TCRLA_Public/180201.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

               Thursday, February 1, 2018, Vol. 19, No. 23


                            Headlines



A R G E N T I N A

PVCRED XXXVI: Moody's Rates Class C Securities 'Caa3(sf)'


B R A Z I L

GOL LINHAS: Re-tap Offering for Sr. Notes Due 2025 by Gol Finance
GOL LINHAS: Fitch Gives B(EXP)/RR4 Rating to New Bond Due 2025


C H I L E

AES GENER: Fitch Keeps BB Jr. Sub. Notes Rating on Negative Watch


C O S T A   R I C A

REVENTAZON FINANCE: Fitch Affirms BB+ Rating on US$135MM Notes


J A M A I C A

JAMAICA: World Bank Approves Loan to Assist Local MSMEs


M E X I C O

BANCO SANTANDER: Fitch Affirms BB Rating on Add'l. Tier 1 Notes
MEXICO: Evaluating Allowing Armed Agents on Cross-Border Flights
MEXICO: Bidding for Transmission Line Favors Clean Energy


T R I N I D A D  &  T O B A G O

GUARDIAN HOLDINGS: TT Securities Commission Probes NCB's Take Over


V E N E Z U E L A

VENEZUELA: Gov't and Opposition Parties Start New Round of Talks


                            - - - - -



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A R G E N T I N A
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PVCRED XXXVI: Moody's Rates Class C Securities 'Caa3(sf)'
---------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Pvcred Serie XXXVI. This transaction will
be issued by TMF Trust Company (Argentina) S.A.- acting solely in
its capacity as issuer and trustee.

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

- ARS143,667,000 in Class A Floating Rate Debt Securities (VRDA)
   of "Fideicomiso Financiero Pvcred Serie XXXVI", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba2 (sf) (Global Scale)

- ARS34,860,000 in Class B Floating Rate Debt Securities (VRDB)
   of "Fideicomiso Financiero Pvcred Serie XXXVI", rated Caa2.ar
   (sf) (Argentine National Scale) and Caa3 (sf) (Global Scale)

- ARS9,396,000 in Certificates (CP) of "Fideicomiso Financiero
   Pvcred Serie XXXVI", rated Ca.ar (sf) (Argentine National
   Scale) and Ca (sf) (Global Scale).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 6,448 eligible personal loans denominated in
Argentine pesos, bearing fixed interest rate, originated by
Pvcred, a financial company owned by Comafi's Group in Argentina.
Only the installments due after February 28, 2018 will be assigned
to the trust.

The VRDA will bear a floating interest rate (BADLAR plus 300bps)
from the issue date with first coupon payment date in April 2018.
The VRDA's interest rate will never be higher than 30% or lower
than 20%.

The VRDB will bear a floating interest rate (BADLAR plus 600bps)
from the issue date. The VRDB's interest rate will never be higher
than 33% or lower than 23%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination level of 22.0% and 3.1%
for the VRDA and VRDB respectively, calculated over the pool's
principal balance as of February, 2018. The subordination level
will increase overtime due to the turbo sequential payment
structure. The transaction will have a grace period for principal
and interest payment until April 2018.

The transaction also benefits from an estimated 44.7% annual
excess spread, before considering losses, taxes or prepayments and
calculated at the caps of 30% and 33% for the VRDA and VRDB
respectively.

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

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from April 2015 to November 2017. Moody's has observed a weaker
performance of Refis loans compared to Normal Pvcred Loans
(Existing plus OM loans). In addition, Moody's has observed a
weaker performance of Open Market Loans compared to Existing
Loans.

Moody's notes that there is uncertainty around key macroeconomic
variables in Argentina, including inflation rates, salary
increases compared to inflation, and economic activity, which have
an impact on future performance of this transaction.

In assigning the rating to this deal, Moody's assumed a lognormal
distribution of losses for each one of the different securitized
sub-pools: for the loans of Existing Clients, a mean of 15%; for
loans of Open Market, a mean of 35% and for the "Refinanciados"
loans, a mean of 45% with a coefficient of variation of 60% for
each of the three sub-pools. Also, Moody's assumed a lognormal
distribution for prepayments with a mean of 50% and a coefficient
of variation of 70%.

Servicer default was modeled by simulating the default of Banco
Comafi S.A. as the servicer consistent with its current
Counterparty Risk Assessment (CRA) of B1 (cr). In the scenarios
where the servicer defaults, Moody's assumed that the defaults on
the pool would increase by 20 percentage points.

The model results showed 1.1% expected loss for the VRDA, 30.8%
for the VRDB and 49.6% for the CP.

Moody's also evaluated the back-up servicing arrangements in the
transaction. If Pvcred is removed as collection agent, Banco
Comafi will be appointed as the back-up collection agent.



