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        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

               Friday, April 13, 2018, Vol. 19, No. 73


                            Headlines



A R G E N T I N A

NEUQUEN: Fitch Affirms B Long-Term IDR; Outlook Stable


B E R M U D A

WEATHERFORD INT'L BERMUDA: Fitch to Withdraw Parent's 'CCC' IDR


B R A Z I L

BRAZIL: Moody's Rates Infrastructure Issuers After Outlook Change
AEGEA FINANCE: Moody's Affirms Ba2 Rating on US$400MM Sr. Notes
B3 SA: Moody's Alters Ba1 Sr. Unsecured Rating Outlook to Stable
BAHIA: Moody's Affirms b1 Baseline Credit Assessment
BR MALLS: Moody's Affirms Ba2 CFR; Alters Outlook to Stable

CENTRAIS ELETRICAS: Moody's Affirms Ba3 CFR; Keeps Outlook Stable
MINAS GERAIS: Moody's Cuts Issuer Rating to B2; Outlook Stable
SONAE SIERRA: Moody's Affirms Ba2 CFR; Outlook Revised to Stable
VALE SA: Moody's Affirms Ba1 Foreign Currency Sr. Unsecured Rating
VALE SA: Moody's Affirms Ba1 Corporate Family Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: UK Special Envoy's Visit Boosts Trade Ties
DOMINICAN REPUBLIC: Tax Amnesty Bill for Moonlighters Gather Steam


J A M A I C A

CABLE & WIRELESS: To Exit Stock Market
JAMAICA: Minister Urges Fiscal Discipline to End Need for IMF


P U E R T O    R I C O

LM WASTE SERVICE: Bankr. Court Abstains from Suit vs. Isabella
TOYS R US: Received $1 Billion Bids for 85% Stake in Asian Unit
TOYS R US: To Shut Final Stores in Just Under Two Weeks


V E N E Z U E L A

VENEZUELA: Bondholders Seek Smart Money Edge in Country's Debt


                            - - - - -


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A R G E N T I N A
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NEUQUEN: Fitch Affirms B Long-Term IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the Province of Neuquen's (PN) ratings
at 'B' with a Stable Rating Outlook.

KEY RATING DRIVERS
The affirmation of Neuquen's ratings is underpinned by the
entity's proven capacity to refinance 2017 debt maturities.
Although refinancing risk remains, Fitch considers that PN will
adequately refinance 2018 maturities. Other strengths considered
include the entity's high fiscal autonomy, moderate leverage, and
economic weight on the national hydrocarbon sector, with an
adequate socioeconomic profile. The rating's main weaknesses are
its weak and volatile operating margins, its economic
concentration and high infrastructure needs.

Institutional Framework: Fitch considers Argentina's institutional
framework to be weak, given the country's structural weaknesses,
including its complex and imbalanced fiscal regime with no
equalization funding. With recent reforms and agreements, several
important tax and federal revenue distribution changes are
underway. Fitch will monitor the implementation of these measures
and their impact on the province's public finances.

Economy: Neuquen is located in the southwestern region of
Argentina at the northern end of the region known as the
'Patagonia' and borders western Chile. The province's economy is
highly concentrated in the hydrocarbon sector, contributing to
around 20% of national oil production and 50% of gas production.
Relative to national and international peers, Neuquen has a high
GDP per capita, given its economic concentration in the
hydrocarbon sector and its population of around 638 thousand
inhabitants. However, Fitch evaluates Argentine subnational
economies as weak, due to the country's macroeconomic context of
high inflation and currency depreciation.

Although conventional hydrocarbon production has structurally
decreased, national sector policy changes aim to stimulate non-
conventional production that could positively impact PN's local
economy. Fitch will evaluate how the topic evolves, as hydrocarbon
royalties composed around 22% of Neuquen's total annual operating
revenues in 2017.

Fiscal Performance: Fitch evaluates PN's fiscal performance as
weak due to the province's volatile operating margins. During
2013-2017 Neuquen's operating margin averaged 2.1%, but in 2017
its performance edged toward a negative margin due to a lower than
budgeted hydrocarbon sector performance. The province has a high
level of fiscal autonomy, given that local revenues and
hydrocarbon royalties represent around 69.4% of total operating
revenues. Hydrocarbon royalties are payable in pesos but linked to
USD prices.

Neuquen is one of the provinces that did not transfer its pension
scheme to the nation. Since 2016, the executive branch ordered the
progressive increase by up to 4 incremental points of personal
contributions and employer contributions in order to balance the
social security regime. The latter measure, coupled with national
funding agreements on this topic in 2016 and 2017, have decreased
the weight of pension funding for the province.

Neuquen's 2018 budget considers an operating margin of around 7.8%
with a 7.7% growth in current expenses, but Fitch estimates that
inflation pressures will result in a lower margin. According to
the provincial administration, during the first months of 2018
hydrocarbon royalties have performed well and above budget. Fitch
expects Neuquen's margins will consolidate closer to 2019/2020.

