TCRLA_Public/171010.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

           Tuesday, October 10, 2017, Vol. 18, No. 201


                            Headlines



B A R B A D O S

BARBADOS: Controversial Levy Raking in the Dough for Gov't


B R A Z I L

BRAZIL: To Improve Environmental Sanitation With $67.5MM IDB Loan


C A Y M A N  I S L A N D S

OCEAN RIG: Meets Nasdaq Listing Compliance Requirements


E L  S A L V A D O R

EL SALVADOR: Fitch Cuts IDR to 'RD' Following Debt Exchange


J A M A I C A

JAMAICA: Needs More Flexible Financing Options


M E X I C O

MEXICO: Annual Inflation Slowed in September
* MEXICO: Arrests Ex-Governor Who Is Fugitive From U.S. Justice


T R I N I D A D  &  T O B A G O

SANDALS RESORTS: Hurricanes Hit Resort's Tobago Plans
TRINIDAD & TOBAGO: Will be Poorer if TT$ Depreciates Substantially


                            - - - - -


===============
B A R B A D O S
===============


BARBADOS: Controversial Levy Raking in the Dough for Gov't
----------------------------------------------------------
Caribbean360.com reports that the National Social Responsibility
Levy (NSRL) that has left businesses and consumers crying out has
reaped big dividends for the cash-strapped Barbados government.

According to Finance Minister Chris Sinckler, the tax has
generated BDS$50 million (US$25 million) in revenue, just three
months after a 400 per cent increase in the levy was introduced,
the report notes.

"I believe the figure so far is just short of BDS$50 million
(US$25 million), which, if you're to multiply it by four quarters,
would give you just around BDS$200 million (US$100 million)," he
told Parliament while leading off debate on the National Social
Responsibility Levy Amendment Bill 2017, according to
Caribbean360.com.

Not only have the NSRL's earnings exceeded expectations, but
Minister Sinckler reported that the final figure for the period
could be higher, the report notes.

He pointed out that additional Value Added Tax earned under the
NSRL still had to be added, the report relays.

In the May budget, the Finance Minister had projected that the
NSRL would earn BDS$186 million (US$93 million) in revenue in one
fiscal year, in addition to BDS$32 million (US$16 million) in VAT,
the report discloses.

The tax, which was one of the revenue generating measures to help
the Freundel Stuart administration close a massive fiscal gap, is
calculated on the customs value of imported and locally produced
goods, the report relays.  It is applied on the production cost of
locally produced goods and VAT is added to the total cost, the
report notes.

Government has been at odds with key social partners, including
the private sector and trade unions, over the onerous tax, the
report says.

Back in July, more than 20,000 demonstrators led by the island's
main unions and the Barbados Private Sector Association staged a
protest urging a rollback of the measure which has led to a spike
in the cost of living, the report relays.

The report discloses that Minister Sinckler acknowledged that amid
the "difficulties", the tax measure was meeting Government's
objectives.

Despite the windfall, he admitted that the Barbados economy would
fall short of projections, and only grow between 0.5 per cent and
0.7 per cent this year, the report says.

"We have such a tight fiscal progamme, demand is going to be
constrained and once demand is constrained in an economy like
Barbados, we don't think growth is going to be significant," the
report quoted Minister Sinckler as saying.  "We believe it will be
[about] 0.5 to 0.7 per cent.  We won't get two per cent growth as
originally predicted at the beginning of the year."

As reported in the Troubled Company Reporter-Latin America on
Oct. 2, 2017, S&P Global Ratings said it lowered on Sept. 27,
2017, 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 'CCC+'."



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


BRAZIL: To Improve Environmental Sanitation With $67.5MM IDB Loan
-----------------------------------------------------------------
Salvador da Bahia, Brazil's fourth largest urban area, will invest
in environmental sanitation of the Mane Dende River basin with
help from the Inter-American Development Bank (IDB).

The area is home to more than 31,000 people, most of them living
in highly vulnerable, informal settlements.

The project's total cost is $135 million, of which $67.5 million
will be loaned by the IDB to the Salvador Municipality and the
remaining 50 percent will be covered by the city government using
its own funds.

The project will help improve sanitary and environmental
conditions, reduce flood vulnerability risks, and enhance urban
conditions in the Mane Dende river basin. It will include macro
and micro drainage works, slopes stabilization, water and sanitary
sewer systems, urbanization, roads and urban equipment, and help
to resettle families to less vulnerable locations.

Additionally, the project will finance efforts to boost the
population's sanitary education and habits and to improve the
performance of the institutions responsible for the sustainable
operation of the infrastructure.

