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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

            Friday, December 8, 2017, Vol. 18, No. 244


                            Headlines



A R G E N T I N A

LA RIOJA: Fitch Rates 9.750% Senior Notes Reopening 'B'
PAMPA ENERGIA: Moody's Hikes Corporate Family Rating to B2


B R A Z I L

BANCO PINE: S&P Lowers Global Scale Rating to 'B-', Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Consumers Were Refunded RD$157.3 Million
DOMINICAN REPUBLIC: Can Become a Major Exporter, But Lacks a Plan


M E X I C O

ALPHA HOLDING: S&P Gives 'B-' Issuer Credit Rating, Outlook Stable
GRUPO GICSA: S&P Affirms 'BB' Global Scale CCR, Outlook Stable
METROFINANCIERA 08U: Fitch Affirms Csf Local Currency LT Rating
MEXICALI: Moody's Withdraws Caa1 Global Scale Issuer Rating
PETROLEOS DE VENEZUELA: S&P Lowers Sr. Unsec. Notes Rating to 'D'


P E R U

INKIA ENERGY: Discloses Early Tender Date Results of 2021 Notes
INKIA ENERGY: S&P Alters Outlook to Stable on ISQ Agreement


U R U G U A Y

MONTEVIDEOGAS: Workers on Strike to Protest Cost-Cut Measures


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Faces Lawsuit From Sinopec


                            - - - - -


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A R G E N T I N A
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LA RIOJA: Fitch Rates 9.750% Senior Notes Reopening 'B'
-------------------------------------------------------
Fitch Ratings rates the USD100 million reopening of Province of
La Rioja, Argentina's USD300 million 9.750% senior unsecured notes
due 2025 'B'. The bond is rated the same as PLR's Issuer Default
Rating (IDR).

Fitch notes that the current bond will be fully fungible with the
outstanding USD200 million notes due 2025, previously issued by
PLR in February, 2017 to form a single series under the same terms
and conditions.

The notes are denominated in U.S dollars, to accrue a fixed
interest rate of 9.750% payable on a semi-annual basis. The
maturity date is Feb. 24, 2025 with equal capital payments in the
last four years (on Feb. 24, 2022, on Feb. 24, 2023, on Feb. 24,
2024 and on Feb. 24, 2025). The notes are a senior unsecured
obligation of PLR governed by the laws of the state of New York.

The reopening was authorized by Provincial Decree 883 as of August
2017 as part of the province's USD300 million note program. The
proceeds will be used for the development of Parque Arauco
S.A.P.E.M's clean energy projects and other public works with
positive environmental impacts.

Among the events of default, Fitch highlights the failure to pay
debt principal for a period of three days and debt service for 30
days and failure to make a payment when due, after the applicable
grace period, having an aggregate principal amount greater or
equal to USD12.5 million.

According to Fitch's calculation, considering the additional
USD100 million issuance, direct debt/current balance should reach
the equivalent of 4.9 years, still better than the average of
peers rated 'B' at 13.6 years. Debt sustainability, or debt
service/operating balance, of 19.2% is also better than peers' at
48.6%. However, currency exposure should also increase to a high
84% of total debt. In Fitch's opinion, this risk is mitigated by
expected generation of electricity revenues linked to the USD.

Fitch currently rates La Rioja as follows:

Province of La Rioja:
-- Long-Term Foreign and Local Currency Issuer Default Rating
   (IDR) 'B'.

The Rating Outlook is Positive, reflecting the Positive Outlook on
Argentina's 'B' sovereign rating, since the ratings of La Rioja
are constrained by the sovereign.


PAMPA ENERGIA: Moody's Hikes Corporate Family Rating to B2
----------------------------------------------------------
Moody's Investors Service has upgraded Pampa Energia S.A.
(Pampa)'s B3 global scale Corporate Family Rating (CFR) and the
ratings on its senior unsecured notes to B2 from B3. These actions
were based on solid cash flow, particularly in power generation
and distribution, and better cash flow visibility in the next two
to three years, as per Moody's expectation. The outlook on the
ratings is stable.

