/raid1/www/Hosts/bankrupt/TCRLA_Public/180108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, January 8, 2018, Vol. 19, No. 5


                            Headlines



A N G U I L L A

BANK OF ANGUILLA: Files Chapter 11 Liquidating Plan


B R A Z I L

BANCO PAN: Fitch Corrects December 13 Rating Release
GERDAU SA: Commercial Metals to Buy Rebar Assets for $600 Million
GERDAU SA: U.S. Asset Sale Credit Positive, Moody's Says
REDE D'OR FINANCE: S&P Rates New Senior Unsecured Notes 'BB'
RIO GRANDE: Issues Emergency Declaration Due to Police Strike

RUMO SA: S&P Rates Unit's New $500MM Senior Unsecured Notes 'B+'
TAKATA CORP: TCEQ Files Limited Objection to Plan Outline


C H I L E

CHILE: Economic Activity Expands More Than Expected in November


J A M A I C A

NOBLE GROUP: Creditors Allow More Time for Debt Restructure


M E X I C O

BBVA BANCOMER: S&P Rates $1BB Subordinated Capital Notes 'BB+'
MBIA MEXICO: S&P Affirms Then Withdraws 'CCC' Global Scale ICR
MEXICO: Produces 358,000 Tons of Electronic Waste Annually


P U E R T O    R I C O

RISE ENTERPRISES: Hires Alonso-Mulet as Realtor


V E N E Z U E L A

PETROLEO BRASILEIRO: Egan-Jones Hikes Sr. Unsec. Ratings to BB-
VENEZUELA: Military Rejects US Sanctions, Will Defend Its Honor


X X X X X X X X X

* BOND PRICING: For the Week From January 1 to Jan. 5, 2018


                            - - - - -

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A N G U I L L A
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BANK OF ANGUILLA: Files Chapter 11 Liquidating Plan
----------------------------------------------------
National Bank of Anguilla (Private Banking & Trust) Ltd. filed
with the U.S. Bankruptcy Court for the Southern District of New
York a disclosure statement with respect to its proposed
liquidating plan dated Dec. 22, 2017.

Class 1 under the plan is comprised of unsecured claims against
the Debtor. No distribution will be made by the Debtor or the
Reorganized Debtor to holders of allowed Unsecured Claims in the
Chapter 11 Case.

Rather, the Debtor or the Reorganized Debtor will turnover the
proceeds of the Assets to the Administrator, who will distribute
such proceeds in the Anguillian Proceeding in accordance with the
orders of the Anguillian Court. Notwithstanding anything in the
Plan or this Disclosure Statement to the contrary, the foregoing
proposed treatment is without prejudice to the rights of the
Administrator or the Anguillian Court to object, dispute, or
reject in the Anguillian Proceeding any Claim asserted against the
Debtor. For purposes of voting on the Plan, the Debtor believes
that the Class 1 Claims will total $35,837,645.36.

The Debtor will continue to exist, as the Reorganized Debtor,
unless and until it has been dissolved by the Administrator.

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

    http://bankrupt.com/misc/nysb16-11806-233.pdf

              About National Bank of Anguilla

The National Bank of Anguilla was formed in 1984 and started
operating in 1985, when it acquired the Anguilla branch of the
Bank of America National Trust & Savings Association, according to
its website.  The private-banking unit provides financial services
to offshore clients around the world and is wholly owned by its
parent, Bloomberg News notes.

The parent ceased banking operations on April 22, 2016.  It
started liquidating in an Anguillan court the following month.  On
May 26, it petitioned for bankruptcy court protection from U.S.
creditors.

Banking operations were transferred to the National Commercial
Bank of Anguilla, which is wholly owned by the government.

The private bank's case is In re National Bank of Anguilla
(Private Banking & Trust Ltd.) Case No. 16-11806 (Bankr.
S.D.N.Y.).  The parent's case is Case No. 16-11529 in the same
bankruptcy court.


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B R A Z I L
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BANCO PAN: Fitch Corrects December 13 Rating Release
----------------------------------------------------
Fitch Ratings has issued a correction to the ratings release on
Banco Pan S.A.'s published on Dec. 13, 2017 and clarifies that the
Long-Term Issuer Default Rating for Banco Pan is 'BB-'/Negative,
rather than 'B+'/Stable as stated in the first sentence.

