TCRLA_Public/170929.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, September 29, 2017, Vol. 18, No. 194


                            Headlines




A R G E N T I N A

AEROPUERTOS ARGENTINA: S&P Affirms 'B+' CCR, Outlook Stable
ALGODON WINES: Obtained $314,400 from Preferred Shares Offering


B R A Z I L

ENGIE BRASIL: Hydro Plants Purchase No Impact on Fitch BB+ IDR


C A Y M A N  I S L A N D S

CHINA FISHERY: Trustee Asks Judge to Reaffirm Power to Probe HSBC


C O L O M B I A

BANCOLOMBIA SA: Fitch to Rate USD Subordinated Notes 'BB+'
BANCOLOMBIA SA: Moody's Assigns Ba3 Rating to USD Sub. Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Hurricane Damages Thousands of Dwellings


E L  S A L V A D O R

AES EL SALVADOR: Fitch Affirms 'CCC' LT Issuer Default Rating


M E X I C O

MEXICO: City Residents Remain Homeless After Earthquake
TABASCO: Moody's Affirms Ba1 Issuer Rating; Outlook Negative


P E R U

CORPORACION AZUCARERA: Fitch Cuts Issuer Default Rating to BB-


P U E R T O    R I C O

PUERTO RICO: In Ruins, Bondholders Offer Cash for Gains
PUERTO RICO: Seeks Immediate Aid From US Congress After Hurricane
TOYS "R" US: Closes $3.1-Billion Financing Facilities
VIA NIZA: Disclosures OK'd; Plan Confirmation Hearing on Nov. 14


V E N E Z U E L A

VENEZUELA: Maduro Regime Sanctioned Twice in 48 Hours


                            - - - - -



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A R G E N T I N A
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AEROPUERTOS ARGENTINA: S&P Affirms 'B+' CCR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B+' corporate credit and issue-
level ratings on Aeropuertos Argentina 2000 (AA2000), and its
'bb+' stand-alone credit profile (SACP). The outlook remains
stable.

S&P said, "Our ratings affirmation reflects our view that AA2000's
credit quality continues to be limited by that of the sovereign,
although it would be able to withstand a hypothetical sovereign
stress scenario given its strong cash flow generation. The company
has significant dependence on the regulator, which defines
concession terms, sets aeronautical tariffs, and mandates
investments. The rating also reflects our view of AA2000 as a core
entity to CorporaciĀ¢n America (its holding company, not publicly
rated), given that AA2000 is integral to the group's strategy and
represents most of its EBITDA generation.

"Moreover, AA2000's 'bb+' SACP reflects our expectations of strong
operating and financial performance amid high passenger growth
levels in the next few years, with about 80% dollar-linked cash
flow generation that will allow the company to post high interest
coverage metrics (above 10x). It will accordingly show positive
free cash flow generation, considering its demanding capital
expenditures (capex) plan.

"Following the successful issuance of its $400 million bond in
February 2017, AA2000 is executing significant capex, above our
previous expectations, related to improving and expanding the
infrastructure of its airports in the country."


ALGODON WINES: Obtained $314,400 from Preferred Shares Offering
---------------------------------------------------------------
Between July 7, 2017 and July 24, 2017, Algodon Wines & Luxury
Development Group, Inc. issued 31,440 shares of Series B
Convertible Preferred Stock for cash proceeds of $314,400 to
accredited investors.  Holders of Series B Preferred will be
entitled to, among other things, an annual dividend, liquidation
preference, conversion to common stock of the Company upon certain
events, redemption if not previously converted to common stock,
and voting privileges.

For this sale of securities, no general solicitation was used, no
commissions were paid, and the Company relied on the exemption
from registration available under Section 4(a)(2) and Rule 506(b)
of Regulation D of the Securities Act of 1933, as amended.  An
initial Form D was filed on April 7, 2017, an amended Form D was
filed on June 15, 2017, an amended Form D was filed on June 29,
2017, an amended Form D was filed on July 12, 2017, and an amended
Form D was filed on July 27, 2017.

                       About Algodon Wines

Through its wholly-owned subsidiaries, Algodon Wines & Luxury
Development Group, Inc. -- http://www.algodongroup.com/-- invests
in, develops and operates real estate projects in Argentina.  AWLD
operates a hotel, golf and tennis resort, vineyard and producing
winery in addition to developing residential lots located near the
resort.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. AWLD distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2016, citing that the Company has incurred significant losses and
needs to raise additional funds to meet its obligations and
sustain its operations.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

Algodon Wines reported a net loss of $10.04 million on $1.52
million of sales for the year ended Dec. 31, 2016, compared to a
net loss of $8.27 million on $1.86 million of sales for the year
ended Dec. 31, 2015.

As of June 30, 2017, Algodon Wines had $8.07 million in total
assets, $4.14 million in total liabilities, $4.80 million in
series B convertible redeemable preferred stock and a total
stockholders' deficiency of $880,859.


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B R A Z I L
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ENGIE BRASIL: Hydro Plants Purchase No Impact on Fitch BB+ IDR
--------------------------------------------------------------
Fitch Ratings believes that Engie Brasil S.A.'s acquisition of the
concessions of two hydroelectric power generation plants (Jaguara
and Miranda) will not materially affect its credit profile. The
company was the winner of the auctions conducted by Agencia
Nacional de Energia Eletrica for two out of four operating assets
which added to its portfolio total installed capacity of 832 MW.
The total disbursement through a concession fee payment of BRL3.5
billion is scheduled for Nov. 30, 2017. Fitch rates Engie Brasil's
Long-Term Local Currency Issuer Default Rating 'BBB'/Outlook
Negative; Long-Term Foreign Currency IDR 'BB+/Outlook Negative;
and Long-term National Scale rating 'AAA(bra)'/Outlook Stable.

