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

            Friday, December 1, 2017, Vol. 18, No. 239


                            Headlines



A R G E N T I N A

METROSPACES INC: Deficit Raises Going Concern Doubt


B R A Z I L

HARSCO CORP: S&P Rates New $546MM Term Loan B Due 2024 'BB+'
HARSCO CORP: Fitch Rates $546MM Secured Term Loan 'BB+/RR1'
HARSCO CORP: Moody's Rates Amended $546MM 1st Lien Loan 'Ba1'


D O M I N I C A N   R E P U B L I C

CONVATEC GROUP: S&P Affirms 'BB' Credit Rating, Outlook Stable
DOMINICAN REPUBLIC: 2017 Exports on Track to Exceed US$10BB


P A R A G U A Y

PARAGUAY: Unveils Plan to Increase Automobile Ownership


P U E R T O    R I C O

LA SABANA: Hires Yesenia Medina-Torres as Notary


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: New Change Fee on Tobago Flights


V E N E Z U E L A

VENEZUELA: 'Hunger Bonds' Sink Into Default
VENEZUELA: President Maduro to Seek Re-Election in 2018


                            - - - - -



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A R G E N T I N A
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METROSPACES INC: Deficit Raises Going Concern Doubt
---------------------------------------------------
Metrospaces, Inc., filed its quarterly report on Form 10-Q,
disclosing a net profit of $1,912,644 on $6,803 of revenue for the
three months ended March 31, 2016, compared with a net loss of
$1,420,176 on $245,860 of revenue for the same period in 2015.

At March 31, 2016, the Company had total assets of $5.12 million,
total liabilities of $10.61 million, and $5.49 million in total
stockholders' deficit.

The Company has generated minimal revenues, has an accumulated
deficit of $12,326,014, and stockholders' deficit of $5,493,582,
as of March 31, 2016.  The continuation of the Company as a going
concern is dependent upon, among other things, continued financial
support from its stockholders and the attainment of profitable
operations.  These factors, among others, raise substantial doubt
regarding the Company's ability to continue as a going concern.
There is no assurance that the Company will be able to generate
revenues in the future.

A copy of the Form 10-Q is available at:

                       https://is.gd/wUnEAl

                      About Metrospaces, Inc.

Miami-based Metrospaces, Inc., through its subsidiaries, builds,
sells and manages condominium properties located in Argentina and
Venezuela.  In January 2015, the Company acquired Bodega IKAL,
S.A. and Bodega Silva Valent S.A. that collectively own 75
hectares of vineyards from which they sell grapes to local
wineries.


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


HARSCO CORP: S&P Rates New $546MM Term Loan B Due 2024 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '2'
recovery rating to Harsco Corp.'s proposed $546 million term loan
B due December 2024. The '2' recovery rating indicates S&P's
expectation for substantial (70%-90%; rounded estimate: 75%)
recovery in the event of a payment default.

All of S&P's other ratings on Harsco, including its 'BB' corporate
credit rating, remain unchanged.

The company plans to use the proceeds from this term loan to repay
the borrowings under its existing term loan B due November 2023.

RECOVERY ANALYSIS

Key analytical factors

S&P said, "Our simulated default scenario contemplates a default
occurring in 2022 due to a sustained weak global economy that
hurts the company's key metal and minerals and industrial end
markets.

"We used a 5.5x EBITDA multiple to reflect the company's position
in the niche market for mill services, the various industrial
products it specializes in, and its rail maintenance equipment and
spare parts."

Simulated default assumptions

-- The revolver will be 85% drawn at default;
-- LIBOR at 2.50% in our assumed default year; and
-- All debt obligations include six months of outstanding
    interest.

Simplified waterfall

-- Emergence EBITDA: $154 million
-- Multiple: 5.5x
-- Gross recovery value: $849 million
-- Net recovery value for waterfall after administrative expenses
(5%) and pension claims: $713 million
-- Obligor/nonobligor valuation split: 42%/58%
-- Estimated first-lien claim: $897 million
-- Value available for first-lien claim (including value from
deficiency claims): $713 million
-- Recovery range for first-lien claim: 70%-90% (rounded
estimate: 75%)

RATINGS LIST

Harsco Corp.
Corporate Credit Rating         BB/Stable/--

New Rating

Harsco Corp.
$546M Trm Ln B Due Dec 2024     BB+
  Recovery Rating                2(75%)


HARSCO CORP: Fitch Rates $546MM Secured Term Loan 'BB+/RR1'
-----------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+/RR1' to Harsco
Corporation's $546 million extended, secured term loan B maturing
in November 2024. Fitch currently rates Harsco's Long-Term Issuer
Default Rating (IDR) 'BB' and its secured revolver 'BB+/RR1'. The
Rating Outlook is Stable. Harsco had $624 million of debt
outstanding as of Sept. 30, 2017.

