TCRLA_Public/180411.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, April 11, 2018, Vol. 19, No. 71


                            Headlines



B R A Z I L

ALUPAR INVESTIMENTO: Fitch Assigns First-Time 'BB' FC IDR
BRAZIL: Former President Misses Deadline to Turn Himself In
RADIO E TELEVISAO: Fitch Lowers Long-Term FC IDR to 'CC'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries 'Experience' Growth Forecast
DOMINICAN REPUBLIC: Cement Makers Say Sales Slump


E L  S A L V A D O R

BANCO AGRICOLA: Fitch Affirms 'B' Long-Term IDR; Outlook Stable
BANCO DAVIVIENDA: Fitch Affirms 'B' Long-Term IDR; Outlook Stable


M E X I C O

MEXICO: Nafta Partners Seek Deal by Early May


P U E R T O    R I C O

COOPERATIVA DE SEGUROS: AM Best Reviews C+ Fin'l. Strength Rating
JML INVESTMENT: Case Summary & 4 Unsecured Creditors
MINI MASTER: Files Amendment to Second Amended Plan


V E N E Z U E L A

VENEZUELA: Debt Crisis Nears New Low as Riskiest Bond Matures


                            - - - - -


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B R A Z I L
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ALUPAR INVESTIMENTO: Fitch Assigns First-Time 'BB' FC IDR
---------------------------------------------------------
Fitch Ratings has assigned Alupar Investimento S.A. (Alupar) a
first-time 'BB' Foreign Currency Issuer Default Rating (IDR) and
'BBB-' Local Currency IDR. The Rating Outlook is Stable. Fitch
currently rates Alupar's National Scale rating 'AAA(bra)'/Stable
and local issuances ratings 'AAA(bra)'.

Alupar's ratings reflect Fitch's view that the company will be
able to strengthen its already diversified asset base while
preserving a robust financial profile compatible with companies in
the industry with the same rating category. Benefiting from the
capital increase made over the last two years (BRL1.2 billion),
Fitch believes Alupar can support the equity contributions
necessary for the development of the projects in progress and for
debt refinancing at the holding level, without compromising its
liquidity position.

Alupar's FC IDR is constrained by Brazil's country ceiling at
'BB', as the company generates the large majority of its revenues
in local currency (BRL), with no cash and committed credit
facilities abroad. Fitch also considers the three-notch difference
between the company's LC IDR and the sovereign rating as
appropriate due to its regulated nature. The Stable Outlook for
the FC and LC IDRs mirrors the Outlook on Brazil's 'BB-' sovereign
rating.

The company's credit profile reflects the low business risk of its
operations in the electric energy transmission segment, which is
characterized by high EBITDA margins and great predictability of
operating cash generation. Generation assets, in turn, despite
having higher volatility than transmission, contribute to a
greater dilution of potential operational risks. In addition, the
company has around 83% of its assured energy contracted up to 2025
and has adhered, through its contracts of sale of energy in the
regulated market, to the proposal of the hydrological risk
mitigation by government, which is currently above average.

To Fitch, the increase in construction risk arising from Alupar's
participation in 10 new transmission line concessions and three
generation projects is partially mitigated by the company's
experience in implementing projects and proven financial
flexibility. The new investments will partially offset the fall in
revenue and operating cash generation that will come over the next
few years with the reduction of annual allowable revenue (RAP) of
some older transmission lines concessions.

KEY RATING DRIVERS

Low Business Risk: Alupar's ratings consider the group's low
business risk associated with the combination of its activities in
the transmission and generation of electric energy. In
transmission, the concessions are long-term contracts and revenue,
adjusted annually by inflation, is generated from by the
availability of its current 18 assets in operation, without demand
risk. The company also has customer diversification and
receivables structure that include guarantees. In the generation
segment, the long-term contracts for the sale of a large part of
the assured energy of the assets and the partial protection for
the hydrological risk also generate an expectation of strong
operational cash generation.

Strong Financial Profile: Fitch believes that the consolidated
financial metrics will remain strong during the asset growing
phase, with net financial leverage less than 3.6x in the next
three years. Based on year-end 2017, the net debt / EBITDA ratio
was 2.4x. In the same period, the holding received BRL236 million
in dividends, registering a total debt / dividends ratio of 3.1x,
and the liquidity position of BRL936 million was higher than its
total debt of BRL727 million.

Negative FCF Over The Next Years: On a consolidated basis, Fitch
expects that Alupar will present cash flow from operations (CFFO)
in the range of BRL700 million to 800 million in the coming years.
Free cash flow (FCF) will be slightly negative in 2018 and
increasing in the following three years, when the disbursement of
the investment program, of approximately BRL5 billion for the next
five years is higher. In addition, the dividend distribution of
50% of net income should also pressure the FCF. In 2017, the CFFO
of BRL753 million was sufficient to cover investments and
dividends, with the FCF at BRL73 million.