The Mane Dende is a tributary of the Rio do Cobre, the main
waterway in the Salvador da Bahia metropolitan area. Its waters
feed the Sao Bartolomeu Park waterfalls, the city's main green
space. For this reason, the sanitation works aimed at restoring
the water quality will bring about far more important benefits to
the population at large.

The loan will be disbursed over a five-year period and have a 25-
year amortization term, with a 5.5-year grace period and a LIBOR-
based interest rate.

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."



==========================
C A Y M A N  I S L A N D S
==========================


OCEAN RIG: Meets Nasdaq Listing Compliance Requirements
-------------------------------------------------------
Ocean Rig UDW Inc. (NASDAQ: ORIG), an international contractor of
offshore deepwater drilling services, on Sept. 27, 2017, disclosed
that it has received formal notice from The Nasdaq Stock Market
("Nasdaq") that it has demonstrated compliance with all applicable
requirements for the continued listing of the Company's common
stock on Nasdaq.  As previously announced on June 12, 2017, the
Nasdaq Hearings Panel had granted the Company a conditional
exception from the decision by the Nasdaq Staff to delist the
Company's common stock and had asked the Company to demonstrate
compliance with certain listing requirements upon emergence from
its financial restructuring.  The Company announced the completion
of its financial restructuring on September 22, 2017.  Nasdaq
confirmed that, as a result of its favorable determination, the
Company's common stock will continue to be listed on The Nasdaq
Global Select Market and that the compliance matter is now closed.

                        About Ocean Rig

Nicosia, Cyprus-based Ocean Rig UDW Inc. (NASDAQ: ORIG) --
http://www.ocean-rig.com/-- is an international offshore drilling
contractor providing oilfield services for offshore oil and gas
exploration, development and production drilling, and specializing
in the ultra-deepwater and harsh-environment segment of the
offshore drilling industry.

On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up
petitions with the Cayman Court and issued summonses for the
appointment of joint provisional liquidators for the purpose of
the Restructuring.  By orders of the Cayman Court dated March 27,
2017, Simon Appell and Eleanor Fisher were appointed as the JPLs
and duly authorized foreign representatives, and the Cayman
Provisional Liquidation Proceedings were commenced.

Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities, as the joint provisional liquidators and authorized
foreign representatives, filed for Chapter 15 protection for Ocean
Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-10736) on
March 27, 2017, to seek recognition of the Cayman proceedings.

The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero
D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New
York.

                          *     *     *

On Sept. 15, 2017, the Grand Court of the Cayman Islands
sanctioned the schemes of arrangements of the Company and its
subsidiaries, Drill Rigs Holdings Inc. ("DRH"), Drillships
Financing Holding Inc. ("DFH"), and Drillships Ocean Ventures
Inc., ("DOV," and together with UDW, DRH and DFH, the "Scheme
Companies").  The terms of the restructuring have therefore been
approved by the Cayman Court.



====================
E L  S A L V A D O R
====================


EL SALVADOR: Fitch Cuts IDR to 'RD' Following Debt Exchange
-----------------------------------------------------------
Fitch Ratings downgraded El Salvador's Long-Term Local Currency
Issuer Default Rating (IDR) to 'RD' following the successful
execution of the domestic debt exchange of Certificados de
Inversion Previsional (CIPs). Fitch believes that the recent
exchange constituted a distressed debt exchange (DDE) as outlined
in Fitch's sovereign criteria report, "Sovereign Rating Criteria"
published July 21, 2017.

Subsequently, reflecting the successful restructuring of the CIPs
legislation as well as recent passage of pension reform, Fitch has
upgraded El Salvador's Long-Term Local Currency Issuer Default
Ratings (IDR) to 'B-' from 'RD'. Fitch has also upgraded El
Salvador's Long-Term Foreign Currency rating to 'B-'from 'CCC' and
Short-Term Local Currency and Foreign Currency ratings to 'B' from
'C'. The outlook on the Long-term Local and Foreign Currency
Ratings (IDRs) is stable. In addition, Fitch has upgraded the
country ceiling to 'B' from 'B-'.

KEY RATING DRIVERS

The government of El Salvador has restructured the terms of its
debt to the local private pension funds issued under domestic law
(Certificados de Inversion Previsional). As per Decree No. 789 by
El Salvador's Congress Sept. 28, 2017, holders of CIPs exchanged
all existing CIPs for re-issued CIPs equal in face value but with
the following change in terms: (1) the maturity extended from 25
years to 30 years; (2) a grace period for principal repayments of
three or five years is added; (3) the amortization schedule is
altered; and (4) the interest rates are set at 2.5% in 2017 with
incremental annual increases of 50bps to 4.5% in 2022, from 3.5%
to 5.5% previously. The USD91 million of accrued interest and
amortization of CIPs due in October 2017 were capitalized and
added to the notional of the new issues. As per its sovereign
rating criteria, Fitch judges that these amendments to the
original terms of the CIPs constitute a distressed debt exchange.

