TCRLA_Public/170911.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Monday, September 11, 2017, Vol. 18, No. 180


                            Headlines



A R G E N T I N A

ADECOAGRO SA: S&P Assigns BB Global Scale CCR, Outlook Stable
TRANSPORTES ROSARIO: Moody's Assigns B3 Rating to Cl. A and B Debt
IAM ESTRATEGIA: Moody's Assigns B-bf Global Scale Bond Fund Rating


B O L I V I A

BOLIVIA: Inaugurates Hydroelectric Dam Partly Financed by the IDB


C H I L E

GEOPARK LTD: S&P Puts 'B' Global Scale CCR to Prop. Sr. Sec. Debt


C O L O M B I A

COLOMBIA TELECOMUNICACIONES: S&P Hikes CCR to BB+, Outlook Stable


C O S T A   R I C A

BANCO INTERNACIONAL: S&P Affirms 'BB-/B' Issuer Credit Ratings


J A M A I C A

DIGICEL GROUP: Deploys 200 Workers to Restore Network


M E X I C O

BAJA CALIFORNIA: Moody's Lowers Issuer Rating to Ba3; Outlook Neg.
MEXICO: Shed 650,000 Net Jobs Due to Economic Ties with China


P U E R T O    R I C O

COSTA DORADA: Taps Ivonne Olmo Rios as Legal Counsel
PUERTO RICO: Ambac Cleared of Allegations of Misleading Investors
PUERTO RICO: GO Group Seeks to Look Into Fiscal Plan Projections
PUERTO RICO: NPFGC Says Board Not Giving Basic Financial Info


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Offers Waiver of Re-Booking Fees
PETROTRIN: Energy Minister Confident of Firm's Turnaround


V E N E Z U E L A

BANESCO BANCO: Fitch Affirms 'C' Short-Term IDR


X X X X X X X X X

* Governance Remains Key CENTAM Rating Constraint, Fitch Says
* BOND PRICING: For the Week From Sept. 4 to Sept. 8, 2017


                            - - - - -


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A R G E N T I N A
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ADECOAGRO SA: S&P Assigns BB Global Scale CCR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings has assigned its 'BB' global scale corporate
credit and issue-level ratings to Adecoagro S.A. The outlook on
the corporate credit rating is stable.

The rating on Adecoagro reflects its medium scale in the E&S
industry in Brazil, with crushing capacity of 11 million tons of
sugarcane, and our expectation that the company will be able to
maintain solid agricultural yields and profitability above the
average of industry peers with adjusted EBITDA margins in the 50%-
60% range. The company also benefits from the portfolio and
geographic diversification from its farming business in Argentina
and Uruguay, with a competitive cost structure and adequate
distribution and export logistics. The company's solid operating
efficiency, along with adequate hedging and commercial strategy,
should help it to generate FOCF and gradually deleverage over the
next few years. Constraints on the ratings are the company's still
low track record of sustaining positive FOCF generation, which is
subject to volume and price volatility, and our view of its
somewhat limited scale of operations compared to global
agricultural peers.

The issue-level rating on the proposed senior unsecured notes is
at the same level as the corporate rating, reflecting the upstream
guarantees from Adecoagro's relevant subsidiaries in Brazil and
Argentina, which represent around 99% of the group's EBITDA
generation. S&P said. "We expect the company to use the proceeds
of the issuance primarily for liability management, prepaying most
of its secured debt and extending its debt maturity profile. We
don't perform a recovery rating because we don't assign recovery
ratings for Argentina, where the majority of the group's land
assets are located. Instead, we evaluate the subordination risk
through our notching analysis, as we understand creditors would
have incentives to pursue recovery on both jurisdictions where the
company has relevant assets which guarantee the notes--Brazil and
Argentina--and whose judicial recovery process could be held
outside Brazil."

The company's Brazilian operations are the largest contributors to
consolidated cash flow, with about 80% of EBITDA and 70% of
revenue. The company developed an E&S cluster in the state of Mato
Grosso do Sul that consists of two mills with crushing capacity of
10 million tons. The mills are 45 kilometers from each other,
allowing logistic and sugarcane supply synergies. The cluster is
far from the traditional sugarcane production area in the state of
Sao Paulo, so the land cost is lower due to reduced competition,
but resulting in additional logistic expenses to reach the export
and main consumer market, which is offset by the state tax benefit
on ethanol production. The weather pattern of the region allows
Adecoagro to implement a continuous harvest strategy, diluting
fixed costs and increasing profitability. S&P also views as
positive the company's highly efficient cogeneration assets and
sound storage capacity, reducing cash flow volatility through the
quarters.

S&P views supply risk as low because the company produces 90% of
its sugarcane. Adecoagro also has a reduced execution risk to
develop sugarcane in the region, because the company is in the
second production cycle and has been obtaining solid yields over
the past three years. The company has a third mill in state of
Minas Gerais with crushing capacity of 1.1 million tons. All of
these factors should continue, in our view, to protect the company
against the inherent volatility in the commodity business.

Adecoagro developed its farming and land-transformation business
mainly in Argentina, with about 225,000 hectares of planted area
(65% of which it owns). The company benefits from lower production
costs than its international peers, although it faces a more
restrictive regulatory framework, with past government
interventions through export taxes. S&P understands that the
company has solid agricultural yields from its grain production
and above-average profitability from its dairy business, thanks to
the technology employed. The high leasing costs of the highly
competitive Humid Pampas region limits the company's growth rate.


TRANSPORTES ROSARIO: Moody's Assigns B3 Rating to Cl. A and B Debt
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (Moody's)
has rated Fideicomiso Financiero Transportes Rosario. This
transaction will be issued by Rosario Administradora Sociedad
Fiduciaria S.A., acting solely in its capacity as issuer and
trustee.

