TCRLA_Public/170818.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

            Friday, August 18, 2017, Vol. 18, No. 164


                            Headlines



B R A Z I L

CITY OF RIO DE JANEIRO: S&P Affirms 'BB' Global Scale Rating
COMPANHIA DE SANEAMENTO DE MINAS GERAIS: Moody's Ups CFR to Ba3
GAIA AGRO: Moody's Affirms Ba1 Rating on 10th Issuance of CRA
GAIA SECURITIZADORA: Moody's Affirms Ba2 Real Estate Certs. Rating
PROSPECTOR OFFSHORE: U.S. Trustee Unable to Appoint Committee

PROSPECTOR OFFSHORE: May Use Cash Collateral Until Aug. 31
RB CAPITAL: Moody's Affirms Ba2 Rating on 3 Series of Certs.
RB CAPITAL: Moody's Affirms Ba3 Rating on 59th Series of Certs.
TK HOLDINGS: Tort Panel Taps Alvarez & Marshal as Fin'l Advisor

* S&P Affirms Several Global Scale Ratings on Brazilian Entities
* S&P Affirms Ratings on 36 Brazilian Financial Institutions


C O L O M B I A

ECOPETROL SA: Secures US$330MM Credit Line From Bancolombia


M E X I C O

BANCO VE POR MAS: Fitch Puts 'B' ST IDR on Rating Watch Negative


P U E R T O    R I C O

SHORT BARK: Diversitex Resigns from Creditors' Committee


T R I N I D A D  &  T O B A G O

MASSY COMMUNICATIONS: TATT Imposes No Job Cuts on Sale to TSTT
TRINIDAD & TOBAGO: FC Crunch May Drive Car Dealers Out of Business


V E N E Z U E L A

VENEZUELA: Truth Commission to Decide Who May Compete in Elections
VENEZUELA: China Warns Interference Will Not Help Crisis
VENEZUELA: AG Calls for House Arrest for Husband of Predecessor


                            - - - - -


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B R A Z I L
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CITY OF RIO DE JANEIRO: S&P Affirms 'BB' Global Scale Rating
------------------------------------------------------------
On Aug. 16, 2017, S&P Global Ratings affirmed its 'BB' foreign and
local currency global scale ratings on the city of Rio de Janeiro,
and the states of Sao Paulo and Santa Catarina. S&P said,
"Additionally, we affirmed our 'brAA-' national scale ratings on
these entities. We removed the ratings on these entities from
CreditWatch negative, where we placed them on May 23, 2017, and
assigned a negative outlook on both scale ratings, mirroring the
action on the sovereign.

"We also affirmed our 'B-' foreign and local currency global scale
ratings on the state of Minas Gerais, and revised the outlook on
these ratings to stable from negative. In addition, we raised our
national scale rating on the state of Minas Gerais to 'brB+' from
'brB-'. The outlook on this rating is now stable."

OUTLOOK

S&P said, "The negative outlook on the Brazilian states of Sao
Paulo, Santa Catarina, and the city of Rio de Janiero primarily
reflects our view that we don't believe these LRGs could have a
higher rating than the sovereign, while operating under a volatile
and unbalanced institutional framework. Therefore, any rating or
outlook change on Brazil in the next 12 months can impact the
ratings on these local and regional governments (LRGs).

"The stable outlook on the state of Minas Gerais reflects our
expectation that the state will keep its commitment to control the
growth of operating spending to avoid higher fiscal deficits in
the next 12 months, while continue servicing its debt obligations.
At this point, we consider that the ratings on Minas Gerais are
more delinked than in the past from future sovereign rating
actions."

Downside scenario

S&P said, "We could lower the ratings on the states of Sao Paulo,
Santa Catarina, and city of Rio de Janeiro in the next 12 months
if we were to lower the sovereign local and foreign currency
ratings. We could also lower the ratings on Santa Catarina if its
budgetary performance deteriorates beyond our expectations,
resulting in sustained deficits after capital expenditures (capex)
above 5% of total revenue, which would weaken its cash position,
comparing negatively with national peers. We can also downgrade
the state if its financial management erodes, impairing the
state's overall financial performance and/or debt and liquidity
policies.

"We could lower our ratings on the state of Minas Gerais if its
willingness and capacity to make timely payments on its debt
obligations diminishes as a result of a greater strain on its
finances or if we believe that the state's financial comittments
appear to be unsustainable in the next 12 months."

Upside scenario

S&P said, "Given that we don't believe that the states of Sao
Paulo and Santa Catarina, and the city of Rio meet the conditions
to have higher ratings than the sovereign, we could only raise our
ratings on them within the next 12 months if we were to raise our
local and foreign currency ratings on Brazil.

"We could raise the ratings on Minas Gerais in the next 12 months
if it presents a clearer and formal plan to address its short- and
medium-term fiscal imbalances, while showing increasing commitment
to maintain timely payments on its debt obligations."

RATIONALE

The rating actions on the LRGs reflect the removal of Brazil from
CreditWatch negative (see "Brazil Ratings Removed From CreditWatch
And Affirmed At 'BB/B'; Outlook Is Negative On Ongoing Policy
Challenges," published on Aug. 15, 2017), our reassessment of the
institutional framework under which LRGs operate in Brazil, as
well as the updated recalibration of national scale ratings in
Brazil.

S&P said, "We revised our assessment of the institutional
framework for Brazilian LRGs to volatile and unbalanced with a
stable trend from evolving and unbalanced with a weakening trend.

"Our current assessment draws on our evaluation of an
intrinsically rigid intergovernmental system which has failed to
address LRGs' significant budgetary imbalances. In our view, the
framework's structural rigidities, and legal impediments to
lessening them have left the LRGs unprepared in addressing key
long-term spending trends. At the same time, our reassessment
incorporates medium-to long-term spending responsibilities, which
the LRGs' own-source revenue is insufficient to cover, and that
have been increasingly pressuring LRGs' budgets. Amid Brazil's
stagnant economy and political uncertainty, LRGs continue to
struggle balancing their revenue and expenditures, including those
which have taken measures to balance their budgets. At the same
time, we still believe that the level of predictability and
transparency within the intergovernmental system in Brazil
compares well with stronger LRGs' institutional frameworks
globally.

"The 'BB' global scale ratings on the city of Rio de Janeiro and
on the state of Sao Paulo are one notch below their 'bb+' stand-
alone credit profiles (SACP). The 'BB' global scale rating on the
state of Santa Catarina is the same as its 'bb' SACP. The SACP is
not a rating but a means of assessing the intrinsic
creditworthiness of an LRG under the assumption that there is no
sovereign rating cap. The SACP results from the combination of our
assessment of an LRG's individual credit profile and the
institutional framework in which it operates. Given that we don't
believe that Brazilian LRGs could have a higher rating than the
one on the sovereign, we cap our ratings on the states of Sao
Paulo and Santa Catarina and on the city of Rio de Janeiro at the
level of the 'BB' foreign currency long-term rating on Brazil.
This reflects our view that the LRGs don't meet the criteria under
which we would rate them higher than the sovereign.

"The 'BB' global scale ratings on the city of Rio de Janeiro
reflect a weaker institutional framework for Brazilian LRGs, the
individual credit profile, and the sovereign cap. Rio's financial
management continues to be a rating strength, although in our view
it has weakened due to slackening revenue and expenditure control
mechanisms. The 'bb+' SACP also reflects the city's flagging
fiscal performance in stagnant economy. However, cash levels are
more than sufficient to cover the estimated debt service for 2017
(as of April, free cash and liquid assets were equivalent to 2.3x
of the city's next 12-month debt service). In addition, its per
capita GDP has remained well above that of the national economy
and its debt has remained below those of its domestic peers at
around 67% of operating revenue.

"The ratings on Sao Paulo mainly reflect its strong commitment to
fiscal discipline, tight control over revenues and expenses, own-
source revenue that has remained at around 90% of total revenue
despite Brazil's economic slump, operating surpluses consistently
around 5% of operating revenue, and low deficits after capex. The
state has historically complied with the Fiscal Responsibility Law
(FRL), which is also a rating strength. We don't expect these
trends to change in 2017 and 2018 as the economy recovers slowly.