Issuer: Pampa Energia S.A.

-- Corporate Family Rating, Upgraded to B2 from B3

-- Senior Unsecured Global Notes due 2027, Upgraded to B2 from B3

-- Senior Unsecured Global Bonds due 2023, Upgraded to B2 from B3

RATINGS RATIONALE

Pampa's cash flow generation has been supported by the favorable
regulatory environment in Argentina in the sectors where the
company concentrates its business and capital investments, namely
power generation & distribution and oil & gas. The implementation
of the full power tariff review (RTI), in February 2017, granted
for a five-year period, in addition to solid gas prices for new
unconventional production, set at import parity levels (equivalent
to about two times Henry Hub levels), have allowed Pampa to
increase its operating cash flow so far in 2017. However, the
company has increased its capital spending leading to greater
negative free cash flow.

Because of strong power and O&G industry fundamentals, Moody's
expects that Pampa will continue on the current operating and
financial track and its credit metrics will continue to improve in
the foreseeable future. The company's good liquidity position also
supports future capital spending in new projects without
increasing debt.

Pampa's B2 CFR considers Moody's estimates of negative free cash
flow in 2018, after capital spending in natural gas and power
projects, both of which have favorable business prospects in terms
of prices and demand; solid retained cash flow to debt, which
assumes no dividends in 2018; as well as low foreign exchange
risk. Balancing these positives are low interest coverage at about
2 times EBITDA to interest expenses as well as exposure to
volatile, highly-regulated power and oil & gas industries in
Argentina (B2 stable).

Pampa's liquidity profile is good. The company had a solid amount
of cash on hand at September 30, at around USD820 million, which
positively compares to USD295 million in debt amortizations from
the fourth quarter 2017 to the end of 2018. In the next 15 months,
Moody's estimated operating cash flow of USD944 million will not
cover USD1 billion in capital spending. However, Pampa's strong
cash position provides cushion to fund this small negative free
cash flow. It is worth noting that the company estimates that a
cash position of about USD100-150 million is reasonable to meet
its operating cash needs. Although Pampa does not have a committed
revolving credit facility, it counts with availability under its
advised banking credit lines.

Foreign exchange risk for Pampa is low since 80% of the company's
EBITDA is US-dollar indexed while about 95% of its debt is in US
dollars. However, transferability risk is high in Argentina since
access to hard currencies is limited.

The stable outlook reflects Moody's expectation that the company
will maintain stable cash generation based on solid electricity
tariffs and natural gas prices, which are fueled by lower local
supply vis-a-vis demand. Moody's believes that Pampa's credit
metrics related to debt burden and interest coverage will remain
in line with its B2 rating in the next 24 months or more.

Pampa's B2 ratings could be downgraded if the company materially
increases its leverage, measured as retained cash flow (funds from
operations less dividends) to total debt lower than 10%, or if its
interest coverage, as per EBITDA to interest expense, declined to
below 2 times. Also, a deterioration of the company's liquidity
profile could lead to a rating downgrade.

In turn, a rating upgrade could occur if Pampa's retained cash
flow to total debt ratio is higher than 50% and its EBITDA to
interest expense rate is above 5 times on a sustainable basis. An
upgrade on the ratings of the Government of Argentina would not
necessarily translate into an immediate upgrade of Pampa's
ratings.

The principal methodology used in this ratings was Independent
Exploration and Production Industry published in May 2017.

Pampa is engaged in generation, distribution and transmission of
electric power in Argentina as well as on oil and gas production,
refining, petrochemicals and hydrocarbon commercialization and
transportation in Argentina and, to a lesser extent, in Venezuela.
As of September 2017, Pampa was the third largest power generator
in Argentina, with approximately 10% market share. In addition, it
was the fourth oil and gas producer in the country, with an equity
oil and gas production of over 70 thousands of barrels of oil
equivalent per day.