The revised release is:

According to Fitch Ratings, Banco Pan S.A.'s (Long-Term Issuer
Default Rating [IDR] BB-/Negative) will not be affected by the
upcoming BRL400 million capital injection by Banco BTG Pactual
S.A. (BB-/Negative), one of Pan's two controlling shareholders
along with Caixa Economica Federal (BB/Negative). Pan's IDRs are
currently driven by expected support from Caixa. Fitch could
change the assessment as to which is the source of parental
support from Caixa to BTG and/or could downgrade Pan's ratings, if
Fitch perceive a reduction in the willingness or capacity of Caixa
to support the bank.

In November 2017, Pan announced a capital increase of BRL400
million and that BTG agreed to fully subscribe to all common and
preferred shares under the capital increase, including the portion
corresponding to Caixa. Caixa and BTG have an agreement that gives
Caixa the right to acquire from BTG 50% of the new shares and BTG
the right to sell the same amount of shares to Caixa. Until then,
Pan's shareholder structure will remain unchanged, with Caixa and
BTG remaining as co-shareholders with the same rights as before.

The arrangement reflects Caixa's tight capital base and internal
priority to meet Basel III capital requirements by 2019 without
any sovereign support. Fitch views the agreement as a temporary
solution to boost Pan's capital base without delay, until Caixa's
capitalization returns to more comfortable levels. Pan's CET1
ratio is expected to reach 11.2% (from 9% in September 2017)
whenever the injection is concluded, which is expected to occur by
the first quarter of 2018. The agreement also demonstrates the
joint complementary approach by Pan's co-shareholders to address
the bank's commercial and financial challenges. BTG's full
subscription at this initial stage reflects its comfortable
capitalization, in contrast to Caixa, which also has ample funding
access and comfortable liquidity, and therefore continues to be
able to support Pan by providing funding at favorable costs. This
has been key to Pan's viability, as it addresses asset/liability
concerns and eases pricing and competitive pressures, besides
alleviating profitability pressures through credit sales revenues.

Pan's business plan includes the intention to pursue a more
independent funding strategy and reduce the dependence on its
shareholders for its funding and equity. However, this move will
be implemented gradually and is contingent on the improvement in
Pan's performance, which could be incremental and take some time
to materialize.

Fitch believes that the dynamics of the recent injection are
consistent with notching Pan's IDRs down by one notch from Caixa's
IDRs, which in turn reflect that Pan is not a core subsidiary of
Caixa. Smaller subsidiaries with limited strategical synergies
where a potential sale of participation, for instance, would not
be material for the parent, coupled with a limited track record of
performance and independent brand, as is the case of Pan,
typically lead to such notching from the parent's ratings.

Fitch believes that in a stress scenario, sovereign support to
Caixa would flow through to Pan, given that the required support
is likely to be relatively small. As of June 2017, Pan's equity
represented less than 2% of Caixa's equity. Fitch also believe
that the cost to Caixa of not providing support would be high,
with respect to Caixa's reputational risk, along with legal
aspects that, under local legislation, controllers of financial
institutions are fully liable for uncovered liabilities..

Pan's IDRs remain sensitive to Caixa's willingness or capacity to
provide support to its subsidiary. Changes in funding and credit
sales agreement limits provided by Caixa, or any evidence
supporting diminished support not consistent with Fitch's current
one-notch approach could trigger a negative rating action.
Likewise, Pan's ratings also take into account its relationship
with BTG, which jointly controls Pan's capital; therefore,
possible negative revisions of BTG's ratings can affect Pan's
ratings as well.


GERDAU SA: Commercial Metals to Buy Rebar Assets for $600 Million
-----------------------------------------------------------------
Colin Kellaher at Fox Business reports that Commercial Metals Co.
said it agreed to buy certain U.S. rebar steel mill and
fabrication assets from Brazilian steelmaker Gerdau S.A. (GGB) for
$600 million in cash.

Commercial Metals said the acquisition includes 33 rebar
fabrication facilities in the U.S., along with steel mills in
Tennessee, Florida, New Jersey and California, with annual mill
rolling capacity of 2.5 million tons, according to Fox Business.

Irving, Texas-based Commercial Metals said it will have about 7.2
million tons of global melt capacity at the close of the
transaction, which it expects will yield about $40 million in
annual pretax operational synergies, the report notes.

Commercial Metals said the transaction, which is supported by a
fully committed $600 million long-term facility, will add to
earnings and cash flow within the first year, the report relays.
The deal is expected to close before the end of 2018, the report
notes.


