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

               Monday, April 9, 2018, Vol. 19, No. 69



TARJETA NARANJA: Moody's Affirms B2 Corporate Family Rating


BIOSEV S.A.: Fitch Affirms B+ IDR; Revises Outlook to Stable
JALLES MACHADO: Fitch Raises Long-Term IDR to BB-; Outlook Stable
RIO OIL: Fitch Rates New $600MM Series 2018-1 Notes 'BB-(EXP)'


ITAU CORPBANCA: 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: Customs, Fuel Importers Butt Heads Over Sludge


MEXICO: Making Progress in NAFTA Talks With US, Canada


NICARAGUA: EU Signs Trade-Promotion Alliance With Producers


COPA AIRLINES: To Reimburse Passengers Affected by Venezuelan Ban

P U E R T O    R I C O

AMERICAN TOOLS: Monthly Payment for Unsecureds Raised to $1,912
INSTITUCION SANTA ELENA: April 26 Plan, Disclosures Hearing
PRINTING MACHINE: Taps Tamarez CPA as Accountant
PUERTO RICO: Looks to Dominican Dollars to Aid Recovery
SAN JUAN ICE: Case Summary & 20 Largest Unsecured Creditors


* BOND PRICING: For the Week From April 2 to April 6, 2018

                            - - - - -


TARJETA NARANJA: Moody's Affirms B2 Corporate Family Rating
Moody's Investors Service has affirmed Tarjeta Naranja S.A.'s
(Naranja) B2 corporate family rating (CFR) and global foreign
currency senior unsecured debt rating. The outlook on the ratings
is stable.

The rating action follows the corporate restructuring of Naranja's
holding group, Grupo Financiero Galicia (GFG, unrated). The
restructuring resulted in the spinoff of Naranja's parent company,
Tarjetas Regionales (TR, unrated) from Banco de Galicia y Buenos
Aires S.A. (Banco Galicia, b2, B2 stable), and its direct
incorporation into GFG, which now owns 83% of TR's capital,
together with Naranja's absorption of sister company Tarjetas
Cuyanas S.A. (Cuyanas, unrated).

The following ratings were affirmed:

Global Corporate Family Rating: B2 with stable outlook

Global Senior Unsecured Foreign Currency Debt Rating: B2 with
stable outlook

-- Outlook, Remains Stable


The affirmation of Naranja's ratings incorporates Moody's views
that the corporate restructuring has had a neutral effect on the
company's credit profile. Naranja's rating did not previously
incorporate an uplift for affiliate support from Banco Galicia as
the two are rated at the same level, not does it now consider
support from GFG.

The company's B2 rating incorporates its relatively robust earning
generation and strong capitalization profile, and its reasonably
diversified funding structure, while also capturing its weakening
asset quality and the inherent riskiness of its monoline focus on
consumer lending. The rating also considers challenges related to
Argentina's operating environment, which while improving has
historically been very volatile.

Naranja is the leader credit card company in the country, with 207
branches spread across 22 provinces serving almost 5 million
customers and direct agreements with around 270,000 merchants. The
company's lending portfolio expanded around 20% after the merger
with Cuyanas. The latter was the parent company of Tarjetas
Nevadas, the leading credit card issuer in Mendoza and San Juan,
with 51 branches in different provinces and a client base of
around 500.000 clients.

With net income of nearly 9.1% of averaged managed assets in 2017,
the company has remained highly profitable despite rising
competition in the credit card business, even in the context of
Argentina's still very high rate of inflation. Interest income
from credit cards and to a lesser extent personal loans is
supplemented by a substantial amount of income from agreements
with merchants, as well as account maintenance and renewals fees.

While the company's asset risk remains moderate for a consumer
finance company, its non-performing loans ratio rose to 5.8% as of
December 2017 from 4.9% as of December 2016. This deterioration
was largely driven by portfolio seasoning after years of fast
lending expansion and also a high level of nonperformers from the
acquired portfolio. However, asset risk is mitigated by sound loan
loss reserve coverage, with reserves equal to 120% of problem
loans. Moreover, with tangible common equity equal to 21.2% of
tangible managed assets, up from 18.3% in 2016, the company has
sufficient capital that to absorb a substantial increase in losses
from loans and support expansion of the business.

Naranja's reliance on market funds is relatively low for a
consumer finance company, as evidenced in its market funds to
tangible banking assets ratio of just 27.4% in 2017, as more than
half of its total funding derives from accounts payable to
merchants and stores, which accrue no interest. Other funding
sources include short and long-term debt issuances and interbank
loans with various financial institutions. The relative
diversification of funding sources helps mitigates risks emanating
from the company's very weak liquidity position, common for
finance companies, with liquid assets equal to just 27% of debt
maturing over the next 24 months.


The B2 global scale rating would face upward pressure if
Argentina's sovereign rating were upgraded, in conjunction with an
improvement of the company's asset risk and liquidity profiles.
Conversely, the global scale ratings would face downward pressure
if the government of Argentina were to be downgraded, or if
Naranja's capital base, profitability, and/or asset quality were
to deteriorate significantly.

The principal methodology used in these ratings was Finance
Companies published in December 2016.


BIOSEV S.A.: Fitch Affirms B+ IDR; Revises Outlook to Stable
Fitch Ratings has affirmed Biosev S.A.'s (Biosev) Long-term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'
and its Long-term National Scale Rating at 'A-(bra)'. The Rating
Outlook is revised to Stable from Negative.

The Outlook revision incorporates the recent improvements on
Biosev's financial profile, which considerably ease the pressure
on its ratings. The BRL3.5 billion capital injection received from
Louis Dreyfus Commodity Holding group (LD) and the new terms and
conditions involved in the debt renegotiation reduced net adjusted
leverage on a pro forma basis to 3.4x from 4.6x in the LTM ended
on Dec. 31, 2017, and is expected to benefit the company's fund
from operations (FFO) at around BRL200 million on an annual basis
due to lower interest payments.

