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

               Monday, March 5, 2018, Vol. 19, No. 45


                            Headlines



A R G E N T I N A

COMPANIA GENERAL: S&P Alters Outlook to Neg. & Affirms 'B-' CCR


B R A Z I L

BANCO DE BRASILIA: S&P Alters Outlook to Pos & Affirms 'B+/B' GSRs
JBS USA: Moody's Hikes $900MM Notes Rating to B2; Outlook Negative
STATE OF SAO PAULO: S&P Affirms 'BB-' GSR, Outlook Still Stable
VALE SA: 2017 Results is Credit Positive, Moody's Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Afconagro Willing to 'Dominicanize' Workforce
DOMINICAN REPUBLIC: Spanish Investment Pace Declines in Last 12Mo


E L  S A L V A D O R

BANCO DE DESARROLLO: Moody's Ups LT FC Issuer Rating from Caa1


J A M A I C A

CABLE AND WIRELESS: To Suspend Trading on JSE


M E X I C O

GRUPO KUO: Fitch Affirms BB Long-Term IDR; Outlook Stable


P U E R T O    R I C O

TOYS R US: US Trustee Objects to Chilmark Partners Retention
TOYS R US: Proposes Bid Procedures for Real Property & Leases


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Posts Lower Profits for Year Ending Dec. 2017
TRINIDAD & TOBAGO: Lost $1BB Revenue for 9Yrs Without Property Tax


X X X X X X X X X

* BOND PRICING: For the Week From February 26 to March 2, 2018


                            - - - - -


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A R G E N T I N A
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COMPANIA GENERAL: S&P Alters Outlook to Neg. & Affirms 'B-' CCR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Argentina-based oil and
gas exploration and production (E&P) company Compania General de
Combustibles S.A. (CGC) to negative from stable. At the same time,
S&P affirmed its long-term global scale corporate credit ratings
and its debt ratings on CGC at 'B-'.

S&P said, "The outlook revision reflects our expectation of FOCF
deficits in the next 24 months, which would increase refinancing
risks absent mitigating measures. Our base case suggests
manageable shortfalls, but that largely depends on if CGC is able
to improve operating efficiency and is flexible with capital
spending. We expect CGC's EBITDA generation to range from $100
million to $110 million in 2018 and 2019. In the same time period,
we expect adjusted debt to EBITDA around 4.5x, funds from
operations (FFO) to debt around 15%, and FOCF deficits ranging
from $30 million to $55 million. CGC's performance could
significantly deviate from our estimates if oil and gas prices
further increase, if the Argentine peso depreciates at a higher
pace, or if the company increases production above our forecasts."

CGC's cash flow will remain pressured by high capital expenditures
(capex) and EBITDA generation that will be insufficient to revert
free operating cash flow (FOCF) deficits going forward. CGC's
recent guaranteed non-recourse local bond issuance increased
leverage but reduced short-term liquidity pressures.



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B R A Z I L
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BANCO DE BRASILIA: S&P Alters Outlook to Pos & Affirms 'B+/B' GSRs
------------------------------------------------------------------
S&P Global Ratings revised the outlook on BRB - Banco de Brasilia
S.A. to positive from stable. At the same time, S&P affirmed its
'B+/B' global scale and 'brA-/brA-2' national scale ratings on the
bank.

S&P said, "The outlook revision on BRB reflects our view that the
Federal District, BRB's shareholder, will maintain its fiscal
efforts over the next few years, enhancing its credit
fundamentals, which could improve our view on its credit quality.
However, despite better prospects, the weaker credit quality of
BRB's owner still constrains the ratings on BRB because we believe
the likelihood of extraordinary negative intervention is
relatively high. The bank's stand-alone credit profile (SACP) is
'bb-'.

"The positive outlook for the next 12 months on BRB reflects our
view of a potential improvement in our opinion of its
shareholder's credit quality."


JBS USA: Moody's Hikes $900MM Notes Rating to B2; Outlook Negative
------------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the rating on
$900 million 6.75% 10-year notes due 2028 (the "2028 notes") co-
issued by JBS USA Lux S.A. ("JBS USA") and JBS USA Finance, Inc.
When originally issued on February 15, 2018 the notes were not
guaranteed by parent company JBS S.A. (B3 negative) and were rated
B3 by Moody's. JBS S.A. subsequently guaranteed the notes leading
to upgrade. The rating outlook is negative.

The instrument rating upgrade to B2 from B3 reflects the credit
enhancement provided by the JBS S.A. guarantee on February 22,
2018. Previously, the 2028 notes were effectively subordinate to
the other unsecured notes in the capital structure, which have a
parent guarantee and thus, were rated a notch higher at B2 by
Moody's. At this point, all of the rated debt instruments of JBS
USA are guaranteed by JBS S.A.