The subsequent upgrade of El Salvador's Long-Term Local and
Foreign Currency ratings to 'B-' reflects the successful
restructuring of CIPs and recent passage of pension reform, with
the support of the major opposition Arena party that reduces the
government's financing needs over the next three years.
Furthermore, the restructuring as well as the recent Congressional
authorization of external debt issuance for USD170 million should
help the government close its remaining financing gap for 2017.

After a prolonged period of extreme political polarization that
ultimately led to a local default on CIPs in April 2017 and the
CIP restructuring in October 2017, the nearly unanimous
congressional vote in favour of the pension reform indicates a
certain level of de-escalation of the political polarization.
Political polarization between the governing FMLN party and Arena
has contributed to fiscal policy disagreements and the blockage of
external borrowing authorization. Fitch believes that the pension
accord could pave the way for passage of the 2018 budget as well
the authorization of external debt issuance in order to meet its
financing needs through the end of 2018. However, upcoming
Congressional elections in March 2018 and presidential election
elections in February 2019 could complicate the political
compromises necessary to achieve consensus. No external principal
payments on commercial bond debt are due until December 2019 when
a USD800 million bond is due.

The pension reform included an increase of the contribution rate
to 15% from 13% (with employee and employer each paying roughly
half of the contribution). It creates a so-called solidarity fund
with 5% of the contributions to be administered by the private
pension funds (AFPs). The main objective of the fund is to pay a
minimum pension; however, it could also be used to pay upcoming
CIP amortization and interest coming due (which pays pensions for
people in the old national social security fund). Over time, the
solidarity fund should alleviate some of the spending pressures on
the government from pensions. The estimated positive impact of the
pension reform and restructuring is estimated at 0.6% of GDP in
2018, increasing over the medium term. The overall fiscal deficit
is expected to reach 2.5% of GDP in 2018, down from 3.0% in 2017
and 2.8% in 2016.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns El Salvador a score equivalent to
a rating of 'B-' on the Long-Term Foreign Currency IDR scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final Long-Term Foreign Currency IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within Fitch criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES

Negative:
-- Failure to reach political compromises in order to obtain .
    financing sources to meet the government's financing needs.

-- Failure to reduce market financing constraints.

Positive:
-- A comprehensive political agreement on a multi-year fiscal
    adjustment and financing sources that help stabilize the debt
    burden and ease financing pressures.

KEY ASSUMPTIONS

Monetary tightening in the United States with the FED increasing
policy rates to 2.5% by year-end 2018 from 1.5% at year-end 2017
as well as a gradual run-down of its balance sheet from October
2017.

Oil prices remain at USD52.5 in 2017, USD52.5 in 2018 and USD55 in
2019.

Fitch takes the following rating actions:

-- Long-Term Local Currency IDR downgraded to 'RD' from 'CCC';
    Subsequently upgraded to 'B-'; Assigned Stable Outlook;
-- Long-Term Foreign Currency IDR upgraded to 'B-' from 'CCC';
    Assigned Stable Outlook;
-- Short-Term Foreign Currency IDR upgraded to 'B' from 'C';
-- Short-Term Local Currency IDR upgraded to 'B' from 'C;
-- Country Ceiling upgraded to 'B' from 'B-';
-- Issue ratings on long-term senior unsecured foreign currency
    bonds upgraded to 'B-' from 'CCC'


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


JAMAICA: Needs More Flexible Financing Options
----------------------------------------------
RJR News reports that Roxann Linton, CEO of First Heritage Credit
Union, and Finance Minister Audley Shaw agreed on the need to
facilitate greater access to more affordable and flexible
financing for Jamaica's productive sectors.

Discussing Jamaica's thrust for economic reform, including the
pursuit of single-digit inflation, both parties agreed to a closer
working relationship, according to RJR News.

The conversation came during a courtesy call, scheduled to
coincide with the start of credit union month, the report notes.

It also encompassed wide-ranging discussions, including
opportunities for economic growth, public sector transformation
and the evolving role of financial institutions, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2017, on Sept. 25, 2017, S&P Global Ratings affirmed its
'B' long- and short-term foreign and local currency sovereign
credit ratings on Jamaica. The outlook on the long-term rating
remains stable. At the same time, S&P Global Ratings affirmed its
'B+' transfer and convertibility assessment on the country.



