TCRLA_Public/180208.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 8, 2018, Vol. 19, No. 28


                            Headlines



A R G E N T I N A

ARGENTINA: Signs Pact with Europe to Make Getting Patents Easier
ARGENTINA: Strengthen Economic, Security Links with Eye on G20


B R A Z I L

BANCO DO NORDESTE: S&P Affirms 'BB-/B' Global Scale ICRs
BANCO SAFRA: S&P Rates New Sr. Unsecured Notes 'BB-'
CSN RESOURCES: Moody's Rates Proposed Sr. Unsecured Notes B3
CSN RESOURCES: Fitch to Rate Proposed Senior Unsecured Notes B-
SUZANO PAPEL: Forests Acquisition Credit Pos., Moody's Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 25% of Energy From Renewables by 2025
DOMINICAN REPUBLIC: ADIE Hails Push to Fuel Natural Gas Plants


H O N D U R A S

INVERSIONES ATLANTIDA: Fitch Affirms 'B' IDR; Outlook Stable


P U E R T O    R I C O

ROBERTO KUPERMAN: KC5 Buying San Juan Property for $325K


V E N E Z U E L A

VENEZUELA: Government & Opposition Resume Dialogue


                            - - - - -


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


ARGENTINA: Signs Pact with Europe to Make Getting Patents Easier
----------------------------------------------------------------
EFE News reports that Argentina and Europe signed an accord to
follow the Cooperative Patent Classification System (CPC), a
procedure aimed at providing an easier, faster way for inventors
to obtain patents.

The measure will allow investigators who approve patents for
original research and inventions to have access to a vast database
of exclusive international documents registered at the European
Patent Office (EPO) and the US Patent and Trademark Office (USPTO)
in order to speed up the process, according to EFE News.

                       *     *    *

As reported in the Troubled Company Reporter-Latin America on
December 4, 2017, Moody's Investors Service has upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time Argentina's short-term rating
was affirmed at Not Prime (NP). The senior unsecured ratings for
unrestructured debt were affirmed at Ca and the unrestructured
senior unsecured shelf affirmed at (P)Ca.

Moody's said the key drivers of the upgrade of the rating to B2
are: (1) a record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy; and (2)
the likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.

On Nov. 10, 2017, Fitch Ratings revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term Foreign-
Currency Issuer Default Rating (IDR) at 'B'.

On Oct. 30, 2017, S&P Global Ratings raised its long-term
sovereign credit ratings on the Republic of Argentina to 'B+' from
'B'. The outlook on the long-term ratings is stable.  S&P also
affirmed its short-term sovereign credit ratings on Argentina at
'B'. At the same time, S&P raised its national scale ratings to
'raAA' from 'raA+'. In addition, S&P raised its transfer and
convertibility assessment to 'BB-' from 'B+', in line with its
assessment of sustained local access to foreign exchange.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


ARGENTINA: Strengthen Economic, Security Links with Eye on G20
--------------------------------------------------------------
EFE News reports that Argentine President Mauricio Macri and US
Secretary of State Rex Tillerson met in Buenos Aires to discuss
bilateral economic and security cooperation, along with the G20
agenda for 2018.

"The U.S. is committed to our joint economic and trading
relationship with Argentina. We see many, many areas for
continuing to grow this relationship," said the top US diplomat
after meeting with the Argentine leader, according to US
government officials, according to EFE News.

                        *     *    *

As reported in the Troubled Company Reporter-Latin America on
December 4, 2017, Moody's Investors Service has upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

Moody's said the key drivers of the upgrade of the rating to B2
are: (1) a record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy; and (2)
the likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.

On Nov. 10, 2017, Fitch Ratings revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term Foreign-
Currency Issuer Default Rating (IDR) at 'B'.

On Oct. 30, 2017, S&P Global Ratings raised its long-term
sovereign credit ratings on the Republic of Argentina to 'B+' from
'B'. The outlook on the long-term ratings is stable.  S&P also
affirmed its short-term sovereign credit ratings on Argentina at
'B'. At the same time, S&P raised its national scale ratings to
'raAA' from 'raA+'. In addition, S&P raised its transfer and
convertibility assessment to 'BB-' from 'B+', in line with its
assessment of sustained local access to foreign exchange.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.



