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

          Thursday, December 21, 2017, Vol. 18, No. 253


                            Headlines



A R G E N T I N A

GAINVEST CAPITAL: Moody's Assigns B-bf Global Scale Bond Rating
OPTIMUM MULTI: Moody's Assigns B-bf Global Scale Bond Fund Rating
RIO GRANDE: Moody's Rates ARS150MM Secured Notes B2


B R A Z I L

ATENTO LUXCO: Fitch Affirms BB IDR; Outlook Stable
OI SA: Creditors Approve Largest-Ever Latin American Restructuring


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 'Race to Debt' Leads to a 'Dark Dead End'
DOMINICAN REPUBLIC: Exploiting Subsoil's Riches Without Plunder


E L  S A L V A D O R

GRUPO UNICOMER: Fitch Affirms BB- IDR; Outlook Stable


P U E R T O    R I C O

PUERTO RICO: US Gov't. Issues Statement on PROMESA Status


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Cuts 2026 Sr. Unsec Notes Rating to D
VENEZUELA: Bond Investors Are Wondering If They've Been Dumped
VENEZUELA: Lawmakers Seek to Restore Collapsed Healthcare System
VENEZUELA: Moody's Withdraws Caa3 Rating on US$5BB Bonds


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A R G E N T I N A
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GAINVEST CAPITAL: Moody's Assigns B-bf Global Scale Bond Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Gainvest Capital III (the Fund), an
Argentinian bond fund managed by INTL Gainvest S.A.

The ratings assigned are as follows:

* Global scale bond fund rating: B-bf

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

RATINGS RATIONALE

"The B-bf global scale bond fund rating reflects Moody's
expectation that the fund will continue having a medium to high
single B credit profile supported by investments in Argentinian
fixed-income securities. Since it launched in September 2016, the
Fund has shown a diversified portfolio investing in LEBACs, local
corporate bonds and asset-backed securities which have an average
quality of single B.", said Carlos de Nevares, Moody's Vice
President. The national scale ratings reflects a national scale
mapping consistent for Funds with a B global scale credit profile.

This fund will complement the family of products of Gainvest, in
particular for institutional investors such as local insurance
companies and high net worth individuals who have historically
been clients of the asset manager.

INTL Gainvest S.A. is a medium Argentinian asset manager with 1.4%
of market share. As of November 2017, INTL Gainvest S.A. had
assets under management of approximately ARS 8.1 billion (USD0.47
billion).

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

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. 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.


OPTIMUM MULTI: Moody's Assigns B-bf Global Scale Bond Fund Rating
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Optimum Multi Asset Fund FCI (the
Fund), a new bond fund managed by BNP Paribas Investment Partners
S.A.S.G.F.C.I. , domiciled in Argentina.

The ratings assigned are as follows:

* Global scale bond fund rating: B-bf

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

RATINGS RATIONALE

"The B-bf global scale bond fund rating reflects Moody's
expectation that the fund will have a medium to high single B
credit profile supported by investments in Argentinian fixed-
income securities. The Fund will largely invest in in fixed and
floating bonds issued by the Argentinian Government (B2 stable).
The fund will complement this strategy with investments in
Argentinian corporate bonds.", said Carlos de Nevares, Moody's
Vice President. The national scale ratings reflects a national
scale mapping consistent for Funds with a B global scale credit
profile.

The rating agency noted that this is a new fund managed by an
experienced investment manager. Moody's analysis was performed on
a model portfolio provided by the fund sponsor. The rating agency
expects the Fund to be managed in line with this model portfolio.
However, Moody's noted that if the Fund's actual portfolio deviate
materially from the model portfolio, the Fund's ratings could
change. The new fund has been launched mainly to local insurance
companies who have historically been clients of BNPP IP.

BNP Paribas Investment Partners S.A.S.G.F.C.I. is a medium
Argentinian asset manager with 1.58% market share. As of November
2017, BNP Paribas Investment Partners S.A.S.G.F.C.I. had assets
under management of approximately ARS 9.0 billion (USD0.52
billion).

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

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. 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.


RIO GRANDE: Moody's Rates ARS150MM Secured Notes B2
---------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned
debt ratings of B2 (Global Scale, Local Currency) and A2.ar
(Argentina National Scale) to the Municipality of Rio Grande's
Secured Notes for up to ARS150 million. The ratings are in line
with the city's long term credit quality as reflected in its
current issuer rating in local currency, which presents stable
outlook.

RATINGS RATIONALE

The issuance of these Notes due in 2020 has been authorized by the
Municipal Law Nß3.606/2016. The Municipality of Rio Grande will
primarily use the net proceeds of these Notes to end up the
construction of the City's Water Plant and any excess once
completed this construction will be used to build other
infrastructure projects.