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

Issuer: Fideicomiso Financiero Transportes Rosario

The full rating action is:

- ARS41,487,494 in Class A Floating Rate Debt Securities (VDF A)
of "Fideicomiso Financiero Transportes Rosario", rated Baa2.ar
(sf) (Argentine National Scale) and B3 (sf) (Global Scale)

- ARS41,487,494 in Class B Floating Rate Debt Securities (VDF B)
of "Fideicomiso Financiero Transportes Rosario", rated Baa3.ar
(sf) (Argentine National Scale) and B3 (sf) (Global Scale)

RATINGS RATIONALE

The transaction is a securitization of future receivables related
to the utilization of the public bus transportation system in the
City of Rosario, Argentina. The revenues will be generated by
Empresa Mixta de Transporte de Rosario SA ("EMTRSA", NR) and
"Sociedad del Estado Municipal para el Transporte Urbano de
Rosario" ("SEMTUR", NR), which are two public bus companies
operating in the City of Rosario. EMTRSA and SEMTUR are wholly-
owned companies of the Municipality of Rosario ("Municipality of
Rosario", "Municipal State of Rosario" or "Rosario", NR).

The revenues to be securitized are collected through the bus
transportation payment system of the City of Rosario, whereby
public transportation users use a contactless payment card (the
"TSC Card") for the payment of trips on public buses. The
securitized collections will be generated upon the recharge and
sale of new TSC Cards through different collection channels. In
turn, the allocation of collections will be done on a daily basis
and according to the share of passengers transported by each
company.

The ratings assigned to the transaction take into account the
following factors, among others:

- High dependence to the Municipal State of the City of Rosario:
The transaction features a number of counterparties (including the
originators of the future receivables and the collection agent)
which are wholly-owned companies of the Municipality of Rosario.
Furthermore, in analyzing the financial and operational stability
of the originators, Moody's considered EMTRSA and SEMTUR as
strategic assets for the Municipality and assumed a high degree of
financial support. Moody's also relied on an internal assessment
about the credit quality of the Municipality of Rosario.

- Stability and sufficiency of future receivables assigned to the
transaction: In its analysis, Moody's reviewed collections data
ranging from January 2014 to June 2017 to assess the sufficiency
and stability of the cash flows. During the last twelve months,
the two companies have collected a combined monthly average amount
of ca. ARS 43 million, which compares strongly to the monthly
amount assigned to the transaction of ARS 4,650,000. Furthermore,
given the public service nature of the business originating the
receivables, cash flows are expected to show substantial
stability. Finally, it is important to point out that collections
have shown a steady upward trend, driven by frequent inflation
adjustments which are expected to continue in the future.

- Collection mechanism mitigates commingling risk: The collection
of the companies is done through the contactless TSC card system.
Under this system, the Banco Municipal de Rosario ("BMR", NR) acts
as collection agent, distributing funds daily to the operating
companies in the bus transportation system. In the context of this
transaction, BMR will transfer collections directly to the trust
account daily. Hence, the amounts assigned to the trust will not
pass through the bank accounts of the originators, mitigating
commingling risk.

- Liquidity Reserve Fund to mitigate operational disruption risks:
A natural disaster or unexpected event, such as a flood or strike,
could lead to a temporary disruption in the payment system, or in
the provision of the bus transportation service, which could lead
to a sudden decline in collections. To mitigate this risk, the
transaction benefits from a liquidity reserve fund sized to cover
one month of interest service for the VDFA and VDFB. The reserve
will be funded from issuance proceeds. Moody's believes that this
feature, along with certain acceleration triggers established in
the trust agreement, mitigates the risk of operational disruption
due to adverse events of this nature.

- Risk of regulatory changes that could affect the level of
collections or the collections mechanism: The regulatory
environment for Rosario's bus transportation system constitutes an
essential element for the stability and sufficiency of funds
available for the repayment of the trust's liabilities. In the
future, certain regulatory changes (e.g. a potential reform of the
bus line grid, a total or partial privatization of the bus
transportation system, or changes in the collection mechanism,
among other) could have a material impact on the trust's ability
to repay its obligations. As a mitigant, the trust agreement will
establish recourse against the sellers and originators should any
regulatory change have a negative impact on the rights of
investors.

For more details regarding the structure of the transaction and
the analysis of the key risks and mitigants, please refer to the
Pre-Sale Report (in Spanish) available at www.moodys.com.ar.

TRANSACTION STRUCTURE

The VDF A will bear a floating interest rate (BADLAR plus 200
bps). The VDF A's interest rate will never be higher than 27.0% or
lower than 22.0%.

The VDF B will bear a floating interest rate (BADLAR plus 300
bps). The VDF B's interest rate will never be higher than 28.0% or
lower than 23.0%.

Overall credit enhancement is comprised of subordination,
transaction level overcollateralization and various reserve funds.
The transaction has initial subordination levels of 62.8% for the
VDF A and 25.6% for the VDF B, calculated over the nominal value
of the future receivables sold to the trust. Credit enhancement is
also comprised by the availability of a Liquidity Reserve Fund
covering the next interest accruals for the VDF A and VDF B.

The principal methodology used in these ratings was "Moody's
Approach to Rating Future Receivables Transactions" published in
June 2015.

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

Factors that may lead to a downgrade/upgrade of the ratings
include a deterioration/improvement in the financial profile of
the Municipality of Rosario and/or the originators of the future
receivables assigned to the transaction.

Other factors that could negatively affect the ratings include the
occurrence of unexpected events that could disrupt the operation
of the bus transportation system, such as floods or strikes, as
well as changes in the regulatory framework affecting the public
transportation in the City of Rosario.


IAM ESTRATEGIA: Moody's Assigns B-bf Global Scale Bond Fund Rating
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to IAM Estrategia (the Fund), a new
Argentinian bond fund managed by Industrial Asset Management
S.A.S.G.F.C.I.

The ratings assigned are:

- Global scale bond fund rating: B-bf

- National scale bond fund rating: Baa-bf.ar

RATINGS RATIONALE

The B-bf global scale bond fund rating reflects Moody's
expectations that the Fund will maintain a low single B maturity-
adjusted weighted average credit quality driven by an investment
portfolio which will invest primarily in sovereign bonds,
corporate bonds, and Argentine government securities (LETEs). All
investments will be denominated in US Dollars. The Fund's average
duration is expected to be between 3 and 5 years.

The Baa-bf.ar national scale rating reflects a national scale
mapping that is consistent with a low single B global scale credit
profile.