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B R A Z I L
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GOL LINHAS: Re-tap Offering for Sr. Notes Due 2025 by Gol Finance
-----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., Brazil's #1 airline,
announced that its subsidiary, Gol Finance, priced a re-tap
offering of US$150 million in aggregate principal amount of its
7.000% Senior Notes due 2025, in accordance with Rule 144A and
Regulation S under the U.S. Securities Act of 1933, as amended,
expected to close on February 2, 2018. The New Notes were offered
as a further issuance of Gol Finance's 7.000% senior notes due
2025, priced at a yield of 7.00%, and will be consolidated with,
and form a single series with, the US$500,000,000 aggregate
principal amount of notes that were originally issued on December
11, 2017, raising the outstanding total on the tranche to
US$650,000,000.

The New Notes were offered and sold only to qualified
institutional buyers in accordance with Rule 144A under the
Securities Act and to non-U.S. persons in accordance with
Regulation S under the Securities Act. When issued, the New Notes
will not have been registered under the Securities Act or state
securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws. This press release does not constitute an
offer to sell or the solicitation of an offer to buy the New Notes
or any other securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which, or to any
person to whom, such an offer, solicitation or sale is unlawful.
Any offers of the New Notes will be made only by means of a
private offering memorandum.


GOL LINHAS: Fitch Gives B(EXP)/RR4 Rating to New Bond Due 2025
--------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B(EXP)'/'RR4' to
Gol Linhas Aereas Inteligentes S.A. (GOL)'s reopening under its 7%
senior unsecured bond due 2025. The target amount of the reopening
is US$100 million. The proposed transaction is viewed as neutral
from a financial leverage perspective as the company expects to
use the proceeds from the reopening primarily to refinance some
existing debt.

Fitch currently rates GOL's Long-Term Issuer Default Rating (IDR)
'B' with a Stable Outlook.

KEY RATING DRIVERS

Market Position and FX Risk Incorporated: The ratings reflect
GOL's leading business position in the Brazilian airline domestic
market, which is viewed as sustainable over the medium term, with
a market share of around 35% as measured by revenues/passenger/
kilometer during 2017. As this is the company's key market, GOL's
operational results are highly correlated to the Brazilian
economy. Due to limited geographic diversification the company's
FX exposure is high. GOL generates approximately 90% of its
revenues in Brazilian reais, while around 60% of its total costs
and 80% of its total debt are denominated in U.S. dollars.

Macro Driving Moderate Traffic Improvement: Brazil's better
macroeconomic environment in 2018 should be reflected in improved
traffic levels, stable cost structure and lower interest expenses.
Fitch forecasts Brazil's GDP growth to be positive 2.5% in 2018.
Fitch expects Brazil's domestic segment traffic (total transported
passengers) to reach single-digit annual growth as demand
fundamentals and corporate activity recover during 2018. GOL's
consolidated traffic is expected to reach average annual growth
rates in the 3%-4% range during this period.

Significant Expansion in Operational Margin: GOL reached an
operational margin of 9.8% during the LTM September 2017 versus
7.1% and -1.9% in 2016 and 2015, respectively. Fitch expects GOL
to sustain EBIT margin in the 9%-11% range during 2017-2018,
driven by cost reduction, moderate higher yields and expectations
of moderate demand recovery as the Brazilian macroeconomic
environment improves. These factors could be partially offset by
fuel cost increases, devaluation of the local currency versus the
U.S. dollar, and/or increasing capacity from competitors. Fitch
anticipates GOL will maintain reasonable capacity management
resulting in increases in total capacity, measured as total
available seat kilometres, of around 3% in 2018.

Material Deleveraging, Adjusted Leverage Trending to 5x: GOL has
materially reduced its financial adjusted gross leverage during
2016-2017. The company's total adjusted debt/EBITDAR was 5.4x
during LTM September 2017 down from 6.2x and 12.7x in 2016 and
2015, respectively. GOL's LTM September 2017 EBITDAR was BRL2.3
billion. Total adjusted debt was BRL12.6 billion, composed of
BRL5.9 billion in on-balance-sheet debt, including loans,
financial leases and bonds, and BRL6.7 billion in off-balance-
sheet obligations related to operating leases, with combined
payments of approximately BRL0.9 billion during LTM September
2017. Fitch expects the company to reach gross adjusted leverage
levels of around 5x during 2018-2019 driven primarily by a
positive trend in revenues and margins.