These Bonds are unconditional, non-subordinated and will rank
pari-passu with all other debts of the municipality. They will be
secured by the municipality's rights and legal recourse over the
co-participation revenues coming from the secondary level of
distribution of the Argentina tax-sharing scheme. They will mature
in 2020, be denominated in Pesos and will be subject to the
Argentine Republic Law. According to the reviewed terms and
conditions, these Notes will present quarterly amortization since
the sixteenth months from issuing date.

Moody's anticipates that following the issuance of these Notes,
despite expected debt amortizations and revenue growth, the ratio
of total debt to total revenues of the Municipality of Rio Grande
will increase to approximately 15% by the end this current fiscal
year from 9% at the end of 2016. Moody's also explains that even
after considering this large increase in debt, Rio Grande's debt
levels are still among the lowest of its peers. As a result of the
increased debt, interest expense is projected to grow to 2% of
operating revenues, a level considered manageable and relatively
low for its local peers.

Regarding the collateral, Moody's says that despite the credit
positive provided by the mentioned guaranty of the proposed Notes,
it is not enough to differentiate their credit quality from the
current credit quality of this issuer, which is reflected in the
municipality's issuer rating.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor anticipates changes in the main conditions that the Notes will
carry. Should issuance conditions and/or final documentation of
these Notes deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial ratings, an upgrade of Argentina's sovereign bond
ratings and/or the improvement of the country's operating
environment could lead to an upgrade of the Municipality of Rio
Grande. Conversely, a downgrade in Argentina's bond ratings and/or
further systemic deterioration or idiosyncratic risks arising in
Rio Grande could exert downward pressure on the ratings assigned
and could translate in to a downgrade in the near to medium term.

The principal methodology used in this rating was Regional and
Local Governments published in June 2017.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. 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.


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B R A Z I L
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ATENTO LUXCO: Fitch Affirms BB IDR; Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Rating (IDR) for Atento Luxco 1 S.A. (Atento) at 'BB' with
a Stable Outlook. Fitch has also affirmed Atento's USD400 million
senior secured notes at 'BB' and Atento Brasil S.A.'s (Atento
Brasil) national long-term rating at 'AA-(bra)' with a Stable
Outlook.

The ratings reflect Atento's business position and scale as the
fourth-largest player in the global customer relation management
(CRM) and business process outsourcing (BPO) industry, with a
well-established long-term client relationship and geographical
diversification. This enables the company to support EBITDAR
margins at adequate levels for the industry and modest positive
free cash flow (FCF) over the medium term. Fitch also expects the
company to keep a low to moderate net adjusted leverage at the
range of 2.0x-3.0x, as well as a manageable debt maturity profile
and robust liquidity position. However, ratings are tempered by
the moderate to high sector-risk due to intrinsic client
concentration, lack of minimum volumes in contracts and intense
competition.

KEY RATING DRIVERS

Moderate to High Sector-Risk Profile: Atento operates in the
moderate to high risk CRM/BPO industry. The sector bears an
intrinsic client concentration with the Top 5 clients easily
surpassing 50% of revenues. A financial stress in one large client
may contaminate its outsourcing provider. The industry is labor
intensive, and a reduction in volumes usually results in severance
payments and capacity adjustments by the CRM/BPO provider.
Charging fines from contracts suspensions with large clients has
historically been difficult. Competition is intense, and clients
tend to diversify outsourcing providers to avoid being dependent
on one supplier.

High Customer Concentration: Fitch considers client concentration
as the main risk for Atento. The company generates approximately
38% of total revenues from Telefonica Group (Telefonica S.A.;
BBB/Stable) and 72% from its 10 largest clients. Positively, Fitch
believes that this risk is partially alleviated by the Master
Service Agreement (MSA) with Telefonica, which guarantees an
inflation-adjusted revenue threshold until 2021 (2023 in Brazil
and Spain) amid the ongoing expansion of non-Telefonica clients.
In addition, the company can boast of well-established long-term
relationship with its clients, as it generates close to 90% of its
total revenue from clients who have contracted Atento for more
than five years.

Adequate Margins for the Industry: Fitch anticipates EBITDAR
margins to remain at the range of 15%-17% in the coming years,
after the adverse macroeconomic conditions seen in Brazil and
Spain in recent years. As of the latest LTM ended Sept. 30, 2017,
the group reported EBITDAR margins of 16%, slightly above the
15.7% registered in 2016. It is crucial for the company to
continue having financial discipline in bids and to expand on
value-added services.

Strong Competitive Position: Fitch believes Atento's leadership in
Latin America represents a competitive advantage. The company has
reached a scale that allows it to avoid price competition and
deliver operating margins in line with its main global
competitors. Atento is also able to offer more complex and value-
added solutions that increase the switching cost for the client.
The company's geographical diversification helps to smooth the
impact of an economic deceleration in a certain market. The
regional presence enables Atento to exchange its developed
solutions and services among the countries where it operates.

