negative
impacts on its liquidity and funding costs.

Original and Original do Agronegocio currently have a relatively
high level of liquid resources, with liquid assets equal to 23% of
consolidated tangible banking assets as of December 2016. In
addition, the short term of much of its loan book - as of December
2016, 32% of its loans maturated in 90 days or less - will help to
reinforce liquidity relatively quickly if necessary. While just 7%
of the bank's deposits are subject to daily liquidity, the bank
remains heavily reliant on broker-sourced deposits, which Moody's
views as akin to wholesale funding despite their high granularity
and eligibility for Brazil's deposit insurance fund Fundo
Garantidor de Credito deposit guarantee. Although the bank's
dependence on deposits via brokers has been slowly replaced by
deposits made in its new digital platform catering directly to
individual retail customers, which now contributes 12% of its
total deposits, broker-sourced deposits continue to account for
nearly two-thirds of its total funding. In turn, this leaves the
bank particularly vulnerable to a potential deterioration of
investor confidence. Moreover, it is unclear whether the new
digital customers will remain committed to the bank under current
circumstances.

Should the bank's funding costs increase as a result of recent
events, this will add more pressure to its already challenged
earnings. Original's net income fell to just 0.5% of tangible
assets in 2016, from 1.78% the previous year. Moreover, were it
not for a one-time gain from the sale of the bank's brand to its
shareholders at the end of 2016, the bank would have registered a
loss equal to 1.84% of tangible assets.

Profits were significantly impacted by high costs associated with
its new and expensive digital platform, which was launched at the
beginning of last year. Although some of these costs, were one-
time investments in technology, many of them, particularly related
to administrative and personnel costs to support the growth of the
franchise and its new business platform, are expected to be
recurring. In addition, the bank's credit costs increased
substantially, stemming from a sharp rise in delinquencies to 4.5%
of gross loans as of year-end 2016 from 2.19% a year earlier.
While the bank's high capitalization, with tangible common equity
equal 22.06% of adjusted risk-weighted assets as of December 2016,
continues to provide strong loss absorption capacity, Moody's note
that the ratio has dropped sharply in the past three years, from
nearly 65% as of the end of 2013, due to the rapid growth of the
bank's loan portfolio, and is likely to continue to decline as the
portfolio continues to expand.

The long-term national scale deposit rating at Ba2.br is the
lowest Brazilian national scale rating corresponding to a B2
global scale rating, reflecting the negative outlook on the global
scale rating. The B2 rating has historically been associated with
default frequencies of 13.1% and 21.5% over 3- and 5-year
investment horizons, respectively, compared to 9.7% and 17.3%,
respectively, for B1 issuers.

The negative outlook on Original's ratings incorporates the
possibility that contagion risks could materialize, resulting in
an increase in the bank's funding costs and a deterioration of its
liquidity position.

WHAT COULD CHANGE THE RATING -- DOWN/UP

Further downward rating pressures could arise from a sharp
reduction in the bank's funding and liquidity, or by a further
decline in profitability due to lower business volumes and/or
increased funding costs. Given the negative outlook, there is no
upward ratings pressure at this time. However, the outlook could
stabilize if the bank demonstrates is ability to maintain stable
funding and liquidity without a significant increase in funding
costs, and its profitability begins to recover as the
investigation at the group level continue.

Banco Original S.A. and Banco Original do AgronegOcio S.A. are
headquartered in Sao Paulo, Brazil. As of December 31, 2016,
Original financial conglomerate had consolidated assets of
BRL6,566.3 million ($2,661.7 million) and equity of BRL2,096.8
million ($644.2 million).

LIST OF AFFECTED RATINGS

The following ratings and assessments assigned to Banco Original
S.A. and to Banco Original do Agronegocio S.A. were downgraded :

-- Long-term global local-currency deposit rating: to B2, from
    B1, negative outlook

-- Long-term global foreign-currency deposit rating: to B2, from
    B1, negative outlook

-- Brazilian long-term national scale deposit rating: to Ba2.br,
    from Baa1.br

-- Brazilian short-term national scale deposit rating: to BR-4,
    from BR-2

-- Baseline credit assessment: to b2, from b1

-- Adjusted Baseline credit assessment: to b2, from b1

-- Long-term counterparty risk assessment: to B1(cr), from
    Ba3(cr)

The following ratings and assessments assigned to Banco Original
S.A. and to Banco Original do Agronegocio S.A. were affirmed:

-- Short-term global local-currency deposit rating of Not Prime

-- Short-term global foreign-currency deposit rating of Not Prime

-- Short-term counterparty risk assessment of Not Prime(cr)

The principal methodology used in these ratings was Banks
published in January 2016.

