TCRLA_Public/170809.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

               Wednesday, August 9, 2017, Vol. 18, No. 157



ENTRE RIOS: Fitch Affirms 'B' Long-Term IDRs, Outlook Stable
MAS CUOTAS IX: Moody's Rates Class C Debt Securities 'B1'
PREMIER PERFORMANCE: Moody's Assigns B-bf Global Bond Fund Rating
RIO GRANDE: Moody's Assigns B3 Global Scale Issuer Rating


SUZANO PAPEL: S&P Affirms BB+ Credit Rating, Outlook Positive

C O S T A   R I C A

AUTOPISTAS DEL SOL: Fitch Assigns BB Rating to International Notes

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Treasury Shutters 3,468 Govt. Accounts

P U E R T O    R I C O

DIAMOND & DIAMONDS: Taps Hector Vincenty as Legal Counsel
DIAMOND & DIAMONDS: Taps Alberto Salva Javier as Accountant
HECHO A MANO: Taps El Bufete del Peublo PSC as Legal Counsel
PUERTO RICO: Gasport Project Stalls Over PREPA Bankruptcy

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Chicken Shortage Blamed on Bad Weather


PETROLEOS DE VENEZUELA: Cuts Oil Supply to Citgo
VENEZUELA: Opposition Politician Lopez Returns Home

                            - - - - -


ENTRE RIOS: Fitch Affirms 'B' Long-Term IDRs, Outlook Stable
Fitch Ratings has affirmed the Province of Entre Rios, Argentina's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'B'. The Rating Outlook is Stable. The issue rating on Entre
Rios' senior unsecured bond issuance of USD350 million is also
affirmed at 'B'.


The affirmation of the Province of Entre Rios' ratings reflects
the province's fiscal performance in line with Fitch's expectation
despite some worsening verified in 2016 when operating margins
reached 3.0% (7.6% in 2015). The ratings are based on the
province's average debt metrics when compared with local and
international peers and its weak liquidity position. The features
of the Argentinian institutional framework, with a stable revenue
system, also influence the ratings.

The province faces a growing pension deficit that is partially
funded by the nation through annual agreements. Fitch will monitor
the evolution of the issue and its impact on the financial
flexibility of the Province. As a result, Entre Rios had to
allocate ARS 1.7 billion in 2016 and another ARS2.4 billion are
expected for 2017, net of federal transfers. If these allocations
were considered in the financial profile of the entity, operating
margins would be negative (minus 1.3%). Fitch expects either a
federal or a local solution to the deficit until 2018.

Personnel expenditures and current transfers negatively impacted
fiscal performance given that, according to Fitch calculation,
those outpaced revenue growth. Fitch notes that the province's
cost structure became more rigid, with personnel spending rising
from the equivalent to 58.2% of operating revenues in 2012 to
67.9% in 2016. This dynamic is verified across provinces in

Entre Rios' debt maturity profile has extended, as 24.6% of
outstanding debt matures through 2018 (53% in 2016). Direct
debt/current revenue reached an annual average of 42% over the
last five years, thus compatible with 'B' rated peers. Following
the external bond issuance in February 2017 and other external
loans, some 39% of the debt is denominated in foreign currency.
Entre Rios has refinanced some debt due in 2017. The province has
not entered into hedge nor possesses revenues linked to USD thus
making the province exposed to currency risk.

Although its cash balance represented around 20% of Entre Rios'
operating expenditures as of March 2017, the province has run
temporary deficits over the last five years, which have been paid
at the end of each year (floating debt). Nevertheless, according
to Fitch's calculation, cash available cash positions do not cover
the projected debt service for 2017 and 2018. In Fitch's opinion,
this factor suggests a weak liquidity position that may lead to
higher indebtedness ratios in 2018 and 2019.

Entre Rios is the seventh-largest province in Argentina in terms
of gross geographic product and population. The province's economy
is highly influenced by soft commodities, making it less resilient
to most external economic shocks, such as weaker commodity prices
and continued underperformance in Brazil.


Negative Rating Actions: A downgrade of Argentina's IDR will lead
to a negative rating action. Moreover, any deterioration in the
province's capacity to refinance existing debt should lead to a
negative rating action.

Positive Rating Actions: Entre Rios' IDR should move in tandem
with Argentina's sovereign ratings. An upgrade of the sovereign
IDR, accompanied by an improvement in the province's operating
margins to levels higher than 10%, coupled with an improvement in
its economy, could lead to an upgrade in Entre Rios' ratings.

Any change in the province's ratings will correspondingly impact
the rating on the bond issuance.