"The ratings on Santa Catarina reflect its fiscal policies and
budgetary performance, which remained adequate amid Brazil's
recession. Likewise, the state's improving ability to cover its
contingent liabilities also supports the creditworthiness. Santa
Catarina also benefits from a diversified economy and higher GDP
per capita than those of its domestic peers. Despite some
improvement in cash levels after the reduction in debt service
costs following debt renegotiations with the federal government,
cash position remains a concern for the next couple of years.
Also, similar to other Brazilian states, Santa Catarina still
faces spending constraints. Its debt is higher than those of
international peers at similar rating levels, but lower than of
domestic peers such as Sao Paulo and Minas Gerais.

"The 'B-' ratings on Minas Gerais reflect an already eroded fiscal
position, coupled with difficulties to implement tougher cost-
control measures to improve public finances. The state's credit
profile incorporates the weaker institutional framework for
Brazilian LRGs, which with its stable trend, in our view,
precludes the state's finances from further deteriorating. The
upgrade on the national scale is due to the recalibration of
Brazil's national scale mapping table and doesn't represent a
change in our view of Minas Gerais' overall credit quality. The
change to the mapping table intends to create the most appropriate
distinction among ratings on Brazil's national scale."


KEY SOVEREIGN STATISTICS

Sovereign Risk Indicators, July 6, 2017. Interactive version
available at  http://www.spratings.com/sri

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

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

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

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


RATINGS LIST

  Ratings Affirmed; CreditWatch/Outlook Action
                             To                 From
  Rio de Janeiro (City of)
    Issuer Credit Rating
    Global Scale             BB/Negative/B      BB/Watch Neg/B

    Brazil National Scale    brAA-/Negative/--  brAA-/Watch Neg/--


  Sao Paulo (State of)
    Issuer Credit Rating
    Global Scale             BB/Negative/--     BB/Watch Neg/--
    National Scale           brAA-/Negative/--  brAA-/Watch Neg/--


  Santa Catarina (State of)
    Issuer Credit Rating
    Global Scale             BB/Negative/--     BB/Watch Neg/--
    National Scale           brAA-/Negative/--  brAA-/Watch Neg/--


  Rating And Outlook Action

  Minas Gerais (State of)
    Issuer Credit Rating
    Global Scale             B-/Stable/--       B-/Negative/--
    National Scale           brB+/Stable/--     brB-/Negative/--


COMPANHIA DE SANEAMENTO DE MINAS GERAIS: Moody's Ups CFR to Ba3
---------------------------------------------------------------
Moody's America Latina Ltda., upgraded the Corporate Family
Ratings (CFR) and senior unsecured debt ratings of Companhia de
Saneamento de Minas Gerais ("Copasa") to Ba3/A1.br (Global Scale
and Brazil National Scale, respectively) from B1/Baa1.br. Moody's
also upgraded Companhia de Saneamento do Parana - SANEPAR
("Sanepar") to Ba2/Aa2.br from Ba3/A1.br. Finally, Moody's
affirmed the CFRs of Empresa Baiana de Aguas e Saneamento S.A
("Embasa") at Ba3/A2.br and of Companhia de Saneamento Basico do
Estado de Sao Paulo ("Sabesp") at Ba2/Aa2.br.

The outlook is negative for the ratings of Sabesp and Sanepar, and
stable for the ratings of Copasa and Embasa.

ISSUERS AND RATINGS AFFECTED

Issuer : Companhia de Saneamento de Minas Gerais - COPASA

-- CFR upgraded to Ba3 (Global Scale) and A1.br (Brazil National
    Scale) from B1/Baa1.br

-- Senior unsecured debt ratings upgraded to Ba3/A1.br from
    B1/Baa1.br (Global Scale and Brazil National Scale,
    respectively)

-- Outlook: changed to stable from negative

Issuer: Companhia de Saneamento do Parana - SANEPAR

-- CFR upgraded to Ba2 (Global Scale) and Aa2.br (Brazil National
    Scale) from Ba3/A1.br

-- Senior unsecured debt ratings upgraded to Ba2/Aa2.br from
    Ba3/A1.br (Global Scale and Brazil National Scale,
    respectively)

-- Outlook: changed to negative from stable

Issuer : Empresa Baiana de Aguas e Saneamento S.A. - EMBASA

-- CFR affirmed at Ba3 (Global Scale) and A2.br (Brazil National
    Scale)

-- Outlook: stable

Issuer : Companhia de Saneamento Basico do Estado de Sao Paulo -
SABESP

-- CFR affirmed at Ba2 (Global Scale) and Aa2.br (Brazil National
    Scale)

-- Outlook: negative

RATINGS RATIONALE

The upgrades for Copasa and Sanepar follow the recent conclusion
of their first tariff review under a new and more predictable
tariff setting mechanism. The credit profile of both companies is
further supported by a track record of contained state
intervention and Moody's expectations that the companies'
resilient operating performance will continue to translate in
robust credit metrics.

The agency notes that state governments retain the ability to
exert material influence over the direction of water companies
through their control over board decisions, including executive
management nomination and dividend policies. Moody's realizes,
however, that in the case of the four rated companies, the state's
influence has been overall limited or supportive of the companies.

The essential and irreplaceable nature of water provision, high
concentration in residential customers and track record of tariff
compensation for cost inflation have allowed the companies to
maintain their operating performance relatively insulated from
Brazil's recession. Since 2015, operating performance has visibly
improved driven by volume recovery post-droughts in the
southeastern region and tariff compensation. On average funds from
operations (FFO) to net debt ratios rose to 35% in 2016 from 27%
in 2015 and FFO Interest coverage grew to 4.8x from 4.5x. The
companies' revenues grew by 8% in real terms on average during
2016 despite GDP dropping by 3% in the same period.

RATING OUTLOOK

The stable outlook for Copasa reflects Moody's view that a further
deterioration in the creditworthiness of the state of Minas Gerais
(B1 negative), its controlling parent, would not significantly
impact its credit profile. The stable outlook for Embasa reflects
the rating outlook for the state of Bahia (Ba3/A2.br stable).

The negative outlook for Sabesp and Sanepar reflects the negative
outlook for the Brazil's government bond rating and Moody's view
that the creditworthiness of these companies continues to be
highly dependent on the credit quality of the sovereign.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Sustained improvements in credit metrics together with the
consistent application of a transparent and predictable regulatory
framework could exert upward rating pressures.

Conversely Moody's perception of a material change in the
regulatory frameworks under which these companies operate, or
disruptive political interference in the normal course of their
businesses could lead to immediate negative pressure on the
ratings. Sustained deterioration in the relevant credit metrics,
the liquidity profile, or in Brazil's sovereign credit quality
could also exert downward pressure on the assigned ratings.

The methodologies used in these ratings were Regulated Water
Utilities published in December 2015 and Government-Related
Issuers published in October 2014.

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.


GAIA AGRO: Moody's Affirms Ba1 Rating on 10th Issuance of CRA
-------------------------------------------------------------
Moody's America Latina Ltda. affirms the Ba1 (global scale, local
currency) and Aaa.br (national scale) ratings of the first and
second series of the 10th issuance of agribusiness receivables
certificates ("certificados de recebiveis do agronegocio" or CRA)
issued by Gaia Agro Securitizadora S.A. (Gaia Agro, not rated) and
changes the applicable rating methodology.

The certificates are backed by two agricultural production
financial notes ("cedulas de produto rural financeira" or CPRF)
issued by Raizen Energia S.A. (Raizen, Ba1) with a guarantee from
Raizen Combustiveis S.A. (Raizen Combustiveis, Ba1).

Issuer: Gaia Agro Securitizadora S.A.

1st series / 10th issuance of agribusiness certificates: Affirmed
Ba1 (global scale, local currency) / Aaa.br (national scale)
ratings

2nd series / 10th issuance of agribusiness certificates: Affirmed
Ba1 (global scale, local currency) / Aaa.br (national scale)
ratings

RATINGS RATIONALE

The ratings assigned to both series of CRA are based mainly on the
willingness and ability of Raizen (as debtor) and Raizen
Combustiveis (as guarantee provider) to honor the payments defined
in transaction documents. The ratings also reflect Raizen's Ba1 /
Aaa.br (negative outlook) backed senior unsecured ratings and
Raizen Combustiveis' Ba1 / Aaa.br (negative outlook) corporate
family ratings.