GERDAU SA: U.S. Asset Sale Credit Positive, Moody's Says
--------------------------------------------------------
Moody's Investors Service comments that Gerdau S.A. (Ba3 stable)'s
asset sale in the United States is credit positive. On January 2,
2018, Gerdau announced that it has entered into a definitive
agreement to sell its rebar operations in the United States to
Commercial Metals Company - CMC (Ba1, RUR for downgrade) for
USD600 million, subject to the approval of the US government
Antitrust Division. The transaction includes plants in Florida,
Tennessee, New Jersey and California, as well as fabrication and
placing operations, for a combined 2.5 million short tons of
installed capacity, or about 26% of Gerdau's total rolling steel
capacity in the United States and 11% of the company's global
rolling capacity.

The transaction is credit positive for Gerdau and will enhance the
company's ability to further reduce its debt with limited impact
on future EBITDA generation, since these operations have very low
returns. On a pro-forma basis, the USD600 million in proceeds, if
used to pay down debt levels, could reduce Gerdau's total
debt/EBITDA ratio, including Moody's standard adjustments and
liability management efforts during 4Q17, to 4.2x, down from 5.4x
at the end of September 2017. The transaction with CMC further
supports Gerdau's strategy of deleveraging its balance sheet and
adjust the operations to the challenging conditions of its key
steel markets.


REDE D'OR FINANCE: S&P Rates New Senior Unsecured Notes 'BB'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to Rede
D'Or Finance S.a.r.l.'s proposed senior unsecured notes between
$300 million and $500 million with an intermediate tenor (between
7 and 10 years). S&P also assigned the recovery rating of '4' to
the proposed notes, which indicates average recovery expectation
of 30%-50% (rounded 40%).

The parent company, Rede D'Or Sao Luiz S.A. (BB/Negative/--), will
fully and unconditionally guarantee the notes, and use the cash
proceeds for general corporate purposes, including financing its
capital expenditures plan and increasing liquidity, and eventually
prepaying existing debt, which will extend its debt maturity
profile. The new notes will be fully hedged to the Brazilian real,
thus S&P doesn't expect currency mismatch to impact the company's
capital structure following the proposed issuance.

The new issue-level rating is based on the corporate credit rating
on Rede D'Or. S&P said, "The rating on Rede D'Or still reflects
our view of the company's leading position in the private hospital
segment in Brazil. The aging population in the country should
continue to allow Rede D'Or to post double-digit revenue growth,
given its significant investments for expansion. We expect the
company to maintain adjusted debt to EBITDA between 2x and 3x. The
negative outlook on Rede D'Or mirrors that on the sovereign,
indicating that we would lower all the ratings on the company if
the same action occurs on the sovereign, because we don't believe
that Rede D'Or would have sufficient cash sources to cover its
needs under a hypothetical sovereign default."

Recovery Analysis

Key analytical factors

S&P said, "The '4' recovery rating indicates our expectation of
40% recovery for unsecured lenders under a hypothetical default
scenario.

"We assess Rede D'Or's recovery prospects using a simulated
default scenario with an EBITDA multiple valuation approach. Our
simulated default scenario assumes a payment default in 2023, as a
result of severe economic slowdown and heightened competition,
leading to a decline in cash flow generation.

"In our simulated default scenario, we estimate that EBITDA would
decline by about 55% from 2017 level to trigger a payment default.
At that level, we estimate that the company's cash flow generation
might be insufficient to cover interest expenses, debt
amortizations, and maintenance capex.

"We have valued the company on a going-concern basis, using a 5.5x
multiple applied to our projected emergence-level EBITDA, which
results in an estimated gross enterprise value (EV) of about R$6.1
billion."

Simulated default assumptions

-- Jurisdiction: Brazil
-- Simulated year of default: 2023
-- EBITDA at emergence: R$1.1 billion
-- EBITDA multiple: 5.5x
-- Estimated gross EV: R$6.1 billion

Simplified waterfall

-- Net EV, after 5% of administrative expenses: R$5.8 billion
-- Debt at subsidiary (Hospital Esperanáa S.A.): R$2.3 billion
-- Senior secured debt: R$267 million (estimated amount based on
    value of assets securing some of company's debt: IFC loans,
    seventh debentures issuance, and BNDES loans)
-- Senior unsecured debt: R$6.7 billion (existing debt and
    proposed new bond issuance)
-- Non-debt unsecured claims: R$282 million (tax liabilities, a
    acquisitions payable and rejected lease claims)
-- Recovery expectations for the new proposed unsecured bond and
    existing debentures: 30%-50% (rounded estimate: 40%)

Rating Assigned

  Rede D'Or Finance S.a.r.l.
    Senior unsecured                   BB
     Recovery rating                   4(40%)


RIO GRANDE: Issues Emergency Declaration Due to Police Strike
---------------------------------------------------------------
EFE News reports that the government of Rio Grande do Norte, a
state in northeastern Brazil where police have been on strike for
19 days, declared a state of calamity in its public safety system.