MAS CUOTAS IX: Moody's Rates Class C Debt Securities 'B1'
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Mas Cuotas Serie IX. This transaction will
be issued by Banco de Galicia y Buenos Aires S.A. ("Banco
Galicia", LT Bank Deposits (Domestic) B3, Trustee Quality
Assessment acting solely in its capacity as issuer and

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

The full rating action is:

- ARS433,156,214 in Class A Floating Rate Debt Securities (VDFA)
   of "Fideicomiso Financiero Mas Cuotas Serie IX", rated
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale)

- ARS31,764,789 in Class B Floating Rate Debt Securities (VDFB)
   of "Fideicomiso Financiero Mas Cuotas Serie IX", rated
   (sf) (Argentine National Scale) and B1 (sf) (Global Scale)

- ARS2,887,708 in Class C Floating Rate Debt Securities (VDFC)
   of "Fideicomiso Financiero Mas Cuotas Serie IX", rated
  (sf) (Argentine National Scale) and B1 (sf) (Global Scale).


The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 527,816 eligible purchases in installments
denominated in Argentine pesos and originated by Cencosud
(Argentina) S.A. ("Cencosud Argentina"), the local subsidiary of
Cencosud S.A. ("Cencosud", Baa3, Stable), among Latin America's
largest retailers, with presence in Chile, Argentina, Peru,
Colombia and Brazil. Only installments payable after September 17,
2017 will be assigned to the trust.

The installments are originated through credit cards issued by
Cencosud Argentina. Clients of Cencosud credit cards can make
purchases in affiliated stores and split the payments in several
monthly installments bearing no interest rates. The monthly
installments are included in the cardholder's credit card balance.

The transaction exhibits a high degree of support from the
sponsor. Cencosud Argentina regularly advances funds to the trust
in the following situations: (i) when a cardholder refinances his
card balance, the sponsor will advance to the trust all the unpaid
balances in relation to that loan, and (ii) when the cardholder
pays the minimum payment of the credit card, and that minimum
payment is insufficient to cover for the securitized installment,
Cencosud Argentina advances the difference between the installment
and the minimum payment.

The securitized pools of previous transactions rated by Moody's
have exhibited a relatively high level of refinanced loans. This
refinancing does not translate into losses for the transactions
given that Cencosud Argentina advances the payment of these
refinanced loans to the trust. Hence, this behavior leads to
faster repayment of the transactions and minimal reported losses
in the securitized pools.

However, it also evidences a high degree of dependence between the
performance of the assets and the performance of the sponsor. In
an event of insolvency of the sponsor, the transaction may realize
higher losses.

The transaction also depends on advances from the sponsor as a
source of liquidity. Approximately 84.0% (measured in terms of
nominal amount) of the installments in the pool have a minimum
payment lower than 100%. Therefore, in situations with cardholders
paying less than the whole credit card balance, the transaction
could be exposed to delays in collections of the installment. In
these situations, Cencosud Argentina will advance to the trust the
difference between the full amount of the installment assigned to
the trust and the minimum payment.

Either the advances related to refinanced loans and to coverage of
the minimum payment increase the transaction's dependence to the
sponsor. As mentioned before, if the sponsor is unwilling or
unable to continue making these advances, this could translate
into losses for the transaction.

Moody's considers that these risks are partially mitigated by the
following factors: (i) the strong credit profile of Cencosud and
Cencosud Argentina and their position as key players in the retail
sector of Argentina and the region, (ii) the relatively short
expected life of the notes, (iii) the availability of a reserve
fund covering two times the next interest accrual of the VDFA and
VDFB and (iv) the high payment rates exhibited by the credit card
portfolio (71.9% average during the last twelve months as of May


The VDFA will bear a floating interest rate (BADLAR plus 150 bps).
The VDFA's interest rate will never be higher than 30.5% or lower
than 20.5%.

The VDFB will bear a floating interest rate (BADLAR plus 250 bps).
The VDFB's interest rate will never be higher than 31.5% or lower
than 21.5%.

The VDFC will bear a floating interest rate (BADLAR plus 450 bps).
The VDFC's interest rate will never be higher than 33.5% or lower
than 23.5%.

Overall credit enhancement is comprised of subordination,
transaction level overcollateralization and various reserve funds.
The transaction has initial subordination levels of 25.0% for the
VDFA, 19.5% for the VDFB and 19.0% for the VDFC, calculated over
the pool's undiscounted principal balance. Credit enhancement is
also comprised by the availability of a Liquidity Reserve Fund
covering the next two interest accruals for the VDFA and VDFB.

Finally, the transaction has an estimated 24.8% negative annual
excess spread, before considering losses, taxes or prepayments and
calculated at the interest rate cap for the notes.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Cencosud Argentina, the actual
performance of the securitized pool may be affected, among other
factors, by the level of economic activity, high inflation rates
compared with nominal salaries increases and the unemployment rate
in Argentina.

