TCRLA_Public/171002.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, October 2, 2017, Vol. 18, No. 195



ARGENTINA: Mid-Sized Banks Aim for Growth, Moody's Says


BARBADOS: S&P Cuts LC Sovereign Credit Rating to CCC, Outlook Neg


BRAZIL: Military Withdraws From Troubled Rio Favela


AVIANCA: Colombia Calls on Arbitrators to Resolve Pilot's Strike

D O M I N I C A N   R E P U B L I C

DIGICEL GROUP: Justin Morin to Head Local Operations
DOMINICAN REP: Farmers Ask Urgent Help as Losses Reach US$20.8MM


MEXICO: Gov't. Appropriates $248MM for Reconstruction After Quakes

P U E R T O    R I C O

BENJAMIN GONZALEZ: Court Directs U.S. Trustee to Appoint Ombudsman
LEGAL CREDIT: IRS to be Paid $14K Per Month, Plus 4.5%
MMM HOLDINGS: S&P Raises CCR to 'B' on Improving Performance
TOYS "R" US: U.S. Trustee Forms 9-Member Committee


* BOND PRICING: For the Week From Sept. 25 to Sept. 29, 2017

                            - - - - -


ARGENTINA: Mid-Sized Banks Aim for Growth, Moody's Says
An improving operating environment supports growth plans for
locally-owned midsized banks in Argentina, Moody's Investors
Service says in a new report.

Banco Comafi S.A. (B3 positive), Banco Hipotecario S.A. (B3
positive) and Banco Supervielle S.A. (B3 positive) intend to grow
their businesses in order to develop the economies of scale they
need to compete more effectively against larger peers as interest
rates and spreads come down. However, "while Comafi, Supervielle,
and Hipotecario are all mid-sized entities by Argentina standards
and lag far behind the market leaders, the three banks all have
very different strategies to take advantage of the opportunities
afforded by Argentina's ongoing economic normalization, which
expose each of them to a distinct set of risks," explains Marcelo
de Gruttola, a Moody's analyst and lead author of the report.

Currently, the Argentine banking system is one of the smallest in
the region as a percentage of GDP, which indicates there is ample
opportunity for growth. However, each bank is planning to expand
in different segments and at a different pace. Supervielle and
Hipotecario plan to grow organically in their traditional markets,
while others such as Comafi are looking to diversify through
mergers and acquisitions.

Supported by a recent capital raise, Moody's believes Supervielle
will likely remain among the fastest growing entities in the
system, while will subject it to increasing asset risks. Comafi
will seek to grow its fiduciary business after acquiring Deutsche
Bank's Argentine subsidiary, but will face challenges retaining
Deutsche's customers and integrating the new operations. Having
been one of the first Argentine banks to issue inflation-indexed
debt, Hipotecario is expected to be one of the key private players
in the mortgage segment, which is starting to grow again after
years of decline. However, the use of inflation-indexed mortgages
in Argentina remains untested.

The new Moody's report details unique challenges and areas of
potential growth for each of these three lenders, noting the
improving operating environment for banks in the country.

Given stiff competition for Argentina's very limited deposit base,
banks like Hipotecario and Supervielle are funding their growth by
issuing debt, particularly cross-border, and/or through equity
offerings. Such transactions are now possible thanks to
Argentina's return to global financial markets.

Market-friendly policy reforms and institutional enhancements
implemented over the past year have pushed inflation down sharply
and have brought the country out of an economic recession. This
improved scenario will create new business opportunities for banks
and financial institutions that will ease their transition into a
more competitive, market-driven operating environment, which will
help them manage an expected drop in nominal profitability
stemming from lower lending rates and investment returns.


BARBADOS: S&P Cuts LC Sovereign Credit Rating to CCC, Outlook Neg
On Sept. 27, 2017, S&P Global Ratings lowered its long-term local
currency sovereign credit rating on Barbados to 'CCC' from 'CCC+'.
S&P said, "We also affirmed our long-term foreign currency
sovereign rating at 'CCC+. The outlook on both long-term ratings
is negative. We also affirmed the short-term ratings at 'C'. The
transfer and convertibility assessment for Barbados remains


The negative outlook reflects the potential for a downgrade over
the next 12 months should the government fail to advance measures
to significantly lower its high fiscal deficit, strengthen its
external liquidity, and reverse its low level of international
reserves. These scenarios would likely lead to further pressure on
availability of deficit financing--be it from official or private
creditors--and pose challenges for the fixed exchange rate regime.
Any potential local currency debt exchange with commercial
creditors, though not currently under consideration by the
government, would most likely be considered a distressed debt
exchange and constitute a default according to S&P's criteria.
S&P could revise the outlook to stable over the next 12 months if
the government succeeds in balancing its fiscal budget, either
from implementation of fiscal measures or a prolonged rebound in
growth; improves its access to financing, from private creditors
locally and globally; and stabilizes the country's external
vulnerabilities and bolsters international reserves.


