TCRLA_Public/170830.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 30, 2017, Vol. 18, No. 172


                            Headlines



A R G E N T I N A

NACION REASEGUROS SA: Fitch Affirms 'B' IFS Rating; Outlook Stable
NACION SEGUROS DE RETIRO: Fitch Affirms 'B' IFS Rating
NACION SEGUROS SA: Fitch Affirms B IFS Rating, Outlook Stable


B R A Z I L

JALLES MACHADO: S&P Alters Outlook to Stable & Affirms BB- CCR
RB CAPITAL: Moody's Withdraws (P)Ba2 Rating on 3 Series of CRI
TRANSMISSORA ALIANCA: Fitch Affirms BB+ Foreign Currency IDR


C H I L E

EMPRESA NACIONAL: Moody's Maintains b2 Baseline Credit Assessment


C O L O M B I A

CARACOL: Taken Off Venezuelan Airwaves


G U A T E M A L A

GUATEMALA: Court Blocks President's Expulsion of U.N. Prosecutor


J A M A I C A

DIGICEL GROUP: FTC to Resume Challenge of Firm's Claro Acquisition
PAYLESS SHOESOURCE: Successfully Emerged From Restructuring


P U E R T O    R I C O

PUERTO RICO: Phoenix Hired as Financial Advisor for Mediation Team
PUERTO RICO: Ferrovial Agroman, Vitrol Appointed to Committee


T R I N I D A D  &  T O B A G O

ANGOSTURA HOLDINGS: Cuts 2 Executive Jobs


                            - - - - -



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A R G E N T I N A
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NACION REASEGUROS SA: Fitch Affirms 'B' IFS Rating; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Nacion Reaseguros, S.A.'s Issuer
Financial Strength (IFS) rating at 'B'. The Rating Outlook is
Stable.

Fitch's affirmation of Nacion Reaseguros' IFS rating considers the
support of its parent Banco de la Nacion Argentina (BNA). The
rating also incorporates its favorable performance compared with
its local and regional peers and the stability of its key
financial and risk metrics.

KEY RATING DRIVERS

Fitch considers Nacion Reaseguros to be a core subsidiary of its
parent, BNA. The company is expected to receive support from BNA
if the need arises. BNA is a large, state-owned bank and its
operations are guaranteed by the Argentinian government. The bank
plays an important social role and supports the government
policies. Fitch currently rates Argentina's long-term foreign-
currency IDR 'B' with a Stable Outlook.

Nacion Reaseguros has an ample equity base of ARS275 million
(USD17 million) to support medium-term growth, while maintaining
low leverage ratios as of June 2017. Current capital base exceeds
the minimum regulatory capital requirements by 432%. The company,
like other state-owned enterprises, has a conservative dividend
policy, which favours sustained growth of its capital base.

The company's market position benefits from a stable income stream
coming from Nacion Seguros, which represents approximately 88% of
total gross written premiums (GWP) as of June 2017. Additionally,
the company is now underwriting risks for other local competitors,
as a part of a shift in its business strategy. As of March 2017,
Nacion Reaseguros is the fourth largest reinsurer in the
Argentinian sector with a market share of 9.5%.

In June 2017, the company reported a net income of ARS46 million,
a return on assets and a return on equity of 8.5% and 18.3%,
respectively. While its combined ratio remains competitive (86%),
Nacion Reaseguros' net income is mainly explained by its large
financial income contribution. As of the same date, financial
income represented 1.5x its net income, originating primarily from
government securities or infrastructure-focused mutual funds
managed by the state.

Nacion Reaseguros' portfolio remains highly concentrated and
exposed to government related securities as a result of regulatory
restrictions on investments in foreign assets and currencies.
State-related securities accounted for more than 50% of total
portfolio, while group related investment (term deposits in BNA)
remains modest at 5%.

In 2017, a new regulatory resolution opened the reinsurance sector
to international competition under a gradual scheme until 2024.
The new regulation will gradually lift the cap on the percentage
of ceded premiums per contract with foreign reinsurers in the
following years. Fitch believes the new regulatory framework
generates uncertainty about the industry's long-term viability by
eliminating the obligation to make reinsurance contracts with
local competitors.

In applying Fitch's insurance criteria when regarding the impact
of ownership on Nacion Reaseguros' ratings, Fitch considered how
ratings would theoretically be impacted under Fitch's bank support
criteria. Fitch's insurance criteria is principles-based regarding
ownership, and the referenced bank criteria was used to help
inform Fitch's judgment in applying those principles.

RATING SENSITIVITIES

Considering the support driven ratings, any changes in Fitch's
assessment of BNA's capacity and/or its willingness to support
Nacion Reaseguros would result in changes to the reinsurer's
ratings.


NACION SEGUROS DE RETIRO: Fitch Affirms 'B' IFS Rating
------------------------------------------------------
Fitch Ratings has affirmed Nacion Seguros de Retiro S.A's (Nacion
Retiro) Insurer Financial Strength (IFS) rating at 'B'. The Rating
Outlook is Stable.

Nacion Retiro's IFS rating considers the support of its parent,
Banco de la Nacion Argentina (BNA). The rating also incorporates
the company's favorable performance and the stability of its key
metrics.

KEY RATING DRIVERS

Fitch considers Nacion Retiro to be a core entity of BNA. The
company is expected to receive support from BNA if the need
arises. BNA is a large, state-owned bank and its operations are
guaranteed by the Argentinian government. The bank plays an
important social role and supports government policies. Fitch
rates Argentina's Long-term, Foreign-Currency IDR 'B'/Stable
Outlook.