Biosev's IDRs remain pressured by the high business risk inherent
to the sugar and ethanol (S&E) industry, which is very volatile
and exposed to weather conditions. On a standalone basis, the
company would deserve lower ratings, but the affiliation with
Louis Dreyfus Commodity Holding group (LD group) adds to its
credit profile. The company remains challenged to rapidly advance
in key operating indicators and reach a positive FCF. Biosev's
heavy investments to improve agricultural yields and fill its
mills to capacity are expected to hold back FCF amid a scenario of
relatively depressed sugar prices.


Capital Structure Improvement: On March 28, 2018, Biosev announced
the initiatives regarding the rebalancing of its capital structure
and liquidity profile improvement. The company received a BRL3.5
billion (equivalent to USD1.1 billion) capital injection in the
form of advance for a future capital increase (AFAC) that will be
used to prepay BRL2.6 billion export pre-payments with the parent
company, with the remaining balance going to strengthen the
company's cash position and for general corporate purposes. Fitch
assumes that the AFAC will be converted into equity. The AFAC
comes on top of a debt renegotiation that is expected to affect
terms and conditions of a total debt consideration of BRL3.7
billion. This debt renegotiation encompasses the extension of debt
maturities by five years, establishment of a three-year grace
period for repayment and a reduction in interest rates.

Performance Improvement Remains Challenging: Biosev still faces
challenges to improve yields and fill its mills to their 36.4
million capacity. Fitch acknowledges the company achieved better
operational results in the past three years, though the pace of
recovery has been slower than anticipated. While Fitch expects
Biosev to report increased crushed volumes in fiscal 2019, the
agency estimates idle capacity will remain above peers over the
long term. Crushed volumes of 29.1 million tons in the nine months
through the third quarter of 2018 (3Q18) were flat compared to the
same period of previous year. Biosev reported average agricultural
yield of around 80.2 ton/ha in the nine months through the 3Q18,
comparing favourably with the country's average of 76 ton/ha and
up 0.8% the 79.5 ton/ha reported by the company in the same period
of fiscal 2017. In terms of sugar content, the company reported
131.9 kilos per ton in the 3Q18, up 0.7% the 130.9 kilos per ton
in the previous year, but down 3.8% average reported in Brazil's
Center South. Improvements in the next crop years will depend
largely on weather conditions.

Negative FCF to Remain: Fitch believes Biosev will report average
negative FCF of around BRL150 million over the next three seasons.
Fitch projects negative FCF of BRL460 million in fiscal 2018. In
the LTM ended Dec. 31, 2017, FFO and cash flow from operations
(CFFO) amounted to BRL622 million and BRL868 million,
respectively, which compared favourably to BRL430 million and
BRL561 million reported for the same period of the previous year.
CFFO was not enough to cover the company's capex of BRL1.2
billion, leading to negative FCF of BRL319 million.

High Leverage Expected to Decline: Fitch expects Biosev's net
adjusted leverage to decline to 3.4x and 3.1x in fiscal 2018 and
2019. The deleverage process is supported by the capital injection
and prepayment of export contracts with parent combined with small
EBITDAR expansion in fiscal 2019. The company's net adjusted
debt/EBITDAR ratio reached 4.6x as of the LTM ended Dec. 31, 2017,
comparing favourably with 4.9x in fiscal 2017.

Positive Affiliation with the LD Group: Fitch believes the
affiliation of Biosev with LD Group is credit positive. LD Group
owns 72% of Biosev and supports the company both operationally and
financially, as demonstated by the recent AFAC. This affiliation
translates into positive synergies and gives Biosev access to a
broad range of data and information on the current shape of the
S&E global markets, inventory and demand levels for both products,
price trends, and the performance of foreign currencies across the
globe, among others. The LD Group is one of the main clients for
the sugar produced by Biosev. The adoption of efficient risk
management practices has been reflecting positively on the
attractive level of hedged sugar prices and has also helped to
reduce the impact of the recently FX volatility.

High Industry Risks: The Brazilian S&E industry is characterized
by intense price volatility and below average access to liquidity.
International sugar prices are highly volatile and can fall below
the marginal cash cost of Brazil's lowest cost producers. Price
volatility and the industry's capital intensive nature can lead to
negative FCF and erode liquidity positions across the board. Price
volatility is also present in the Brazilian ethanol market
following Petrobras's fuel policy of setting domestic gasoline
prices on a daily basis. Other risks involve weather conditions
and their impact on yields and cost dilution and FX exposure due
to Biosev's export orientation.


Biosev's rating is positioned two notches below Tereos Union de
Cooperatives Agricoles a Capital Variable (Tereos; IDR BB/Stable)
due to Tereos's strong business model underpinned by high degree
of geographic and product diversification and capacity to use raw
materials from many different sources and countries. Biosev's
ratings also stand below those of Corporacion Azucarera del Peru
S.A. (Coazucar, IDR BB-/Stable) due to Coazucar's dominant
domestic position as the largest sugar producer in Peru, with
about 50% market share, which enables the company to price sugar
in the domestic market at a high premium compared to international
prices. The strong support received from LD group makes Biosev's
ratings stand at the same level of Brazilian Usina Santo Angelo
Ltda. (A-(bra)/Stable) despite Usina Santo Angelo's superior
performance, lower cash costs and satisfactory liquidity position.
While Biosev has been reporting higher leverage and weaker
operating cash flows compared to its Brazilian peers, its
affiliation to the LD Group is perceived as highly accretive for
the ratings.


Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
-- Sugar prices of USD 14.50 cents/pound for 2017/2018 are based
    on hedged prices and volumes as of Dec. 31, 2017. Fitch
    assumes sugar prices of USD 14.00 cents/pound and USD 15.00
    cents/pound in fiscal 2019 and 2020, respectively.
-- The combination of oil prices and the FX rate will lead
    Petrobras to keep increasing domestic gasoline prices, paving
    the way for a gradual increase in hydrous ethanol prices.
-- Fitch forecasts increased volumes in fiscal 2019 compared to
    fiscal 2018 and average crushed volumes more in line with the
    historical average in the following years.
-- FX rate assumed to be BRL3.30/USD as from fiscal 2018.
-- Fitch forecasts capex relatively flat at BRL1.1 billion in the
    following years.


Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Further improvements on the company's key operational
-- FCF neutral or positive following a lower cash cost structure

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Any demonstration of diminishing support from LD Group would
    be viewed negatively by Fitch;


AFAC Benefited Liquidity: Biosev's liquidity has improved
following the AFAC conclusion. Total amount was BRL3.5 billion, of
which BRL2.6 billion will be used to prepay export pre-payments
with the LD Group. The remaining balance will be used to
strengthen the company's cash position and for general corporate
purposes. The company has also concluded the renegotiation of
terms and conditions of a total debt consideration of BRL3.7
billion (eligible debt) that includes the extension of tenors for
five years, including a three-year grace period, and interest
expenses reduction. Fitch estimates that the company will close
fiscal year ended March 31, 2018 with cash position of BRL1.5
billion and short-term debt of BRL550 million, comparing
favourably with BRL1.6 billion and BRL2.2 billion reported for
March 31, 2017. Fitch forecasts manageable bank debt maturities of
BRL300 million for fiscal years 2019 and 2020.


Fitch has affirmed Biosev's ratings as follows:

-- Long-Term Foreign Currency IDR at 'B+';
-- Long-Term Local Currency IDR at 'B+';
-- Long-Term National Scale Rating at 'A-(bra)'.

The Rating Outlook has been revised to Stable from Negative.

S&P Global Ratings Services affirmed its 'BB-/B' global scale and
'brAA-' national scale ratings on China Construction Bank (Brasil)
Banco Multiplo S.A. (CCB Brasil). At the same time, S&P removed
the bank capital requirements assessment from 'subject to
regulatory forbearance'. As a result, S&P raised the bank's stand-
alone credit profile (SACP) to 'b-' from 'ccc+'.

S&P said, "We still base our ratings on CCB Brasil on its highly
strategic subsidiary status to China Construction Bank Corp. (CCB;
A/Stable/A-1). The parent has provided a high level of support to
its Brazilian subsidiary, including several rounds of capital
injections, a large funding facility, and the appointment of
senior management from China. We believe it's highly unlikely that
CCB will disinvest its Brazilian subsidiary due to its high
importance to the group's globalization strategy. Moreover, we
believe that CCB Brasil is fully integrated with the group from a
management, operations, and risk management perspective."

After failing to maintain the minimum regulatory Tier I capital
ratio of 6.0% for two consecutive years, CCB Brasil reported an
18.3% ratio as of December 2017, despite its weak results for the
year. The increase in this ratio is a result of several capital
injections from CCB, the biggest of which was above R$ 1.2 billion
on fiscal 2017. Therefore, S&P no longer believe the bank is
subject to regulatory forbearance, because S&P expects it to
maintain its regulatory capital ratios above the minimum

Furthermore, S&P is revising its capital and earnings assessment
on the bank following a forecasted risk-adjusted capital (RAC)
ratio of 4.0%-4.5% for the next two years. After a shift in
strategy to focus on large corporate borrowers, deferred tax
assets (DTAs) write-downs, and sale of its legacy portfolio, S&P
expects CCB Brasil to post break-even results in 2018 and to
restore profitability the following year. However, the high amount
of DTAs on the bank's balance sheet still pressures its capital

JALLES MACHADO: Fitch Raises Long-Term IDR to BB-; Outlook Stable
Fitch Ratings has upgraded Jalles Machado S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) to 'BB-' from
'B+' and its long-term National Scale Rating to 'A(bra)' from 'A-
(bra)'. The Rating Outlook is Stable.

The upgrade reflects the expectations that Jalles Machado will
keep generating resilient cash flow from operations (CFFO) and
robust operating margins in the next four years, with a moderate
net leverage comparable with its peers at the 'BB-' rating level.
Fitch also views positively Jalles Machado's liquidity profile
underpinned by its track record and ability to access different
sources of finance at adequate tenors. The rating action
incorporates Fitch's view that the company will gradually increase
crushed volumes while it invests to raise total capacity to 5
million tons, generating positive free cash flow (FCF) in the
current crop season.

The intrinsically high volatility of the sugar and ethanol (S&E)
industry and funding limitations continue to constrain the IDRs.
Jalles Machado's business model is above average when compared to
peers and strengthened with the construction of a new sugar
factory. The company is now able to offer a more balanced product
mix while it continues to benefit from a premium portfolio of
products that includes branded organic and crystal sugar.


Positive FCF: Fitch forecasts FCF near breakeven in fiscal year
ended March 31, 2018 and positive at BRL19 million in the ongoing
2018/2019 crop season as crushed volumes are expected to increase.
CFFO amounted to BRL285 million in the last 12 months (LTM) ended
on Dec. 31, 2017, up 13% from BRL252 million reported in the same
period of previous year, but insufficient to cover capex of BRL387
million, leading to negative FCF of BRL102 million. Jalles
Machado's FCF has been pressured by investments in the new sugar
factory annexed to the Usina Otavio Lage (UOL) mill, already
concluded, and investments in expansion of harvest area to raise
Usina Otavio Lage's (UOL's) crushing capacity to 2.2 million tons
from 1.8 million tons.

