TCRLA_Public/171227.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

         Wednesday, December 27, 2017, Vol. 18, No. 256


                            Headlines



B R A Z I L

CEMIG DISTRIBUICAO: Moody's Rates BRL1.575BB Sr. Debentures B3
GOL LINHAS: Moody's Hikes Corporate Family Rating to B2
MARFRIG GLOBAL: Moody's Revises Outlook to Stable & Affirms B2 CFR
SUZANO PAPEL: Fitch Hikes Long-Term IDR From BB+; Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 'Secretive' Electric Pact Splits Big Business
DOMINICAN REPUBLIC: Law Lets Gov't. Sell up to US$1.5BB in Assets


M E X I C O

MINERA MEDIA: Signs Waiver on Liquidity Covenant With Lenders


P U E R T O    R I C O

CHASE MONARCH: Hires Hector J. Figueroa as Bankruptcy Counsel
GOTITAPAK INC: Taps Carlos Pena Garcia as Accountant


T R I N I D A D  &  T O B A G O

SAGICOR FINANCIAL: Slams IMF Report
* TRINIDAD & TOBAGO: Finding a Job, Hard These Days in the Country


V E N E Z U E L A

PROVINCIAL DE REASEGUROS: Fitch Withdraws C IFS Rating


X X X X X X X X X

* Record US$306BB Insurance Losses in 2017 After Disasters




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B R A Z I L
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CEMIG DISTRIBUICAO: Moody's Rates BRL1.575BB Sr. Debentures B3
--------------------------------------------------------------
Moody's America Latina assigned B3/B2.br (Global Scale and Brazil
National Scale, respectively) ratings to Cemig Distribuicao S.A.
(Cemig D, B3/B2.br stable)'s new issuance of BRL1,575 million
senior secured debentures due June 2022. The debentures are
guaranteed by Cemig D's parent company, Companhia Energetica de
Minas Gerais (Cemig, Corporate Family Rating or 'CFR' of B3/B2.br
stable).

The proceeds of the issuance will be used to partially pay down
Cemig D's 4th issuance of debentures due 2018, in total
outstanding amount of BRL1,793 million as of Sept. 2017.

RATINGS RATIONALE

CEMIG-D's B3/B2.br issuer and senior unsecured ratings reflect the
overall consolidated credit profile of the corporate family under
Cemig, given the guarantees provided by the holding company as
well as cross-default clauses embedded in the various debt
instruments across the corporate family.

The senior secured ratings of B3/B2 reflect the limited credit
uplift of the receivables assigned in favor of debenture holders,
composed of future flow receivables related to electricity bills
paid by its clients which flow through certain bank accounts. The
issuer committed to a monthly minimum amount of BRL400 million.
Pursuant to the terms of the indenture, in case monthly flows are
below the minimum amount the issuer is to provide additional
guarantees to fulfill the amounts. Failure to do so can lead to
early amortization of the debentures.

The debentures carry an interest rate of 146.5% of the DI rate,
payable on a monthly basis as of January 2018. The principal
amortization schedule is set for 36 monthly amortizations,
starting in June 2019. The debentures can be prepaid at any point
in time, although prepayment premium flat fees are set between
1.0% and 0.5% depending on prepayment dates.

The indenture establishes that in the event Cemig is successful in
selling any of its assets, as per the publicly announced
divestment program, that 20.4% of any amounts left following the
payment of the BRL593 million due in Nov. 2018 related to the
Light S.A. put option, be used to prepay the debentures, in part
or in full.

The indenture also establishes limitations on dividend
distributions above minimum requirements as established in company
by-laws. The documents further establish the requirement to obtain
an overall capital increase of BRL2.2 billion by Dec. 2018.

Financial covenants have been set for both Cemig D and Cemig, as
guarantor. For Cemig D, covenants are set at Net Debt to Ebitda of
7.5x until June 2018, scaling down to 4.5x in Dec. 2018, 3.8x in
Dec. 2019, and further down until reaching 3.30x in Dec. 2021. For
Cemig, as guarantor, the covenants are set at Net Debt / Ebitda
levels of 4.5x until June 2018, 4.25x for Dec. 2018, 3.5x in Dec.
2019, and further down until reaching 2.5x in Dec. 2021. An
additional liquidity covenant is set at a ratio of 0.6x for
current assets over current liabilities.

Cemig's credit profile reflects its market position and economic
relevance as one of the largest integrated energy utility
companies in Brazil and 5.5 GW of generation installed capacity.
Overall leverage metrics as measured by Debt / Ebitda and CFO pre
W/C to Debt, stood at 3.9x and 21.5% as of Sept. 2017 (as per
Moody's standard adjustments).

The B3/B2.br CFR assigned to Cemig reflects the application of
Moody's joint default analysis (JDA) framework for government
related issuers (GRI). The state of Minas Gerais is the
shareholder with majority control. Moody's GRI rating methodology
considers the following four input factors (i) a moderate-level
probability of extraordinary support from the state should Cemig
face financial distress, (ii) Moody's estimates of a high level of
dependence between the company and the state, (iii) Moody's rating
of the State of Minas Gerais (B1, negative) as well as (iv)
Cemig's intrinsic credit profile as captured in the Moody's
Baseline Credit Assessment (BCA) of caa1.