Moody's analysis was performed on a model portfolio because IAM
Estrategia has no operating history. That said, the Fund will be
managed by Industrial Asset Management, an experienced local asset
manager. Moody's expects the Fund to be managed in line with this
model portfolio; however, should the Fund's actual portfolio
deviate materially from the model portfolio provided, the Fund's
ratings would likely change.

"Based on the model portfolio, the Fund's credit quality profile
is consistent with other B-bf / Baa-bf.ar rated funds", said
Moody's Vice President - Senior Analyst Carlos de Nevares.

Industrial Asset Management S.A.S.G.F.C.I. is a medium sized asset
manager in the Argentinean Mutual Fund Industry and a subsidiary
of Banco Industrial (unrated). As of Aug 2017, Industrial had
approximately ARS 4,328 million in Assets under Management (AUM)
or approximately $247 million occupying the 28th position with
0.75 % market share.


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B O L I V I A
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BOLIVIA: Inaugurates Hydroelectric Dam Partly Financed by the IDB
-----------------------------------------------------------------
EFE News reports that Bolivia President Evo Morales inaugurated a
120 MW hydroelectric dam that was partially financed by the Inter-
American Development Bank (IDB).

The $142 million Misicuni Dam is located in the central province
of Cochabamba and is part of a complex that includes a reservoir,
according to EFE News.

The inauguration of the new plant raises Bolivia's installed
generating capacity to 2,099 MW; the country's electricity demand
totals 1,500 MW, leaving a surplus that can be held in reserve or
exported, the report notes.

Domestic electricity demand a decade ago amounted to around 700
MW, a total roughly equivalent to the country's production
capacity at the time, the report relays.

Mr. Morales said the inauguration was historic because the
Misicuni project had been 60 years in the making, the report
notes.

Energy Minister Rafael Alarcon said the IDB's willingness to
partly fund the project was a sign of the Bolivian government's
credibility as a borrower, the report says.

The project also was partly funded by the nation's treasury and
the state-run Empresa Nacional de Electricidad, the report
discloses.

Bolivia has ambitious plans to become the electricity hub of South
America's Southern Cone by 2025 with installed generating capacity
of 8,000 MW thanks to production from thermoelectric and
hydroelectric plants, as well as alternative sources such as
solar, the report says.

Bolivia is currently in talks with Argentina on a potential 15-
year electricity-export deal, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2017, Moody's Investors Service has changed the outlook on
Bolivia's issuer and senior unsecured bond ratings to stable from
negative, and has affirmed the ratings at Ba3.


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C H I L E
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GEOPARK LTD: S&P Puts 'B' Global Scale CCR to Prop. Sr. Sec. Debt
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' global scale corporate credit
and issue-level ratings to GeoPark Ltd. (GPRK) and its proposed
senior secured debt. The outlook is stable.

S&P said, "The rating on the GPRK's new senior secured notes is at
the same level as the corporate rating, incorporating the
guarantees, consisting of equity interests in its operating
subsidiaries in Chile and Colombia, which in our view, mitigate
potential structural subordination to priority liabilities at the
operating subsidiaries level. We expect the company to use the
proceeds of the issuance to prepay the 2020 notes and extend its
debt maturity profile. Any cash remainder will be destined for
general corporate purposes, including additional capital
expenditures."

The rating on GPRK reflects its manageable debt maturity profile
and moderate leverage, even amid a substantial expansionary cycle.
Although the company has significantly increased the size and
scale of its reserves in recent years, it still has a small
reserve base and low production levels compared with its higher-
rated international peers.

GPRK controls GeoPark Latin America Limited Agencia en Chile
(GPLAC) and has operations in Chile, Colombia, Brazil, Peru and
Argentina. S&P said, "We already rate GPLAC at B/Stable/-- (please
see "GeoPark Latin America Limited Agencia en Chile Upgraded To
'B' From 'B-' On Improved Financial Performance," issued on Jan.
20, 2017), reflecting its relationship with GPRK and our view that
GPLAC is a core subsidiary of GPRK because the company is integral
to the group's strategy, it's highly unlikely to be sold and is
closely linked to the group's reputation given that it shares the
same name. In this sense, our analysis of GPLAC was already based
on its parent's  consolidated figures because we believe both
entities constitute a single economic entity with a single default
risk. We're now assigning the rating to GPRK because it will be
the vehicle for the recently announced proposed bond issuance.

The company was able to improve its credit metrics in the second
quarter of 2017 and S&P's expectation is that, in the next 12
months, GPRK's credit metrics and business operations will perform
in line with second-quarter figures. The company has not only
executed very successful drilling campaigns, with a production
growth of 10% in 2016 and an additional 10% in the six-month
period of 2017, but continued to cut costs to temper the impact of
volatile oil prices. Amid some rebound in oil prices, the company
will carry out a considerable investment plan mostly in Colombia,
and S&P expects GPRK's production to reach more than 28,000
barrels of oil equivalent per day (boepd) on average in 2017.

GPRK announced that it intends to offer senior secured notes. At
the same time, GPLAC announced a cash tender offer to purchase any
and all of its outstanding 7.50% senior secured notes due 2020.
The offer is subject to GPLAC receiving a capital contribution
from the proceeds from GPRK's new notes issuance sufficient to
purchase all of the notes validly tendered. S&P expects GPLAC's
debt refinancing to extend its debt maturity profile while
maintaining the reported leverage metric at 2.0x-3.0x.



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C O L O M B I A
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COLOMBIA TELECOMUNICACIONES: S&P Hikes CCR to BB+, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its corporate credit and issue-level
ratings on Colombia Telecomunicaciones S.A. E.S.P. (Coltel) to
'BB+' from 'BB'. S&P said, "We also raised our issue-level rating
on the company's hybrid capital securities to 'B+' from 'B'. At
the same time, we removed these ratings from CreditWatch, where we
placed them with negative implications on Aug. 2, 2017. The
outlook on the corporate credit rating is stable."

The upgrade follows the recent announcement from Coltel's
shareholders, Telefonica S.A. and the Colombian government, of a
capital injection of about COP6.45 trillion ($2.2 billion).
Telefonica will contribute about $1.48 billion while the
government will assume the remainder, according to their 67.5% and
32.5% ownership stakes, respectively.