Strong Business Model: Jalles Machado offers a differentiated
product portfolio that contributes to average EBITDAR margins of
75%, which compare favorably with the industry average. As of the
LTM ended Dec. 31, 2017, net revenues decreased by 2% to BRL692
million and EBITDAR amounted to BRL545 million, at a 79% margin.
The company's premium portfolio of products includes the sale of
branded organic and crystal sugar, the latter holding relevant
market share in Brazil's Northern and Northeastern retail markets.
Prices for both products command large premiums compared to Very
High Polarizaton (VHP) sugar. Product mix also includes sale of
hydrous, anhydrous, industrial ethanol, sanitizers and dry yeast.
Following the conclusion of investments in a new sugar factory in
2017, the company now counts on a more balanced product mix with
46% sugar and 54% ethanol in the 2017/2018 crop season compared to
38% and 62%, respectively, in 2016/2017.

High operating margins also reflect the fiscal incentives provided
by the State of Goias on the sale of sugar and ethanol. In the
nine months through Dec. 31, 2017, tax incentives added BRL42
million to Jalles Machado's EBITDAR. The company's low land-lease
costs, well below the average of the State of Sao Paulo, also play
a role. The self-sufficiency in sugar cane has a positive
accounting impact on Jalles Machado's margins. As spending on the
cane fields is accounted for as capital expenditure rather than
cost, the higher the share of owned cane in the mix, the larger
the capital expenditure and the lower the impact on EBITDAR.

Higher Crushing Volume: Fitch expects the company to crush 4.5
million tons of sugar cane in the 2018/2019 crop season, up 5%
from 4.3 million tons in 2017/2018. Due to more favourable weather
conditions, Jalles Machado brought agricultural yields back to
historical levels at 84.6 tons/ha in 2017/2018 from 72.9 tons/ha
in 2016/2017 when unusually harsh weather conditions were largely
accountable for the 17% drop in crushed volumes compared to the
previous season. Fitch believes that Jalles Machado's capacity to
divert 60% of all sucrose into ethanol production and presence of
organic sugar in the product portfolio is expected to mitigate the
impact of depressed sugar prices expected for 2018 on the
company's CFFO.

Moderate Leverage: Fitch expects Jalles Machado to report net
adjusted leverage at around 2.0x in fiscal 2018 and 1.9x in fiscal
2019, comparing slightly better with 2.1x on March 31, 2017. The
company posted net adjusted leverage of 2.5x as of the LTM ended
Dec. 31, 2017. Fitch's projected decline in net leverage ratios in
the ongoing crop season reflects the expectation of higher EBITDAR
and flat net adjusted debt levels. As of Dec. 31, 2017,
consolidated adjusted debt including obligations related to land
lease was BRL1.5 billion, of which USD-denominated debt accounted
for 20%. Principal and interest payments up to 2020/2021 are
protected through a combination of USD-denominated assets and

High Industry Risks: The Brazilian S&E industry is characterized
by intense price volatility and below average access to liquidity.
International sugar prices are highly volatile and can fall below
the marginal cash cost of Brazil's lowest cost producers. Price
volatility and the industry's capital intensive nature can lead to
negative FCF and erode liquidity positions across the board. Price
volatility is also present in the Brazilian ethanol market
following Petrobras's fuel policy of setting domestic gasoline
prices on a daily basis. S&E companies' performance is also
affected by weather conditions and their impact on yields and cost
dilution. Other risk is the FX exposure due to Jalles Machado's
export orientation.


Jalles Machado's IDR is positioned one notch below Tereos Union de
Cooperatives Agricoles a Capital Variable (Tereos; IDR BB/Stable)
due to Tereos's strong business model underpinned by high degree
of geographic and product diversification and capacity to use raw
materials from many different sources and countries. Jalles
Machado's ratings are the same as Corporacion Azucarera del Peru
S.A. (Coazucar, IDR BB-/Stable) as Coazucar's dominant domestic
position as the largest sugar producer in Peru, with about 50%
market share, which enables the company to price sugar in the
domestic market at a high premium compared to international
prices, is compensated by Jalles machado's lower leverage and
stronger liquidity metrics. Jalles Machado is also rated above
Usina Santo Angelo Ltda. (USA, A-(bra)/Stable) given its larger
scale and better product mix. The company's superior financial
flexibility and access to more diversified sources of funding
compared to USA was also considered.


Fitch's Key Assumptions Within Fitch Rating Case for the Issuer

-- Sugar prices at USD14.50 cents/pound in 2017/2018 and USD14.00
    cents/pound in 2018/2019.
-- Fitch currently forecasts Brent crude to average USD52.5/b in
    2018 and USD55/b in 2019. The combination of oil prices and
    the FX rate will lead Petrobras to keep increasing domestic
    gasoline prices, paving the way for a gradual increase in
    hydrous ethanol prices.
-- Crushed volumes of 4.3 million tons and 4.5 million tons in
    2017/2018 and 2018/2019, respectively. Fitch assumes the
    company will reach full capacity of 5 million tons only in
-- Fitch projects total capex of BRL350 million and BRL330
    million in 2017/2018 and 2018/2019, respectively, as the
    company will keep investing to increase Usina Otavio Lage's
    crushed volumes to 2.2 million tons.
-- Fitch forecasts sugar and ethanol mix of 40% - 60% for
    2018/2019 due to currently low sugar prices and the higher
    profitability involved in ethanol production.
-- Fitch projections assume organic sugar will keep paying high
    premiums compared to VHP and crystal sugar.


Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- An upgrade is unlikely in the medium term due to intrinsically
    high volatility and funding limitations in this sector.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Net adjusted debt to EBITDAR above 3.0x on a sustainable
-- Consistently negative FCF;
-- Any signs of deterioration in financial flexibility.


Comfortable Liquidity: Fitch expects Jalles Machado to report cash
and short-term debt of BRL420 million and BRL270 million,
respectively, in fiscal year ended March 31, 2018, resulting in
robust cash to short-term debt coverage ratio of 1.5x. This
reflects the company's good access to long-term financing in the
domestic banking and capital markets and compares favorably with
cash to short-term debt coverage of 1.0x as of fiscal 2017. The
maintenance of a weak cash position in the third quarter of fiscal
2018 was largely motivated by the company's strategy of building
up inventories in expectation of higher sugar and ethanol prices
during the offseason. While its cash and short-term debt positions
amounted to BRL162 million and BRL402 million, respectively, for
the 3Q18 the company reported robust inventories position of
BRL347 million at market values. The strategy paid off, as ethanol
prices increased substantially in the last quarter of fiscal 2018.


