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        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

           Thursday, December 7, 2017, Vol. 18, No. 243


                            Headlines




A R G E N T I N A

ARCOR SAIC.: Moody's Hikes Corporate Family Rating to Ba3
BUENOS AIRES: Moody's Hikes Foreign Currency Issuer Rating to B2
CAJA DE SEGUROS: Moody's Raises GLC IFS Rating to Ba3
EMPRESA DISTRIBUIDORA: Moody's Hikes Corporate Family Rating to B1
MERCADO LIBRE: Moody's Assigns B1 CFR; Outlook Stable


B R A Z I L

CENTRAIS ELETRICAS: Moody's Affirms Ba3 Corporate Family Rating
LUPATECH S A: S&P Affirms 'CCC-' Global Scale CCR
OI SA: Brazil Telecoms Regulator Rejects Shareholder Petition


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Santo Domingo Metro Becomes 'Too Little' for Demand
DOMINICAN REP: Despite 'Indebtedness', Deputies OK Debt Issue
DOMINICAN REP: Mining Sector Cries 'Help' as Miner Calls it Quits


E C U A D O R

EMPRESA PUBLICA: Fitch to Rate US$300MM Sr. Unsecured Notes 'B'


J A M A I C A

JAMAICA: Manufacturers Concerned About Fee Hike


M E X I C O

DER NEUE: Fitch Affirms 'B' International IFS Rating


V E N E Z U E L A

VENEZUELA: Maduro Rival Resigns From Post as Ambassador to UN


                            - - - - -


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A R G E N T I N A
=================


ARCOR SAIC.: Moody's Hikes Corporate Family Rating to Ba3
---------------------------------------------------------
Moody's Investors Service has upgraded ratings of 6 non-financial
non-utilities companies with operations in Argentina and has
changed the outlook on 5 of these companies.

The rating actions on these companies follow Moody's Investors
Service upgrade on November 29, 2017 of Argentina's government
bond rating to B2 from B3, with the outlook changed to stable from
positive.

ISSUERS AND RATINGS AFFECTED

Upgrades:

Issuer: Arcor S.A.I.C.

-- Corporate Family Rating, Upgraded to Ba3 from B1

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from
    B1

Outlook Actions:

Issuer: Arcor S.A.I.C.

-- Outlook, Changed To Stable From Positive

Upgrades:

Issuer: Raghsa S.A.

-- Corporate Family Rating, Upgraded to B2 from B3

-- Senior Unsecured Regular Bond/Debenture, Upgraded to B2 from
    B3

Outlook Actions:

Issuer: Raghsa S.A.

-- Outlook, Changed To Stable From Positive

Upgrades:

Issuer: Pan American Energy LLC

-- Corporate Family Rating, Upgraded to Ba3 from B1

Issuer: Pan American Energy LLC, Argentine Branch

-- Senior Unsecured Medium-Term Note Program, Upgraded to (P)Ba3
    from (P)B1

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from
    B1

Outlook Actions:

Issuer: Pan American Energy LLC

-- Outlook, Changed To Stable From Positive

Issuer: Pan American Energy LLC, Argentine Branch

-- Outlook, Changed To Stable From Positive

Upgrades:

Issuer: YPF Sociedad Anonima

-- Senior Unsecured Medium-Term Note Program, Upgraded to (P)B2
    from (P)B3

-- Senior Unsecured Regular Bond/Debenture, Upgraded to B2 from
    B3

Outlook Actions:

Issuer: YPF Sociedad Anonima

-- Outlook, Changed To Stable From Positive

Upgrades:

Issuer: CableVision S.A.

-- Corporate Family Rating, Upgraded to B2 from B3; Placed Under
    Review for further Upgrade

-- Senior Unsecured Regular Bond/Debenture, Upgraded to B2 from
    B3; Placed Under Review for further Upgrade

RATINGS RATIONALE

Arcor S.A.I.C.

Lead Analyst: Veronica Amendola

Person Approving Credit Rating: Marianna Waltz

Moody's upgraded Arcor's CFR and senior unsecured global notes'
ratings to Ba3 from B1. The company's outlook was changed to
stable from positive.

Arcor's rating upgrade to Ba3 from B1 is supported by its leading
market position as one of the largest global producers and
exporters of candy and leading manufacturer of cookies, processed
food and corrugated cardboard. The rating is also supported by the
limited volatility in products as the majority of its revenues are
derived from the relatively stable food business and attractive
expansion opportunities in its local and international business
mainly in Argentina, Brazil, Chile, Mexico and Peru. Its
international business gives it access to fast-growing developing
markets.

The stable outlook on Arcor reflects Moody's expectation that the
company's credit metrics and operations will remain solid. Arcor's
creditworthiness cannot be completely de-linked from the credit
quality of the Argentine government, and thus its ratings also
incorporate the risks that it shares with the sovereign.

Cablevision S.A.

Lead Analyst: Veronica Amendola

Person Approving Credit Rating: Marianna Waltz

Moody's upgraded Cablevision's CFR and ratings of the senior
unsecured notes to B2 from B3. The company's ratings remain under
review for possible upgrade.

Cablevision's rating upgrade to B2 from B3 is supported by its
position as the major player in the local media industry, with the
largest base of subscribers and a dominant market position in the
Pay TV industry as well as broadband services. The rating also
reflects Cablevision's strong credit metrics for its rating
category, adequate financial position and the company's advantage,
derived from having presence in the most populated and profitable
areas of the country.

The ratings are under review for upgrade since July 2017 when the
company announced a potential merger with Telecom Argentina S.A.
through a non-cash share exchange transaction that according to
Moody's estimates will create the largest and only integrated
telecom operator in Argentina offering a wide array of services,
while maintaining good liquidity and strong credit metrics. During
the review process, Moody's is monitoring the approval process of
the transaction, potential synergies, and to what extent the
combined company's rating could be decoupled from Argentina's
government bond rating currently at B2 stable.

Raghsa S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Marianna Waltz

Moody's upgraded Raghsa's CFR and senior unsecured notes' ratings
to B2 from B3, with the outlook changed to stable from positive.

The rating upgrade to B2 from B3 is supported by Raghsa's expected
growth in operating cash flow generation as a result of the new
Madero project ended in 2016, high occupancy rates and healthy
tenants base. Also supporting the B2 rating is Raghsa's moderate
leverage for the rating category and high quality assets, mostly
unencumbered, that support its liquidity profile.

Raghsa's stable outlook reflects Moody's view that the
creditworthiness of the company will be supported by steady
revenue growth and cash flow generation derived from the broad
base of tenants, high occupancy rates and multiple-year lease
contracts.

Pan American Energy LLC and Pan American Energy LLC, Argentine
Branch

Lead Analyst: Nymia Almeida

Person Approving Credit Rating: Marianna Waltz

Moody's upgraded Pan American Energy LLC CFRs to Ba3 from B1. At
the same time, Moody's upgraded to Ba3 from B1 the ratings of Pan
American Energy LLC, Argentine Branch's backed senior unsecured
notes and to (P)Ba3 from (P)B1 its backed senior unsecured MTN.
The ratings outlook for both companies was changed to stable from
positive.

The rating actions reflect the companies' solid cash generation
and interest coverage, strong sponsors, solid liquidity profile
and conservative financial policies despite declining oil prices
and rigid cost structure in Argentina.

PAE's stable rating outlook considers the company's solid credit
metrics for its rating category and assumes that the Argentine
government has incentives to maintain oil and gas prices at levels
that makes it economically attractive for oil companies to invest
to increase production and reduce the country's dependence on
imports of gas, which account for 20% of its consumption.

YPF S.A.

Lead Analyst: Nymia Almeida

Person Approving Credit Rating: Marianna Waltz

Moody's upgraded YPF S.A. senior unsecured notes' rating to B2
from B3 and its MTN program rating to (P) B2 from (P) B3, with the
outlook changed to stable from positive.

The rating action reflects the company's large oil and gas
production and reserve size, solid cash generation and credit
metrics for its rating category, its status as the largest
industrial corporate and energy company in Argentina, and the
linkage to the Government of Argentina, its controlling entity.

