---

        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

               Friday, February 9, 2018, Vol. 19, No. 29


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Affirms 'B+' Issuer Credit Ratings


B R A Z I L

OI SA: Judge Says Shareholders Meeting No Effect on Restructuring


J A M A I C A

JAMAICA: Farmers Affected by Flooding to Get $100 Million Aid
PETROJAM: UCASE Says Workers & Public Should Have Access to Shares


M E X I C O

CAMPOSOL SA: S&P Rates New $300MM Senior Unsecured Notes 'B+'


N I C A R A G U A

NICARAGUA: Needs to Further Fortify its Policy Framework, IMF Says


P U E R T O    R I C O

ROCK STAR CHEF: Plan Outline Has Conditional Court Approval
RYDER MEMORIAL: S&P Lowers 1994A Bonds Rating to CCC+, Off Watch


V E N E Z U E L A

VENEZUELA: Chile Indefinitely Pulls Out of Country's Negotiations
VENEZUELA: Dialogue Concludes Without Accord, Goes Into Recess


                            - - - - -


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


BANCO HIPOTECARIO: S&P Affirms 'B+' Issuer Credit Ratings
---------------------------------------------------------
S&P Global Ratings affirmed its 'B+' local currency and foreign
currency issuer credit and issue-level ratings on Banco
Hipotecario S.A. The outlook remains stable.

S&P said, "Our ratings on Banco Hipotecario reflect its good
competitive position and relatively diversified operations, which
provide satisfactory revenue stability; our risk-adjusted capital
(RAC) ratio projection of 5.5%, and the bank's manageable asset
quality metrics, though slightly weaker than the banking system
average, given the lender's greater focus on retail and lower
income segments. In addition, the higher proportion of non-deposit
funding compared to its peers and its somewhat higher but
decreasing deposit concentration underpins our assessment of Banco
Hipotecario's funding profile. Banco Hipotecario's liquidity
remains in line with that of the bank's peers, and incorporates
characteristics of Argentina's financial system. Banco
Hipotecario's SACP remains 'b+'.

"The stable outlook on Banco Hipotecario reflects our view that,
over the next 12 months, the bank will maintain its good
competitive position, fairly diversified operations, and adequate
asset quality metrics, despite some focus on lower-income
borrowers."



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


OI SA: Judge Says Shareholders Meeting No Effect on Restructuring
-----------------------------------------------------------------
Reuters reports that a Rio de Janeiro judge decided that a
shareholders meeting called by a major equity holder in debt-laden
Brazilian telecoms carrier Oi SA will have no legal effect on the
company's in-court restructuring.

Responding to various petitions from Oi shareholders, Judge
Ricardo Lafayette Campos also upheld a plan approved by
bondholders in December and courts in January to take the company
out of bankruptcy protection, according to Reuters.

"I maintain . . .  the decision that made the recovery plan
official," he wrote, the report notes.

In December, after a dramatic and fractious 18-month battle,
bondholders in Oi -- Brazil's largest fixed-line carrier --
approved the plan to take the carrier out of bankruptcy protection
and inject billions of dollars of fresh capital into the carrier,
the report relays.

During the proceedings, the judge overseeing the case removed the
company's board from the process, and creditors eventually
approved a plan with a significant equity dilution, the report
relays.

That enraged many of Oi's equity holders, including its largest,
Pharol SGPS SA, the report relays.

In contradictory statements, Pharol said it was calling a
shareholders meeting to deliberate on various aspects of the
recovery plan, while Oi said there would be no meeting, the report
notes.

In the decision, Judge Lafayette clarified that no meeting outside
the courts would have an effect on the restructuring process, the
report relays.

                           About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
'Brazilian Bankruptcy Law'), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial
reorganization)
in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste
S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

In the Chapter 15 cases, the Debtors are represented by John K.
Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP,
in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq.,
and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida.

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the
Chapter 15 Debtors, and granted certain additional related relief.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Jan.
9, 2018, Egan-Jones Ratings Company withdrew the 'D' foreign
currency and local currency senior unsecured ratings on debt
issued by Oi SA and the 'D' ratings on the Company's commercial
paper on Sept. 26, 2017.



