TCRLA_Public/170915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Friday, September 15, 2017, Vol. 18, No. 184


                            Headlines



A R G E N T I N A

EMPRESA DISTRIBUIDORA: S&P Upgrades CCR to 'B-', Outlook Stable
METROGAS SA: S&P Upgrades Global Scale CCR to 'B-', Outlook Stable


B R A Z I L

ANDRADE GUTIERREZ: Fitch Affirms B- Long-Term IDR; Outlook Neg.
COSAN LIMITED: Fitch Rates New US$500MM Global Notes 'BB' (EXP)
KLABIN FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'BB+'
RIO DE JANEIRO: Fitch Affirms C Long-Term Issuer Default Ratings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Failed Electricity System Hobbles Development
DOMINICAN REPUBLIC: Pension Fund 'Running a Huge Risk'


J A M A I C A

JAMAICA: World Bank Executives to Visit Country This Week


M E X I C O

MEXICO: Hurricane Max Nears Country's Pacific Coast


P U E R T O    R I C O

PILGRIM'S PRIDE: Moody's Affirms Ba3 CFR; Outlook Stable
PUERTO RICAN PARADE: Needs Until Sept. 29 to File Chapter 11 Plan


V I R G I N   I S L A N D S

VIRGIN ISLANDS: CARICOM Stunned After 1st-Hand Look at Irma Damage


X X X X X X X X X

PRINCESS JULIANA: Moody's Cuts USD142.6MM Sr. Notes Rating to Ba1


                            - - - - -



=================
A R G E N T I N A
=================


EMPRESA DISTRIBUIDORA: S&P Upgrades CCR to 'B-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its corporate credit and issue-level
ratings on Empresa Distribuidora y Comercializadora Norte S.A.
(Edenor) to 'B-' from 'CCC+'. The outlook is stable.

The rating action follows the improvement in Edenor's capital
structure since the announcement of the Integral Tariff Review
(ITR) on Jan. 31, 2017. The ITR has established a rates mechanism
and an investment plan for the electricity sector for the next
five years. The new regulatory framework eliminates Edenor's
dependence on discretionary disbursements from the government and
improves its cash flow predictability in the short to medium term,
as well as its liquidity and capital structure.


METROGAS SA: S&P Upgrades Global Scale CCR to 'B-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its global scale corporate credit and
issue-level ratings on Metrogas S.A. (Metrogas) to 'B-' from
'CCC+'. The outlook is stable.

The rating action follows the improvement in Metrogas' capital
structure since the Argentinean government announced the Integral
Tariff Review (ITR) in April 2017. The ITR sets a mechanism for
predictable tariffs, a budget for operating expenses, and capital
expenditure (capex) needs for the next five years. The new
regulatory framework eliminates Metrogas' dependence on
discretionary tariff adjustments and improves its cash flow
predictability in the short to medium term, as well as its
liquidity and capital structure.


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


ANDRADE GUTIERREZ: Fitch Affirms B- Long-Term IDR; Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed Andrade Gutierrez Engenharia's (AGE)
Foreign and Local Currency Long-Term Issuer Default Ratings (IDRs)
at 'B-' and its national scale long-term rating at 'BB-(bra)'.
These actions affect approximately USD500 million of issued debt
by Andrade Gutierrez International S.A. (AGI) due 2018, which AGE
unconditionally and irrevocably guarantees. The Corporate Ratings
Outlooks remain Negative. A complete list of ratings follows at
the end of this press release.

The Negative Outlook incorporates several issues the company faces
over the next 12 months mainly related with its strong debt
concentration in the short term linked with AGI's USD500 million
bond due April 30, 2018. In Fitch's view, this payment relies on
the company and/or Andrade Gutierrez (AG) group's ability to sell
assets and/or refinance this material financial obligation. The
company remains challenged to collect relevant past due
receivables, stop operating cash burn, reduce indebtedness and
resume its revenues and cash flow generation. Positively, AGE has
demonstrated recently some capacity to add projects to its backlog
and collect past due receivables, which partially mitigate
concerns over its operating recovery.

AGE's ratings are supported by its scale as one of the largest
contractors in Latin America. The ratings also benefit from the
market value of the AG group investments in Companhia Energetica
de Minas Gerais (Cemig; Foreign and Local Currency IDRs
'B+'/Outlook Negative) and CCR S.A. ('AA(bra)'/Outlook Stable) are
also positive considerations as add to financial flexibility, and
are estimated at around BRL6.4 billion from which an estimated of
BRL3 billion unencumbered.

KEY RATING DRIVERS

Relevant Short-Term Maturity: Fitch's base case scenario considers
that AGE's capacity to fully amortize the USD500 million bonds
maturing in April 2018 depends on its parent support or its
ability to issue new debt. The company strategy also pursues the
sale of assets such as the stake in the Sao Lourenco project and
minority stake in road concessions abroad to mitigate its current
liquidity pressure. However, timing and conditions of potential
sale are yet uncertain. At the same time, AGE faces the challenge
to reduce indebtedness given its lower level of operations as
noted on its total adjusted debt of BRL2.1 billion as of March
2017 and latest 12 month (LTM) EBITDA and cash flow from
operations (CFFO) of only BRL42 million and negative BRL235
million, respectively. At the same time, free cash flow (FCF) was
negative BRL466 million.