Fitch has upgraded Jalles Machado's ratings as follows:

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

The Outlook is Stable.

RIO OIL: Fitch Rates New $600MM Series 2018-1 Notes 'BB-(EXP)'
Fitch Ratings has affirmed the rating of the series 2014 notes
issued by Rio Oil Finance Trust and has assigned expected ratings
to the proposed $600 million series 2018-1 notes to be issued
under the same program. The Rating Outlook on the notes is Stable.

The ratings are not directly linked to the originator's credit
quality. They are based on potential production and generation
risk and are ultimately linked to Petrobras' Issuer Default Rating
(IDR), as it is the main source of cash flow generation.

The assigned ratings also reflect the transaction's increased
liquidity, mitigation of diversion risk and increased free cash
flow given the subordination of FECAM payments. These changes
linked to a faster than expected deleveraging of the transaction
minimize timely debt service exposure to potential disruptions.
Fitch's ratings address timely payment of interest and timely
payment of principal on a quarterly basis.

The SPV initially issued USD2 billion in series 2014-1 notes,
BRL2.4 billion of series 2014-2 special indebtedness interests and
USD 1.1 billion in series 2014-3 notes, and now is expecting to
issue additional USD600 million in series 2018-1 notes. When
including series 2018-1 notes, the outstanding balance adds up to
USD3 billion, out of a total program of USD5 billion. All series
are pari passu, and future issuances out of the program will be
subject to certain conditions.

The issuances are backed by royalty flows and special
participations owed by oil concessionaires, predominantly operated
by Petroleo Brasileiro S.A. (Petrobras), to the government of the
State of Rio de Janeiro (RJS). The State of Rio de Janeiro
assigned 100% of these flows to RioPrevidencia (RP), the state's
pension fund, and RP sold these rights to Rio Oil Finance Trust,
the issuer.


Ratings Not Directly Linked to Originator's: RP is an autonomous
government agency that is part of the Secretary of State for
Planning and Management of RJS (C(bra)/C). Performance of the
originator will not affect the collateral as the generation of the
cash flow needed to meet timely debt service is not dependent on
either RP or RJS.

Impact of Oil Prices Fluctuations on Performance: The gradual
recovery in oil prices, coupled with the structural changes
incorporated in the sixth rescission waiver and amendment support
the transaction's Annualized Average DSCRs (AADSCR). However, a
downturn in oil price environment may limit royalty and special
participation flows used to pay debt service impacting the
transaction rating level.

Future Production Risk: The transaction benefits from growth in
production levels as it increases the total royalty flows.
Depressed oil prices have led Petrobras to reduce production
targets on multiple occasions. Therefore, sustained low oil prices
could translate into further capital expenditure cuts by

Cash flows support rating: The current levels of AADSCRs of over
3x partially mitigate the exposure of the transaction to
fluctuations in oil prices and production levels at the current
rating level. Going forward, and considering Law 12,734 is
implemented after 2019, Fitch expects AADSCRs to be over 3x for
the life of the transaction.

Ample Liquidity for Timely Payment: The transaction benefits from
liquidity, in the form of a Debt Service Reserve Account (DSRA)
and a Liquidity Reserve Account. Funds in deposit in these two
accounts shall at all times be sufficient cover three principal
and interest (P&I) payments, which Fitch considers sufficient to
keep debt service current on the notes under different stress

Largest Obligor Rating Cap: Petrobras' rating is the ultimate cap
for the proposed transaction, as it is the main source of cash
flow generation. Petrobras carries local and foreign currency
(LC/FC) Issuer Default Ratings (IDRs) of BB-/Stable and National
Long Term Rating of AA+(bra)Negative. The company is majority
controlled by the federal government of Brazil and has the rights
to E&P of the vast majority of Brazil's oil fields

Potential Exposure Political Risk Partially Mitigated: The state's
liquidity constraints, evidenced by various delays in commercial
and other payments, have heightened the transactions political
risk exposure. However, provisions included in the 6th rescission
waiver and amendment, such as the rescission of the trapping of
excess cash and of the early amortization period, will increase
the cash flows returned to the state, and, in turn, decrease the
transaction's exposure to potential political risk.

Oil Revenues Dedicated Account Modification Mitigates Redirection
Risk: Pursuant to the Oil Revenues Dedicated Account Modification
Legislation, the RioPrevi Oil Revenues initially deposited to the
RJS Oil Revenues Dedicated Account are no longer required by
legislation to be deposited into a state-owned account. Oil
revenues assigned to this transaction are instead deposited into
an account under the name of the issuer. This change in the
account mitigates potential redirection of flows to RJS. As Banco
do Brasil (BdB) cannot be replaced as a collection bank, the
transaction is directly linked to the credit quality of BdB.

Legal Changes May Affect Collateral Stability: Although, to date,
no amendments affecting the distribution of royalties for the
existing concession regime have been implemented, provisions
regarding the change in allocation percentages incorporated in Law
12,734 are currently under review. The transaction was analyzed
assuming the law will change and DSCRs remain sufficiently robust
and commensurate with the expected ratings.

True Sale Valid under Brazilian Law: Collateral backing this
transaction was transferred to RP by RJS through a state decree,
making RP the legal owner of the royalties. This transfer gives RP
the right to sell the collateral into the trust.