FCF Trend Key for Financial Flexibility: Fitch expects GOL to
reach positive free cash flow (FCF) during 2017 driven by better
operational performance, lower capex, some tax benefit, and lower
working capital needs. For 2018-2019, FCF is expected to be
neutral to negative, as capex levels are anticipated to increase.
Fitch views GOL as having the capacity to adjust its capex plan in
an economic distress scenario as occurred in 2016-2017. GOL
renegotiated 29 aircraft contracts in 2016, including payment
deferrals, final sale, sale-leaseback and leasing returns. In
addition, GOL postponed 11 new aircraft deliveries during 2016-
2017 to 2026-2027. During 2016, the company's FCF generation was
negative BRL170 million, resulting in FCF margin, or LTM FCF/LTM
revenue, of negative 1.7%, representing a material reduction when
compared with negative 16.7% in 2015 (negative BRL1.6 billion).

DERIVATION SUMMARY

GOL's recent operational performance compares well to those of the
other two main airlines in Latin America rated by Fitch, LATAM
Airlines Group S.A. (B+/Stable) and Avianca Holdings S.A.
(B/Negative). The rating differences between the three airlines
reflect variations in their financial strategies, operational
performance volatility and business diversification.

GOL's volatility in its operational performance over the last five
years and relatively low liquidity have been incorporated into the
company's rating versus its peers. On the positive side, the
company benefited during 2017 from Brazil's improving business
environment and from a capacity reduction, which both resulted in
better operational performance and declining leverage during 2017.
Among the three companies GOL has the highest operational margin
thus far this year. In addition, the ratings incorporate
expectation of further improvement in GOL's liquidity position,
measured as readily available cash as a percentage of LTM
revenues.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:

-- 2017-2018 EBIT margin around 10%;

-- Positive FCF in 2017 and neutral to negative (low single
    digits) in 2018;

-- Gross adjusted financial leverage (total adjusted
    debt/EBITDAR) at around 5.5x during 2017-2018;

-- 2017-2018 liquidity, measured as readily available cash over
    LTM net revenues, in the 10%-12% range;

-- 2017-2018 coverage ratio, EBITDAR/(net interest expense +
    rents), around 1.6x.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Liquidity, measured as cash/LTM revenues, consistently around
    15%;

-- Gross adjusted leverage consistently below 5x;

-- Moving toward neutral-to-positive FCF;

-- Coverage ratio, measured as total EBITDAR/(net interest
    expense plus rents) consistently above 2x.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- Adjusted gross leverage consistently above 6.5x;

-- EBIT margin consistently below 6%;

-- Liquidity, cash/ LTM revenues, consistently below 8%;

-- Sustained negative FCF at levels resulting in FCF margin
    consistently below -5%.

LIQUIDITY

Liquidity Improving: GOL's liquidity is viewed as adequate and
improving in 2017 as a result of positive FCF generation and some
liability management during 2017-2018. GOL's 2017 FCF generation
is estimated at around BRL285 million. GOL's readily available
cash, measured as total cash plus marketable securities, was
BRL900 million as of Sept. 30, 2017. The company has debt
principal payments due of approximately BRL1 billion during 2018.

Deteriorating economic or business conditions could put pressure
on the company's liquidity; however, the company does have some
liquidity buffers available in case of financial stress (e.g.
credit access with local banks on a secured basis, residual value
in aircraft equipment, available account receivables, and asset
disposal). Fitch expects GOL to maintain readily available cash of
around BRL1.2 billion-BRL1.4 billion during 2017-2019. GOL's level
of liquidity, measured as total cash and marketable securities
over LTM revenues, is expected to be around 12% during the same
years.

FULL LIST OF RATING ACTIONS

Fitch currently rates GOL as follows:

Gol Linhas Aereas Inteligentes S.A. (GOL):

-- Long-Term Foreign and Local Currency IDRs 'B';
-- National Long-Term Rating 'BBB-(bra)';
-- USD200 million perpetual bonds 'B'/'RR4'.

VRG Linhas Aereas S.A. (VRG):

-- Long-Term Foreign and Local Currency IDRs 'B';
-- National Long-Term Rating 'BBB-(bra)'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:

-- USD300 million of senior unsecured notes due 2020 'B'/'RR4';
-- USD500 million of senior unsecured notes due 2025 'B'/'RR4'.

GOL LuxCo S.A.:

-- USD200 million of senior unsecured notes due 2023 'B'/'RR4';
-- USD325 million of senior unsecured notes due 2022 'B'/RR4';
-- USD14.1 million of senior secured notes due 2018 'B+'/'RR3';
-- USD41.3 million of senior secured notes due 2021 'B+'/'RR3';
-- USD18.1 million of senior secured notes due 2028 'B+/RR3'.

The Rating Outlook for the corporate ratings is Stable.