Barbados' history of wider fiscal deficits and low growth since
2009 has resulted in a significant increase in general government
debt and debt service needs. Limited appetite for government paper
in the local market has led to reliance on financing from the
National Insurance Scheme (NIS) and the Central Bank of Barbados.

Amid high current account deficits and limited external inflows,
external liquidity has been weakening. The decline in
international reserves reduces Barbados' capacity to defend the
currency peg and increases the risk of a balance-of-payments
crisis. S&P's ratings on Barbados reflect its view that its
creditworthiness is currently vulnerable and is dependent upon
favorable business, financial, and economic conditions to meet its
financial commitments.

Flexibility and performance profile: Rising debt and interest
burden, limited financing alternatives, and high external

As of June 2017, Barbados' gross central government debt
represented around 140% of GDP, one of the highest debt levels
among Latin American and Caribbean countries. S&P said, "We expect
Barbados' net general government debt (which does not include NIS
and central bank holdings of government debt and incorporates
liquid assets) to rise toward 98% of GDP over the next three years
from 95% in 2016. We consider this level of debt a key credit
weakness, particularly given Barbados' narrow, open economy (which
depends highly on tourism) and fixed exchange-rate regime. In
addition, the general government interest to revenue burden is
over 15%. We assess Barbados' contingent liabilities as limited,
considering our view of the strength of the banking system, with
assets around 170% of GDP and being fully foreign-owned."

Financing sources have become increasingly limited over the last
five years. Barbados has not tapped international capital markets
since 2010. Financing from bilateral and multilateral lenders has
slowed, in part, as Barbados has been slow to satisfy conditions
for disbursement and advance projects associated with borrowing.
Historically, local capital markets provided most of Barbados'
financing. However, in recent years, the private-sector appetite
has dried up on weak policy execution. The government has relied
on the central bank and NIS; they met 85% of the financing
requirements during 2015 and 2016. Commercial banks have had a
limited appetite to finance the central government deficit. During
fiscal year 2017/2018 (fiscal years go from April until March),
the central bank aims to reduce financing to the central
government to only 1% of GDP, from the 6% in 2015/2016 and 8% in
2016/2017. The NIS has already exceeded its own prudential limits
on government paper, and the growth rate of financing provided by
the NIS has already decreased.

The government announced in May 2017 fiscal adjustment measures
that are among the most significant to date in an effort to
balance its fiscal year 2017-2018 budget. They include raising the
National Social Responsibility Levy (NSRL) on imports and domestic
manufactured goods to 10% from 2% and a 2% fee on foreign currency
transactions and the sale of Barbados National Terminal Corp. Ltd.
(BNTCL), which stalled last fiscal year because of the Barbados
Fair Trading Commission concerns of possible monopoly practices.
However, a weak track record of execution, the introduction of the
measures half way into the fiscal year, the likely overestimation
of one-off revenues, and political considerations while moving to
an election year in 2018 leads us to assume that the measures will
fall short of balancing Barbados' budget this year and next.
Therefore, our base case expects a general government deficit (and
change in general government debt) of 4% of GDP during 2017-2020.
General government fiscal results include an NIS surplus below 1%
of GDP during the same period, down from a 3% in 2011. Lower
profitability is attributed to central government arrears on the

In an additional effort to reduce near-term pressure on the budget
and financing requirements, the government also announced it's
considering a debt liability management exercise on local currency
debt held by the NIS, central bank, and other government-related
entities (GREs). Central bank and NIS holdings represent around
40% of gross central government debt. The government expects to
finalize a voluntary debt exchange operation that extends
maturities without net present value losses before the current
calendar year ends. A transaction only focused on
intragovernmental debt is not a default under S&P's criteria. But
it highlights the extent of fiscal stress, and if it's extended to
private-sector creditors, it would likely constitute a default
under our criteria (see "Rating Implications Of Exchange Offers
And Similar Restructurings, Update," published May 12, 2009). The
liability management operations being considered by the government
do not include foreign-currency-denominated debt. There are not
external commercial maturities until 2019, but we estimate a debt
service of around US$200 million per year during 2017 and 2018.