KEY RATING DRIVERS

Business Recovering: Harsco's business has begun to recover in
2017 following significant weakness in 2015-2016 as a result of
improved conditions in the company's metals and minerals (M&M) and
industrial end markets. The M&M segment (67% of 2016 revenues)
reported 4% revenue growth and higher margins in the first nine
months of 2017 due to higher steel output and service levels. The
industrial segment (17% of sales) also generated healthy sales and
earnings growth in the period due to a rebound in demand for heat
exchangers sold into the U.S. energy market.

Rail Segment Pressured: The rail segment (16% of sales) generated
2.5% sales growth and flat margins in the nine months due to lower
equipment shipments in North America offset by higher parts and
services revenues. Sales of maintenance of way equipment are
expected to remain soft in 2018. In addition, the company will
continue to incur negative cash flow on a contract with Swiss Rail
as it delivers the equipment under the contract over the next few
years.

Growth Orientation: Harsco has returned to a growth orientation in
its M&M segment, with an expected increase in capex to capitalize
on growth opportunities over the medium term. These opportunities
stem from the potential for new contracts at existing locations
and with mills in China, India and other emerging markets. This
follows a significant restructuring of the M&M segment over 2014-
2016 and a decision by management in 2017 to retain this business
rather than sell or spin it off.

Lower but Positive FCF: Free cash flow (FCF) turned positive in
2016 as a result of the suspension of the dividend, which saves
$66 million annually, and a reduction in capex. Fitch expects FCF
will remain healthy in 2017 and that this cash flow will be used
in part for debt reduction. An expected increase in growth capex
will likely constrain FCF beginning in 2018, though Fitch expects
FCF to remain positive going forward and that the company will
maintain disciplined cash deployment.

Lower Financial Leverage: The ratings take into account the
deleveraging that followed Harsco's September 2016 sale of its 26%
interest in Brand Energy & Infrastructure Services, Inc. for net
cash proceeds of $145 million. Debt/EBITDA improved from 3.3x at
the end of 2015 to 2.7x at the end of 2016, and improved further
to 2.3x as of Sept. 30, 2017. Fitch expects flat to modestly lower
leverage in 2018.

Cyclical End-Markets: As Harsco's results have improved in 2017,
Fitch recognizes that the company's results are tied to the
challenging and cyclical metal, energy and rail equipment
end-markets, with particular exposure to steel and mineral
markets.  The ratings also take into account Harsco's moderate
size, the need for ongoing restructuring to remain competitive and
support returns, and lower expected FCF going forward.

DERIVATION SUMMARY

Harsco is a diversified manufacturer and service provider that
participates in a variety of end-markets, each of which has a
different set of competitors. Other diversified industrials of a
similar size and with credit opinions in the 'bb' category include
Global Brass and Copper Holdings, which processes copper and
copper alloys, and Rexnord Corp., which makes highly engineered
products for a variety of end markets. Harsco has lower financial
leverage than both companies, and generates EBITDA margins that
are higher than Global Brass and in-line with those of Rexnord. No
country-ceiling, parent/subsidiary or operating environment
aspects impact the rating.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case include:

-- Sales grow by around 6% in 2017, with particular strength in
    the industrial segment and moderate growth in the M&M and rail

    segments, followed by low single digit growth in 2018.
-- EBITDA improves to around $270 million in 2017 and is flat to
    moderately higher in 2018.
-- FCF is relatively steady in 2017 compared with $85 million in
    2016, but will decline in 2018 due to higher capex in the M&M
    segment.
-- Debt/EBITDA improves to around 2.3x at the end of 2017 from
    2.7x at the end of 2016, and is flat to modestly improved in
    2018.

RATING SENSITIVITIES

The ratings are unlikely to be upgraded in the medium term given
the relatively small size and cyclical nature of its businesses.

-- Longer term, developments that may, individually or
    collectively, lead to a positive rating action include the
    company developing into a larger, more diversified operation;
-- Stronger FCF generation;
-- Debt/EBITDA sustained under 2.5x and funds from operations
    (FFO)-adjusted leverage under 3.5x.

