TCRLA_Public/170925.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 25, 2017, Vol. 18, No. 190


                            Headlines



B R A Z I L

GENERAL SHOPPING: Fitch Affirms 'CC' Long-Term IDR
OURO VERDE: Fitch Retains BB- Long-Term IDR on Negative Watch


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Affirms BB- Long-Term IDR; Outlook Stable
EMPRESA GENERADORA: Fitch Affirms BB- Long-Term IDR


M E X I C O

CYDSA SAB.: Fitch Rates Proposed Sr. Unsecured Notes BB+
CYDSA SAB: S&P Rates $370MM Senior Unsecured Notes Rated 'BB'
CYRELA COMMERCIAL: Fitch Affirms & Withdraws BB- IDR
DOCUFORMAS SAPI: S&P Rates Proposed Senior Unsecured Notes 'B+'
OFFSHORE DRILLING: S&P Downgrades CCR and Debt Rating to 'CCC-'


P U E R T O    R I C O

CAPARRA HILLS: Fitch Puts B+ IDR on Rating Watch Negative


V E N E Z U E L A

DOCUFORMAS SAPI: Fitch Rates New US$175MM Sr. Notes B+


X X X X X X X X X

* BOND PRICING: For the Week From Sept. 18 to Sept. 22, 2017


                            - - - - -


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B R A Z I L
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GENERAL SHOPPING: Fitch Affirms 'CC' Long-Term IDR
--------------------------------------------------
Fitch Ratings has affirmed General Shopping Brasil SA's (GSB)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'CC' and its National Scale rating at 'CC (bra)'.

KEY RATING DRIVERS

Unclear Strategy on Capital Structure: Despite the company's
efforts to reduce its financial leverage during 2015-2016, GSB's
capital structure remains weak due to limited capacity to service
its debt. During 2015-2016, GSB launched a debt exchange offer for
its perpetual notes, completed an equity injection of around BRL57
million and launched a debt exchange offering for its subordinated
perpetual notes. During this period, GSB decided to defer interest
payments corresponding to its subordinated perpetual notes and
executed several asset sales, resulting in net proceeds of
approximately BRL70 million.

High Leverage: Fitch continues to see GSB's financial leverage as
high and capacity to service its debt as limited. The company's
total debt is BRL1.8 billion as of June 30, 2017. It consists
primarily of BRL645 million in real estate credit bills, BRL141
million in secured loans and financing, BRL551 million in
perpetual notes, BRL489 million in subordinated perpetual notes,
and BRL31 million in new secured notes. When considering the 50%
credit on the subordinated perpetual notes, GSB's net leverage was
9.2x as of June 30, 2017. Fitch's rating case incorporates the
expectation that GSB's net leverage ratio will be about 10.5x
during 2017-2018, and assumes the company will require refinancing
debt due during 2017-2018.

Lower Revenues, Operational Performance Stable: Fitch expects the
company's total revenues to decline at around 9% during 2017
reflecting lower rental and service income as the company
continues to face a challenging business environment. It also
reflects a lower GLA base in 2017 versus 2016 as the company sold
some assets during the period. Despite the weakening in some
operational indicators, GSB's operational performance has remained
relatively stable during 2016-2017. Fitch expects GSB to maintain
EBITDA margins of around 65%, occupancy levels around 94%, and
rental services revenues per square meter with negative-to-flat
variations during 2017-2018. Fitch projects GSB's annual average
net revenues at around BRL240 million during this period.

Equity Treatment for Subordinated Perpetual Notes Given Equity-
Like Features: GSB's subordinated perpetual notes qualify for 50%
equity credit as they meet Fitch's criteria with regard to deep
subordination, with an effective maturity of at least five years,
full discretion to defer coupons for at least five years and
limited events of default. These are key equity-like
characteristics. Equity credit is limited to 50% given the
hybrid's cumulative interest coupon, a feature considered more
debt-like in nature.

Subordination Incorporated in Debt Recovery: As of June 30, 2017,
GSB's total assets were valued at an estimated BRL2.9 billion,
with encumbered and unencumbered assets representing approximately
87% and 13%, respectively, of the company's total asset value.
Fitch's expectation in the recovery prospects on GSB's notes
reflect the view that an ongoing concern scenario is more likely
to occur than a liquidation scenario if GSB's financial distress
results in a debt restructuring process. The Recovery Rating (RR)
of 'RR4' for the USD250 million perpetual notes reflects the
average recovery prospects (the 31%-50% range) in an event of
default. The 'RR5' for the USD150 million subordinated perpetual
notes reflects below average recovery prospects of approximately
11%-30%. The 'RR3' for the USD8.9 million new secured notes
reflects good recovery prospects (the 51%-70% range) in an event
of default. GSB's new secured notes were assessed as benefiting
from higher recovery prospects but reduced to 'RR3' because of
Brazil's specific recovery rating caps.

DERIVATION SUMMARY

GSB's 'CC' rating reflects its high financial leverage, negative
free cash flow (FCF) and weak liquidity. Fitch views GSB's credit
risk as high and expects the company's financial strategy to
continue focusing on preserving liquidity during 2017-2019.

Despite the company's efforts to reduce its financial leverage
during 2015-2017, Fitch views GSB's capital structure as
unsustainable due to limited capacity to service its debt. During
2015-2016, GSB launched a debt exchange offer for its perpetual
notes, completed an equity injection of around BRL57 million and
launched a debt exchange offering for its subordinated perpetual
notes. During 2016-2017, GSB decided to defer the interest
payments corresponding to its subordinated perpetual notes and
executed several asset sale transactions resulting in net process
for approximately BRL70 million.

Fitch views GSB's capital structure as weaker than regional peers
such as BR Malls Participacoes S.A. (BB+/Negative) and InRetail
Real Estate S.A. (BB+/Stable) due to its higher financial leverage
and continued negative FCF from excessive levels of interest
expense. GSB's 'CC' rating also reflects weakness in several
rating considerations. In terms of net leverage, measured as the
net debt/EBITDA, BR Malls and InRetail Real Estate had ratios of
2.8x and 4.1x, respectively, during the latest 12 months (LTM)
ended June 30, 2017. In terms of liquidity and capacity to
consistently cover interest expenses paid with recurrent cash flow
generation, BR Malls and InRetail Real Estate had coverage ratios
of 1.9x and 2.8x, respectively, during the period.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
-- The company's capacity to cover cash interest payments and
    cash taxes is very limited, below 1.0x, during 2017-2018;
-- The company continues refinancing its debt due during 2017-
    2018, and increases some revolving debt to maintain liquidity;
-- EBITDA margin around 65% during 2017-2019;
-- The company continues deferring interest payments on the
    subordinated perpetual notes during 2017-2019;
-- No capex during 2017-2019.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Material improvement in the company's liquidity and financial
    leverage through some combination of the following actions:
    equity injection, asset sales with limited impact on cash flow
    generation, and lower FX exposure.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Further deterioration of GSB's liquidity position;
-- Execution of a distressed debt exchange;
-- Defaults on scheduled amortization/interest payments and/or
    formally filing for bankruptcy protection.