Nacion Retiro is the second largest retirement insurer in the
nation with 8.3% of Gross Written Premiums (GWP) at June 2017.
This sector represents only 1.7% of Argentina's total insurance
market. Nacion Retiro is focused on the group retirement savings
insurance business and grew premiums by 29.5% over the last 12
months. Additionally, the company also maintains a run-off
business of annuities, generated over the 2008 private pension
system reform.

The insurer concentrates the majority of assets in financial
investments representing 98.0% of total assets as of June 30,
2017. The investment portfolio is diversified and holds reasonable
liquidity. Nevertheless, the bulk of investments are exposed to
Argentine government bonds, thus it is considered a relatively
high risk portfolio.

Leverage ratios have shown a favorable trend over the past five
years, reaching a liabilities over equity ratio of 7.9x as of June
2017, supported by a growing paid-in capital coming from the
retained earnings each year.

Last year, Nacion Retiro profitability ratios showed a small
reversion over the growing trend shown the past four years, which
was sustained mainly by good financial investments income, given
the country's inflation rate. Nevertheless, as of June 2017, the
company reported an annualized ROAA of 3.7% and ROAE of 34.7%,
remaining higher than the regional peer group.

In applying Fitch's insurance criteria when regarding the impact
of ownership on Nacion Retiro's ratings, Fitch considered how
ratings would theoretically be impacted under Fitch's bank support
criteria. Fitch's insurance criteria is principles-based regarding
ownership, and the referenced bank criteria was used to help
inform Fitch's judgment in applying those principles.

RATING SENSITIVITIES

Considering the support driven rating, any changes in Fitch's
assessment of BNA's capacity and/or its willingness to support
Nacion Retiro would result in changes to the insurer's ratings.


NACION SEGUROS SA: Fitch Affirms B IFS Rating, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Nacion Seguros S.A's Insurer Financial
Strength (IFS) rating at 'B'. The rating Outlook is Stable.

Nacion Seguros' IFS rating considers the support of its parent
Banco de la Nacion Argentina (BNA). The rating also incorporates
the company's favorable performance compared with its local and
regional peers, and the stability of its key financial and risk
metrics.

KEY RATING DRIVERS

Fitch considers Nacion Seguros to be a core subsidiary of its
parent, BNA. The company is expected to receive support from BNA
if the need arises. BNA is a large, state-owned bank and its
operations are guaranteed by the Argentinian government. The bank
plays an important social role and supports government policies.
Fitch rates Argentina's Long-Term Foreign-Currency Issuer Default
Rating (IDR) 'B'/Stable Outlook.

Benefiting from its relationship with BNA and the Argentine
government, Nacion Seguros has historically maintained stable
premium growth, positioning itself as a relevant player within the
local industry, with a 4.3% share of total written premiums as of
March 2017. Despite this focus on businesses with granular risk,
the insurer also maintains a leading position in lines with large
risks, such as fire and air transport, as well as technical lines.

Nacion Seguros maintained positive net results as of June 2017
with a return on equity (ROE) of 26.5% down slightly from 2016.
This compared favorably to the market average amid an economic
environment characterized by high inflation (of close to 30%). The
positive results over the last two fiscal years have been
primarily driven by financial results that offset the negative
operating earnings.

The company's capital has been growing organically, as it has been
retaining 100% of its earnings. The positive results and the
favorable impact on the company's capital position have supported
an expansion in operations, as well as significant growth in
reserves as a result of regulatory adjustments. Nacion Seguros'
liabilities-to-equity ratio of 2.3x (as of June 2017) compares
positively with its peer group within the region (4.0x on average
considering closing fiscal year information), reflecting both its
retained earnings policy and its focus on short-term products.

Nacion Seguros reported negative technical results as of June
2017, primarily due to an increase in auto and credit life
insurance net loss. This has been partly compensated by improved
cost efficiencies, with the expense ratio showing a clear downward
trend. As of June 2017, the combined ratio stood at 103.8%, and is
expected to return to below 100% as a result of the measures
adopted by the company so far this year.

Because of local regulations (that restrict investment in foreign
assets and currencies), the company's investment portfolio is
concentrated in local securities denominated in Argentine pesos,
whose risk is correlated to Argentina's sovereign risk.

Nacion Seguros operates with high retention levels, which are
consistent with its business focus. Premiums are mostly ceded to
its related company Nacion Reaseguros and its maximum exposure
remains below 0.6% of its capital.

In applying Fitch's insurance criteria when regarding the impact
of ownership on Nacion Seguros' ratings, Fitch considered how
ratings would theoretically be impacted under Fitch's bank support
criteria. Fitch's insurance criteria is principles-based regarding
ownership, and the referenced bank criteria was used to help
inform Fitch's judgment in applying those principles.

RATING SENSITIVITIES

Considering the support driven rating, any changes in Fitch's
assessment of BNA's capacity and/or its willingness to support
Nacion Seguros would result in changes to the insurer's ratings.


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B R A Z I L
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JALLES MACHADO: S&P Alters Outlook to Stable & Affirms BB- CCR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Jalles Machado S.A.
(Jalles) to stable from positive. S&P also affirmed its 'BB-'
global scale and 'brA+' national scale corporate credit ratings on
the company.

S&P said, "We revised the outlook to stable from positive to
reflect the fact that Jalles hasn't improved liquidity as we
previously expected, primarily due to weaker cash flow generation
resulting from a severe drought in the region where it operates,
and higher capex. Now, although we expect a gradual increase in
cash flow generation, we don't foresee a rating raise in the short
term because we believe the company wouldn't be able to maintain
sufficient liquidity to meet its obligations in a scenario of
adverse market circumstances in the next 12 months."