Another key factor that could lead to a rating downgrade would be
the deterioration of the sponsor's credit profile, as well as
changes in the sponsor's minimum payment policies.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Cencosud
Argentina's portfolio and previous securitizations. In addition,
Moody's considered factors common to consumer loans and credit
card receivables securitizations such as delinquencies, charge-
offs, payment rates and losses; as well as specific factors
related to the Argentine market, such as the probability of an
increase in losses if there are changes in the macroeconomic
scenario in Argentina.

Moody's analyzed the historical performance data of previous
transactions and the dynamic credit card portfolio of Cencosud
Argentina, ranging from January 2012 to May 2017.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution of losses for the securitized pool with a
mean of 4.0% and a coefficient of variation of 50%.

The rating agency also analyzed the payment levels in the seller's
overall credit card dynamic portfolio, identifying a payment rate
(monthly payment / monthly balance) averaging 71.9% during the
last twelve months as of May 2017.

Additionally, in order to analyze a scenario of extreme dependence
to the sponsor of the transaction, Moody's assumed that all
cardholders in the pool will pay only the minimum payment.

To determine the rating assigned to the notes, Moody's has used an
expected loss methodology that reflects the probability of default
times the severity of the loss expected for each security. In
order to allocate losses to each Class in accordance with their
priority of payment and relative size, Moody's has used a cash-
flow model (ABSCORE) that reproduces many deal-specific
characteristics. Weighting each loss scenario's severity result
with its probability of occurrence, the model has calculated the
expected loss level for each security as well as the expected
average life. Moody's model then compares the quantitative values
to the Moody's Idealized Expected Loss table for each tranche.

Servicer default was modeled by simulating the default of Cencosud
Argentina as the servicer consistent with an internal assessment
of Cencosud Argentina's credit quality. In the scenarios where the
servicer defaults, Moody's assumed that the defaults will increase
by approx. 9.7x and that one full month of collections will be
lost due to commingling.

The increase in delinquencies reflects the risks related of the
sponsor not being around to advance payments in relation to
refinanced loans and loans with minimum payments below the
securitized installment. The precise increase of 9.7x is derived
from studying the amount of refinanced loans in past transactions
of Cencosud Argentina, as well as the minimum payment profile of
each cardholder in the pool. In addition, the stress multiple also
incorporates the risk that, in such a scenario, the credit card
could stop working as a means of payment, reducing the incentives
to pay remaining balances for the credit card holders.

The model results showed 0.7% expected loss for the VDFA, 2.3% for
the VDFB and 2.5% for the VDFC.

Stress Scenarios

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested twelve scenarios derived
from the combination of mean loss: 4.0% (base case), 6.5% (base
case + 2.5%), 9.0% (base case + 5%), 11.5% (base case + 7.5%) and
coefficient of variation (CoV) of losses: 40% (10% less than base
case), 50% (base case) and 60% (10% more than base case). The 4.0%
/50% represents the base case assumptions used in the initial
rating process.

At the time the rating was assigned, the model output indicated
that the VDFC would have achieved a B2 (sf) global rating model
output if mean loss was as high as 6.5% with a CoV of 40%. Under
the same assumptions, both the VDFA and VDFB would have remained

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.

PREMIER PERFORMANCE: Moody's Assigns B-bf Global Bond Fund Rating
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Premier Performance Dolares (the
Fund), a new short-medium term bond fund domiciled in Argentina
and managed by Supervielle Asset management S.A.G.F.C.I.
(Supervielle AM SASGFCI).

The ratings assigned are:

- Global scale bond fund rating: B-bf

- National scale bond fund rating:


The bond fund ratings are based on Moody's expectation that the
Fund will basically invest in short term Argentine government
securities (LETEs), rated B3 with positive outlook. "The fund will
complement its investment strategy through other type of
sovereign, sub sovereign securities and Argentine corporate bonds,
all of them denominated in US Dollars", said Carlos de Nevares,
Moody's Vice President.

In addition, the Fund's average duration is not expected to exceed
2 years. "Based on the model portfolio, the Fund's credit quality
profile is consistent with other B-bf / rated funds", De
Nevares said.

The rating agency noted that the Fund is a fund managed by an
experienced investment manager. Moody's analysis was performed on
a model portfolio provided by the fund sponsor. The rating agency
expects the Fund to be managed in line with this model portfolio.
However, Moody's noted that if the Fund's actual portfolio
deviates materially from the model portfolio provided, the Fund's
ratings could change.

Supervielle AM SASGFCI is among the largest Asset managers in the
Argentinean Mutual Fund Industry being a subsidiary of
Supervielle, one of the leading private banks in Argentina. As of
Jun 2017, Supervielle AM SASGFCI, among the eldest fund advisors
in the local market, had approximately ARS 13,307 million in
Assets under Management (AUM) or approximately $780 million
occupying the 13th position with approximately 3% of market share.

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology published in May 2013.