Debt, Liabilities, and Liquidity: This attribute is evaluated as
weak given the entity's medium-term debt maturity profile and
refinancing risk. Neuquen also has weak liquidity due to low
operating margins. According to 2017 preliminary data, PN's direct
debt totalled around ARS30.59 billion, the increase is explained
by the issuance of new debt in the local and external markets to
refinance 2017 maturities and partially mitigate 2018 maturities.
Debt represented a moderate 67% of operating revenues. Although,
64.4% of debt is denominated in foreign currency, the entity's
currency exposure is partially mitigated by the entity's revenues
derived from hydrocarbon royalties, as these are denominated in
USD and payable in pesos.

PN's main unconsolidated public companies are Banco Provincia del
Neuquen S.A. (BPN) and Gas y Petroleo del Neuquen (GPN). In
general, the province has no indirect or guaranteed debt. To date,
BPN and GPN do not pose contingent risks for the province's
finances. Fitch will continue to monitor the financial performance
of these public sector companies.

For 2018 the province also faces important capital maturities
(around ARS5.5 billion). To refinance maturities and fund capex,
the entity has a budgeted and authorized ARS7.7 billion of new
debt. PN has previously proven its refinancing capacity.
Considering the province's budgeted debt, the province's leverage
will remain moderate and close to 60% of operating revenues.

Management and Administration: Fitch evaluates this attribute as
Neutral. Neuquen's policies have consistently focused on
encouraging local economic development and on refinancing debt
terms and conditions. PN is also successfully adhered to the
Federal Fiscal Responsibility Law and to the 2017 Fiscal
Consensus.

RATING SENSITIVITIES

Neuquen's ratings could be negatively impacted if it is unable to
refinance its debt and mitigate liquidity pressures and if
operating margins remain sustainably weak in the coming years. An
upgrade in Argentina's sovereign rating, coupled with a more
stable and positive budgetary performance, could positively affect
the ratings.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the Province of Neuquen's ratings as follows:

-- Long-term foreign-currency IDR at 'B'; Outlook Stable;
-- Long-term local-currency IDR at 'B'; Outlook Stable;
-- TICADE Series I, senior secured bond for USD348.69 million
    8.625% due May 12, 2028, at 'B';
-- TIDENEU, senior unsecured bond for USD366 million 7.5% due
    April 27, 2025, at 'B.


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B E R M U D A
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WEATHERFORD INT'L BERMUDA: Fitch to Withdraw Parent's 'CCC' IDR
---------------------------------------------------------------
Fitch Ratings plans to withdraw Weatherford International plc's
ratings on or about May 8, 2018 (approximately 30 days from the
date of this release) for commercial reasons.

Fitch currently rates Weatherford International plc and its
subsidiaries:

Weatherford International plc
-- Long-term Issuer Default Rating (IDR) at 'CCC'.

Weatherford International Ltd. (Bermuda)
-- Long-term IDR at 'CCC';
-- Senior secured term loan A at 'B/RR1';
-- Senior unsecured guaranteed bank facility at 'B-/RR2';
-- Senior unsecured notes at 'CCC-/RR5';
-- Short-term IDR at 'C';
-- Commercial paper program at 'C.'

Weatherford International LLC (Delaware)
-- Long-term IDR at 'CCC';
-- Senior unsecured notes at 'CCC-/RR5'.

Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems
sufficient. Fitch believes investors benefit from increased rating
coverage by Fitch, and the agency is providing approximately 30
days' notice to the market of the upcoming withdrawal of
Weatherford International plc's ratings. Ratings are subject to
analytical review and may change up to the time Fitch withdraws
the ratings.

Fitch's last rating action for the above referenced entities was
on Nov.15, 2017, at which time the ratings were affirmed.



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B R A Z I L
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BRAZIL: Moody's Rates Infrastructure Issuers After Outlook Change
-----------------------------------------------------------------
Moody's America Latina has taken rating actions on several
infrastructure issuers operating in Brazil. The rating actions
follow the change in the outlook on the Government of Brazil's
ratings to stable from negative, and the affirmation of Brazil's
issuer and senior unsecured ratings at Ba2 on April 9, 2018.

Moody's rating action on Brazil's government issuer rating
reflects the strengths of Brazil's credit profile despite
relatively weak fiscal metrics. The sovereign's weak fiscal
metrics are balanced against moderately strong economic and
institutional factors that are in line with regional and Ba-rated
global peers, with much lower external vulnerability.

RATINGS RATIONALE

The stable outlook for all these companies reflects Moody's stable
outlook for Brazil's government bond rating and Moody's view that
the creditworthiness of these companies continues to be dependent
on the credit quality of the sovereign.

Regulated utilities and concessions of public services have strong
linkages to the sovereign credit quality to the extent that those
companies are exposed to the same economic revenue base and
subject to government policies. Unregulated power companies and
power projects are also exposed to the sovereign credit quality
due to the highly regulated nature of the energy sector and its
domestic end-customer base. Nevertheless, the extent to which each
company is immediately affected by an eventual reversal of the
economic growth and its ability withstand a prolonged downturn
varies according to its intrinsic credit quality and business
profile.