In December 2017, the company concluded several measures which
addressed the corporate family's immediate liquidity/refinancing
needs on debts due in December 2017 and early 2018. Over the past
three months, the companyhas been able to (i) close on a USD1.0
billion Eurobond issuance, (ii) reach an agreement with its key
creditor banks to refinancing approximately BRL3.9 billion of
debts, (iii) honor a substantial portion of the put option
obligations related to Light S.A. (B1/Baa1.br positive) with the
remaining portion rescheduled for late 2018 and (iv) raised a
total BRL1.2 billion amount in capital increase as of Dec. 13,
2017 of a total amount that can reach up to BRL1.3 billion.

Through the combination of these events, the company has raised
sufficient funds to refinance its immediate financial obligations.
The next relevant maturities are the BRL593 million outstanding
amount on the Light put option in November 2018, and an amount of
BRL842 million due by Cemig GT on December 2018.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The ratings can be downgraded should the company not be successful
in securing funds to pay down or refinance the relevant financial
obligations in total amount of almost BRL1.5 billion due by Dec.
2018.

Positive rating pressure can result from the company successfully
paying down or refinancing the abovementioned obligations combined
with establishing and adhering to a liquidity and liability
management strategy that is consistent with higher rating levels.

Headquartered in Belo Horizonte in the state of Minas Gerais,
Cemig is a leading Brazilian integrated utility operating in the
sectors of electricity distribution, generation and transmission
with 5,500 MW in installed capacity and approximately 8,200km of
transmission lines across the country. The company also owns
controlling equity participation in the electricity utility Light
S.A and the transmission company Transmissora Alianca de Energia
Eletrica (Ba2/Aa1.br stable). Cemig is controlled by the state of
Minas Gerais which owns 50.69% of Cemig's voting capital. As of
Sept. 2017, Cemig generated last twelve month net revenues and
EBITDA of BRL18.8 billion and BRL4.1 billion respectively, as per
Moody's standard adjustments.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in June 2017.


GOL LINHAS: Moody's Hikes Corporate Family Rating to B2
-------------------------------------------------------
Moody's Investors Service upgraded the ratings of Gol Linhas
Aereas Inteligentes S.A.'s debt, including the corporate family
rating ("CFR") to B2 from Caa3 and Gol Finance's perpetual notes
guaranteed by Gol to B3 from C. The rating outlook was changed to
stable. Moody's also affirmed the foreign currency rating assigned
to Gol LuxCo S.A.'s ("Gol LuxCo") term loan guaranteed by Delta
Air Lines, Inc. ("Delta") at Baa3; outlook stable.

Upgrades:

Issuer: Gol Linhas Aereas Inteligentes S.A.

-- Corporate Family Rating, Upgraded to B2 from Caa3

Issuer: Gol Finance

-- USD200 Million Guaranteed Senior Unsecured Perpetual Notes,
    Upgraded to B3 from C

Affirmation:

Issuer: Gol LuxCo S.A.

-- USD300 Million Guaranteed Senior Unsecured Term Loan due 2020,
    Affirmed at Baa3

Outlook Actions:

Issuer: Gol Linhas Aereas Inteligentes S.A.

-- Outlook, Changed to Stable

Issuer: Gol Finance

-- Outlook, Changed to Stable

Issuer: Gol LuxCo S.A.

-- Outlook, Remains at Stable

RATINGS RATIONALE

The ratings upgrade is a result of Gol's improvements in operating
performance and financial flexibility that have culminated in the
successful issuance of USD500 million 7.0% senior unsecured notes
due 2025 (unrated). More specifically, Gol has posted a marked
recovery in its operating margins and leverage measured by total
adjusted debt to Ebitda that have reached 11.8% and 4.6 times,
respectively, in the last twelve months ("LTM") ended September
2017. Operating improvements are a consequence of capacity
reduction, cost cutting, and stronger demand for air travel in
Brazil stemming from a gradual strengthening in the Brazilian
economy, which Moody's believe will continue during 2018.

Part of the proceeds from the recent notes offering were used in a
tender offer that repurchased around USD185 million from the
company's USD276 million 8.875% notes due 2022. Moody's expect the
company to keep around USD150 million from the proceeds to
reinforce its liquidity position while the balance should be used
in the tender offer of the of the unsecured notes due 2020 and in
the of the 2018, 2021 and 2028 secured notes, extending its debt
maturity, releasing assets, while decreasing interest expenses .

Gol's B2 ratings reflect the company's leadership position in the
Brazilian domestic market supported by its strong brand name and
low-cost structure based on a modern and efficient operating fleet
of 116 Boeing 737 aircrafts, along with an experienced management
team. Nonetheless, Gol's ratings incorporate its exposure to
foreign currency, fuel price volatility, tough competitive
environment, and dependence on the Brazilian economy because of
its low geographic diversification compared to other rated
airlines.

The B3 rating on the unsecured notes stand one notch lower than
Gol's B2 corporate family rating (CFR) in order to reflect the
effective subordination of those unsecured creditors to the
company's other existing secured debt. Gol's consolidated debt
pro-forma for the new bond issuance will be composed of finance
leases collateralized by aircraft, representing about 40% of its
total debt and the other 60% will be comprised by the proposed
unsecured bonds and other unsecured debt. As such, unsecured notes
will rank below all the company's existing and future secured
claims.