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


COMPANHIA DE GAS: Fitch Affirms BB+ FC LT IDR; Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Companhia de Gas de Sao Paulo's
(Comgas) Foreign Currency Long-Term Issuer Default Rating (FC IDR)
at 'BB+', Local Currency IDR (LC IDR) at 'BBB-' and National Scale
Long-Term Rating at 'AAA(bra)'. The Rating Outlook is Negative for
the FC IDR and Stable for the LC IDR and National Scale Rating.

KEY RATING DRIVERS

Comgas' ratings reflect the sound fundamentals of its natural gas
distribution business and the company's track record of robust
financial profile, supported by reduced leverage, adequate
financial flexibility and relevant cash flow from operations
(CFFO). Comgas' growth perspectives are favorable over the medium
and long term supported by the estimated expansion in its gas
distribution network and client base, without considering gas
supply to thermal plants.

Comgas' credit profile benefits from its long-term concession
contract, which includes pass-through clauses regarding non-
manageable cost variations. The contract's clauses have enabled
the company to sustain consistent growth of its normalized EBITDA
generation. Comgas operates within an important region in the
State of Sao Paulo with a diversified gas supply infrastructure
that reduces the operating and concentration risks of one single
supplier. In addition, its more diversified client base within
different segments compared with peers is viewed as positive.
Fitch's base case scenario for Comgas during the next four years
does not incorporate relevant negative impact on the company's
cash flow generation capacity coming neither from regulatory risks
nor from the end of the current gas supply contracts that expire
in 2019.

Fitch's incorporates Comgas' condition as part of Cosan group with
the company's main shareholder being Cosan S.A. Industria e
Comercio (FC and LC IDRs 'BB+' and National Scale Rating
'AA+(bra)'/Negative Outlook for the FC IDR and Stable Outlook for
the LC IDR and National Scale Rating). Despite the existing debt
of its main shareholder, the group's access to Comgas' cash is
limited to dividend distribution given its concession condition.
Comgas' FC IDR is capped by Brazil's Country Ceiling, which
explains the Negative Outlook only for this rating.

Robust Normalized EBITDA Generation

Comgas has been efficient in sustaining growth of its normalized
EBITDA generation, supported by adequate tariff increase and above
average operating efficiency. During the latest 12 months (LTM)
ended March 2017, the company's normalized EBITDA was BRL1.5
billion, which positively compares with BRL1.4 billion and BRL1.3
billion, reported respectively in 2015 and 2014. The normalized
EBITDA is adjusted with non-manageable costs incurred higher or
lower as contemplated on the tariff, which will be incorporated on
the following tariff adjustment process. Under IFRS basis the
company's EBITDA generation was BRL1.8 billion during the LTM
ended March 2017 and benefited with BRL232 million from the
regulatory current account flow during this period.

Conservative Financial Profile

Fitch's expectation is that Comgas will be able to maintain its
conservative financial profile, with maximum gross leverage of
3.0x and net leverage below 2.0x, as it develops its operations.
By the end of March 2017, the company's gross and net leverage
remained low at 2.6x and 1.3x, respectively, considering the
normalized EBITDA. These ratios were 2.2x and 0.8x in 2015, and
averaged 1.9x and 1.3x during the 2012-2015 period. If adjusting
the calculation for net leverage excluding BRL762 million of
balance relative to a litigation with its gas supplier, Comgas'
net adjusted debt-to-normalized EBITDA would remain conservative
at 1.8x. Considering IFRS standards, Comgas' gross leverage was
2.1x, while net leverage was 0.9x.

Moderate Volume Recover Expected

Fitch estimates volume to moderately recover during 2017-2018 of
1% on average as compared with 2016 figures as macroeconomic
environment eases pressures. Excluding the supply to thermal
plants, Comgas' lower volume billed during the LTM ended March
2017 of 3% as compared with 2015 has been impacted mainly by the
weak macroeconomic environment within industrial clients. The
company's efforts in increasing number of residential customers
and stronger cost and expenses control combined with operating
margin increases have offset the lower volume billed in the period
resulting on normalized EBITDA growth.

Expected Moderate Negative FCF

Fitch estimates Comgas' planned capex and dividends distribution
to pressure its free cash flow (FCF) into moderate negative
figures of around BRL50 million annually on average from 2017-
2021. The company's dividend payment is to partially support debt
service of its main shareholder Cosan. During the LTM March 31,
2017, Comgas' strong CFFO of BRL1.8 billion resulted in positive
FCF of BRL790 million after reduced capex of BRL413 million and
moderate dividends distribution of BRL588 million in the period.
The agency forecasts dividends of around BRL600 million annually
on average from 2017 to 2019 and average annual capex of
approximately BRL480 million in the same period.

