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

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

               Monday, February 5, 2018, Vol. 19, No. 25


                            Headlines



B R A Z I L

ACHE LABORATORIOS: Fitch Affirms BB+ FC IDR; Outlook Negative


C A Y M A N  I S L A N D S

SHELF DRILLING: S&P Affirms B- Corp. Credit Rating, Outlook Stable
SHELF DRILLING: Moody's Rates New $550MM Unsecured Notes 'B2'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries Want Electricity Pact Signed Now
DOMINICAN REPUBLIC: Steel Exports to Haiti Plunge 90%


J A M A I C A

JAMAICA: Fitch Affirms B IDR & Alters Outlook to Positive


M E X I C O

CASA DE BOLSA: Moody's Withdraws Caa1 Global LC Issuer Rating


T R I N I D A D  &  T O B A G O

NEDCO: In The Red, Offers Voluntary Separation to Workers
TRINIDAD & TOBAGO: 'Tight Rein' for Firms Under Insurance Bill


X X X X X X X X X

* BOND PRICING: For the Week From Jan. 29 to Feb. 2, 2018


                            - - - - -


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B R A Z I L
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ACHE LABORATORIOS: Fitch Affirms BB+ FC IDR; Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Ache Laboratorios Farmaceuticos S.A.'s
(Ache) Long-Term Foreign Currency Issuer Default Rating (FC IDR)
at 'BB+', Long-Term Local Currency IDR (LC IDR) at 'BBB and its
National Scale Rating at 'AAA(bra)'. The Rating Outlook is
Negative for the FC IDR and Stable for the LC IDR and National
Scale Rating. The Negative Rating Outlook for the Foreign Currency
rating mirrors Fitch's Negative Outlook for the Brazilian
sovereign (FC IDR 'BB'

Ache's investment grade LC IDR reflects the defensive nature of
the pharmaceutical industry, which translates into a low level of
cash flow volatility during a five year rating period, and its
strong business position in the Brazilian pharmaceutical market
with a leadership position in the prescription drug segment. Ache
has higher margins than its Brazilian peers due to its mix
portfolio, focused on prescription segment, strong brands that get
pricing premiums and its market leading size, which helps fixed
cost dilution. The company's position is viewed to be sustainable
due to its large sales team that gives it a key competitive
advantage in terms of outreach to the medical community and brand
awareness.

Ache financial profile resembles that of global peers rated in the
'A' category because of its low debt levels relative to cash flow,
high cash balance and strong free cash flow generation before
dividends. The ratings incorporate Fitch's expectation that Ache's
will remain committed to an unleveraged capital structure, while
managing its growth with cash flow supporting organic growth and
small acquisitions. Fitch expects net leverage ratios to remain
below 0.8x in the next four years. Ache has a track record of
shareholder-friendly dividends policy, but Fitch considers that
the company has flexibility to adjust payouts if necessary to
avoid deterioration of its credit metrics due to the fact that
ownership of the company is concentrated in three families.

Ache's LC IDR has been constrained at 'BBB' by its lack of
geographic diversification, as the company generates essentially
all of its cash flow in Brazil, a country with high operating
risk. The company also does not have the size or global market
positions of peers rated in the 'A' category such as Pfizer,
Merck, AstraZeneca and Bristol-Myers Squibb. Ache's 'BB+' FC IDR
is capped by Brazil's Country Ceiling (BB+), as the company's
operations are essentially in Brazil and it does not have
substantial assets or cash held abroad to help mitigate transfer
and convertibility risk.

KEY RATING DRIVERS

Solid Business Profile: Ache has a solid and recognized brand in
the Brazilian pharmaceutical industry. Its diversified product
portfolio, leadership in the prescription drugs segment, and
presence in the fast-growing over-the-counter (OTC), generics and
dermo-cosmetics segments support its sound business profile. Ache
is the fourth-largest laboratory in Brazil and has one of the
largest sales forces in the domestic market, which provides a key
competitive advantage compared with local and international peers.
This allows an extensive outreach to the medical community, which
is crucial for having its products receive prescriptions.

Low Product-Portfolio Risk: Ache's operating cash flow is not
exposed to license renewals or patent expirations. Similar to
other emerging-markets pharmaceutical companies, Ache has a
narrower research and development (R&D) product pipeline than its
multinational competitors and has a weaker portfolio of patented
products. Positively, the company's exposure to licensing
agreements is low, representing less than 7% of revenues from
these products. Ache has consistently been increasing its efforts
to innovate and renovate its product portfolio by investing about
2.5% of its revenues in R&D. During 2017, Fitch expects products
launches to rise to around 27% of revenues from 16% in 2012.