The affirmation of Gol LuxCo's USD300 million senior unsecured
term loan at Baa3 reflects Delta guaranty for this term loan.
Moody's views this guarantee as an effective guaranty of payment
of lenders in the entirety of its original promise when due, and
not just a guarantee of collection after an event of default. As
such, the rating on the term loan is at the same level as Delta's
senior unsecured rating of Baa3 and the outlook is stable.

The stable outlook on Gol and Gol Finance reflects Moody's belief
that the company will be able sustain the improvements in
operating margins and cash flow generation liquidity and leverage
that were more evident in the last four quarters. The company
significantly reduced capacity in the last couple of years ahead
of its domestic market peers in pursuit of higher yields and
streamlined its costs to help mitigate earnings pressure from
softer economy and weaker demand. These actions and the
incremental passenger growth stemming from an slowly improving
local economy have led to meaningful improvement of credit
metrics.

Positive ratings pressure requires leverage approaching 4.0x,
internal cash generation measured by RCF/Debt to above 12.5% along
with an interest coverage measured by (FFO+Interest)/Interest
above 4.0x, while improving its unrestricted cash position to
further mitigate the effects of a prolonged local currency
devaluation.

Downward pressure on Gol's ratings or the outlook will occur if
credit metrics were to deteriorate over without expectation of
recovery. Quantitatively, negative ratings pressure increases if
adjusted gross Debt to EBITDA increases above 6.0x or Ebit margin
erodes to below 8% for a prolonged period, or should the company'
financial flexibility deteriorate could also lead to a negative
rating action for Gol.

An upgrade or downgrade in the term-loan rating depends on changes
in Delta's creditworthiness.

The methodologies used in these ratings were Global Passenger
Airlines published in May 2012, and Rating Transactions Based on
the Credit Substitution Approach: Letter of Credit-backed, Insured
and Guaranteed Debts published in May 2017.

Based in Sao Paulo and founded in 2001, Gol is the largest low-
cost carrier in Latin America, offering almost 700 daily passenger
flights to connect Brazil's major cities and various destinations
in South America and the Caribbean, along with cargo and charter
flight services. Additionally, Gol has a 53% stake in Smiles, a
loyalty program company with almost 13 million participants that
allows members to accumulate miles and redeem tickets in more than
800 destinations around the world and also offer non-ticket reward
products and services. In the last twelve months ended September
2017, Gol reported consolidated net revenues of BRL10.3 billion
(~USD3.2 billion) and lease adjusted EBITDA of BRL2.4 billion. Gol
LuxCo and Gol Finance are wholly-owned subsidiaries of Gol Linhas
Aereas Inteligentes S.A. ("Gol," B2 stable).


MARFRIG GLOBAL: Moody's Revises Outlook to Stable & Affirms B2 CFR
------------------------------------------------------------------
Moody's Investors Service affirmed Marfrig Global Foods S.A.'s B2
ratings, including its corporate family ratings (CFR) and the
senior unsecured ratings of Marfrig Holdings (Europe) B.V. At the
same time Moody's changed the company's outlook to stable from
positive.

The following ratings have been affirmed:

Issuer: Marfrig Global Foods S.A.

- Corporate Family Rating: B2 (global scale);

Issuer: Marfrig Holdings (Europe) B.V. and guaranteed by Marfrig:

- USD215 million 8.375% senior unsecured guaranteed notes due
   2018: B2 (foreign currency);

- USD660 million 6.875% senior unsecured guaranteed notes due
   2019: B2 (foreign currency);

- USD27 million 11.250% senior unsecured guaranteed notes due
   2021: B2 (foreign currency);

- USD1000 million 8.000% senior unsecured guaranteed notes due
   2023: B2 (foreign currency);

The outlook of all ratings is Stable

RATINGS RATIONALE

The change in outlook to stable from positive reflects Marfrig's
high leverage and Moody's perception that the deleveraging process
will take longer than initially anticipated. The deterioration in
credit metrics during 2017 resulted mostly from a decline in cash
generation due to (i) lower volumes in the 1H17, including
disruptions influenced by the Weak Flesh trigged in the second
week of March, despite Marfrig not being involved, the
investigation adversely affected animal protein companies in
Brazil due to temporary bans and negative impact in consumer
confidence and (ii) a less favorable exchange rate for the
translation of its exports. Moreover, the higher working capital
needs following its decision to ramp-up capacity to 300,000 heads
per month with the activation of 5 additional plants for
slaughtering implied additional pressure to cash flow generation
during the year.

Although Moody's anticipate a recovery in operations during 2018,
mainly as a consequence of the increase in volumes and higher meat
prices, Moody's don't expect Marfrig's metrics to recover as fast.
Accordingly, Moody's estimate Debt/EBITDA will remain above 6x
over the following 12 months. Moody's had changed the company's
outlook to positive on January 2017, following the conversion of
BRL2.1 in convertible debentures into equity. Back then, Moody's
expected that with debt reduction and a stronger EBITDA adjusted
gross leverage would approach 5.0x by end of 2017.