Moody's has changed the applicable rating methodology from "Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debt " to "Moody's Approach
to Rating Repackaged Securities". This change did not result in
additional credit issues for the transaction.

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

Any changes in Raizen's backed senior unsecured ratings or Raizen
Combustiveis's corporate family ratings will lead to a change in
the ratings of the CRA.

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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.


GAIA SECURITIZADORA: Moody's Affirms Ba2 Real Estate Certs. Rating
------------------------------------------------------------------
Moody's America Latina Ltda. affirms the Ba2 (sf) (global scale,
local currency) and Aa1.br (sf) (national scale) ratings of five
series of real estate certificates (certificados de recebiveis
imobiliarios) issued by Gaia Securitizadora S.A. (GaiaSec, not
rated) and changes the applicable rating methodology.

Issuer: Gaia Securitizadora S.A.

22nd series / fifth issuance CRI backed by residential mortgages:-
-- Affirmed Ba2 (sf) (global scale, local currency) / Aa1.br (sf)
(national scale) ratings

45th series / fourth issuance CRI backed by residential mortgages:
-- Affirmed Ba2 (sf) (global scale, local currency) / Aa1.br (sf)
(national scale) ratings

73rd series / fourth issuance CRI backed by residential mortgages:
-- Affirmed Ba2 (sf) (global scale, local currency) / Aa1.br (sf)
(national scale) ratings

83rd series / fourth issuance CRI backed by residential mortgages:
-- Affirmed Ba2 (sf) (global scale, local currency) / Aa1.br (sf)
(national scale) ratings

3rd series / first issuance CRI backed by residential mortgages: -
-- Affirmed Ba2 (sf) (global scale, local currency) / Aa1.br (sf)
(national scale) ratings

RATINGS RATIONALE

All five series of real estate certificates (CRI) issued by
GaiaSec are backed by its own static pool of residential real-
estate loans originated and serviced by Banco do Brasil S.A.
(seller, originator and primary servicer, Ba2/Aa1.br LT Local
Currency Bank Deposits ratings). Moody's views the certificates as
being full pass through securities of Banco do Brasil' local-
currency deposit ratings, given that under of the assignment
agreements, Banco do Brasil is required to repurchase any loans
that become over 35 days in arrears during the course of the
transactions.

Moody's has changed the applicable rating methodology from "Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debt" to "Moody's Approach
to Rating Repackaged Securities". This change did not result in
additional credit issues for the transactions.

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

A future change to the local-currency deposit ratings of Banco do
Brasil could lead to a change in the ratings assigned to the
certificates.

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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.


PROSPECTOR OFFSHORE: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The Office of the U.S. Trustee on Aug. 15 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Prospector Offshore Drilling
S.a r.l.

                     About Paragon Offshore

Paragon Offshore -- http://www.paragonoffshore.com/-- is a
provider of standard specification offshore drilling units serving
the oil and gas industry.  The Company's fleet consists of 32
jackups and six floaters (four drillships and two
semisubmersibles).  In addition, Paragon is the majority
shareholder of Prospector Offshore Drilling S.A., a publicly
traded offshore drilling company on the Oslo Axess stock exchange
that owns and operates two high specification jackups.  Paragon
also performs drilling operations on the Hibernia Platform
offshore Eastern Canada.  The Company operates in significant
hydrocarbon-producing geographies throughout the world, including
Mexico, Brazil, the North Sea, West Africa, the Middle East, India
and Southeast Asia.  Paragon's shares are traded on the New York
Stock Exchange under the symbol 'PGN.'

On Feb. 14, 2016, Paragon Offshore plc and certain of its
affiliates ("First Filers") each commenced a voluntary case under
Chapter 11 of the Bankruptcy Code.

Prospector Offshore Drilling S.a r.l. aka Prospector Offshore
Drilling S.A.; Prospector Rig 1 Contracting Company S.a r.l.;
Prospector Rig 5 Contracting Company S.a r.l.; and Paragon
Offshore plc (in administration) filed separate Chapter 11
petitions (Bankr. D. Del. Case Nos. 17-11572, 17-11573, 17-11574
and 17-11575, respectively) on July 20, 2017.  Judge Christopher
S. Sontchi is assigned to the cases.

The petitions were signed by Lee M. Ahlstrom as senior vice
president and chief financial officer.  At the time of filing, the
Debtors reported estimated assets and liabilities ranging between
$1 billion to $10 billion.

The Debtors engaged Gary T. Holtzer, Esq., and Stephen A.
Youngman, Esq., at Weil, Gotshal & Manges LLP as counsel; and Mark
D. Collins, Esq., Amanda R. Steele, Esq., and Joseph C. Barsalona
II, Esq., at Richards, Layton & Finger, P.A., as co-counsel.

The Debtors tapped Lazard Freres & Co. LLC as financial advisor;
Alixpartners, LLP, as restructuring advisor; and Kurtzman Carson
Consultants as claims and noticing agent.


PROSPECTOR OFFSHORE: May Use Cash Collateral Until Aug. 31
----------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware entered an interim order authorizing
Prospector Offshore Drilling S.a r.l., et al.'s limited use of
cash collateral.

A final hearing on the Debtors' request will be held on Aug. 23,
2017, at 10:00 a.m. (Eastern Time).

As reported by the Troubled Company Reporter on July 28, 2017, the
Prospector Parent and its debtor affiliates sought authority from
the Court to use cash collateral.  The New Debtors intend to use
cash collateral to make monthly lease payments under the Lease
Agreements, and for working capital and other general purposes in
the ordinary course of their businesses, and for costs and
expenses incurred in the Chapter 11 cases.  Paragon Parent
completed an acquisition of Prospector Parent and its subsidiaries
by acquiring all of the issued and outstanding shares in
Prospector Parent, which expanded Paragon Parent's drilling fleet
by adding two additional high specification jackup rigs in the
U.K. North Sea, Prospector 1 and Prospector 5.

As adequate protection, the Security Agent is granted perfected
postpetition priming liens and security interests in all of the
Prospector New Debtors' rights and superpriority administrative
expense claims.

Collateral use will terminate without further notice or court
proceeding on the earliest to occur of (i) Aug. 31, 2017, and (ii)
the occurrence of any of these events:

     i. the Prospector New Debtors shall fail to make any payment
        to the Sale-Leaseback Parties under the interim court
        order or the Operative Documents within three (3) business

        days after payment becomes due;

    ii. the Prospector New Debtors will fail to: (a) comply with
        any material provision of the interim court order; or (b)
        comply with any other covenant or agreement specified in
        the interim court order in any material respect, and such
        failure to comply with any other covenant or agreement
        will continue unremedied for five business days following
        notice by the Security Agent of failure;

   iii. the Prospector New Debtors will create, incur or suffer to

        exist any post-petition liens or security interests other
        than: (a) those granted pursuant to the interim court
        order; (b) carriers', maritime, mechanics', operator's,
        warehousemen's, repairmen's or other similar liens arising

        in the ordinary course of business; (c) pledges or
        deposits in connection with workers' compensation,
        unemployment insurance and other social security
        legislation; (d) deposits to secure the payment of any
        post-petition statutory obligations, performance bonds and

        other obligations of a like nature incurred in the
        ordinary course of business; and (e) any other junior
        liens or security interests that the Prospector New
        Debtors are permitted to incur under the Operative
        Documents;

    iv. the Prospector New Debtors shall create, incur or suffer
        any other claim which is pari passu with or senior to the
        Adequate Protection Claim;

     v. any party in interest seeks the entry of an order
        reversing, amending, supplementing, staying, vacating or
        otherwise modifying this Interim Order without the consent

        of the Sale-Leaseback Parties;

    vi. a court order will be entered dismissing any of the
        Chapter 11 cases;

   vii. a court order will be entered converting any of the
        Chapter 11 cases to a case under Chapter 7 of the U.S.
        Bankruptcy Code;

  viii. a court order will be entered appointing a Chapter 11
        trustee, responsible officer, or any examiner with
        enlarged powers relating to the operation of the
        businesses in the Chapter 11 cases, unless consented to in

        writing by the Sale-Leaseback Parties; or

   ix. the filing by any New Debtor of any motion, pleading,
        application or adversary proceeding challenging the
        validity, enforceability, perfection or priority of the
        liens securing the Secured Obligations or asserting any
        other cause of action against and with respect to the
        Secured Obligations or the Prepetition Collateral securing

        obligations (or if the New Debtors support any motion,
        pleading, application or adversary proceeding commenced by

        any third party).

