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

               Wednesday, March 28, 2018, Vol. 19, No. 62


                            Headlines




A R G E N T I N A

CONSULTATIO ESTRATEGIA: Moody's Cuts GS Bond Fund Rating to B-bf


B O L I V I A

BOLIVIA: Appeals to History, Law to Negotiate Ocean Access


B R A Z I L

BRAZIL: Lula Loses Procedural Appeals, Faces Prison
LATAM AIRLINES: Expands European Service with New Route to Rome
LATAM AIRLINES: Fitch Affirms B+ IDR; Revises Outlook to Positive


C H I L E

BANCO BICE: Fitch Affirms BB+ Support Rating Floor


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Steep Decline in Fishing Sector
GOLDQUEST: Judge Halts Mining


M E X I C O

CORPOVAEL SAB: Moody's Withdraws B1 LT Corporate Family Rating
NAVISTAR FINANCIAL: DBRS Gives R-3 Rating on a National Scale


P U E R T O    R I C O

CATHOLIC SCHOOL: Court Dismisses Chapter 11 Bankruptcy Petition
KONA GRILL: Reports $23.4 Million Net Loss for 2017
PRINTING MACHINE: Hires EMG Despacho Legal as Legal Counsel


                            - - - - -


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A R G E N T I N A
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CONSULTATIO ESTRATEGIA: Moody's Cuts GS Bond Fund Rating to B-bf
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded the bond fund ratings of Consultatio Estrategia FCI
(the Fund) to B-bf /Aa-bf.ar from Ba-bf/Aaa-bf.ar). Consultatio
Estrategia is a time deposit short term bond fund domiciled in
Argentina and managed by Consultatio Asset Management GFCISA.

The rating actions are:

- Global scale bond fund rating: downgraded to B-bf from Ba-bf

- National scale bond fund rating: downgraded to Aa-bf.ar from
   Aaa-bf.ar

RATINGS RATIONALE

The downgrade of Consultatio Estrategia 's bond fund ratings to B-
bf/Aa-bf.ar reflects the change in the investment strategy since
last November which has resulted in a weaker portfolio credit
profile. Prior to this change in strategy, the Fund invested more
broadly in issuers from various Latin American countries. The
change has impacted negatively the Fund's credit profile over the
last three months and has resulted in an downgrade to B-bf global
scale rating, which maps to a national scale rating of Aa-bf.ar.

"Based on Moody's observations of the Fund's portfolio over the
last three months, the Fund's credit quality profile is now more
comparable to that of bond funds rated B-bf/Aa-bf.ar that invest
in Argentinian sovereign and sub-sovereign securities", said Vice
President Carlos de Nevares.

Consultatio AM GFCISA is among the largest independent asset
managers in the Argentinian mutual fund industry. As of February
2018, Consultatio Asset Management GFCISA, among the eldest fund
advisors in the local market, had assets under management (AUM) of
approximately ARS 22.3 billion (approximately $1.1 billion) and
occupied the 8th position with 3.3% market share in AUM terms

The principal methodology used in these ratings was Moody's Bond
Fund Rating Methodology published in May 2013.


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B O L I V I A
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BOLIVIA: Appeals to History, Law to Negotiate Ocean Access
-----------------------------------------------------------
EFE News reports that La Paz appealed to history and the law to
demand that the International Court of Justice in The Hague
obligate Chile to come to the negotiating table to discuss
providing Pacific Ocean access to landlocked Bolivia.

The Bolivian legal team responded to Chile's court arguments
before the ICJ justices asking them to reject the lawsuit brought
by the neighboring nation, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
March 21, 2018, Malaysian Digest reports that people held vigils
across Bolivia as the International Court of Justice in The Hague
began to hear arguments in La Paz's bid to compel Chile to
negotiate the return of Bolivian coastline lost in a 19th-century
war. The ICJ agreed to hear the sea-access case in September 2015,
rejecting Chile's argument that the character of Bolivia's access
to the Pacific Ocean had been settled by a 1904 treaty, the report
said.  Bolivia lost the entirety of its 400 kilometres (250 miles)
of coastline and 120,000 square kilometres (about 46,330 square
miles) of territory in total to Chile as a consequence of its
1879-1880 participation in the War of the Pacific, the report
noted.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2017, Moody's Investors Service has changed the outlook on
Bolivia's issuer and senior unsecured bond ratings to stable from
negative, and has affirmed the ratings at Ba3.


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


BRAZIL: Lula Loses Procedural Appeals, Faces Prison
---------------------------------------------------
Eduardo Simoes at Reuters reports that a Brazilian appeals court
rejected final procedural objections raised by lawyers of former
leftist President Luiz Inacio Lula da Silva against his conviction
for corruption, raising the possibility that he will soon be
jailed.

