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        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

               Monday, March 12, 2018, Vol. 19, No. 50


                            Headlines



A R G E N T I N A

QUICKFOOD SA: Moody's Cuts Sr. Unsec. Notes GS Rating to Ba2


C U B A

CUBA: Elections Will Start Bringing a New Generation to Power


J A M A I C A

JAMAICA: Over $200 Billion in Tax Arrears
JAMAICA: BOJ Ready to Buy Foreign Exchange Under New B-FIXTT


P E R U

HOCHSCHILD MINING: Moody's Withdraws Ba3 Corporate Family Rating


P U E R T O   R I C O

GRUPO HIMA: Main Street Values $4,750,000 Loan at 74% of Face
LRJ GLOBAL: Plan Outline Gets Court's Conditional Approval


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Gets Call to Add More Planes for Tobago Route


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Sues Miami-based Co. for Insider Trading


X X X X X X X X X

* BOND PRICING: For the Week From March 5 to March 9, 2018


                            - - - - -


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


QUICKFOOD SA: Moody's Cuts Sr. Unsec. Notes GS Rating to Ba2
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded to Ba2 from Ba1 the global scale ratings of Quickfood
S.A.'s senior unsecured notes guaranteed by BRF S.A. (Ba2
negative), affirming their Aaa.ar national scale ratings and
maintaining the negative outlooks. The rating action mirrors
Moody's Investors Service downgrade of BRF's corporate family
rating (CFR) to Ba2 from Ba1, on March 6, 2018.

Quickfood's CFR remains unchanged at B3/Baa2.ar, with stable
outlook. The company's stable (multiple) outlook recognizes an
unchanged stable outlook of the CFR and the maintaining of the
negative outlook of the guaranteed notes.

Downgrades:

Issuer: Quickfood S.A.

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
from Ba1

Affirmations:

Issuer: Quickfood S.A.

-- Senior Unsecured Regular Bond/Debenture, Affirmed Aaa.ar

RATINGS RATIONALE

The downgrade to Ba2 from Ba1 global scale ratings of Quickfood's
outstanding guaranteed notes mirrors the rating downgrade to Ba2
from Ba1 of its guarantor, BRF, by Moody's Investors Service on
March 6, 2018. The negative outlook of the notes also mirrors the
negative outlook of BRF rating. BRF fully and unconditionally
guarantees the instruments, which would cause an acceleration of
most of the parent's debt in the event of a default.

The rating of the guaranteed notes could be upgraded or downgraded
if BRF's ratings were to be upgraded or downgraded, respectively.
Furthermore, given the close relationship between BRF's rating and
Brazil's sovereign rating (Ba2 negative), downward pressure on
Brazil's Government bond rating could arise downgrade pressure on
BRF's rating and, therefore, on the guaranteed notes' ratings.

Founded in 1960 and headquartered in Buenos Aires, Argentina,
Quickfood is dedicated to the manufacturing and commercialization
of processed, refrigerated and frozen foods under specific brands.
BRF owns 91.21% of the company. For the last twelve months ended
in September 2017 revenues amounted to ARS5.6 billion
(approximately $353 million).

BRF is one of largest food conglomerates globally and posted
consolidated net revenues of BRL 33.5 billion in fiscal year ended
in December 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 47 plants and 42 distribution centers,
exports to more than 120 countries and has a leading position in
global poultry exports.


=======
C U B A
=======


CUBA: Elections Will Start Bringing a New Generation to Power
--------------------------------------------------------------
EFE News reports that governed for almost 60 years by historic
figures of the Revolution, Cuba is preparing for a new generation
to take power, a process that begins with the general elections to
choose lawmakers for the National Assembly.

More than 8 million Cubans are registered to vote for the 605
legislators that make up the National Assembly of People's Power
in elections that signify the ratification of the candidates,
since there are exactly 605 seats in the nation's unicameral
parliament, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2017, the credit profile of Cuba (Caa2 stable) reflects
significant credit challenges due to diminished growth prospects
as rapprochement with the United States (Aaa stable) stalls,
Moody's Investors Service says in a new report.  Other credit
weaknesses constraining Cuba's creditworthiness include limited
access to external financing, a high dependence on imported goods
and, most importantly, a lack of data transparency.  Structural
inefficiencies directly hinder economic growth.


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


JAMAICA: Over $200 Billion in Tax Arrears
------------------------------------------
EFE News reports that Jamaica is owned J$234 billion in tax
arrears.

This was disclosed by Finance Minister Audley Shaw during his
budget presentation, according to EFE News.

He stated that the figure includes interest and penalties -- with
Property tax arrears amounting to $14 billion, the report notes.

"Tax Administration Jamaica (TAJ) has developed a flex-i-time
policy with staff with the hope of opening the most heavily
trafficked offices earlier.  In addition, TAJ is in the advanced
stages of introducing an automated queuing in its offices. This
will involve the tracking of service demand.  Other initiatives
include introducing an online banking option to make payments.

Meanwhile, the Finance Minister says just over 15 thousand persons
were added to the tax roll between April and December last year,
the report notes.

He attributed this to Tax Administration Jamaica's compliance
drive, the report ads.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2018 S&P Global Ratings affirmed its long- and short-
term foreign currency sovereign issuer credit ratings on Venezuela
at 'SD/D'. S&P said, "At the same time, we lowered seven issue
ratings on Venezuela's global bonds to 'D' from 'CC'. Our long-
and short-term local currency sovereign credit ratings remain at
'CCC-/C' and are still on CreditWatch with negative implications.
In addition, we affirmed our 'CC' transfer and convertibility
assessment."