YPF's stable outlook assumes that, in the next two to three years,
the company's credit metrics will remain at current levels, which
are solid for a B rating category. Moody's believe that YPF's main
shareholder, the Argentine government i) will exert no influence
over the company to spend in capital expenditures or dividends
beyond its operating cash flow generation capacity and ii) has
incentives to maintain prices of crude and oil products at a level
that makes it economically attractive for oil companies to invest
to increase production and reduce the country's dependence on
imports of oil products and natural gas. YPF's creditworthiness
cannot be completely de-linked from the credit quality of the
Argentine government, and thus its ratings also incorporate the
risks that it shares with the sovereign.

METHODOLOGIES USED

The principal methodology used in rating CableVision S.A. was
Global Pay Television - Cable and Direct-to-Home Satellite
Operators published in January 2017. The principal methodology
used in rating Arcor S.A.I.C. was Global Packaged Goods published
in January 2017. The principal methodology used in rating Pan
American Energy LLC, Arg. Branch and Pan American Energy LLC was
Independent Exploration and Production Industry published in May
2017. The principal methodology used in rating Raghsa S.A. was
Global Rating Methodology for REITs and Other Commercial Property
Firms published in July 2010. The principal methodologies used in
rating YPF Sociedad Anonima were Global Integrated Oil & Gas
Industry published in October 2016, and Government-Related Issuers
published in August 2017.


BUENOS AIRES: Moody's Hikes Foreign Currency Issuer Rating to B2
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo upgraded
the Global/National Scales issuer and debt ratings in both --local
and foreign currencies- of six Argentine provinces and of four
municipalities and changed their outlooks to stable from positive.

In this same rating action Moody's affirmed the current B3/Baa3.ar
Global/National Scales --local and foreign currency- issuer and
debt ratings of the Province of Chubut and upgraded to B2 from B3
the Global Scale --foreign and local currency- ratings of Chubut's
Secured Notes while keeping its stable outlook.

This action follows Moody's recent upgrade to B2 from B3 of
Argentina's sovereign bond ratings (see press release titled
"Moody's Upgrades Argentina's Rating to B2; Outlook Stable",
https://www.moodys.com/research/Moodys-Upgrades-Argentinas-Rating-
to-B2-Outlook-Stable--PR_376034).

RATINGS RATIONALE

The ratings upgrade of the Provinces of Buenos Aires, Chaco,
Cordoba, Formosa, Misiones, Rio Negro, the City of Buenos Aires,
the municipality of Cordoba, the Municipality of Rio Cuarto and
the Municipality of Rio Grande, follows a similar rating action on
Argentina's sovereign bonds ratings and reflects the very close
economic and financial linkages that exist between Argentina's
government and Argentine sub-sovereigns.

In the case of the Province of Chubut, Moody's affirmed the
current rating of B3, to reflect the ongoing fiscal challenges
that both provinces still face, including weak operating balances
and high debt levels.

Finally, Moody's explained that the outlooks of all National
scales ratings remained stable in line with the outlook on their
global scales ratings.

ISSUERS AND RATINGS AFFECTED

The specific rating actions taken are described below:

1) Moody's upgraded the Global/National Scales local and foreign
currency issuer and debt ratings of the following issuers,
changing their outlooks to stable:

- Province of Buenos Aires: foreign and local currency issuer and
debt ratings upgraded to B2/(P)B2/B2/A3.ar from
B3/(P)B3/B3/Baa3.ar (on Global/Argentina's national Scales
local/foreign currency respectively); foreign and local currency
issuer and debt ratings upgraded to A3.ar from Baa3.ar on
Argentina's national scale. MTN ratings also upgraded to
B2/(P)B2/A3.ar from B3(P)B3/Baa3.ar.

- Province of Chaco: local currency issuer and debt ratings
upgraded to B2/B2/A3.ar from B3/B3/Baa3.ar (Global/Argentina's
national Scales, respectively). The local currency debt ratings of
Chaco's Senior Secured Notes due 2026 upgraded to B2/A3.ar from
B3/Baa3.ar (on Global/Argentina's national scales, respectively).

- Province of Cordoba: foreign and local currency issuer and debt
ratings upgraded to B2/B2/A1.ar from B3/B3/Baa2.ar (on
Global/Argentina's national Scales local/foreign currency
respectively).

- Province of Formosa: local currency issuer rating upgraded to
B3/Baa3.ar from Caa1/Ba1.ar (on Global/Argentina's national
Scales, respectively). The local currency debt ratings of
Formosa's Senior Secured Notes due 2022 upgraded to B3/Baa3.ar
from Caa1/Ba1.ar (on Global/Argentina's national scales,
respectively).

- Province of Misiones: local currency issuer and debt ratings
upgraded to B2/B2/A3.ar from B3/B3/Baa3.ar (on Global/Argentina's
national Scales, respectively)

- Province of Rio Negro: foreign and local currency issuer and
debt ratings upgraded to B2/(P)B2/A3.ar from B3/(P)B3/Baa3.ar (on
Global/Argentina's national Scales, respectively). MTN ratings
also upgraded to (P)B2/A3.ar from (P)B3/Baa3.ar.

- City of Buenos Aires: foreign and local currency debt ratings
upgraded to B2/(P)B2/B2/A1.ar from B3/(P)B3/B3/Baa1.ar (on
Global/Argentina's national Scales local/foreign currency
respectively).

- Municipality of Cordoba: local currency issuer and debt ratings
upgraded to B2/(P)B2/B2/A2.ar from B3/(P)B3/B3/Baa2.ar (on
Global/Argentina's national Scales local currency respectively).
Treasury Note Program ratings also upgraded to (P)B2/A2.ar from
(P)B3/Baa2.ar.

- Municipality of Rio Cuarto: local currency issuer and debt
ratings upgrade to B2/(P)B2/B2/A3.ar from B3/(P)B3/B3/Baa3.ar (on
Global/Argentina's national Scales, respectively). MTN ratings
also upgraded to (P)B2/A3.ar from (P)B3/Baa3.ar.

- Municipality of Rio Grande: local currency issuer ratings
upgraded to B2/A2.ar from B3/Baa3.ar (on Global/Argentina's
national scales, respectively).

2) The following ratings were affirmed at B3 while keeping its
outlook at stable:

- Province of Chubut: foreign and local currency issuer and debt
ratings affirmed at B3/(P)B3/Baa3.ar (Global/Argentina's national
scale, respectively). The local currency debt ratings of Chubut's
Senior Secured Notes were upgraded to B2/A2.ar from B3/Baa2.ar (on
Global/Argentina's national Scales, respectively).

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial ratings, and upgrade of Argentina's sovereign bonds
ratings and/or the improvement of the country's operating
environment could lead to an upgrade of the sub-sovereigns
ratings. Regarding the Provinces of Chaco and Formosa, further
improvements in their economic fundamentals --mainly in the growth
of their own-source revenues-- could also exert upward pressure in
these two provinces in particular. Conversely, a downgrade in
Argentina's bond ratings and/or further systemic deterioration or
idiosyncratic risks arising in the rated issuers could continue to
exert downward pressure on most of the ratings assigned and could
translate in to a downgrade in the near to medium term.

In the specific case of the Province of Chubut, a strong and
sustained improvement in its operating and financing performance
coupled to lower debt levels could lead to an upgrade of its
ratings. Conversely, a downgrade in Argentina's bond ratings
and/or further systemic deterioration or idiosyncratic risks
arising in this Province -- with for instance a debt to total
revenues ratio sustained at a 75% level - could exert downward
pressure on the ratings assigned and could translate in to a
downgrade in the near to medium term.

The principal methodology used in these ratings was Regional and
Local Governments published in June 2017.

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.


CAJA DE SEGUROS: Moody's Raises GLC IFS Rating to Ba3
-----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo upgraded
the global local currency (GLC) and national scale (NS) insurance
financial strength (IFS) ratings of 9 insurers and all 6
reciprocal guarantors in Argentina. In the same rating action,
Moody's upgraded the GLC IFS rating of 4 insurers, and affirmed
their national scale (NS) IFS ratings. The rating outlook of all
19 entities are now stable.