However, Lula will not be imprisoned until the country's Supreme
Court decides on April 4 whether to accept his request that he be
allowed to exhaust his appeals process before landing in jail,
according to Reuters.

The Supreme Court ruled in 2016 that defendants should begin
serving prison sentences after their conviction was upheld on a
first appeal, the report notes.  However, several members of the
court are pressing to revisit that decision and perhaps reverse
it, the report relays.

Lula, Brazil's first working-class leader, remains the most
popular politician in Latin America's biggest nation, the report
discloses.  He oversaw years of robust growth and falling
inequality during a commodity boom last decade, and wants to run
again for president, the report says.

Whether he is jailed or not, Lula is barred from running due to
his conviction for receiving as a bribe a seaside apartment from
an entrepreneur awarded government contracts during his
presidency, the report notes.

In January, the appeals court in Porto Alegre upheld Lula's
conviction and increased his sentence to more than 12 years, the
report relays.

Despite that conviction and Lula facing six other corruption
trials, he continues to enjoy wide popularity and leads all early
polls for the Oct. 7 vote, the report says.

His supporters maintain he is being persecuted politically with
dubious accusations aimed at keeping him out of the race, the
report notes.

Lula's critics say his economic policies ruined Brazil and his
situation has polarized the country, the report discloses.  While
touring the southern state of Santa Catarina over the weekend,
Lula's bus was pelted with eggs and stones that broke a window,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2018, Fitch Ratings has downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.


LATAM AIRLINES: Expands European Service with New Route to Rome
---------------------------------------------------------------
Airline Geeks reports that LATAM Airlines Brazil has inaugurated a
new route between Sao Paulo (Brazil) and Rome, Italy, connecting
Fiumicino Airport with Sao Paulo's Guarulhos, three times a week,
following a press conference held in Brazil.  Starting in July
2018, following governmental approval, the airline plans to make
the flight a daily service, according to Airline Geeks.

This new route will be operated using a Boeing 767-300, with 191
seats in Economy and 30 in Premium Business, the report notes.
The total flight duration is close to 12 hours and 15 minutes on
average, the report relays.

During 2018, LATAM Airlines Group will increase the number of
connections between Europe and Latin America as part of a long-
term strategy aimed at providing more connections between the two
areas, the report says.  Rome joins the network of direct
connections to and from major European cities such as Madrid,
Barcelona, Paris, London, Frankfurt, Milan, and Lisbon, Portugal
which will also be added in the coming months, the report relays.
Sao Paulo will also see the launch of flights to Boston and Las
Vegas in the coming months with LATAM, the report adds.


LATAM AIRLINES: Fitch Affirms B+ IDR; Revises Outlook to Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed LATAM Airlines Group S.A.'s (LATAM)
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'. In
addition, Fitch has affirmed TAM S.A.'s (TAM) Foreign and Local
Currency IDRs at 'B+'. Fitch has also affirmed LATAM's unsecured
notes at 'B+'/'RR4'. The Rating Outlook for the corporate ratings
has been revised to Positive from Stable.

The rating action encompasses LATAM's 2017 financial performance
-- in line with expectations previously incorporated in the
ratings -- including improved operational margin at 7%, USD732
million in positive free cash flow generation, important debt
reductions, lower financial leverage and consistently high
liquidity.

The Positive Outlook is supported by Fitch's expectations that the
improvement in the company's credit metrics will continue during
2018, reaching an EBIT margin of around 8%, adjusted gross
leverage trending to 4.5x and liquidity, measured as cash and
unused committed credit lines/latest 12 months (LTM) revenues
ratio, remaining around 20%.

LATAM's ratings are supported by its diversified business model,
important regional market position and adequate liquidity, which
are tempered by its still high gross adjusted leverage and
operational volatility related to some of its key markets. The
ratings also consider the vulnerability of the company's cash flow
generation to fuel price variations and the inherent risks of the
airline industry, as well as the carrier's capacity to maintain
operational margins based on its leadership position in the
markets where it operates.

The 'B+'/'RR4' Recovery Rating of the company's unsecured notes
reflect average recovery prospects (in the 40% to 45% range) in
the event of default. Fitch assumes a going-concern scenario in
its recovery analysis for LATAM. .Fitch assumes a going concern
enterprise value of $7.6 billion based on post-default EBITDA of
approximately $1.37 billion (a 20% discount from the company's
2017 EBITDA level of USD1.7 billion) and a multiple of 5.5x. After
deducting 10% for administrative claims, the remaining $6.8
billion of enterprise value leads to full recovery for LATAM's
secured debt and approximately 40% to 45% recovery for the
unsecured debt, which reflects average recovery prospects
consistent with the 'RR4' level.