S&P said, "The stable outlook reflects our expectation that the
recent capitalization will allow the company to increase its
capital expenditures in order to improve its business position in
Colombia's highly competitive telecommunications industry. We also
expect that this will enable Coltel to maintain its debt to EBITDA
and funds from operations (FFO) to debt below 3.0x and around 25%,
respectively, for the next 12 months.

"We are removing the ratings from CreditWatch with negative
implications as our concerns over the arbitration award's impact
on the company's short-term liquidity position have been resolved.
We did not expect that the company would have been able to comply
with the sanction on its own. In addition, the recent
capitalization covered Coltel's Parapat outstanding liabilities,
which we initially expected to be resolved at the end of 2017--we
view this as a transformational event for the company; hence our
upgrade."


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C O S T A   R I C A
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BANCO INTERNACIONAL: S&P Affirms 'BB-/B' Issuer Credit Ratings
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long- and 'B' short-term
issuer credit ratings (ICR) on Banco Internacional de Costa Rica
S.A. (BICSA). The outlook remains negative.

S&P said, "Our ratings on BICSA remained constrained by the
sovereign ratings on Costa Rica (BB-/Negative/B). Although the
bank has passed our stress scenario of a hypothetical default of
Costa Rica, the ratings still reflect our expectation that the
government could restrict the bank's financial flexibility if the
sovereign faces fiscal or external stress. We believe that this is
the case with Costa Rica, because it faces a high fiscal deficit
and its external profile has deteriorated recently. In the past,
the bank faced political conflicts between its two shareholders
that affected the board's composition, resulting in a deteriorated
bank performance due to decreased business growth and operating
performance.

"Our ICR on BICSA also reflects our view that its business
position demonstrates stable revenue and sticky clients even in
stress situations. The ICR also consider our projected risk-
adjusted capital (RAC) ratio of around 8.0% for the next 18-24
months, as well as BICSA's conservative underwriting standards and
its asset quality metrics, which we consider manageable and in
line with its peers. The bank's funding structure reflects its
concentrated customer deposit base and its limited funding sources
compared to its stable funding needs, which are below its
Panamanian and regional peers. Finally, the bank's liquidity
reflects the significant amount of short-term loans that could
easily be turned into cash if needed. The stand-alone credit
profile remains at 'bb'."


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J A M A I C A
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DIGICEL GROUP: Deploys 200 Workers to Restore Network
-----------------------------------------------------
Trinidad Express reports that as Hurricane Irma continues its
devastating track across the Caribbean and on to Florida, Digicel
Group has mobilized its 200 plus fleet of engineers, technicians
and riggers to undertake the required network restoration work in
the shortest time possible.

As some of the first people to arrive into the affected countries
to activate the recovery work, the Digicel response teams were on
the ground within a couple of hours of the all-clears being given.
Progress by these teams has been swift and work continues around
the clock with everything possible being done, according to
Trinidad Express.

With many of the islands experiencing widespread damage and
devastation, of equal importance is the humanitarian response;
Digicel is working closely with Governments of the region and the
disaster response agencies to establish the pressing needs are so
that it can activate accordingly, the report notes.

Commenting on the Digicel response, Caribbean and Central America
CEO, Vanessa Slowey, said; "The impact of Irma has been
devastating in a number of islands and our hearts go out to the
people of the Caribbean, the report discloses.  The message here
is that we are on the ground, we are working tirelessly and we are
doing everything humanly possible to restore services," the report
relays.

She continues; "Equally, we are committed to helping the islands
to recover and rebuild in the aftermath of these hurricanes. As we
continue to manage the impact of Irma and anticipate the passage
of Hurricane Jose swiftly behind it, we would like to assure the
people of these islands that we stand with them now -- and into
the future," 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.


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M E X I C O
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BAJA CALIFORNIA: Moody's Lowers Issuer Rating to Ba3; Outlook Neg.
------------------------------------------------------------------
Moody's de Mexico downgraded the State of Baja California ratings
to Ba3/A3.mx from Ba2/A2.mx. The ratings outlook remains negative.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO Ba3/A3.mx from Ba2/A2.mx

The downgrade of Baja California's issuer ratings reflects the
continuation of debt accumulation and increasing current
liabilities by the state, combined with a deterioration in
liquidity metrics. Although the state has successfully increased
revenue and reduced expenditure growth from previous levels, it
continues to record consolidated deficits and material cash
requirements.

During 2016, Baja California posted a cash financing deficit of
5.9% of total revenues, compared to the average of 5.3% registered
during 2012-2015. Moody's expects the state will continue posting
cash financing deficits at around 4.9% of total revenues during
2017. The cash financing deficits mainly reflect pressure stemming
from education related expenses and extraordinary transfers to the
state's enterprises such as water companies and its pension system
(ISSSTECALI). Total transfers to ISSSTECALI were equivalent to
5.5% of total revenues during 2016 and Moody's estimates that in
2017 Baja California will continue similar levels of support to
ISSSTECALI given its high unfunded pension liabilities (208% of
total revenues compared to the Mexican states median of 100%) and
its low reserve levels.

Furthermore, Baja California has increased its short and long debt
to finance the cash financing deficits. The state's public debt
increased to 28.5% of revenue from 19.5% between 2012 and 2016.
Although the debt burden is still considered manageable, the debt
structure represents the main challenge as short term debt has
increased during the last two years. Short term debt represented
25% of gross debt as of December 2016, compared to 14.8% in 2014.
Moody's expects that the state will continue acquiring debt during
2017, reaching levels of roughly 30% of total revenues and that
short term debt will continue representing 25% of total debt. Per
the Fiscal Discipline Law, the state has to pay off total short
term debt before July 2019. Nevertheless, Moody's expects debt
levels to continue representing 30% of total revenues in 2019 as
the state could refinance short term debt with long term debt or
contract additional short term debt at the end of the year.