Gov. Robinson Faria, in a decree signed Jan. 5, justified the
emergency declaration as necessary due to a rise in violence
stemming from the job action by both militarized police (who
patrol the streets) and civil police (who investigate crimes and
do forensic work), according to EFE News.


RUMO SA: S&P Rates Unit's New $500MM Senior Unsecured Notes 'B+'
----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'B+' issue-level
rating to Rumo Luxembourg S.a.r.l.'s proposed senior unsecured
notes due 2025. The proposed notes, which amount to $500 million,
will be fully and unconditionally guaranteed by Brazil-based rail
transportation company Rumo S.A. (Rumo; BB-/Stable/B), the parent
of Rumo Luxembourg. Rumo will use proceeds from the notes to
prepay debt at its operating subsidiaries, mainly Rumo Malha
Norte, as part of the company's liability management efforts to
strengthen Rumo's capital structure by reducing debt costs and
improving the debt maturity schedule.

The 'B+' rating on the proposed notes is one notch below Rumo's
long-term corporate credit rating of 'BB-'. This is mainly to
reflect the recovery rating of '5' on the unsecured debt at the
holding company, given the modest recovery expectation of 10%-30%
(rounded at 10%). Rumo is a nonoperating holding company, and S&P
expects its operating subsidiaries to continue to carry the bulk
of the group's debt, even after debt prepayments. Therefore, S&P
believes the proposed notes are structurally subordinated to the
operating subsidiaries' debt.

S&P said, "Additionally, following the placement of the proposed
notes, we assume that Rumo will incur significantly less secured
debt at the subsidiaries than we previously expected. As a result,
our recovery expectations for Rumo Luxembourg's senior unsecured
2024 notes improved to 65% (rounded estimate), compared with the
previous level of 45%, since our recovery rating on the existing
notes improved to '3' from '4', but with no changes to the 'BB-'
rating."

RECOVERY ANALYSIS

Key analytical factors

S&P said, "We have assigned a 'B+' rating to Rumo's proposed
senior unsecured notes, which reflects a recovery rating of '5',
given the modest recovery expectation of 10%-30%, (rounded 10%).
The recovery rating mainly reflects high debt at the operating
subsidiaries and the subsequent structural subordination of the
proposed notes.

"In our recovery scenario, we assume the company would restructure
rather than be liquidated. We believe Rumo is economically
important to the region where it operates and that, due to the
size of its operations, it's unlikely that Rumo would be
immediately replaced by other players in the railroad segment or
by competing transportation modes such as trucking. The emergence
EBITDA of R$1.2 billion reflects the capital intensity of the
industry as well as the size of the company's operations. We apply
a 5.5x multiple, which we use as an average for the industry in a
default scenario and which is in line with that for comparable
peers, such as MRS Logistica S.A. (BB/Negative/--)."

The payment waterfall would provide some level of priority to debt
issued at the subsidiaries, and any debt issued at the holding
company would be structurally subordinated to the debt at the
subsidiaries. In a similar manner, deficiency claims that have a
corporate guarantee from the holding company would be treated as
pari passu with the holding company's unsecured debt. Therefore,
the proposed notes' recovery prospects reflect the expected
recovery of the unsecured debt at the holding company through the
unconditional guarantee of the notes.

The use of proceeds from the notes, combined with resources from
the recent R$2.6 billion capital increase at Rumo, will be used to
prepay debt at Rumo's subsidiaries. S&P said, "Therefore, we no
longer assume the use of additional secured loans in our base
case. We expect the recovery of unsecured debt at Rumo Malha Norte
to improve materially, and thus we are now changing our recovery
rating on Rumo's existing $750 million notes due 2024 to '3' from
'4', given the meaningful expected recovery of 65% (rounded
estimate)."