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AES GENER: Fitch Keeps BB Jr. Sub. Notes Rating on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has maintained the Negative Watch on AES Gener
S.A.'s ratings, including the company's 'BBB-' Long-Term Foreign
Currency and Local Currency Issuer Default Ratings (IDRs), its
'BB' outstanding junior subordinated notes and its 'A+(cl)'
national scale rating. Fitch has also maintained the Negative
Watch on AES Gener's affiliates - Empresa Electrica Angamos and
Guacolda Energia.

Fitch decided to maintain the Negative Watch on the companies'
ratings until AES Gener announces whether it will continue
construction of Alto Maipo or terminate the project. Fitch will
continue to monitor this situation as well as any funding strategy
for Alto Maipo's cost overruns if the company decides to proceed
with the project. Fitch expects a resolution to be announced
during the first quarter of 2018; if the decision is postponed
beyond six months, the Negative Watch will not be reviewed until a
conclusion has been announced.

At the same time, Fitch has decided to revise the Rating Watch on
Sociedad Electrica Santiago SpA's (ESSA) ratings, including the
company's 'A(cl)' national scale rating and local senior unsecured
notes rated 'A(cl)', to Rating Watch Evolving from Negative. This
rating action reflects the uncertainty surrounding the proposed
sale of ESSA to Generadora Metropolitana SpA and the likelihood of
ESSA's debt being guaranteed by AES Gener.

The sale is subject to mandatory conditions including approval
from the local antitrust regulator and the satisfactory
reorganization of ESSA. During the transition period, AES Gener
may provide an explicit guarantee of ESSA's local bonds until all
outstanding debt is finally absorbed by AES Gener. Depending on
the final outcome of the transaction and if ESSA's financial
obligations are explicitly guaranteed by AES Gener, Fitch could
revise ESSA's national scale ratings, equalizing them with AES
Gener.

KEY RATING DRIVERS

Debt Prepayments and Dividend Reductions: Fitch does not expect
any impact on AES Gener's ratings if the company funds the cost
overruns through a combination of dividend payment reductions and
additional financing, coupled with efforts to prepay debt. These
actions would prevent a significant increase in gross leverage.
Fitch expects AES Gener to repay approximately USD500 million of
debt during 2017-2019 and that dividend payments will not exceed
100% of net income. The company is on track to prepay these
amounts following the purchase of USD328 million of existing bonds
and divestment of noncore assets.

Low Business Risk: The ratings reflect AES Gener's low business
risk resulting from a balanced contractual position and a diverse
portfolio of generation assets, which support cash flow generation
stability and predictability. The ratings also recognize that the
company's major plants operate under constructive regulatory
environments in Chile and Colombia. Credit risks include possible
environmental and/or political issues that could result in cost
overruns or additional modifications on new and/or existing
projects.

Construction Risk Mitigated: Fitch believes the agreement reached
with Strabag to complete the Alto Maipo project under a fixed-
price lump-sum contract mitigates the plant's construction risk
and eliminates the potential for further delays and cost overruns.
AES Gener has yet to disclose the terms of the agreement with
Strabag or the strategy for financing Alto Maipo's cost overruns.
The company's decision to strengthen its capital structure by
repurchasing debt and selling noncore assets to compensate for
increased cost overruns is consistent with Fitch's expectations.

Improvement Expected in Credit Metrics: AES Gener's credit metrics
remain pressured for the rating level. Fitch's base case considers
the company's metrics will steadily improve over the next three
years, with gross leverage at 3.5x or below by 2020, more in line
with a 'BBB-' rating. Fitch expects gross leverage to decline to
4.2x for year-end 2017 from 5.0x reported as of the LTM ended
September 2017 as a result of the company's purchase of USD328
million of existing bonds.

Termination of Alto Maipo Project: If AES Gener decides not to
continue with the Alto Maipo project, the company will need to
contribute USD83 million of pending capital contributions. AES
Gener will declare the USD536 million already contributed to the
project as an impairment, with Alto Maipo's USD626 million
outstanding financial debt considered as nonrecourse to AES Gener.
The deconsolidation of Alto Maipo would bring AES Gener's leverage
ratio into the range of 2.5x-3.0x.

Risk of Reputation Damage: Although deconsolidation of Alto Maipo
from AES Gener would accelerate the strengthening of credit
metrics, the potential reputation damage could hurt AES Gener's
financial flexibility. In this scenario, the company would have to
embark on the arduous task of recovering its former status and
assure clients and financial institutions that it is still a
candidate for new projects. Thus the reputation damage caused by
abandoning Alto Maipo would weaken competiveness and could put
pressure on AES Gener's margins.

Limited Room to Recontract Prices: Fitch believes AES Gener has
limited room for recontracting purchase power agreements (PPAs) at
lower.prices. Fitch's base case assumes PPAs will be recontracted
at a price between USD55/MWh and USD60/MWh. Prices below this
threshold would affect EBITDA generation to a degree that could
lead to negative rating actions given the company's high leverage
from past growth.