RB CAPITAL: Moody's Withdraws (P)Ba2 Rating on 3 Series of CRI
--------------------------------------------------------------
Moody's America Latina has withdrawn the (P) Ba2 (Global Scale,
Local Currency) and (P) Aa2.br (National Scale) assigned on
January 26, 2017 in respect to the 149th, 150th and 151th Series
of real estate certificates ("certificados de recebiveis
imobiliarios" or CRI) which were expected to be issued by RB
Capital Companhia de Securitizacao (RB Capital, the Issuer or the
Securitizadora).

Issuer / Securitizadora: RB Capital Companhia de Securitizacao

149th, 150th and 151th Series of CRI, Ratings Withdrawn

RATINGS RATIONALE

Moody's has been informed by the issuer, RB Capital Companhia de
Securitizacao, that the 149th, 150th and 151th Series of CRI will
not be issued; as a result, Moody's is withdrawing the provisional
ratings.

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.


TRANSMISSORA ALIANCA: Fitch Affirms BB+ Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has affirmed Transmissora Alianca de Energia
Eletrica S.A.'s Foreign Currency (FC) and Local Currency (LC)
Issuer Default Ratings (IDRs) at 'BB+' and 'BBB', respectively.
Fitch has also affirmed Taesa's Long-term National Scale Rating at
'AAA(bra)' and its BRL2.16 billion third senior unsecured
debenture issuance.

In addition, Fitch has assigned a Long-term National Scale Rating
'AAA(bra)(EXP)' to Taesa's proposed BRL435 million fourth senior
unsecured debenture issuance. The issuance will be divided into
two series. The first series for BRL255 million due in 2024 and
the second for BRL180 million due in 2020. Proceeds from the first
series will be used to complement the financing of the Mariana and
Miracema projects, while the proceeds from the second series will
be used for debt refinancing.

The Rating Outlook is Negative for the Foreign and Local Currency
IDRs and Stable for the National Scale Rating. A full list of
rating actions follows at the end of this release.

KEY RATING DRIVERS

Taesa's ratings reflect Fitch's expectation that the company will
keep a solid financial profile in the medium term, with credit
metrics currently strong for the existing IDRs when compared to
its peers in Latin America. On a pro forma consolidated basis,
Taesa presents low leverage for a company in the power
transmission sector, as well as an adequate liquidity profile.
Fitch also views as manageable the risks associated with the
construction phase of seven projects under development.

The ratings incorporate Taesa's low business risk relative to its
strong and diversified portfolio of power transmission assets,
with predictable and robust cash flow generation and high
operating margins. In addition, none of the 34 concessions that it
participates expire before 2030. The moderate regulatory risk of
the Brazilian power sector was also considered. Taesa's ratings
are not constrained by the credit quality of one of its
shareholders, Companhia Energetica de Minas Gerais (Cemig) (LC and
FC IDRs B+/ Negative), since Cemig shares the company's control
with Interconexion Electrica S/A E.S.P. (ISA) (LC and FC IDRs
BBB+/ Stable), and its access to Taesa's cash is limited to
dividends.

Taesa's FC IDR is capped by the country ceiling, and the Negative
Outlook for the LC and FC IDRs is due to the Negative Outlook for
Brazil's sovereign IDR (BB). Fitch considers a three-notch
difference between the company's LC IDR and the sovereign IDR
appropriate.

Leverage to Remain Low: Fitch expects Taesa to maintain its
consolidated net financial leverage below 3.5x in the following
years, absent new relevant acquisitions or greenfield projects.
The company was able to manage its historical low consolidated
leverage despite substantial dividend payments and significant
acquisitions in recent years. For the latest 12 months (LTM) ended
June 30, 2017, Taesa reported total debt/EBITDA ratio of 2.0x and
net debt/EBITDA of 1.6x (using regulatory accounting rules, which
proportionally consolidate all the transmission assets that the
company participates in directly or indirectly). Considering IFRS
accounting rules and Fitch's criteria, those ratios would be 3.0x
and 2.4x, respectively.

Low Business Risk: Taesa's ratings are based on the low business
risk of its asset portfolio and no exposure to concession renewals
over the short to medium term. Taesa is one of the largest power
transmission companies in Brazil, with 9.1 thousand km of
transmission lines spread across the country, being 1.4 thousand
km under construction, considering its proportional participation
in the concessions. The company participates in 34 concessions,
including 15 fully-owned, which dilutes potential operational
risks. Taesa also benefits from a diversified client base and
guaranteed payment structure.

The expiration of its concessions will not begin until 2030 and
will take place on a staggered basis over the following years.
Fitch expects Taesa will have the ability to manage its debt level
in the coming years in order to mitigate the effect of a lower
cash flow generation in its credit metrics. Around 80% of its
permitted annual revenue (PAR) from July 2017 to June 2018 is
expected to be reduced by 50% once the transmission lines complete
15 years of initial operation. This rule is included in the
contracts for the concessions acquired prior to November 2006. The
first PAR reduction occurred in 2016, and more material impacts
are expected from 2018 onward.

Predictable Cash Flow: Taesa's credit profile benefits from its
highly predictable power transmission revenues, which are based on
lines availability, rather than volume transported. The company's
consolidated revenue growth has been driven by inflation-based
annual PAR readjustments, remuneration of investments in existing
assets, and the acquisition of new concessions. During the LTM
ended June 30, 2017, the company reported consolidated net revenue
and EBITDA of BRL2.223 billion and BRL1.997 billion, respectively,
pursuant to Fitch's criteria and under regulatory accounting
rules, considering proportional company participation by
subsidiaries. These figures favorably compare with BRL2.124
billion and BRL1.901 billion in 2016.

High EBITDA Margin: EBITDA margin has been high, from 87% to 90%,
which is a characteristic of transmission companies in Brazil.
Revenues and margins tend to fall with the beginning of the PAR
reduction in part of the portfolio, being somewhat compensated by
new start-up projects. During the LTM ended June 30, 2017, EBITDA
margin was 89.8%, with 89.5% in 2016 and 89.7% in 2015.