This portfolio-wide rating action on the Argentine insurers and
reciprocal guarantors follows Moody's Investors Service's recently
announced upgrade of Argentina's local-currency and foreign-
currency sovereign bond ratings to B2/stable from B3/positive, and
the concurrent raising of Argentina's long-term local currency
bond and deposit ceilings to Ba2 from Ba3 on November 29, 2017
(see press release titled " Moody's Upgrades Argentina's Rating to
B2; Outlook Stable ").

RATINGS RATIONALE

Moody's said that the rating upgrade for all 13 insurers and 6
reciprocal guarantors reflects a combination of the beneficial
impact of the sovereign upgrade on multiple aspects of their
financial profiles, including asset quality, capital adequacy and
financial flexibility, as well as their meaningful sensitivity to
sovereign and systemic risk. Given the entities' high sovereign
investment exposure and the close linkages between their credit
profiles and the sovereign, the country's sovereign rating upgrade
benefitted the companies' financial fundamentals. Moreover, the
upgrade of these entities also reflects the improvement in
Argentina's Institutional Strength, which resulted in a better
assessment of the country's insurance operating environment.

In the case of the 4 insurers whose ratings were upgraded to Ba2,
the upgrade also importantly considered the raising of Argentina's
local currency bond country ceiling to that level, as their
ratings would otherwise be constrained by the previous Ba3
ceiling.

The GLC and NS IFS ratings of the following 9 insurers and all 6
reciprocal guarantors have been upgraded. Their GLC IFS rating
outlooks have been changed to stable from positive, whereas their
NS IFS rating outlooks remain stable:

- Caja de Seguros S.A.: GLC IFS rating upgraded to Ba3 from B1.
   NS IFS rating upgraded to Aaa.ar from Aa1.ar

- Fianzas y Credito S.A. Cia. de Seguros: GLC IFS rating upgraded
   to B2 from B3. NS IFS rating upgraded to A2.ar from Baa2.ar

- La Segunda ART: GLC IFS rating upgraded to B1 from B2. NS IFS
   rating upgraded to Aa2.ar from A1.ar

- La Segunda Compa§ia de Personas S.A.: GLC IFS rating upgraded
   to B1 from B2. NS IFS rating upgraded to Aa2.ar from A1.ar

- La Segunda Coop. Ltda. Seguros: GLC IFS rating upgraded to B1
   from B2. NS IFS rating upgraded to Aa2.ar from A1.ar

- Origenes Seguros S.A.: GLC IFS rating upgraded to B1 from B2.
   NS IFS rating upgraded to Aa3.ar from A2.ar

- San Cristobal Seguros Generales: GLC IFS rating upgraded to B1
   from B2. NS IFS rating upgraded to Aa2.ar from A1.ar

- Seguros Sura S.A. (Argentina): GLC IFS rating upgraded to Ba3
   from B1. NS IFS rating upgraded to Aa1.ar from Aa2.ar

- Provincia Seguros: GLC IFS rating upgraded to B2 from B3. NS
   IFS rating upgraded to A1.ar from Baa1.ar

- Affidavit S.G.R.: GLC IFS rating upgraded to B2 from B3. NS IFS
   rating upgraded to A2.ar from Baa2.ar

- Aval Rural S.G.R.: GLC IFS rating upgraded to B1 from B2. NS
   IFS rating upgraded to Aa3.ar from A2.ar

- Fondo de Garantias del Chaco (FOGACH): GLC IFS rating upgraded
   to B2 from B3. NS IFS rating upgraded to A3.ar from Baa3.ar

- Garantia de Valores SGR: GLC IFS rating upgraded to B1 from B2.
   NS IFS rating upgraded to Aa3.ar from A2.ar

- Integra Pymes S.G.R.: GLC IFS rating upgraded to B2 from B3. NS
   IFS rating upgraded to A3.ar from Baa3.ar

- Vinculos SGR: GLC IFS rating upgraded to B2 from B3. NS IFS
   rating upgraded to A3.ar from Baa3.ar

Moody's went on to say that the GLC IFS rating upgrade for other
two insurers also considers the raising of Argentina's local
currency bond country ceiling to Ba2 from Ba3, as their ratings
would otherwise be constrained by the previous Ba3 ceiling. The
GLC IFS ratings of the following two insurers have been upgraded,
whereas their NS IFS ratings have been affirmed. Their GLC and NS
IFS rating outlooks remain stable:

- Chubb Seguros Argentina: GLC IFS rating upgraded to Ba2 from
   Ba3. NS IFS rating affirmed at Aaa.ar

- QBE Seguros La Buenos Aires S.A.: GLC IFS rating upgraded to
   Ba2 from Ba3. NS IFS rating affirmed at Aaa.ar

In addition to improved sovereign conditions and the raising of
Argentina's country ceiling, the rating agency said that the GLC
IFS rating upgrade for other two insurers also significantly
reflects the improvement in the country's insurance operating
environment, without which the current rating upgrade would have
been unlikely. The GLC IFS rating of the following two insurers
have been upgraded, whereas their NS IFS ratings have been
affirmed. Their GLC and NS IFS rating outlooks remain stable:

- ALLIANZ Argentina Compa§ia de Seguros S.A.: GLC IFS rating
   upgraded to Ba2 from Ba3. NS IFS rating affirmed at Aaa.ar

- BBVA Consolidar Seguros: GLC IFS rating upgraded to Ba2 from
   Ba3. NS IFS rating affirmed at Aaa.ar

In addition to company-specific rating drivers, the GLC IFS
ratings of Argentina's insurers and reciprocal guarantors could be
upgraded if the Argentine sovereign rating is upgraded further
and/or if the country's insurance operating environment improves.
Conversely, a deterioration in Argentina's sovereign rating and/or
insurance operating environment could result in a downgrade of the
companies' ratings.

The principal methodology used in rating Affidavit S.G.R., ALLIANZ
Argentina Compania de Seguros S.A., Aval Rural S.G.R., BBVA
Consolidar Seguros, Caja de Seguros S.A., Chubb Seguros Argentina,
Fianzas y Credito S.A. Cia. de Seguros, Fondo de Garantias del
Chaco (FOGACH), Garantia de Valores SGR, Integra Pymes S.G.R., La
Segunda ART, La Segunda Coop. Ltda Seguros, Provincia Seguros, QBE
Seguros La Buenos Aires S.A., San Cristobal Seguros Generales,
Seguros Sura S.A. (Argentina), and Vinculos SGR was Global
Property and Casualty Insurers published in May 2017. The
principal methodology used in rating La Segunda Compania de
Personas S.A. and Origenes Seguros S.A. was Global Life Insurers
published in April 2016.


EMPRESA DISTRIBUIDORA: Moody's Hikes Corporate Family Rating to B1
------------------------------------------------------------------
Moody's Investors Service upgraded the global scale debt and
issuer-level ratings for various utilities and infrastructure
companies operating in Argentina. At the same time, Moody's
assigned a B1 Corporate Family Rating (CFR) to Transportadora de
Gas del Sur S.A: (TGS). The outlook for all the affected issuers
is stable. The action follows Moody's recent upgrade of the
Argentine government's bond rating to B2 from B3 in conjunction
with the upgrade of the foreign currency country ceiling to B1
from B2. (https://www.moodys.com/research/Moodys-Upgrades-
Argentinas-Rating-to-B2-Outlook-Stable--PR_376034)

Issuers and ratings included in this action are as follows:

1) Empresa Distribuidora de Electricidad Salta

Corporate Family Ratings. Upgraded to B1 from B3

$65mm Senior Unsecured EURO MEDIUM TERM NOTES due 2021: Upgraded
to B1 from B3

2) Empresa Distribuidora Norte S.A.

Corporate Family Ratings. Upgraded to B1 from B3

$176mm Senior Unsecured GLOBAL NOTES due 2022: Upgraded to B1 from
B3

3) Albanesi S.A. / Generacion Mediterranea S.A., respectively

Corporate Family Ratings. Upgraded to B2 from B3

Sr. unsecured global notes due 2023: Upgraded to B2 from B3

4) Genneia S.A.