Increasing Competition: Over the last few years, competition has
increased with the local pharmaceutical players consolidating
brands and expanding their product reach across segments and
therapeutic classes. Also, some competitors started to present
their market position under group basis instead of single
entities. As a result, Ache's lost two market positions in the
total Brazilian pharmaceutical market becoming the fourth largest
player in terms of net revenues. In its key segment, prescription
segment, Ache remains the leader with a 6.6% market-share. Fitch
expects Ache's margins to be under pressure at the 28%-30% range
but it remains adequate in comparison with average of the
industry. Increased competition has led to higher product
development and marketing expenses. Fitch believes that Ache's
Brazilian operating expertise and strong distribution system will
is key factor to help to mitigate this increasing competition.

CFFO to Remain Sound: Fitch expects Ache's cash flow from
operations (CFFO) to remain robust despite increased competition.
Ache's net revenue and EBITDA during the LTM ended Sept. 30, 2017
were BRL2.8 billion and BRL835 million, respectively, with EBITDA
margins at 29.4%. These figures compare with net revenues of
BRL2.7 billion and EBITDA of BRL820 million in 2016, with EBITDA
margin of 30.5%. Fitch forecasts the company's EBTIDA margin will
move to around 28%-30%, a decline from the 32%-35% over the last
four years. Funds from operations (FFO) and CFFO remained strong,
at BRL723 million and BRL623 million, respectively, during the
same period.

Dividends and Capex to Pressure FCF: Ache has a track record of
maintaining an aggressive shareholder-friendly policy, which has
led to negative free cash flows (FCF) since 2012. Between 2012 and
2016, Ache generated an average negative FCF of BRL55 million.
Dividend distributions averaged BRL377 million per year in the
period, or over 90% dividends payouts. Fitch expects that in a
more challenging scenario, the company would pursue a more
conservative dividend policy in order to increase its financial
flexibility and sustain its strong capital structure. This
assumption takes into consideration Ache's plan to expand its
capacity by 50% with a new production facility in Permanbuco, with
estimated costs of BRL500 million. During the LTM ended September
2017, Ache generated FCF of BRL88 million, after BRL78 million
capex and BRL457 million of dividend pay-outs (around 85% of net
income).

Unleveraged Capital Structure: Ache has historically maintained
low leverage ratios, and its credit measures continue to be quite
strong. Fitch's projections indicate a net debt/EBITDA ratio to
remain below 0.8x in the next four years. Fitch's base case
scenario incorporates the new capex for the new facility and
around 75% of dividends payout. Under this scenario, Fitch also
considers an exercise of potential cash disbursement with new
partnerships/small acquisitions in total amount of BRL150 million
for the next three years. In the past five years, the company's
average leverage, as measured by the FFO adjusted leverage ratio,
was 0.4x, while its net debt/EBITDA ratio was negative at 0.2x.

DERIVATION SUMMARY

Ache's LC IDR and National Scale 'BBB'/'AAA(bra)' ratings reflect
the defensive nature of the pharmaceutical industry, its
leadership position in the prescription drug segment and low
product portfolio risk with no exposure to patent or licenses.
Ache's lack of geographic diversification, lower business scale,
relatively narrower research portfolio and credit access/financial
flexibility compared to top pharmaceutical companies currently
constrains its 'BBB' local currency ratings. Ache is well
positioned in terms of profitability and leverage compared. Most
of top global pharmaceutical issuers are rated 'A'/'AA' by Fitch,
with average EBITDA margin of 31% and average net leverage of
1.5x.

In comparison with others Brazilian issuers in Fitch's rated
universe, Ache's business resilience to economic cycles, strong
CFFO generation, financial flexibility as well as its unleveraged
capital structure stands-out within the peers. Within Fitch's
'BBB' portfolio average net leverage, measured by net debt/EBITDA,
is 1.2x. Ache's capital structure has consistently been stronger.
During the next four years, Fitch projects the company's net
leverage will remain below 0.8x. Ache's operations concentrated in
Brazil and lack of operating/financial assets abroad cap its
ratings in the Brazilian Country Ceiling of 'BB+'.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer

-- Revenue growth in the mid-single digits from 2018 to 2020;
-- Innovation to continue to represent around 25% of revenues
    (R&D expenses of around 3% of revenue);
-- EBITDA margin in the range of 28%-30% due to increasing SG&A
    related to diversification of the portfolio;
-- Annual average capex of BRL340 million for 2018-2019 and
    BRL140 million during 2020, which includes the construction of
    the new plant in Pernambuco;
-- Maintenance of the high dividend pay-outs at around 75% of net
    income;
-- Disbursement of BRL150 million in small
    acquisitions/partnerships in the next three years.