DERIVATION SUMMARY

AES Gener's (BBB-/RWN) ratings are below those of Enel Generacion
Chile (BBB+/Positive), Engie Energia Chile S.A. (BBB/Stable) and
Colbun (BBB/Stable) as a result of the company's relatively weaker
financial profile although similar business risks. AES Gener's
consolidated gross leverage consistently above 4x is higher than
that of Enel Generacion, which consistently reports gross leverage
below 2.0x, and Engie and Colbun with leverage in the mid-2x
range.

Similar to the other Chilean electricity GenCo's mentioned above,
AES Gener's credit profile benefits from a diverse generation
portfolio, which features a component of long-term contracted
assets with investment-grade counterparties and supports these
companies' ratings. AES Gener's PPAs in the Sistema Interconectado
Central (SIC) have an average life of five years and more than 12
years for the Sistema Interconectado del Norte Grande (SING),
which provides stable, fixed monthly capacity-charge payments. The
PPAs also allow for the pass-through of variable costs to the
company's counterparties. AES Gener is slightly more exposed to
recontracting risk than peers Enel Generacion Chile and Engie
Energia Chile, and in a similar position as Colbun.

AES Gener is well positioned relative to its Latin American GenCo
peers in terms of installed capacity, asset diversification and
contracted position. AES Gener has an installed capacity of over
5GW, which compares favorably with Colbun's 3.3GW and is similar
to Enel Generacion Chile's 5.6GW.

Unlike Enel Generacion Chile and Engie Energia Chile, AES Gener
benefits from geographical diversification with operating assets
in Chile, Colombia, and to a lesser extent, in the slightly
improving regulatory environment of Argentina. This geographic
diversification bodes well for the company's credit quality when
compared with Enel Generacion Chile and Engie Energia Chile, which
are concentrated in a single country. In addition, the company has
limited exposure to hydrological conditions in Chile or Argentina,
as its major hydro assets are located in Colombia.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:

-- Cochrane continues being a positive contributor to AES Gener;

-- Alto Maipo construction continues and cost overruns are
    financed through a combination of debt, including a portion
    eligible for equity credit, inclusion of a partner, and cash
    on hand;

-- Fitch assumes AES Gener will repay over USD500 million of debt
    during 2017-2019 to compensate for the increased capex
    requirements for Alto Maipo;

-- Under this scenario, Fitch expects gross leverage to move
    closer to 3.5x by 2020.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

Although a positive rating action is not expected in the
foreseeable future, Fitch will view positively a funding structure
that prioritizes consolidated debt-to-EBITDA ratios between 3.0x-
3.5x.

ESSA's Rating Watch Evolving will be resolved when Fitch has
sufficient information regarding the outcome of the proposed
transaction, guarantees provided by AES Gener to support ESSA's
bonds and any changes in ESSA's strategic direction to evaluate
the full credit impact on the company.

An upgrade on ESSA's bonds may be considered if AES Gener fully
guarantees the debt, and ratings might then be equalized.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

The Negative Rating Watch will be resolved once AES Gener's
medium-term capital structure is defined following a final
decision on the status of Alto Maipo's power generation assets.

Fitch continues to assess on-going developments with the
construction of Alto Maipo's generation assets and expects to
resolve the RWN once more information is available or the company
makes a decision regarding this project.

Although not included in Fitch base case assumptions, AES Gener's
decision to walk away from Alto Maipo would significantly improve
the company's metrics. This could result in a variety of outcomes
including a rating downgrade.

LIQUIDITY

AES Gener's liquidity is supported by its stable and predictable
cash flow generation, track record of access to both domestic and
international capital markets, as well as by USD391 million of
cash on hand, all of which compare unfavorably against USD934
million of short-term debt as of Sept. 30, 2017. The company
enjoys an extended maturity profile, with over 60% of debt coming
due after 2022. Liquidity is further buoyed by committed and
unused credit lines of approximately USD251 million and
uncommitted credit lines for USD78 million.

Fitch does not expect any effect on AES Gener's ratings if the
company funds cost overruns through a combination of dividend
payment reductions and.additional.financing, coupled with efforts
to prepay debt; these actions would prevent a significant increase
in gross leverage. Fitch expects AES Gener to repay approximately
USD500 million of debt during 2017-2019 and that dividend payments
will not exceed 100% of net income. The company is on track to
prepay these amounts following the purchase of USD328 million of
existing bonds and divestment of noncore assets.