In Fitch's opinion, Engie Brasil will be able to sustain its solid
financial profile despite the expectation that the concession fee
payment will be financed entirely by debt. Fitch believes the
company's leverage will remain low for the power generation
segment and it will retain its sound liquidity position. Engie
Brasil has strong financial flexibility to meet this concession
fee obligation due to its favorable track record of raising long-
term credit lines, preserving a lengthened debt maturity profile.
In addition, Jaguara and Miranda assets are in a mature stage and
will add to portfolio diversification. Fitch expects an annual
EBITDA contribution of around BRL427 million and low capex needs,
assuming an average energy sale tariff of around BRL124/MWh and
EBITDA margin of 80%.

On a pro forma basis considering the concession fee payment and
the additional EBITDA, net financial leverage measured by net
debt-to-EBITDA would increase to 1.4x from 0.5x. At the end of
June 2017, the company's consolidated debt and cash were BRL3.2
billion and BRL1.5 billion, respectively, while EBITDA in the LTM
totalled BRL3.3 billion. Fitch base case scenario continues to be
that net financial leverage should not exceed 3.0x in the next
three years, even incorporating the potential acquisition of 40%
of the Jirau hydroelectric plant, with an installed capacity of
3,750 MW.

Engie Brasil's ratings are supported by its prominent market
position as the largest private power-generation company in
Brazil. The company's total installed capacity of 7,070 MW via 31
power plants will increase by 11.8% with the Jaguara and Miranda
acquisitions. The company benefits from its positive operational
efficiency and the existence of long-term power purchase
agreements with its clients. To a lesser extent, Fitch's analysis
reflects the sector expertise of its parent company, Engie S.A.,
as a relevant global power player.


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C A Y M A N  I S L A N D S
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CHINA FISHERY: Trustee Asks Judge to Reaffirm Power to Probe HSBC
-----------------------------------------------------------------
Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy,
reported that William Brandt, Jr., the court-appointed trustee in
charge of China Fishery Group Ltd., has asked the U.S. Bankruptcy
Court in New York to reaffirm his power to investigate HSBC Ltd.,
which he is investigating for aggressive collection tactics that
allegedly had a "severely negative impact" on the fishing
enterprise.

According to the report, Mr. Brandt has been largely successful in
the long-running row with HSBC, winning a court order in July from
Judge James Garrity Jr. allowing him to investigate the bank for
collection efforts that Mr. Brandt said may have stunted China
Fishery's operations.

Mr. Brandt said HSBC is now "trying to delay compliance" with the
judge's order, refusing to accept subpoenas for documents or to
respond to other requests for information related to the probe,
the report related.

In court papers, HSBC, which said it is owed more than $100
million, has asked Judge Garrity for a temporary reprieve from the
investigation while it pursues an appeal, the report further
related.  HSBC said it would otherwise suffer "irreparable harm"
from a "costly and invasive" process that it may be shut down by a
higher court, the report said.

A hearing on the matter was set for Sept. 28.

            About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.  The petition
was signed by Ng Puay Yee, chief executive officer.  The cases are
assigned to Judge James L. Garrity Jr.

At the time of the filing, China Fishery Group estimated its
assets at $500 million to $1 billion and debts at $10 million to
$50 million.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP,
serves as special litigation counsel.


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C O L O M B I A
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BANCOLOMBIA SA: Fitch to Rate USD Subordinated Notes 'BB+'
----------------------------------------------------------
Fitch Ratings expects to assign a 'BB+' rating to Bancolombia's
upcoming U.S. dollar subordinated notes. The notes (for an amount
to be determined) will pay a fixed interest to be set at the time
of the issuance. The notes will mature on 2027, and interest
payments will be made semi-annually until maturity. The final
rating is contingent on receipt of final documents conforming
materially to the preliminary documentation.

KEY RATING DRIVERS
SUBORDINATED DEBT

The upcoming issuance is expected to be rated two notches below
Bancolombia's VR of 'bbb', to reflect loss severity exclusively.
There will be no notching due to incremental non-performance risk.
While these securities rank pari passu with other existing
subordinated indebtedness, the loss severity notching is wider on
the proposed notes, due to the existence of a full write-down
feature, which is not contained in other outstanding subordinated
debt.

The notes do not incorporate going-concern loss-absorption
characteristics given the relatively low write-off trigger
(Regulatory CET1 at or below 4.5%), which in Fitch's view would
only be effective at the point of non-viability, and also
considering the fact that coupons are not deferred or cancellable
before the principal write-off trigger is activated. As such, no
notches are deducted from the VR for incremental non-performance
risk. If Bancolombia's capital ratio falls below 4.5%, the
outstanding principal amount of these notes may be permanently
reduced to the extent required to restore the bank's capital ratio
to 6%.

The securities, which are expected to comply with local Tier II
capital requirements, will rank junior to all senior unsecured
creditors but will be senior to the bank's capital stock,
including any other instrument that may qualify as Tier I capital
according to local banking regulation.

Bancolombia will use the proceeds of the issuance of the notes to
replace a portion of the existing 6.125% Subordinated notes due
2020 and 5.125% Subordinated notes due 2022; strengthen its
regulatory capital structure, regulatory compliance and general
corporate purposes.

RATING SENSITIVITIES

The expected subordinated debt rating is sensitive to a change in
Bancolombia's VR. The rating is also sensitive to a wider notching
from the VR if there is a change in Fitch's view on the non-
performance of these instruments on a going concern basis, which
is not the baseline scenario.

For further information about the drivers and rating sensitivities
for Bancolombia's VR and other issuer ratings, please check the
bank's latest press release (Fitch Affirms Bancolombia and Related
Entities' Ratings; Outlook Revised to Stable) at
www.fitchratings.com.


BANCOLOMBIA SA: Moody's Assigns Ba3 Rating to USD Sub. Notes
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 (hyb) rating to the
proposed USD-denominated non-viability Tier 2 subordinated notes
of Bancolombia S.A. (Bancolombia, Baa2 stable).