Positive Asset Re-composition: Fitch considers Alupar's new
investments important to maintaining a significant operating cash
flow for the group. Of the total RAP of operating assets
corresponding to the period from July 2017 to June 2018 of BRL 615
million, about BRL523 million are exposed to a 50% reduction as of
2018, in a phased manner. The company was active in the last
transmission auctions and ensures the entry of BRL636 million of
revenues when the projects are completed. Fitch believes that the
group's proven experience and the new conditions of the auctions,
with greater returns and deadlines of execution of the projects
mitigate the execution risk associated with the construction of
these projects.

Strategic Sector for the Country: In Fitch's analysis, the credit
profile of agents in the Brazilian electricity sector benefits
from its strategic importance to sustain the country's economic
growth potential and foster new investments. The federal
government has acted to circumvent systemic problems that impact
the cash flow of companies and guided discussions to improve the
current regulatory framework in order to reduce the risk of the
sector.

DERIVATION SUMMARY

Alupar has a stronger financial profile compared to its peers in
Latin America, such as, Interconexion Electrica S.A. E.S.P. (ISA,
BBB+/Stable), Transelec S.A. (BBB/Stable) and Consorcio
Transmantaro S.A. (CTM, BBB-/Stable). All of the companies have
low business risk profiles and predictable cash flow generation,
which is a characteristic of transmission electricity companies
operating in a regulated industry. The main differentiation in the
ratings of these companies is the country where their main
revenues are generated and the location of their assets. While its
peers are located in investment grade countries, Alupar's ratings
are negatively impacted by the country ceiling of Brazil (BB). The
same rational is applied in the case of Transmissora Alianca de
Energia Eletrica S.A.'s (Taesa) FC and LC IDRs of 'BB' and 'BBB-',
respectively, both with Stable Outlooks.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:

-- RAPs adjusted annually by inflation, with a 50% reduction for
    companies whose concession agreement contemplates this
    movement after the 15th year of operation;
-- 83% of the assured energy of the generation segment already
    sold in long-term contracts, readjusted by inflation;
-- Generation Scaling Factor (GSF) of 81% in 2018, 88% in 2019
    and 93% in 2020;
-- Operating expenses adjusted by inflation;
-- Distribution of dividends equivalent to 50% of net income;
-- Total investments of BRL4.7 billion by 2022 and absence of
    acquisitions and/or new investments out of the current
    portfolio.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- As the FC IDR is capped by the country ceiling (BB) and the LC
    is three notches above the sovereign rating, an upgrade is
    unlike in the short term.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Deterioration in Alupar's consolidated financial profile with
    net leverage above 3.5x on a sustainable basis;
-- Total debt / dividends received over 3.0 times and net debt /
    dividends received over 2.0 times at the holding level;
-- Investments in projects with risks significantly higher than
    existing ones and weak financial structures;
-- A more challenging environment in the power sector in Brazil;
-- Negative rating actions on Brazil's sovereign rating may also
    pressure Alupar's IDRs.

LIQUIDITY

Strong Liquidity Profile: Fitch expects that the holding company
will use its robust cash reserves to meet the needs of the
projects and that the group will continue to have broad access to
the capital market and bank debt, maintaining a debt maturity
schedule in the compatible with the expectation of cash
generation. At the end of 2017, the consolidated cash and cash
equivalents position of BRL2.1 billion, reinforced by the capital
increase of BRL833 million, in April 2017, represented 1.9x short-
term debt of BRL1.1 billion.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following first-time ratings:

-- Long-Term Foreign Currency IDR 'BB'; Outlook Stable;
-- Long-Term Local Currency IDR 'BBB-'; Outlook Stable.

Fitch's existing ratings for Alupar are:

-- National Scale Rating 'AAA(bra)', Outlook Stable;
-- 5th Debenture Issuance of BRL 300 million due in 2027
    'AAA(bra)';
-- 6th Debenture Issuance of BRL 250 million due in 2021
    'AAA(bra)'.


BRAZIL: Former President Misses Deadline to Turn Himself In
-----------------------------------------------------------
Jeffrey T. Lewis, Luciana Magalhaes and Paulo Trevisani at The
Wall Street Journal report that Brazil's former president, Luiz
Inacio Lula da Silva, missed a deadline to turn himself in as he
negotiated the terms of his surrender to begin serving a 12-year
jail term in a case that has mesmerized this country, said a
person familiar with the talks.

The 72-year-old was expected to spend at least a second night in a
trade union hall after being ordered to surrender by 5 p.m. local
time April 6 or face arrest, according to The WSJ.