JAMAICA: BOJ Ready to Buy Foreign Exchange Under New B-FIXTT
-------------------------------------------------------------
RJR News reports that the Bank of Jamaica says it is now in a
position to start buying foreign exchange under its new BOJ
Foreign Exchange Intervention and Trading Tool or B-FIXTT.

The BOJ revealed that each week there will be a four-week advance
B-FIXTT announcement of its intention to buy or sell in the
market, according to RJR News.

However, the central bank said it will not be conducting buying
and selling operations simultaneously, the report notes.

The BOJ also noted that its decision to intervene by buying in the
foreign exchange market will be driven by market intelligence and
its assessment of conditions therein, says the report.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2018, S&P Global Ratings affirmed its long- and short-
term foreign currency sovereign issuer credit ratings on Venezuela
at 'SD/D'. S&P said, "At the same time, we lowered seven issue
ratings on Venezuela's global bonds to 'D' from 'CC'. Our long-
and short-term local currency sovereign credit ratings remain at
'CCC-/C' and are still on CreditWatch with negative implications.
In addition, we affirmed our 'CC' transfer and convertibility
assessment."


=======
P E R U
=======


HOCHSCHILD MINING: Moody's Withdraws Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating of Hochschild Mining plc. The rating had a stable outlook.

Withdrawal:

Issuer: Hochschild Mining plc

-- Corporate Family Rating, Withdrawn, previously rated Ba3

Outlook Action:

Issuer: Hochschild Mining plc

-- Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Hochschild Mining plc, headquartered in Lima, Peru, is primarily a
producer and seller of gold and silver, mined from its four core
underground mines, with three located in southern Peru and one in
southern Argentina.


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


GRUPO HIMA: Main Street Values $4,750,000 Loan at 74% of Face
-------------------------------------------------------------
Main Street Capital Corporation has marked its $4,750,000 in loans
extended to privately held Grupo Hima San Pablo, Inc. to market at
$3,541,000 or 74% of the outstanding amount, as of Dec. 31, 2017,
according to a disclosure contained in a Form 10-K filing with the
Securities and Exchange Commission for the fiscal year ended Dec.
31, 2017.

Main extended to Grupo Hima San Pablo, Inc. a Secured Debt --
LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.50% -- with a
January 31, 2018 maturity.

Main says the index based floating interest rate is subject to
contractual minimum interest rate. A majority of the variable rate
loans in Main's investment portfolio bear interest at a rate that
may be determined by reference to either LIBOR or an alternate
Base Rate (commonly based on the Federal Funds Rate or the Prime
Rate), which typically resets semi-annually, quarterly, or monthly
at the borrower's option. The borrower may also elect to have
multiple interest reset periods for each loan. For each such loan,
Main has provided the weighted average annual stated interest rate
in effect at December 31, 2017. Main adds that 67% of the loans
(based on the par amount) contain LIBOR floors which range between
0.50% and 2.25%, with a weighted-average LIBOR floor of
approximately 1.02%.

Grupo HIMA-San Pablo, Inc. operates hospitals and medical centers
in Puerto Rico.


LRJ GLOBAL: Plan Outline Gets Court's Conditional Approval
----------------------------------------------------------
Judge Eduard A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an amended order conditionally
approving LRJ Global Quality Concrete, Inc.'s disclosure
statement.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.
A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on April 3, 2018 at 10:00 A.M. at the United States Bankruptcy
Court, Southwestern Divisional Office, MCS Building, Second Floor,
880 Tito Castro Avenue, Ponce, Puerto Rico.

The Troubled Company Reporter previously reported that general
unsecured creditors under the plan are classified in Class 3 and
will receive a distribution of 5% of their allowed claims.
A copy of the Disclosure Statement is available for free at:

         http://bankrupt.com/misc/prb17-04359-11-42.pdf


                About LRJ Global Quality Concrete

Based in Yauco, Puerto Rico, LRJ Global Quality Concrete filed a
voluntary petition for reorganization pursuant to Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 17-04359) on June 19,
2017.

The Debtors' assets and liabilities are both below $1 million.
The Debtor is represented by Nydia Gonzalez Ortiz, Esq. of
Santiago & Gonzalez.



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


CARIBBEAN AIRLINES: Gets Call to Add More Planes for Tobago Route
-----------------------------------------------------------------
Trinidad and Tobago Express reports that the Ministry of Finance
will be asking Caribbean Airlines (CAL) to charter an additional
aircraft to service the Tobago route over the next two months
because of delays and cancellations with ferry service as well as
rough sea conditions.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


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


PETROLEOS DE VENEZUELA: Sues Miami-based Co. for Insider Trading
----------------------------------------------------------------
RJR News reports that Petroleos de Venezuela (PDVSA) has filed a
lawsuit against a Miami-based company, alleging it provided
insider information to a number of large trading companies that
made billions of dollars by buying oil products at below market
prices.

The trader group included names such as Vitol, Trafigura,
Glencore, Lukoil, and Colonial Oil, says RJR News.

According to a lawyer for the Venezuelan company, PDVSA is acting
via an entity called PDBSA US Litigation Trust, the report notes.

The move is part of a wider crackdown on corruption by the Caracas
government, which has so far led to the imprisonment of ten PDVSA
employees, which critics have dismissed as score-settling by the
ruling party rather than any attempt to deal with corruption, the
report relays.

As reported in the Troubled Company Reporter-Latin America on Dec.
22, 2017, S&P Global Ratings lowered its issue-level ratings on
Petroleos de Venezuela S.A.'s (PDVSA's) senior unsecured notes due
2024 and 2021 to 'D' from 'CC'.


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


* BOND PRICING: For the Week From March 5 to March 9, 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.

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Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


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