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

               Thursday, September 28, 2017, Vol. 18, No. 193



ABENGOA BIOENERGIA: Files for Bankruptcy Protection



D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Official Vows Clear Rules to Develop Oil Industry


HAITI: Truckers Block Border Crossing, Demand Ban Lifted


JAMAICA: S&P Affirms 'B' Sovereign Credit Ratings


PETROLEOS MEXICANOS: Bomb Threat Forces Evacuation of HQ
VOLKSWAGEN BANK: Moody's Affirms Ba2 Long-Term Deposit Rating

P U E R T O    R I C O

PILGRIM'S PRIDE: Moody's Rates $700MM Senior Unsecured Notes B1
PUERTO RICO: Debt Casts Shadow Over Storm Recovery Efforts

S T. K I T T S  &  N E V I S

ST. KITTS & NEVIS: Draws Criticism for Cutting CBI Investment

T R I N I D A D  &  T O B A G O

TRINDAD & TOBAGO: Hoteliers Fighting for Survival


VENEZUELA: S&P Suspends CCC- Ratings on Four LC-Denom. Debt Issues


* Eastern Caribbean to Get US$6.3MM Grant From World Bank

                            - - - - -


ABENGOA BIOENERGIA: Files for Bankruptcy Protection
Marcelo Teixeira at Reuters reports that Abengoa Bioenergia
Brasil, the Brazilian sugar and ethanol arm of struggling Spanish
conglomerate Abengoa SA, said it had filed for bankruptcy

The company, which operates two mills, said in an emailed
statement that it had tried unsuccessfully for the last 19 months
to find investors with fresh capital to keep its operations
running, according to Reuters.

"Brazil's current economic and political crisis, along with the 40
percent drop in sugar prices, led investors showing initial
interest in the company to flee," the company said in the
statement obtained by the news agency.

More than 50 sugar mills are currently under bankruptcy protection
in Brazil, a result of low sugar and ethanol prices in the first
half of the decade, the report notes.  Prices improved during a
global sugar deficit in 2015 and 2016, but have fallen again this
year, the report relays.


S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term
counterparty credit ratings on Credivalores - Crediservicios SAS
(Credivalores). At the same time, S&P affirmed the 'B+' issue-
level rating on the firm's senior unsecured notes. The outlook
remains stable.

S&P said, "The issuer credit ratings on Credivalores reflect our
business position assessment, supported by a diversified business
mix and good market position in the Colombian financial system;
its capital and earnings, underpinned by our forecasted RAC ratio
of 8.5%, on average for the next 12 to 18 months; and its risk
position, mainly driven by its lending and underwriting standards
that are stronger than those of other NBFIs we rate in the region.
The ratings also reflect our view that the firm's funding
structure is primarily concentrated in one global issuance, and
that its liquidity levels are in line to support our expected
growth. The stand-alone credit profile (SACP) remains 'b+'.

"The ratings also incorporate our positive view of Credivalores'
credit profile compared with other NBFIs we rate in the region. We
believe Credivalores has fundamentals that will allow the company
to navigate through the challenging Colombian economic conditions.
In our view, for the next 12-18 months, the company's credit
losses will be manageable, because payroll discount loans account
for 53% of its total credit loans and we don't expect the
unemployment rate to affect this portfolio, since 87% of its
payroll clients are public employees or retirees."

D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Official Vows Clear Rules to Develop Oil Industry
Dominican Today reports that Energy and Mines Minister Antonio Isa
Conde disclosed the fiscal policy and contractual proposals to
develop Dominican Republic's oil and gas industry, with options
based on tax and production sharing, and balanced profit for the
State and investors.

The tax formula is available on the agency's website for study and
comments from interested parties and concludes the first stage of
the oil and gas exploration and production project to pave the way
for tender offers for the blocs of greater interest, according to
Dominican Today.

Minister Isa calls it a fundamental step after collecting and
publishing the seismic information in the National Hydrocarbons
Database, whose interpretation allowed to define the six basins
with the greatest potential, the report notes.  Likewise, in 2016
the decree was issued that regulates the exploration and
exploitation of hydrocarbons, the report relays.

