TCRLA_Public/180207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Wednesday, February 7, 2018, Vol. 19, No. 27


                            Headlines



A R G E N T I N A

GOAL AHORRO: Moody's Withdraws 'B-bf' Bond Fund Rating


B R A Z I L

BANCO SAFRA: Moody's Assigns Ba2 Rating to New Sr. Unsecured Notes
COMPANHIA SIDERURGICA: Moody's Hikes Global Scale Rating to B3


C A Y M A N  I S L A N D S

CSN ISLANDS XI: Moody's Hikes 6.875% Unsec. Notes Rating to B3


C O S T A   R I C A

COSTA RICA: Headed for Second Round in Tight Elections


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Mines Can't Keep Up With Demand for Metals


M E X I C O

BANCO INTERACCIONES: Moody's Keeps Rating Under Review for Upgrade


P A R A G U A Y

PARAGUAY: Peasants Say Promises Not Kept


S T.  L U C I A

DIGICEL INT'L: Loan Repricing No Impact on Fitch's B+/RR3 Ratings


V E N E Z U E L A

VENEZUELA: Opposition to Agree on Presidential Election Observers


                            - - - - -


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A R G E N T I N A
=================


GOAL AHORRO: Moody's Withdraws 'B-bf' Bond Fund Rating
------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn the bond fund ratings of Goal Ahorro MAX FCI one bond
fund managed by Itau Asset Management S.A.SG.F.C.I. (Itau).

The bond fund withdrawn are:

- Goal Ahorro MAX FCI: Global Scale at B-bf National Scale Rating
   at Aa-bf.ar

RATINGS RATIONALE

Moody's has withdrawn the bond fund ratings of this bond fund for
business reasons.

Goal SASGFCI is a medium size asset manager in the Argentinean
mutual fund Industry with 2.33% of market share. As of December
2017, Itau managed approximately ARS12.698 million in Assets under
Management (AUM).



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B R A Z I L
===========


BANCO SAFRA: Moody's Assigns Ba2 Rating to New Sr. Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
proposed senior unsecured notes to be issued by Banco Safra S.A.
(Safra) acting through its Cayman branch. The new takedown will be
due in January 2023 and will be issued under the bank's existing
$5 billion Global Medium Term Note Program, rated (P)Ba2. The
outlook on the rating is negative.

The notes will rank pari passu in right of payment with all of
Banco Safra's existing and future senior unsecured and
unsubordinated liabilities.

The following rating was assigned to Banco Safra S.A. (Cayman
Branch):

-- Foreign currency senior unsecured debt rating: Ba2, negative
    outlook

RATINGS RATIONALE

The Ba2 rating reflects Safra's consistently sound financial
fundamentals during Brazil's recent economic contraction,
particularly its superior asset quality, supported by the banks'
well-established and diversified franchise and conservative risk
management guidelines. Nevertheless, the rating is constrained at
the level of Brazil's Ba2 sovereign rating given the strong credit
interlinkages between banks and their sovereigns.

Safra has maintained a low delinquency level compared to other
large commercial banks, with a 90-day NPL ratio of just 0.4% in
December 2017, down from a recent peak of 1.95% reached in March
2016. At the same time, loan loss reserves stood at between 4% and
5% of gross loans in this period, providing very strong coverage
of problem loans.

The decline in NPLs was accompanied by a 42% reduction in credit
costs in twelve months ended in December 2017 that supported a
modest rebound in profitability to an annualized 1.15% of tangible
assets. Earnings, which have remained stable at around 1.1% of
tangible assets for the past five years, also benefited from a 15%
increase in the bank's loan book, primarily derived from auto
financing and payroll loans, even as total credit in Brazil
continued to contract by 0.6%, as well as lower funding costs.
These dynamics compensated for a reduction in lending rates and
lower interest income on government securities, both a result of
the steep drop in policy interest rates during 2017.

