TCRLA_Public/171011.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

           Wednesday, October 11, 2017, Vol. 18, No. 202


                            Headlines



B R A Z I L

ANDRADE GUTIERREZ: Brazil Wants $12.7 Billion Fine
QGOG CONSTELLATION: S&P Lowers CCR to 'B' on Weaker Credit Metrics
RUMO SA: S&P Affirms 'BB-' Corp Credit Rating, Outlook Stable


C O L O M B I A

BANCOLOMBIA: Joins 'Fintech Colombia' Industry Association


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Mines Legislation Boosts Revenue, Transparency
ALTICE FINCO: Moody's Rates EUR675MM Senior Unsecured Notes B3


E L  S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B-' ICR & Alters Outlook to Stable


J A M A I C A

JAMAICA: Decline in NIR for September


M E X I C O

CFG HOLDINGS: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable


P U E R T O    R I C O

BAILEY'S EXPRESS: Files Chapter 11 Liquidation Plan
FIRST BANCORP: Fitch Puts B- LT IDR on Rating Watch Negative
PERFUMANIA HOLDINGS: No Longer Obliged to File Periodic Reports
PERFUMANIA HOLDINGS: Court Approves Chapter 11 Plan
PUERTO RICAN PARADE: $330 Monthly for 60 Months for Unsecureds


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Amcham Disappointed at Higher Corporate Taxes


V E N E Z U E L A

PETROLEOS DE VENEZUELA: 5 Detained in Oil Firm Corruption Scheme
PETROLEOS DE VENEZUELA: Bondholders Jump Ship From Shortest Bond


                            - - - - -


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B R A Z I L
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ANDRADE GUTIERREZ: Brazil Wants $12.7 Billion Fine
---------------------------------------------------
Reuters reports that the Brazilian government is seeking BRL40
billion ($12.7 billion) from construction and engineering
conglomerate Andrade Gutierrez SA to settle claims related to its
participation in a graft scheme, newspaper O Globo reported.

Citing calculations from members of the Office of the Attorney
General and the Office of the Comptroller General, O Globo said
the fine is a condition for the signature of a leniency agreement
that would allow the firm to continue bidding for government
contracts, according to Reuters.

Andrade Gutierrez is one of 10 companies being investigated since
March 2015 for the "Car Wash Operation," a probe into kickbacks
from company executives to politicians in return for contracts at
state-run enterprises, especially Petroleo Brasileiro SA, the
report notes.

Andrade is in talks to negotiate the terms of the leniency
agreement, but the firm considered the settlement amount too high
and likely to lead it to bankruptcy, O Globo reported, citing
unnamed sources with knowledge of the negotiations, the report
relays.

Andrade Gutierrez did not immediately reply to emails and calls
seeking comment.


QGOG CONSTELLATION: S&P Lowers CCR to 'B' on Weaker Credit Metrics
------------------------------------------------------------------
S&P Global Ratings lowered its corporate credit and 2019 notes
ratings on QGOG Constellation S.A. (QGOG) to 'B' from 'B+'. The
outlook on its corporate credit remains negative and the recovery
rating in the 2019 notes is affirmed at 3 (65%), capped by the
Brazilian jurisdiction.

S&P said, "At the same time, we're assigning a 'B+' issue rating
to the 2024 notes following the conclusion of the exchange offer.
The one-notch uplift derives from the strength its collateral
would provide to the creditor's recovery in an event of default.
Our recovery rating for the 2024 notes is 2 (85%), also capped by
the Brazilian jurisdiction."

The downgrade reflects the company's increasing exposure to the
adverse global offshore drilling market conditions (refer to "Is
There Hope For U.S. Offshore Drillers?", published June 28, 2017
on Global Credit Portal) as seven of the eight offshore vessels
owned by QGOG (which are responsible for 90% of the consolidated
revenue) will have their contracts maturing by the end of 2018.

S&P said, "We expect that in this context, QGOG's main credit
metrics may significantly deteriorate. Moreover, we believe that
the new contractual environment has increased the risk of
dividends interruption to the holding company, in addition to the
high operational risk nature of the industry due to outages
(downtime) and planned dockage periods. As a result, we're
reassessing the quality of the expected distributions from its
subsidiaries, because we believe the level of certainty over those
flows has decreased. More importantly, we expect more cash flow
volatility since the day rates for the vessels' recontracting
would be determined by referring to an oversupplied market-based
price and the length of these new contracts could be shorter than
the current ones."


RUMO SA: S&P Affirms 'BB-' Corp Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale corporate
rating assigned to Rumo S.A. S&P said, "We also affirmed our
'brA+' national scale rating on the company. At the same time we
have affirmed the 'BB-' issue-level rating, with a recovery rating
of '4' (in the 30%-50% range, rounded to approximately 45%
expected recovery). The outlook on the corporate credit ratings is
stable."

S&P siad, "The upgrade of Rumo's SACP reflects our expectation
that its leverage will reduce as it uses the proceeds from the
recent capital increase of R$2.64 billion to repay debt. We
believe the company will focus on reducing debt with high interest
costs and/or maturities concentrated in the near term, improving
operating cash flow and its capital structure. In addition, we
expect Rumo's operating performance to continue to strengthen as
the company executes its investment plan, focused on adding
capacity and improving the operating efficiency of its assets; its
operating ratio has already jumped from 85% to close to 70%.

"Despite the positive impact on Rumo's individual credit quality,
the final rating on the company remains at 'BB-', since it
previously reflected our expectation of potential extraordinary
support from its indirect parent company Cosan Limited
(BB/Negative). We continue to see Rumo as a strategically
important subsidiary of its controlling shareholder Cosan,
considering further growth potential and its future capacity to
make contributions to the group's consolidated cash flow
generation. However, the final rating on Rumo no longer benefits
from uplift for group support, given the difference between Rumo's
SACP and the parent company's rating. This enabled the outlook to
be stable, mirroring Rumo's own credit quality.

"The stable outlook reflects our expectation that Rumo will
continue to execute its aggressive investment plan over the next
few years, while capturing the benefits from the added capacity
and gradually improving operating efficiency. Within this
scenario, we estimate debt to EBITDA of about 3.5 in 2017 and of
about 3.0x in 2018, while FFO to debt will remain in the 15%-25%
range in the next two years. Also, we expect the company to
continue focusing on improving its capital structure, and to
secure adequate funding for its investment needs, supporting the
maintenance of adequate liquidity."


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C O L O M B I A
===============


BANCOLOMBIA: Joins 'Fintech Colombia' Industry Association
----------------------------------------------------------
Jared Wade at Finance Colombia reports that Bancolombia has become
the first traditional bank to join the leading fintech association
in Colombia, a 10-month-old group that is aiming to cultivate a
deeper ecosystem for the integration of financial services and
technology within the country.

Juan Esteban Saldarriaga, president of Fintech Colombia, praised
the Medellin-based bank for being "an entity at the forefront in
this subject" and said he considers it a big win for the
association to welcome the nation's largest bank as a member.
Bancolombia, said Saldarriaga, has a "philosophy of being open to
startups in its innovation models" as well as "integration
perspective with fintechs," according to Finance Colombia.

To further collaborate with the network of fintech entrepreneurs
and users within Colombia, Bancolombia will be hosting the Bintech
2017 event from October 17-20 in Medellin, the report notes.  This
banking, innovation, and tech fair will look to attract talent
from the developer community that can help financial companies
innovate for the future.

"We want to be a startup of 33,000 employees with agility and
impact to be at the forefront of financial services," said Gabriel
Di Lelle, vice president of digital innovation and transformation
at Bancolombia, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Sept. 29, 2017, 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.



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


DOMINICAN REPUBLIC: Mines Legislation Boosts Revenue, Transparency
------------------------------------------------------------------
RJR News reports that the bill for the National Mining Law, in
consultation and socialization by the Energy and Mines Ministry,
establishes revenue ranging from 40% to 60% and creates the
"Participation in State Mining Income," to improve State income.

This concept forms part of a new tax and compensatory regime as
described in the draft of the legislation prepared by a
multidisciplinary team at Mines, according to RJR News.

The document stipulates that to operate concessions or a profit
plant, the Participation in the State Mining Income cannot be less
than 40% of the Total Mining Income of each exploitation
concession or profit, the report notes.

It notes, however that the State's share could vary from 44% to
60%, given the exceptionally favorable price junctures, the report
relays.

The preliminary draft, in the hands of the Presidency, also
establishes royalties or of compensation to be charged as a fixed
or progressive percentage of the gross product exploited and its
by-products, the report discloses.

                           Transparency

In addition to establishing a fiscal formula, Mines incorporates
in the preliminary draft the obligation for mining companies to
publish financial statements quarterly and annually, the report
relays.

It stipulates consequences for illegal mining activities, which
could lead to disqualification for up to 15 years and charges
compensation of the State, the report notes.

Rationalized validity of the concessions: prospecting, one year;
non-metallic explorations, three years, and metal exploration,
five years, the report says.

The limit on exploitation rights is 25 years while in the current
Mining Law 146-71, the term is as long as 100 years, the report
discloses.

                         New Regulation

Another innovation introduced is the obligation of the
concessionaire to report on the discovery of substances not
authorized in the concession and, in case of exploitation, to pay
the taxes and royalties stipulated in the law, 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.


ALTICE FINCO: Moody's Rates EUR675MM Senior Unsecured Notes B3
--------------------------------------------------------------
Moody's Investors Service has assigned B3 ratings to the EUR675
million Senior Unsecured Notes due 2028 issued by Altice Finco
S.A. Concurrently, Moody's has assigned B1 ratings to a new
EUR1,089 million equivalent EUR and USD senior secured incremental
Term Loan due 2026 issued by Altice Financing S.A.

Proceeds from the notes will be used to repay drawings outstanding
under the revolving credit facilities of Altice Financing S.A., a
wholly-owned subsidiary of Altice International S.a.r.l (B1
stable).

Proceeds from the incremental Term Loan will be used to redeem the
senior secured EUR300 million and USD900 million 6.5% notes due
2022 issued by Altice Financing S.A. This redemption is expected
to occur following a step down in the call price to 103.25 from
December 15, 2017.

The transaction is credit neutral as the increase in finance costs
is mitigated by the enhanced maturity profile and improved
liquidity with increased revolving credit facility availability.

RATINGS RATIONALE

The B1 rating on the incremental Term Loan is in line with the B1
CFR of Altice International. The B3 rating on the new notes is two
notches below Altice International's B1 CFR, reflecting their
senior unsecured ranking and subordinated position in the capital
structure, in line with other issuance by Altice Finco S.A. At
June 30, 2017, Altice International S.a.r.l. reported (management
unaudited) EUR7.3 billion of senior debt ranking ahead of Altice
Finco S.A.

Altice International S.a.r.l.'s B1 CFR reflects (1) the rapid pace
of growth by acquisition in recent years in multiple geographical
markets; (2) the all-debt financing of the Portugal Telecom
acquisition in 2015, associated high leverage and the complex
capital structure of the company; (3) the challenging revenue
environment in Portugal; (4) the high capex investment required;
and (4) the need to maintain adequate liquidity given the dividend
payments made to cover interest obligations at Altice Luxembourg
S.A.

More positively, the rating acknowledges the focus in 2016 on the
integration and management of operating assets, as well as the
expected improvement in revenue and margin trends in
International's core markets.

The rating also reflects (1) the scale of the business and its
geographical diversification; (2) strong market-leading positions
with convergent product offer; (3) high quality, fiber-rich
infrastructure; (4) evidence of synergy delivery across the
company and particularly in Portugal; (5) early signs of revenue
growth in Portugal; and (6) the stable regulatory environment in
its main markets.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects the successful integration of
acquisitions, evidenced by improved margins together with an
improved revenue outlook. Management focus on the operation of
underlying assets has intensified. Moody's expects significant
investment in fiber roll-out to limit free cash flow generation in
the next 18 months but this should create enhanced future returns,
given the higher revenues expected from fiber customers.

The stable outlook also assumes no material debt financed
acquisitions and a satisfactory outcome to the current EU
investigation into alleged pre-clearance management at the time of
the Portugal Telecom acquisition.

WHAT COULD MOVE THE RATING UP/DOWN

Upward rating pressure may arise if (1) leverage reduces, such
that Moody's Adjusted Debt/EBITDA is sustained well below 4.0x;
(2) given the close relationship with Altice Luxembourg
("Luxembourg" or "Holdco"), leverage at Holdco to be sustained
well below 4.5x; and (3) there is a general stability in the
activities of the wider Altice group and particularly within the
Luxembourg perimeter. Upward rating pressure is unlikely until
there is a track record of stronger liquidity management and there
is visibility on the impact of the potential push down of debt
from Luxembourg into International.

Downward rating pressure may develop if (1) leverage increases,
such that Moody's Adjusted Debt/EBITDA exceeds 5.25x for a
sustained period; (2) liquidity deteriorates at either Altice
International or Luxembourg; (3) operating performance weakens;
(4) there are further material debt-financed acquisitions; and (5)
there is a material negative outcome to the current EU
investigation on the Portugal Telecom merger pre-clearance.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Altice International S.a.r.l. is a multinational fiber,
telecommunications, content and media company, with a presence in
four regions: Dominican Republic, Israel, Western Europe and the
French Overseas Territories. The company's direct corporate parent
is Altice Luxembourg S.A., which itself, through Amsterdam-listed
Altice NV, is controlled by French entrepreneur Patrick Drahi.
Altice NV, through Altice Luxembourg S.A., also owns the French
telecommunications company SFR Group S.A. (B1 stable).

For the year ended December 31, 2016, Altice International
generated EUR4.5 billion in revenue and EUR2.14 billion in
management reported Adjusted EBITDA.



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


BANCO AGRICOLA: S&P Affirms 'B-' ICR & Alters Outlook to Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long- and 'B' short-term ICRs
on Banco Agricola S.A. S&P revised the outlook on the bank to
stable from negative.

S&P said, "We revised our BICRA score on El Salvador
(CCC+/Stable/C) to group '10' from '9' as a result of our revision
of the industry risk score to '8' from '7'. The latter reflects a
higher risk for institutional framework related to delays in
improvements in the country's regulatory framework. On the other
hand, we kept our '10' economic risk score unchanged. As a result
of a weaker industry risk, we revised the anchor for banks
operating in the country to 'b' from 'b+'. The trend on economic
risk remains stable, and we revised the trend on industry risk to
stable from negative.

"El Salvador's adoption of Basel III capitalization rules will
take longer than originally expected, increasing industry risk.
Even though we believe the country's regulation is adequate given
the complexity of the banking system, it's weaker than those in
Mexico, Brazil, and Panama, but is in line with those in
Guatemala, Honduras, and Costa Rica. On the other hand, the
recently approved pension reform will reduce the government's
structural deficit and short-term financing needs. However, the
country remains vulnerable and depends on favorable financial and
economic conditions to meet its financial obligations, though we
don't expect a near-term payment crisis. Nevertheless, we consider
that El Salvador remains under credit stress, which could impair
the banking system's funding profile. In our view, banks' access
to wholesale funding could erode, and a potential deterioration of
the economy could impair their liquidity as total deposits shrink.
On the other hand, risk appetite in the industry remains moderate-
-due to modest share of high-risk lending and manageable growth of
total assets--while competitive dynamics keep benefiting from a
relatively concentrated banking system that contributes to
industry stability.

"Salvadorian banking system's economic risk still reflects the
potentially costlier external financing due to the deterioration
and volatility of the sovereign's credit quality. This could spill
over into the Salvadorian banking system, undermining its external
debt position, underscoring the system's significant
vulnerability. In our view, El Salvador will continue struggling
to reach fiscal policy agreements, and face a high debt burden and
limited economic growth prospects. We expect El Salvador's GDP
growth of around 1.9% in 2018 and 2019 and economic growth to
remain susceptible to changes in the U.S. commercial and
immigration policies because 45% of El Salvador's exports are
destined for the U.S. and remittances from the latter represented
18% of the Central American country's GDP in August 2017. On the
other hand, lower foreign direct investment, coupled with high
fiscal deficits, could increase risks to the domestic banking
system in terms of economic imbalances. In this sense, we believe
that Salvadorian banks' ability to withstand adverse economic
developments will still be limited.

"As a result of a lower anchor for banks operating in El Salvador,
we lowered Banco Agricola's SACP to 'b+' from 'bb-'. However, we
affirmed our ICRs on the bank at 'B-/B'--above those of the
sovereign--because we don't believe Banco Agricola is currently
vulnerable or dependent upon favorable business, financial, and
economic conditions to meet its financial commitments during the
next 12 months.

"Our ICRs on Banco Agricola reflect its strong and steady market
position--because it's the largest bank in the country--prudent
risk management due to its stable asset quality metrics, and
average funding with adequate liquidity as a result of a stable
and fragmented deposit base. The bank's capital and earnings
remains moderate based on a projected risk-adjusted capital ratio
at around 5.0% for the next 12 months. In 2017, the bank's capital
has been able to withstand higher charges related to greater
economic and industry risk, a weaker BICRA group, and several
downgrades of the sovereign due to credit stress. Therefore,
capitalization currently isn't limiting the bank's SACP."


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J A M A I C A
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JAMAICA: Decline in NIR for September
-------------------------------------
RJR News reports that there has been a dip in Jamaica's Net
International Reserves (NIR).

The NIR declined by US$532 million in September, according to RJR
News.

According to Bank of Jamaica data, it ended the month at US$3.13
billion, the report notes.

This pushed the value of the NIR from 27 weeks of goods and
services to just under 24 weeks, 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.


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M E X I C O
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CFG HOLDINGS: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit ratings on CFG
Holdings, Ltd. (CFGLTD). At the same time, S&P affirmed its 'B+'
issue-level ratings on its senior secured debt. The outlook is
stable.

The ratings on CFGLTD reflect its status as a non-operating
holding company. Therefore, the ratings on the company are one
notch below its consolidated operating entities' creditworthiness.

S&P said, "Our consolidated analysis of the operating entities
reflects CFG Holdings, LP's (CFGHLP) revenue and business
concentration in its unsecured consumer lending segment. On the
other hand, the group has been able to maintain a solid capital
base through a modest growth strategy and the consistent earnings
reinvestment.  The slight deterioration in Panamanian operations
has weakened CFGHLP's asset quality metrics; however, we still
consider it to be manageable based on the group's risk profile. In
our opinion the current funding concentration reduces financial
flexibility, leaving it with few funding alternatives.

"We also affirmed the 'B+' rating on CFGLTD's $178 million senior
secured notes, given the notes' unconditional and irrevocable
guarantee from CFGHLP, and CFGLTD's existing and future
subsidiaries, subject to certain exceptions. The notes are placed
one notch above CFGLTD's issuer credit rating as the non-operating
holding company, as they rely on the creditworthiness of the
consolidated operating subsidiaries.

"The stable outlook over the next 12 months reflects our
expectation that the group will maintain a solid capital base,
backed up by continued earnings reinvestment and a modest growth
strategy. Also, we do not expect further asset quality metric
deterioration. And, finally, regulatory changes in some of the
countries where it operates will not, most likely, impact its
revenue Generation."


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P U E R T O    R I C O
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BAILEY'S EXPRESS: Files Chapter 11 Liquidation Plan
---------------------------------------------------
Bailey's Express, Inc. filed with the U.S. Bankruptcy Court for
the District of Connecticut a disclosure statement to accompany
its plan of liquidation, dated Sept. 29, 2017.

Class 2 under the liquidation plan consists of the allowed general
unsecured claims with the approximate total of $2,500,000 not
including the SAIA claim. Holders of Class 2 Claims will receive
their pro rata share of the Unsecured Claim Fund (after payment of
Allowed Administrative Expenses and Priority Tax Claims,
established by the Escrow Funds the estate assets of the Reserve
as required by the Plan, or adequate reserve, therefore, has been
established). On the Initial Distribution Date, the Holders of
Allowed Class 2 Claims will receive distributions from the funds
available in the Unsecured Claim Fund. Thereafter, distributions
of funds available in the Unsecured Claim Fund will be made
quarterly to Holders of Allowed Class 2 Claims.

The source of funding for the Plan will consist of Cash on Hand,
collection of Accounts Receivable, the sale of the trucks and
trailer, proceeds from Causes of Action and the sale of 61
Industrial Park.

A copy of the Disclosure Statement dated Sept. 29, 2017, is
available at:

     http://bankrupt.com/misc/ctb17-31042-120.pdf

                   About Bailey's Express

Headquartered in Middletown, Connecticut, Bailey's Express --
http://www.baileysxpress.com/-- is a Connecticut-based less than
truckload carrier.  It provides service across the nation and is
dedicated in helping Connecticut, Massachusetts and Rhode Island
companies market their products throughout the U.S. including
Hawaii and Alaska.  It has distribution points in Charlotte,
Dallas, Denver, Easton, Fontana, Indianapolis, Jacksonville,
Memphis, Neenah, Phoenix, Salt Lake City and Toledo.  It also
provides service to Mexico, Puerto Rico & Canada.

Bailey's Express filed for Chapter 11 bankruptcy protection
(Bankr. D. Conn. Case No. 17-31042) on July 13, 2017, estimating
its assets and liabilities at between $1 million and $10 million.
The petition was signed by David Allen, chief financial officer.

Judge Ann M. Nevins presides over the case.

Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at
Pullman & Comley, LLC, serves as the Debtor's bankruptcy counsel.

No creditors' committee has yet been appointed in the case.


FIRST BANCORP: Fitch Puts B- LT IDR on Rating Watch Negative
------------------------------------------------------------
Fitch Ratings has placed First Bancorp's (FBP) 'B-' Long-Term
Issuer Default Rating (IDR), 'B' Short-Term IDR and 'b-' Viability
Rating (VR) on Rating Watch Negative due to the uncertainty of the
impact caused by Hurricane Maria on Puerto Rico.

KEY RATING DRIVERS

IDRS AND VRS

The ratings have been placed on Negative Watch because Fitch
believes that the challenges posed by Hurricane Maria, including
massive destruction to vital infrastructure, homes, businesses,
and other property, could make it difficult for FBP to maintain
positive momentum in asset quality, earnings, and deposit funding
metrics that the company has reported over the past several
quarters.

Historically, FBP's ratings have incorporated the significant
challenges posed by the weak operating environment in Puerto Rico.
However, going forward, Fitch expects the destruction caused by
Hurricane Maria to further weaken the operating environment. Fitch
also expects the hurricane's impact will complicate the
Commonwealth of Puerto Rico's (PR) efforts to reverse outward
migration, generate sustainable economic growth, and address its
fiscal and debt imbalances.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF'
reflect Fitch's view that FBP is not considered systemically
important, and therefore the probability of support is unlikely.
The IDRs and VRs do not incorporate any support.

LONG- AND SHORT-TERM DEPOSIT RATINGS

FBP's uninsured deposit ratings at its subsidiary banks are rated
one notch higher than FBP's IDR and senior unsecured debt rating
because U.S. uninsured deposits benefit from depositor preference.
U.S. depositor preference gives deposit liabilities superior
recovery prospects in the event of default.

HOLDING COMPANY

FBP has a bank holding company (BHC) structure with the bank as
the main subsidiary. IDRs and VRs are equalized with those of the
operating companies and banks, reflecting its role as the bank
holding company, which is mandated in the U.S. to act as a source
of strength for its bank subsidiaries. Double leverage is below
120% for the FBP parent company.

RATING SENSITIVITIES
IDRS AND VRS

Fitch expects to resolve the Rating Watch Negative within the next
six months. Fitch also expects that the bank's quarterly financial
results as well as disclosures from the U.S. Federal Government
and the Commonwealth of Puerto Rico will bring greater visibility
into the potential short- and long-term effects that this
unprecedented event may have on financial performance and
ultimately the company's ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary
support in case of need.

LONG- AND SHORT-TERM DEPOSIT RATINGS

The ratings of long- and short-term deposits issued by FBP
subsidiaries are primarily sensitive to any change in the
company's IDRs. This means that should a long-term IDR be
downgraded, deposit ratings could be similarly affected.

HOLDING COMPANY

If FBP became undercapitalized or increased double leverage
significantly, there is the potential that Fitch could notch the
holding company IDR and VR from the ratings of the operating
companies.

Fitch has placed the following ratings on Rating Watch Negative:

First BanCorp
-- Long-Term IDR 'B-';
-- Short-Term IDR 'B';
-- Viability Rating 'b-'.

FirstBank Puerto Rico
-- Long-Term IDR 'B-';
-- Long-term deposit 'B/RR3';
-- Short-Term IDR 'B';
-- Short-term Deposits 'B';
-- Viability 'b-'.

Fitch has affirmed the following ratings:
First BanCorp
-- Support '5';
-- Support floor 'NF'.

FirstBank Puerto Rico
-- Support '5';
-- Support floor 'NF'.


PERFUMANIA HOLDINGS: No Longer Obliged to File Periodic Reports
---------------------------------------------------------------
Perfumania Holdings, Inc. filed a Form 15 with the Securities and
Exchange Commission notifying the removal from listing or
registration of Perfumania Holdings, Inc.'s common stock, $.01 par
value, from Nasdaq Stock Market, under the Securities Exchange Act
of 1934.  As a result of the Form 15 filing, the Company's
obligation to file periodic reports such as Forms 10-Q and 10-K
under the Exchange Act will be suspended.

                   About Perfumania Holdings

Perfumania Holdings, Inc. (NASDAQ: PERF) --
http://www.perfumaniaholdings.com/-- is a specialty retailer and
distributor of fragrances and related beauty products across the
United States.  Perfumania has a 30-year history of innovative
marketing and sales management, brand development, license
sourcing and wholesale distribution making it the premier
destination for fragrances and other beauty supplies.  The Company
operates retail stores and e-commerce specializing in the sale of
fragrances and related products across the United States, Puerto
Rico, and the U.S. Virgin Islands.  The Company also operates a
wholesale distribution network, selling to mass retail, department
stores as well as domestic and international distributors.

On Aug. 26, 2017, Model Reorg Acquisition, LLC and 18 affiliated
debtors, including perfumania Holdings, Inc., each filed voluntary
petitions in the United States Bankruptcy Court for the District
of Delaware seeking relief under chapter 11 of the United States
Bankruptcy Code.  The Debtors' cases are jointly administered for
procedural purposes under the case docket for Model Reorg
Acquisition, LLC (Bankr. D. Del. Case No. 17-11794).

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, Ankura Consulting Group, LLC, is serving as financial
advisor, and Imperial Capital is serving as investment banker to
the Company.

The Skadden team includes Corporate Restructuring partners Lisa
Laukitis and J. Gregory Milmoe (Boston), and associates Raquelle
Kaye (Boston), Esther Adzhiashvili and AZ Biazar, as well as
Corporate Restructuring and Bankruptcy Litigation partner Anthony
Clark (Wilmington) and associate Cameron Fee (Wilmington); Banking
partner Sarah Ward and associates Emily Stork, Shan Song (Chicago)
and Katherine Webb; Tax partner Brian Krause and associate Joseph
Soltis; and Corporate partner Richard Grossman (New York).

Epiq Bankruptcy Solutions is the claims and noticing agent and
maintains the Web site http://dm.epiq11.com/perfumania


PERFUMANIA HOLDINGS: Court Approves Chapter 11 Plan
---------------------------------------------------
Lillian Rizzo, writing for The Wall Street Journal Pro Bankruptcy,
reported that Perfumania Holdings Inc. received court approval to
move forward with its reorganization plan, which will allow the
troubled mall-based retailer to keep some of its stores open under
new ownership.

According to the report, Judge Christopher Sontchi of the U.S.
Bankruptcy Court in Wilmington, Del., signed off on the plan on
Oct. 6, less than two months after the retailer sought chapter 11
protection.

Perfumania said at the outset of its late-August bankruptcy filing
that it planned to close 64 of its 226 stores while under chapter
11 protection, the report related.

During the company's first-day hearing, Perfumania attorney Lisa
Laukitis said the case was "unusual and has the makings of a
success story" as a retailer that planned to keep its doors open
after seeking bankruptcy protection, the report further related.

The retailer received a lifeline from majority shareholders, the
report noted.  The Nussdorf family, founders of the original
business, and affiliates of investor Rene Garcia, teamed up to
create an investment vehicle to save the chain, the report said.

Under Perfumania's reorganization plan, the new owners offered to
provide about $14.3 million in new equity into the company, the
report said.  With the lifeline, Perfumania had a prepackaged plan
in place that didn't require votes from creditors or lenders, the
report added.

Despite the deal for equity holders, which often receive nothing
when a company seeks bankruptcy protection, one of Perfumania's
minority stockholders raised its voice last month, the report
related.  CIII Holdings Inc. filed papers seeking the appointment
of an official equity committee as the shareholder believed it was
owed a larger distribution, but Judge Sontchi denied the request
on Friday, court papers show, the report said.

                      About Perfumania Holdings

Perfumania Holdings, Inc. (NASDAQ: PERF) --
http://www.perfumaniaholdings.com/-- is a specialty retailer and
distributor of fragrances and related beauty products across the
United States.  Perfumania has a 30 year history of innovative
marketing and sales management, brand development, license
sourcing and wholesale distribution making it the premier
destination for fragrances and other beauty supplies.  The Company
operates retail stores and e-commerce specializing in the sale of
fragrances and related products across the United States, Puerto
Rico, and the U.S. Virgin Islands.  The Company also operates a
wholesale distribution network, selling to mass retail, department
stores as well as domestic and international distributors.

On Aug. 26, 2017, Model Reorg Acquisition, LLC and 18 affiliated
debtors, including perfumania Holdings, Inc., each filed voluntary
petitions in the United States Bankruptcy Court for the District
of Delaware seeking relief under chapter 11 of the United States
Bankruptcy Code.  The Debtors' cases are jointly administered for
procedural purposes under the case docket for Model Reorg
Acquisition, LLC (Bankr. D. Del. Case No. 17-11794).

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, Ankura Consulting Group, LLC, is serving as financial
advisor, and Imperial Capital is serving as investment banker to
the Company.

The Skadden team includes Corporate Restructuring partners Lisa
Laukitis and J. Gregory Milmoe (Boston), and associates Raquelle
Kaye (Boston), Esther Adzhiashvili and AZ Biazar, as well as
Corporate Restructuring and Bankruptcy Litigation partner Anthony
Clark (Wilmington) and associate Cameron Fee (Wilmington); Banking
partner Sarah Ward and associates Emily Stork, Shan Song (Chicago)
and Katherine Webb; Tax partner Brian Krause and associate Joseph
Soltis; and Corporate partner Richard Grossman (New York).

Epiq Bankruptcy Solutions is the claims and noticing agent and
maintains the Web site http://dm.epiq11.com/perfumania


PUERTO RICAN PARADE: $330 Monthly for 60 Months for Unsecureds
--------------------------------------------------------------
Puerto Rican Parade Committee of Chicago, Inc., filed with the
U.S. Bankruptcy Court for the Northern District of Illinois a
third amended disclosure statement to accompany its plan of
reorganization, which provides that on its Effective Date, the
Debtor will retain all of its assets and will thereafter be
responsible for paying the Claims of their creditors.

The plan proposes to pay Class 7 general unsecured creditors $330
monthly for 60 months, then $1,000/month until balance is paid in
full with 1% interest.

The Debtor intends to continue the operations of its business
which, based upon historical data, should generate funds
sufficient to pay the monies required under this Plan. All
distributions under the Plan will be made from the ongoing
business operations.

A full-text copy of the Third Amended Disclosure Statement is
available at:

             http://bankrupt.com/misc/ilnb17-03480-38.pdf

              About Puerto Rican Parade Committee

Puerto Rican Parade Committee of Chicago, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
17-03480) on Feb. 6, 2017.  The petition was signed by Angel
Medina, president.  The case is assigned to Judge Carol A. Doyle.

At the time of the filing, the Debtor estimated assets of less
than $1 million.

Paul M. Bach, Esq., and Penelope N. Bach, Esq., at the Bach Law
Offices, serve as the Debtor's bankruptcy counsel.


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


TRINIDAD & TOBAGO: Amcham Disappointed at Higher Corporate Taxes
----------------------------------------------------------------
Trinidad Express reports that the president of the American
Chamber of Commerce in T&T (AmchamTT) Mitchell De Silva has
expressed disappointment with the decision by Finance Minister
Colm Imbert to increase the tax burden on enterprises that are
already compliant in paying their taxes.

