/raid1/www/Hosts/bankrupt/TCRLA_Public/171129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Wednesday, November 29, 2017, Vol. 18, No. 236


                            Headlines



A R G E N T I N A

CONSULTATIO RENTA: Moody's Assigns B-bf GS Bond Fund Rating
EISA/VIALNOA: Moody's Cuts Ratings on Classes A and B Debts to Ca


B R A Z I L

BRAZIL MINERALS: Incurs $569,000 Net Loss in Third Quarter
GOL LINHAS: Fitch Rates Proposed Unsecured Notes 'B(EXP)'
ITAU UNIBANCO: Gets $100MM-IDB Loan to Finance Women-Owned MSMEs


C A Y M A N  I S L A N D S

BANCO DE LOS TRABAJADORES: Moody's Affirms Caa1 Deposit Ratings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Seminar to Debate Future of Mining in Territory


J A M A I C A

LASCO DISTRIBUTORS: To File an Appeal Following SC Ruling


M E X I C O

MEXICO: Economy Shrank in Third Quarter as Natural Disasters Hit
MEXICO: Registered $2.07 Billion Trade Deficit in October


P U E R T O    R I C O

MANUEL MEDIAVILLA: PRLP to Get Nothing Under Latest Plan
RFI MANAGEMENT: Hearing on Disclosures Approval Today
RFI MANAGEMENT: Discloses Creation of PR Unit, Future Projects


V E N E Z U E L A

VENEZUELA: Gen. w/ No Oil-Industry Experience to Lead State Sector
VENEZUELA: Stakes Claim as Schrodinger's Cat of The Debt World


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A R G E N T I N A
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CONSULTATIO RENTA: Moody's Assigns B-bf GS Bond Fund Rating
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to 2 Bond Funds managed by Consultatio
AM G.F.C.I.S.A. and domiciled in Argentina:

The ratings assigned are:

- Consultatio Renta y Capital FCI:

* Global scale bond fund rating: B-bf

* National scale bond fund rating: Aa-bf.ar

- Consultatio Retorno Absoluto FCI:

* Global scale bond fund rating: B-bf

* National scale bond fund rating: Aa-bf.ar

RATINGS RATIONALE

"The B-bf global scale bond fund rating on Consultatio Renta y
Capital and Consulatio Retorno Absoluto is based on Moody's
expectation that the funds will have a medium to high single B
credit profile supported by investments in Argentinian fixed-
income securities. Both funds have had over 80% of their assets
invested in short-term central bank securities (LEBACs) for the
last five months and have indicated that they expect to maintain
this level of investment in LEBACs. The key difference between the
two funds is average duration which for Consultaito Renta y
Capital has been maintained below one-year while for Consulation
Retorno Absoluto's it has fluctuated below and above one-year ",
said Carlos de Nevares, Moody's Vice President. The national scale
rating of Aa-bf.ar for both funds reflects the national scale
mapping consistent with funds with a B global scale credit
profile.

Consultatio AM GFCISA is among the largest asset managers in the
Argentinian mutual fund industry. As of October 2017, Consultatio
Asset Management GFCISA, among the eldest fund advisors in the
local market, had assets under management (AUM) of approximately
ARS 17.3 billion (approximately $1.0 billion) and occupied the
10th position with 3.2% market share in AUM terms.

The principal methodology used in these ratings was Moody's Bond
Fund Rating Methodology published in May 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.


EISA/VIALNOA: Moody's Cuts Ratings on Classes A and B Debts to Ca
-----------------------------------------------------------------
Moody's Latin America has downgraded the Class A and Class B Debt
Securities (VRDA and VRDB) of Fideicomiso Financiero EISA/VIALNOA,
a financial trust established in Argentina.

Moody's has downgraded the ratings of the Class VRDA and VRDB
securities following the downgrade of the main guarantor in the
transaction, Electroingenieria S.A. ("EISA") (Ca/Ca.ar). As a
result, the rating of the public VRDA and VRDB tranches will be:

- Class A Debt Securities (VRDA) of "Fideicomiso Financiero
   EISA/VIALNOA", downgraded to Ca from Caa2 (Global Scale) and to
   Ca.ar from B3.ar (Argentine National Scale)

- Class B Debt Securities (VRDB) of "Fideicomiso Financiero
   EISA/VIALNOA", downgraded to Ca from Caa2 (Global Scale) and to
   Ca.ar from B3.ar (Argentine National Scale)

RATINGS RATIONALE

The ratings are based mainly on the following factors:

- The irrevocable and unconditional guaranty provided by
Electroingenieria S.A. ("EISA") (Ca/Ca.ar), one of the sellers in
the transaction, that covers timely payment of principal and
interest on the rated securities, and trust expenses and taxes.

- The availability of a reserve fund equivalent to two principal
payments.

Factors that would lead to an upgrade or downgrade of the ratings:

Moody's ratings are primarily based on the guaranty provided by
EISA, which covers interest and principal payments on the rated
securities. Moody's also notes that the assigned cash flows are
highly linked to the performance risk of EISA, under the O&M
agreement of Central Pilar and Vialnoa, as concessionaire of the
toll-road agreement.

Therefore, any future change in the rating of the guarantor may
lead to a change in the rating assigned to this transaction. The
rating addresses the payment of interest and principal on or
before the legal final maturity date of the securities.

The principal methodology used in these ratings was "Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts" published in May
2017.

For more information on this transaction, please refer to the Pre-
Sale Report published in moodys.com.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and
sensitivity analysis, see the sections Methodology Assumptions and
Sensitivity to Assumptions of the disclosure form.

Moody's did not use any stress scenario simulations in its
analysis.

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in
relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program
for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the credit rating action on
the support provider and in relation to each particular credit
rating action for securities that derive their credit ratings from
the support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in
relation to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final
issuance of the debt, in each case where the transaction structure
and terms have not changed prior to the assignment of the
definitive rating in a manner that would have affected the rating.

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this credit rating
action, and whose ratings may change as a result of this credit
rating action, the associated regulatory disclosures will be those
of the guarantor entity. Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated
entity.