Mr. da Silva was holed up in the headquarters of a metalworkers
union hall in this industrial suburb of Sao Paulo where he began
his rise to national prominence as a union activist in the 1970s,
Bloomberg News says.  Both a polarizing and popular figure, the
man known across Latin America as Lula had quickly attracted
supporters from his Workers' Party, who gathered outside the union
hall and pledged to protect their leader from the police, the
report notes.

The former president's defenders gathered on a narrow, mostly
residential street as Mr. da Silva conferred inside the six-story
building, which was draped with banners reading "No to Lula's
imprisonment" and "Election without Lula is a fraud," the report
relays.  A sound truck was parked outside, its giant loudspeakers
blasting samba between speeches from Mr. da Silva's supporters.
Street vendors sold beer, ice cream and barbecued meat, the report
notes.

"An innocent man does not surrender," said Angela Kinzu, 62, who
was among those who arrived at the union headquarters, the report
discloses.  "We are in a war," he added.

They and other Brazilians who support Mr. da Silva see the court
order and last year's conviction against him -- part of a broad
investigation of corruption that has led to the jailing of dozens
of public officials and businessmen -- as a conspiracy to end his
drive to win back the presidency, the report notes.  Polls showed
the former president topped all candidates ahead of the October
election, the report says.

At the union hall, Mr. da Silva's supporters formed a human
barrier to protect their leader through much of Friday, April 6.
Many wore the red that symbolizes the Workers' Party, which held
power here from 2003 until 2016, the report relays.

The case against Mr. da Silva has led to a spectacular fall from
grace for a man who went from fighting a military dictatorship in
the early 1980s to leading an increasingly powerful labor movement
that brought him to the presidency in 2003, the report recalls.

Assisted by high commodity prices and demand from China, Brazil
under Mr. da Silva maintained a balanced federal budget while
attracting investment and funding social programs that helped 30
million rise from poverty, the report says.  That made him famous
world-wide, with Barack Obama once hailing him as "the most
popular politician on Earth," the report notes.

But the China-fueled boom waned in the last decade, the report
relays.  His handpicked successor, Dilma Rousseff, saw Brazil's
debt plunge back into junk status as the economy sank into
recession, the report notes.  In 2016, she was impeached and
replaced by her conservative former ally, Michel Temer, the report
says.

Mr. da Silva was found guilty of accepting a penthouse apartment
from a construction firm in exchange for favors, the report
discloses.  The ex-president has denied the charges, and his
lawyers have said that he should remain free as he exhausts all
appeals, 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.


RADIO E TELEVISAO: Fitch Lowers Long-Term FC IDR to 'CC'
-------------------------------------------------------
Fitch Ratings has downgraded Radio e Televisao Bandeirantes
Ltda.'s (RTB) Long-Term Foreign-Currency and Local-Currency Issuer
Default Ratings (IDR) to 'CC' from 'CCC'. Fitch has also
downgraded the company's National long-term rating to 'CC(bra)'
from 'CCC(bra)'. Fitch has simultaneously withdrawn the ratings
and will no longer provide ratings or analytical coverage of the
issuer.

The downgrades reflect Fitch's view that a default is probable in
the near term for RTB given its limited financial flexibility with
high reliance on short-term debt, which would require continued
support from banks for credit extension at high interest expenses.
The company has failed to materially improve its liquidity profile
and cash flow generation during 2017. Fitch does not foresee any
meaningful improvement in RTB's precarious liquidity profile in
2018, which would require restructuring of its capital structure.

KEY RATING DRIVERS

Fitch has withdrawn RTB's ratings as they are no longer considered
by Fitch to be relevant to the agency's coverage.

RATING SENSITIVITIES

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

FULL LIST OF RATING ACTIONS

Fitch has downgraded and withdrawn the following ratings:

Radio e Televisao Bandeirantes Ltda.
-- Long-Term Foreign-Currency and Local-Currency IDRs to 'CC'
    from 'CCC';
-- National long-term rating to 'CC(bra)' from 'CCC(bra)'


===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Industries 'Experience' Growth Forecast
-----------------------------------------------------------
Dominican Today reports that the Dominican Republic Central Bank's
forecast 6.7% economic growth in the first six months is backed by
Dominican Republic's Industries Association (AIRD), whose
president Campos de Moya calls results "very optimistic," which
the sector has "experienced it."

He said the figure is corroborated by the increase in the many
vehicles in the street, the infrastructure and the entire
structures that compose it, according to Dominican Today.

"I have the privilege of having an office that offers a view of
the entire East of the city, those streets crammed with vehicles,
all those apartments, are part of the growth that we
industrialists are experiencing, because we are the producers of
steel, cement, paint, pipes, etc.," Mr. De Moya said, the report
notes.