Additionally, the state's liquidity measured through net working
capital (current assets less current liabilities) passed to -10.7%
of total expenditures from -3.4% over the same period, while cash
to current liabilities also decreased to 0.2x at the end of 2016
compared to a 0.5x in 2014. The deterioration mainly reflects the
recurrent acquisition of short term debt and an increase of
arrears. Baja California's liquidity position is one of the
weakest compared to the Mexican rated states.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that the state
will continue to face challenges in overcoming its structural
deficit, resulting in cash financing deficits of around 4-5% of
total revenues in 2017 and 2018. This will likely lead to
increased reliance on short-term debt and continued weakening of
liquidity levels.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, a rating upgrade is unlikely. However,
the state's ratings could be stabilized if Baja California
registers a sustainable improvement of cash financing results
leading to a debt stabilization and a considerable improvement of
liquidity metrics. Conversely, high consolidated deficits, joined
by an increase of total debt and/or a further deterioration in
liquidity, will exert downward pressure on the ratings. A
downgrade of Mexico's sovereign bond rating could also exert
downward pressure on the state's ratings.

The principal methodology used in this rating was Regional and
Local Governments published in June 2017.

The period of time covered in the financial information used to
determine Baja California, State of's rating is between January 1,
2012 and December 31, 2016 (source: financial statements of the
State of Baja California).

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.


MEXICO: Shed 650,000 Net Jobs Due to Economic Ties with China
-------------------------------------------------------------
EFE News reports that Mexico lost a total of nearly 650,000 net
jobs over a 20-year period due to its economic relations with
China, although the Latin American region as a whole gained 1.8
million net jobs, the International Labor Organization said.

"The figures range from the country with the highest employment
destruction, which was Mexico, to the country that was the biggest
beneficiary, which was Brazil," the ILO's director for Latin
America and the Caribbean, Jose Manuel Salazar, told EFE.

After presenting the report "China's Impact on the Quantity and
Quality of Employment in Latin America and the Caribbean" in
Mexico City, the ILO representative said Mexican jobs not only
were affected by Chinese exports to its territory but also by
those to the United States (since those goods replaced Mexican
exports to its biggest trading partner), according to EFE News.

According to figures unveiled by the co-author of the report,
Enrique Dussel, Mexico lost 643,263 jobs between 1995 and 2016 due
to its economic relations with the Asian country, the report
notes.

The study analyzed three aspects of the economic relationship:
trade, foreign direct investment and infrastructure projects, the
report relays.

The report notes that trade caused the loss of 665,947 net jobs,
while FDI by China from 2003 to 2016 resulted in the creation of
18,649 jobs and the lone infrastructure project with Chinese
investment created more than 4,000 jobs.

Those numbers contrast with the report's overall conclusions, the
report says.

Between 1990 and 2016, at least 1.8 million net jobs (roughly 4
percent of employment creation in the region for that period) were
created as a result of trade, FDI and infrastructure projects
involving China, the report discloses.

China currently is the region's second-largest trade partner,
although there is a wide technological gap between the products
Latin America exports (heavy on raw materials) and the
manufactured goods such as electronic devices it imports, the
report relays.

The biggest beneficiary of economic relations with China was
Brazil, which gained 1.6 million net jobs between 1997 and 2016,
1.4 million of which were the result of trade, the report adds.


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


COSTA DORADA: Taps Ivonne Olmo Rios as Legal Counsel
----------------------------------------------------
Costa Dorada Apartments Corp. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire legal
counsel.

The Debtor proposes to employ Ivonne Olmo Rios, Esq., to give
legal advice and file a motion requesting voluntary dismissal of
its Chapter 11 case.  The proposed attorney will charge an hourly
fee of $125.

Olmo Rios is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code, according to court filings.

Olmo Rios maintains an office at:

     Ivonne Olmo Rios, Esq.
     P.O. Box 6400
     Cayey, PR 00737
     Tel: (787) 955-7096
     Email: pianomagico@hotmail.com

                 About Costa Dorada Apartments

Costa Dorada Apartments Corp. is based in Isabela, Puerto Rico.
The Debtor filed a Chapter 11 petition (Bankr. D. P.R. Case No.
15-04474) on June 12, 2015.  At the time of the filing, the Debtor
estimated assets and debts to be between $1 million to $10
million.

MRO Attorneys at Law, LLC represents the Debtor as bankruptcy
counsel.

On February 20, 2017, the Debtor filed a disclosure statement,
which explains its Chapter 11 plan of reorganization.


PUERTO RICO: Ambac Cleared of Allegations of Misleading Investors
-----------------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reports that U.S.
District Judge Richard M. Berman has dismissed a putative class
action brought against Ambac Financial Group Inc. on charges it
attempted to cover up the true credit risk and loss exposure to
the billions in Puerto Rico.  According to Law360, Ambac Financial
and its executives were accused of misleading investors about the
company's $2.5 billion Puerto Rican bond portfolio and exposure to
losses.  The Court found no alleged signs of intentional fraud or
concealment, Law360 states.

                       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: GO Group Seeks to Look Into Fiscal Plan Projections
----------------------------------------------------------------
Pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure, the Ad Hoc Group of General Obligation Bondholders (the
"GO Group"), Assured Guaranty Corp. and Assured Guaranty Municipal
Corp. and the Mutual Fund Group on Oct. 4, 2017, at 9:30 a.m. will
seek approval of a motion seeking an examination of documents and
key witnesses concerning the projections in the Fiscal Plan, which
will form the basis of any plan of adjustment, and the
Commonwealth's fiscal health in general.

In March 2017, the Board certified a fiscal plan for the
Commonwealth (as amended, the "Fiscal Plan").  While the Board's
advisors have, at times, relied upon longer-term projections, the
Fiscal Plan covers fiscal years 2017 through 2026 and contains
financial projections and other data for that period.  On its
face, the Fiscal Plan requires financial creditors collectively to
accept a haircut of nearly 80%.

The Movants said they have long have tried to work with the
Oversight Board and the Commonwealth to understand the
Commonwealth's finances.  The Movants say they have sought
documents concerning the projections in the Fiscal Plan but the
Oversight Board and the Commonwealth have steadfastly refused to
provide these facts voluntarily to the Movants or to most other
creditors.