RIO GRANDE: Moody's Assigns B3 Global Scale Issuer Rating
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned first time issuer ratings of B3 (Global Scale, local
currency) and (Argentina's national scale) to the
Municipality of Rio Grande. The outlook is positive.


The issuer ratings assigned to the Municipality of Rio Grande
reflect the municipality's recent track record of registering
operating surpluses and relatively low cash financing deficits
that Moody's expects will be maintained. The credit profile of the
municipality is also supported by relatively low debt levels. Rio
Grande is the largest city of the Province of Tierra del Fuego
(Caa1/STA) and the main contributor to the provincial economy. The
municipality benefits from a relatively wealthy although narrow
economy in the Argentinean context representing over 2 times the
country's income per capita.

The financial profile of Rio Grande is supportive of the ratings.
The municipality posted average gross operating surpluses to
current revenues of 9% in the past five fiscal years and
relatively low cash financing deficits averaging 1.4% of total
revenues. Rio Grande's debt levels are low, below 10% of total
revenues in the past five years. Moody's expects debt levels to
grow but remain relatively low at around 16% of total revenues by
the end of 2018.

Rio Grande has relatively low own source revenues as federal
transfers account for around 73% of the revenues of the
municipality on average. As with other provincial and municipal
governments in Argentina, Rio Grande's credit profile is
constrained by the still weak operating environment of the

Rio Grande's positive outlook reflects the positive outlook of the
Government of Argentina, capturing the strong macroeconomic and
financial linkages between the Government of Argentina's and Sub-
sovereigns economic and financial profiles and ratings.


Given the strong macroeconomic and financial linkages between the
Government of Argentina and Rio Grande's economic and financial
profile, an upgrade of Argentina's sovereign bonds ratings could
lead to an upgrade of the Municipality of Rio Grande.

Conversely, a downgrade in Argentina's bond ratings would exert
downward pressure on the ratings assigned. A sharp deterioration
of the municipality's key credit metrics would exert downward
ratings pressure.

The principal methodology used in these ratings was Regional and
Local Governments published in June 2017.


SUZANO PAPEL: S&P Affirms BB+ Credit Rating, Outlook Positive
S&P Global Ratings revised its outlook on Suzano Papel e Celulose
S.A. (Suzano) to positive from stable. S&P said, "We also affirmed
our 'BB+' global scale and 'brAA+' national scale corporate credit
ratings on the company. At the same time, we  affirmed the 'BB+'
issue-level ratings on financing vehicles, Suzano Austria GmbH and
Suzano Trading Ltd., which Suzano guarantees. We also kept our '3'
recovery rating on the senior unsecured debt, indicating our
expectation of meaningful (65%) recovery of the notes under a
hypothetical default scenario, unchanged."

The outlook revision reflects Suzano's solid cash flow generation
stemming from a sound pulp market and a reduced capex level after
the full ramp-up of the Maranhao plant. In 2013, the company's
adjusted net debt to EBITDA peaked at 5.5x, which dropped to 2.9x
in June 2017. According to the recently published financial
policy, Suzano intends to maintain the target of 2.0x-3.0x in the
coming years, potentially temporarily reaching 3.5x in case of an
expansion cycle. S&P said, "Even though this policy is new, we
expect a commitment to it over the next 12-18 months, under which
we could see pulp price and currency volatility and movements
towards industry consolidation."

S&P added, "In line with our expectation, Suzano's competitive
cost structure remains favorable compared with those of global
peers, due to the access to highly productive forests, vertically
integrated facilities, and its own supply of wood and energy.
Suzano competes globally with top players in the pulp industry,
with one of the lowest cash costs worldwide. At the same time,
because of its large presence in domestic uncoated and coated
printing and writing paper and paperboard markets, Suzano captures
synergies from the integration with pulp production while holding
shares in resilient markets that help mitigate exposure to
volatile international pulp markets and stabilize overall margins
over economic cycles.

"We believe the company will benefit from the further reduction of
costs, thanks to the improvement of the wood supply, streamlining
the production lines, and expansion of the product mix, such as
Eucafluff and Tissue, which could further strengthen Suzano's
competitive position and reduce exposure to commodity volatility
and cash flow swings."

C O S T A   R I C A

AUTOPISTAS DEL SOL: Fitch Assigns BB Rating to International Notes
Fitch Ratings has assigned a rating of 'BB' to the International
Notes that Autopistas del Sol S.A. placed in the international
markets. The Rating Outlook is Stable.

Final pricing for the International notes was a coupon of 7.375%,
lower than what was assumed in Fitch's expected cases. Total debt
was slightly lower than previously anticipated. However, a higher-
than-expected allocation in the international notes, which have a
higher interest rate, resulted in slightly lower coverage metrics,
still within the indicative range for the assigned rating,
according to applicable criteria. Breakeven analysis results are
also in line with the analysis at the time the expected rating was

The notes are supported by the cash flow generation of the Costa
Rican toll road Ruta 27.