Simulated default and valuation assumptions

-- Year of default: 2022
-- EBITDA at emergence: R$1.2 billion
-- Implied enterprise value multiple: 5.5x

Simplified waterfall

-- Gross enterprise value at default: R$6.8 billion, of which 65%
    corresponds to Rumo Malha Norte
-- Administrative costs: 5%
-- Net value available to creditors: R$6.4 billion
-- Secured debt claims: R$2.4 billion
-- Unsecured debt claims: R$6.9 billion, of which R$4 billion is
    at Rumo Malha Norte, including the notes due 2024
-- Recovery expectation for unsecured debt at Rumo Malha Norte:
    50%-70%
-- Recovery expectation for unsecured debt at Rumo: 10%-30%

RATINGS LIST

  New Ratings
  Rumo Luxembourg S.a.r.l.
   Senior Unsecured               B+
   Recovery Rating                5(10%)

  Rating Affirmed; Recovery Rating Revised
                                  To           From
  Rumo Luxembourg S.a.r.l.
   Senior Unsecured               BB-          BB-
   Recovery Rating                3(65%)       4(45%)


TAKATA CORP: TCEQ Files Limited Objection to Plan Outline
---------------------------------------------------------
The Texas Commission on Environmental Quality filed a limited
objection to TK Holdings Inc. and its affiliated debtors'
disclosure statement for its amended joint chapter 11 plan of
reorganization.

Counsel for TCEQ has recently learned that, pursuant to a
preservation order entered by the U.S. Department of
Transportation's National Highway Traffic Safety Administration
incident to its recall of certain airbag inflators manufactured by
the Debtors, millions of recalled airbag inflators are being
stored in leased warehouses in the United States, including one
warehouse in Eagle Pass, Texas. On information and belief, there
are presently approximately 4.3 million recalled airbag inflators
stored in the Eagle Pass warehouse. The recalled airbag inflators
being stored in Texas are of concern to TCEQ because, inter alia,
they contain ammonium nitrate.

It is axiomatic that the Debtors and any Reorganized Debtor must
comply with environmental obligations imposed by environmental
statutes, regulations, licenses, permits, etc. TCEQ respectfully
reserves the right to take future actions to enforce any such
obligations of the Debtors and/or any Reorganized Debtor,
including the right to file an application for administrative
expenses, if applicable.

Counsel for TCEQ will endeavor to work cooperatively with the
Debtors to address TCEQ's remaining concerns in this case,
including, but not limited to, securing adequate funding for the
Warehousing Entity proposed in the Debtors' Amended Chapter 11
Plan, which upon information and belief, will administer, maintain
and dispose of the recalled airbag inflators. In order to protect
its interests, TCEQ further reserves its rights to object to
confirmation of the Debtors' Plan.

A full-text copy of the TCEQ's Objection is available at:

     http://bankrupt.com/misc/deb17-11375-1466.pdf

Attorneys for the Texas Commission on Environmental Quality:

     Hal F. Morris
     Texas State Bar No. 14485410
     Ashley Flynn Bartram
     Texas State Bar No. 24045883
     P. O. Box 12548
     Austin, Texas 78711-2548
     Telephone: (512) 463-2173
     Facsimile: (512) 936-1409
     hal.morris@oag.texas.gov
     ashley.bartram@oag.texas.gov

                    About TK Holdings, Inc.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017. Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets  and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent. The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


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C H I L E
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CHILE: Economic Activity Expands More Than Expected in November
---------------------------------------------------------------
EFE News reports that Chilean economic activity expanded at an
annual rate of 3.2 percent in November, exceeding market
expectations and economists' forecasts, the Central Bank said in a
report.

The rise in the Imacec monthly economic activity index easily
topped forecasts for 2.5 percent growth and was the highest since
February 2016. That index grew 2.9 percent in October, according
to EFE News.

The Imacec encompasses around 91 percent of the goods and services
included in Chile's gross domestic product and is considered a
preview of the GDP figure, the report notes.

Compared with October, the Imacec rose a seasonally adjusted 0.7
percent, the report relays.

The report notes that the mining component of the Imacec was up
2.9 percent from November 2016, while the index's non-mining
component climbed 3.2 percent, mainly driven by gains in retail
sales, services and manufacturing.

Chile's GDP rose 2.2 percent in the third quarter of last year
compared to July-September 2016 and, according to the Central
Bank's latest forecast, is expected to end 2017 with growth of 1.4
percent, the report says.