Marfrig's B2 ratings are supported by its diversified portfolio of
animal proteins, as well as a diverse geographic footprint and
distribution capabilities. The company's diversity in terms of raw
material sourcing reduces risks related to weather and animal
diseases, while its product portfolio and food service business
help to mitigate some of the volatility inherent in commodity
cycles and supply-demand conditions for each specific protein. In
addition, the company has maintained a clear focus on organic
growth, presents a good liquidity profile, and has been working to
deleverage via higher EBITDA generation and disposal of assets.

It the last 4 years Marfrig has (i) maintained a consistent
strategy of organic growth, (ii) shown a remarkable improvement in
liquidity profile, (iii) increased participation of the more
stable US poultry business in sales, and redemption of debentures
held mainly by BNDESPAR, which implies BRL300 million less in
interest to be serviced in 2018 as compared to 2017.

On the other hand, the ratings are constrained by a high gross
leverage, low interest coverage and a considerable exposure to the
commodity related business which is highly volatile. Going into
2018 a positive cattle cycle will provide enough animals for
slaughter to mitigate cost pressures from higher slaughtering
demand. Exports and domestic meat sales present a positive trend
in terms of volumes and pricing, and FX should be more stable,
allowing the company to ramp-up EBITDA generation.

Marfrig's adjusted leverage, measured by gross debt to EBITDA
remains high, at 7.5x. Going forward, Moody's estimate that
gradual improvements in operating performance will translate into
overall better metrics, considering (i) a continued strong EBITDA
generation from Keystone Foods, both in the US and Asia
operations, especially given the advance of sales in Asia and
international low feed costs, and (ii) EBITDA margin recovery for
the beef segment (Brazil, Uruguay and Chile operations), with
increased capacity for slaughter and an improved consumer scenario
in Brazil and increase in export volumes. Liability management and
the conversion of BRL 2.1 billion in debentures in 2017, will
yield an improvement in interest coverage by 2018. A possible IPO
of Keystone Foods could lead to faster deleveraging depending on
the use of proceeds by Marfrig.

As of September 30, 2017, Marfrig's total cash balance of BRL 4.5
billion was sufficient to cover reported short term debt by 2.6x.
Additionally, the company currently holds, through its subsidiary
Keystone, approximately USD300 million (BRL 990 million) in
revolving credit facilities available.

The stable outlook reflects Moody's view that Marfrig will be able
to gradually reduce gross leverage while sustaining a good
liquidity profile.

FACTORS THAT COULD LEAD TO AN UPGRADE

The ratings could be upgraded if Marfrig maintains a consistent
and predictable execution of its financial policy with the ability
to improve operating margins from current levels, maintain a good
liquidity profile and reduce its indebtedness. In addition, it
would require CFO/Net Debt approaching 15% and a Total Debt/EBITDA
below 4.5x.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Marfrig's ratings could be downgraded in case of a deterioration
in its liquidity position or if a consistent and predictable
financial policy execution is not observed going forward.
Quantitatively, downward pressure on Marfrig's B2 rating or
outlook is likely if Total Debt/EBITDA does not approach 6.0x over
the next 12 to 18 months, EBITA to gross interest expense falls
below 1.0x or if Retained Cash Flow to Net Debt is below 10%. All
credit metrics are according to Moodys standard adjustments and
definitions.

Marfrig, headquartered in Sao Paulo, Brazil, is one of the largest
protein players globally, with consolidated revenues of BRL 18.6
billion (approximately USD5.6 billion) in the last twelve months
period ended in September 30, 2017. The company has significant
scale and is diversified in terms of sales, raw materials and
product portfolio, with operations in Brazil, US, Uruguay, Chile
and Asia-Pacific and presence in the beef, poultry and food
service segments. The company has two main business segments -
Keystone and Beef, each representing approximately 47% and 53%,
respectively, of Marfrig's total revenues. Approximately 77% of
Marfrig's sales and EBITDA are tied to foreign currencies, with
food service, which produces less volatile cash flows than the in-
natura exports business, representing 56% of total EBITDA.
Keystone Foods, headquartered in the US, is a food service
supplier with operations in the US and Asia, with Mc Donald's
accounting for 55% of its revenues. Beef divison is the second
largest beef producer in Brazil and one of top 5 players
worldwide.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in June 2017.


SUZANO PAPEL: Fitch Hikes Long-Term IDR From BB+; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Suzano Papel e Celulose S.A.'s Long-
Term Foreign and Local Currency Issuer Default Ratings (IDR) to
'BBB-' from 'BB+'. Fitch has also upgraded Suzano's National scale
Long-Term rating to 'AAA(bra)' from 'AA+(bra)'. The Rating Outlook
is Stable.

The upgrade to investment grade reflects Suzano's strong FCF which
supported an important leverage reduction, to 2.5x in the LTM
ended September 2017. Stronger operating cash flow and lower
investments contributed to the company's debt reduction efforts
and gross and net debt fell by BRL2.4 billion and BRL3.8 billion,
respectively, between December 2015 and September 2017. The
upgrade also incorporates Fitch's expectation that net leverage
would climb again if Suzano decides to proceed with investing in a
new pulp mill, but should not exceed 3.5x during the construction
period. Pulp prices should remain elevated up to 2020 due to
strong demand from China and a dearth of new projects, which would
provide a favorable backdrop for partially funding the project
with internal cash flow.