Operating Efficiency

Comgas has been efficient in managing its investments and
sustaining the competitiveness of its natural gas price against
alternatives power sources, mainly within the industrial and
commercial segments. The maintenance of this scenario is a concern
as it also depends on cost variations, such as the gas purchased
price, which the company cannot control. Fitch considers Comgas'
moderate regulatory risk based on satisfactory track record of
tariff reviews and adjustments.

The company's third tariff review cycle process is delayed, and
Fitch has not incorporated relevant impact on the company's cash
flow generation capacity coming from regulatory risks. Comgas'
remains with the challenge of expanding its client base, mainly in
the residential segment, so as to mitigate the volatility of
volume billed in the industrial segment, its main one, given the
high correlation with macroeconomic environment.

Manageable Operating Risks

In Fitch's view, Comgas' operations present manageable operating
risks. The company is exposed to the risk of a single supplier
under contracts with take-or-pay and ship-or-pay clauses. Fitch
estimates that the end of its two supplying contracts with
Petrobras in 2019, being one of them relative to the gas
originated in Bolivia, should not negatively impact its cash flow
generation and competitiveness. Comgas benefits from adequate gas
transportation network that can be supplied from alternative
sources which partially mitigates the risks of supply
concentration on Bolivian gas. The estimate of Brazil increasing
its gas exploration infrastructure of its own proven reserves is
also positive.

KEY ASSUMPTIONS

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

-- 1% volume increase (excluding thermo power generation segment)
    on average in 2017 and 2018 and 2% thereafter;
-- Payout dividend ratio of 95% of net profit;
-- Annual average capex of around BRL480 million between 2017-
    2019;
-- No major change on the company's asset base neither on
    remuneration tariff levels.

RATING SENSITIVITIES

Future developments which can, individually or collectively, lead
to a negative rating action include:

-- Expectation of sustainable increase in normalized net leverage
    to above 3.0x;
-- Fitch's perception of regulatory or gas supply risk
    deterioration;
-- Further downgrade of the sovereign rating would also trigger a
    downgrade on the FC IDR.

Future developments which can, individually or collectively, lead
to a positive rating action include:

-- Lower participation of the industrial segment on sales,
    bringing less volatility on volumes billed
-- Upgrades on Brazil's country ceiling could allow room for
    positive rating action on Comgas' FC IDR

LIQUIDITY

Comgas' credit profile benefits from its adequate liquidity and
lengthened debt maturity which supports its comfortable financial
flexibility. The company's balance of cash and equivalents of BRL2
billion represented comfortable coverage of its short-term debt of
BRL811 million by 2.5x at March 2017. Nevertheless, Comgas'
liquidity incorporates BRL762 million of unrealized payments to
its supplier of natural gas, given litigation on the price of gas
supplied between October 2014 and September 2015. Excluding this
amount from the cash balance, its cash/short-term debt coverage
ratio remains sound at 1.5x. Comgas has some flexibility regarding
its aggressive dividends policy with a track record of substantial
payout ratio during the last four years. Fitch believes the
company would sustain its adequate capital structure by adjusting
dividends distribution, if necessary.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Comgas
-- Long-Term Foreign Currency IDR at 'BB+';
-- Long-Term Local Currency IDR at 'BBB-';
-- National Long-Term Rating at 'AAA(bra)';
-- BRL500 million debentures issuance National Long-Term Rating
    at 'AAA(bra)'.

The Rating Outlook is Negative for the FC IDR and Stable for the
LC IDR and the National Scale Rating.


COSAN S.A.: Moody's Affirms Ba2 CFR; Revises Outlook to Negative
----------------------------------------------------------------
Moody's America Latina has affirmed Cosan S.A. Industria e
Comercio corporate family ratings at Ba2/Aa1.br The outlook was
changed to negative from stable.

The action mirrors the change in outlook to negative from stable
of the rating of its subsidiary Raizen Combustiveis S.A. and
Raizen Energia S.A. (Ba1 negative), following the change in
outlook to negative from stable and affirmation of Brazil's issuer
rating and senior unsecured ratings at Ba2 and shelf ratings at
(P)Ba2, on May 26, 2017. Both Raizen and Cia de Gas de Sao Paulo
(Ba2 stable), from which the company draws the majority of its
cash flow, are constrained by Brazil's sovereign bond ratings.