Parent Support: The agency estimates the level of support from
Andrade Gutierrez S.A. (AGSA) will be a key issue for AGE's credit
profile. Historically, AGSA has injected cash in AGE when
necessary. There was BRL430 million boost in 2014 and another
capital increase of BRL291.5 million in the first half of 2017.
Fitch observes that the strength of the AGSA's liquid assets
provide a certain financial flexibility. AGSA or other
intermediate holding company could raise debt using unencumbered
shares of its assets as guarantee or even sell those shares in
order to inject cash in AGE. Nevertheless, this is a shareholders'
decision and there is limited time left before the bonds mature.

Challenges to Collect Receivables: AGE remains challenged to
collect past due receivables of estimated BRL500 million. The
company has implemented a series of actions to monetize past-due
account receivables and continue executing halted projects. AGE
has obtained a USD82 million credit line for an airport in Angola
from a pool of banks, which partially mitigates pressures over its
working capital needs. BNDES has recently agreed to disburse USD37
million of past due receivables for a project in Ghana and will
fund the rest worth USD60 million. Nevertheless, the bulk of
receivables remain in Venezuela, which still represents an
important part of the backlog.

New Contracts are Positive: Fitch sees new contracts as accretive
to AGE's credit quality after the challenges that came with the
Lava-Jato scandal. Since June 2016, the company has won almost
BRL4.4 billion in contracts. Most of these contracts are with
private clients, which tend to have a more predictable flow of
payments than public ones. The company is likely to report backlog
stabilization in 2017, albeit at a lower revenue compared to
historical levels. Projects have delayed the debut, which will
affect 2017 results, though will add momentum to the 2018
performance. At the end of March 2017, AGE's backlog was BRL17.9
billion, from BRL18.1 billion at the end of 2016.

DERIVATION SUMMARY

AGE's 'B-' rating is stronger than its local peers Odebrecht
Engenharia e Construcao S.A. [OEC; 'CC' / 'CC(bra)'] and
Construtora Queiroz Galvao S.A. [CQG; 'C(bra)']. Whilst AGE has
signed the leniency agreement and is in process of stabilizing its
backlog, OEC is yet to know how much it will pay in fines in nine
countries in Latin America and is likely to report net consumption
of backlog over the next two years. AGE's credit profile is also
stronger than CQG's, who has formally entered in a debt-
restructuring process with banks.

KEY ASSUMPTIONS

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

-- Backlog of BRL18.2 billion in 2017 and BRL18.9 billion in
    2018, from BRL18.1 billion in 2016;
-- Revenues of BRL2.2 billion in 2017 and BRL3.6 billion in 2018,
    from BRL3.9 billion in 2016;
-- EBITDA of BRL90 million in 2017 and BRL224 million in 2018,
    with margins of 4.0% and 6.3%, respectively. EBITDA and
    margins were BRL180 million and 4.6% in 2016;
-- Capex of 1.5% of sales in 2017 and 2018;
-- Dividends of BRL96 million in 2017 and BRL98 million in 2018,
    enough to cover the fines that are booked at an intermediate
    holding level.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that AGE would be considered a going
concern (GC) in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim.

Going-Concern Approach
-- AGE's going concern EBITDA of BRL202 million is based on the
    average EBITDA of 2017 and 2018, plus dividends from non-
    consolidated assets. The agency chose the average as it
    understands 2017 EBITDA will be temporarily impaired by the
    delay in project launches, and would not reflect the company's
    post-reorganization EBITDA level;
-- Post-organization EBITDA is already materially lower than the
    BRL589 million reported prior to the Lava-Jato scandal.
-- An EV multiple of 5x is used to calculate a post-
    reorganization valuation and reflects a mid-cycle multiple for
    the sector.

Liquidation Value
Fitch excluded the liquidation value (LV) approach because
Brazilian bankruptcy legislation tends to favor the maintenance of
the business in order to preserve direct and indirect job
positions. Moreover, in extreme cases where LV was necessary, the
recovery of the assets has been proved very difficult for
creditors.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- An upgrade is unlikely in the short term. In order to
    stabilize the rating the company needs to address AGI's bond
    maturity in April 2018, as well as progress with the
    monetization of past due receivables and stop the cash burn.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Delays or worst conditions to previously address the payment
    of AGI's USD500 million bonds;
-- Failure to sustain its backlog and improve cash flow
    generation.

LIQUIDITY

Weak Liquidity: Fitch believes AGE's liquidity will continue weak
until it addresses the bond maturity. In March 31, 2017, its
readily available cash of BRL260 million covered 0.7x the short-
term debt of BRL371 million, being the total adjusted debt in the
amount of BRL2.1 billion. At the same time, the company had BRL218
million, which Fitch considered restricted cash. Liquidity will
deteriorate as of the second quarter of 2017, as AGI's USD500
million bond falls in the short term. A pro forma cash coverage
ratio would fall to 0.2x. Some of the restricted cash will be
released over the next 12 months as the company resume the
execution of projects in Angola. In addition, the asset sale
program could provide liquidity to help the company amortize the
bonds.