KEY RATING DRIVERS

Market Position and Diversification Factored into Ratings: Fitch
views LATAM's strong business position as sustainable in the
medium term, based on its diversification within Latin America and
in the international routes between Latin America and either North
America, Europe, Oceania, or Africa . The ratings incorporate the
company's important market share in Brazil's domestic (second
player) and international markets (first player among Brazilian
companies), as well as the volatility in operating results
associated with these markets through the economic cycle. The
company maintains a good business diversification with
international passengers, domestic Brazil, domestic Spanish
Speaking Countries (SSC) and cargo divisions, representing 45%,
23%, 16% and 11%, respectively, of the company's total revenues in
2017.

Mid-Single Digit Traffic Growth: Fitch expects the company's
consolidated boarded passengers to increase by 5% during 2018, an
improvement over the 0.3% increase observed in 2017. This view
incorporates the expectation that traffic trends for the
International segment will continue performing well, a recovery
for the traffic levels in the SSC segment, and continued
improvement in traffic levels for the Brazilian segment in 2018.
Declining yields was one of the key factors affecting LATAM's
total revenues and operational margin during 2015 - 2016. The
company's consolidated passenger yields increased approximately 6%
in 2017. Fitch expects the company's average passenger yields to
remain relatively stable during 2018.

Continued Improvement in Operational Margin: Under its base case,
Fitch expects LATAM's 2018 total revenues to be approximately
USD11 billion, representing a 7.4% increase over 2017,
compensating for some increase in fuel cost and resulting in an
EBIT margin of 8% in 2018. This expectation represents a continued
improvement over the company's operational margins of 6% and 7%
during 2016 and 2017, respectively. LATAM plans capacity increases
in 2018 of 6% to 8% in the international segment (+4% in 2017), 6%
to 8% in the SSC segment (0% in 2017), along with a planned
capacity increase of 2% to 4% in the Brazilian domestic segment
(after declining -4% in 2017). The Cargo segment should see a
recovery in the range of 1% to 3% in 2018 after declining -7% in
2017.

Brazilian Operations Stable
Brazil's better macroeconomic environment in 2018 - 2019 should be
reflected in improved traffic levels and stable cost structure for
the company's Brazilian operations, which generate approximately
35% of the company's total revenues. Brazil's GDP growth reached
1% in 2017. Fitch anticipates Brazil's economic growth to continue
recovering during the forecast period, reaching 2.5% in 2018 and
2.7% in 2019. Fitch expects Brazil's domestic segment traffic
(total transported passengers) to reach single-digit annual growth
as demand fundamentals and corporate activity continues recovering
during 2018 - 2019. LATAM's boarded passengers for its Brazil's
domestic operations are expected to reach average annual growth
rates in the 3% to 4% range during this period.

Deleverage Trend: LATAM's adjusted gross leverage has declined
over the past two years as it has reduced debt and increased
margins. The company's gross adjusted leverage, measured as total
adjusted debt/EBITDAR, was 5.2x at Dec. 31, 2017, a consistent
improvement from 6.4x in 2015. Fitch's base case envisions the
company's gross leverage trending to 4.5x by 2019. The company's
total adjusted debt was USD12 billion at Dec. 31, 2017. This debt
includes USD8 billion of on-balance-sheet debt and USD4 billion of
off-balance-sheet obligations related to operating leases with
combined rental payments of approximately USD578 million in 2017.
Fitch's base case assumes the company's gross on-balance-sheet
debt will decline to about USD7.5 billion by year-end 2018.

Neutral to Positive Free Cash Flow (FCF): LATAM maintains a total
capex plan that calls for levels of USD1.3 billion per year during
2018 - 2020, which represents a material increase when compared
with the company's 2017 capex levels of USD490 million in 2017.
Fitch expects LATAM's FCF margin to be neutral to positive during
2018 - 2020 driven by revenue growth, continued EBIT margin
improvement, and targeted capex levels. The company's 2018 FCF
generation is estimated at USD200 million, representing a 2% FCF
margin. 2018 FCF forecast calculation includes USD 1.5 billion in
cash flow from operations (after net cash interest paid), USD1.2
billion in total capex; and, paid dividends around USD70 millions.

Strong Credit Linkage: LATAM maintains indirectly all of the
economic rights and 49% of the voting rights in TAM, which is an
affiliate company of LATAM. The ratings of LATAM and TAM also
incorporate the strong credit linkage between both entities with
significant legal, operational and strategic ties existing between
the two companies. In addition, the financing of the combined
fleet plan capex is implemented through LATAM, with the new
aircraft being subleased to TAM. Furthermore, the view of strong
legal ties existing between LATAM and TAM is supported by cross
default clauses incorporated in LATAM's USD500 million unsecured
notes due in 2020 and LATAM Finance Limited's USD700 million
unsecured notes due in 2024 .

