TCRLA_Public/180410.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, April 10, 2018, Vol. 19, No. 70



GPAT COMPANIA: Moody's Assigns B1 Global LC Senior Debt Rating
RIO NEGRO: Moody's Rates ARS2,500MM Proposed Class 1 MTN B2


BOLIVIA: Opts for Gas-Based Fertilizer in Wine Region


BRAZIL: Lula Ordered to Surrender After Court Backs Jailing

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Grows 6.7% in Jan.-Feb., Top Official Says


BANCO ATLANTIDA: S&P Affirms 'BB-/B' ICRs, Outlook Stable
INVERSIONES ATLANTIDA: S&P Affirms 'B+' ICR, Outlook Stable


NOBLE GROUP: Concerned About "Rescue Plan"


BARCLAYS BANK: Moody's Cuts Long-Term Global Deposit Rating to Ba1
TV AZTECA: Fitch Revises Outlook to Positive; Affirms B+ IDR

P U E R T O    R I C O

QUICK COMMERCIAL: Case Summary & 2 Unsecured Creditors
SPANISH BROADCASTING: Needs Additional Time to File Form 10-K

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Audit Ordered as Country Named in Scandal

                            - - - - -


S&P Global Ratings assigned its 'B+' issue-level rating to the
province of Buenos Aires' (PBA; B+/Stable/--) senior unsecured
notes of up to ARS22 billion. The bullet amortization payment will
be denominated in Argentine pesos. The provincial 2018 budget and
the decree 2018-38 authorized the issuance amount. The province
will use the proceeds to improve its debt maturity profile, make
debt amortization payments, and fund infrastructure and other
public investment projects.

S&P expects the PBA's debt to reach 54% of its operating revenue
by the end of 2018. According to the latest available data as of
Sept. 30, 2017, the stock of provincial debt was ARP260 billion.
Most of the debt stock consists of international and domestic
capital market issuances. As of September 2017, 55% of the PBA's
total debt was denominated in dollars, domestic currency (31%),
euros (13%), and in other currencies (less than 1%).

S&P said, "The foreign currency rating on the PBA is the same as
our 'B+' global scale long-term issuer credit rating on Argentina.
The PBA, like all local and regional governments (LRGs) in
Argentina, operates under a very volatile and unbalanced
institutional framework, in our view. However, we believe that
there's a positive trend in the predictability of the outcome of
the reforms and pace of implementation. We believe the
constructive dialogue between the federal and subnational
governments will help solve the current institutional,
administrative, and budgetary challenges.

"At the same time, we believe that the PBA's fiscal performance
could gradually improve, if the province continues focusing on
reducing its operating deficits. Under the leadership of Governor
Vidal, the province has also shown commitment to intermediate- and
long-term financial planning, which we consider positive from the
credit point of view. Additionally, we believe that the PBA has a
greater political weight than other provinces in LRG dealings with
the federal government. We expect that the province will reach
operating surplus by 2019, while deficits after capex will remain
below 5% of total revenue in the same period. As of September
2017, operating deficit shrank to 2.5% from 3.5% in 2016.

"The stable outlook on the PBA reflects our opinion of a more
institutionalized dialogue between the province and the federal
government to solve fiscal and economic challenges, which are
expected to remain in the short to medium term. The outlook also
incorporates our opinion that the province will continue to work
to maintain an adequate fiscal position, while still resorting to
market financing during 2018. We would only raise the ratings on
the PBA in the next 12-18 months if we were to raise the sovereign
local and foreign currency ratings, given that we don't believe
the PBA meets the conditions to be rated above the sovereign. Such
an upgrade would have to be accompanied by consistent
strengthening in Argentina's institutional framework for LRGs
and/or continued improvements in the PBA's individual
creditworthiness. Conversely, we could lower our ratings on the
province, if we downgrade Argentina as a result of lesser capacity
to approve and implement policies that maintain macroeconomic
stability. A deterioration in the PBA's fiscal performance and a
debt trajectory that is worse than our expectations could also
trigger a downgrade."


  Province of Buenos Aires
    Issuer credit rating             B+/Stable/--

  Rating Assigned

  Province of Buenos Aires
    Senior Unsecured                  B+

GPAT COMPANIA: Moody's Assigns B1 Global LC Senior Debt Rating
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B1 global local currency senior debt rating and a national scale local currency debt rating to GPAT Compania
Financiera S.A (GPAT)'s XXXII series issuance. The notes will be
issued in two tranches, A and B, which will be due in 18 months
and 36 months respectively, in an aggregate amount of up to ARS
450 million. The ratings are on review for downgrade, in line with
the review on GPAT's other ratings.

The following ratings were assigned to GPAT Compania Financiera

ARS450 million Senior Unsecured Debt Issuance:

B1 Global Local Currency Debt Rating; Rating Under Review for
Downgrade Argentina National Scale Local Currency Debt Rating; Rating
Under Review for Downgrade


GPAT's ratings incorporate the close operational links between the
company and its parent, Banco Patagonia S.A. (Patagonia, Ba3 on
review, b2), together with the probability that the company will
receive financial support from Patagonia in an event of stress
given its strategic importance to its parent. As the finance
company of Patagonia, GPAT is primarily engaged in financing car
sales of General Motors dealers through Patagonia's branch
network, while Patagonia provides funding for dealers' floor
plans. The review for downgrade of GPAT's ratings reflects the
review of its parent's ratings.

The ratings also consider Argentina's operating environment, which
while improving has historically been very volatile, as well as
the company's solid risk management policies and good asset
quality, and high profitability. Key risks include the tight
competition within the car-financing industry, the entity's
monoline business orientation, and its largely wholesale funding
structure, which is representative of other auto finance companies
as well.

