TCRLA_Public/180314.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

           Wednesday, March 14, 2018, Vol. 19, No. 52


                            Headlines



A R G E N T I N A

BANCO DE GALICIA: S&P Affirms 'CCC+' Sub. Issue-Level Rating


B R A Z I L

CYRELA BRAZIL: Fitch Affirms Then Withdraws BB- IDRs
INTERCEMENT PARTICIPACOES: Fitch Hikes IDR to BB-; Outlook Stable


C A Y M A N  I S L A N D S

CHINA FISHERY: BANA, Noteholders Oppose Intercompany Claims Deal
CHINA FISHERY: Damanzaiho Vessel Open for Overbids Til March 16
ODEBRECHT DRILLING VIII/IX: S&P Rates Tranche 1 Sr. Sec. Notes B-
ODEBRECHT OFFSHORE: S&P Rates New Tranche 1 Sr. Sec. Notes 'CCC+'
SIGNUM VERDE 2007-04: Fitch Lowers CLP4.950BB Notes Rating to B-sf


M E X I C O

EMPRESAS ICA: PensionIssste Injected More Than US$20 Million


P A R A G U A Y

PARAGUAY: Fitch Rates 2048 US$530 Million Bond 'BB'


P U E R T O   R I C O

PUERTO RICO: Court Approves Grievance Resolution Protocol
TRINQUILITY CORP: Hires Hatillo Law as Counsel
YORAVI INVESTMENT: Hires Enrique Peral Soler as Special Counsel


                            - - - - -


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A R G E N T I N A
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BANCO DE GALICIA: S&P Affirms 'CCC+' Sub. Issue-Level Rating
------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' local- and foreign-currency
ratings on Banco de Galicia y Buenos Aires S.A. S&P also affirmed
its 'CCC+' subordinated issue-level rating on the bank. The
outlook remains stable.

S&P said, "Our ratings on Banco Galicia reflect its good business
position, based on its solid franchise in Argentina, operating
revenue stability, and improved projected risk-adjusted capital
(RAC) metrics to 5.5% for the next 12-18 months. The ratings also
incorporate our view of an adequate risk profile based on
manageable asset quality metrics, risk diversification, and low
complexity." Asset quality improved following the transfer of a
subsidiary, Tarjetas Regionales, to the bank's parent, Grupo
Financiero Galicia S.A. (GFG; not rated), and the sale of another
subsidiary, Compa§°a Financiera Argentina [CFA]. Additionally, the
bank benefits from a stable, relatively low-cost, and diversified
deposit base, which continues to be the main funding source. Banco
Galicia's liquidity is adequate given the characteristics of the
Argentine financial system.

S&P said, "As a result of the strengthening in capitalization
metrics, we revised the bank's SACP to 'bb-' from 'b+'.
Nevertheless, the sovereign ratings on Argentina limit those on
the bank. We rarely rate financial institutions higher than the
sovereign where they operate, because we consider it unlikely that
these institutions would remain unaffected by developments in
domestic economies."



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B R A Z I L
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CYRELA BRAZIL: Fitch Affirms Then Withdraws BB- IDRs
----------------------------------------------------
Fitch Ratings has affirmed Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes' (Cyrela) Long-Term Foreign and
Local Currency Issuer Default Ratings (IDR) at 'BB-'/Outlook
Stable and its National Long-Term Rating at 'A+(bra)'/Outlook
Stable. At the same time, Fitch has withdrawn the ratings.

Fitch has chosen to withdraw the ratings of Cyrela for commercial
reasons. Fitch will no longer provide ratings or analytical
coverage for the company.

KEY RATING DRIVERS

Key Rating Drivers are not applicable as the ratings have been
withdrawn.

DERIVATION SUMMARY

Derivation Summary is not applicable as the ratings have been
withdrawn.

KEY ASSUMPTIONS

Key Assumptions are not applicable as the ratings have been
withdrawn.

RATING SENSITIVITIES

Rating Sensitivities are not applicable as the ratings have been
withdrawn.

LIQUIDITY

Not applicable as the ratings have been withdrawn.

