TCRLA_Public/171211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, December 11, 2017, Vol. 18, No. 245


                            Headlines



A R G E N T I N A

AVAL RURAL XXVI: Moody's Ups VRDA/VRDB Debt Securities to B1
BANCO MACRO: Moody's Hikes Senior Unsecured Debt Rating to B2
CONSULTATIO INCOME: Moody's Cuts GS Bond Fund Rating to B-bf
GALILEO INCOME: Moody's Cuts GS Bond fund Rating to 'B-bf'
JOHN DEERE: Moody's Puts 'B1' GS FC Rating on $40MM Debt Issuance

PAMPA ENERGIA: S&P Affirms 'B+' Corp Credit & Issue-Level Ratings
PVCRED SERIE XXXV: Moody's Puts Ca Global Scale Rating to Certs.
TINUVIEL SERIE XXIV: Moody's Puts Ca Global Scale Rating to Certs.
YPF S A: S&P Rates Proposed $500MM Senior Unsecured Notes 'B+'


B R A Z I L

PETROBRAS: Seeks Inclusion on Market Transparent-Company List
PETROBRAS: Receives New $204.4MM Reimbursement for Losses


M E X I C O

BANCO DEL BAJIO: Moody's Affirms ba1 Baseline Credit Assessment
FINANCIERA INDEPENDENCIA: S&P Affirms 'BB-' LT Global Scale ICR
GRUPO KALTEX: Fitch Lowers Long-Term IDR to B; On Watch Negative
MEXICO: Opens Power-Line Sector to Private Firms


V E N E Z U E L A

VENEZUELA: Says More Than $3 Billion Frozen due to Sanctions


X X X X X X X X X

* BOND PRICING: For the Week From December 4 to Dec. 8, 2017


                            - - - - -


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


AVAL RURAL XXVI: Moody's Ups VRDA/VRDB Debt Securities to B1
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has taken
rating actions on the Global Scale (GSR) and Argentine National
Scale (NSR) of several Argentine securitizations following Moody's
November 29, 2017 upgrade of the Argentine government's bond
rating to B2 (stable outlook) from B3 (positive outlook); and
Argentina's local currency country ceiling to Ba2 from Ba3. The
improvement in Argentina's credit profile as captured in the
rating upgrade has direct implications for the ratings of
Argentine securitizations, given that it also expresses a decrease
of systemic risks for all local credits.

RATINGS RATIONALE

Consumer Loan Securitizations

Moody's upgraded the Ba3 (sf) rating of several consumer loan
securitizations to Ba2 (sf) as their credit profiles were formerly
constrained by Argentina's previous local currency country ceiling
at Ba3.

Moody's upgraded other senior, mezzanine and equity tranches based
on the strong performance of the securitized pools and the upgrade
of relevant counterparties such as servicers and providers of
external credit enhancements.

The local currency country ceiling for bonds summarizes the
general country-level risks (excluding foreign-currency transfer
risk) that should be taken into account in assigning local
currency ratings to locally domiciled obligors or locally
originated structured transactions. They indicate the rating level
that will generally be assigned to the financially strongest
obligations in the country. The country ceiling for local currency
bonds and notes is expressed on the long-term global scale.

Fideicomiso Financiero Aval Rural XXVI

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina. The bills of
exchange are guaranteed by Aval Rural S.G.R. (Aval Rural), which
is a financial guarantor in Argentina. Following the upgrade of
Aval Rural to B1 from B2 in the GSR and to Aa3.ar from A2.ar in
the NSR, Moody's has upgraded the VRDA and the VRDB debt
securities of Fideicomiso Financiero Aval Rural XXVI to B1 (sf)
from B2 (sf) in the GSR and to Aa3.ar (sf) from A2.ar (sf) in the
NSR.

Fideicomiso Financiero Transportes Rosario

The transaction is a securitization of future receivables related
to the utilization of the public bus transportation system in the
City of Rosario, Argentina. The revenues will be generated by
Empresa Mixta de Transporte de Rosario SA ("EMTRSA", NR) and
"Sociedad del Estado Municipal para el Transporte Urbano de
Rosario" ("SEMTUR", NR), which are two public bus companies
operating in the City of Rosario. EMTRSA and SEMTUR are wholly-
owned companies of the Municipality of Rosario ("Municipality of
Rosario" or "Rosario", NR).

This transaction has high dependence to the Municipality of
Rosario, one of the main urban districs of the country. Following
the improvement in Argentina's credit profile, Moody's has taken
the following actions: (i) to upgrade the VDF A of Fideicomiso
Financiero Transportes Rosario to B2 (sf) from B3 (sf) in the GSR,
and to A2.ar (sf) from Baa2.ar (sf); (ii) to upgrade the VDF B of
Fideicomiso Financiero Transportes Rosario to B2 (sf) from B3 (sf)
in the GSR and to A3.ar (sf) from Baa3.ar (sf).

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

Further changes to Argentina's country ceilings may have an impact
on the ratings of securitizations backed by consumer, lease and
vehicle loans.

A rating change in the sub-sovereign or entities that provide a
guaranty or external credit enhancement to the securitizations
would lead to a rating change of the securitizations.