The terms and conditions of the securities have been defined so as
to qualify them for treatment as Tier 2 capital pursuant to
Colombian regulation.

The rating is subject to receipt of final documentation, the terms
and conditions of which are not expected to change in any material
way from the draft documents that Moody's has reviewed.

The following rating was assigned to Bancolombia's non-viability
Tier 2 subordinated notes:

-- Foreign currency subordinated debt rating of Ba3 (hyb)

Moody's has not assigned an outlook to the rating of the Tier II
securities. The outlook on the bank's Baa2 long-term deposit
ratings is stable.

RATINGS RATIONALE

The assigned Ba3 (hyb) rating for the proposed Tier 2 securities
is positioned two notches below Bancolombia's ba1 adjusted
baseline credit assessment (BCA), in line with Moody's standard
notching guidance for non-viability Tier 2 subordinated notes,
reflecting the terms of the issuance, which call for the full or
partial write down of principal upon the occurrence of a trigger
event. However, semi-annual coupons payments cannot be suspended.

Under the terms and conditions of the proposed securities, a write
down will be triggered if: (1) if the bank's regulatory Basic
Solvency ratio (equivalent to the CET1 ratio) falls below 4.5%
(which Moody's considers to be below the point of non-viability)
on either an individual (i.e. treating the bank's Central American
subsidiaries as investments) or fully consolidated basis; or (2)
if the supervisor determines that the Basic Solvency ratio needs
to be restored to 6.0%. The notes will only be written down in an
amount sufficient to restore the Basic Solvency ratio to 6% under
either circumstance. In practice however, they will automatically
be fully written down if the basic solvency ratio falls below 4.5%
as the par amount of the notes equals just about 1% of current
risk-weighted assets.

The notes will rank (i) junior to all present and future senior
indebtedness of the issuer, (ii) junior to all other present or
future "preferred" subordinated indebtedness, (iii) pari passu
with all other present or future unsecured Tier II subordinated
indebtedness and (iv) senior to securities junior to the notes as
well as to all classes of capital stock of the issuers.

While Moody's assesses the probability that Bancolombia will
receive support from the Colombian government (Baa2 stable) in a
stress situation as very high given the bank's large market of
domestic deposits, this support only applies to the bank's deposit
and senior debt ratings. Moody's does not expect that Tier II
securities - which are designed to absorb losses - will benefit
from government support.

WHAT COULD MOVE THE RATING UP/DOWN

The rating on the securities could face downward pressure if
Bancolombia's asset quality continue to deteriorate, or if the
Moody's adjusted capital ratios falls by more than 100 basis
points. The rating would face upward pressure if the Moody's
adjusted capitalization improves by more 100 basis points on a
sustainable basis while asset risk and profitability stabilizes.

The principal methodology used in this rating was Banks published
in September 2017.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Hurricane Damages Thousands of Dwellings
------------------------------------------------------------
Dominican Today reports that flooding caused by Hurricane Maria
damaged or destroyed 8,856 dwellings in the Dominican Republic,
forcing more than 26,000 people from their homes and leaving 26
communities cut off from the outside world, the national emergency
management office said.

The torrential rains and flooding that affected a large swath of
the country destroyed 188 houses and partially destroyed 861 other
dwellings, according to Dominican Today.

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.


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E L  S A L V A D O R
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AES EL SALVADOR: Fitch Affirms 'CCC' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) on AES El Salvador Trust II
(AES SLV) at 'CCC'. The affirmations affect USD310 million notes
due 2023, also rated 'CCC'.

AES SLV's ratings are linked to the sovereign rating of El
Salvador due to operational exposure to regulatory instability and
a reliance on subsidies. In 2016, the company invoiced
approximately USD70 million of subsidized revenues, or
approximately 12% of total revenues under Fitch's base case
assumptions. Changes to the subsidy system suggest that 2017
subsidies will fall by half, reducing AES SLV's exposure to around
USD35 million and 6% of total revenues. To date, the company has
not received any payments on subsidy amounts invoiced in 2017.
Fitch sees volume risk and an increase in non-technical losses as
likely consequences to the reduced reliability of the subsidy
system.

The ratings also reflect AES SLV's fundamental sensitivity to
additional cost absorption on the part of end-users in the event
subsidies are suspended or remain unpaid. The company has some
short-term flexibility in managing payments to generators,
offsetting lower government receipts by extending its own payable
days, as they did in 2016. Additionally, AES SLV can create some
liquidity headroom by deferring some of its capex during the next
two years with minimal impact to operational fidelity.

KEY RATING DRIVERS

Cash Flow Exposure to Government Subsidies: AES SLV's ratings are
linked to the sovereign rating of El Salvador due to operational
exposure to regulatory instability and a reliance on subsidies. In
2016, the company invoiced approximately USD70 million of
subsidized revenues, or approximately 12% of total revenues under
Fitch's base case assumptions. Changes to the subsidy system
suggest that 2017 subsidies should fall by half, reducing AES
SLV's exposure to around USD35 million and 6% of total revenues,
or 30-40% of EBITDA.

Political Polarization Creates Uncertainty: Fitch considers that,
as a social welfare system, the energy subsidies could easily be a
target for the right-wing opposition party. To-date, the
distribution companies (DisCos) have yet to receive any of their
invoiced subsidies for 2017. Similarly, in 2016 the company
accumulated 6 months of receivables before finally being paid with
proceeds from a government bond issuance in February 2017. Fitch
sees volume risk and an increase in non-technical losses as likely
consequences to the reduced reliability of the subsidy system.