Suzano's ratings also incorporate the company's strong business
position as a low-cost producer of market pulp and its position as
the leading producer of printing and writing paper, and paperboard
in Brazil. Because of its strong market business position in pulp
and production costs in the lowest quartile, Suzano is able to
generate strong cash flow during cyclical pricing downswings while
maintaining production volumes above 90% of nominal capacity.

Suzano is rated above the 'BB+' Country Ceiling for Brazil. This
is in line with Fitch 'Rating Non-Financial Corporates Above the
Country Ceiling Rating Criteria' and takes into account the
company's strong hard-currency external debt service ratio, which
is supported by significant operating cash flows from exports and
hard currency cash and marketable securities.

KEY RATING DRIVERS

Leverage to Remain Low: Fitch projects net leverage will fall
below 2x during 2018. Better pulp prices should contribute to a
continued deleveraging. The company's net debt/EBITDA ratio was
reduced to 2.5x at Sept. 30, 2017, as per Fitch's calculations,
from 3.1x in 2016 and an average of 5.1x between 2012 and 2014. In
Fitch's opinion, Suzano's financial strategy approved by the board
in May 2017 demonstrates the company's commitment to preserve low
leverage and continue to manage its capital structure
conservatively. The rating upgrade considers the possibility of a
potential new investment cycle in a pulp mill and incorporates the
expectation that net leverage will remain below 3.5x even with
higher investments.

Strong Cash Flow Generation: Fitch projects that Suzano will
generate about BRL5.8 billion of adjusted EBITDA in 2018 and BRL6
billion in 2019. Fitch's base case scenario incorporates better
pulp prices, total investments around BRL3.6 billion during 2018
and 2019, a downward cost trend, and some efficiency gains from
adjacent business projects. Suzano generated BRL4 billion of
adjusted EBITDA and BRL3.3 billion of cash flow from operations
(CFFO) in the LTM ended Sept. 30, 2017. This compares with BRL3.7
billion of adjusted EBITDA and BRL3.1 billion of CFFO during 2016,
and BRL4.5 billion and BRL2.6 billion, respectively, in 2015. FCF
was BRL461 million in the LTM, after dividends of BRL371 million
and investments of BRL2.4 billion, including BRL789 million from
acquisition of land and forest.

Solid Business Position: Suzano is the leading producer of
printing and writing paper in Brazil, as well as paperboard, with
1.3 million tons of annual production capacity. Suzano supplies
about 58% of printing and writing paper demand and about 37% of
paperboard in Brazil. The company's strong market shares in
uncoated printing and writing paper and paperboard allow it to be
a price leader in Brazil. With 3.6 million tons of market pulp
capacity, Suzano is the fourth largest producer of market pulp in
the world, behind Fibria, Arauco and CMPC. Suzano's competitive
advantage is viewed as sustainable due to its modern pulp mills,
high-yielding forestry plantations, low average distance from the
forests to the mill and its efficient logistics. During the LTM,
the company's cash cost of production was USD184 per ton, which
placed it firmly in the lowest quartile of the cost curve. In
comparison, producers in the third quartile have production costs
in the range of USD350-USD450 per ton, while those in the fourth
quartile can be more than USD500.

Forestry Assets Key to Credit Profile: A key credit consideration
that supports Suzano's investment-grade credit profile is its
significant forestry holdings, which ensure a competitive
production cost structure. As of Sept. 30, 2017, the accounting
value of the biological assets on its forest plantations was
BRL4.3 billion. The company owns about 1.2 million hectares of
forest assets in Brazil, on which it has developed 579,000
hectares of eucalyptus plantations. The nearly ideal conditions
for growing trees in Brazil make these plantations extremely
efficient by global standards and give the company a sustainable
advantage in terms of the costs of fiber and transportation
between forest and mill.

Cyclicality of Pulp Prices: The market pulp industry is very
cyclical; prices move sharply in response to changes in demand or
supply. Suzano's sales volumes are less volatile than prices, as
sales are carried out under long-term supply agreements. Market
fundaments for pulp producers have turned favorable, as strong
demand from China has helped the market absorb new capacity from
Asia Pulp and Paper and Fibria seamlessly. Prices from 2018
through 2020 should be healthy do to the lack of new projects,
which should help issuers build cash positions for new projects or
reduce debt accumulated during recent pulp mill projects. China
will continue to play a key role in supporting prices, and demand
should be driven by a growing economy and the closing of pulp
mills that relied upon non-wood fibers.

DERIVATION SUMMARY

Suzano is the leading producer of printing and writing paper in
Brazil, as well as paperboard, and is the fourth-largest global
producer of market pulp, after Fibria Celulose S.A. (BBB-/Stable),
Celulosa Arauco y Constitucion S.A. (BBB/Negative) and Empresas
CMPC S.A. (BBB/Stable). The company's business is exposed to the
cyclicality of pulp prices. As at other Latin American pulp
producers, Suzano's cash production costs are among the lowest in
the world for hardwood pulp, ensuring its long-term
competitiveness. Suzano and Fibria are rated lower than Chilean
peers due to less diversified regional and business profile.
Suzano and Fibria have industrial facilities only in Brazil, while
Arauco and CMPC are more diversified with operations in the wood
products segments and tissue, respectively.