Free Cash Flow Still Positive: Fitch believes Taesa can manage its
FCF at positive levels even considering the impact of the PAR
reduction and the investments in the new projects. Nevertheless,
the FCF will not be enough to cover recent acquisitions and the
capital injections in projects not consolidated in its financial
statements. Since 2016 the company has directly or indirectly
acquired six new concessions through auctions promoted by the
regulatory agency. Fitch considers that on a consolidated basis
Taesa will have a cash need close to BRL700 million in capex and
to BRL1.2 billion adding-up capital injections, from 2017 to 2021,
for all its projects under development.

Fitch's base case scenario forecasts that strong dividend payments
will continue to pressure FCF, corresponding to 91% of net income.
As a mitigating factor, cash flow from operations (CFFO) should
remain robust, reflecting high business margins. In accordance
with IFRS accounting rules, CFFO and FCF were BRL1.358 billion and
BRL611 million, respectively, for the LTM ended June 30, 2017,
after BRL740 million in dividends paid.

DERIVATION SUMMARY

Taesa has a stronger financial profile compared to its peers in
Latin America, such as Interconexion Electrica S.A. E.S.P. (ISA,
LC and FC IDR BBB+/Outlook Stable; Transelec S.A. LC and FC IDR
BBB/Outlook Stable and Consorcio Transmantaro S.A. (CTM) LC and FC
IDR BBB-/Outlook Stable). All of the companies have low business
risk profiles and predictable cash flow generation, which is a
characteristic of transmission electricity companies operating in
a regulated industry. The main differentiation in the ratings of
these companies is the country where their main revenues are
generated and the location of their assets. While its peers are
located in investment grade countries, Taesa's ratings are
negatively impacted by the country ceiling of Brazil (BB+).

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
-- PARs adjusted considering inflation and, in some cases, 50%
    reduction when the 15th operational year is completed;
-- Operational expenses adjusted by inflation;
-- Minimum cash of BRL200 million;
-- Dividends corresponding to 91% of net income calculated
    through IFRS accounting rules;
-- No new acquisitions.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
A positive rating action for the company is unlikely in the short
to medium term.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Deterioration in Taesa's consolidated financial profile, with
    net leverage going above 4.0x on a sustainable basis;
-- A more challenging scenario for the power sector in Brazil;
    Negative rating actions on Brazil's sovereign rating may also
    pressure Taesa's IDRs.

LIQUIDITY

Fitch expects Taesa to keep a moderate liquidity position compared
with short-term debt, which is mitigated by the company's robust
operational cash flow generation and ample access to bank credit
lines and capital market. By the end of June 2017, the cash and
marketable securities, not considering the non-consolidated
companies under IFRS, amounted to BRL695 million as per Fitch's
calculations, covering 0.7x of the short-term debt of BRL1.001
billion.

Taesa's consolidated debt is characterized by a manageable
maturity profile and no foreign exchange risk. As of June 30,
2017, the company's pro forma debt was BRL3,967 million,
considering its proportional stake in all subsidiaries, or
BRL3.458 billion by the IFRS consolidation rule and Fitch's
adjustments. The BRL3.458 billion debt was mainly composed of
debentures (BRL3.038 billion). According to Fitch's methodology
the debt on the IFRS accounting rule also includes off-balance
sheet debt of BRL7 million related to guarantees provided to non-
consolidated companies.

FULL LIST OF RATING ACTIONS

Fitch has taken the following ratings actions:

Transmissora Alianca de Energia Eletrica S.A.
-- Foreign Currency IDR affirmed at 'BB+', Outlook Negative;
-- Local Currency IDR affirmed at 'BBB', Outlook Negative;
-- Long-term National Scale Rating affirmed at 'AAA(bra)',
    Outlook Stable;
-- BRL2,160 million third senior unsecured debenture issuance
    affirmed at 'AAA(bra)';
-- BRL435 million fourth senior unsecured debenture issuance
    assigned 'AAA(bra)(EXP)'.


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C H I L E
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EMPRESA NACIONAL: Moody's Maintains b2 Baseline Credit Assessment
-----------------------------------------------------------------
Moody's Investors Service affirmed Empresa Nacional del Petroleo's
Baa3 global scale foreign currency rating. This rating action
follows Moody's decision, on August 24, 2017, to change the
outlook on the government of Chile's Aa3 rating to negative from
stable. Moody's maintained ENAP's Baseline Credit Assessment
("BCA") at b2. The outlook on the rating remains stable.

Outlook Actions:

Issuer: Empresa Nacional del Petroleo

-- Outlook, Remains Stable

Affirmations:

Issuer: Empresa Nacional del Petroleo

-- Senior Unsecured Bonds, Affirmed Baa3

RATINGS RATIONALE

ENAP's Baa3 rating and b2 BCA are based on the company's long
operating history, high market share in Chile and increasing
business diversity. While ENAP is primarily a refining company,
its revenues and cash flow have benefitted from oil and gas
exploration and production, which in 2016 contributed over 30% of
EBITDA. In addition, since 2014, the company's power generation
business has sustained efforts to control costs using ENAP's own
natural gas to generate power, which in turn is used in its
refining operations or sold to third parties. ENAP's Solomon
Complexity Index is 10.8, which supports a solid product slate at
80% between gasoline and diesel.