Potential Cost Mismatch: AES SLV is fundamentally sensitive to the
capacity for additional cost absorption on the part of end-users
in the event that subsidies are suspended or remain unpaid. The
company has some short-term flexibility in managing payments to
generators, offsetting lower government receipts by extending its
own payable days, as they did in 2016. Additionally, AES SLV can
create liquidity headroom by deferring some of its capex for up to
two years with minimal impact to operational fidelity. However,
these measures are not feasible beyond the short term.

Political Solutions Strictly Short-term: AES SLV's management is
engaged in ongoing negotiations with the government to resolve
outstanding subsidy-related receivables. One proposal involves
repackaging receivables as debt payable by the government, similar
to what the AES generators did in the Dominican Republic in 2015.
However, given the complex legislative approvals necessary to
ratify such a plan, it is looking less likely. Moreover, recent
pronouncements by the Supreme Court could materially reduce the
government's already-limited budgetary flexibility, with capital
markets funding looking like most likely outcome.

There are ostensibly local and external debt issuance options.
Local treasury notes (Letras del Tesoro; LETEs) can be approved
with a simple majority, and technically there is capacity for
approximately USD1 billion of issuance under such a program. This
liquidity source is constrained, however, by soft local demand.
Issuing international debt, on the other hand, requires a
supermajority in congress, which, in light of the country's highly
polarized political climate, presents its own procedural
challenges. In any event, these options do little to address the
government's underlying budgetary shortfalls, including a long-
term solution to its subsidy obligations.

Capital Structure Partially Mitigates Liquidity Pressure: With
nearly 95% of its financial debt maturing in 2023, AES SLV's near-
term financial obligations are essentially limited to operating
costs and interest. Consequently, if there are liquidity
shortfalls, they should be sufficiently small to facilitate access
to short-term credit. The company already maintains a committed
credit facility of USD16.5 million, of which 7 million remained
undrawn as of December 2016. According to the issuer, it has
additional debt capacity of USD36 million under its covenant.

DERIVATION SUMMARY

AES El Salvador Trust II (AES SLV) financial forecast is weaker
than its regional DisCo peers. Historically, it has benefited from
EBTIDA margins in line with its regional peers Energuate Trust
(BB/ Stable), Eletropaulo Metropolitana Electricidade de Sao Paolo
S.A. (BB/Stable), and Elektra Noreste S.A. (BBB/Stable), as well
comparatively better rates of technical and non-technical losses.
However, recent problems collecting amounts owed by the Salvadoran
government (CCC) under El Salvador's energy subsidy program are
expected to put downward pressure on cash flows. Suspension of the
subsidy program could lead to lower EBITDA, reflecting higher
levels of theft and lower demand. Alternately continued delays in
the subsidy system could put pressure on generators to reduce
supply, which would also ultimately negatively impact EBITDA for
the Salvadoran DisCos.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Demand growth of approximately 2%, roughly in line with CDP
- 7% decrease in demand in 2018, assuming the temporary
   suspension of subsidies
- Assumes 50% uncollectible amounts related to government
   subsidies in 2017
- ~USD35 million of annual capex through the rating horizon, in
   line with historical levels

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- AES El Salvador's ratings could be positively affected by clear
   signals of sustainable independence from the government
   funding, or indications of reliable government receipts through
   the medium term.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- AES El Salvador's ratings could be negatively affected by any
   combination of the following factors: continued failure to
   resolve the issue of subsidy funding sources or effectively
   pass through shortfalls to the end-user; shortages of
   electricity supply resulting in lower consumption and lower
   cash flow generation; or further political or regulatory
   intervention that negatively affects the company's financial
   performance.

LIQUIDITY

AES El Salvador's liquidity is supported by its cash on hand,
which as of year-end 2016 was approximately USD39 million, and
USD43 million bank credit facilities, of which USD16.5 million are
committed. To date, the company has accessed USD9.5 million from
its committed credit line. Fitch expects liquidity to be affected
as delays in government receipts continue to grow. In addition to
its existing credit facilities, the company also has the capacity
to support liquidity by reducing capex for up to 2 years with
limited impact on their operations.

The only financial debt of the company is the USD 310 million
unsecured bond, which matures in 2023. This favorable debt
schedule provides the company with a critical degree of financial
flexibility during this operationally challenging period.

FULL LIST OF RATING ACTIONS

AES El Salvador Trust II
Fitch has affirmed the following ratings:
-- Foreign Currency Long-term IDR at 'CCC';
-- Local Currency Long-term IDR at 'CCC';
-- Senior unsecured notes at 'CCC/RR4'.


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M E X I C O
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MEXICO: City Residents Remain Homeless After Earthquake
-------------------------------------------------------
The Economic Times reports that a week after the powerful
earthquake hit central and southern Mexico, many residents of the
capital Mexico City still remain homeless on the streets, not
knowing where to go and fearing possible burglaries of the
belongings they abandoned in their houses.

Mexican authorities recorded a total of 38 collapsed buildings and
a death toll of 194 in the country's capital, out of 333 deaths
nationwide, the report relays.  According to official figures,
about 25,000 people have taken refuge in shelters provided by the
Ministry of Social Development.  These figures, however, exclude a
large number of people sleeping on the street, the report adds.


TABASCO: Moody's Affirms Ba1 Issuer Rating; Outlook Negative
------------------------------------------------------------
Moody's de Mexico affirmed the A1.mx (Mexico National Scale) and
Ba1 (Global Scale, local currency) issuer ratings of the state of
Tabasco. The outlook on the ratings remains negative.

At the same time, Moody's affirmed the debt ratings of the
following enhanced loans of the State of Tabasco:

- MXN 3 billion (original face value) enhanced loan with Banorte:
A3 (Global Scale, local currency) and Aaa.mx (Mexico National
Scale)

- MXN 1.6 billion (original face value) enhanced loan with
Banamex: Baa1 (Global Scale, local currency) and Aa1.mx (Mexico
National Scale)

RATINGS RATIONALE

RATIONALE FOR AFFIRMATION OF ISSUER RATINGS

Moody's decision to affirm Tabasco's ratings of Ba1/A1.mx takes
into account that Tabasco continues to align with Ba1 rated
national peers on a number of metrics despite facing added
pressure related to the loss of oil-related economic activity.
Primarily, the affirmation reflects Tabasco's low debt levels,
moderate cash financing deficits registered during the last two
years and adequate level of liquidity.