He said that in addition to industrialists, importers benefit
because many of these components are imported, the report relays.
"I think we have a very healthy economy, an economy that we have
to applaud and do whatever it takes to make it last," he added.

The report discloses that Mr. De Moya spoke prior to the signing
of a multisector agreement to promote the use of plastics in
construction.

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.


DOMINICAN REPUBLIC: Cement Makers Say Sales Slump
-------------------------------------------------
Dominican Today reports that Dominican Republic's cement industry
is currently facing the effects of an economic slowdown and rising
fuel prices, the Dominican Portland Cement Producers Association
(Adocem) affirmed.

It said the price of cement in bags fell 1.5% at the end of last
year, and the situation hasn't reverted at the start of 2018, with
a 3.5% drop in January and February, according to Dominican Today.

"As is well known, although construction is a sector that often
determines the rhythm of the national economy, in turn it is
directly influenced by it," said Adocem president Rayza Rodriguez
during the release of the annual report 2017, the report notes.

That year, 4.18 million metric tons of cement were sold in the
local market, while the volume was 4.24 million metric tons in
2016, the report relays.

                               Cemex

"While these results didn't meet our expectations, we must
acknowledge the efforts made by the Dominican State to boost the
economy through the release of amounts of the bank reserve, the
maintenance of social housing projects and the construction of
schools," said Cemex Dominicana president Alberto Rodriguez, the
report notes.

Resent in the event that gathered representatives of Adocem
members, Domicem, Argos Dominicana and Cementos Cibao, the report
says.

In its 2017 report, Adocem notes that large cement companies are
wagering on exports, as a way of "minimizing the negative impact
of the national market as much as possible," the report discloses.

Last year, 20.1% of the production was exported, compared to the
17.3% posted in 2016, 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.


====================
E L  S A L V A D O R
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BANCO AGRICOLA: Fitch Affirms 'B' Long-Term IDR; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Banco Agricola, S.A.'s (Agricola) Long-
Term Issuer Default Rating (IDR) at 'B' and its Viability Rating
(VR) at 'b-'.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT

Agricola's IDRs, national and senior debt ratings reflect the
potential support it would receive from its shareholder the
Colombian bank Bancolombia S.A. (BBB/Stable). Agricola's IDR is
constrained by El Salvador's country ceiling of 'B', which
according to Fitch's criteria, captures transfer and
convertibility risks. This caps the subsidiary's IDR to a lower
rating than would be possible based solely on Bancolombia's
ability and propensity to provide support.

Fitch's assessment of Bancolombia's propensity to support Agricola
reflects that any required support would likely be manageable
relative to the ability of the parent to provide it and that
default by this subsidiary would constitute high reputational risk
to its parent. Fitch assessment also considers Agricola's
relevance to its shareholder, as a key and integral part of the
group's business. In Fitch's view, Agricola's strong local
franchise and long track record of successful operations support
the group's objectives and performance. Agricola is the largest
bank in El Salvador, contributes with 9% of the group's combined
profits and maintains steady dividend payments to its shareholder.

Agricola's issuer and senior debt national ratings are at the
highest point of the national ratings scale given the relative
strength of the shareholder compared to other rated issuers in El
Salvador.

VR
The bank's VR reflects, with high importance, El Salvador's
operating environment. As per Fitch's criteria, the assessment of
the operating environment incorporates both sovereign risk and
broader country risks, and this is a constraining factor for
Agricola's VR due to its influence on other aspects of the bank's
risk profile.

Agricola's VR also considers the strength of its local franchise,
as El Salvador's largest bank, accounting for 26.2% of the banking
system's loans, 44.7% of its profits, and 27.0% of deposits. In
Fitch view, Agricola maintains a direct exposure to domestic
economy, local financial markets and to the financial health of
the government through its investment portfolio. Agricola's
exposure to sovereign debt, although still material, has decreased
to 18.6% of its Fitch Core Capital and 8% of liquid assets as of
December 2017.

The bank's consistent underwriting standards sustain adequate
asset quality metrics and contain credit costs. Agricola's non-
performing loan ratios and reserves coverage ratios remain
adequate in spite of low economic growth. The quality of its
liquid assets has also increased, and the bank now maintains a
larger share of its liquid assets as deposits.

Agricola's capital position is sound and consistent with its
rating level and the relatively high risk of the operating
environment. While adequate buffers over the regulatory minimum
are still present, the Fitch Core Capital ratio and the regulatory
ratio have decreased consistently due to the high dividend pay-out
ratio.

Agricola's profitability remains sound and consistent with the
increased operating environment risk, but operating profits have
been challenged by increasing credit costs, low asset growth and
decreased interest income from the investment portfolio. The
investment portfolio has decreased in size and reduced its
exposure to short-term debt issued by the sovereign (Letes).