RATING SENSITIVITIES

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

For the Foreign Currency IDR, positive rating actions are limited
by Brazil's country ceiling of 'BB+', while for the Local Currency
IDR of 'BBB', an upgrade is unlikely in the medium term.

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

Ache's credit ratios are very strong at the current rating level,
but unexpected events that move the company's net leverage beyond
2.0x could result in negative rating action for the Local Currency
IDR or National Scale Rating. Significant market-share or brand
deterioration could also trigger a downgrade. A further negative
rating action on Brazil's sovereign ratings and country ceiling
could also result in negative rating action for the company's
foreign currency IDR.

LIQUIDITY

Robust Liquidity: Ache's has historically held a robust liquidity
position. As of Sept. 30, 2017, Ache's cash balances covered its
total debt by 1.1x. As of the same date, the company reported
BRL221 million of cash and marketable securities and total
adjusted debt of BRL194 million, of which BRL45 million was short-
term. About 65% of Ache's debt is with the Brazilian Development
Bank (BNDES).

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Ache Laboratorios Farmaceuticos S.A.'s (Ache):

-- Foreign Currency Issuer Default Rating (IDR) at 'BB+'; Outlook
    Negative;

-- Local currency IDR at 'BBB'; Outlook Stable;

-- National Scale rating at 'AAA(bra)'; Outlook Stable.



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SHELF DRILLING: S&P Affirms B- Corp. Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on Dubai-headquartered oilfield services company Shelf
Drilling Holdings Ltd. (SDHL). The outlook is stable.

S&P said, "In addition, we affirmed our 'B-' issue rating on
SDHL's outstanding $30.4 million second-lien secured notes due
2018 and on the $503 million second-lien secured notes due 2020.
The recovery rating remains '3', indicating our expectation of
meaningful recovery (50%-70%; rounded estimate: 60%) in the event
of a payment default.

"Moreover, we affirmed our 'B' rating on SDHL's $160 million
first-lien secured revolving credit facility (RCF) due 2020. The
recovery rating on the RCF remains '2', indicating our
expectation of substantial recovery (70%-90%; rounded estimate:
85%) in the event of a payment default.

"At the same time, we assigned a 'B-' issue rating to the
company's proposed $550 million senior unsecured notes due 2025.
The recovery rating of the notes is '3', indicating our
expectation of meaningful recovery (50%-70%; rounded estimate:
55%) in the event of a payment default.

The ratings on the proposed instruments are subject to the
successful completion of the transaction, including receipt of
the final documentation. If the refinancing transaction does not
complete, or the scope of the transaction departs materially from
the current plan, S&P reserves the right to withdraw or revise
its ratings.

S&P said, "On completion of the refinancing and repayment, we
will withdraw the issue ratings on the $503 million senior
secured notes due 2020, and on the $30.4 million senior secured
notes due 2018.

"The affirmation reflects our view that SDHL's current order
backlog supports positive FOCF in 2018 and adequate liquidity,
which will further improve after the refinancing transaction. In
our view, the recent improvement in oil prices is unlikely to
have an immediate impact on demand for the company's drilling
services. We believe that, upon completion of the refinancing,
the company will be better positioned to overcome the tough
market conditions, with negligible debt maturities in the coming
years.

"Although overall sentiment in the industry is improving
slightly, and the bottom of the cycle has passed, we project
weaker-than-anticipated results for SDHL for 2017. This is due to
the expiry of a large number of rig contracts and tangible
downward pressure on day rates. We do not expect these rates will
improve in 2018. However, the company is likely to benefit fully
from the five new rigs that joined the fleet, one in the second
half of 2016 and the others in 2017 (two chartered on a long-term
contract to Chevron, and three recently acquired from Seadrill).
As of Sept. 30, 2017, the company's backlog totaled $1.4 billion,
covering about 80% of projected revenues in 2018 under our base
case.

"We therefore project SDHL's adjusted debt to EBITDA (including
the amortization of deferred costs and excluding excess cash that
the proposed transaction could generate) at 6.0x?6.5x for 2018
and 2019, compared with about 6x in 2017. Excluding amortization
costs and after netting excess cash, we forecast the debt-to-
EBITDA ratio at 3.5x-4.5x in 2018 and 2019. In our view, given
the company's absolute adjusted debt (about $1.1 billion as of
Sept. 30, 2017), any improvement in credit metrics would stem
from improvement in the utilization rate and day rates.

"Under our base-case scenario, we project adjusted EBITDA at $150
million-$160 million in 2018 (or $230 million-$240 million
excluding the amortization of deferred costs). This compares with
adjusted EBITDA of $220 million recorded by the company at year-
end 2016.