"In the Board's view as expressed repeatedly to all creditors, to
this Court, and most recently to Movants during a conference held
in advance of our filing this Motion, the determination to certify
the Fiscal Plan is insulated by PROMESA not only from our
"second-guessing," but even from this Court's scrutiny. That
facile response misses the point: Movants' purpose in seeking this
discovery is to be able to assess whether any proposed plan of
adjustments"which must be consistent with the Fiscal Plans"is
confirmable.  And the confirmability of a plan of adjustment is
assuredly open to the Court's scrutiny," says Gregory A. Horowitz,
Esq., at Kramer Levin Naftalis & Frankel LLP, counsel to the
Movants.

The Movants, which collectively own or insure more than $15.6
billion of debt issued by Puerto Rico or its instrumentalities,
seek an examination, pursuant to Bankruptcy Rule 2004, of
categories of documents and testimony relating to the support for
the numerous projections in the Fiscal Plan, bases for the Board's
and the Commonwealth's numerous claims that the Commonwealth lacks
funds to pay financial creditors, and documents provided to the
Commonwealth's and the Oversight Board's financial advisors and
other professionals.  It also seeks permission to request
information on similar topics from the Commonwealth's financial
advisors and other professionals without further leave from the
Court.

Counsel to the Ad Hoc Group of General Obligation Bondholders is
represented by attorneys at Paul, Weiss, Rifkind, Wharton &
Garrison, LLP; Jimenez, Graffam & Lausell; and Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP.

Counsel for Assured Guaranty Corp and Assured Guaranty Municipal
Corp. are Casellas Alcover & Burgos P.S.C, and Cadwalader,
Wickersham & Taft LLP.  Counsel to the Mutual Fund Group are
Kramer Levin Naftalis & Frankel LLP and Toro, ColAn, Mullet,
Rivera & Sifre, P.S.C.

A copy of the Rule 2004 Motion is available at:

     http://bankrupt.com/misc/PR_1178_M_2004_GO_Group.pdf

                          *     *     *

Judge Laura Taylor Swain on Aug. 28, 2017 ordered that the
Movants' motion is referred to Magistrate Judge Judith Dein
pursuant to 28 U.S.C. Sec. 636(b).


                       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: NPFGC Says Board Not Giving Basic Financial Info
-------------------------------------------------------------
National Public Finance Guarantee Corporation filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a motion for an
order pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure, authorizing National to take discovery of (i) the
Financial Oversight and Management Board for Puerto Rico, as
representative of the Commonwealth of Puerto Rico; (ii) the
Commonwealth; and (iii) the Puerto Rico Fiscal Agency and
Financial Advisory Authority ("AAFAF") and approving procedures to
take related discovery from other parties.

National, which owns or insures billions of dollars of debt issued
by the Commonwealth or its instrumentalities, seeks from the
Oversight Board, AAFAF, the Commonwealth, and other third parties
basic financial information that is necessary for National and its
advisors to understand the Commonwealth's financial condition and
its fiscal plan, as certified by the Oversight Board on March 13,
2017.  Without more information regarding the assumptions and
methodology underlying the Fiscal Plan, including key financial
information regarding the Debtor's assets and projected revenues
and expenses, National cannot accurately evaluate and react to any
restructuring proposals made by the Debtor, including in
connection with any proposed plan of adjustment, which by law must
be based on the Fiscal Plan.

According to National, counsel for the Oversight Board has
addressed the importance of allowing creditors to understand the
full picture of the Commonwealth's financial condition.  For
example, at a hearing before Judge Dein on Aug. 22, 2017, counsel
for the Oversight Board emphasized the importance of conducting
investigations in a bankruptcy case: "There are always two reasons
for an investigation in bankruptcy, Your Honor: One is to see if
you can find something that will help enlarge the pie for the
benefit of the stakeholders; the other is simply to provide
sunshine. Creditors are suffering losses. They should know why."
Moreover, counsel for the Oversight Board asserted that "the Board
also doesn't have a problem making public other findings because
the sunshine policy is important, and the Board is in a perfect
position to provide that sunshine. . . .  The Board has certainly
been as transparent as possible[.]"

National avers that while transparency is a hallmark of both
democratic government and the bankruptcy process, contrary to the
Oversight Board's assertions, the Commonwealth and its
representatives have inconceivably, repeatedly refused to provide
basic financial information to its creditors.  Indeed, National's
financial advisor, PJT Partners ("PJT"), and its counsel, Weil,
Gotshal & Manges LLP ("Weil") have submitted multiple requests to
the Oversight Board, AAFAF and their respective advisors for
financial information and other diligence that would allow
National to evaluate the financial condition of the Commonwealth
and its instrumentalities, including various fiscal plans and
their implications for stakeholders.  The Oversight Board and
AAFAF, however, have repeatedly ignored such requests and have yet
to produce the majority of the requested information.

National says the need for transparency is obvious.  For example,
at a press conference on August 3, 2017, Governor Rossello stated
that the Commonwealth government had approximately $1.799 billion
cash on hand as of June 30, 2017.

This figure, according to National, is well above the projected
$291 million cash on hand for the June 30, 2017 forecast in the
Fiscal Plan.  The significant discrepancy highlights the need for
transparency into the assumptions underlying the Fiscal Plan as
well as to the Commonwealth's overall financial condition.

There is no reason to further delay the disclosure of this
important information.  Creditors in these Title III Cases must
have this information in order to participate meaningfully in the
process of advancing these Title III Cases.  This Court recognized
this point at the very first hearing in these cases, when the
Court emphasized that "transparency is important in these
proceedings" and expressed hope that the Commonwealth would make
"progress on issues relating to the disclosure of information to
creditors."  To that end, the Court ordered the Oversight Board to
submit a status report (the "Status Report") to keep the Court
apprised of such progress and also the status of settlement
discussions.

National avers that the Status Report filed by the Oversight
Board, however, focused predominantly on the extremely limited
information that the Oversight Board deposited into a data room
shortly before the commencement of the Title III Cases.  The
Oversight Board acknowledged that the Commonwealth received
extensive follow-up diligence requests and exaggerated the
response delivered to creditors by the Oversight Board and AAFAF.
Contrary to the Oversight Board's assertion that it "agreed to
produce a substantial amount of additional data," in large part
they refused to provide more information.  Creditors' repeated
requests for critical information have been left unanswered and
this is evidenced by the various statements filed in response to
the Status Report, all of which express dissatisfaction with the
lack of transparency in these Title III Cases.