Despite the rapid growth of the portfolio into lower capital
consuming assets, the bank's tangible common equity to adjusted
risk weighted assets, Moody's preferred capitalization metric,
lowered to 7.4% in December from 8.1% at the end of 2016, due to
the dividend payout ratio of 87% of net income in 2017. While this
ratio is comparable to that of many of Safra's Brazilian peers, it
remains modest by both regional and global standards. On a
regulatory basis, however, Safra reported an adequate CET1 ratio
at 11.4%, above the Basel 3 minimum CET 1 regulatory requirement
of 6.875% for 2018. Moody's capital ratio is lower than the bank's
regulatory capital ratio primarily because of the 100% risk-
weighting applied by Moody's to the bank's substantial holdings of
government securities, that increases adjusted RWAs by 35% from
reported amount in 2017. This risk-weighting is in line with Basel
III guidelines for Ba2-rated sovereigns and is intended to make
the bank's capital ratio globally consistent and comparable. The
regulatory capital ratio risk-weights the bank's holdings of
government securities at 0%.

Among Brazil's large commercial banks, Safra has the highest
reliance on market funds, which account for a substantial 48.8% of
tangible banking assets in December 2017. However, the bank's
market funding is derived from a loyal customer base of corporates
and qualified individual investors, and has proven steady through
multiple market cycles. Funding risk is further reduced by the
bank's high level of liquid assets, which equaled 40% of tangible
banking assets.

The bank's negative outlook is in line with negative outlook on
Brazil's sovereign bond rating.

WHAT COULD CHANGE THE RATING UP OR DOWN

Safra's rating will likely be downgraded if Brazil's sovereign
rating is downgraded. In line with the negative outlook, the
rating is does not face upward pressure at this time. However, the
outlook could be stabilized if the outlook on Brazil's sovereign
rating returns to stable.

Banco Safra S.A., is headquartered in Sao Paulo, Brazil, and
reported BRL160.5 billion ($48.4 billion) in consolidated assets
and BRL9.8 billion ($2.9 billion) in shareholders' equity as of 31
December 2017.

The principal methodology used in this rating was Banks published
in September 2017.


COMPANHIA SIDERURGICA: Moody's Hikes Global Scale Rating to B3
--------------------------------------------------------------
Moody's America Latina upgraded Companhia Siderurgica Nacional
S.A. - CSN's global scale rating to B3 from Caa2 and the National
Scale Rating (NSR) to B2.br from Caa2.br. The outlook changed to
stable from negative.

Ratings upgraded:

Issuer: Companhia Siderurgica Nacional S.A. - CSN

Corporate Family Rating: to B3 from Caa2 in the global scale and
to B2.br from Caa2.br in the national scale

The outlook changed to stable from negative.

RATINGS RATIONALE

The upgrade of CSN's ratings to B3 reflects primarily the
conclusion of the refinancing of CSN's bank debt with Banco do
Brasil ("BB", Ba2 negative) and the expectation that the company
will conclude the refinancing of its maturities with Caixa
Economica Federal ("CEF", Ba2 negative) soon. Together, both banks
hold a substantial portion of CSN' bank debt (about BRL 14 billion
or 48% of the total reported debt). The debt refinancing removes
more immediate liquidity pressures and allows CSN to focus on
additional measures to address the upcoming debt maturities,
mostly concentrated in 2019 and 2020 (BRL 12.5 billion in total,
reflecting the debt refinancing with BB and CEF) and including the
USD1.95 billion related to the 2019 and 2020 senior unsecured
notes. The upgrade also incorporates the expectation that credit
metrics will gradually improve, supported by a steady recovery in
Brazil's steel industry, and the company will be able to generate
positive free cash flows in the coming years.

The ratings continue to incorporate the company's position as a
leading manufacturer of flat-rolled steel in Brazil, with a
favorable product mix focused on value-added products.
Historically, the company has reported a strong EBITDA margin (as
defined by Moody's) in the 20-30% range, supported by its solid
domestic market position, wide range of products through different
segments and globally competitive production costs both in steel
and iron ore. Moody's believe CSN is better-positioned than most
of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint as a leading
manufacturer of flat-rolled steel in Brazil, and vertically
integrated into low-cost mining activities.