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


JAMAICA: Farmers Affected by Flooding to Get $100 Million Aid
-------------------------------------------------------------
RJR News reports that a total of $100 million will be provided to
assist farmers who were affected by the recent flooding in the
several section across Jamaica.

This was disclosed by Karl Samuda, Minister of Industry, Commerce,
Agriculture and Fisheries, at a meeting with farmers in Orange
Bay, Portland, recently, according to RJR News.

The Agriculture Minister said Portland will be receiving a little
less than $25m for the repair of farm roads while $30 million from
the Ministry's Productivity Incentive Scheme will go towards
assistance for farmers who were severely affected by the flooding,
the report notes.

Some $320 million will be spent on the repair of farm roads island
wide, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, 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.


PETROJAM: UCASE Says Workers & Public Should Have Access to Shares
------------------------------------------------------------------
RJR News report that a call is being made for workers at Petrojam
and members of the public to be allowed to acquire shares in the
oil refinery.

The suggestion has come from the Union of Clerical, Administrative
and Supervisory Employees (UCASE), which represents workers at
Petrojam, according to RJR News.

Despite expressing opposition to the Government's plan to acquire
Venezuela's 49 percent shareholding in Petrojam the union says if
the Government has no other option but to go that route
consideration should be given to workers and small investors
purchasing some of the shares, the report notes.

"If we finally decide to dispose of the shares, then there should
be an allocation to the workers.  Indeed, I would want to suggest
that an issue be processed, so that the Jamaican public can
participate in the ownership of the company. . . . " said UCASE
President Vincent Morrison, the report relays.  He also had
another word of caution regarding the sale of the 49 percent stake
in Petrojam, the report notes.

"But I do hope that the rush coming from the government to dispose
from the Venezuelan interest -- that they are not going to sell it
to any other group.  I heard that the Chinese had an interest
sometime ago," Mr. Morrison said, the report adds.



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


CAMPOSOL SA: S&P Rates New $300MM Senior Unsecured Notes 'B+'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating on
Camposol S.A.'s proposed long-term senior unsecured notes for $300
million. S&P said, "We also affirmed our 'B+' global scale
corporate credit rating on Camposol. In addition, we affirmed our
'B+' issue-level rating on the company's $147.5 million senior
secured notes due 2021." The outlook remains stable.

On Jan. 30, 2018, Camposol announced a tender offer to purchase
for cash its 10.5% senior secured notes due 2021. Camposol plans
to issue senior unsecured notes for $300 million to repay the
tendered notes, several bank loans for $16 million, and use the
remaining $123 million from the proceeds to finance its growth
strategy and for other corporate purposes.

The rating on the notes is at the same level as the corporate
credit rating, because more than 99% of Camposol's debt will be
composed of the proposed notes on a pro forma basis. The rating
also reflects that the Camposol Holding Ltd, Marinazul S.A., and
Campoinca S.A. subsidiaries will irrevocably and unconditionally
guarantee the notes on a senior unsecured basis. We expect the
proposed transaction to enhance Camposol's capital structure,
improving its maturity profile and interest burden.

The ratings on Camposol reflect its limited scale of operations
compared with those of its global rated peers, limited product
diversification, the discretionary nature of its products, and
asset concentration in Peru. S&P said, "However, we continue to
expect that Camposol will post EBITDA margins above the average
for the global agribusiness sector in the next 12 months.
Moreover, we expect debt-to-EBITDA and EBITDA interest coverage
ratios to remain in line with our current financial risk profile
assessment in the next 12 months. Through the remaining proceeds
of the proposed issuance coupled with expected cash flow
generation, Camposol plans to increase its annual capital
expenditures (capex) up to $120 million annually to continue
expanding its operations. We continue to incorporate a high
volatility for earnings and cash flows for the company stemming
from the cyclical nature of the business, the significant price
fluctuations of Camposol's products, and its exposure to external
factors, including potentially adverse weather conditions."