Unfortunately, the Oversight Board, AAFAF, and the Commonwealth
have thus far shown little intention of voluntarily conducting the
transparent and cooperative process that all parties, including
creditors, deserve and expect in a proposed restructuring of this
magnitude and importance.  As a result, National now seeks an
order from the Court compelling the Oversight Board, AAFAF, the
Commonwealth, and related third parties to produce this
information.

A full-text copy of the Rule 2004 Motion is available at:

      http://bankrupt.com/misc/PR_1177_M_2004_NPFGC.pdf

Counsel to NPFGC:

         Marcia Goldstein, Esq.
         Salvatore A. Romanello, Esq.
         Kelly DiBlasi, Esq.
         Gabriel A. Morgan, Esq.
         WEIL, GOTSHAL & MANGES LLP
         767 Fifth Avenue
         New York, New York 10153
         Telephone: (212) 310-8000
         Facsimile: (212) 310-8007
         E-mail: marcia.goldstein@weil.com
                 salvatore.romanello@weil.com
                 kelly.diblasi@weil.com
                 gabriel.morgan@weil.com

                - and -

         Eric Perez-Ochoa, Esq.
         Alexandra Casellas-Cabrera, Esq.
         Lourdes Arroyo Portela, Esq.
         ADSUAR MUNIZ GOYCO SEDA & PEREZ-OCHOA, P.S.C.
         208 Ponce de Leon Avenue, Suite 1600
         San Juan, PR 00936
         Telephone: 787.756.9000
         Facsimile: 787.756.9010
         E-mail: epo@amgprlaw.com
                 acasellas@amgprlaw.com
                 larroyo@amgprlaw.com

                          *     *     *

Judge Laura Taylor Swain on Aug. 28, 2017 ordered that National's
Rule 2004 motion is referred to Magistrate Judge Judith Dein
pursuant to 28 U.S.C. Sec. 636(b).

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


CARIBBEAN AIRLINES: Offers Waiver of Re-Booking Fees
----------------------------------------------------
Trinidad Express reports that as a result of having to cancel
several flights due the impact recent hurricanes have had on air
travel in the region, Caribbean Airlines Limited (CAL) has decided
it will allow customers holding confirmed tickets for travel
during the period September 5 to October 31, 2017, and whose
travel plans may have been affected, to rebook without change fees
being applied.

However, the rebooking is subject to the following conditions:

1. Waiver of all fees for tickets rebooked in the same cabin, for
   travel up to October 31, 2017.

2. It is mandatory that customers contact Caribbean Airlines
   before the scheduled date of travel.

3. Full refund of fare paid, for travel up to October 31, 2017.
   The refund must be requested by September 30, 2017.

4. ALL changes MUST be made through Caribbean Airlines Call
   Centers or at Caribbean Airlines Ticket Offices.

These waivers include travel to or from the following airports
only:

-- Miami International, USA
-- Orlando International, USA
-- Fort Lauderdale International, USA
-- V.C. Bird International, Antigua
-- Princess Juliana International, St. Maarten
-- Lynden Pindling International, Nassau, Bahamas

CAL said its decision was based on its deepest concern and empathy
for those affected, the report notes.

                   About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


PETROTRIN: Energy Minister Confident of Firm's Turnaround
---------------------------------------------------------
RJR News reports that Trinidad and Tobago Newsday reports that
Trinidad and Tobago Energy Minister Franklin Khan remained
confident that State oil company Petrotrin, "is fixable."  Khan
expressed his confidence as he defended the company's recently
appointed board of directors.

Speaking with reporters after a function at his ministry's
headquarters at Tower C of the Port of Spain International
Waterfront Centre, Khan said there is no problem with the
ministry's permanent secretary Selwyn Lashley being a member of
the Petrotrin board, according to RJR News.

The report notes that he said Lashley consulted with the Head of
the Public Service as to whether his presence on the board would
constitute a potential conflict of interest.

"From that level, he had no objection to his appointment," the
report quoted Mr. Khan as saying.  Reiterating that the board's
appointment was "a collective Cabinet decision," Mr. Khan said
Cabinet confirmed the note about the Petrotrin board at its
regular weekly meeting at the Diplomatic Centre in St Ann's.

Describing the members of the Petrotrin board as "very competent,"
Mr. Khan said the company needs three things to improve its
current circumstances, the report discloses.

Mr. Khan identified these as: proper skill sets at the managerial
and senior managerial level; the right skill sets in Petrotrin's
core to effect the turnaround and, "serious new capital
injection," the report relays.  Saying these things form part of
the new board's mandate, Mr. Khan reiterated, "The Government does
not intend to handle the day to day operations of Petrotrin."

Mr. Khan said he would speak again with the Oilfield Workers Trade
Union (OWTU) about their concerns with the new board, the report
notes.

However, Mr. Khan said the OWTU is acutely aware that, "the
challenges are extremly grave at Petrotrin," the report discloses.
Noting the union is a key player in the company's turnaround, Khan
was confient that the OWTU would be willing to work with
Petrotrin's board and management, the report relays.

Mr. Khan said it is, "in their own interest that Petrotrin be put
right," the report relays.  Mr. Khan also expressed optimism that
this year's revenues from the energy sector would be higher than
last year's.  He hoped this would be reflected in the 2017/2018
Budget.

Sources said the budget is expected to be presented in Parliament
either in the last week of September or the first week in October,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 28, 2017, Moody's Investors Service downgraded Petroleum Co.
of Trinidad & Tobago corporate family rating and senior unsecured
debt ratings to B1 from Ba3. Simultaneously, Moody's lowered
Petrotrin's Baseline Credit Assessment ("BCA") to caa1 from b3.
The outlook on the ratings is stable. The rating actions are
linked to Moody's April 25, 2017 downgrade of the government of
Trinidad & Tobago bond ratings to Ba1 from Baa3, with a stable
outlook.