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


MEXICO: Annual Inflation Slowed in September
--------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
consumer prices rose less than expected in September as reductions
in public transport and mobile phone charges following a deadly
earthquake offset higher energy and back-to-school costs.

The consumer-price index rose 0.31% last month, bringing the
annual inflation rate down to 6.35% from a 16-year-high 6.66% in
August, the National Statistics Institute said, according to The
Wall Street Journal.  Core CPI, which excludes energy and fresh
fruit and vegetables, rose 0.28%, with the annual rate slowing to
4.8% from 5% in August, the report notes.

The increases were below the median estimates of economists polled
by The Wall Street Journal, which saw increases of 0.45% and
0.35%, respectively, for CPI and core CPI in September, the report
relays.  Overall consumer prices fell 0.17% in the second half of
the month, the report discloses.

A 7.1 magnitude earthquake Sept. 19 destroyed dozens of buildings
and damaged thousands of others, leaving 369 people dead,
including 228 in Mexico City, the report recalls.  That followed
an earthquake in southern Mexico earlier in the month that killed
around 100 people, and several hurricanes that caused flooding and
some loss of life, the report adds.

In the days following the Sept. 19 quake, the Mexico City
government waived fares on the city's subway system, and the
country's telecommunications companies made phone calls, messaging
and mobile data free so that even people without credit on their
phones could communicate, the report relays.

Lower fruit and vegetable prices contributed to the slowdown in
inflation, while gasoline and propane gas prices rose, as did
school and college fees at the start of the fall term, the report
notes.

The Bank of Mexico left interest rates unchanged at the end of
September, saying that inflation appeared to have reached a
ceiling in August, the report discloses.  The bank remained
cautious, however, about a possible near-term spike in some goods
prices following the natural disasters, the report says.

The central bank maintained its estimate that the annual inflation
rate will return to its 3% target toward the end of 2018, the
report adds.


* MEXICO: Arrests Ex-Governor Who Is Fugitive From U.S. Justice
---------------------------------------------------------------
Jose de Cordoba at The Wall Street Journal reports that a former
Mexican state governor who is a fugitive from U.S. justice was
detained in Mexico on corruption related charges, officials said,
the fourth former Mexican governor to be arrested this year.

Eugenio Hernandez, who governed the border state of Tamaulipas
from 2005 to 2010, is being investigated by state prosecutors for
money laundering and embezzlement, said an official from the
state's prosecutor's office, according to The Wall Street Journal.
Mr. Hernandez was arrested near the state capital, Ciudad
Victoria, as he was preparing to take a motorcycle trip, the
official said, the report notes.

"We will continue taking to court any official who commits acts of
corruption in our dear Tamaulipas," said Javier Castro, the
state's recently named anticorruption prosecutor in a brief press
conference, the report relays.

Mr. Hernandez is also wanted in the U.S. where he was indicted on
charges of money laundering in 2015. A U.S. official said the U.S.
would seek Mr. Hernandez's extradition, the report discloses.

If convicted on the U.S. charges, Mr. Hernandez faces a 20-year
prison sentence, the report relays.  The U.S. is also seeking a
personal money judgment of $30 million from Mr. Hernandez and one
other person, and has confiscated four properties in Texas worth
$2 million belonging to the two men, U.S. prosecutors said in
2015, the report notes.

Tamaulipas state prosecutors said the former governor's arrest
stems from his allegedly fraudulent purchase through front men of
a government property, the report relays.  The case is being
handled by a newly formed special prosecutor's office against
corruption, the report says.

It wasn't possible to reach Mr. Hernandez or his lawyer, the
report discloses.  At the time of his U.S. indictment, Mr.
Hernandez said he was innocent of the charges against him.

Mr. Castro said Mr. Hernandez was scheduled to make a preliminary
statement before a Mexican judge, the report notes.

Mr. Hernandez's arrest underlines the dimensions of Mexico's
corruption problem, especially among the country's state governors
who analysts say act like medieval princes, facing little
oversight, and gaining power and resources as Mexico has
decentralized and become more democratic in recent years, the
report says.  Federal transfers of tax money to the 32 Mexican
state governments has jumped more than 20-fold from 1996 to $88
billion in 2016, the report discloses.

The Mexican Competitiveness Institute, a private sector think
tank, estimates that corruption costs the country 5% of gross
domestic product, the report relays.  The World Bank's
International Finance Corp. puts the figure at 9% of GDP, notes
the report.

President Enrique Pena Nieto, whose own popularity has suffered as
concerns about corruption have grown, has proposed new laws
targeting graft, but lawmakers have failed to reach agreement on
the appointment of an anticorruption prosecutor, the report says.