S&P said, "The stable outlook reflects our expectation that
Camposol will maintain a solid operating and financial performance
in the next 12 months, reflected in EBITDA margins close to 30%, a
debt-to-EBITDA ratio around 3.0x, and EBITDA interest coverage
above 5.0x, even considering the additional debt from the proposed
bond issuance.

"We could downgrade Camposol in the next 12 months if its
operating and financial performance weakens from our current
expectations, reflecting adverse weather conditions that
significantly reduce harvest yields or an unanticipated aggressive
investment strategy, resulting in debt to EBITDA above 4.0x on a
consistent basis. A deteriorating liquidity position could also
trigger a negative rating action."

A positive rating action in the next 12-18 months could occur if
the company further diversifies its asset footprint, posts better-
than-expected revenue and margins, and has stronger cash flow
generation and credit metrics--reflected in debt to EBITDA
consistently below 2.0x and consistently positive discretionary
cash flow generation.



=================
N I C A R A G U A
=================


NICARAGUA: Needs to Further Fortify its Policy Framework, IMF Says
------------------------------------------------------------------
Staff of The International Monetary Fund (IMF), after a visit,
issued a concluding statement on Nicaragua. A Concluding Statement
describes the preliminary findings of IMF staff at the end of an
official staff visit, in most cases to a member country. The views
expressed in the statement are those of the IMF staff and do not
necessarily represent the views of the IMF's Executive Board.

The IMF Staff reports that Nicaragua's economic performance in
2017 was above expectations and the 2018 outlook is favorable. To
minimize downside risks, Nicaragua needs to further fortify its
policy framework by (i) hastening the implementation of the
international taxation law, reducing tax expenditures,
rationalizing subsidies, and implementing a comprehensive reform
of the Social Security, (ii) enhancing the supervisory perimeter,
(iii) reinforcing the AML/CFT framework, and (iv) building
financial buffers and further increasing international reserves.

I. Economic Performance in 2017

1. Real GDP increased about 4.9 percent, supported by buoyant
agricultural exports, tourism and remittances. Headline inflation
increased to 5.7 percent, reflecting raising oil and food prices,
while core inflation stood at 4.1 percent. The external current
account (CA) deficit declined sharply to 6.1 percent of GDP (8.6
percent of GDP in 2016) and gross international reserves (GIR)
rose by US$297 million to US$2.59 billion, reaching a coverage of
about 4.2 months of imports. Private sector credit growth,
financed in part by a substantial increase in external
obligations, decelerated slightly to 17 percent. NPL remained low
at 1.2 percent, while the capital adequacy ratio increased to 13.8
percent and profitability remained stable at 20.9 percent (ROE).

2. The consolidated public sector (CPS) balance remained broadly
unchanged at an estimated 2.5 percent of GDP. The deterioration in
the finances of the Nicaraguan Social Security Institute (INSS)
was partially compensated by a slightly lower deficit in the
Central Government (CG) and the Managua Municipality (ALMA)

II. Outlook

3. GDP is projected to grow in 2018 above potential, at 4.7
percent. Domestic demand is expected to strengthen, supported by a
surge in public infrastructure investment projects. Exports are
expected to respond favorably in the wake of the pickup in U.S.
growth, partially cushioning the impact of higher oil prices.
Inflation and the CA deficit are projected to increase to 6.3
percent and 7.7 percent of GDP, respectively. FDI and concessional
loans are expected to continue financing the CA deficit. GIR are
projected to grow to US$2.67 billion with the coverage declining
to about 4 months of imports.

4. The CPS deficit is projected to increase by 0.8 ppts to 3.3
percent of GDP. In the absence of a fiscal reform, the modest
reduction in current spending of the CG would be offset by the
increase in capital expenditure of the ALMA and several state-
owned enterprises (SOE). The deficit of the INSS will continue to
increase until a reform is put in place. However, public debt is
projected to remain stable in terms of nominal GDP, due to the
expected dynamism of the latter. Over the medium term, the CPS
deficit is projected to improve marginally, as capital spending
gradually returns to historical levels. A substantial improvement
in the CPS deficit would require a fiscal reform and a
comprehensive INSS reform, in line with the 2017 Article IV Staff
Report recommendations.