Future developments that may, individually or collectively, lead
to a negative rating action:

-- Fitch's expectation that debt/EBITDA will remain above 3.0x-
    3.5x, and FFO adjusted leverage will remain above 4.0x-4.5x;
-- Negative FCF on a sustained basis.

LIQUIDITY

Harsco's liquidity at Sept. 30, 2017 was supported by cash of $60
million, of which $59 million was held overseas. This cash is used
in the company's foreign operations for working capital purposes,
though part of it could be repatriated at relatively low tax
rates.  Liquidity is further supported by a $400 million secured
revolver, on which $282 million was available. Liquidity is also
supported by FCF, which turned positive in 2016.

FULL LIST OF RATING ACTIONS

Harsco Corporation

Fitch assigns a rating of 'BB+/RR1' to Harsco's extended and
repriced Term Loan B

Fitch currently rates Harsco as follows:
-- Long-Term IDR 'BB';
-- Senior secured RCF 'BB+/RR1';

The Rating Outlook is Stable.


HARSCO CORP: Moody's Rates Amended $546MM 1st Lien Loan 'Ba1'
-------------------------------------------------------------
Moody's Investors Service rated Harsco Corporation's amended and
extended $546 million first lien term loan Ba1. Harsco is
proposing to extend the maturity of the term loan by one year to
2024, reduce pricing, and modify certain covenants. Harsco's
Corporate Family Rating is Ba1 and Probability of Default Rating
is Ba1-PD.

Assignments:

Issuer: Harsco Corporation

-- $546 million senior secured 1st lien term loan, assigned
    Ba1 (LGD3)

RATINGS RATIONALE

Harsco's Ba1 Corporate Family Rating benefits from its (1) strong
free cash flow generation and conservative operating strategy (2)
global, diversified revenue stream in three different segments,
Metals and Mining, Industrial and Rail, thereby reducing the risks
inherent in cyclical end markets (3) its size and scale relative
to competitors (4) market and fundamental improvements in the
steel and energy industries (5) its new multi-year contracts in
2017 in China, Brazil, Egypt and India projected to bring in
greater revenue for Harsco's Metals & Minerals segment.

At the same time, the Ba1 Corporate Family Rating is constrained
by (1) seasonality of Harsco's business (2) cyclical economic
conditions of commodities (3) weak adjusted debt to-EBITDA at 3.5x
and adjusted EBITA-to-interest expense at 2.3x for the trailing 12
months ended September 30, 2017. However, Moody's recognize that
the company has made efforts to improve its debt leverage and will
continue to focus on lowering its debt leverage.

The stable rating outlook presumes demand from key end-makets will
grow moderately and that debt-to-EBITDA will trend towards 3.5x or
better, and EBITA-to-interest will strengthen towards 2.4x over
the next 12 -- 18 months as Harsco focuses on revenue through
global growth and internal optimization initiatives.

Positive rating actions over the intermediate term are unlikely as
Harsco needs to demonstrate its ability to improve and sustain
operating margins and cash flows. However, in the long term
positive rating action could be considered if:

* EBITA to interest expense remains above 4.5x

* Adjusted debt to EBITDA is sustained below 3.0x

* Adjusted debt to book capitalization is sustained below 50%

* Liquidity profile improves

Negative rating action would be considered if Harsco does not
execute its plan to improve efficiency and reduce debt,
specifically if:

* Adjusted EBITA to interest expense is sustained below 2.75 times

* Adjusted debt to EBITDA remains above 3.5 times

* There is a deterioration in the liquidity profile

The principal methodology used in this rating was Global
Manufacturing Companies published in June 2017.

Harsco Corporation, headquartered in Camp Hill, PA, is a
diversified industrial service company focused on global markets
for outsourced services to metal industries, metal recovery &
mineral-based products, railway track maintenance and certain
industrial equipment. Revenues for the 12 months through September
30, 2017 totaled approximately $1.5 billion.


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


CONVATEC GROUP: S&P Affirms 'BB' Credit Rating, Outlook Stable
--------------------------------------------------------------
ConvaTec Group PLC revised down its guidance for 2017 organic
revenue growth and margin expansion, following recent supply
disruptions and failure to fill certain customer orders, stemming
from challenges in transitioning certain production lines to a
Dominican Republic-based manufacturing site.

S&P Global Ratings affirmed its ratings, including the 'BB'
corporate credit rating, on ConvaTec Group PLC. The outlook is
stable.