FULL LIST OF RATING ACTIONS

Fitch has affirmed and withdrawn the following ratings:

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
-- Long-term Foreign Currency IDR at 'BB-';
-- Long-term Local Currency IDR at 'BB-';
-- Long-term National Scale rating at 'A+(bra)'.

The Rating Outlook for the corporate ratings was Stable when the
rating was withdrawn.


INTERCEMENT PARTICIPACOES: Fitch Hikes IDR to BB-; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded InterCement Participacoes S.A.'s the
Long-Term Foreign and Local Currency Issuer Default Ratings (IDR)
to 'BB-' from 'B+' and Long-Term National Rating to 'A(bra)' from
'A-(bra)'. Fitch has also upgraded Cimpor Financial Operations
B.V.'s unsecured notes due 2024 to 'BB-' from 'B+'/RR4. The Rating
Outlook is Stable.

The ratings upgrade reflects the improvements in InterCement's
capital structure following the IPO of its subsidiary in Argentina
and ongoing liability management strategies, which have reduced
refinancing risks. Fitch's base case scenario expects
InterCement's net adjusted leverage to fall to around 4.4x at
year-end 2017 from 7.1x in 2016. Absent any additional equity
inflow, net leverage is expected to remain relatively stable
during 2018. InterCement's management continues to look for
alternatives to raise an additional EUR500 million by minority
stake disposal at its luso-african subsidiaries, which if
successful, would reduce its net adjusted leverage to around 3.0x,
per Fitch's calculations.

InterCement's 'BB-' rating reflects cash flow challenges following
the severe economic recession in Brazil, the company's main
market, as well as foreign exchange volatilities in all markets
where it operates. The company has a good business position with
important market shares in most regions, but operating
environments in these markets, such as Brazil, Argentina,
Paraguay, Portugal, Egypt, Mozambique and South Africa are highly
volatile. Around 75% of its EBITDA originates in countries rated
'BB-' or lower.

KEY RATING DRIVERS

Poor EBITDA Generation: InterCement's weak performance continues
to be driven by deterioration in its key markets and local
currency depreciation. During 2016 and the first nine months of
2017, sales volumes dropped by 14% and 1%, with Brazil declining
19% and 10%, respectively. During the LTM ended Sept. 30 2017,
InterCement generated EUR369 million of EBITDA, per Fitch's
calculations. This compares with EUR382 million in 2016 and an
average of EUR616 million during 2013 through 2015.

High Exposure to Brazil: A further positive rating actions will
largely hinge on a potential rebound in the company's key market,
Brazil, where EBITDA declined to EUR27 million during the LTM
ended Sept. 30 2017. This compares poorly with EUR52 million in
the same period 2016 and an average of EUR220 million during the
same periods of 2013 to 2015. The short-to-medium term outlook for
the Brazilian cement industry remains cloudy. In Fitch's view,
this industry should be one of the last to show a rebound
following a recovery of the Brazilian economy. Brazilian cement
sales declined 6% in 2017. It is expected to show a tepid recovery
of 1% in 2018, after a drop of around 24% since 2014.

Argentina as Key Asset: The new growth cycle in Argentina and
Paraguay are the bright spots but have not been sufficient to
boost the consolidated EBITDA for the company. Including
operations in Paraguay, Argentina has historically been the
company's second most important market, and during the LTM,
accounted for 60% of InterCement's consolidated EBITDA.
InterCement has recently concluded the IPO of Loma Negra
C.I.A.S.A, the Argentinian subsidiary. Total proceeds from the
offerings were USD1.1 biillion, with USD114 million from the
primary offering being used for capex, working capital and other
general corporate purposes and EUR824 million from the secondary
offering to be used to reduce debt at InterCement.

Capital Structure Improvement: The proceeds of the IPO resulted in
a material decline in the company's leverage. Fitch forecasts
InterCement's net adjusted leverage to fall to around 4.4x at
year-end 2017 from 7.1x at year-end 2016. Absent any additional
equity inflow, net leverage is expected to remain relatively
stable during 2018. Fitch expects InterCement to generate negative
free cash flow generation (FCF) of around EUR115 million, after a
higher capex of EUR240 million, mostly as part of a capex plan in
Argentina, and no dividends distributions for 2018. This compares
with negative FCF of EUR57 million in 2017 with EUR150 million of
capex.