Chile's economy -- which has endured a long period of slow
economic expansion -- is forecast to rebound with growth of
between 2.5 percent and 3.5 percent in 2018, the Central Bank said
in its December monetary policy report, EFE discloses.

Conservative billionaire Sebastian Pinera, who had previously been
head of state from 2010 to 2014, was elected president a second
time in December, the report relays.

His victory was attributed in part to slow economic growth rates
under incumbent President Michelle Bachelet, who was
constitutionally barred from seeking re-election in 2017, the
report adds.


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J A M A I C A
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NOBLE GROUP: Creditors Allow More Time for Debt Restructure
-----------------------------------------------------------
RJR News reports that the financially troubled part owner of
Jamaican alumina plant Jamalco -- the Noble Group -- has been
given more breathing room to restructure its debts as its
creditors have granted it a waiver that extended financial
covenants on a credit facility until May.

The Hong Kong-based company, which launched restructuring talks
with its creditors in November, did not specify the size of the
unsecured revolving credit facility that has been extended but
said that the discussions continued, according to RJR News.

News that creditors had granted Noble more time to restructure
some debt follows a warning from its Chairman, Paul Brough, that
there was more pain ahead in its restructuring process, the report
notes.

As of November, Noble had US$380 million of bonds maturing in
March followed by a $1.1 billion bank loan that it must either
repay or refinance in May, the report relays.

Noble Group purchased 55 per cent of Jamalco from Alcoa in 2014
for a reported US$140 million, the report notes.

RJR News report relays that the other 45 per cent of the company
is retained by the Jamaican Government through Clarendon Alumina
Partners.


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M E X I C O
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BBVA BANCOMER: S&P Rates $1BB Subordinated Capital Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to BBVA
Bancomer, S.A., Institucion de Banca Multiple Grupo Financiero
BBVA Bancomer y Subsidiarias' (BBVA Bancomer; BBB+/Stable/A-2)
subordinated preferred cumulative capital notes for up to $1
billion. The bank plans to use the proceeds to continue growing
the business. The rating on the bank's notes is three notches
below the long-term issuer credit rating (ICR) reflecting the
following factors:

-- The notes' contractual subordination to other senior debt;

-- An additional notch for the debt's discretionary and mandatory
    non-payment clause, which allows the instrument to defer
    coupon payments; and

-- An additional notch for its mandatory contingent capital
    clause that would lead to a principal write-down.

S&P said, "We're also assigning minimal equity content to BBVA
Bancomer's Tier 2 hybrid instrument. Therefore, it's ineligible
for inclusion in our total adjusted capital (TAC) calculation. In
our view, this issuance wouldn't have characteristics of a going-
concern contingent capital--it would have more loss-absorption
characteristics at the point of nonviability--and the residual
life would be shorter than the residual life standards for all
other hybrid capital instruments with intermediate equity, above
15 years. Therefore, we maintain our forecasted risk-adjusted
capital (RAC) ratio on BBVA Bancomer at about 10.1% for the next
24 months and our capital and earnings assessment unchanged.

"Similarly, the proposed notes don't affect our view of BBVA
Bancomer's funding and liquidity. The new issuance will only
represent 1% of the bank's total funding, so customer deposits
will remain its main source of funding--69% of its total funding
base as of Sept. 30, 2017. The remainder comes from senior
unsecured debt (6%), subordinated bonds (5%), and repurchase
agreements (20%). Furthermore, BBVA Bancomer enjoys superior
financial flexibility compared to its nearest peers. The bank's
stable funding ratio was 105.2% as of Sept. 30, 2017, and has
averaged 101% for the past three fiscal years.

"Our liquidity assessment remains supported by the bank's broad
liquid assets to short-term wholesale funding of 1.6x at third-
quarter 2017 and a three-year average of about 1.5x. Also, BBVA
Bancomer has manageable debt maturity profile with limited
refinancing risk. Total market debt represented 11% of the bank's
funding base as of Sept. 30, 2017. Finally, we believe the bank
has sound access to debt capital markets as an additional funding
source, even in times of distress.

"The ICRs on BBVA Bancomer reflect our business position
assessment on the bank, which benefits from brand recognition and
the leading market position. The ratings also take into account
our forecast RAC ratio of about 10.1% for the next 24 months.
Moreover, BBVA Bancomer's risk position is in line with those of
its peers, based on manageable asset quality metrics."