"The model presented will clearly define the type of business that
the state will want to do in terms of hydrocarbons and under what
economic conditions the contracts will be awarded, dropping the
model of direct allocation," Mr. Isa told local and international
guests, notes the report.  "I take this opportunity to emphasize
once again that in this process there will be no direct allocation
and that everything will be carried out under a strict
international tender procedure."

Mr. Isa added that the bases of an international public tender are
being prepared that in the first stage will tender the blocs of
Azua and Enriquillo.  "Our purpose is that in the first quarter
next year we're calling for tenders with all of the game's rules
clear, transparent, and, in a word, by the booklet," the report
quoted Mr. Isa as saying.

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.


HAITI: Truckers Block Border Crossing, Demand Ban Lifted
Dominican Today reports that Haitian truckers parked their rigs to
block the border crossing at Malpasse, cutting off traffic to
Haiti, from Independencia province (west).

The Haitian truckers and merchants staged the protest against
their country's authorities, demanding the end of the blockade on
22 staple products of Dominican origin, according to Dominican

Private truckers who crossed the border were stripped of their
keys and their vehicles turned off on the Haitian side of the
gate, the report notes.

The stoppage hobbled the binational market held Mondays and
Thursdays in the area of Malpasse, but Haitian buyers who had
already bought some products managed to take them to their country
by alternate routes, the report relays.

The report says that the incident quickly caused a 300-meter-long
line of vehicles to form on both sides of the border.

Fond Parissien truckers union leader Jerald Desi said the stoppage
aims to get the government to lift the ban on Dominican products,
calling it a farce, the report notes.

"The ban most harms the poorest Haitians who live in utter misery,
since the rich seven who import goods from the Dominican Republic
do so without inconvenience," Mr. Desi said by phone, quoted by, 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.


JAMAICA: S&P Affirms 'B' Sovereign Credit Ratings
On Sept. 25, 2017, S&P Global Ratings affirmed its 'B' long- and
short-term foreign and local currency sovereign credit ratings on
Jamaica. The outlook on the long-term rating remains stable. At
the same time, S&P Global Ratings affirmed its 'B+' transfer and
convertibility assessment on the country.


S&P said, "The stable outlook on Jamaica reflects our expectation
that the government will continue to meet strict fiscal targets,
including a high primary surplus, over the next several years.
This strong commitment will support the gradual reduction in the
country's debt and interest burdens, although both will continue
to constrain Jamaica's creditworthiness, given the debt's size. At
the same time, we believe that public-sector reform will continue
to be a challenge, particularly if growth remains subdued. We
expect that high crime, perceived corruption, low productivity,
and a lack of business competitiveness will weigh on economic
growth, despite the strong performance of some sectors.
Nevertheless, we expect that inflation will remain within the
central bank's target, although full-fledged inflation targeting
will take several years to fully implement.

"We could raise the ratings in the next year if Jamaica improves
its external liquidity and indebtedness such that the economy
becomes more resilient to potential external shocks, including
higher oil prices. This, combined with sustained higher economic
growth that facilitates the remaining public-sector reforms and
lowering the debt burden, could lead us to raise the ratings.
We could lower the ratings during the same period if, contrary to
our expectations, the government misses fiscal targets, which
could increase the government's debt burden and put pressure on
interest rates. Failure to respond in a timely and forceful manner
to these adverse developments could erode the country's financial
profile, leading to a downgrade."


S&P's ratings on Jamaica continue to be limited by the country's
high debt and interest burden, which restrict its fiscal
flexibility. While economic growth is slowly picking up,
structural impediments, including external vulnerability, continue
to hamper growth in Jamaica's low income levels. Nevertheless, the
government's tight fiscal stance fosters macroeconomic stability--
including low inflation--and supports the country's

Institutional and economic profile: Further institutional reform
will depend on the pace of economic growth, which we expect to
only slowly accelerate over the next year. The government's
commitment to sustainable fiscal policy will underpin
macroeconomic stability in the medium term.

Economic growth will facilitate public-sector reform as a growing
private sector can absorb displaced public-sector workers.

S&P said, "Nevertheless, we anticipate that bottlenecks will
continue limiting the speed at which growth accelerates, despite
the strong performance of some sectors.

