TCRLA_Public/171013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, October 13, 2017, Vol. 18, No. 204



SEADRILL LTD: Akin Gump Represents GLG, 3 Other Hedge Funds


OI SA: Delivers Proposes Restructuring Plan to Court

C A Y M A N  I S L A N D S

OCEAN RIG: Court Orders Discharge of Joint Provisional Liquidators

D O M I N I C A N   R E P U B L I C

ODEBRECHT SA: US$13MM Damage to Delay Plant at Center of Scandal

* DOMINICAN REP: Salary Hike Takes Effect Nov. 1, Ministry Says

E L  S A L V A D O R

AES EL SALVADOR: Fitch Hikes Long-Term IDR to B-; Outlook Stable




MEXICO: Seize on NAFTA Talks to Demand Higher Minimum Wage

P U E R T O    R I C O

BANCO POPULAR: Moody's Affirms Ba2 Long-Term Bank Deposit Rating
LABORATORIO CLINICO: Says Hurricanes Hamper Exit Plan Preparations
PUERTO RICO: Interior Struggles to Regain Pre-Hurricane Normalcy
TOYS 'R' US 2001-31: S&P Lowers $13.09MM Class A-1 Certs to 'D'
TOYS "R" US: Troutman Sanders Represents Graco, et al.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: May Plan a Wage Freeze

                            - - - - -


SEADRILL LTD: Akin Gump Represents GLG, 3 Other Hedge Funds
A group of creditors identified as the Select Commitment Parties
filed in the Chapter 11 cases of Seadrill Limited, et al., a
verified statement pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure.

Select Commitment Parties, as defined in the Joint Chapter 11 Plan
of Reorganization of Seadrill Limited and Its Debtor Affiliates
Pursuant to Chapter 11 of the Bankruptcy Code hold (i) the
Seadrill Limited 2017 Notes, (ii) Seadrill Limited 2020 Notes,
(iii) NADL 2019 Notes, (iv) Seadrill Limited NOK Notes, (v)
Seadrill Limited SEK Notes, and (vi) NADL NOK Notes (each as
defined in the Plan).

The Select Commitment Parties have engaged Akin Gump Strauss Hauer
& Feld LLP to represent them in connection with the restructuring
of the Debtors.

Akin Gump does not represent the Select Commitment Parties as a
"committee" (as such term is employed in the Bankruptcy Code and
Bankruptcy Rules) and does not undertake to represent the
interests of, and is not a fiduciary for, any creditor, party in
interest, or other person.  In addition, the Select Commitment
Parties do not represent or purport to represent, or serve as a
fiduciary for, any other person in connection with the Debtors'
chapter 11 cases.

Akin Gump has been advised by each of the Select Commitment
Parties that each such Select Commitment Party either holds claims
or manages accounts that hold claims against the Debtors' estates.

In accordance with Bankruptcy Rule 2019, the Select Commitment
Parties submitted a list of the names, addresses and the "nature
and amount of all disclosable economic interests" held in relation
to the Debtors by each of the Selected Commitment Parties:

    1. GLG Partners LP
       One Curzon Street
       London, W1J 5HB, United Kingdom
       * $144,254,000 in Seadrill Limited 2017 Notes
       * $6,300,000 in Seadrill Limited 2020 Notes
       * $62,847,000 in NADL 2019 Notes
       * NOK 85,000,000 in NADL NOK Notes
       * 2,225,755 Seadrill Limited (US) (short)
       * 12,325,767 Seadrill Limited (NOK) (short)
       * 14,662 SDRL 19 Jan 18 0.5 P (short)

   2. Aristeia Capital, L.L.C.
      One Greenwich Plaza
      Greenwich, CT 06830
      * $2,700,000 in Seadrill Limited 2017 Notes
      * $14,120,000 in Seadrill Limited 2020 Notes
      * NOK 53,000,000 in Seadrill Limited NOK Notes
      * SEK 81,000,000 in Seadrill Limited SEK Notes
      * NOK 522,000,000 in NADL NOK Notes

   3. Saba Capital Management, LP
      405 Lexington Avenue, 58th Floor
      New York, NY 10174
      * $87,300,000 in Seadrill Limited 2017 Notes
      * $28,886,000 in NADL 2019 Notes
      * NOK 598,000,000 in Seadrill Limited NOK Notes
      * SEK 156,000,000 in Seadrill Limited SEK Notes
      * 5,492 SDRL 19 Jan 18 5.0 C (short)

   4. Whitebox Advisors LLC
      3033 Excelsior Boulevard, Suite 300
      Minneapolis, MN 55416
      * $41,315,000 in Seadrill Limited 2017 Notes
      * $3,000,000 in Seadrill Limited 2020 Notes
      * NOK 56,000,000 in NADL NOK Notes

Aggregate notes held by Select Commitment Parties:

                   Select Commitment      Total         of Total
                     Parties Totals     Outstanding   Outstanding
                     --------------     -----------   -----------
Seadrill 2017 Notes   $275,569,000      $843,000,000      32.69%
Seadrill 2020 Notes    $23,420,000      $479,000,000       4.89%
NADL 2019 Notes        $91,733,000      $413,000,000      22.21%
Seadrill NOK Notes  NOK651,000,000  NOK1,800,000,000      36.17%
Seadrill SEK Notes  SEK237,000,000  SEK1,500,000,000      15.80%
NADL NOK Notes      NOK663,000,000  NOK1,500,000,000      44.20%

Counsel for the Select Commitment Parties:

         Ira S. Dizengoff, Esq.
         Philip C. Dublin, Esq.
         Sara L. Brauner, Esq.
         One Bryant Park
         New York, NY 10036-6745
         Telephone: (212) 872-1000
         Facsimile: (212) 872-1002

                  - and -

         Charles R. Gibbs, Esq.
         Sarah L. Schultz, Esq.
         1700 Pacific Avenue, Suite 4100
         Dallas, TX 75201
         Telephone: (214) 969-2800
         Fax: (214) 969-4343

                  About Seadrill Limited

Seadrill Limited is a deepwater drilling contractor, providing
drilling services to the oil and gas industry. It is incorporated
in Bermuda and managed from London. Seadrill and its affiliates
own or lease 51 drilling rigs, which represents more than 6% of
the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of total
operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, Seadrill Limited and 85
affiliated debtors each filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 17-60079) on Sept. 12, 2017.

Together with the chapter 11 proceedings, Seadrill, North Atlantic
Drilling Limited ("NADL") and Sevan Drilling Limited ("Sevan")
commenced liquidation proceedings in Bermuda to appoint joint
provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement.  Simon Edel, Alan Bloom and Roy Bailey of
Ernst & Young serve as the joint and several provisional

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Willkie Farr &
Gallagher LLP, serves as special counsel to the Debtors.
and May has been engaged as corporate counsel, and Morgan Stanley
serves as co-financial advisor during the negotiation of the
restructuring agreement. Advokatfirmaet Thommessen AS serves as
Norwegian counsel. Conyers Dill & Pearman serves as Bermuda
counsel. PricewaterhouseCoopers LLP UK, serves as the Debtors'
independent auditor; and Prime Clerk is their claims and noticing


OI SA: Delivers Proposes Restructuring Plan to Court
Reuters reports that Brazilian phone carrier Oi SA submitted a
plan to restructure its 65.4 billion-real ($21 billion) debt
burden with a proposal to limit the debt-for-equity swap demanded
by creditors to 25 percent of capital.

The plan was delivered to a Rio de Janeiro court and creditors of
the largest-ever bankruptcy proceeding in Latin America will vote
on it on Oct. 23, according to Reuters.

The report notes that Oi proposes to inject up to BRL9 billion, of
which BRL6 billion would come from a stock offering and the rest
through the debt-for-equity swap.

The company agreed to raise the company's annual capital
expenditures to BRL7 billion from BRL5 billion, as previously
demanded by creditors, the report relays.

The conversion of the existing debt would be limited to 25 percent
of the company's capital, but creditors may reach a larger stake
in Oi by participating later in the stock offering planned by Oi,
the report discloses.

In August, the two largest creditor groups, the International
Bondholder Committee and the Ad-Hoc Group of Oi bondholders said
they would agree to swap BRL26.1 billion worth of their bond
holdings for 88 percent of the company's equity, the report

The in-court reorganization began a year and a half ago and has
been marked by conflicts between shareholders led by Pharol SGPS
SA and Societe Mondiale FIA, bondholders and Brazil's telecom
regulator, Anatel, the report adds.

                             About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
"Brazilian Bankruptcy Law"), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial
reorganization) in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste
S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

In the Chapter 15 cases, the Debtors are represented by John K.
Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP,
in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq.,
and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida.

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the
Chapter 15 Debtors, and granted certain additional related relief.

C A Y M A N  I S L A N D S

OCEAN RIG: Court Orders Discharge of Joint Provisional Liquidators
Ocean Rig UDW Inc., an international contractor of offshore
deepwater drilling services, on Oct. 9, 2017, disclosed that the
Grand Court of the Cayman Islands (the "Cayman Court") has issued
an order discharging Simon Appell of AlixPartners Services UK LLP
and Eleanor Fisher of Kalo (Cayman) Ltd. (formerly AlixPartners
(Cayman) Limited) as joint provisional liquidators 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"), effective as of October 18, 2017 (the "JPL Discharge

The JPL Discharge Order also appoints Iraklis Sbarounis, Vice
President and Secretary of UDW, as successor to the JPLs for
purposes of acting as the authorized foreign representative of the
Scheme Companies in their Chapter 15 proceedings and in connection
with the enforcement, defense, amendment or modification of any
order issued therein.

As previously announced by the Company, the schemes of arrangement
proposed by the Scheme Companies (the "Schemes") became fully
effective on September 22, 2017.  As a result of the Schemes, the
Ocean Rig Group has been substantially deleveraged through an
exchange of approximately $3.7 billion principal amount of debt
for (i) new equity of the Company, (ii) approximately $288 million
of cash, and (iii) $450 million of new secured debt.  The Schemes
affected only financial indebtedness. Operations continue
unaffected.  Trade creditors and vendors will continue to be paid
in the ordinary course of business and are not affected by any of
the Schemes.