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B R A Z I L
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BANCO PINE: S&P Lowers Global Scale Rating to 'B-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings Services lowered its long-term global scale
rating on Banco Pine S.A. to 'B-' from 'B+'. S&P said, "We also
lowered our long-term national scale rating on the bank to 'brBB-'
from 'brBBB+. At the same time, we affirmed our 'B' short-term
global scale rating. The outlook is stable. We also revised
downward the bank's stand-alone credit profile (SACP) to 'b-' from
'b+'."

The rating action reflects Pine's struggle to stabilize its
operating revenue, which have eroded as a result of the bank's
deleveraging process and weak business prospects in 2017. S&P
said, "Following nearly three consecutive years of deleveraging
due to a conservative approach to credit underwriting and due to
the lower demand for credit in Brazil, we don't believe growth in
the bank's loan portfolio and operating revenue will occur in the
next 12 months. Moreover, Pine was unable to maintain its business
model such as its domestic peers with similar business position
assessments, such as Banco ABC Brasil or Banco Daycoval. In the
past, Pine was focused on larger clients than these two banks,
which worked well until 2014. However, Brazil's economic crisis
and corruption investigations in the construction sector made the
bank's business model less attractive. Going forward, the bank's
strategy will be to continue decreasing its concentration and
focus on efficiency gains. Nevertheless, in addition to
recession's impact on Pine, its regulatory capital metrics are now
much closer to regulatory requirements following extraordinary
losses in September 2017, which will prevent the bank from
leveraging its balance sheet. As a result, we believe that Pine
will continue to struggle to generate operating revenue, and we
don't expect it to improve to historical levels, which were
consistent with our previous business position assessment."

S&P said, "We have also revised our risk position assessment on
Pine to a weaker category. Despite the conservative approach to
credit underwriting, the bank's weak asset quality metrics
continued to impair its internal capital generation following a
reported loss of R$265 million as of September 2017. The latter
stemmed from around R$400 million of loan loss reserves the bank
raised to cope with potential losses from its renegotiated loan
portfolio. Despite the increase in loan loss reserves, we believe
Pine's concentrated loan portfolio makes the bank more vulnerable
to distress than some of its peers with stronger asset quality
metrics. This is seen in the increase in the bank's renegotiated
loans which continued to consistently grow to 22.2% of total loans
as of September 2017 from just 1.5% in December 2014. In nominal
figures, the rise in Pine's renegotiated loans was steeper than
those of its peers. The increase in provisions should provide the
bank a buffer against future losses. However, it covers just
around 60% of total nonperforming and renegotiated loans. In
addition, the risk in the portfolio is still high, which could
result in further losses and pressure on its capital position. We
believe the bank's woes stem from its concentrated loan portfolio
as Brazil's economy slid into recession in late 2014."



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Consumers Were Refunded RD$157.3 Million
------------------------------------------------------------
Dominican Today reports that Dominican Republic National Consumer
Protection Institute Director Anina del Castillo said consumers
were refunded RD$157.3 million across the country as of Nov. 30,
or over 90% of what's allocated for the institution's budget.

She said the agency has become credible and reliable for people to
demand and defend their rights through quick and free and out-of-
court solutions, according to Dominican Today.

She stressed that consumer conflicts are resolved through
conciliatory processes, from the return or repair of household
appliances, cellular devices to apartments, vehicles, among
others, which is why consumers increasingly rely on the mechanism,
the report notes.

Del Castillo added that just on Tuesday, Dec. 5, consumers were
refunded over RD$3.5 million, a figure she affirms will jump by
yearend, 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.


DOMINICAN REPUBLIC: Can Become a Major Exporter, But Lacks a Plan
-----------------------------------------------------------------
Dominican Today reports that the county can become a major
exporter, but lacks a plan Quality production, first level
standards and practices and international certifications are no
longer an option if the county wants to become a major exporter,
National Business Council (CONEP) president Pedro Brache affirmed.

Mr. Brache said he's convinced the Dominican Republic has all the
conditions to become an exporter of agro and livestock products,
but needs to continually improve productivity, according to
Dominican Today.