If AES Gener decides not to continue with the Alto Maipo project,
the company will need to contribute USD83 million of pending
capital contributions.. The company would declare the USD536
million already contributed to the project as an impairment with
Alto Maipo's outstanding financial debt of USD626 million as
nonrecourse to AES Gener. The deconsolidation of Alto Maipo would
bring AES Gener's leverage ratio into the range of 2.5x-3.0x.

FULL LIST OF RATING ACTIONS

Fitch has maintained the following ratings of AES Gener on Rating
Watch Negative:

-- Long-Term Foreign and Local Currency Issuer Default Ratings
    (IDRs) 'BBB-';
-- International senior unsecured bond ratings 'BBB-';
-- International junior subordinated bond ratings 'BB';
-- National scale long-term rating 'A+(cl)';
-- National senior unsecured bond ratings 'A+(cl)'.

Fitch has affirmed the following ratings of AES Gener:
-- National equity rating at 'Primera Clase Nivel 2(cl)'.

Fitch has maintained the following ratings of Guacolda Energia
S.A. on Rating Watch Negative:

-- Long-Term Foreign and Local Currency IDRs 'BBB-';
-- International senior unsecured bond ratings 'BBB-'.

Fitch has maintained the following ratings of Empresa Electrica
Angamos S.A. on Rating Watch Negative:

-- Long-Term Foreign and Local currency IDRs 'BBB-';
-- International senior secured bond ratings 'BBB-'.

Fitch has revised the Rating Watch on the following Sociedad
Electrica Santiago SpA ratings to Evolving from Negative:

-- National scale long-term rating 'A(cl)';
-- National senior unsecured bond ratings 'A(cl)'.



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REVENTAZON FINANCE: Fitch Affirms BB+ Rating on US$135MM Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Reventazon Finance Trust's US$135
million fixed-rate notes at 'BB+'. The Rating Outlook has been
revised to Negative from Stable.

The rating action follows Fitch's recent revision of the Outlooks
for Costa Rica's sovereign rating and Instituto Costarricense de
Electricidad (ICE) to Negative from Stable.

The 'BB+' rating on Revantazon's notes addresses timely payment of
interest and ultimate payment of principal at legal maturity and
does not include any potential acceleration amounts. A full list
of rating actions follows at the end of this release.

KEY RATING DRIVERS

Reliance on ICE Lease Payments: The notes are backed by 100%
participation interest on the IDB's B-loan acquired through a
participation agreement, which gives the right to receive payments
under IDB's B-loan. ICE lease payments from a non-cancellable
financial lease agreement for the operation and maintenance of the
hydropower plant will cover all payments on the loan.

Credit Quality of ICE: Given the unconditional and irrevocable
nature of the lease payments, Fitch views the credit risk of these
payments as linked to ICE's credit quality. On Jan. 25 2018, Fitch
affirmed ICE's Long-Term Foreign Issuer Default Rating (IDR) at
'BB' and revised its Outlook to Negative from Stable. Grupo ICE's
ratings are supported by its linkage to the sovereign rating of
Costa Rica (Foreign and Local Currency IDRs 'BB'/Outlook
Negative), which stems from the company's government ownership and
the implicit and explicit expectation of government support.

Strength of the Lease Payments: To determine the strength of the
lease payment obligation Fitch considered the role of IDB as
lender of record of the obligation being covered by ICE's payments
tied to ICE's ownership structure. As the IDB will continue to be
the lender of record and administers IDB's B-loan, Fitch believes
the holders of the rated notes will benefit from the B-loan
preferential, de facto, status provided by IDB. Because of this
benefit the credit quality of the payment obligation is considered
to be in line to other obligations of Costa Rica with the IDB and
therefore was notched upward from the ICE's IDR.

Preferred Creditor Status of IDB to Costa Rica: Historically,
sovereigns have prioritized certain obligations, such as
obligations from multilateral development banks (MDBs), when the
government cannot service all of the country's external debt.
While the B-loan is not a direct obligation of the sovereign,
Fitch believes treatment of the IDB as a preferred creditor
extends to ICE as the debtor, since ICE is a strategic government-
owned entity that receives underlying sovereign support.

Although Costa Rica has defaulted in the past (most recently in
1981), neither the sovereign nor ICE have ever defaulted on debt
issued by a preferred creditor. Currently, IDB's share of Costa
Rica's external debt is 17.4% and historically has been within 12%
to 13%, which makes it an essential preferred creditor for the
country.

Adequate Liquidity: The rated fixed-rate notes benefit from a debt
service reserve account equivalent to the next principal and
interest payment due amount. This liquidity provides certainty in
case the transaction is exposed to temporary liquidity shock. As
of October 2017, the external account balance is close to US$20.72
million, which covers the November 2017 issued notes payment.