Strong receipts from tourism, low private-sector demand, and low
oil prices resulted in flat imports, which helped reduce Barbados'
current account deficit (CAD) to 5% of GDP as of 2016, below the
10% average of the previous five years. S&P's base case expects
that tourism continues to perform adequately, and that low oil
prices and the NSRL further discouraging consumption (and imports)
would result in an average CAD of 4% during 2017-2019. Foreign
direct investment won't be able to fully finance the CAD, which
should keep pressure on the level of international reserves during

S&P said, "International reserves stood at US$317 million as of
June 2017. Usable international reserves, which we consider for
assessing external liquidity, are even lower; we subtract the
monetary base from international reserves because reserve coverage
of the monetary base is critical to maintaining confidence in the
exchange-rate regime. Barbados' usable reserves have been negative
since 2013, and the position continues to deteriorate, in part
because of the central bank's deficit financing, which has
expanded the monetary base. We expect Barbados' gross external
financing needs to be above 200% of current account receipts (CAR)
plus usable reserves. We expect narrow net external debt to
average about 30% of CAR during 2017-2019. Our external assessment
also considers that net external liabilities of a projected 140%
of CAR during 2017-2018 are substantially higher than narrow net
external debt. Finally, in our view, data on Barbados'
international investment position have inconsistencies and are not

"In our opinion, monetary financing to the central government is
at odds with sustaining Barbados' currency peg to the dollar, and
it significantly curtails the central bank's ability to act as a
lender of last resort in the financial system. Low inflation is a
reflection of global conditions rather than effective monetary
policy execution given the fixed exchange-rate regime."

Institutional and economic profile: Subdued economic growth
prospects and weakened policy track record

With about US$16,771 per capita GDP projected for 2017, Barbados
is still one of the richest countries in the Caribbean. Strong
flows of tourists and the expansion of the Sandals hotel helped
Barbados to grow 2% in real terms during 2016, the highest rate of
growth posted since 2009. This contributed to an improved economic
assessment. However, historical growth has been below that of
peers with a similar level of economic development, and the
economy depends highly on tourism. Growth over the next several
years balances a reduction in length of stay and marginal growth
in average tourist expenditure with higher arrivals, especially
from the U.S. market. A second source of growth would be two major
hotel projects that would open operations on the island in 2019--
the Hyatt and the Sam Lord's Castle project by Wyndham. But growth
would be held back by recurrent tourism project delays, higher
taxes, low private-sector confidence and consumption, and a
significant level of red tape, which weakens Barbados' overall
economic profile.

Barbados has a stable, predictable, and mature political system,
which has traditionally benefited from consensus on major economic
and social issues. The government has alternated between the
Democratic Labour Party (DLP) and the Barbados Labour Party (BLP).
Parliamentary elections are due by June 2018. Despite the
unpopularity of Prime Minister Freundel Stuart (DLP), the election
is likely be close given divisions within BLP led by opposition
leader Mia Mottley. Both parties have similar priorities: to
restore growth and maintain the currency peg with the U.S. dollar.
Despite the fact consensus supports and acknowledges the need for
adjustment, there has not been success on this front. Private-
sector confidence in the current government has fallen on
ineffective and slow policy responses. This includes recurrent
delays in many investment projects, the failure to enact a
comprehensive fiscal adjustment plan, and declines in
international reserves. Slow actions have weighed on our policy
assessment compared with when Barbados was higher-rated.
Transparency and timeliness of data publication are also weaker
than higher-rated sovereigns.

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 Economic Assessment had improved. All
other 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').


  Downgraded; Ratings Affirmed
                                        To              From
   Sovereign Credit Rating
    Local Currency               CCC/Negative/C    CCC+/Negative/C

                                          To            From
   Senior Unsecured
    Local Currency                        CCC           CCC+

  Ratings Affirmed

   Sovereign Credit Rating
    Foreign Currency                      CCC+/Negative/C
   Transfer & Convertibility Assessment   CCC+
   Senior Unsecured
    Foreign Currency                      CCC+


BRAZIL: Military Withdraws From Troubled Rio Favela
World News Espanol reports that Brazilian soldiers withdrew from
Rio de Janeiro's largest favela after a week-long occupation meant
to curb violence blamed on turf battles between rival drug gangs.

Announcing the withdrawal, Defense Minister Raul Jungmann said
that the armed forces would be ready to return to Rocinha "at any
moment" if the situation required it, according to World News

"If they (the drug dealers) return, we will return," he told
reporters, the report notes.