However, ENAP's ratings are constrained by a tight liquidity
management, the inherent volatility of commodity prices and the
resulting uncertain cash flow generation and profitability, as
well as elevated debt leverage, which reached 8.2x as of the last
12 months ended June2017. In the period, ENAP's debt rose only
slightly but leverage increased from 7.4x in 2016 given lower
operating profit, driven by increasing international crude prices
and lower crack spreads. Increasing oil prices indirectly strain
ENAP's refining margins since the company is prohibited from
passing along increased power generation costs, which in Chile is
mostly diesel.

Since ENAP is 100% owned by the Chilean government, the company's
Baa3 rating reflects the application of Moody's joint default
rating methodology for government-related issuers (GRIs). ENAP's
Baa3 rating benefits from five notches of uplift from its b2 BCA
(which represents the intrinsic risk of the company, regardless of
implicit support), given Moody's assumption of a high probability
of support from the government of Chile in case of a distress
situation. As evidence of support, in 2008 the government of Chile
injected USD250 million to ENAP's capital to help the company deal
with liquidity constraints. In addition, in July 2017 the Congress
approved a new corporate governance law for ENAP that will allow
it to receive up to USD400 million in equity contribution from the
government before December 2018. The government of Chile appoints
the company's board members and is closely involved in ENAP's
budget approval and business strategy. The government's ability to
provide support to ENAP is measured by its Aa3 credit rating and
negative outlook, weakened somewhat by the high correlation
between the government and the company on credit factors that
could cause stress on both simultaneously.

ENAP's stable Baa3 rating outlook assumes that its credit metrics
will gradually improve starting in 2018. The company's financial
profile will improve if it continues increasing business
diversification and operating cash flow, which would help reduce
leverage over the medium-term. The stable outlook also assumes
that Chilean government support of the company will remain high.

Moody's expects ENAP's leverage to remain elevated in 2017 as the
company increases capital spending related to exploration and
production, refinery upgrades, and mandatory environmental
projects. From 2018 on, leverage should decline as investments
mainly in oil and gas production generate increasing cash flows,
crack spreads are not materially lower than historical average,
and the company uses equity to fund a portion of capital spending.
Since Chile keeps local fuel prices at parity with prices in the
US Gulf of Mexico, changes in international crude prices tend to
quickly pass to local prices and do not affect refining margins
significantly.

ENAP is strategically important to the Chilean energy sector as
demonstrated by its solid market share as a supplier of 100% of
gasoline and 44% of diesel consumption in the country. Although
the country can import fuel from international suppliers, ENAP has
the bulk of the pipeline and storage infrastructure in Chile,
which supports its business position. In addition, the company's
crude oil production represents approximately 15% of the total
required by its refineries.

ENAP's liquidity is weak, although supported by the benefits
associated with its ownership by the Chilean state. As of June 30,
2017, ENAP's cash stood at USD115 million, which negatively
compares with the USD581 million in total debt maturing from July
2017 to December 2018. However, USD340 million in short term debt
are related to bank short term facilities, used to import crude
and oil products; Moody's believes that ENAP will continue to be
able to roll over these facilitates relatively easily. The
constant need to access banking credit facilities is a concern but
ENAP's funding strategy and financial policies have allowed the
company to quickly adjust local prices to volatile costs and thus
protect its profit margin.

ENAP's refinancing risk is high. Its scheduled long term debt
payments as of June 2017 in the next years are: USD161 million in
2017, USD420 million in 2018, USD613 million in 2019, and USD2.4
billion thereafter. Additionally, ENAP does not have committed
lines of revolving credit. Refinancing concerns, however, are
partially tempered by good capital market access. Furthermore, the
company's bank loans are currently not subject to financial
covenants.

A significantly improved and sustained financial leverage profile
more supportive of the cyclicality and volatility of the refining
sector could lead to an upgrade, specifically debt/EBITDA at or
below 5x.

If ENAP is unable to start its deleveraging trend in 2018 or if
there are indications of reduced implicit government support for
ENAP, its b2 BCA could be lowered or its Baa3 rating could be
downgraded.

ENAP is Chile national oil company and the second largest state-
owned company in the country. ENAP operates in three business
segments: Exploration & Production (11% of revenues and 31% of
EBITDA in 2016), Refining & Marketing (85% and 72%) and Gas &
Power (4% and -2%). ENAP owns three refineries and is the only
refinery company in Chile, with a total crude distillation
capacity of approximately 230,000 barrels per day. As of June
2017, the company's upstream operations hold 145.6 million barrels
of oil equivalent in total proved reserves, of which 38% are in
Argentina, followed by Chile with 29%, Ecuador with 26%, and Egypt
with 7%. ENAP was founded in 1950 and is headquartered in
Santiago, Chile. In June 2017, it had total assets in the amount
of $6.1 billion.

The methodologies used in these ratings were Refining and
Marketing Industry published in November 2016, and Government-
Related Issuers published in August 2017.


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


CARACOL: Taken Off Venezuelan Airwaves
--------------------------------------
Associated Press reports that Colombian TV network Caracol has
been taken off the air in Venezuela a day after President Nicolas
Maduro delivered a scathing rebuke of the neighboring nation's
media, joining a growing list of news outlets that have been
blocked by his government.

Caracol News director Juan Roberto Vargas told Colombian radio
that the channel's coverage of ousted chief prosecutor Luisa
Ortega Diaz appears to have been a "breaking point" that led to
its removal, according to WSJ.

The report notes that Colombian news channel RCN was also blocked
from broadcasting on a Venezuelan local cable operator, though its
signal remained active on DirecTV.

"They make these decisions unilaterally without any type of
discussion," the report quoted Mr. Vargas as saying.

Mr. Maduro regularly accuses foreign news outlets of spreading a
false narrative about Venezuela's government intended to pave the
way for a supposed U.S. military intervention, the report relays.

"Since the war in Iraq, we have not seen anything as sickening,"
Mr. Maduro said at a news conference with foreign journalists,
singling out Caracol, Fox News and the BBC for what he considers
biased coverage, the report notes.