However, the ratings continue to incorporate its weakened credit
metrics, namely high leverage, low interest coverage and
deteriorated cash flow metrics. CSN's unsustainable capital
structure remains an important constraint to the ratings. Despite
the debt refinancing that addresses short to medium-term
maturities and the expected improvement in cash flows, leverage
(gross debt to EBITDA) will remain in the 4.5x to 5.5x range until
2019. CSN will need to rely on asset sales or a capital increase
to be able to reduce debt levels in a more meaningful magnitude.

The stable outlook reflects Moody's expectations that CSN's will
be able to conclude the debt refinancing with CEF and that
liquidity will remain adequate to service its debt obligations. It
also reflects Moody's expectation that market conditions for steel
producers in Brazil will gradually recover, allowing CSN to direct
cash flows from operations to reduce debt levels.

An upward rating movement would require additional improvements in
liquidity profile and recovery in operating performance. An
upgrade would also be dependent on further adjustments in CSN's
capital structure, with total leverage trending towards 4.5x total
adjusted debt to Ebitda and interest coverage ratios (measured by
EBIT to Interest expenses) above 2.0x on a sustainable basis.

The ratings would suffer additional negative pressure if the
company is not able to conclude the debt refinancing with CEF, and
its liquidity position deteriorates, reducing CSN's ability to
address upcoming debt maturities, in particular the 2019 and 2020
bonds. The ratings could be downgraded if performance over the
next 12 to 18 months does not improve such that leverage does not
moderate to at least 5.5x and EBIT/interest remains below 1.5x.

With an annual capacity of 5.9 million tons of crude steel,
Companhia Siderurgica Nacional ("CSN") is a vertically integrated,
low cost producer of flat-rolled steel, including slabs, hot and
cold rolled steel, and a wide range of value-added steel products,
such as galvanized sheet and tinplate. In addition, the company
has downstream operations to produce customized products, pre-
painted steel and steel packaging. CSN sells its products to a
broad array of industries, including the automotive, capital
goods, packaging, construction and home appliance sectors. CSN
owns and operates cold rolling and galvanizing facilities in the
U.S. and Portugal, along with long steel assets in Germany through
its subsidiary Stahlwerk Thuringen GmbH (SWT). The company also
has a long steel line (500,000 tons capacity) in the Volta Redonda
plant. CSN reported revenues of BRL 18 billion (USD4.9 billion) in
the last twelve months ended in September 2017.

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



==========================
C A Y M A N  I S L A N D S
==========================


CSN ISLANDS XI: Moody's Hikes 6.875% Unsec. Notes Rating to B3
--------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa2 the ratings
assigned to the senior unsecured notes of CSN Islands XI
Corporation, CSN Islands XII Corporation and CSN Resources S.A.
that are guaranteed by Companhia Siderurgica Nacional (CSN). At
the same time, Moody's America Latina upgraded CSN's global scale
rating to B3 from Caa2 and the National Scale Rating (NSR) to
B2.br from Caa2.br. The outlook changed to stable from negative.

Ratings upgraded:

Issuer: CSN Islands XI Corporation

  USD750 million 6.875% BACKED Senior Unsecured Notes Due 2019: to
  B3 from Caa2

Issuer: CSN Islands XII Corporation (Cayman Islands)

  USD1 billion 7.0% BACKED Senior Unsecured Perpetual Notes: to B3
  from Caa2

Issuer: CSN Resources S.A. (Luxembourg)

  USD1.2 billion 6.5% BACKED Senior Unsecured Notes Due 2020: to
  B3 from Caa2

Outlook, changed to stable from negative

RATINGS RATIONALE

The upgrade of CSN's ratings to B3 reflects primarily the
conclusion of the refinancing of CSN's bank debt with Banco do
Brasil S.A ("BB", Ba2 negative) and the expectation that the
company will conclude the refinancing of its maturities with Caixa
Economica Federal ("CEF", Ba2 negative) soon. Together, both banks
hold a substantial portion of CSN' bank debt (about BRL 14 billion
or 48% of the total reported debt). The debt refinancing removes
more immediate liquidity pressures and allows CSN to focus on
additional measures to address the upcoming debt maturities,
mostly concentrated in 2019 and 2020 (BRL 12.5 billion in total,
reflecting the debt refinancing with BB and CEF) and including the
USD1.95 billion related to the 2019 and 2020 senior unsecured
notes. The upgrade also incorporates the expectation that credit
metrics will gradually improve, supported by a steady recovery in
Brazil's steel industry, and the company will be able to generate
positive free cash flows in the coming years.