Corporate Family Ratings and $350mm Senior Unsecured GLOBAL NOTES
due 2022. Upgraded to B2 from B3

5) Transportadora de Gas del Sur S.A.

Corporate Family Ratings. Assigned B1

$255mm Senior Unsecured GLOBAL NOTES due 2020: Upgraded to B1 from
B3

6) Aeropuertos Argentina 2000 S.A.

Corporate Family Ratings and $400mm SR SEC GLOBAL NOTES due 2027.
Upgraded to B1 from B2

RATINGS RATIONALE

The upgrade acknowledges the more favorable operating conditions
and recent positive developments for infrastructure companies in
the country, namely ongoing adjustments to power prices and
regulated tariffs in general.

The action takes into consideration credit-positive structural
changes to Argentina's regulatory framework that will improve the
utilities' financial strength:

* For regulated utilities, the improvement in financial metrics
already materialized in 2017, reflecting the first phase of the
tariff increase implemented by the RTI's (integral tariff review)
processes for both gas and electricity early this year.
Furthermore, the upgrade incorporates Moody's view that a second
phase adjustment will be applied following the recent conclusion
of public hearings on the topic as well as the publication of the
new tariff on December 1st.

* For power companies, the reliance on the government controlled
Cammesa as the key offt-aker closely links the credit quality of
those companies to that of the government of Argentina.

* Aeropuertos Argentina 2000 (AA2000) was upgraded to B1 form B2,
to capture the issuer's fundamental credit quality and very strong
credit metrics. Moody's note that AA2000 operating performance has
been particularly stronger than indicated by its assigned B1
rating and therefore the Argentina country ceiling is the main
constrain for its rating.

Rating Outlook

The stable outlook for all these companies mainly reflects Moody's
stable outlook for Argentina's government bond rating and Moody's
view that the creditworthiness of these companies continues to be
highly dependent on the credit quality of the Argentine
government.

WHAT COULD CHANGE THE RATINGS UP/DOWN

In light of the recent upgrade and stable outlook, Moody's does
not anticipate a further rating upgrade in the near term for
infrastructure companies, which would require a rating upgrade of
the sovereign.

Negative pressure on ratings could materialize if fundamental
strength of infrastructure issuers is challenged by: a) unforeseen
adverse regulatory developments or b) adoption of aggressive
financial policies that lead companies to excessive leverage or
aggressive distributions for a prolonged period of time

The principal methodology used in rating Transportadora de Gas del
Sur S.A. was Natural Gas Pipelines published in November 2012. The
principal methodology used in rating Aeropuertos Argentina 2000
S.A. was Privately Managed Airports and Related Issuers published
in September 2017. The principal methodology used in rating
Empresa Distribuidora Norte S.A., Empresa Distribuidora De
Electricidad De Salta S.A. was Regulated Electric and Gas
Utilities published in June 2017. The principal methodology used
in rating Albanesi S.A, Generacion Mediterranea S.A., Genneia S.A.
and Enel Generacion El Chocon S.A. was Unregulated Utilities and
Unregulated Power Companies published in May 2017.


MERCADO LIBRE: Moody's Assigns B1 CFR; Outlook Stable
-----------------------------------------------------
Moody's Latin America assigned a B1 local currency global scale
corporate family rating (CFR) to Mercado Libre S.R.L.(ML), the
Argentina subsidiary of Mercado Libre Inc (MELI, not rated). At
the same time, Moody's assigned a Ba3 local currency global scale
rating and an Aaa.ar national scale rating to the up to ARS 4,250
million bank credit facility with Banco de la Nacion Argentina.
This is the first time Moody's rates ML. The rating outlook is
stable.

RATINGS RATIONALE

ML's B1 corporate family rating reflects its well-recognized
online retail brand name in Latin America and its leading
competitive position in multiple segments and strong operating
performance, particularly in its online platform marketplace,
which accounts for the majority of the company's operating income.
The ratings are also supported by ML's significant cash flow
generation, low leverage and good liquidity profile which includes
cash and short-term investments exceeding USD95 million at
December 31, 2016. With over 5.948 employees and USD844 million in
revenues across the region, Moody's acknowledges that MELI, ML's
parent company, is the largest internet retailer in Latin America
and has a sizable international presence through seven
international websites that it operates in Brazil, Argentina,
Mexico and Chile, among others.

Given the still limited online business penetration in Latin
America, Moody's believes that online retail business will
continue to experience strong growth over the next several years
supporting ML's progress. Moody's believes ML is well positioned
to benefit in Argentina from the consumer trend of increasingly
purchasing online as opposed to purchasing in physical formats.
However, Moody's expects online retailing will become more
competitive as numerous traditional retailers turn their focus to
their online presence and capabilities, which could slow ML growth
rates in the long term. The rating acknowledges that ML has other
growth opportunities from new geographies it can enter along with
new products it can launch in its existing geographies.

Mitigating the company's credit strengths are its limited size and
scale and the fierce competition coming from larger players in the
online market that could pressure market share in its main core
business.

ML's Ba3 and Aaa.ar ratings on the bank credit facility with Banco
de la Nacion Argentina, one notch above the B1 global scale
rating, reflects the strength of the credit line that will be
fully secured by ML's credit card receivables.

The stable outlook reflects Moody's expectation that ML will be
able to maintain its strong market position and regionally well
recognized brand name. It also reflects Moody's expectation that
ML will maintain solid operating performance while preserving a
good balance sheet and liquidity profile.

ML's ratings could be upgraded if the company further increases
materially its size and scale amidst expected positive growth
prospects for the online retail business, while maintaining its
strong business and financial profile and a solid liquidity.

ML's ratings could be downgraded should ML's market position or
operating performance deteriorate to the extent that its credit
metrics are negatively impacted and/or should it no longer
maintain good liquidity. Quantitatively, ML's ratings could be
downgraded if RCF/net debt fell below 20% or interest coverage was
sustained below 2 times.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Headquartered in Buenos Aires, Argentina, Mercado Libre S.R.L is
the Argentine branch of Mercado Libre Inc (MELI). MELI is the
largest online commerce ecosystems in Latin America and the 7th
globally measured by unique visitors. With presence in 18
countries, including Argentina, Brazil, Mexico, Colombia, Chile,
Venezuela and Peru, MELI is the leading e-commerce and commercial
technology solutions company in Latin America. Based on unique
visitors and page views, MELI has a leading market position in
most of the countries in which it operates, including Argentina.
Their platform in each country is designed to provide users with a
complete portfolio of services to facilitate commercial
transactions, which includes seven integrated e-commerce services:
(i) MercadoLibre Marketplace, (ii) MercadoLibre Classifieds
Service, (iii) MercadoLibre advertising program, (iv) MercadoShops
online web store solution, (v) MercadoEnvios shipping service,
(vi) MercadoPago payments solution and (vii) MercadoCredito.

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.


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


CENTRAIS ELETRICAS: Moody's Affirms Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 rating of Centrais
Eletricas Brasileiras SA - Eletrobras, including the company's
senior unsecured debt and corporate family rating (CFR).
Simultaneously, Moody's raised the company's baseline credit
assessment (BCA) to b1 from b2 and changed the outlook for all
ratings to stable from negative. This action reflects Eletrobras'
liquidity improvement, evolving operating profile and strengthened
corporate governance.

Affirmations:

Issuer: Centrais Eletricas Brasileiras SA -- Eletrobras

-- Corporate family ratings (CFR), Affirmed at Ba3

-- $1750M Global Notes due 2021, Affirmed at Ba3

Outlook for all ratings changed to stable from negative

RATINGS RATIONALE

The upgrade of Eletrobras' BCA reflects the company's better
credit metrics on a stand-alone basis, and the ongoing progress of
its corporate restructure plan to enhance internal controls and
improve profitability. It also considers Moody's perception of
improved liquidity through September 2017, specifically related to
a more robust cash position to meet upcoming debt maturities over
the next 12 months. Constraining Eletrobras' credit profile are
the high debt levels and large contingent liabilities.