Despite the regulated nature, companies in the Brazilian
transmission sector rely on fixed revenues that are not volume
dependent, which mitigate their exposure to a declining economy.
As a result, the upgrades on EATE - Empresa Amazonense de
Transmissao de Energia S.A., ECTE - Emp. Catarinense Trans. Energ.
S.A., ENTE - Emp. Norte de Trans. de Energ. S.A, ETEP - Emp.
Paraense Trans. Energ. S.A. and Transmissora Alianca de Energia
Eletrica ("TAESA")'s ratings to Ba1/Aaa.br, reflect the highly
predictable nature of cash-flows of those companies coupled with
their adequate liquidity positions and low leverage for the rating
category.

In the case of Rio Paranapanema Energia S.A., the ratings' upgrade
to Ba1/Aaa.br reflects Moody's perception that this entity's
strong credit metrics steaming from the unregulated power
generation business will remain robust, supported by Brazil's
higher-than-expected short- and medium-term growth prospects. The
ratings also consider Moody's expectation of timely and reliable
support from a foreign parent to mitigate eventual cash flow
volatilities. Rio Paranapanema Energia S.A. is ultimately
controlled by China Three Gorges Corporation (CTG Corp, A1
stable).

The upgrade of EDP Sao Paulo Distribuicao de Energia S.A.'s
corporate family and senior unsecured ratings to Aa1.br on the
Brazilian national scale reflect the outlook change, as well as
the positioning of its credit profile relative to other domestic
peers in the regulated electric utility sector.

The upgrade of Energisa S.A's senior unsecured national scale
rating to A1.br reflect the outlook change, as well as the
positioning of its credit profile relative to other domestic peers
in the regulated electric utility sector.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A rating or outlook change of the sovereign could result in
subsequent rating actions for these companies. A rating or outlook
change could also be triggered if Moody's perceives a material
change in the regulatory frameworks under which these companies
operate, or disruptive political interference in the normal course
of their businesses. Sustained deterioration or improvement in the
relevant credit metrics or the liquidity profile is also a trigger
for a rating change for those issuers.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating Concessionaria de Rod Int
do Oeste SA (SPVias) and Linha Amarela S.A. was Privately Managed
Toll Roads published in October 2017. The principal methodology
used in rating COMPANHIA PTA DE FORCA E LUZ - CPFL PAULISTA, CPFL
Energia S.A., EDP - Energias do Brasil S.A., EDP Espirito Santo
Distribuicao de Energia S.A., EDP Sao Paulo Distribuicao de
Energia S.A., and Energisa S.A. was Regulated Electric and Gas
Utilities published in June 2017. The principal methodology used
in rating AES Tiete Energia S.A., Energest S.A., Lajeado Energia
S.A., Rio Paranapanema Energia S.A and Rio Parana Energia S.A was
Unregulated Utilities and Unregulated Power Companies published in
May 2017. The methodologies used in rating Companhia de Saneamento
Basico do Estado de Sao Paulo - SABESP and Companhia de Saneamento
do Parana - SANEPAR were Regulated Water Utilities published in
December 2015, and Government-Related Issuers published in August
2017. The principal methodology used in rating Cea I - Centrais
Eolicas Assurua I Spe S/A, Omega Energia e Implantacao 2 S.A. and
CEA II - Centrais Eolicas Assurua II SPE S/A was Power Generation
Projects published in May 2017. The principal methodology used in
rating Concessao Metroviaria do Rio de Janeiro S/A was Global
Passenger Railway Companies published in June 2017. The principal
methodology used in rating EATE - Emp. Amazonense Trans. Energ.
S.A., ECTE - Emp. Catarinense Trans. Energ. S.A., ENTE - Emp.
Norte de Trans. de Energ. S.A, ETEP - Emp. Paraense Trans. Energ.
S.A., Transmissora Alianca de Energia Eletrica was Regulated
Electric and Gas Networks published in March 2017.


AEGEA FINANCE: Moody's Affirms Ba2 Rating on US$400MM Sr. Notes
---------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 rating on the global
scale of the US$400 million senior unsecured Notes issued by Aegea
Finance S.a r.l. guaranteed by AEGEA Saneamento e Participacoes
S.A.  At the same time, Moody's affirmed the Ba1 global scale
Corporate Family Rating (CFR) of AEGEA. The outlook changed to
stable from negative.

Issuer: Aegea Finance S.a r.l.

Affirmation:

-- US$400M Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

-- Outlook, Changed to Stable from Negative

Issuer: AEGEA Saneamento e Participacoes S.A

Affirmation:

-- Corporate Family Rating, Affirmed Ba1

Outlook Actions:

-- Outlook, Changed to Stable from Negative

RATINGS RATIONALE

This rating action follows Moody's decision to change Brazil's
sovereign bond outlook to stable from negative, which is based on
the strengths of Brazil's credit profile despite relatively weak
fiscal metrics. The sovereign's weak fiscal metrics are balanced
against moderately strong economic and institutional factors that
are in line with regional and Ba-rated peers, with much lower
external vulnerability.

