/raid1/www/Hosts/bankrupt/TCRLA_Public/171120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, November 20, 2017, Vol. 18, No. 230


                            Headlines



A R G E N T I N A

QUICKFOOD SA: Moody's Rates Proposed ARS1BB Sr Unsecured Notes Ba1


B R A Z I L

BANCO PAN: Moody's Affirms B1 LT Global Deposit Rating
OI SA: Board's Power Play is Said Close to Being Blocked by Court


C A Y M A N  I S L A N D S

PLATINUM PARTNERS: Appoints Borrelli Walsh as Liquidators
UNITED CACAO: Creditors' Meeting Set Dec. 12


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fitch Affirms BB- IDR; Outlook Stable


J A M A I C A

JAMAICA: Needs US$500MM to Re-establish Mining Factories


M E X I C O

DOCUFORMAS SAPI: S&P Affirms 'B+' ICR, Outlook Still Stable
GRUPO KALTEX: S&P Lowers CCR to 'B' on Weak Credit Metrics
MEXICO: Mexico Faces Uphill Battle in NAFTA Negotiations
MEXICO: Moody's Says States to Face Fiscal Pressure in 2018, 2019


P U E R T O    R I C O

MAC ACQUISITION: Sale of Three Liquor Licenses for $885K Approved


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Bleak Christmas Likely Amid Low Sales


V E N E Z U E L A

* PDVSA & Pacific Drilling Propel Yankee TTM Default, Fitch Says
* S&P: Emerging Markets Push Global Corp. Default Tally to 83


X X X X X X X X X

CARIBBEAN: IMF Scoffs at Criticism its Programs Created Hardship

* BOND PRICING: For the Week From November 13 to Nov. 17, 2017


                            - - - - -


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A R G E N T I N A
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QUICKFOOD SA: Moody's Rates Proposed ARS1BB Sr Unsecured Notes Ba1
------------------------------------------------------------------
Moody's Latin America has assigned a Ba1 global scale and Aaa.ar
national scale ratings to Quickfood S.A.'s proposed up to
ARS1 billion senior unsecured notes to be issued in the local
market and guaranteed by its parent company, BRF S.A. (Ba1
negative). The outlook on the guaranteed notes' ratings is
negative.

Quickfood's stable (multiple) outlook recognizes a stable outlook
on its corporate family rating (B3/Baa2.ar) and a negative outlook
on its outstanding guaranteed notes.

The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

The Ba1/Aaa.ar rating for Quickfood's proposed notes mirrors the
rating of its Brazilian parent company, BRF S.A. (Ba1 negative),
who fully and unconditionally guarantees the instruments, which
would cause an acceleration of most of the parent's debt in the
event of a default. The negative outlook for the notes reflects
the negative outlook of its guarantor, BRF.

Quickfood intends to utilize the net proceeds to repay revolver
drawings, invest in local assets and integrate working capital
within the country. The ARS1 billion proposed notes correspond to
two new classes (class X and XI).

Moody's expect BRF will continue to support Quickfood as one of
its key platforms to expand its presence in the country, in line
with the group's expansion plan to Latin America. In addition, the
company will continue to profit from the group's solid business
model and position as one of the largest food conglomerates in the
world.

The proposed notes' rating could be upgraded/downgraded if BRF's
ratings were to be upgraded/downgraded.

Founded in 1960 and headquartered in Buenos Aires, Argentina,
Quickfood is an Argentinean company dedicated to the manufacturing
and commercialization of processed, refrigerated and frozen foods
under specific brands. In 2012 BRF acquired 91.21% stake in the
company. As of the last twelve months ended in September 2017,
revenues amounted to ARS5.6 billion (approximately USD350
million).

BRF is one of largest food conglomerates globally, with
consolidated net revenues of BRL32.9 billion as of the last twelve
months ended in June 2017. The company operates 47 plants and 47
distribution centers, exports to more than 120 countries and has a
leading position in poultry exports.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in June 2017.


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


BANCO PAN: Moody's Affirms B1 LT Global Deposit Rating
------------------------------------------------------
Moody's Investors Service affirmed all of Banco Pan S.A.'s (Pan)
ratings and assessments, including its B1 and Baa2.br global and
Brazilian national scale deposit ratings. The outlook on all
ratings remains stable.