Reduced Refinancing Risks: The proceeds from the IPO boosted
InterCement's cash position and helped reduce its medium term
refinancing risks. As of Sept. 30, 2017, InterCement reported cash
and equivalents of EUR378 million and total debt of EUR3.0
billion. The company had debt amortizations of EUR178 million in
2017, EUR338 million in 2018, EUR786 million in 2019, EUR1.6
billion thereafter. InterCement's management has been working on a
liability management for its bank debt and potential new capital
market debt issuance seeking to lengthen its debt maturities
profile, Fitch's base case does not envisage any capital support
from Camargo Correa S.A, InterCement's controlling shareholder.

DERIVATION SUMMARY

InterCement's 'BB-' rating reflects leverage and cash flow
challenges following the severe economic recession in Brazil, the
company's main market, as well as local currency depreciation in
all markets where it operates. The company has a good business
position, with important market share in most regions. Business
scale is an important driver for cement industries given its
capital-intensive operations and high fixed costs. Despite its
high scale, InterCement's cash flow has been volatile since it
operates in high-volatile markets such as Brazil, Argentina,
Paraguay, Portugal, Egypt, Mozambique and South Africa. Around 75%
of its EBITDA originates in countries rated 'BB-' or lower.

From an operational perspective, InterCement currently shows
weaker position compared to others larges players, such as
LafargeHolcim (BBB/Stable Outlook) and CEMEX (BB-/Positive
Outlook), which shows greater geographic diversification and more
stable markets. Votorantim Cimentos (BBB?/Negative Outlook), which
is also a Brazilian cement player but with strong operations in
the U.S. and Canada and other regions, is not a direct peer, as
its rating is tied to that of the Votorantim Group, which also
includes mining, pulp and financial services subsidiaries.

From a financial perspective, InterCement's metrics compare well
with CEMEX's net leverage of 5.0x and Votorantim Cimentos of over
6.0x, but remains high compared to a median net leverage of 2.9x
across Fitch's 'BB' rating category. InterCement's poor operating
cash flow generation is currently a key rating constraint.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
-- 6% decline in Brazilian volumes in 2017 and 1% in 2018;
-- High single digit growth in Argentina volumes in 2017 and
    2018;
-- Total Capex levels around EUR150 million in 2017 and EUR240
    million in 2018;
-- Maintenance of adequate liquidity profile, efficient liability
    management strategy to avoid refinancing risks in the short
    term.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Positive rating actions will hinge on a rebound in the
    company's key market, Brazil;
-- Net leverage improvement toward 3.0x on a sustained basis.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Net leverage increasing to above 5.0x on a sustained basis;
-- Deterioration in its liquidity profile, leading to increased
    refinancing risks.

LIQUIDITY

Liquidity Enhanced: InterCement's cash flow challenges have
diminished its track record of strong liquidity position, but the
resources from the IPO (EUR824 million) provided an important
relief. The company's pro forma liquidity is sufficient to cover
debt coming due through mid-2019. Positively, InterCement has
recently started liability management strategies that are expected
to reduce the debt concentration in the next two to three years.

As of Sept. 30, 2017, InterCement reported cash and equivalents
EUR378 million and total debt of EUR3.0 billion. The company had
debt amortizations of EUR178 million in 2017, EUR338 million in
2018, EUR786 million in 2019, EUR1.6 billion thereafter. As of
Sept. 30, 2017, approximately 41% of the company's debt is
denominated in U.S. dollars 28% in euros and 25% in Brazilian
reals (BRL).

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings:
InterCement Participacoes S.A.
-- Long-Term Local Currency IDR to 'BB-' from 'B+';
-- Long-Term Foreign Currency IDR to 'BB-' from 'B+';
-- Long-Term National Rating to 'A(bra) from 'A-(bra)'.