Criteria Variation: Fitch's "Single- and Multi-Name Credit Linked
Notes Rating Criteria" (March 2017) establishes that the credit
quality of the primary risk contributors in a credit linked notes
(CLNs) transaction is typically determined by an IDR assigned by
Fitch. However, in some situations, a committee would consider
using the actual bond rating (e.g. senior unsecured rating,
subordinate rating) of an asset in place of the IDR.

For this transaction, it has been determined that the credit
quality of the primary risk contributor is not commensurate with
the IDR or any particular bond rating of the obligor, as sovereign
ratings do not directly address all forms of obligations. To
determine the credit quality of the sovereign obligation, and its
notching from the sovereign IDR, Fitch incorporates perspectives
from its sovereign group.

RATING SENSITIVITIES

A downgrade of ICE, tied to a rating of the sovereign, may trigger
a downgrade of the transaction's rating. However, a rating action
of ICE not tied to a rating downgrade of the sovereign may not
trigger a rating action on the notes if Fitch's view on the
strength of the payment obligation is not affected by such rating
action. Additionally, changes in Fitch's view of the treatment of
the IDB as a preferred creditor may trigger a rating action on the
notes.

Fitch has affirmed the following rating:

Reventazon Finance Trust

-- $135,000,000 fixed-rate notes at 'BB+'; Outlook Negative.



=============
J A M A I C A
=============


JAMAICA: World Bank Approves Loan to Assist Local MSMEs
-------------------------------------------------------
RJR News reports that the World Bank approved a US$15 million loan
to improve access to finance for micro, small and medium
enterprises (MSMEs) in Jamaica.

Access to finance is one of the main bottlenecks for firms, and
small and medium businesses play a key role for growth and
employment, accounting for 90 per cent of Jamaica's jobs,
according to RJR News.

The World Bank said access to Finance for Micro, Small and Medium
Enterprises project will strengthen the capacity of the
Development Bank of Jamaica for leveraging private sector
financing for small companies, the report notes.

The US$15 million World Bank loan has a 30-year maturity period,
and a five-year grace period, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings affirmed on Sept. 25, 2017, its 'B' long- and
short-term foreign and local currency sovereign credit ratings on
Jamaica. The outlook on the long-term rating remains stable. At
the same time, S&P Global Ratings affirmed its 'B+' transfer and
convertibility assessment on the country.



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


BANCO SANTANDER: Fitch Affirms BB Rating on Add'l. Tier 1 Notes
---------------------------------------------------------------
Following a recent corporate restructuring, Fitch Ratings has
affirmed Banco Santander (Mexico), S.A., Institucion de Banca
Multiple, Grupo Financiero Santander Mexico's (SAN Mexico)
US$500 million perpetual subordinated non-preferred contingent
convertible capital notes which qualify as additional Tier 1 (AT1)
securities for regulatory capital purposes at 'BB'. These notes
were absorbed by the bank as a result of its merger with its
parent, Grupo Financiero Santander Mexico (GF SAN Mexico) which
was the original issuer of the notes.

Simultaneously, Fitch has withdrawn GF SAN Mexico's Issuer Default
Ratings (IDRs), Viability Rating (VR), Support Rating and national
ratings due to the extinction of the entity after the merger. A
full list of rating actions is at the end of this press release.

The restructuring had the aim of transferring the minority
shareholder's stake from GF SAN Mexico to the bank so that its
ultimate parent, Banco Santander, S.A. (Spain's SAN) complies with
European Central Bank requirements. These establish that the
participation of a company's minority shareholders may only be
considered for regulatory capital purposes at the consolidated
level if the company in which they own shares collects deposits
from the public, and if such company's equity is regulated.

As part of the restructuring, GF SAN Mexico was delisted from the
Mexican Stock Exchange (BMV) and there was a share exchange at a
1:1 ratio for shares of SAN Mexico. Additionally, a new financial
group was created. Spain's SAN owns 99.99% of the new financial
group, which in turn holds 74.96% of the bank's shares. Casa de
Bolsa Santander S.A. de C.V., Grupo Financiero Santander Mexico
(CBSantander) was sold to the new financial group which is legally
obligated to support its subsidiaries; therefore, its national
ratings are unaffected by the change in corporate structure.

In Fitch's view, this event has no impact on the ratings of the
bank or its debt issues given that the restructuring is internal
and there will be no effect on consolidated financial metrics. As
the bank had issued a private instrument mirroring the group's AT1
notes which was owned by the group itself, there is no impact on
the bank's capitalization ratios after the transfer of the AT1
notes. Additionally, the dividend payment of MXN1,822 million did
not have a material effect on capitalization metrics.

The ticker of national debt ratings changed from BSANT to BSMX.
The national scale ratings of these issues remain unchanged.