JBS USA currently has $3.5 billion of unsecured notes rated B2,
all of which are guaranteed by JBS S.A. This amount includes the
$700 million 8.250% notes due 2020 that will be redeemed using
proceeds from the recently issued 2028 notes. The company also has
$3.6 billion of senior secured bank facilities, including a $900
million ABL revolver (unrated) and a $2.7 billion term loan (rated
B1), which are also guaranteed by JBS S.A.

RATINGS RATIONALE

JBS USA's direct debt instruments are guaranteed by parent company
JBS S. A., which controls JBS USA in all material respects. Thus,
JBS USA's instrument ratings are driven primarily by the credit
profile of JBS S.A. Moody's expects that any future changes to the
JBS S.A. Corporate Family Rating or outlook will be reflected in
the debt instrument ratings and ratings outlook of JBS USA.

Moody's has taken the following actions on JBS USA Lux, S.A.:

Rating upgraded:

$900 million senior unsecured notes due February 2028 to B2 from
B3.

The rating outlook is negative.

Net proceeds from the 2028 notes will be used to redeem all of the
outstanding $700 million 8.250% parent-guaranteed senior unsecured
notes due 2020 that also were issued by JBS USA and JBS USA
Finance. The remaining proceeds will be used to repay borrowings
under the company's ABL revolving credit facility and to
supplement cash balances.

JBS USA operates the US beef and pork segments and the Australian
beef, lamb and Primo packaged meats operations of Brazil-based JBS
S.A., the largest protein processor in the world. JBS USA also
owns a controlling indirect 76.7% equity interest in US-based
Pilgrim's Pride Corporation (Ba3 stable), the world's largest
poultry prcessor. Reported net sales for JBS S.A. and JBS USA for
the twelve months ended September 2017 were approximately BRL
162.1 billion (USD50.3 billion) and $35.0 billion, respectively.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in June 2017.


STATE OF SAO PAULO: S&P Affirms 'BB-' GSR, Outlook Still Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its global scale 'BB-' long-term
foreign and local currency issuer credit ratings on the state of
Sao Paulo. S&P also affirmed its national scale 'brAA-' rating on
the state. The outlook on both scale ratings remains stable.

OUTLOOK
The stable outlook on Sao Paulo primarily reflects the stable
outlook on Brazil's sovereign ratings, and S&P's view that in the
next 12 months the state will remain committed to prudent fiscal
policies, resulting in operating surpluses above 5% of operating
revenue while after-capex results will range from small deficits
to surpluses below 5% of total revenue. At the same time, the
state's debt burden and liquidity will continue to constrain the
ratings.

Downside scenario

S&P said, "We could lower our ratings on the state of Sao Paulo in
the next 12 months if we were to lower the sovereign local and
foreign currency ratings. Although unlikely in the next 12 months,
we could also lower the ratings on Sao Paulo if its fiscal results
deteriorate, indicating impaired financial management practices."

Upside scenario

S&P said, "Given that Sao Paulo couldn't have a higher rating than
on the sovereign while operating under an institutional framework
that we view as volatile and unbalanced, we could only raise our
ratings on the state in the next 12 months if we were to raise our
local and foreign currency ratings on Brazil."

RATIONALE

S&P said, "Since our last rating action on the state on Jan. 12,
2018, we continue to observe prudent fiscal policies and very
strong fiscal results in Sao Paulo despite Brazil's economic
slump. The 'BB-' global scale ratings on the state of Sao Paulo
are two notches below its 'bb+' stand-alone credit profile (SACP).
The SACP is not a rating but a means of assessing the intrinsic
creditworthiness of a local and regional government (LRG) under
the assumption that there is no sovereign rating cap. The SACP
results from a combination of our assessment of an LRG's
individual credit profile and the institutional framework in which
it operates.

"We expect Sao Paulo's economy to perform in line with the
sovereign's in 2018, based on recent data from the state's
statistics institute and the central bank. For Brazil, we forecast
real GDP growth of 2.2% in 2018, up from 1.0% in 2017, compared
with a 3.5% contraction in 2016. Sao Paulo is the wealthiest state
in the country, generating slightly more than 30% of Brazil's GDP
in 2015, and we expect it to continue do so in 2018-2020. We
estimate the state's GDP per capita of $14,024 in 2015-2017, which
we expect to rise to $15,250 in 2018, in line with our
expectations for the sovereign's per capita GDP growth pace."

The state's financial management practices remained robust, owing
to commitment to fiscal prudency and institutionalized sound
practices in the administration. The latter allow ongoing
monitoring over revenue performance, while the state has
mechanisms in place to take corrective measures on spending amid
Brazil's currently weak economy. S&P said, "We believe Sao Paulo's
implementation of appropriate policy measures, such as restraining
growth of the state payroll spending, was key to its fiscal
performance during Brazil's recession in 2014-2016. We expect this
factor to maintain the state's credit quality stronger than those
of its domestic peers in in 2018-2020."

S&P said, "We believe that the Brazilian LRGs' institutional
framework is volatile and unbalanced. We believe the system
continues to have an adequate level of predictability and
transparency, with enhanced central government oversight of LRGs'
finances and adherence to fiscal discipline. However, structural
rigidities of Brazil's intergovernmental system have prevented
LRGs from reaching revenue-and-expenditure balance. Overall, our
current assessment draws on our evaluation of an intrinsically
rigid intergovernmental system that has failed to address LRGs'
significant budgetary imbalances and this isn't likely to change
over the short to intermediate term. Therefore, these factors, in
our view, have left LRGs unprepared to address key long-term
spending trends and financing options.

"Historically, Sao Paulo has maintained high levels of own-source
revenues and operating surpluses. We don't expect the state to
increase taxes or create new fees at this point, but rather to
benefit from tax hikes that it implemented in the past and as a
result of the still slow recovery of the Brazilian and state
economies. Our base-case scenario for 2018-2020 is that Sao
Paulo's own-source revenues will remain at 90% of operating
revenue, and the operating surplus will be 6% of operating revenue
in 2018 and rise to 9% by 2020."

At the same time, spending pressures shouldn't resume, in
particular those related to pension payments for public-sector
employees. Salaries and pensions for the latter have historically
accounted for around 45% of Sao Paulo's operating spending, and
S&P expects this metric to increase to more than 50% by 2020. In
addition, the state has limited room to make further cuts in its
capital expenditure (capex) given its underlying infrastructure
necessities and maintenance costs related to existing assets.
Therefore, capex should average almost 8% of total spending in
2018-2020, while the after-capex results will improve to a surplus
of approximately 2.5% of total revenue by 2020 from a small
deficit in 2018.

S&P said, "We expect Sao Paulo's liquidity levels to remain
limited overall for the next few years. We project Sao Paulo's
free cash to cover around 93% of its debt service in 2018. And we
continue to assess the state's access to external liquidity as
limited. This assessment incorporates our Banking Industry Country
Risk Assessment (BICRA) of '6' in Brazil. Our BICRAs rank banking
systems on a scale from '1' to '10', with group '1' denoting the
lowest-risk banking systems.

"In line with Sao Paulo's capex needs, our base-case scenario
assumes borrowings totaling around R$16.3 billion in 2018-2020,
mainly from multilateral lending institutions and public banks.
Sao Paulo's direct debt totaled R$294.7 billion at the end of
2017, or the equivalent to 149% of adjusted operating revenue. We
expect Sao Paulo's debt burden to decline in 2018-2020 to almost
119% of adjusted operating revenue. This expectation assumes that
the state will continue strengthening its revenue collection while
complying with the Fiscal Responsibility Law debt limits, and debt
service payments will remain between 7% and 8% of operating
revenue for the forecasted period. Interest payments should remain
below 4.3% of adjusted operating revenue during 2018-2020.

"We believe that the risks stemming from unfunded pension
liabilities are manageable for the state of Sao Paulo, unlike the
scenario for other Brazilian states. This stems from Sao Paulo's
2007 and 2011 pension reforms. However, we factor in our
projections the impact that the increasing annual pension payments
have on the state's budget.

"At the same time, we believe contingent liabilities stemming from
Sao Paulo's self-supporting, government-related entities--mainly
its water utility, Companhia de Saneamento Basico do Estado de Sao
Paulo (Sabesp), and its energy company, CESP-Companhia Energetica
de Sao Paulo--to be less than 10% of the state's 2017 operating
revenue. Contingent liabilities stemming from its private public
partnerships (PPPs) are moderate, in our view. The state currently
has 11 PPPs, two of which Sabesp operates. In our view, the Sao
Paulo Metro is important to the state because it provides
essential services to the capital city's population. As a result,
the Metro is likely to receive support if contingent liabilities
were to materialize."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Ratings Affirmed

  Sao Paulo (State of)
   Issuer Credit Rating
   Global Scale                           BB-/Stable/--
   Brazil National Scale                  brAA-/Stable/--


VALE SA: 2017 Results is Credit Positive, Moody's Says
------------------------------------------------------
Moody's Investors Service comments that Vale S.A's (Vale - Ba1,
stable) performance for the year ended December 31, 2017 is credit
positive. Recovery in prices across the commodities produced by
Vale and record of iron ore production generated stronger cash
flows, which, combined with a focus on gross debt reduction, led
to enhanced credit 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: Afconagro Willing to 'Dominicanize' Workforce
-----------------------------------------------------------------
Dominican Today reports that Canned Agro Producers Association
(Afconagro) President Felix M. Garcia said agro leaders are
willing to increase the "Dominicanization" of the border and
sacrifice some profits to integrate the local workforce.

In the welcoming remarks to start the harvest of the industrial
tomato (#69), the business leader stressed that producers are
willing to assume, together with the govt., the challenge of
increasing primary agro exports in the next two years, from 2.0
billion dollars, as president Danilo Medina has stated, to US$2.5
billion, according to Dominican Today.

"And it is now (. . . . ) gentlemen, let us return and give
validity to the concept that we are an eminently agricultural
country," Garcia said in the activity that included a field day
and a visit to three farms affiliated to Afconagro, the report
notes.

Among the companies that sponsor or finance tomato production
figure Transagricola S.R.L (Linda); Peravia Industrial (La
Famosa), and Victorina Agroindustrial (Victorina), the report
relays.

Present at the field day were Agriculture minister, Angel Estevez;
Dams and Canals director, Olgo Fernandez; Agricultural Bank
administrator, Carlos Segura; Transagricola president Miguel
Sanchez, among other growers, 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.


DOMINICAN REPUBLIC: Spanish Investment Pace Declines in Last 12Mo
-----------------------------------------------------------------
Dominican Today reports that the Spanish Chamber of Commerce in
the Dominican Republic revealed that the pace of Spain's
investment in the country has fallen in the last 12 months.

Chamber President Juan Antonio Garcia Carnicer said in recent
years the Spanish investment reached record levels but the last
year fell in other lines but remains in tourism, according to
Dominican Today.

Garcia Carnicer provided the information after participating in a
seminar on Money Laundering Law 155-17, 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.


====================
E L  S A L V A D O R
====================


BANCO DE DESARROLLO: Moody's Ups LT FC Issuer Rating from Caa1
--------------------------------------------------------------
Moody's Investors Service has upgraded to B3, from Caa1, the long-
term foreign currency issuer rating of Banco de Desarrollo de El
Salvador (Bandesal) and to B1, from B2, Banco Agricola, S.A.'s
long-term foreign currency deposit rating.

Moody's also upgraded to B1, from B2, the long-term foreign
currency debt rating of Banco Agricola's USD300 million senior
debt issuance due in 2020, issued through a Cayman Islands-based
trust, Agricola Senior Trust (AST). AST is unconditionally and
irrevocably guaranteed by Banco Agricola.

At the same time, both banks' standalone baseline credit
assessments (BCA) were upgraded to b3, from caa1, and Banco
Agricola's adjusted baseline credit assessment was upgraded to b1,
from b2.

The deposit and issuer ratings carry stable outlooks.

These rating actions follow Moody's upgrade of El Salvador's
government bond rating to B3, from Caa1, with a stable outlook.

The following ratings and assessments were upgraded:

Banco de Desarrollo de El Salvador

-- Long-term foreign currency issuer rating, to B3 from Caa1,
    outlook remains stable

-- Baseline credit assessment, to b3 from caa1

-- Adjusted baseline credit assessment, to b3 from caa1

-- Outlook remains stable

Banco Agricola, S.A.

-- Baseline credit assessment, to b3 from caa1

-- Adjusted baseline credit assessment, to b1 from b2

-- Long-term foreign currency deposit rating, to B1 from B2,
    outlook remains stable

-- Long-term counterparty risk assessment, to B1(cr) from B2(cr)

-- Outlook remains stable

Agricola Senior Trust

-- BACKED long-term foreign currency senior unsecured debt
    rating, to B1 from B2, outlook remains stable

-- Outlook remains stable

The following ratings and assessments were affirmed:

Banco Agricola, S.A.

-- Short-term foreign currency deposit rating at Not Prime

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

RATINGS RATIONALE

The rating upgrades follow the upgrade to B3, from Caa1 of El
Salvador's government bond rating, which considered the
government's significantly reduced liquidity risks as political
agreements have led to legislative assembly approval of long-term
government financing and pension reform. Consequently, the risk
that political brinkmanship will lead to missed debt payments has
diminished materially.

In upgrading Bandesal's ratings, Moody's took into consideration
the decrease in risks stemming from the development bank's close
managerial and financial linkages with the Salvadoran government,
and the resulting improvement in its access to funding. The bank
is 100% owned by the Salvadoran state, and is entirely dependent
on market funding. Bandesal's ratings are also supported by its
relatively good asset quality, which benefits from its preferred
creditor status in El Salvador, coupled with prudent risk
management and reserving practices. The bank's profitability is
low as a result of its developmental role and focus on low-
yielding lending to other financial institutions coupled with its
dependence on more expensive market funding. This funding
structure also exposes Bandesal to refinancing and interest rate
risks, especially as USD interest rates continue to rise. Despite
low profitability, Bandesal's capitalization remains strong,
supported by low dividend payments.

The upgrade of Banco Agricola's ratings incorporates the reduction
in credit risk and ensuing improvement in liquidity of the bank's
investments, which include still sizeable holdings of Salvadoran
government bonds notwithstanding recent reductions. The bank's
ratings also consider its good capital position, supported by
cautious loan growth, and strong and stable earnings that benefit
from ample margins. However, ratings continue to reflect
significant credit challenges related to El Salvador's operating
environment, which remains very weak despite the upgrade of the
sovereign rating, as well as the bank's high borrower
concentrations and sizable exposure to the riskier consumer
segment which present risks to asset quality.

As one of Bancolombia, S.A.'s (deposits Baa2 negative, BCA ba1)
most important Central American franchises, Banco Agricola's
ratings also benefit from Moody's assessment of a high probability
of support from its parent. This results in two notches of ratings
uplift for the bank's b3 BCA to its deposit rating, and
consequently to the senior debt rating of AST.

WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN

The ratings will face further upward pressure if El Salvador's
operating environment continues to improve. On the contrary, if
the bond ratings of the Salvadoran government were to be
downgraded, Bandesal's and Banco Agricola's ratings would be
downgraded as well. A severe deterioration of the banks' capital,
asset quality, and/or profitability could also put downward
pressure on their ratings.

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

The last rating action on Bandesal was on April 19, 2017.

The last rating action Banco Agricola was on April 19, 2017.

The last rating action on Agricola Senior Trust was on April 19,
2017.

Domiciled in San Salvador, El Salvador, Bandesal was originally
established as Banco Multisectorial de Inversiones by special
legislative act in 1994 and transformed into Banco de Desarrollo
de El Salvador by law in 2012. The bank supports private sector
economic development and investment largely by lending through the
financial system. Bandesal reported total assets of about $538
million as of year-end 2017.

Domiciled in San Salvador, El Salvador, Banco Agricola is the
country's largest bank with substantial market shares of 26% and
27% in loans and deposits. Banco Agricola reported consolidated
assets of $4.3 billion, as of year-end 2017.

Agricola Senior Trust is a special purpose trust governed by the
laws of the Cayman Islands and is unconditionally and irrevocably
guaranteed by Banco Agricola.


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J A M A I C A
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CABLE AND WIRELESS: To Suspend Trading on JSE
---------------------------------------------
RJR News reports that Cable and Wireless Jamaica has requested the
suspension of trading in its shares on the Jamaica Stock Exchange.

The suspension was to commence at the opening of trading on Feb.
26 and end at the close of trading on March 22, according to RJR
News.

Trading in Cable and Wireless shares is scheduled to resume on
March 23, the report notes.

The request for suspension follows the offer made by CWC CALA
Holdings Limited to shareholders of Cable and Wireless Jamaica for
the purchase of all the shares in the company not currently held
by CWC CALA or its affiliated companies, the report relays.

The offer closed on February 28, the report relays.

The Board of Directors decided to make an application to the Stock
Exchange for the suspension of trading in the company's shares to
facilitate the uninterrupted block transfer of shares which
accepting Cable and Wireless Jamaica shareholders have agreed to
sell to CWC CALA, the report says.

Meanwhile, Cable and Wireless Jamaica has released financial
results which show it suffered a $381 million loss in 2017, the
report discloses.

It made a $261 million profit in the previous year, the report
says.

Revenues rose by 2-point-1 billion dollars to 27-point-1 billion
dollars, the report notes.

This was driven by an 18 percent growth in mobile revenue largely
due to a one percent increase in customers, the report adds.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, Japan, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%



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M E X I C O
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GRUPO KUO: Fitch Affirms BB Long-Term IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Grupo KUO, S.A.B. de C.V.'s (KUO) Long-
Term Foreign and Local Currency Issuer Default Rating (IDR) at
'BB'. In addition, Fitch has affirmed KUO's National Scale Long-
Term rating at 'A(mex)'. The Rating Outlook is Stable.

The ratings reflect KUO's diversified business portfolio, leading
market positions across the industries where it participates, and
its joint ventures (JVs) with recognized companies as Repsol and
Grupo Herdez. The ratings also consider Fitch's expectation that
net leverage in 2018 will remain below management's target of
2.5x, despite negative free cash flow (FCF) generation related to
its capex program in the Pork Meat and Transmission businesses.

KUO's ratings are tempered by its export diversification, which
represents around 52% of its total revenues and its strategy to
develop high value-added products with attractive returns. The
ratings are limited by the company's exposure to volatility in
product demand and input costs across its business units and the
uncertainties associated with U.S. trade policy and the economic
activity in Mexico.

For analytical purposes, Fitch incorporates the financial
information of KUO under the proportional consolidation of its JVs
in Herdez Del Fuerte and Dynasol (pro forma). In addition, Fitch
considers reported consolidated figures, which account for the JVs
under the equity method (consolidated).

KEY RATING DRIVERS

Diversified Business Portfolio: The ratings incorporate KUO's
diversified business portfolio in the consumer, automotive and
chemical industries, which allow the company to mitigate the
volatility across the up and downs of the economic and industry
cycles. The company's most important businesses -- Pork Meat and
Herdez Del Fuerte JV -- are oriented to the more stable consumer
segment and represent around 47% of total EBITDA. KUO's business
segment, with higher exposure to demand cycles, are in the
chemical (Synthetic Rubber JV and Polystyrene) and automotive
sectors (Transmissions and Aftermarket), which contribute around
35% and 18%, respectively, of total EBITDA generation. Fitch
believes KUO's investments will increase its capacity in the pork
meat and transmission businesses, and combined with a focus on
value added products, should contribute improvements in its
portfolio and reduce volatility in revenue and cash flow
generation.

Leading Positions in Key Markets: KUO's ratings reflect the
important market positions of its business units. The company's
pork meat business is Mexico's largest producer with vertically
integrated operations serving the domestic market and exports
products to Japan and South Korea. Around 33% of its products are
exported, while 35% is sold by its owned stores called
"Maxicarne". Under its Herdez Del Fuerte JV, KUO has highly
recognized brands with leading market shares in Mexico in
different products like tomato paste and mole, among others. In
addition, this JV gives the company relevant operations in the
U.S. as a producer and distributor of Hispanic brands and a
leading position as a distributor of guacamole. The transmissions
business is a leading producer of rear wheel transmissions in
North America for the high performance original equipment
manufacturers (OEMs) segment. In the aftermarket business, KUO is
a leader in engine components with recognized proprietary brands
and third party products in Mexico. In addition, the company is
the largest producer of synthetic rubber in Mexico through its JV
with Dynasol, as well as the country's main producer of
polystyrene.

Slower Growth Expected in 2018: Fitch expects KUO's operating
results to grow at a slower pace in 2018 after posting positive
results on a proforma basis in 2017, with revenue growth of around
17% and EBITDA margin close to 14%.

Mid-single digit growth in the pork meat and Herdez Del Fuerte JV
is expected to be partially offset by a decline in the chemical
segment (Synthetic Rubber JV and Polystyrene), while low single
digit revenue growth is projected in the automotive segment. Fitch
forecasts KUO's revenues on a proforma basis to growth 3% in 2018
and then increase around 13% in 2019, supported by the capacity
expansions in the pork meat and transmission businesses. In terms
of profitability, Fitch projects the company's EBITDA margin to
normalize at around 12% in 2018 - 2019, mainly due to lower
margins in the pork meat and chemical segments. KUO's EBITDA in
2017 had a non-recurrent income of around USD15 million from its
polysterene business that benefited its profitability. Excluding
this effect the EBITDA margin was around 13%.

Leverage Within Target: KUO's leverage metrics are expected to
increase in 2018, but Fitch anticipates they will remain below
management's target of net debt/EBITDA of 2.5x on a proforma
basis. In 2018, the company will be deploying around USD200
million of capex mainly to expand the production capacities of
pork meat products in Mexico and dual clutch transmissions (DCT),
which will result in negative FCF and higher total debt. Fitch
forecasts KUO's proforma total debt/EBITDA and net debt/EBITDA
(adjusted by USD22 million of non-recourse factoring) will be
around 2.9x and 2.4x, respectively by year end 2018. Gradual
deleverage to gross and net ratios of 2.4x and 2.1x, respectively,
is expected by year end 2019 as capex decreases and FCF turns
neutral to positive. As of Dec. 31, 2017, KUO's proforma total
debt/EBITDA including non recourse factoring calculated by Fitch
was 2.1x, while net debt/EBITDA was 1.8x. On a consolidated basis,
accounting for its JVs under the equity method, Fitch projects
gross and net leverage to be around 3.4x and 3.2x, respectively at
year end 2019.

DERIVATION SUMMARY

KUO's ratings are supported by its diversified business portfolio,
solid business position of its main brands and products in
different industries, geographic diversification, and stable
financial position. Its credit profile is comparable with other
diversified groups such as Alfa, S.A.B. de C.V. (BBB-/Stable) and
Votorantim, S.A. (BBB-/Negative). KUO is considered to have lower
size and scale, geographic diversification, and a relatively
weaker position of its main businesses when compared to peers like
Alfa and Votorantim. While KUO's leverage metrics are stronger
than Alfa and Votorantim, these companies have higher
profitability levels and more consistent positive FCF generation
that provide more flexibility to deleverage. KUO's leverage is
considered strong for its 'BB' rating; however, its negative FCF
across the business cycle, mainly associated to its higher capex
requirements, has limited the ratings. Other comparable companies
in the 'BB' category are Nemak, S.A.B. de C.V. (BB+/Positive),
Controladora Mabe, S.A. de C.V. (BB+/Stable), Cydsa, S.A.B. de
C.V. (BB+/Stable), and Grupo Cementos de Chihuahua, S.A.B. de C.V.
(BB/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
-- Proportional consolidation of its JVs;
-- Revenue growth of around 3% in 2018 and 13% in 2019;
-- EBITDA margin around 12% in 2018 - 2019;
-- Capex around MXN3.8 billion in 2018 and MXN2.1 billion in
    2019;
-- Dividends at MXN285 million in 2018 and MXN294 million in
    2019;
-- Negative FCF of around MXN2.5 billion in 2018 and neutral to
    positive in 2019;
-- Total debt/EBITDA and net debt/EBITDA around 2.4x and 2.1x by
    year end 2019.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Neutral to positive FCF through the economic cycle;
-- Maintain a strong liquidity position;
-- Sustained lower leverage ratios of total debt/EBITDA and net
    debt/EBITDA pro forma of around 2.5x and 2.0x, respectively.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- High than expected negative FCF over the next two to three
    years;
-- Weak liquidity position;
-- Sustained deterioration in operating performance across the
    company's businesses leading to total debt/EBITDA and net
    debt/EBITDA pro forma consistently above 3x and 2.5x,
    respectively.

LIQUIDITY

As of Dec. 31, 2017, KUO's liquidity position was adequate with
MXN1.9 billion of cash balance on pro forma basis and MXN721
million consolidated. These cash levels are sufficient to cover
its short-term debt maturities adjusted by non- recourse factoring
of MXN1.2 billion on a proforma basis and MXN444 million
consolidated. In addition, the liquidity position of the company
is supported by an available committed credit line of USD180
million due in February 2021.

Fitch considers that KUO's debt maturity profile is manageable and
provides financial flexibility to face its capex program during
2018 and 2019. Its debt amortization schedule on a proforma basis
for 2019, 2020 and 2021 are USD8 million, USD10 million and USD6
million, respectively, while its most significant debt maturity is
until 2027 related the USD450 million senior unsecured notes. As
of December 31, 2017, KUO's total debt including non-recourse
factoring was MXN11.4 billion on proforma basis and MXN10.2
billion consolidated.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

-- Long-Term Foreign Currency IDR at 'BB';
-- Long-Term Local Currency IDR at 'BB';
-- Long-term national scale rating at 'A(mex)';
-- USD450 million senior notes due 2027 at 'BB'.

The Rating Outlook is Stable.


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


TOYS R US: US Trustee Objects to Chilmark Partners Retention
------------------------------------------------------------
BankruptcyData.com reported that the U.S. Trustee (UST) assigned
to the Toys "R" Us case filed with the U.S. Bankruptcy Court an
objection to Debtors Geoffrey and Geoffrey Holdings' motion to
retain Chilmark Partners as financial advisor.  The objection
asserts, "The UST objects to the Chilmark Application and proposed
order approving same because Chilmark is not disinterested and may
have an adverse interest to the Geoffrey Debtors.  In fact, David
Schulte, the Disinterested Manager of the Geoffrey Debtors, is a
member of Chilmark. According to Chilmark's website, David Schulte
has been Chilmark's managing general partner and the head of
Chilmark's restructuring advisory services and principal investing
activities since 1984.  Mr. Schulte is also the managing general
partner of Chilmark Fund II and was one of two individuals who
acted as the general partner of the Zell/Chilmark Fund when it was
formed in 1990.  As such, Chilmark does not pass muster under the
requirements of 11 U.S.C. section 327(a) as it is not
disinterested."

                      About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities,
are not part of the Chapter 11 filing and CCAA proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.


TOYS R US: Proposes Bid Procedures for Real Property & Leases
-------------------------------------------------------------
BankruptcyData.com reported that Toys "R" Us filed with the U.S.
Bankruptcy Court a motion for entry of an order establishing
bidding procedures and approving the sale of certain real property
and leases. The motion explains, "As the Debtors will no longer be
operating stores at the Initial Closing Stores, the Debtors now
seek entry of an order approving the Bidding Procedures to
capitalize on those assets. In conjunction with the store
performance analysis and Initial Store Closings, the Debtors and
their affiliates also engaged Cushman & Wakefield and A&G to
perform appraisals (the 'Appraisals') of their owned real property
and unexpired real property leases (collectively, the 'Real Estate
Assets'). Following the Appraisals, and in consultation with A&G,
A&M, and Lazard, the Debtors determined that obtaining Court
approval of a sale of the Real Estate Assets in connection with
the Store Closings is the most value-maximizing option with
respect to such Real Estate Assets."

BankruptcyData related that "The Bidding Procedures contemplate
that the Debtors, in consultation with the Consultation Parties,
would be authorized, but not obligated, in an exercise of their
business judgment, to agree to reimburse the reasonable and
documented out-of-pocket fees and expenses of one or more
Qualified Bidder (each, an 'Expense Reimbursement'), and/or agree
to pay one or more Qualified Bidders a 'work fee' or other similar
cash fee (each, a 'Work Fee') if the Debtors reasonably determine
in their business judgment that any such Expense Reimbursement or
Work Fee will encourage one or more parties to submit a Qualified
Bid or result in a competitive bidding and Auction process. The
aggregate amount of all Expense Reimbursements and Work Fees may
not exceed $50,000 per Qualified Bidder or $1,000,000 in the
aggregate, and the Debtors shall consult with the Consultation
Parties prior to agreeing to any specific Expense Reimbursement or
Work Fee. The Debtors may choose a Stalking Horse Bidder by March
15, 2018, and will inform the court if a Stalking Horse Bidder has
been selected and any terms thereto at the hearing to approve the
Bidding Procedures. The Debtors submit that the opportunity to
enter into a Stalking Horse Agreement that provides these bid
protections will encourage bidders to submit bids and participate
at the Auction, thereby maximizing value for the Debtors estates."

According to the report, the motion proposes the following general
timeline: March 26, 2018 deadline to submit qualified competing
bids; an auction, if necessary, would be conducted on March 29,
2018, followed by an April 12, 2018 sale hearing.

The Court scheduled a March 20, 2018 hearing to consider the
procedures motion.

                        About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, are not part of the Chapter 11 filing and CCAA
proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.


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


CARIBBEAN CEMENT: Posts Lower Profits for Year Ending Dec. 2017
---------------------------------------------------------------
RJR News reports that Caribbean Cement Limited is reporting lower
profits for the financial year ending December last year.

For the period, Jamaica's sole cement manufacturer made $1.1
billion, down from $1.3 billion the prior year, according to RJR
News.

Revenues were up this year at $16.5 billion compared with $15.7
billion in the prior year, the report notes.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that Caribbean Cement said it
racked up a loss of $89 million in the three months to the end of
June, compared to a $359 million profit in the corresponding
period a year ago.  The report noted that Caribbean Cement said
the loss was due to the shutdown of a clinker line to facilitate
maintenance work.

According to a TCR-LA report on Aug. 7, 2013, RJR News related
that Caribbean Cement Company Limited suffered a consolidated loss
of J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News.  The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.


TRINIDAD & TOBAGO: Lost $1BB Revenue for 9Yrs Without Property Tax
------------------------------------------------------------------
Ria Taitt at Trinidad Express reports that the Treasury lost $1
billion in revenue for the nine years that property tax was not
paid.

So noted Finance Minister Colm Imbert as he introduced The
Valuation of Land (Amendment) Bill and the Property Tax
(Amendment) Bill in the House of Representatives in Port of Spain,
according to Trinidad Express.

Minister Imbert said once over 50 per cent of lands are valued,
property taxes will be commenced by a Notice from the President,
notes the report.

To facilitate this, the Valuation Amendment bill contained a
provision which requires that where the Commissioner of Valuations
is of the view that more than 50 per cent of all lands in Trinidad
and Tobago has been valued, he must notify the minister who would
by Order then declare that the valuations are in effect, the
report notes.

As reported in the Troubled Company Reporter-Latin America on
Jan. 9, 2018, Leah Sorias at Trinidad Express reports that
Business groups and economic experts are projecting that 2018 will
be another tough year for the economy.  They believe the problems
which plagued 2017, including the foreign exchange shortfall, will
continue into this year, if diversification projects and other
measures are not fast tracked, according to Trinidad Express.


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


* BOND PRICING: For the Week From February 26 to March 2, 2018
---------------------------------------------------------------

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD





                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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