Despite the state's relative resiliency during 2015 and 2016 to
the oil price drop, Tabasco registered modest cash financing
deficits equivalent to 1.7% of total revenues on average in these
two years. This reflected a decline on own source revenues
beginning in 2015 and increases of current expenditures in 2015
and 2016. Moody's expects that the state will report higher cash
financing deficits during 2017 and 2018 of around 4%. This will
likely only result in a modest increase in the state's debt
levels.

The deficit registered in 2016 was partially funded through the
acquisition of a fixed interest rate MXN 450 million loan with
Banamex. Nevertheless, Tabasco continued registering low debt
levels equivalent to 9.1% of total revenues as of December 2016,
in line with national peers rated at Ba1. Although the state
contracted a MXN 700 million loan to fund part of its
infrastructure program in 2017, Moody's expects debt levels to
remain low at 10.2% on December 2017.

The state's liquidity has been slightly negative in the last two
years. Measured as net working capital (current assets less
current liabilities), liquidity was equivalent to -0.5% and -0.2%
of total expenditures respectively in 2015 and 2016. Furthermore,
at the end of 2016, cash covered 0.7x current liabilities, metric
also in line with Ba1 national rated peers.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectations that Tabasco's
financial and liquidity metrics could face near-term pressure as a
result of revenue decline. Tabasco has seen its economy contract
in the face of lower oil related activities, falling to 117.4% of
national GDP in 2015 from 158.7% in 2014, which in turn will
impact its level of participaciones. Moody's anticipates that
participaciones will decline roughly 10% in 2017. If the planned
expenditure austerity program is not successfully implemented,
Tabasco could register high cash financing deficits leading to
debt increases higher than Moody's current expectations and a
further deterioration of liquidity metrics.

RATIONALE FOR AFFIRMATION OF DEBT RATINGS

The A3/Aaa.mx and Baa1/Aa1.mx debt ratings affirmation of the
enhanced loans reflect that despite the expected decline of
participaciones revenues during 2017, debt service coverage ratios
and reserve funds are still sufficient to merit the ratings uplift
from the state's issuer ratings..

For the MXN 3 billion enhanced loan with Banorte, the state
pledged 11% of participaciones for debt service payments.
According to Moody's projections, the loan will maintain the
following metrics, in line with the A3/Aaa.mx debt ratings:

- Very strong debt service coverage ratios: under a Moody's base
case scenario estimated cash flows generate 9.7x debt service
coverage at the lowest point during the life of the loan. Under a
stress case scenario, estimated cash flows provide 7x debt service
coverage, at the lowest point during the life of the loan.

- Solid level of reserves that represent 5x debt service coverage
throughout the life of the loan and provide enough cushion against
payment delays.

For the MXN 1.6 billion enhanced loan with Banamex, the state
pledged 5% of participaciones for debt service payments. According
to Moody's projections, the loan will maintain the following
metrics, in line with the Ba1/Aa1.mx debt ratings:

- Strong debt service coverage ratios: under a Moody's base case
scenario estimated cash flows generate 3.3 x debt service coverage
at the lowest point during the life of the loan. Under a stress
case scenario, estimated cash flows provide 2.5x debt service
coverage, at the lowest point during the life of the loan.

- Strong level of reserves that represent 3x debt service coverage
throughout the life of the loan and provide enough cushion against
payment delays.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the negative outlook, a rating upgrade is unlikely in the
next 12 to 18 months. However, the outlook could be stabilized if
the administration implements measures that effectively offset
Tabasco's revenue loss leading to sustainable cash financing
surpluses, a healthy liquidity position and if banking debt
increases are below Moody's expectations. Conversely, the ratings
could be downgraded if Tabasco's consolidated results and/or cash
position deteriorate, or if it contracts a significant amount of
short or long-term loans.

Given the links between the loans and the credit quality of the
obligor, an upgrade on the State of Tabasco's issuer rating would
likely result in an upgrade of the enhanced loans ratings.
Conversely, a downgrade on the State of Tabasco's issuer ratings
could also exert downward pressure on the ratings of the loans. In
addition, the ratings could face downward pressure if debt service
coverage levels fall materially below Moody's expectations.

The methodologies used in these ratings were Regional and Local
Governments published in June 2017 and Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in July
2017.

The period of time covered in the financial information used to
determine State of Tabasco's rating is between 01/01/2012 and
31/12/2016.


=======
P E R U
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CORPORACION AZUCARERA: Fitch Cuts Issuer Default Rating to BB-
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign Currency (FC)
and Local Currency (LC) Issuer Default Ratings (IDRs) of
Corporacion Azucarera del Peru S.A. (Coazucar) to 'BB-' from 'BB'.
The senior notes were also downgraded to 'BB-' from 'BB'. The
Rating Outlook is Stable.

The downgrade reflects the company's weak performance and its
continued reliance upon its shareholders to bolsters its weak
liquidity position. Fitch expects net debt/EBITDA to increase
towards 7x in FYE17 from 3.2x in FYE16. Higher leverage is the
result of the expected reduction of Coazucar's EBITDA margin due
to lower yields The Stable Outlook reflects Fitch beliefs that the
shareholder will continue to support the group and Coazucar will
improve its performance and credit metrics in 2018.