Tamaulipas, the home of the drug trafficking Gulf Cartel as well
as breakaway Zetas cartel, is one of Mexico's most violent states,
the report relays.  In many cases, drug traffickers have made
common cause with members of the state's political establishment,
said Guadalupe Correa-Cabrera, a professor at George Mason
University, who recently published a book about the Zetas cartel,
the report notes.

"Drug trafficking grew in Tamaulipas thanks to protection from
state government," the report quoted Ms. Correa-Cabrera as saying.

Mr. Hernandez is the second former governor of Tamaulipas and the
fourth former ruling party governor to be arrested this year, the
report relays.  His predecessor as governor of Tamaulipas, Tomas
Yarrington, who is wanted in the U.S. on drug money laundering
charges, was arrested in Italy in April, the report notes.  Mr.
Yarrington, who says he is innocent, is fighting a U.S.
extradition request, the report discloses.

Javier Duarte, the former governor of Veracruz state, was arrested
in Guatemala earlier this year and extradited to Mexico in July,
the report notes.  Mr. Duarte is in prison facing charges of
corruption, money laundering, and participating in organized
crime, the report relays.  He said he was innocent.

Roberto Borge, the former governor of Quintana Roo state, where
the popular beach resort of Cancun is located, was arrested in
Panama in June on Mexican charges of money laundering and
embezzlement the report discloses.

Mr. Borge, who says he is innocent, recently went on a hunger
strike in Panama as he fights extradition to Mexico the report
relays.  A fifth ex-governor, Cesar Duarte of the border state of
Chihuahua, is a fugitive from corruption charges the report notes.
Before going on the lam, Mr. Duarte, no relation to Javier Duarte,
said he was innocent, the report adds.


================================
T R I N I D A D  &  T O B A G O
================================


SANDALS RESORTS: Hurricanes Hit Resort's Tobago Plans
-----------------------------------------------------
Caribbean360.com reports that Hurricanes Irma and Maria have
wreaked havoc on the planned construction of a mega Sandals resort
in Tobago.

The 750-room hotel project has been put on hold, Trinidad and
Tobago's Prime Minister Dr. Keith Rowley confirmed at a press
conference after holding talks with the business community on the
country's financial situation, according to Caribbean360.com.

He told reporters that negotiations for the project were well
advanced and Sandals Chairman Gordon Butch Stewart was all set to
wrap up the talks and sign a memorandum of understanding earlier
in September when Hurricane Irma struck, the report notes.

"And just as that was about to happen . . . I think the very said
day . . . the day of Hurricane Irma or something like that, the
group suffered significant damage to a number of properties in the
Northern Antilles and they say they had about 5,000 people on
their hands to treat with who were struck by the hurricane. And
that had put back the meeting we had planned," the report quoted
Mr. Rowley as saying.

Mr. Rowley was optimistic that the project would still become a
reality and used the occasion to address issues raised by critics
opposed to the deal, the report relays.

Underscoring that the Sandals brand in Trinidad and Tobago would
be a big plus, he dismissed suggestions that the hotel was getting
a sweetheart deal from his government and would therefore benefit
more from the arrangement, the report notes.

"I want to make it abundantly clear that the Sandals project we
have on the drawing board is not giving Sandals anything. Whatever
we give or invest in that project, we are not giving Butch Stewart
and Sandals anything," Dr. Rowley said, the report discloses.

Dr. Rowley stressed that given the high level of competition in
the tourism sector, his Government was seeking a brand that would
deliver benefits to the twin-island republic, the report relays.

"What Sandals will bring is the brand, the labelling and the
management. We will be very pleased to be able to put on it a
brand that by nature will attract to Tobago certain kinds of
responses," he said, the report notes.

Dr. Rowley is confident that Sandals would deliver big dividends
that would help to position Tobago as a leading tourism
destination, the report relays.

"We will do anything that is reasonably possible and doable to
keep that as one of the projects we are working on," Dr. Rowley
said, the report adds.


TRINIDAD & TOBAGO: Will be Poorer if TT$ Depreciates Substantially
------------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Finance Minister
Colm Imbert said the country will become a poorer country, in
terms of what poor people can afford, and the cost of living will
increase if there is a substantial depreciation of the TT dollar.

"It is easy for people who are well off to say depreciate the
dollar. It's easy to say that when you're earning TT$100,000 a
month, but when you're earning $5,000 a month, every dollar
counts," he said, according to Trinidad Express.



                            ***********


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.
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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
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                            ***********


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.

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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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856-381-8268.


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