At the end of March 2017, AGE's leverage metrics were very high
due to its low LTM EBITDA. Total adjusted debt/EBITDA and net
adjusted debt/EBITDA were 21.7x and 19.0x, respectively. Fitch's
base case scenario considers an EBITDA of BRL90 million in 2017
and BRL224 million in 2018, which may lead to a net adjusted
leverage of 3.6x at the end of 2018.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Andrade Gutierrez Engenharia S.A.
-- Long-Term Foreign and Local Currency IDRs at 'B-';
-- National long-term rating at 'BB-(bra)'.

Andrade Gutierrez International S.A.
-- USD500 million senior unsecured bonds due April 2018 at 'B-
    /RR4'.

The Rating Outlook remains Negative.


COSAN LIMITED: Fitch Rates New US$500MM Global Notes 'BB' (EXP)
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB(EXP)' rating to Cosan Limited's
(Cosan Limited) proposed senior unsecured global notes issuance of
US$500 million due 2024. The company will use the proceeds to
repay existing indebtedness of USD230 million and to inject up to
US$270 million into its subsidiary Cosan Logistica S.A's (Cosan
Logistica) capital. Fitch's current Long-Term Foreign and Local
Currency Issuer Default Ratings (IDR) for Cosan Limited are 'BB'
with a Stable Rating Outlook.

KEY RATING DRIVERS

Cosan Limited's ratings reflect its low leverage and robust
liquidity position on a standalone basis, as well as the expected
comfortable debt service coverage through the dividends coming
from its main subsidiary, Cosan S.A Industria e Comercio (Cosan;
Foreign and Local Currency IDRs BB+ and Long-Term National Scale
Rating AA+(bra)). Cosan and its subsidiaries accounted for around
90% of Cosan Limited's consolidated pro forma revenues, 75% of pro
forma EBITDA and 100% of dividends received in the latest-12-
months (LTM) ended June 30 2017. The one-notch difference compared
to Cosan's ratings continues to incorporate the holding company
nature and inherent structural subordination of Cosan Limited's
debt to dividends received from Cosan.

Cosan Limited's credit profile is also supported by a diversified
asset portfolio. The company's investments include operations in
energy generation from biomass, distribution of natural gas, fuel
and lubricants. These businesses enjoy predictable cash flow that
partly softens the inherent volatilities of its sugar and ethanol
business. The company also operates in the logistic industry,
which is not expected to distribute dividends over the next four
years though it presents strong growth potential.

Robust Asset Portfolio

Cosan Limited is a non-operating holding company that carries a
robust and diversified asset portfolio that reduces sector
concentration risks. The company holds a 62% interest in Cosan,
the holding company that is engaged in sugar, ethanol and energy
production, and distribution of natural gas, lubricants and fuel.
Its three main assets and source of dividends are companies with
robust credit quality.

Raizen Combustiveis S.A. (Raizen Combustiveis; Foreign and Local
Currency IDRs BBB, National Scale Rating AAA(bra)) is the second
largest fuel distributor in Brazil, with predictable operational
cash generation. Despite its more volatile results, Raizen Energia
S.A. (Raizen Energia; rated the same as Raizen Combustiveis) is
the largest sugar and ethanol company in Brazil and as such it
benefits from business scale, which somewhat mitigates the
frequent challenging scenario for the sector. Companhia de Gas de
Sao Paulo (Comgas; Foreign Currency IDR BB+, Local Currency IDR
BBB-, National Scale Rating AAA(bra)) is the largest natural gas
distributor in Brazil, with high growth potential and robust
financial profile. The other asset that Cosan invests in is Cosan
Lubrificantes S.A., which adds to business diversification.

All of Cosan's businesses managed to report strong credit profiles
in LTM ended June 2017, despite the challenging macroeconomic
scenario in Brazil. During the LTM ended June 2017, Comgas's
normalized EBITDA was BRL1.6 billion, which positively compares
with BRL1.4 billion reported in 2015. In the same period, Raizen
Combustiveis and Raizen Energia reported consolidated revenues and
EBITDAR of BRL80 billion and BRL6.3 billion, respectively, 7% and
9% higher than previous year.

Cosan Limited also holds 72% interest in Cosan Logistica, which
owns 28% of Rumo (Foreign and Local Currency IDRs BB-, National
Scale Rating A(bra)). While still highly levered, Fitch expects
Rumo to embark on a fast deleverage trend following the company's
ongoing gains of scale, improving operating profitability and the
planned capital injection. Fitch does not expect Rumo to pay
dividends over the next four years due to the massive capex
necessary to improve operations. The presence of Rumo contributes
to broader business diversification and helps the group to further
lessen the cash flow volatility derived from the sugar and ethanol
business.