Roughly 1,000 troops, accompanied by 10 armored vehicles, occupied
Rocinha, when days of gun-battles that left four people dead in
the favela began to spread to other parts of the city, prompting
many schools and businesses to close, the report relays.

Overlooking Rio's famous beaches, Rocinha sprawls over a hill that
divides the upscale Sao Conrado and Gavea neighborhoods, the
report notes.

President Michel Temer approved the deployment in response to a
request from the governor of Rio de Janeiro state, Luiz Fernando
Pezao, the report relays.

The soldiers sent to Rocinha were part of the contingent of 10,000
authorized by Temer in July to backstop police in Rio state, which
has suffered some 4,000 homicides this year, the report discloses.

During the occupation of Rocinha, troops assisted police in making
arrests and seized guns and drugs, the report relays.

"Classes already resumed and people are moving around freely," Mr.
Jungmann said, the report notes.

While describing the effect of the military presence in Rio state
as positive, the defense minister cautioned that the situation
constructed by organized crime "over the course of decades, will
not be destroyed in weeks," the report says.

Mr. Jungmann said that the impetus for the latest eruption of
violence in Rocinha originated with Antonio Bonfim dos Santos
a.k.a. "Nem," who ran a criminal outfit in the favela before his
2011 incarceration in a federal prison in the distant northern
state of Rondonia, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 17, 2017, S&P Global Ratings removed its 'BB' long-term
foreign and local currency sovereign credit ratings on the
Federative Republic of Brazil from CreditWatch, where it had
placed them with negative implications on May 22, 2017. S&P said,
"At the same time, we affirmed the 'BB' long-term ratings, and the
outlook is negative. We also affirmed our 'B' short-term foreign
and local currency ratings on Brazil. The transfer and
convertibility assessment is unchanged at 'BBB-'. In addition, we
removed the 'brAA-' national scale rating from CreditWatch with
negative implications and affirmed the rating with a negative
outlook. This incorporates the revision of the mapping table for
Brazil national scale ratings, published Aug. 14, 2017."


AVIANCA: Colombia Calls on Arbitrators to Resolve Pilot's Strike
World News Espanol reports that the Colombian government decided
to call on an arbitration tribunal to resolve the labor dispute
between Avianca airline and 702 pilots who have been on strike for
nine days, according to the minister of labor.

"The national government has made the decision through the
Ministry of Labor to convene an arbitration tribunal
unofficially," Griselda Restrepo said, the report notes.

On Sept. 20, the Colombian Association of Civil Aviators began a
strike supported by 702 pilots, approximately half of Avianca's
flight deck staff, saying that they wanted better security at
airports, salary changes and a reduction in working hours, the
report relays.

The report discloses that Mr. Restrepo said the state would do all
it could to ensure the provision of transport, an essential

The Air Transport Association of Colombia (ATAC), which consists
of the main airlines operating in the country, called on President
Juan Manuel Santos to submit the strike by Avianca pilots to an
arbitration tribunal, the report notes.

According to the ATAC, the strike is illegal and the law considers
air transport "an essential public service," the report relays.

Avianca reported that 264 flights were canceled, or 52 percent of
those scheduled, as a result of the strike, the report adds.

As reported on Troubled Company Reporter-Latin America on
July 28, 2017, Egan-Jones Ratings Company, on June 9, 2017,
lowered the senior unsecured ratings on debt issued by Avianca
Holdings SA to B- from BB-.  EJR also lowered the commercial paper
ratings on the Company to B from A3.

D O M I N I C A N   R E P U B L I C

DIGICEL GROUP: Justin Morin to Head Local Operations
RJR News reports that a Jamaican has been appointed to head
Digicel Group's local operations.

Digicel disclosed that Justin Morin will be the company's new
Chief Executive Officer, notes the report.

Mr. Morin has seventeen years' experience in Telecommunications,
Finance, Fast-moving Consumer Goods and Manufacturing, the report
says. Mr. Morin most recent role was Director of Corporate
Strategy with Saudi Telecom, the report relays.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2017, Fitch Ratings has affirmed at 'B' the Long-term
Foreign-currency Issuer Default Ratings (IDR) of Digicel Group
Limited (DGL) and its subsidiaries, Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as Digicel. The Rating Outlook is Stable. Fitch has
also affirmed all existing issue ratings of Digicel's debt

DOMINICAN REP: Farmers Ask Urgent Help as Losses Reach US$20.8MM
Dominican Today reports that Dominican Republic National
Agribusiness (Confenagro) Leaders President Eric Rivero, and, and
former Rice Producers Federation President Cesar Espaillat asked
for the government's urgent help to normalize and boost production
after Hurricane Maria's damages.