Driven by declining inflation and interest rates, GPAT 's loan
book increased 45% during 2017. Notwithstanding GPAT's 89% share
of the market for financing GM car sales, increasing competition
has led to a decline in the company's net interest margin to 4.35%
in 2017, from 6.80% in 2016. Even though net income declined to
4.91% of tangible assets from 7.02% in 2016, due to higher credit
costs as well as narrower lending spreads, profitability remains
high even by Argentine standards, which are distorted by the very
high rate of inflation.

Despite a gradual deterioration since year-end 2016, nonperforming
loans remained moderate at 2.03% in December 2017, in line with
industry average. Moreover, the company's high loan book
granularity, the strong collateralization of its portfolio, and
loan loss reserves at 2.15% of gross loans help to mitigate the
increase in asset risk.

Thanks to parental support, the company is one of the stronger
credits in Argentina, as reflected by its national scale
rating. The NSR is the lower of the two alternatives on the
Argentine national scale corresponding to GPAT's B1 global scale
rating and reflects the review for downgrade of the issuer's
global scale rating. Moody's expects to conclude the reviews on
Patagonia and GPAT's ratings once there is greater certainty about
the potential for changes to Patagonia's ownership structure and
the extent of any new shareholders' willingness and ability to
provide support to the bank, and hence GPAT as well.


GPAT's ratings could face downward pressure if ratings of its
parent, Patagonia, are downgraded, or if GPAT's financial
fundamentals deteriorate. GPAT's global scale rating could decline
by as two or more notches, and its NSR could fall by six or more
notches, should Patagonia's parent, Banco do Brasil S.A. (BB),
sell a portion of its stake in Patagonia such that there is no new
controlling shareholder, or should the new controlling shareholder
be either unrated or not rated as highly as BB. A downgrade of
BB's ratings, which could be driven by a downgrade of Brazil's
sovereign rating, would also put downward pressure on Patagonia
and GPAT's local currency ratings as could a reduction in Moody's
assessment of BB's willingness to provide support prior to an
official announcement of the sale of its stake, or the
identification of a buyer.

Given the review for downgrade, upward pressure on GPAT's ratings
is unlikely at this time. However, the ratings could be confirmed
at the current level if and when Patagonia's ratings are
confirmed, which could happened if BB announces the sale of its
stake to another entity rated at least the same as BB and that
exhibits a very high willingness to support Patagonia or if BB
reasserts its commitment to the bank.

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

GPAT Compania Financiera S.A is headquartered in Buenos Aires,
Argentina, and reported ARS5,821 million of total assets and
ARS1,055 million of shareholders' equity as of December 2017.

RIO NEGRO: Moody's Rates ARS2,500MM Proposed Class 1 MTN B2
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B2 (Global Scale local currency) and (on Argentina
National Scale in local currency) ratings to proposed Class 1
Medium Term Notes to be issued by the Province of Rio Negro ("Rio
Negro") for up to ARS2,500 million. The ratings are in line with
the province's long term local currency issuer ratings, the issuer
carries a stable outlook.


The Province will issue these Notes under its Program created by
Provincial Decree Nß 84/18. This new Class will be issued under
the province's Global Issuance Program for up to ARS 3,000 million
created by Governor's Decree Nß 84/18. The Notes will constitute
direct, general, unconditional and unsubordinated obligation of
Rio Negro, ranking at all times pari passu without any preference
among other debts.

This Class will bear variable interest rate (local benchmark plus
a maximum fixed margin of 5%) on a quarterly basis, will be issued
and payable in Argentine Pesos and will have a minimum tenure of 2
years with bullet amortization. The province will use the proceeds
of these Notes to cancel several financial obligations mainly the
upcoming services of its Short-term Treasury Bills.

Following the issuance of these new Notes, coupled with the
expected debt amortization within this fiscal year, the effects of
the provincial expected revenues growth, the impact of the
exchange rate increase over the provincial's foreign currency debt
and the expected cash financing deficit; Moody's anticipates that
the ratio of total debt to total revenues of Rio Negro will grow
to 49% by the end of this current year from 47% reported at 2017
fiscal year closing date.

The assigned debt ratings reflect Moody's view that the
willingness and capacity of Rio Negro to honor these Notes is in
line with the provincial's long-term credit quality as reflected
in the B2/ issuer ratings in local currency.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the notes under this program deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act


Given the strong macroeconomic and financial linkages between the
Government of Argentina and the economic and financial profiles
and ratings of Argentina regional governments, an upgrade of
Argentina's sovereign bonds ratings and/or the improvement of the
country's operating environment could lead to an upgrade of the
Province of Rio Negro's issuer and debts ratings. Conversely, a
downgrade of Argentina's sovereign bond ratings and/or a
deterioration in Rio Negro's operating performance that led to
higher than expected cash financing deficits and a rise in its
level of total debt to between 60% and 65% could exert downward
pressure on the ratings assigned.

The principal methodology used in this rating was Regional and
Local Governments published in January 2018.


BOLIVIA: Opts for Gas-Based Fertilizer in Wine Region
EFE News reports that Bolivia is betting on a fertilizer made from
natural gas -- of which the Andean nation has massive reserves --
to boost agricultural output in the wine country of the southern
region Tarija.

Bolivian President Evo Morales traveled to Tarija city to
inaugurate a urea sales depot installed by state oil and gas
company YPFB, according to EFE News.