"We believe that the company will continue to balance growth and
moderate strengthening of its balance sheet. In 2017, the company
acquired three rigs from Seadrill for $225 million, financing the
acquisition with an equity injection. However, with no leverage
target, and more than $100 million of cash on the balance sheet
as of Sept. 30, 2017, we cannot rule out further opportunistic
acquisitions. The cash balance could increase further after the
refinancing and through 2018. We believe that the shareholders
could consider an IPO of the company. The current rating doesn't
reflect potential upside upon completion of an IPO.

"We continue to assess the company's management and governance as
weak, after the decision to upstream a lumpsum dividend to
shareholders, followed by a distressed debt exchange offer. We
believe that the introduction of new minority shareholders as
part of the recent $225 million equity injection and the
potential IPO may improve the company's governance, leading to a
clearer financial policy.

"The stable outlook reflects our view that SDHL will generate
positive FOCF in 2018 and maintain adequate liquidity. Despite
the slight improvement of overall sentiment in the oil and gas
industry following the recent increase in oil prices, we believe
the company's profitability is likely to remain volatile.
However, positive FOCF and adequate liquidity should provide SDHL
breathing space until the jack-up drilling rig market recovers.
In this context, we believe adjusted debt to EBITDA of about 6x
(corresponding with reported net debt to EBITDA of 4x) is
commensurate with the current rating. However, if FOCF turned
negative, adjusted debt to EBITDA would need to be at 4x-5x for
the current rating.

"Negative rating pressure could arise if we believe that a
recovery in the industry would take more time than we currently
factor into our base case, leading to negative FOCF in 2018 and a
less-sustainable capital structure."

Sizable debt-funded acquisitions or distributions to shareholders
could also put some pressure on the rating.

An upgrade would follow improvement and stabilization in market
conditions, leading to SDHL's ability to expand its base of long-
term contracts in its key markets, and improved EBITDA coverage.
This would boost SDHL's ability to generate positive FOCF and
allow it to keep debt to EBITDA below 5x.

Moreover, S&P could take a positive rating action if SDHL's
planned IPO were to materialize.