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B R A Z I L
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BRAZIL MINERALS: Incurs $569,000 Net Loss in Third Quarter
----------------------------------------------------------
Brazil Minerals, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $569,041 on $17,933 of revenue for the three months ended Sept.
30, 2017, compared to a net loss of $483,489 on $7,752 of revenue
for the three months ended Sept. 30, 2016.

For the nine months ended Sept. 30, 2017, the Company reported a
net loss of $1.21 million on $30,387 of revenue compared to a net
loss of $1.06 million on $11,821 of revenue for the same period
during the prior year.

As of Sept. 30, 2017, Brazil Minerals had $1.32 million in total
assets, $1.63 million in total liabilities and a total
stockholders' deficit of $314,149.

As of Sept. 30, 2017, the Company had total current assets of
$260,288 compared to total current liabilities of $1,434,466 for a
current ratio of 0.18 to 1 and working capital of ($1,174,178).
By comparison, on Sept. 30, 2016, the Company had total current
assets of $121,572 compared to current liabilities of $992,704 for
a current ratio of 0.12 to 1 and working capital of ($871,132).

In the third quarter of 2017, the Company's sources of liquidity
were revenues and the issuance of its debt securities and the
issuance of equity in its subsidiary, JGC.  In the third quarter
of 2016, its sources of liquidity had also been revenues and
issuances of equity and debt securities.

"We believe that financial resources and funds generated from
revenues, and equity and debt sales will provide cash flow for
operations.  We have no plans for any significant cash
acquisitions for the remainder of 2017 or in the foreseeable
future," said the Company in the Report.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/22WzDs

                     About Brazil Minerals

Based in Pasadena, California, Brazil Minerals, Inc. --
http://www.brazil-minerals.com/-- mines and sells diamonds, gold,
sand and mortar in Brazil.  The Company, through subsidiaries,
outright or jointly owns 11 mining concessions and 20 other
mineral rights in Brazil, almost all for diamonds and gold.  The
Company, through subsidiaries, owns a large alluvial diamond and
gold processing and recovery plant, a sand processing and mortar
plant, and several pieces of earth-moving capital equipment used
for mining as well as machines for sand processing and preparation
of mortar.

Brazil Minerals reported a net loss of $1.73 million on $13,323 of
revenue for the year ended Dec. 31, 2016, compared to a net loss
of $1.87 million on $63,610 of revenue for the year ended Dec. 31,
2015.

B F Borgers CPA PC, in Lakewood, CO, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2016, citing that the Company has suffered
recurring losses from operations and has a significant accumulated
deficit.  In addition, the Company continues to experience
negative cash flows from operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


GOL LINHAS: Fitch Rates Proposed Unsecured Notes 'B(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B(EXP)'/'RR4' to
GOL Linhas Aereas Inteligentes S.A.'s (GOL) proposed unsecured
notes to be issued through its fully owned subsidiary GOL Finance.
The notes will be fully guaranteed by GOL. The target amount for
the proposed transaction is in the USD350 million to USD550
million range. The total amount and tenor for the proposed
issuance will depend on market conditions. Proceeds from the
proposed issuance are expected to be used primarily to refinance
debt and for general corporate purposes.

Fitch currently rates GOL's Long-Term Issuer Default Rating (IDR)
'B' with a Stable Outlook. A full list of GOL's ratings follows at
the end of this press release.

KEY RATING DRIVERS


Market Position and FX Risk Incorporated: The ratings reflect
GOL's leading business position in the Brazilian airline domestic
market, which is viewed as sustainable over the medium term, with
a market share of around 35% as measured by
revenues/passenger/kilometer in January through September 2017. As
this is the company's key market, GOL's operational results are
highly correlated to the Brazilian economy. Due to limited
geographic diversification the company's FX exposure is high. GOL
generates approximately 90% of its revenues in Brazilian reais,
while around 60% of its total costs and 80% of its total debt are
denominated in U.S. dollars.

Macro Driving Moderate Traffic Improvement in 2017-2018: Brazil's
better macroeconomic environment in 2017-2018 should be reflected
in improved traffic levels, stable cost structure and lower
interest expenses. Fitch forecasts Brazil's GDP growth to be
positive 0.7% and 2.7% in 2017 and 2018, respectively. Fitch
expects Brazil's domestic segment traffic (total transported
passengers) to reach single-digit annual growth as demand
fundamentals and corporate activity recover during 2017-2018.
GOL's consolidated traffic is expected to reach average annual
growth rates in the 3%-4% range during this period.

Significant Expansion in Operational Margin: GOL reached an
operational margin of 9.8% during the LTM September 2017 versus
7.1% and -1.9% in 2016 and 2015, respectively. Fitch expects GOL
to sustain EBIT margin in the 9%-11% range during 2017-2018,
driven by cost reduction, moderate higher yields and expectations
of moderate demand recovery as the Brazilian macroeconomic
environment improves. These factors could be partially offset by
fuel cost increases, devaluation of the local currency versus the
U.S. dollar, and/or increasing capacity from competitors. Fitch
anticipates GOL will maintain reasonable capacity management
resulting in increases in total capacity, measured as total
available seat kilometres, of 1% and 3%, respectively, in 2017 and
2018.

Material Deleveraging, Adjusted Leverage Trending to 5x: GOL has
materially reduced its financial adjusted gross leverage during
2016-2017. The company's total adjusted debt/EBITDAR was 5.4x
during LTM September 2017 down from 6.2x and 12.7x in 2016 and
2015, respectively. GOL's LTM September 2017 EBITDAR was BRL2.3
billion. Total adjusted debt was BRL12.6 billion, composed of
BRL5.9 billion in on-balance-sheet debt, including loans,
financial leases and bonds, and BRL6.7 billion in off-balance-
sheet obligations related to operating leases, with combined
payments of approximately BRL0.9 billion during LTM September
2017. Fitch expects the company to reach gross adjusted leverage
levels of around 5x during 2018-2019 driven primarily by a
positive trend in revenues and margins.