DERIVATION SUMMARY

LATAM's 'B+' rating is one notch higher than the ratings of the
other two main regional players in Latin America: Avianca Holdings
S.A. (B/Stable) and GOL Linhas Aereas Inteligentes S.A.
(B/Stable). LATAM is well positioned in the 'B' rating category
relative to its regional peers given its diversified business
model, important regional market position and adequate liquidity.
These positive factors are tempered by the company's still-high
gross adjusted leverage and operational volatility related to some
key markets. LATAM is rated lower than global players, Delta (BBB-
/Stable), United (BB/Stable), and American (BB-/Stable) primarily
due to the company's higher financial leverage and weaker
profitability.

Liquidity continues to be a credit positive as LATAM has
consistently maintained a stronger liquidity position, measured as
cash plus committed credit lines over LTM revenues, when compared
to regional peers. Fitch anticipates LATAM to maintain a liquidity
position around 20% to its expected annual revenues levels during
2018 - 2019. This liquidity position is significantly higher than
those levels expected by Avianca Holdings and GOL during the same
period.

For 2017, LATAM generated EBIT margins of 7% compared to levels of
9.4% and 6.6% for GOL and Avianca Holdings, respectively. Fitch
forecasts LATAM's operational margin will be around 8% during 2018
- 2019. These levels are below to those expected for GOL (10%) and
above those expected for Avianca Holdings (6.5%) during the same
period. In terms of volatility in their operational performance
GOL is viewed as more volatile than LATAM due to GOL's more
exposure and concentration to the Brazilian market.

LATAM'S ratings are constrained by its high gross adjusted
leverage of 5.2x as of Dec. 31, 2017. This level is in the middle
of its regional peer group. Avianca and Holdings and GOL ended
2017 with gross adjusted leverage metrics of 6.4x and 5.6x,
respectively. LATAM's adjusted gross leverage has shown
improvement in 2017 and is expected to trend to 4.5x by mid-2019.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Its Rating Case for the Issuer
-- 2018 - 2019 EBIT margin 8%;
-- 2018 - 2019 gross adjusted leverage, measured as total
    adjusted debt to EBITDAR, around 4.5x;
-- 2018 - 2019 coverage ratio, EBITDAR/(net interest expense plus
    rents) 2.8x;
-- 2018 - 2019 Liquidity (measured as readily available cash plus
    unused committed credit facilities over LTM net revenues),
    20%;
-- 2018 - 2019 neutral to positive FCF generation.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

-- Liquidity, measured as cash/LTM revenues, consistently above
    15%;
-- Gross adjusted leverage consistently approximately 4.5x;
    neutral-to-positive FCF generation;
-- Coverage ratio, measured as the total EBITDAR/(net interest
    expense plus rents) consistently above 2.5x;
-- EBIT margin moving to 8%.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

-- Sustained negative FCF;
-- Liquidity, measured as cash/LTM revenues, consistently below
    10%;
-- Gross adjusted leverage consistently above 5.5x;
-- EBIT margin consistently below 6.5%;
-- Coverage ratio, measured as total EBITDAR/(interest expense
    plus rents), consistently below 2.3x.

LIQUIDITY

Adequate Liquidity; Cash Plus Revolving Credit at 20% of Revenues:
Fitch views the company's liquidity position as adequate for the
rating category. LATAM held cash of USD1.7 billion as of Dec. 31,
2017, compared with short-term debt of USD1.2 billion, which
includes approximately USD260 million in revolving debt. LATAM's
liquidity is expected to remain approximately at USD1.7 billion
during 2018 - 2020. LATAM has in place a senior secured revolving
credit facility (RCF) of USD 450 million, which was initially at
USD275 million as of March 31, 2016. The RCF is collateralized by
a combination of aircraft, spare engines and spare parts.
Including the RCF, the company's level of liquidity, measured as
total cash and marketable securities plus unused committed credit
lines over LTM revenues, was 20% as of Dec. 31, 2017. LATAM's
financial strategy is to maintain this ratio around 20% during
2018 - 2020.
Negatively factored into ratings, the company's upcoming debt
maturities are viewed as high relatively to its expected FCF
generation. LATAM faces debt amortizations of USD 0.9 billion and
USD 1.3 billion during 2018 and 2019, respectively, which will be
primarily addressed through the combination of FCF generation and
refinancing. The company's 2018 FCF generation is estimated at
USD200 million. Furthermore, the company's coverage ratio,
measured as EBITDAR/(net interest Expense plus rents), is expected
to be around 2.9x during 2018 -2019.

FULL LIST OF RATING ACTIONS

Fitch has affirmed LATAM's ratings as follows:

LATAM Airlines Group S.A.:
-- Long-Term Foreign Currency IDR at 'B+';
-- National Equity Rating 'Primera Clase Nivel 3 (cl)'
-- USD500 million senior unsecured note due 2020 at 'B+'/'RR4'.