"We believe that the government's commitment to fiscal
consolidation will continue to foster macroeconomic stability in
Jamaica. This commitment has spanned changes in government and we
believe is representative of bipartisan consensus on the general
direction of policymaking. Despite previous strong divisions,
Jamaica's two main political parties--the ruling Jamaica Labor
Party (JLP) and the opposition People's National Party (PNP)--
currently share a similar outlook on macroeconomic policy, in our
opinion. Since taking office in 2016, the JLP has largely
continued the economic policies of the former PNP administration,
including achieving strict fiscal targets set under the previous
IMF Extended Fund Facility (EFF) program.

"While we expect general policy continuity over the next several
years, we believe that the remaining public-sector reforms on the
government's agenda will take time to achieve, particularly as
economic growth only gradually accelerates. Before the EFF program
expired in early 2017, Jamaican authorities engaged with the IMF
regarding a successor program. They agreed on a three-year stand-
by arrangement, which serves primarily as a precautionary
liquidity backstop but also as an anchor for policy continuity.
Under the program, the government is seeking to shift the
allocation of its resources toward growth-inducing expenditure. To
do so, local authorities are identifying redundancies and services
that public-sector entities can share; and establishing clear
controls on public-sector wages, among other measures. The
government has also facilitated the creation of a new civil-
society monitoring group--the Public Sector Transformation
Oversight Committee--to strengthen government accountability
during this process. While the government has made progress toward
these ends, we believe it will take time to fundamentally shift
the structure of spending. The government is starting a new round
of public-sector wage negotiations for 2017-2019 and working
toward its goal of bringing down the wage bill to 9% of GDP from
just over 10% in 2016-2017--a goal the government pushed back to
2018-2019 from 2016-2017. While we believe that the government
will more easily meet this goal with higher economic growth as the
private sector absorbs more workers, we also think that structural
growth limitations will be hard to overcome in the near term.

"In our opinion, structural barriers will continue to impede
stronger economic growth in Jamaica. We expect annual real GDP
growth to average 1.9% over the next three years, despite stronger
performance in certain sectors of the economy. We also expect that
the country's per capita GDP will be close to US$5,000 in 2017.
The structural barriers include high security costs, perceived
corruption, low productivity, a lack of business competitiveness,
and vulnerability to external shocks. Nevertheless, some sectors,
such as tourism, which directly represents about 8% of Jamaica's
GDP, have grown quickly over the past couple of years. We expect
this growth to benefit employment levels, which as of April 2017
grew by about 3% relative to April 2016, while unemployment fell
to 12.2% from 13.7%. However, links between tourism and the rest
of the economy are limited, in our opinion, muting the growth's
impact on the overall economy. The government established the
Ministry of Economic Growth and Job Creation in early 2016, headed
by the prime minister, and an Economic Growth Council under the
ministry in part to address these issues. However, we expect that
the dividends of these efforts will take time to translate into
higher GDP growth."

Flexibility and performance profile: Strict fiscal policy will
continue to ease the still-high debt burden, although
vulnerability to external shocks remains.

S&P expects the government to meet its 7% of GDP primary surplus
target through the medium term.
While this tight fiscal policy will reduce Jamaica's debt burden,
fiscal flexibility will be limited. Still-high external liquidity
needs and indebtedness make the country vulnerable to external
shocks and potential loss in investor confidence.

S&P said, "Following the implementation of a two-stage tax reform
to shift the tax system toward indirect taxation, we expect the
government will continue to overperform on its primary surplus
target, which we expect to average 7.4% of GDP over the next four
years. Continued compliance with ambitious fiscal targets will
contribute to a gradual decline in net general government debt in
our forecasts to below 100% of GDP by 2019, while the change in
general government debt will average 2.5% over the same period.
Nevertheless, we expect that interest payments will continue to
represent a significant portion of Jamaica's budget, averaging
about 26% of government revenue over the next four years, which
will continue to limit fiscal flexibility, in our opinion.

"Given the most recent tax reform's success, we expect the
Jamaican government to continue to shift the tax system toward
indirect taxation from direct, strengthening formality and
broadening the tax base. Over the past year, the government has
raised the minimum income level required to pay personal income
tax, offsetting this through increases in excise and consumption
taxes on items such as cigarettes, fuel, and alcohol. The
government believes it can continue to work toward these goals and
plans to strengthen tax compliance and expand the tax base over
the next several years.