Mildly Positive FCF: Fitch expects Atento to report positive FCFs
over the next three years in the range of USD20 million to USD30
million per year. As of the LTM ended Sept. 30, 2017, Atento's
cash flow from operations (CFFO) of USD155 million was benefited
by a working capital inflow of USD45 million and was enough to
cover capex of USD64 million, resulting in positive FCF of USD91
million. Over the next few years, Fitch forecasts CFFOs between
USD100 million and USD140 million covering capex of USD66 million
to USD87 million and dividends of USD25 million to USD33 million.

Low to Moderate Leverage: Fitch forecasts Atento's net adjusted
leverage to remain at the range of 2.0x-3.0x over the medium term
driven mainly by the gradual recovery in EBITDAR and modest
positive FCF. The downward trend in rental expenses is positive,
leading to a lower level of off-balance-sheet debt. Fitch
forecasts the rental expense to represent less than 4% of the
company's total sales, which compares to 7.9% during 2010, mainly
driven by company's relocation of its workstations to more
attractive areas. As of the LTM ended Sept. 30, 2017, Atento's net
leverage was 1.5x (2.8x adjusted by lease-equivalent debt). Total
adjusted debt of USD1 billion was mainly composed of the USD495
million lease-equivalent debt, USD394 million senior secured bonds
due 2022, USD56 million with BNDES, and USD20 million in Brazilian
debentures.

Atento Brasil's Performance is Crucial: The Brazilian unit has a
high strategic and operational importance for Atento, contributing
to approximately 49% and 58% of the LTM sales and EBITDA,
respectively. In the same period, Atento Brasil's EBITDAR margin
of 17.7% was above the consolidated figure and its net adjusted
leverage was 2.6x. Fitch understands the labor reforms in Brazil
should have a positive effect for CRM/BPO providers in terms of
service demand, being the opposite of the potential reduction of
around USD40 million in EBITDAR that may come from the change in
the payroll tax. Given the strategic importance and legal ties of
Atento Brasil for Atento Luxco, Fitch understands their ratings
are equivalent.

DERIVATION SUMMARY

Atento is well positioned in terms of business profitability
compared to its most immediate peers in the industry. The company
is the fourth largest player in the highly fragmented CRM/BPO
industry. Atento has presented EBITDA margins of around 12% in
recent years while most immediate peers such as Convergys and
Teleprformance operate within an 11% to 15% range.

However these two players have reported higher revenue per
workstation, influenced by the geographies in which they operate.
Despite the fact that Atento should present a positive FCF and
keep its leverage and liquidity ratios commensurate to a 'BBB'
category, its business risks result on lower IDRs.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:
- Number of workstations (WS) of 91,800 in 2017 and 94,700 in
   2018, from 89,100 in 2016;
- Rental expenses at 3.7% of net sales;
- Capex at 3.5% of net revenues in 2017 and 4% in 2018;
- Dividends of USD25 million already announced and paid in 2017
   and payout rates of 25% from 2018 onwards.

RATING SENSITIVITIES

A positive rating action is unlikely in the short and medium term.
However, future developments that may, individually or
collectively, lead to a positive rating action include:
- Reduction of customer concentration from Telefonica to less
   than 20%, without compromising revenues;
- Expansion of cash generation from investment grade countries;
- Increase in value-added solutions that reflect in better
   consolidated margins and higher switching costs.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Increase in net adjusted leverage above 3.5x, on a sustained
   basis;
- Readily-available-cash to short-term debt ratio below 1.0x;
- Reduction in volumes leading to persistent EBITDAR margins
   below 13%;
- Weakening of Telefonica's credit profile;
- Signs that digital solution is cannibalizing revenues and
   margins, affecting its credit metrics.

LIQUIDITY

Strong Liquidity: Fitch believes Atento will maintain a strong
liquidity over the next three years. On Sept. 30, 2017, the
company's cash position of USD163 million covered 2.8x the short
term debt of USD57 million. This unfavorably compares to the 3.6x
cash coverage ratio attained in December 2016, though it is still
a sound number. Atento's cash position was enough to cover all
debt amortizations until 2021. Liquidity is reinforced by a USD105
million revolving credit facility that the company has used just
USD5 million. A good relationship with banks, proven access to the
debt and equity markets, as well as Fitch's expectations of
positive FCFs going forward also support the strong liquidity
outlook.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Atento Luxco 1 S.A.
-- Long-Term Foreign-Currency IDR at 'BB';
-- USD400 million senior secured notes due 2022 at 'BB'.