They said losses are over RD$1.0 billion (US$20.8 million) in the
banana sector, and thousands of hectares of rice, according to
Dominican Today.

Mr. Rivero and Mr. Espaillat agreed that their sectors "have gone
from crisis to crisis," as the result of previous droughts and
then floods, the report relays.

Mr. Espailat stressed that losses to the banana sector, the main
export product, exceed one billion pesos, which adds up to over
US$300.0 million last year, the report relays.  "In livestock
there was also a lot of damage not only on farms, animal losses
and investments, but also on farm structures and road problems,"
the report quoted Mr. Espailat as saying.

Hurricane Maria hit banana growers the hardest, which in the
Northwest Line flooded 85 thousands of hectares of plantations,
according to the Dominican Banana Association, the report relays.

"Many of the plantations were planted with Agricultural Bank loans
of RD$1.3 billion and another RD$700 million from private banks,"
the business leader said, the report notes.

The report discloses that Mr. Espaillat said many of those
affected still hadn't recovered from the damage caused by the
downpours in November "and now face this new situation."

Although Maria caused the greatest damage, Hurricane Irma had
already damaged 42.8% of the farms, 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.


MEXICO: Gov't. Appropriates $248MM for Reconstruction After Quakes
Business Standard reports that the Mexican government approved the
release of roughly $248 million to begin the task of rebuilding
after the earthquakes that left 445 people dead.

The amount of money already spent responding to the massive
temblors of September 7 and September 19 and the major aftershock
of September 23 is likely in the area of $110 million, Finance
Secretary Jose Antonio Meade said, according to Business Standard.

President Enrique Pena Nieto said that the total bill for
reconstruction in the areas of central and southern Mexico
devastated by the quakes is expected to exceed $2.12 billion, the
report notes.

Officials still don't know how much of that amount will be covered
by insurance, Mr. Meade said, though adding that the government
will probably have "a much clearer idea" of the situation within
the next two weeks, the report relays.

Housing represents the biggest challenge, Mr. Meade said a day
after Development Secretary Rosario Robles put the number of
Mexicans forced from their homes by the earthquakes at more than
250,000, the report notes.

The government will provide a detailed blueprint enabling the
public to track where and how money is spent, Mr. Meade said,
adding that his department will update the information on a real-
time basis, the report says.

As if to underscore Mr. Meade's point about transparency,
residents of a Mexico City housing complex damaged in the
September 19 earthquake said that municipal officials are failing
to keep them informed about the condition of their homes and the
plans for reconstruction, the report relays.

The city administration has not offered any details about Mayor
Miguel Angel Mancera's strategy, the assembly representing the 500
families living in the Multifamiliar Tlalpan complex said in a
statement obtained by the news agency.

One of the complex's 10 buildings collapsed in the quake, the
report notes.

The Multi-familiar Tlalpan assembly requested the creation of a
panel of federal and municipal officials to brief residents on the
plan for reconstruction and on the support available to them in
the meantime, the report relays.

Also, Mexico's head of emergency services said the confirmed death
toll from the magnitude 7.1 temblor that struck the central part
of the country had reached 343, the report notes.

This capital accounts for 204 of those fatalities, followed by the
states of Morelos, 74; Puebla, 45; and Mexico, 13, Luis Felipe
Puente said, the report says.

Ninety-eight people perished in the southern states of Chiapas and
Oaxaca as a result of the magnitude-8.2 earthquake of Sept. 7,
whose epicenter was just off the Pacific coast, the report

The massive quake suffered by Mexico City in 1985 left at least
20,000 people dead, the report adds.

P U E R T O    R I C O

BENJAMIN GONZALEZ: Court Directs U.S. Trustee to Appoint Ombudsman
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has issued an order directing the U.S.
Trustee to appoint an ombudsman in the bankruptcy case of Benjamin
Rodriguez Gonzalez and Alicia Santiago Gonzalez, or otherwise
inform the Court why the appointment of an ombudsman is not
necessary for the protection of the patients.

The bankruptcy case is In re Benjamin Rodriguez Gonzalez and
Alicia Santiago Gonzalez (Bankr. D.P.R. Case No. 17-06326), filed
on September 5, 2017.  The Debtors are represented by Mary Ann
Gandia, Esq.