LIQUIDITY

Weak Liquidity:
Fitch views GSB's liquidity under pressure due to its high
financial leverage. The company's total cash flow from operations
for LTM June 2017 was negative at BRL18 million. Without a
material change in the company's capital structure, GSB's limited
capacity to cover interest expenses and taxes with its operational
cash flow is expected to result in continued deterioration of its
liquidity position during 2017-2018. The company's interest
coverage ratio - measured as the EBITDA/Interest Paid ratio, is
estimated to remain around 0.8x during 2017-2018.

GSB's FCF is expected to remain negative due to excessive cash
interest payments during 2017-2018. The company's high leverage
has resulted in excessive cash interest payments and declining
interest coverage. GBS has a cash position and short-term debt of
BRL90 million and BRL110 million, respectively, and approximately
BRL375 million in unencumbered assets as of June 30, 2017.

Since the second half of 2015, the company has exercised its right
to defer the payment of interest under its USD150 million 10%
perpetual subordinated notes. The interest payment deferral does
not constitute an event of default under the indenture; however,
it points to GSB's choice to preserve liquidity in this stressful
environment.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

General Shopping Brasil S.A. (GSB)
-- Long-Term Foreign Currency IDR at 'CC';
-- Long-Term Local Currency IDR at 'CC'';
-- National Scale rating at 'CC (bra)'.

General Shopping Finance Limited (GSF)
-- USD250 million perpetual notes at 'CC/RR4'.

General Shopping Investment Limited (GSI)
-- USD150 million subordinated perpetual notes at 'C/RR5';
-- USD8.9 million of senior secured notes due 2026 at 'CCC-/RR3'.


OURO VERDE: Fitch Retains BB- Long-Term IDR on Negative Watch
-------------------------------------------------------------
Fitch Ratings has maintained Ouro Verde Locacao e Servico S.A.'s
(Ouro Verde) 'BB-' Long-Term Foreign and Local-Currency Issuer
Default Ratings (LT FC/LC IDR) and National Scale Rating 'A(bra)'
on Rating Watch Negative.

The maintenance of the Negative Watch reflects Ouro Verde's high
financing costs, limited market access and short-dated debt
amortization schedule when compared to its peers in the rating
category. As of June 30 2017, Ouro Verde had BRL546 million of
debt maturing during 2017, BRL703 million in 2018, BRL341 million
in 2019 and BRL148 million in 2020-22. This compares with a cash
position of BRL291 million and cash flow generation from
operations (CFFO) of BRL480 million. The ratio of short-term debt
coverage, as measured by cash plus CFFO-to-short-term debt, was
extremely weak at 0.8x.

Over the past few quarters, the Brazilian local credit market
remained quite selective and costly for medium-size issuers. Since
June 2017, however, the domestic credit market has started to give
signals of recovery with more credit lines available and financial
spreads on a declining trend.

Ouro Verde is expected to issue a debenture due in 2022 for around
BRL270 million in the near term. The cost of this debt obligation
is expected to be around CDI plus 5%, which is considered
expensive in Brazil.

The company's ongoing efforts to further improve its debt profile,
lengthen amortization, and reduce financial spreads will be key to
avoiding a rating downgrade in the next six months. Operationally,
the company continues to report stable margins, solid CFFO and
positive FCF. Ouro Verde's business is capital intensive and given
the lack of adequate funding the company has had to reduce its
growth. This has elevated Fitch's concerns as to the business'
sustainability in the medium- to long-term.
Ouro Verde's leverage, measured by cash flow-based FFO adjusted
leverage, should be maintained in the range of 2.0x to 2.5x during
the next three years, according to Fitch's projections. The
company's FFO interest coverage has been solid at 3.4x during
2014-16.

KEY RATING DRIVERS

Medium-Size Player; Business Predictability: Ouro Verde has an
above-average business profile due to a reasonably predictable
cash flow, which is based on long-term contracts for fleet rental
of light vehicles and heavy machinery and equipment, as well as a
diversified customer base. Key rating constraints include an
intense competitive environment, due to pressures from larger
players with stronger financial profiles, and the high capital
intensity of the business amidst the unfavorable financing
conditions in Brazil.

Operating Cash Flow to Remain Solid; Declining Local Interest
Rate: Between 2013 and LTM June 2017, Ouro Verde's net revenue
increased by 51% to BRL957 million while its EBITDA grew to
BRL481million from BRL326 million. During the same period, FFO
strengthened to BRL515 million from BRL190 million, despite
increasing interest costs. Operating margins are expected to
remain stable at about 50% in the next two years, while FFO should
benefit from lower interest expenses. Unlike other key players in
the industry, Ouro Verde is less dependent on the sale of used
assets at the end of the contract due to the relatively long life
of its heavy fleet and equipment rentals.

Fleet Reduction Allowed Deleveraging; Adequate Funding Remains a
Challenge: Ouro Verde reported positive FCF of BRL146 million
during 2016 and BRL121 million at LTM June 2017, as a result of
lower capex. In 2016, Ouro Verde invested BRL325 million, compared
with BRL446 million in 2015 and BRL779 million in 2014. Fitch
expects around BRL70 million of positive FCF in 2017 after around
BRL400 million in capex. Ouro Verde has the flexibility to improve
FCF by reducing growth in capex, as most of its capital
investments are geared toward increasing the size of its
fleet/equipment and are linked to a contract. Depending on the
company's ability to access funding for growth, FCF should range
from neutral to negative BRL150 million in the next two years.

Ouro Verde's leverage, relative to its fleet market value, is
deemed adequate. The company reports a fleet market value of
approximately BRL1.4 billion, which equals its net debt position
(BRL1.4 billion). Negatively, the company's financial flexibility
is limited, as most of its fleet serves as collateral for some of
its debt, such as FINAME operations and leasing.

DERIVATION SUMMARY

Ouro Verde has a weaker competitive position compared to its main
domestic peers, such as JSL S.A. (LT FC IDR BB/Stable; National LT
rating AA-(bra)/Stable) based on business scale, access to
funding, and cost of capital. Those last two are key variables in
this capital-intensive industry. No country-ceiling,
parent/subsidiary or operating environment aspects impact the
rating.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
-- Slight decline in revenue in 2017 with a recovery from 2018
    on, given an improvement in local funding;
-- Capex at around BRL400 million in 2017 and increasing to
    around BRL450 million in 2018;
-- Success in ongoing short-term debt refinancing;
-- Dividends at 25% of net income (2017 and 2018 dividends are
    expected to be returned to the company as part of a deal with
    its shareholder to help to amortize a related debt credit of
    BRL135 million);
-- No large-scale M&A activity.