A list of the Affected Ratings is available at:

                         http://bit.ly/2BGS1is

This list is an integral part of this Press Release and provides,
for each of the credit ratings covered, Moody's disclosures on the
following items:

- Principal Methodologies

- National Scale Ratings


BANCO MACRO: Moody's Hikes Senior Unsecured Debt Rating to B2
-------------------------------------------------------------
Moody's Investors Service has upgraded Banco Macro S.A., Banco
Hipotecario S.A., Banco Supervielle S.A. and Tarjeta Naranja
S.A.'s senior unsecured debt ratings, as well as Tarjeta Naranja's
corporate family rating, to B2 from B3, and Banco de Galicia y
Buenos Aires S.A. senior unsecured debt program to (P)B2 from
(P)B3. Moody's also upgraded to B3 from Caa1 the foreign currency
subordinated debt ratings assigned to Banco Macro and Banco de
Galicia y Buenos Aires.

These actions followed the announcement made by Moody's Latin
America Agente de Calificaci¢n de Riesgo S.A. (MLA) that it has
taken a similar action on the banks' local currency deposit
ratings (see press release "Moody's Latin America upgrades ratings
of multiple Argentine banks, finance companies, MATtba and Grupo
Supervielle; outlook changed to stable"). The rating action also
followed Moody's decision on November 29, 2017 to upgrade to B2
the government bond rating of Argentina. The outlook on all
ratings has been revised to stable, in line with the outlook on
Argentina's sovereign rating.

The following debt ratings of Banco Macro S.A. were upgraded:

-- Global Local Currency Senior Unsecured MTN Rating : to (P)B2
    from (P)B3

-- Global Foreign Currency Senior Unsecured MTN Rating : to (P)B2
    from (P)B3

-- Global Foreign Currency Subordinated Debt Rating : to B3 from
    Caa1

-- Global Foreign Currency Senior Unsecured Debt Rating : to B2
    from B3; stable outlook

The following debt ratings of Banco de Galicia y Buenos Aires S.A.
were upgraded:

-- Global Local Currency Senior Unsecured MTN Rating : to (P)B2
    from (P)B3

-- Global Foreign Currency Senior Unsecured MTN Rating : to (P)B2
    from (P)B3

-- Global Foreign Currency Subordinated Debt Rating : to B3 from
    Caa1

The following debt ratings of Banco Hipotecario S.A. were
upgraded:

-- Global Local Currency Senior Unsecured Debt Rating : to B2
    from B3; stable outlook

-- Global Foreign Currency Senior Unsecured Debt Rating : to B2
    from B3; stable outlook

The following debt ratings of Banco Supervielle S.A. were
upgraded:

-- Global Local Currency Senior Unsecured MTN Rating : to (P)B2
    from (P)B3

-- Global Foreign Currency Senior Unsecured MTN Rating : to (P)B2
    from (P)B3

-- Global Local Currency Senior Unsecured Debt Rating : to B2
    from B3; stable outlook

The following ratings of Tarjeta Naranja S.A. were upgraded:

-- Global Local Currency Senior Unsecured Debt Rating: to B2 from
    B3; stable outlook

-- Long-Term Corporate Family Rating: to B2 from B3; stable
    outlook

-- Outlook, Changed To Stable From Positive

RATINGS RATIONALE

These rating actions on Argentine financial institutions follow
the upgrade of Argentina's sovereign bond rating, which was driven
by the record of macroeconomic reforms passed under Macri
administration that are beginning to address long existing
economic distortions in Argentina and the likelihood that the
reforms will continue, sustaining the recent return to economic
growth. The sovereign's stable outlook balances recent
improvements to the economy and the country's policymaking with
still high fiscal deficits that are mostly funded in foreign
currency and growing external imbalances.

ARGENTINA MACRO PROFILE CHANGED TO WEAK+ FROM WEAK -

The improvement in Argentina's macro profile reflects an
improvement in its increased institutional strength and a
reduction in its susceptibility to political event risk. Somewhat
stronger, though still relatively weak, institutions have improved
as a result of Argentina's policy adjustments since 2015 including
the increased independence of central bank, the publication of
more credible public statistics, the implementation of a free-
floating exchange rate, the opening of the capital account, and
multi-year inflation targeting. Meanwhile, the recent victory of
the President's party in Argentina's mid-term elections, in which
it took 42% of the vote and became the largest party in lower
House of Congress, indicates strong political support for the
President's agenda, reflecting the country's reduced vulnerability
to political event risk and supporting Moody's expectation that
reforms will continue. The reforms aim to bolster the economic
recovery by promoting increased private investment while
continuing the process of macroeconomic stabilization.

UPGRADE OF FINANCIAL INSTITUTIONS' RATINGS

The upgrades reflect the improved operating environment in
Argentina coupled with the relatively strong credit fundamentals
of the affected companies, the ratings of all of which were
constrained by that of the sovereign given their strong credit
inter-linkages. The improved operating environment will support
stable asset quality and greater loan demand, helping to offset
the effects of margin compression driven by falling interest rates
and tight competition.

WHAT COULD CHANGE THE RATING -- UP OR DOWN

As the affected companies standalone ratings assessments are
constrained by the sovereign, additional upward ratings pressure
will depend upon further improvement Argentina's government bond
rating.

Similarly, the ratings would face downwards ratings pressure if
the sovereign rating were lowered. The ratings could also be
negatively affected if the issuers suffer a substantial
deterioration in asset quality, earnings, and/or capitalization.

The principal methodology used in rating Banco de Galicia y Buenos
Aires S.A., Banco Hipotecario S.A., Banco Macro S.A., and Banco
Supervielle S.A. was Banks published in September 2017. The
principal methodology used in rating Tarjeta Naranja S.A. was
Finance Companies published in December 2016.