SHELF DRILLING: Moody's Rates New $550MM Unsecured Notes 'B2'
-------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
the proposed $550 million senior unsecured notes due 2025 of Shelf
Drilling Holdings, Ltd. (Shelf Drilling). Concurrently, the rating
agency affirmed the B2 corporate family rating (CFR) and B2-PD
probability of default rating of Shelf Drilling. The outlook on
all ratings is stable. Shelf Drilling will use the proceeds from
the proposed issuance to (1) repay its existing $30 million
outstanding and $503 million senior secured notes respectively
maturing in November 2018 and 2020, and (2) pay fees, costs and
expenses incurred in connection with the refinancing transaction.
"The affirmation of the B2 CFR reflects the improved maturity
profile of the company as a result of the transaction, which will
enable it to see through the downturn in the shallow-water rig
market" says Thomas Le Guay, a Moody's Analyst and local market
analyst for Shelf Drilling. RATINGS RATIONALE The affirmation of
Shelf Drilling's CFR at B2 reflects the improved maturity profile
of the company as a result of the proposed refinancing
transaction. Shelf Drilling will have more time to adjust to the
current oversupply situation that characterises the shallow-water
drilling markets worldwide as it pushes its most significant debt
maturity to a 7 year horizon. However, Moody's continues to have
limited visibility on the company's earnings beyond 2018, and that
new contracts will likely be at reduced dayrates compared to prior
contracts. The current marketed utilization stands at about 60%
for 2018, and 39% for 2019 and Moody's expects contract coverage
will improve in time as Shelf Drilling contracts some of its
available or expiring rigs. Shelf Drilling's B2 CFR continues to
reflect the company's (1) exposure to diversified shallow-water
oil basins where production and rig counts have not decreased in
the last couple of years; (2) track record of signing and renewing
contracts in a competitive environment; (3) lower operating costs
than those of its peers; (4) long-standing relationships with
blue-chip companies; (5) non-speculative acquisition strategy,
with recent newbuilds backed by five-year contracts; and (6)
Moody's expectation of no common equity dividend distribution in
2018, reflecting the shareholders' willingness to preserve
liquidity in light of the challenging operating environment. The
B2 CFR remains constrained by (1) the low fleet utilization and
dayrates, as well as increased competition in the shallow-water
drilling market owing to the continued stress in the global
offshore drilling market; (2) the company's single exposure to the
shallow-water segment; (3) limited contract coverage beyond 2018;
(4) relatively old fleet, which will require additional capital
spending or even need to be replaced over time; and (5) the
operational complexity inherent in the management of a large
international company that has a presence in multiple
jurisdictions with varying degrees of legal, environmental and tax
requirements. STRUCTURAL CONSIDERATIONS Shelf Drilling's capital
structure will primarily consist of the contemplated $550 million
senior unsecured notes and a $160 million senior secured revolving
credit facility (RCF) due in 2020. Moody's assigned a B2 rating to
the senior unsecured notes, in line with the CFR, with a loss
given default assessment of 4 (LGD4), under the assumption that
the RCF will remain undrawn in the future. Under the terms of the
borrowing agreement, the new notes rank below the RCF and any
future senior secured indebtedness of the company. The notes are
unsecured and benefit from a guarantee from guarantors
representing approximately 70% of total assets. The PDR of B2-PD
reflects the use of a 50% family recovery assumption, reflecting a
capital structure including bank debt and loose covenants, with
RCF lenders relying only on one springing net leverage financial
covenant. RATIONALE FOR OUTLOOK The stable outlook reflects
Moody's expectation that Shelf Drilling will maintain its ability
to sign new contracts in a challenging operating environment,
although at lower dayrates. WHAT COULD CHANGE THE RATINGS DOWN/UP
Moody's could upgrade the ratings if Shelf Drilling is able to re-
contract rigs as they roll off and find new contracts for its
available rigs such that adjusted (gross) debt/EBITDA decreases
below 4.0x on a sustained basis. Conversely, Moody's could
downgrade the ratings if Shelf Drilling's operating performance
deviates from Moody's current expectations. Quantitatively,
failure to bring adjusted (gross) debt/EBITDA below 5.0x could
trigger a downgrade. A weakening in the company's liquidity
profile or any loss of contracts or extension of existing
contracts at much lower rates could also lead to a downgrade of
Shelf Drilling's ratings. PRINCIPAL METHODOLOGY The principal
methodology used in these ratings was Global Oilfield Services
Industry Rating Methodology published in May 2017. The Local
Market analyst for these ratings is Thomas Le Guay, +971 (423)
795-45. Shelf Drilling Holdings, Ltd. (Shelf Drilling) is a Cayman
Islands-incorporated holding company that owns 38 independent-leg
cantilever jackup rigs and one swamp barge rig, and conducts
drilling operations through various subsidiaries in the Southeast
Asian, Middle Eastern, Indian, West African and North
African/Mediterranean markets. Shelf Drilling generated revenues
of $583 million and EBITDA of $175 million in the 12 months ended
September 31, 2017 (after Moody's adjustments). The company has a
33.8% free float on the Norwegian OTC, while three private equity
sponsors - Lime Rock Partners, CHAMP Private Equity and Castle
Harlan Inc. - hold a 20.7% stake each, and the remaining 4.1%
being held by management.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Industries Want Electricity Pact Signed Now
---------------------------------------------------------------
Dominican Today reports that governmental officials and members of
the various sectors in The Dominican Republic involved in the
Electricity Pact have yet to set the date to sign the agreement,
Economic and Social Council (CES) Executive Director Iraima
Capriles affirmed.

In that regard, Dominican Republic Industries Association (AIRD)
Executive Vice President Circe Almanzar urged that the Electric
Pact be signed in the coming days so that the plans slated for
March can start to materialize, according to Dominican Today.

"We hope that oil prices don't vary so much the plans.  Now, the
most important thing is that we are already starting to execute
those plans that are already scheduled for the month of March
because if we let go of this situation as we have let it go for
two years, that impact of the oil price increase can cause the
adjustments in the rates, then, won't be as we had thought," the
report quoted Ms. Almanzar as saying.

She noted that the exercise they carried out with the Electricity
Pact allows some slack so that the Government can be "fluid" in
the implementation of all plans in the coming years, but warns
that if the price of oil rises above US$80 the barrel, it could
have a much greater impact, the report notes.

The report relays that Ms. Almanzar said in the Pact the price of
a barrel of oil was set at US$65 maximum, the reason why the
programmed plans must be established as soon as possible. "The
calculations are given so that there is no bill increase. The
plans are so that it always stays the same or decreases, but not
that it goes up."

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


DOMINICAN REPUBLIC: Steel Exports to Haiti Plunge 90%
-----------------------------------------------------
Dominican Today reports that Dominican Steel Association
(Adoacero) Executive Director Alfredo Badui said steel exports to
Haiti have plummeted as much as 90% since 2015, when the
neighboring country barred the overland entry of 23 products, a
measure that although lifted, continues to affect steel.

He said data from association members show reductions of up to 90%
of the exports of finished steel produced in the country from 2016
to 2017, compared with 2015, according to Dominican Today reports
that.

"The situation as worrisome, since such a drastic downturn in a
market as important as the one in Haiti threatens the safety and
productivity of the industry.  It's necessary that the required
due diligence be done to be able to lift the ban," the report
quotes Mr. Badui as saying.