Speaking to receive the "Agribusiness leader of the year" award by
the Dominican Agribusiness Board (JAD), Mr. Brache called on that
sector to continue joint efforts to produce exportable
agricultural goods, aware that the main key to success lies in the
competitiveness of costs that can be achieved through higher
productivity.  "Another ingredient that must be improved with much
emphasis and conviction to be able to export even more, is world-
class quality," the report quoted Mr. Brache as saying.

                          No Plan

Dominican Republic Exports and Investments Center (CEI-RD)
director Luis Henry Molina said however that the country lacks a
plan to promote exports and attract investments, noting that it
works to specifically identify the imports required by the United
States, Dominican Today notes.

"We're working with other Caribbean markets with the Caribbean
Table and as soon as next year we will work with the HUB of Santo
Domingo to sell products to the Caribbean countries . . . we'll be
working soon with the Central America Table and we are also seeing
the potential to increase our products to Europe," the official
said, the report adds.

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



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


ALPHA HOLDING: S&P Gives 'B-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term global scale issuer
credit ratings (ICR) on Alpha Holding S.A. de C.V. The outlook is
stable.

S&P said, "We also assigned a 'B+' issue-level rating to the
company's proposed up to $300 million senior notes. The notes will
be guaranteed by all of its operating subsidiaries.

"The stable outlook on Alpha Holding reflects our expectation that
the company will successfully issue its proposed senior notes and
that over the next 12 months, its main operating subsidiaries will
maintain stable financial performance, reflected in consolidated
nonperforming assets (NPAs) and credit loss ratios below 6% and
2%, respectively. We also expect that internal capital generation
will gradually compensate for the large amount of intangibles that
were generated in its previous two acquisitions. Our outlook also
factors in gradual business diversification, although we
acknowledge that payroll discount lending will account for around
80% of the total consolidated loan portfolio."


GRUPO GICSA: S&P Affirms 'BB' Global Scale CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'mxA'
national scale corporate credit ratings on Grupo GICSA S.A.B. de
C.V. The outlook remains stable.

S&P said, "At the same time, we affirmed our 'mxA' issue-level
ratings on the company's various local notes. Our recovery rating
of '3' (rounded estimate 65%), indicating our expectation of
meaningful recovery prospect for the bondholders in the event of a
payment default, remains unchanged."

Despite volatile macroeconomic conditions in Mexico throughout
2017, GICSA's operating performance has remained solid, reflecting
its high-profile assets under management and resilient portfolio.

Although most of GICSA's properties benefit from prime locations,
mainly in Mexico City, some assets in the portfolio are still in
their ramp-up period. In S&P's opinion, GICSA has maintained solid
occupancy and renewal rates thanks to its diversified tenant base,
while the company benefits from lease prices that are higher than
the market average thanks to its high-quality assets and strategic
locations.

However, the ratings constraint stems from the company's exposure
to development and execution risks related to its expansion plan.
GICSA currently has nine projects under construction, with a total
expected investment of about MXN12.8 billion, 42% of which has
already been deployed. In addition, GICSA has six other projects
that are in the process in receiving the necessary construction
approvals. Moreover, the company recently began the development of
a high-end residential project in Mexico City, which we haven't
included in our previous assumptions. According to GICSA, this is
an isolated project that won't cause the company to deviate from
its focus on core businesses: the retail and office space
segments. S&P will continue to monitor GICSA's consolidated
profitability and credit metrics throughout the residential
project's construction and selling phase, and S&P doesn't expect
additional residential projects in the company's portfolio.

S&P said, "Our revised forecast reflects our expectation that
GICSA will post a robust operating performance, thanks to its
stabilized properties that we believe will continue to deliver
broadly stable occupancy and renewal rates, while its leases
increase fairly in line with inflation rates in Mexico. We also
expect GICSA to continue executing its aggressive capital
investment plan, resulting in free operating cash flow (FOCF)
shortfall in the next two years, and the company to primarily fund
its capex through incremental debt. As a result, we expect its
leverage metrics to weaken in 2017 due to the lag between the
financing requirement to develop the new properties and the actual
EBITDA and net operating income that these properties will
generate. We expect a gradual improvement leverage metrics in
2018."