CONSULTATIO INCOME: Moody's Cuts GS Bond Fund Rating to B-bf
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
bond fund ratings to Consultatio Income fund managed by
Consultatio AM G.F.C.I.S.A.. The new global scale and national
scale ratings assigned are:

Consultatio Income FCI

* Global scale rating to B-bf from Ba-bf

* National scale ratings to Aa-bf.ar from Aaa-bf.ar

RATING RATIONALE

Moody's stated that new B-bf global scale bond fund rating
primarily reflects an ongoing change in investment strategy that
has negatively impacted its maturity-adjusted credit quality
profile. The fund has invested largely in Sovereign and Sub-
sovereign bonds denominated in dollars which credit quality is
similar to new global scale assigned. Additionally the bond NSRs
was downgraded to Aa-bf.ar from Aaa-bf.ar to reflect a national
scale mapping that is more consistent with it new global scale
credit profiles.

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

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology dated May 2013.

Other methodologies and factors that may have been considered in
the process of rating this fund can also be found in the Rating
Methodologies on Moody's website.

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.


GALILEO INCOME: Moody's Cuts GS Bond fund Rating to 'B-bf'
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
bond fund ratings to Galileo Income fund managed by Galileo
Argentina SGFCI. The new global scale and national scale ratings
assigned are:
Galileo Income FCI

* Global scale rating to B-bf from Ba-bf

* National scale ratings to Aa-bf.ar from Aaa-bf.ar

RATINGS RATIONALE

Moody's stated that new B-bf global scale bond fund rating
primarily reflects an ongoing change in investment strategy that
has negatively impacted its maturity-adjusted credit quality
profile. The fund has invested largely in Tbills denominated in
dollars which credit quality is similar to new global scale
assigned. Additionally the bond NSRs were downgraded to Aa-bf.ar
from Aaa-bf.ar to reflect a national scale mapping that is more
consistent with it new global scale credit profiles.

Galileo Argentina SGFISA, part of a well-known local and
independent mid-sized asset manager in the Argentinean mutual fund
Industry with a market share of 1.0%. As of October 2017, and
managed approximately ARS 5,876 million in assets.

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology dated May 2013.

Other methodologies and factors that may have been considered in
the process of rating this fund can also be found in the Rating
Methodologies on Moody's website.

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.


JOHN DEERE: Moody's Puts 'B1' GS FC Rating on $40MM Debt Issuance
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B1 global scale and an Aa2.ar national scale foreign
currency debt rating to John Deere Credit Compania Financiera
S.A.(JDC)'s Class fourteen and fifteen senior debt issuances. The
issuances, each one for up to $40 million, will be due in 36 and
48 months respectively. The total combined amount of both
issuances cannot exceed the total amount of the program up to
AR$3.500 million.

The outlook on the ratings is stable.

The following ratings were assigned to JDC's Class XIV and XV
senior unsecured debt issuance:

B1 Global Foreign Currency Debt Rating

Aa2.ar Argentina National Scale Foreign Currency Debt Rating

RATINGS RATIONALE

JDC's ratings (GSR) capture the very high probability that JDC
will receive support from its foreign-owned parent, John Deere
Credit Inc, rated (P)A2 with negative outlook, in an event of
stress. The ratings also consider JDC's strong asset quality,
which helps counterbalance its weak capitalization. Profitability
is moderate by Argentine standards, and liquidity is adequate.
Moody's assessment of a very high probability of parental support
considers JDC's key role as the financial agent for John Deere
Credit Inc. and its strong commercial and strategic importance to
the corporation.

The company's strong asset risk profile is reflected in a very low
non-performing loan ratio of just 0.33% as of June 2017 and the
fact that its lending book is highly collateralized. Net income
was equal to a seemingly robust 2.19% of average managed assets as
of June 2017. However, this figure is distorted by Argentina's
still high rate of inflation and Moody's expects earnings will
narrow as inflation continues to decline, even if business
opportunities increase. The rating also considers JDC's tight
capital base, with tangible common equity equal to just 5.2% of
total managed assets as of June 2017, which leaves it limited loss
absorption capacity should delinquencies unexpectedly rise. In
addition, the company exhibits a high reliance on market funds, as
is typical of captive finance companies, which expose it to swings
in interest rates and refinancing risk. The reliance on market
funds, most of which are relatively short-term, is reflected in
modest liquidity, with liquid assets equal to just 56% of debt
maturities over the coming 24 months. However, these risks are
partially mitigated by credit facilities available from the
company's parent in an event of stress, as well as long term
financing provided by John Deere & Co's local subsidiary,
Industrias John Deere Argentina.

The ratings also consider Argentina's operating environment, which
while improving has historically been very volatile. In this vein,
the global senior unsecured foreign currency debt rating is
constrained by Argentina's B1 foreign currency bond ceiling.
Reflecting this constraint, the Aa2.ar national scale rating
assigned to the notes is the highest national scale rating
corresponding to a global scale rating of B1.

The stable outlook on JDC's ratings is aligned with the stable
outlook on Argentina's government bond rating.

WHAT COULD CHANGE THE RATING UP/DOWN

As the global scale rating is constrained by the sovereign foreign
currency bond ceiling, an upgrade of Argentina's sovereign bond
rating would put upward pressure on the global scale rating though
the NSR is less likely to be affected given the possibility that
the correspondence between Argentine NSRs and GSRs could be
recalibrated if and when the sovereign is upgraded. Conversely, a
downgrade of the Argentine sovereign could put downward pressure
on the entity's GSR, but again the NSR is less likely to be
affected given the possibility that the correspondence between
Argentine NSRs and GSRs could be recalibrated if and when the
sovereign is downgraded. In addition, further erosion of the
entity's capital base or liquidity, a deterioration of
profitability, and/or a significant increase in its asset risk
profile could put downward pressure on both the global and
national scale ratings, as would an indication of decreased
willingness to provide support from the company's parent.