With a total arable surface of 109,847 hectares (271,437 acres),
Tarija is projected to consume up to 11,000 metric tons of urea a
year -- three to six times current levels -- and YPFB expects to
provide the fertilizer to growers of grapes, sugarcane, potatoes
and corn, among other crops, the report relays.

YPFB tests in Tarija have shown an increase in yields of up to 74
percent for grapes, 79 percent for sugarcane and 119 percent for
potato crops, the report notes.

"We will look into how to improve the urea production," the report
quoted Mr. Morales as saying, noting that Bolivia used to be an
importer of fertilizer, whereas it is now an exporter.  "I am sure
it will be of much help."

The Bolivian government closed a deal in January to sell as many
as 335,000 tons a year of urea to Brazil for more than $100
million, and is looking to forge agreements with Argentina and
Paraguay for another 120,000 tons, the report notes.

The Bulo Bulo petrochemical plant, which opened last year, has a
production capacity of 2,100 metric tons of urea and 1,200 of
ammonia daily and at least 80 percent of the output is intended
for exportation, the report relays.

The Tarija region is famous for its production of wine and
singanis -- a type of brandy made from white grapes -- and its
high-altitude vineyards are in the same as those of Argentina and
Chile, the report adds.

                           *     *     *

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.


BRAZIL: Lula Ordered to Surrender After Court Backs Jailing
The Guardian reports that Luiz Inacio Lula da Silva, Brazil's
former president, has been ordered to turn himself in to the
authorities to serve the 12-year jail sentence he was given after
being convicted of corruption.

Mr. Lula had pleaded with the country's supreme court to remain
free until he had exhausted all his appeals, but the judges ruled
by six to five against his request after 10 hours of debate,
according to The Guardian.  The decision will deal a serious blow
to the political survival of Brazil's first working-class
president and potentially deepen divisions in the country, which
has been racked by episodes of political violence, the report

The report relays that Mr. Lula said the corruption charges
against him are politically motivated and designed to stop him
running for president again in October's election. Despite his
conviction and six separate pending corruption trials, he is
leading in opinion polls.  His Workers' party (PT) described the
ruling as "a tragic day for democracy and Brazil".

Brazilians still hold great affection for Lula, despite corruption
conviction, the report relays.

The case against Lula is part of the "Car Wash" corruption
investigation, which has led to the jailing of dozens of top
executives and politicians and exposed bitter divisions in the
country, the report says.

Lula's successor, Dilma Rousseff, was impeached and removed from
office amid a scandal and economic crisis, the report discloses.
The current president, Michel Temer, avoided standing trial before
the supreme court last year when allies in congress shielded him
from charges of corruption, obstructing justice and links to
organised crime, the report notes.  Polls put his approval rating
at 5%, but he has hinted at a run in October regardless, the
report relays.

The report discloses that Mr. Lula oversaw a period of sustained
economic growth and his social policies helped lift millions of
people out of poverty, but his legacy took a hit as the economy
struggled under Rousseff and corruption allegations emerged
against him and his leftist PT, which held power from 2003 to

Mr.  Lula's supporters, made up of groups of leftwing social
movements and trade union members, gathered in the capital,
Brasilia, a night after thousands of anti-Lula protesters took to
the streets of 100 Brazilian cities, the report relays.

The report notes that Douglas Grandini, who works at an estate
agency and was on an anti-Lula protest, said: "The crisis that
Brazil is in today comes from the bad planning and corruption of
[politicians'] mandate.  We'll take 10 years to recover."

The report relays that Mr. Lula was found guilty last year and
sentenced to 10 years in prison for accepting bribes worth BRL3.7
million (GBP790,000) from the OAS construction company -- the
amount prosecutors said the firm spent refurbishing a beach flat
for Mr. Lula in return for his help in winning contracts with the
state-run oil company Petrobras.  In January, an appeal court
unanimously upheld his conviction and increased the sentence to 12
years, the report relays.

Under Brazilian electoral law, a candidate is banned from elected
office for eight years if found guilty of a crime, the report
notes.  The head of the PT said Lula would run for election in
spite of the court ruling, leaving the decision about the validity
of his candidature in the hands of the highest electoral court,
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.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Grows 6.7% in Jan.-Feb., Top Official Says
Dominican Today reports that Central banker Hector Valdez Albizu,
revealed that in the first two months this year the average growth
was 6.7% of GDP, "well above existing expectations" while for the
quarter, the cumulative inflation to March stood at 0.55%, and the
depreciation at April 3 was 2.1%, slightly higher than the same
quarter of the previous year.

Mr. Valdez said growth in January was 7% and February was 6.3%,
for an average of 6.7%, according to Dominican Today.  "These
figures show a significant start to the year with great
expectations for the first quarter," the report quoted Mr. Valdez
as saying.

Regarding depreciation, the official said it's the period when the
exchange rate has reached what the Government had contemplated for
its budget at yearend 2017, the report notes.

He affirmed that the slight movement of that variable has been the
normally expected in the period in which the exchange rate moves,
influenced by the restocking of inventories by industrial, retail
and agro sectors; the exit of dividends from companies with direct
foreign investment; and the payment of commitments in foreign
currency with a letter of credit for imports during November and
December, 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.


BANCO ATLANTIDA: S&P Affirms 'BB-/B' ICRs, Outlook Stable
S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-term
global scale issuer credit ratings on Banco Atlantida. The outlook
is stable.