RATING SENSITIVITIES

Factors that could lead to Fitch resolving the Negative Watch and
assigning a Stable Outlook include:
-- The company successfully improves its debt profile
    amortization, reinforcing liquidity with cash/short-term debt
    around 0.7x and cash+CFFO/short-term debt above 1.5x on
    sustainable basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Inability to access funding at more reasonable costs;
-- Maintenance of current debt profile amortization in the next
    six months will lead to a rating downgrade;

LIQUIDITY

Ouro Verde has a track record of weak liquidity. Over the last 18
months, the local credit market had become more costly and the
company started to face more difficulty in accessing credit lines.
As of June 30, 2017, the company reported total debt of BRL1.7
billion, of which BRL917 million was short-term debt. This level
of short-term debt compares with BRL212 million of readily
available cash (not including long-term restricted cash tied to
working capital in the amount of BRL79 million). The ratio of
short-term debt coverage, as measured by cash plus CFFO-to-short-
term debt, was weak at 0.8x. About 47% of Ouro Verde's debt is
secured. The company's debt profile is mainly composed of FINAME
operations and leasing (36%), banking credit lines (37%) and
debentures (27%).

FULL LIST OF RATING ACTIONS

Fitch has maintained the following ratings on Rating Watch
Negative:
Ouro Verde Locacao e Servico S.A.
-- Long-Term Foreign Currency IDR 'BB-';
-- Long-Term Local Currency IDR 'BB-';
-- National Long-Term rating 'A(bra)';
-- Local Debentures due 2018 and 2019 'A(bra)


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


AES ANDRES: Fitch Affirms BB- Long-Term IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed AES Andres B.V.'s (Andres) Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook. This rating affects USD270 million of notes due
2026. Fitch has also affirmed the company's National Scale Long-
Term Rating at 'AA(dom)' with a Stable Outlook.

Andres's ratings reflect the high dependency of the Dominican
Republic's electric sector on transfers from the central
government to service the sector's financial obligations, a
condition that links the credit quality of the distribution
companies and generation companies to that of the sovereign. Low
collections from end-users, high electricity losses and subsidies
have undermined distribution companies' cash generation capacity,
exacerbating generation companies' dependence on public funds to
cover the gap produced by insufficient payments received from
distribution companies. The ratings also consider the companies'
solid asset portfolio, strong balance sheet, and well-structured
purchase power agreements (PPAs).

The notes' rating considers the combined operating assets of
Andres and Dominican Power Partners (DPP), which is a joint
obligor of AES Andres's USD270 million notes due 2026. These notes
are also attached to Empresa Generadora de Electricidad Itabo's
USD100 million notes, also rated 'BB-'. The notes were primarily
intended to repay a bridge taken to call similarly structured
bonds last year. DPP currently contributes only about 10% of
combined Andres/DPP EBITDA. In 2H17, DPP completed a significant
capacity expansion by converting to a combined-cycle plant,
substantially increasing its proportional revenue and EBITDA
contribution to the combined results of the Andres/DPP.

KEY RATING DRIVERS

Sector's Dependence on Government Transfers
High energy distribution losses (above 30% in last five years),
low level of collections and important subsidies for end-users
have created a strong dependence on government transfers. This
dependence has been exacerbated by the country's exposure to
fluctuations in fossil-fuel prices and energy demand growth (3.4%
CAGR in 2009-2015). The regular delays in government transfers
have pressured the working capital needs of generators and add
volatility to cash flows. This situation increases the risk of the
sector, especially at a time of rising fiscal vulnerabilities
affecting the Central Government's finances.

High-Quality Asset Base
AES Andres has the Dominican Republic's most efficient power
plant, and ranks among the lowest-cost electric generators in the
country. Andres' combined-cycle plant burns natural gas and is
expected to be fully dispatched as a base-load unit as long as the
liquefied natural gas (LNG) price is not more than 15% higher than
the price of imported fuel oil No. 6. Moreover, AES Andres
operates the country's sole LNG port, offering regasification,
storage, and transportation infrastructure. In the medium term,
the company is also looking to expand its transportation network
and processing capacity for its LNG operations. As of July 2017,
the aggregate capacity of AES Dominicana increased by
approximately 122MW as result of the development of a DPP's
combined cycle facility.

Strong Credit Metrics
The combined credit metrics for Andres and DPP are strong for the
rating category. EBITDA of USD149 million reflected major
maintenance in the first half of 2016 and lower gas prices. As of
YE16, companies' total gross leverage was 3.4x, while total net
debt-to-EBITDA stood at 2.9x, significantly higher than historical
levels but well within the thresholds for the rating category. The
deterioration in leverage reflected the full drawdown on DPP's
USD260 million credit facility and a USD100 million net debt
increase from Andres's issuance in 2Q16. DPP's combined cycle
plant was brought online in 3Q17, which should result in a
positive impact on EBITDA in 2017 and 2018, and reduce leverage to
around 2.5x in the medium term.

Cash Flow Volatility Persists
LTM Cash Flow from Operations (CFFO) for AES Andres and DPP
combined was USD12 million at 4Q16, compared to USD218 million at
year-end 2015. Average accounts receivable days increased to 98
days versus 49 days at YE2015. This is in line with Fitch's
previously stated expectations, with receivable days returning to
the 100-day level, barring another factoring agreement similar to
the one the company executed in 3Q15.

DERIVATION SUMMARY

AES Andres B.V.'s ratings are linked to and constrained by the
ratings of the government of the Dominican Republic, from whom it
indirectly receives a sizable portion of its revenues. As a
result, Andres's capital structure is strong relative to similarly
rated, unconstrained peers. Orazul Energy Egenor S. en C. por
A.('BB/Stable') (whose ratings reflects combined results that
include its sister company, Aguaytia Energy del Peru S.R.L.) has
similar installed capacity and is expected to generate around
USD100 million in EBITDA annually, with estimated leverage of
approximately 5.0x. Egenor benefits from the stability conferred
by its asset diversification and the flexibility allowed by its
vertical integration. By comparison, the combined Andres/DPP
operations are expected to generated above USD200 million in
EBITDA, with leverage around 2.5x in the medium term.

Other regional peers include Albanesi S.A. (B/Stable) and Fenix
Power Peru S.A. (BBB-/Stable). As an Argentine corporate, Albanesi
is similarly constrained by its operating environment, but it
shows a comparable deleveraging trajectory, from around 4.0x to
2.5x in the medium term. Its strong capital structure is reflected
in its Long Term Local Currency rating of 'BB-/Stable'. Fenix
shows high leverage, similar to Egenor, but benefits from its
strategic linkage to its parent company, Colbun S.A. (BBB/Stable),
as well as a steady deleveraging trajectory in the medium term as
its international bond amortizes.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
-- Demand growth in line with GDP growth;
-- DPP's open cycle is operation in 2H17;
-- 100% of previous year's net income to be distributed as
    dividends;
-- Receivable days continue to climb to around 100;
-- NG prices follow Fitch Price deck.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- A positive rating action could follow if the Dominican
    Republic's sovereign ratings are upgraded or if the
    electricity sector achieves financial sustainability through
    proper policy implementation.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- A negative rating action to AES Andres would follow if the
    Dominican Republic's sovereign ratings are downgraded, if
    there is sustained deterioration in the reliability of
    government transfers, and financial performance deteriorates
    to the point of increasing the combined Andres/DPP ratio of
    debt-to-EBITDA to 4.5x for a sustained period.

