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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Tuesday, January 2, 2018, Vol. 19, No. 1


                            Headlines



B O L I V I A

BANCO DE DESARROLLO: Moody's Affirms B2 Baseline Credit Assessment
BOLIVIA: Eyes Paraguay, Peru as Export Markets for Fertilizer

B R A Z I L

BRAZIL: Analysts Expect Economy to Finish 2017 w/ Nearly 1% Growth
RB CAPITAL: Moody's Assigns Rates 122th Ser. Real Estate Cert. Ba2

J A M A I C A

CABLE & WIRELESS: Appoints Inge Smidts as New CEO

M E X I C O

MEXICO: Deal Making Declines for Second Consecutive Year
MEXICO: Chalks Up $399 Million November Trade Surplus
PESQUERA EXALMAR: S&P Affirms 'B-' CCR on Debt Exchange Offer

P U E R T O    R I C O

FARMACIA BRISAS: Unsecured Creditors to be Paid 12% Over 72 Months
PUERTO RICO: Tourism Industry Will Rebound in 2018, Official Says

V E N E Z U E L A

PETROLEOS DE VENEZUELA Workers Get Praise for Battling Corruption
PETROLEOS DE VENEZUELA: Now Verges on Collapse
VENEZUELA: Probes Ex-Oil Czar Ramirez Over Alleged Graft Scheme
VENEZUELA: Inflation for December Calculated at 81%


                            - - - - -


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B O L I V I A
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BANCO DE DESARROLLO: Moody's Affirms B2 Baseline Credit Assessment
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
upgraded Banco de Desarrollo Productivo S.A.M. (BDP)'s national
scale long-term local currency deposit and issuer ratings to
Aaa.bo from Aa1.bo. In the same action, Moody's has affirmed all
of BDP's other ratings and assessments. The outlook on all BDP's
ratings is stable.

The following ratings assigned to BDP were upgraded:

Bolivian national scale long-term local currency deposit and
issuer ratings, to Aaa.bo stable from Aa1.bo stable

The following ratings and assessments assigned to BDP were
affirmed:

Global long-term/short-term local currency deposit and issuer
ratings, rated Ba3 stable/Not Prime

Global long-term/short-term foreign currency deposit rating, rated
B1 stable/Not Prime

Bolivian national scale long-term/short-term foreign currency
deposit rating, rated Aa3.bo stable/BO-1

Bolivian national scale short-term local currency deposit and
issuer ratings, rated BO-1

Long-term/short-term counterparty risk assessment, rated
Ba3(cr)/Not Prime(cr)

Baseline credit assessment (BCA), b2

Adjusted baseline credit assessment, b2

RATINGS RATIONALE

The upgrade of BDP's national scale local currency deposit and
issuer ratings to Aaa.bo reflects Moody's view that the increasing
importance of the state-owned bank to the government's economic
development strategy, reflected by its new role as a first floor
lender, increases the likelihood that the bank will receive
extraordinary financial support from the government in an event of
financial stress even further. The Government of Bolivia is the
bank's main shareholder and although the bank still represents a
small part of the banking system (1.6% as of September 2017 in
terms of assets), it plays an important policy role in supporting
the development of microfinance institutions and small- and
medium-sized enterprises in Bolivia. Over the past two years, it
has grown at a very strong 22% annual average rate and Moody's
expect growth to be even stronger going forward.

The affirmation of BDP's b2 BCA, which measures its standalone
creditworthiness, considers its high borrower concentration, as
well as its high reliance on wholesale funding, its exposure to
foreign exchange risk, and low liquidity ratios. However, these
risks are somewhat counterbalanced by the bank's very strong
capitalization level and good asset quality indicators.

The bank's portfolio concentration derives from its historical
narrow focus on on-lending operations to other banks and
cooperatives in the system. While portfolio concentration will
diminish as the bank moves forward with its plans to become a
direct lender, its asset quality will likely deteriorate as the
financial institutions it currently lends to are generally very
strong credits by national standards, as reflected in the bank's
very low delinquency ratios, whereas clients it plans to target --
SMEs and micro-enterprises -- are considerably higher risk. In
addition, the bank has a very aggressive expansion strategy,
primarily related to direct lending.

The bank faces foreign exchange risk due to a currency mismatch on
the bank's balance sheet derived from foreign-currency loans
granted by multilateral institutions which represented 15% of the
bank's total funding as of September 2017. Just 1% of the bank's
loans are denominated in dollars. However, the currency mismatch
has been reduced in the last few years as the bank has diversified
its funding mix by taking term deposits from institutional
investors and other local banks (currently 56% and 12% of BDP's
total funding respectively) and issuing bonds in the domestic
market (17%).

While BDP's very strong capitalization (42% tangible common equity
to risk-weighted assets ratio as of September 2017) is expected to
continue to decline as the bank grows, it should remain more than
adequate to withstand loan losses in an event of stress. Although
BDP's liquidity ratios are very low, liquidity risks are mitigated
by positive gaps in the bank's asset and liabilities' term
structure owing to the long duration of its funding.

BDP's Ba3 local currency deposit ratings benefit from a two-notch
uplift from the bank's b2 BCA driven by Moody's assessment of the
bank as government-backed. This leaves BDP's ratings at the same
level as Bolivia's Ba3 government bond ratings, except for its B1
foreign currency deposit rating, which is constrained by Bolivia's
foreign currency deposit country ceiling.

WHAT COULD CHANGE THE RATING UP/DOWN

Barring an indication of reduced willingness on the part of the
government to support the bank, which could put downward pressure
on the bank's ratings, only a change in Bolivia's sovereign rating
is likely to affect the bank's ratings at this time. In that vein,
an upgrade of Bolivia's sovereign rating would put upward pressure
on the bank's global scale ratings (GSRs), while a downgrade of
the sovereign rating would put downward pressure on the bank's
GSRs. However, the bank's national scale ratings are unlikely to
be affected by a change in Bolivia's sovereign rating.

The principal methodology used in these ratings was Banks
published in September 2017.

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

Banco de Desarrollo Productivo S.A.M. is headquartered in La Paz,
Bolivia and had total assets of Bs 3,257 million ($471 million)
and equity of Bs 562 million ($81 million) as of 30 September
2017.


BOLIVIA: Eyes Paraguay, Peru as Export Markets for Fertilizer
-------------------------------------------------------------
EFE News reports that Bolivia has begun exporting urea fertilizer
to Brazil and is hoping to find new markets for that product and
other natural-gas derivatives in Paraguay and Peru, President Evo
Morales said.

The Bolivian petrochemical industry is sufficiently advanced that
it can meet domestic demand and produce for export, he said after
inaugurating a reservoir in the southern region of Chuquisaca,
according to EFE News.

"The large and medium-sized farmers imported urea, fertilizers,
from Japan, from Canada, from the United States, between 30,000
and 40,000 tons a year. And now the importation -- bringing,
buying from abroad -- has ended. Now we have our own industry,"
the president said, the report notes.

Under the deal, Bolivia will sell Brazil roughly 335,000 tons of
urea per year, the report relays.

With total annual production of approximately 700,000 tons,
Bolivia can cover its own farmers' needs and still be in a
position to export up to 85 percent of output, the report notes.

The report discloses that the gas-rich Andean nation opened its
first petrochemical complex in September. The plant, which
represents an investment of some $950 million, produces both urea-
and ammonia-based fertilizer.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2017, Moody's Investors Service has changed the outlook on
Bolivia's issuer and senior unsecured bond ratings to stable from
negative, and has affirmed the ratings at Ba3.


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B R A Z I L
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BRAZIL: Analysts Expect Economy to Finish 2017 w/ Nearly 1% Growth
------------------------------------------------------------------
EFE News reports that private sector analysts expect Brazil's
economy to finish 2017 with 0.98 percent growth, the Central Bank
said.

The gross domestic product (GDP) estimate comes from the Boletin
Focus, a weekly Central Bank survey of analysts from about 100
private financial institutions on the state of the national
economy, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2017, Fitch Ratings has affirmed Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a
Negative Outlook.


RB CAPITAL: Moody's Assigns Rates 122th Ser. Real Estate Cert. Ba2
------------------------------------------------------------------
Moody's America Latina has assigned ratings of Ba2 (global scale,
local currency) and Aa2.br (national scale) to the 122th series of
the first issuance of real estate certificates (certificados de
recebiveis imobiliarios, or CRI) issued by RB Capital
Securitizadora S.A. (RB Capital, not rated). The CRI are backed by
a real estate credit note (cedula de credito imobiliario, or CCI),
which in turn are backed by a 15 year built-to-suit (BTS) lease
agreement with Vale S.A. (Vale, Ba1 stable). The BTS is related to
an office building located in Nova Lima -- Minas Gerais (MG),
where Vale has its regional headquarter for Minas Gerais.

Issuer: RB Capital Securitizadora S.A.

122th series, first issuance -- Ba2 (global scale, local currency)
/ Aa2.br (national scale)

RATINGS RATIONALE

BRPR 40 Empreendimentos Imobiliarios Ltda (BRPR 40, not rated), an
SPE owned by BR Properties S.A. (Ba2 negative), has developed an
office building in an office complex located in Nova Lima -- MG,
where Vale has its regional headquarter, under a 15-year built-to-
suit (BTS) lease agreement with Vale signed by parties in 2008.
The construction of the property was concluded and accepted by
Vale in 2010, when the lease was initiated.

BRPR 40 had originally assigned the BTS agreement to RB Capital in
2009. The BTS agreement was backing another securitization
transaction issued by RB Capital until April 2017, when RB Capital
redeemed that issuance in order to issue the rated notes, the
122th series of CRI.

The ratings on the CRI are based on a number of factors,
including:

   -- The ability and willingness of Vale (as lessee) to make
timely lease payments on the underlying BTS agreement. Under the
lease agreement, Vale is responsible for the payment of the office
maintenance expenses, real estate taxes and insurance premium. The
lease payments are due two business days prior to the monthly
scheduled payment date on the CRI. If Vale terminates the BTS
lease contract, it will be required to pay a penalty equivalent to
the remaining outstanding lease payments under the contract,
according to the annual payment schedule established in the BTS
agreement. The BTS will mature in 2025.

   -- Inflation index mismatch risk. The transaction is a pass
through security of the payments from the underlying BTS lease
agreement. Both the CRI and the lease are adjusted by the IPCA
inflation index on an annual basis; however, the adjustment of the
CRI and the BTS has a 12-month lag in the IPCA index base.
Therefore the transaction is subject to a potential mismatch
between the inflation adjustment of the CRI and the underlying
lease. This risk is mitigated by a contractual obligation of BRPR
40, under the assignment agreement, to cover any shortfalls to the
CRI payments related to the inflation mismatch. This obligation is
supported by a guarantee provided by BR Properties, rated
Ba2/Aa2.br. The transaction also benefits from a reserve fund of
BRL 3.59 million, as of December 2017, to cover for the inflation
rate mismatch. Moody's did not give value the reserve fund because
there is no eligibility criteria for the reserve fund investments
in the transaction documents.

   -- Reserve fund for CRI expenses. The securitization company
constituted an expense reserve fund of approximately BRL 193,000,
sized to cover the ongoing ordinary transaction expenses during
the transaction's 7-year remaining term. The reserve is also
available to cover any other extraordinary expense such as legal
cost to foreclose the property. The counterparty risk of eligible
investments for the expense reserve fund are consistent with the
ratings assigned to the CRI.

   -- Real estate pledge. BRPR 39 Empreendimentos e Imobiliarios e
Participacoes Ltda. (BRPR 39, not rated), an SPE owned by BR
Properties entered in a purchase and sale agreement with
Mineracoes Brasileiras Reunidas (MBR, not rated), a subsidiary of
Vale, to purchase a fraction of 0.1009% of a property, that
represents the land of the office building. The office building
subject to the BTS was developed over that fraction of the
property. MBR provided BRPR 40 with the surface rights (direito
real de superficie) of the land and office for 50 years. The
surface rights will be reduced to 15 years, after BRPR 39
concludes the acquisition of the property.

Currently the transaction benefits from: (i) a pledge of the
surface rights provided by BRPR 40, and (ii) a pledge of BRPR 39
and BRPR 40 shares. RB Capital also owns a golden share of the
SPEs.

   -- Seller indemnification. BRPR 40 will be required to
indemnify the transaction in case of extinction of the lease
agreement, which includes the early termination of the lease
following: (i) the total destruction of the property or a casualty
taking longer than nine months to be repaired, and (ii) upon
expropriation of property. The indemnification will be equivalent
to the outstanding amount of the CRI and will lead to an early
amortization of the CRI. Although BRPR 40 is not rated by Moody's,
the outstanding debentures issued by BR Properties have
acceleration covenants related to bankruptcy or default of its
subsidiaries in amounts exceeding BRL20 million. Therefore,
Moody's believe that BR Properties has a strong incentive to
continue supporting its subsidiaries, including BRPR 40.

   -- Insurance risk. During the life of the BTS, Vale will
maintain a property casualty insurance policy from a reputable
insurance company to cover the full amount of reconstructing the
building. RB Capital will be the beneficiary of the insurance
policy. The insurance coverage of the current policy equals to
BRL61 million, which would be sufficient to cover the CRI
outstanding balance. The current insurer is Chubb Seguros Brasil
S.A.

   -- Expropriation risk. In case of an expropriation of the real
estate asset, Vale would be able to terminate the lease without
penalties. In this case, the assignment agreement establishes a
priority of the securitization on receiving the applicable portion
of the indemnification to be paid by the government authority.
Moody's considers that the risk of expropriation is remote.
Nonetheless, a property expropriation would trigger a penalty
obligation from BRPR 40 equivalent to the outstanding amount of
the CRI.

   -- Segregated assets. The CRI benefits from a fiduciary regime
(regime fiduciario) whereby the assets backing the CRI will be
segregated. These segregated assets are destined only for payments
on the CRI and payment of certain fees and expenses, and will be
segregated from all other assets on the issuer's balance sheet.
However, the transaction is subject to residual legal risk because
RB Capital's real estate credits can be affected by the
securitization company's tax, labor and pension creditors.

The CRI were issued in May 7, 2017, with a legal final maturity on
July 7, 2025. As of December 7, 2017, the outstanding balance was
BRL49.979 million. The CRI will be adjusted by IPCA plus a fixed
annual spread of 5.3848%. Principal and accrued interests are paid
on an annual basis.

The Ba2 (global scale, local currency) and Aa2.br (national scale)
ratings assigned to the CRI are primarily based on BR Properties'
senior secured ratings due to the ultimate linkage with the
company to cover the inflation adjustment mismatch between the BTS
and the CRI.

BR Properties, headquartered in Sao Paulo, Brazil is one of the
largest commercial real estate companies in the country, held
ownership interest in 46 commercial properties, totaling 685
thousand square meters (m2) of gross leasable area (GLA), of which
five are sites are for future development and total 74 thousand m2
of potential GLA, as of September 30, 2017.

Vale, headquartered in Rio de Janeiro, Brazil is one of the
largest mining enterprises globally, with substantive positions in
iron ore and nickel, and participation in copper, coal and
fertilizers, as well as supplemental positions in energy and steel
production. For the twelve months through June 2017, Vale had net
operating revenues of USD31.7 billion.

RB Capital Securitizadora S.A. was incorporated in 1999 as a
securitization company (companhia securitizadora de creditos
imobiliarios) authorized to issue real estate certificates as per
Brazilian law No 9,514/97. To date, RB Capital has issued
approximately BRL24 billion in CRI and CRA transactions. Currently
the securitization company has 146 outstanding CRI transactions
and 12 CRA. RB Capital financial auditor is Grant Thornton
Auditores Independentes.

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

Any changes in the ratings of BR Properties or Vale could lead to
a change in the ratings on the CRI.

The principal methodology used in these ratings was "Moody's
Approach to Rating Credit Tenant Lease and Comparable Lease
Financings" published in October 2016.


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J A M A I C A
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CABLE & WIRELESS: Appoints Inge Smidts as New CEO
-------------------------------------------------
Caribbean360.com reports that Cable & Wireless Communications
disclosed the appointment of Inge Smidts as chief executive
officer.  She is replacing John Reid who announced that he will
step down from the position of CEO in early 2018, according to
Caribbean360.com.

Ms. Smidts joins C&W from Liberty Global -- which acquired C&W in
2016 -- where she most recently held the position of chief
marketing officer, according to Caribbean360.com.

Prior to her role at Liberty Global, Ms. Smidts was senior vice
president -- residential marketing and a member of the executive
team at Telenet Group, the report notes.  While there, she was
responsible for go-to-market reporting and overseeing the
commercial strategy for Telenet's business, the report relays.

Ms. Smidts has significant brand and marketing experience having
spent over ten years earlier in her career at Procter & Gamble,
where she started as assistant brand manager and was regularly
promoted, ultimately to business leader for the Benelux Paper
business, the report notes.  Ms. Smidts holds a Master of
Economics degree from UFSIA in Antwerp and an MBA in Marketing
from the IAE in Aix-en-Provence, the report says.

"I am excited to take on the role of CEO at C&W and work with the
new management team that will lead Liberty Latin America into the
future.  The prospects for C&W are bright and I look forward to
leveraging my experiences at Liberty Global and Telenet to bring a
commercial, marketing and customer-focus that will help deliver
results," Ms. Smidts said, the report says.

The report notes that Reid will help ensure a seamless leadership
transition until Smidts' tenure begins in February 2018.

"Inge is a proven executive that has delivered strong results
throughout her career," Balan Nair, incoming president & CEO of
Liberty Latin America said, the report notes.  "We are excited
that she has agreed to lead C&W and join the Liberty Latin America
team once the split from Liberty Global is complete. I also want
to thank John Reid for his many contributions to the company and
facilitating a smooth transition," he added.

Betzalel Kenigsztein, Liberty Latin America's chief operating
officer described Smidts as a dynamic leader who has successfully
driven financial performance and built capable teams, the report
relays.

"As we look to the future for C&W, we are confident that Inge is
the right leader to help rebuild operations that were damaged by
this year's hurricanes and deliver growth for all our
stakeholders," said Kenigsztein, to whom Ms. Smidts will report
under the new Liberty Latin America management structure effective
upon completion of the split-off from Liberty Global, the report
adds.

As reported in the Troubled Company Reporter-Latin America on Aug.
11, 2017, S&P Global Ratings assigned its 'B' issue-level rating
to C&W Senior Financing Designated Activity Company's proposed
$700 million senior notes due 2027. This company is an orphan
special purpose vehicle (SPV) in the Cable & Wireless structure
(Cable & Wireless Communications Limited [CWC]; BB-/Negative/B).
The SPV will give the notes proceeds to Sable International
Finance Limited (SIFL), a CWC's subsidiary, and from there the
group will refinance in full Columbus International's $605 million
7.375% senior notes due December 2021; pay $45 million in
transaction related premiums, fees and expenses; and keep $40
million for general corporate purposes.


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


MEXICO: Deal Making Declines for Second Consecutive Year
--------------------------------------------------------
Robbie Whelan at The Wall Street Journal reports that deal making
by Mexican companies declined for the second year in a row in 2017
on concerns about the future of free trade with the U.S. and
uncertainty related to next year's presidential elections.

Mergers and acquisitions involving Mexican companies and assets
totaled $23.7 billion in dollar terms, a decrease of 5% from 2016,
according to data compiled by Dealogic, according to The Wall
Street Journal.  There were 230 transactions in 2017, compared
with 241 the year before, the report notes.

"The main reason is the significant uncertainty related to the
economy and free trade.  Nafta is being renegotiated, and there's
a serious chance the deal could fall apart, which could seriously
reduce Mexican companies' access to the U.S. market," said Alberto
Ramos, Latin America economist at Goldman Sachs, the report
relays.

Mr. Ramos also cited concerns in the market about a possible
presidential win by Andres Manuel Lopez Obrador, the nationalist
leader who currently sits atop polls ahead of July's presidential
election, the report notes.

"Lopez Obrador has in the past espoused more radical, more extreme
views on policy, a more inward-looking, nationalist approach,
which has some people concerned," Mr. Ramos said, the report
relays.  "If you're thinking about more strategic, long-term
investments, you probably want to wait for some of that
uncertainty to pass first," Mr. Ramos adds.

That uncertainty was expressed throughout 2017 in the value of
Mexico's currency, the report relays.  After dropping to historic
lows against the dollar in the days before the inauguration of
U.S. President Donald Trump, the peso firmed up as the year
progressed, allowing more Mexican companies to go shopping before
it dipped again toward year's end, the report relays.

Arca Continental SAB, a large food-and-beverage producer based in
Monterrey, Mexico, paid $2.7 billion in February for Coca-Cola
Southwest Beverages, becoming the soft drink's exclusive bottler
in the Southwest U.S, the report says.  It was the largest
acquisition by a Mexican company in 2017, the report notes.

"There's been a change of attitude and more maturity about how to
do things when we look abroad," said Ulises Fernandez de Lara,
Arca Continental's head of investor relations.  "We've tried to be
a lot more open to the global market," the report relays.

The report discloses that deal making peaked in Mexico in 2010,
soon after the global financial crisis, at more than $80 billion,
more than half of which was made up of acquisitions of Mexican
companies.  But M&A and initial public offerings have both been
trending down since 2014, the report notes.  Even as Mexico's
economy has expanded over the last year, transaction volume has
been muted, the report relays.

One bright spot in financial deal making was the reemergence of
IPOs, which rose by more than 200% in dollar-value terms, driven
by a flurry of offerings by companies in banking, oil drilling and
tequila, the report says.

In 2016, five offerings raised just $960 million, while this year,
six IPOs raised $3.2 billion, Dealogic said, the report notes.

The most notable of these was the Beckmann family's February
initial offering of Jose Cuervo, one of the world's largest
tequila makers, which raised $900 million, the report relays.
Other IPOs in 2017 included Vista Oil & Gas and lender Banco del
Bajio, the report discloses.

Corporate chiefs say that a confluence of factors is motivating
Mexican companies to turn toward the global market, including
easier access to international bond markets, a more stable peso, a
growing focus on improving corporate governance and the saturation
of domestic consumer markets, the report notes.

"There comes a point, when you've grown so much in your own
market, that you have to think about inorganic growth, and look
elsewhere," said Alberto Arellano, chief financial officer of
Mexico's Grupo Lala SAB, which in October acquired Brazilian dairy
Vigor Alimentos SA for $1.6 billion, the report says.

"The landscape in Mexico has become much more stable as well," Mr.
Arellano said.  "Mexican businesses these days are performing the
way they need to perform in terms of margins. It inspires
confidence," he added.

The North American Free Trade Agreement remains a persistent worry
among executives, however, the report notes.  Trade has expanded
dramatically since the agreement eliminated import tariffs between
the U.S., Canada and Mexico starting in 1994, the report recalls.
President Trump has called the deal a disaster for American
workers, and the three countries are in the midst of a lengthy
renegotiation of the agreement, the report says.

"Nafta was very important for Mexican companies because it created
the necessity to compete globally," said Antonio Carrillo Rule,
chief executive of chemical conglomerate Mexichem, the report
notes.

In August, Mexichem announced it would pay $1.5 billion for 80% of
Israeli irrigation firm Netafim Ltd., one of the largest deals in
2017 by a Mexican acquirer, the report relays.

"Latin America and Mexico specifically are in a period of
transition," Mr. Carrillo said. More companies are adopting
independent boards and greater shareholder disclosure in an effort
to attract more investment capital and expand in other countries.

"The next 10 or 15 years, that process is going to accelerate,"
Mr. Carrillo said.  "Governance is only going to get more
important," he added.


MEXICO: Chalks Up $399 Million November Trade Surplus
-----------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexico
registered a $399 million trade surplus in November, shipping out
more manufactured goods and crude oil than a year before while
imports also expanded but at a slower pace.

Exports rose 9.2% from November 2016 to $37.48 billion, and
imports grew 8.2% to $37.08 billion, the National Statistics
Institute said, according to The Wall Street Journal.

A 7.5% increase in shipments abroad of manufactured goods,
including 11.6% more vehicles and auto parts, contributed to a
$1.93 billion surplus in nonpetroleum trade, partially offset by a
$1.53 billion deficit in petroleum trade, the report relays.

The Mexican auto industry produced and exported record numbers of
cars and light trucks this year, and by the end of November had
surpassed levels reached in all of 2016, the report notes.  The
expansion has put the industry in the spotlight of trade talks
with the U.S. and Canada to rewrite the North American Free Trade
Agreement, the report says.

Auto industries in all three countries have expressed opposition
to a U.S. proposal to increase the minimum North American content
in cars imported into the U.S.-including 50% U.S. content --
arguing that such a change would be unworkable and disrupt highly
integrated supply chains, the report discloses.  A sixth round of
trade talks is scheduled for January.

Mexico enjoys a trade surplus with the U.S., but also buys much of
its gasoline and natural gas from north of the border, the report
relays.

State oil company Petroleos Mexicanos exported 1.388 million
barrels a day of crude oil in November, up from 1.342 million the
previous month and 1.273 million barrels a day in November of
2016, although less than half went to the U.S, the report notes.
The average price was $52.90 per barrel, compared with $38.88 a
year before and $49.24 in October, the report relays.

Although Mexico exported more crude oil, it also saw a big jump in
imports of refined products, including gasoline which rose to
638,000 barrels a day from 576,000 barrels a day a year earlier,
the report discloses.

Imports of producer goods such as materials and components used in
manufacturing rose 7.4% from November 2016, the report notes.  The
country brought in 4.8% more foreign-made consumer goods, and
imported 5.9% more in machinery and equipment, the report relays.

The November surplus brought the overall trade deficit for the
first 11 months of the year to $10.72 billion, the result of a
$5.95 billion surplus in nonpetroleum goods and a $16.67 billion
deficit in petroleum, the report adds.


PESQUERA EXALMAR: S&P Affirms 'B-' CCR on Debt Exchange Offer
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' corporate credit and issue-
level ratings on Pesquera Exalmar S.A.A. (Exalmar). The outlook on
the corporate credit rating remains negative.

On Dec. 22, 2017, Peru-based fishing company Pesquera Exalmar
S.A.A. (Exalmar) turned to the holders of its outstanding 7.375%
senior notes due 2020 to offer an exchange of those notes for its
new 7.625% senior notes due 2025.

S&P said, "The affirmation of our 'B-' corporate credit and issue-
level ratings on Exalmar reflects our view that the exchange is
neither opportunistic and nor distressed. First, we believe that
the issuer would not have faced insolvency or bankruptcy in 2018
or 2019 if the offer were not accepted. In particular, we consider
that Exalmar's short-term credit risk is largely contained by the
company's EBITDA-interest coverage ratio of 3.0x as of Sept. 30,
2017, as well as by its $8.5 million cash balance and a $15
million available committed credit facility that jointly exceed
the company's $8.0 million in short-term debt. In addition, we
believe that the company's sound relationship with banks would
provide access to alternative funding sources to address its 2020
debt maturities. Secondly, the transaction would be carried out
two years prior to the final maturity, and existing investors are
not forced to accept the offer. Finally, in our view, the offer
does not represent a loss of value for current debt holders as
long as the exchange is closed at par-value, and because it would
have a higher interest rate and compensation in the form of a cash
payment."

The negative outlook continues to reflect Exalmar's liquidity
constraints, within the context of a short time horizon to address
its senior unsecured notes' January 2020 debt maturity.

Failure to execute a liability management plan within six months
would result in a higher refinancing risk, and therefore trigger a
downgrade.


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


FARMACIA BRISAS: Unsecured Creditors to be Paid 12% Over 72 Months
------------------------------------------------------------------
Farmacia Brisas Del Mar Inc. filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a disclosure statement describing
its proposed chapter 11 plan of reorganization.

General unsecured claims in Class III are estimated in the amount
of $2,044,469.  This class' allowed unsecured claims will be paid
a total sum of $251,910 which represents a 12% distribution for
this class. This class will be paid in equal monthly installments
of $3,498.75 for 72 months; each payment will be distributed in a
pro rate amount to all creditors and claimants included in this
class.

The Plan will be funded with cash available proceeds from the
revenue that the pharmacy generates after paying operating
expenses and taxes. The Debtor's income is based on the sale of
prescription drugs, over the counter supplies, school supplies,
perfumes, jewelry, greeting cards, gifts, toys, candy, food, and
beverages.

The Debtor's operating expenses consist of bank commissions,
utilities, repairs and maintenance, rent, employee salaries and
payroll taxes, insurance expenses, office expenses, property
taxes, municipal taxes, and income taxes.

A full-text copy of the Disclosure Statement is available at:

     http://bankrupt.com/misc/prb17-04155-11-89.pdf

                About Farmacia Brisas Del Mar

Headquartered in Luquillo, Puerto Rico, Farmacia Brisas Del Mar,
Inc., is a corporation dedicated to pharmaceutical services.  It
sells mostly pharmaceuticals goods; only a limited amount of sales
come from miscellaneous goods such as toys, beverages, school
supplies and beauty supplies.

Farmacia Brisas Del Mar filed a Chapter 11 bankruptcy petition
(Bankr. D. P.R. Case No. 17-04155) on June 9, 2017, in Old San
Juan, Puerto Rico.  It listed $461,158 in total assets and $1.61
million in total liabilities.

The petition was signed by Ana I De La Cruz Padilla, secretary.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 16-00054) on Jan. 8, 2016.  It estimated assets of
less than $500,000 and liabilities of $1 million to $10 million.
The 2016 petition was signed by Ana I. De La Cruz Padilla,
secretary.

Victor Gratacos Diaz, Esq., at Gratacos Law Firm, P.S.C., serves
as the Debtor's bankruptcy counsel in both the 2016 and 2017
cases.  Judge Lamoutte Inclan presided over the 2016 case.


PUERTO RICO: Tourism Industry Will Rebound in 2018, Official Says
-----------------------------------------------------------------
EFE News reports that Nestor Alonso Vega, chairman of the House of
Representatives' Tourism and Social Welfare Committee, said that
Puerto Rico's tourism industry would rebound during the first two
quarters of 2018, recovering from a devastating hurricane season.

The industry will get a boost from the planned reopening in April
of the El Conquistador Hotel, a property that has 750 rooms and is
undergoing restoration after being hammered by Hurricane Maria
last September, Alonso Vega said in a statement, according to EFE
News.


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


PETROLEOS DE VENEZUELA Workers Get Praise for Battling Corruption
-----------------------------------------------------------------
telesurtv.net reports that Venezuelan President Nicolas Maduro
said he will stamp out corruption within the state-owned oil
company Petroleos de Venezuela (PDVSA) and has praised PDVSA
workers and the Attorney General of Venezuela, Tarek William Saab,
for their fight against it.

"Thieves who now live as magnates abroad, have an internal mafia
in PDVSA sabotaging the process," he said on his radio program,
"La Hora de la Salsa," according to telesurtv.net.  "I give thanks
to the workers of PDVSA for their help in the fight against the
oil sabotage," he added.

"My respects and recognition to Tarek Wiliam Saab for his great
work," M. Maduro added.

Earlier, Saab had denounced former President of PDVSA, Rafael
Ramirez, for money laundering crimes, the report relays.  The
creation of an Office of Marketing Intelligence and Petroleum
Policy in 2006, it has been discovered, was used for corruption,
the report notes.

During a press conference, the Venezuelan prosecutor said that the
office, created in the Austrian capital of Vienna, was used to
supervise the foreign trade of hydrocarbons, with the purpose of
collecting royalties and taxes, the report notes.

The official explained that in 2009, a contract was signed to do a
monthly evaluation of the prices for the different formulas in the
products quoted in the international market, which were found to
be overestimated of their real value by the company, JBC Energy,
the report says.

Saab also denounced the office's favoring of individuals and
companies that made oil purchase-sale transactions through PDVSA,
the report relays.

He noted that these actions, carried out under the management of
Ramirez, have an estimated damage of US$4.8 billion, the report
discloses.

For these crimes, Nelida Izarra Espinoza, the former director
general of the Office for the Determination of Export Crude, and
the other three senior managers have been detained, the report
notes.

Five managers have also been arrested on charges of embezzlement
linked to the Orinoco Oil Belt. Another 17 officials have been
arrested for other corruption charges, including former Minister
Eulogio del Pino, the report relays.

The investigations into the company are ongoing, the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
22, 2017, S&P Global Ratings lowered its issue-level ratings on
Petroleos de Venezuela S.A.'s (PDVSA's) senior unsecured notes due
2024 and 2021 to 'D' from 'CC'.


PETROLEOS DE VENEZUELA: Now Verges on Collapse
----------------------------------------------
The New York Times reports that a general with no energy
experience has been installed as the head of the state oil
company.  Arrests, firings and desperate emigration have gutted
top talent, according to The New York Times.  Oil facilities are
crumbling, while production is plummeting, the report notes.

As the rest of the oil-producing world recovers on the back of
stronger energy prices, Venezuela is getting worse, the result of
dysfunctional management, rampant corruption and the country's
crippling economic crisis, the report says.  The deepening
troubles at the state oil company, the country's economic
mainstay, threaten to further destabilize a nation and government
facing a dire recession, soaring inflation and unbridled crime, as
well as food and medicine shortages, the report notes.

When energy prices started to crater several years ago, Venezuela
and other oil-dependent nations suffered in tandem, the report
discloses.  Now, prices are rising and others in the oil patch are
on the mend, the report relays.

Saudi Arabia's government is slashing its deficits and reaping
increased revenue, the report notes.  Even dysfunctional Libya and
Iraq have been pumping and exporting like mad, the report relates.

Not Venezuela, the country with the largest proven reserves in the
world, the report notes.  The state-owned oil company, Petroleos
de Venezuela, known as Pdvsa, teeters on the brink of collapse,
its failures at once a symptom and a cause of the nation's
downward economic spiral, the report says.

The reasons can be clearly seen at the sprawling oil refining
complex here on the Caribbean coast, the report notes.  Once the
crown jewel of Venezuela's oil industry, it not only fueled the
country's booming economy but also produced an abundance of
lucrative gasoline and diesel for export, the report relays.

Today, the complex is in severe decay.  A lack of investment
compounded by cash flow problems and chronic shortages of spare
parts have crippled operations, critics say, the report relays.

The report discloses that it is closing out the year operating at
only 20 percent capacity, with 76 of 84 plants paralyzed, said
Ivan Freites, a union leader and outspoken government critic.  The
complex does not have the computer software to diagnose its
production problems, nor the money to fix them if they did, the
report notes.

"It's like a slow death," Mr. Freites said.

With facilities around the country in disrepair, Venezuela has
been unable to take advantage of rising prices by pumping out more
oil and ramping up refinery operations, the report says.
Production is falling 20,000 barrels to 50,000 barrels a day month
after month and is now at its lowest level in nearly three
decades, the report relays.

As it sells less oil, Pdvsa is falling behind on its debt
payments, the report notes.  It is quickly turning into a
liability that could force the country into default, the report
relates.

"With production going down and down, there is a spiral of less
cash and less investment and less production," said Francisco J.
Monaldi, a Venezuelan oil expert at Rice University in Houston. "I
don't think there has ever been such a collapse in cash flow of
any national oil company," the report notes.

Pdvsa's production problems have been exacerbated by the
turbulence in its leadership, the report says.  In the last few
months, the government of President Nicolas Maduro arrested scores
of managers on corruption charges, the report discloses.  Mr.
Maduro says the prosecutions are an effort to clean up the
company.  But critics view the sweep as a political purge by the
Mr. Maduro to consolidate power ahead of presidential elections
next year, the report adds.

And the president appointed Major General Manuel Quevedo to run
both Pdvsa and the oil ministry -- though he had no known
experience in the energy sector, the report notes.  Critics viewed
the move as a transparent effort by Mr. Maduro to safeguard
against a coup, the report says.

Luis Giusti, who ran Pdvsa before President Hugo Chavez came to
power in 1999, said Mr. Maduro's purge was "more of a political
campaign to see if they can have some breathing room because
everything is going down the drain," the report notes

"They have been managing the corporation for 18 years and then all
of a sudden they are saying now they are going to rescue the
corporation," he added. "Rescue from whom?"

For generations, Pdvsa delivered mightily on the promises of
Venezuela's oil reserves, funding the nation's socialist-inspired
revolution and making it one of the wealthiest countries in Latin
America, the report relays.  But production in recent years has
plummeted so far that Pdvsa is no longer able to meet domestic
demand for diesel and gasoline, forcing the country to import
increasing amounts of both, including from the United States, the
report says.

The company's crude exports have also fallen drastically.
Shipments to the United States, Pdvsa's top foreign market,
plunged by a third over the last year, the report discloses.  Mr.
Maduro has threatened to cut crude exports to the United States
entirely and sell more to China and India, the report relays.  But
crude exports to China have also fallen -- by nearly 15 percent in
2016 -- as the quality of its oil has declined and China has
increased its purchases from the United States, the report notes.

Pdvsa is also sagging under the burden of immense debt, the report
relays.  It has been effectively in default on its $26.5 billion
in unsecured bonds since early November, and it owes roughly $60
billion more to its service companies that drill and maintain its
fields, the report notes.

The Maduro administration has insisted that it intends to continue
to make payments on its debts, and investors have been largely
tolerant of payment delays, the report says.  But Pdvsa's
financial health has become so perilous that Cuba, Venezuela's
closest ally, recently took the company's 49 percent share in a
Cuban refinery as payment for outstanding debts, the report notes.

This company's struggles are particularly evident in the two
sprawling refineries that bracket this small city and form part of
the Paraguana Refining Center, one of the largest refinery
complexes in the world, the report says.

As recently as 2015, the center, with a capacity of nearly a
million barrels a day, was processing about 587,000 barrels a day,
according to Pdvsa's website, the report notes.  The crude was
converted into a range of products, including gasoline, jet fuel,
asphalts and lubricants, the report relates.

But the refineries, like most of the company's facilities around
the country, have fallen into grave disrepair.  The situation has
forced severe cutbacks in operations, leading to layoffs and an
increase in accidents and injuries, workers and union leaders
said, the report discloses.

The refineries have been recently plagued by a series of mishaps.

In late October, some 200,000 gallons of gasoline and other
products spilled from a slop tank in one of the refineries, Amuay,
into the adjacent bay, the report notes.  The spill killed
wildlife and forced local fishermen to suspend fishing for weeks,
the report recalls.

Then an overworked pump in the same refinery failed, leaving
operational only two of five distillation units, a key part of the
refining process, workers and union leaders said, the report says.

Days later, a fire broke out in a separate refinery, Cardon,
leaving only one of five distillation units functioning, the
report relays.  Workers reported that the emergency crew that
responded could do little more than to watch the fire burn out on
its own, the report notes.  They had run out of firefighting foam,
the report says.

In the midst of it all, production came to a near-standstill,
dropping to just 13 percent of capacity in early-December before
rebounding slightly, Mr. Freites said, the report discloses.
Three of Amuay's distillation units and two at Cardon were
functioning, the union leader said, but he added that another fire
had broken out in Cardon causing injuries, the report relays.

The disintegration of the refineries has left many workers
dispirited, the report says.

Employees have lost all interest, said Emilio, a worker in the
Cardon refinery who asked that his last name be withheld because
he feared punishment by the authorities for criticizing the
company, the report says.  He said they were simply punching the
clock, the report notes.

Wage increases have lagged far behind soaring inflation and
workers have seen their purchasing power drop markedly and
benefits reduced sharply, the report notes.  Some employees have
been forced to sell their gloves and helmets to put food on their
family's dinner table, workers said, the report discloses.  Pride
of association with Pdvsa has evaporated.

Before, people would be devastated if they lost a job at Pdvsa,
said Jose, a worker in the Amuay refinery who also asked that his
last name be withheld because he feared retribution from his
bosses for speaking publicly about the company, the report relays.
Now, he said, many dread going to work and are looking for jobs
elsewhere, the report notes.

In recent years, the company has slashed the number of contractors
employed at the refineries, said Mr. Freites, general secretary of
the Oil and Gas Workers Union of Falcon State.  But with
production at a crawl, he said, even salaried workers are left
with little to do, and many spend their days playing cards and
dominoes, the report says.

Pdvsa's downfall is rippling through this once-thriving company
town, the report notes.  Roads are plunged into darkness at night
because thieves have made off with the wires that carry power to
the street lamps, the report relates. Shops in the city's
downtown, once abuzz with commerce, are now shuttered.


Residents have migrated abroad in search of work and better lives,
the report notes.  Hundreds of oil workers have signed three-year
contracts in recent weeks to work for $10 an hour in construction
helping the Caribbean island of St. Martin rebuild following the
hurricanes, the report says.

Jose said he went to work every day wondering which of his
colleagues would be the latest to leave; he compared the
experience to a reality show, the report notes.  Pdvsa, he said,
is now an empty shell, the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
22, 2017, S&P Global Ratings lowered its issue-level ratings on
Petroleos de Venezuela S.A.'s (PDVSA's) senior unsecured notes due
2024 and 2021 to 'D' from 'CC'.


VENEZUELA: Probes Ex-Oil Czar Ramirez Over Alleged Graft Scheme
---------------------------------------------------------------
Deisy Buitrago and Marianna Parraga at Reuters report that
Venezuela is investigating Rafael Ramirez, a once powerful oil
minister and former head of state oil company PDVSA, in connection
with an alleged $4.8 billion Vienna-based corruption scheme, the
state prosecutor's office announced.

Prosecutor Tarek Saab said Ramirez and at least four other oil
executives from the South American OPEC nation sold crude oil at
below market prices in exchange for bribes, according to Reuters.

The report notes that Mr. Ramirez, who led PDVSA for a decade,
told Reuters the allegation was a "blatant lie."

Venezuelan authorities had warned that they planned to launch a
criminal investigation of the former oil czar, in an escalation of
a corruption purge that has resulted in the arrest of dozens of
senior oil executives, the report relays.

"(Ramirez) appears as the main intellectual author of what
happened," said Saab, inviting Ramirez to Venezuela to defend
himself, the report says.

Venezuela ordered the removal of Ramirez from his post as
representative to the United Nations in New York, the report
notes.

"What the prosecutor says is not only false but demonstrates a
deep ignorance," said Mr. Ramirez, the report says.

He added that the Vienna office of PDVSA was not in charge of
selling oil but rather monitoring prices of Venezuelan crude
exports, the report relays.

"It's a blatant lie . . . .  intended to persecute not only me but
my team," he added.

In his announcement, Saab also reported the arrest of Nelida
Izarra, a former boss at a Vienna-based subsidiary of PDVSA, for
alleged links to irregular purchases and sales of crude oil, the
report notes.

Saab also said he had ordered the arrest of two other PDVA
officials who worked in Austria: Bernard Mommer and Irama Quiroz,
as well as lawyer Mariana Zerpa, the report notes.  It is not
immediately clear where Izarra was arrested or where the others
currently reside, the report relays.

The report notes that Mr. Mommer was a pillar of oil strategy
under former President Hugo Chavez, with oil sales serving as the
cash cow for the country's socialist revolution.  He was key in
planning the nationalization of swaths of Venezuela's oil fields a
decade ago and once served as the country's representative to
OPEC, the report relays.

"The executives involved in the case were complicit in these
modifications that caused serious damage to the Venezuelan State,
allegedly in exchange for commissions in foreign currency," said a
statement from the state prosecutor's office, the report says.

Critics say the ongoing oil graft purge has as much to do with
score settling among old political rivals as it does with any real
attempt to root out endemic corruption, the report relays.

The report notes that Mr. Ramirez, 54, has been an increasingly
vocal critic of leftist President Nicolas Maduro in recent months.
He was seen by some as angling to run in the 2018 Venezuelan
presidential election, in which Maduro is expected to seek another
term.

The alleged crimes being investigated occurred between 2009 and
2015. Saab did not explain how authorities had reached the
conclusion that they yielded $4.8 billion in illicit profits, the
report notes.

The prosecution reported that 69 oil managers have been arrested
over the last few months for corruption in PDVSA, including former
oil minister Eulogio Del Pino, former PDVSA president Nelson
Martinez and the board of directors of Citgo, a PDVSA subsidiary
in Houston, the report adds.

                            *   *   *

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

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2017, 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).

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


VENEZUELA: Inflation for December Calculated at 81%
---------------------------------------------------
EFE News reports that inflation for the month of December in
Venezuela is up 81 percent, which means the Caribbean country
closed 2017 with an accumulated inflation of 2,735 percent,
according to preliminary calculations by the financial analysis
firm Ecoanalitica.

The company director, economist Asdrubal Oliveros, recalled that
accumulated inflation for 2016 was 525 percent, according to EFE
News.

                            *   *   *

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

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2017, 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).

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


                            ***********


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

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

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, Psyche A. Castillon, Julie Anne L. Toledo, Ivy B.
Magdadaro, and Peter A. Chapman, Editors.

Copyright 2018.  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 * * *