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


BANCO DO NORDESTE: S&P Affirms 'BB-/B' Global Scale ICRs
--------------------------------------------------------
S&P Global Ratings affirmed its long-term 'BB-' and short-term 'B'
global scale and its 'brAA-' national scale issuer credit ratings
on Banco do Nordeste do Brasil S.A. (BNB). The outlook remains
stable. The bank's stand-alone credit profile (SACP) is 'bb'.

S&P said, "We base our ratings on BNB on its important market
position in the country's northeast region, our forecasted risk-
adjusted capital (RAC) ratio of 6.1% for the next two years, and
our belief that the bank will continue to be exposed to riskier
segments than the industry on average (such as loans to small- to
mid-size enterprises [SMEs] and microcredit). We also incorporate
into our analysis the bank's long-term and stable funding base, as
well as its sound liquidity metrics. In addition, we believe BNB
has a very high likelihood of receiving extraordinary support from
the government of Brazil if needed.

"Under our bank criteria, we use our Banking Industry Country Risk
Assessment's (BICRA) economic and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a bank operating only in
Brazil is 'bb+', based on the country's economic risk score of '7'
and an industry risk score of '5'."


BANCO SAFRA: S&P Rates New Sr. Unsecured Notes 'BB-'
----------------------------------------------------
S&P Global Ratings said that it assigned its 'BB-' issue-level
rating to Banco Safra S.A.'s (Safra; global scale: BB-/Stable/B;
national scale: brAA-/Stable/brA-1+) new senior unsecured notes.
"The rating on the notes reflects their pari passu ranking with
the bank's other senior unsecured debt obligations, and as a
result, they have the same rating as the long-term issuer credit
rating on the bank," said S&P credit analyst Edgard Dias. The
notes should represent less than 1% of Safra's total funding base.
Therefore, S&P doesn't this issuance to change its view of the
bank's funding as above average. Safra will use the proceeds for
general financing of its operations. Safra has a leading market
position among niche banks serving large corporations and small
and midsize enterprises (SMEs), with a record of strong
management, long expertise in its main lending segments, and
conservative strategy. All these factors support the bank's
business and revenue stability. The presence of the bank's
shareholders in daily decision-making is key for the bank's
performance -- shareholders have always shown a very strong
commitment to the bank and steered it towards continuous positive
performance for the last 40 years. Safra manages its
capitalization with the aim of maximizing returns, so its Basel
ratios should remain close to regulatory limits. The bank has a
history of strong internal capital generation and has flexibility
on dividend payments if needed for the implementation of Basel III
in Brazil. Safra's capitalization is also of better quality than
peers, with much lower amounts of deferred tax assets in its net
worth. The bank has historically presented positive results even
during economic downturns, as seen in 2015 and 2016. Its risk
controls are better than the industry average among SMEs and large
corporate customers, because it has better asset quality metrics
than those of peers and lower refinancing of bad debts. Its
funding has consistently improved recently with increased access
to private banking clients, but still depends on institutional
investors. RATINGS LIST Banco Safra S.A. Issuer credit rating
Global scale BB-/Stable/B National scale brAA-/Stable/brA-1+
Rating Assigned Banco Safra S.A. Senior unsecured BB-


CSN RESOURCES: Moody's Rates Proposed Sr. Unsecured Notes B3
------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
senior unsecured notes that will be issued by CSN Resources S.A.
and fully guaranteed by Companhia Siderurgica Nacional S.A. - CSN
(CSN). Net proceeds will be used for liability management,
primarily the tender offer for the 2019 and 2020 senior unsecured
notes, which together have a total amount outstanding of USD1.95
billion. The outlook is stable.

The rating of the notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and that these
agreements are legally valid, binding and enforceable.

Rating assigned:

- Issuer: CSN Resources S.A. (Luxembourg)

Proposed senior unsecured notes: B3

RATINGS RATIONALE

CSN's B3 ratings reflect 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
(CAIXA) ("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. At
the end of September 2017, about 75% of CSN's BRL 29 billion in
reported debt was due in the 2018-2020 period.

In this context, proceeds from the proposed bond issuance will be
mainly used for liability management purposes. On February 1,
2018, CSN has announced that its subsidiary CSN Resources has
commenced a tender offer for the 6.875% senior unsecured notes due
2019 issued by CSN Islands XI Corporation (USD750 million
outstanding) and for the 6.5% senior unsecured notes due 2020,
issued by CSN Resources S.A. (USD1.2 billion outstanding), for an
aggregate amount of USD750 million. Accordingly, the proposed
notes and the tender offer will not have any material effect on
CSN's leverage but will allow the company to lengthen its debt
maturity schedule and increase its financial flexibility.

The ratings 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. The B3 ratings incorporate the expectation that credit
metrics will gradually improve in the next 12 to 18 months,
supported by a steady recovery in Brazil's steel industry, and the
company will be able to generate positive free cash flows through
2019.

However, the ratings continue to reflect 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.

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

With an annual capacity of 5.9 million tons of crude steel,
Companhia Sider£rgica Nacional S.A. - CSN ("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
BRL18 billion (USD5.6 billion) in the last twelve months ended in
September 2017.


CSN RESOURCES: Fitch to Rate Proposed Senior Unsecured Notes B-
---------------------------------------------------------------
Fitch Ratings has assigned a 'B-/RR4(EXP)' rating to the proposed
benchmark-sized senior unsecured notes to be issued by CSN
Resources S.A (CSN Resources). The notes are unconditionally and
irrevocably guaranteed by Companhia Siderurgica Nacional (CSN).
They will rank pari passu with CSN's existing unsecured debt. Net
proceeds will be used to complete a tender offer for all of the
company's 2019 notes and a portion of its 2020 notes. Fitch
currently rates CSN's Long-Term Foreign and Local Currency Issuer
Default Ratings (IDR) 'B-'/ Negative Watch.

The 'B-' rating reflects CSN's stressed financial profile during
the past few years due to high leverage and elevated refinancing
risks. Weak iron ore prices during 2015/2016, the severe
macroeconomic recession in Brazil that led to soft demand for
steel products and high interest rates hurt CSN's cash flow and
led to an unsustainable capital structure.

The Negative Watch reflects CSN's elevated refinancing risks in
the short term. If the company is successful in refinancing its
bank debt with Banco do Brasil and Caixa Economia Federal and its
2019 notes, the Negative Watch would be removed.

KEY RATING DRIVERS

Improvement in Sector Fundamentals: Higher global iron ore and
steel prices correspond with an upward trend in domestic steel
prices, and some recovery in volumes has benefited CSN's operating
cash flow generation. Fitch projects that CSN's local steel sales
volumes will increase by 10% in 2018, after growing 4% in 2017,
mostly reflecting the strong rebound in automobile production in
Brazil. As a result, local steel producers have been able to apply
several price increases since the mid-2016 due to strong
international prices. Fitch expects price increases of
approximately 5% during 2018, excluding a more meaningful double-
digit increase to automakers.

Operating Cash Flow Recovery: CSN's operating cash flow (CFFO)
recovery relies on increasing flat steel sales, the ability to
continue passing along price increases in the domestic steel
segment, manageable coal costs, and sustained iron ore prices
above USD60 per ton. Fitch's base case scenario projects CSN's
EBITDA at approximately BRL4.4 billion for 2017 and BRL4.4 billion
in 2018, considering Fitch's iron ore price deck of USD55 for
2018. If iron ore prices, which are currently around USD74, remain
robust and average USD60 during 2018, the company's EBITDA would
be BRL4.9 billion. At USD70, EBITDA would be BRL6 billion. During
the LTM ended Sept. 30, 2017, CSN generated BRL3.9 billion of
EBITDA and BRL686 million of CFFO; free cash flow (FCF) was
negative BRL479 million, per Fitch's calculation. These results
compare with BRL3.4 billion, BRL276 million and negative FCF of
BRL1.4 billion, respectively, in 2016.

Neutral Free Cash Flow: Considering the current capital structure
and the annual BRL2.5 billion interest burden CSN faces, Fitch
estimates CSN's FCF to be neutral during 2018, considering Fitch's
iron ore price deck of USD55 per ton. At USD60 per ton, FCF would
be positive by BRL450 million and at USD70 per ton it would be
BRL1.3 billion. Fitch's base case scenario considers capex of
BRL1.3 billion in 2018, which represents a steady decline from
BRL1.6 billion in 2016 and 2015. Going forward, working capital
requirements will return, as inventories are already at low
levels, and accounts receivable are pressured in order to support
continued sales expansion. Fitch's base case considers dividends
distribution only from 2019 on.

Leverage to Decline: For 2018, net leverage is expected to be
stable at 5.7x with an iron ore price deck assumption of USD55 per
ton. Net leverage would decline to 5.0x in 2018 under a scenario
of iron ore price at USD60 and would be 4.0x if prices averaged
USD70/ton. These ratios decrease further if the company is able to
sell BRL1 billion of non-core assets. Fitch does not envisage a
more material asset sale at this moment, but considers that non-
core asset sales of BRL1 billion would be considered positive by
creditors and could help the company in its refinancing
discussions. CSN's net leverage was 6.3x as of the LTM period
ended Sept. 30 2017.

Elevated Refinancing Risks: The recurring negative free cash flow
generation has deteriorated CSN's historical robust cash position.
CSN's debt amortization schedule is highly skewed to the short-to-
medium term with amortization of BRL1.7 billion during 2017,
BRL5.5 billion in 2018 and BRL15.1 billion between 2019 and 2020
(BRL6.6 billion of cross-border issuances). Fitch's base case
scenario assumes CSN will rollover the BRL14.2 billion of local
banks debt during first months of 2018 and complete the
refinancing of the 2019 and/or part of its 2020's international
bonds.

Corporate Governance and Event Risks: CSN's delay in releasing
audited financial statements during 2017, ongoing disagreements
with independents auditors, internal corruption investigation (so
far concluded, with no evidence of wrongdoing), shareholders
disputes, no clear strategy for the Transnordestina asset and
discussion of environmental licenses for its major facility,
reflect weak corporate governance practices compared to other
issuers in Fitch's corporate rated universe in Brazil. The
probability of event risks for CSN is above average. Leverage,
which is believed to be high at the shareholder's level, is also a
concern.

Good Business Position: CSN's business position as an integrated
steelmaker remains solid, underpinned by captive access to raw
materials (iron ore/energy), high value-added portfolio of
products and an important share in the flat steel industry in
Brazil. The company has a diversified portfolio of assets with
operations in the mining, steel, energy, cement and interests in
railways and ports operations. The company has a medium cost
competitive position in the iron ore segment, operating within the
2nd quartile of iron ore cost curve. Giving its integrated
operations in the steel, CSN has a better position in the global
slab cost curve (1st/2nd quartile).

Largely Dependent on the Brazilian Market: CSN's operations are
still concentrated in Brazil (around 60% of consolidated revenues,
on historical basis). As a result, its operations have been
significantly impacted by the recessionary environment in the
country over the last few years. Flat steel domestic sales in
Brazil are on a declining trend since 2014. CSN's 2016 flat steel
volume sales have dropped 40% since 2013, while its steel EBITDA
declined 23%. For 2017, local flat steel sales have started a
recovery with a 4% increase during the first 10 months of 2017,
mostly influenced by the increase in the auto production in
Brazil.

DERIVATION SUMMARY

CSN's 'B-' ratings reflect its highly leveraged capital structure,
elevated refinancing risks and corporate governance issues. CSN's
more integrated business profile and diversified portfolio of
assets compares well with Usinas Siderurgicas de Minas Gerais
S.A.'s (Usiminas; B). Both issuers are highly exposed to the local
steel industry in Brazil. CSN and Usiminas show much weaker
business position compared to the other Brazilian steel producer
Gerdau S.A (Gerdau; BBB-), that has a diversified footprint of
operations with important operating cash flow generated from its
assets abroad, mainly in US, and flexible business model (mini-
mills) that allow it to better withstand economic and commodities
cycles.

From a financial risk perspective, Usiminas and CSN are far weaker
than Gerdau, which has been able to maintain positive free cash
flow generation, strong liquidity and no refinancing risks over
the last few years. CSN's corporate governance issues are a
concern and its faces elevated refinancing risks in the medium
term. In contrast, after concluding its debt restructuring,
Usiminas has a more manageable debt schedule amortization.

KEY ASSUMPTIONS

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

-- 4% increase in steel volumes sold during 2017; expansion of
    10% in 2018 ;

-- 9% decrease in iron ore volumes sold during 2017 and 5%
    increase in 2018;

-- Average iron ore price of USD70 per ton during 2017 and
    Fitch's price deck of USD55 per ton in 2018;

-- EBITDA of BRL3.7 billion in 2016 and BRL3.2 billion in 2017;

-- Successful refinancing of 2018's local banking debt;

-- No dividends paid in 2017 and 2018.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that CSN would be considered a going
concern in bankruptcy and that the company would be reorganised
rather than liquidated. Fitch has assumed a 10% administrative
claim.

Going-Concern Approach: CSN's going concern EBITDA is based on
2015 EBITDA. The going-concern EBITDA estimate reflects Fitch's
view of a sustainable, post-reorganisation EBITDA level upon which
Fitch's bases the valuation of the company.

The going-concern EBITDA is based on 2015 EBITDA that reflects a
scenario of intense volatilities in the steel industry, in terms
of volume and prices, and on the iron price fundamentals. The
EV/EBITDA multiple applied is 5.5x, reflecting CSN's strong market
share in the flat steel market and it also reflects a mid-cycle
multiple.

Fitch applies a waterfall analysis to the post-default enterprise
value (EV) based on the relative claims of the debt in the capital
structure. Fitch debt waterfall assumptions take into account debt
at Dec. 31, 2016. The waterfall results in a 36%/'RR4' Recovery
Rating for senior unsecured debt. Therefore, the senior unsecured
notes due 2019, 2020 and perpetual are 'B-'/'RR4'.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action.

-- CSN's inability to succeed with the refinance the local
    banking debt in the next two months and afterwards start the
    bonds refinancing before end of 2018 will lead to a downgrade
    of CSN's ratings;

-- Further deterioration of the steel industry in Brazil, or
    inability to proceed with price increases would also pressure
    free cash flow generation and liquidity, and consequently the
    ratings.

Developments that May, Individually or Collectively, Lead to
Positive Rating Action.

-- A Rating Outlook to Stable could occur if CSN is successful in
    refinancing both local and cross-border debt;

-- Better than expected scenario for the local steel sales in
    Brazil and healthy iron ore fundamentals, which would lead
    improvement in FCF and net leverage to below 5.0x on
    sustainable basis, could lead a positive rating action.

LIQUIDITY

Under CSN's audited financial statement of Dec. 31 2016, it
reported BRL5.6 billion of cash and marketable securities, BRL2.1
billion of short-term debt and BRL30.4 billion of total debt.
CSN's debt schedule amortization shows high concentration in the
short-to-medium term with amortization of BRL1.7 billion over
2017; BRL5.5 billion in 2018; and BRL15.1 billion between 2019 and
2020 (BRL6.6 billion of cross-border issuances). CSN's debt
primarily consists of prepayment export financings (36%), local
bank loans (24%), senior notes (19%) and perpetual bonds (11%).

As of Sept. 30, 2017, CSN's not audited financial statement
reported BR4.1 billion of cash and marketable securities, a very
tight position compared to its short term debt of BRL3.9 billion
and total debt of BRL29 billion, per Fitch's calculation.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following expected rating:

CSN Resources S.A

-- Senior unsecured USD Note due 2025 'B-'/'RR4'; Rating Watch
    Negative.

Fitch rates CSN with the following ratings:

-- CSN Long-term Foreign and Local currency IDRs 'B-', Rating
    Watch Negative;

-- CSN National Long-Term rating 'BB-(bra)'; Rating Watch
    Negative;

-- CSN Islands XI Corp. senior unsecured notes due 2019 'B-
    '/'RR4'; Rating Watch Negative;

-- CSN Islands XII Corp. senior unsecured perpetual notes ' B-
    '/'RR4'; Rating Watch Negative;

-- CSN Resources S.A. senior unsecured due 2020 'B-'/'RR4';
    Rating Watch Negative.


SUZANO PAPEL: Forests Acquisition Credit Pos., Moody's Says
-----------------------------------------------------------
Moody's Investors Service comments that Suzano Papel e Celulose
S.A. (Suzano, Ba1 negative)'s acquisition of land and forests is
credit positive. On February 5, 2018, Suzano announced that it has
entered into an agreement with Duratex S.A. (unrated) to purchase
forest assets and land in the state of Sao Paulo, Brazil, for a
total transaction amount of BRL 1.1 billion (about USD325
million). The assets comprise 9.500 hectares of land and 1.200.000
cubic meters of forests for BRL 308 million as well as an option
to purchase an additional 20.000 hectares of land and 5.600.000
cubic meters of forests for BRL 749 million. The option can be
exercised through July 2, 2018, at the sole discretion of Suzano.

The acquisition is credit positive because it supports Suzano's
strategy of assuring forest assets for its operations and
maintaining its cost competitiveness, without jeopardizing its
credit metrics. Suzano can pay for the acquisition entirely with
cash, without increasing its leverage metrics.



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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: 25% of Energy From Renewables by 2025
---------------------------------------------------------
Dominican Today reports that National Energy Commission (CNE)
Director Juan Rodriguez said the country is on pace to reach 25%
of its energy from renewables by 2025, to comply with Law 57-07.

"I assure you that by 2025 we will have more than 25%, as proposed
by COP 21, will be in renewable energy," he said, according to
Dominican Today.  "There are very good hopes that in this same
year 2018 the country can close with around 800 megawatts of
energy from natural gas," he added.

"Nothing has been closed yet, but the auguries are very positive,"
the official said, the report relays.

He said since 2012, natural gas has been sought to convert not
only the eastern plants but also to build new plants, especially
in the north region," the official said, the report notes.

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: ADIE Hails Push to Fuel Natural Gas Plants
--------------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
grouped in ADIE hailed the government's push to continue expanding
energy generation fueled by natural gas, as State Electric Utility
(CDEEE) CEO Ruben Jimenez Bichara, announced.

ADIE executive vice president Manuel Cabral said the private
electricity industry supports efforts to add more clean energy
sources to generate power, according to Dominican Today.

He reiterated ADIE's willingness to provide all the facilities and
support to spur the installation of new infrastructure and convert
existing plants to natural gas, as Jimenez proposed at the Annual
Caribbean Energy Conference held in the Bahamas, the report notes.

In addition, the electricity industry also praised the announced
long-term tenders to buy energy, as the Electricity Law
stipulates, 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.



===============
H O N D U R A S
===============


INVERSIONES ATLANTIDA: Fitch Affirms 'B' IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Inversiones Atlantida, S.A. y
Subsidiarias' (Invatlan) Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. Fitch
also has affirmed the National Ratings of Banco Atlantida, S.A.
(Atlantida), main subsidiary of Invatlan, at 'A+(hnd)' with a
Stable Outlook.

KEY RATING DRIVERS

Invatlan's IDRs and Senior Debt

Invatlan's IDRs reflect the financial profile of its main
subsidiary, Atlantida in Honduras, rated 'A+(hnd)' on the national
scale by Fitch, which has demonstrated good financial performance
through the economic cycle. The ratings also consider Invatlan's
high operational integration with its operating subsidiaries, as
well as the light restrictions on subsidiaries upstreaming
liquidity to Invatlan. Invatlan's ratings also reflect the
expected moderate levels of double leverage.

Invatlan's creditworthiness is aligned with its main operating
subsidiary, Atlantida, since its status as a pure holding company
with low ability to generate profits in an unconsolidated basis
creates a natural dependence on the dividend flows from its
subsidiaries to meet its financial commitments. This is
particularly relevant because of Invatlan's expected moderate
levels of double leverage. As of September 2017 this ratio was
close to 94%.

Fitch considers as positive that Honduran regulations establish
very light restrictions to capital and liquidity fungibility.
Hence, Invatlan's subsidiaries can pay dividends to their holding
or inject liquidity efficiently. Dividend flows from its
subsidiaries are expected to be ample and more than sufficient to
service the entity's debt.

Invatlan's senior debt rating reflects that these are senior
obligations of Invatlan that rank pari passu with other senior
indebtedness, and therefore this rating is aligned with the
company's Long-Term Foreign and Local Currency IDRs of 'B'. The
recovery rating of 'RR4' assigned to Invatlan's senior debt
issuance reflects the average expected recovery in case of the
company liquidation.

Atlantida's National Ratings

Atlantida's National Ratings are highly influenced by the Honduran
operating environment and its company profile. In recent years the
operating environment of the banking system has fluctuated
significantly due to different stress cases, from political unrest
to regulatory changes constraining the potential of the entity.
Atlantida is a dominant bank in Honduras with a robust franchise
on both loans and deposits, which benefits its performance and
business model. However, like its peers, it has high
concentrations, the top 20 debtors and depositors are close to 25%
of total loan portfolio and total deposits, respectively. This
increases their sensitivity to the possibility of significant
changes in the economic environment, although this is not Fitch's
base scenario.

The bank's National Ratings also consider its improving asset
quality. Atlantida presented a reasonable non-performing loan
(NPL) ratio (2.7% as of 3Q17); but still comparing below system
average (2%). This is improving with respect to that registered in
previous years. However, the restructuring of its loan portfolio
is high at 6% of total loan portfolio, although the administration
points out that these readjustments anticipate the deterioration
of the loan portfolio. In turn, the bank has adequate loan loss
reserves and good coverage of collaterals, which partially
mitigates this risk. Fitch expects that loan quality will remain
at similar levels in the short to medium term.

The bank's funding structure is based on low cost deposits. The
good perception of Atlantida among its clients has allowed it to
sustain its deposits in times of systemic stress. Atlantida's
liquidity levels are stable and are considered sufficient to
handle potential deposit volatility. The bank has a good loan to
deposit ratio (83%) better than its local peers (90%) as of
September 2017.

Profitability is driven by the appropriate net interest margin
(NIM) and moderate provision expense, although limited operating
efficiency (cost to income) limits the bank's financial results
and still compares unfavourably to that shown by its closest
peers. The operating profit to Risk Weighted Assets (RWAs) ratio
was 2%, in Fitch's view a good level in light of the business
model still oriented to companies, (closest local peers 2.3%).
Fitch expects a gradual improvement on Atlantida's operating
efficiency as is increasing its presence in retail segments and
some changes in the compensation of its employees.

Capitalization levels of the bank are adequate but slightly
declining from previous years due to the high growth of assets
experienced in past years. However, they still compare reasonably
with local and internationals peers. The Fitch Core Capital to
RWAs was 12% as of September 2017 (December 2016: 11%). Given the
expected asset growth and profitability in 2018, the capital
levels should remained stable in the foreseeable future.
Noteworthy, the total net revenue generated in 2017 will be
capitalized in total which will contribute to sustain the
capitalization.

RATING SENSITIVITIES

Invatlan's IDRs and Senior Debt

Invatlan's creditworthiness will likely move in line with that of
its main subsidiary, Atlantida. Also, Invatlan's IDRs could be
downgraded by one notch if the company's double-leverage ratio is
sustained above 120%.

Given their senior nature, these notes will typically be aligned
with the company's IDRs, and the rating of the notes will mirror
any potential change to Invatlan's IDRs.

Atlantida's National Ratings

National ratings would increase with a sustained improvement in
its asset quality metrics, including NPLs ratios, levels of
restructurings and concentration ratios. In turn, although it is
not Fitch's baseline scenario, the ratings could be downgraded in
the event of material deterioration in the quality of the loan
portfolio that negatively affects its operating profitability and
lead to a marked weakening of the bank's capital position.

Fitch has affirmed the following ratings:

Invatlan

-- Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B';
    Outlook Stable;
-- Long-Term Local Currency IDR at 'B'; Outlook Stable;
-- Short-Term Foreign Currency IDR at 'B';
-- Short-Term Local Currency IDR at 'B';
-- USD150 million senior notes at 'B/RR4'.

Atlantida

-- Long-Term National Rating at 'A+(hnd)';Outlook Stable;
-- Short-Term National Rating at 'F1(hnd)'.