AEGEA's corporate family rating reflects its stable profile
business, the company's solid positioning and relatively strong
pricing power. The company benefits from very limited competition.
Very diverse operations result in lower exposure to water scarcity
problems shown by overall lower volume fluctuations and stable
cash flows. AEGEA's tariff mechanism and regulatory framework are
overall transparent and predictable with annual tariff adjustments
to pass through inflation. Expansion targets, quality standards
and capital investments are all pre-settled under the company's
concession contracts.

AEGEA's management team is experienced and the company's
shareholders show sound corporate governance practices in Moody's
view, further supporting the rating. Moody's understand that
shareholders will continue to actively support the company's
credit quality and liquidity. Moody's also expects that AEGEA will
continue to have sound access to the banking and capital markets
and will prudently manage its leverage, maintaining discipline on
its financial policy and mitigating cross-currency exposure risks
from the Note's issuance.

Another consideration for the rating is the fact that AEGEA
operates in various jurisdictions with different granting
authorities. Moody's notes that Brazil's water/sanitation
regulatory framework is relatively new and under development. The
rating is tempered by AEGEA's relative small scale and significant
expansion plan. New investments and acquisitions together with a
track record of high dividend payments will continue to pressure
leverage. The Notes have a financial covenant of consolidated Net
Debt to EBITDA ratio of 3.5x compared to Moody's forecasts of
around 3.0x in Moody's five-year projections.

The Notes' Ba2 rating factors in a one notch down structural
subordination from the Corporate Family Rating since AEGEA does
not hold any operations and is strictly a vehicle for controlling
stakes on the operating subsidiaries. AEGEA largely depends on the
regular payment of dividends that its operating subsidiaries
upstream to allow the company to meet its obligations, equity
investment commitments and potential cash requirements related to
its guarantees.

Brazil's sovereign rating is also a relevant consideration for
AEGEA's rating given the domestic nature of the company's
operation, and consequently its linkages to the local
economic/regulatory environment and ultimate credit quality.

What Could Change the Rating - Up /Down

Moody's do not expect a rating upgrade in the short to medium term
given the stable outlook albeit an upgrade of Brazil's rating
could trigger upward pressure on the company's rating given the
intrinsic linkages of AEGEA and the Brazilian sovereign. Also,
better than anticipated financial performance such that FFO
interest coverage stays above 2.5x and Debt to Capitalization
below 55% on a sustained basis could also trigger upward rating
pressure, however such upward pressure is somewhat limited to the
sovereign credit quality.

On the other hand, deterioration in the sovereign's credit quality
could exert downward pressure on AEGEA rating as well as Moody's
assessment of weaker shareholders support. The rating could also
be downgraded if there is a significant and sustained
deterioration in the company's credit metrics and liquidity or if
there is a deterioration in its subsidiaries performance or
ability to upstream dividends. AEGEA has cross-default clauses
within the group and operates through a centralized cash
management system.

The rating could be revised downwards if there are material delays
or costs overruns on the capital investment program that
negatively impact revenues or lead to non-compliance with the
contractual targets. Moody's perception of deteriorated stability
and transparency of the regulatory regime would also add pressure
to the ratings as if volumes stay consistently below Moody's
forecast.

The principal methodology used these raings was Regulated Water
Utilities published in December 2015.


B3 SA: Moody's Alters Ba1 Sr. Unsecured Rating Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has changed the outlook to stable, from
negative, of 20 Brazilian banks and their affiliates, as well as
on B3 S.A.- Brasil, Bolsa, Balcao (B3 S.A.). At the same time,
Moody's affirmed various ratings and assessments assigned to the
affected issuers. These actions follow the change in outlook to
stable, from negative, on Brazil's Ba2 government bond rating, on
April 9, 2018 ("Moody's changes outlook on Brazil's ratings to
stable from negative; Ba2 ratings affirmed".

Seventeen of the affected banks are rated at the same level as
Brazil's sovereign rating. Moody's also revised the outlooks of
Banco Santander (Brasil) S.A. and Banco BOCOM BBM S.A., which are
rated above the sovereign due to the incorporation of affiliate
support. The affected banks' foreign currency deposit ratings,
which are capped by Brazil's Ba3 foreign currency deposit ceiling,
were unaffected by action, as were the baseline credit assessments
of Banco do Nordeste do Brasil S.A. and Caixa Economica Federal
(CAIXA), both of which are below the sovereign rating.

In addition, Moody's affirmed certain ratings assigned to Banco
Votorantim S.A. (BV), but its outlook remains negative.