Atento Brasil S.A.
-- National Scale Rating at 'AA-(bra)'.

The Outlook for the corporate ratings is Stable.


OI SA: Creditors Approve Largest-Ever Latin American Restructuring
------------------------------------------------------------------
Rodrigo Viga Gaier at Reuters reports that creditors in Brazilian
telecoms company Oi SA approved a plan to restructure $20 billion
in debt owed by the firm, overcoming the main hurdle in Latin
America's largest-ever bankruptcy process.

After a marathon 15-hour meeting in Rio de Janeiro, three of four
creditor classes voted nearly unanimously for the plan, according
to Reuters.

The only major 'no' vote appeared to come from national telecoms
regulator Anatel, which held billions of dollars in Oi debt
through unpaid regulatory fines, the report notes.

"The management believes that the approved plan serves all the
stakeholders in a balanced manner and guarantees the operational
viability and sustainability of the companies in recovery," Oi
said in a filing, the report relays.

The vote caps off a year and a half of bruising negotiations, in
which creditors and the company fought over how to best
restructure some BRL65 billion ($20 billion) in debt, the report
discloses.

The report says that at stake in the process -- plagued by
fighting among creditors, shareholders and management -- were more
than 100,000 jobs that would have been lost if the company was
liquidated.

Attention will now turn to China Telecom Corp and China Mobile
Ltd, which have expressed interest in taking over Oi after it
emerged from bankruptcy protection, the report notes.

The Chinese are the latest in a string of foreign investors who
have floated a potential cash injection into Oi, Brazil's largest
fixed-line operator, the report relays.  Management has
acknowledged the need for fresh cash and included a 4 billion-real
capital increase from creditors in their recovery plan, the report
says.

New capital would be used to expand fixed-line broadband and
fourth-generation cellular networks, according to court documents,
in a bid to catch up with more technologically advanced
competitors such as Telefonica Brasil SA and TIM Participacoes SA,
the report notes.

                        Contentious Talks

The venue for one of Brazil's most contentious corporate battles
this year, a 22,000-square-meter convention center known as
Riocentro, hosted boxing matches at the 2016 Olympic Games, the
report relays.

The company had assembled the infrastructure for the meeting --
which was presided over by some 1,000 workers -- twice before, but
was forced to break apart the preparations as rifts between
creditors and the company caused delays, the report says.

The creditors meeting started Dec. 19.  However, major creditors
such as state banks BNDES and Banco do Brasil SA (BBAS3.SA)
requested multiple relatively short delays to request tweaks to
the company's plan, the report relays.

Among the major changes was a modification to the corporate
governance of Oi, the report relays.  A transitional Oi board will
be composed of a mix of existing board members and members chosen
by investors in the company, the report notes.  That board will
eventually have a say over the composition of the firm's
management, the report relays.

The deliberations went ahead despite efforts by influential
shareholder Nelson Tanure, whose investment vehicle Societe
Mondiale controls the board through alliances, to stop the vote,
including complaints to courts and regulators after a judge
removed him from negotiations, the report discloses.

The report notes that Mr. Tanure, an investor with a litigious
past, is likely to continue with legal appeals, adding some
uncertainty to Oi's future.

Under the restructuring plan, creditors such as distressed asset
specialists Aurelius Capital Management and Goldentree Asset
Management could swap their debt for up to 75 percent of the
carrier's stock, the report relays.

Among the parties that could lose are Portugal's Pharol SGPS SA,
whose 27.5 percent of voting shares in Oi stand to be severely
diluted, the report relays.

                          About Oi SA

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

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

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

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

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

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

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

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

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


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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: 'Race to Debt' Leads to a 'Dark Dead End'
-------------------------------------------------------------
Dominican Today reports that academicians of the Santo Domingo
Technological Institute (INTEC) School of Economics, warned that
the Government's continued 'race for loans" and debt, the country
will enter a "dark dead end" in the medium term.

The economists Franklin Vasquez, and Rafael Espinal made the
warming when presenting the fourth report of the Dominican Economy
(IED), and noted that, as of 2018, the weight that the debt
service poses as a percentage of government spending is worrisome,
according to Dominican Today.

"In the budget recently approved by Congress, debt service
accounts for 42.5% of public expenditure, when in 2007 it barely
accounted for 24.3 of spending.  This policy of medium-term
indebtedness will be taking the economy to a risk situation, which
will make the placement of bonds in the financial markets more and
more costly," the experts said in a statement, the report notes.

They assure that in 2018, bonds will be issued for RD$68 billion
locally and US$1,500 million in the international market to help
finance the indicated fiscal shortfall, equivalent to 2.2% of GDP,
the report relays.

"Undoubtedly, the policy of continuous increase in indebtedness,
close to 3 billion dollars contemplated in the budget, creates
deep concerns among INTEC's economic team," Espinal told the
journalists present, 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.