Eletrobras' Ba3 ratings consider Moody's joint default analysis
for the company as a government-related issuer and therefore, it
incorporate Moody's expectations on the credit profile of the
Brazil's government (Ba2 negative) and assumptions for moderate
support and high dependence levels from the government of Brazil.
Eletrobras' dominant position in the Brazilian electricity market
along with its strategic role for regional economic development
given the participation in most of the country's relevant energy
projects further support the ratings.

The stable outlook on Eletrobras' ratings incorporates Moody's
view that the company's credit profile will continue to gradually
improve counterbalancing the negative outlook on the government of
Brazil's Ba2 rating.

The government's plan to dilute its participation in Eletrobras
through an equity offering and the changes in the concession
framework under discussion, provide opportunities for the company
to further strengthen its operating and financial profile. At the
same time, Moody's recognizes high uncertainties for this process
to be completed in 2018, thus any potential benefits of the
privatization have not been incorporated it into the ratings at
this time.

Over the last year, Eletrobras made significant progress to build-
up its internal controls through the implementation of a shared
service center and an integrated computer-network management
system for consistency in the reporting of all its subsidiaries.
The company's also implemented an extraordinary retirement plan,
reaching about 86% of its employee reduction target. Together,
those initiatives are expected to generate consolidated savings of
approximately BRL1.5 billion per year for Eletrobras.

In terms of corporate governance, the company took several
initiatives to bring its internal practices in line with local and
international regulatory standards, such as updating the code of
ethics to comply with stricter governance laws in Brazil and
alignment of its bylaws for an uniform approach towards approval
levels for existing and future investments across the company.

There are other pending developments to achieve a leaner operating
structure, including the divesture of six distribution companies:
CEPISA, CEAL, Eletroacre, CERON, Boa Vista Energia and Amazonas D,
and the sale of ownership stakes in 77 special purpose entities
(SPEs) comprising 3,354 kilometers of transmission lines and 862
MW of wind power generation projects. The restructuring plan also
includes the transfer of indirect equity interests at certain SPEs
to the holding-company level, with the elimination of intercompany
loans. Moody's base case scenario considers those initiatives to
be mostly completed during first half of 2018.

As of September 30, 2017, Eletrobras reported a cash outstanding
balance representing 146% of short term debt maturities up from
99% in fiscal year-end 2016. The company's leverage, as measured
by the Cash from operations before working capital change (CFO pre
WC) to debt ratio, reached 5% in the last twelve months ended
September 30, 2017, up from 0.3% in December 31, 2016. Meanwhile,
the CFO pre WC interest coverage ratio improved to 1.3x from 1.0x.
Those levels are sustainable over the next 3 to 4 years with the
ongoing developments of its business restructuring plan.

Constraining the credit profile improvement is Eletrobras' high
debt burden. For the most recent reporting period, the company
accounted for about BRL46 billion in consolidated debt
outstanding. The company also has approximately BRL16 billion in
past due obligations with suppliers (mainly Petrobras). Although
part of those liabilities are covered by reimbursement credits
from sector charges, there are disputes with the regulator ANEEL
to determine the exact credit amount and the timing for
compensation. Eletrobras also has BRL23 billion in provisions to
address probable losses in lawsuits of the company and its
subsidiaries are parties underway in the courts; but it will not
materialize all at the same time in the next 12-18 months, which
mitigates the impact on the company's liquidity.

The unfavorable performance of the distribution companies has been
hurting Eletrobras' credit metrics. The successful exit of those
businesses will enhance the consolidate profitability, but balance
sheet leverage will likely increase, since the proposed
privatization model considers Eletrobras providing equity
increases or upstream debt lying at the level of the operating
distribution companies. As such, Moody's estimates Eletrobras
consolidated debt to book capitalization ratio will reach 53% in
2018, up from the current 47%, and will probably stay in the low
fifties towards the end of this decade.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward ratings pressure could result from a sustained trend of
stronger internal cash generation and the extension of the
company's debt maturity profile. Quantitatively, the ratings could
be upgraded if Moody's see an upturn in the company's overall
metrics so that the cash from operations before changes in working
capital (CFO pre-WC) to total debt ratio approaches 10% and the
interest coverage remains above 1.5x on a sustainable basis.
Moody's may also consider an upgrade of Eletrobras ratings
following a material reduction of the uncertainties around the
company's contingent liabilities or the government's privatization
plan.

Downward rating pressure could come with a deterioration in the
company's liquidity profile resulting from challenges in
refinancing its short term debt obligations and/or an unexpected
large cash outlays related to the company's contingent
liabilities. Moody's would consider a downgrade if such pressures
were not mitigated by an extraordinary financial support from its
shareholders or upcoming asset sales. A weakened support of the
regulatory framework could also prompt a downward action, as well
as further deterioration in the sovereign's credit quality.

Headquartered in Rio de Janeiro, Eletrobras is a holding company
controlled by Brazil's federal government with 51% of Eletrobras'
voting capital and 41% of its total capital. Eletrobras is the
largest Brazilian generation and transmission company, in the
twelve months ended September 30, 2017 the company reported
BRL28.1 billion in net revenues (excluding construction revenues,
CELG-D and the RBSE). Eletrobras' transmission lines comprise
70,148 kilometers, or 47% of the country's total high-voltage
transmission lines. Eletrobras' electricity generation has
installed capacity of 47 gigawatts, which accounts for 31% of
Brazil's total generation installed capacity, besides, the company
also has 22.4 GW in projects under construction to be completed by
2023. The distribution business, largely composed of small
distribution companies in the north and center west portions of
Brazil, represents around 5% of the total energy distributed in
the country.

The methodologies used in these ratings were Regulated Electric
and Gas Utilities published in June 2017, and Government-Related
Issuers published in August 2017.



LUPATECH S A: S&P Affirms 'CCC-' Global Scale CCR
--------------------------------------------------
S&P Global Ratings affirmed its 'CCC-' global scale and 'brCCC-'
national scale corporate credit ratings on Lupatech S.A.
Subsequently, S&P withdrew the ratings at the company's request.
The outlook was stable at the time of the withdrawal.

At the time of withdrawal, ratings reflected the company's fragile
liquidity and heavy dependence on asset sales in order to maintain
its short-term financial commitments.

S&P said, "We believe Lupatech has been taking some positive
actions in light of its judicial recovery plan, including the
partial sale of its Colombian service operations and the recently
proposed issuance of R$30 million convertible debentures, most of
the proceedings from which the company plans to pay down labor
obligations. In addition, Lupatech's adherence to the Brazilian
Special Tax Refinancing Program is beneficial in terms of working
capital dynamics.

"Nevertheless, we believe the company's liquidity will take longer
to improve, because we expect Lupatech to post an EBITDA loss
during 2018. Reported cash position as of Sept. 30, 2017, was
equivalent to R$7.3 million, while the company has to handle R$32
million in short-term debt maturities, and capex and interest
expenses roughly at R$3 million each in the next 12 months,
according to our expectations."


OI SA: Brazil Telecoms Regulator Rejects Shareholder Petition
-------------------------------------------------------------
Reuters reports that Brazil's telecommunications regulator Anatel
said it rejected a petition by Societe Mondiale, a shareholder in
Oi SA, to stop Aurelius Capital Management inking a debt
restructuring accord with the struggling Brazilian telecoms
company.

The regulator said in a statement, however, that it would open an
administrative inquiry to examine claims levied by Societe
Mondiale, an investment vehicle of distressed debt tycoon Nelson
Tanure, regarding Aurelius' holdings in the nation's telecoms
sector, according to Reuters.

"It's very welcome given that it opens an investigation into
conflicts of interest with regards to Aurelius and its position as
a controller of Nextel," a spokesman for Societe Mondiale said,
the report notes.

Societe Mondiale, which controls Oi's board through alliances,
asked Anatel to prohibit the management of Oi, which is currently
in bankruptcy protection, from signing a contract or engaging in
debt negotiations that would imply a transfer of control to
Aurelius allies, the report relays.