The following ratings and assessments assigned to Banco Pan S.A.
were affirmed:

- Long-term global local currency deposit rating: B1, outlook
stable

- Long-term foreign-currency deposit rating: B1, outlook stable

- Senior unsecured MTN program (foreign currency) rating: (P)B1

- Subordinate debt (foreign currency) rating: B2

- Long-term Brazilian national scale deposit rating: Baa2.br

- Short-term Brazilian national scale deposit rating: BR-3

- Baseline credit assessment: b2

- Adjusted baseline credit assessment: b1

- Long-term counterparty risk assessment: Ba3(cr)

- Short-term global local currency deposit rating: Not Prime

- Short-term global foreign-currency deposit rating: Not Prime

- Short-term MTN program (foreign currency) rating: (P)Not Prime

- Short-term counterparty risk assessment: Not Prime(cr)

Outlook Actions:

- Outlook, Remains Stable

RATINGS RATIONALE

The affirmation reflects a recent capital injection from Banco BTG
Pactual S.A. (BTG, Ba3 stable, ba3), one of the bank's parents, as
well as the recovery of its profitability metrics. Despite the
improvements, however, capitalization remains weak when measured
according to Moody's preferred capital metric, as the problem loan
ratio remains high, and it is still uncertain whether the growth
in earnings will be sustainable.

The bank's net income rebounded to an annualized 0.78% of tangible
assets in the first nine months of 2017 following a loss of -0.87%
in calendar year 2016. The improvement in profitability was
underpinned by sharply improved revenues from loan sales and by a
reduction in operating expenses and taxes. In line with the bank's
strategy, net revenues from loan sales increased by over 60% in
the nine months to September 2017 versus the same period a year
earlier. The bank has historically sold approximately half of the
loans it originates annually to Caixa Economica Federal (Caixa,
Ba2 negative, b1). However, Caixa's capacity to purchase loans has
decreased because of the capital constraint it is facing. At the
same time, taxes fell by nearly 85% and personnel expenses
declined by 8.4% as the bank reduced its headcount by 26% y-o-y.
The headcount reduction was permitted by the bank's decision to
exit the business of vehicle financing through car dealers (though
it continues to finance individual used car purchases) and the
continued decline in its loan book with small and medium-sized
companies (SME), and helped to offset still very high credit
costs, which equaled 6.63% of loans.

In the first quarter of 2018, Pan's capitalization will benefit
from an injection of BRL400 million made by BTG on November 6,
2017. Had the capital been injected on September 30, Moody's
preferred measure of capitalization would have increased by 260
basis points to 5.9%. The incremental capital will enable Pan to
continue to grow its loan book, enhancing revenue growth. Despite
the injection, however, the bank's adjusted capital ratio will
continue to compare poorly to other Brazilian mid-sized banks due
to Pan's large deferred tax assets (DTA), which Moody's deducts
from capital because it offers limited loss absorption capacity.
Moody's estimates that the bank's regulatory Tier 1 ratio, which
provides full credit to its DTAs, will be considerably stronger at
11% (including the capital injection), well above the regulatory
minimum of 8%, including buffers.

At the same time, the country's weak economic environment has
maintained asset risk high, as evidenced by a problem loan ratio
of 7.16% in September 2017. The ratio went up from 6.28% one year
prior as Pan continued to run off its book of SME loans, which
still constitute 13% of its portfolio and exhibit the highest
risk. In its efforts to improve asset quality, Pan is expanding in
low risk payroll lending business.

Pan's asset and liability management benefits from stable,
competitively priced funding sourced from its co-controlling
shareholder, Caixa, which limits its dependence on confidence
sensitive market funding. Net of shareholder funding, this
accounts for a relatively moderate 26% of tangible banking assets.
While liquidity is limited, with liquid assets less than 10% of
tangible banking assets, it is supported by agreements with the
bank's shareholders committing them to purchase a portion of the
bank's loans on a monthly basis.

Pan's rating also incorporates a high probability of extraordinary
financial support from its major shareholders, in addition to the
ongoing support they provide, reflecting repeated capital
injections and sizeable funding commitments from the shareholders.

WHAT COULD CHANGE THE RATING -- DOWN/UP

Positive pressures on Pan's ratings could arise from consistent
improvement on earnings, asset quality, and capitalization.

Conversely, Pan's deposit and senior debt ratings could move down
because a further increase in asset risk or renewed deterioration
capitalization or profitability. The ratings would also face
downward pressure if funding and liquidity support from Caixa were
to decline further.

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


OI SA: Board's Power Play is Said Close to Being Blocked by Court
-----------------------------------------------------------------
Rachel Gamarski at Bloomberg News reports that the court
overseeing Oi SA's $19 billion bankruptcy proceeding is close to a
decision that would prevent the board from ramming through its
preferred restructuring plan, according to a person with knowledge
of the matter.