FCF Trend Key for Financial Flexibility: Fitch expects GOL to
reach positive FCF during 2017 driven by better operational
performance, lower capex, some tax benefit, and lower working
capital needs. For 2018-2019, FCF is expected to be neutral to
negative, as capex levels are anticipated to increase. Fitch views
GOL as having the capacity to adjust its capex plan in an economic
distress scenario as occurred in 2016-2017. GOL renegotiated 29
aircraft contracts in 2016, including payment deferrals, final
sale, sale-leaseback and leasing returns. In addition, GOL
postponed 11 new aircraft deliveries during 2016-2017 to 2026-
2027. During 2016, the company's FCF generation was negative
BRL170 million, resulting in FCF margin, or LTM FCF/LTM revenue,
of negative 1.7%, representing a material reduction when compared
with negative 16.7% in 2015 (negative BRL1.6 billion).

Recovery Ratings Incorporated: The 'RR3' Recovery Rating (RR) for
the secured notes reflects above-average recovery prospects in an
event of default. These notes are secured by collateral that has
been valued at USD222.7 million, representing a principal coverage
ratio of over 3 to 1. Fitch's recovery analysis for the secured
notes resulted in higher values but the Recovery Rating was capped
at 'RR3' since issues in some jurisdictions could affect the
recovery prospects. The 'RR4' for the senior unsecured notes
reflects average recovery prospects in an event of default.

DERIVATION SUMMARY

GOL's recent operational performance compares well to those of the
other two main airlines in Latin America rated by Fitch, LATAM
Airlines Group S.A. (B+/Stable) and Avianca Holdings S.A.
(B/Negative). The rating differences between the three airlines
reflect variations in their financial strategies, operational
performance volatility and business diversification.

GOL's volatility in its operational performance over the last five
years and relatively low liquidity have been incorporated into the
company's rating versus its peers. On the positive side, the
company benefited during 2017 from Brazil's improving business
environment and from a capacity reduction, which both resulted in
better operational performance and declining leverage during 2017.
Among the three companies GOL has the highest operational margin
thus far this year. In addition, the ratings incorporate
expectation of further improvement in GOL's liquidity position,
measured as readily available cash as a percentage of LTM
revenues.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:

-- 2017-2018 EBIT margin around 10%;
-- Positive FCF in 2017 and neutral to negative (low single
    digits) in 2018;
-- Gross adjusted financial leverage (total adjusted
    debt/EBITDAR) at around 5.5x during 2017-2018;
-- 2017-2018 liquidity, measured as readily available cash over
    LTM net revenues, in the 10%-12% range;
-- 2017-2018 coverage ratio, EBITDAR/(net interest expense +
    rents), around 1.6x.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Liquidity, measured as cash/LTM revenues, consistently around
    15%;
-- Gross adjusted leverage consistently below 5x;
-- Moving toward neutral-to-positive FCF;
-- Coverage ratio, measured as total EBITDAR/(net interest
    expense plus rents) consistently above 2x.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Adjusted gross leverage consistently above 6.5x;
-- EBIT margin consistently below 6%;
-- Liquidity, cash/ LTM revenues, consistently below 8%;
-- Sustained negative FCF at levels resulting in FCF margin
    consistently below -5%.

LIQUIDITY

Liquidity Improving: GOL's liquidity is viewed as adequate and
improving in 2017 as a result of positive FCF generation and some
liability management during 2017-2018. GOL's 2017 FCF generation
is estimated at around BRL285 million. GOL's readily available
cash, measured as total cash plus marketable securities, was
BRL900 million as of Sept. 30, 2017. The company has debt
principal payments due of approximately BRL1 billion during 2018.

Deteriorating economic or business conditions could put pressure
on the company's liquidity; however, the company does have some
liquidity buffers available in case of financial stress (e.g.
credit access with local banks on a secured basis, residual value
in aircraft equipment, available account receivables, and asset
disposal). The proposed unsecured senior notes is expected to add
approximately BRL500 million to the cash balance and further
improve liquidity. Fitch expects GOL to maintain readily available
cash of around BRL1.2 billion-BRL1.4 billion during 2017-2019.
GOL's level of liquidity, measured as total cash and marketable
securities over LTM revenues, is expected to be around 12% during
the same years.

FULL LIST OF RATING ACTIONS

Gol Linhas Aereas Inteligentes S.A. (GOL):
Fitch currently rates GOL as follows:

-- Long-Term Foreign and Local Currency IDRs 'B';
-- National Long-Term Rating 'BBB-(bra)';
-- USD200 million perpetual bonds 'B'/'RR4'.

VRG Linhas Aereas S.A. (VRG):
-- Long-Term Foreign and Local Currency IDRs 'B';
-- National Long-Term Rating 'BBB-(bra)'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:
-- USD300 million of senior unsecured notes due 2020 'B'/'RR4'.

GOL LuxCo S.A.:
-- USD200 million of senior unsecured notes due 2023 'B'/'RR4';
-- USD325 million of senior unsecured notes due 2022 'B'/RR4';
-- USD14.1 million of senior secured notes due 2018 'B+'/'RR3';
-- USD41.3 million of senior secured notes due 2021 'B+'/'RR3';
-- USD18.1 million of senior secured notes due 2028 'B+/RR3' .

The Rating Outlook for the corporate ratings is Stable.


ITAU UNIBANCO: Gets $100MM-IDB Loan to Finance Women-Owned MSMEs
----------------------------------------------------------------
IDB Invest, the private sector arm of the Inter-American
Development Bank (IDB) Group, disclosed the closing and
disbursement of a $100 million loan to the Brazilian bank Itau
Unibanco.  This project supports micro, small and medium
enterprises (MSMEs) in Brazil that are majority-owned by women
seeking to increase the financing available in this market
segment.

The IDB Invest loan will help to scale the Mulher Empreendedora
program of Itau Unibanco. The main objective of this program is to
empower women entrepreneurs in Brazil, who are growing in number
and increasing their participation in the economy.  Since the
beginning of the program more than 6,000 women entrepreneurs have
registered on the platform -- 4,760 of them are Itau customers.
Overall, 43,000 people have been involved in the program through
Itau's social media network.

Resources from the loan will be on-lent to MSMEs that are at least
51 percent owned by women and with annual sales of up to R$8
million (roughly $2.5 million).  The new operation is
complementary to the technical cooperation provided since 2012 by
the Multilateral Investment Fund (MIF), part of the IDB Group,
dedicated to developing products and services specifically
tailored for women entrepreneurs through the women
entrepreneurship Banking (weB) program. In five years the weB
program has approved loans and technical support to 18 financial
institutions in 11 countries in Latin America and the Caribbean.