DOMINICAN REPUBLIC: Exploiting Subsoil's Riches Without Plunder
---------------------------------------------------------------
Dominican Today reports that the Energy and Mines Ministry
submitted to the Presidency the draft for the Mining Law bill, in
which the State would obtain more revenue from extractions,
without hobbling the miners' profits.

According to Dominican Today, "This is a historical, unprecedented
wager for a mining model that aims to said Mines minister Antonio
Isa.

Since September, Energy and Mines has been discussing the text
with business, industrial, social and academic leaders in a web
forum, which drew 1,150 useful observations, comments, proposals
and suggestions for a consensus and complete the bill's text
promote mining's sustainable development.

"The preliminary project, conceived on the pillars of sustainable
and socially responsible mining, contemplates the creation of the
National System for the Distribution of Mining State Income, which
aims to efficiently and transparently manage said income or
proportion to finance sustainable development projects that seek
equity between companies, the State and communities," the agency
said in a statement, 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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E L  S A L V A D O R
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GRUPO UNICOMER: Fitch Affirms BB- IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Grupo Unicomer Company Limited's
ratings, including its Issuer Default Ratings, at 'BB-'. The
action reflects the company's leading business position in most of
the countries where it operates and the solid financial position
of its main shareholders. The rating also incorporates Grupo
Unicomer's geographic and format diversification, which have
contributed to positive consolidated cash flows from operations
(CFFO) throughout economic cycles. The company has been reporting
stable operational results based on a business model that targets
low-income to middle-income segments. Grupo Unicomer's ratings
also consider its growth strategy through acquisitions, funded
mainly with debt, which in turn has prevented it from reducing
consolidated leverage.

KEY RATING DRIVERS

Operating Environment and Format Diversification: Grupo Unicomer
has commercial operations in 24 countries across Central America,
South America and the Caribbean. The company has a track record of
more than 16 years in consumer durables sales, which has enabled
it to develop long-term relationships with suppliers and
competitive advantages as to the location of its stores within
small countries where prime retailing points of sale are very
limited. The company maintains a leading business position in the
selling of consumer durables goods, supported by its proprietary
financing services and economies of scale in terms of purchasing
power and logistics.

Geographic Diversification: Geographic diversification allows
Grupo Unicomer to have a broad revenue base supported by different
economic dynamics that mitigates the company's country risk of any
individual market. Jamaica, Trinidad & Tobago, Costa Rica, Ecuador
and Honduras are among the most important cash flow contributors,
giving the company strength and stability to its operating cash
flows. Most of the other countries in which the company operates
are rated within the 'B' rating category. The company has several
store formats and brands across their operations.

Positive Cash Flow from Operations: For the LTM ended September
2017, the company generated USD59.9 million of CFFO. Fitch expects
the company's CFFO to be above USD55 million per year during 2018-
2020. Grupo Unicomer is focused on recovering the profitability
margins it had in the past (around 13.5% of EBITDA margin). Capex
levels should be around USD38 million per year during the medium
term excluding potential acquisitions. The last acquisitions
occurred in 2015-2016, when the company acquired two retail
chains, one in Paraguay and the other in the Caribbean countries
of Bonaire, Curacao and St. Maarten.

Growth Funded Mainly with Debt: Historically, Grupo Unicomer has
expanded its operations through a combination of organic and
inorganic growth. Since its inception, the company has done
important acquisitions that increased its size and coverage. While
organic growth was primarily funded with internal operating cash
flows, acquisitions were funded mainly with debt. As of September
2017, lease adjusted debt/EBITDAR was 4.9x. Unicomer's leverage
ratios were affected by lower revenues and profitability due to
lower consumption in the islands affected by the 2017 hurricane
season and to a USD5 million write-off related to the credit
portfolio of the affected islands. Excluding the write-off,
adjusted debt/EBITDAR would have been 4.8x; Fitch expects the
company to reduce this ratio to around 4.3x in the medium term.

Credit Spread Offsets Moderate Level of Overdue Accounts:  The
company's consumer finance strategy includes sufficient financial
spreads to cover credit risks associated with the portfolio.
During the last five years, the portfolio yield after deducting
uncollectable expenses and write-offs has been nearly 40% on
average. As of Sept. 30, 2017, Grupo Unicomer's portfolio had an
average of 7.8% of non-performing loans (NPLs; past due accounts
for 90 days or more). The company has NPL provisions equivalent to
107% of those non-performing loans. The level of overdue accounts
is partially offset by the company's efficient collection program
and portfolio yield.