George Economou, Chairman and CEO commented: "On behalf of the
Ocean Rig Group I extend my sincere appreciation to Simon and
Eleanor for their dedication and guidance through this complex
restructuring process."

A copy of the Explanatory Statement, which contains the Schemes,
and other relevant documentation is available through the website
of Prime Clerk LLC, the Scheme Companies' Information Agent at

                          About Ocean Rig

Nicosia, Cyprus-based Ocean Rig UDW Inc. (NASDAQ: ORIG) -- 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

                          *     *     *

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.

D O M I N I C A N   R E P U B L I C

S&P Global Ratings affirmed its 'BB-' corporate credit and issue
ratings on Aeropuertos Dominicanos Siglo XXI S.A. The outlook on
Aerodom remains stable.

S&P said, "The affirmation reflects our view that Aerodom will
generate steady free cash flow and slightly improve its main
credit metrics in the next three years due to increasing passenger
traffic (above 5%) and a further consolidation of commercial

"We expect passenger growth levels to sustain the positive trend
exhibited in the past year, mainly fueled by good economic
conditions in the country (with GDP rates of around 5%), still low
oil prices that allow airlines to offer tickets at accessible
prices, and an increase in routes and frequencies in the six
airports operated by Aerodom. We also anticipate higher commercial
revenues in the short term, explained by gains in efficiencies
after some improvement in infrastructure (which better serves the
commercial customers)and increased fixed commercial income.
However, we consider some of these increases to be one-time
events, and expect commercial revenues to grow in line with
passenger growth rates in the medium-term.

"The stable outlook on the company reflects our expectations of a
passenger traffic increase of about 4% and still growing
commercial revenues in the next 12 months. These would be traduced
in EBITDA levels in the $120 million-$130 million range, an
adjusted net debt to EBITDA in the range of 3.5x-3.7x FFO to debt
in the 15%-20% range."

ODEBRECHT SA: US$13MM Damage to Delay Plant at Center of Scandal
Dominican Today reports that a fire in one of the two generators
at the Punta Catalina power plant will delay the scheduled
inaugural date eight months, as the result of the reported heavy

The National Committee to Combat Climate Change, CNLCC, provided
the information, while Punta Catalina's management confirmed the
damage to the second unit, but denied that it could cause delay in
the start of operations in the first unit, according to Dominican

In an emailed statement citing sources, the CNLCC said, one of the
generator's components sustained a severe breakdown during the
assembly of equipment at the plant three weeks ago, the report
notes.  "The repair of this equipment will take around eight
months, costing about US$13.0 million," the report relays.

                         Center of Scandal

The controversial Punta Catalina coal-fired power plant is at the
center of the scandal of Odebrecht's admitted US$94.0 million in
bribes to Dominican govt. officials, the report relays.

                         False Information

However, Punta Catalina spokesman, Wilfredo Alemany said the
repair was already ordered, the report notes.  "Those who are
spreading the information are not saying everything so that they
understand what is happening," the report quoted Mr. Alemany as

"It's never been said that the two plants are going to come online
at the same time and they are two, there are two rotors, one was
damaged and its repair was immediately ordered and everything is
still working and the one that's scheduled to come online first
quarter of next year," the official said, quoted by, the report relays.

                       About Odebrecht

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal related that Marcelo
Odebrecht, the jailed former head of Brazilian construction giant
Odebrecht SA, agreed to sign a plea-bargain agreement in
connection with Brazil's largest corruption probe ever, according
to a person close to the negotiations.  The move could roil the
nation's political class yet again.  The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.

* DOMINICAN REP: Salary Hike Takes Effect Nov. 1, Ministry Says
Dominican Today reports that National Wage Committee (CNS)
President Felix Hidalgo disclosed that starting November 1, the
remaining 7% of the salary increase for the non-sectoral private
sector should be applied.

Mr. Hidalgo urged employers to prepare the payroll in time and
make the necessary adjustments so that the salary increase takes
effect as of the stipulated date, according to Dominican Today.

Mr. Hidalgo also warned that Labor Ministry inspectors enforce the
new salaries, and noted that the CNS' decisions are law, the
report notes.

In May, a 20% increase in the minimum wage for non-sectorized
private workers was agreed, which went into effect in two
tranches, the report relays.  And the remaining 7% was slated for
November 1.

Minimum Wage Per Sector:

-- RD$15,447.6 . . . for companies with capital or stocks equal
    or greater than the RD$4.0 million

-- RD$10,620.00 . . . for companies with RD$2.0 million to
    RD$4.0 million between both capital and stock

-- RD$9,411.60 . . . for companies with capital or stocks lower
    than RD$2.0 million

-- RD$13,032.00 . . . basic salary for private watchmen

-- RD$320.40 . . . daily wage for farm workers.