Earlier this year Venezuelan authorities shut down CNN en
Espanol's feed after the Spanish-language channel aired a report
about fraudulent passports that drew angry criticism from
officials, the report notes.  In all, about a half-dozen foreign
networks have been blocked, including Colombia's El Tiempo and
NTN24 and Todo Noticias of Argentina, the report discloses.

Over the years Venezuela's government has also forced a number of
critical national media outlets out of business, in some cases by
refusing to renew their operating licenses, the report relays.

In a 2017 report on global press freedom by Reporters Without
Borders, Venezuela ranked 137th out of 179 nations, the report
notes.

"Freedom of the press is as scarce as food" in Venezuela, Mr.
Vargas told Caracol Radio, a reference to people's struggles to
find basic goods in the country, the report says.

The report discloses that Mr. Vargas said the move came after
escalating government actions against the station. In the last
year, he said, three Caracol journalists have been barred from
entering Venezuela and some of its equipment was confiscated.

Mr. Vargas said Caracol would continue broadcasting over the
internet but added that many Venezuelans say they have difficulty
accessing the site online, for reasons he did not specify, the
report relays.

The New York-based Committee to Protect Journalists said via
Twitter that it was "concerned" about Venezuelan authorities'
decision to "remove another news channel from the air," the report
notes.

Relations between Venezuela and Colombia have grown especially
frigid during the last four months of political upheaval in
Venezuela, the report relays.  Colombian President Juan Manuel
Santos, one of Maduro's most frequent critics, was the first to
announce in late July that his nation wouldn't recognize a vote in
Venezuela for delegates to a new constitutional assembly that has
nearly unlimited powers, the report says.

Ms. Ortega, the ousted chief prosecutor who broke with Maduro
earlier this year, arrived in Colombia after fleeing Venezuela.
Mr. Santos has offered her political asylum, the report relays.

The constitutional assembly removed Ms. Ortega from her post
shortly after it convened in early August, the report discloses.
She has promised to deliver evidence to several foreign
governments showing that Mr. Maduro and top administration
officials are involved in corruption, the relays.

Venezuelan officials have denied her accusations, the report adds.



=================
G U A T E M A L A
=================


GUATEMALA: Court Blocks President's Expulsion of U.N. Prosecutor
----------------------------------------------------------------
Dudley Althaus at The Wall Street Journal reports that Guatemala's
political crisis deepened when a constitutional court temporarily
barred President Jimmy Morales from expelling a United Nations-
backed anticorruption prosecutor probing allegations of illegal
financing in the president's 2015 election campaign.

Several cabinet members resigned to protest the president's
expulsion order, and hundreds of protesters in Guatemala City
gathered outside the presidential palace and the foreign ministry
as Mr. Morales held an emergency meeting with remaining members of
his government, according to The Wall Street Journal.

Earlier in the day, Mr. Morales said he was acting "in the
interests of the Guatemalan people, the rule of law and
institutionality" by ordering Ivan Velasquez, the Colombian
prosecutor who heads the U.N.'s anticorruption agency in
Guatemala, to leave the country and declaring him "persona non
grata," the report notes.

The report relays that the expulsion order came two days after
Guatemala's attorney general and Mr. Velasquez asked the country's
Supreme Court to remove the president's immunity from prosecution
for alleged electoral crimes.  The president's announcement was
made by way of a video posted on his Twitter account, the report
notes.

Mr. Morales, a popular television comedian who had never held
public office before winning the presidency, has denied any
wrongdoing, the relays.  In a televised speech, Mr. Morales said
he acted because Mr. Velasquez had "exceeded his authority,"
adding that fighting corruption and impunity was "not the work of
one, two or three people but of the entire nation," the report
discloses.

U.N. Secretary General Antonio Guterres was shocked by the
expulsion order, a spokesman said, reiterating Mr. Guterres's
support for Mr. Velasquez's work, the report discloses.

Formed a decade ago by an agreement between the U.N., Guatemalan
officials and donor governments including the U.S., Mr.
Velasquez's agency -- the International Commission Against
Impunity in Guatemala, or Cicig -- is tasked with helping local
prosecutors take on the country's endemic corruption and
organized-crime networks, which critics describe as a parallel
government in the country of 15 million, the report recalls.

A respected Colombian prosecutor, Mr. Velasquez was appointed to
his post four years ago, and his current mandate, like that of
Cicig itselff, runs to September 2019, the report discloses.

The attempt to expel Mr. Velasquez, who has received strong
support from across Guatemalan society and from the U.S. and other
foreign governments, has sharpened the country's constitutional
crisis over the corruption probe, analysts say, the report notes.

Besides the court injunction against his expulsion order, Mr.
Morales has also faced stiff resistance from within his own
government, according to local media reports, the report relays.
The president said he had fired Foreign Minister Juan Carlos
Morales, who isn't related to him, and the deputy prime minister,
after they refused to implement the order, according to local
media reports, WSJ notes.  The ministers couldn't immediately be
reached for comment.

"[Morales] has completely isolated himself," Eric Olson, a Central
America expert at the Woodrow Wilson Center in Washington, said of
the Guatemalan president, the report relays.  "The international
community is completely united and it looks like they are going to
take a very hard line on this," he added.

Mr. Velasquez and Attorney General Thelma Aldana disclosed that
investigators have identified at least $825,000 in anonymous
contributions to the president's election campaign that went
unreported to regulators, the report notes.

If the high court approves their request, Mr. Morales's immunity
could subsequently be revoked by a two-thirds vote in Congress.
That would expose him to possible criminal prosecution, the report
relays.