LATAM Finance Limited:
-- USD700 million senior unsecured note due 2024 at 'B+'/'RR4'.

TAM S.A.:
-- Long-Term Foreign Currency IDR at 'B+';
-- Long-Term Local currency IDR at 'B+';

TAM Linhas Aereas S.A.:
-- Long-Term Foreign Currency IDR at 'B+';
-- Long-Term Local currency IDR at 'B+';

The Rating Outlook has been revised to Positive from Stable.



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C H I L E
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BANCO BICE: Fitch Affirms BB+ Support Rating Floor
--------------------------------------------------
Fitch Ratings has affirmed Chilean Banco BICE's (BICE) Viability
Rating (VR) and Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'bbb+' and 'BBB+', respectively. Fitch
has also affirmed the national scale ratings of BICE's holding
company, Bicecorp S.A. The Rating Outlooks on all Long-term IDRs
and National Long-term ratings are Stable.

The affirmation is part of Fitch's 'Chilean Mid-Sized Banks Peer
Review 2018'.

KEY RATING DRIVERS

VR, IDRs AND NATIONAL RATINGS

Banco BICE's (BICE) ratings are driven by its intrinsic
creditworthiness, as reflected in its VR, which is highly
influenced by the company's small size compared to regional and
local peers. The ratings also consider the bank's solid financial
profile relative to peers, which is underpinned by BICE's
conservative risk management policies.

BICE's capital position is aligned with its earning-generation
capacity and a history of limited loan losses. Nevertheless, its
Fitch Core Capital (FCC) ratio compared unfavorably to similarly
rated Latin American peers (median FCC ratio of 12.4% as of mid-
year 2017). Fitch also considers the tougher risk-weighting rules
in Chile that weigh on its capital and profitability metrics.
BICE's FCC/Adjusted RWA ratio has remained above 9.5% in recent
years due to moderate risk weighted assets growth.

In Fitch's opinion, BICE has demonstrated an adequate ability to
balance risks and returns in times of credit stress and volatile
financial markets. Recurrent operating revenues, low credit costs
and good cost control underpinned the bank's solid operating
profit to risk-weighted assets (RWA) ratio, which averaged 1.7%
over the five years ending in 2017.

Adequate credit risk tools and the focus on a relatively lower-
risk niche (corporate and high net worth segment) have allowed the
bank to maintain strong and stable asset quality ratios.
Historically, BICE's impaired loans ratio, which reached 0.25% at
YE17, has been among the lowest in Chile and compared favorably to
international peers. The bank's reserve coverage of impaired loans
is also strong relative to peers.
BICE relies heavily on wholesale funding, but this risk is offset
by its conservative liquidity management. The bank's
loans/customer deposit ratio of 119% was commensurate with its
rating level. Liquid assets covered 32% of total deposits and
other short-term funding, a figure consistent with a consolidated
LCR above 100%.

SUPPORT RATING AND SUPPORT RATING FLOOR

BICE's SR of '3' and SRF 'BB+' reflect the bank's limited
franchise within the Chilean financial system. In Fitch's view
this results in only a moderate probability of sovereign support,
despite Chile's (Long-Term Foreign Currency IDR 'A+'/Negative
Outlook) strong ability to do so.

SENIOR UNSECURED, SECURED AND SUBORDINATED DEBT

BICE's senior unsecured bonds are rated at the same level as its
National long-term rating, considering the absence of credit
enhancement or subordination feature.

Fitch rates BICE's National scale subordinated debt two notches
below its National long-term issuer rating. The two-notch
difference considers the loss severity due to its subordinated
nature (after default), and no additional notching for non-
performance risk given the subordinated debt's gone-concern
feature (triggered after the point of non-viability).

RATING SENSITIVITIES

VR, IDRs AND NATIONAL RATINGS

The Rating Outlooks for the Long-Term IDRs and National ratings
are Stable. A potential rating upgrade is limited mainly by BICE's
relatively modest domestic franchise. Fitch does not foresee any
changes over the short term assuming the bank maintains its solid
financial profile.

However, downward pressure on BICE's VR could result from a
deterioration of its capital position (FCC ratio sustained below
9%), from either lower internal capital generation or
profitability. BICE's VR could also be pressured if operating
profit-to-RWA falls and remains below 1%.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in the bank's SR and SRF are unlikely. BICE is not
considered by Fitch as a domestically important financial
institution (D-SIFI) of the Chilean financial system.

SENIOR UNSECURED AND SUBORDINATED DEBT

BICE's senior and subordinated debt ratings would generally move
together with the bank's long-term National rating. The
subordinated debt will remain two notches below the bank's
National long-term rating.