The rating on Banco Atlantida reflects its historical operating
revenue stability and its leading position in the Honduran
financial system. The recent capital injection has been enough to
compensate for the bank's growth, which also supports S&P's
forecasted average risk-adjusted capital (RAC) ratio of 5.7% for
the next 24 months. The ratings also incorporate the bank's sound
asset quality metrics despite the difficult political and economic
environment in the country. Banco Atlantida's solid deposit base
provides enough liquidity to cover its short-term maturities.

INVERSIONES ATLANTIDA: S&P Affirms 'B+' ICR, Outlook Stable
S&P Global Ratings affirmed its 'B+' long-term global scale issuer
credit rating on Inversiones Atlantida, S.A. At the same time, S&P
affirmed its 'B+' issue-level rating on the company's senior
unsecured notes of $150 million with a five-year maturity. The
outlook remains stable.

The rating on Inversiones Atlantida continues to reflect its
status as a non-operating holding company (NOHC). As a result, the
rating is one notch below its consolidated operating subsidiaries'
creditworthiness, which includes Honduras-based universal bank
Banco Atlantida, S.A. (BB-/Stable/B). The one-notch rating
subordination reflects the NOHC's dependence on the bank's
dividend upstream to its service debt.

Inversiones Atlantida's operating revenue stability stems from its
banking business. Banco Atlantida's leading position in the
Honduran banking system provides enough business volume to
maintain operating stability. S&P said, "The rating on Inversiones
Atlantida incorporates our forecasted average risk-adjusted
capital (RAC) ratio of 5.7% for the next 24 months. We believe
that the double leverage at the group is manageable--it was about
115% at the end of 2017 and we expect it to remain below 120% for
the next 12 months." Despite Honduras' turbulent political and
economic conditions in 2017, the group on a consolidated basis has
kept sound asset quality metrics that are in line with those of
the Honduran financial system. The bank's solid deposit base
provides enough liquidity to cover its short-term maturities. The
group's credit profile (GCP) is 'bb-'.


NOBLE GROUP: Concerned About "Rescue Plan"
RJR News reports that part owner of the Jamalco alumina
refinery -- stricken commodities trader Noble Group, is on the
ropes again after an anonymous research group, named Iceberg,
warned its rescue plan had zero chance of success.

Noble announced a controversial US$3.5 billion restructuring deal
earlier this year that would hand control to some of its biggest
creditors and virtually wipe out existing shareholders, leaving
them with just 10 per cent of the company, according to RJR News.

Iceberg Research, a long-time critic of Noble that first
questioned its bookkeeping in a series of explosive reports in
2015, says the plan is absolutely not viable and the troubled
company is aware of this, the report discloses.

Iceberg alleges that Noble management wants shareholders to sign
up to the plan simply to give it protection from future lawsuits,
the report relays.

Noble is currently seeking shareholders' approval to press ahead
with its rescue plan warning it will begin an administration
process in the UK without it, the report notes.

It is also facing a lawsuit from one of its biggest shareholders,
Abu Dhabi-based fund Goldilocks, which has accused it of inflating
its assets, the report says.

Noble has denied the allegations, the report adds.


BARCLAYS BANK: Moody's Cuts Long-Term Global Deposit Rating to Ba1
Moody's de Mexico S.A. de C.V has downgraded the long-term global
local and foreign currency deposit ratings of Barclays Bank
Mexico, S.A. (Barclays Mexico) to Ba1 from Baa3. The rating agency
has also downgraded the bank's adjusted baseline credit assessment
(BCA) to ba1 from baa3, its short-term global local and foreign
currency deposit ratings to Not Prime from Prime-3, and its long-
term Mexican national scale deposit rating to from
Further, the bank's long- and short-term Counterparty Risk (CR)
assessments were downgraded to Baa3(cr) and Prime-3(cr), from
Baa2(cr) and Prime-2(cr).

In addition, Moody's downgraded the long-term global local
currency issuer rating of Barclays Capital Casa de Bolsa, S.A. de
C.V. (Barclays Capital CB) to Ba1 from Baa3. The brokerage house's
short-term global local currency issuer rating was also downgraded
to Not Prime from Prime-3, while its long-term Mexican National
scale issuer rating was also downgraded to from

At the same time, Moody's affirmed Barclays Mexico's ba2 BCA, and
its MX-1 short-term Mexican national scale deposit rating, as well
as Barclays Capital CB's MX-1 short-term Mexican National scale
issuer rating.

All Barclays Mexico and Barclays Capital CB long-term ratings have
now stable outlooks. This rating action concludes the review for
downgrade initiated on February 23, 2018.

The rating action follows the downgrade of the ratings and BCA of
Barclays Mexico's parent, Barclays Bank PLC (Barclays Bank, LT
deposits and senior unsecured debt A2 stable, BCA baa3), which
Moody's announced on April 4, 2018, due to ongoing credit
challenges and ring-fencing implementation.

The following ratings and assessments were affirmed:

Barclays Bank Mexico, S.A. (815083902)

-- Baseline credit assessment of ba2

-- Short-term Mexican National Scale deposit rating of MX-1

Barclays Capital Casa de Bolsa, S.A. de C.V. (821609714)

-- Short-term Mexican National Scale issuer rating of MX-1

The following ratings and assessments were downgraded:

Barclays Bank Mexico, S.A. (815083902)

-- Adjusted baseline credit assessment to ba1 from baa3

-- Long-term global local and foreign currency deposit ratings to
    Ba1, stable, from Baa3

-- Short-term global local and foreign currency deposit ratings
    to Not Prime from Prime-3

-- Long-term Mexican National Scale deposit rating to from

-- Long-term Counterparty Risk Assessment to Baa3(cr) from

-- Short-term Counterparty Risk Assessment to Prime-3(cr) from

Barclays Capital Casa de Bolsa, S.A. de C.V. (821609714)