LIQUIDITY

Andres and DPP have historically reported very strong combined
credit metrics for the rating category. Both companies have
financial profiles characterized by low to moderate leverage and
strong liquidity.

Combined EBITDA as of 4Q16 totalled USD149 million (vs. USD141
million at year-end 2015), with gross leverage of 3.4x and gross
interest coverage of 10.4x. The companies' strong liquidity
position is further supported by the 2026 bond, which extended
most of their maturities by eight years. Currently, the company
has a credit facility of 260m, of which approximately USD209
million had been drawn upon as of 4Q16. This loan is scheduled
to begin amortizing in 4Q17 over nine equal quarterly payments.
However, Fitch also expects this loan to be replaced by long-dated
notes to be place in 4Q17.

FULL LIST OF RATING ACTIONS

AES Andres B.V.
Fitch has affirmed the following ratings:
-- Foreign Currency Long-term IDR at 'BB-';
-- National Scale Long-Term Rating at 'AA(dom)';
-- Senior unsecured notes due 2026 at 'BB-'.

The Rating Outlooks are Stable.


EMPRESA GENERADORA: Fitch Affirms BB- Long-Term IDR
---------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of Empresa Generadora de
Electricidad Itabo S.A. (Itabo) at 'BB-'. The Rating Outlook is
Stable. This affirmation affects approximately USD100 million
notes due 2026 with a rating of 'BB-'.

Itabo's ratings reflect the electric sector's high dependency on
transfers from the central government to service its financial
obligations, a condition that links the credit quality of the
distribution companies and generation companies to that of the
sovereign. Low collections from end-users, high electricity losses
and subsidies have undermined distribution companies' cash
generation capacity, exacerbating generation companies' dependence
on public funds to cover the gap produced by insufficient payments
received from distribution companies. Itabo's ratings also
consider its low cost generation portfolio, strong balance sheet
and well-structured power purchase agreements (PPAs), which
contribute to strong cash flow generation and bolster liquidity.

KEY RATING DRIVERS

Sector's Dependence on Government Transfers: Energy distribution
losses above 30% in last five years, low levels of collections and
important subsidies for end-users have created a strong dependence
on government transfers. This dependence has been exacerbated by
the country's exposure to fluctuations in fossil-fuel prices and
energy demand growth (3.4% compound annual growth rate [CAGR] in
2009-2015). The regular delays in government transfers pressure
working capital needs of generators and add volatility to their
cash flows.

Working Capital Pressure & Lower Realized Prices: As of the first
quarter of 2017 (1Q17), Itabo generated USD71 million of cash flow
from operations (CFFO), compared to USD114 million at year-end
2015. In 3Q15, the company sold USD100 million of accounts
receivable through factoring agreements, bringing receivable days
down below one month. Fitch expects receivable days to gradually
return to historical levels over the medium term. The low price
environment could expose the company to both spot sale
vulnerability in the short term, and lower negotiated PPAs through
the medium term.

Low Cost Asset Portfolio: Itabo's ratings incorporate its strong
competitive position as one of the lower cost thermoelectric
generators in the country, ensuring the company's consistent
dispatch of its generation units. The company operates two low
cost coal fired thermal generating units and a third peaking plant
that runs on Fuel Oil #2 and sells electricity to three
distribution companies in the country through long term U.S.
dollar denominated PPAs. The company expects to remain as a base
load generator even after a 700 MW coal generation project starts
operations by 2017.

Adequate Credit Metrics: Itabo presents strong credit metrics for
the rating category. Latest 12 months (LTM) leverage as of 1Q17
stood at 1.2x from 1.0x at December 2015. In the same period,
EBITDA rose to USD80 million from USD68 million reflecting
recovery in fuel prices, to which PPAs are linked. In May 2016,
the company issued approximately USD100 million of debt to repay
the outstanding bridge loan used to call the company's earlier
bond due in 2020. Fitch expects continued softness in EBITDA and
the moderate debt increase to result in leverage of around 1.5x
through the medium term.

DERIVATION SUMMARY

Itabo's ratings are linked to and constrained by the ratings of
the government of the Dominican Republic, from whom it indirectly
receives its revenues. As a result, Itabo's capital structure is
strong relative to similarly rated, unconstrained peers. Orazul
Energy Egenor S. en C. por A.(BB/Stable) (whose ratings reflects
combined results that include its sister company, Aguaytia Energy
del Peru S.R.L.) has similar installed capacity and is expected to
generate around USD100 million in EBITDA annually, with estimated
leverage of approximately 5.0x. Egenor benefits from the stability
conferred by its asset diversification and the flexibility allowed
by its vertical integration. By comparison, Itabo is expected to
generated approximately USD75 million, with leverage below 1.5x
through the medium term.

Other regional peers include Albanesi S.A. (B/Stable) and Fenix
Power Peru S.A. (BBB-/Stable). As an Argentine corporate, Albanesi
is similarly constrained by its operating environment, but it
shows a deleveraging trajectory from around 4.0x to 2.5x in the
medium term. Its strong capital structure is reflected in its
Long-Term Local Currency rating of BB-/Stable. Fenix shows high
leverage, similar to Egenor, but benefits from its strategic
linkage to its parent company, Colbun S.A. (BBB/Stable), as well
as a steady deleveraging trajectory in the medium term as its
international bond amortizes.

KEY ASSUMPTIONS

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

-- No material unplanned stoppages in 2017; possibility of
    continued climatological impacts on an annual basis;
-- Demand growth of approximately 2%;
-- Fuel prices to remain low in the near to medium term;
-- 100% of previous year's net income paid as dividends.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- A positive rating action could follow if the Dominican
    Republic's sovereign ratings are upgraded or if the
    electricity sector achieves financial sustainability through
    proper policy implementation.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- A negative rating action would follow if the Dominican
    Republic's sovereign ratings are downgraded, if there is
    sustained deterioration in the reliability of government
    transfers, and if financial performance deteriorates to the
    point of increasing the ratio of debt-to-EBITDA to 4.5x for a
    sustained amount of time.

LIQUIDITY

In May 2016, the company issued attached 10-year notes with its
sister companies AES Andres and DPP to repay existing debt and
extend its maturity profile. The tranche assigned to Itabo totaled
USD99.9 million. Fitch expects that lower coal prices (to which
contract prices are indexed) coinciding with the expiration of its
existing PPAs to limit medium term growth recovery prospects in
Itabo's EBITDA. Nevertheless, the company's conservative capital
structure with total leverage of 1.2x and coverage of 13.1x
confers substantial cushion within its rating category.