U.S. hedge fund Aurelius is leading a group of Oi creditors known
as the International Bondholders Committee, which is pushing for a
debt restructuring plan opposed by the board, the report
discloses.

Spokespeople for the Aurelius-affiliated creditors did not
immediately respond to requests for comment.

In the original petition, Societe Mondiale said that under the
bondholders' restructuring plan, Aurelius would become co-
controller of Oi, the report relays.  The complaint also said that
Aurelius holds almost 17 percent of competing telecoms operator
Nextel Communications Inc. through intermediaries, the report
says.

According to the complaint, Aurelius -- due to its Nextel stake --
would break Brazilian antitrust rules if its restructuring plan
for Oi were to go into effect, the report relays.

"Anatel decided to notify the parties against which the complaint
was filed of a 15-day deadline to present clarifications regarding
the possible transfer of control of Nextel Telecomunicacoes and
Nextel Participacoes," the regulator said, referring to Nextel
units in Brazil, the report says.

According to a source close to Aurelius, the U.S. hedge fund
disputes the Societe Mondiale claim that it holds close to 17
percent of Nextel, asserting that it holds less than 6 percent,
the report adds.

                           About Oi SA

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

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

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

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

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

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

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

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

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


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


DOMINICAN REP: Santo Domingo Metro Becomes 'Too Little' for Demand
------------------------------------------------------------------
Dominican Today reports that the Santo Domingo Metro's 48.5
kilometers of tracks don't meet the daily demand of commuters
looking for a fast, comfortable, cheap and safe transport.

From 7 to 9 a.m. and 5 to 8 p.m. chaos reigns in the busiest
stations, while the commuter transfer at the John F. Kennedy and
Maximo Gomez station, pushing and shoving is the norm to board the
trains, according to Dominican Today.

"The Metro is already becoming too little for us," warns the
straphanger Freddy Nunez, who was sitting in a train, a privilege
in "rush hour," the report relays.

Quoted by eldia.com.do, the commuter said a few days ago he had to
wait for three trains to pass before boarding a car on Line 2, the
report notes.

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.


DOMINICAN REP: Despite 'Indebtedness', Deputies OK Debt Issue
-------------------------------------------------------------
Dominican Today reports that declared urgent and with opposition
legislators questioning the Government's "spiraling indebtedness",
the Chamber of Deputies approved several financing bills, and
authorized the Executive Branch to issue securities on public debt
for RD$175.5 billion (US$3.7 billion) to cover the deficit in the
2018 Budget.

This initiative which counted on a favorable report from the
Finance Commission passed 111 votes to 41, according to Dominican
Today.

                               Opposition

However, the deputies of the major opposition party (PRM), Faride
Raful and Francisco Paulino, submitted a dissenting report to the
Chamber floor, which warns of a RD$53.6 billion jump compared with
2017, the report notes.

"This spiraling indebtedness is unsustainable and if we don't take
the corresponding measures we can see ourselves in a situation of
severe adjustment," the report quoted Mr. Raful as saying.

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.


DOMINICAN REP: Mining Sector Cries 'Help' as Miner Calls it Quits
-----------------------------------------------------------------
Dominican Today reports the president of the Roundtable of
Commonwealth Countries in the Dominican Republic urged stronger
legal guarantees for foreign investment in the mining sector, to
bolster the country's competitiveness as an investment
destination.

Fernando Gonzalez Nicolas, who inaugurated the seminar "The future
of mining in the Dominican Republic," said the Commonwealth
countries, "are the main investors in the mining sector in our
country, have been attracted by favorable conditions traditionally
offered by the nation for the establishment of foreign companies
seeking new business opportunities, and that impacted the economic
growth experienced in recent decades," according to Dominican
Today.

"For us, foreign investment is not only a source of wealth, but
also of transfer of technology and knowledge, as well as economic
and social development, so it remains for all of us to continue to
encourage and protect it," the report quoted Mr. Nicolas as
saying.

                  Improved Quality of Life

Dominican Republic Mining and Petroleum Chamber (Camipe),
president Jose Sena, stressed the mining industry's positive
impact not only on the national economy, but also on the quality
of life of communities, "beyond the fiscal or financial
contributions generated by the sector," the report notes.

"Mining operations, in addition to generating over 11,000 jobs and
contributions to the treasury for around US$1.4 billion, produces
a significant economic contribution along a value chain that
includes suppliers in areas such as telecommunications, energy,
security, electronic technology and environmental mitigation," the
report quoted Mr. Sema as saying.

Mr. Sema noted additional income from the consumption of food,
uniforms, cleaning supplies, office supplies, services
transportation and stationery, "in line with a responsible mining
with the environment and with the community environment, in
accordance with the highest international standards that govern
the sector at present," the report notes.

The president of Camipe stressed that "the role of mining in the
progress of nations, through its use in the development of
fundamental goods for the development of countries, such as
medical equipment, infrastructures, buildings, space satellites,
communication devices and electronic. "We could ensure that
without mining there is no technological development, and
therefore there is no development," he said, the report relays.

The report notes that Mr. Sena called on the Govt. to protect the
social and economic benefits generated from mining, through the
implementation of greater efforts to create adequate and better
conditions to guarantee existing mining operations and encourage
new investments in the sector.

"Due to the technical and specialized nature of the mining sector,
its operation cycle is very long term, which implies that a mining
company can take years, even more than a decade, before
identifying productive deposits.  This is why, in view of the
definition of an adequate regulatory framework, it is necessary to
take into account these technical aspects that are characteristic
and decisive for the sustainability of extractive projects," the
business leader aid, the report relays.

Mr. Sena and Mr. Gonzalez agreed on the need to guarantee
regulatory stability, transparency and security of the investments
to develop the industry and to instill confidence in new foreign
investors on the return on their investments, guaranteed by a
state of law well defined and respectful of the pre-established
rules, the report says.

"Our entity sees with concern how the Dominican Republic becomes
less attractive for investors in the mining sector, which is
reflected in the recent rankings of competitiveness of the
industry, and this reality could be accentuated by a sudden and
inconvenient change in the regulatory framework, since this would
hinder the ideal development of the mining cycle, impacting it
negatively, " said the head of Camipe, the report relays.

"The Dominican Republic is called to take as a reference the
legislative changes in other countries where the value of mining
and its social benefits are really understood, in order to
safeguard the sector and promote more investments, which have
generated positive results in the industry and in the economic
development of those countries," Mr. Sena told participants in the
seminar also attended by Canadian envoy Shauna Hemingway and
British ambassador Chris Campbell, the report notes.

                      Gold Miner Calls it Quits

The statements from Sena and Gonzalez come amid the announcement
by PanTerra Gold, which "has put its Dominican Republic gold
processing plant up for sale after failing to win support from the
local government for its future plans," the report relays.

"PanTerra had been planning to continue operating the Las Lagunas
process plant using imported concentrate after the current
tailings retreatment project comes to an end in mid-2019," the
outlet reports, Dominican Today notes.

"The company has been frustrated by the lack of enthusiasm or
engagement by the government on the proposal for the past two
years, and has decided that, unless there is a marked change in
demonstrated support for the proposal in the near term, the
concept will be abandoned," PanTerra told investors, 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.


=============
E C U A D O R
=============


EMPRESA PUBLICA: Fitch to Rate US$300MM Sr. Unsecured Notes 'B'
---------------------------------------------------------------
Fitch Ratings expects to assign a 'B'/'RR4' rating to the
US$300 million senior unsecured notes issued by Empresa Publica de
Exploracion y Explotacion de Hidrocarburos Petroamazonas EP (PAM)
due 2020. The transaction is a remarketing of the notes originally
issued in Nov. 6, 2017 to Consorcio Shushufindi. The notes are
fully covered by a sovereign guarantee, which constitutes a
general, direct, unsecured, unsubordinated and unconditional
obligation of the sovereign. The guarantee is backed by the full
faith and credit of the Republic of Ecuador and ranks equally in
terms of priority with other sovereign debt.