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


ROBERTO KUPERMAN: KC5 Buying San Juan Property for $325K
--------------------------------------------------------
Roberto Lazoff Kuperman and Graciela Blank Zaitman ask the U.S.
Bankruptcy Court for the District of Puerto Rico to authorize the
sale of the real property located at Kings Court 52, Apt. 5-A, San
Juan, Puerto Rico to KC5A, LLC for $325,000

The Property is a 3 bedrooms and two bathrooms apartment (2,055
square feet gross living area) and is the Debtors' residence at
this time.  It is Lot Number 15,863 registered at Page 159 of
Volume 1190 of Santurce Norte, Registry of Property of Puerto
Rico, San Juan, I.  The title search and the Appraisal Report of
the Property, dated Jan. 29, 2018 and Jan. ll, 2018, respectively,
are attached with the Motion.

The Property is encumbered by a lien in favor of Condado 3, LLC.
Judgement for money collection and foreclosure of collateral was
entered on Civil Case number K CD2013-31, Condado 3, LLC. vs. Le
Natural, Inc. et als. , Court of First Recourse, Sala Superior de
San Juan.  As per Judgment entered in favor of Condado, the
Debtors owed to this creditor approximately $607,000 for
principal, interest and other charges. Debtors are guarantors for
a commercial loan, and the property was used as collateral as per
mortgage note dated September 29, 2009, and Mortgage Deed Number
478 executed in San Juan, Puerto Rico, before Public Notary
Antonio Hernandez Almovar.

The Debtors have received a cash offer to purchase the Property
for the amount of $325,000 from the Purchaser as per offer dated
Jan. 25, 2018.  The Purchaser accepts the Property "as is," and it
assumes any debt for property taxes and/or maintenances fees.  The
Purchaser has submitted evidence of the immediate availability of
the funds.  It is the only offer the Debtors have received for the
Property since foreclosure proceedings commenced in Sept. 4, 2013.

The sale will be made "as is" and "where is," without any warranty
of any kind.  The Purchaser assumes all environmental hazards, if
any.  All risk of loss will pass to the Purchaser upon
adjudication of the sale by the debtors.  A report of the sale
proceeds will be filed before the Court within 30 days of the
sale.  The Purchaser will pay all notary fees and stamps related
to the certified Deed of Sale, and its registration according 31
LPRA 38141, Article 13541 of PR Civil Code.

A copy of the Contract attached to the Motion is available for
free at http://bankrupt.com/misc/ROBERTO_KUPERMAN_9_Sales.pdf

The proceeds from the sale will be used to pay Condado.  Any
outstanding amount owed to this creditor after sale proceeds are
discounted, will receive distribution as general unsecured
creditor under the Chapter 11 Reorganization Plan.  The sale of
the Property will be free and clear of liens.

Application to Employ Notary will be filed before the Court.  The
payments to the Notary depend on filing of proper applications and
Court's approval.  In the event that any party objects to the
sale, a hearing on said objection will be scheduled by the
Honorable Court.

Unless a party-in-interest files a written objection, within the
term of 21 days from the date of the notice of sale, the Debtors
Will complete the sale subject to the terms and conditions
described without further order, notice or hearing.

The Creditor:

          CONDADO 3, LLC.
          c/o Midwest Servicing
          3144 Winton Rd.
          Rochester, NY 14623

Roberto Lazoff Kuperman and Graciela Blank Zaitman sought Chapter
11 protection (Bankr. D.P.R. Case No. 18-00291) on Jan. 24, 2018.
The Debtors tapped Gloria Justiniano Irizarry, Esq., at
Justiniano's Law Office, as counsel.



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


VENEZUELA: Government & Opposition Resume Dialogue
--------------------------------------------------
EFE News reports that the Venezuelan government and opposition
resumed their dialogue amid contradicting statements about whether
they had reached a definitive accord to put an end to their
country's political crisis.

Upon his arrival at the meeting, Venezuelan Communications
Minister Jorge Rodriguez said that a "definitive" agreement with
the opposition had been reached and would be signed, a claim that
was denied minutes later by opposition spokesman Julio Borges,
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.

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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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