Rating Affirmed:

Issuer: Cosan S.A. Industria e Comercio

Corporate family ratings: affirmed at Ba2

National scale ratings: affirmed at Aa1.br

Outlook actions:

Revised to negative from stable

RATINGS RATIONALE

Cosan's Ba2 corporate family rating reflects the group's aggregate
credit risk, and is supported by the company's diversified
portfolio of businesses, including the entire sugar-ethanol chain,
fuel and gas distribution, and lubes in Brazil, and its adequate
liquidity profile. The company's diversification, especially
towards resilient businesses such as the fuel and gas
distribution, translates into a stable cash source over the long-
term. Moody's expects Raizen and Comgas to distribute a
significant amount of dividends over the next several years, which
will be the primarily liquidity source to service Cosan's
obligations.

Constraining the ratings is Cosan's ongoing corporate restructure,
likely high dividend upstream to Cosan Limited -- although the
company is expected to generate enough cash to fund those
dividends and reduce leverage -- and an acquisitive growth
history. Still, the company has not made any significant
acquisitions over the past few years and entered a deleveraging
path with strong dividends from Comgas and Raizen. Cosan no longer
proportionally consolidates its stake in Raizen, but Moody's
continues to incorporate Raizen's strengths, including its strong
cash generation, and risks, such as the exposure to the underlying
volatility of the sugar-ethanol business, in Cosan's ratings.

The bulk of Cosan's cash generation comes from dividends from
Raizen and Comgas and, consequently, Moody's see the debt at Cosan
S.A.'s level as structured subordinated to the debt at the
operating companies. The recent rating action affirming Raizen
ratings and changing the outlook to negative from stable followed
the action that affirmed Brazil's government bond rating to Ba2
and shelf ratings at (P)Ba2 and changed the outlook to negative
from stable. Although Moody's believes a significant portion of
Cosan's cash flows, represented by Raizen Combustiveis and Comgas,
is more resilient than the overall economy in Brazil, these
entities are not fully insulated from the deterioration in the
domestic environment.

The negative outlook on Cosan's ratings mirrors the negative
outlook on its subsidiary Raizen.

A downgrade of Cosan's ratings could result from negative rating
actions on Comgas or Raizen or if liquidity deteriorates. In
addition, the ratings could be downgraded if total adjusted debt
to EBITDA is sustained above 4.0x.

An upgrade of Cosan's ratings could result from positive rating
actions on Comgas or Raizen. In addition, the company would have
to maintain an adequate liquidity and gross leverage below 3.2x
(All pro-forma ratios including Raizen figures)

Headquartered in Sao Paulo, Cosan S.A. Industria e Comercio has a
50% stake in Raizen (Ba1/Aaa.br negative) and a 62.6% stake in
Comgas (Ba2/Aa1.br stable). With revenues of BRL 46.7 billion
(approximately USD 14.1 billion) as of LTM March 31, 2017, Raizen
is one of the global leading players in the sugar-ethanol segment
with an installed crushing capacity of 68 million tons and also
the third largest Brazilian fuel distributor, operating 6,043 gas
stations, mainly under the Shell brand name. Comgas, with annual
net revenues of approximately BRL 6.6 billion (approximately USD
2.2 billion) in the same period, is Brazil's largest gas
distributor, providing natural gas to industrial, residential,
commercial, automotive, thermal-power generation and co-generation
consumers. The company benefits from an attractive concession area
strategically located in one of the most densely populated and
economically robust regions in the country. Additionally, Cosan
produces and distributes automotive lubricants and base oil under
the Mobil brand name with net revenues of BRL 7.1 billion (USD
2.15 billion) as of LTM March 31, 2017.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.

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


OLEO E GAS: Files for Permission to Exit Bankruptcy
---------------------------------------------------
Reuters reports that Oleo e Gas Participacoes SA, the oil firm
founded by Brazilian tycoon Eike Batista, said it filed for
permission from a court in Rio de Janeiro to exit bankruptcy.

In a securities filing, it said it has fulfilled all its
obligations under its court reorganization plan, according to
Reuters.

OGPar, as the company is known, entered bankruptcy status to
protect itself from creditors in October 2013, the report notes.
It sought to restructure BRL13.8 billion ($4.25 billion) of debt.

In June 2014, creditors approved a debt restructuring program by a
90 percent margin, according to the securities filing, the report
relays.  As part of this plan, the company carried out a debt-for-
equity swap in October of that year, the report notes.