Mr. Morales's own political party, the National Convergence Front,
holds just 11 of 158 seats in the congress, the report notes.  But
Mr. Velasquez and Ms. Aldana also accused the legislature's two
largest parties of campaign irregularities, perhaps prompting them
to strengthen their support of the president, analysts said, the
report relays.

Along with Brazil, tiny Guatemala has been at the forefront of a
fight against deeply rooted corruption in Latin America that
economists say holds back development, the report notes.  In
Brazil, prosecutors have put scores of leading businessmen and
politicians in jail, the report relays.

But there is starting to be pushback from entrenched interests,
analysts said, the report relays.  In Brazil, lawmakers declined
to strip President Michel Temer of immunity on corruption charges,
saying the country's political stability came first. And now in
Guatemala, Mr. Morales is pushing back, too, the report notes.

The report discloses that the gathering crisis in Guatemala echoes
a similar scandal two years ago that led to the resignation of
then-President Otto Perez Molina, his vice president and other
officials.  Mr. Velasquez at that time was investigating a
customs-fraud ring allegedly operated by the vice president and
others, the report relays.

Mr. Perez Molina, a retired army general, tried unsuccessfully to
get Mr. Velasquez removed by the U.N. but stopped short of kicking
him out, as Mr. Morales is trying to do, the report relays.  After
legislators removed Mr. Perez Molina's immunity, he stepped down
in September 2015, months before the end of his term, and was
arrested soon after, the report notes.  Mr. Perez Molina, who has
declared himself innocent, is currently on trial in Guatemala on
charges related to alleged customs fraud, the report says.

The request to strip Mr. Morales's immunity came shortly before
the president met in New York with Mr. Guterres to ask that the
mandate of Mr. Velasquez and Cicig be curtailed, the report
discloses.

The secretary-general's office later issued a statement supporting
both Cicig and Mr. Velasquez, the report relays.  That left
expelling Mr. Velasquez as the Guatemalan president's only viable
option in attempting to derail the investigations, the report
notes.

Considering the powerful national and international support for
Mr. Velasquez, Mr. Olson and other analysts had considered such a
move "political suicide," the report discloses.

Fears that Mr. Morales would seek Mr. Velasquez's removal sparked
outrage across Guatemala's political spectrum, from conservative
business leaders to human-rights activists, the report relays.
The reports also drew sharp warnings from the U.S. and other
governments that have financed the Cicig's work and provided
economic aid to Guatemala, the report notes.

The attorney general's office and Cicig accused two other leading
political parties of illicit funding and other violations related
to the 2015 election, the report notes.

"These are investigations that constitute an enormous step in the
purging of a corrupt system to its roots," Prensa Libre, a leading
Guatemalan newspaper, said in a Saturday editorial, the report
says.

Prosecutors separately have accused the president's brother Samuel
and the president's son, Jose Manuel Morales, with charging a
government agency in 2013 for hundreds of meals that were never
served, the report discloses.  They say the president and his
brother share a banking account in which some of the alleged fraud
funds were deposited, the report relays.  The three men have all
said they are innocent of the allegations, the report notes.

The charges against Mr. Morales mark the latest in a series of
corruption scandals that have plagued Guatemala since the
country's return to democracy in the 1980s, following decades of
military rule and a civil war that killed hundreds of thousands of
people, primarily indigenous Maya villagers.


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


DIGICEL GROUP: FTC to Resume Challenge of Firm's Claro Acquisition
------------------------------------------------------------
RJR News reports that the Fair Trading Commission (FTC) said the
judgment by the UK Privy Council paves the way for it to resume
its challenge in the Supreme Court of Digicel's acquisition of
Claro.

It says it also opens the door for divestitures in completed
mergers or remedies to adjust whatever anti-competitive effects
may be experienced, according to RJR News.

The Privy Council ruled that the Fair Trading Commission has
jurisdiction over the 2011 acquisition by Digicel Jamaica of
Claro.

The Law Lords considered three main issues and ruled in favor of
the FTC, the report relays.

In particular, the Privy Council held that the FTC has
jurisdiction to intervene in the telecommunications market in the
same way as in any other market, the report notes.

It also ruled that section 17 of the Fair Competition Act
governing anti-competitive agreements applies to mergers and
acquisitions, the report discloses.

The Law Lords also held that the FTC's jurisdiction was not
affected by the approval of the agreement between Digicel and
Claro by the relevant Minister under the Telecommunications Act,
the report notes.

The FTC appealed to the Privy Council after the Court of Appeal
held that while the Commission has jurisdiction in the
telecommunications industry, it did not have jurisdiction over the
acquisition by Digicel of Claro, the report adds.

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


PAYLESS SHOESOURCE: Successfully Emerged From Restructuring
-----------------------------------------------------------
RJR News reports that Payless ShoeSource which has several stores
in Jamaica, announced that its North American entities
successfully emerged from its Chapter 11 restructuring.

A statement from the company said it emerged from bankruptcy with
substantial liquidity after eliminating in excess of $435 million
in funded debt, according to RJR News.

The company has 3,500 brick and mortar stores with 400 of these in
Latin America and the Caribbean, the report relays.

Following the completion of the company's restructuring, Paul
Jones will retire as Chief Executive Officer, the report adds.


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


PUERTO RICO: Phoenix Hired as Financial Advisor for Mediation Team
------------------------------------------------------------------
The Financial Oversight and Management Board for Puerto Rico -- as
the representative of the Commonwealth of Puerto Rico, the Puerto
Rico Sales Tax Financing Corporation, the Puerto Rico Highways and
Transportation Authority, the Employees Retirement System of the
Government of the Commonwealth of Puerto Rico, and the Puerto Rico
Electric Power Authority -- seeks authorization from the U.S.
District Court for the District of Puerto Rico to employ Phoenix
Management Services, LLC as financial advisor for the mediation
team appointed in the Title III cases and related proceedings,
effective August 4, 2017.