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


PAMPA ENERGIA: S&P Affirms 'B+' Corp Credit & Issue-Level Ratings
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' corporate credit rating on
Pampa Energia S.A. (Pampa), as well as the 'B+' issue-level rating
on its 2022 notes. S&P said, "We rate Pampa's senior unsecured
bonds at the same level as the corporate credit rating because
priority liabilities represent only about 25% of Pampa's total
financial liabilities, and thus we believe there is no relevant
potential subordination for unsecured creditors. The outlook
remains stable."

S&P said, "We believe Pampa's standalone credit quality has
strengthened. The company rapidly deleveraged following the
acquisition of Petrobras Argentina's operations. For the first
time in a long time, Pampa has higher predictability regarding
prices, tariffs, and rules underlying its operations, which
provides a more comfortable position for planning internal or
external growth and sustainable reinvestment in the asset base. In
this context, we expect the company to continue growing its asset
base, strengthening its business model, and maintaining low
leverage levels for the current rating. However, the ratings also
reflect our view that the sovereign limits Pampa's credit quality,
considering the dependence of the energy sector on the regulatory
framework and on government support or intervention, and our
belief that in a hypothetical sovereign default scenario, high
inflation, sharp devaluation, and overall economic conditions
would undermine Pampa's financial flexibility."


PVCRED SERIE XXXV: Moody's Puts Ca Global Scale Rating to Certs.
----------------------------------------------------------------
Moody's Latin America (Moody's) has taken rating actions on the
Global Scale (GSR) and Argentine National Scale (NSR) of
Fideicomiso Financiero Pvcred Serie XXXV, a securitization of
personal loans in Argentina, following Moody's November 29, 2017
upgrade of the Argentine government's bond rating to B2 (stable
outlook) from B3 (positive outlook); and Argentina's local
currency country ceiling to Ba2 from Ba3. The improvement in
Argentina's credit profile as captured in the rating upgrade has
direct implications for the ratings of Argentine securitizations,
given that it also expresses a decrease of systemic risks for all
local credits.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

Moody's has withdrawn the ratings of the VRDA, VRDB and the
Certificates because the securities for this transaction have not
yet been placed in the market. Please refer to the Moody's
Investors Service's Policy for Withdrawal of Credit Ratings,
available on its website, www.moodys.com.ar. Moody's has assigned
new ratings to these tranches.

- VRDA: Aaa.ar (sf) (national scale) and Ba2 (sf) (global scale)

- VRDB: Caa1.ar (sf) (national scale) and Caa3 (sf) (global
   scale)

- CP: Ca.ar (sf) (national scale) and Ca (sf) (global scale)

RATINGS RATIONALE

Moody's has taken actions on the securities mainly based on the
following factors: (i) the upgrade to Ba2 from Ba3 of the
Argentine country ceiling in local currency; (ii) the upgrade of
relevant counterparties such as servicers and providers of
external credit enhancements.

The local currency country ceiling for bonds summarizes the
general country-level risks (excluding foreign-currency transfer
risk) that should be taken into account in assigning local
currency ratings to locally domiciled obligors or locally
originated structured transactions. They indicate the rating level
that will generally be assigned to the financially strongest
obligations in the country. The country ceiling for local currency
bonds and notes is expressed on the long-term global scale.

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

Further changes to Argentina's country ceilings may have an impact
on the ratings of securitizations backed by consumer, lease and
vehicle loans.

A rating change in the sub-sovereign or entities that provide a
guaranty or external credit enhancement to the securitizations
would lead to a rating change of the securitizations.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

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.


TINUVIEL SERIE XXIV: Moody's Puts Ca Global Scale Rating to Certs.
------------------------------------------------------------------
Moody's Latin America has taken rating actions on the Global Scale
(GSR) and Argentine National Scale (NSR) of Fideicomiso Financiero
Tinuviel Serie XXIV, a securitization of personal loans in
Argentina, following Moody's November 29, 2017 upgrade of the
Argentine government's bond rating to B2 (stable outlook) from B3
(positive outlook); and Argentina's local currency country ceiling
to Ba2 from Ba3. The improvement in Argentina's credit profile as
captured in the rating upgrade has direct implications for the
ratings of Argentine securitizations, given that it also expresses
a decrease of systemic risks for all local credits.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

Moody's has withdrawn the ratings of the VDF A, VDF B, VDF C and
the Certificates because the securities for this transaction have
not yet been placed in the market. Please refer to the Moody's
Investors Service's Policy for Withdrawal of Credit Ratings,
available on its website, www.moodys.com.ar. Moody's has assigned
new ratings to these tranches.

- VDF A: Aaa.ar (sf) (national scale) and Ba2 (sf) (global scale)

- VDF B: Baa2.ar (sf) (national scale) and B3 (sf) (global scale)

- VDF C: Ca.ar (sf) (national scale) and Ca (sf) (global scale)

- CP: C.ar (sf) (national scale) and C (sf) (global scale)

RATINGS RATIONALE

Moody's has taken actions on the securities mainly based on the
following factors: (i) the upgrade to Ba2 from Ba3 of the
Argentine country ceiling in local currency; (ii) the upgrade of
relevant counterparties such as servicers and providers of
external credit enhancements.

The local currency country ceiling for bonds summarizes the
general country-level risks (excluding foreign-currency transfer
risk) that should be taken into account in assigning local
currency ratings to locally domiciled obligors or locally
originated structured transactions. They indicate the rating level
that will generally be assigned to the financially strongest
obligations in the country. The country ceiling for local currency
bonds and notes is expressed on the long-term global scale.