Mr. Batista, once Brazil's richest person, saw his more than $30
billion fortune evaporate in 2013 and the shares of his companies
shrink to nearly zero.  In January, he was jailed in a prominent
corruption case.  He left prison in April for house arrest ahead
of his trial.

                      About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

As reported in the Troubled Company Reporter - Latin America on
Jan. 22, 2016, Hannah Sheehan at Law360.com reports that a British
High Court judge upbraided OGX Petroleo e Gas Participacoes S.A.,
now known as Oleo e Gas, for omitting evidence in an attempt to
escape a London arbitration proceeding brought by two foreign
firms.

Justice Richard Snowden expressed dismay that OGX Petroleo never
revealed that the dispute in arbitration over $78.73 million in
unpaid ship charter fees was not subject to the company's
reorganization plan, which the Fourth Corporate Court of Rio de
Janeiro approved after OGX filed for bankruptcy in Brazil,
according to Law360.com.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.


QUICKFOOD SA: Moody's Affirms Ba1 Sr. Notes Rating; Outlook Neg.
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has changed
the outlook of Quickfood S.A.'s senior notes guaranteed by BRF
S.A. to negative from stable, affirming its Ba1/Aaa.ar ratings.
The rating action mirrors Moody's Investors Service outlook change
to negative from stable of BRF's ratings on May 31, 2017, which
followed the action, on May 26, 2017, that changed the outlook to
negative from stable and affirmed Brazil's sovereign issuer and
bond ratings at Ba2. The change of outlook of BRF also
incorporates the company's weaker credit metrics and Moody's
expectations that leverage metrics will remain high over the next
few quarters.

Quickfood's corporate family rating (CFR) remains unchanged at
B3/Baa2.ar. However, its stable outlook is being changed to
"stable (multiple)" to recognize the change in outlook of the
guaranteed notes.

Approximately ARS576 million ($36 million) in rated debt
instruments affected.

RATINGS RATIONALE

The outlook change to negative from stable of Quickfood's
outstanding guaranteed notes mirrors the outlook change to
negative from stable of its guarantor's ratings, BRF, by Moody's
Investors Service on May 31, 2017. BRF fully and unconditionally
guarantees the instruments, which would cause an acceleration of
most of the parent's debt in the event of a default.

The change on BRF's outlook follows the action, on May 26, 2017,
that changed the outlook to negative from stable and affirmed
Brazil's sovereign issuer and bond ratings at Ba2. Still, the
negative outlook of BRF also incorporates company specific
challenges related to its weaker credit metrics and Moody's
expectations that leverage, while gradually declining, will remain
high over the next few quarters.

Moody's Investors Service decision to change Brazil's outlook to
negative from stable of its issuer and bond ratings at Ba2 on May
26, 2017, was driven by: (i) the rise in uncertainty regarding
reform momentum following recent political events; and, in
consequence, (ii) the rising threat to the economic recovery and
to Brazil's medium-term economic strength. Whatever its outcome,
the political crisis that erupted in Brazil seems likely to
undermine the government's reform agenda and stall passage of
future reforms, including social security. This is likely to
negatively impact investor confidence and lead to increased market
volatility, threatening the positive macroeconomic momentum
observed since President Temer began to push through reforms.

Regarding Quickfood, the rating of the guaranteed notes could be
upgraded or downgraded if BRF's ratings were to be upgraded or
downgraded, respectively. Furthermore, give the close relationship
between BRF's rating and Brazil's sovereign rating, downward
pressure on Brazil's Government bond rating could arise downgrade
pressure on BRF's rating and, therefore, on the guaranteed notes'
ratings.

Founded in 1960 and headquartered in Buenos Aires, Argentina,
Quickfood is dedicated to the manufacturing and commercialization
of processed, refrigerated and frozen foods under specific brands.
In 2012 BRF acquired 90.05% stake in the company. For the last
twelve months ended in March 2017 revenues amounted to ARS5.2
billion (approximately $348 million).

BRF S.A. is one of largest food conglomerates globally and posted
consolidated net revenues of BRL 33.4 billion in the last twelve
months ended March 31, 2017. Processed food and food service,
which typically generates higher and less volatile margins than
the chilled and frozen protein export business, represented about
50% of net sales. The company operates 47 plants and 42
distribution centers, exports to more than 120 countries and has a
leading position in global poultry exports.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.

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


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


ABELNEAUX LIMITED: Commences Dissolution Proceedings
----------------------------------------------------
Abelneaux Limited commenced dissolution proceedings on April 20,
2017.