PAM's senior unsecured notes rating is linked to the Republic of
Ecuador's ratings as guarantor. This linkage reflects PAM's
importance to the government of Ecuador as the main supplier of
the country's energy supply, and large contributor of USD and
government revenues.

KEY RATING DRIVERS

Sovereign Guarantee: Fitch's ratings on PAM's senior unsecured
notes are linked to the Republic of Ecuador's rating as guarantor
of the notes. The notes are fully covered by a sovereign
guarantee, which constitutes a general, direct, unsecured,
unsubordinated and unconditional obligation of the sovereign. The
guarantee is backed by the full faith and credit of the Republic
of Ecuador and ranks equally in terms of priority with other
sovereign debt.

Importance to the Government: PAM is fully owned by the government
of Ecuador. The Republic has absolute control over business
strategies and the company's revenue generation. PAM is
strategically important for the country as it provides the vast
majority of the country's hydrocarbon supply. Government support
is further evidenced by the Minister of Finance's annual
contribution to fund PAM's operations.

Significant Contributor to Government Revenue: Ecuador is highly
dependent on oil. Net revenues to the government from PAM have
historically averaged between USD4.2 billion - USD 7 billion.
Petroleum and derivatives represented 18% of public sector
revenues in 2015, a drop from 28% in 2014. This decline is due to
the sharp drop in oil prices. As prices recover, Fitch expects
this percentage to climb to historical levels. PAM has a
competitive cost structure and could withstand depressed prices if
its revenue generation was based on market price, which it is not.
Due to a lack of a defined revenue structure, the company is
reliant upon government transfers to cover its ongoing operations
and debt service payments.

Large FX Flows: Ecuador relies on exports and tourism for
generating U.S. dollars. Crude oil has historically represented
50% of the country's exports. FX proceeds related to oil declined
to 32% of export revenues in 2016 due to the dive in oil prices.
While lower than historical levels, the revenues are still the
largest single source of U.S. dollar inflows. The percentage
should climb toward historical levels in the future as oil prices
rebound. The country's petroleum export destinations are rather
narrow with three countries - U.S. (51.8%), Chile (16.2%) and Peru
(12.3%) - accounting for more than 80% of exports.

Strong Operational Metrics, Uncertain Revenue Generation: PAM
reported good operational metrics tempered by the uncertainty of
its revenue generation. As of December 2016, PAM's proved reserves
amounted to approximately 1.534 billion barrels of oil equivalent
(boe), of which almost all is oil, equivalent to approximately 13
years of reserve life. PAM's leverage is low at about less than
USD1 of debt per barrel of proved reserves as of December 2016.
Despite adequate production levels and reserve life, political
risk remains high for the company, as its revenue generation
totally depends on fund transfers from the government and the
timing of receipt of these funds.

Sovereign's Weaker Growth and Liquidity Expectations: The sharp
fall in public investment and generally weak potential for foreign
direct investments (FDI) have undermined Ecuador's growth
prospects. Fitch expects the economy to grow by 0.7% in 2017 and
less than 2% a year over the next three years after a GDP
contraction of 1.6% in 2016. Ecuador's external liquidity is weak
compared with peers due to its low international reserves, low FDI
and growing external debt. The external liquidity ratio is 82%,
compared with 172% for the 'B' rating category median.

Ecuador's High Deficit Will Increase Debt: Ecuador's fiscal
deficits averaged 7.4% of GDP in 2016, driven in large part by a
sharp fall in government revenues. The fall was a result of the
recession, the fall in the oil price, and lower social security
revenues due to lower employment. Fitch expects the fiscal deficit
to widen further to 5.9% of GDP in 2017, due in large part to
capital expenditure cuts as well as a stabilisation of government
revenues on the back of the economic recovery.

DERIVATION SUMMARY

PAM's ratings reflect its close linkage with the sovereign rating
of Ecuador due to being owned by the Republic of Ecuador and its
strategic importance to Ecuador as one of the largest suppliers of
crude oil to the country. Ecuador depends on oil exports as a
significant source of hard currency for the country, which
historically has represented 50% of the country's exports. The
sovereign linkage is further evidenced by the sovereign guarantee
provided to PAM to cover its debt obligations under the notes.

PAM is well positioned relative to its peers in terms of reserves,
reserve life, and debt/1P reserves. Despite adequate production
levels and reserve life, political risk remains high for the
company as its revenue generation totally depends on fund
transfers from the government and timing for receiving them.

KEY ASSUMPTIONS

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

-- Senior unsecured notes fully guaranteed by the Republic of
    Ecuador;
-- Production levels remain stable at approximately 360,000
    barrels of oil equivalent per day (boed) and Sacha Field would
    contribute an additional 72,000 boed;
-- Approved budget and consequent government transfers will be
    enough to cover operating expenses, capex investments and debt
    service payments;
-- Annual capex of approximately USD 2 billion per year for the
    next three years.

RATING SENSITIVITIES

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

-- An upgrade of PAM's senior unsecured notes guaranteed by the
    government could result from an upgrade of the sovereign.

Future developments that could individually, or collectively,
result in a positive rating change for Ecuador's sovereign ratings
include:

-- Renewed growth momentum, for example, from higher investment
    in the oil sector;
-- Productivity-enhancing reforms and improvements in the
    business environment,
-- Implementing policy adjustments to preserve fiscal
    sustainability and boost the economy's external liquidity
    position relative to peers.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:
A negative rating action could be triggered by a downgrade of the
sovereign's rating.

The main factors that could individually, or collectively, lead to
a negative rating change for Ecuador's sovereign rating include:
-- Government's failure to adjust its fiscal accounts, leading to
    a continued rapid rise in the general government debt burden
    and to significant financing constraints;
-- Another economic downturn.

LIQUIDITY

PAM's credit profile is supported by an adequate liquidity
position; the company's cash position as of October 2017 was
USD78.3 million, which compares favorably to USD19 million of
short term debt. Nevertheless, PAM's liquidity position may weaken
as result of its considerable cash requirements which may include
capex investments and working capital needs. PAM does not have any
secured committed revolving credit lines. As of October 2017,
total debt was USD689.7 million. In November 2017, the company
issued approximately USD300 million of additional notes which are
guaranteed by the Republic of Ecuador and which are part of the
proposed remarketing of the notes. The company's access to the
markets will be driven by the sovereign's ability to continue
tapping the local and international markets.

FULL LIST OF RATING ACTIONS

Fitch expects to assign the following rating:

-- USD 300 million sr. unsecured notes guaranteed by the
    government of Ecuador due 2020 'B'/'RR4'.

Fitch currently rates PAM:
-- USD 315.3 million sr. unsecured notes guaranteed by the
    government of Ecuador due 2020 'B'/'RR4'.


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


JAMAICA: Manufacturers Concerned About Fee Hike
------------------------------------------------
RJR News reports that manufacturers are concerned about the
implications of announcement by haulage contractors who operate at
the island's ports of an immediate hike in mounting and grounding
fees.

The charges, which are associated with the loading and unloading
of containers, will move from US$15 to US$25, according to RJR
News.

General Manager of the Port Trailer Haulage Association, Ricardo
Valentine, says the increase is a result of the long delays being
experienced at terminal facilities in Kingston, the report notes.

President of the Jamaica Manufacturers Association, Metry Seaga,
says this will have a negative impact on the productive sector,
the report relays.

"Well we haven't had an opportunity to review the statement in its
entirety, but our initial reaction is that it is going to have a
negative impact on us because its additional charges . . . the
delays hurt us and now additional charges will hurt us. We will
have to discuss the matters at length.  These delays cannot
continue to happen . . . it's bad news," he said, the report
notes.

Mr. Seaga says the Association will be trying to get answers on
the cause of the delays at the wharves, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings affirmed on Sept. 25, 2017, its 'B' long- and
short-term foreign and local currency sovereign credit ratings on
Jamaica. The outlook on the long-term rating remains stable. At
the same time, S&P Global Ratings affirmed its 'B+' transfer and
convertibility assessment on the country.