The ratings continue to incorporate the company's position as a
leading manufacturer of flat-rolled steel in Brazil, with a
favorable product mix focused on value-added products.
Historically, the company has reported a strong EBITDA margin (as
defined by Moody's) in the 20-30% range, supported by its solid
domestic market position, wide range of products through different
segments and globally competitive production costs both in steel
and iron ore. Moody's believe CSN is better-positioned than most
of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint as a leading
manufacturer of flat-rolled steel in Brazil, and vertically
integrated into low-cost mining activities.

However, the ratings continue to incorporate its weakened credit
metrics, namely high leverage, low interest coverage and
deteriorated cash flow metrics. CSN's unsustainable capital
structure remains an important constraint to the ratings. Despite
the debt refinancing that addresses short to medium-term
maturities and the expected improvement in cash flows, leverage
(gross debt to EBITDA) will remain in the 4.5x to 5.5x range until
2019. CSN will need to rely on asset sales or a capital increase
to be able to reduce debt levels in a more meaningful magnitude.

The stable outlook reflects Moody's expectations that CSN's will
be able to conclude the debt refinancing with CEF and that
liquidity will remain adequate to service its debt obligations. It
also reflects Moody's expectation that market conditions for steel
producers in Brazil will gradually recover, allowing CSN to direct
cash flows from operations to reduce debt levels.

An upward rating movement would require additional improvements in
liquidity profile and recovery in operating performance. An
upgrade would also be dependent on further adjustments in CSN's
capital structure, with total leverage trending towards 4.5x total
adjusted debt to Ebitda and interest coverage ratios (measured by
EBIT to Interest expenses) above 2.0x on a sustainable basis.

The ratings would suffer additional negative pressure if the
company is not able to conclude the debt refinancing with CEF, and
its liquidity position deteriorates, reducing CSN's ability to
address upcoming debt maturities, in particular the 2019 and 2020
bonds. The ratings could be downgraded if performance over the
next 12 to 18 months does not improve such that leverage does not
moderate to at least 5.5x and EBIT/interest remains below 1.5x.

With an annual capacity of 5.9 million tons of crude steel,
Companhia Sider£rgica Nacional ("CSN") is a vertically integrated,
low cost producer of flat-rolled steel, including slabs, hot and
cold rolled steel, and a wide range of value-added steel products,
such as galvanized sheet and tinplate. In addition, the company
has downstream operations to produce customized products, pre-
painted steel and steel packaging. CSN sells its products to a
broad array of industries, including the automotive, capital
goods, packaging, construction and home appliance sectors. CSN
owns and operates cold rolling and galvanizing facilities in the
U.S. and Portugal, along with long steel assets in Germany through
its subsidiary Stahlwerk ThÃ…ringen GmbH (SWT). The company also
has a long steel line (500,000 tons capacity) in the Volta Redonda
plant. CSN reported revenues of BRL 18 billion (USD4.9 billion) in
the last twelve months ended in September 2017.

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



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C O S T A   R I C A
===================


COSTA RICA: Headed for Second Round in Tight Elections
------------------------------------------------------
EFE News reports that Costa Rican presidential candidates Fabricio
Alvarado, leader of the National Restoration Party, and Carlos
Alvarado of the incumbent Citizen's Action Party, will head to a
second run-off vote, according to preliminary results.

With 80.6 percent of the ballots counted, Fabricio Alvarado was
leading with 24.6 percent, closely followed by Carlos Alvarado at
21.6 percent, although both were far from the 40 percent mark
required to secure the presidency after just one round, according
to EFE News.

The second round of the presidential elections is due to be held
on Apr. 1, the report notes.