The company currently holds approximately two thirds of its cash
(USD63 million as of YE2016) in USD.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Empresa Generadora de Electricidad Itabo S.A.
-- Foreign Currency Long-Term IDR at 'BB-';
-- Local Currency Long-Term IDR at 'BB-';
-- Senior unsecured notes due 2026 at 'BB-'.

The Rating Outlook is Stable.


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


CYDSA SAB.: Fitch Rates Proposed Sr. Unsecured Notes BB+
--------------------------------------------------------
Fitch Ratings has assigned a 'BB+' Issuer Default Ratings (IDRs)
to Cydsa, S.A.B. de C.V. (Cydsa). Fitch has also assigned a
'BB+(EXP)' rating to Cydsa's proposed senior unsecured debt
issuance of up to USD370 million with an up to a 10-year maturity.
A complete list of rating actions follows at the end of this press
release.

The ratings reflect Cydsa's diversified business profile, its low
cost position resulting from recent investments, vertical
integration, and strong brand recognition in table salt. The
ratings also reflect Fitch's expectation that consolidated net
leverage will decrease to below 3.0x over the intermediate term
and that Cydsa's underground storage business will further
diversify its cash flow sources. The ratings are tempered by
Cydsa's limited geographic diversification, price volatility of
its chlorine and caustic soda business and the capital intensity
of its business lines relative to EBITDA generation.

KEY RATING DRIVERS

Diversified Business Profile: Cydsa manufactures and
commercializes salt for household and food industry use as well as
chemicals and refrigerant gases. The company produces primarily
caustic soda, chlorine, sodium hypochlorite, salt and refrigerant
gas HCFC-22. It also commercializes refrigerant gases and other
chemicals. The company's main household salt brand, La Fina, is
the leading salt brand in Mexico with very strong top of mind
awareness among Mexican consumers. Cydsa is also in the process of
conditioning a salt cavern, which will be used to provide
liquefied petroleum gas (LPG) storage services to a subsidiary of
Pemex ('BBB+'/Stable Outlook) beginning fourth-quarter 2017.

EBITDA to Strengthen: Cydsa will have deployed about USD600
million by the end of 2017 to investments aimed at improving its
cost efficiency, expanding capacity and diversifying its business
profile. These investments include upgrading and expanding Cydsa's
salt production capacity by 67% to meet market demand,
construction of a 128KT chlorine/caustic soda facility and two
57MW cogeneration plants, which can supply substantially all the
electricity and steam needs of the company. The company is also
close to completing an underground LPG storage facility. These
investments are positive for the cost competitiveness of the
company and should result in Cydsa growing its EBITDA to about
MXN2.5 billion in 2018 from the MXN1.9 billion registered as of
the latest 12-months ended June 30, 2017.

Domestic Participant: The company derives over 90% of its revenue
domestically with substantially all of its assets located in
Mexico. Consequently, Cydsa's financial performance is tied to
Mexico's political and economic developments. Further, the company
has limited ability to influence prices of chlorine and caustic
soda, which are volatile and significantly influenced by global
supply and demand dynamics. These co-products represent about 50%
of Cydsa's chemical portfolio and to some extent are influenced by
demand for polyvinyl chloride (PVC) resin, which is widely used in
construction and infrastructure and whose demand can be volatile.

Under Ground Storage: Cydsa has begun to develop its salt caverns
with the technical features needed to provide for the underground
storage of hydrocarbons. The company entered into a 30-year
agreement with a subsidiary of Pemex for the storage of LPG; the
storage facility is nearly complete and will begin operating in
the early part of the fourth quarter. The company has made initial
investments to fit three other caverns to provide hydrocarbon
storage services to future interested third parties. Cydsa expects
future investment needs for these projects to be funded through a
combination of debt and equity, and possibly through the use of
non-recourse project finance debt. The development of these
remaining three caverns for hydrocarbon storage could pressure
credit quality depending on the speed of investment and the
funding strategy used by Cydsa.

DERIVATION SUMMARY

Cydsa is well positioned against small scale chemical producers
with limited regional diversification which are typically rated in
the low 'BB' or below rating categories. Cydsa's business profile
is more diversified and its cash flows are more stable than
companies such as Grupo IDESA (B/Stable Outlook). Cydsa's
diversified business profile is supported by the strong brand
recognition of its household salt products and its cost position
in its chlorine-alkali chain segment benefits from important
investments in technology. Larger more diversified chemical
companies with lower leverage such as Mexichem, S.A.B. de C.V.
(BBB/Negative Outlook) or Braskem (BBB-/Stable Outlook) are
typically rated in the low to mid 'BBB' category.

KEY ASSUMPTIONS

Fitch's key assumptions within the agency's rating case for the
issuer include:
-- Cydsa issues up to USD370 million in international capital
    market debt and uses the proceeds to refinance all its debt
    outstanding.
-- The Pemex project starts-up as scheduled.
-- Excess cash flow is used to fund growth capex and to lesser
    extent pay dividends.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- A rating upgrade is unlikely in the medium term considering
    the company's business profile and expected diversification
    into underground storage.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Expectation of sustained Fitch adjusted net debt/EBITDA above
    3.5x inclusive of off-balance sheet/ non-recourse debt.
-- A steep decline of chlorine and caustic soda prices that erode
    Cydsa's EBITDA or competitive dynamics that weaken Cydsa's
    salt business.
-- Large debt financed acquisitions or investments.

LIQUIDITY

Adequate Liquidity: Proforma after the proposed notes issuance the
company would face no near-term maturities. Fitch estimates that
the company should generate about MXN400 million of free cash flow
after maintenance capex and dividends. Completed investments in
salt and chemicals have reduced committed capex and should provide
the company with FCF to partially fund investments in the capital
intensive chemicals or underground storage business lines. Cydsa's
adjusted net debt /EBITDA as of the latest twelve months ended
June 30, 2017 was 3.1x.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings to Cydsa, S.A.B. de C.V.:
-- Long-Term Foreign Currency Issuer Default Rating (IDR) 'BB+';
-- Local Currency Long-Term IDR 'BB+';
-- Proposed up to USD370 million senior unsecured notes with a
    maturity of up to ten years 'BB+(EXP)'.

The Rating Outlook is Stable.


CYDSA SAB: S&P Rates $370MM Senior Unsecured Notes Rated 'BB'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating on CYDSA
S.A.B. de C.V.'s (CYDSA) proposed up to $370 million (up to about
MXN7.123 billion) 144 A / Reg. S up to 10-year senior unsecured
notes bearing a fixed interest rate subject to market conditions.
At the same time, S&P is assigning a recovery rating of '4' on the
notes, indicating its expectation for a meaningful (30% to 50%)
recovery in the event of a payment default. S&P's ratings on
CYDSA, including its long-term and short-term corporate credit
ratings, are unchanged.