The court in Rio de Janeiro plans to rule that two members the
board designated this month as statutory directors of the
Brazilian telecommunications company can't vote while Oi is under
bankruptcy protection, said the person, asking not to be
identified discussing private information, according to Bloomberg
News.  Without the votes, the board would need to persuade
executives to support its restructuring plan, which is unpopular
with bondholders, Bloomberg News notes.

If the court goes through with the ruling, it will buy Oi's
management and Brazil's government time to negotiate a separate
deal with creditors, Bloomberg News relays.  Shareholders
including Pharol SGPS SA and Societe Mondiale, which together
control Oi's board, have pushed for a plan that keeps them in
charge of Oi, but Chief Executive Officer Marco Schroeder has been
in talks with creditors who say they should end up with a majority
of Oi's equity, Bloomberg News notes.

Attorney General Grace Mendonca, appointed by President Michel
Temerto lead a government task force designed to help resolve Oi's
17-month bankruptcy saga, aims to finish a final version of the
restructuring plan by the end of this week, the person said,
Bloomberg News 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
employees.

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2017, Gram Slattery and Leonardo Goy at Reuters report
that the head of Brazil's telecommunications watchdog, Anatel,
demanded that debt-laden carrier Oi SA submit its latest
restructuring proposal to the regulator before officially filing
it with a bankruptcy court.

Anatel head Juarez Quadros told reporters in Brasilia that the
regulator, an Oi creditor due to billions of dollars in unpaid
regulatory fines, would wait for the country's solicitor-general
to give an opinion on the company's proposal before deciding
whether or not to vote for it, according to Reuters.

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
==========================


PLATINUM PARTNERS: Appoints Borrelli Walsh as Liquidators
---------------------------------------------------------
Borrelli Walsh (Cayman) Limited was appointed liquidator of
Platinum Partners Value Arbitage Fund (USA) L.P. pursuant to the
written consent of the general partner.

The liquidators can be reached at

         Robert Shifman
         Borrelli Walsh (Cayman) Limited
         G/F Harbour Place
         103 South Church
         George Town, KY1-1204
         Cayman Islands


UNITED CACAO: Creditors' Meeting Set Dec. 12
--------------------------------------------
The Grand Court of Cayman Islands appointed Christopher D. Johnson
and Russel S. Homer as joint liquidators to United Cacao Limited
SEZC, which under liquidation.

A creditors meeting is set for Dec. 12, 2017, at 11:30 a.m. by
telephone conference. Creditors who intends to join must notify
the liquidators not later than Dec. 8.

The liquidators can be reached at:
        Christopher D. Johnson
        Chris Johnson Associated Limited
        PO Box 2499. Elizabethan Square
        Shedden Road, Grand Cayman
        Cayman Islands, KY1-1104


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


DOMINICAN REPUBLIC: Fitch Affirms BB- IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Dominican Republic's Long-Term Foreign-
Currency Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook.

KEY RATING DRIVERS

Dominican Republic's ratings balance its favourable macro
performance and narrow current account deficit with its weak
public finances, vulnerable external balance sheet, high private
credit growth, limited monetary policy flexibility, and lower
governance and social indicators than 'BB' peers.

Dominican Republic's macro performance is softening during 2017,
with economic growth expected to slow to 4.8% this year, from the
high of 7.1% average rate during 2014-2016, and with 12-month
average consumer price inflation rising to 2.8% in October, from
1.6% during 2016. Macro indicators nonetheless will outperform the
'BB' median inflation and real GDP growth expectations - each at
3.6% in 2017. Domestic demand moderated as a result of lower
government capital spending during the first half of 2017 (1H17);
slowing private investment, driven in part by banking and tax
policy changes; and lower private consumption influenced by slowly
rising fuel prices. Fitch expects economic growth to moderate to
4.5% during 2018-2019.

The narrowed current account deficit and improved external
liquidity coverage reduce Dominican Republic's vulnerability to
external shocks. The current account balance plus net foreign
direct investment, at 1.7% of GDP in 2017, is expected to remain
in surplus during 2018-2019. The international liquidity ratio has
strengthened above 100% of current external liabilities, although
it remains lower than 'BB' peers. This trend, if continued, would
mitigate risks resulting from Dominican Republic's reliance on the
global bond markets to refinance most of its external
amortisations, totalling 8.3%-8.5% of current external receipts
(CXR) during 2017-2019.

External balance sheet vulnerabilities are driven by the rising
public external debt. The sovereign net foreign asset ratio has
deteriorated to -57.2% of CXR compared to the 'BB' median of 2.6%
in 2017. Public debt management and low-cost market access have
kept external debt service in line with the 'BB' median.