-- Long-term global local currency issuer rating to Ba1, stable,
    from Baa3

-- Short-term global local currency issuer rating to Not Prime
    from Prime-3

-- Long-term Mexican National Scale issuer rating to from

Outlook actions:

Barclays Bank Mexico, S.A. (815083902)

- Outlook: changed to stable from ratings under review

Barclays Capital Casa de Bolsa, S.A. de C.V. (821609714)

- Outlook: changed to stable from ratings under review


The downgrade of Barclays Mexico and Barclays Capital CB's ratings
follows the downgrade of the ratings of their parent, Barclays
Bank. The downgrade of Barclays Bank's ratings and BCA reflects
Moody's assessment of the overall group's credit profile,
particularly in light of its ongoing profitability challenges, and
the impact on existing creditors of the implementation of ring-
fencing regulation in the United Kingdom (Aa2 stable). Ring-
fencing aims to make economically vital banking services more
resilient to financial shocks and will affect a small number of
large UK banking groups, including Barclays, which will see its
business mix narrow. Barclays Bank has become the group's non
ring-fenced bank, following the transfer of the group's UK retail
and business banking activities to the newly formed ring-fenced
bank, Barclays Bank UK PLC (LT deposits A1, stable, BCA a3).
Barclays Bank has therefore become more reliant on riskier
wholesale and capital markets activities, increasing its risk
profile and expected earnings volatility, as well as its
dependence on wholesale funding, though its funding profile will
remain diversified.

In conjunction with the downgrade of Barclays Bank, Moody's has
lowered its assessment of the probability of affiliate support
that Barclays Mexico will receive from its parent to "High" from
"Very High". This reduction reflects the group's greater strategic
focus on its two key markets, the UK and the US, which has
resulted in a reduction in its international footprint in recent
years and implies a lower willingness of Barclays Bank to support
its relatively small Mexican operations than in the past. The high
probability of affiliate support which Barclays Mexico benefits
from, captures the continued management and financial integration
between Barclays Bank and its Mexican subsidiary, and also
reflects the reputational risks entailed by their shared brand.

The downgrade of the ratings of Barclays Capital CB considers
Moody's view of the brokerage house as highly integrated and
harmonized (HIH) with Barclays Mexico due to the strong linkages
between the two in terms of infrastructure, risk management
practices and customer base. Consequently, Barclays Capital CB's
ratings are aligned with those of Barclays Mexico.

The affirmation of Barclays Mexico's ba2 BCA captures the bank's
very strong core capitalization and its low asset risk profile,
given that a significant portion of its risks from derivative
operations are effectively transferred to other companies of the
Barclays group. The bank's reported total capital ratio increased
to 33.3% as of January 2018, from 15.3% posted a year earlier,
mainly as a result of a decrease in regulatory capital charges
related to operational risk, as well as continued high earnings

However, Barclays Mexico's BCA is constrained by the bank's niche
wholesale and investment banking operations, with a narrow focus
on derivative operations, foreign exchange trading and bond
underwriting. This generates inherently volatile earnings that are
more vulnerable than those of traditional retail and commercial
banking to the current uncertainties regarding the outcome of the
North American Free Trade Agreement (NAFTA) negotiations and the
upcoming presidential election in Mexico.

The stable outlooks on Barclays Mexico and Barclays Capital CB is
in line with the stable outlook of Barclays Bank.


Barclays Mexico's ratings may face upward pressures if the NAFTA
renegotiation results in a benign outcome for Mexico, and the
uncertainty related to the outcome of Mexican presidential
elections subsides, as the bank's capital, asset quality, and
earnings are vulnerable to the heightened market volatility these
dynamics generate. On the other hand, the bank's ratings could be
downgraded in the case of a significant deterioration in earnings
generation or liquidity position.

The principal methodology used in rating Barclays Bank Mexico,
S.A. was Banks published in September 2017. The principal
methodology used in rating Barclays Capital Casa de Bolsa, S.A. de
C.V. was Securities Industry Market Makers published in September

The period of time covered in the financial information used to
determine Barclays Bank Mexico, S.A. and Barclays Capital Casa de
Bolsa, S.A. de C.V.'s ratings is between January 01, 2013 and
December 31, 2017 (source: Moody's, issuers' annual audited and
quarterly unaudited financial statements).

TV AZTECA: Fitch Revises Outlook to Positive; Affirms B+ IDR
Fitch Ratings has affirmed TV Azteca, S.A.B. de C.V.'s (TV Azteca)
Long-Term Foreign and Local Currency Issuer Default Rating (IDRs)
at 'B+'. The Rating Outlook has been revised to Positive from

TV Azteca's Outlook revision to Positive from Stable reflects the
company's successful liability management during 2017 amid its
continued stable performance and operational cash flow generation.
This has led to significantly improved net leverage ratios to 2.8x
at year-end 2017 from 4.3x at year-end 2016 and 5.6x at year-end
2015 (including ATC financing). The Positive Outlook also reflects
Fitch's expectation for the company to maintain relatively stable
EBITDA and positive FCF generation over the medium term, which
could enable it to retain a financial profile commensurate with a
low-'BB' category, barring any worse-than-expected competitive
pressures or sizable shareholder distributions and acquisitions.