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


BANESCO BANCO: Fitch Affirms 'C' Short-Term IDR
-----------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) to 'CC' from 'CCC' and the Viability Ratings (VRs) to 'cc'
from 'ccc' of the following six private sector Venezuelan banks,
following the recent downgrade of the sovereign rating:

-- Banesco, Banco Universal, CA (BBU);
-- Mercantil, C.A. Banco Universal (Mercantil);
-- Banco Occidental de Descuento, Banco Universal C.A. (BOD);
-- Banco del Caribe, C.A. Banco Universal (Bancaribe);
-- Banco Exterior, C.A. Banco Universal (Exterior);
-- Banco Nacional de Credito C.A. (BNC)

The downgrades reflect the weak operating environment and
significant downside risks to their financial profiles,
particularly in terms of capitalization and liquidity that could
accompany a potential sovereign default. No Rating Outlook is
assigned at this rating level.

KEY RATING DRIVERS
IDRS AND VRS

The banks are among the largest private sector universal
commercial banks in the country with a combined market share of
41.9% by assets at June 2017. Their IDRs are driven by their VRs,
or standalone intrinsic financial profiles, and do not take into
account either institutional or state support. High inflation,
which Fitch expects to exceed 600% in 2017, distorts financial
ratios and, in Fitch's view, they are not reliable for the
purposes of comparison with other emerging market peers. While
acknowledging that these banks have withstood the tough operating
environment, Moody's does not expects to rate any bank higher than
the sovereign rating, particularly considering the very weak and
uncertain operating environment.

The banks' low impaired loans, which do not exceed 0.3% of gross
loans at June 2017, are diluted by inflation-led loan growth
(which averaged 139.5% across the banking system in 2016). Capital
levels, which recovered moderately at June 2017 after authorities
allowed for a revaluation of fixed assets at fair market value up
to 100% of Tier 1 capital, remain pressured by high asset growth.
In addition, the banks' continued nominal profitability and
adequate liquidity is attributable to the continued growth of
deposit funding (primarily demand deposits) which earn deeply
negative returns in real terms due to capital controls and FX
rationing. In Fitch's opinion, the banks' financial performance
indicators are vulnerable to significant deterioration in the
event of a forced economic adjustment, while material negative
implications from a potential sovereign default cannot be ruled
out.

RATING SENSITIVITIES
IDRS AND VRS

The banks' IDRs and VRs are constrained by the sovereign and
sensitive to a change in the sovereign's ratings. In addition,
deterioration in the banks' financial performance resulting in
capitalization levels near or below the regulatory minimum could
result in a negative rating action. In addition, while not Fitch's
base case due to capital controls in place, a persistent decline
in deposits would also pressure ratings. There is limited upside
potential in the banks' ratings given current economic trends.

SUPPORT RATING AND SUPPORT RATING FLOOR

The banks' Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's expectation of no support. Despite
these banks' systemic importance, support cannot be relied upon
given Venezuela's weak capacity and lack of a consistent policy on
bank support. In addition, in Fitch's view, government
interference in the banking system and the economy as a whole
negatively influences shareholder support.

The rating actions are:

BBU
Long-term Foreign and Local Currency IDRs downgraded to 'CC' from
'CCC';
Short-term Foreign and Local Currency IDRs affirmed at 'C';
Viability Rating downgraded to 'cc' from 'ccc';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'NF'.

Mercantil
Long-term Foreign and Local Currency IDRs downgraded to 'CC' from
'CCC';
Short-term Foreign and Local Currency IDRs affirmed at 'C';
Viability Rating downgraded to 'cc' from 'ccc';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'NF'.

BOD
Long-term Foreign and Local Currency IDRs downgraded to 'CC' from
'CCC';
Short-term Foreign and Local Currency IDRs affirmed at 'C';
Viability Rating downgraded to 'cc' from 'ccc';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'NF'.

Bancaribe
Long-term Foreign and Local Currency IDRs downgraded to 'CC' from
'CCC';
Short-term Foreign and Local Currency IDRs affirmed at 'C';
Viability Rating downgraded to 'cc' from 'ccc';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'NF'.

Exterior
Long-term Foreign and Local Currency IDRs downgraded to 'CC' from
'CCC';
Short-term Foreign and Local Currency IDRs affirmed at 'C';
Viability Rating downgraded to 'cc' from 'ccc';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'NF'.

BNC
Long-term Foreign and Local Currency IDRs downgraded to 'CC' from
'CCC';
Short-term Foreign and Local Currency IDRs affirmed at 'C';
Viability Rating downgraded to 'cc' from 'ccc';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'NF'.


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


* Governance Remains Key CENTAM Rating Constraint, Fitch Says
-------------------------------------------------------------
Weak governance remains a key structural rating constraint for
Central America and the Dominican Republic, limiting the potential
for upgrades despite positive macroeconomic trends, says Fitch
Ratings. Lower social indicators and per-capita income are
additional structural constraints. Costa Rica, which is rated
higher at 'BB' (Long-Term Foreign Currency Issuer Default Rating),
is the exception notwithstanding the negative pressures from
weakening public finances.

Real economic growth in 2017 is forecast to exceed 4% for the
second consecutive year in Nicaragua (B+), Costa Rica (BB) and the
Dominican Republic (BB-). Guatemala's (BB) real economic growth is
forecast at 3.4%. These growth rates exceeded the Fitch-rated 'B'
and 'BB' rating category medians from 2014 to 2016. El Salvador's
growth lags the region, averaging only 3% over the past three
years. The low price of oil imports has subdued inflation.

Despite the positive macro trends, weak political institutions and
governance in most of these countries have constrained any
potential positive ratings momentum. Four of the five countries
lag the 'BB' rating category median of the 50th percentile for the
World Banks' Governance Indicator - El Salvador, Dominican
Republic, Nicaragua and Guatemala. Only Costa Rica surpasses both
the 'BB' and 'BBB' rating category medians for governance.


* BOND PRICING: For the Week From Sept. 4 to Sept. 8, 2017
-----------------------------------------------------------

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD


Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, 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.


                   * * * End of Transmission * * *