Fabricio Alvarado of the conservative National Restoration Party,
a former journalist and evangelical preacher, ran a campaign
defending "principles and values" in favor of a traditional family
structure, the report relays.

The 43-year-old rose to prominence rapidly after he opposed an
Inter-American Court of Human Rights ruling urging Costa Rica to
approve same-sex marriage, the report says.

The report notes that his opponent from the left-wing CAP, 38-
year-old Carlos Alvarado, presented himself as the reform
candidate, despite being a part of current president Luis
Guillerom Solis' cabinet.

His campaign appealed to the country's youth, promising to further
the reforms carried out by Solis, the party's only ever successful
presidential candidate, the report says.

A total of 3.3 million Costa Ricans were eligible to vote to elect
their new president from 13 candidates, as well as choose 57
deputies of the Congress for the 2018-2022 term, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2018, Fitch Ratings has affirmed Costa Rica's Long-Term
Foreign and Local Currency Issuer Default Rating (IDRs) at 'BB'.
The Rating Outlooks have been revised to Negative from Stable.


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


DOMINICAN REPUBLIC: Mines Can't Keep Up With Demand for Metals
--------------------------------------------------------------
Dominican Today reports that the metals mined in the Dominican
Republic have a growing demand worldwide, but the country won't
get more income because current production won't increase in the
same proportion.

Dominican Republic Mining and Petroleum Chamber president Jose
Sena made the statement on Monday, noting that two mines that
could contribute to an increase in supply aren't operating yet,
according to Dominican Today.

He said the fact that China decided to build only electric
vehicles means that the metals mined in the Dominican Republic
will fetch higher prices, the report notes.

Moreover, gold has remained above US$1,300 an ounce, which also
means higher income for the country and for companies that extract
the ores, said Mr. Sena, the report relays.

He said that as in the same way in the second half last year,
"although we still don't have the official Central Bank figures,"
there was mobility in the construction sector that pushed the
demand for cement, a product of the non-metallic mining sector,
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.



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


BANCO INTERACCIONES: Moody's Keeps Rating Under Review for Upgrade
------------------------------------------------------------------
Moody's de Mexico said that the ratings of Banco Interacciones,
S.A. remain under review for upgrade pending the completion of the
merger with Banco Mercantil del Norte, S.A. (Banorte), announced
on October 25, 2017. The review was initiated on October 30, 2017.

The following ratings and assessments remain on review for
upgrade:

Banco Interacciones, S.A. (600036317):

Adjusted baseline credit assessment of ba3

Long-term global local currency deposit rating of Ba2

Long-term Mexican national Scale deposit rating of A2.mx

Long-term global foreign currency deposit rating of Ba2

Short-term global local currency deposit rating of Not Prime

Short-term global foreign currency deposit rating of Not Prime

Long-term counterparty risk assessment of Ba1(cr)

Short-term counterparty risk assessment of Not Prime(cr)

RATINGS RATIONALE

The ratings of Interacciones were placed under review for upgrade
following the signing of a merger agreement between Banorte and
Interacciones' respective parent groups, Grupo Financiero Banorte,
S.A.B. de C.V. (GFB) and Grupo Financiero Interacciones, S.A.B de
C.V. (GFI) (both unrated), announced on October 25, 2017. The deal
is expected to close upon receipt of regulatory approval, which
management expects to occur by mid-2018. Management plans to merge
the financial groups' respective subsidiaries upon closing.

The review for upgrade on Interacciones's deposit ratings reflects
the very high probability that Interacciones will receive support
from a higher rated Banorte (baseline credit assessment -- BCA -
of baa2) in an event of need once the acquisition is finalized,
prior to the merger of the banks. Moody's currently assesses a
moderate probability of government support for Interacciones
deposits, which results in one notch of ratings uplift from its
ba3 BCA. Affiliate support from Banorte is likely to result in an
additional two to four notches of ratings uplift.