Still Low Leverage at Holding Level

Fitch forecasts a pro forma leverage ratio of net debt-to-
dividends received at 2x for Cosan Limited assuming the bonds
issuance will amount to USD500 million. As of June 30 2017, this
ratio was 0.6x as per Fitch's calculations, in line with 0.8x as
of Dec. 31, 2016. The one-notch difference from Cosan's
incorporates the structural subordination of Cosan Limited's debt.
Its main dividends provider, Cosan, receives dividends from Raizen
Energia, Raizen Combustiveis and Comgas and must serve or manage
its own debt before paying dividends to its shareholders.

On a consolidated basis, Cosan Limited's leverage is also adequate
for the rating category even with the consolidation of Rumo. The
net adjusted debt-to-EBITDAR was at 2.8x when dividends received
from non-consolidated subsidiaries are factored into EBITDAR
figures. Fitch expects the logistics division to slow down the
deleveraging process of the group, and for Cosan Limited's
consolidated net debt-to-EBITDAR plus dividends received to stay
at current levels in 2017 and 2018.

DERIVATION SUMMARY

Cosan Limited's business portfolio compares similarly with
Votorantim S.A's (VSA, IDR BBB-/Negative) in terms of industry
diversification, though VSA's subsidiaries hold a clearer
competitive global position due to strong market positions and
cost structures that are among the lowest in their respective
industries. VSA's portfolio of assets includes subsidiaries
operating in cement, zinc & by-products, orange juice and pulp
(29.4% stake in Fibria S.A.). VSA's cement business remains a drag
on credit quality for the Group due to a weak Brazilian economy,
but its liquidity is stronger than Cosan Limited's and a key
ratings consideration. VSA's cash on hand of BRL10.2 billion
reported for Dec. 31, 2016 was sufficient to support debt
amortization up to mid-2021.

KEY ASSUMPTIONS
-- Increased flow of dividends coming from Comgas, Raizen
    Combustiveis and Raizen Energia to Cosan, over the next two
    years, reaching around BRL1.5 billion per year.
-- Cosan Logistica not to pay meaningful dividends over the next
    four years.
-- No additional investments coming from Cosan Limited.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Expectation of debt service coverage ratio at Cosan Limited
    level below 0.5x when the debt matures in 2018, based on
    reduced dividends to be received and no success in the
    proposed Global Notes issuance;
-- Cosan Limited entrance in new investments financed by debt;
    and
-- Deterioration of the credit profile of either Cosan or Cosan
    Logistica.

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- Improvement of the credit profile of either Cosan or Cosan
    Logistica;
-- Expectation of stronger than anticipated debt service coverage
    ratio at Cosan Limited based on more robust dividends
received.

LIQUIDITY

Fitch expects Cosan Limited's liquidity profile to improve
following the proposed issuance of USD500 million in Global Notes
due 2024, as the company will use USD230 million to prepay
existing indebtedness maturing in December 2018. Cosan Limited's
total debt consists of only this bank debt taken on to finance the
acquisition of Cosan Logistica's shares.

Cosan Limited posted healthy debt service coverage ratios on a
standalone basis as of June 30, 2017, with cash plus dividends
received-to-short-term debt ratio at 103x. At the same date, the
company reported a cash position of BRL336 million and total debt
of BRL678 million, of which short-term debt was BRL9 million.
Dividends received amounted to BRL598 million in the LTM ended
June 30, 2017.

The group's strong financial flexibility relative to its access to
the debt and capital markets, in combination with dividends
received from Comgas, Raizen Energia and Raizen Combustiveis,
ensures strong refinancing capacity for Cosan Limited. Fitch
believes Cosan Limited also has the flexibility to reduce the
payouts to its shareholders if necessary.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following rating to Cosan Limited:

-- USD500 million proposed senior unsecured Global Notes due
    2024 at 'BB'.

Fitch currently rates Cosan Limited as follows:

-- Long-Term Foreign and Local Currency IDRs 'BB'.

The Rating Outlook is Stable.


KLABIN FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to Klabin
Finance S.A.'s proposed senior unsecured notes for $500 million
due 2027. S&P said, "We assigned a '3' recovery rating on these
notes, indicating our expectation for meaningful (65%) recovery in
a hypothetical default scenario. Klabin Finance S.A. is the
financing vehicle of Brazilian forest products company Klabin S.A.
(BB+/Stable/--), which unconditionally and irrevocably guarantees
the notes. Klabin will use the proceeds to finance and refinance
eligible green projects. We expect the company to use most of the
proceeds for refinancing purposes. Therefore, the proceeds won't
significantly affect net leverage, given that the company
continues to pay more expensive debt, and will strengthen Klabin's
capital structure by extending maturities." For the latest credit
rationale on Klabin, please see "Klabin S.A. 'BB+'/'brAA' Ratings
Affirmed On Expected Deleveraging; Outlook Remains Stable,"
published on June 26, 2017.

Recovery Analysis

Key analytical factors

-- The issue-level rating on Klabin Finance's senior unsecured
    notes is 'BB+'.

-- The '3' recovery rating indicates that we expect a recovery of
    about 65% for unsecured lenders under a hypothetical default
    scenario.

-- In S&P's default scenario, EBITDA would decline by
    about 35%.

-- S&P has valued the company on a going-concern basis, using a
    5.0x multiple applied to our projected emergence-level EBITDA,
    which results in an estimated gross emergence value  of about
    R$13.8 billion.