"Strong fiscal performance will serve as a solid anchor for
external stability. Jamaica's external profile has benefited from
favorable conditions over the past couple of years. Low oil prices
have contributed to a decline in current account payments, given
that fuel imports represent around 12% of current account receipts
(CAR), although they have represented as much as 26% when oil
prices were higher. Growth in the tourism industry has also
benefited Jamaica's external profile, given that tourism receipts
represent about 34% of the country's CAR. We expect slightly
higher oil prices starting in 2019 to contribute to a slight
uptick in Jamaica's external financing needs and, subsequently,
its external indebtedness. However, we believe that strong growth
in tourism, solid growth in the U.S. economy, and growth in export
sectors such as mining will stabilize Jamaica's external financing
needs to average 102% of CAR and foreign exchange reserves over
the next four years. The country's external accounts are linked to
the U.S. primarily through tourism and personal remittances, which
account for about 28% of CAR. At the same time, we expect external
debt net of international reserves and financial sector assets to
average 102% of CAR during the same period. While we expect these
levels to be relatively stable, they are still significant and
reflect the Jamaican economy's external vulnerability.

"We believe that favorable external conditions, combined with
fiscal tightening, will support historically low inflation levels
over the next several years. We expect inflation to fall within
the central bank's target of 4%-6% through 2020. We also expect
the central bank to facilitate orderly movements in the local
currency, in line with the country's managed floating exchange
rate. The bank is introducing measures to support inflation
targeting, such as revising its mandate, strengthening operational
independence, and improving market transparency. Still, it will
take time before these measures lead to fully operational
inflation targeting. We believe that monetary policy tools still
have a limited impact on the economy given low--albeit rising--
levels of private-sector lending and limited secondary bond market

  Ratings Affirmed

   Sovereign credit rating                B/Stable/B
   Senior unsecured                       B
  Air Jamaica Ltd.
   Senior unsecured                       B
  National Road Operating and Constructing Company Ltd
   Senior unsecured                       B


PETROLEOS MEXICANOS: Bomb Threat Forces Evacuation of HQ
EFE News reports that state-owned oil giant Petroleos Mexicanos
(Pemex) said its Mexico City headquarters was evacuated after a
bomb threat was received, but no explosives were found.

"A bomb threat was received at Pemex Tower, under the security
protocol an evacuation was carried out so the corresponding
inspection" could be conducted, Pemex said in a Twitter post,
according to EFE News.

After the building was searched, officials determined it was "a
false alarm" and "we are getting back to work," the report quoted
Pemex Chief Executive Officer Jose Antonio Gonzalez as saying.

About 6,000 people work at the Pemex office complex in the
Veronica Anzures district, a Pemex representative told EFE.

On Jan. 31, 2013, an explosion caused by a gas leak killed 37
people and injured more than 100 others at Pemex headquarters, the
report recalls. The explosion was caused by an accumulation of
methane gas ignited by a spark, officials said.  Workers were
doing maintenance on the structure's support columns when the
blast happened.  The main tower of the office complex, a 56-story
structure, was not damaged in the explosion, the report adds.

VOLKSWAGEN BANK: Moody's Affirms Ba2 Long-Term Deposit Rating
Moody's de Mexico affirmed Volkswagen Bank, S.A. (VW Bank
Mexico)'s Ba2 and long-term global and Mexican National
Scale bank deposit ratings and their corresponding NP and MX-1
short term global and Mexican National Scale bank deposit ratings.
The outlook on the global long-term deposit ratings remains

Moody's also affirmed the bank's b2 Baseline Credit Assessment
(BCA), ba2 Adjusted BCA and Ba1(cr)/NP(cr) Counterparty Risk (CR)

The bank's debt ratings are unaffected by action.


VW Bank Mexico's ratings incorporate Moody's assessment of a very
high likelihood of extraordinary support from the bank's German
parent Volkswagen Financial Services AG (VW FS AG, A3 negative) as
well as a robust level of capital, relatively strong asset
quality, and profitability that also remains relatively strong,
notwithstanding a sharp deterioration in recent years in part
given an increase funding costs, while lending rates remained
relatively stable due to tight competition. Stiff competition also
explains the contraction in the loan book this year, which put
further pressure on profitability.