S&P said, "The rating affirmation on ConvaTec Group PLC reflects
our belief that despite near-term operational pressures facing the
company, its financial policies should remain relatively
conservative, given diminishing financial sponsor ownership. We
also believe the company's adjusted debt leverage will remain
between 3x-4x over the next 12 months and that it will generate
strong free cash flow for the same period.

"Our stable outlook reflects our expectations for ConvaTec to
continue to generate strong free cash flow, despite near-term
operational headwinds from the production shortfalls at its
Dominican Republic manufacturing facility."


DOMINICAN REPUBLIC: 2017 Exports on Track to Exceed US$10BB
------------------------------------------------------------
Dominican Today reports that exports in 2017 are on track to
exceed US$10.0 billion, Dominican Exporters Association (Adoexpo)
president Alvaro Sousa Sevilla affirmed.

"Tentatively, we're surmising the data until October, the
unofficial data and to October we're close to 10% above last year.
Everything points to exceeding for the first time, US$10.0 billion
in the Dominican Republic in terms of exports, that is; we're
growing," the business leader said, according to Dominican Today.

"We're surpassing this barrier which for many years we have been
saying that it's like the ceiling we couldn't reach and we're
already doing so.  We're going to surpass US$10.0 billion," he
said at a gala, the report notes.

Sousa added that next year's expectation is that 2018 will be
named "The National Year of export promotion and from there we'll
continue working with plans like the ones being worked on now is
the 'Caribbean Table,' and that it becomes reciprocal to other
destinations to diversify exports with the clear objective of
generating more foreign exchange and jobs. Exports in 2016 were
US$9.7 billion," the report relays.

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.


===============
P A R A G U A Y
===============


PARAGUAY: Unveils Plan to Increase Automobile Ownership
-------------------------------------------------------
EFE News reports that Paraguay's government unveiled the "Auto
familiar" plan, a joint venture with Brazilian manufacturers to
sell new automobiles priced at $8,800.

The National Development Bank (BNF) will provide financing to
buyers, providing them with 60-month loans carrying $158 payments
to purchase family cars, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2017, S&P Global Ratings affirmed its 'BB/B' long- and
short-term sovereign credit ratings on the Republic of Paraguay.
The outlook remains stable.  At the same time, S&P affirmed its
'BB+' transfer and convertibility assessment on Paraguay.


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


LA SABANA: Hires Yesenia Medina-Torres as Notary
------------------------------------------------
La Sabana Development, LLC, seeks authority from the United States
Bankruptcy Court for the District of Puerto Rico to employ
Attorney Yesenia Medina-Torres as notary to prepare and authorize
the Deed of Sale pending for the 363 Sale at a rate of 0.50% of
the value of the transaction.

Service the attorney will perform are:

     a. advise the Seller and the Buyer of their rights;

     b. obtain a Title Search of the Real Estate Property to be
sold;

     c. prepare and file with the Centro de Recordation de Ingress
Municipales the necessary  documents to transfer the property to
the buyer;

     d. obtain any debt certificates that he may deem necessary to
complete the sale; and

     e. file with the Treasury Department the corresponding
Informative Return, and any and  all matters related thereto.

Attorney Yesenia Medina-Torres attests that she does not represent
an interest adverse to this estate and she is a "disinterested"
person pursuant to 11 USC 327 (a), sec. 101(14).

The Notary can be reached through:

     Yesenia Medina-Torres, Esq.
     Correa Acevedo & Abesada Law Offices, PSC.
     Centro Internacional de Mercadeo, Torre II
     #90 Carr. 165, Suite 407
     Guaynabo, PR 00968
     Tel: (787) 273-8300
     Fax: (787) 273-8379
     Email: ymedina@calopsc.com

                About La Sabana Development

La Sabana Development LLC is a limited liability corporation, duly
registered and authorized to do business in the Commonwealth of
Puerto Rico.  The Debtor is engaged in the business of developing
residential units.

The Debtor filed a Chapter 11 petition (Bankr. D.P.R. Case No.
15-08743), on Nov. 4, 2015.  The case is assigned to Judge Mildred
Caban Flores.  The Debtor's counsel is Hector Eduardo Pedrosa
Luna, Esq., The Law Offices of Hector Eduardo Pedrosa Luna, PO Box
9023963, San Juan, Puerto Rico.  At the time of filing, the Debtor
had estimated both assets and liabilities ranging from $10 million
to $50 million each.  The petition was signed by Cleofe
Rubi-Gonzalez, president.