TV Azteca's ratings reflect the company's second largest market
position in the Mexican broadcasting industry and its solid
content production. The ratings are tempered by its volatile
operating results and inability to maintain a steady financial
profile in the past due to its expansion strategy into telecom
operations amid weak advertising sales, particularly in 2015.
Positively, the company has taken initiatives to focus its
resources into core content generation and broadcasting operation.
Fitch does not foresee any substantial cash outflows related with
non-broadcasting related business activities. As such, Fitch
expects the company's capex to be fully covered by its operational
cash flow generation over the medium term.


Successful Liability Management in 2017: TV Azteca's leverage and
financial flexibility improved materially during 2017 due to its
non-core asset sales. The proceeds were mainly used for debt
reduction. In addition, steady EBITDA improvement with reduced
exposure to a loss-making non-core telecom operation, including
its fiber projects in Colombia, improved financial flexibility. In
2017, the company reduced its net debt by 23% to MXN10.6 billion
at year-end 2017 from MXN13.8 billion at year-end 2016 (including
ATC financing). During 2017, TV Azteca sold its spectrum asset
held at its Azteca America stations by the reverse auction,
through which it obtained USD156 million.

The company issued USD400 million senior notes due 2024 and MXN4
billion domestic notes due 2022. The proceeds were used to fully
repay its USD300 million and USD500 million senior notes, which
were originally due 2018 and 2020. The company does not face any
sizable maturities until 2022. TV Azteca's adjusted net leverage
improved to 2.8x at year-end 2017, which favourably compares with
4.3x at year-end 2016 and 5.6x at year-end 2015.

Stable Operational Outlook: Fitch forecasts TV Azteca's relatively
stable EBITDA generation to continue in the short to medium term,
following its material performance recovery since 2Q16, backed by
successful cost controls and steady price increases. Fitch
believes TV Azteca will maintain disciplined investments in
content production, while the disposal of the loss-making Azteca
America operation will also moderately contribute to enhanced
profitability. Fitch forecasts the company to undergo low single
digits revenue growth in 2018 and 2019, excluding the impact from
once a year golf events, and generate stable EBITDA of around
MXN3.5 billion with 25%-26% margins in 2018 and 2019.

Industry growth outlook should remain stable in the near term, in
Fitch's view, due to price increases by the operators and a World
Cup impact in 2018, despite relatively weak macro conditions.
Negatively, long-term growth headroom would be limited given the
increasing importance of pay-TV and the internet as alternate
advertising platform, amid increasing competitive pressures,
including the entrance of Grupo Imagen into the market, which
began operations in 4Q16.

EBITDA Improvement: TV Azteca continued its EBITDA improvement
trend in 2017, and grew by 20% to MXN3.8 billion in 2017 from
MXN3.2 billion in 2016, driven by steady increases in domestic
advertising revenues, deconsolidation of Colombia operations
following its reduced stake to 40% from 100% in the operation, and
measured investments into content production. In 2017, the
company's core Mexican free-to-air advertising sales increased by
6%, following a 4% increase during 2016, backed by successful
price increases and solid viewership ratings. The company
implemented measures to avoid further material increase in
production costs and, starting in 2015, undertook a reduction in
larbor. This reduction included co-production with other content
providers, termination of exclusivity contracts for its production
talent, and renegotiated terms of its content purchases.

Positive FCF Generation; Leverage Improvement: Fitch forecasts TV
Azteca's FCF generation to remain broadly positive in the short to
medium term, driven by stable EBITDA generation and reduced
interest expenses following the reduction in gross debt level. The
company's capex is expected to remain light at about USD30 million
without any cash contribution to its overseas telecom operations
or any sizable investment needs for its broadcasting segment. The
company's 2017 FCF generation turned moderately negative with a
negative 0.9% FCF margin, compared with 6% margin in 2016. This
was due to a sizable increase in working capital, mainly
associated with exhibition rights, including the World Cup, which
should no longer be a factor in 2018. Fitch forecasts about an
average 5% FCF margin in 2018 and 2019 amid stable CFFO generation
of about MXN1.3 billion during the period. This will enable TV
Azteca to maintain its net leverage close to 2.5x over the medium


TV Azteca's credit quality has consistently improved since 2016
and is deemed strong for the 'B' rating category. The company's
Positive Outlook indicates improved credit metrics in line with a
low 'BB' category following successful debt reduction in 2017 amid
stable operations. Fitch expects this to continue over the medium
term. The company's ability to sustain stable performance and cash
flow generation in the absence of any acquisition or sizable
dividends will be a key factor for achieving a ratings upgrade.

The company's direct peers in the region are in different rating
categories. TV Azteca's competitor, Grupo Televisa (BBB+/Stable),
boasts stronger content generation, market share, and financial
profile, as well as more diversified cash flow generation with
strong pay-tv operations. Compared to the company's regional peer,
Globo Comunicacao e Participacoes (BB+/Stable), TV Azteca's
relative market position and financial profile are considered
weaker. Globo's ratings are constrained by the Country Ceiling of
Brazil. No Parent/Subsidiary Linkage is applicable and No Country
Ceiling constraint or operating environment influence was in
effect for these ratings.


Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
-- Low single digits domestic advertising revenue growth in 2018
    and 2019, excluding once a year golf event impact;
-- EBITDA margin of 25%-26% in 2018 and 2019;
-- Capex to sales ratio of about 4.0%-4.5% over the medium term;
-- Average FCF margin of 5% over the medium term.
-- Net leverage to remain in the range of 2.5x-3.0x over the
    medium term

The recovery analysis assumes that TV Azteca would be considered a
going-concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim.

-- The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
base the valuation of the company.