-- S&P's recovery analysis assumes that under a hypothetical
    default scenario, the senior unsecured notes would rank pari
    passu to the company's existing and future senior unsecured
    debt, which is also subject to statutory priorities as tax and
    labor obligations.

Simulated default assumptions

-- Simulated year of default: 2022
-- EBITDA at emergence: R$1.7 billion
-- Implied enterprise value (EV) multiple: 5.0x
-- Estimated gross EV at emergence: R$13.8 billion

Simplified waterfall

-- Net EV after 5% administrative costs: R$13.1 billion
-- Priority claims: R$870 million
-- Senior secured debt: R$3.2 billion
-- Unsecured debt: R$13.7 billion
-- Recovery expectation: 65%

RATINGS LIST

  Klabin S.A.
   Corporate Credit Rating
    Global Scale              BB+/Stable/--
    Brazil National Scale     brAAA/Stable/--


  Ratings Assigned

  Klabin Finance S.A.
    Senior Unsecured          BB+
     Recovery Rating          3 (65%)


RIO DE JANEIRO: Fitch Affirms C Long-Term Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the Brazilian state of Rio de Janeiro's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'C'. In addition, Fitch has also affirmed the national rating
at 'C(bra)'.

KEY RATING DRIVERS

The rating affirmation indicates that the state of Rio de Janeiro
(ERio) still suffers from exceptionally high levels of credit
risk, despite the recent fiscal recovery agreement with the
Federal Government. The state has had recurrent financial
pressures that prevent the timely payment of financial obligations
also with private creditors.

ERio has recently signed a fiscal recovery agreement with the
Federal Government. Upon the signature, the state must adopt
several corrective measures so as to receive authorization to
raise BRL3.5 billion worth of credit operations with private
creditors fully guaranteed by the Federal Government. Credit
proceeds are likely to be channelled to pay delayed salaries.
Additionally, ERio will be able to postpone debt service related
to the prevalent federal portion until 2020.

Fitch recognizes that to date no financial obligations have
experienced a default, because the National Treasury of Brazil has
covered ERio's debt service during the grace period as per each
individual loan contract. Following the non-payment, the Treasury
is able to access the collateral agreed upon in each individual
contract with ERio such as the collection of proprietary taxes, in
addition to other federal transfers.

As corrective fiscal measures, Erio should resume the previously
proposed closing some departments (secretarias), putting
government enterprises up for sale, withdrawing fiscal incentives
granted to private companies, laying off public employees and
increasing contributions to the pension system.

According to Fitch's calculation, its operating margins are
negative at 19.6% in 2016, and should remain negative until 2019,
one reason why the administration had to resort to nonrecurring
revenues to partially cover operating expenditures. The liquidity
position of the State of Rio de Janeiro has mildly improved
recently but is still incompatible with its short-term
obligations. As of April 2017, gross cash positions improved to
BRL5.6 billion from BRL4.4 billion in December 2016.
Fitch conducted its analysis of the state solely based on public
information available. As a result, Fitch has not had access to
fiscal forecasts and fiscal initiatives; state's strategies to
manage debt and the potential financial relief for the state upon
the fiscal recovery agreement signed with the Federal Government.

RATING SENSITIVITIES

Guaranteed Debt: Fitch does not expect ERio to enter into default,
since virtually all debt is guaranteed by the Federal Government.
The small amount of unsecured debt is against Federal Institutions
and could be renegotiated under more favorable conditions.

Recovery in Financial Performance: Once ERio's fiscal and
financial performance recovers and it is able to honor its
committed financial obligations in due time with no external aid,
then Fitch will revise its ratings.


KEY ASSUMPTIONS
The ratings are sensitive to:

-- The high level of sovereign support for ERio, given that the
    state's most relevant creditor is the Federal Government who
    also guarantees all external debt and most domestic debt.

Fitch has affirmed the following ratings:

State of Rio de Janeiro:
-- Long-Term Foreign Currency IDR at 'C';
-- Short-Term Foreign Currency IDR at 'C';
-- Long-Term Local Currency IDR at 'C';
-- Short-Term Local Currency IDR at 'C';
-- Long-Term National at 'C(bra)';
-- Short-Term National rating at 'C(bra)'.



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


DOMINICAN REPUBLIC: Failed Electricity System Hobbles Development
-----------------------------------------------------------------
Dominican Today reports that the Dominican Republic will never be
able to surmount the underdevelopment gap if it fails to achieve a
sustainable and competitive electrical system.

That's how Dominican Republic Industry Association (AIRD)
president Campos De Moya sees the decades-long crisis, according
to Dominican Today.

The report notes that Mr. De Moya said he expects the Electricity
Pact will be signed in the next few days and.  "It's the first
step towards a comprehensive solution to the problem of electric
energy, which has had serious implications in the nation's social
and economic life," the report quoted Mr. De Moya as saying.

"A key element of the competitiveness of our national productive
sector is a reliable, competitive and financially sustainable
national electricity service," Mr. De Moya said, quoted by
diariolibre.com, the report relays.