The company's liquidator is:

          Glenn Harrigan
          CCP Financial Consultants Limited
          Ellen L. Skelton Building, Fisher's Lane
          Road Town, Tortola
          British Virgin Islands


AIFAM CAPITAL: Shareholders' Final Meeting Set for June 30
----------------------------------------------------------
The shareholders of Aifam Capital Asia Ltd. will hold their final
meeting on June 30, 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:

          Elian Fiduciary Services (Cayman) Limited
          Lynden John
          Jodi Brown
          Telephone: +1 (345) 815-1456


GLOT FINANCE: Commences Dissolution Proceedings
-----------------------------------------------
Glot Finance Inc. commenced dissolution proceedings on April 20,
2017.

The company's liquidator is:

          Glenn Harrigan
          CCP Financial Consultants Limited
          Ellen L. Skelton Building, Fisher's Lane
          Road Town, Tortola
          British Virgin Islands


HAWKESBURY FARMS: Creditors' Proofs of Debt Due June 13
-------------------------------------------------------
The creditors of Hawkesbury Farms Limited are required to file
their proofs of debt by June 13, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 9, 2017.

          Bute Director Services Ltd.
          c/o Lashawn Davis Barnett
          Telephone: (345) 815-8135
          Facsimile: (345) 949-7097
          Scotiabank & Trust (Cayman) Ltd.
          6 Cardinall Avenue, George Town
          P.O. Box 501 Grand Cayman KY1-1106
          Cayman Islands


PATRONUS SELECT: Shareholders' Final Meeting Set for June 24
------------------------------------------------------------
The shareholders of Patronus Select Ltd. will hold their final
meeting on June 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:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          3rd Floor Citrus Grove, 106 Goring Ave
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 743 6620
          Facsimile: (345) 743 6720


POINT72 CAYMANS: Shareholders' Final Meeting Set for June 12
------------------------------------------------------------
The shareholders of Point72 Caymans, Ltd. will hold their final
meeting on June 12, 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:

          Point72 Asset Management, L.P.
          c/o Kevin O'Connor
          72 Cummings Point Road
          Stamford CT 06902
          USA
          Telephone: (203) 890 3896


SKYPE MANAGEMENT: Shareholders' Final Meeting Set for June 12
-------------------------------------------------------------
The shareholders of Skype Management GP, Ltd. will hold their
final meeting on June 12, 2017, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Benjamin Orndorff, Manager
          Skype Communications S.a.r.l.
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House Grand Cayman KY1-1104
          Cayman Islands


SPR 1 LIMITED: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of SPR 1 Limited, on May 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:

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


SPRUCE BROOK II: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Spruce Brook II Holdings, Ltd., on May 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:

          Shailini Rao
          Eton Park
          399 Park Avenue, 10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 756 5300


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


* DOMINICAN REPUBLIC: Money Laundering Law Limits Cash Deals
------------------------------------------------------------
Dominican Today reports that the Money Laundering Law approved by
the Senate limits cash movements and penalizes certified public
accountants (CPAs) who, without receiving a record of the means of
payment, legalize or implement cash transactions, which are
punishable in the proposed legislation.

The latter action is classified as a "criminal offense associated
with money laundering" and punished with a penalty of six months
to a year of house arrest and the revocation of their CPA license,
in the case of notaries, according to Dominican Today.

"Now all professionals are required to do due diligence with their
clients and report all suspicious transactions with cash; Not only
lawyers, but all those who carry out legal activities, such as
forensic doctors, "said prominent attorney Carlos Salcedo on the
Money Laundering Law, now under study in the Chamber of Deputies,
the report notes.

                            Cash Limitation

If approved without amendments, people and entities may not
receive a cash payment of more than RD$1.0 million to buy or
transfer property, or more than RD$500,000 to transfer or acquire
a motor vehicle, aircraft and boats, the report discloses.  It
also penalizes spending 250,000 pesos or more in gambling, such as
lotteries or casinos, the report relays.

                           Law Strengthens Economy

The report notes that Mr. Salcedo believes that the new
legislation, by limiting cash, gives greater security to citizens,
promotes banking and strengthens the economy.

"This avoids cash handling and the dark operations that are paid
that way, could also be significantly diminished," said Mr.
Salcedo, quoted by eldia.com.do, the report relays.

Mr. Salcedo said he bill also ensures stronger prosecution on
corruption and improves competition, "because the cash that enters
the country's financial system in a dirty way competes unfairly
with businesses that conduct diligence and censures that there are
no illicit operations in their hands," the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.  The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.