Summary: The rating reflects the asset's stable traffic and
revenue profile, supported by an adequate toll adjustment
mechanism. Mostly used by commuters, the project may face
significant competition in the short-to-medium term in case the
main competing road is substantially improved and its tariff is
significantly lower than that of the project. Toll rates are
adjusted quarterly to exchange rate and annually to reflect
changes in the U.S. Consumer Price Index (CPI). The rating also
reflects fully amortizing senior debt with a fixed interest rate
and a net present value (NPV) cash trap mechanism that protects
noteholders in the event of early NPV-related termination of the
concession before debt is fully repaid. Fitch's Rating Case
average debt service coverage ratio of 1.21x is in line with
Fitch's criteria guidance for the rating category, although
somewhat weak. The presence of a Minimum Revenue Guarantee (MRG)
mechanism provides an additional layer of comfort to the rating.

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

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

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

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

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

Metrics: Under Fitch's Rating Case, the project yields minimum
debt service coverage ratio (DSCR) of 0.90x, an average DSCR of
1.21x, and net debt to CFADS of 6.40x. The concession will expire
in July 2033 under the Rating Case, which matches its legal
maturity. It assumes payments under the MRG from 2024 to 2027,
which totals an average 2% of annual revenues. Debt repayment does
not depend on the MRG payment, as should it not be received,
reserve funds would be sufficient to cover debt service. The
metrics are in line with Fitch's applicable criteria for the
rating category, although on its weaker side. Additional comfort
is provided by the presence of the MRG.


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


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

-- Given the uncertainty related to the degree of competition
    posed by the Competition Route a positive rating action is
    unlikely in the short term.

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

-- A downgrade of the Costa Rica's Sovereign ratings could
    trigger a corresponding negative action on the rated notes.
-- Traffic volumes below Fitch's base case over a prolonged
-- Projected ADSCR profile below 1.15x under Fitch's rating case.


The issuer placed local and International notes for a total amount
of USD350.8 million. The local notes (Series 2017-A-CR) have an
outstanding balance of USD50.8 million, are denominated in U.S.
dollars and have a 10-year term, while the International notes
(Series 2017-B-CR) have an outstanding balance of USD300 million,
are denominated in U.S. dollars and have a 14-year term. Both
series pay a fixed interest rate.

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

In 2016, traffic grew 4.7%, while revenue reached USD70.6 million,
reporting an increase of 5.6%. As of the first six months of 2017,
traffic and revenue continue to grow registering an increase of
5.7% and 7.3%, respectively, with respect to the same period of

Fitch's Base Case assumed traffic growth at a compounded annual
growth rate (CAGR) of 1.50%, which considers, amongst other, that
the competing route will charge 50% of the tariff initially
stablished when the concession was granted. U.S. CPI reflects
Fitch's forecast of 2.1% in 2017, 2.6% in 2018, 2.2% in 2019, 1.8%
in 2020, 1.7% in 2021, 1.7% in 2022 and 2.0% from 2023 onwards.
O&M and capex were projected following the budget provided plus
5.0%. Fitch's Base Case resulted in a minimum DSCR of 1.29x in
2018, an average DSCR of 1.38x and LLCR of 1.44x. Net debt to
CFADS in 2017 is 6.17x and decreases each year over the life of
the notes. Under this scenario, the concession will end in 2031,
earlier than the contractual July 2033, due to the project
yielding the NPV of cumulative revenues specified in the
concession agreement.

Fitch's Rating Case assumed traffic growth at a CAGR of 0.70%,
which considers, amongst others, that the competing route will be
untolled. U.S. CPI rates as utilized in Fitch's Base Case. O&M and
capex were projected following the budget provided plus 7.5%.
Fitch's Rating Case resulted in a minimum DSCR of 0.90x in 2022,
average DSCR of 1.21x and LLCR of 1.21x. Net debt to CFADS in 2017
is 6.40x and decreases each year over the life of the Notes. Under
this scenario, the concession will end at its contractual maturity
in July 2033.

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

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Treasury Shutters 3,468 Govt. Accounts
Dominican Today reports that the National Treasurer Alberto
Perdomo said 269 government agencies have been incorporated to the
Single Treasury Account (CUT), with 3,468 bank accounts closed,
cutting operating costs, and RD$260.0 billion (US$5.4 billion)
recovered, or nearly 35% of the nation's budget, previously
handled at the discretion of officials.

Mr. Perdomo said among CUT's achievements is the increase in the
availability of the Dominican Republic Account, reduced discretion
in the management of direct income and the saving in operating
expenses through closed accounts, which he affirms means greater
efficiency and transparency of taxpayer money, according to
Dominican Today.