A copy of the Order is available at:

           http://bankrupt.com/misc/deb17-11572-34.pdf

                     About Paragon Offshore

Paragon Offshore -- http://www.paragonoffshore.com/-- is a
provider of standard specification offshore drilling units serving
the oil and gas industry.  The Company's fleet consists of 32
jackups and six floaters (four drillships and two
semisubmersibles).  In addition, Paragon is the majority
shareholder of Prospector Offshore Drilling S.A., a publicly
traded offshore drilling company on the Oslo Axess stock exchange
that owns and operates two high specification jackups.  Paragon
also performs drilling operations on the Hibernia Platform
offshore Eastern Canada.  The Company operates in significant
hydrocarbon-producing geographies throughout the world, including
Mexico, Brazil, the North Sea, West Africa, the Middle East, India
and Southeast Asia.  Paragon's shares are traded on the New York
Stock Exchange under the symbol 'PGN.'

On Feb. 14, 2016, Paragon Offshore plc and certain of its
affiliates ("First Filers") each commenced a voluntary case under
Chapter 11 of the Bankruptcy Code.

Prospector Offshore Drilling S.a r.l. aka Prospector Offshore
Drilling S.A.; Prospector Rig 1 Contracting Company S.a r.l.;
Prospector Rig 5 Contracting Company S.a r.l.; and Paragon
Offshore plc (in administration) filed separate Chapter 11
petitions (Bankr. D. Del. Case Nos. 17-11572, 17-11573, 17-11574
and 17-11575, respectively) on July 20, 2017.  Judge Christopher
S. Sontchi is assigned to the cases.

The petitions were signed by Lee M. Ahlstrom as senior vice
president and chief financial officer.  At the time of filing, the
Debtors reported estimated assets and liabilities ranging between
$1 billion to $10 billion.

The Debtors engaged Gary T. Holtzer, Esq., and Stephen A.
Youngman, Esq., at Weil, Gotshal & Manges LLP as counsel; and Mark
D. Collins, Esq., Amanda R. Steele, Esq., and Joseph C. Barsalona
II, Esq., at Richards, Layton & Finger, P.A. as co-counsel.

The Debtors tapped Lazard Freres & Co. LLC as financial advisor;
Alixpartners, LLP, as restructuring advisor; and Kurtzman Carson
Consultants as claims and noticing agent.


RB CAPITAL: Moody's Affirms Ba2 Rating on 3 Series of Certs.
------------------------------------------------------------
Moody's America Latina Ltda. affirms the Ba2 (global scale, local
currency) and Aa2.br (national scale) ratings of the 97th, 98th
and 99th Series of real estate certificates (certificados de
recebiveis imobiliarios, CRI) issued by RB Capital companhia de
Securitizacao (RB Capital, NR) and changes the applicable rating
methodology.

Issuer: RB Capital Companhia de Securitizacao

97th Series / 1st issuance CRI: Affirmed Ba2 (global scale, local
currency) / Aa2.br (national scale) ratings

98th Series / 1st issuance CRI: Affirmed Ba2 (global scale, local
currency) / Aa2.br (national scale) ratings

99th Series / 1st issuance CRI: Affirmed Ba2 (global scale, local
currency) / Aa2.br (national scale) ratings

RATINGS RATIONALE

RB Capital issued the three series of CRI, backed by real estate
credits rights derived from two shopping malls located in Brazil
(real estate credits) and benefit from: (i) an irrevocable and
unconditional guarantee (fianca) provided by BR Malls
Participacoes S.A. (BR Malls, rated Ba2/Aa2.br, negative outlook)
on the Real Estate Credits, (ii) a pledge of the Real Estate
Assets (alienacao fiduciaria) in favor of the issuer, (iii) a
pledge of cash flows derived from the shopping mall operation,
including the parking lot (cessao fiduciaria), and (iv) a pledge
of the escrow account where rental payments are deposited (cessao
fiduciaria).

The certificates ratings reflect the guarantee provided by BR
Malls and are based on its ability to make payments under the
guarantee (fianca), as reflected by its Ba2/Aa2.br (negative
outlook) senior unsecured rating. Moody's does not give credit to
the pledged real estate backing the certificates, or the pledged
real estate receivables (pledged tenancy revenues).

Moody's has changed the applicable rating methodology from "Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debt " to "Moody's Approach
to Rating Repackaged Securities". This change did not result in
additional credit issues for the transaction.

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

Any future changes in the senior unsecured rating of BR Malls will
lead to a change in the CRI's ratings.

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.


RB CAPITAL: Moody's Affirms Ba3 Rating on 59th Series of Certs.
---------------------------------------------------------------
Moody's America Latina Ltda. affirms the Ba3 (global scale, local
currency) and A3.br (national scale) ratings of the 59th Series of
real estate certificates (certificados de recebiveis imobiliarios,
CRI) issued by RB Capital Securitizadora S.A. (RB Capital, NR) and
changes the applicable rating methodology.

Issuer: RB Capital Securitizadora S.A.

59th Series / 1st issuance CRI: -- Affirmed Ba3 (global scale,
local currency) / A3.br (sf) (national scale) ratings

RATINGS RATIONALE

The 59th Series of Certificates (CRIs) issued by RB Capital are
backed by current and future tenancy agreements and are
collateralized by the real estate assets by means of a fiduciary
assignment ("alienacao fiduciaria de imoveis") and by a guarantee
issued by the sponsor of the transaction, BR Properties. The real
estate assets collateralizing the CRIs are two commercial
properties (office buildings)

The Ba3/A3.br ratings are mainly based on BR Properties' ability
to make payments under the guarantee, which covers for the timely
payment and the fulfillment of all other obligations of the credit
rights stipulated in the conditional tenancy agreements and the
assignment agreements upon legal final or upon early redemption of
the certificates. This is commensurate with BR Properties' senior
unsecured debt rating.

Moody's has changed the applicable rating methodology from "Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debt" to "Moody's Approach
to Rating Repackaged Securities". This change did not result in
additional credit issues for the transaction.

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

Any future changes to the senior unsecured debt rating of BR
Properties will lead to a change in the ratings assigned to the
certificates.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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.


TK HOLDINGS: Tort Panel Taps Alvarez & Marshal as Fin'l Advisor
---------------------------------------------------------------
The Official Committee of Tort Claimant Creditors of TK Holdings
Inc., et al., seeks authority from the U.S. Bankruptcy Court for
the District of Delaware to retain Alvarez & Marshal North
America, LLC as financial advisor to the Committee, effective July
9, 2017.

Services to be rendered by Alvarez & Marshal are:

     1. assist in the assessment and monitoring of cash flow
budgets, liquidity and operating results;

     2. assist in the review of Court disclosures, including the
Schedules of Assets and Liabilities, the Statements of Financial
Affairs, Monthly Operating Reports, and Periodic Reports;

     3. assist in the review of the Accommodation Agreement,
Access Agreement, other customer agreements, and provide relevant
testimony as needed;

     4. assist in the review of the Debtor's cost/benefit
evaluations with respect to the assumption or rejection of
executory contracts and/or unexpired leases;

     5. assist in the analysis of any assets and liabilities and
any proposed transactions for which Court approval is sough;

     6. assist in the review of the Debtors' proposed key employee
retention plan and key employee incentive plan;

     7. attend meetings with the Debtors, the Debtor's lenders and
creditors, potential investors, the Committee and any other
official committees organized in the Chapter 11 cases, the US
Trustee, other parties in interest, and professionals hired;

     8. assist in the review of any tax issues;

     9. assist in the investigation and pursuit of avoidance
actions;

    10. assist in the review of the claims reconciliation and
estimation process;

    11. assists in the review of the Debtors' business plan;

    12. assist in the review of the sales or dispositions of the
Debtors' assets, including allocation of sale proceeds;

    13. monitor other insolvency proceedings in ther jurisdictions
related to Takata Corp and its subsidiaries;

    14. assist in the review and/or preparation of information ans
analysis necessary for the confirmation of a plan in these chapter
11 cases; and

    15. render other general business consulting or other
assistance as the Committee or its counsel may deem necessary,
consistent with the role of a financial advisor and not
duplicative of services provided by other professionals in these
chapter 11 cases.