Itau Unibanco will complement the loan resources from the IDB
Invest financing with non-financial services, which will improve
the value proposition that its women-entrepreneur customers
receive. The bank offers in-person and online solutions to train,
inspire and connect women entrepreneurs such as online mentoring
networking events and content related to business, leadership and
management.  Itau Unibanco is one of the few banks in the region
that has built a platform that offers its clients a non-financial
services catalog that provides additional value by not only
focusing on access to credit, but also on the range of
possibilities that women entrepreneurs can access with that
financing.

As reported in the Troubled Company Reporter-Latin America on
Sept. 22, 2017, S&P Global Ratings affirmed its 'BB/B' global
scale and 'brAA-/brA-1+' national scale ratings on Itau Unibanco
Holding S.A.  (Itau) and on its core subsidiary, Itau Unibanco
S.A. (Itau Unibanco). The outlook on the global and national scale
ratings remains negative.


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C A Y M A N  I S L A N D S
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BANCO DE LOS TRABAJADORES: Moody's Affirms Caa1 Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has changed the outlook of Guatemala's
Banco de los Trabajadores (Bantrab) to positive from negative and
affirmed the bank's Caa1/Not Prime long and short-term local and
foreign currency deposit ratings. The rating agency also changed
the outlook of Bantrab Senior Trust (BST), a Cayman-Island based
trust guaranteed by Bantrab, to positive from negative and
affirmed the trust's Caa2 foreign currency senior unsecured debt
rating.

At the same time, the rating agency affirmed the bank's caa2
standalone baseline credit assessment (BCA) and adjusted BCA, as
well as its B3(cr)/Not Prime(cr) long and short-term counterparty
risk assessments.

The following ratings and assessments were affirmed:

Issuer: Banco de los Trabajadores:

Baseline credit assessment of caa2

Adjusted baseline credit assessment of caa2

Long-term local and foreign currency deposit ratings of Caa1,
outlook changed to positive from negative

Short-term local and foreign currency deposit ratings of Not Prime

Long and short-term counterparty risk assessment of B3(cr) and Not
Prime(cr)

Issuer: Bantrab Senior Trust:

Backed long-term foreign currency senior unsecured debt rating of
Caa2, outlook changed to positive from negative

RATINGS RATIONALE

The outlook change follows the timely payment of the coupon on
BST's global bond on November 14, 2017 and considers the bank's
establishment of a new international payment mechanism via a local
brokerage house, which helps reduce international payment risks.
The positive outlook also incorporates Bantrab's recent initiative
to strengthen its corporate governance by reshuffling a part of
senior management and starting to improve risk management and
control practices.

The last coupon was paid via a Guatemalan brokerage house, which
in turn has an account with a local bank with access to well-
established international correspondent banking relationships
(CBRs). This arrangement complements Bantrab's sole direct
international CBR, which the bank established in August 2016 after
having lost all of its prior CBRs that May. Without a CBR, the
bank would have been unable to transfer funds for the coupon
payment on BST's bond to the trustee.

Since losing its previous CBRs, the bank has made three
consecutive coupon payments using its current CBR, and now the
relationship with the local brokerage house. Further, management
indicates that the resources for the May 2018 coupon payment have
already been transfered to the trustee. Management also affirms
that it is actively seeking new CBRs with US and Europe-based
banks, which if achieved, will further diversify Bantrab's payment
channels and reduce its exposure to the loss of any one of them.
Unless and until these redundant CBRs are put in place and the new
arrangement with the brokerage house is more fully tested,
however, external payment risks will remain elevated.

The change in the outlook also captures the resilience of the
bank's financial fundamentals to the severe corporate governance
challenges it experienced in 2016. In particular, the bank's
deposit funding has remained stable and liquidity strong, limiting
its exposure to potential future funding stress. In addition,
Bantrab's robust profitability serves as a key buffer to a rise in
asset risks stemming from very rapid lending expansion amid softer
economic growth.

Nevertheless, the bank's Caa1 deposit ratings continue to reflect
the risk of contagion to Bantrab's funding if there is a failure
to make a coupon payment on BST's bond on schedule.

The probability that Bantrab will receive public support to avoid
a default on its global bond remains low, given the absence of
indications of public support for the bank following the loss of
its last CBR in May 2016. However, Moody's believes that the
Superintendency of Banks and the central bank remain more willing
to support Bantrab's domestic deposits should that prove
necessary, and the rating agency continues to assess a moderate
probability of public support for these. This assessment considers
the fact that Bantrab was established by the Guatemalan State, as
well as its large base of public sector deposits and significant
overall deposit market share of about 8% as of September 2017.
Consequently, the Caa2 rating on BST's bond is in line with the
bank's BCA and a notch below Bantrab's Caa1 deposit ratings.

WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN

In line with the positive outlook, the ratings could eventually be
upgraded if the bank is able to obtain alternative international
correspondent banking relationships, and put in place robust risk
management controls to avoid a recurrence of the corporate
governance shortcomings that led to its recent challenges. If
these measures are not successful, however, the outlook could be
stabilized.

Moreover, if the bank loses its sole remaining CBR and/or its
arrangement with the local brokerage house, and as a result it is
unable to make any payment related to BST's global bond or other
obligations in a timely manner, its ratings could be lowered,
possibly by multiple notches, depending upon the prospects for
recovery in the future and the expected timing of such recovery.
Ratings would also be lowered in the case of further disclosures
of corporate governance flaws.

The last rating action on Bantrab and on Bantrab Senior Trust was
on November 21, 2016.

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


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REP: Seminar to Debate Future of Mining in Territory
--------------------------------------------------------------
Dominican Today reports that "The future of mining in the
Dominican Republic" is the title of the seminar where private and
government sector representatives will debate in four panels on
Dec. 5, in the Sheraton Hotel, from 8:30 a.m. to 1:00 p.m., hosted
by the Roundtable of Commonwealth Countries and Dominican
Republic's Oil and Mining Chamber (Camipe).

Roundtable president Fernando Gonzalez Nicolas and Camipe
president Jose Sena, will deliver the welcome speech for the
event, sponsored by the British, Canadian and Indian chambers of
commerce, the Federation of Chambers (Fedocamaras) and the
Dominican Exporters Association (Adoexpo), according to Dominican
Today.