The official said the CUT incorporates government and social
security agencies and 99% of the ministries, directorates-general
and their dependencies, the report notes.

Interviewed on Telemicro, Channel 5, the official stressed that
the CUT's implementation is part of the achievements in
transparency of State funds during president Danilo Medina's five
years in office, the report relays.

"In this manner, Medina complies with one of the points
established in the presidential pact signed with civil society,
which establishes the government's commitment to work for greater
transparency of public institutions," the report adds.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1) The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2) The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector

P U E R T O    R I C O

DIAMOND & DIAMONDS: Taps Hector Vincenty as Legal Counsel
Diamond & Diamonds, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire legal counsel in
connection with its Chapter 11 case.

The Debtor proposes to employ Hector Figueroa Vincenty, Esq., to,
among other things, give legal advice regarding its duties under
the Bankruptcy Code; and negotiate with creditors to formulate a
plan of reorganization or arrange for an orderly liquidation of
its assets.

Mr. Vincenty will be paid an hourly fee of $100 and a retainer fee
of $4,283.

In a court filing, Mr. Vincenty disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Vincenty can be reached through:

     Hector Figueroa Vincenty, Esq.
     El Bufete del Pueblo, P.S.C.
     Calle San Francisco 310 3ER Piso, Suite 32
     San Juan, PR 00901
     Phone: (787) 378-1154
     Fax: (787) 250-2800

                 About Diamond & Diamonds Inc.

Diamond & Diamonds, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04882) on July 10,
2017. Magaly E. Hernandez Leon, vice-president, signed the

At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $1 million and liabilities of less
than $500,000.

DIAMOND & DIAMONDS: Taps Alberto Salva Javier as Accountant
Diamond & Diamonds Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire an accountant.

The Debtor proposes to employ Alberto Salva Javier, a certified
public accountant, to, among other things, review its accounting
record for preparation of its financial reports; prepare monthly
reconciliations of all bank accounts and lines of credit; and
prepare financial documents as support for a plan of

Mr. Javier will be paid a monthly fee of $325 for his services.

In a court filing, Mr. Javier disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Javier maintains an office at:

     Alberto Salva Javier
     605 Condado Street, Suite 601
     San Juan PR 00907
     Phone: 787-722-3308
     Fax: 787-724-1669

                 About Diamond & Diamonds Inc.

Diamond & Diamonds, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04882) on July 10,
2017. Magaly E. Hernandez Leon, vice-president, signed the

At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $1 million and liabilities of less
than $500,000.

Hector Figueroa Vincenty, Esq., represents the Debtor as

HECHO A MANO: Taps El Bufete del Peublo PSC as Legal Counsel
Hecho A Mano, Inc. seeks authorization from the US Bankruptcy
Court for the District of Puerto Rico to employ Hector J. Figueroa
Vicenty at El Bufete del Peublo P.S.C. as its legal counsel.

Professional services to be rendered by the Firm are:

     a. advise the Debtor with respect to its duties, powers and
responsibilities in this case, under the laws of the United States
and Puerto Rico in which the debtors in possession conduct the
operations, does business or is involved in litigation;

     b. advice the Debtor in connection with the determination of
whether reorganization is feasible and, if not, help Debtor in the
orderly liquidation of its assets;

     c. assist the Debtor in negotiations with creditors;

     d. prepare in behalf of the Debtor the necessary complaints,
answers, orders, reports, memoranda of law and/or any other legal
papers and documents, including a Disclosure Statement and a Plan
of Reorganization;

     e. perform the required legal services needed by the Debtor
to proceed or in connection with the operation and involvement of
its business; and

     f. perform the professional services as necessary for the
benefit of the Debtor and of the estate.

The proposed arrangement of compensation is an agreed rate of
$200.00 per hour for the attorney and a retainer fee of
$15,000.00, plus any costs and expenses to be paid by the Debtor.
However, matters attended by associate attorneys will be charges
at $150.00 per hour and paralegal staff will be charged at $75.00
per hour.

Hector J. Figueroa Vicenty of El Bufete del Peublo P.S.C. attests
that he does not hold or represent any interest adverse to the
estate of the Debtor. He is a "disinterested person" as defined in
11 U.S.C. Sec. 101(14).

The Firm can be reached through:

     Hector J. Figueroa Vicenty, Esq.
     Edificio Norfe 201
     Ave 65 de Infanteria 714
     San Juan, PR 00924
     Tel: 787-250-2800

                       About Hecho A Mano

Based in San Juan, Puerto Rico, Hecho A Mano filed a Chapter 11
petition (Bankr. D.P.R. Case No. 13-09377) on November 8, 2013,
listing less than $1 million in assets and liabilities. The Debtor
is represented by Hector J. Figueroa Vicenty, Esq. at El Bufete
del Peublo P.S.C. as counsel.