Shareholders' Sound Financial Position: The ratings consider the
sound financial position of Grupo Unicomer's shareholders Milady
Group (Milady 50%) and El Puerto de Liverpool, S.A.B. de C.V.
(Liverpool 50%), with a proven track record in retail since 1847.
Fitch is not incorporating into Unicomer's ratings potential
financial support from its shareholders, if needed. Also in
Fitch's view, Unicomer's shareholders' solid credit profiles gives
flexibility to Unicomer, as the shareholders' financial position
does not rely on Unicomer's dividend payment.

Milady's operations include real estate developments, department
store chains, all Inditex's franchises in Central America, and a
vertically integrated textile manufacturing and wholesaling
business. Liverpool (BBB+/Stable), a department store with 249
units and 25 shopping malls in Mexico, had USD5.9 billion in total
revenues during the LTM ended Sept. 30, 2017 with 15% of EBITDA
margin. Liverpool's total adjusted debt/EBITDAR (including a
captive finance adjustment) was 1.3x for the same period.

DERIVATION SUMMARY

Grupo Unicomer's business risk profile is closer to mid-to-upper
level of the 'BB' category when compared to peers. The company has
about the same scale in number of stores as Grupo Elektra
(BB/Stable), while Grupo Famsa (B-/Stable) has fewer stores.
Unicomer's credit portfolio is smaller in size than Elektra and
Famsa, as it does not lend through regulated banking operations.
The company is more geographically diversified than Elektra and
Famsa, which mitigates the operating risk of any individual
market. From a financial risk profile view, Unicomer leans towards
the 'BB-'/'B+' range when compared to peers. The company maintains
a weaker financial position in terms of profitability, flexibility
and financial structure than Elektra but it is stronger than
Famsa. Unicomer's operating margins are higher but closer to
Famsa's, while Elektra has the best operating margins of the three
companies. Unicomer ranks in the middle between Elektra and Famsa
in terms of credit metrics and liquidity position. As per Fitch's
criteria, Unicomer's applicable Country Ceiling is 'BB+' and does
not constrain the ratings, as the Foreign Currency IDR is lower
than the applicable Country Ceiling. At the current rating level,
the operating environment (OE) of the countries in which the
company operates does not constrain the ratings, but OE would
likely constrain them in mid-to-upper 'BB' rating range.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Revenue growth of 3.6% on average for 2018-2021;
- EBITDA margin of 11.5% for year-end 2018 and close to 12.2%
   going forward;
- Total Lease Adjusted Debt to EBITDAR of 4.0-4.4x in the medium
   term;
- Capex of USD37.6 million per year on average for 2018-2021;
- One-off provision of USD5 million related to accounts
   receivables of islands affected by the 2017 hurricane season;
- Dividend payments equivalent to 25% of net income for 2018-
   2021;
- Stable portfolio credit quality;
- Potential inorganic growth in 2019.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Diversification of operating subsidiaries in countries with
    higher sovereign risk, consolidated adjusted net leverage
    below 4.0x on a sustained basis, retail-only adjusted net
    leverage below 3.5x on a sustained basis, maintained credit
    quality of the portfolio, and significant reduction on its
    current maturities that result in a consistent ratio of cash
    plus CFFO-to-short-term debt of 1.0x.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Deterioration in overdue accounts from the consumer finance
    business, significant reduction in cash flow generation,
    further debt-financed acquisition activity resulting in a
    consolidated adjusted debt/EBITDAR above 5x and/or
    deterioration of liquidity compared to short-term debt.

LIQUIDITY

Liquidity is adequate. As of Sept. 30, 2017, Grupo Unicomer
reported total debt of USD772.6 million, of which USD187 million
was classified as short-term. This level of current debt compares
with USD86 million of cash and marketable securities and USD161.6
million of uncommitted undrawn revolving credit facilities.

The company's main source of liquidity is internal cash generation
consisting of positive CFFO. Cash and equivalents of USD86.2
million and a short-term net receivables portfolio of USD587.9
million further support the company's liquidity. The liquidity
ratio, measured as FCF plus cash and marketable securities over
short-term debt, was 0.6x at Sept. 30, 2017; when including short-
term account receivables in the calculation the ratio increases to
3.7x.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Grupo Unicomer Company Limited:
-- Long-Term Foreign Currency Issuer Default Rating (IDR) 'BB-',
    Outlook Stable;
-- Long-Term Local Currency IDR 'BB-', Outlook Stable;
-- USD350 million senior notes due 2024 at 'BB-'.