"The overland closure only benefits informal commerce; It's
damaging Dominican production and the Haitian government is not
increasing its revenues because what has happened is that
informality has exploded," Mr. Badui said, the report notes.

"The reduction of volumes generates lower economy of productive
scale, causing decrease in the utilization of productive capacity
and therefore of indirect jobs that can hover around 200 seats
between production, logistics and other lines within the value
chain," the business leader said, the report relays.

Mr. Badui, quoted by local media, said that in 2013, Dominican
Republic's share in the Haitian finished steel market was 61%,
which has now shrunk to barely 6%, the report notes.

"Our country is losing competitiveness as a result of the closure.
While before we were the main exporter of steel to Haiti, we are
now at the bottom of the list, and our position has been taken
over by Turkey and China, which represent 58 and 33% of the market
respectively," said Mr. Badui, the report discloses.

Mr. Badui added that the overland ban has forced Dominican steel
to be exported to Haiti by sea, which according to Adoacero has
raised logistical cost to that market by more than 80%, the report
adds.

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



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J A M A I C A
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JAMAICA: Fitch Affirms B IDR & Alters Outlook to Positive
---------------------------------------------------------
Fitch Ratings has affirmed Jamaica's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B' and has revised the Rating
Outlook to Positive from Stable.

KEY RATING DRIVERS

The revision of the Outlook on Jamaica's IDRs reflects the
following key rating drivers:

Refinancing risks and fiscal financing needs are much reduced as
the authorities have pre-financed or bought back all but USD175
million in external debt maturing in 2019, and there are no
sizeable external debt maturities until 2022. The government faces
large domestic maturities in July 2018 and February 2019, which it
can refinance through a combination of domestic and external
issuance. The government continues to demonstrate market access,
and the domestic debt market has fully re-opened following the
domestic debt restructuring of 2013.

The government is on course to record another primary fiscal
surplus of around 7% of GDP in FY17 (to end March 2018),
equivalent to an overall balanced budget. As interest payments
decline, the authorities may seek to reduce the primary surplus
target by up to 1pp to make room for greater investment. A decline
to 6.5% of GDP is envisaged in the IMF programme in FY20. The
authorities have begun difficult public sector reforms, including
merging public sector bodies resulting in job losses, with the
goal of reducing the government wage bill to 9% of GDP as set out
in fiscal responsibility legislation. Public sector wage
negotiations for FY17 and FY18 are yet to conclude. A public
sector pension reform will take effect in FY18.

Jamaica's public debt/GDP ratio is on a downward path although it
remains very high at over 40pp above the median of sovereigns
rated 'B' or below. Under a new definition for public debt which
took effect this fiscal year, and which encompasses the net debt
of public sector bodies but excludes IMF lending to the Bank of
Jamaica, the debt burden is on course to end FY17 at 107% of GDP.
It may come in below that if recent JMD appreciation is sustained.
Conversely, exchange rate depreciation poses a risk to favourable
debt dynamics, given that 60% of government debt is FX-
denominated. The interest burden as a share of revenues is
gradually falling as the government refinances at cheaper rates,
although it still accounts for one-quarter of budget revenues,
compared with a peer median of 10%.

The external finances are also on a sustainable path and external
liquidity has improved, surpassing the 'B' median at 207% of
liquid external liabilities. External financing needs are reduced
to 36% of reserves in 2018, from 86% in 2013, due to a lower
current account deficit, which is fully funded by net FDI. Buoyant
tourism and bauxite exports should lead the current account
deficit to stay within a range of 1%-2% of GDP in 2018 and 2019.
Vulnerability to a rise in fuel imports persists and will rise
with the expansion in the bauxite industry, although a shift
towards LNG as a fuel source partially mitigates. The Bank of
Jamaica has built up gross international reserves, which now stand
at USD3.8 billion or five to six months of current account
payments, and are forecast to strengthen. The sovereign's net
foreign asset position has been slower to improve, as part of the
accumulation has been driven by net government external borrowing.

Jamaica's ratings also balance improving macroeconomic stability
and governance and income per capita in excess of peers against
weak growth prospects, high vulnerability to shocks, including
natural disasters, and weak public finances.

Real GDP growth remains a weakness relative to other countries in
Jamaica's income level and rating range, reflecting a legacy of
past macroeconomic instability and structural issues, though it is
slowly rising. Real GDP grew 0.8% year on year in 3Q17 and at an
annualised rate of 2%. Job creation has picked up and tourism is
growing strongly in line with the global upturn and following
investments in new capacity. Stopover arrivals grew 7.8% in 2017,
the strongest growth in over a decade. The Alpart bauxite and
alumina facility has restarted production under new ownership,
which could boost goods exports by 20% in 2018. Lower energy
prices are helping competitiveness. Interest rates are coming down
and credit growth has picked up.