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

Further changes to Argentina's country ceilings may have an impact
on the ratings of securitizations backed by consumer, lease and
vehicle loans.

A rating change in the sub-sovereign or entities that provide a
guaranty or external credit enhancement to the securitizations
would lead to a rating change of the securitizations.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

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.


YPF S A: S&P Rates Proposed $500MM Senior Unsecured Notes 'B+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to YPF
S.A.'s (B+/Stable/--) proposed $500 million 30-year senior
unsecured notes. The issuance amount could be increased to up to
$750 million.

The rating on the notes is the same as the corporate credit rating
on YPF, because S&P doesn't believe there's significant structural
subordination given that YPF is an operating holding company, and
priority liabilities at the subsidiaries' level represent less
than 10% of total adjusted assets. The new issuance will slightly
enhance YPF's capital structure and reflects improved liability
management amid flattened yield curves. Additionally, the company
is proposing an up to $750 million add-on to its $750 million 10-
year notes that it issued last July.

The company will use proceeds from both transactions primarily to
pay for the simultaneous tender offer on its 8.875% senior notes
due December 2018. YPF could use any remaining proceeds for
additional refinancing or to fund working capital and capital
expenditures, which S&P already incorporate in its base-case
scenario.

S&P said, "Our 'B+' rating on YPF reflects its leading market
position as Argentina's largest integrated oil and gas company,
offset by exposure to the country's fragile economy and evolving
institutional framework, as well as YPF's limited geographic
diversification.

"Our rating also incorporates our expectation that YPF will
maintain a fairly moderate leverage for the current rating level.
In line with the company's strategy to focus on financial
discipline, efficiency, and reducing capital expenditures, we
expect a gradual deleveraging and gross adjusted debt to EBITDA to
slip to closer to 2.5x in 2018 from current 2.8x.

"Our 'bb-' stand-alone credit profile assessment on YPF is
currently above our ratings on Argentina (B+/Stable/B). The
sovereign ratings act as a cap on the rating on YPF because of our
belief that a hypothetical sovereign default scenario--high
inflation, sharp depreciation, and overall weak macroeconomic
conditions--would undermine the company's financial flexibility."

RATINGS LIST

  YPF S.A.
    Corporate credit rating         B+/Stable/--

  Rating Assigned

  YPF S.A.
    Senior unsecured                B+


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


PETROBRAS: Seeks Inclusion on Market Transparent-Company List
-------------------------------------------------------------
EFE News reports that Brazilian state oil company Petroleo
Brasileiro S.A. (Petrobras), which is taking a series of anti-
corruption steps in the wake of a massive graft scandal, has asked
to be included among a group of companies traded on the Sao Paulo
Stock Exchange that offer investors a higher level of
transparency, its top executive said.

The company's chief executive officer, Pedro Parente, said at an
event in Rio de Janeiro to unveil the company's measures to combat
corruption that Petrobras had announced its decision to adhere to
the Sao Paulo Stock Exchange's Grade 2 of corporate governance and
would likely migrate to that level in the coming weeks, according
to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2017, S&P Global Ratings raised its global scale ratings
on Petroleo Brasileiro S.A. (Petrobras) to 'BB-' from 'B+',
including its corporate credit rating and the ratings on the
senior unsecured notes issued through the company's financing
vehicles (Petrobras International Finance Co. and Petrobras Global
Finance B.V.).


PETROBRAS: Receives New $204.4MM Reimbursement for Losses
----------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. (Petrobras)
received a new BRL654-million ($204.4-million) reimbursement for
losses incurred due to a massive bribes-for-inflated contracts
scheme centered on the state oil company.

"This is the biggest reimbursement of public funds in Brazil's
history resulting from a criminal investigation," said Deltan
Dallagnol, coordinator of the team of prosecutors investigating
the scheme involving corrupt Petrobras officials, leading
Brazilian construction companies and politicians, according to EFE
News.

The new sum returned brings the total received by Petrobras since
the investigation began nearly four years ago to almost BRL1.5
billion (some $461.2 million), the report notes.

The report relays that Mr. Dallagnol said the funds had been
recovered thanks to plea deals prosecutors have signed with
several defendants, who agreed to turn state's evidence and return
ill-gotten gains in exchange for sentence reductions.

The money reimbursed thus far is around 13 percent of the roughly
BRL10.8 billion ($3.4 billion) to be returned pursuant to 163 plea
deals with individual defendants and companies implicated in the
diversion of funds, Mr. Dallagnol said, the report relays.

The so-called Car Wash investigation found that Brazil's largest
construction and engineering companies illegally formed a cartel
to systematically divvy up Petrobras contracts, overcharge the oil
company and bribe corrupt executives at the state-controlled firm
over the course of more than a decade, the report says.

Extra money was diverted to illegally fund election campaigns and
to individual politicians who provided cover for the graft, the
probe has shown, the report discloses.

Executives of several of Brazil's largest construction companies,
numerous former Petrobras officials and politicians accused of
taking kickbacks have been imprisoned as a result of the sprawling
investigation, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2017, S&P Global Ratings raised its global scale ratings
on Petroleo Brasileiro S.A. (Petrobras) to 'BB-' from 'B+',
including its corporate credit rating and the ratings on the
senior unsecured notes issued through the company's financing
vehicles (Petrobras International Finance Co. and Petrobras Global
Finance B.V.).