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


CARIBBEAN AIRLINES: New Change Fee on Tobago Flights
----------------------------------------------------
Trinidad Express reports that majority State-owned Caribbean
Airlines (CAL) announced that it will be introducing a change fee
of $50 (one-way) from December 12, 2017 on domestic flights for
changes to flight and/or date by the passenger.

In a statement last night, CAL said the implementation of the
change fee "will support our efforts to improve the efficacy of
service to our customers," according to Trinidad Express.

The airline, which is minority owned by the Government of Jamaica,
said that as at November 26, 2017, Caribbean Airlines provided
1,025,694 seats on the air bridge, of which 876,825 seats were
utilized by travelers, the report relays.  Of the latter figure,
data generated from March 24, 2017 to present suggested that
186,586 were passengers who did not travel on their originally
scheduled flight, i.e. passengers not holding a booking for the
specific day and time they wished to travel, the report notes.
For the same period in 2016, the airline provided 1,061,800 seats
on the air bridge with 853,763 being utilized, the report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


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


VENEZUELA: 'Hunger Bonds' Sink Into Default
-------------------------------------------
Daniel Cancel at Bloomberg News reports that back in May, Goldman
Sachs Group Inc. stirred up a public-relations nightmare when its
asset-management arm bought almost $3 billion worth of distressed
Venezuelan bonds for pennies on the dollar.  They were labeled
"hunger bonds," a nod at the country's deepening humanitarian
crisis, and critics pilloried Goldman Sachs online, according to
Bloomberg News.

Now, to make matters worse for the bank, those bonds are in
default, Bloomberg News relays.

The issuer, the state-run oil company Petroleos de Venezuela,
failed to get the money to investors before a 30-day grace period
expired earlier, adding to the list of Venezuelan securities
technically in default, Bloomberg News notes.  Prices on the bonds
have sunk in secondary markets to just 22.5 cents on the dollar --
well below the roughly 31 cents that the asset-management unit
reportedly paid for them, Bloomberg News relays.

To be sure, the default doesn't necessarily mean Goldman Sachs
will never see the money, Bloomberg News relates.  It could
possibly even arrive as soon as this week as PDVSA battles hurdles
in the payment process created by the sanctions the U.S. imposed
on the authoritarian country, Bloomberg News says.  A debt
restructuring -- which Venezuelan President Nicolas Maduro said
he's pursuing on all of the nation's foreign debt -- could also
eventually net Goldman Sachs a profit, Bloomberg News discloses.

As of the end of September, Goldman Sachs was still holding a
little less than half of the $3 billion of face value on the PDVSA
notes due in 2022, according to data compiled by Bloomberg.
Goldman declined to comment.

                            *   *   *

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, S&P Global Ratings lowered on Nov. 13, 2017, 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: President Maduro to Seek Re-Election in 2018
-------------------------------------------------------
Tribune India reports that Venezuelan President Nicolas Maduro
will seek another term in next year's election, Vice President
Tareck El Aissami has said.

"We already hold 18 (state) governorships.  We already have, and
will keep, most of the municipalities.  We already control the
National Constituent Assembly and, through God, through the
people, we will have the re-election of our brother Nicolas Maduro
as president," El Aissami told supporters of the ruling United
Socialist Party of Venezuela (PSUV), Efe News reported, according
to Tribune India.

Amid chants of "Maduro, Maduro" from the crowd at a rally in the
central state of Aragua ahead of the December 10 municipal
elections, the Vice President lashed out at the opposition, the
report relays.

"They embody individualism, hatred, intolerance, sectarianism,
treason, corruption, looting, and black-marketeering," Mr. Aissami
said, describing all opposition leaders as being cut from the same
cloth and as "puppets of (US President) Trump" who take orders
from the US Embassy, Mr. Aissami added, notes the report.

"Our duty as a people, our moral obligation as a historical force
is to defeat them once, twice, three times and all the times
necessary so that they never again govern this country," El
Aissami said, the report relays.

El Aissami, a former governor of Aragua, called on PSUV members to
support the "Bolivarian Revolution" in the upcoming municipal
elections and in the 2018 presidential ballot, the report says.

Bolivarian Revolution is the name given by late President Hugo
Chavez -- the PSUV's founder -- to his program for the oil-rich
Andean nation, 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, S&P Global Ratings lowered on Nov. 13, 2017, 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


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

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

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

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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