METROFINANCIERA 08U: Fitch Affirms Csf Local Currency LT Rating
---------------------------------------------------------------
Fitch Ratings affirms Metrofinanciera, S.A.P.I. de C.V., SOFOM,
E.R.'s (Metro) residential mortgage backed securities (RMBS).

KEY RATING DRIVERS

MTROCB 07U
Persistent Exposure to Non-Performing Assets and Special
Collections Activities: As of October 2017, +90-days delinquent
loans represent 15.8% of the securitized original loan balance and
52% of the aggregate outstanding balance. The notes still are
highly exposed to a large real estate owned (REO) inventory of 242
properties. During 2017, Metro sold 52 REOs and observed recovery
rates stayed around an average of 76% (of the respective loan
outstanding balance). In Fitch's view, payments on the notes are
dependent on cash flows generated by REO sales.

Deteriorated Credit Enhancement (CE): Overcollateralization
(excluding +91-days delinquent loans from the loan pool) was still
negative at -118.4%, and -109.3% when excluding +180-days
delinquent loans. Both levels negatively compare with those
observed 12 months ago which were -100.6% and -96.2%,
respectively. The transaction does not benefit from other type of
external enhancement and excess spread remains low and volatile
during the last 12 months the average of this indicator was -2.9%.

Consistent Servicing Activities: Fitch views Metro's servicing
efforts as adequately focused on performing and non-performing
loans; these efforts are also observed in the MTROCB 08U notes. In
Fitch's view, special collections exhibit good results as
delinquent loans move through the foreclosure process and REO
sales are recurrent. Exposure to collection received on Metro's
bank accounts is modest. Fitch has revised its recovery estimate
(RE) under the current conditions to 65% from 75%.

MTROCB 08U

Persistent Exposure to Non-Performing Assets and Special
Collections Activities: As of September 2017, +90-days delinquent
loans represent 15.3% of the securitized original loan balance and
47.1% of the aggregate outstanding balance. The notes are also
highly exposed to a large REO inventory of 325 properties.
Observed recovery rates during 2017 reflect an average of
approximately 70% (of the respective loan outstanding balance). In
Fitch's view, payments on the notes are dependent on cash flows
generated by REO sales.

Deteriorated CE: Overcollateralization (excluding +91-days
delinquent loans from the loan pool) was still negative at -
138.7%, and -126.7% when excluding +180-days delinquent loans.
Both levels negatively compare with those observed 12 months ago
which were -117.1% and -107.4%, respectively. The transaction does
not benefit from other type of external enhancement, the average
excess spread observed during the las 12 months was -3.68%

Consistent Servicing Activities: In Fitch's view, special
collections exhibit reasonable results as delinquent loans move
through the foreclosure process and REO sales are recurrent.
Exposure to collection received on Metro's bank accounts is
modest.RE under current conditions is revised to 65% from 60%.

RATING SENSITIVITIES
Rating upgrades are limited for both transactions. Lengthy periods
of moderate recoveries and/or an increase in late-stage arrears
and subsequent defaults beyond Fitch's expectations could pressure
ratings to a downgrade. Reduced servicing abilities could also
pressure current ratings.

Fitch has affirmed the following ratings:

MTROCB 07U
-- Local Currency long-term rating at 'CCsf' and National Scale
    long-term rating at 'CC(mex)vra'.

MTROCB 08U
-- Local Currency long-term rating at 'Csf' and National Scale
    long-term rating at 'C(mex)vra'.

METROCB 06U
--  National Scale long-term rating at 'CC(mex)vra'.

MTROFCB 08
--  National Scale long-term rating at 'AA(mex)vra', Positive
     Outlook

Fitch has upgraded the following rating:

METROCB 04U
--  National Scale long-term rating to 'AA-(mex)vra' from
     'A+(mex)vra'. The Outlook is revised to Stable from Positive.