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


DIGICEL GROUP: Refinanced by 2 Irish Financial Institutions
-----------------------------------------------------------
RJR News understands that two major Irish financial
institutions -- AIB and Bank of Ireland -- are among the syndicate
of 10 lenders that backed Digicel's U$1.25 billion refinancing in
May.

Based on the strong demand for loans, this allowed Digicel to
increase the amount it borrowed on the markets, and extend its
debt maturity profile at lower-than-expected costs, according to
RJR News.

The deal, by Digicel's International Finance subsidiary, saw a
planned refinancing of U$935 million of term loans increased to
US$1.25 billion, the report notes.

According to Latin Finance -- a financial markets intelligence
service covering Latin American markets -- Butterfield Bank, the
Canadian Imperial Bank of Commerce and Export Development Canada
also joined the syndicate, the report relays.

The banks' individual investments are likely to run to tens, if
not hundreds, of millions each, the report relays.

The refinancing was launched by Digicel primarily to replace
US$856 million of secured loans falling due between March 2018 and
March 2019 with longer-term debt, the report notes.

Extra funds raised will go to repay US$250 million of senior bonds
that carry a 7 per cent interest rate and fell due in early 2020,
the report discloses.

The deal will reduce Digicel's interest bill and push its next
substantial debt repayment deadline out to late 2020, the report
says.

It also shifts more of the Denis O'Brien-owned telecom and
communications services group's debt from the public bond market
to the private loan market, the report notes.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2017, Fitch Ratings has affirmed at 'B' the Long-term
Foreign-currency Issuer Default Ratings (IDR) of Digicel Group
Limited (DGL) and its subsidiaries, Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as Digicel. The Rating Outlook is Stable. Fitch has
also affirmed all existing issue ratings of Digicel's debt
instruments.


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


AES PUERTO: Fitch Keeps 'C'-Rated Bonds on Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on the
following AES Puerto Rico L.P. (AES PR) securities issued through
the Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority:

-- $161.87 million ($160.57 million) cogeneration facility
   revenue bonds series A (tax-exempt bonds) due June 2026 at 'C';

-- $33.1 million ($32.83 million) cogeneration facility revenue
   bonds, series B (taxable bonds) due June 2022 at 'C'.

KEY RATING DRIVERS

Summary: AES PR's 'C' rating reflects Fitch's view of the credit
quality of the Puerto Rico Electric Power Authority (PREPA), which
Fitch rates 'C'/Negative Watch. PREPA is the revenue counterparty
under AES PR's power purchase agreement (PPA) and its rating
constrains the rating of AES PR.

Revenue Risk: Weaker
Contracted Revenue Profile: The 25-year tolling-style PPA with a
non-investment-grade counterparty effectively mitigates some risk
of exposure to capacity price, energy margin, and dispatch risks
throughout the debt term, subject to project availability and heat
rates. However, there are concerns regarding the offtaker's
ability to make future contractual payments.

Operation Risk: Weaker
Improving Operations: AES-PR has historically been susceptible to
forced outages that have reduced availability and capacity
payments. Further, the operating cost profile has exceeded
original estimates. Management has taken a proactive approach to
limit forced outages with encouraging results, though extended
scheduled outages have recently negatively impacted project
availability.

Supply Risk: Midrange
Manageable Supply Risk: Fuel supply risk is mitigated by a two-
year, fixed-price fuel supply agreement sufficient to meet the
project's expected fuel requirements through 2019. The short term
of the agreement is mitigated by the historical precedence for
renewal and liquid market for coal. Fuel price risk is mitigated
by the tolling-style PPA, subject to heat rates. Ash inventory is
actively managed by the project via the sale of its various ash
products. AES-PR's efforts have helped to offset near-term ash
disposal concerns, but cash flow uncertainty is heightened without
a permanent solution.

Debt Structure: Weaker
Weak Structural Features: The project's bonds are fixed-rate and
mature within the PPA term, but have back-loaded amortization
profiles. AES-PR does not have O&M or major maintenance reserves,
which increases the importance of operational stability and
heightens the project's reliance on other sources of liquidity.
The equity distribution, leverage, and debt service reserve
provisions are consistent with standard project finance
structures. Approximately 55% of the total debt outstanding,
including unrated bank loans, is variable-rate with over 80%
synthetically fixed with investment-grade counterparties.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:
-- An upgrade to PREPA's long-term rating.
-- Sustained improvements to plant availability or heat rate.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:
-- A downgrade to PREPA's long-term rating.
-- Poor plant performance could limit the project's standalone
    credit profile.