PUERTO RICO: Gasport Project Stalls Over PREPA Bankruptcy
Andrew Scurria, writing for The Wall Street Journal Pro
Bankruptcy, reported that a $380 million offshore gas project in
Puerto Rico is stalling, caught up in the fallout from a $9
billion utility bankruptcy.

According to the report, Excelerate Energy LP gave notice it had
canceled contracts with Puerto Rico's electric utility to
construct a floating natural gas terminal off the island's
southern coast.

The cancellations weren't widely known until, when local
energy regulators demanded an explanation from the public utility
known as Prepa, the report related.

The planned Aguirre Offshore GasPort project, or AOGP, was
designed to import cheap natural gas, helping to wean Puerto
Rico's electric utility off dirtier sources of fuel, the report
said.  Now the project's timetable is in doubt over Prepa's
deteriorating financial condition and the open-ended process of
reordering its liabilities, the report further related, citing
people familiar with the matter.  Federal financial oversight
officials placed the utility under bankruptcy protection in July,
heightening the likelihood of losses to debtholders owed $9
billion, the report added.

The Journal pointed out that the contract cancellations underscore
how Prepa's operations are likely to be disrupted from the
unprecedented bankruptcy, which is unfolding under an untested
federal rescue package written specifically for Puerto Rico.  The
original contract terms, signed in 2014, "did not account for the
uncertainty that has resulted," the report said, citing an
Excelerate spokeswoman.

"This does not signal the end of the project," the spokeswoman
said, the Journal further cited. "Excelerate is presently engaged
with Prepa to find a path forward to make the AOGP project a
reality, renegotiating the agreements to refine the contract
structure . . . . "

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.  On July 2, 2017, a Title III case was commenced for the
Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

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; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

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


Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).


The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.   The Creditors Committee tapped Paul Hastings  LLP and
O'Neill & Gilmore LLC as counsel.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Chicken Shortage Blamed on Bad Weather
Carolyn Kissoon at Trinidad and Tobago Newsday reports that
tropical Storm Bret has passed, but seven weeks later locals are
still feeling the impact.

Imam Rasheed Karim, president of the Pluck Shop Association, is
blaming the bad weather for the latest increase in chicken prices,
according to Trinidad and Tobago Newsday.

And Mr. Karim says this could be the highest increase in live
chicken prices in recent years, the report notes.

The report relays that Mr. Karim said poultry farms were severely
affected by the heavy rainfall and strong winds caused by Tropical
Storm Bret.

Mr. Karim said pens were washed away and livestock died, the
report adds.


PETROLEOS DE VENEZUELA: Cuts Oil Supply to Citgo
Marianna Parraga at Reuters reports that Petroleos de Venezuela,
S.A. (PDVSA) has reduced crude sales to its U.S. refining unit
Citgo Petroleum while increasing supply to Russia's Rosneft
(ROSN.MM), following a plan signed in May to catch up on overdue
deliveries, according to PDVSA documents, sources from the company
and its joint ventures.

Venezuela's oil output has declined since 2012 with the fall
accelerating this year amid a lack of investment and payment
delays to suppliers, according to Reuters.  Almost all of
Petroleos de Venezuela's customers are receiving reduced volumes.
That includes the United States, which has received less
Venezuelan crude oil this year, the report notes.

PDVSA agreed in the catch-up plan to compensate Rosneft for the
delayed cargoes, since the oil is being sent in lieu of payment
for loans, the report relays.

Venezuela's Oil Minister Nelson Martinez at a forum in St
Petersburg in June said Rosneft would receive some 70,000 barrels
per day (bpd) as payment for a $1.5 billion loan extended to PDVSA
in 2016. He did not disclose the reason for the supply agreement,
the report notes.

Days later, Russia publicly released a renegotiation of bilateral
loans with Venezuela, an OPEC-member, the report says.  The
Russian Audit Chamber said it would slash projected state revenue
by nearly $1 billion this year to reflect expectations that
Venezuela may not make timely payments, the report relays.

Since May, the "remediation agreement" with Rosneft has implied an
extra supply of between 63,000 bpd and 105,000 bpd of Venezuela's
diluted crude oil (DCO), according to a PDVSA document, the report

"The agreement is linked to the debt refinancing. The idea is to
catch up by reducing the number of pending cargoes (to repay
debt)," a PDVSA source said, the report discloses.

Rosneft and Citgo were not immediately available for comment.

Rosneft has loaned between $4 billion and $5 billion to Venezuela
in recent years, mostly to be repaid with oil, the report notes.
Terms of most agreements have not been disclosed, but
renegotiations have taken place in recent months, including on the
possible return of a collateral on a 49.9 percent stake in Citgo
offered to Rosneft last year, the report relays.