E L  S A L V A D O R

AES EL SALVADOR: Fitch Hikes Long-Term IDR to B-; Outlook Stable
Fitch Ratings has upgraded the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) on AES El Salvador Trust II
(AES SLV) to 'B-' from 'CCC'. The rating actions affect USD310
million notes due 2023, also rated 'B-/RR4'. The Rating Outlook is


This upgrade follows the rating actions on El Salvador's long-term
foreign currency IDR in the wake of the restructuring of its local
pension fund debt. In light of the distressed debt exchange, as
per Fitch's methodology, the country's Local Currency IDR was
downgraded to 'RD'. Subsequently, both the local Currency and the
Foreign Currency IDRs of the country were upgraded to 'B-'. The
rating actions are further support by the Congressional approval
of a USD170 million international debt issuance, of which
approximately USD47 should be earmarked for outstanding and
expected subsidy amounts owed to electricity distribution
companies for the 2017 fiscal year.

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

Given the still uncertain state of the government's 2017 and 2018
budgets, Fitch expects cashflow volatility at the level of the
DisCos to continue through the next 12 to 18 months. Nevertheless,
AES SLV's short-term liquidity flexibility should provide support
while long-term political and economic solutions are explored at
the level of the sovereign.


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


Fitch's key assumptions within Fitch ratings case for the issuer
-- Government satisfies all 2017 subsidy obligations to DisCos
    before year-end; going forward, similar working capital
    volatility during the year with invoice amounts resolved by
-- Demand growth of approximately 2%, roughly in line with GDP
-- USD35 million of annual capex through the rating horizon, in
    line with historical levels
-- No or limited dividends this year and next; 100% of previous
    year's net income thereafter


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

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


AES El Salvador's liquidity is supported by its cash on hand,
which as of year-end 2016 was approximately USD39 million, and
USD73 million bank credit facilities, of which USD16.5 million are
committed. To date, the company has accessed USD9.5 million from
its committed credit line. While the proposed sovereign debt
issuance should ultimately help buoy AES SLV's liquidity in 2017,
Fitch expects interim liquidity to continue showing volatility
related to working capital. In addition to its existing credit
facilities, the company also has the capacity to support liquidity
by reducing capex for up to two years with limited impact on their

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


Fitch has upgraded AES El Salvador Trust II (AES SLV):

-- Long-Term Foreign Currency IDR to 'B-' from 'CCC';
-- Long-Term Local Currency IDR to 'B-' from 'CCC';
-- Senior unsecured debt rating to 'B-/RR4' from 'CCC/RR4'.

The Rating Outlook is Stable.


Fitch Ratings has affirmed The Central America Bottling
Corporation's (CBC) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDR) at 'BB+'. The Rating Outlook is Stable.

The affirmation reflects Fitch's expectation that the company will
maintain its solid business position in core markets, adequate
leverage metrics across the business cycle, and that potential
investments or acquisitions will not materially alter its capital


Solid Business Position in Core Markets: CBC's ratings reflect its
business position as an anchor bottler of PepsiCo, with operations
in Central America, the Caribbean, Ecuador, Peru and Argentina.
The company possesses a diversified beverage portfolio of PepsiCo
and proprietary brands combined with a broad distribution network
that contribute to supporting its business position over the long
term. CBC's main markets are Guatemala and Ecuador, representing
around 44% and 13% of its total EBITDA, respectively. In addition,
the operation of LivSmart in El Salvador, which exports juices and
nectars to the countries where the company operates, contributes
16% of the total EBITDA.

Growth Supported by Acquisitions: Fitch expects CBC's revenues
will grow in the low single digits in 2017-2018, while its EBITDA
margin should remain relatively stable at around 13%-14%. Growth
in revenues will be mainly supported by consolidating full-year
results of Argentina, recovery of sales in Ecuador, and organic
growth in Guatemala. In the first half of 2017, CBC faced
challenges in its operations such as lower volume in the
carbonated soft drink (CSD) category, due to higher sale prices,
combined with Peru's bad weather conditions and the loss of
distribution of AmBev's beers. This led to volume declining around
3% and revenues increasing close around3%, versus the same period
of 2016.

Temporarily Higher Gross Leverage: For 2017, Fitch projects CBC's
total debt/EBITDA and total adjusted debt from rent/EBITDAR will
be around 3.3x and 3.6x, respectively, and then should gradually
decrease to around 3.0x and 3.4x in the next 12-18 months. In
terms of net leverage, Fitch expects total net debt/EBITDA and
total adjusted net debt/EBITDAR to remain low at around 1.5x and
2.0x, respectively. As of June 30, 2017, CBC's total debt was
USD775 million excluding USD95 million of a loan structure that
the company implemented for its operations in Central America.

Positive FCF: Fitch expects CBC's positive FCF trend to continue
over the midterm and for 2017-2018 it will be around USD8 million
annually considering an average capex of USD106 million and
dividends of USD40 million. In 2016, CBC had FCF estimated by
Fitch of USD6 million after covering capex of USD107 million and
dividends of USD37 million.

Exposure to Guatemala's Sovereign Ratings: Fitch considers in
CBC's ratings a higher weight of Guatemala's sovereign rating
(BB/Stable) as it is the company's main market in terms of
consolidated revenues (34%) and EBITDA (44%). Fitch also believes
the company's operating performance is more likely to depend on
the stability and economic development of this country. While
downgrades in Guatemala's ratings will likely result in negative
pressures on CBC, Fitch also believes that deterioration in
Ecuador's economic and political environment would be viewed as
negative for the company's ratings.