Fitch has affirmed the following ratings:

Banco BICE:
-- Long-Term Foreign and Local currency IDRs at 'BBB+'; Outlook
    Stable;
-- Short-Term Foreign and Local currency IDRs at 'F2';
-- Viability Rating at 'bbb+';
-- Support Rating at '3';
-- Support Rating Floor at 'BB+';
-- Long-term national rating at 'AA(cl)'; Outlook Stable;
-- Short-term national rating at 'N1+(cl)';
-- National long-term senior unsecured bonds at 'AA(cl)';
-- National long-term senior secured bonds at 'AA(cl)';
-- National long-term subordinated bonds at 'A+(cl)'.

Bicecorp S.A.:
-- National long-term rating at 'AA(cl)'; Outlook Stable;
-- National long-term senior unsecured bonds at 'AA(cl)';
-- National long-term commercial paper at 'AA(cl)';
-- National short-term commercial paper at 'N1+(cl)';
-- National equity rating at 'Primera Clase Nivel 3(cl)'.


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Steep Decline in Fishing Sector
---------------------------------------------------
Dominican Today reports that in 1996, fishing production in the
Dominican Republic totaled 18,000 tons, by 2006 it had declined to
11,104 and in 2015 it stood at just 8,944.

This dramatic fall was disclosed during the Dominican Republic's
"Third National Report to the United Nations Convention on Climate
Change," according to Dominican Today.

This reduction has been accompanied by a fall in the number of
fishermen and vessels, the report notes.  Factors could include
reduced profitability and a decline in yields due to reduced fish
stocks, which has led fishermen to turn to other occupations,
according to the publication, the report relays.   At just 0.3%,
the fishing sector does not contribute significantly to the
country's gross domestic product (GDP) while most of the
consumption takes place in the tourist areas in the eastern
region, which have to import seafood to fulfill the "demand that
is unsatisfied by the national production," the report says.

The national production, excluding freshwater fish, includes some
300 fish species, as well as crustaceans and mollusks (shellfish)
which are fished in mangroves, coral reefs and the open sea,
according to the Third Report, which also provides an update on
greenhouse gas levels in the Dominican Republic and sets out a
roadmap for the coming years in order to comply with the
greenhouse gas mitigation commitments adopted by the country, the
report discloses.

Samana is the coastal province with the largest number of
fishermen, with 2,161 in 2015, according to the report, Dominican
Today relays.  A total of 951 fishing vessels are currently
registered in the northeastern province, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


GOLDQUEST: Judge Halts Mining
-----------------------------
Dominican Today reports that an appeals court judge ruled that all
mining activities carried out by Canadian GoldQuest company must
stop, after accepting an appeal submitted by the CAU, a local
committee representing farmers in the southwestern province.

The order was issued by judge Dante Almonte, who also imposed a
penalty of RD$10,000 per day to be paid to the Bishop's office
should the sentence not be fulfilled, according to Dominican
Today.

The sentence states that "all exploration work in this
municipality by the GoldQuest company is prohibited, while waiting
for the Ministry of Environment and Natural Resources to issue the
environmental impact certification, which could lead to possible
mining of sites in the high areas of the valley in this province,"
the report notes.

The mining company stopped all its exploration work in the
municipality of Juan de Herrera as well as in El Romero in Hondo
Valle, leading to the suspension of seventy workers, as well as
more than two million pesos in debt to local commercial
establishments, the report relays.

GoldQuest has a second permit for mining in the municipality of
Juan de Herrera, the report notes.

GoldQuest's Rafael Duval Mojica and Eduardo Ramirez said that the
company's concession for mining in El Romero had expired several
months ago, which is why they had applied for a permit to mine
1,300,000 ounces of gold found at the site, the report adds.


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M E X I C O
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CORPOVAEL SAB: Moody's Withdraws B1 LT Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn for business reasons
Corpovael, S.A.B. de C.V.'s B1 Corporate Family Rating.

RATINGS RATIONALE

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

The following ratings were withdrawn:

LT Corporate Family Rating, B1

Prior to the withdrawal, the outlook on the rating was stable.


NAVISTAR FINANCIAL: DBRS Gives R-3 Rating on a National Scale
-------------------------------------------------------------
DBRS, Inc. assigned a R-3.MX rating on the DBRS National Scale to
Navistar Financial, S.A. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad Regulada's (Navistar Financial Mexico or the
Company) Certificados Bursatiles de Corto Plazo. The trend on the
rating is Stable. Certificados Bursatiles de Corto Plazo is a
short-term debt program with an authorized maximum issuance total
of M$ 1,800,000,000.