III. Main Policy Challenges

5. Risks to Nicaragua's growth appear broadly balanced in the near
term, but remain skewed to the downside over the medium term. On
the upside, the firm up of the global recovery is expected to
increase external demand. The stimulus of the U.S. activity,
stemming from tax policy changes, is highly correlated with
Nicaraguan GDP growth. On the downside, spillovers from the U.S.
migration, trade and monetary policies continue to pose
substantial risks. The latter coincides with the potential
approval of the NICA Act by the U.S. Senate, while Venezuela's oil
cooperation no longer plays a substantial role. Therefore, the
mission advises increasing fiscal space and maintaining a stronger
international reserves position. Furthermore, financial
institutions should continue to build financial buffers in case
risks affecting economic growth materialize.

6. Building fiscal buffers is essential to stave off potential
shocks. The mission encourages the authorities to take advantage
of the strong economic performance to complete the design and
implementation of a tax reform aimed at creating additional fiscal
space, as discussed in 2017 Article IV Staff Report. The mission
welcomes the recent measures to better target electricity
subsidies and eliminate some VAT exemptions, [1] and encourages
the authorities to include the remaining recommendations of the
Fiscal Affairs Department (FAD) of the IMF within their fiscal
reform plan. The FAD proposals on subsidy rationalization,
elimination of VAT exemptions, international taxation law
implementation, and further strengthening of tax administration
will help eliminate inequalities and increase fiscal resilience.

7. Staff recommends that the INSS reform plan secures its long-
term viability and corrects the inequities within the system.
Staff welcomes the authorities' efforts to alleviate INSS'
financing needs through payments of outstanding arrears and
resumption of full government contributions in 2018. In addition
to measures seeking to address the imminent cash balance
constraint, the mission advises the authorities to implement the
measures recommended by the FAD mission, aimed at restoring the
long-term sustainability of the INSS finances while reducing the
existing system's inequities.

8. The mission welcomes the authorities' measures to enhance the
resilience of the banking sector to absorb shocks and reiterates
the importance of expanding the supervisory perimeter. The gradual
adoption of prudential regulations in line with Basel III includes
the liquidity coverage ratio, the conservation capital buffer, and
countercyclical provisions. However, while there is consensus to
expand the financial supervisory perimeter to savings and loans
cooperatives, a decision on the allocation of institutional
regulatory and supervisory responsibilities is still needed.
Authorities are encouraged to take advantage of the upcoming
Financial Sector Stability Review mission from the IMF's Monetary
and Capital Markets Department to discuss the best institutional
arrangement.

9. The mission welcomes the authorities' efforts to implement the
recommendations of the 2017 Financial Action Task Force (FATF)
Mutual Evaluation Report. Laws to enforce record keeping, due
diligence and notification of suspicious operations have been
approved by the National Assembly. The authorities' plan includes
additional legal initiatives to address the remaining FTAF
recommendations.

10. The mission acknowledges the progress made and encourages the
authorities to continue improving data quality and availability.
Financial management of public accounts, and proper debt
sustainability analysis, requires regular compilation and
dissemination of domestic debt statistics for SOE and
municipalities. Compliance with the 2001 Government Finance
Statistics Manual would go a long way towards improving macro-
fiscal management. External sector data would further improve
after completing the ongoing review of FDI base statistics and
compilation methodology.

IV. Next Steps

11. The mission suggests conducting the next Article IV
Consultation during August 28-September 11, 2018, covering energy
reform and financial inclusion as analytical topics. Staff will
follow up on the authorities' capacity development requests in the
context of the IMF Spring Meetings.



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


ROCK STAR CHEF: Plan Outline Has Conditional Court Approval
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
conditionally approved the disclosure statement explaining Rock
Star Chef Corporation's small business plan of reorganization.

The Plan proposes a 2.05% recovery for holders of general
unsecured claims.

Class 1 - Holders of General Unsecured Claims are impaired and
will receive payment 2.05% of their Allowed Claims within the 30
days after the Effective Date of the Plan, without interest.
Allowed general unsecured claims total $48,777.69.