KEY RATING DRIVERS

EBITDA Margin Contraction: After a solid performance in 2016,
Fitch expects Coazucar's EBITDA margin to decline to 13% in 2017
from 26% in 2016 as a result of lower yields. Production has been
impacted by the drought affecting the north of Peru and "El Nino
Costero," which made harvesting difficult due to the heavy rains
and flooding that followed - especially during March - that forced
Coazucar's mills to stop (20 days for Casa Grande and Cartavio).
Prices in the domestic market have remained solid. EBITDA is
expected to decline to below PEN 250 million in 2017 from PEN494
million in 2016. Fitch expects a gradual improvement of the
group's profitability in 2018 but does not expect Coazucar to
recover its historical EBITDA margins of around 40%.

Increased Leverage: Fitch expects Coazucar's net leverage to peak
in 2017 at about 7x and then improve to below 4x in 2018. The
increased leverage is due to lower EBITDA which results in
negative FCF generation despite a sharp decline in capex compared
to 2016, as a result of the completion of the Agrolmos project.
The El Nino Costero brought too much water to Agrolmos during the
first half of the year, leading the mill to stop production
between February and May. The delay and the low inventory levels
at the beginning of the 2Q17 forced Coazucar to import sugar this
year and incur additional costs. Production at the Algromos mill,
which was completed in 2017, should ramp up in 2018 and should
drive the company's cash flow recovery in 2018.

Support from Shareholders: Fitch factors into the ratings the
financial support from Coazucar's shareholders, the Rodriguez
family. Coazucar's shareholders have injected capital into the
company to preserve its liquidity during the investment phase of
the Agrolmos green-field project. In the first-half of the year,
the shareholders injected PEN63 million in cash. Fitch expects the
shareholder to continue to support the company financially during
the 2H17 as a result of the deterioration of the company's cash
flow. Other investments of the Rodriguez family include Gloria,
the leading dairy company in Peru, and Yura, the leading cement
producer in southern Peru.

Currency Risk: Coazucar is exposed to currency risk, and Fitch
estimates that about 72% of its debt is still mainly dollar-
denominated without any hedge against local currency depreciation.
Coazucar's revenue follows the trend of the dollar-denominated
international prices of sugar but most of revenues and costs are
mainly in local currency. Also, about 22% of revenues are in US
dollars due to the group's operation in Ecuador as of FYE16.

Product and Geographically Concentrated: The ratings incorporate
risks associated with product concentration in sugar, which
represented 89% of Coazucar's revenues in 2016. The remaining 11%
is in alcohol and other by-products. The company can now easily
shift production from raw to refined white sugar with the new
plant. By nature, the sugar industry is volatile and exposed to
fluctuations in commodity prices and external factors such as the
El Nino phenomenon. Coazucar is geographically concentrated in
Peru with about 71% of its revenues generated in the country; it
also has operations in Ecuador and Argentina. EBITDA from Peruvian
operations accounted for 86% of the total EBITDA in 2016.

DERIVATION SUMMARY

Coazucar's ratings reflect its dominant domestic position as the
largest sugar producer in Peru, with about 50% market share. The
company benefits from its proximity to owned sugarcane fields and
low dependence on third-party producers. This position enables the
company to price sugar in the domestic market at a high premium
compared to international prices, which is not the case for other
companies in the same sector rated by Fitch in Brazil. Coazucar
also benefits from the strong support of its shareholder, the
Rodriguez family. The rating is tempered by Coazucar's performance
volatility and weak credit metrics compared to other rated
companies in the sector such as Jalles Machado S.A. (B+/Stable)
which operates with net debt/EBITDA below 3x.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Steady revenue growth;
- Capex-to-sales of about 10% in 2017;
- Equity injections to preserve liquidity.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Net leverage below 3.0x on a sustainable basis that improves
   cash flow through the investment cycle;
- Tangible support from the shareholder that improves liquidity.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Deterioration of liquidity;
- Net leverage above 4x in 2018;
- EBITDA margin below 20%;
- Lack of support from the group's shareholder;
- Negative FCF.


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


PUERTO RICO: In Ruins, Bondholders Offer Cash for Gains
-------------------------------------------------------
Michelle Kaske at Bloomberg News reports that in late June, Puerto
Rico's federal overseers rejected a plan that would have let big
investors recover 85 cents on the dollar from bonds backed by the
island's distressed electric company, wagering a better deal for
the impoverished U.S. territory could be won in bankruptcy.

The Puerto Rico Electric Power Authority has since been devastated
by Hurricane Maria, which caused billions of dollars of damage and
left virtually the entire island still without power, according to
Bloomberg News.

Bloomberg News notes that a group of investment funds that hold $3
billion of the utility's bonds -- including OppenheimerFunds Inc.
and Franklin Advisers Inc. -- revived the spurned deal: In return
for a $1 billion loan, they said they'd be willing to accept the
same terms on a third of their holdings.  The price is roughly
twice what some of the utility's debt has been trading for,
Bloomberg News relays.

"They keep bringing it back from the dead and hope that they'll
hold on to a 15 percent haircut," said Matt Dalton, chief
executive officer of Rye Brook, New York-based Belle Haven
Investments, which manages $6 billion of municipal bonds,
including insured Puerto Rico debt, Bloomberg News notes.  He
predicted the island won't accept it.  "It's a time for money to
be offered, but not with contingencies surrounded around it," he
added, Bloomberg News relays.

Bloomberg News discloses that Puerto Rico and U.S. Department of
Energy officials are still struggling to restore electricity, a
week after the storm.  Governor Ricardo Rossello has pleaded for
more help to avoid a humanitarian crisis, Bloomberg News says.  In
Washington, House Speaker Paul Ryan and other Congressional
officials are still assessing how much aid to send to the island,
whose financial collapse has effectively blocked it from raising
more money in the financial markets, Bloomberg News notes.