RATINGS RATIONALE

The rating actions were prompted by the change in outlook to
stable, from negative, on Brazil's government bond rating, which
reflects reduced downside risks to growth and uncertainty
regarding the country's reform momentum and has relieved the
sovereign constraint on the affected banks' ratings and/or
assessments. In particular, the change in the sovereign outlook
considers Brazil's higher-than-expected short- and medium-term
growth prospects, backed by structural reforms, which will support
fiscal consolidation efforts.

Banks exhibit strong credit interlinkages with their sovereign.
Banks' exposure to sovereigns can be direct, via liquidity-related
exposure to central banks and government bonds, and indirect, via
lending book exposures to the real economy, which is itself
correlated to the government's creditworthiness.

Moody's projects average GDP growth of 2.8% in 2018-19 and 2.5% in
the following years in Brazil. The near-term outlook will be
supported by a pick-up in credit growth backed by an accommodative
monetary policy and solid prospects in the job market. Supported
by improving investor confidence, these elements will underpin a
broad-based recovery in domestic demand driven by both investment
and consumption, which will benefit bank's earnings prospects and
relieve pressure on asset quality that accumulated during the
country's recession.

Over the medium term, Brazil's growth prospects will be supported
by structural reforms approved by the Temer administration since
2016, including a labor reform that added flexibility to contract
negotiations between employees and employers. In addition, several
measures were adopted to improve the ease of doing business with a
focus on reducing red tape and regulations, while the decision to
phase out subsidized lending by BNDES will improve credit
allocation and contribute to the development of domestic capital
markets.

The banks' stable outlooks and ratings affirmations consider that
their credit fundamentals remain sound despite the significant
challenges they faced during Brazil's recession. Banks are well
prepared to face a new credit cycle as economic growth gains
traction and credit risk declines, supported by historically low
inflation and interest rates. Following two years of contraction,
credit is expected to grow between 3%- 5% in 2018, with credit
demand supported by household deleveraging as corporate lending
remains subdued. Banks have emerged from the recession with
manageable asset risks, and non-performing loan ratio remained
relatively stable over the 12 months through January 2018 at
approximately 3.5%, while loan loss reserves are conservative at
6.5% of gross loans. Resumed loan growth, lower cost of risk, and
continued cost cutting will help offset margin compression as new
loans are originated on lower rates, also pressured by
competition. At the same time, contraction of public banks'
lending has reduced price distortions present in previous years.

In addition, having risen to an ample 14.5% of risk-weighted
assets in 2017,the average regulatory capitalization ratio is more
than adequate to support the projected gradual loan expansion over
the coming quarters, as well as to accommodate the final phase-in
of Basel III rules early in 2019, though the quality of capital is
relatively weak compared to global banks because of high amounts
of deferred tax assets. Finally, strong liquidity will limit
banks' funding needs, while a largely domestic funding structure
reduces their vulnerability to potential unexpected shocks coming
from global markets.

WHAT COULD CHANGE THE RATING -- DOWN/UP

The ratings could face upward pressure if Brazil's government bond
rating is upgraded in conjunction with continued improvement in
the issuers' credit fundamentals and/or Brazil's macroeconomic
environment. On the other hand, if Brazil's government bond rating
again faces downward pressures, the affected ratings would be
negatively pressured as well. The ratings would also face downward
pressure if the issuers' intrinsic credit fundamentals deteriorate
unexpectedly.

ENTITIES AFFECTED

1. Banco ABC Brasil S.A.

2. Banco Alfa de Investimento S.A.

3. Banco BOCOM BBM S.A.

4. Banco Bradesco S.A. and Banco Bradesco S.A. Grand Cayman Branch

5. Banco BTG Pactual S.A., Banco BTG Pactual S.A. Grand Cayman
Branch and Banco BTG Pactual S.A. Luxembourg Branch

6. Banco Cooperativo Sicredi S.A.

7. Banco Daycoval S.A.

8. Banco do Brasil S.A. and Banco Do Brasil S.A. (Cayman)

9. Banco do Estado de Sergipe S.A.

10. Banco do Estado do Para S.A.

11. Banco do Nordeste do Brasil S.A.

12. Banco Industrial do Brasil S.A.

13. Banco Nacional de Desenv. Economica e Social -- BNDES

14. Banco PSA Finance Brasil S.A.

15. Banco Safra S.A. and Banco Safra S.A. (Cayman Branch)

16. Banco Santander (Brasil) S.A. and Banco Santander (Brasil)
S.A. - Cayman Br

17. Banco Sofisa S.A.

18. Banco Votorantim S.A. and Banco Votorantim S.A. (Nassau
Branch)

19. B3 S.A. -- Brasil, Bolsa, Balcao

20. Caixa Economica Federal (CAIXA)

21. Itau Unibanco Holding S.A. and Itau Unibanco Holding S.A.
(Cayman Islands)

22. Itau Unibanco S.A. and Itau Unibanco S.A. (Cayman Islands)

BANCO VOTORANTIM S.A.'S RATINGS

Despite its still weak capital and earnings, the affirmation of
Banco Votorantim S.A.'s ratings considers its improved financial
performance in 2017; its ratio of tangible common equity to
adjusted risk-weighted assets, Moody's preferred measure of
capitalization, improved to 5.9%, from 4.7% in 2016, while net
income increasing 37%. Moody's expects the bank's performance will
continue to improve in 2018. Nevertheless, its outlook remains
negative to reflect the continuing challenges the bank faces to
restore its capital and earnings to levels consistent with its
current rating. In order to do so, the bank will need to
successfully implement a new lending strategy focused on the
corporate and commercial segments as economic conditions improve
and credit demand recovers.