InterCement Brasil S.A.
-- Long-Term Local Currency IDR to 'BB-' from 'B+';
-- Long-Term Foreign Currency IDR to 'BB-' from 'B+';
-- Long-Term National Rating to 'A(bra) from 'A-(bra)'.

Cimpor Financial Operations B.V.
-- Senior Unsecured Notes unconditionally guaranteed by
    InterCement Brasil S.A. due 2024 to 'BB-' from 'B+'/'RR4'.



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C A Y M A N  I S L A N D S
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CHINA FISHERY: BANA, Noteholders Oppose Intercompany Claims Deal
----------------------------------------------------------------
BankruptcyData.com reported that the senior noteholder committee
and Bank of America, N.A. (BANA) filed with the U.S. Bankruptcy
Court separate objections to China Fishery Group's chapter 11
trustee and the other Debtor's joint motion for an order approving
the settlement agreement netting intercompany claims among and
between CFG Peru Singapore, the other Debtors, and the non-debtor
affiliates, including the CFG Peru Singapore subsidiaries.  Bank
of America asserts, "In this Objection, BANA does not seek to stop
the sale of the Peruvian Opcos; it has throughout these Chapter 11
Cases strongly advocated for such a sale. Nor does BANA oppose the
settlement and netting of the Intercompany Claims if that will
facilitate a successful sale.  BANA merely seeks through this
Objection to correct the unique and altogether unfair prejudice it
alone will sustain as a result of the Netting of claims as
specifically proposed by the Other Debtors and Trustee.  Where the
Motion solidifies the immediate cash payment from sale proceeds to
creditors like the Noteholders who are situated similarly to BANA,
it forces BANA to wait for payment, if it comes at all, and in so
doing, to place its trust in the very Debtors and the Ng family on
whose actions BANA fought so hard to impose restraint.  That is a
bridge too far, and as to BANA, the Motion contradicts every
assurance of post-sale treatment BANA had received from both the
Chapter 11 Trustee and the Other Debtors.  As to BANA, the netting
defects are fixable, but to date, the Motion's proponents have
refused any fix and, as a result, BANA respectfully submits that
because its treatment under the Motion is altogether inequitable
and prejudicial, the Motion in its current form should be denied."

            About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at $10
million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP,
serves as special litigation counsel.


CHINA FISHERY: Damanzaiho Vessel Open for Overbids Til March 16
---------------------------------------------------------------
BankruptcyData.com reported that China Fishery Group filed with
the U.S. Bankruptcy Court a notice of sale of a non-debtor vessel
in accordance with non-debtor asset sale order. The notice states,
"If a party is interested in submitting an overbid for the
'Damanzaihao', such overbid must be received by March 16, 2018 at
4:00 p.m. (Eastern Time). Pursuant to the Non-Debtor Asset Sale
Order, the Chapter 11 Trustee proposes to enter into the
transaction (the 'Proposed Transaction'), which involves the
private sale or transfer of the 'Damanzaihao', a non-debtor vessel
to a single buyer or group of related buyers. The Trustee intends
to sell the 'Damanzaihao', a fishing vessel currently anchored in
the port of Chimbote, Peru, to Windspeed Enterprise Limited, a
British Virgin Islands limited liability company. CFG Peru
Singapore subsidiary involved is Sustainable Fishing Resources
S.A.C., with a consideration of $10,800,000."

            About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at $10
million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP,
serves as special litigation counsel.


ODEBRECHT DRILLING VIII/IX: S&P Rates Tranche 1 Sr. Sec. Notes B-
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' rating on Odebrecht Drilling
Norbe VIII/IX LTD's (ODN VIII/ IX) tranche 1 senior secured notes.
The outlook is stable. S&P also assigned a recovery rating of '4'
to the notes, reflecting its expectation for 30%-50% recovery in
the event of default.

The transaction involves the operation of two ultra-deep water
drilling vessels, Norbe VIII and Norbe IX, which receive fixed-
price charters and service payments from Petroleo Brasileiro S.A.
- Petrobras (BB-/Stable/--) under agreements maturing in July 2021
and October 2021, respectively. S&P believes these contracts
constitute a key project component for the debt rating on ODN
VIII/ IX's notes because they will offset merchant risk until the
maturity of the rated tranche 1 in 2021.