Transfer and Convertibility Risk: Series 2014-1, 2014-3 and 2018-1
notes are exposed to transfer and convertibility risk (T&C) as
royalty flows are paid in an account in Brazil in reais. This
exposure caps the rating of the transaction at the country ceiling
of Brazil, which is currently 'BB'. To partially mitigate T&C risk
and the operational risk that may arise from transferring and
converting flows on a daily basis to an off shore account, the
transaction contemplates reserve funds that covers three principal
and interest (P&I) payment.


The ratings are capped by the credit quality of Petrobras, the
main obligor generating cash flows to support the transaction, and
to the sovereign rating and country ceiling assigned to Brazil.

The transaction is exposed to oil price and production volume
risks. Declines in prices or production levels significantly below
expectations may trigger downgrades.

Additionally, the ratings are sensitive to the rating of BdB as a
direct counterparty to the transaction.

Fitch has taken the following rating actions:

-- USD2 billion series 2014-1 notes affirmed at 'BB-', Outlook
-- BRL 2.4 billion series 2014-2 special indebtedness affirmed at
    'AA-sf(bra)', Outlook Stable;
-- USD1.1 billion series 2014-3 notes affirmed at 'BB-', Outlook
-- USD 600 million series 2018-1 notes assigned 'BB-(EXP)'
    expected rating, Outlook Stable.


ITAU CORPBANCA: Fitch Affirms BB+ Support Rating Floor
Fitch Ratings has affirmed Banco Itau Corpbanca Colombia S.A.'s
(Itau Colombia) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'BBB-'. The Outlook for the Long-Term
IDRs and National ratings is revised to Stable from Negative.

The Outlook was revised to Stable, as the bank has been able to
stabilize earnings and asset quality trends, even amidst a recent
economic downturn in Colombia, and continued to work extensively
to implement its parent strategy and grow both its wholesale and
retail presence. Itau Colombia recently rebranded its branches in
Colombia and consolidated the core banking platforms. The bank
performed a review of most of its credit portfolios and, where
needed, made conservative provisions in 2016 and 2017.

Such operational and credit expenses did impact the bank's
profitability in 2016 and 2017, but expects to gradually improve
its profitability and market share in the coming years, while
further supporting the parent's revenue and geographic
diversification strategy. Although asset deterioration continues,
the bank was able to reduce its vulnerability to riskier sectors
and profitability has already started to reverse the trend of
previous years.

Itau Colombia's ratings are higher than those implied by the
potential for support from its ultimate parent (Itau Unibanco
Holding, BB/Stable) in consideration of its own intrinsic credit
profile, given Colombia's stronger operating environment relative
to Brazil's.

Itau Colombia's LT Local and Foreign Currency IDRs are driven by
its 'bbb-' Viability Rating (VR). The bank's VR is highly
influenced by its company profile and weak profitability. Itau
Colombia's ratings also consider its tight capital levels,
reasonable asset quality and sound risk management, as well as the
improvements in its liquidity management in line with Colombian
market and Basel 3 internal considerations.

Itau Colombia established its operation in Colombia in 2012 as
part of its parent's, Banco Itau Corpbanca (formerly Corpbanca),
regional expansion strategy. This strategy was complemented by the
integration with its ultimate parent in Brazil. Itau Group
regional expansion has benefited the moderate Colombian franchise
with the implementation of its strong risk management culture, the
adoption of the Itau brand and its expected additional benefits
once the business model in Colombia is completed.

Itau Colombia's profitability has been adapting to the new
business model and a slow economic cycle. Pressure from loan
impairment charges, technological integration, rebranding and
strategic adjustments limited the operational revenue generation.
In Fitch's opinion, profitability will remain a challenge over the
rating horizon, though opportunities for improvement in the medium
term are good as the bank achieves synergy gains while controlling
loan deterioration and enhances its earnings diversification.
Operating profit to risk weighted assets increased to 0.4%, well
below regional peers (2.23% at YE17), but above the entity
previous year (0.13% at YE16).

The bank's capital is perceived by Fitch as relatively tight,
although there is some comfort when considering its ample loan
loss reserves, good asset quality and sound risk management. Its
current capitalization metrics are lower than those of similarly
rated peers (universal commercial banks in a 'bbb' operating
environment), and is considered by Fitch as the one of the main
constraints on the bank's VR, in addition to its low
profitability. The bank's Fitch Core Capital (FCC) ratio was 9.52%
at December 2017, underpinned by asset value decrease and low

Amid systemic asset deterioration within the Colombian market,
Itau Colombia's asset quality has been more resilient than its
local peers. NPLs rose to 2.93% of the total portfolio at December
2017, while the local industry's NPL ratio increases to 3.1%. The
economic slowdown had an impact on the portfolio quality, but
legacy troubled corporate loans continue adding to asset quality
deterioration. By segment, the corporate portfolio deteriorated
50bps versus the system's 130bps asset deterioration; retail
portfolio results were similar to the market at around a 120bp.

The bank maintains good liquidity levels that provide some relief
from managing the concentrated liability structure. The moderate-
size franchise gives a limited competitive advantage and generally
influences funding costs. However, the deposit structure is
working toward a composition of stable resources, in line with the
new liquidity policies and liquidity coverage ratios; this
includes mid- to long-term time deposits, domestic and overseas
bond issuances, and increased retail funding.


The bank's Support Rating (SR) of '3' and Support Rating Floor
(SRF) of 'BB+' are driven by its moderate systemic importance and
its growing share of retail deposits, although this is still
modest when compared to domestic systemically important banks.
Fitch believes that there is a modest probability of receiving
sovereign support if the bank were to need it, which underpins its
SR and SRF. SRFs indicate the minimum level to which the entity's
LT IDRs could fall as long as Fitch does not change its view on
potential sovereign support.


Itau Colombia's national subordinated debt is rated one notch
below its National long-term rating to reflect lower expected
recoveries, while no notching is applied to non-performance risk,
given the terms of the issuances that lack going-concern loss
absorption features (i.e. plain vanilla subordinated debt).