KEY RATING DRIVERS

According to Fitch's criteria, AT1 instruments are typically rated
five notches below the anchor rating, SAN Mexico's VR of 'bbb+'.
The securities are notched twice for loss severity to reflect the
notes' deep subordination - only ordinary equity ranks below the
notes. The three notches for incremental non-performance risk
reflect the notes' non-cumulative cancellable coupons, which Fitch
views as the most easily activated form of loss absorption.
However, Fitch considers that parental support partially mitigates
non-performance risk and therefore the SAN Mexico AT1 securities
are rated at the level that would be assigned to equivalent
securities issued by its ultimate parent.

RATING SENSITIVITIES

SAN Mexico's AT1 notes rating is sensitive to movements in the
bank's VR, together with an assessment of the implications of its
relativity to its parent's VR. This rating could be downgraded as
a result of changes in Fitch's assessment of the notes' non-
performance risk, such as changes in the bank's capital management
that would reduce its flexibility to service the securities or
under unexpected additional regulatory buffer requirements.

Fitch has affirmed the following rating:

SAN Mexico
-- Perpetual subordinated non-preferred contingent convertible
    capital notes long-term rating at 'BB'.

Fitch has withdrawn the following ratings:

GF SAN Mexico
-- Long-Term Foreign and Local Currency IDRs 'BBB+'; Outlook
    Stable;
-- Viability Rating 'bbb+';
-- Short-Term Foreign and Local Currency IDRs 'F2';
-- Support Rating '2';
-- National-scale long-term rating 'AAA(mex)'; Outlook Stable;
-- National-scale short-term rating 'F1+(mex)'.


MEXICO: Evaluating Allowing Armed Agents on Cross-Border Flights
----------------------------------------------------------------
EFE News reports that Mexican Foreign Minister Luis Videgaray said
Tuesday that Mexico is "seriously" considering Washington's
proposal to place armed US federal agents on cross-border
commercial flights, but he delinked the decision to the
renegotiation of NAFTA.

"We're seriously analyzing" the US government proposal, which has
been made "several times" to Mexico, Videgaray said in a meeting
with Mexican senators, according to EFE News.


MEXICO: Bidding for Transmission Line Favors Clean Energy
---------------------------------------------------------
EFE News reports that the bidding for the electricity transmission
line that will connect the state of Baja California with the rest
of Mexico will exploit the northwestern region's "enormous
potential" to transport and export clean energy, Energy Secretary
Pedro Joaquin Coldwell said Monday.

At the ceremony formally announcing the project, the minister said
that the line will minimize the costs of providing electric
service, will reduce the current power transmission congestion in
some parts of Mexico and will increase the power transport
capacity between the points of generation and consumption,
according to EFE News.



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


GUARDIAN HOLDINGS: TT Securities Commission Probes NCB's Take Over
------------------------------------------------------------------
RJR News reports that the Trinidad and Tobago Securities and
Exchange Commission is probing the takeover bid by NCB Financial
Group of the publicly traded Trinidadian insurance company
Guardian Holdings.

The Commission's chief executive, Haydn Gittens, told the Trinidad
Express newspaper that concerns about the transaction were brought
to the agency and it is treating the matter diligently and
urgently, according to RJR News.

NCB last month launched a takeover bid with the goal of acquiring
62 per cent of the company, the report notes.

However, this attempt has been met with controversy in Trinidad
and Tobago, the report relays.

News came earlier this month that three shareholders are planning
to challenge the acquisition following a disclosure by NCB
Chairman Michael Lee-Chin of a secret lock-up agreement, the
report discloses.

The shareholders argue that the transaction failed to disclose the
lock-up agreement in a timely fashion and they are being offered
much less for their shares than major shareholders, the report
adds.



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


VENEZUELA: Gov't and Opposition Parties Start New Round of Talks
----------------------------------------------------------------
EFE News reports that Venezuela's government and opposition
started a new round of talks on Tuesday in Santo Domingo in an
effort to find solutions to the crisis in the South American
country.

The Venezuelan government and a divided opposition resumed talks
after a controversial move to hold earlier than usual the next
presidential elections, in which President Nicolas Maduro will
seek reelection, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Jan. 12, 2018, S&P Global Ratings lowered its issue rating on the
Bolivarian Republic of Venezuela's global bond due 2020 to 'D'
from 'CC'. At the same time, S&P affirmed its long- and short-term
foreign currency sovereign issuer credit ratings at 'SD/D'. The
long- and short-term local currency sovereign credit ratings
remain at 'CCC-/C' and are still on CreditWatch with negative
implications, where S&P placed them on Nov. 3, 2017. Other foreign
currency senior unsecured debt issues not currently rated 'D' are
rated '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, 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.
.


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