On June 23, 2017, the Court entered an order appointing the
Mediation Team to facilitate confidential settlement negotiations
of any and all issues and proceedings arising in the Title III
Cases.  The members of the Mediation Team are the Honorable
Barbara
Houser, the Honorable Thomas Ambro, the Honorable Nancy Atlas, the
Honorable Victor Marrero, and the Honorable Christopher Klein.

The Oversight Board requires Phoenix Management to:

   (a) assist the Mediation Team with:

       -- understanding the fiscal plans based on all data made
          available;

       -- understanding the types of consideration that may be
          offered under plans of adjustment; and

       -- identifying capital structures and debt restructuring
          techniques that may be useful in mediating plans of
          adjustment;

   (b) provide other services to the Mediation Team that may be
       requested to support facilitative and directive
       mediation sessions, including, but not limited to:

       -- identifying financial and information-related
          observations made by the parties to identify common
          ground on assumptions and methodologies, factual
          consistencies and inconsistencies, disjointed
          perceptions and incomplete information;

       -- sharing insights with the Mediators and participants,
          as appropriate, including reflecting and reframing
          parties' comments;

       -- helping the Mediators work through overlapping
          financial issues and impacts across the different
          mediations; and

       -- helping the Mediators identify underlying priorities
          and options for negotiated resolutions related to
          ongoing financial issues on-island; and

   (c) provide other services as requested by the Mediation
       Team.

Phoenix Management will be paid at these hourly rates:

       Senior Managing Directors        $495-$695
       Senior Advisors                  $400-$650
       Managing Directors               $395-$525
       Directors & Senior Directors     $320-$450
       Vice Presidents, Associates
       & Analysts                       $150-$350
       Support Staff                    $75-$150

Phoenix Management will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Martha E. M. Kopacz, a senior managing director of Phoenix
Management, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

Phoenix Management can be reached at:

       Martha E. M. Kopacz
       Phoenix Management Services, LLC
       Ten Post Office Square, Ste. 605N
       Boston, MA 02109
       Tel: (617) 600-3600
       E-mail: mkopacz@phoenixmanagement.com

                       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:

           https://cases.primeclerk.com/puertorico

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).

                        Committees

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.


PUERTO RICO: Ferrovial Agroman, Vitrol Appointed to Committee
--------------------------------------------------------------
Guy Gebhardt, acting U.S. trustee for Region 21, on August 25
appointed Ferrovial Agroman and Vitrol, Inc., as new members of
the official committee of unsecured creditors in the Chapter 9
cases of the Commonwealth of Puerto Rico and three other debtors.

The other debtors are the Employees Retirement System of the
Government of the Commonwealth of Puerto Rico, Puerto Rico
Highways and Transportation Authority and Puerto Rico Electric
Power Authority.

The committee is now composed of:

     (1) The American Federation of Teachers (AFT)
         Attn: Mark Richard
         Counsel to the President of the AFT
         555 New Jersey Ave., N.W., 11th floor
         Washington, DC 20001

     (2) Doral Financial Corporation
         c/o Drivetrain LLC
         630 Third Avenue, 21st Floor
         New York, NY 10017

     (3) Genesis Security
         5900 Ave. Isla Verde
         L-2 PMB 438
         Carolina, PR 00979

     (4) Puerto Rico Hospital Supply
         Call Box 158
         Carolina, PR 00986-0158

     (5) Service Employees International Union (SEIU)
         1800 Massachusetts Avenue N.W.
         Washington, D.C. 20036

     (6) Total Petroleum Puerto Rico Corp.
         Citi View Plaza Tower I
         48 Road 165 Oficina 803
         Guaynabo, PR 00968-8046

     (7) Unitech Engineering
         c/o Rama Ortiz Carro
         Urb Sabanera
         40 Camino de la Cascada
         Cidra, PR 00739

     (8) Ferrovial Agroman
         c/o Manuel Sanchez Pereira
         1250 Ponce de Leon
         Edificio San Jose Suite 901
         San Juan, PR 00907

     (9) Vitol, Inc.
         2925 Richmond Ave.
         Houston, TX 77098

The bankruptcy watchdog also announced in a court filing that from
and after August 25, the panel will no longer serve as the
official committee in the bankruptcy case of Puerto Rico Sales Tax
Financing Corp.

                       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:

           https://cases.primeclerk.com/puertorico

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).

                        Committees

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
================================


ANGOSTURA HOLDINGS: Cuts 2 Executive Jobs
-----------------------------------------
Trinidad and Tobago Newsday reports that Angostura Holdings
Limited (Angostura) has made redundant two positions on its
executive management team; executive manager of legal and
executive manager of human resources and administration, effective
August 17.

These were replaced by the new role of executive manager of
corporate services, according to Trinidad and Tobago Newsday.

The report said this meant that for Lyn Lopez, executive manager
of legal and Shane Ram, executive manager of human resources and
administration, Aug. 17 was their final day on the job.

In a statement, Angostura said it "can confirm that, as a result
of a commercial performance review of the Company's operational
requirements, we have undertaken a restructuring of our executive
management team," the report notes.

The person who assumes the new post of executive manager of
corporate services will have "responsibility for services in the
areas of legal, human resources, information and communication
technology, administration, property, facilities and security.

"This restructuring re-aligns Angostura's organization and
management at the executive level in support of our business
objectives, and will improve the company's efficiency and
profitability.  It is an important measure to ensure the
competitiveness of the business and to ensure that Angostura is
positioned to take advantage of opportunities to expand our
business both locally and globally," the company said, the report
adds.


                            ***********


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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