Upside potential for Itau Colombia's ratings is limited over the
short to medium term, given its moderate-size franchise and low
profitability. Negative rating action could arise from a material
further decline in profitability and/or weaker asset quality that
erodes the bank's FCC ratio or loan reserve coverage of impaired
loans (to below 9% or 100%, respectively).

Additionally, although Fitch considers the subsidiary's credit
profile to be mostly independent from that of its ultimate parent,
the VR (and ultimately the IDRs and National scale ratings) may be
pressured in a scenario of further downgrades of Itau Unibanco
Holding (BB/Stable), because, under Fitch's criteria, the
intrinsic credit profile of a subsidiary bank cannot be completely
delinked from that of its parent. Considering the Stable Outlook
on the parent, Fitch does not consider this as a likely scenario
in the foreseeable future.


Upside potential for the SR and SRF is limited, and can only occur
over time with a material gain of the bank's systemic importance.
Upside potential on the SR could also occur over time from a
material improvement of the parent company's ratings. These
ratings could be downgraded, however, if the bank loses material
market share in terms of retail customer deposits.


Subordinated debt ratings will mirror any action on the banks
National long-term rating, more likely maintaining a one-notch

Fitch has affirmed the following ratings:

-- Long-Term Foreign and Local Currency IDR at 'BBB-'; Outlook to
    Stable from Negative;
-- Short-Term Foreign and Local Currency IDR affirmed at 'F3';
-- Viability rating at 'bbb-';
-- Support Rating at '3';
-- Support Rating Floor at 'BB+';
-- National long-term rating at 'AA+(col)'; Outlook to Stable
    from Negative;
-- National short-term rating at 'F1+(col)';
-- Senior unsecured national bonds at 'AA+(col)';
-- Subordinated national bonds at 'AA(col)'.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Customs, Fuel Importers Butt Heads Over Sludge
Dominican Today reports that the leading fuel distributors on
April 5 said the norm which regulates recyclable bilge sludge is
being used to import fuels "under the guise of waste" to evade
paying taxes.

The Society of Fuels and Derivatives Companies (SEC) said that a
"distortion or anticompetitive practice shielded behind the MARPOL
Agreement has been generated, which consists of the introduction
of camouflaged fuels as waste," according to Dominican Today.

But Customs rebuffed the statement, stating that all bilge sludge
"is subjected to tests in its lab or in other certified and
accredited independent facilities, and pays taxes according to the
product determined by these tests," the report notes.

"We find the argument that some importers are using to bring what
is in fact a fuel as waste 'little' credible," said Customs
officials quoted by Diario Libre, 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.


MEXICO: Making Progress in NAFTA Talks With US, Canada
RJR News reports that the United States, Mexico and Canada are
moving forward in a significant way at talks to modernize the
NAFTA trade pact.

Canadian Prime Minister Justin Trudeau's remarks to reporters in
Quebec City were the latest in a series of upbeat comments by
officials in the three countries about the chances of striking
some kind of deal soon on the North American Free Trade Agreement,
according to RJR News.

Mexican officials said that if enough progress is made, the
leaders of the three nations could make an announcement at a
regional summit in Peru at the end of this week.

The administration of U.S. President Donald Trump is pressing for
a deal in principle to avoid clashing with Mexican presidential
elections on July 1, the report adds.


NICARAGUA: EU Signs Trade-Promotion Alliance With Producers
EFE News reports that the European Union and the Association of
Producers and Exporters of Nicaragua (Apen) will seek to promote
better trade and investment relations through a new alliance,
whose associated activities will include the presentation of an
award on April 12 to the Nicaraguan company with the most rapid
export growth to the EU in 2017.

As part of the alliance, signed April 6, Apen and the Federation
of European Chambers of Commerce and Industry of Nicaragua
(Eurocam) also inked a collaboration agreement to promote actions
that ensure both sides take better advantage of trade
opportunities under the EU-Central America Association Agreement,
according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2018, S&P Global Ratings affirmed its 'B+' long-term
local and foreign currency sovereign credit ratings on the
Republic of Nicaragua.  The outlook on the long-term ratings
remains stable. At the same time, S&P affirmed the 'B' short-term
local and foreign currency sovereign credit ratings. In addition,
S&P affirmed its transfer and convertibility (T&C) assessment at


COPA AIRLINES: To Reimburse Passengers Affected by Venezuelan Ban
EFE News report that Panama's Copa Airlines said that people who
purchased tickets for travel to Venezuela will get their money
back now that Caracas has barred the carrier from operating on its
territory for the next 90 days.

"Due to the volume of passengers affected by the measure, the
reimbursement process will take longer than usual," the company
said on its Web site, according to EFE News.  "Copa apologizes for
any inconvenience that may arise from this situation, which is
outside of the company's control."

P U E R T O    R I C O

AMERICAN TOOLS: Monthly Payment for Unsecureds Raised to $1,912
American Tools, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico an amended disclosure statement describing
its second amended plan of reorganization dated March 20, 2018.

Class 2 consists of the general unsecured claims which will be
paid 3% of the allowed claim through 60 monthly installments.
Under the amended plan, this class will now receive a monthly
payment of $1,911.73 for a total payout of $114,704. The previous
version of the plan proposed to pay general unsecured creditors
$1,786.39 monthly for 60 months for a total payout of $107,183.32.
General unsecured creditors were previously classified in Class 3.

Total monthly payment proposed under the Plan is $4,189, including
$2,277 to be paid during the first 39 months in the case of
priority tax debts and $1,912 to be paid through a 60 months term
in the case of general unsecured claims.

Source of funds for payments under the Plan is the collection of
post-petition sales. Net monthly business income is projected to
cover the proposed monthly payment under the Plan.