LEGAL CREDIT: IRS to be Paid $14K Per Month, Plus 4.5%
Legal Credit Solutions Inc. proposes to make a monthly payment of
$14,330.21 to the Internal Revenue Service under its latest plan
to exit Chapter 11 protection.

Under the latest restructuring plan, IRS' secured priority tax
claim will be paid in full through 40 consecutive monthly
installments of $14,330.21, plus interest at the rate of 4.5% per
annum.  Payments will start on the effective date of the plan.

IRS will suspend collection actions against the company's
principal provided it is in full compliance with its payments
under the plan and with its monthly and quarterly IRS payments and
filings, according to a filing with the U.S. Bankruptcy Court for
the District of Puerto Rico.

The document can be accessed for free at

               About Legal Credit Solutions Inc.

Headquartered in Guaynabo, Puerto Rico, Legal Credit Solutions,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 16-03685) on May 6, 2016, estimating its assets at up to
$50,000 and its liabilities at between $1 million and $10 million.

The petition was signed by Mrs. Yahairie Tapia, president.

Judge Brian K. Tester presides over the case.  Paul James Hammer,
Esq., at Estrella, LLC, serves as the Debtor's bankruptcy counsel.

MMM HOLDINGS: S&P Raises CCR to 'B' on Improving Performance
S&P Global Ratings raised its counterparty credit and secured debt
ratings on MMM Holdings Inc. to 'B' from 'B-'. The outlook is

Puerto Rico-based health insurer MMM is on track to meet S&P's
full-year 2017 expectations.

S&P said, "The upgrade is based on our view that MMM's credit
quality, though still speculative-grade, has improved due to good
business performance and steady debt reduction. We believe MMM
could generate 2%-4% revenue growth in 2017 and 5%-10% revenue
growth in 2018, supported by mid-single-digit rate increases for
Medicare Advantage (for the 2018 contract year) and Medicaid (for
fiscal 2018). We expect MMM to maintain positive earnings with an
adjusted EBIT margin of 3%-4% in both 2017 and 2018.

"The stable outlook reflects our view that MMM's operating
performance improvement should be sustainable through 2018.
Favorable Medicare and Medicaid reimbursement trends and MMM's
general pricing discipline and medical-management capabilities
should support relatively stable earnings. We also expect MMM's
credit metrics to remain consistent with its speculative-grade
rating, with a debt-to-capital ratio above 100% and EBITDA
interest coverage of 3.5x-4x for 2018. We expect MMM to maintain
risk-based capital ratios above 200% (of the authorized control
level) at its regulated subsidiaries.

"We may lower our rating on MMM during the next 12 months if MMM's
business performance and key metrics fall materially below our
expectations. We would also consider lowering our rating to the
'CCC' category if we could envision a potential default scenario.
Lower-than-forecasted membership/revenue growth or higher
medical/operating costs could drive this downside scenario.

"We are unlikely to raise the rating during the next 12 months.
However, we would consider an upgrade if MMM's business
outperforms our expectations and its capitalization improves from
a regulated capital and leverage perspective."

TOYS "R" US: U.S. Trustee Forms 9-Member Committee
Judy A. Robbins, U.S. Trustee for Region 4, on Sept. 26 appointed
nine creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of Toys "R" Us, Inc., and its

The committee members are:

     (1) Mattel, Inc.
         333 Continental Boulevard
         El Segundo, CA 90245

     (2) Huffy Corporation
         6551 Centerville Business Parkway
         Centerville, OH 45459

     (3) Evenflo Company Inc.
         225 Byers Road
         Miamisburg, OH 45342

     (4) KIMCO Realty
         3333 New Hyde Park Road
         New Hyde Park, NY 11042

     (5) Simon Property Group, Inc.
         225 W. Washington Street
         Indianapolis, IN 46204

     (6) The Bank of New York Mellon
         101 Barclay Street
         New York, NY 10286

     (7) Euler Hermes North America Insurance Co.
         800 Red Brook Boulevard, Suite 400C
         Owings Mills, MD 21117

     (8) LEGO Systems, Inc.
         555 Taylor Road
         Enfield, CT 06083

     (9) Veritiv Operating Company
         1000 Abernathy Road NE
         Building 400, Suite 1700
         Atlanta, GA 30328

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                        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 and

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

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.


* BOND PRICING: For the Week From Sept. 25 to Sept. 29, 2017

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

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD


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

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

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Troubled Company Reporter-Latin America is a daily newsletter
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