SUMMARY OF CREDIT

AES PR's rating reflects the rating of PREPA, which was downgraded
to 'C'/Negative Watch on June 27, 2016. As the key revenue
counterparty, PREPA's credit quality constrains the project
rating. Any change in PREPA's rating would likely lead to a rating
action for AES PR.

Operationally, AES PR experienced difficulties early in the year,
with one forced outage in each unit due to tube leaks and
refractory damage. The tube leaks remain the primary maintenance
issue for the project, as these have been persistent sources of
outages in the past. The forced outages, in addition to a
scheduled outage held in February that was originally planned for
October 2016, resulted in a lower than budgeted equivalent
availability factor (EAF) in January and February of 2017. Since
then, AES PR has jumped back to normal levels above the 90%
threshold, and the expected 12-month rolling average availability
at the end of May is projected at 92% and generation to be as
projected.

Under the PPA, AES PR must maintain a 12-month rolling EAF above
90% to earn the full capacity payment from PREPA. Over the past
five years, the project's EAF under the PPA has drifted between
85%-95% with intermittent dips below the PPA threshold. The
project's 12-month rolling average dipped slightly below 90% in
February and March 2017, which caused a minor reduction in
capacity payments earned. Despite these fluctuations the project
earned close to 99.5% of capacity payments for 2017.

The resulting lower PPA capacity payments reduced operating cash
flow in 2016. This reduction in cash flow caused the 12-month
historical DSCR to fall below 1x in 2Q and 3Q16, and 1Q17,
necessitating the use of a combination of cash on the balance
sheet and a draw on the debt service reserve to fund the
shortfalls. Combined, the current reserve balances of $12.2
million (bank debt) and $13.76 million (bond debt) would cover
approximately three to four months of debt service. Given that the
project is earning almost 100% of its capacity revenues,
management expects that at the end of 2017, the project's 12-month
historical coverage will reach 1.31x.


PUERTO RICO: Creditors Want to Depose Officials Over 'Conflicts'
----------------------------------------------------------------
Nick Brown at Reuters reports that senior creditors of Puerto
Rican debt backed by the island's sales tax revenues are seeking
to depose government officials over what they see as conflicts of
interest in how the U.S. territory manages its bond payments.

As Puerto Rico sorts its way through the biggest bankruptcy in
U.S. municipal history with $70 billion in bond debt and another
$49 billion in pension liabilities, several creditor groups are
litigating feverishly over who gets paid first, according to
Reuters.

This group, holding some $2.5 billion in senior debt issued by
Puerto Rico's sales tax authority, COFINA, asked a judge to let
them depose officials in charge of Puerto Rico's fiscal agency,
known by its acronym AAFAF, the report relays.

A source familiar with the COFINA creditors' thinking said the
group wants to depose Puerto Rico Governor Ricardo Rossello, one
of his key advisers Elias Sanchez, and AAFAF's director, Gerardo
Portela, the report notes.

A spokesman for the COFINA bondholder group declined to comment.
Sanchez, Portela and a spokeswoman for Rossello could not be
reached for comment.

The report says that the decision on the scope of depositions will
ultimately fall to Judge Laura Taylor Swain, who oversees Puerto
Rico's massive bankruptcy.

The filing was part of a legal dispute between senior and junior
COFINA creditors over a $16 million interest payment due on June
1, the report notes.

Court papers filed by the senior creditor group, which includes
Cyrus Capital Partners and Tilden Park Capital Management, said
AAFAF "suffers from irreconcilable conflicts of interest" because
it acts on behalf of both COFINA and Puerto Rico's central
government -- separate debt issuers whose creditors are fighting
over the same money, the report discloses.

COFINA'S $17 billion in bonds are backed by sales tax revenue.
But holders of the central government's $18 billion in general
obligation (GO) bonds, including Aurelius Capital Management and
Monarch Alternative Capital, argue their constitutionally
guaranteed debt puts them first in line for that revenue, the
report relays.

The senior COFINA holders claim AAFAF has made overtures
suggesting it supports raiding COFINA coffers to benefit GO
holders, the report notes.  Creditors should be allowed to depose
officials to determine "what ownership interest" AAFAF has in the
disputed funds, they argued, the report says.

Recoveries for COFINA creditors will hinge on their ability to
establish COFINA as separate from the government and thus
inaccessible to government creditors, the report relays.  Showing
AAFAF is acting in the government's best interest, but not
COFINA's, could support that strategy, the report adds.

                         About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto
Rico's PROMESA petition is available at

         http://bankrupt.com/misc/17-01578-00001.pdf

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).  Joint administration has been sought for the
Title III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts has named U.S. District Judge
Laura Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


                            ***********


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

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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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