Suzano's ratings incorporate the important leverage reduction
since 2015, which positions the company with the lower leverage
among the Latin America pulp players. Liquidity is historically
strong for pulp producers. Suzano's operating margins are similar
to Fibria's and higher than the Chilean companies that operate in
lower-margin business segments such as tissue, packaging and
boards.

Suzano is rated one notch above Brazil's Country Ceiling of 'BB+'.
Suzano's Foreign Currency IDR is not constrained by Brazil's
Country Ceiling, as the company exports about 70% of its sales and
holds hard currency cash and marketable securities, which easily
covers hard currency interest expense by more than 1.0x. The
strong ratio supports notching up to 3 notches above Brazil's
Country Ceiling and its weakening could result in a revision in
Fitch approach. Suzano's Foreign Currency IDR is constrained by
the company's Local Currency IDR, which is a reflection of the
company's underlying credit quality.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Suzano include:
-- Pulp sales volume of 3.7 million tons in 2018 and 2019;
-- Paper sales volume of 1.2 million tons in 2018 and 2019;
-- Average hardwood net pulp price between USD675 and USD700
    per ton;
-- FX rate of 3.3 BRL/USD.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Positive rating actions are not expected.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- An expectation that net leverage will remain above 3.0x during
   2018, not considering relevant investments;
- If Suzano decides to invest in a new pulp project, net leverage
   should remain below 3.5x to prevent a negative rating action,
   with an expectation of quick deleveraging after the startup
   of the project;
- Sharp deterioration of market conditions with significant
   reduction in pulp prices;
- A debt-financed acquisition.

LIQUIDITY

Strong Liquidity: Suzano has historically maintained a strong cash
position. As of Sept. 30, 2017, the company had BRL3.8 billion of
cash and marketable securities and total debt was BRL13.8 billion.
Liquidity covered short-term debt obligations by a multiple of 2x.
Suzano has manageable debt maturities of BRL2.5 billion up to the
end of 2018 and BRL2.1 billion in 2019. In September 2017, Suzano
completed the reopening of its 2026 and 2047 senior unsecured
notes, in the total amount of USD400 million, and will use
proceeds to extend its debt maturity profile. Suzano does not have
a standby facility. The company enjoys strong access to both the
debt and equity markets.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings:
Suzano Papel e Celulose S.A.
--Long-Term Foreign Currency IDR to 'BBB-', from 'BB+';
--Long-Term Local Currency IDR to 'BBB-', from 'BB+';
--Long-term National scale rating to 'AAA(bra)', from 'AA+(bra)'.

The Outlook is Stable.

Suzano Trading Ltd.
--USD650 million senior notes due Jan. 23, 2021 to 'BBB-' from
'BB+' (guaranteed by Suzano Papel e Celulose S.A.).

Suzano Austria GmbH
USD700 million senior notes due in 2026 to 'BBB-' from 'BB+'
(guaranteed by Suzano Papel e Celulose S.A.).
USD500 million senior notes due in 2047 to 'BBB-' from 'BB+'
(guaranteed by Suzano Papel e Celulose S.A.).



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


DOMINICAN REPUBLIC: 'Secretive' Electric Pact Splits Big Business
-----------------------------------------------------------------
Dominican Today reports that National Business Council (CONEP)
Vice President Circe Almanzar said she's surprised by the
Industries Association's (AEIH) refusal to sign the Electricity
Pact.

She said the industrialists "never took proposals and that what's
reflected in the final document is the position of business,"
according to Dominican Today.

"We, of the Pact's Coordination Committee, established an internal
work mechanism, where all positions of the entire business sector
that we externalized in the talks, any debate or any divergence
was analyzed internally within the CONEP, or there are no
industrial positions, separated from the financial sector or the
generating sector because we discuss everything internally," she
said, the report notes.

The business leader said that in the discussions of the Pact, all
actors present had the right to object to any point and the issues
approved were based on practically unanimity, because any actor
that objected to a proposal, it was rejected as a consensus, the
report relays.

The report discloses that Mr. Almanzar said there's no reason for
an actor, who did not want to participate and did not submit any
concrete proposal, come to object or to say that he doesn't agree
when they had all the possibility.

"It strikes us, it surprises us, that decisions are questioned
when there was no alternative proposal, there is no better
decision to be made, than the one you have and if you never took
any internal proposal, you have no moral or justification to
object," Mr. Almanzar said, in response to AEIH president Antonio
Tavera's critique of the Pact he affirms was reached in a
"secretive" manner, the report notes.

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


DOMINICAN REPUBLIC: Law Lets Gov't. Sell up to US$1.5BB in Assets
----------------------------------------------------------------
Dominican Today reports that with the recently approved Financing
Law 2018, Congress authorized the Executive Branch to sell the
capital shares or stake in State-owned companies or projects up to
an amount not higher than 5% of the public debt of the Non-
Financial Public Sector (SPNF).