The bondholders' loan -- which would need approval from the
island's oversight board -- could help Prepa, as the utility is
known, meet local matching requirements to receive Federal
Emergency Management Agency funds, according to the group,
according to the report.  FEMA may allocate as much as $9 billion
to Prepa, depending on the federal agency's matching thresholds,
Bloomberg News discloses.  Among the group is Marathon Asset
Management LP, BlueMountain Capital Management LLC, Angelo, Gordon
& Co. LP, and Knighthead Capital Management LLC, Bloomberg News
says.

"What we're trying to do is lend where our investors are not
disadvantaged," Thomas Wagner, co-founding partner of Knighthead,
said on Bloomberg TV.  "But where we can have a win win -- where
the capital is not expensive, but ultimately it achieves the goals
of bringing even more capital in on a zero-cost basis," he added.

Bloomberg News notes that a spokeswoman for Puerto Rico's fiscal
agency, which has been handling inquiries about the utility,
didn't have immediate comments.  Natalie Jaresko, the executive
director of the oversight board, said it welcomes the support from
creditors and will review the proposal, in consultation with the
Puerto Rico officials, Bloomberg News says.

The broad terms effectively reprise a deal creditors struck with
Puerto Rico after months of negotiations and before Congress
enacted emergency legislation giving it authority to have debts
discharged in court, Bloomberg News relays.

Bloomberg News notes that the latest iteration would have the
investors exchange $1 billion of outstanding bonds for $850
million of new debt through so-called debtor-in-possession
financing, which is routinely extended to corporations working
under court protection from creditors.  Those new notes -- as well
as the $1 billion loan -- would receive priority over all other
Prepa bonds, giving them higher standing than other creditors in
the bankruptcy proceedings, Bloomberg News relays.

The exchange rate received under the offer is well above where the
bonds have been trading, Bloomberg News discloses.  Debt maturing
in 2032 changed hands Tuesday, Sept. 26 at an average 43.2 cents
on the dollar, down from nearly 56 cents at the start of the
month, data compiled by Bloomberg show.  The securities rose to 47
cents Sept. 27, after the proposal was announced, Bloomberg News
relays.

"Our thoughts are with the people of Puerto Rico and its residents
during this difficult time," Stephen Spencer, managing director at
Houlihan Lokey, which is advising the bondholder group, said in a
statement, Bloomberg News notes.  "We hope that this capital
commitment will provide bridge financing and matching funds as
required by FEMA legislation while supporting the commonwealth's
recovery," he added.

                          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:

           https://cases.primeclerk.com/puertorico

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

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

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

                      Bondholders' Attorneys

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

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

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

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

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

                           Committees

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


PUERTO RICO: Seeks Immediate Aid From US Congress After Hurricane
-----------------------------------------------------------------
EFE News reports that Puerto Rican Gov. Ricardo Rossello asked the
US Congress to immediately approve an aid package to ease the
critical situation the island is going through following the
devastation caused by Hurricane Maria.

"We need Congress to take action so we can have an aid package
that is real for the American citizens that live in Puerto Rico
and that is flexible so that we can take immediate action,"
Rossello said during a morning interview on MSNBC's "Morning Joe,"
according to EFE News.

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:

           https://cases.primeclerk.com/puertorico

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

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

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

                      Bondholders' Attorneys

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

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

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

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

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

                           Committees

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


TOYS "R" US: Closes $3.1-Billion Financing Facilities
-----------------------------------------------------
Toys "R" Us, Inc. on Sept. 25, 2017, disclosed that it has closed
on $3.1 billion of financing facilities that will support the
Company's operations during its previously announced financial
restructuring process.  These financings will support the ongoing
liquidity needs of the Company as well as provide additional funds
to invest in various initiatives.  These investments include the
renovation and modernization of Toys"R"Us(R) stores through
improved layouts, updated lighting patterns and other areas to
bring them into the next era of retail shopping.  The investments
will also include updating the Company's e-commerce sites and
infrastructure to better reflect its brand, promote the hottest
toys and provide improved delivery capabilities so Toys"R"Us can
effectively compete in the online shopping space.

Various lenders contributed to the debtor-in-possession ("DIP")
financing, including a JPMorgan-led bank syndicate and certain of
the Company's existing lenders.  On September 20, 2017, the
Company received interim approval by the U.S. Bankruptcy Court to
access up to $2.2 billion of the DIP financing.  The Company
intends to seek final Court approval to access the full amount of
the DIP financing at a hearing that is scheduled for October 10,
2017.

Toys"R"Us also disclosed that, in connection with the initiation
of its financial restructuring proceedings, it has cancelled its
Q2 2017 Earnings Conference Call scheduled for September 26, 2017.
Toys "R"Us intends, as soon as possible, to resume filing relevant
materials with the Securities and Exchange Commission (SEC),
including Forms 8-K, 10-Q, 10-K and other relevant documents
concerning the Company's financial performance.

As previously announced on September 18, 2017, Toys"R"Us and
certain of its U.S. subsidiaries and its Canadian subsidiary
voluntarily filed for relief under Chapter 11 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Eastern District of
Virginia in Richmond, VA.  In addition, the Company's Canadian
subsidiary sought and was granted protection in parallel
proceedings under the Companies' Creditors Arrangement Act
("CCAA") in the Ontario Superior Court of Justice.  The Company
intends to use these court-supervised proceedings to restructure
its outstanding debt and establish a sustainable capital structure
that will enable it to invest in long-term growth and fuel its
aspirations to bring play to kids everywhere and be a best friend
to parents.

Additional information on the Company's restructuring can be
accessed by visiting the Company's restructuring website at
www.toysrusinc.com/restructuring, calling the Company's
Information Hotline, toll-free in the U.S. at 844-794-3476, or
sending an email to toysrusinfo@PrimeClerk.com in the U.S. or to
toysruscanada@ca.gt.com in Canada.  Court filings and other
documents related to the court-supervised process in the U.S. are
available on a separate website administered by the Company's
claims agent, Prime Clerk, at
https://cases.primeclerk.com/toysrus.
Information about the CCAA proceedings is available on a separate
site maintained by an independent Monitor at
www.grantthornton.ca/ToysRUs.  The Monitor also has a hotline at
416-777-7202 or 1-855-747-2648.