Notwithstanding the high likelihood that BV will receive financial
support from its parent, Banco do Brasil S.A. (BB, Ba2 stable /
ba2), in an event of stress, its ratings could be downgraded if it
is unable to improve its ratio of tangible common equity to
adjusted risk-weighted assets to at least 6.0%, as well as to
further enhance its profitability, with net income to tangible
assets exceeding 0.75%. Also, downward pressures on its financial
profile could arise from a deterioration in its funding structure,
with a declining share of long-term instruments, as well as by a
meaningful consumption of its liquid resources. Given the negative
outlook, Moody's do not anticipate upward pressures on BV's
ratings at this time, but the outlook could be stabilized if the
bank demonstrates the ability to achieve the above-mentioned
metrics on a sustainable basis.

The principal methodology used in rating Banco ABC Brasil S.A.,
Banco Alfa de Investimento S.A., Banco BOCOM BBM S.A., Banco
Bradesco S.A., Banco Bradesco S.A., Grand Cayman Branch, Banco BTG
Pactual S.A., Banco BTG Pactual S.A., Grand Cayman Branch, Banco
BTG Pactual S.A., Luxembourg Branch, Banco Cooperativo Sicredi
S.A., Banco Daycoval S.A., Banco do Brasil S.A., Banco Do Brasil
S.A. (Cayman), Banco do Estado de Sergipe S.A., Banco do Estado do
Para S.A., Banco do Nordeste do Brasil S.A., Banco Industrial do
Brasil S.A., Banco Nac. de Desenv. Economico e Social -- BNDES,
Banco PSA Finance Brasil S.A., Banco Safra S.A., Banco Safra S.A.
(Cayman Branch), Banco Santander (Brasil) S.A., Banco Santander
(Brasil) S.A. - Cayman Br, Banco Sofisa S.A., Banco Votorantim
S.A., Banco Votorantim S.A. (Nassau Branch), Caixa Economica
Federal (CAIXA), Itau Unibanco Holding S.A., Itau Unibanco Holding
S.A. (Cayman Islands), Itau Unibanco S.A., and Itau Unibanco S.A.
(Cayman Islands) was Banks published in September 2017. The
principal methodology used in rating B3 S.A. -- Brasil, Bolsa,
Balcao was Securities Industry Service Providers published in
September 2017.

A list of the Affected Ratings is available at:

                       https://bit.ly/2v81iSj


BAHIA: Moody's Affirms b1 Baseline Credit Assessment
-----------------------------------------------------
Moody's America Latina Ltda has affirmed the ratings of the
Brazilian states of Bahia and Maranhao, upgraded the ratings of
the State of Parana and downgraded the ratings of the Municipality
of Rio de Janeiro. The ratings impacted are as follows:

State of Bahia. Baseline Credit Assessment (BCA) affirmed at b1.
Issuer Rating affirmed at Ba3 (Global Scale, Local Currency),
A2.br (National Scale, Local Currency), with a stable outlook

State of Maranhao. BCA affirmed at b2. Issuer Rating affirmed at
Ba3 (Global Scale, Local and Foreign Currency) and at A3.br
(National Scale, Local Currency) with a stable outlook

State of Parana. BCA upgraded to ba3 from b1. Issuer Rating
upgraded to Ba2 from Ba3 (Global Scale, Local and Foreign
Currency) and to Aa2.br from A1.br (National Scale, Local and
Foreign Currency), with a stable outlook

Municipality of Rio de Janeiro. BCA downgraded to b1 from ba3.
Issuer Rating downgraded to Ba3 from Ba2 (Global Scale), and to
A1.br from Aa2.br (National Scale, Local Currency), outlook
changed to stable from negative

The action follows Moody's April 9, 2018 rating action in which
the outlook for Brazil's government bond rating was affirmed Ba2
with a stable outlook.

RATINGS RATIONALE

The ratings affirmations of Bahia and Maranhao reflect the very
close economic and financial linkages that exist between Brazil's
government and Brazilian sub-sovereigns as well as Moody's
expectation that Brazil's economic recovery will support tax
revenue growth for Brazilian states and municipalities. The agency
expects that revenue growth will provide only limited relief to
their fiscal position however, as personnel expenses and in
particular pension-related costs will continue rising in coming
years, even in a scenario where the federal government is able to
implement a pension reform in 2019.