The report notes that MacroAnalit General Manager Jochi Vicente
will head the first panel, "Importance of mining in the Dominican
Republic," with Regional Sustainable Economic Strategies Center
(Crees) vice president Ernesto Selman; Adoexpo president Alvaro
Sousa Sevilla, and Monsenor Noel province senator Felix Nova.

Speaking in the panel "Conditions to attract investments in
Dominican Republic's mining sector," will be Ricardo Monte Alto,
director of mining and metals of the company Wood Mackenzie, and
Luis Rafael Pellerano, of Pellerano and Herrera LLP, among other
legal professionals, the report relays.

Canada investment firm Latitude 45 director, Charles Riopel, will
speak in the panel the "Situation and Perspectives of
International Mining Financing," accompanied by International
Finance Corp. (IFC) representative Guillermo Villanueva, among
others, the report notes.

A final panel will discuss the conclusions, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


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


LASCO DISTRIBUTORS: To File an Appeal Following SC Ruling
---------------------------------------------------------
RJR News reports that Lasco Distributors has confirmed that it
will file an appeal following the Supreme Court ruling in its
legal battle with international drug company Pfizer.

The company has informed the Jamaica Stock Exchange of its
decision, according to RJR News.

The court ruled that Lasco Distributors was entitled to J$272.9
million, however, this figure is substantially below the US$300
million the company claimed it was entitled to, the report relays.

The figure, which was awarded by the Supreme Court, is to
compensate Lasco for damages it suffered as a result of the
injunction that Pfizer obtained against it, the report notes.  It
prevented Lasco from selling a generic drug used to treat
hypertension, the report notes.  This lasted for more than seven
years, the report says.

Lasco's legal team described the court award as disappointing, the
report adds.


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


MEXICO: Economy Shrank in Third Quarter as Natural Disasters Hit
----------------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that the Mexican
economy contracted in the third quarter from the preceding period
as a series of natural disasters affected services and oil
production, aggravating this year's economic slowdown.

Gross domestic product, a measure of output in goods and services,
fell 0.3% seasonally adjusted from the second quarter, and was up
1.5% unadjusted from the third quarter of 2016, the National
Statistics Institute said, according to The Wall Street Journal.

The decline from the second quarter, which translates into an
annualized drop of 1.2%, was the first since the fourth quarter of
2015 when GDP slipped 0.1%, according to revised data, the report
relays.  Industrial production contracted 0.6% from the second
quarter, services were 0.1% lower and agricultural production rose
0.5%, the report notes.

Mexico suffered two major earthquakes in September that left at
least 471 people dead and damaged thousands of homes, schools, and
other buildings in Mexico City and nine states, the report says.

State oil company Petroleos Mexicanos shut in part of its oil
production after a quake in southern Mexico led to the temporary
closure of its biggest refinery, and refinery outages on the U.S.
Gulf Coast following Hurricane Harvey caused crude shipments to be
postponed, leaving Pemex's storage at full capacity, the report
relays.

Even with the pickup in the fourth quarter, the economy will
likely grow only 2% this year, said Marco Oviedo, head of Latin
American research at Barclays, the report discloses.

"The economy was decelerating, then the disasters came, so we
don't know exactly if we're going to have a strong rebound or not,
and if growth is going to remain relatively resilient to all this
noise on Nafta and political uncertainty," he said.

Tension in negotiations with the U.S. and Canada to redraw the
North American Free Trade Agreement have added uncertainty to the
future of trade and investment relations, and Mexico's
presidential elections in 2018 are expected to inject volatility
into financial markets, the report relays.

Still, a strong U.S. economy and election-related spending in
Mexico should support growth next year, Mr. Oviedo added.

The third quarter results brought GDP growth for the first nine
months of the year to 2.2%, down from 2.9% in all of 2016, the
report notes.

The Bank of Mexico said this week that it expects the economy to
grow between 1.8% and 2.3% this year, down from its previous
estimate of 2% to 2.5%, largely because of the effect the
disasters had on output in the third quarter, the report relays.

The Finance Ministry kept its forecast for the year at 2% to 2.6%,
the report says.

"This slowdown is explained to a large extent by the temporary and
limited impact of the natural disasters which affected oil
production and services such as education and those related to
tourism and entertainment, which were temporarily suspended in the
affected areas," the ministry said in a statement, the report
notes.

Oil production was restored in October, and as of early November,
more than 95% of the schools in Mexico City had resumed work, it
added, the report says.


MEXICO: Registered $2.07 Billion Trade Deficit in October
---------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexico ran
up a $2.07 billion trade deficit in October, more than double the
shortfall in the year-earlier month as petroleum imports continued
to rise, offsetting gains in shipments abroad of manufactured
goods.

Exports last month grew 13.2% from October of 2016 to $36.90
billion, while imports increased 16.3% to $38.97 billion, the
National Statistics Institute said, according to The Wall Street
Journal.

Petroleum exports rose 16.5% to $2.25 billion, including $2.03
billion in crude oil as state oil company Petroleos Mexicanos
exported 1.342 million barrels a day, up from 1.312 million
barrels a day in October 2016, the report relays.

Higher oil prices also had an impact on petroleum imports,
including gasoline, diesel and natural gas, which grew 40.1% to
$4.08 billion, the report notes.

Exports of manufactured goods, which account for nearly 90% of the
total, rose 12.6%, led by an 18.8% increase in exports of vehicles
and auto parts, the report discloses.

The report relays that imports of intermediate goods used in
production processes grew 17% in October from a year before, and
consumer goods imports excluding fuels rose 11.8%.  Mexico also
imported 9.2% more machinery and equipment, the report relays.

The October results brought the trade deficit for the first 10
months of the year to $11.12 billion, with a $15.15 billion
deficit in oil and petroleum products partly offset by a $4.03
billion surplus in non-oil goods trade, the report says.

Adjusted for seasonal effects, exports slipped 0.6% from
September, with shipments of manufactured goods down 1.2%, while
imports fell 1.1%, the statistics institute reported, the report
relays.

The country's heavy reliance on manufacturing exports as an engine
of growth has put the renegotiation of the North American Free
Trade Agreement in the spotlight, particularly as most of Mexico's
exports go to the U.S, the report notes.