MEXICALI: Moody's Withdraws Caa1 Global Scale Issuer Rating
-----------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of the
Municipality of Mexicali at Caa1 (Global Scale, local currency)
and B3.mx (Mexico's National Scale). Moody's has also withdrawn
the negative outlook.

At the same time, Moody's withdrew the Ba3/Baa1.mx debt ratings of
the MXN 814.5 million enhanced loan with Banobras.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The methodologies used in these ratings were Regional and Local
Governments published in June 2017, and Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in July
2017.

The period of time covered in the financial information used to
determine Municipality of Mexicali's rating is between 01/01/2012
and 31/12/2016. (source: financial statements of the Municipality
of Mexicali)

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

REGULATORY DISCLOSURES

Information sources used to prepare the rating are the following:
parties involved in the ratings and confidential and proprietary
Moody's information.

The ratings have been disclosed to the rated entity prior to
public dissemination.

A general listing of the sources of information used in the rating
process, and the structure and voting process for the rating
committees responsible for the assignment and monitoring of
ratings can be found in the Disclosure tab in www.moodys.com.mx.

The date of the last Credit Rating Action was 31/05/17.

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in
relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program
for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the credit rating action on
the support provider and in relation to each particular credit
rating action for securities that derive their credit ratings from
the support provider's credit rating.

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

This credit rating is subject to upgrade or downgrade based on
future changes in the financial condition of the Issuer/Security,
and said modifications will be made without Moody's de MÇxico S.A.
de C.V accepting any liability as a result.


PETROLEOS DE VENEZUELA: S&P Lowers Sr. Unsec. Notes Rating to 'D'
------------------------------------------------------------------
S&P Global Ratings lowered its issue-level ratings on Petroleos de
Venezuela S.A.'s (PDVSA's) senior unsecured notes due 2017 to 'D'
from 'CC'.

PDVSA hasn't been able to meet the coupon payment on its 2017
notes within the 30-calendar-day grace period (or the bondholders
hadn't received the funds by that date), constituting an event of
default under its methodology.  However, it's S&P's understanding
that the company has paid the principal amount.

Since October 2017, PDVSA has been using its stated 30-day
interest payment grace period in an effort to garner enough
dollars to meet its debt maturities. Given  current sanctions on
PDVSA and its already pressured liquidity position, S&P's
uncertain about the company's ability to pay the rest of its debt
maturities within the grace period.

Additionally, the president of Venezuela, Nicolas Maduro,
announced the formation of a government commission to restructure
the sovereign's and PDVSA's external debt obligations. Given the
highly constrained external liquidity situation for the sovereign
and domestic entities, S&P would consider any restructuring of
PDVSA's debt to be a distressed debt exchange and equivalent to
default.


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P E R U
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INKIA ENERGY: Discloses Early Tender Date Results of 2021 Notes
---------------------------------------------------------------
Inkia Energy Limited disclosed the early tender results of its
previously announced cash tender offer for any and all of its
outstanding 8.375% Senior Notes due 2021.

On the Early Tender Date, upon receipt of consents from a majority
in principal amount of the then outstanding Notes to the adoption
of certain proposed amendments described in the Offer to Purchase
(as defined below), Inkia executed a supplemental indenture to the
indenture governing the Notes to (i) eliminate substantially all
of the restrictive covenants as well as certain events of default
and related provisions contained therein and (ii) shorten the
minimum notice period for a redemption from 30 days to three days
prior to a redemption date.

Inkia has accepted for purchase all of the Notes validly tendered
(and not validly withdrawn) at or prior to the Early Tender Date,
and the settlement date for such Notes occurred on November 9,
2017 (the "Early Settlement Date").  We also issued a redemption
notice on the Early Settlement Date to redeem on November 14, 2017
any and all Notes not purchased by us in the Tender Offer on the
Early Settlement Date, and we satisfied and discharged the Notes
and related indenture on the Early Settlement Date by irrevocably
depositing the necessary funds in a trust account with the
trustee. This press release does not constitute a notice of
redemption of the Notes.