"Our disappointment with the increases is also rooted in the fact
that our tax net for years has not been sufficiently wide to
capture all those who are liable to tax," the report quoted Mr. De
Silva as saying.


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


PETROLEOS DE VENEZUELA: 5 Detained in Oil Firm Corruption Scheme
----------------------------------------------------------------
telesurtv.net reports that the attorney general of Venezuela has
said five people were detained as part of an investigation into
the corruption scheme inside the state oil company Petroleos de
Venezuela, S.A., according to telesurtv.net.

Tarek William Saab said US$200 million had been embezzled between
2010 and 2017 from within the company, the report notes.

"This is a global anti-corruption struggle of the entire
Venezuelan state," Mr. Saab said, the report relays.  "We must
establish an important precedent in the fight against corruption
in Venezuela," the report notes.

The scheme took place in the Orinoco Oil Belt, the eastern Orinoco
River Basin in Venezuela which holds the world's largest deposits
of oil, the report says.  Mr. Saab said there were 41,000
contracts awarded to joint ventures in the area, and at least 12
of them had been involved in an overpricing fraud, the report
discloses.

"There was damage to our oil industry in strategic sectors," Mr.
Saab said, adding that the scheme was done through ghost companies
and there was an Interpol red alert to extradite those who fled to
avoid justice, the report relays.  The attorney general said these
contracts from PDVSA to hire services and supplies carried a 230
percent surcharge and were under investigation, the report notes.

"There are businessmen fugitives in the United States and
Venezuela that need to repatriate of that money," he said, the
report discloses.  Venezuela is requesting the U.S. comply with
the Interpol extradition order against businessmen that fled to
that country.

Mr. Saab said the former Attorney General Luisa Ortega Diaz had
protected large companies and power groups during her
administration, the report says.  Ortega was suspended and shortly
after fled to Colombia, as she was being investigated for
allegations of corruption, extortion, association to commit a
crime, and money laundering, the report adds.

"The previous administration of the public prosecutor's office was
a concealer of all types of crimes," Mr. Saab said.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating in negative.

On Oct. 28, 2016, PDVSA exchanged its 5.250% senior notes due 2017
and 8.50% senior notes due 2017 for 8.50% $3,367,529,000 senior
secured notes due in October 2020.  The 2020 notes will be
amortized in four equal installments, starting in 2017.  The 2020
notes are secured by a first-priority security interest on 50.1%
of the capital stock of CITGO Holding, Inc. (Caa1 stable) and are
unconditionally and irrevocably guaranteed by PDVSA Petroleo, S.A.
(unrated).


PETROLEOS DE VENEZUELA: Bondholders Jump Ship From Shortest Bond
----------------------------------------------------------------
Daniel Cancel at Bloomberg News reports that Venezuela's state-run
oil producer Petroleos de Venezuela, S.A. has a lot of debt to pay
in the coming weeks -- about $3.5 billion worth of interest and
principal.  With no way of knowing the company's real cash
position or how it will make the payments, investors can only
cling to reassurances from President Nicolas Maduro that they'll
get their money, according to Bloomberg News.

Some traders are trying to minimize any downside. Creditors are
moving out of the unsecured PDVSA bonds coming due next month
while piling into notes maturing in 2020 that are backed by a 51
percent stake in U.S. refining unit Citgo Holding and which pay a
chunk of capital in the coming weeks, the report notes.

"The problem with the PDVSA '17 is that it's trading at +97 dirty
price so not great risk/reward on that bond," wrote Siobhan
Morden, who heads Nomura's Latin America fixed income strategy.
"The upside is like 3% on maturity and much greater downside risk
if you're wrong," Bloomberg News says.

Oil Minister Eulogio Del Pino, who was head of PDVSA until just a
few weeks ago, told reporters in Moscow that the Venezuelan
company is negotiating with Russia's Rosneft to change the
collateral it uses for a loan from a minority stake in Citgo to
some other asset, Bloomberg News relays.

That's also helping to propel the secured notes, Mr. Morden said,
Bloomberg News notes.

Some long-term investors and locals have sold the 2017 notes on
waning conviction they'll be paid and have been trying to get
their hands on the 2020 bonds for weeks, according to a New York-
based trader dealing in Venezuelan debt who isn't authorized to
speak publicly, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating in negative.

On Oct. 28, 2016, PDVSA exchanged its 5.250% senior notes due 2017
and 8.50% senior notes due 2017 for 8.50% $3,367,529,000 senior
secured notes due in October 2020.  The 2020 notes will be
amortized in four equal installments, starting in 2017.  The 2020
notes are secured by a first-priority security interest on 50.1%
of the capital stock of CITGO Holding, Inc. (Caa1 stable) and are
unconditionally and irrevocably guaranteed by PDVSA Petroleo, S.A.
(unrated).


                            ***********


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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