Alvarez & Marshal's hourly rates are:

     Managing Directors   $800-$950
     Directors            $625-$775
     Associates           $475-$600
     Analysts             $375-$450

Mark Greenberg, managing director at Alvarez & Marshal North
America, LLC, attests that the firm has no connection with the
Debtors, their creditors, or other parties in interest, and does
not represent any other entity having an adverse interest in
connection with the chapter 11 cases.

The Firm can be reached through:

     Mark Greenberg
     Alvarez & Marshal North America, LLC
     600 Madison Avenue, 8th Floor
     New York, NY 10022
     Tel: 212 759 4433
     Fax: 212 759 5532
     Email: mgreenberg@alvarezandmarshall.com

                      About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP  and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.  Pachulski Stang Ziehl & Jones LLP represents the
Official Committee of Tort Claimants as bankruptcy counsel.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.


* S&P Affirms Several Global Scale Ratings on Brazilian Entities
----------------------------------------------------------------
S&P Global Ratings said that it affirmed several global scale (GS)
ratings on Brazilian corporations and their issuances following
the affirmation of Brazil's sovereign ratings (see "Brazil Ratings
Removed From CreditWatch And Affirmed At 'BB/B'; Outlook Is
Negative On Ongoing Policy Challenges," Aug. 15, 2017), and
removed them from CreditWatch negative where they had been placed
on May 23, 2017. S&P said, "At the same time, we raised many
national scale ratings (NS) according to our revised mapping table
for Brazil, released on Aug. 14, 2017. We also removed all NS
ratings on Brazilian corporate and infrastructure entities and
issuances from under criteria observation (UCO), where we had
placed them on August 14.

"We also placed our GS ratings on Brazilian protein producer BRF
S.A. on CreditWatch with negative implications. We expect to
resolve it within the next 30 days.

"The affirmation of entities' global scale ratings, which are at
the same level or above the sovereign, mirrors the same rating
action we took on Brazil. This is based on our unchanged view on
these companies' nature and rating interactions with those on
Brazil, which means that the entities whose ratings were capped by
Brazil's ratings, remain capped and those whose ratings were
limited at a specific number of notches above the sovereign,
remain limited at the same amount of notches. Please refer to the
complete list of GS ratings at the end of this report. For the
rationale on the cap at the sovereign level or the maximum rating
differential to the sovereign, please refer to "Ratings On Several
Brazilian Corporations Placed On CreditWatch Negative Following A
Similar Action On The Sovereign," published May 23, 2017.

"Although our conclusions on the gap among these entities' ratings
and the ratings on Brazil have remained the same for some time,
the number of notches a company could be rated above the sovereign
is an ongoing assessment and could change in the future if an
entity's business resilience proves to be stronger or weaker than
expected. It could also change depending on the level of the
sovereign rating, in order to reflect our holistic view of a
company's creditworthiness.

"At the same time, we placed our GS ratings on BRF on CreditWatch
negative, reflecting its weaker-than-expected performance in the
second quarter of this year, and the increased chances of one-
notch downgrade. We will update our base-case assumptions and
reach a rating decision within the next 30 days.

"Following our revised Brazilian NS mapping table, published on
Aug. 14, 2017, we raised NS ratings on several entities and
issuances by one or two notches. We also removed all corporate
credit and issuance NS ratings from UCO. The mapping table applies
to all entities and issuances rated on the Brazilian national
scale. Such ratings carry the prefix 'br', as in 'brBBB'. As
explained in our national scale framework, to determine a national
scale credit rating, we use criteria that are identical to, or
consistent with, our global rating scale criteria. We typically
first determine our view of creditworthiness on the global scale
and then use the applicable mapping table, which shows the
relationship between global and national scales, to determine a
national scale credit rating."

The rating changes are purely a result of the revision to the
mapping table, with the intention of creating the most appropriate
distinction among ratings on the national scale, and don't
represent a change in our view of the credit quality of the issue
or issuer. Please see the two lists of entities that had rating
changes below and a complete list of ratings in the Ratings List,
at the end of this report.

National scale ratings that S&P raised by one notch:

  AB Concessoes S.A.;
  Cemig Geracao e Transmissao S.A;
  Cemig Distribuicao S.A.;
  Companhia Energetica de Minas Gerais - CEMIG;
  Chapada do Piau° I Holding S.A.;
  Companhia Brasileira de Distribuicao;
  Geradora E¢lica Bons Ventos da Serra I S.A.;
  Hypermarcas S.A.;
  Iguatemi Empresa de Shopping Centers S.A. (IESC);
  Iochpe-Maxion S.A.;
  Iracema Transmissora de Energia S.A.;
  Itapo† Terminais Portu†rios S.A.;
  Jalles Machado S.A.;
  Jauru Transmissora de Energia S.A.;
  JSL S.A.;
  Localiza Rent a Car S.A.;
  Lojas Renner S.A.;
  Magazine Luiza S.A.;
  Magnesita Refratarios S.A.;
  Multiplan Empreendimentos Imobiliarios S.A.;
  Natura Cosmeticos S.A.;
  Odebrecht Engenharia e Construáao S.A.;
  Petroleo Brasileiro S.A.;
  Qualicorp S.A.;
  Rodovias das Colinas S.A.;
  Sao Martinho S.A.;
  Suzano Papel e Celulose S.A.;
  S.A. Usina Coruripe Acucar e Alcool;
  TAM S.A.;
  Triangulo do Sol Auto-Estradas S.A.;
  Tupy S.A.;
  UltrafÇrtil S.A.;
  Ultrapar Participacoes S.A.;
  Unidas S/A;
  Usinas Siderurgicas de Minas Gerais S.A.; and
  Votorantim S.A.
  National scale ratings that we raised by two notches:
  Auto Adesivos Paran† S.A.;
  Brasoil Manati Exploracao Petrolifera S.A.;
  BR Properties S.A.;
  Companhia Siderurgica Nacional;
  Concessionaria da Rodovia MG-050 S.A.;
  Concessionaria Auto Raposo Tavares S.A;
  Copobras S.A. Industria e Comercio de Embalagens;
  Eldorado Brasil Celulose S.A.;
  Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.;
  Gafisa S.A.;
  Grupo Bandeirantes de Comunicacao;
  Intercement Brasil S.A.;
  Investimentos e Participacoes em Infraestrutura S.A. - Invepar;
  J&F Investimentos S.A.;
  JBS S.A.;
  Klabin S.A.;
  Light Serviáos de Eletricidade S.A.;
  Marfrig Global Foods S.A.;
  Metrobarra S.A.;
  Norte Brasil Transmissora de Energia S.A.;
  Rumo S.A.;
  Santa Vitoria do Palmar Holding S.A.; and
  Tecnisa S.A.


* S&P Affirms Ratings on 36 Brazilian Financial Institutions
------------------------------------------------------------
S&P Global Ratings affirmed ratings on 36 Brazilian financial
institutions and removed ratings from CreditWatch negative
following the same rating action on the sovereign. S&P said, "We
also assigned a negative outlook on these entities. At the same
time, we reviewed the ratings on several financial institutions
that were under criteria observation due to changes in our RACF
criteria and the recalibration of national scale mapping table for
Brazil.

"We have resolved the CreditWatch negative on the long-term global
and/or national scale issuer credit and debt ratings on the
entities listed below, following the same rating action on the
sovereign and after evaluating the impact of recent political and
economic developments in the Brazilian banking system.
Simultaneously, we reviewed the long-term and/or short-term credit
and debt national scale ratings and removed the UCO identifier,
following the recalibration of our Brazilian national scale
mapping table, according to our criteria "S&P Global Ratings'
National And Regional Scale Mapping Tables" published on Aug. 14,
2017."