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


BANCO DEL BAJIO: Moody's Affirms ba1 Baseline Credit Assessment
---------------------------------------------------------------
Moody's de Mexico has revised the outlook assigned to Banco del
Bajio, S.A. to positive, from stable. At the same time, Moody's
affirmed all of BanBajio's rating and assessments, including its
long-term global local currency deposit ratings of Baa3 and its
Mexican National Scale rating of Aa3.mx.

The following ratings and assessments were affirmed with a
positive outlook:

Banco del Bajio, S.A.

-- Baseline Credit Assessment of ba1

-- Adjusted Baseline Credit Assessment of ba1

-- Long-term global local currency deposit rating of Baa3,
    outlook changed to positive, from stable

-- Short-term global local currency deposit rating of Prime-3

-- Long-term foreign currency deposit rating of Baa3, outlook
    changed to positive, from stable

-- Short-term foreign currency deposit rating of Prime-3

-- Long-term Mexican National Scale deposit rating of Aa3.mx

-- Short-term Mexican National Scale deposit rating of MX-1

-- Long-term Counterparty Risk Assessment of Baa2(cr)

-- Short-term Counterparty Risk Assessment of Prime-2(cr)

-- Outlook changed to positive from stable

RATINGS RATIONALE

In revising BanBajio's outlook to positive, Moody's took into
consideration the increase in the bank's capitalization levels
resulting from its recent initial public offering (IPO) and the
improvement in its asset quality supported by its conservative
loan origination. The rating action also considers the recent
improvement in profitability, which has been driven by its largely
stable funding cost in a period of rising interest rates.

Following its capital raise in June 2017, BanBajio's tangible
common equity (TCE) rose to 15% of its adjusted risk weighted
assets (RWAs) from 12.1% as of year-end 2016. Management expects
to maintain this level of capitalization going forward. The bank's
higher capital ratio compares favorably with its larger Mexican
peers.

The bank also posted a record low nonperforming loan ratio (NPL)
ratio of just 0.9% as of September 2017, a level that it has
retained since year-end 2016. The bank's NPL ratio, which was less
than half the already low system average of 2.1% as of September
2017, reflects BanBajio's conservative origination practices and
the increasing formalization of the type of small and midsized
companies (SMEs) that the bank targets, which has enabled the bank
to better gage these companies' credit profile.

In addition, the bank's geographic footprint has become
increasingly diversified across different Mexican states where it
has proven to be able to replicate its success; the bank plans to
maintain this strategy by continuing an expansion into Mexico's
northwestern states. Though it has developed a significant
presence in Mexico City, however, it remains most heavily focused
on the Bajio region, the economy of which has benefited from
manufacturing exports to the U.S., which leaves BanBajio more
heavily exposed than other Mexican banks to the potential
cancellation of NAFTA.

BanBajio's loan book is also relatively well diversified in terms
of industries, with no single industry representing more than 100%
of tangible common equity (thanks partly to the recent increase in
capital). Nevertheless, the bank has higher than average exposures
to the industries that would be most affected by the cancellation
of NAFTA, such as agriculture at 8% of loans and manufacturing at
11%, as of September 2017.

The bank has also benefitted from record-high returns in 2017.
While its lending rates rose in line with higher benchmark rates
in Mexico, its cost of funding remained relatively stable, a
reflection of the strength of the bank's funding mix,
notwithstanding its low proportion of retail clients. As such, the
bank's net income to tangible assets rose to 1.9% on an annualized
basis in the nine months to September 2017, up substantially from
1.2% in calendar year 2016. While returns will continue to benefit
from high interest rates in 2018, however, Moody's expects they
will eventually revert somewhat closer to historical levels as
interest rates begin to come down.

WHAT COULD MAKE COULD CHANGE THE RATING UP/DOWN

A successful NAFTA renegotiation would reduce asset risks and add
upward ratings pressure on the bank's ratings, as would further
geographical diversification to regions of the country less
dependent on trade with the U.S. An expansion of the bank's lower
cost and more stable retail deposit base and further reduction of
its exposures to single borrowers and related parties and
industries particularly vulnerable to changes in U.S. trade policy
would also add upward pressure on the ratings.

Given the positive outlook, downward pressures are limited at this
time. However, the rating could be stabilized at the current level
if NAFTA is terminated, particularly if this results in a
significant deterioration in asset quality or profitability. The
rating could also be stabilized if the recent gains in the bank's
capitalization buffers are reversed.

The principal methodology used in these ratings was Banks
published in January 2016.

The period of time covered in the financial information used to
determine Banco del Bajio, S.A.'s rating is between 1 January 2012
and September 30, 2017 (source: Moody's and issuer's financial
statements).

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.


FINANCIERA INDEPENDENCIA: S&P Affirms 'BB-' LT Global Scale ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term global scale
issuer credit rating on Financiera Independencia S.A.B. de C.V.
SOFOM E.N.R. (Financiera Independencia). S&P also affirmed its
'mxBBB+/mxA-2' national scale ratings on the firm. The outlook for
both scales remains stable.

S&P said, "At the same time, we affirmed our 'BB-' issue-level
rating on the company's $250 million senior unsecured notes. The
rating on its senior unsecured debt incorporates that, as of Sept.
30, 2017, secured debt represented less than 15% of adjusted
assets and unencumbered assets completely covered unsecured debt.
Consequently, we don't apply notches of subordination to this
issuance.

"Our issuer credit ratings on Financiera Independencia reflect its
stable financial performance, while it maintains sound market
share in the microfinance sector, and its geographic
diversification. Our projected RAC ratio averages about 9.4% for
2018-2019 and considers the stable internal capital generation
with modest credit growth. Financiera Independencia's asset
quality metrics have remained stable, but still compare poorly to
those of its peers. The ratings also incorporate a stable funding
structure that has longer tenures and is diversified between
market and credit facilities from commercial and development
banks. The company's liquidity position provides adequate cushion
under a stress scenario for the next 12 months. The stand-alone
credit profile (SACP) remains 'bb-'."