CBC's ratings at BB+ are below other beverages peers in the region
such as Arca Continental, S.A.B. de C.V. (A/Stable), Coca-Cola
FEMSA, S.A.B. de C.V. (A-/Stable) or Embotelladora Andina S.A.
(BBB+/Stable) given its lower size and scale and weaker
competitive position of PepsiCo and proprietary beverage brands
when compared to the stronger brand equity of Coca-Cola products.
Also, the company's ratings reflect its lower profitability
margins and higher exposure to lower-rated countries. CBC's
ratings are above other beverage companies such as Grupo Atic (B-
/Stable) given its better operating performance, adequate leverage
metrics and ample liquidity. No country ceiling, parent/subsidiary
or operating environment aspects affect the rating.


Fitch's key assumptions within Fitch ratings case for the issuer
-- Revenue growth of 2% in 2017 and 4% in 2018;
-- EBITDA margins around 14% in 2017 and 2018;
-- Positive FCF generation in 2017-2018;
-- Total adjusted debt/EBITDAR and total adjusted net
    debt/EBITDAR at around 3.4x and 2.0x, respectively, by 2018.


Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Fitch does not foresee positive ratings actions for CBC in the
   mid-term; however, the combination of lower leverage ratios,
   better operating performance, solid FCF generation across the
   cycle, and cash flow generation from investment-grade countries
   will be considered positive to credit quality.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- CBC's ratings could be negatively pressured by the following
   factors: a downgrade in Guatemala's or Ecuador's country
   ceiling or sovereign ratings, deterioration of its operating
   results, negative FCF generation, or significant debt-financed
   acquisitions that result in total debt/EBITDA or total adjusted
   debt/EBITDAR higher than 3x and 3.5x, respectively, on a
   sustained basis.


Ample Liquidity: As of June 30, 2017, CBC's liquidity is ample
given its current cash position of USD345 million and USD91
million of short-term debt. Its next debt amortizations are USD29
million in 2018, USD15 million in 2019, USD106 million in 2021,
and USD533 million after 2021. Fitch believes CBC has financial
flexibility to face its debt amortization in the short- and long-


Fitch affirmed the following ratings of CBC:
- Long-Term Foreign Currency IDR 'BB+';
- Long-Term Local Currency IDR 'BB+';
- USD500 million senior unsecured notes due in 2027 'BB+'.

The Rating Outlook is Stable.


MEXICO: Seize on NAFTA Talks to Demand Higher Minimum Wage
Alianza News reports that around 100 Mexican activists gathered on
Oct. 11 in Mexicali on the US border to mark the re-negotiation of
the 1994 North American Free Trade Agreement by demanding that
Mexico increase its minimum wage, currently one of the lowest in
Latin America.

The demonstration unfolded at the border crossing between Mexicali
and Calexico, California, according to Alianza News.

Participants said they chose the border to illustrate the
connection between low wages in Mexico and Central America and
emigration to the United States, the report notes.

With NAFTA under review, now is time for Mexico to double or
triple the minimum wage, Jose Maria Garcia Lara, the leader of
Youth 2000 Movement, one of the groups that organized the event,
told EFE, the report relays.

Mexico's current minimum wage is 80.04 pesos ($4.58) a day.
"We who, as organizations, defend the migrants, know that people
have to emigrate because the wages in our country are wretched,"
Garcia Lara said, the report discloses.

The report relays that the Youth 2000 Movement provides financial
support to shelters serving Mexican and Central American migrants.

He pointed out that the "community of migrants" includes not only
farm laborers and the employees of the mainly foreign-owned
assembly plants known as maquiladoras, but workers from virtually
every sector of the economy, the report notes.

The groups behind the demonstration in Mexicali are planning to
mount another protest two weeks from now in Tijuana, located just
across the border from San Diego, Garcia Lara said, the report

The activists will also present a formal request to the Mexican
government for an increase in the minimum wage, the report notes.

The fourth round of talks among US, Mexican and Canadian officials
on revising NAFTA got under way in Arlington, Virginia, just
outside Washington, the report adds.

P U E R T O    R I C O

BANCO POPULAR: Moody's Affirms Ba2 Long-Term Bank Deposit Rating
Moody's Investors Service affirmed the ratings of Popular, Inc.
and its subsidiaries (Popular), FirstBank Puerto Rico (FirstBank),
and Banco Santander Puerto Rico (BSPR). Moody's maintained the
outlooks for the long-term deposit ratings of Popular, FirstBank,
and BSPR at stable, while maintaining the review for upgrade for
BSPR's issuer and debt ratings in line with those of its US
affiliate, Santander Bank N.A. (Baa2, issuer, review for upgrade).
The rating actions were:

For Popular, Moody's affirmed the lead bank's (Banco Popular de
Puerto Rico) long- and short-term bank deposit ratings at Ba2 and
Not Prime, respectively, the issuer rating at B2, and the long-
and short-term CR Assessments at Ba3(cr) and Not Prime(cr),
respectively. Moody's also affirmed the bank's standalone and
adjusted BCAs at b1. Moody's also affirmed the holding company's
long-term ratings: senior unsecured at B2, subordinate MTN shelf
at (P)B2, junior subordinate shelf at (P)B3, preferred shelf at
(P)B3, non-cumulative preferred stock at Caa1(hyb), and non-
cumulative preferred shelf at (P)Caa1.

For FirstBank, Moody's affirmed the long-and short-term bank
deposit ratings at B1 and Not Prime, respectively, the issuer
rating at Caa1, and the long- and short-term CR Assessments at
B2(cr) and Not Prime(cr). Moody's also affirmed the bank's
standalone and adjusted BCAs at b3.

For BSPR, Moody's affirmed the long-term supported deposit rating
at A2 and the long-term Counterparty Risk (CR) Assessment at
A3(cr). Moody's also affirmed the short-term deposit rating at
Prime-1, the short-term bank note program shelf rating at
(P)Prime-2, and the short-term CR assessment at Prime-2(cr).
Moody's also continued the review for upgrade for the bank's
issuer rating at Baa2 and its senior unsecured bank note program
shelf rating at (P)Baa2. The bank's standalone baseline credit
assessment (BCA) of ba3 and adjusted BCA of baa1 were also


The ratings affirmations for Popular, FirstBank, and BSPR reflect
Moody's view that the banks' current high capital ratios provide
them flexibility to meet regulatory capital requirements should
hurricane-related loan-loss provisions or other costs lead to
operating losses that ultimately result in capital erosion in the
coming two to three quarters. The affirmations also reflect the
view that Puerto Rico's economy should begin to recover in the
second half of 2018 fueled by federal government aid and insurance

Moody's said that the banks' high capitalization is an important
credit mitigant against higher losses because the banks face
difficult economic challenges for the next few quarters. For
example, although power plants are intact, progress in repairing
power lines is slow, stalling full recovery of the banks'
operations and overall business activity and those of their
customers. Consequently, Moody's expects a hike in the banks' loan
loss provisions during the next two to three quarters to absorb
hurricane-related charge offs at a time when bank earnings will
also be hurt by a halt in new originations, waived fees and
elevated operating expenses.

Regarding the capital buffer that the banks have to meet these
approaching challenges, Moody's calculated that the banks could
increase their provisions by almost tenfold over the latest
quarter's provisions (9.6 times for each of Popular and FirstBank,
and 9.8 times for BSPR). As of June 2017, Moody's tangible common
equity/risk-weighted assets ratios for Popular, FirstBank, and
BSPR were 15.2%, 19%, and 28.5%, respectively. Although operating
losses would result if such heightened provisions were taken,
their capital ratios would still meet the regulatory well-
capitalized minimum for total risk-based capital of 10%. Popular,
FirstBank, and BSPR, have each steadily improved their capital and
liquidity positions over the past few years, having raised equity
and/or streamlined their operations in response to more than a
decade of economic recession.

Moody's observed that elsewhere bank hurricane-related losses for
US banks have been manageable thanks to loss mitigants such as
federal government aid, property insurance, and disaster relief
programs that help fuel rebuilding activity. In the case of Puerto
Rico, considering its already weak economy, the combination of two
highly destructive hurricanes, low insurance penetration, and its
status as an island territory, the level of insurance coverage and
government aid are less certain than for mainland states.


The destruction from Hurricane Maria eliminates the likelihood of
upward movement in the three banks' standalone BCAs in the near
term. In the long term, the b1 and b3 BCAs of Popular and
FirstBank, respectively, could be upgraded if Moody's observes
sustained improvement in the banks' problem loan levels and
profitability and the banks maintain strong capitalization and

BSPR's ba3 BCA is also unlikely to move up in the near term. In
the long term, it could be upgraded if Moody's sees a reduction in
problem loan levels and sustained improvement in the bank's
profitability, and maintenance of strong capitalization and
liquidity. BSPR's issuer and senior unsecured bank note program
ratings would be upgraded by one notch in line with those of its
US affiliate if Moody's review finds that the holding company,
Santander Holdings USA, Inc. (SHUSA, Baa3, senior, stable)'s debt
issuance plan and resolution framework would provide sufficient
subordination to lessen the loss severity of its bank
subsidiaries' debt. Moody's believes that within a US banking
family, which includes Puerto Rico, the adjusted BCA, deposit and
debt ratings of affiliates should be equalized because of
regulatory powers afforded by the cross-indemnification provisions
of the Federal Deposit Insurance Act.


For all three banks, the standalone BCA could be downgraded if
Moody's believes that the recovery after Hurricane Maria will not
materialize as anticipated.


Issuer: Banco Santander Puerto Rico


-- LT Bank Deposits, Affirmed A2, Stable

-- ST Bank Deposits, Affirmed P-1

-- ST Senior Unsecured Bank Note Program, Affirmed (P)P-2

-- LT Counterparty Risk Assessment, Affirmed A3(cr)

-- ST Counterparty Risk Assessment, Affirmed P-2(cr)

-- Adjusted Baseline Credit Assessment, Affirmed baa1

-- Baseline Credit Assessment, Affirmed ba3.