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


PUERTO RICO: US Gov't. Issues Statement on PROMESA Status
---------------------------------------------------------
BankruptcyData.com reported that the United States of America
filed with the U.S. Bankruptcy Court a memorandum of law in
support of the constitutionality of the Puerto Rico Oversight,
Management, and Economic Stability Act (PROMESA). The statement
explains, "Congress enacted PROMESA in 2016 amidst the worst
fiscal crisis in Puerto Rico's history. To prevent the further
downward spiral of Puerto Rico's economy, PROMESA provides a
comprehensive approach that, among other things, allows the
Commonwealth of Puerto Rico and its instrumentalities to
restructure their debts in a process akin to Chapter 9 of the U.S.
Bankruptcy Code. Central to PROMESA's statutory scheme is the
creation of a Financial Oversight and Management Board ('Oversight
Board') within Puerto Rico's territorial government, which
Congress tasked with achieving Puerto Rico's fiscal responsibility
and restoring access to the capital markets. This includes acting
as the sole representative of the debtor in a debt restructuring
proceeding instituted under PROMESA.

Aurelius Investment, LLC, Aurelius Opportunities Fund, and Lex
Claims, LLC ('Aurelius') - hedge funds holding outstanding bonds
issued by the Commonwealth - contend that PROMESA's statutory
scheme governing the appointment of members of the Oversight Board
violates the Appointments Clause of the Constitution and
encroaches on the President's executive authority in violation of
separation of powers. Accordingly, Aurelius asks that the Court
dismiss the debt restructuring proceeding initiated by the Board
on behalf of the Commonwealth of Puerto Rico. Contrary to
Aurelius's arguments, PROMESA's appointments scheme is
constitutional."

                     About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                           Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.  The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


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


PETROLEOS DE VENEZUELA: S&P Cuts 2026 Sr. Unsec Notes Rating to D
-----------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Petroleos de
Venezuela S.A.'s (PDVSA) senior unsecured notes due 2026 to 'D'
from 'CC'.

PDVSA hasn't met the coupon payment on its 2026 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
S&P's methodology.

Since October 2017, PDVSA used its stated 30-day interest payment
grace period in an effort to garner enough dollars to meet its
debt maturities. Given the current sanctions on PDVSA and its
already pressured liquidity position, S&P is 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 a
default.


VENEZUELA: Bond Investors Are Wondering If They've Been Dumped
--------------------------------------------------------------
Katia Porzecanski at Bloomberg News reports that Venezuela
investors are worried they're getting ghosted.

That's the concern among a growing number of sovereign bondholders
six weeks after the government's mysterious announcement that it
would seek to restructure its debt while also continuing to pay
what's owed in the meantime, according to Bloomberg News.  It's
now been a month since a creditor meeting in Caracas produced no
specific proposals, and as overdue bond payments pile up without
any word from officials, the relationship looks to be on rocky
ground, Bloomberg News notes.

Things don't look quite as bad for investors in the state oil
company, Petroleos de Venezuela SA, or PDVSA, Bloomberg News
relays.  While payments on some of those notes are overdue as
well, officials there seem to be making a more concerted effort to
fulfill their obligations, Bloomberg News says.  Since the
restructuring announcement, none of the government debt has been
paid, while at least three PDVSA bonds have, Bloomberg News notes.
Bloomberg News relays that it begs the question: Is the sovereign
taking advantage of investors' fidelity to quietly, selectively
default on them?

"There's a lot of uncertainty, and it's impossible to tell whether
missed coupons are a result of non-payment or of obstacles in the
payment mechanism," said Graham Stock, the head of emerging-market
sovereign research in London at BlueBay Asset Management,
Bloomberg News notes.  "If the former, then certainly it could be
a selective default," he added.

Bloomberg News notes that Venezuela last made a payment on its
sovereign debt in September.  The government is now overdue on
$700 million of interest on eight bonds -- six of which were
deemed in default after their grace periods expired, Bloomberg
News relays.  While President Nicolas Maduro and his allies have
repeatedly said the nation honors its debt -- and that the payment
chain has been held up by financial blockades staged by capitalist
enemies -- those reassurances have grown less frequent in recent
weeks, Bloomberg News notes.  The last time officials said they
transferred funds to pay creditors was Nov. 15, for two bonds
which still remain unpaid, Bloomberg News says.

Meanwhile, as though everything were normal, both government and
PDVSA debt still trades with accrued interest, per guidelines
recommended by the Emerging Market Traders Association, Bloomberg
News relays.  Unlike a typical default scenario -- in which bonds
start trading "flat" without accrued interest or rights to the
missed coupon -- in this case investors are technically operating
with the expectation that those payments will come through,
Bloomberg News notes.

Indeed, many long-term investors, known as "real money," probably
won't sell their holdings in Venezuela until they're sure no more
paydays are coming their way, according to Bank of America Corp,
Bloomberg News notes.  It's hard to tell when that'll be without
clarity from the government, strategists at the bank wrote in a
report Dec. 13, Bloomberg News says.