That means that the operation or the transactions, because there
could be several should not exceed US$1.5 billion, according to
Dominican Today.  That sets as reference the value of the SPNF
debt of US$29.1 billion as of last October, the report notes.

When Budget (Digepres) director Luis Reyes, went to the Chamber of
Deputies Finance Commission on Nov. 30, he said there was no
ulterior motive in that proposal: it's about partially dispensing
of shares in the Punta Catalina power plant when its construction
ends, the report relays.  "Once operational, it's desirable for
the Government to be able to do that operation and restore the
investment that has been made in it," Mr. Reyes said.

However, the law that allows the Executive to issue public debt in
2018 doesn't expressly state that what is to be sold is Punta
Catalina, and leaves the door open to operations involving any
state enterprise, including initiatives in the project phase, the
report relays.  "The Executive Power is authorized to carry out
operations for the sale of shares and / or capital shares of
companies owned by the Dominican State or projects, for up to the
maximum amount of 5% of the debt of the non-financial public
sector, for the purpose of limiting any new increase in public
debt, promote operational sufficiency and increase sectoral
productivity," says article 10 of the law, the report notes.

While acknowledging that the legal text does not specify the
operations that may involve, the economist Jose Rijo highlights
that the only project available to the government for an amount of
such magnitude is Punta Catalina, the report says.

He said a sale of the Energy Distribution Companies (EDE) or of
the State's stake in EGE Haina would have been embodied in the
Electricity Pact, and they are not in the final document, the
report relays.  On the other hand, the management of the Punta
Catalina power plant is not tied to the pact because it was not
included, the report notes.

Another large company that is partially in the hands of the State
is the refinery Refidomsa, but government sources quoted by
diariolibre.com have indicated that currently there is no interest
to sell off the 51% stake it owns.  The rest of the package is in
the hands of the Venezuelan government, through PDVSA, the report
says.

                         Approved

Before president Danilo Medina signed it into law, legislators
Faride Raful and Francisco Paulino issued a dissenting report
precisely because of Article 10's ambiguity, the report discloses.
"The National Congress cannot continue granting general powers and
authorizations to the Executive to act as it does," the report
said, Dominican Today 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.



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


MINERA MEDIA: Signs Waiver on Liquidity Covenant With Lenders
--------------------------------------------------------------
Torex Gold Resources Inc. disclosed that its wholly owned
subsidiary, Minera Media Luna, S.A. de C.V. (MML), has received a
waiver signed by BNP Paribas, as Administrative Agent, on behalf
of the Lenders to lower the liquidity covenant threshold in the
credit agreement of July 21, 2017, from $50 million to $30 million
until January 31, 2018, with the proviso that the remaining $25
million available under the credit agreement, and not yet drawn,
is counted toward meeting the liquidity covenant threshold but it
may not be drawn by MML. In addition, the Company provided an
update on the current situation at the ELG site.

Fred Stanford, President & CEO of Torex stated: "A frequently
asked question we have received is whether we would breach the
liquidity covenants of our Credit Facility. This no cost waiver to
temporarily reduce the liquidity covenant is helpful in that it
extends the time before liquidity becomes a covenant breach risk.
The high quality of support that the Lenders have provided is
appreciated and has been consistent throughout their relationship
with Torex." He added, "This month we also received VAT returns of
US$13 million, which has helped to reduce liquidity risks."

Meantime, the illegal blockade by Los Mineros Union started on
November 3, 2017, continues. On December 19, 2017, a group of
workers, community members, and government representatives
attempted to cross the blockade to enter the ELG mine site. Los
Mineros prevented them from entering and were belligerent
throughout the encounter. The majority of the blockaders did not
appear to be employees or local community members. Government
officials now have a direct experience of the Los Mineros
projection of violence and intimidation that employees and
community members have been subjected to. Community members have
now responded by blockading the blockaders. The risk of violent
confrontation continues to escalate and we urge the authorities to
restore law and order and diffuse the tensions, so that employees
of the Company, contractors, and suppliers, can go back to work
and provide for their families.

State government officials have proposed a negotiation between the
Company and employees that are aligned with Los Mineros. Previous
discussions with the leader of Los Mineros, and the head of their
affiliated union, UNIFOR, were unproductive because their
suggested solutions were illegal. The Company is prepared to fully
engage in the State facilitated negotiation, and will consider all
legal suggestions that could lead to a lifting of the blockade and
a sustainable business moving forward. Unfortunately, the Company
is not optimistic legal solutions will be offered, but believes it
is worth engaging and trying to find a productive path forward.

Torex is an emerging intermediate gold producer based in Canada,
engaged in the exploration, development and operation of its 100%
owned Morelos Gold Property, an area of 29,000 hectares in the
highly prospective Guerrero Gold Belt located 180 kilometers
southwest of Mexico City. Within this property, Torex has the El
Lim¢n Guajes Mine, which announced commercial production in March
of 2016, the Sub-Sill Project, currently under development, and
the Media Luna Project, an early stage development project for
which the Company issued a preliminary economic assessment (PEA)
in 2015. The property remains 75% unexplored.


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


CHASE MONARCH: Hires Hector J. Figueroa as Bankruptcy Counsel
-------------------------------------------------------------
Chase Monarch International, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Hector
J. Figueroa Vincenty, Esquire, as attorney to the Debtor.

Chase Monarch requires Hector J. Figueroa to:

   a. advise the Debtor with respect to its duties, powers and
      responsibilities in the bankruptcy case, under the laws of
      U.S. and Puerto Rico in which the Debtor in possession
      conducts the operations, does business or is involved in
      litigation;

   b. advise the Debtor in connection with the determination of
      whether reorganization is feasible and, help the Debtor in
      the orderly liquidation of its assets;

   c. assist the Debtor in the following negotiations with
      creditors: (1) arrange the orderly liquidation of assets;
      and (2) propose a viable Plan of Reorganization;

   d. prepare on behalf of the Debtor the necessary complaints,
      answers, orders, reports, memoranda of law and any other
      papers or documents, including a Disclosure Statement and a
      Plan of Reorganization;

   e. perform the required legal services needed by the Debtor to
      proceed or in connection with the operation of and
      involvement of its business; and

   f. perform the professional services as necessary for the
      benefit of the Debtor and of the estate.

Hector J. Figueroa will be paid at the hourly rates of $200. The
firm will be paid a retainer in the amount of $5,000. It will also
be reimbursed for reasonable out-of-pocket expenses incurred.

Hector J. Figueroa, Esq., assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estates.

Hector J. Figueroa can be reached at:

     Hector J. Figueroa Vincenty, Esq.
     310 San Francisco Street, Suite 32
     San Juan, PR 00901
     Tel: (787) 378-1154
     E-mail: quiebras@elbufetedelpueblo.com

            About Chase Monarch International, Inc.

Chase Monarch International, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-06841) on November 14, 2017,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Hector Juan Figueroa Vincenty, Esq.


GOTITAPAK INC: Taps Carlos Pena Garcia as Accountant
----------------------------------------------------
Gotitapak, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire Carlos Pena Garcia as its
accountant.

Mr. Garcia will assist the Debtor in the preparation of its
monthly operating reports, tax returns, reports and analysis
needed in the preparation of a Chapter 11 plan of reorganization.

Mr. Garcia will charge an hourly fee of $70 and will be paid a
retainer in the sum of $3,500.

In a court filing, Mr. Garcia disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Garcia maintains an office at:

     Carlos X. Pena Garcia
     P.O. Box 9076
     Caguas, PR 00726
     Tel: 787-453-7632
     Email: cpena@cpapena.com

                       About Gotitapak Inc.

Gotitapak, Inc., a privately held company based in Caguas, Puerto
Rico, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. P.R. Case No. 17-06821) on November 12, 2017.  Marie C.
Ramirez Alvarez signed the petition.

At the time of the filing, the Debtor disclosed that it had
estimated assets and liabilities of less than $100,000.

Judge Enrique S. Lamoutte Inclan presides over the case.



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


SAGICOR FINANCIAL: Slams IMF Report
-----------------------------------
Trinidad Express reports that regional insurance giant Sagicor
Financial Corporation (SFC) rejected as "grossly inaccurate and
indeed recklessly careless" comments attributed to a draft
International Monetary Fund (IMF) report, which suggested the
insurance company was being inadequately regulated and made
comparisons between Sagicor and CLICO, the T&T-headquartered
company that collapsed in January 2009.

Online newspaper, Barbados Today, published an article, based on a
draft IMF report, which stated that as a result of its size and
regional penetration, Sagicor poses "systemic risks" for Barbados
and the Caribbean, according to Trinidad Express.


* TRINIDAD & TOBAGO: Finding a Job, Hard These Days in the Country
------------------------------------------------------------------
Trinidad Express reports that for some people, keeping the job
they already have is proving to be just as difficult given the
present economic climate.

San Fernando Business Association president Daphne Bartlett
believes she has found a way to get people more marketable, and
avoid the risk of losing their job, according to Trinidad Express.

She summed up her plan in one simple word -- diversification, the
report notes.

"I know it is an over-used word, but we have to look into the
areas of manufacturing and export," Mr. Bartlett said.



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


PROVINCIAL DE REASEGUROS: Fitch Withdraws C IFS Rating
------------------------------------------------------
Fitch Ratings has withdrawn Provincial de Reaseguros, C.A.'s (Pro
Re) Insurer Financial Strength (IFS) rating of 'C' for commercial
reasons.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given withdrawal.



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


* Record US$306BB Insurance Losses in 2017 After Disasters
----------------------------------------------------------
RJR News reports that estimates from insurance firm Swiss Re said
disasters in 2017 caused losses of US$306 billion.

The figure represents a 63 per cent jump from last year, and is
well above the average of the last decade, according to RJR News.

Local insurers in Jamaica said rates in this country will also be
increased as a result, the report relays.

The report discloses that the Americas was hardest hit, with
hurricanes in the Caribbean and southern US, earthquakes in Mexico
and wildfires in California.

Despite the rise in the financial cost of disasters, there was no
significant increase in the loss of lives, the report notes.

Swiss Re said more than 11,000 people died or went missing in
disaster events in 2017, which is similar to 2016's figure, the
report adds.




                            ***********


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.
.


                   * * * End of Transmission * * *