-- Fitch assumes that any potential distress that provoked TV
Azteca's default could occur due to weak economic factors,
dampened advertising demand for free-to-air TV, and its unpopular
content amid high production costs. The post-reorganization EBITDA
assumption is MXN2.4 billion, which should be sufficient to cover
its interest expenses, working capital, and maintenance capex. An
EV multiple of 5x is used to calculate a post-reorganization
valuation and reflects a mid-cycle multiple.

-- Fitch calculates the recovery prospects for the senior
unsecured debtholders in the 31%-50% range based on a waterfall
approach after covering the company's loan from American Tower
Corporation and available credit facility. This level of recovery
results in the senior unsecured notes being rated in line with its
IDR at 'B+/RR4'


Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Positive FCF generation with net leverage maintained
    comfortably below 3.0x on a sustained basis;
-- No sizable dividends or expansion into non-core operations;
-- Consistent track record of disciplined production costs with
    an ability to improve audience/revenue market shares.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Net leverage increasing to above 4.0x with negative FCF
    generation on a sustained basis;
-- Weak advertising industry growth coupled with the company's
    gradual market share loss.


Solid Liquidity: TV Azteca's has a sound liquidity profile.
Following its successful liability management in 2017, the company
does not face any debt maturity until 2022, when its MXN4 billion
notes become due. The company held a readily-available cash
balance of MXN2.8 billion at year-end 2018. The company also holds
a USD130 million commercial paper program as well as a MXN3.9
billion credit facility with Banco Azteca.


Fitch has affirmed the following ratings:

TV Azteca S.A.B. de C.V.
-- Long-Term Foreign- and Local-Currency IDRs at 'B+'; Outlook
    Revised to Positive from Stable.
-- Senior unsecured notes due 2024 at 'B+'/'RR4'

P U E R T O    R I C O

QUICK COMMERCIAL: Case Summary & 2 Unsecured Creditors
Debtor: Quick Commercial Inc.
        PO Box 266373
        Weston, FL 33326

Business Description: Quick Commercial Inc. filed as a Single
                      Asset Real Estate (as defined in 11
                      U.S.C. Section 101(51B)).  The Company is
                      the 100% owner of a two-story commercial
                      building with parking space located at
                      Esquina Ave Polo Camino Alejandrino, B11,
                      Guaynabo, PR 00969, having an appraised
                      value of $800,000.

Chapter 11 Petition Date: April 6, 2018

Case No.: 18-01865

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Jose M Prieto Carballo, Esq.
                  JPC LAW OFFICE
                  PO BOX 363565
                  San Juan, PR 00936-3565
                  Tel: 787-607-2066

Total Assets: $1.15 million

Total Liabilities: $648,977

The petition was signed by Maylin Fiallo Perez, president.

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

SPANISH BROADCASTING: Needs Additional Time to File Form 10-K
Spanish Broadcasting System, Inc., filed a Form 12b-25 with the
Securities and Exchange Commission stating that additional time is
needed for the Company to complete its Annual Report on Form 10-K
for the fiscal year ended Dec. 31, 2017, which was due on April 2,

The Company said it was unable to file its Form 10-K prior to the
filing deadline without unreasonable effort or expense due to its
needing more time to resolve the accounting treatment and complete
the disclosure requirements regarding certain income tax related
matters.  The Company expects to file the Form 10-K no later than
the fifteenth calendar day following the required filing date, as
permitted by Rule 12b-25.

                     About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
Spanish-language media and entertainment company with radio and/or
television stations in the top U.S. Hispanic markets, including
Puerto Rico.  The Company's owned and operated radio stations
serve markets representing approximately 35% of the U.S. Hispanic
population, and its television operations serve markets
representing over 3.5 million Hispanic households.  The Company
produces and distributes Spanish-language content, including radio
programs, television shows, music and live entertainment through
its radio stations and its television group, MegaTV, which
produces over 70 hours of original programming per week.  MegaTV
broadcasts via its owned and operated stations in South Florida,
Houston, and Puerto Rico and through programming and/or
distribution agreements with other stations, as well as various
cable and satellite providers.

Crowe Horwath LLP, in Fort Lauderdale, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016, stating that the 12.5% Senior
Secured Notes had a maturity date of April 15, 2017.  Cash from
operations or the sale of assets was not sufficient to repay the
notes and other short term obligations when they became due, which
resulted in significant liquidity requirements on the Company that
raise substantial doubt about its ability to continue as a going

As of Sept. 30, 2017, Spanish Broadcasting had $434.5 million in
total assets, $563.7 million in total liabilities and a total
stockholders' deficit of $129.2 million.  Spanish Broadcasting
reported a net loss of $16.34 million for the year ended Dec. 31,
2016, compared with a net loss of $26.95 million in 2015.

                          *     *     *

In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System.
"We withdrew the ratings because we were unlikely to raise them
from 'D', based on SBS' ongoing plans to restructure its debt,"
said S&P Global Ratings' credit analyst Scott Zari.  S&P had
downgraded SBS to 'D' on April 21, 2017, following the company's
announcement that it didn't repay its $275 million 12.5% senior
secured notes that were due April 15, 2017, as reported by the TCR
on May 25, 2017.

In April 2017, Moody's Investors Service downgraded SBS's
corporate family rating to 'Ca' from 'Caa2'.  SBS's 'Ca' corporate
family rating reflects an elevated expected loss rate following
the recently announced default under the company's 12.5% senior
secured notes due April 2017.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Audit Ordered as Country Named in Scandal
------------------------------------------------------------ reports that Trinidad and Tobago's Attorney
General Faris Al-Rawi has ordered an audit into all government
agencies and state entities on the heels of claims that a
government minister in a previous administration hired a British-
based consultancy firm to illegally harvest data of the twin-
island republic's citizens.