RATING DRIVERS

Given DBRS's view that Navistar Financial Mexico's ratings are
closely tied to the financial strength of the Parent, the
Company's ratings will be impacted by changes in Navistar
International's credit fundamentals. Given this linkage between
Navistar Financial Mexico and Navistar International Corporation,
improvements to Navistar International's credit fundamentals could
have positive rating implications for Navistar Financial Mexico.
Conversely, given this linkage, deterioration in the Parent's
credit fundamentals could negatively impact Navistar Financial
Mexico's ratings. Finally, sustained and material erosion of
Navistar Financial Mexico's fundamentals or a prolonged inability
to access funding at a reasonable cost could have negative rating
implications.

Notes: All figures are in Mexican Pesos unless otherwise noted.


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


CATHOLIC SCHOOL: Court Dismisses Chapter 11 Bankruptcy Petition
---------------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico granted Movants Yali Acevedo, Francisco
Abreu, and Edda D. Gonzalez-Vazquez's motions to dismiss Catholic
School Employees Pension Trust's chapter 11 case.

The Movants allege that the Debtor is ineligible to file a
bankruptcy petition because the Pension Trust is not a "person"
under section 101(41), nor a "corporation" under section 101(9) of
the Bankruptcy Code. The basis of Movant's allegations is that
the Debtor has no ongoing income generation activities and does
not engage in active business activity to be considered a
"business trust", and, thus meet the definition of a corporation
in section101(9)(A)(v). The Debtor filed an opposition to the
motion to dismiss alleging that the Pension Deed of Trust has the
attributes of a "corporation" and engages in commercial
activities.

In order to determine whether the "Catholic School Employees
Pension Trust" is a business trust, the court must engage in a
fact-specific analysis considering the totality of the
circumstances based on the trust documents and the actual
operations of the trust. Relevant factors to make the
determination that a trust is a business trust are whether the
trust was created for the purpose of carrying a business, as
opposed to the preservation of the res, whether the trust has the
attributes of a corporation, whether the trust engages in
business-like activities, and whether the trust has a profit
motive.

After due consideration of the pension trust documents, the
Pension Plan, the uncontested facts as the parties presented the
same to the court, and the applicable law, the court concludes
that the Debtor Pension Trust is not a business trust. The trust
was established to secure payment to beneficiaries. Therefore, its
purpose was to preserve the principal of the contributions made by
the employer participants and the interest generated by the
principal. The purpose of the trust was not to generate income or
profit.

The business activities referred to by the Debtor were not
corroborated by the trust deed, the pension plan, nor the
testimony of Dr. Guzman. The actual Pension Trust activities are
only incidental to the Board trustees' responsibility of
protecting and preserving the corpus or res of the trust.

In view of the foregoing, the motions to dismiss filed by the
movants are granted. The court finds that the debtor trust is not
a business trust, and, thus, is ineligible to file a bankruptcy
petition. Therefore, the instant petition is dismissed as the
debtor trust does not meet the definition of a corporation in
section 101(9)(A)(v).

A full-text copy of Judge Lamoutte's Opinion and Order dated March
13, 2018 is available at:

     http://bankrupt.com/misc/prb18-00108-L11-52.pdf

       About Catholic School Employees Pension Trust

The Catholic School Employees Pension Trust is a business trust
duly constituted under the laws of the Commonwealth of Puerto
Rico.

The Pension Trust filed a Chapter 11 petition (Bankr. D.P.R. Case
No. 18-00108) on Jan. 11, 2018.  In the petition signed by Ramon
Guzman, president of Board of Trustees, the Debtor estimated $1
million to $10 million to $1 million to $10 million in assets and
liabilities.  The Hon. Enrique S. Lamoutte Inclan presides over
the case.  Javier Vilarino, Esq., at the Law Firm of Vilarino &
Associates, serves as bankruptcy counsel.


KONA GRILL: Reports $23.4 Million Net Loss for 2017
---------------------------------------------------
Kona Grill, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss of $23.43
million on $179.08 million of revenue for the year ended Dec. 31,
2017, compared to a net loss of $21.62 million on $169.5 million
of revenue for the year ended Dec. 31, 2016.

As of Dec. 31, 2017, Kona Grill had $91.79 million in total
assets, $86.13 million in total liabilities and $5.66 million in
total stockholders' equity.

For the three months ended Dec. 31, 2017, Kona Grill reported a
net loss of $12.41 million on $42.89 million of revenue compared
to a net loss of $16.58 million on $43.59 million of revenue for
the same period a year ago.

"We continue to battle for market share in this challenging
industry environment.  The environment remains difficult with
everyone fighting to drive traffic amidst a changing consumer
environment.  We have many initiatives in place to make Kona Grill
the destination of choice for guests.  These initiatives are
framed around our mission to make every experience exceptional for
our guests," said Berke Bakay, President and CEO of Kona Grill.