CYDSA plans to use most of the proceeds to refinance the entirety
of its outstanding debt, including its syndicated loan due 2022
and a bridge loan granted by Goldman Sachs. S&P said, "We expect
the proposed transaction to improve CYDSA's debt maturity profile,
extending the average lifespan of its debt from about three years
to about 10 years, further supporting our assessment of the
company's adequate liquidity. Additionally, we consider that the
transaction will set all CYDSA's debt at a fixed rate, thus
eliminating its exposure to a fluctuation in interest rates.

"In connection with the note offering, we're assigning a '4'
recovery rating on CYDSA's outstanding senior unsecured notes,
indicating our expectation for an average (30% to 50%; rounded
estimate: 40%) recovery in the event of payment default. The
issue-level rating on the company's senior unsecured notes is
'BB', the same as the corporate credit rating. Further to its
credit, CYDSA's debt instruments are fully unconditionally and
irrevocably guaranteed on a senior unsecured basis by its most
important subsidiaries, which accounted for most of the company's
consolidated fixed assets and EBITDA, respectively, as of Jun. 30,
2017."

Key analytical factors

-- S&P is assigning issue-level and recovery ratings on the
    proposed issuance of up to $370 million (up to about MXN7.123
    billion) 144 A / Reg. S up to 10-year senior unsecured notes.

-- S&P has valued the company on a going-concern basis using a
    5.0x multiple of our projected emergence EBITDA.

-- S&P estimates that, for the company to default, EBITDA would
    need to decline significantly, representing a material
    deterioration of the business.

Simulated default assumptions

-- Simulated year of default: Our scenario contemplates a default
    in 2022 caused by weaker demand from end markets; higher raw
    material prices volatility; depressed product prices;
    macroeconomic deterioration; increased competition; soft
    consumption patterns in Mexico, given macroeconomic
    deterioration with heightened peso devaluation; and the
    company's ultimate inability to control costs.

-- EBITDA at emergence: MXN 692 million.

-- EBITDA multiple 5.0x.

Simplified waterfall

-- Net enterprise value (EV: after 5% admin. costs): MXN 3,287
    million.

-- Recovery rating: '4'

-- Recovery expectations: 30% to 50% (rounded estimate: 40%).

For the complete corporate credit rating rationale, please see
S&P's research update on CYDSA published on Sept. 18, 2017.

RATINGS LIST

  CYDSA S.A.B. de C.V.
   Corporate Credit Rating   BB

  New Rating
  CYDSA S.A.B. de C.V.
    Senior Unsecured Notes   BB


CYRELA COMMERCIAL: Fitch Affirms & Withdraws BB- IDR
----------------------------------------------------
Fitch Ratings has affirmed Cyrela Commercial Properties S.A.
Empreendimentos e Participacoes' (CCP) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDR) at 'BB-'/Stable and its
National Long-Term rating at 'A(bra)'/Stable. At the same time,
Fitch has withdrawn the ratings.

Fitch has chosen to withdraw the ratings of CCP for commercial
reasons. Fitch will no longer provide ratings or analytical
coverage for the company.

KEY RATING DRIVERS

Key Rating Drivers are not applicable as the ratings have been
withdrawn.

DERIVATION SUMMARY

Derivation Summary is not applicable as the ratings have been
withdrawn.

KEY ASSUMPTIONS

Key Assumptions are not applicable as the ratings have been
withdrawn.

RATING SENSITIVITIES

Rating Sensitivities are not applicable as the ratings have been
withdrawn.

LIQUIDITY

CCP's liquidity will improve with the proceeds from the sale of
assets, and part of the proceeds will be used to prepay about BRL1
billion of debt, materially minimizing refinancing pressure during
the next couple of years. As of June 30, 2017, cash and marketable
securities totalled BRL330 million and total debt was BRL2.4
billion. The company has BRL507 million of debt maturing in the
short term and BRL262 million in second-half 2018.

FULL LIST OF RATING ACTIONS

Fitch has affirmed and withdrawn the following ratings:
Cyrela Commercial Properties S.A. Empreendimentos e Participacoes
-- Long-term Foreign Currency IDR at 'BB-';
-- Long-term Local Currency IDR at 'BB-';
-- Long-term National Scale rating at 'A(bra)';
-- Fifth debenture issuance, in the amount of BRL200 million, due
    in 2019, at 'A(bra)';
-- Eighth debenture issuance, in the amount of BRL200 million,
    due in 2020, at 'A(bra)'.

The Rating Outlook for the corporate ratings was Stable when the
rating was withdrawn.


DOCUFORMAS SAPI: S&P Rates Proposed Senior Unsecured Notes 'B+'
------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to
Docuformas S.A.P.I. de C.V.'s (B+/Stable/--) proposed senior
unsecured notes for up to $175 million. The tenure of the notes
will be five years and will bear a fixed rate.

S&P said, "Our 'B+' rating on the proposed debt is at the same
level as the issuer credit rating. The debt rating reflects the
lender's secured debt that we expect will represent less than 15%
of adjusted assets by the end of 2017 and around 11% by the end of
2018, and its unencumbered assets will cover the unsecured debt by
1x (at the end of 2017) and 1.4x (at the end of 2018)."

Furthermore, the rating indicates that the notes will rank equally
in right of payment with all of Docuforma's existing and future
senior unsecured debt.

The issuance will have a full cross-currency swap to hedge against
currency exchange fluctuations. The derivative will cover the
notes' complete amount during the time of the issuance. S&P said,
"We expect the lender to use the proceeds to repay a significant
amount of outstanding market/banking debt--MXN1.66 billion that's
mostly short-term debt--and shift to a more stable funding
structure with improved maturity profile. Such debt repayment will
release MXN1.3 billion of encumbered assets. Docuformas will use
the remainder of the proceeds (MXN1.3 billion) for organic growth
for the next 12-24 months.

"As a result of the issuance, we're reassessing our funding
assessment on the company to moderate from adequate and liquidity
to adequate from moderate, which affected neither Docuformas'
stand-alone credit profile (SACP) nor the ratings. We expect
Docuformas' stable funding ratio to improve to an average of 64%
in 2017 and 2018 (from an average of 52% in 2014-2016) given that
the new issuance will increase the company's available stable
funding at a higher pace with respect to stable funding needs. In
this sense, given that we expect Docuformas' stable funding ratio
to remain below 90% and that the proposed notes would represent
around 70% of total debt in 2017 and 2018, we now expect
significant maturities or single-creditor concentrations that
could cause a substantial refinancing risk in the future. Despite
a potential release of up to MXN1.3 billion in encumbered assets
related to the debt prepayment, Docuformas' funding structure will
be concentrated in market debt--estimated at about 64% of total
liabilities for 2017 and 2018. The company's remaining funding
sources will be banking credit facilities (Credit Suisse; 18%) and
other liabilities (18%). Therefore, we believe Docuformas' funding
structure will be more concentrated with respect to other finance
companies we rate.