Holders of Allowed Priority Tax Claims will be paid prorata in
deferred equal consecutive monthly installments of $2,348.00
commencing on the 7th month after the Effective Date of the Plan
and continuing on the last day of each month thereafter over a
60-month period after the Effective Date, equal to the full amount
of such Allowed claim plus 3.5% per annum interest.  Payment in
favor of priority creditor "Centro de Recaudacion de Ingresos
Municipales" ("CRIM") for $385.36 will be made on the Effective
Date of the Plan.

The source of payments under the proposed Plan will come from the
operation of Debtor's business.

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

          http://bankrupt.com/misc/prb17-03998-39.pdf

                   About Rock Star Chef Corp

Rock Star Chef Corporation operates a restaurant under the name
SODA at Calle Cuevillas, No. 562 Miramar, San Juan, Puerto Rico.
Rock Star Chef filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 17-03998) on June 2, 2017, estimating less than $1
million in both assets and liabilities.  The Debtor is represented
by Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc.


RYDER MEMORIAL: S&P Lowers 1994A Bonds Rating to CCC+, Off Watch
----------------------------------------------------------------
S&P Global Ratings lowered its bond ratings on Puerto Rico
Industrial Medical & Higher Education & Environmental Pollution
Control Facilities Finance Authority's series 1994A bonds, issued
for Ryder Memorial Hospital, to 'CCC+' from 'B+'. S&P Global
Ratings removed the ratings from CreditWatch, where they were
placed with negative implications Oct. 31, 2017. The outlook is
negative.

S&P said, "The downgrade reflects our view of Ryder's weakened
operating and financial profiles and ongoing uncertainty related
to the hospital's ability to return to full operations following
the devastating impact of Hurricane Maria. Management indicates
Ryder's main hospital is significantly damaged, having been closed
since the storm. Working from a temporary location, outpatient
services are open, but inpatient services have been very limited.
Ryder continues to rely on generators for power, because there is
still no electricity across much of the island, especially in the
hospital's service area. In addition, management has been unable
to provide us with updated financial statements. Management has
indicated it will pay its next debt service payment through its
debt service reserve fund. We believe Ryder is vulnerable to
default given the catastrophic damage to the hospital's operations
and cash flow, combined with the very limited liquidity. In our
view, there is a moderate likelihood that Ryder will not make debt
service payments in the next two years, because the recovery will
be long and volumes and cash flow are very weak."

The hospital's operating profile includes a dominant market share
across a large primary service area, although its population
continues to decline and carries weak wealth and income
indicators.

In recent years, Ryder's financial profile has been vulnerable,
with weak financial operating performance and
thin balance-sheet metrics for the rating level. The hospital's
revenue base is small and relies heavily on government
reimbursement. Although insurance is covering hurricane damage,
management indicated there are potential delays in the payment of
proceeds, which could affect the timing of the facility's repairs
and further stress Ryder's operating profile. Given these expected
delays, overall liquidity has declined to the point where
management will pay debt service from the debt service reserve.

Although it has not seen formal financial results, S&P believes
the draw means the hospital has a bare minimum of working capital
and little-to-no reserves.

The negative outlook reflects the uncertainty of Ryder's ability
to resume historical operations and volumes, both of which were
strained prior to the hurricane. Furthermore, delays in insurance
proceeds and government aid, coupled with extensive repairs to the
facility, will likely mean liquidity and operational capacity will
remain at dangerously low levels indefinitely. Together, these
factors threaten the hospital's ability to pay its debt service
payments.

S&P said, "We could lower the rating if Ryder's financial profile
indicates a greater likelihood of default on its bond
obligations."

While a higher rating is unlikely in the outlook period, an
outlook revision to stable is possible if Ryder stabilizes factors
that will lead to a near-term rebound of volumes, revenue, and
operations. In addition, if the hospital generates even a modest
increase in unrestricted reserves, S&P would view this favorably
in combination with stabilized operations.



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


VENEZUELA: Chile Indefinitely Pulls Out of Country's Negotiations
-----------------------------------------------------------------
The Latin American Herald reports that Chile withdrew from the
talks between the Venezuelan government and the opposition after
both sides had failed to reach an agreement.