"To lead the turnaround, we hired Jim Kuhn as our chief operating
officer in December.  In Jim's first three months with us, he has
brought a renewed focus on service, hospitality and cleanliness
and has re-energized our company with his relentless pursuit of
elevating all aspects of restaurant operations.  We are evaluating
what we do and who we use to provide products and services in
order to generate cost-savings and efficiencies within our
restaurants.  We are starting to see the benefits of these
initiatives in our 2018 operating margins," he continued.

"We recently amended our credit facility to among other things,
provide relief on our financial covenants to allow time for the
many initiatives to take effect.  We continue to evaluate our
underperforming restaurants and have discussions with our
landlords regarding rent abatement or strategic alternatives for
certain restaurants.  We estimate that the eight restaurants that
we have taken impairment charges for over the past two years had a
360 basis point negative impact on our four-wall margins for the
fourth quarter of 2017," he continued.

"We currently have three international units open as our partners
in the UAE and Canada opened the first restaurant in their
respective countries during the fourth quarter.  We are excited
about the potential to grow our brand through franchising and
continue to engage in discussions with potential partners in
several countries," he concluded.

             Ability to Continue as a Going Concern

"The accompanying consolidated financial statements have been
prepared assuming the Company will continue as a going concern.
The Company has incurred losses resulting in an accumulated
deficit of $79.7 million, has a net working capital deficit of
$7.6 million and outstanding debt of $37.8 million as of December
31, 2017.  These conditions together with recent debt covenant
violations and subsequent debt covenant waivers and debt
amendments, raise substantial doubt about the Company's ability to
continue as a going concern.  The ability to continue as a going
concern is dependent upon the Company generating profitable
operations, improving liquidity and reducing costs to meet its
obligations and repay its liabilities arising from normal business
operations when they become due.  The Company has evaluated its
plans to alleviate this doubt, which will include slowing new
restaurant development, implementing cost-savings initiatives and
evaluating potential closure of underperforming restaurants.
While the Company believes that its existing cash and cash
equivalents as of December 31, 2017, coupled with its anticipated
cash flow generated from operations, will be sufficient to meet
its anticipated cash requirements, there can be no assurance that
the Company will be successful in its plans to increase
profitability or to obtain
alternative financing on acceptable terms, when required or if at
all.  These consolidated financial statements do not include any
adjustments to the recoverability and classification of recorded
asset amounts and classification of liabilities that might be
necessary should the Company be unable to continue as a going
concern," as disclosed in the Annual Report.

A full-text copy of Form 10-K is available for free at:

                      https://is.gd/T8UwNU

                        About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona
Grill, Inc. -- http://www.konagrill.com/-- currently owns and
operates 46 restaurants in 23 states and Puerto Rico.  The
Company's restaurants offer freshly prepared food, attentive
service, and an upscale contemporary ambiance.  Additionally, Kona
Grill has three restaurants that operate under a franchise
agreement in Dubai, United Arab Emirates; Vaughan, Canada and
Monterrey, Mexico.


PRINTING MACHINE: Hires EMG Despacho Legal as Legal Counsel
-----------------------------------------------------------
The Printing Machine Corporation seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico (Ponce) to hire
Edgardo Mangual Gonzalez and EMG Despacho Legal, CRL as legal
counsel.

Services to be rendered by EMG are:

     a. analyze the Debtor's financial situation and render advice
to the debtors in determining whether to file a petition in
bankruptcy;

     b. prepare and file any petition, schedules, statements and
plan as required by the bankruptcy law and rules;

     c. provide legal representation to the Debtor in all
administrative meetings and quasi-judicial and judicial
proceedings
in connection with the bankruptcy petition; and

     d. render other services needed or requested.

Fees charged by EMG are:

     Edgardo Mangual Gonzalez     $250
     Jose L. Jimenez Quinones     $250
     Paralegal Supervison          $95
     Staff Paralegal               $75
     Administrative Assistant      $50

Edgardo Mangual Gonzalez of EMG Despacho Legal, CRL, attests that
his firm and its members are disintered persons as defined in 11
U.S.C. Sec. 101(14).

The firm can be reached through:

     Edgardo Mangual Gonzalez, Esq.
     EMG DESPACHO LEGAL, CRL
     Edificio La Electronica
     Suite 201-A, Calle Bori 1608
     San Juan, PR 00927
     Tel: 787-753-0055
     Fax : 787-767-5015
     E-mail: lcdomangual@gmail.com

                About The Printing Machine Corp

Based in Mayaguez, Puerto Rico, The Printing Machine Corp filed a
Chapter 11 petition (Bankr. D.P.R. Case no. 18-01164) on March 5,
2018, estimating under $1 million in assets and liabilities.  The
case is assigned to Judge Edward A. Godoy.  Edgardo Mangual
Gonzalez, Esq., at EMG Despacho Legal, CRL, is the Debtor's
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.

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                            ***********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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