"The issuance will increase Docuformas' broad liquid assets
significantly in 2017 and will reduce sharply the portion of
short-term wholesale debt to total debt for the next few years.
However, under such a scenario, we expect the company's liquidity
coverage metric to pick up to 2.80x in 2017 and drop to 0.85x in
2018. Liquid assets increase in 2017, given that Docuformas will
mainly use the proceeds to repay a significant amount of
outstanding market/banking debt and the remainder for organic
growth.

"We base our assessment of Docuformas' capital and earnings
through our risk-adjusted capital (RAC) ratio, our independent
assessment of asset risk relative to capital. This is because we
believe it best represents our forward view of Docuformas' capital
sufficiency to protect obligors, given the company's projected
asset and operational risks.

"After incorporating the new issuance in our capital and earnings
assessment, our assessment remains unchanged. As of the end of
2016, Docuformas' RAC ratio was 8.0%, and considering the proposed
debt issuance, we expect the ratio to at around 7.4%-8.4% in 2017
and 2018. Such capitalization level will remain consistent with
the adequate category, according to our criteria.

S&P's base-case scenario, for 2017 and 2018, considers the
following assumptions:

-- Mexico's GDP growth of 1.9% in 2017 and 2.2% in 2018,
    according to S&P's latest regional overview, "Credit
    Conditions: Political Uncertainty Hinders Improving Credit
    Conditions In Latin America," published June 30, 2017.

-- Issuance of $175 million senior secured notes, with a five-
    year tenor at fixed rate, which will be hedged by a full
    cross-currency swap.

-- Proceeds for repaying MXN1.66 billion in outstanding
    market/banking debt and to use MXN1.3 billion for organic
    growth, the latter of which will appear as cash on the
    balance sheet in 2017, while Docuformas substitutes those
    resources by loans.

-- Docuformas' gross receivables to grow at 35% and 20%, in 2017
    and 2018, respectively.

-- Total debt to increase by more than 50% in 2017, with the
    proposed issuance representing around 70% of total debt.

-- Nonperforming assets of about 4.5% in 2017 and 2018, which S&P
    expect to be fully covered by reserves. S&P estimates credit
    losses to represent about 1.5% of Docuformas' gross
    receivables.

-- Net income of MXN171.5 million and MXN325.8 million in 2017
    and 2018, respectively. Moreover, the company's net interest
    margin to drop to 12% in 2017 from 13% in 2016, and picking up
    to 14% in 2018. Therefore, return on assets would be at about
    2.75% and 4.50% for each year, respectively.

-- Goodwill of MXN116 million for the forecasting period.

-- S&P doesn't expect changes in Docuformas' dividend policy
    during this time frame.

-- Total adjusted capital of about MXN462 million in 2017 and
    MXN651 million in 2018.

The rating constraint is the company's weaker asset quality than
those of domestic peers, stemming from above-average delinquency
ratios and charge-offs that limit Docuformas' risk position. The
rating, on the other hand, is supported by the company's stable
and increasing operating revenue from its leasing business that
support Docuformas' business position. Despite the synergies from
past acquisitions, the company still has some sector and
geographic concentrations. The rating also incorporate an adequate
capital and earnings assessment, based on our forecasted RAC ratio
at about 7.4%-8.4% in 2017 and 2018. Finally, the rating also
reflects our moderate funding and adequate liquidity assessment on
the company. Docuformas' SACP remains at 'b+'.

  RATINGS LIST

  Docuformas S.A.P.I. de C.V.
   Counterparty Credit Rating    B+/Stable/--
  CaVal (Mexico) National Scale  mxBBB/Stable/mxA-3

  New Rating
                                 TO
  Docuformas S.A.P.I. de C.V.
    Senior Unsecured             B+


OFFSHORE DRILLING: S&P Downgrades CCR and Debt Rating to 'CCC-'
---------------------------------------------------------------
S&P Global Ratings lowered its corporate credit and senior secured
debt ratings on Offshore Drilling Holding S.A. (ODH) to 'CCC-'
from 'CCC'. The outlook is negative. S&P said, "In addition, we
affirmed the '4' recovery rating on the issue-level ratings,
indicating our expectation for average recovery (30%-50%) of the
notes under a default scenario.

"The rating action reflects our expectation that ODH will likely
default in the next six months, absent unanticipated significantly
favorable changes in the issuer's circumstances. On Sept. 20,
2017, ODH used its interest reserve account to fully cover its
$39.7 million semi-annual interest payment on its $950 million
2020 bullet bond. We believe that ODH will serve the interest
payment in March 2018, with EBITDA generation for the next six
months, along with existing cash generation, totaling around $42
million. However, we believe that the company will not have enough
cash available to replenish its debt service reserve account
(DSRA) within the expected timeframe of 179 days in order to avoid
an immediate event of default without further action or notice. As
such, in our view, conventional default is likely to occur by
March 2018."


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


CAPARRA HILLS: Fitch Puts B+ IDR on Rating Watch Negative
---------------------------------------------------------
Fitch Ratings has placed the ratings for Caparra Hills LLC and
Liberty Cablevision of Puerto Rico LLC on Rating Watch Negative
due to the uncertainty of the impact of the devastation caused by
Hurricane Maria on Puerto Rico. Early reports indicate that the
extensive damage to the island may cause power to be lost for
weeks, if not months.

Fitch currently rates Liberty Cablevision of Puerto Rico, LLC
(LCPR) 'B+'. Its credit protection measures are considered strong
for the rating level, as net leverage was 4.3x as of June 30,
2017. Fitch expects the company's insurance to cover damage to its
physical assets, as well as losses due to service interruption.
The Rating Watch Negative reflects concern that the storm will
impact LCPR's customers' financial conditions so severely that
their payments to the company will be delayed or discontinued
during the upcoming weeks. A secondary concern is that the weak
economic conditions in Puerto Rico will lead to the continued
decline in the island's population.

Fitch's 'B+' rating of Caparra Hills reflects the company's small
size and limited property diversification. Leverage, as measured
by total debt to EDITDA, is viewed to be high at 9.5x as of June
30, 2017. The key risks for this issuer are the financial health
of its clients and downward pressure on lease rates that could
result from the storm. Within the next 12 months, 22% of the
company's leases expire.

Caparra's liquidity position is supported by its cash position of
USD4.5 million and an unused unsecured line of credit for USD1
million. As of June 30, 2017, Caparra Hills' short-term debt
obligation was USD1.6 million. The company also maintains a debt
service reserve fund of approximately USD9 million, held by the
trustee, covering 20 months of debt service (interest and
principal).