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


DER NEUE: Fitch Affirms 'B' International IFS Rating
----------------------------------------------------
Fitch Ratings has affirmed Der Neue Horizont Re, S.A.'s (Der Neue)
'B' International Insurer Financial Strength (IFS) rating and
National Scale IFS rating at 'B' and 'BBB-(mex)', respectively.
The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings were assigned based on a stand-alone approach, which
indicates that the company is rated strictly based on its
individual financial profile. In this case, Der Neue's assessment
is reflected in the IFS. Fitch's decision to use an individual
approach is based on the lack of data with which to determine
stakeholder's credit profile and inclination to provide support
whenever the company is under pressure. Also, external barriers
may exist restricting capital/resources transfer among
subsidiaries.

Der Neue became authorized by Mexico's Insurance and Surety
National Commission (CNSF; on Dec. 13, 2014); as of September
2017, the company had grown its capital to USD20.7 million. At
mid-year-2017, Der Neue was the fourth largest company in terms of
premiums written, considering companies that underwrite only
agriculture products. Fitch recognizes that market conditions
benefit company growth; nevertheless, any expansion must be
consistent with the company's financial and operational
capacities. The inherent lack of a track record is a significant
limitation on the current ratings.

The company's financial performance is initially limited by the
kinds of risks faced by start-up companies in a highly competitive
market. Therefore, Der Neue's capacity to generate a critical mass
in premiums that would allow it to absorb operating costs and
claims in a competitive market, including product marketing, will
be important in determining the insurers future performance. Also,
considering the low-risk retention plan (less than 5% of
premiums), future development relies on its ability to retain a
good reinsurance portfolio and also good underwriting results in
order to maximize the commission income that is a key portion of
its expected recurring revenues.

Apart from the MXN92.5 million (USD4.8 million) needed to start
operations, the company has not required additional capital
injections as of September 2017. Through the Board of Directors,
underwriting is limited by stakeholder appetite, which Fitch
considers a conservative approach. As of June 2017, liabilities-
to-equity was 3.4x, lower than its peers of 5.2x; also, adjusted
liabilities to equity (considering catastrophic reserves as
capital) ratio stood at 2.7x, favourable when compared to the
agricultural sector's average of around 3.7x. The company business
plan calls for controlled leverage (liabilities-to-equity) of
around 3.5x , while the expected low retention level should yield
a ratio of net retained premiums-to-equity no higher than 26%
(September 2017:11.0%).

Der Neue's equity level to leverage its growth strategy in the
short term is adequate and aligned with assumed risks, though the
projections provided may be sensitive to changes in terms of
expected claims ratios, expenses, or cost of the reinsurance
program. Considering the company's stable performance since
authorization, Fitch will continue to monitor how performance will
affect internal capital generation.

The company's investment portfolio is concentrated in Mexican
federal government instruments; 53% is concentrated in CETES
payable in 28 days, the remaining is invested in debt
certificates. As of September 2017, liquid assets by reserves was
1.1x, favourable compared to the sector's average of 0.9x. The
company expects to preserve its current investment policy
maximizing low-risk federal government instruments as the vast
majority of its investments.

The company manages a diversified reinsurance program through
quota share contracts for the agricultural sector composed of
Swiss Re, Partner Re, Liberty Syndicates, Odyssey Re,
Reaseguradora Patria, Qatar Re, TransAtlantic Re, Barents Re, and
Navigators Re; Swiss Re is the major participant. Retention
represents 1.5% of equity, which in Fitch's opinion is adequate.
Probable Maximum Loss explains 98.7% of the company's unearned
plus catastrophic reserves, which is high according to Fitch but
comparable to peers. Despite the former, Fitch acknowledges that
the presented business plan relies heavily on a good-quality and
wide-scope reinsurance program, which is a challenge to maintain
over time for a recently started company. Changes in the
reinsurance program may arise from changes in the current ratings
specially when considering that after 2017 natural events, in
Fitch opinion, some entities may be affected by changes in
conditions for reinsurance renewals.

RATING SENSITIVITIES

Upside potential is somehow tied to the successful realization of
the company's business plan in the next year and its ability to
post positive operating results, the good quality of its
investments, and a conservative reinsurance program. Failure to
deliver results as indicated in its business plans in terms of
premium growth, retention levels and overall profitability and
capitalization, may result in a rating downgrade.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Der Neue Horizont Re, S.A.
-- Insurer Financial Strength at 'B';
-- National IFS at 'BBB-(mex)'.


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


VENEZUELA: Maduro Rival Resigns From Post as Ambassador to UN
-------------------------------------------------------------
Jose Enrique Arrioja and Patricia Laya at Bloomberg News report
that Rafael Ramirez, Venezuela's ambassador to the United Nations
since 2014 and former Petroleos de Venezuela head, resigned from
his post amid a string of arrests at the oil giant he used to run,
he said in a tweet.

"This was a very hard decision to make," he wrote in attached
photos of a letter addressed to Jorge Arreaza, Venezuela's Foreign
Minister, according to Bloomberg News.  "Nevertheless, after the
decision of the president, I did not have any other choice," he
added.

An official for Venezuela's information ministry declined to
comment on whether Ramirez's resignation was connected to the
government's recent detentions, Bloomberg News notes.  State news
agency AVN reported that Samuel Moncada was named as the country's
new UN ambassador, Bloomberg News relates.

President Nicolas Maduro has embarked on a wide-reaching purge at
PDVSA, with more than 65 officials of the company and its joint
ventures in custody so far. Maduro and Ramirez have been intense
rivals for years, and the vast bulk of the executives imprisoned
by his forces are considered disciples or allies of latter,
Bloomberg News says.  The sense from Venezuelan watchers is that
having successfully crushed the political opposition, Maduro is
turning his attention to his enemies from within Chavismo as he
prepares to run for re-election next year, Bloomberg News notes.

"I have a name and a career that has been permanently under public
scrutiny and domain. I will not stand for disrespect. Attacking me
personally affects the unity of the revolutionary forces and the
legacy of Chavez," Mr. Ramirez wrote in the letter, Bloomberg News
relays.

Bloomberg News discloses that Mr. Ramirez, 54, rose to power as
oil minister in 2002, during late Hugo Chavez's regime.  Two years
later, he also took the lead at PDVSA and held onto it for a
decade, breaking a long-standing separation between the country's
Energy Ministry and the company it was meant to oversee, Bloomberg
News notes.  In his letter, he offered no details on what he'll do
next and his whereabouts are uncertain, Bloomberg News says.

Last month, Venezuela Public Prosecutor Tarek William Saab
arrested the acting president of Citgo, PDVSA's U.S. refining arm,
and promised to put more executives in jail, Bloomberg News
relays.  The company also asked employees last month to slash
costs in half in an austerity drive that reflects the economic
crisis that's hitting the OPEC nation, Bloomberg News discloses.

In a press conference, Saab said that Ramirez's cousin, Diego
Salazar, participated in a scheme that laundered some 1.3 billion
euros between 2011 and 2012 with at least 40 other people through
dozens of shell companies were part of what's known as the Andorra
case, Bloomberg News says.

Mr. Ramirez was behind the trademark slogan "roja, rojita," first
using it during a speech in PDVSA's auditorium more than a decade
ago, Bloomberg News discloses.  It was adopted by Chavez and his
supporters, who commonly dressed in red uniforms and berets to
reflect their allegiance to the socialist government, Bloomberg
News relays.  Chavez once suggested the phrase should win the
Nobel prize for publicity, if such a category existed, Bloomberg
News discloses.

Following Chavez's death in 2013, Mr. Ramirez rose to a new post
as Venezuela's economic czar while simultaneously holding on to
his other two titles, Bloomberg News notes.  Under Maduro, he
tried to enact a series of reforms such as unifying the country's
multi-tiered exchange rates and reducing generous subsidies, but
faced staunch resistance in socialist party ranks and was
transferred to his current UN post in 2014, Bloomberg News relays.

"There those saying that these people are detained due to an
internal fight -- an internal fight for what?" Mr. Saab said.
"What there is here is a frontal assault again those who use state
funds, either directly or indirectly, that have caused damage to
the national economy," he added.


                             *   *   *

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.

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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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