On Dec. 22, 2018, ODN VIII/IX completed the plan to restructure
its financial debt via extrajudicial reorganization. The plan
included the exchange of the notes issued in 2012 for $500 million
tranche 1 6.35% senior notes due in 2021 and $590.9 million
tranche 2 7.35% senior notes (6.35% + 1% PIK) due in 2026. The
tranches share the security package, including, among other
assets, the proceeds of the charter and services agreements,
collection accounts, and reserve accounts. However, S&P considers
tranche 2 (not rated) to be subordinated, given its junior ranking
in right of payment and liquidation, and its inability to call the
early termination of the transaction before the full payment of
tranche 1.

The outlook is stable, reflecting S&P's belief that the two assets
involved in the transaction will operate with an average uptime
above 90%, generating stable cash flow due to its contracted
nature, resulting in a DSCR of about 1.16x in the next 12 months.


ODEBRECHT OFFSHORE: S&P Rates New Tranche 1 Sr. Sec. Notes 'CCC+'
-----------------------------------------------------------------
S&P Global Ratings assigned a 'CCC+' rating on Odebrecht Offshore
Drilling Finance Ltd's (OODFL's) tranche 1 senior secured notes
due 2022. The outlook is positive. S&P also assigned a recovery
rating of '4' to the proposed notes (reflecting its expectation of
30%-50% recovery in the event of default).

On Dec. 22, 2017, OODFL completed the exchange of its senior notes
due 2022, which it issued in 2013 and 2014 for: $506.4 million
tranche 1 6.72% senior notes due 2022, and $1390.7 million tranche
2 7.72% (6.72% plus 1% PIK) senior notes due 2026. The tranches
share the security package, including, among other all assets, the
proceeds of the charter and service agreements, collection
accounts, and reserve accounts. However, S&P considers the second
tranche (not rated) to be subordinated debt, given its junior
ranking in right of payment and liquidation, and its inability to
call the early termination of the transaction if it misses
payments before the full payment of tranche 1.

S&P said, "The 'CCC+' rating on the new tranche 1 senior notes due
2022 reflects our belief that the project's long-term financial
performance is unsustainable. The contracts of Norbe VI mature in
July 2018, and the project has relatively low resilience in a
downside scenario. In our view, the OODFL would fail to make
timely payments on the first tranche of the new exchanged notes
within one year if operational uptime is 15% lower and operating
costs are 10% higher, while Norbe VI remains stacked."


SIGNUM VERDE 2007-04: Fitch Lowers CLP4.950BB Notes Rating to B-sf
------------------------------------------------------------------
Fitch Ratings has downgraded the following rating of Signum Verde
Limited 2007-04, Cayman Islands (Signum 2007-04):

-- CLP4,950,000,000 credit-linked notes (CLNs) to 'B-sf' from
    'Bsf'; Outlook revised to Stable from Negative.

KEY RATING DRIVERS
The downgrade follows Fitch's rating action of the reference
entity, Petroleo Brasileiro S.A. (Petrobras). Fitch monitors the
performance of the underlying risk-presenting entities and adjusts
the rating accordingly through application of its current CLN
criteria.

The rating considers the credit quality of Petrobras' current
Issuer Default Rating (IDR) of 'BB-', Stable Outlook by Fitch;
Goldman Sachs Group, Inc. as swap counterparty (rated A/Stable),
and Citigroup Inc. subordinated notes (CUSIP 172967BL4, rated A-).
The Rating Outlook reflects the Outlook on the main risk driver,
Petrobras, which is the lowest-rated risk-presenting entity.

RATING SENSITIVITIES

The rating remains sensitive to rating migration of each risk-
presenting entity. A downgrade of Petrobras would likely result in
a downgrade to the notes.

Signum Verde Limited 2007-4, Cayman Islands, (the Issuer) is a
single-name CLN transaction designed to provide credit protection
on Petrobras with a reference amount of USD10 million. This
protection is arranged through a credit default swap (CDS) between
the Issuer and the swap counterparty, Goldman Sachs International
(GSI), guaranteed by Goldman Sachs Group, Inc.