"With Nafta talks ongoing, we think markets may become
particularly sensitive to Mexico's trade performance," Brown
Brothers Harriman said in a note, the report adds.


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


MANUEL MEDIAVILLA: PRLP to Get Nothing Under Latest Plan
--------------------------------------------------------
Manuel Mediavilla, Inc., filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a third amended joint plan of
reorganization.

Class 6A under the plan consists of all other general unsecured
creditors of the corporate Debtor. This class includes the allowed
unsecured claim of PRLP. As provided for in Classes 4A and 4B,
even when PRLP is agreeing that pursuant to the Settlement
Agreement it will receive the Transfer Payment in full
satisfaction of its Allowed Claims, PRLP, or its designee, will
continue to hold an unsecured claim in Class 6A in the amount in
the amount of $566,842.48 for voting purposes.

Pursuant to the Settlement Agreement executed by the Debtor and
PRLP, PRLP as Class 6A claimholder will retain its right to vote
under the Plan, but will not receive any distribution under this
Class in addition to the benefits arising from the Settlement
Agreement. This class is impaired.

Class 6B consists of all general unsecured creditors of the
individual Debtors including those obligations incurred by Mr.
Manuel Mediavilla and Ms. Maydin Melendez in order to update and
maintain the collateral of the secured creditor PRLP. This class
includes the general unsecured creditors listed in the Schedules,
those who filed a proof of claim, as well as the unsecured
deficiency claim of PRLP. After reconciling these amounts and
claims, and accounting for post-petition adequate protection
payments received in both cases by PRLP as a secured creditor, the
total liability under this class is $2,396,432.50.

This class includes the allowed unsecured claim of PRLP in the
amount of $2,301,810.56. As provided for in Classes 4A and 4B,
even when PRLP is agreeing that pursuant to the Settlement
Agreement it will receive the Transfer Payment in full
satisfaction of its Allowed Claims, PRLP, or its designee, will
continue to hold an unsecured claim in Class 6B in the amount of
$566,842.48 for voting purposes. This amount was agreed upon by
the parties in the Settlement Agreement.

Pursuant to the Settlement Agreement executed by the Debtor and
PRLP, PRLP as Class 6B claimholder shall retain its right to vote
under the Plan and will cast a favorable vote. PRLP will not
receive any distribution under this Class in addition to the
benefits arising from the Settlement Agreement.

The Debtor will pay 5% of all allowed general unsecured claims,
other than PRLP, under this Class in 60 months from the Effective
Date. This class is impaired.

On the Effective Date of the Plan, the distribution,
administration and management of corporation's affairs, collection
of moneys, sale or transfer of properties and distribution to
creditors will be under the control and supervision of the current
officers, who will assume the same roles they have assumed
throughout this reorganization process under the confirmed plan.

Payment in full of PRLP's Claims No. 1 and 9 will be made in
accordance to the terms and conditions of the Settlement
Agreement.  Other means of funding the plan will be from the
proceeds from the sale of a lot of land currently unencumbered
(Lot of land with an area of 454.50 square meters located at Lot
#22, Urb. El Recreo, Tejas Ward, Humacao). The sale of this lot is
expected to occur on or before 60 months from the Effective Date.
In the event the lot is sold prior to the 60 month period, the
Debtors will accelerate payment to the unsecured and priority
creditors.

A full-text copy of the Third Amended Joint Plan of Reorganization
is available at:

     http://bankrupt.com/misc/prb13-02800-11-571.pdf

              About Manuel Mediavilla, Inc.

Manuel Mediavilla, Inc., aka Muebleria Mediavill, sought
protection under Chapter 11 of the Bankruptcy Code on April 11,
2013 (Bankr. D.P.R., Case No. 13-02800).  The case is assigned to
Judge Mildred Caban Flores.

The Debtor's counsel is Carmen D. Conde Torres, Esq., at C. Conde
& Assoc., in San Juan, Puerto Rico.

The Debtor's scheduled assets is $2,191,098, while the scheduled
liabilities is $2,484,529.

The petition was signed by Manuel Mediavilla Garcia, president.


RFI MANAGEMENT: Hearing on Disclosures Approval Today
-----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North
Carolina has scheduled for today, Nov. 29, 2017, at 11:00 a.m.,
the hearing to consider the approval of RFI Management, Inc.'s
disclosure statement referring to the Debtor's plan of
reorganization.

Objections to the Disclosure Statement must be filed by Nov. 24,
2017.

As reported by the Troubled Company Reporter on Oct. 25, 2017, the
Debtor filed with the Court a small business disclosure statement
explaining its plan of reorganization dated Sept. 25, 2017, which
proposes that general unsecured creditors receive a distribution
of 100% of their allowed claims, to be distributed in 8 quarterly
payments, beginning with the 6th quarterly payment that becomes
due under the Plan.

                      About RFI Management

RFI Management, Inc., works as a subcontractor installing flooring
products and wall materials, principally in hotel properties
across the United States and in Puerto Rico.

RFI Management filed a Chapter 11 bankruptcy petition (Bankr.
M.D.N.C. Case No. 17-80247) on March 29, 2017.  Edward Rosa,
President, signed the petition.  At the time of filing, the Debtor
estimated assets and liabilities between $100,000 and $500,000.

James C. White, Esq., and Michelle M. Walker, Esq., at Parry
Tyndall White, serve as counsel to the Debtor.  Padgett Business
Services of NC is the Debtor's accountant.

No official committee of unsecured creditors has been appointed in
the Chapter 11 case.


RFI MANAGEMENT: Discloses Creation of PR Unit, Future Projects
--------------------------------------------------------------
RFI Management, Inc., files with the U.S. Bankruptcy Court for the
Middle District of North Carolina its first amended disclosure
statement, which describes the Chapter 11 Plan filed by the Debtor
on October 17, 2017.

The First Amended Disclosure Statement include additional
disclosures relating to the formation of RFI Management PR, Inc.,
a Puerto Rico-based company owned by Edward Rosa, president and
100% shareholder of the Debtor.  RFI PR was created for the main
purpose of managing the PR Hampton Inn Project.  The Debtor
contends that RFI PR does not meet the statutory definition of an
entity in which the estate has substantial or controlling interest
under Rule 2015.3.