The terms and conditions of the Tender Offer and Consent
Solicitation, as well as the Proposed Amendments, are described in
the Offer to Purchase and Consent Solicitation Statement, dated
October 26, 2017, (as it may be amended or supplemented, the
"Offer to Purchase"). Copies of the Offer to Purchase are
available to Holders from D.F. King & Co., Inc., the tender and
information agent for the Tender Offer and Consent Solicitation
(the "Tender and Information Agent"), at (877) 864-5059 (toll
free) or (212) 269-5550 (collect); or at Inkia@dfking.com.

We have retained Credit Suisse Securities (USA) LLC and Scotia
Capital (USA) Inc. to each act as Dealer Managers and Solicitation
Agents in connection with the Tender Offer and Consent
Solicitation.


INKIA ENERGY: S&P Alters Outlook to Stable on ISQ Agreement
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' corporate credit rating on
Bermuda-based power generation and electric distribution
conglomerate Inkia Energy Ltd. (Inkia), and revised its outlook to
stable from developing.

S&P's also affirming Inkia's senior unsecured issue-level ratings
at 'BB-', reflecting the structural subordination of Inkia's $450
million senior unsecured debt in relation to its subsidiaries'
financial obligations.

The rating action follows the recent agreement signed between the
infrastructure private equity firm I Squared Capital (ISQ, not
rated) and Inkia's ultimate shareholder Kenon Holdings Ltd. (not
rated) for Inkia's acquisition. S&P said, "We have revised our
outlook on Inkia to stable from developing and affirmed the 'BB'
issuer credit rating to reflect that the uncertainties regarding
the acquisition have ceased. Under the new corporate structure, we
don't expect Inkia's financial policies towards leverage,
investments, and dividend payments to significantly change. As a
result, leverage should remain stable similar to our previous
expectations, with net-debt to EBITDA converging to 4x in the next
18 months."


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


MONTEVIDEOGAS: Workers on Strike to Protest Cost-Cut Measures
--------------------------------------------------------------
World News En Espanol reports that workers at MontevideoGas, three
of whom have been on hunger strike for the past six days to
protest the gas distributor's cost-cutting measures, are awaiting
news from the Labor and Social Security Ministry (MTSS) about a
possible mediated solution to the labor dispute.

The general secretary of the gas workers' union, Pablo Sequeira,
told EFE that a 48-hour period for the MTSS to notify employees
about the results of the mediation effort expires on Dec. 5,
according to World News En Espanol.

The workers are awaiting a response to several of the alternatives
that were being discussed, Mr. Sequeira said, the report notes.

The MTSS and the Industry, Energy and Mining Ministry intervened
on this occasion, he noted, adding that the union had had no
contact since the previous negotiations with the national gas
distributor -- a unit of Brazilian state oil company Petrobras --
broke down, the report relays.

The dispute centers on the company's move to temporarily suspend
the contracts of 55 workers and freeze salaries as part of belt-
tightening efforts, according to Uruguayan media, the report
notes.  Radio Monte Carlo cited the president of the gas workers'
union, Martin Guerra, as saying MontevideoGas' actions were in
clear violation of the contract terms, the report says.

Regarding the health of the three workers on hunger strike outside
the company's headquarters, Mr. Sequeira said they were consuming
a liquid diet and being constantly monitored by medical personnel,
the report adds.



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


PETROLEOS DE VENEZUELA: Faces Lawsuit From Sinopec
---------------------------------------------------
The Financial Times reports that one of China's biggest state-
owned oil companies is suing its Venezuelan counterpart in a US
court, in a sign that Beijing's patience over unpaid debts is
running out as the Caribbean nation falls deeper into economic and
social chaos.

A US subsidiary of Sinopec is suing Petroleos de Venezuela S.A.,
the Venezuelan state oil company, for $23.7 million plus punitive
damages over a May 2012 contract to supply steel rebar for $43.5m,
half of which it says remains unpaid, according to court documents
seen by the Financial Times.