  Ativos S.A. Securitizadora de Creditos Financeiros;
  Banco ABC Brasil S.A.;
  Banco BNP Paribas Brasil S.A.;
  Banco Bradesco S.A.;
  Banco BTG Pactual S.A.;
  Banco Citibank S.A.;
  Banco Daycoval S.A.;
  Banco de Tokyo-Mitsubishi UFJ Brasil S/A;
  Banco do Brasil S.A;
  Banco do Estado do Rio Grande do Sul S.A.;
  Banco do Nordeste do Brasil S.A.;
  Banco Intermedium S.A.;
  Banco J.P. Morgan S.A.;
  Banco Morgan Stanley S.A.;
  Banco Nacional de Desenvolvimento Economico e Social;
  Banco Ole Bonsucesso Consignado S.A.;
  Banco Pan S.A.;
  Banco Paulista S.A.;
  Banco Pine S.A.;
  Banco Safra S.A.;
  Banco Santander (Brasil) S.A.;
  Banco Toyota do Brasil S.A.;
  Banco Volkswagen S.A.;
  Banco Votorantim S.A.;
  B3 S.A - Brasil, Bolsa, Balcao;
  BNDESPar-BNDES Participacoes S.A.;
  Bradesco Capitalizacao S.A.;
  BV Leasing Arrendamento Mercantil S.A.;
  Caixa Economica Federal;
  Caruana S.A. - Sociedade de Credito, Financiamento e
    Investimento;
  GP Investments Ltd.;
  China Construction Bank (Brasil) Banco Multiplo S.A.;
  Haitong Banco de Investimento do Brasil S.A.;
  Itau Unibanco Holding S.A.;
  Itau Unibanco S.A.; and
  Parana Banco S.A

S&P said, "We removed the UCO identifier on the long-term and/or
short-term credit and debt national scale ratings on the entities
listed below following the recalibration of our Brazilian national
scale mapping table, according to our criteria "S&P Global
Ratings' National And Regional Scale Mapping Tables," published on
Aug. 14, 2017." These two entities weren't on CreditWatch
negative.

-- Banco Fibra S.A.; and
-- Banco Mercantil Do Brasil S.A.

S&P said, "We have also reviewed the ratings of the following
financial institutions that we labelled as UCO on July 20, 2017,
due to changes in our RACF criteria. As a result, we have removed
the UCO identifier and revised the ratings on those entities based
on the application of the new criteria."

-- Banco Pan S.A.;
-- Banco Paulista S.A.;
-- Banco Intermedium S.A.; and
-- Parana Banco S.A.

S&P said, "The rating action reflects our view that the political
landscape is somewhat more settled in Brazil, since we placed
Brazil's ratings on CreditWatch with Negative implications in May,
as President Temer survived a vote--by the Federal Electoral Court
(TSE) in June and by Congress in August--related to corruption
charges. Meanwhile, the economy appears to have stabilized despite
fluid politics, Congress passed a labor reform in July, and the
government remains committed to advancing some pension reform,
containing expenditure growth to minimize deviation from its
primary fiscal targets, and advancing its active microeconomic
reform agenda.

"Our negative economic risk trend on the banking industry reflects
the risk that credit losses could increase from the already high
levels if feeble economic recovery prevents borrowers from recover
their business viability. Brazil's economic risk reflects its low
GDP per capita, political uncertainty, and economic slump.
Brazilian banks are going through a correction phase, and house
prices and lending are contracting in real terms. We consider the
correction phase to have a severe impact on Brazilian banks as a
result of a prolonged recession, and we don't expect conditions to
improve significantly in 2017. We believe that continued economic
stagnation and stringent conditions for credit constrain a
recovery of the corporate sector, which is reflected in higher
nonperforming loans (NPLs) and credit losses. Moreover, the rising
level of renegotiated and restructured loans exacerbates the risk
of a sharp uptick in credit losses that are not fully covered by
provisions.

"Our industry risk trend is negative, reflecting the risk of
corruption investigations of senior management of several large
banks or significant debtors. Our industry risk assessment for
Brazil reflects the large presence of government-owned banks,
which has caused significant distortions in the financial system
over the past few years, weakening competitive dynamics. However,
the government's fiscal position limits its capacity to continue
injecting capital in these banks, limiting their capacity to
sustain its lending growth at the same pace, which should reduce
banking system's distortions. The country's financial regulation
has been improving thanks to its extensive coverage and closer
alignment with international standards. The Brazilian banking
system also has an adequate funding mix with a stable core
customer deposit base and satisfactory access to domestic and
international capital markets. In addition, banks' dependence on
external funding is fairly low: 7.6% of the system's total
liabilities as of the end of 2016. In addition, although the
banking sector's profitability remains relatively high despite the
economic malaise, this is due to high net interest margins and
business diversification, which encompasses bank assurance and
asset management. Banks' profitability, measured by return on
equity, has averaged at 15.3% for the past three years (about
13.5% in 2016), below the 18.9% average in 2007-2011.
Profitability started to decrease when government-owned banks
began to gain market share through lower interest rates. However,
the profitability drop is currently due to increasing provisions,
because margins in 2016 have increased as a result of lower
competition from government-owned banks. Banks have taken a
conservative approach towards credit and have been tightening
their underwriting practices since 2015, shifting to safer
products such as payroll deductible loans and mortgages. We expect
profitability to remain subdued in 2017 but to improve in 2018 as
economic conditions improve.

"The negative outlook on the financial institutions that have
their rating limited by that of the sovereign reflects our view
that there's at least a one-in-three likelihood that we could
lower the ratings on Brazil over the coming six to nine months. In
addition, the negative outlook on all other entities reflects the
negative trend in the economic and industry risks in our banking
industry country risk assessment (BICRA) of Brazil. A revision of
the BICRA to a weaker category would result in a downgrade of the
anchor, the starting point of the ratings on all entities
operating in Brazil, to 'bb' from 'bb+'. Moreover, our capital and
earnings assessment on all financial institutions operating in
Brazil could drop to a weaker category stemming from higher risk
weights if the economic risk in Brazil rises. This could cause the
banks' stand-alone credit profiles to drop."

The ratings on the entities that have their rating limited by that
of the sovereign could stabilize over the coming six to nine
months if we revised the outlook on the sovereign to stable. In
addition, the outlook on all other entities could move to stable
if we revise the trend in the economic and industry risks in our
BICRA of Brazil to stable.


===============
C O L O M B I A
===============


ECOPETROL SA: Secures US$330MM Credit Line From Bancolombia
-----------------------------------------------------------
RTTNews reports that Colombia's state-owned oil company Ecopetrol
will secure a BRL990 billion (US$ 330 million) credit line with
Bancolombia as part of its debt management strategy.  Ecopetrol
aims to strengthen its financial position in the face of future
growth opportunities or unexpected price fluctuations, according
to RTTNews.

The credit line will be available for two years, with a ten-year
term from the date of the first disbursement, a grace period of
two years and interest rates equivalent to the Colombian interbank
lending rate (IBR) plus 300 basis points, the report notes.

Under this type of credit, Bancolombia will disburse resources
when required by Ecopetrol under the terms and conditions
previously agreed upon by the parties, the report relays.  The
debt strategy allows to reduce the cost of borrowing while
maintaining financial flexibility for growth, Ecopetrol said, the
report discloses.

On Jun 28, 2017, Ecopetrol S.A reports that the risk-rating agency
Standard & Poor's (S&P) has increased the company's standalone
credit rating from 'bb' to 'bb+', and maintained its long-term
international rating at BBB and its prospects as negative, in line
with those of the Republic of Colombia.


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


BANCO VE POR MAS: Fitch Puts 'B' ST IDR on Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed Banco Ve por Mas, S.A., Institucion de
Banca Multiple's (BBX+) Long- and Short-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of 'BB' and 'B',
respectively, and Viability Rating (VR) of 'bb' on Rating Watch
Negative. The bank's Support Rating and Support Rating Floor are
not affected in this review.

Fitch has also placed the National Ratings of BBX+, Casa de Bolsa
Ve por Mas, S.A. de C.V. (CBBX+) and Arrendadora Ve por Mas, S.A.
de C.V. Sofom E.R. (AXB+) on Rating Watch Negative.

In addition, Fitch has placed Bankaool, S.A., Institucion de Banca
Multiple's (Bankaool) National Ratings on Watch Evolving.

The Negative Watch on BBX+ and affiliates follows the recent
announcement that GFBX+ had reached an agreement to purchase
Bankaool, subject to regulatory approvals. At this point, due to
the limited information provided by both parties, Fitch cannot
estimate the ultimate effects on the resulting financial metrics;
therefore, the Negative Watch reflects the potential, under
certain circumstances, of material negative implications for
BBX+'s financial profile. In particular, Fitch believes that the
integration of Bankaool could potentially further pressure BBX+'s
already weak profitability. Asset quality and capitalization
metrics could also be somewhat affected, depending on the plans
and expected timeframe to strengthen Bankaool's financial
condition.

Bankaool's assets represent 6.2% of BBX+'s assets as of June 2017.
The Negative Watch will be resolved as soon as Fitch receives
further material information allowing the agency to entirely
assess the business and financial implications of this
acquisition. This is more likely to occur upon completion of the
transaction and the incorporation of Bankaool's assets into BBX+'s
balance sheet. It may take more than six months to resolve the
Negative Watch status.

The Rating Watch Evolving status on Bankaool's national ratings
reflects the fact that the company's ratings could experience
either positive or negative rating actions depending on whether
the acquisition is completed or not. Alternative rating outcomes
are further described in the sensitivities section below.

KEY RATING DRIVERS

BBX+ & AFFILIATES VR, IDRs, NATIONAL RATINGS AND SENIOR DEBT
BBX+'s IDRs and National Ratings are driven by its 'bb' VR, which
reflects the bank's less diversified business model, small
franchise, stable asset quality, and liquidity profile, which is
better compared to its closest peers, as well as its adequate
capital metrics despite the last two years of accelerated loan
growth.

Although BBX+'s acquisition of Bankaool offers some positive
aspects, mainly the strengthening of its franchise in the
agricultural sector, Fitch believes BBX+'s profitability, capital
adequacy and asset quality could be potentially pressured by the
incorporation of an entity with a relatively weaker balance sheet.

The parties have agreed to the following condition to complete the
transaction: that Bankaool will have to deliver a healthy balance
sheet, specifically that the loan portfolio should be 100%
reserved and without unproductive assets, which Fitch will assess
upon completion of the transaction to determine if there are
material effects on BBX+'s financial profile and any potential
rating implication.

Since CBBX+'s and ABX+'s National Ratings are based on the likely
support from their ultimate parent, Grupo Financiero Ve por Mas
(GFBX+), whose creditworthiness is highly associated with BBX+,
any rating action on the subsidiaries is contingent on any actions
taken on the bank's National Ratings. As a result, the Negative
Watch applies to CBBX+'s and ABX+'s ratings.

BBX+ has local senior unsecured debt at the level of its National
Rating, which was also been placed on Negative Watch. This is
based on Fitch's assessment that the likelihood of default of any
given senior unsecured obligation is the same as the likelihood of
default of the bank.

BANKAOOL'S NATIONAL RATINGS
Bankaool's ratings reflect is still weak financial performance as
a result of its recurrent net and operating losses. The bank's
ample operational expenses and increasing credit costs due to its
weak asset quality has continuously diminished its capitalization
levels, which have been supported by the bank's shareholders'
propensity inject capital in order to compensate for losses.
Bankaool's ratings reflect its small franchise and concentrated
business model.

Bankaool's operating profitability to Risk Weighted Assets (RWAs)
ratios has been negative without signs of recovery due to
recurrent ample investments in new products and the continued
asset quality deterioration. As of June 2017, the adjusted NPL
ratio (90 days NPLs plus charge-offs to total loan portfolio plus
charge-offs) stood at 13.5% (average 2013 - 2016: 10.8%), which
Fitch deems high for the agricultural segment.

As of June 2017, the Fitch core capital ratio to RWAs stood at
12.5% from levels of 16% in 2015. The bank's funding is still
concentrated; however, customer deposits have continued to grow,
resulting in an improved loan to deposits ratio, which stood at
250% as of June 2017.

RATING SENSITIVITIES

BBX+ & AFFILIATES BBX+'s VR, IDRs, NATIONAL RATINGS AND SENIOR
DEBT

The Rating Watch Negative on BBX+ and its affiliates' ratings,
will be resolved upon completion of the transaction and the
subsequent incorporation of Bankaool's assets into BBX+'s balance
sheet. Fitch will monitor the acquisition/merger process and
evaluate the resulting effects on the creditworthiness of BBX+ and
affiliates.

In a scenario in which the bank's financial profile significantly
deteriorates, leading to lower profitability, capitalization and
asset quality, the ratings could be downgraded. Alternatively, if
BBX+ demonstrates, after completion of the transaction, that it
can absorb Bankaool's operations without materially affecting its
business and financial profile on the negative side, the BBX+ and
its affiliates' ratings can be affirmed and removed from the
Negative Watch.

The bank's senior debt ratings would mirror any change in the
bank's national scale ratings.

CBBX+'s and ABX+'s ratings will be aligned with their ultimate
parent (GFBX+), whose credit quality is reflected in BBX+. Any
change in the bank's ratings would have a similar effect on the
ratings of both CBB+ and ABX+.

Bankaool's National Ratings

The Rating Watch on Bankaool's ratings, will be resolved upon
completion of the transaction and the incorporation of Bankaool's
assets into BBX+'s balance sheet. If the transaction is not
completed and Bakaool remains unrelated to BBX+, Fitch will likely
downgrade Bankaool's ratings due to the recently weakening credit
metrics to levels that are no longer consistent with its current
rating levels. In turn, if the transaction is fully completed as
planned, Fitch will possible align Bankaool's ratings to those
resulting on BBX+, after fully assessing the post-acquisition
business and financial profile of the latter.

Fitch has placed the following ratings on Watch as indicated:

BBX+
-- Long-Term Foreign Currency IDR 'BB'; Rating Watch Negative;
-- Short-Term Foreign Currency IDR 'B'; Rating Watch Negative;
-- Long-Term Local Currency IDR 'BB'; Rating Watch Negative;
-- Short-Term Local Currency IDR at 'B'; Rating Watch Negative;
-- Viability Rating 'bb'; Rating Watch Negative;
-- National Long-Term Rating 'A(mex)'; Rating Watch Negative;
-- National Short-Term Rating 'F1(mex)'; Rating Watch Negative;
-- Senior Unsecured Long Term Debt 'A(mex)'; Rating Watch
    Negative.

CBBX+
-- National Long-Term Rating 'A(mex)'; Rating Watch Negative;
-- National Short-Term Rating at 'F1(mex)'; Rating Watch
    Negative.

ABX+
-- National Long-Term Rating 'A(mex)'; Rating Watch Negative;
-- National Short-Term Rating 'F1(mex)'; Rating Watch Negative.

Bankaool
-- National Long-Term Rating 'BBB-(mex)'; Rating Watch Evolving;
-- National Short-Term Rating at 'F3(mex)'; Rating Watch
    Evolving.


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


SHORT BARK: Diversitex Resigns from Creditors' Committee
--------------------------------------------------------
The Office of the U.S. Trustee on August 14 announced that
Diversitex Inc. is no longer a member of the official committee of
unsecured creditors in the Chapter 11 cases of Short Bark
Industries, Inc., and its affiliates.

Diversitex resigned from the committee on August 12, according to
a court filing.

The remaining members of the committee are Global Enterprises,
Atlantic Diving Supply Inc., Milliken & Company, MMI Textiles
Inc., SSM Industries Inc., and Southern Mills Inc.

                   About Short Bark Industries

Short Bark Industries, Inc. -- http://www.shortbark.com/--
provides military apparels for the Department of Defense, law
enforcement industry.  The company's manufactured items in the
military category include military MOLLE, medium and large
rucksacks, assault packs, IWCS, ACU, ABU, BDU, helmet covers,
FROG, A2CU and more.  It offers men and boys suits, over garments,
bag, and coats.  The company holds over 120,000+ square feet of
manufacturing capacity with operations in Florida, Puerto Rico and
Tennessee.

Short Bark and EXO SBI, LLC, sought bankruptcy protection (Bankr.
D. Del., Lead Case No. 17-11502) on July 10, 2017.  The petitions
were signed by Phil Williams, CEO and chairman.

The Debtors listed total assets of $10 million to $50 million and
total liabilities of $10 million to $50 million.

Bielli & Klauder, LLC serves as lead bankruptcy counsel to the
Debtors.  The Debtors hired SSG Advisors, LLC and Young America
Capital, LLC as investment banker.

On July 18, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.


================================
T R I N I D A D  &  T O B A G O
================================


MASSY COMMUNICATIONS: TATT Imposes No Job Cuts on Sale to TSTT
--------------------------------------------------------------
Trinidad Express reports that the regulator of the local
telecommunications industry, the Telecommunications Authority of
T&T (TATT), disclosed that both Massy Communications and TSTT
would be unable to reduce staff for one year as a direct
consequence of the sale of the Massy Holdings subsidiary to the
majority State-owned company.

In a statement issued more than two weeks after the closure of the
transaction, TATT said it is empowered to impose reasonable
conditions upon the concessionaire when it is it granting approval
for a change of control, according to Trinidad Express.

TATT said that since receiving the notification of the TSTT
acquisition of Massy Communications on May 2, it conducted a
thorough and fair analysis of the transaction, the report notes.

The regulator said it took the interests of the telecommunication
sector, the applicants and the consumers into consideration in
deciding to grant the change of control, the report relays.

TATT said it granted its approval for the change of control
"subject to the condition that there should be no reduction in the
staff of TSTT and Massy solely/exclusively as a consequence of the
change of control of the three concessionaires from Massy to TSTT.
This condition is applicable for a period of one year effective
July 19, 2017," the report notes.

The transaction closed on July 31 when TSTT acquired 100 per cent
of Massy Communications for $215 million from Massy Technologies
(Trinidad) Ltd and Efreenet Ltd, in a 75/25 split. Efreenet is a
company that is owned by former minister in the People's
Partnership administration, Gerry Hadeed, the report relays.

In its third quarter report, Massy Holdings chairman Robert
Bermudez said the conglomerate took a $34.7 million loss on the
dispoal of the telecommunications subsidiary, the report adds.



TRINIDAD & TOBAGO: FC Crunch May Drive Car Dealers Out of Business
------------------------------------------------------------------
Caribbean360.com reports that Trinidad and Tobago's foreign
currency crunch is threatening to drive some used car dealers out
of business.

According to President of the T&T Automotive Dealers Association,
Visham Babwah, operators have been forced to put the brakes on new
car purchases because they are not getting enough of the foreign
exchange they need, Caribbean360.com notes.

"The situation for the industry is grim. We are only receiving
between 10 per cent and 15 per cent of the amount that we need for
our businesses to be sustained," Mr. Babwah told the Trinidad
Guardian newspaper, according to Caribbean360.com.

The report notes that Mr. Babwah disclosed that while banks have
allowed dealers to use their credit cards to make purchase, there
are being hindered by the low credit limit.

"The bank told us we could use our credit cards, which have very
small limits, which is around US$10,000. In the scheme of
purchasing cars for someone's business, that is very small," Mr.
Babwah said.  "For example, one car could cost US$20,000," he
added.

Mr. Babwah made a case for the car dealers to receive a better
deal from the banks, pointing out that some wealthy individuals
have credit cards with much larger limits to make their foreign
purchases, the report relays.

"They have enough credit and they would utilize the amount of US
dollars in one swipe that I would use in a year for my business,"
Mr. Babwah claimed, the report says.

Mr. Babwah warned the current situation is unsustainable and he
stressed that small and medium sized enterprises urgently needed
help to keep their businesses going, the report discloses.

In response, the Bankers Association of Trinidad and Tobago (BATT)
explained that foreign exchange inflows into the country have
declined significantly and commercial banks have been asked to put
trade and manufacturing customers first, the report relays.
It however assured that commercial banks are working to manage
customer expectations through a "very difficult market reality"
where no industry, group or individual may be able to receive all
the US dollars that they require, the report notes.

In the meantime, the Automotive Dealers Association has called for
a meeting with Finance Minister Colm Imbert, the report adds.


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


VENEZUELA: Truth Commission to Decide Who May Compete in Elections
------------------------------------------------------------------
EFE News reports that Venezuela's National Constituent Assembly
(ANC) convened by the Nicolas Maduro government will decide via
the so-called Truth Commission, which candidates may run in the
gubernatorial elections in October, in which the opposition hopes
to roll back the regional power of Chavism.

According to ANC president Delcy Rodriguez, the all-powerful
entity requested that election authorities provide a complete list
of the people who have registered to mount campaigns "with an eye
to determining if any of the hopefuls has committed any violent
act that has affected public peace."

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'."


VENEZUELA: China Warns Interference Will Not Help Crisis
--------------------------------------------------------
Latin American Herald Tribune reports that China's Foreign
Minister Wang Yi reiterated his country's neutral stand over the
current Venezuelan political crisis, and said external pressure
will not help resolving it, according to the official news agency
Xinhua.

Minister Wang stressed the Venezuelan government will have to
resolve the crisis through dialogue, according to Latin American
Herald Tribune.

"History has shown outside pressure and interference do not help
settle a crisis," the Chinese foreign minister said in a meeting
with his Bolivian counterpart, Fernando Huanacuni, while
discussing the Venezuelan crisis, the report relays.

A day earlier, in response to US President Donald Trump's threat
to launch military intervention in Venezuela, the Chinese Foreign
Ministry defended the need to respect the principle of non-
interference between governments, the report notes.

Over the last decade, China has emerged as one of the most
important trading partners of Venezuela owing to the communist
regime's interest in Venezuelan crude oil, the report adds.

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'."


VENEZUELA: AG Calls for House Arrest for Husband of Predecessor
---------------------------------------------------------------
Latin American Herald Tribune reports that Venezuela's new
attorney general, Tarek William Saab, called for house arrest for
lawmaker German Ferrer, the husband of former AG Luis Ortega, just
minutes after a group of constitutional assembly delegates
demanded the cancellation of his parliamentary immunity and his
arrest.

"Since the crime was flagrant, this citizen should be deprived of
his freedom, placed under house arrest," Saab told reporters,
adding that he had already requested of Supreme Court Chief Maikel
Moreno the drafting of an arrest warrant for Ferrer "while the
process to remove his parliamentary immunity begins," according to
Latin American Herald Tribune.

A few minutes earlier, Diosdado Cabello, a powerful member of the
National Constituent Assembly, had requested Ferrer's arrest for
allegedly heading an extortion network that operated within the
Public Ministry while Ortega was attorney general, the report
notes.

Mr. Saab said that he will request that the constitutional
assembly begin the process of removing Ferrer's parliamentary
immunity, along with starting to arrest prosecutors at the Public
Ministry "who were part of that dirty operation that shamed the
Venezuelan nation," the report relays.

The new AG, who was appointed by the constitutional assembly,
displayed several documents allegedly verifying that Ferrer opened
several accounts at banks in The Bahamas, adding that the
"extortion network" that operated from the Public Ministry has
accounts totaling more than $6 million, the report notes.

He said that he will "immediately" request the arrest of
prosecutors Pedro Lupera -- for "dishonoring" the Public Ministry
-- and Luis Sanchez, the report relays.

The report says that Mr. Saab said that authorities will
investigate the alleged creation of a foundation and a
"corporation abroad . . . to legalize the funds produced by the
extortion" scheme, adding that "we're talking about a
transnational mafia."

Mr. Saab also accused Ortega -- during the more than nine years
she headed the Public Ministry -- of transforming the institution
"into a place where instead of fighting especially serious crimes
such as corruption, money laundering, . . . and organized crime"
it became a "blackmail and extortion center," the report relays.

Mr. Ortega was fired on Aug. 5 by the constitutional assembly,
which accused her of committing "immoral acts," a move that the
former AG said was one further step by the Nicolas Maduro
government toward establishing a dictatorship, the report adds.

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

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

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

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


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