                        About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is now a privately owned entity but still files with
the Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc. and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  Judge Keith L. Phillips is the case
judge.

In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.

The Company's operations outside of the U.S. and Canada, including
its 255 licensed stores and joint venture partnership in Asia,
which are separate entities, are not part of the Chapter 11 filing
and CCAA proceedings.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys
"R" Us, Alvarez & Marsal is serving as restructuring advisor and
Lazard is serving as financial advisor.  Prime Clerk LLC is the
claims and noticing agent.

Grant Thornton is the monitor appointed in the CCAA case.


VIA NIZA: Disclosures OK'd; Plan Confirmation Hearing on Nov. 14
----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has approved Via Niza Inc.'s
amended disclosure statement dated Aug. 11, 2017, referring to the
Debtor's Chapter 11 plan dated Aug. 11, 2017.

A hearing to consider the confirmation of the Plan will be held on
Nov. 14, 2017, at 10:00 a.m.

Objections to the plan confirmation must be filed on or before 21
days prior to the confirmation hearing.

Acceptances or rejections of the Plan must be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Objections to claims must be filed 45 days prior to the hearing on
confirmation.  The Debtor will include in its objection to claim a
notice that if no response to the objection is filed within 30
days, the motion will be considered and decided without the actual
hearing.  If a written response or opposition to the objection to
claim is timely filed, the contested matter will be heard on the
date that the hearing on confirmation has been scheduled.

As reported by the Troubled Company Reporter on Aug. 21, 2017, the
Debtor filed with the Court an amended disclosure statement
describing its amended plan of reorganization, dated August 11,
2017.  The Amended Plan adds Triangle Reo PR Corp as a secured
claimant in Class 2.  Triangle Reo will be paid through 60 monthly
payments of $3,299 calculated at a rate of 5% using an
amortization schedule of 20 years and a balloon payment at the end
of month 60 in the amount of $417,274.

                        About Via Niza Inc.

Via Niza Inc., a corporation, owns a commercial property located
at Metro Medical Center Condominium.  The property is used as a
medical and patient treatment office for hematology and oncology
patients.

Via Niza sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 17-00215) on Jan. 18, 2017.  At the time
of the filing, the Debtor estimated assets and liabilities of less
than $1 million.

Myrna L. Ruiz-Olmo, Esq., at MRO Attorneys at Law LLC, is the
Debtor's bankruptcy counsel.  Luis Cruz Lopez is the Debtor's
accountant.


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


VENEZUELA: Maduro Regime Sanctioned Twice in 48 Hours
-----------------------------------------------------
Carlos Camacho at The Latin American Herald reports that thousands
of police, intelligence service, tax, immigration, interior and
foreign-service officials will not be able to indulge in that
favorite Venezuelan pastime: visiting DisneyWorld come Christmas
time.

The U.S., which has already sanctioned 46 former and current
officials with the Nicolas Maduro administration, disclosed a
suspension of visas and travel ban for officials of six government
agencies and ministries, including the Foreign Ministry and their
families, according to The Latin American Herald.  Foreign
Minister Jorge Arreaza, who was at the United Nations in New York,
denounced the measure in a speech there, the report notes.

The latest U.S. sanctions come after Canada sanctioned 40
Venezuelan officials, including Nicolas Maduro himself, Vice
President Tareck El Aissami, Supreme Court Chief Justice Maikel
Moreno and Interior Minister Nestor Reverol, the report relays.
Those four officials are already Specially Designated Nationals by
the US Treasury, the report says.

                        More Than 18,000 Cops

One of the agencies affected, the CICPC criminal investigations
police, has more than 15,000 employees, according to the
Venezuelan Social Security Institute, the report discloses.
Venezuela's version of the FBI, CICPC coordinates investigation of
criminal cases with the Attorney General's Office, the report
relays.

In total, officials from six agencies and ministries were affected
by a widespread ban on travelling to the U.S., the most
comprehensive set of sanctions since the Barack Obama
administration started taking measures against Venezuelan
officials in 2014, after that year's violent repression left 43
demonstrators dead, the report relays.

SEBIN has a much smaller number of employees, over 3,400, but it
is, by far, more influential, the report notes.  The National
Bolivarian Intelligence Service runs domestic operations against
the political opposition, including high-profile arrests,
intimidation, spying and the running of two infamous prisons in
Caracas alone: El Helicoide at its namesake, Western Caracas
headquarters, where US citizen Joshua Holt is imprisoned on
weapons charges, and Las Tumbas (The Tombs), a series of dungeons
in a basement four stories underground near Plaza Venezuela, the
report says.

The opposition however welcomed the sanction, and noted that they
were targeted at officials who were instrumental in keeping the
regime afloat, not aimed at the populace at large, the report
discloses.

"Trump's measure with regards to Venezuela? We support it. And we
call on other nations to implement actions such as these which
have as its main purpose to exert pressure on dictatorial regimes
in order to reestablish democracy in certain nations," opposition
lawmaker Lester Toledo stated in a press release, the report
notes.

"A regime that perpetrates crimes against mankind, which violates
Human Rights, which keeps behind bars hundreds of political
prisoners, that submits its people to hunger and death by denying
them food or medicines, which kidnaps the right to vote and
tramples the democratic principle of checks and balances cannot go
unpunished," Mr. Toledo said, notes the report.  "And measures
such as this one put the brakes on abuses that have been carried
out against all Venezuelans," Mr. Toledo added.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2017, 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-'."


                            ***********


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

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

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


                            ***********


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

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

Copyright 2017.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


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