FULL LIST OF RATING ACTIONS

Fitch has placed the following ratings on Rating Watch Negative:
Caparra Hills LLC
-- Long-Term Foreign Currency IDR 'B+';
-- Senior secured debt 'BB/RR2';

Liberty Cablevision of Puerto Rico, LLC.
-- Long-Term Foreign Currency IDR 'B+';
-- Senior Secured Revolver 'BB-/RR3';
-- Senior Secured 1st Lien Term Loan B due 2022 'BB-/RR3';
-- Senior Secured 2nd Lien Term Loan C due 2023 'B-'/'RR6'


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


DOCUFORMAS SAPI: Fitch Rates New US$175MM Sr. Notes B+
------------------------------------------------------
Fitch Ratings has assigned ratings to Docuformas S.A.P.I. de C.V.
(Docuformas) including its Long-term Local and Foreign Currency
Issuer Default Ratings (IDRs) of 'B+' and Short-term Foreign and
Local Currency Ratings of 'B'. The Rating Outlook for the long-
term ratings is Stable.

At the same time, Fitch has assigned Docuformas' upcoming issue of
up to USD175 million Reg S/144A senior notes an expected long-term
rating of 'B+(EXP)', reflecting that these are senior unsecured
obligations that rank pari passu with other senior indebtedness,
and therefore, the rating is aligned with the company's IDRs. The
notes will pay interest semi-annually in arrears and may be
redeemed at the option of the issuer. The Recovery Ratings is
'RR4', which denotes average recovery prospects in the event of
default. The final rating is contingent upon the receipt of final
documents conforming to information already received.

Docuformas will use the net proceeds of the offering to refinance
approximately USD97 million of existing debt, while the rest will
be used for growth. There will be no increased exposure to market
risk as a result of the issuance, as it will be fully hedged with
a cross currency swap.

The notes will be unconditionally guaranteed by three subsidiaries
of the company: Analistas de Recursos Globales, S.A.P.I. de C.V.;
ARG Fleet Management, S.A.P.I. de C.V. and Rentas y Remolques de
M?xico, S.A. de C.V. The notes and the subsidiary guarantees will
be Docuformas' and the guarantors' senior unsecured obligations.

KEY RATING DRIVERS
IDRS AND SENIOR DEBT

Docuformas' ratings are highly influenced by its company profile
due to its moderate franchise and specialization in the leasing
segment in Mexico and its tight tangible capital metrics. The
ratings also consider its consistent and ample profitability, a
relatively well diversified funding base and an adequate liquidity
position reflected in positive maturity gaps. Its ratings also
factor in its levels of non-performing loans (NPLs) that compare
unfavourably against those of its peers; however, charge-offs have
been low historically. Key man risk and some corporate governance
considerations are also reflected in the ratings.

Docuformas has recognition as the second largest independent
leasing company in Mexico (not related to a financial group),
which drives its moderate franchise in the sector, although its
participation in the national financial system is very low. After
the acquisition of Analistas de Recursos Globales, S.A.P.I. de
C.V. (ARG) in 2014, it increased its market share, diversified its
product offering and expanded its client base.

The planned issuance of USD175 million senior unsecured notes will
impact its capitalization ratios and funding profile. Fitch
estimates that its debt to tangible capital ratio would increase
to levels around 9x immediately after the issuance. Nevertheless,
the shareholders have formally agreed to retain all of the
earnings generated during 2017 and 2018, which together with its
current growth and income generation forecasts, should drive its
debt to tangible equity ratio to levels around 7.5x at the close
of 2017. Post-issuance, Docuformas' funding mix will consist
solely of a secured bank facility (approximately 26% of funding)
and the international issuance. After the issuance, unpledged
lease receivables will cover approximately 1.3x the balance of
unsecured funding. In Fitch's opinion, this plan will improve
funding costs and provide longer term resources; however, it will
increase Docuformas' refinancing risk, as the maturity of its debt
will concentrate in a bullet payment in five years. However, the
company will aim to maintain its current credit facilities unused
and ready for disposal; which, along with adequate liquidity
management should mitigate this risk. The company's adequate
liquidity position is also reflected in its positive cumulative
liquidity gap.

Docuformas' non-performing Loan (NPL) metrics compare unfavorably
against its closest peers. Nevertheless, they have remained stable
despite their relatively high levels. The impaired loan ratio
stood at 6.6% at the close of the second quarter of 2017 (2Q17),
compared with the 5.9% average registered over the past four
years. Like some of its leasing peers, reserves do not fully cover
the amount of NPLs (2Q17: 62.2%); this is a result of the
collateralized nature (asset ownership) of the majority of its
portfolio, which translates into low historical charge-offs (less
than 1% of gross loans on average over the past four years).
Borrower concentrations are considered moderate and compare
favourably against its closest peers (Top 20 concentrations: 1.4x
its equity as of March 2017).

In Fitch's opinion, Docuformas has a track record of relatively
high and consistent earnings generation and has proven to be
resilient to tougher economic conditions in Mexico in recent
years. Docuformas' profitability ratios are underpinned by its
adequate interest margins albeit pressured recently by the
increasing cost of funds. This, coupled with lower income volumes
during the first two quarters, reduced its operating return on
assets to 4% at the close of June 2017, from 6.4% registered on
average over the past four years. The company's performance is
affected by cyclicality, for which if its growth plans
materialize, its profitability should recover during 2017 to
levels similar to those registered in 2016.

Fitch considers that exposure to key man risk is relatively high
in relation to the company's founder, who currently acts as the
CEO and chairman of the board and whose personal expertise and
involvement in the company's strategy and operations has been
determinant of its track record. The latter is relatively common
in small and medium size non-bank financial institutions. Its
corporate governance practices have room for improvement in terms
of strengthening the composition of relevant committees and in
terms of related party transactions and its aggressive dividend
policy.

RATING SENSITIVITIES
IDRS AND SENIOR DEBT

Docuformas' ratings could be upgraded in the medium term if it
exhibits orderly growth, while it strengthens its internal capital
generation and materially improves its loss absorption capacity,
reflected in a debt to tangible equity ratio consistently below 6x
or in a relevant increase of its loan loss reserves. This while it
maintains strong profitability ratios, adequate funding and
liquidity sources, and strengthens its corporate governance
practices.

Ratings could be downgraded if its financial profile considerably
deteriorates as a result of an increase in its NPLs or if its debt
to tangible equity ratio increases above 9x consistently.

The ratings of the notes will mirror any movement in the company's
long-term IDRs, reflecting their senior unsecured nature. However,
the rating of the notes may diverge from the IDRs if asset
encumbrance increases to the extent that it materially
deteriorates the effective recovery for the senior unsecured
bondholders.

Fitch has assigned the following ratings:

Docuformas S.A.P.I. de C.V.
-- Foreign Currency Long-term IDR 'B+';
-- Local Currency Long-term IDR 'B+';
-- Foreign Currency Short-term IDR 'B';
-- Local Currency Short-term IDR 'B';
-- USD175 million Regs/144A senior unsecured notes 'B+/RR4(EXP)'.


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


* BOND PRICING: For the Week From Sept. 18 to Sept. 22, 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.

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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
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Information contained herein is obtained from sources believed to
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                   * * * End of Transmission * * *