Macroeconomic stability continues to improve. The Bank of Jamaica
is establishing greater credibility and will gain greater formal
independence under planned reforms. For the first time the BoJ was
given an official medium-term inflation target (of 4%-6%), it is
broadening its range of monetary policy tools and has introduced a
new FX auction system to allow a more flexible and market-
determined exchange rate. Since January 2017, the JMD has
appreciated by 3% against the USD and the BoJ has cut its
benchmark overnight rate by 100bps most recently by 25bps to 3% in
January 2018.

There is consensus between the two main parties on economic policy
and active involvement by representatives of the business
community. The Jamaica Labour Party government led by PM Andrew
Holness expanded its parliamentary majority to a margin of three
after a series of by-elections in 2017. Structural indicators such
as governance, human development and per capita income are better
than the 'B' median. High crime rates, as elsewhere in the region,
add to the cost of doing business. As a small open, island
economy, Jamaica is vulnerable to shocks, including natural
disasters, which have adversely affected growth and public
finances in the past.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Jamaica a score equivalent to a
rating of 'B' on the Long-Term Foreign-Currency (LT FC) IDR scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within Fitch
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The main risk factors that could, individually or collectively,
lead to an upgrade are:

-- Fiscal performance consistent with a sustained and rapid
    reduction in government debt/GDP;
-- Further strengthening of the gross and net foreign reserves
    position;
-- Higher real GDP growth and potential growth.

The main risk factors that could, individually or collectively,
lead to a stabilisation of the Outlook are:

-- Failure to fulfil goals under the IMF programme, curtailing
    access to external financing, potentially undermining private
    sector and creditor confidence;

-- A sustained fiscal deterioration that worsens debt dynamics;

-- External or confidence shocks that lead to macroeconomic
    and/or financial sector instability.

KEY ASSUMPTIONS

Fitch assumes that the global economy performs in line with the
forecasts contained in the December 2017 Global Economic Outlook

Fitch has affirmed the following ratings:

-- Long-Term Foreign-Currency IDR at 'B'; Outlook revised from
    Stable to Positive;

-- Long-Term Local-Currency IDR at 'B'; Outlook revised from
    Stable to Positive;

-- Short-Term Foreign-Currency IDR affirmed at 'B';

-- Short-Term Local-Currency IDR at 'B';

-- Country Ceiling at 'B';

-- Issue ratings on long-term senior unsecured foreign-currency
    bonds at 'B';

-- Issue ratings on long-term senior unsecured local-currency
    bonds at 'B'.



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


CASA DE BOLSA: Moody's Withdraws Caa1 Global LC Issuer Rating
-------------------------------------------------------------
Moody's de Mexico has withdrawn all ratings assigned to CI Casa de
Bolsa, S.A. de C.V. (CI Casa de Bolsa).

The following ratings were withdrawn:

CI Casa de Bolsa, S.A. de C.V. (822392315):

  Long-term global local currency issuer rating of Caa1, stable
  outlook

  Short-term global local currency issuer rating of NP

  Long-term Mexican national scale issuer rating of B2.mx

  Short-term Mexican national scale issuer rating of MX-4

Outlook changed to Ratings Withdrawn from Stable

RATINGS RATIONALE

Moody's has withdrawn the ratings in accordance with local
regulatory requirements following the termination of the rating
agreement at the request of the issuer.

The principal methodology used in these ratings was Securities
Industry Market Makers published in September 2017.

The period of time covered in the financial information used to
determine CI Casa de Bolsa, S.A. de C.V.'s rating is between
January 1, 2013 and September 30, 2017 (source: Moody's, as well
as issuer's annual audited and quarterly unaudited financial
statements).



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


NEDCO: In The Red, Offers Voluntary Separation to Workers
---------------------------------------------------------
Trinidad Express reports that the National Entrepreneurship
Development Company Limited (NEDCO) extended an offered of
voluntary separation to its employees as part of the process in
the rebranding and restructuring of the company.

The offer was presented to employees by Chairman Clarry Benn
during a special staff assembly at the Atrium, El Socorro, to
update staff on the decisions taken by the Board regarding the
restructuring of the company, according to Trinidad Express.

Mr. Benn said it had become necessary to take these steps to
ensure that NEDCO remains strategically poised to discharge its
mandate in an environment that called for acute sensitivity and
responsiveness to prevailing social and economic conditions, while
steadfastly adhering to international industry benchmarks, and
added that the Board was also very mindful of the comments and
recommendations made by the Public Accounts (Enterprises)
Committee, whose members expressed grave concerns over NEDCO's
level of efficiency, productivity and overall viability, the
report notes.