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M E X I C O
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EMPRESAS ICA: PensionIssste Injected More Than US$20 Million
------------------------------------------------------------
Christine Murray at Reuters reports that Mexico's state workers'
pension fund plowed more than US$20 million into ICA and became
the largest shareholder as the builder spiraled toward insolvency,
according to people familiar with the matter, with the fund's
investment set to be wiped out in a restructuring.

PensionIssste, which manages about 195 billion pesos (US$10.5
billion) of mostly government workers' retirement money, became
the largest shareholder in ICA, with a stake of almost 10%,
Reuters relays, citing three people with knowledge of the
investment who spoke on condition of anonymity.

Half-way through 2015, ICA shares had sunk more than 50% from the
year earlier as a crash in the peso had increased its heavy
dollar-denominated debt load and lower government infrastructure
spending led to a cash crunch, Reuters recounts.

According to Reuters, one source said despite that PensionIssste
began to buy up ICA shares and spent around 400 million pesos
(US$21.5 million) at an average price of around 7 pesos per share.

ICA, formally known as Empresas ICA SAB de CV, finally stopped
making debt payments in December 2015, a fall from grace for what
had once been Mexico's largest construction company, Reuters
recounts.

ICA and four subsidiaries filed a prepackaged bankruptcy agreement
in August 2017, leading to the suspension of trading in the shares
at 1.48 pesos, Reuters relays.

On March 5, ICA said a judge had approved its creditors agreement,
which was accepted by a majority of debtholders, Reuters relates.

As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2017, Moody's Investors Service downgraded Empresas ICA,
S.A.B. de C.V.'s (ICA) Corporate Family Rating and senior
unsecured ratings on its rated guaranteed global notes to C from
Caa3 as a result of ICA's filing of a judicial restructuring
request.


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P A R A G U A Y
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PARAGUAY: Fitch Rates 2048 US$530 Million Bond 'BB'
---------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Paraguay's
US$530 million bond, maturing March 13, 2048. The bond has a
coupon of 5.6%.

Proceeds from the issuance will be used for capital expenditures
and to refinance a portion of outstanding debt.

KEY RATING DRIVERS

The bond rating is in line with Paraguay's Long-Term Foreign
Currency Issuer Default (IDR) of 'BB'.

RATING SENSITIVITIES

The bond would be sensitive to any changes in Paraguay's Long-Term
Foreign Currency IDR. Fitch affirmed this IDR at 'BB' and revised
the Outlook to Positive from Stable on Dec. 14, 2017.



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P U E R T O   R I C O
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PUERTO RICO: Court Approves Grievance Resolution Protocol
---------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court
approved the American Federation of State, County and Municipal
Employees and the AFL-CIO and American Federation of Teachers'
motion for an order to permit the resolution of employment
arbitration and grievance proceedings. As previously reported,
"From the outset of these title III cases, the Court has
recognized the desirability of, and has encouraged the parties to
negotiate, a 'global protocol' to permit the efficient
administration of employment arbitration and grievance
proceedings. Today, there are thousands of such proceedings,
virtually all of them stopped in their tracks by the Commonwealth
of Puerto Rico's ('Commonwealth') erroneous assertion that they
are subject to the stay provided under section 301(a) of title III
of the Puerto Rico Oversight, Management and Economic Stability
Act of 2016 ('PROMESA') (the 'Title III Stay'). The Unions
disagree with the Commonwealth and submit that the Title III Stay
does not apply to these agency administrative proceeding.
Perversely, the continued stay of routine administrative
proceedings on which these employees rely to assure that they will
have safe and fair conditions of employment runs directly counter
to the Commonwealth's efforts to rebuild. By depriving employees
of a timely hearing and resolution of arbitrations and grievances,
the misapplication of the Title III Stay to these routine
administrative matters sends public employees exactly the wrong
message at the wrong time: it tells them that their rights as
public employees are not respected and that they cannot have any
certainty about their employment status, work conditions or
compensation. It effectively encourages them to join the exodus
from the island. By this motion, the Unions therefore respectfully
ask the Court to grant a limited and common sense order to prevent
those destructive consequences. The Unions request that this Court
enter an order lifting the automatic stay as to the most urgent
Prepetition Proceedings - those involving discharge or discipline
of an employee, all of which the Unions have already provided
ample notice to AAFAF and met and conferred over specifically -
until such time as a global protocol can be agreed upon for
resolving all of the outstanding Prepetition Proceedings, and
again understanding that these discharge or discipline matters
would proceed in the normal course through resolution but not to
the collection of any monetary award against the Commonwealth.
Finally, the Unions request an order declaring that the Title III
Stay does not apply in any event to the Postpetition Proceedings."