These credit strengths offset challenges including the bank's
heavy reliance on short-term wholesale market funding and narrow
liquidity, as well as its narrow focus on car financing to
individuals, which makes it vulnerable to downturns in domestic
car sales and consumer purchasing power.

The bank's tangible common equity has been supported by a full
earnings retention. At the same time, nonperforming loans have
remained relatively stable averaging around 3% of gross loans
since year-end 2015, slightly above Mexico's banking system
average of 2.4%, but still moderate by global standards. Further,
net income stood at a still robust 1.4% of assets during the first
six months of 2017 despite having declined significantly from as
high as 4% by year-end 2013.

While VW Bank Mexico has always had a limited and concentrated
deposit base, it historically supplemented this with local bond
issuances, which have been backed by its German parent. However,
market rates for these borrowings have increased sharply following
a corresponding increase in Mexico's policy rate since December
2015. In order not to lock in higher interest rates for a longer
term, the bank turned to short-term wholesale funding instead.
These short-term funds equaled 18% of the bank's total assets as
of June 2017. Moreover, these funds are currently provided by a
single bank and come due on the same day, while just 10% of assets
are liquid, exposing the bank to substantial refinancing and
repricing risks.

Should the bank be unable to refinance this debt in a timely
manner, however, Moody's believes there is a very highly
likelihood that VW FS AG will provide financial support in order
to avoid a failure of its subsidiary, given (i) the strategic fit
and importance of VW Bank Mexico operations for VW FS AG, (ii) the
fact that both companies share the name, and (iii) the
reputational risk that a default by VW Bank Mexico would represent
for VW FS AG and its ultimate parent, car manufacturer Volkswagen
Aktiengesellschaft (A3 negative).

VW Bank Mexico's deposit rating is the sole Mexican National
Scale rating corresponding to its Ba2 global scale rating.
Similarly, the bank's NP and MX-1 global and national scale short
term ratings are the sole short term ratings corresponding to its
Ba2 and long term ratings.

The stable outlook considers the resilient economic growth
anticipated for Mexico, despite the uncertainties generated since
the US presidential elections. The more benign operating
environment will help support VW Bank Mexico's asset quality as
well as steady demand for car loans, which together with a
stabilization of funding costs should allow it to avoid further
deterioration of profitability.


Upward rating pressure would be triggered by an extension in the
bank's liability tenors and a greater diversification of its
short-term funding sources, coupled with a more stable
profitability as well as maintenance of strong capitalization.

On the other hand, VW Bank Mexico's ratings would face downward
pressure if its reliance on short-term funding continues to
increase, if profitability continues to decline, or if capital
levels or asset quality deteriorate substantially. Downward
pressure would also build if the bank is unable to refinance its
short-term debt in a timely manner.


The following ratings of Volkswagen Bank, S.A. (821153838) were

- Long term global local currency deposit rating of Ba2, stable

- Long term global foreign currency deposit rating of Ba2, stable

- Short term global local currency deposit rating of NP

- Short term global foreign currency deposit rating of NP

- Long term Mexican National Scale local currency deposit rating

- Short term Mexican National Scale local currency deposit rating
   of MX-1

The following assessments of Volkswagen Bank, S.A. (821153838)
were affirmed:

Baseline credit assessment of b2

Adjusted baseline credit assessment of ba2

Long and short term counterparty risk assessments of

The long- and short-term Mexican National Scale ratings of
/MX-1 indicate above-average creditworthiness relative to other
domestic issuers.

The principal methodology used in these ratings was Banks
published in January 2016.

The period of time covered in the financial information used to
determine Volkswagen Bank, S.A.'s rating is between January 1,
2012 and June 30, 2017 (source: Moody's, as well as issuer's
annual audited and quarterly unaudited financial statements).

P U E R T O    R I C O

PILGRIM'S PRIDE: Moody's Rates $700MM Senior Unsecured Notes B1
Moody's Investors Service has assigned B1 ratings to Pilgrim's
Pride Corporation's (Ba3 CFR stable) $700 million of senior
unsecured notes being offered in eight-year and ten-year tranches.
Net proceeds from the proposed offerings will be used to repay
most of the $737 million equivalent subordinated unsecured seller
note due to JBS S.A., and for general corporate purposes. The
ratings outlook is stable.