Remain under Review for Upgrade:

-- LT Issuer Rating, currently rated at Baa2 remains under Review
    for Upgrade

-- LT Senior Unsecured Bank Note Program, currently rated at
    (P)Baa2 remains under Review for Upgrade

Outlook Action:

-- Outlook, Remains Under Review for Upgrade

Issuer: Popular, Inc.


-- Senior Unsecured Regular Bond/Debenture, Affirmed B2, Stable

-- Senior Unsecured Medium-Term Note Program, Affirmed (P)B2

-- Senior Unsecured Shelf, Affirmed (P)B2

-- Subordinate Medium-Term Note Program, Affirmed (P)B2

-- Subordinate Shelf, Affirmed (P)B2

-- Junior Subordinate Shelf, Affirmed (P)B3

-- Preferred Shelf, Affirmed (P)B3

-- Preferred Shelf Non-cumulative, Affirmed (P)Caa1

-- Preferred Stock Non-cumulative, Affirmed Caa1 (hyb)

Outlook Action:

-- Outlook, Remains Stable

Issuer: Banco Popular de Puerto Rico


-- LT Bank Deposits, Affirmed Ba2, Stable

-- ST Bank Deposits, Affirmed NP

-- LT Issuer Rating, Affirmed B2, Stable

-- LT Counterparty Risk Assessment, Affirmed Ba3(cr)

-- ST Counterparty Risk Assessment, Affirmed NP(cr)

-- Adjusted Baseline Credit Assessment, Affirmed b1

-- Baseline Credit Assessment, Affirmed b1

Outlook Action:

-- Outlook, Remains Stable

Issuer: BanPonce Trust I


-- Backed Preferred Stock, Affirmed B3 (hyb)

Issuer: Popular Capital Trust I

-- Backed Preferred Stock, Affirmed B3 (hyb)

Issuer: Popular Capital Trust II

-- Backed Preferred Stock, Affirmed B3 (hyb)

-- Backed Preferred Shelf, Affirmed (P)B3

Issuer: Popular Capital Trust IV

-- Backed Preferred Shelf, Affirmed (P)B3

Issuer: Popular North America, Inc.


-- Backed Senior Unsecured Shelf, Affirmed (P)B2

-- Backed Senior Unsecured Medium-Term Note Program, Affirmed

-- Backed Subordinate Shelf, Affirmed (P)B2

-- Backed Subordinate Medium-Term Note Program, Affirmed (P)B2

-- Backed Junior Subordinate Shelf, Affirmed (P)B3

Issuer: Popular North America Capital Trust I

-- Backed Preferred Stock, Affirmed B3 (hyb)

Issuer: Popular North America Capital Trust II

-- Backed Preferred Shelf, Affirmed (P)B3

Issuer: Popular North America Capital Trust III

-- Backed Preferred Shelf, Affirmed (P)B3

Issuer: FirstBank Puerto Rico


-- LT Bank Deposits, Affirmed B1, Stable

-- ST Bank Deposits, Affirmed NP

-- LT Issuer Rating, Affirmed Caa1, Stable

-- LT Counterparty Risk Assessment, Affirmed B2(cr)

-- ST Counterparty Risk Assessment, Affirmed NP(cr)

-- Adjusted Baseline Credit Assessment, Affirmed b3

-- Baseline Credit Assessment, Affirmed b3

Outlook Action:

-- Outlook, Remains Stable

The principal methodology used in these ratings was Banks
published in September 2017.

LABORATORIO CLINICO: Says Hurricanes Hamper Exit Plan Preparations
Laboratorio Clinico Los Robles, Inc., requests the U.S. Bankruptcy
Court for the District of Puerto Rico for an extension of time
until January 29, 2018, to file a Small Business Chapter 11 plan
and Disclosure Statement.

The Debtor was originally scheduled to file the Disclosure
Statement and the Chapter 11 Small Business Plan on October 9,

The Debtor asks the Court to take judicial notice that during the
first week of September 2017, Hurricane Irma strike Puerto Rico,
leaving the Debtor's business without electricity, which situation
continued with the strike of Hurricane Maria.

As of October 8, 2017, the Debtor claims that it has been
impossible to complete the monthly report of August 2017 due to
the lack of electricity, water and internet, and the September
2017 report is basically without income.

The Debtor also relates that although it has already obtained an
appraisal to contest the value of a certain lien but, with the
damages that the real estate had due to Hurricane Maria, the
appraisal value must be revised.

Due to the exigent circumstance it is currently facing, the Debtor
believes that it is more likely than not that the Court will
confirm the plan within a reasonable period of time.

               About Laboratorio Clinico Los Robles

Laboratorio Clinico Los Robles, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 17-03196) on May 5, 2017. The
petition was signed by the Debtor's president, Luis Armando
Berrios Diaz. At the time of filing, the Debtor had $500,000 to $1
million in estimated assets and $100,000 to $500,000 in estimated
liabilities. The Debtor is represented by Ada M Conde, Esq., at
Estudio Legal 1611 Corp, as its bankruptcy counsel.

PUERTO RICO: Interior Struggles to Regain Pre-Hurricane Normalcy
Aldia News reports that Jayuya, a municipality in the heart of
Puerto Rico, is one of many that are struggling to return to
normal three weeks after Hurricane Maria devastated the United
States commonwealth's electrical, water and telecommunications
infrastructure and left remote areas cut off from population

Hundreds of homes -- most with wooden or zinc roofs -- were left
uninhabitable in Jajuya, home to around 16,500 people, while
relief supplies to some remote areas are being delivered on foot
following the destruction of a pair of highways and bridges,
according to Aldia News.

Citizens in those isolated zones, however, prefer to remain in
their residences and not to be rescued by the authorities because
they say they do not want to abandon their properties, Mayor Jorge
Gonzalez Otero told EFE, the report relays.

Water service, meanwhile, has been severely limited in Jayuya
since the hurricane because that west-central municipality only
has one water tanker truck, he said, adding that it is impossible
to request assistance from nearby towns because they are in the
same situation, the report notes.

He made those remarks while offering words of encouragement to
Vivian Pagan, a 58-year-old woman who has been a resident of
Jayuya her entire life, the report discloses.

"It hasn't been easy. Today they brought water because you all
came, but if there isn't any later they're not going to bring me
more," Mr. Pagan told EFE outside her home after receiving thyroid
medication and treatment for nerves from a US Federal Emergency
Management Agency official, the report relays.

"All in all, I'm OK. My daughter (in the mainland US) sent me an
aid package, but it hasn't arrived, and I can't buy my medicine
because there's no system to pay with credit card," she added, the
report relays.

Along with the electrical grid, wireless towers were among the
main casualties of the Category 4 hurricane, which is blamed for
48 deaths on the Caribbean island, the report relays.

Four of those fatalities possibly are due to leptospirosis, a
bacterial disease caused by exposure to contaminated water that
can lead to kidney damage if left untreated, the report adds.

TOYS 'R' US 2001-31: S&P Lowers $13.09MM Class A-1 Certs to 'D'
S&P Global Ratings lowered its rating on Corporate-Backed Trust
Certificates Toys "R" Us Debenture-Backed Series 2001-31 Trust's
$13.09 million class A-1 certificates to 'D' from 'CCC'.

S&P said, "Our rating on the class A-1 certificates is dependent
on our rating on the underlying security, Toys "R" Us Delaware
Inc.'s 8.75% debentures due Sept. 1, 2021 ('D').

"The rating action reflects the Sept. 19, 2017, lowering of our
rating on the underlying security to 'D' from 'C' and removal of
it from CreditWatch, where we placed it with negative implications
on Sept. 7, 2017. For more details, see "Research Update: Toys "R"
Us Inc. Downgraded To 'D' On Chapter 11 Filing," published Sept.
19, 2017.

"We may take subsequent rating actions on the class A-1
certificates due to changes in our rating assigned to the
underlying security."

TOYS "R" US: Troutman Sanders Represents Graco, et al.
In the Chapter 11 cases of Toys "R" Us, Inc., Jonathan L. Hauser
and Troutman Sanders LLP filed a verified statement under Rule
2019 of the Federal Rules of Bankruptcy Procedure to disclose that
they have been employed to represent Graco Children's Products,
Inc., NUK USA, LLC, Ignite USA, LLC, Rubbermaid, Inc. and Sanford,

Graco, et al.'s address is 221 River Street, 13th Floor, Hoboken,
NJ 07030.

Graco, et al. are holders of prepetition reclamation and unsecured
claims and administrative claims.  The claims of were acquired
over the course of time in 2017.  The claims are ongoing but have
balances in an amount approximating the following as of the
Petition Date:

   (a) Graco Children's Products, Inc. - $49,365,691,
   (b) NUK USA, LLC - $476,026,
   (c) Ignite USA, LLC - $138,435,
   (d) Rubbermaid, Inc. - $1,761 and
   (e) Sanford, LP - $47,350.

Troutman Sanders was retained upon the filing of the bankruptcy

Graco, et al.'s attorneys:

      222 Central Park Ave, Suite 2000
      Virginia Beach, VA 23462
      Tel: (757) 687-7768
      Fax: (757) 687-1505

                        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

Merchandise is also sold at e-commerce sites including

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

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

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.

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.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  Cullen Drescher
Speckhart of Wolcott Rivers Gates is representing the Committee.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: May Plan a Wage Freeze
Trinidad Express reports that in November 2016, Finance Minister
Colm Imbert told an International Monetary Fund forum at the Hyatt
that from 2017 to 2020, the Government's wage offer to public
servants would be zero, zero and zero.

The day after that statement was made, it was contradicted by
Prime Minister Keith Rowley, who emphasized that no such offer had
been made to public servants, according to Trinidad Express.

Given the economic situation the country finds itself in, it could
be that zero, zero, zero is back on the table, the report notes.


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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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

                   * * * End of Transmission * * *