The amount at dispute is small but it reveals a breakdown in
relations of a far greater order, according to The Financial
Times.  Sinopec agreed in September 2013 to invest $14bn in a
Venezuelan oilfield, according to Rafael Ramirez, Venezuela's oil
minister at the time, the report relays.

It formed part of Chinese investments and loans that added up to
more than $62 billion in the oil-rich nation between 2007 and
2016, according to the China-Latin America Finance Database run by
the Inter-American Dialogue, a think-tank, the report says.  But
Caracas has struggled to repay its debts as the oil price has
fallen from its 2014 peak and as production at PDVSA has dwindled,
the report notes.

The language of Sinopec's complaint, filed on November 27 at a US
district court in Houston, Texas, reveals how badly relationships
have soured, the report relays.

Sinopec accuses PDVSA of using "an undercapitalized shell with the
sole purpose of preventing Sinopec from having a remedy" and says
its conduct "constituted intentional misrepresentations, deceit,
and concealment of material facts" involving "wilful deception"
and a co-ordinated conspiracy among several units of PDVSA, the
report discloses.

"This is when we know that China is not going to bail these guys
out," said Russ Dallen of boutique investment bank Caracas
Capital, who follows Venezuela closely and who first revealed the
court documents to his clients, the report says.

Sinopec's lawyers declined to comment.  PDVSA could not be
reached.

PDVSA and the government in Caracas have been declared in default
multiple times by rating agencies since the middle of last month
after they began missing payments on their international bonds,
the report relays.

Mr. Dallen said Sinopec's suit added to evidence suggesting China
was no longer willing to extend credit to Venezuela, and that its
change of attitude had tipped Caracas and PDVSA into default, the
report notes.

Last year, Beijing agreed to re-negotiate its loans to Venezuela,
helping it to keep up payments to bondholders, the report says.
This has been a top priority for Caracas, as it feared the chaos
caused by default would bring the government down, the report
notes.

But it has struggled to keep up its repayments to Beijing, which
it makes in the form of oil, the report discloses.  PDVSA's
financial statements show that it shipped an average of 505,000
barrels of oil a day to China last year, for a total value of $5.8
billion, the report relays.  This was down from $8.3 billion in
2015 and $14.4 billion in 2014, the report notes.

Analysts say these values are exaggerated as they price the oil
before the discount China has negotiated, believed to be about 35
per cent on the value reported by PDVSA, the report discloses.

"China has stopped rolling over Venezuela's debts," said Mr.
Dallen, the report relates.  "They have lost faith," he added.

The only remaining external creditor apparently willing to support
Caracas is Russia, the report notes.  Last month, just as Caracas
was declaring default, it agreed to restructure $3.15 billion of
Venezuelan debt, the report notes.

In a further sign of Russia's involvement, Mr. Dallen said one of
his clients had received a bond payment through a Russian bank,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 17, 2017, S&P Global Ratings lowered its corporate credit
rating on Petroleos de Venezuela S.A. (PDVSA) to 'SD' from 'CC'.
At the same time, S&P lowered its issue-level ratings on the
company's senior unsecured notes due 2027 and 2037 to 'D' from
'CC'.

Oct. 27, 2017, Bloomberg News said the former chief executive
officer of Venezuela's state run-oil company said it will make
debt payments this year and next, even as he acknowledged the
crude producer is struggling with cash-flow and operational
issues.  The company has "all the resources to honor its
liabilities," Rafael Ramirez, who is now Venezuela's ambassador to
the United Nations, said in an interview in New York.

TCRLA, on Oct 23, 2017, RJR News said that one week before
Venezuela faces a critical debt payment, the distressed petro-
state is already late on a series of smaller bills. PDVSA, has two
major bond payments totaling about $2 billion due in the next
weeks, according to RJR News.  While the market expects the
company to avoid default, the missed payments have rattled
investors and raised fresh questions about how long embattled
President Nicolas Maduro's regime might last, the report noted.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *