TCRLA_Public/180309.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, March 9, 2018, Vol. 19, No. 49



BRF SA: Glancy Prongay Probes Firm on Behalf of Investors
BRF SA: Moody's Lowers CFR to Ba2; Outlook Remains Negative
CEA II: Moody's Rates BRL158MM Sr. Secured Debentures Ba2

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries Hail Sanitary Registry Auto Renewal
DOMINICAN REPUBLIC: Minister Favors Revising Tax Break Incentives
DOMINICAN REPUBLIC: Labor says 80-20 Workforce Law to be Enforced


SERVICIOS CORPORATIVOS: Fitch Affirms B+ IDR; Outlook Stable


CORPORACION AZUCARERA: S&P Lowers LT CCR to 'B+', Outlook Stable

P U E R T O    R I C O

AMADO SALON DE BELLEZA: Case Summary & 14 Top Unsecured Creditors

T R I N ID A D  &  T O B A G O

TRINIDAD GENERATION: Gets Grilled by MPs on Audit Deficiencies

                            - - - - -


BRF SA: Glancy Prongay Probes Firm on Behalf of Investors
Glancy Prongay & Murray LLP disclosed an investigation on behalf
of BRF S.A., investors concerning the Company and its officers'
possible violations of federal securities laws. To obtain
information or aid in the investigation, please visit the BRF
investigation page on our website at

The investigation concerns whether the Company issued false and/or
misleading statements and/or failed to disclose material
information to investors.

On March 5, 2018, Reuters reported that Brazilian federal police
arrested BRF's former CEO on charges that he and other executives
knew that BRF fraudulently avoided food safety checks. On this
news, BRF's share price fell $1.83, or more than 19% to close at
$7.59 per share on March 5, 2018, thereby injuring investors.

BRF SA: Moody's Lowers CFR to Ba2; Outlook Remains Negative
Moody's Investors Service has downgraded BRF S.A.(BRF)'s Corporate
Family Rating to Ba2 from Ba1. At the same time, BRF's senior
unsecured ratings and the senior unsecured ratings of BFF
International Ltd have been downgraded to Ba2 from Ba1. The
outlook for all ratings remains negative. The action was triggered
by the company's weak credit metrics and Moody's expectation that
leverage will remain high in the next few quarters.

Ratings Downgraded:

Issuer: BRF S.A.

- Corporate Family Rating: Ba2 from Ba1

- USD118 million gtd global notes due 2022: Ba2 from Ba1

- EUR500 million global notes due 2022: Ba2 from Ba1

- USD500 million global notes due 2023: Ba2 from Ba1

- USD750 million global notes due 2024: Ba2 from Ba1

Issuer: BFF International Ltd

- USD86 million gtd global notes due 2020: Ba2 from Ba1

The outlook for all ratings is negative


The downgrade to Ba2 is mainly a consequence of BRF's persistently
weak credit metrics and Moody's expectation that a recovery will
take longer than initially anticipated. Accordingly, BRF's
leverage increased substantially to 4.6x in 2016 and 5.6x in 2017,
away from both Moody's downgrade trigger of 3.5x and the company's
own leverage targets. Among the factors that contributed to the
deterioration in the company's leverage and metrics are the
disbursements relative to M&A activity, weak margins in 2016 and
2017 following the steep increase in Brazil's corn prices, as well
as poor operating performance domestically and abroad, especially
in the Middle East. Absent any unexpected shocks, Moody's continue
to forecast improvements in operating performance during 2018 and
a more material improvement in 2019.

On March 5, the Federal Justice made public investigations of
irregular conduct by BRF. According to the Federal Justice
Decision on the investigations the company uncovered, from the
competent authorities, contamination in certain animals destined
for human consumption, via the adulteration of reports of
laboratorial analysis. In response, the Ministry of Agriculture
ordered the suspension of exports from 3 of the company's plants
to 12 countries with more stringent standards to this kind of
contamination. These specific suspensions in terms of volume have
a small potential impact of less than 1% of BRF exports. As for
importer countries there has been no suspension or disruption that
Moody's are aware of in terms of exports destinations. Also, It is
unclear at this point, wether -- or which -- responsibilities and
penalties could be applied to the company. Moody's do expect that
the investigations, along with current discussions among
shareholders, possible changes in the Board of Directors and
management, will be a distraction in a moment which the focus
should be on execution.

BRF's Ba2 ratings continue to reflect its good business profile,
solid financial position and leadership both in processed foods in
Brazil and global poultry exports. The value added portfolio and
strong brands provide the company with an important competitive
position, but have not insulated BRF from the inherent volatility
of commodity prices and from the protein business' susceptibility
to event risk. BRF also has a well-developed and sophisticated
logistics and distribution structure, which is a key competitive

Offsetting these positive attributes, the rating takes into
consideration BRF's deteriorated credit metrics, small
geographical diversity in terms of production footprint and strong
exposure to grain prices and currency volatility, since
approximately 50% of sales come from chilled and frozen meats and
from the export markets. In terms of direct company exposure the
FX risks are mitigated by the use of effective hedging strategies.

The negative outlook on BRF's ratings incorporates the company's
current weak credit metrics for the rating category. The outlook
also incorporates a progress towards a gross leverage below 3.5x
in the next 18 months.

An upgrade is unlikely in the short term, but the stabilization of
the rating would be dependent on the recuperation of EBITDA
margins and credit metrics.

A downgrade could result from a deterioration in liquidity or the
inability to progress towards deleveraging. Quantitatively, a
downgrade could also occur if, on a sustained basis, Debt/EBITDA
remains above 3.5x, EBITA/interest expense is less than 2.0x or
CFO/net debt less than 25%. Also, a negative action on Brazil's
rating could lead to a reassessment of the perceived correlation
between the sovereign's and BRF's credit quality.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in June 2017.

BRF S.A. is one of largest food conglomerates globally and posted
consolidated net revenues of BRL 33.4 billion in 2017. Processed
food and food service, which typically generates higher and less
volatile margins than the chilled and frozen protein export
business, represented about 50% of net sales. The company operates
58 plants and 45 distribution centers, exports to more than 120
countries and has a leading position in global poultry exports.

CEA II: Moody's Rates BRL158MM Sr. Secured Debentures Ba2
Moody's America Latina Ltda. assigned ratings of Ba2/
(respectively, in global scale and Brazil's national scale) to Cea
II - Centrais Eolicas Assurua II Spe S/A planned BRL158 million
senior secured debentures to be issued in the form of
infrastructure debentures pursuant to Law 12,431. The outlook is
negative reflective of the outlook on Brazil's sovereign bond
rating (Ba2 negative). This is the first time that Moody's has
rated the project's securities.

Proceeds of the issuance will be used to fund the project's
construction. Additional pari-passu debt includes long-term loans
granted by Banco Nacional de Desenvolvimento Economico e Social
(BNDES, Ba2 negative) in total amount of BRL 738 million, with
final maturity in 2034.

The issuer is a non-operational subholding company owner of 10
SPVs authorized by Aneel/Ministry of Energy and Mining to operate
as wind farm energy producers, forming the CEA II wind complex.
The project has total installed capacity of 235MW located in the
State of Bahia (cluster Xique-Xique) with official commercial
operations date for 100% of the project expected in March 2018.

Moody's anticipates that the debentures will be issued by mid-
April. The assigned ratings are based on preliminary
documentation. Moody's does not anticipate changes in the main
conditions that the debentures will carry. Should issuance
conditions and/or final documentation deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.


The fully-amortizing debentures will have a 12-year maturity with
customized bi-annual amortization schedule. The debentures have a
6-month DSRA and a 3-month O&M reserve with standard project
finance security package including: (i) pledge of the issuer's
shares (ii) pledge of the 10 SPVs shares and equipment; (iii)
pledge of the concession rights; (iv) pledge of receivables; (v)
pledge of reserve accounts; (vi) assignment of insurance proceeds;
and (vii) assignment of a letter of credit.

The debentures will have usual and customary project finance
covenants, similarly shared between the indenture and the BNDES
loan, such as a minimum DSCR of 1.2x measured on an annual basis
in addition to limitations on indebtedness, dividend distribution
and security coupled with the need to maintain the project's
authorizations. Non-compliance with these covenants can trigger
cross-default and debt acceleration under both BNDES's loan and
the debentures as well as change of control or capital increases,
if not previously approved by creditors.

The Ba2/ ratings assigned reflect the project's revenue
profile, composed of long-term Reserve Energy Auction PPA, which
allows eventual surplus and/or deficits in generation within a
specific year to be compensated within a four-year period prior to
revenue deductions. It further considers the strong track record
and overall quality of GE/Gamesa as wind turbine suppliers as well
as the adequate fuel source given the PPA commitment relative to a
strong capacity factor, according to wind studies and the highly-
correlated CEA I complex operational track record. Further
supporting the rating is the DSCR profile with average 1.40x under
Moody's base case (virtually 1-YR P90 generation) during the
debenture's tenor.

On the other hand, the ratings are tempered by the project's
offtaker, which is the CCEE (Brazilian Electricity Clearing
House), associated to the federal energy regulator with strong
linkages to the Brazilian sovereign (Ba2, negative). The sponsor's
relative short operating track record and the fixed-price full
service O&M agreements with GE and Gamesa for only 5-years also
constrain the ratings.

Rating Outlook

In spite of the predictable and stable cash flows from the 20-year
PPA contract, the negative outlook reflects the highly regulated
nature of the energy sector and the project's local-content
revenue profile that limits its upside credit profile relative to
the sovereign rating. Moreover, Moody's understand that the off-
taker (CCEE) is closely linked to the national electricity
regulator (Aneel) and consequently, to Brazil's credit quality
such that the negative outlook assigned to the project reflects
the sovereign outlook.

What Could Change the Rating - Up /Down

In light of the negative outlook, Moody's do not expect upward
rating pressure in the short to medium term. The outlook could be
revised to stable upon a similar action to that of the sovereign.

The ratings could be downgraded if after achieving financial
completion/release of the bank guarantees Moody's see a
significant and sustained deterioration in CEA II's credit metrics
such the DSCR falls below 1.2x (as per Moody's standard
adjustments) or if operational performance is constantly below
Moody's expectations. Deterioration in Brazil's sovereign credit
quality could also trigger a rating action as well as Moody's
perception of a decline in the level of supportiveness,
consistency and predictability of the Brazilian regulatory
environment for the electricity sector.

The principal methodology used in these ratings was Power
Generation Projects published in May 2017.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries Hail Sanitary Registry Auto Renewal
Dominican Today reports that the Dominican Republic Industries
Association (AIRD) hailed President Danilo Medina's executive
order 117-18 which approves the automatic renewal of Sanitary
Registers of food, medicines and health, cosmetics and hygiene
products that maintain the conditions with which they were
originally issued.

AIRD Executive Vice President Circe Almanzar said to promote
exports requires that all hurdles which make the productive
sectors less competitive must be eliminated, according to
Dominican Today.

Ms. Almanzar said the difficulties to renew health records have
hampered the development of the industrial sector for years.

Ms. Almanzar also praised the role played by Competitiveness in
achieving the measure's approved and regulated by executive order.

"The articulation of measures like these places competitiveness in
a role that we have always wanted to play: the facilitator of best
practices and the best conditions to produce, the articulator of
wills and the demonstration that collaboration public-private is
positive and timely for the country," the report quoted Ms.
Almanzar as saying.

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: Minister Favors Revising Tax Break Incentives
Dominican Today reports that Finance Minister Donald Guerrero said
he's in favor of revising the Government's tax exemptions and
incentives, as a way to expand the taxpayer base and increase

The official said the tax rates are already high and cannot be
increased to bolster the revenue that the country requires,
according to Dominican Today.

"We have rates of 27%, 25%, 18% of the Itebis (VAT) and those
rates cannot go higher," the report quoted Mr. Guerrero as saying.

The official was responding to Mexican economist Raul Feliz, who
said the country needs to improve public spending, review
exemptions and increase collection to maintain a stable fiscal
deficit at a low percentage, the report notes.

Speaking at the II Banreservas Business Breakfast, Feliz stressed
that that's the local economy's current challenge, the report

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: Labor says 80-20 Workforce Law to be Enforced
Dominican Today reports that Deputy Labor Minister Washington
Gonzalez, said that employers have no excuse to abide by the Labor
Code which stipulates that 80% of a company's workforce must be
Dominican and warned that violators will be taken to court.

The official said all actions have been taken to regularize the
workforce for which Labor won't be flexible when enforcing the
Labor Law, according to Dominican Today.  "The Law does not admit
flexibility," he said, the report notes.

"Now the whole issue of compliance, there is no excuse," the
official said, the report relays.  "There is no justification for
hiring foreign labor beyond what the regulations establish," he

He said a foreigner must follow procedure to regularize their
immigration status and get a job, the report notes.  "Since the
foreign labor force concentrates on construction and agriculture,
we carried out an awareness operation with employees and employers
on the obligation to comply with the provisions of the Labor
Code," he said, the report relays.

The report discloses that Mr. Gonzalez warned that Labor
inspectors are verifying compliance by companies and failure to do
so will lead to court action, "because this is a very serious
violation of the law.

"The penalty for those who fail to comply is from 6 to 12 minimum
salaries and if a Dominican worker feels displaced he can become a
plaintiff against this," he added.

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.


SERVICIOS CORPORATIVOS: Fitch Affirms B+ IDR; Outlook Stable
Fitch Ratings has affirmed Servicios Corporativos Javer, S.A.B. de
C.V.'s (Javer) Long-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) at 'B+' with a Stable Rating Outlook. Fitch also
maintains the Rating Watch Negative on the company's 'BB-/RR3'
rating for the outstanding USD159 million senior notes due 2021.

The Rating Watch Negative reflects the publication of Fitch's
"Exposure Draft: Country-Specific Treatment of Recovery Ratings"
on Feb. 14, 2018, where the agency explains the application of
caps to instrument ratings for a given jurisdiction. These caps
usually limit the assignment of higher Recovery Ratings (RRs) for
obligations of issuers that are incorporated, or whose assets
and/or cash flows are located, in less creditor-friendly
jurisdictions. Fitch expects to resolve the Rating Watch within
the next six months upon completion of the exposure draft period.
If the final criteria are substantially similar to the Exposure
Draft, then the company's issuance ratings are likely to be
impacted after the final criteria report is published.

Javer's ratings are supported by the company's solid business
position as one of the largest homebuilding companies in Mexico,
its ability to adjust its sale strategy to market dynamics and
improved net adjusted leverage after the debt repayment completed
in 2016. The company specializes in the construction of affordable
entry level, middle-income and residential housing. Operations are
slightly concentrated in the states of Nuevo Leon and Jalisco.
Javer's geographic footprint includes some of the Mexican states
with the highest income per capita and positive economic and
population growth trends. These factors have a positive relation
with the number of available mortgages through the Infonavit
system. The company has a leading market position; holding the
largest or second largest market share in each of the states where
it has operations. Javer is the national leader for houses sold
through Infonavit.


Leading Market Position: Javer is the leading homebuilding company
in Mexico based on the number of units sold through the Infonavit
system. During 2017, the company sold 18,750 units, out of which
17,343 were through Infonavit mortgages to final clients. The
company holds a leading position in its main markets (states of
Nuevo Leon and Jalisco). Javer has presence in some of the states
with the highest income per capita (Nuevo Leon, Jalisco and
Queretaro) and positive economic and population growth trends
(Queretaro and Estado de Mexico) that have a positive relation
with the number of available mortgages through the Infonavit
system. As of Dec. 31, 2017 Javer remains the leader of new homes
sold through the Infonavit system with 8.9% units sold.

Ability to Adjust Sales Strategy: The company has shown the
ability to adjust its sales strategy according to market dynamics.
Housing demand is exposed to consumer income and population
growth. Javer has the ability to adapt the prices of its ready to
be sold inventory. Given the uncertain market conditions regarding
subsidies to low income houses, the company was able to shift its
sales mix towards middle-income houses. For year-end 2017, 78.8%
of the company's units sold were middle-income houses compared to
63.8% in 2016.

Limited Geographic Diversification: Historically, total revenue
has been concentrated in only two states. As of Dec. 31, 2017, 63%
of the total revenue was generated in Nuevo Leon and Jalisco,
relatively stable to the 67% in the previous year. This
concentration increases the company's dependence upon specific
local and municipal governments to secure land and permits, and
translates into exposure to individual market dynamics. This
concentration has been decreasing gradually as the company enters
other markets such as Estado de Mexico and Quintana Roo.

FCF Generation Key to Deleveraging: Javer's pre-dividend FCF
continues robust and can potentially be used to reduce debt. Cash
Flow from Operations (CFFO) strengthened during 2017 as tighter
working capital days resulted in cash inflows. During 2017 the
company generated a Free Cash Flow (FCF) of MXN166.3 million,
which included dividend payments amounting to MXN328.9 million.
Fitch expects Javer will continue with a strict working capital
management, which could be translated into a neutral to positive
FCF generation. Going forward, dividend payments are subject to
shareholders' approval annually.

Credit Metrics Aligned with Rating Level: Javer's total adjusted
leverage improved after the debt repayment completed in 2016 with
the proceeds from the company's IPO and cash on hand. At year-end
2017, total adjusted debt to EBITDA (total debt at face value /
EBITDA) was 3.2x compared to peak leverage of 5.6x at year-end
2015; net adjusted leverage improved to 2.4x from 4.4x in the same
periods. During 2017, Fitch calculated EBITDA amounted to MXN933
million, representing a margin of 12.3%, down from the 13.0%
reported in 2016. Fitch expects a challenging business environment
in the second half of 2018, resulting from increased uncertainty
in the political landscape, low GDP growth, increased interest
rates and inflation. Fitch expects that JAVER's total adjusted
leverage will be at or below 3.0x and net adjusted leverage could
improve below 2.5x.


Javer's rating is supported by its market leadership and product
diversification in Mexico. As of Dec. 31, 2017 Javer continues to
be leader of new homes sold through the Infonavit system in
Mexico, representing 8.9% of units sold nationwide. Javer's
operations are concentrated in seven states where the company
holds the largest or second largest market share. Homebuilding
companies in the U.S. such as KB Homes (formerly Kaufman and Broad
Home Corp.) (B+/Positive), Beazer Homes USA, Inc. (B-/Positive),
M/I Homes, Inc. (B+/Positive) and Meritage Homes Corporation
(BB/Stable) are larger in scale in terms of revenues and market
diversification. Compared with Javer, U.S. peers have weaker
EBITDA margins and net leverage metrics, similar interest coverage
and stronger FCF margins. Javer is exposed to FX volatility as
100% of its debt is USD denominated while all revenues are
generated in MXN. The company partially mitigates currency
mismatch with financial hedges for interest and principal


Fitch's Key Assumptions Within Fitch Rating Case for Javer
-- Sales volume (housing units) remain stable, sales mix moves
    towards middle income housing;
-- Average sales price increases with inflation;
-- EBITDA margin remains at current levels;
-- Investments in additional land take place in 2018 and 2020;
-- Annual dividends payments of about MXN350 million;
-- Stable debt balance;
-- Net Debt/ EBITDA improves towards 2.3x by 2020.


Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Strong operational results, reaching targets of housing units
sold in the near future while improving EBITDA margin;
-- Continued positive FCF generation and net adjusted leverage at
    or below 2.0x;
-- The successful refinancing of the outstanding USD159 million
    notes due 2021 with a peso denominated credit facility.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Weak operational results with sales volume decreases;
    sustained EBITDA margin reductions below current level of 12%;
-- Land capex levels substantially above current expectations of
    investing to replace land reserves used;
-- Negative FCF for consecutive years driven by increasing
    working capital need due to slow inventory rotation;
-- Net debt to EBITDA approaching 3.0x.


Adequate Liquidity: JAVER's liquidity related to debt maturities
and projected investments remains strong. The company changed
their financing strategy from short-term debt and bridge loans
financing to longer-term debt with the issuance of the senior
notes due in 2021. As a result of this strategy, as of Dec. 31,
2017 the company's short-term debt represented 0.9% of the total
debt. The capex plan for the next few years is expected to be
funded with the internally generated cash flow and cash on hand.


CORPORACION AZUCARERA: S&P Lowers LT CCR to 'B+', Outlook Stable
S&P Global Ratings lowered its long-term corporate credit rating
on Corporacion Azucarera del Peru S.A. (Coazucar) to 'B+' from
'BB-'. S&P also lowered its issue-level rating on the company's
$325 million senior unsecured notes due 2022 to 'B+' from 'BB-'.
The outlook remains stable.

In the last three years, Coazucar has posted EBITDA margins barely
exceeding 20% and has struggled to keep its debt to EBITDA ratio
below 4.0x on a consistent basis. S&P said, "In our previous
forecast from mid-2017, we expected that higher production volumes
from its now-completed "Olmos" project would trigger an increase
in Coazucar's operating margins. We also assumed that the higher
production capacity and lower investment requirements would boost
cash flow generation and drive the company's leverage ratio
towards 3.0x. However, throughout 2017, weak international sugar
prices and a strong "El Nino" climate pattern negatively affected
Coazucar's operating performance, resulting in lower-than-expected
revenues and EBITDA margins."

S&P said, "In the past, our ratings on Coazucar benefited from
credit factors that, in our view, made the company resilient to
unfavorable business conditions. In particular, we considered that
the price premium advantage in its domestic market would help
mitigate the fluctuations of international sugar prices and
protect profitability more than other regional players.
Nonetheless, Coazucar's performance in 2017 proved that the
company has low resilience against external risks, evidenced by
EBITDA margins that were as low as 0.3% in the second quarter of
the year, and below 16.5% for the 12 months ended Sept. 30, 2017.
Such a decline in profitability pushed Coazucar's debt to EBITDA
ratio to nearly 8.0x as of Dec. 31, 2017. For that reason, we've
now reassessed our comparable rating analysis that previously
notched-up our ratings on Coazucar."

P U E R T O    R I C O

AMADO SALON DE BELLEZA: Case Summary & 14 Top Unsecured Creditors
Debtor: Amado Salon De Belleza Inc.
        100 Ave. San Patricio
        Guaynabo, PR 00968

Case No.: 14-10460

Chapter 11 Petition Date: December 23, 2014

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Edward A. Godoy

Debtor's Counsel: Gloria M Justiniano Irizarry, Esq.
                  JUSTINIANO'S LAW OFFICE
                  Ensanche Martinez
                  8 DR. A Ramirez Silva
                  Mayaguez, PR 00680-4714
                  Tel: 787 831-2577
                  Fax: 787 805-7350

Total Assets: $488,861

Total Liabilities: $1.38 million

The petition was signed by Amado Navarro Elizalde, president.

A list of the Debtor's 14 largest unsecured creditors is available
for free at

T R I N ID A D  &  T O B A G O

TRINIDAD GENERATION: Gets Grilled by MPs on Audit Deficiencies
Trinidad Express reports that the management of the power
generation company, Trinidad Generation Unlimited (TGU), was
grilled by the Public Accounts (Enterprises) Committee (PAEC)
about an audit report which listed 18 weaknesses in the company's
procurement practices.

The internal report, commissioned by the Union Estate Electricity
General Company Limited (UEEGCL), the state enterprise which
wholly owns TGU, found that in some instances quotations were
received from people who were not on an approved vendors list,
reports Trinidad Express.

TGU was formed on December 13, 2006, as a joint venture between
the Union Estate Electricity Generation Company Limited (UEEGCL),
a wholly owned company of the Government of Trinidad and Tobago
and AES Corporation of the United States.


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


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 * * *