Weak public finances are expected to keep general government (GG)
debt on an upward trajectory and converging toward the 'BB'
median. The Dominican Republic's GG debt, forecasted at 39.1% of
GDP in 2017, is lower but approaching the 'BB' median of 44.5%.
The government is improving tax administration to reduce tax
evasion and exemptions. It raised tax revenues by 0.4pp of GDP
during 2017. Fitch expects the tax administration gains to support
GG deficits of 2.9% and 2.8% of GDP in 2017 and 2018,
respectively. Budget flexibility is low because of the low GG tax
base as well as rising interest and other non-discretionary
spending. The government has increased its use of unbudgeted
supplier arrears financing, which has risen to 1.5% of GDP
budgeted for 2018 from 0.4% in 2014. These factors and financial
losses from public utilities contribute to Dominican Republic's
large gross GG financing needs, at 7.9% of GDP in 2017 for
borrowing and medium-term amortizations.

President Danilo Medina's second administration (PLD party, 2016-
2020) has targeted tax administration improvements to increase
revenues in lieu of a broader fiscal reform strategy, which would
still need broader political consensus despite the PLD party's
congressional majorities. The scope of a potential electricity-
sector reform, the national Electricity Pact consultation, was
reduced. Fitch does not expect the pact concluded in the fourth
quarter of 2017 to meaningfully affect public finances as it does
not address the debt-creating financial losses of the public
electricity utilities (which have approximated 1%-2% of GDP
annually during 2010-2016).

The Dominican commercial banks' strong capitalization, 16.7% of
risk-weighted assets at September 2017, supports financial system
stability as real private credit growth has slowed from its high
12.7% average rate during 2014-2016 to 8% year-over-year (yoy) in
September 2017. Non-performing loans are rising, at 1.9% of banks
loans in September 2017 (up from 1.5% in December 2016), but are
low and still fully provisioned.

Monetary policy flexibility is limited relative to sovereign peers
which have entrenched inflation-targeting frameworks paired with
managed floating exchange-rate regimes. The Central Bank adopted
an inflation-targeting framework in 2012. However, progress in
consolidating it has been slow, and public inflation expectations
remain anchored to the crawl-like DOP/USD exchange-rate regime.

Dominican Republic's structural features are supported by its per
capita income just above the 'BB' median and constrained by its
lower governance, ease-of-doing business, and social indicators
than the 'BB' median.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Dominican Republic a score
equivalent to a rating of 'BB+' on the Long-Term Foreign-Currency
(LT FC) IDR scale. Fitch's sovereign rating committee adjusted the
output from the SRM to arrive at the final LT FC IDR by applying
its QO, relative to rated peers, as follows:

-- Public finances: -1 notch, to reflect Dominican Republic's
    weak fiscal structure and lower public debt sustainability
    than 'BB' peers. The GG tax base is low and narrow,
    constraining GG revenues well below the 'BB' median while the
    high non-discretionary expenditure has contributed to the rise
    of off-budget spending. Large public financing needs result
    from GG deficits, off-budget spending, and persistent public
    utility financial losses. The sovereign's debt tolerance is
    weaker than the 'BB' median.
-- External finances: -1 notch, to reflect Dominican Republic's
    weaker external liquidity relative to 'BB' peers despite
    recent improvement as well as the vulnerability both of its
    external debt service profile to changes in global financing
    conditions and of its current account to oil price shocks.

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

RATING SENSITIVITIES

The Rating Outlook is Stable. The main factors that, individually
or collectively, could lead to a positive rating action are:

-- Strengthening of the government's revenue base, fiscal
    consolidation and reduction of the public debt burden.
-- Strengthened international reserves position.
-- Entrenchment of the central bank's inflation-targeting regime
    resulting in greater monetary policy flexibility.

The main factors that could lead to a negative rating action are:

-- Increased budget deficits and/or weaker growth leading to a
    marked increase in the government debt burden.
-- Emergence of fiscal financing constraints.
-- Deterioration of the international reserves position and
    current account deficit.

KEY ASSUMPTIONS

-- Fitch forecasts that U.S. growth of 2.1% in 2017, 2.5% in
    2018, and 2.2% in 2019. U.S. interest rates are expected to
    rise gradually during 2017-2019.
-- Fitch expects the average price of Brent crude to slowly rise
    from USD52.5 per barrel (pb) in 2017 toward USD55.0 pb in
    2019.

Fitch has affirmed the Dominican Republic's ratings as follows:

-- Long-Term Foreign-Currency IDR at 'BB-'; Outlook Stable;
-- Long-Term Local-Currency IDR at 'BB-'; Outlook Stable;
-- Short-Term Foreign-Currency IDR at 'B';
-- Short-Term Local-Currency IDR at 'B';
-- Country Ceiling at 'BB-';
-- Issue ratings on long-term senior unsecured foreign-currency
    bonds at 'BB-';
-- Issue ratings on long-term senior unsecured local-currency
    bonds at 'BB-'.