Danilo Medina, president of the Dominican Republic, which is
hosting the crisis negotiations, announced earlier that the
dialogue had gone into an "indefinite recess," given that the two
sides were unable to agree a deal, according to The Latin American
Herald.

"As the minimum conditions for a democratic presidential election
and an institutional normalization have not been reached, the
Government of Chile has decided to suspend indefinitely its
participation in the (Venezuelan) dialogue, held in the Dominican
Republic," according to a statement from the Foreign Ministry
released, the report notes.

The Venezuelan government and the opposition had carried out a new
round of talks in Santo Domingo after it was announced that
presidential elections would be brought forward to April, the
report relays.

The basic conditions for a fair, democratic poll to be held in
Venezuela "had not been reached," according to the Chilean Foreign
Ministry statement, the report says.

The report discloses that the foreign ministry added that Chile
appreciated the efforts made by Dominican President Danilo Medina
and his foreign minister Miguel Vargas, and called for
constitutional democratic order in Venezuela be restored in order
for the "social and humanitarian crisis in that country to be
urgently addressed."

Sponsored by Medina and former Spanish Prime Minister Jose Luis
Rodriguez Zapatero, the dialogue had support from representatives
of the Chilean government at the request of the Venezuelan
opposition, while Maduro's government had invited Bolivia,
Nicaragua and Saint Vincent and the Grenadines to participate, the
report relays.

The National Electoral Council had announced that elections would
be held on April 22, the report notes.

The Venezuelan opposition, which boycotted the last polls held to
establish the disputed Constituent National Assembly, has yet to
say whether it will participate in the newly announced elections,
the report adds.

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'.


VENEZUELA: Dialogue Concludes Without Accord, Goes Into Recess
--------------------------------------------------------------
EFE News reports that Dominican President Danilo Medina disclosed
that the dialogue between the Venezuelan government and opposition
he is facilitating in Santo Domingo has gone into "indefinite
recess," given that the two sides were unable to agree on a
definitive accord.

At a press conference after a meeting with the opposition,
attended by former Spanish Premier Jose Luis Rodriguez Zapatero,
who is also facilitating the dialogue, Mr. Medina said that a
document had been drafted including the fact that general
elections would be held in Venezuela on April 22, adding that it
was to have been signed, according to EFE News.

However, when the two sides were unable to agree on a definitive
accord, "the dialogue is now going into a kind of indefinite
recess," the report quoted Mr. Medina as saying.

The opposition, Mr. Medina said, had asked for more time to review
the document, but it then presented an alternative proposal, the
report relays.

Nevertheless, Venezuelan President Nicolas Maduro "said that he
will only sign the document from yesterday," said Mr. Medina, who
added that in any case the opposition's new document will be sent
to Caracas "but not with the hope that (the government) is going
to respond," the report relays.

The report discloses that Mr. Medina said that Maduro had told
him, however, that he was ready to implement "all the agreements .
. . contained in the document that the government signed " even
without an agreement with the opposition.

The Dominican leader went on to say that, due to political
commitments, the Venezuelan government delegation to the talks had
returned to Caracas, adding that "We don't know where the fact
that the parties haven't been able to arrive at an understanding
will lead," and saying that the two sides will have to return to
the dialogue table "because there's no way for an understanding
between (the groups) other than through dialogue," the report
says.

Earlier, Mr. Zapatero had spoken of the "absolute and pressing
need for there to be an agreement" between the Venezuelan
government and opposition, the report relays.

He said that any other alternative to an agreement would be
"extraordinarily negative" for Venezuela and Latin America, noting
that these are "decisive hours" and that the Venezuelan opposition
needed to make a "vital decision" at this time, the report notes.

Mr. Zapatero also said that "nobody, either inside or outside
Venezuela, has suggested an alternative plan to a reasonable
agreement for going into an election process and for respecting
democratic coexistence," the report relays.

Chief opposition negotiator Julio Borges earlier reiterated on
Twitter that he and his delegation would not sign any document
that is not "worthy" of the Venezuelan people, the report adds.

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.
.


                   * * * End of Transmission * * *