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

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

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



DOMINICAN REPUBLIC: Pension Fund 'Running a Huge Risk'
------------------------------------------------------
"Pension fund running a huge risk in the Dominican Republic,"
former National Business Council (CONEP), president Rafael Blanco
warned, noting that the danger lies in the fact that the sum is
expressed only in Dominican pesos, according to Dominican Today.

"Any devaluation of the peso will depress the volume of the fund.
The fund must be invested in real resources and resources that
maintain their value regardless of whether the currency is
devalued or not," said Mr. Blanco, whose holdings include hotels,
the report notes.

Mr. Blanco said the Dominican pension system needs a revamp aimed
at increasing quotas, increasing the retirement age and
diversifying investments to increase profitability, notes the
report.  "Undoubtedly, without a bigger contribution the size of
the pensions that we who are contributing will receive, will not
have the necessary volume to cover living needs," he added.

                              Wage Increase

To increase the percentage of contributions, as proposed by the
Pensions Superintendence (SIPEN), wages would need to increase,
said Blanco Canto, the report notes.

"We agree 100 percent that there must be a significant wage
increase here. But the only way to achieve it is that we once and
for all dismantle the issue of the severance pay, which is an
onerous burden that is doubled with the contributions that
companies make to Social Security," Mr. Blanco, as quoted by
listin.com.do, said.

He said if there's a 30% increase in wages, pensions would improve
at the same rate, the report says.

As for the retirement age, the business leader said raising the
age from 60 to 65 could increase the volume of the pension amount
as much as 40%, the report relays.

"A 60-year-old is still a child to retire," Mr. Blanco said during
the presentation of the economic development program "Honduras
2020," the report adds.

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

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

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


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


JAMAICA: World Bank Executives to Visit Country This Week
---------------------------------------------------------
RJR News reports that eleven members of the World Bank Group Board
of Executive Directors will visit Jamaica this week.

The members of the delegation, who are scheduled to arrive between
Sept. 14 and Saturday, Sept. 16 will discuss Jamaica's development
priorities, emerging opportunities and challenges, according to
RJR News.

They will also examine the World Bank Group's support of the
country's efforts to reduce poverty and enhance prosperity, the
report notes.

The World Bank officials will meet with the Prime Minister,
Finance Minister as well as other members of the Cabinet; key
representatives from the private sector, civil society and female
entrepreneurs, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings affirmed Jamaica's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Jamaica's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is
affirmed at 'B' and the Short-Term Foreign Currency and Local
Currency IDRs at 'B'.


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


MEXICO: Hurricane Max Nears Country's Pacific Coast
---------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Max
strengthened into a hurricane as it approached Mexico's Pacific
coast state of Guerrero, threatening to bring torrential rain and
flooding to the area.

The storm was located about 55 miles from the resort of Acapulco,
with maximum sustained winds near 75 miles an hour around 8 a.m.
ET, the U.S. National Hurricane Center said, according to The Wall
Street Journal.

The Mexican government issued a hurricane warning for the length
of Guerrero state, from the resort of Zihuatanejo to Punta
Maldonado, the report notes.  The storm is expected to weaken
after it hits land later, the hurricane center said, the report
relays.

The main impact of Max is expected in Guerrero state, although
heavy rainfall is also expected in Michoacan, Colima and parts of
Oaxaca, the Mexican Meteorological Service said, notes the report.

The storm comes as Mexico continues recovery work in the southern
states of Oaxaca and Chiapas, where an 8.1 magnitude earthquake
struck, the report discloses.  It was the strongest quake in
decades, leaving more than 90 people dead and damaging hundreds of
houses, schools and churches, the report relays.  The states have
largely indigenous populations and are among Mexico's poorest, the
report notes.

Mexican President Enrique Pena Nieto, in a visit to the region,
said around 1.2 million people had been affected by the
earthquake, which the Mexican seismological service measured at
magnitude 8.2, the report relays.

The government said a damage assessment is well advanced, and that
reconstruction work is expected to start soon, says the report.

Hours after the quake rocked southern and central Mexico,
Hurricane Katia made landfall in the Gulf Coast state of Veracruz,
leaving two people dead in the state capital Xalapa, the report
adds.


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


PILGRIM'S PRIDE: Moody's Affirms Ba3 CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has affirmed Pilgrim's Pride
Corporation's Ba3 Corporate Family Rating, Ba3-PD Probability of
Default Rating, and SGL-1 Speculative Grade Liquidity Rating. This
follows the company's announcement that it has acquired UK-based
poultry company Moy Park for approximately $1.3 billion. Moody's
rating action is subject to review of final financing
arrangements.  The ratings outlook is stable.

In addition, to reflect anticipated changes to Pilgrim's capital
structure, Moody's has upgraded the company's senior secured debt
instrument ratings to Ba2 from Ba3 and its senior unsecured debt
instrument ratings to B1 from B2.