Interacciones' ba3 BCA, which is not currently on review, captures
the bank's good capitalization and profitability, which derive
from its focus on lending to regional and local governments.
Spreads on these loans are generally low because most of them are
backed by federal transfers to the borrowers, but this also lowers
the bank's capital charges and credit costs.

While problem loans have historically been less than 1% of its
total portfolio, the bank nevertheless faces asset risks stemming
from sizeable borrower concentrations and high loan growth in
recent years. Total lending grew by around 18% in 2016 and 2015,
due in part to unsecured short-term credit to states and
municipalities. While overall loan growth stalled in 2017,
infrastructure lending soared 32%, offsetting contractions in
credit to government entities, SMEs and leasing. Although the
federal government is the ultimate source of repayment for most of
infrastructure loans, and construction and completion risks are
partly offset by structural enhancements to the transactions, the
very high growth in this category nevertheless remains a source of
asset risk.

In addition, the BCA considers risks related to the bank's heavy
reliance on market funding, which exposes it to interest rate and
refinancing risk.

WHAT COULD MOVE THE RATINGS UP OR DOWN

Interacciones' deposit ratings will likely be upgraded following
the completion of the announced merger of its holding company with
that of Banorte. Once the banks themselves are merged, however,
Interacciones' ratings are likely to be withdrawn. The ratings
could face downward pressure if the merger does not receive
regulatory approval and the bank experiences a significant
deterioration in asset quality leading to an erosion in earnings
and capitalization.

The long-term Mexican National Scale ratings of A2.mx indicate
issuers or issues with above-average creditworthiness relative to
other domestic issuers.

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



===============
P A R A G U A Y
===============


PARAGUAY: Peasants Say Promises Not Kept
----------------------------------------
EFE News reports that peasants gathered outside Paraguay's
agriculture ministry to demand that the government live up to
legislation passed last August during a previous round of protests
by farmers.

The Family Agriculture Emergency Law called for spending $40
million within 180 days, a period that expires on Feb. 9,
according to EFE News.

As reported in the Troubled Company Reporter-Latin America on Dec.
19, 2017, Fitch Ratings has affirmed Paraguay's Long-Term Foreign
and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The
Rating Outlooks have been revised to Positive from Stable.



===============
S T.  L U C I A
===============


DIGICEL INT'L: Loan Repricing No Impact on Fitch's B+/RR3 Ratings
-----------------------------------------------------------------
Digicel International Finance Limited's (DIFL) proposed repricing
of its USD955 million Term Loan B due 2024 will have no impact on
its existing 'B+'/'RR3' ratings for the loan, according to Fitch
Ratings. A proposed change in DIFL Term Loan B's borrowing cost,
from 3.75% to 3.50% over three-month LIBOR (London Interbank
Offered Rate), will be immaterial to the cash flow generation of
the company while all existing key terms of the loan, including
covenants, will remain unchanged, resulting in limited credit
impact.

DIFL's USD955 million term loan B is part of its senior secured
credit facilities, which are also comprised of USD300 million Term
Loan A and USD100 million revolver, which was drawn out during the
quarter ended December 31, 2017. All three instruments under the
senior secured credit facilities are rated 'B+'/'RR3'. 'RR3'
recovery ratings represent good recovery prospects in case of
default, given the first-lien security claims on the assets of
DIFL's operating subsidiaries in the Caribbean region, as well as
the loan's senior rankings against the senior notes issued by
DIFL's parent companies, Digicel Limited (DL) and Digicel Group
Limited (DGL). The Issuer Default Ratings of DGL, DL, and DIFL are
all rated at 'B' with Stable Outlook.



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


VENEZUELA: Opposition to Agree on Presidential Election Observers
-----------------------------------------------------------------
EFE News reports that the Venezuelan government's chief
representative at the dialogue with the opposition in the
Dominican Republic said they had reached an agreement on having an
adequate delegation of international observers at this year's
presidential election, and repeated that they are ready to sign
the accord.

"The parties are . . .  in agreement on most points, on almost all
the points, on 99.9 percent of the points," Chavismo
representative Jorge Rodriguez told a press conference, adding
that they agree on having "the largest possible international
electoral observation mission" watching the presidential election,
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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