Agricola's strong local franchise and ample geographic coverage
allows a stable and granular deposit base, which is the core of
its funding structure. Local deposits account for 83.2% of total
funding. Deposits growth was above its historic average in 2017,
driven by high remittances inflows from the U.S. in response to
uncertainty around migratory policy, including the non-renewal of
the TPS. Agricola has captured a significant proportion of these
remittances inflows and posted a record deposit growth rate of
10.46% (average 2016-2013: 1.65%).

SUPPORT RATING

The bank's Support Rating reflects Fitch's opinion on Bancolombia'
ability and propensity of the potential supporter to provide
assistance to banco Agricola, should the need arise. Agricola's
support rating is also constrained by El Salvador's sovereign
rating, as reflected in the country ceiling. As per Fitch's
criteria, Agricola's IDR of 'B' maps to a support rating of '4'.

Agricola Senior Trust's Loan Participation Notes
The rating for Agricola Senior Trust's (AST) five-year USD loan
participation notes (the notes) is aligned with the bank's IDR.
The loan under the Senior Unsecured Loan Agreement ranks pari
passu in right of payment to all of Agricola's existing and future
senior indebtedness and is effectively subordinated to all of the
bank's secured indebtedness with respect to the value of the
assets securing such indebtedness and to all of the existing and
future liabilities of its subsidiaries.

Inversiones Financieras Banco Agricola
The national ratings assigned to Agricola's Holding Company in El
Salvador, Inversiones Financieras Banco Agricola (IFBA) reflect
the ability and propensity to support it of its shareholder
Bancolombia. The 'AAA(slv)' ratings show the relative strength of
the shareholder, which is rated several notches above El
Salvador's sovereign rating.

RATING SENSITIVITIES
IDRS

Agricola's ratings remain sensitive to changes in El Salvador's
sovereign and Country Ceiling ratings. Changes in the bank's IDR
would mirror changes in El Salvador's country ceiling as it
constrains Agricola's IDR.

VR
Agricola's VR is sensitive to changes in El Salvador's operating
environment, including its sovereign rating. Downgrades in
Agricola's VR could also come from a material deterioration in the
bank's financial profile, although the latter is not Fitch's base
case scenario.

SUPPORT RATING

Agricola's support rating is constrained but could be upgraded if
El Salvador's sovereign and Country Ceiling rating are upgraded by
more than one notch as this would reflect a reduction in the
potential constraints on the bank's capacity to receive
extraordinary support. A downgrade of the support rating is also
possible should the sovereign rating and Country Ceiling be
downgraded.

AGRICOLA SENIOR TRUST

The rating of the notes is aligned with the bank's long term IDR,
hence would mirror any change in the bank's ratings.

NATIONAL RATINGS

The Rating Outlook is Stable as Fitch does not anticipate any
changes to IFBA's and Agricola's national ratings. The ratings are
at the highest point of the national rating scale and therefore
have no upside potential. In turn, a rating downgrade is unlikely
given the strength of the parent relative to other rated issuers
in El Salvador.

SENIOR DEBT

The rating of the senior long term debt is aligned with the bank's
national rating and so would mirror any change in the bank's
ratings.

Fitch has affirmed the following ratings:

Banco Agricola
-- Long-term IDR at 'B'; Outlook Stable;
-- Short-term IDR at 'B';
-- Viability Rating at 'b-';
-- Support Rating at '4';
-- National Long Term Rating at 'AAA(slv)'; Outlook Stable;
-- National Short Term at 'F1+(slv)';
-- Senior Unsecured Debt at 'AAA(slv)';
-- Senior Secured Debt at 'AAA(slv)'.

Inversiones Financieras Banco Agricola S.A.
-- National Long Term Rating at 'AAA(slv)'; Outlook Stable;
-- National Short Term at 'F1+(slv');

Agricola Senior Trust
-- Loan participation notes at 'B'/'RR4'.


BANCO DAVIVIENDA: Fitch Affirms 'B' Long-Term IDR; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda Salvadoreno, S.A.'s
(Davivienda Sal) Long-Term Issuer Default Rating (IDR) at 'B'. The
Rating Outlook is Stable. Fitch has also affirmed the bank's
Short-Term IDR at 'B' and its Viability Rating (VR) at 'b-'.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT

The IDRs, National Ratings and senior debt of Davivienda Sal
reflect the potential support from its shareholder Banco
Davivienda, S.A. (Davivienda; BBB/Stable). In Fitch's view, the
owners' commitment to its subsidiaries is sufficiently strong to
allow it to be rated above the sovereign rating. However, the IDRs
remain constrained at El Salvador's Country Ceiling of 'B', which
according to Fitch's criteria, captures transfer and
convertibility risks. This caps the subsidiary's IDR to a lower
rating than would be possible based solely on Davivienda's ability
and propensity to provide support.