                          About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst &
Youngis the Board's financial advisor, and Citigroup Global
Markets Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds,
which collectively hold over $3.5 billion in COFINA Bonds and over
$2.9 billion in other bonds issued by Puerto Rico and other
instrumentalities, including over $1.8 billion of Puerto Rico
general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth. The Retiree Committee tapped Jenner
& Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys. The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


TRINQUILITY CORP: Hires Hatillo Law as Counsel
----------------------------------------------
Trinquility Corp. seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Hatillo Law Office, PSC,
as counsel to the Debtor.

Trinquility Corp. requires Hatillo Law to:

   a. give the Debtor legal advice with respect to its powers and
      duties as debtor in possession in the continued operation
      of its business and management of its property;

   b. prepare on behalf of the Debtor as debtor in possession
      necessary applications, answers, orders, reports and other
      legal papers; and

   c. perform all other legal services for the Debtor as debtor-
      in-possession which may be necessary, and it is necessary
      for the Debtor as debtor-in-possession to employ an
      attorney for professional services.

Hatillo Law will be paid at these hourly rates:

         Attorneys        $250
         Paralegals        $50
         Law Clerks        $50

Hatillo Law will be paid a retainer in the amount of $6,202.

Hatillo Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Jaime Rodriguez Perez, a partner at the Hatillo Law Office,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Hatillo Law can be reached at:

     Jaime Rodriguez Perez, Esq.
     HATILLO LAW OFFICE, PSC
     Urb. Rexville, BB021 Calle 38
     Bayamo, PR 00938
     Tel: (787) 797-4174
     Fax: (638) 9704
     E-mail: jaime_rodriguez_perez@yahoo.com

                    About Trinquility Corp.

Trinquility Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 18-00738) on Feb. 12, 2018, estimating under $1
million in both assets and liabilities.  The Debtor is represented
by Jaime Rodriguez Perez, Esq., at Hatillo Law Office, PSC.


YORAVI INVESTMENT: Hires Enrique Peral Soler as Special Counsel
--------------------------------------------------------------
Yoravi Investment, Inc., has filed an amended application with the
U.S. Bankruptcy Court for the District of Puerto Rico seeking
approval to hire Enrique Peral Soler, Esq., as special counsel to
the Debtor.

Yoravi Investment requires Enrique Peral Soler to represent and
assist the Debtor in the litigation of the claim filed by RM Trust
and Supermercado Caguas Centro 2, Inc.

Enrique Peral Soler will be paid at the hourly rate of $175.

Enrique Peral Soler will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Enrique Peral Soler, Esq., assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estates.

Enrique Peral Soler can be reached at:

     Enrique Peral Soler, Esq.
     Carr. 165, No. 100, Suite 210
     Guaynabo, PR 00966
     Tel: (787) 360-6035

                     About Yoravi Investment

Yoravi Investments, Inc., owns a real estate property at Centro
Comercial Turabo Gardens valued at $1.10 million. Y oravi
Investments sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 17-05446) on Aug. 1, 2017.  In the
petition signed by Rafael E. Acosta Santiago, vice-president and
treasurer, the Debtor disclosed $1.15 million in assets and
$714,000 in liabilities.  Judge Edward A. Godoy presides over the
case.  The Debtor tapped Godreau & Gonzalez Law, LLC, as counsel.



                            ***********


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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