                         Collateral Damage

Because PDVSA will allocate more of its shrunken oil supplies to
Rosneft, fewer barrels will be available to ship to other
customers, the report says.

Citgo's Gulf Coast refineries in Corpus Christi, Texas, and Lake
Charles, Louisiana, have combined processing capacity of 582,000
bpd, the report notes.  The two typically refine a high percentage
of Venezuela's heavy crude, the report relays.

Since the remediation plan with Rosneft started, Citgo has been
knocking on the doors of PDVSA's joint-venture partners for
supplies of upgraded crude, one of the sources said, the report

Some PDVSA joint ventures in the Orinoco Belt, Venezuela's main
producing region, have agreed to allocate as much oil as possible
to Citgo after supplying their regular clients, but PDVSA expects
total exports of Venezuelan crude to Citgo will remain below
120,000 bpd versus some 230,000 bpd stipulated in the supply
contracts, the sources said, the report discloses.

Recent difficulties in finding Venezuelan crude supplies have
increased prices for many heavy grades in the Atlantic Basin,
which includes the Gulf Coast, the report says.

Citgo last year started sending gasoline and other fuels to
Venezuela in exchange for a portion of its crude supply, the
report notes.  But Citgo has increased the volume of U.S. oil it
refines, and has also has also expanded its crude import sources,
the report discloses.

Its 167,000-bpd Lemont, Illinois, refinery mostly processes
Canadian oil, while Corpus Christi and Lake Charles this year have
imported crude from Africa, Ecuador, Colombia, Brazil and
Azerbaijan, according to the U.S. Energy Information
Administration, the report relays.

U.S. President Donald Trump's administration has promised strong
economic sanctions against Venezuela's government after a
Constituent Assembly was elected in what United States called a
"sham" vote, the report notes.  The new body will have power to
rewrite the constitution and abolish the opposition-led Congress,
the report says.

If those sanctions were to constrain Venezuela's oil shipments to
the United States, Citgo could be ahead of its competitors in
finding new supply sources, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating in negative.

On Oct. 28, 2016, PDVSA exchanged its 5.250% senior notes due 2017
and 8.50% senior notes due 2017 for 8.50% $3,367,529,000 senior
secured notes due in October 2020.  The 2020 notes will be
amortized in four equal installments, starting in 2017.  The 2020
notes are secured by a first-priority security interest on 50.1%
of the capital stock of CITGO Holding, Inc. (Caa1 stable) and are
unconditionally and irrevocably guaranteed by PDVSA Petroleo, S.A.

VENEZUELA: Opposition Politician Lopez Returns Home
Anatoly Kurmanaev at The Wall Street Journal reports that
Venezuela's most popular politician, Leopoldo Lopez, returned home
after a stint in a military prison, his family members said.

Intelligence police snatched Mr. Lopez, one of the government's
most vocal opponents, from his residence early for allegedly
violating his sentencing terms, according to The Wall Street
Journal.  Mr. Lopez has spent three years in jail for allegedly
instigating violence and was serving the remainder of his 14-year
sentence under house arrest, the report notes.

"We will carry on with more conviction and firmness to achieve
peace and liberty in Venezuela," Mr. Lopez's wife, Lilian Tintori,
said in a Twitter posting following his release, the report

The government hasn't commented on his surprise reprieve, the
report notes.  The opposition mayor of Caracas, Antonio Ledezma,
was returned to house arrest recently following a similar stint in
jail, the report discloses.

Mr. Lopez's transfer came a day after the government installed the
powerful Constituent Assembly, which can rewrite the constitution
and overhaul institutions with a simple show of hands, the report

Billed as a forum for peace and dialogue, the assembly members
said their priority would be to dismiss dissident officials and
lift immunity from opposition lawmakers, the report relays.

Hours after taking office, the assembly members fired Attorney
General Luisa Ortega and replaced her with a close ally of the
president, the report notes.

President Nicolas Maduro has pushed forward with the assembly over
an international outcry and deadly protests following elections
tainted with evidence of fraud, the report discloses.  He has
arrested dozens of opposition leaders and activists in recent
weeks, bringing the number of political prisoners in the country
to more than 600, according to policy group Penal Forum, the
report says.

The president has accompanied the unprecedented crackdown with
calls for dialogue, punctuating the arrests with occasional high-
profile reprieves such as the release of Mr. Lopez, the report

As reported on Troubled Company Reporter-Latin America on July 13,
2017, S&P Global Ratings lowered its long-term foreign and local
currency sovereign credit ratings on the Bolivarian Republic of
Venezuela to 'CCC-' from 'CCC'. The outlook on the long-term
ratings is negative. S&P said, "We affirmed our 'C' short-term
foreign and local currency sovereign ratings. In addition, we
lowered our transfer and convertibility assessment on the
sovereign to 'CCC-' from 'CCC'."


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


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, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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

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

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

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

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