The First Amended Disclosure Statement also disclosed the Debtor's
projected future projects.

General unsecured creditors are classified in Classes 2 and 3, and
will receive a distribution of 100% of their allowed claims, to be
distributed in 8 quarterly payments, beginning with the 6th
quarterly payment that becomes due under the Plan in the amount of
$8,551.98. Quarterly payments in the amount of $20,400 will
continue from the 7th payment through the 12th payment, and the
final 13th payment will be in the amount of $17,011.68.

Payments and distributions under the Plan will be funded by cash
flow from operations.

A full-text copy of the First Amended Disclosure Statement, dated
November 8, 2017, is available at https://is.gd/oxRsgP

                      About RFI Management

RFI Management, Inc., works as a subcontractor installing flooring
products and wall materials, principally in hotel properties
across the United States and in Puerto Rico.

RFI Management filed a Chapter 11 bankruptcy petition (Bankr.
M.D.N.C. Case No. 17-80247) on March 29, 2017.  Edward Rosa,
President, signed the petition.  At the time of filing, the Debtor
estimated assets and liabilities between $100,000 and $500,000.

James C. White, Esq., and Michelle M. Walker, Esq., at Parry
Tyndall White, serve as counsel to the Debtor.  Padgett Business
Services of NC is the Debtor's accountant.

No official committee of unsecured creditors has been appointed in
the Chapter 11 case.


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


VENEZUELA: Gen. w/ No Oil-Industry Experience to Lead State Sector
------------------------------------------------------------------
Anatoly Kurmanaev at The Wall Street Journal reports that
Venezuela President Nicolas Maduro named an active general to lead
the state oil industry, the nation's last major economic sector
that had been outside the military's control.

National Guard Maj. Gen. Manuel Quevedo will be the new energy
minister and president of state-run Petroleos de Venezuela SA,
known as PdVSA, which accounts for almost all the country's
foreign-currency income, according to The Wall Street Journal.

Gen. Quevedo, who has no oil-sector experience, takes the reins at
PdVSA from Nelson Martinez, a U.S.-educated company veteran who
was undermined by the arrests of his associates at the firm's U.S.
arm, Citgo Petroleum Corp, the report notes.  Another U.S.-
educated veteran oilman, Eulogio Del Pino, was fired as the oil
minister, the report relays.

The appointment follows a four-month purge at PdVSA amid a
deepening economic crisis and declining output, the report says.
More than 50 company officials and contractors have been arrested
and jailed in Venezuela since August on charges of alleged
corruption, including most top Citgo executives, the report notes.

Mr. Maduro said Gen. Quevedo would spearhead the continuing
anticorruption campaign in an effort to turn around the company's
fortunes, the report relays.

"We're going for a total restructuring of PdVSA," Mr. Maduro said.
"It is time for a new oil revolution," he added.

But some analysts said they saw the appointment as a decisive
power grab by Venezuela's military and security officers that
would only worsen the country's economic problems, the report
relays.

"These are negative changes," said Asdrubal Oliveros, director at
Caracas-based consultancy Ecoanalitica.  "You're militarizing the
industry and generating more uncertainty" for investors, Mr.
Oliveros added.

Other analysts said the move is part of an effort to keep the
military -- an essential pillar of support for Mr. Maduro's
government -- happy, the report relays.

"He clearly needs the military in order to maintain control and
has made an accommodation with them," said Eric Farnsworth, vice
president of the Americas Council/Council of the Americas think
tank, the report discloses.  "He has made an accommodation with
them -- they support him and he gives them access to the fruits of
the state," he added.

PdVSA's output fell a record 6.2% in October from September, a
13th consecutive monthly decline, according to government figures
reported to the Organization of the Petroleum Exporting Countries,
the report relays.  The company is teetering on defaulting on
about $30 billion of its bonds, with Mr. Maduro this month saying
he wants to restructure the national debt, the report notes.

With three of four Venezuelans saying they want Mr. Maduro out of
office, the president has increasingly relied on the military to
bolster his power. Retired and active officers now make up almost
half his cabinet and hold most of the top portfolios.

"The military have reached the last frontier of power with the
appointment of General Quevedo," said Rocio San Miguel, a Caracas-
based security analyst, the report relays.

Mr. Maduro named military officers to run most of most of the key
state companies, including construction and mining, since coming
to power in 2013, and he entrusted them with the distribution of
scarce food, the report notes.  Under their tenure, production has
plummeted and shortages worsened, he added.

Venezuela's economy has contracted nearly 30% since 2016,
according to the International Monetary Fund, the report relays.
The country is entering hyperinflation, with prices set to rise
2,300% by December from the year-earlier month, the IMF forecasts,
the report adds.

                              *   *   *

As reported in the Troubled Company Reporter-Latin America, Robin
Wigglesworth at The Financial Times related that Venezuela
appeared to have made a crucial bond repayment in late October.
The Latin American country and its state oil company PDVSA have
failed to make several debt payments in recent weeks, the report
noted. But the most important one was an $842 million instalment
due Oct. 29 on a PDVSA bond maturing in 2020, which, unlike most
of the other overdue debts, had no 'grace period' that allowed for
30 days to clean up any arrears without triggering a default, the
report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2017, On Nov. 13, 2017, S&P Global Ratings lowered its
long- and short-term foreign currency sovereign credit ratings on
the Bolivarian Republic of Venezuela to 'SD/D' from 'CC/C'. The
long- and short-term local currency sovereign credit ratings
remain at 'CCC-/C' and are still on CreditWatch with negative
implications. S&P said, "At the same time, we lowered our issue
ratings on Venezuela's global bonds due 2019 and 2024 to 'D' from
'CC'. Our issue ratings on the remainder of Venezuela's foreign
currency senior unsecured debt remain at 'CC'. Finally, we
affirmed our transfer and convertibility assessment on the
sovereign at 'CC'."


VENEZUELA: Stakes Claim as Schrodinger's Cat of The Debt World
--------------------------------------------------------------
Cetus News reports that it has been called the Schrodinger's cat
of the debt world -- the country that simultaneously both is and
is not in default.

This month, Venezuela disclosed it would restructure all its
foreign debts. Soon after, it began missing deadlines for bond
payments and was declared to be in default by rating agencies and
others, according to Cetus News.