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


JAMAICA: Needs US$500MM to Re-establish Mining Factories
---------------------------------------------------------
RJR News reports that the Jamaica Mining & Quarrying Association
says the mining sector will need a minimum of US$500 million worth
of investments, mainly for quarry operators to retool and re-
establish their factories.

With this in mind, JAMPRO will host the Minerals Investment Forum
with the theme "Industrial Minerals for Development" to promote
interest and investment in the minerals sector, according to RJR
News.

JAMPRO has identified the minerals sector as an opportunity for
investment and job creation, the report notes.

The event which will be hosted Nov. 21 will explore a number of
issues, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings affirmed on Sept. 25, 2017, 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
===========


DOCUFORMAS SAPI: S&P Affirms 'B+' ICR, Outlook Still Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating
(ICR) on Docuformas S.A.P.I. de C.V. (Docuformas) at 'B+' global
scale and 'mxBBB/mxA-3' national scale. At the same time, S&P
affirmed its 'B+' issue-level rating on the company's $150 million
senior unsecured notes. The outlook remains stable.

S&P said, "Our ratings on Docuformas continue reflecting its
growing operating revenue base from its leasing business, which
supports the company's business position. The ratings also
incorporate our forecasted RAC ratio of 7.5%-8.5% for the next 12-
18 months, supported by the company's internal capital generation
capacity. Docuformas' historically above-average asset quality
metrics, coupled with its relatively high risk concentrations--
that could generate volatile delinquency metrics--limit its risk
position. However, sustained improvements to its risk position,
with metrics consistently aligned with those of peers, could
release pressure on its credit quality. Finally, the ratings also
incorporate our view of Docuformas' moderate funding--resulting
from its significant maturities and single-creditor concentrations
that could cause future refinancing risks--and its adequate
liquidity due to its recent issuance of $150 million, representing
around 66% of its total debt, with a five-year tenor. Docuformas'
stand-alone credit profile (SACP) remains 'b+'."


GRUPO KALTEX: S&P Lowers CCR to 'B' on Weak Credit Metrics
----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Grupo Kaltex, S.A. de C.V. (Kaltex) to 'B' from 'B+'. The
outlook on the corporate credit rating is negative. S&P said, "We
also lowered our issue-level rating on the company's $320 million
senior secured notes due 2022 to 'B' from 'B+'. Our recovery
rating of '3', indicating our expectation of meaningful (50%-90%;
rounded estimate 65%) recovery prospects for the bondholders in
the event of a payment default, remains unchanged."

Throughout 2017, Kaltex's operating and financial performance has
deviated considerably from S&P's original expectations, reflecting
a sharp decline in profitability that the company was unable to
reverse.

During the first quarter of 2017, Kaltex's EBITDA margins plunged
to slightly below 4% from 11% in 2016, which reflected a one-off
expense related to deficiencies in inventory management and cost
increases that the company was unable to mitigate. Following these
unexpected weak results, Kaltex implemented some initiatives to
improve its internal controls and profitability, including price
increases, which led to a recovery of its margins to slightly
above 8% during the second quarter of the year. However, these
initiatives weren't sufficient to maintain this trend during the
third quarter, because cost pressures returned and low volume
sales dented top-line growth, leading to EBITDA margin and cash
flow generation decline. S&P said, "Despite Kaltex's efforts to
improve its cost structure, we consider that a rebound in the
company's operating and financial performance could take longer
than 12 months with EBITDA margins remaining below 8%. In our
opinion, Kaltex continues to face several challenges such as the
exchange rate volatility, sluggish economic conditions in Mexico,
and less favorable business conditions in the U.S. due to softer
demand from key customers stemming from supply glut in the textile
market in that country."


MEXICO: Mexico Faces Uphill Battle in NAFTA Negotiations
--------------------------------------------------------
Business Standard reports that Mexico faces daunting challenges in
the fifth NAFTA renegotiation round, which got underway amid fresh
warnings from the US.

Just days before the talks scheduled to take place from November
17-21, US Commerce Secretary Wilbur Ross warned Mexico and Canada
of the consequences of not reaching a new agreement, EFE news
reported, according to Business Standard.

The dissolution of North American Free Trade Agreement (NAFTA)
would be "far more damaging to them than to us", Mr. Ross said at
the Wall Street Journal's CEO Council Meeting, the report relays.
"I would certainly prefer them to come to their senses and make a
sensible deal," according to Mr. Ross.

Mexican Economy Secretary Ildefonso Guajardo Villarreal responded
a day later, recalling that many areas of the US with strong trade
relations with Mexico would be adversely affected if the trade
deal is scrapped, the report relays.

Mexico's Business Coordinating Council President Juan Pablo
Castanon said that his coalition of business groups was hopeful
that final agreement can be reached on important chapters such as
financial services, energy and e-commerce, the report relays.

But he acknowledged there were issues with no apparent "room to
maneuver," the report discloses.

One thorny issue is the US' insistence that a larger share of
manufactured products, particularly in the automobile sector, be
made in North America to qualify for duty-free status, the report
relays.

In the case of automobile rules of origin, the US says it wants
the North American content of cars to climb to 85 per cent (up
from 62.5 per cent at present), the report notes.

It also wants a new rule stating that cars manufactured in Canada
and Mexico must have 50 per cent American content to qualify for
zero tariffs, the report says.

The US also wants a new agreement to contain a "sunset" clause
that would require each of the three parties to re-approve the
deal every five years, the report adds.


MEXICO: Moody's Says States to Face Fiscal Pressure in 2018, 2019
-----------------------------------------------------------------
A reduction in non-earmarked federal transfers to oil-producing
states will likely impact regional budgets, liquidity and capital
spending in 2018 and 2019, as these states experience a delayed
effect of the drop in oil prices and output, Moody's Investors
Service says in a new report. On average, non-earmarked federal
transfers, known as participations, make up 35% of these states'
total revenue.

Campeche, Tabasco (Ba1/A1.mx negative), Chiapas (Ba2/A2.mx
negative), Tamaulipas (Ba1/A1.mx negative) and Veracruz
(Caa1/B3.mx negative) have been relatively insulated from
historically low global oil prices due to the lag created by the
federal distribution payment formula. In 2017, however, these
states began to experience a reduction in funding as their GDP
slowed. GDP growth drives 60% of the calculation of the
distribution of non-earmarked federal transfers to states.

Campeche and Tabasco face the biggest fiscal challenges entering
2018. A recession that began in 2015 has reduced their share of
participations by approximately 9% this year, and both could see
reductions again in 2018. This will add another 3% to Tabasco's
current cash financing deficit, while Campeche's deficit will also
grow along with its leverage.

The remaining oil-producing states should fare better given their
lower dependence on oil activity as a percentage of GDP. The other
27 states should be minimally impacted as Mexico has been
successful at increasing the collection of federal taxes, reducing
the country's overall dependence on oil revenues.


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


MAC ACQUISITION: Sale of Three Liquor Licenses for $885K Approved
-----------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware authorized Mac Acquisition LLC and its
debtor-affiliates to assume four Purchase Agreements in connection
with the sale of their four liquor licenses for vacated
restaurants: (i) MAC Acquisition LLC's Liquor License No. 47-
472479 to Yardbird Beverly Hills, LLC for $80,000; (ii) MAC
Acquisition of New Jersey, LLC's Liquor License No. 0248-33-004-
005 to 900 Route 17 North Holdings, LLC for $400,000; and (iii)
MAC Acquisition of New Jersey, LLC's Liquor License No. 1410-33-
005-004 to East Hanover, LLC for $405,000.

All sales of Liquor Licenses pursuant to the Order and the
procedures approved will be free and clear of all liens, claims,
interests, and encumbrances

Notwithstanding anything to the contrary, that License Purchase
and Sale Agreement by and between Mac Acquisition, LLC and Eddie
V's Holdings, LLC, attached to the Motion, is not assumed, and
will not constitute a Purchase Agreement for purposes of the
Order, and the Order does not authorize the sale of the Liquor
License subject to the Purchase Agreement.

These Sale Procedures are approved in their entirety; provided,
however, that the Sale Procedures will not apply to any proposed
or actual sale to "insiders":

     a. The Debtors, in consultation with the Official Committee
of Unsecured Creditors, will post notice of the Order on the
bankruptcy website maintained by Donlin Recano & Co., which notice
will list, and provide contact information for, the Remaining
Liquor Licenses.

     b. With regard to sales of Remaining Liquor Licenses in any
individual transaction or series of related transactions to a
single buyer or group of related buyers with a selling price up to
$700,000:

          i. the Debtors are authorized to consummate such
transactions if the Debtors determine in the reasonable exercise
of their business judgment, and in consultation with the
Committee, that such sales are in the best interest of the
estates, without further order of the Court, subject to the
procedures set forth herein;

         ii. any such transactions will be free and clear of all
Encumbrances with such Encumbrances attaching only to the sale
proceeds in the same validity, extent, and priority as immediately
prior to the transaction;

        iii. the Debtors will give the Sale Notice to (A) the
Office of the U.S. Trustee for the District of Delaware; (B) the
counsel to the Committee; (C) counsel to the DIP Agent; (D)
counsel to Bank of Colorado; (E) counsel to Riesen Funding LLC;
(F) any known affected creditor(s) asserting an Encumbrance
against the relevant Remaining Liquor License(s); (G) any party
that has expressed an interest in purchasing the relevant
Remaining Liquor License(s); (H) the state or municipality that
issued the relevant Remaining Liquor License(s); and (I) any party
that has requested notice pursuant to Bankruptcy Rule 2002(i).

         iv. the Sale Notice will identify in reasonable detail
(A) the Remaining Liquor License(s) proposed to be sold, (B) the
purchaser, (C) the purchase price, (D) the significant terms of
the sale agreement, (E) whether any fee is proposed to be paid
from the sale proceeds, and (F) the marketing/sales efforts
relating to the Remaining Liquor License(s) proposed to be sold;

          v. if no written objection from any Sale Notice Party is
received by the Debtors within 10 business days following service
of the Sale Notice, the Debtors are authorized to (A) submit an
order to the Court approving the transaction and making findings
pursuant to section 363(f) and (m) and (B) immediately consummate
such transaction after entry of such order; and

         vi. if a written objection is received from a Sale Notice
Party within such 10 business day period and such objection cannot
be consensually resolved, the relevant Remaining Liquor License(s)
will only be sold upon further order of the Court after notice and
a hearing.

     c. In the event the aggregate purchase price for any
transactions or series of transactions with regard to sales of
Remaining Liquor Licenses exceeds $1,100,000, then the transaction
that would result in such Aggregate Cap being exceeded and any
future transactions may proceed subject to the procedures set
forth only upon the prior written consent of the DIP Agent.  The
Aggregate Cap does not include the purchase prices for the Liquor
Licenses that are subject to the Purchase Agreements.

The Debtors are authorized pursuant to section l05(a) and section
363(b)(1) of the Bankruptcy Code, to complete sales of the
Remaining Liquor Licenses pursuant to the Sale Procedures, and to
pay any fees payable to the License Listing Company from the
proceeds of such sales, as applicable.

The Liquor Licenses and any proceeds of any Liquor Licenses sold
during the Chapter ll Cases constitute "DIP Collateral," and any
proceeds from the sale of Liquor Licenses will be subject to the
rights and liens of the "DIP Agent" and the "DIP Lenders" pursuant
to the DIP Orders and the DIP Agreement, and will be applied
pursuant to the terms of the DIP Orders and the DIP Agreement.

Notwithstanding anything herein to the contrary, the term
"Encumbrances" does not include state or other local laws or
regulations regarding the approval of any transfer or assignment
of liquor licenses, or any taxes or fees specifically imposed on
such liquor licenses under applicable law.

Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions
of the Order will be immediately effective and enforceable upon
its entry.

                     About Mac Acquisition

Mac Acquisition LLC, et al. -- https://www.macaronigrill.com/ --
operate full-service casual dining restaurants under the trade
name, "Romano's Macaroni Grill."  As of Oct. 18, 2017, the company
operates 93 company-owned restaurants located in 23 states, with a
workforce of approximately 4,600 employees. Non-debtor affiliate
RMG Development franchises an additional 23 restaurants in
Florida, Hawaii, Illinois, Texas, Puerto Rico, Mexico, Bahrain,
Egypt, Oman, the United Arab Emirates, Qatar, Germany, and Saudi
Arabia.

During 2016, Mac Acquisition and RMG generated gross revenues
through restaurant sales and franchisee payments of approximately
$230 million.

On Oct. 18, 2017, Mac Acquisition LLC, and eight affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-12224).
Mac Acquisition's estimated assets of $10 million to $50 million
and debt at $50 million to $100 million.

The Hon. Mary F. Walrath is the case judge.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
Delaware bankruptcy counsel; Gibson, Dunn & Crutcher LLP, as
general bankruptcy counsel; Mackinac Partners, LLC, and financial
advisor.  Donlin, Recano & Company, Inc., is the claims agent.



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


TRINIDAD & TOBAGO: Bleak Christmas Likely Amid Low Sales
--------------------------------------------------------
Trinidad Express reports that Christmas sales are slower compared
to previous years and things look grim for the festive season,
says president of the San Fernando Business Association Daphne
Bartlett.

Speaking to the Express, Ms. Bartlett said the information she has
received is this will be a bleak Christmas season, according to
Trinidad Express.

Ms. Bartlett said that many food and clothing stores were closing
down as a result of the depressed state of the economy, the report
notes.



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


* PDVSA & Pacific Drilling Propel Yankee TTM Default, Fitch Says
----------------------------------------------------------------
The Yankee TTM default rate has risen above 8%, the highest level
since 2009, according to Fitch Ratings. The increase was driven by
Petroleos de Venezuela SA's (PDVSA) processing delays, which
resulted in late principal payment on its bonds, coupled with
Pacific Drillings' bankruptcy filing.

Fitch downgraded PDVSA's Issuer Default Rating to 'RD' on Nov. 13.
The downgrade reflected a principal payment default on the
company's notes due Oct. 27 and Nov. 2 that resulted in
bondholders receiving payments up to one week after the due date.

"Yankee YTD default volume stands at $18.2 billion, eclipsing the
total of the past two years," said Eric Rosenthal, Senior Director
of Leveraged Finance. "PDVSA comprises nearly 6% of the $206
billion universe and had been the largest name on Fitch Yankee
Primary Bonds of Concern list."

Fitch forecasts the 2018 Yankee default rate at just 1% compared
to 2% for the U.S. default rate.

Several potential defaults may push the U.S. high yield rate up
from a three-and-a-half year low of 1.6% at the end of third-
quarter 2017.

More than $2 billion of defaults were recorded in October, and
another $2.3 billion is slated to default in the next three weeks
including a bankruptcy filing from Walter Investment Management
Corp., a missed payment from Cumulus Media and distressed debt
exchanges from DFC Finance Corp. and 99 Cents Only Stores.

Several notable names on Fitch's Primary Bonds of Concern list
bear watching, given their interest payments due on or before
December 1: Cenveo Inc, Nine West Holdings, Claire's Stores and
Sears Holdings Corp.

The retail sector has seen a higher-than-usual number of defaults
in 2017, and the rate stands at 3.8% at end-October. Fitch
forecasts a 7% rate by end-2018.

The healthcare default rate also rose to 2% in October from 0.5%
due to Concordia International's restructuring. The healthcare
sector bears watching in 2018 due to uncertainty regarding
regulatory changes.

The full report, "U.S. High Yield Default Insight: PDVSA, Pacific
Drilling Defaults Lift Yankee Rate Above 8%," is available at
www.fitchratings.com.


* S&P: Emerging Markets Push Global Corp. Default Tally to 83
-------------------------------------------------------------
The 2017 global corporate default tally rose to 83 after four
issuers defaulted, said S&P Global Fixed Income Research in a Nov.
16, 2017 article titled "Emerging Markets Push The Global
Corporate Default Tally To 83." Three of the defaults were from
emerging markets: Venezuela-based Petroleos de Venezuela S.A. and
Corporacion Electrica Nacional S.A. and Kazakhstan-based Bank RBK
JSC. The remaining default was U.S.-based J.G. Wentworth LLC.

"By country, Venezuela and Kazakhstan lead emerging market
defaults in 2017 with two each," said Diane Vazza, head of S&P
Global Fixed Income Research.

The U.S. continues to hold the highest share of defaults, with 55
(66.3%), followed by Europe with 12 (14.5%), emerging markets with
nine (10.8%), and other developed markets (Australia, Canada,
Japan, and New Zealand) with seven (8.4%).

Distressed exchanges have been the predominant reason for default
in 2017, accounting for 32 defaults, followed by 22 bankruptcy-
related defaults (Chapter 11 or 15), 19 defaults due to missed
interest or principal payments, nine confidential defaults, and
one default due to regulatory intervention.


=================
X X X X X X X X X
=================


CARIBBEAN: IMF Scoffs at Criticism its Programs Created Hardship
----------------------------------------------------------------
RJR News reports that the International Monetary Fund's chief has
dismissed criticism that its programs in the Caribbean have
created more hardships and increased poverty.

Addressing a press conference in Kingston, IMF Managing Director
Christine Lagarde said the multilateral's programs have always
incorporated provisions for social safety net to protect the most
vulnerable in the society, according to RJR News.

Ms. Lagarde said while the IMF's programs may require countries to
make very difficult structural reforms, they are always geared
towards promoting economic growth, attracting investments and
fostering social development, the report notes.

In the case of Jamaica, the IMF chief said the country has been
performing remarkably under the guidance of the IMF, the report
relays.


* BOND PRICING: For the Week From November 13 to Nov. 17, 2017
-------------------------------------------------------------

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

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






                            ***********


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

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

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
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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,
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856-381-8268.


                   * * * End of Transmission * * *