Rating Assigned

  BBVA Bancomer, S.A., Institucion de Banca Multiple Grupo
  Financiero BBVA Bancomer y Subsidiarias
    Subordinated preferred cumulative capital notes       BB+


MBIA MEXICO: S&P Affirms Then Withdraws 'CCC' Global Scale ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' global scale issuer credit
and financial strength ratings and its 'mxCCC' national scale
financial strength rating on MBIA Mexico S.A. de C.V.; at the same
time, it withdrew all ratings on the company at the issuer's
request.

S&P said, "The ratings on MBIA Mexico reflect our opinion of its
status as a core subsidiary of MBIA Insurance Corp. (MBIA Corp;
not rated). We base the group status on the parent's long-term
commitment of support to the subsidiary through a reinsurance
agreement between the two companies where the subsidiary cedes
100% of its risks to its parent, and a net worth maintenance
agreement granted by its parent, MBIA Corp. This support has
enabled MBIA Mexico to meet its ongoing policy obligations despite
financial stress at both the subsidiary and parent levels. The
stable outlook on MBIA Mexico reflects that of its parent at the
time of withdrawal.

"On Dec. 1, 2017, we withdrew our ratings on MBIA Inc., National
Public Finance Guarantee Corp., and MBIA Insurance Corp. at the
issuer's request. We are now withdrawing our ratings on Mexico-
based subsidiary MBIA Mexico also at the issuer's request."


MEXICO: Produces 358,000 Tons of Electronic Waste Annually
----------------------------------------------------------
The Latin American Herald reports that Mexico produces more than
358,000 tons of electronic waste annually, from digital devices to
electrical appliances, the equivalent of 3.2 kilos (7 lbs.) of
waste for every Mexican, according to estimates of the National
Institute of Ecology and Climate Change (INECC).

In the Valley of Mexico Metropolitan Area alone, which includes
the nation's capital, more than 13 million devices considered
waste are generated annually: televisions, sound equipment,
telephones, computers and electrical appliances, according to The
Latin American Herald.

Some 90 percent of this electronic trash has not been adequately
put out of commission, which represents a risk to human health and
the environment, INECC said, the report notes.

The report relays that only 10 percent of this waste material is
estimated to be recycled, while 40 percent remains stored in homes
and the other 50 percent is left at waste transfer stations, scrap
dealers, sanitary landfills or uncontrolled rubbish dumps.

The study "Diagnosis of the Generation of Waste in Mexico" by Dr.
Guillermo Roman Moguel explains that electronic devices contain
toxic pollutants that can harm human health and the environment,
the report notes.

Electronic residuals contain flame retardants, which are additives
used in the plastic of computers, videogames and other electronic
devices, precisely so they won't catch fire easily, the report
says.

However, when left in dumps outdoors they can very easily burn out
of control, the report notes.

When electronic equipment burns, it generates highly toxic dioxins
that spread through the air people breathe, the report relays.

Electronic trash also contains heavy metals that contaminate the
earth and water, as in the case of lead, cadmium, mercury, chrome
and arsenic, the report discloses.

The Recycling Electronics Mexico (Remsa) company said that 46
percent of trash generated by electrical appliances consists of
glass and plastic, 31 percent of ferrous metals, 21 percent of
non-ferrous metals and 2 percent of electronic materials, the
report relays.

Considering all that, the Environment Secretariat of Mexico City
(Sedema) gives locals the chance to recycle on electronic and
electric waste-collection days known as "Recyclotrons," the report
notes.

The first Recyclotron on 2018 will take place next Jan. 26-27 at
the Metropolitan Autonomous University (UAM), the report relays.

Since 2013, there have been 52 Recyclotrons and 11 more are
scheduled for this year in different parts of the Mexican capital,
the report notes.

Sedema reported that between 2013 and 2017, around 980,000 kilos
(1,080 tons) of different electronic waste items were collected,
the report adds.



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


RISE ENTERPRISES: Hires Alonso-Mulet as Realtor
-----------------------------------------------
Rise Enterprises, S.E., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Alonso-Mulet
Commercial/Puerto Rico Properties 101, as realtor to the Debtor.

Rise Enterprises requires Alonso-Mulet to market and sell the
Debtor's real property located at Triple S Plaza, Suite 6A, 1510
F.D. Roosevelt Avenue, Guaynabo, Puerto Rico 00968.

Alonso-Mulet will be paid a commission of 3% of the sales price.