GRUPO KALTEX: Fitch Lowers Long-Term IDR to B; On Watch Negative
----------------------------------------------------------------
Fitch Ratings has downgraded Grupo Kaltex, S.A. de C.V. (Grupo
Kaltex) Long-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) to 'B' from 'B+'. Fitch has also downgraded the
company's USD320 million senior secured notes due 2022 to
'B'/'RR4' from 'B+'/'RR4'. All of the aforementioned ratings have
been placed on Rating Watch Negative.

KEY RATING DRIVERS

The ratings downgrade reflects Grupo Kaltex's operational and
financial position deterioration during 2017 beyond Fitch's
expectations, which has led to a weakening of its credit profile.
Such deterioration is the result of a combination of lower sales
volume and constant main input cost increases. EBITDA for the
latest 12 months at Sept. 30, 2017 was MXN1,367 million, a
reduction from MXN2,034 at year-end 2016. This resulted in a Total
Adjusted Debt to EBITDAR of 5.5x compared to an expectation of
below 4.5x.

The Negative Watch reflects Fitch's view of tight liquidity for
Grupo Kaltex given the reduction in EBITDA generation, which
resulted in an interest coverage below 2x. In addition, the breach
of the leverage covenant of total debt-to- EBITDA at or below
4.5x, limits the company's ability to incur in additional debt and
could potentially put additional pressure on Grupo Kaltex's
liquidity profile.

Lower Profitability from Operational and Cost Pressures: During
the first nine months of 2017, deficiencies in inventory
management, lower sales volumes in the company's different
divisions and increased main inputs costs such as cotton, energy,
natural gas, fibers and chemicals, decreased Grupo Kaltex's EBITDA
generation to MXN712 million from MXN1,379 million reported as of
Sept. 30, 2016, as well as the EBITDA margin to 5.7% from 11.0%,
respectively. This margin is lower than Fitch's previous
expectation of 11.5% in 2017 and 11.1% in 2018.

Management has implemented cost cutting and pricing initiatives in
order to recover profitability margins; however, the effect on the
company's operations is expected to kick in during 2018, for which
an EBITDA margin of 7.3% is estimated for 2017 and 8.0% in 2018.

Increased Leverage Reduces Flexibility: The company recorded an
adjusted leverage level, measured as total adjusted debt for
operating leases over EBITDAR of 5.5x during the last-12-months
ended on Sept. 30, 2017. Fitch projects that this ratio would
reach 5.8x and 5.1x at the end of 2017 and 2018, respectively.
These values are higher than Fitch's previous expectation of
around 4.5x in 2017 and 4.4x in 2018.

Fitch expects that the company's cash balance at year-end 2017
will remain above MXN500 million, as a result of the seasonally
high fourth quarter operations and the start of the strategic
initiatives to offset operational pressures, which will be
sufficient to cover debt service. In addition, management is
currently working in asset sales, in the form of available land.
Proceeds are intended to be used to reduce debt levels and support
operations. In its base case, Fitch is not including these
potential cash flows until they are apparent.

DERIVATION SUMMARY

Kaltex's business position is limited by its ability to transfer
cost increases into prices in a rapid manner; this weak pricing
power results in higher volatility of cash flows when compared to
other peers such as Grupo Posadas, S.A.B. de C.V. (rated
'B'/Outlook Stable), which has a less volatile profile, but is
similar to Grupo IDESA, S.A. de C.V. (IDESA) ( 'B-'/Outlook
Negative). The company's deteriorated financial metrics pressure
its credit profile in the low B category. Kaltex's scale of
operation, financial profile, profitability and leverage levels
compares unfavorable to denim companies in the 'BB' category, such
as Levi Strauss & Co. and L Brands, Inc.

KEY ASSUMPTIONS

Fitch's key assumptions within the agency's rating case for the
issuer include:
-- Revenue growth of around 2.5% average over the next three
    years (2018 to 2020);
-- EBITDA margin around 8.5% in average;
-- Capex of around MXN450 million per year;
-- Capex funded with cash flow from operations;
-- Adjusted Debt/EBITDAR levels above 5.0x in the first two years
    and gradually decreases to around 4.4x in 2020.

The recovery analysis assumes that Grupo Kaltex would be
considered a going-concern in bankruptcy and that the company
would be reorganized rather than liquidated. Fitch has assumed a
10% administrative claim.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the valuation of the company.

Fitch assumes that any potential distress in Grupo Kaltex could
occur due to continued inability to offset cost increases and a
tougher operating environment within the NAFTA region, resulting
in continued erosion of its EBITDA and cash balance. The post-
reorganization EBITDA assumption is MXN752 million, which
represents close to 55% of discount to the LTM EBITDA as of Sept.
30, 2017, reflecting a distressed level of revenue generation
across business lines. An EV multiple of 3x was used to calculate
a post-reorganization valuation based in a distressed company
profile in a low growth industry in Latin America.

Fitch calculates the recovery prospects for the senior secured
notes in the 31% to 50% range based on a waterfall approach. This
level of recovery results in the company's senior secured notes
being rated the same as its (IDR) of 'B'/'RR4'.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Improved liquidity profile in the form of equity injections or
    asset sales;
-- FFO and EBIT margins above 5%, EBITDA Margin improvement to
    above 10%, expansion of positive FCF, and stable operating
    results through industry and economic cycles resulting in a
    total adjusted debt/EBITDAR consistently below 4.5x.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Breach of covenants resulting in additional reduction in
    financial flexibility;
-- Continued operational pressures resulting in EBITDA / Interest
    expense below 2x ;
-- Sustained total adjusted leverage above 5.5x.