On September 11, 2017, Pilgrim's Pride announced that it had
acquired Moy Park (B1, stable), a leading poultry and prepared
foods supplier with operations in the United Kingdom and
Continental Europe for $1.3 billion. Moy Park is a wholly-owned
subsidiary of JBS S.A., which also controls Pilgrims with a 78.5%
equity stake. The related party acquisition was funded through an
$800 million subordinated unsecured seller note, existing $420
million 6.25% senior unsecured notes due 2021 at Moy Park, and
approximately $80 million of cash balances. The Moy Park
noteholders are protected by a 101% change of control put option
that based on recent market prices is not likely to be exercised.
Thus, the Moy Park 6.25% notes (rated B1) , may remain in place.
However, Moody's expects that Pilgrims will soon replace the $800
million seller note through the issuance of new multi-year senior
unsecured notes.

"This modest-size bolt-on transaction has strong merits for
Pilgrim's, including improved diversity of sales, supply chain,
products and customers," commented Brian Weddington, a Moody's
Senior Credit Officer. Although mostly debt financed, the
transaction's resulting leverage is modest. Pro forma debt/EBITDA
is approximately 2.1x, excluding approximately $50 million of
planned cost synergies.

The acquisition of Moy Park was negotiated and approved on behalf
of Pilgrim's by a special committee comprised of three independent
members of Pilgrim's Board of Directors.

"Transactions with related parties are always subject to more
process scrutiny; however, it appears that the Pilgrims has taken
adequate measures to address these concerns," added Weddington.

RATINGS RATIONALE

Pilgrim's Ba3 Corporate Family Rating is supported by the
company's leading position as one of the world's largest chicken
processors, low financial leverage, and solid operating
performance driven by a disciplined operating strategy focused on
improving profit margin and earnings stability. These strengths
are balanced against the company's narrow focus in the cyclical
chicken processing industry, which is characterized by volatile
earnings and narrow profit margins. The rating also reflects the
company's appetite for potentially large leveraged acquisitions;
although overall, the company has demonstrated discipline about
deal price and value.

Moody's evaluates Pilgrim's credit profile on a standalone basis.
Thus, the ratings are not directly affected by the ongoing legal
and governance challenges currently facing owners of its
indirectly controlling parent JBS S.A. (B2, review for downgrade).
However, if developments at JBS related entities begin to
negatively affect Pilgrims, a downgrade could occur.

Pilgrim's Pride Corporation:

Moody's has affirmed the following ratings:

  Corporate Family Rating at Ba3;

  Probability of Default Rating at Ba3-PD.

  Speculative Grade Liquidity rating at SGL-1;

Moody's has upgraded the following ratings:

  $750 million senior secured revolving credit facility expiring
May 6, 2022 to Ba2(LGD 2) from Ba3(LGD 3);

  $800 million senior secured term loan due May 6, 2022 to Ba2(LGD
2) from Ba3(LGD 3);

  $500 million senior unsecured notes due March 2025 to B1(LGD 5)
from B2(LGD 5).

The ratings outlook is stable.

The revision to the senior secured and senior unsecured debt
instrument ratings reflect Moody's anticipation that changes to
Pilgrim's capital structure will result in a lower proportion of
secured debt -- to 1/3 from about 1/2 previously. As a result, the
senior secured debt instrument ratings are now rated one notch
higher than the Ba3 Corporate Family Rating and the senior
unsecured debt instrument ratings are one notch lower.

Pilgrim's ratings are constrained by the company's single-protein
concentration. However, the company's ratings could be upgraded if
the company continues to enhance earnings stability through
improvements to business and product mix. Quantitatively,
Pilgrim's ratings could be upgraded if the company maintains at
least 6% operating profit margin, positive free cash flow,
sustains debt to EBITDA below 2.0x, and liquidity (cash and backup
availability) of at least $1 billion.

Conversely, Pilgrim's ratings could be downgraded in the event of
a major leveraged acquisition or share buyback, deteriorating
industry fundamentals that lead to prolonged negative free cash
flow, or deteriorating liquidity. The ratings could also be
downgraded if legal, governance or other challenges at related
entities, including JBS S.A. negatively affect the risk profile of
Pilgrim's.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in June 2017.

Corporate Profile

Headquartered in Greeley, Colorado, Pilgrim's Pride Corporation
(NASDAQ: PPC) is the second largest chicken producer in the world,
with operations in the United States, Mexico and Puerto Rico. The
company produces, processes, markets and distributes fresh, frozen
and value-added chicken products to foodservice customers,
distributors and retail operators worldwide.

For the twelve months ended June 25, 2017, Pilgrim's revenues
approximated $8.2 billion. Pilgrim's Pride is controlled by Sao
Paulo, Brazil based JBS, S.A. (B2, ratings under review for
downgrade), and the largest processor of protein in the world,
through an indirect 78.5% equity ownership stake.

Headquartered in Craigavon, Northern Ireland, Moy Park is a
leading player in the UK poultry processing market, with a
significant degree of vertical integration in the breeding and
rearing chain.  Its activities also include processing of other
meat and food products, and its operations extend beyond the UK to
continental Europe. It operates thirteen production facilities
with a capacity of 280 million birds annually with a workforce in
excess of 12,000 full-time equivalent employees. Customers include
large supermarket chains as well as fast food retailers. For the
last twelve months ended June 2017, the company reported revenue
and EBITDA of $2 billion and $135 million, respectively.


PUERTO RICAN PARADE: Needs Until Sept. 29 to File Chapter 11 Plan
-----------------------------------------------------------------
Puerto Rican Parade Committee of Chicago, Inc., filed a second
motion asking the U.S. Bankruptcy Court for the Northern District
of Illinois to extend their exclusive period for filing a chapter
11 plan and obtaining acceptances of such plan for an additional
21 days, through and including Sept. 29, 2017.

The Debtor asserts that the new requested date is well within the
time limitations set by 11 USC 1121(d).

The main issue of this case is the real estate commonly known as
1235, 1237 and 1241 North California, Chicago, Illinois. 1237 is a
commercial building and the other two properties are parking lots.
The Debtor since the filing of this case has been discussing and
planning regarding sale of the building and parking lots. However,
the value of their properties combined is believed to be
substantially less than the amount due of the mortgage by about
$300,000. This would make a sale likely not likely.

The Debtor ordered an appraisal in order to confirm this valuation
which was just received. The Debtor is also finishing operating
reports and expects all reports to be filed by the time this
Motion is presented.

             About Puerto Rican Parade Committee

Puerto Rican Parade Committee of Chicago, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
17-03480) on Feb. 6, 2017.  The petition was signed by Angel
Medina, president.  The case is assigned to Judge Carol A. Doyle.

At the time of the filing, the Debtor estimated assets of less
than $1 million.

Paul M. Bach, Esq., and Penelope N. Bach, Esq., at the Bach Law
Offices, serve as the Debtor's bankruptcy counsel.


===========================
V I R G I N   I S L A N D S
===========================


VIRGIN ISLANDS: CARICOM Stunned After 1st-Hand Look at Irma Damage
------------------------------------------------------------------
Caribbean360.com reports that Caribbean community (CARICOM)
Chairman, Grenadian Prime Minister Dr. Keith Mitchell has declared
that the regional grouping will undertake a major initiative to
support the reconstruction efforts in the islands battered by
Hurricane Irma.

The commitment came after Dr. Mitchell and CARICOM Secretary
General Ambassador Irwin LaRocque joined a team from the Caribbean
Disaster Emergency Management Agency (CDEMA) to get a first-hand
look at the havoc wreaked by the ferocious Category 5 system on
Anguilla and the British Virgin Islands, according to
Caribbean360.com.

Stunned by the devastation he witnessed, Ambassador LaRocque
endorsed the labelling of Irma as a "nuclear hurricane," the
report notes.

"When it shook Tortola [in the BVI] as a Category 5 and you have
heard it being described as a nuclear hurricane, I now understand
what they meant . . . . The damage is just overwhelming," the
Dominican-born diplomat said, the report relays.

"One can shore up building codes as much as possible -- and there
is always room for improvement . . . but with a storm of that
ferocity, that intensity and as large as it was . . . the only
thing that one could do is pray," Mr. LaRocque told online
newspaper Barbados TODAY, the report notes.



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


PRINCESS JULIANA: Moody's Cuts USD142.6MM Sr. Notes Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa2 the rating
of the USD142.6 million (approximate original issuance amount)
Senior Secured Notes issued by Princess Juliana International
Airport Operating Company N.V. ("PJIA") due in 2027. The rating is
under review for further downgrade.

Issuer: Princess Juliana Intl Airport Op Company N.V.

Downgrades:

-- Senior Secured Regular Bond/Debenture due 2027, Downgraded to
    Ba1 from Baa2; Placed Under Review for further Downgrade

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The rating downgrade reflects Moody's lowering of PJIA's Baseline
Credit Assessment, a measure of the airport's standalone credit
quality, to ba2 from baa3. The rating continues to incorporate
PJIA's status as a Government Related Issuer with Moody's
assessment of "High" default dependence and "Strong" likelihood of
extraordinary support from the Government of St. Maarten (Baa2
stable), the sole owner of PJIA.

Moody's anticipates a profound distortion to St. Maarten's economy
and PJIA's commercial activity from Hurricane Irma over the next
18-24 months. Throughout the review period, Moody's will assess
the implications of initial reconstruction efforts on PJIA's
commercial operations. Moody's will also review any potential
measure of extraordinary support from the Government of St.
Maarten.

Over the next 18 months, Moody's anticipates that PJIA will have
enough liquidity to meet debt service payments, considering cash
available and a six-month debt service reserve fund (approximately
USD$7 million) in the Note's structure. In addition, Moody's
acknowledges that, as of end of August 2017, PJIA had USD$ 10
million available in unexpended Note proceeds. Moody's also notes
that PJIA's infrastructure is protected by insurance coverage of
approximately $193 million.

WHAT COULD CHANGE THE RATING UP/DOWN

A rating upgrade in the near term is unlikely. Evidence of support
from the government of St. Maarten and/or the sustained resumption
of PJIA's commercial operations could lead to the stabilization of
the rating. A further downgrade would result from reduced
willingness or capacity from the Government of St. Maarten to
support PJIA.

The principal methodology used in this rating was Privately
Managed Airports and Related Issuers published in December 2014.
Other methodologies used include the Government-Related Issuers
methodology published in August 2017.


                            ***********


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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