A full-text copy of the Amended Disclosure Statement is available

A full-text copy of the Second Amended Plan is available at:

                    About American Tools

American Tools, Inc. manufactures custom sheet metal products in
its facilities in Bayamon, Puerto Rico.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 16-08071) on October 7, 2016.  Jimmy
Cepeda Benavides, vice-president and treasurer, signed the
petition.  At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of $1 million to $10

The case is assigned to Judge Brian K. Tester.  The Debtor hired
the Law Offices of Emily D. Davila as its legal counsel.

INSTITUCION SANTA ELENA: April 26 Plan, Disclosures Hearing
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico conditionally approved Institucion Santa
Elena Del Monte Inc.'s disclosure statement filed on March 14,
2018 to accompany its proposed chapter 11 plan.

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 and of such
objections as may be made to either will be held on April 26,
2018, at 9:30 a.m. at the United States Bankruptcy Court,
Southwestern Divisional Office, MCS Building, Second Floor, 880
Tito Castro Avenue, Ponce, Puerto Rico.

The Debtor is a non-profit corporation that was incorporated on
July 24, 2009, as an assisted living facility, in the Department
of State of the Commonwealth of Puerto Rico and is presently a
corporation in good standing. Assisted living facilities are
regulated by the Department of Family Services in Puerto Rico.
The debtor corporation offer a less-expensive, residential
approach to delivering many of the same services available in
skilled nursing, either by employing personal care staff of
contracting with home health agencies and other outside
professionals. The home is licence to house 16 persons and its
current population is 11.

It mostly provides care for bedridden persons or who need help
with eating, cleanliness, and daily living activities, etc. The
debtor operates in the town of Guyanilla, Puerto Rico.

Under the Plan, Class 2 - General unsecured creditors will receive
a distribution of 10% of their allowed claims, to be distributed
as per terms of plan.

Payments and distributions under the Plan will be funded by the
income from the debtor's continuation and operation of the

A full-text copy of the Disclosure Statement is available at:

              About Institucion Sanata Elena

Institucion Santa Elena Del Monte, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-
04793) on July 5, 2017, disclosing less than $1 million in both
assets and liabilities.  The Debtor is represented by Nydia
Gonzalez Ortiz, Esq., at the Law Offices of Santiago & Gonzalez
Law LLC.

PRINTING MACHINE: Taps Tamarez CPA as Accountant
The Printing Machine Corporation seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Tamarez
CPA, LLC, as its accountant.

The firm will assist the Debtor in the preparation of monthly
operating reports; provide general accounting and tax services for
year-end reports and income tax preparation; assist in the
reconciliation of proofs of claim filed and amount due to
creditors; and help the Debtor prepare supporting documents for
Chapter 11 plan of reorganization.

The firm's hourly rates are:

     Albert Tamarez-Vasquez, CPA, CIRA     $150
     CPA Supervisor                        $100
     Senior Accountant                      $85
     Staff Accountant                       $65

Tamarez received a retainer in the sum of $3,000 prior to the
Petition Date.

Albert Tamarez Vasquez, a certified public accountant employed
with Tamarez, disclosed in a court filing that he and his firm are
"disinterested" as defined in Section 101(14) of the Bankruptcy

The firm can be reached through:

     Albert Tamarez Vasquez
     Tamarez CPA, LLC
     First Federal Saving Building
     1519 Ave. Ponce De Leon, Suite 412
     San Juan, PR 00909-1713
     Tel: (787) 795-2855
     Fax: (787) 200-7912

                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

PUERTO RICO: Looks to Dominican Dollars to Aid Recovery
Dominican Today reports that Puerto Rico Secretary of State, Luis
Rivera Marin called on Dominican entrepreneurs to invest in their
country, where Hurricane Maria caused severe damaged in Sept.

Rivera made the request at the launch of the Panel on
Opportunities and Challenges of the Dominican Private Sector in
Puerto Rico's Economic Recovery, held in the Foreign Ministry,
according to Dominican Today.

The Puerto Rican official noted the current "great and new
opportunities to develop initiatives that can suppose economic
growth," both for his country and for the Dominican Republic, the
report notes.

"Puerto Rico and the Dominican Republic share the same challenges,
the same opportunities, the same dreams and that's why it's up to
us, both the Government of Puerto Rico and of the Dominican
Republic to facilitate the process so that they (investors)
continue creating jobs and economic development," he said, the
report relays.

He invited entrepreneurs to "maximize" investment opportunities to
help Puerto Rico, which he stressed that last year suffered one of
the worst hurricanes that have devastated the Caribbean in recent
years, the report says.

"In the area of energy, agriculture, trade open opportunities for
Puerto Ricans and Dominicans, as always, we join in our
aspirations and encourage investment and the creation of jobs and
better living conditions," he said, the report notes.

Official data set at US$95.0 billion the damages from Hurricane
Maria in Puerto Rico, where 64 people died, the report adds.

                     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

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

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet,
Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund
Group, comprised of mutual funds managed by Oppenheimer Funds,
Inc., and the First Puerto Rico Family of Funds, which
collectively hold over $4.4 billion of GO Bonds, COFINA Bonds,
and other bonds issued by Puerto Rico and other instrumentalities.

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, and Monarch
Alternative Capital LP.

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).


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.

SAN JUAN ICE: Case Summary & 20 Largest Unsecured Creditors
Debtor: San Juan Ice Inc.
        2336 Ave Rexach
        San Juan, PR 00915

Business Description: San Juan Ice Inc. is a privately owned ice
                      manufacturer in San Juan, Puerto Rico.
                      The Company is a small business Debtor as
                      defined in 11 U.S.C. Section 101(51D).

Chapter 11 Petition Date: April 3, 2018

Case No.: 18-01784

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

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Robert Millan, Esq.
                  MILLAN LAW OFFICES
                  250 Calle San Jose
                  San Juan, PR 00901
                  Tel: 787 725-0946

Total Assets: $580,495

Total Liabilities: $1.17 million

The petition was signed by Ramiro Rodriguez Pena, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:


* BOND PRICING: For the Week From April 2 to April 6, 2018

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

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


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

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

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


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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