Christopher Wylie, a whistleblower who worked for the British
political consulting firm, Cambridge Analytica, revealed Trinidad
and Tobago's involvement in the scandal when he addressed United
Kingdom lawmakers, according to  He said he had
passed on contractual documentation and emails from some of the
past projects of AggregateIQ (AIQ), an affiliate of Cambridge
Analytica, including one "for the, at the time, Minister of
National Security for Trinidad," the report notes.

"Part of the project was to go out and find a way of accessing raw
Internet service provider data for the entire country to monitor
what people were browsing in that country. As I understand it,
it's not legal in Trinidad and it certainly wouldn't be legal
here," he added, the report relays.

In a statement to Parliament, Al-Rawi said Cambridge Analytica,
AIQ, and the Strategic Communication Laboratories (SCL) Group and
their affiliate companies allegedly carried out illegal data and
communication mining activities in Trinidad and Tobago in 2013
under the former Kamla Persad-Bissessar-led People's Partnership
government, the report notes.

Mr. Al-Rawi said the alleged activities breached the law in
Trinidad and Tobago and there will be further digging to get to
the bottom of what happened and who was involved, the report

"The Interception of Communications Act, Chapter 15:08 at Section
6, strictly prohibits the interception of communication in the
manner alleged by the whistleblower in testimony given before The
Digital, Culture, Media and Sport Committee of the House of
Commons of the British Parliament.  The Computer Misuse Act,
Chapter 11:17, at Section 3, prohibits the unauthorized access to
data.  The alleged acts committed by Cambridge Analytica and its
affiliates/alter egos potentially constitute breaches of the laws
of Trinidad and Tobago.

"In the election campaign of 2015, citizens would recall that
there were wide scale receipts of unsolicited personalized
political messaging from entities promoting the United National
Congress.  It is therefore incumbent upon the Office of the
Attorney General in discharging duties under the Constitution of
Trinidad and Tobago, to cause an audit of all Government
Ministries, Statutory Authorities, State Enterprises and the
National Security Council to ascertain whether any contracts were
established, whether any payments were made and whether any
services were rendered by the named companies, Cambridge
Analytica, AggregateIQ, and the Strategic Communication
Laboratories (SCL) Group, and/or any of their affiliate/alter ego

"I shall ensure that this audit includes the application of a keen
eye for any masked transactions through nominated/trustee entities
to hide the true identity and nature of any services provided,"
Mr. Al-Rawi told Parliament, the report discloses.

The Attorney General added that his office would also cooperate
with international investigative agencies that are conducting
parallel investigations into the matter, the report relays.

"We shall reach out to authorities in the United Kingdom and the
United States of America to secure information and evidence
relating to this most serious matter of alleged illegal conduct
and activity," he assured, the report says.

"Accordingly, Madam Speaker, I am to inform this Honorable House
that I instructed the State's Attorneys in the United Kingdom to
take immediate steps to secure the evidence and materials provided
by persons including the whistleblower Christopher Wylie," Mr. Al-
Rawi said, the report notes.

The report discloses that Mr. Al-Rawi said the government would do
"all in its power to investigate this very important matter to
unearth whether the rights of the citizens of Trinidad and Tobago
have been infringed and to hold all such persons responsible for
breaches of the laws of the Republic of Trinidad and Tobago
properly accountable".

However, Persad-Bissessar has condemned Al-Rawi for linking her
People's Partnership government and her United National Congress
(UNC) to the illegal activities by Cambridge Analytica, the report

In a statement issued after the Attorney General's presentation in
Parliament, she denied any personal involvement or that of her
party with the company, and served notice that the Opposition
intended to file in Parliament, at the earliest opportunity, a
motion of breach of privilege by the Attorney General "for his
malicious and deliberate falsehood," the report notes.

"The Attorney General's statement, by virtue of what appears to be
calculated omissions and deliberate vagueness, amounted to a
mischievous effort to mislead the Parliament, and by extension,
the citizens of Trinidad and Tobago, in what is undoubtedly an
important issue regarding their privacy rights in the uncontrolled
and largely unregulated global virtual world of social media.

"Al Rawi cited brief statements made by a whistle-blower by the
name of Christopher Wiley in the House of Commons in the United
Kingdom, who claimed that the company dealt with a former
Government Minister and political officials, but did not specify
the names or any further details of such claims.  The Attorney
General, without providing any such names or documents or
evidence, went on to put his own dubious spin on these limited
allegations by Mr Wiley.  With a clear intention to serve a
mischievous and desperate political agenda in the wake of the
massive failures and corrupt practices of his ruling Rowley
regime, the Attorney General maliciously claimed, without
referencing any shred of evidence in any form, that this alleged
dealing was perpetrated by the UNC politicians and Kamla Persad-
Bissessar-led Government," she said, the report relays.

She suggested that fingers should be pointed elsewhere, however,
when she said that a Google search would provide details contained
in an article published CBC News, that Cambridge Analytica's first
contract with SCL was in 2013, for political work in Trinidad and
Tobago with the country's Congress of the People party, the report

"It is therefore evident from this respectable and credible news
report from the CBC News of Canada that the UNC was not the
political party referred to by Mr. Wylie, nor were any of its
sitting members of the People's Partnership Government," Ms.
Persad-Bissessar said, the report relays.  "It can also be
concluded that the Attorney General had easy access to this public
information, yet deliberately opted to omit it from his
Parliamentary statement in an effort to wrongly and unjustly smear
the UNC and its leader and members," she added.


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.
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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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