Nevertheless -- apparently -- it continues to make payments on its
bonds, the report notes.

As if the complexity of Venezuelan debt was not already on a par
with quantum mechanics, investors appear to have identified
another paradox, as gaps have opened between the prices of almost
identical bonds, the report relays.

By any ordinary definition, Venezuela is already a serial
defaulter, Cetus News notes.  It has defaulted on miners, oil
companies and other enterprises whose assets it has seized without
compensation, the report relays.  It has defaulted on unpaid
suppliers to PDVSA, the national oil company, the report
discloses.  Most seriously, it has defaulted on its people,
denying them access to basic foods and medicines, causing an
epidemic of weight loss and turning injury or illness into a
mortal danger, the report relays.

Until this month, however, it had not defaulted on its
bondholders, the report relays.  But it has now -- or maybe not,
the report adds.

"Nobody knows what the hell is going on," says Russ Dallen of
Caracas Capital, a boutique investment bank that closely follows
Venezuelan bonds, the report notes.

Prices of Venezuelan bonds have rebounded from their lows on
November 3, the day after President Nicolas Maduro announced the
restructuring, the report relays.

But not all bonds have rebounded together, Cetus News relays.

In two pairs of bonds with similar maturities and coupons issued
by the sovereign and by PDVSA, the pairs previously traded at
similar prices, the report notes.  Yet, while the sovereign and
PDVSA bonds at first fell in lockstep, they have since moved
apart, Cetus News discloses.  The PDVSA bonds are now priced about
6 cents on the dollar above their sovereign counterparts, the
report relays.

"People think they are more likely to default on the sovereign,"
said Mr. Dallen, the report notes.  That makes sense, he says,
because sovereign immunity laws make asset seizures unlikely in
the event of default, Mr. Dallen added.

"The idea is that they would protect PDVSA because it's the money
generator," Mr. Dallen adds, "and they can keep paying because it
doesn't have large maturities over the next two years," the report
relays.

PDVSA has just come through a period of heavy payments, the report
discloses.  Next year, it is the sovereign that will struggle,
with more than $5 billion in interest and amortization coming due,
compared with less than $3 billio nat PDVSA, which has several
months with no payments at all, the report notes.

One factor in investors' calculations changed abruptly, when it
emerged that Crystallex, a Canadian gold miner seeking
compensation for the seizure of its Venezuelan assets, had reached
an undisclosed settlement that may be the biggest agreed to by
Caracas, billion relays.

If confirmed, the settlement will end attempts by Crystallex to
seize assets owned by PDVSA, billion relays.  This may reinforce
the notion of sovereign immunity and of a preference in Caracas to
give up first on its sovereign bondholders, the report notes.

Yet even if investors expect PDVSA to survive longer, both issuers
are now priced for imminent default, the report says.

"If you'd asked me a month ago I'd have said it was a matter of
months or years," said Siobhan Morden, head of Latin American
fixed income strategy at Nomura, the report relays.  "Now it's
weeks to months. But people have not given up hope of receiving
payments. If they had, we'd be at price lows," Mr. Morden added.

Indeed, even after saying it cannot pay, Caracas appears willing
to try, perhaps on the conviction that outright default would
plunge the country into chaos and bring the government down, the
report relays.  Its options are limited by US sanctions, which
would severely complicate any restructuring, the report notes.

Nevertheless, Caracas made a payment on a bond issued by Elecar,
an electric utility, when late payment had already put the bond
into default and when continued non-payment would not have
constituted a credit event for other bonds, the report relays.
PDVSA's Twitter feed issued several statements saying payments
were on their way.

Holders of defaulted PDVSA and sovereign bonds appear not to have
received those payments, the report says.  However, Clearstream,
which handles bond payments, told holders it had received payments
"apparently in discharge of the issuer's interest payment
obligation" due October 13 on a PDVSA bond maturing in 2027 but
that, because it had been paid "in an irregular form and manner",
it would withhold the funds until it had completed inquiries,
probably by the middle of this week, the report says.

Investors have been left to second-guess the government in
Caracas, the report notes.

It may be driven by domestic politics, says Robert Koenigsberger,
head of Gramercy, a hedge fund, the report relays.  "Maduro could
be using this opportunity to set the stage domestically for a
future default.  Or, the government could be naively expecting
bondholders to lobby for sanctions relief in order to be able to
renegotiate the debt," Mr. Koenigsberger added.

The report relays that Ms. Morden thinks Caracas is no longer
making calculations of any sort but merely muddling through an
endgame with whatever resources it can find.

She says favoring bondholders over citizens may no longer be a
valid survival tactic. She notes that Venezuela's currency has
gone into freefall on the parallel market and inflation has shot
to the sky, the report notes.  She expects imports, critically low
at $10 billion this year, to fall to $5 billion next year, the
report relays.

"I used to think the catalyst for regime change would be default,"
she said.  "Now we can't rule out a domestic shock," she added.

Mr. Schrodinger's or otherwise, Caracas may have no more cats to
pull out of the bag, the report adds.

                           *   *   *

As reported in the Troubled Company Reporter-Latin America, Robin
Wigglesworth at The Financial Times related that Venezuela
appeared to have made a crucial bond repayment in late October.
The Latin American country and its state oil company PDVSA have
failed to make several debt payments in recent weeks, the report
noted. But the most important one was an $842 million instalment
due Oct. 29 on a PDVSA bond maturing in 2020, which, unlike most
of the other overdue debts, had no 'grace period' that allowed for
30 days to clean up any arrears without triggering a default, the
report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2017, On Nov. 13, 2017, S&P Global Ratings lowered its
long- and short-term foreign currency sovereign credit ratings on
the Bolivarian Republic of Venezuela to 'SD/D' from 'CC/C'. The
long- and short-term local currency sovereign credit ratings
remain at 'CCC-/C' and are still on CreditWatch with negative
implications. S&P said, "At the same time, we lowered our issue
ratings on Venezuela's global bonds due 2019 and 2024 to 'D' from
'CC'. Our issue ratings on the remainder of Venezuela's foreign
currency senior unsecured debt remain at 'CC'. Finally, we
affirmed our transfer and convertibility assessment on the
sovereign at 'CC'."


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


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