On September 8, 2017 Pilgrim's acquired UK-based poultry company
Moy Park Holdings Europe) Limited (B1 stable) for approximately
GBP1.0 billion ($1.3 billion, based on a 1.31 USD/GBP exchange
rate at the time). Moy Park is a wholly owned subsidiary of
Brazil's JBS S.A. (B2 review for downgrade), which also controls
Pilgrim's through a 78.5% equity stake. Moody's previously has
said that the transaction is credit positive because it
diversifies Pilgrim's sales, supply chain, poultry products. In
addition, financial leverage will remain modest. Pro forma
debt/EBITDA is approximately 2.1x, excluding approximately $50
million of planned cost synergies.

The Moy Park transaction was funded with a one-year GBP562.5
million ($736.9 million) subordinated unsecured seller note issued
to JBS S.A., assumed GBP300.0 ($393 million) 6.25% senior
unsecured notes due 2021 at Moy Park, and GBP230.0 million ($301.3
million) in cash. The Moy Park noteholders are protected by a 101%
change-of-control put option; however, based on recent market
prices, the options are not likely to be exercised.


Pilgrim's Ba3 Corporate Family Rating is supported by its 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 maximizing 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 notable discipline with respect to
acquisition price and value.

Moody's evaluates Pilgrim's credit profile on a standalone basis.
Thus, the ratings are not directly affected by 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 assigned the following ratings:

Proposed senior unsecured notes due 2025 at B1 (LGD5);

Proposed senior unsecured notes due 2027 at B1 (LGD5).

The ratings outlook is stable.

The proposed 2025 notes will be an add-on under the indenture
governing existing $500 million 5.75% senior unsecured notes. The
senior unsecured debt instruments are rated one notch lower than
Pilgrim's Ba3 Corporate Family Rating, reflecting their junior
position relative to $1.55 billion of senior secured debt
instruments, including a $750 million asset-based revolving credit
facility and an $800 million Term Loan A, both maturing on May 6,

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

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 RICO: Debt Casts Shadow Over Storm Recovery Efforts
RJR News reports that Puerto Rico's more than $70 billion in debt
is casting a shadow over recovery efforts on the Caribbean island,
which was destroyed by Hurricane Maria.

Puerto Rican Governor Ricardo Rosello, who is seeking federal
funds, warned of a "massive exodus" without aid, according to RJR

US President Donald Trump wrote on Twitter that the island was in
"deep trouble," notes the report.  He added that its debts,
"sadly, must be dealt with."

In May, Puerto Rico declared a form of bankruptcy, seeking to
restructure more than $70 billion in debt, the report relays.

                          About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:


Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).


The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.  The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.

S T. K I T T S  &  N E V I S

ST. KITTS & NEVIS: Draws Criticism for Cutting CBI Investment
RJR News reports that a statement issued by St. Kitts and Nevis
announcing a drastic 50 per cent cut in the investment requirement
for its citizenship by investment (CBI) program to create a
"hurricane relief fund", has drawn widespread condemnation.

Mahdi Mohammed, CEO of Guide Consultants, said this is a truly
shameful move by St. Kitts, according to RJR News.  Mr. Mohammed
added that this is simply a ploy, a blatantly opportunistic move
to improve the competitiveness of the St. Kitts and Nevis CBI
program at the expense of their Caribbean neighbors, the report

The report relays that Dominica is not a wealthy country but
following Hurricane Irma it was willing to share what it had with
other Caribbean islands, for example by sending water and
telegraph poles, two commodities that it is now in desperate need
of itself.

It even pledged EC$500,000 to St. Kitts and Nevis after Irma, the
report notes.

Mr. Mohammed argued that Dominica has now lost every source of
government revenue except its CBI program and St. Kitts and Nevis
is attempting to undermine even that, the report adds.

T R I N I D A D  &  T O B A G O

TRINDAD & TOBAGO: Hoteliers Fighting for Survival
Leah Sorias at Trinidad Express reports that hotel occupancy rates
in Tobago have dwindled to as low as 20 per cent.

And with no silver lining in sight for the transportation woes
between Trinidad and Tobago, hoteliers are fearing the worst for
the upcoming slow October to November period, according to
Trinidad Express.

Despite their present predicament, they contend that cutting jobs
is not an option for them, notes the report.