A spokesman for the Economy Ministry declined to comment, saying
he wasn't authorized to do so. Calls to Venezuela's public credit
office went unanswered.

Bloomberg News discloses that the question of whether Venezuela
may ultimately prioritize PDVSA's debt over its own has long been
contemplated because the oil producer is the nation's money-maker
and main source of foreign revenue.  Some PDVSA bonds are backed
by refining assets in the U.S., providing an even bigger incentive
to stay current on those obligations, Bloomberg News relays.
Meanwhile, the sovereign has two huge principal payments coming up
in 2018, an election year (no specific date has been set),
Bloomberg News notes.  Perhaps, some bondholders speculate, the
government thinks that cash could be better spent on the
impoverished electorate, Bloomberg News says.

On the other hand, the election may provide an incentive to keep
paying, since "most governments don't survive a default," said
Shahriar Shahida, co-founder of New York-based hedge fund firm
Constellation Capital Management, which holds Venezuelan debt,
Bloomberg News notes.  "Even if they do decide to default, they
will make every effort to wait until after the elections," he
added.

Either way, there isn't much investors can do about their
situation at this point, Bloomberg News relays.  U.S. sanctions
prohibit them from engaging in a debt restructuring, while there's
little incentive to accelerate, or demand immediate repayment of
principal, Bloomberg News relays.  That tactic is sure to produce
a protracted legal battle with no guarantee of repayment,
Bloomberg News discloses.

The turn in Venezuela's behavior, after years of providing
investors with some of the best returns in emerging markets, has
been difficult for bondholders who recall their best days with
fondness, Bloomberg News relays.  There's even a support group of
sorts that's emerged from a list of investors that Venezuela
mistakenly leaked last month, when almost 200 people -- mainly
mom-and-pop types -- registered for information about the creditor
meeting in Caracas, Bloomberg News notes.

"Every day another investor emails the group to say, 'I don't seem
to have received my coupon -- does anyone know what is
happening?'" the report quoted Mr. Stock as sayin.  "People may
feel like they're being broken up with, when in fact, she never
even knew their name."


VENEZUELA: Lawmakers Seek to Restore Collapsed Healthcare System
----------------------------------------------------------------
EFE News reports that the Health Commission of Venezuela's
National Assembly legislature said that the opposition's dialogue
with the Nicolas Maduro government must reach a humanitarian
agreement on bringing medicines into the country, since, it said,
the healthcare system has collapsed.

Doctor and lawmaker Dinorah Figuera, a member of the Health
Commission, told EFE that in addition to an enormous budget
shortage in the health sector, Venezuela also suffers from a
massive exodus of doctors, a scarcity of medicines, plus the
"centralization" and corruption throughout the entire bureaucracy,
according to EFE News.

"We always insist on dialogue, even if it goes against the opinion
of many in the opposition nationwide, because the right to life
and the right to health are non-negotiable," the lawmaker said,
the report notes.

She recalled that the National Assembly, with its strong
opposition majority, declared a state of emergency in matters of
healthcare more than a year ago, and that there's no hiding the
current healthcare situation, because every day people seek
medical attention and medications and then die because they can't
get them, the report relays.

"It's a truly corrupt system . . .  a drama that huge can't be
hidden," she said, the report notes.

Mr. Figuera pointed to the Nicolas Maduro government for
supposedly violating the right to healthcare and said the issuing
of the "Card of the Homeland," implemented by the ruling party
this year, is a way to "cut off" that right, the report relays.

"Health is a universal right, there's no justification for asking
patients for their Card of the Homeland in order to receive
medical attention - not even their ID cards should be required,"
Mr. Figuera said, the report says.

Mr. Figuera also noted that the legislative Health Commission to
which she belongs has reported the collapse of the Venezuelan
healthcare system before the Organization of American States
(OAS), the World Health Organization (WHO) and the Inter-
Parliamentary Union (IPU), the report notes.

The opening of a humanitarian channel to import needed medical
supplies is a recurring request by numerous social sectors and
government adversaries, and is one of the demands of the
opposition in its conversations with Chavismo being held in the
Dominican Republic, the report says.

Nonetheless, the Venezuelan government, through different
spokespersons, has indicated that it will not permit such a
humanitarian channel to be opened, since in its opinion it would
just be an excuse for "foreign intervention," the report relays.

The Maduro government, for example, has again blocked the entry of
foods and medicines donated by foreign governments, the report
adds.


VENEZUELA: Moody's Withdraws Caa3 Rating on US$5BB Bonds
--------------------------------------------------------
Moody's Investors Service has withdrawn the Caa3 rating of the
US$5 billion, 6.5% Government of Venezuela bond due on Dec.29,
2036 (ISIN USP97475AQ39).

RATINGS RATIONALE

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


                            ***********


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
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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,
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856-381-8268.


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