"The transformation is in keeping with the critical mission of
NEDCO to promote and support the development of new and existing
Small and Medium sized Enterprises, whose needs could not be met
by traditional lending agencies," the report relays.

The decision to restructure and rebrand came as a result of a
comprehensive financial and operational assessment by audit firm
PricewaterhouseCoopers (PWC) following the appointment of the
current board in 2015, the report notes.

The report discloses that PWC highlighted the fact that NEDCO's
income from its core business; loans and training, was
insufficient to cover its operating costs, making the business, in
its current dispensation, largely dependent on government
disbursements to meet operating costs.  It was indicated further,
that the current financial state of NEDCO is not sustainable and
rapid action must be taken to transform the business model, the
report says.  A situation Benn emphasized was not only
unacceptable, but was a reflection of inappropriate business
practice, especially by an organization like NEDCO, which preaches
the gospel of financial viability and sustainability, the report
notes.

Thus, employees were apprised of the rationale for the
restructuring and the process to be followed in the submission of
applications for voluntary separations, which is aimed at
permanent employees in two categories:

(a) Those younger than, or older than 55, but holding less than
     10 years' service and,

(b) Those who are 55 years and over with more than 10 years of
     service as at April 30, 2018.

The period for submitting applications runs from February 1 to
February 28, with approvals to exit the company to be processed by
May 1.

Employees have also been assured of emotional and financial
counselling, outplacement services, grant of their vacation leave,
together with final benefits and pension benefits available under
the existing pension arrangements, the report relays.

Benn called upon the staff to accept the realities of the times
and reaffirm their commitment to discharge the new SME mandate,
since the PWC report showed that NEDCO's active client base and
loan portfolio per employee were not aligned with international
industry benchmarks, making it uncompetitive in its present
operational framework, the report notes.

He said based on PWC's assessment, NEDCO could not meet its
operating costs, which represent 113% of the total active loan
portfolio, while the typical percentage of operating costs to loan
portfolio for the Micro Finance Sector in Latin America and the
Caribbean is 45 per cent, the report relays.

Added to this, Mr. Benn said, was the fact that the delinquency
rate in the loan portfolio exceeded industry benchmarks, the
report discloses.

The report notes that given the need for NEDCO to develop a new
business model and transform the organization into one that was
both viable and independent of government funding, the Board has a
revised mandate, which lists as its main objectives:

   (i) Provision of financing to small businesses;
  (ii) Provision of training and business advisory services to
       small business clients;
(iii) Creation of policies and strategies that aid in the
       development of small enterprises;
  (iv) Coordination of all entrepreneurship development programmes
       receiving Government support;
   (v) Establishment of partnerships with public sector, private
       sector and other non-governmental organizations;
  (vi) Development and implementation of market networks to
       support small enterprise development;
(vii) Access to public procurement opportunities and;
(viii) Establishment of an advocacy system to address the
       legitimate concerns of the small enterprise sector.

In the restructuring process, the Board will look at reducing the
number of satellite offices while at the same time continuing to
grow and serve its nation-wide customer base; adoption of a cost
effective approach to outsourcing non-core aspects of its business
operations; establishing new business systems for increased
efficiency; identifying core competencies and training and
developing staff to maximize these competencies; and aligning
staffing levels with the realities of the new NEDCO, the report
relays.

The Board believes that these initiative will result in reduced
costs and complexity; enhanced customer service delivery; enhanced
performance standards; increased employee satisfaction; and
improved financial sustainability, which are benefits expected to
accrue to NEDCO's stakeholders, the report adds.


TRINIDAD & TOBAGO: 'Tight Rein' for Firms Under Insurance Bill
--------------------------------------------------------------
Anna Ramdass at Trinidad Express reports that Trinidad and Tobago
Finance Minister Colm Imbert piloted new insurance legislation in
Parliament that will regulate and keep a tight rein on the multi-
billion-dollar insurance industry.

Speaking at the Parliament sitting, Mr. Imbert said the Insurance
Bill 2016 was long overdue as he expressed disappointment that
even with the CL Financial/CLICO crisis of 2009, T&T's insurance
sector is still being governed by woefully deficient legislation
which dates back to 1980 and which cannot address adequately the
current emerging risks in today's insurance sector, according to
Trinidad Express.

Mr. Imbert said, by contrast, the banking and securities sectors
are governed by more modern legislation as the Financial
Institutions Act and the Securities Act were enacted in 2008 and
2012, respectively, the report notes.

The minister noted that the assets of the insurance industry total
$49.4 billion as at September 30, 2017 and account for
approximately 33 per cent of the GDP of Trinidad and Tobago, the
report adds.



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


* BOND PRICING: For the Week From Jan. 29 to Feb. 2, 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 * * *