"Management has taken a concerted effort not to lay anyone off. We
understand the situation and because of this we have been able to
ride the storm," said Sherwin Boyce, Assistant Operations Manager
of Kariwak Village Holistic Haven and Hotel, in Crown Point, the
report relays.

Mr. Boyce said usually during the July/August peak season the
hotel's occupancy rate is around 65 per cent to 70 per cent, says
the report.  "We've been hovering just over 25 per cent," he told
Express Business.

"On few days we would get over 50 per cent occupancy, and that's
only because people's flights have been cancelled, they are at the
airport and they have to look for accommodation. We are located
very close to the airport," Mr. Boyce stated, the report

Mr. Boyce said because of the uncertainty of the ferry and airline
service to Tobago, some customers have cancelled future bookings,
the report adds.


VENEZUELA: S&P Suspends CCC- Ratings on Four LC-Denom. Debt Issues
S&P Global Ratings suspended its 'CCC-' local currency issue
ratings on four of the Bolivarian Republic of Venezuela's local
currency-denominated debt issues. S&P said, "At the same time, we
affirmed our 'CCC-' long-term foreign and local currency sovereign
issuer credit ratings. The outlook on the long-term ratings is
negative. In addition, we affirmed our 'C' short-term foreign and
local currency sovereign issuer credit ratings. The transfer and
convertibility assessment remains 'CCC-'."

S&P suspended the 'CCC-' issue ratings on the following local
currency bonds:

-- Venezuelan bolivar (VEF) 1.338 trillion due October 2017
-- VEF0.645 trillion due November 2018
-- VEF0.802 trillion due August 2019
-- VEF0.715 trillion due October 2020


S&P said, "The rating action follows U.S. Executive Order 13808,
dated Aug. 24, 2017, which introduced additional sanctions with
respect to the political situation in Venezuela. We suspended our
ratings on these particular bonds because maintenance of the
ratings would constitute a prohibited transaction under the
Sanctions Order. The related bonds have not been authorized as
permitted transactions under any of the general licenses issued by
the U.S. Department of the Treasury's Office of Foreign Assets
Control (OFAC) on Aug. 25, 2017, in connection with the Sanctions

"We will consider reinstating the issue ratings on these bonds if
the U.S. sanctions are lifted with respect to these bonds, all
else being equal."


S&P said, "The negative outlook on our long-term sovereign issuer
credit ratings reflects the heightened risk of the Venezuelan
government defaulting, including through undertaking a distressed
debt exchange, in the next six months. Failure to introduce
substantial corrective measures to stabilize the economy,
alleviate shortages of basic goods, and reverse the recent
increase in political polarization could lead to worsening
external liquidity and debt default."

Steps to defuse the heightened political tensions in Venezuela
would reduce the risks of eroding governability and high
volatility in economic policies. That, along with prompt,
corrective reforms that begin to address the country's economic
imbalances and to strengthen its external liquidity, could lead us
to affirm the ratings at their current level.

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

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

The committee agreed that all key rating factors were unchanged.

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


  Ratings Affirmed

  Venezuela (Bolivarian Republic of)
   Sovereign Credit Rating                  CCC-/Negative/C
   Transfer & Convertibility Assessment     CCC-
  Venezuela (Bolivarian Republic of)
   Senior Unsecured                         CCC-
  Ratings Suspended
                                            To         From
  Venezuela (Bolivarian Republic of)
   Senior Unsecured
    Local Currency                          NR         CCC-


* Eastern Caribbean to Get US$6.3MM Grant From World Bank
RJR News reports that the World Bank approved a US$6.3 million
grant to support Eastern Caribbean countries to preserve and
strengthen resilience of coastal and marine resources, and
implement regional policies to stimulate blue growth.

This will allow countries to better manage natural infrastructure
which is the first line of defense against storm surges and damage
from rising frequency of extreme weather events, such as the
recent hurricanes, according to RJR News.

The Caribbean Regional Oceanscape project will be implemented
through the Organization of Eastern Caribbean States (OECS)
Commission in close collaboration with member-states, the report

The Caribbean Regional Oceanscape project supports Dominica,
Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and
the Grenadines to transition towards a 'blue economy' model, where
sustainable ocean-based industries help deliver jobs, reduce
poverty and promote shared prosperity across the region, the
report says.


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


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
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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,
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