Fitch's view on Davivienda's propensity to support the Salvadorian
subsidiary reflects the high reputational risks for the bank's
parent in the event of subsidiary default and that any required
support would be manageable relative to the parent's ability to
provide it. Davivienda Sal represents nearly 7% of total
consolidated assets of Davivienda. Fitch's support assessment also
considers Davivienda Sal's relevance to its shareholder, as a key
and integral part of the group's business.

Davivienda Sal's issuer and senior debt national ratings are at
the highest point of the national ratings scale given the relative
strength of the shareholder relative to other issuers rated in El
Salvador.

VR
Davivienda's VR is rated at the same level of the sovereign rating
reflecting the high influence of the operating environment. The
sizable local franchise of Davivienda Sal (second largest bank by
assets, with 14.7% of market share) results in high exposure to
changes in the operating environment, including the government's
financial health. The bank's VR is also moderately influenced by
its company profile, improving asset quality, adequate
capitalization levels, modest and decreasing profitability, and a
lower funding profile than its peers.

Davivienda Sal is the second largest bank in El Salvador. Its
franchise is well-positioned in the country due to its size and
long track record. The bank is the leader in the services credit
segment (22.7%), second position in construction (28.9%) and third
in commercial loans (12.7%), mortgages (12.3%) and consumer loans
(16.1%).

Fitch views the bank's asset quality as good following a
consistent decline in delinquency levels to levels closer to 2%
from 3% in a five-year span. This is closer to the banking
industry average of 1.9%, which is also trending up. Improved
asset quality metrics in the loan portfolio are mainly driven by
the collection of big ticket impaired loans. Allowances are
adequate at 1.1x and have improved in terms of impairment
coverage.

Capitalization, while adequate, has declined mainly due to a
dividend payment in 2017 that represented 145% of that year's net
income, calling resources from different fiscal years. As of
December of 2017, the Fitch Core Capital ratio was 13.6% (2016:
16.2%). The bank intends to maintain its dividend pay-out ratio
close to 50% of net income starting in 2018, and Fitch estimates
that the FCC ratio will remain above 12% for the next two years.

Profitability is one of the weakest aspects of the bank's
financial profile at below average levels compared to local
industry and international peers. During 2017, the bank's
operating profit to risk weighted assets remained weak at 0.7%,
mainly driven by lower than industry margins, higher than average
cost of credits and moderate operating efficiency.

The bank's funding structure relies on customer deposits, which
represented 72.4% of total funding as of YE17. These exhibit a
reasonable track of stability. Fitch believes that given the
bank's franchise, support from its parent and deposit structure,
the bank's deposit base will continue increasing in the
foreseeable future. Notably, the loan to deposit ratio compares
below the local industry average (113.4% vs. 101.6%) given its
relatively higher reliance on wholesale sources.

SUPPORT RATING

The bank's Support Rating reflects Fitch's opinion on Davivienda's
ability and propensity to provide assistance to Davivienda Sal,
should the need arise. Davivienda Sal's support rating is also
constrained by El Salvador's sovereign rating, as reflected in the
country ceiling. As per Fitch's criteria, Davivienda Sal's IDR of
'B' maps to a support rating of '4'.

Inversiones Financieras Davivienda, S.A.
The national ratings assigned to Davivienda Sal's Holding Company
in El Salvador, Inversiones Financieras Davivienda (IFD) reflect
the ability and propensity to support it of its shareholder
Davivienda. The 'AAA(slv)' ratings show the relative strength of
the shareholder, which is rated several notches above El
Salvador's sovereign rating.

RATING SENSITIVITIES
IDRS

Davivienda Sal's ratings remain sensitive to a change in the
Sovereign Rating and Country Ceiling of El Salvador. Changes in
the bank's IDR would mirror changes in El Salvador country ceiling
as it constrains Davivienda Sal's IDR.

VR
Davivienda Sal's VR is sensitive to changes in El Salvador's
operating environment, including its sovereign rating. Downgrades
in the bank's VR could also come from a material deterioration its
intrinsic financial profile, although this is not Fitch's base
case scenario.

SUPPORT RATING

Davivienda Sal's support rating is constrained but could be
upgraded if El Salvador's sovereign and Country Ceiling rating are
upgraded by two or more notches as this would reflect a reduction
in the potential constraints on the bank's capacity to receive
extraordinary support. A downgrade of the support rating is also
possible should the sovereign rating and Country Ceiling be
downgraded.

NATIONAL RATINGS

The Rating Outlook is Stable as Fitch does not anticipate any
changes in Davivienda Sal's and IFD's national ratings. The
ratings are at the highest point of the national rating scale and
therefore have no upside potential. In turn, a rating downgrade is
unlikely given the strength of the parent relative to other rate
issuers in El Salvador.

SENIOR DEBT

The rating of the senior long-term debt is aligned with the bank's
national rating and so would mirror any change in the bank's
ratings.

Fitch has affirmed the following ratings:

Banco Davivienda Salvadoreno
-- Long-term IDR at 'B'; Outlook Stable;
-- Short-term IDR at 'B';
-- Viability Rating at 'b-';
-- Support Rating at '4';
-- National Long-term Rating 'AAA(slv)'; Outlook Stable;
-- National Short-term Rating at 'F1+(slv)';
-- Senior unsecured long-term debt 'AAA(slv)';
-- Senior secured long-term debt 'AAA(slv');
-- Senior unsecured short-term debt 'F1+(slv)';
-- Senior secured short-term debt 'F1+(slv)'.

Inversiones Financieras Davivienda S.A.
-- National Long-term Rating 'AAA(slv)'; Outlook Stable;
-- National Short-term Rating at 'F1+(slv)'.


===========
M E X I C O
===========


MEXICO: Nafta Partners Seek Deal by Early May
---------------------------------------------
Santiago Perez at The Wall Street Journal reports that trade
negotiators from the U.S., Canada and Mexico are looking to agree
on a revamp of the North American Free Trade Agreement in early
May, Mexico's Economy Minister Ildefonso Guajardo said.

"There's a very high probability of reaching an agreement in
principle, an 80% chance," Mr. Guajardo said in an interview on
the Televisa network, according to The Wall Street Journal.

U.S. negotiators have accelerated negotiations and want to reach a
deal in principle that they can present to the U.S. Congress under
the existing trade promotion authority, the report notes.

Mr. Guajardo, U.S. Trade Representative Robert Lighthizer and
Canadian Foreign Minister Chrystia Freeland met in Washington last
week seeking to step up negotiations and clear roadblocks on the
most controversial issues, such as rules of origin for cars and
light trucks manufactured in North America, the report relays.

Mr. Guajardo said there were no conditions to reach an agreement
in principle at that meeting, but that trade teams agreed to be in
"permanent talks" instead of having a formal eighth round of
negotiations, the report notes.  "The teams are in Washington," he
added.

The official confirmed that negotiators are discussing a proposal
from the U.S. that calls for certain vehicle parts to be made in
zones where wages average at least $15 an hour, which excludes
Mexico, as part of the content calculation, the report says.

"The proposal would be aspirational, unreachable for Mexico in the
short-term," because the country doesn't have such wage levels, he
said, the report relays.  But the U.S. government first needs to
reach an agreement with its own car manufacturers on such a plan,
the report discloses.

"The devil is in the details," Mr. Guajardo added. With U.S.
eagerness to reach a deal soon, "when there's urgency, there must
be flexibility," notes the report.

The Nafta countries originally set January 2018 as the goal for
concluding Nafta talks, then pushed the deadline to March 31, the
report relays.


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


COOPERATIVA DE SEGUROS: AM Best Reviews C+ Fin'l. Strength Rating
-----------------------------------------------------------------
A.M. Best has placed under review with negative implications the
Financial Strength Rating of C+ (Marginal) and the Long-Term
Issuer Credit Rating of "b-" of Cooperativa de Seguros de Vida de
Puerto Rico (COSVI) (San Juan, Puerto Rico).

The under review status with negative implications reflects A.M.
Best continuing concerns about COSVI's exposure to Puerto Rico
bonds and the volatility this represents to COSVI's capital and
surplus. A.M. Best also is concerned about a potential decline in
either absolute or risk-adjusted capital at year-end 2017 once the
company's annual statement is filed. The ratings will remain under
review until A.M. Best has received COSVI's 2017 annual statement
and conducted conversations with the company's management team
regarding the results contained in the filing.


JML INVESTMENT: Case Summary & 4 Unsecured Creditors
----------------------------------------------------
Debtor: JML Investment, Inc.
        Hermanas Davila
        #142 Calle 3A
        Bayamon, PR 00956

Business Description: JML Investment, Inc., is a privately held
                      company in Bayamon, Puerto Rico.  The
                      Company is a small business Debtor as
                      defined in 11 U.S.C. Section 101(51D).

Chapter 11 Petition Date: April 8, 2018

Case No.: 18-01881

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

Debtor's Counsel: Gilbert Lopez-Delgado, Esq.
                  LOPEZ DELGADO LAW OFFICE
                  Villa Nevarez Development, #301, 17 St.
                  San Juan, PR 00927
                  Tel: (787) 603-4910
                  E-mail: voxpopulix@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Sabater, authorized
representative.

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

              http://bankrupt.com/misc/prb18-01881.pdf


MINI MASTER: Files Amendment to Second Amended Plan
---------------------------------------------------
Mini Master Concrete Services, Inc., filed with the U.S.
Bankruptcy Court for the District of Puerto Rico an amendment to
its second amended plan of reorganization dated March 20, 2018.

The treatment of Class 1 Economic Development Bank has been
changed as follows:

EDB's secured claims for $3,198,012.66 arose from two commercial
loans issued to the Debtor. EDB's secured claims will be totally
paid as by the transfer of the Debtor's properties in Vega Alta,
Puerto Rico with a combined value of $480,000; the transfer of the
Debtor's parcel of land in Isabela, Puerto Rico with an appraised
value of $670,000 and; a cash payment to be made on the Effective
Date for $250,000.

The transfers and payments totaling $1,400,000 will be in full
payment and release of all of EBD's claims.

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

     http://bankrupt.com/misc/prb16-09956-11-217.pdf

              About Mini Master Concrete Services

Mini Master Concrete Services, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on December 22, 2016.
The Hon. Mildred Caban Flores over the case. Charles A. Cuprill,
PCS Law Offices represents the Debtor as counsel.

The Debtor disclosed total assets of $15.78 million and total
liabilities of $5.46 million. The petition was signed by Carmen M.
Betancourt, president.


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


VENEZUELA: Debt Crisis Nears New Low as Riskiest Bond Matures
-------------------------------------------------------------
Ben Bartenstein at Bloomberg News reports that the Venezuelan debt
crisis could be on the verge of a new milestone as a $650 million
bond matures with little hope it'll get paid.

The notes from the state-run electric utility were always
considered among the country's riskiest securities because the
downsides to a default are relatively minor, according to
Bloomberg News.  They don't contain any cross-default rules that
would affect sovereign debt or notes from the state oil company,
and the utility doesn't have any overseas assets that investors
could try to seize, Bloomberg News notes.

A missed principal payment would mark a new low for Venezuelan
investors who are already confronting $2 billion in late interest
but haven't yet seen the government skip out on paying back
maturing notes, Bloomberg News discloses.  President Nicolas
Maduro said in November that he wanted to restructure the nation's
obligations amid a deep recession, currency crisis and tumbling
oil production, but international sanctions have prevented any
progress on that front, Bloomberg News says.

"I just cannot see them scraping that kind of capital to be paid
back at this point," said Ray Zucaro, the chief investment officer
at RVX Asset Management, which holds Venezuelan debt, Bloomberg
News relays.

Bloomberg News notes that Electricidad de Caracas's notes trade at
about 33 cents on the dollar, signaling that investors view them
as the riskiest debt maturing this year in the world's riskiest
nation.  Fitch Ratings puts them one notch above default.  Only
some holders received an interest payment due in October and the
trustee declared a default.  Elecar said the payment was delayed
due to "operational changes," which Finance Minister Simon Zerpa
later said were resolved, Bloomberg News says.

If the bond does get paid, investors who bought the notes now
would make a quick 150 percent profit, Bloomberg News relays.  It
could also spur a rally in other Venezuelan debt, Bloomberg News
notes.  The last glimmer of hope money managers can cling to be
unsubstantiated speculation that a group of wealthy Venezuelans
with government connections holds a large chunk of the debt, and
Maduro's administration wouldn't want to give them reason to be
angry, Bloomberg News discloses.

Officials at Elecar and Venezuela's Finance Ministry declined to
comment on the payment or who holds the debt.

Here's what investors and analysts had to say about the Elecar
payment:

Shamaila Khan, director of emerging markets at AllianceBernstein

   -- "From an operational perspective, they have had a hard time
making coupon payments. So it is hard to imagine they can make the
principal payment"

Siobhan Morden, head of Latin America fixed-income strategy at
Nomura

   -- "I don't think they have money to pay, but Venezuela always
surprises"

   -- Expects default due to lack of money, payment chain issues
and relatively minor consequences

Francisco Ghersi, managing director at Knossos Asset Management

   -- "I think they are going to default -- 95% chance"
   -- "There's no incentive to pay. They're in default right now,
       so why they are going to pay?"

As reported in the Troubled Company Reporter-Latin America on
March 13, 2018, Moody's Investors Service has downgraded the
Government of Venezuela's foreign currency and local currency
issuer ratings, foreign and local currency senior unsecured
ratings, and foreign currency senior secured rating to C from
Caa3. Concurrently, the foreign currency senior unsecured medium
term note program has also been downgraded to (P)C from (P)Caa3.
The outlook has been changed to stable from negative.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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