LIQUIDITY

Grupo Kaltex's Liquidity Position is Limited: The company's
liquidity position is supported by historical robust cash flow
from operations (CFFO), moderate cash balances and no significant
debt maturities until 2022. At Sept. 30, 2017, the company
reported a short-term debt of MXN859 million, of which around
MXN600 million are revolving credits, compared with MXN461 million
in cash. The company has approximately USD70 million of undrawn
uncommitted credit lines.

At the end of September 2017, Grupo Kaltex reported a total debt
of MXN7,158 million, of which 95% was denominated in U.S. dollars
and the rest in Colombian pesos. The debt consists mainly of
USD320 million senior secured notes due 2022, and the rest are
four bank loans. As of June 30, 2017, the issuer and the
subsidiary guarantors collectively accounted for about 74% of
Grupo Kaltex's consolidated assets, 100% of the consolidated
EBITDA and 92% of consolidated sales.

In addition, the notes are secured by mortgages that include a
plant located in Tepeji del Rio, Hidalgo, Mexico, a Mexican plant
located in Altamira, Tamaulipas, a non-possessory pledge agreement
that includes machinery and equipment owned by Manufacturas
Kaltex, S.A. de C.V. and a non-possessory pledge agreement
covering machinery and equipment owned by Kaltex Fibers, S.A. de
C.V. Based upon appraisals conducted in March of 2017, the
approximate value of the collateral was MXN1,917 million
(approximately USD100 million).

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

Grupo Kaltex, S.A. de C.V.
-- Long-Term Local Currency IDR to 'B' from 'B+';
-- Long-Term Foreign Currency IDR to 'B' from 'B+';
-- USD320 million senior secured notes due 2022 to 'B'/'RR4' from
    'B+'/'RR4'.

All of the aforementioned ratings have been placed on Rating Watch
Negative.


MEXICO: Opens Power-Line Sector to Private Firms
-------------------------------------------------
EFE News reports that for the first time, Mexico will seek bids
from private companies to construct and operate a high-voltage
line linking the Baja California electric grid with the rest of
the country, Energy Secretary Pedro Joaquin Coldwell said.

The line, expected to cost $1 billion, will run from Mexicali in
Baja California Norte to Hermosillo, capital of Sonora state,
according to EFE News.

"The new contracting model allows us to connect Mexican territory
without committing public resources, as well as to use new and
advanced technologies that will give the system greater security,"
Coldwell said during a presentation in Mexico City, the report
notes.

The line unifying the national grid is supposed to become
operational in 2021, the report relays.

Presentation of bids from interested companies is scheduled for
next month and the contract is to be awarded in September 2018.
Firms can submit bids individually or as part of consortiums, the
report adds.


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


VENEZUELA: Says More Than $3 Billion Frozen due to Sanctions
------------------------------------------------------------
The Latin Herald Times reports that Venezuela's government said
the sanctions the United States imposed in August had left it with
more than $3 billion in frozen assets in the global financial
system.

Foreign Minister Jorge Arreaza provided that figure in a meeting
with a group of international observers who are in Venezuela to
monitor the municipal elections, according to The Latin Herald
Times.

Leftist President Nicolas Maduro and the ruling United Socialist
Party of Venezuela are hailing that balloting as proof of the
country's healthy democracy even though much of the opposition is
boycotting the vote, the report notes.

The report relays that Mr. Arreaza criticized "the absolute
coordination between the US government's anti-democratic
imperialist policy against Venezuela's democracy" and efforts by
Washington's allies to target Caracas, a reference to the European
Union and Canada.

In August, the US signed an executive order that bars dealings in
new debt and equity issued by the Venezuelan government and that
nation's state oil company, PDVSA, the report relays.

The report notes that the move was the latest action by the US
aimed at heaping pressure on Maduro's administration, which the
opposition and several foreign governments say has moved to
consolidate a dictatorship.

For its part, the EU last month adopted a series of restrictive
measures against Venezuela in response to gubernatorial elections
in October that it said were marred by irregularities and to the
setting-up of a plenipotentiary National Constituent Assembly
(ANC) that it said further eroded democratic and independent
institutions, the report relays.

Those measures consisted of an "embargo on arms and on related
material that might be used for internal repression, as well as a
legal framework for a travel ban and assets freeze," the EU's
Foreign Affairs Council said on Nov. 13, the report says.

The report discloses that President Maduro has touted the ANC as
necessary to lift Venezuela, which had been racked by months of
violent opposition-led protests, out of political deadlock and a
deep economic crisis triggered in part by lower oil prices in
recent years.

But Venezuela's opposition, which has been stymied in its efforts
to oust President Maduro via a recall referendum, says it is
merely a mechanism to increase the president's stranglehold on
power, the report relays.

Venezuela in recent weeks has had difficulty in making principal
and interest payments on debt issued by the government and state
oil company PDVSA, the report notes.

President Maduro's government places the blame on US sanctions and
on growing controls international banks are applying on
transactions originating in the Caribbean nation, the report
notes.

Missed deadlines on debt repayment prompted rating agency S&P to
recently declare PDVSA in selective default, according to the
report.

American investment groups are the main holders of Venezuelan
bonds, the report adds.

                                *   *   *

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

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


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


* BOND PRICING: For the Week From December 4 to Dec. 8, 2017
-------------------------------------------------------------

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

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




                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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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