Rosa M. Alonso Barcelo, member of Alonso-Mulet Commercial/Puerto
Rico Properties 101, 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.

Alonso-Mulet can be reached at:

     Rosa M. Alonso Barcelo
     ALONSO-MULET COMMERCIAL/
     PUERTO RICO PROPERTIES 101
     3-3 Parkville Ct.
     Guaynabo, PR 00969
     Tel: (787) 309-6814

              About Rise Enterprises, S.E.

Rise Enterprises, S.E., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04678) on June 30,
2017. Ismael Falcon Ortega, its partner, signed the petition. The
Debtor estimated assets of less than $1 million and liabilities of
$1 million to $10 million. Judge Mildred Caban Flores presides
over the case. Mary Ann Gandia, Esq., at Gandia-Fabian Law Office,
serves as the Debtor's bankruptcy counsel.


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


PETROLEO BRASILEIRO: Egan-Jones Hikes Sr. Unsec. Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company, on December 26, 2017, raised the local
currency and foreign currency senior unsecured ratings on debt
issued by Petroleo Brasileiro SA to BB- from B+.

Petroleo Brasileiro S.A. - Petrobras, more commonly known as
simply Petrobras, is a semi-public Brazilian multinational
corporation in the petroleum industry headquartered in Rio de
Janeiro, Brazil.


VENEZUELA: Military Rejects US Sanctions, Will Defend Its Honor
---------------------------------------------------------------
The Latin America Herald reports that Venezuelan Defense Minister
Vladimir Padrino Lopez rejected, in the name of the military high
command, what he called the ridiculous and stupid sanctions that
the United States has imposed on four of its officers, two of them
retired, and said the military will defend its honor, if necessary
with arms.

"It's odd that they're imposing sanctions on some of our brethren
in arms, alleging corruption and repression precisely at a time
when the government's actions . . . have restored peace among our
citizens," said a statement from the Venezuelan high command, read
by Padrino Lopez to the media, according to The Latin America
Herald.

The minister also said that faced with these sanctions, they are
keeping their "dignity intact" and will defend their military
honor with "heart" and "reason" and "with arms if necessary," the
report notes

The US government disclosed sanctions against former Chavista
minister and governor of Aragua state, retired Gen. Rodolfo
Clemente Marco Torres, and against retired general and ex-governor
of Bolivar state, Jose Rangel Gomez, the report notes.

The US also sanctioned Bolivarian National Guard Gen. Fabio
Enrique Zavarse Pabon, and lieutenant general of the army and
Border Minister Gerardo Jose Izquierda Torres, the report relays.

These four officials are accused of corruption and repression in
their country, the report says.

The report notes that the US Treasury said that putting these
officials on the blacklist of its Office of Foreign Assets Control
(OFAC) shows that "corruption and repression continue to flourish
under the Maduro regime, both by those in current government
positions and former officials who continue to benefit from a
corrupt system, even as Venezuela's citizens, economy, and
constitutionally enshrined democratic institutions languish."

Padrino Lopez called this "infamous blackmail, crude, vulgar,
against the Bolivarian National Armed Forces (FANB)," the report
relays.

He also referred to the spokeswoman of the US State Department,
Heather Nauert, and said her opinions reflect "total ignorance"
about Venezuelan military institution, the report says.

Padrino Lopez recalled that Nauert said on Twitter that "members
of the Venezuelan armed forces can avoid sanctions by respecting
the rule of law, and changing their behavior in order to have
sanctions removed," the report discloses.

The report relays that the defense minister said that "the State
Department spokeswoman shows her absolute ignorance about the
libertarian traditions" inherited "from our independentista
heroes."

"We know full well that these sanctions are part of a war strategy
aimed at undermining the foundations of the Venezuelan government
. . . and creating an ungovernability in order to pursue their
evil plans of domination," he said, the report adds.

As reported in the Troubled Company Reporter-Latin America on Jan.
4, 2018, Julie Wernau and Imani Moise at The Wall Street Journal
said that Venezuela has defaulted on another debt obligation,
according to S&P Global Ratings, intensifying investor fears about
the country's ability to make more than $9 billion in bond
payments due in 2018.

TCRLA reports that 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'."


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


* BOND PRICING: For the Week From January 1 to Jan. 5, 2018
-----------------------------------------------------------

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

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



                            ***********


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

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

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


                            ***********


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

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

Copyright 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 * * *