The ratings affirmations also reflect the relatively resilient
operating performance of both states during the economic downturn
evidenced by gross operating surpluses in the range of 3-4% of
operating revenues on average during the recessionary period of
2015-17, moderate debt levels within 45-60% of operating revenues
and adequate liquidity.

The ratings upgrade for the State of Parana further reflects its
track record of solid gross operating surpluses of nearly 8% of
operating revenues on average during 2015-17 and debt levels that,
after consistently declining since 2012, have reached a low 52.6%
of operating revenues in 2017. The upgrade also reflects Parana's
comfortable liquidity profile which at December 2017 recorded a
net cash position (excluding payment arrears) representing 16% of
annual expenditures.

The ratings downgrade of the Municipality of Rio de Janeiro speaks
to the marked deterioration of the city's fiscal position in 2017
driven by a swift decline in economic activity and surge in
unemployment after the 2016 Olympic Games that resulted in the
city posting a gross operating deficit of 4.4% of operating
revenues, a cash financing deficit of 8.2% of total revenues
despite a 76% year on year reduction in capital spending, and
weakening of liquidity profile with a negative net cash position
of 1% of annual expenditures in 2017. Notwithstanding the city's
government initiatives to contain the growth in personnel expenses
Moody's expects only a mild recovery in Rio's fiscal position over
the next 12 to 18 months.

The stable outlook on the ratings is based on Moody's expectation
that the credit quality of those issuers will continue broadly
stable over the next 12 to 18 months, and will remain supported by
the strong institutional framework and the close oversight of
Brazil's federal government on states and municipalities in the
country. The agency continues to view Brazil's institutional
framework as a credit positive for states and municipalities
relative to international peers.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of Brazil's sovereign bond rating could exert upward
pressure on the ratings. Additionnally a sustained improvement in
key financial metrics could exert upward pressure on their
ratings. Conversely, a downgrade of the sovereign bond rating,
and/or a deterioration in the key financial metrics of each of
these states and municipality could exert downward pressure on the
ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.


BR MALLS: Moody's Affirms Ba2 CFR; Alters Outlook to Stable
-----------------------------------------------------------
Moody's America Latina affirmed BR Malls Participacoes, S.A.'s
global scale corporate family and senior unsecured ratings at Ba2
as well as affirmed its national scale, corporate family rating
and senior unsecured ratings at Aa1.br. In the same rating action,
Moody's revised the credit outlook to stable from negative.

The following ratings for BR Malls were affirmed:

-- Corporate family rating at Ba2 (global local currency rating)

-- Senior Unsecured Rating at Ba2 (global local currency rating)

-- Corporate Family Rating (National scale) at Aa1.br

-- Senior Unsecured Rating (National scale, local currency) at
   Aa1.br

RATINGS RATIONALE

The affirmation of BR Mall's ("BRML") ratings at Ba2 (global local
currency scale) / Aa1.br (national scale) and the revision of the
credit outlook to stable from negative reflect the stronger than
expected rebound of Brazil's economy as well as the company's
dominant size and scale as the largest owner/operator shopping
malls in Brazil and its strong, low levered balance sheet with
ample liquidity. Moody's expects Brazil's GDP growth to be close
to 3% in 2018-19 and it will likely remain around 2.5% in the next
3-4 years, supported by fiscal and structural reforms that could
raise the country's potential growth. Inflation will likely remain
around 4.5%, supported by financial sector reforms.

As of December 31, 2017, the company's total debt to gross assets
and net debt to EBITDA were approximately 18% and 1.8x,
respectively, compared to approximately 25% and 4.8x for the same
period last year. The company reported a cash and cash equivalence
balance of approximately R$ 1.69 billion, boosted by proceeds from
a significant equity issuance and several assets sales in the
second half of 2017. The company is well positioned to meet the
approximate R$ 1.1 billion of debt obligations maturing in the
next two years with a mixture of cash on hand, Funds from
Operations (FFO) as well as its proven record in tapping local
capital markets and proceeds from future asset sales. The ratings
also account for the company's high-quality portfolio and its
large unencumbered asset pool at approximately 69% of gross assets
at year-end 2017. Additionally, Moody's note the company's
improving operational performance as both the economy and the
retail sector continues to recover from Brazil's worst recession.
At year-end 2017, the company posted annual same store sales (SSS)
and same store rent (SSR) growth rates, in nominal terms, of 2.8%
and 4.9%, respectively, compared to -0.5% and 4.4% for the same
period last year.

These credit strengths, however, are offset by the portfolio's dip
in occupancy rate from its pre-crisis average level of 97%, as
well as its moderately elevated lease maturity risk of
approximately 20% of the GLA expiring in the next 12 months.
Moody's notes that the portfolio's occupancy levels have steadily
improved in the later part of 2017 to 96.2% at the end of 4Q17
from 94.5% at 1Q17.

The stable rating outlook for BR Malls incorporates Moody's view
that the company is well positioned for growth, given its low
leverage, ample liquidity and broad access to capital markets.
While maintaining its discipline towards it balance sheet and
liquidity, Moody's expect that the company's operational and
financial performance will further strengthen as the economy
continues to improve in the new low interest rate and low
inflation environment.

An upgrade of BR Mall's national scale ratings is unlikely in the
near term and would be predicated upon the following criteria: 1).
maintaining on a consistent basis its current levels of low
leverage and ample liquidity; 2). significant growth of the real
estate portfolio and the unencumbered asset pool in fair market
value; and 3). secured debt as a percentage of gross assets below
10%. Lastly, further improvement of Brazil's credit profile would
also positively impact the company's ratings.

Downward ratings pressure would likely result from the following
criteria on a consistent basis: 1). a loss of liquidity to cover
24 months of obligations; 2). total debt to gross assets
approaching 30%; 3). net debt to EBITDA approaching 3.0x; 4). an
unencumbered asset pool approaching 50% of gross assets; 5).
secured debt to gross assets over 15%; 6). a development pipeline
exceeding 15% of gross assets and 7). a fixed charge coverage
ratio below 1.75x. Additionally, pressure on Brazil's credit
profile would also negatively affect the company's ratings and
outlook.

Moody's last rating action with respect to BR Malls was on
November 7, 2017, when Moody's upgraded BR Malls' national scale
rating corporate family to Aa1.br from Aa2.br and affirmed the Ba2
(global local currency rating), the outlook remained negative.

Based in Rio de Janeiro, Brazil, BR Malls Participacoes S.A [B3:
BRML3] is the largest owner, manager and developer of shopping
malls in Brazil. Totaling approximately 1.45 million square meters
(m2) of gross leasable area (GLA), the company owns interests in
39 properties, including two greenfield projects under development
projects and five expansion projects, located across 15 states. As
of December 31, 2017, the company reported R$18.0 billion in gross
assets.

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.


CENTRAIS ELETRICAS: Moody's Affirms Ba3 CFR; Keeps Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 rating of Centrais
Eletricas Brasileiras SA - Eletrobras, including the company's
senior unsecured debt and corporate family rating (CFR).
Simultaneously, Moody's also affirmed the company's baseline
credit assessment (BCA) at b1. The outlook for all ratings remains
stable.

The rating actions follow the change in the outlook on Brazil,
Government of ratings to stable from negative, and the affirmation
of Brazil's issuer and senior unsecured ratings at Ba2 on April 9,
2018.

Affirmations:

Issuer: Centrais Eletricas Brasileiras SA -- Eletrobras

-- Corporate family ratings (CFR), Affirmed at Ba3

-- $1750M Global Notes due 2021, Affirmed at Ba3

Outlook for all ratings remains stable

RATINGS RATIONALE

The rating actions for these infrastructure follows Moody's
decision to change Brazil's outlook to stable, which is based on
the strengths of Brazil's credit profile despite relatively weak
fiscal metrics. The sovereign's weak fiscal metrics are balanced
against moderately strong economic and institutional factors that
are in line with regional and Ba-rated peers, with much lower
external vulnerability.

Eletrobras' Ba3 ratings consider Moody's joint default analysis
for the company as a government-related issuer and therefore, it
incorporate Moody's expectations on the credit profile of the
Brazil's government (Ba2 stable) and assumptions for moderate
support and high dependence levels from the government of Brazil.
Eletrobras' dominant position in the Brazilian electricity market
along with its strategic role for regional economic development
given the participation in most of the country's relevant energy
projects further support the ratings.

Eletrobras' BCA of b1 incorporates the company's improving credit
metrics on a stand-alone basis, and the ongoing progress of its
corporate restructure plan to enhance internal controls, reduce
leverage and improve profitability. It also considers Moody's
perception of improved liquidity as of December 31 2017,
specifically related to a more robust cash position to meet short
term debt maturities. Constraining Eletrobras' credit profile are
the still low operating margin levels and large contingent
liabilities.

RATING OUTLOOK

The stable outlook on Eletrobras' ratings incorporates Moody's
view that the company's credit metrics will continue to improve
gradually and remain appropriately positioned to its rating
category over the next 12 to 18 months.

WHAT COULD CHANGE THE RATINGS UP

Upward ratings pressure could result from a sustained trend of
stronger internal cash generation and the extension of the
company's debt maturity profile. In addition, a material reduction
of the uncertainties around the company's contingent liabilities
or the government's privatization plan may also prompt an upgrade
of Eletrobras' ratings. Quantitatively, the ratings could be
upgraded if: the Cash Flow (CFO) pre-WC to total debt ratio
approaches 10% (3.2% as of 12/31/2017), and the Interest Coverage
Ratio remains above 1.5x (2.4x as of 12/31/2017) on a sustainable
basis.

WHAT COULD CHANGE THE RATINGS

Downward rating pressure could come with a deterioration in the
company's liquidity profile resulting from challenges in
refinancing its short term debt obligations and/or an unexpected
large cash outlays related to the company's contingent
liabilities. Moody's would consider a downgrade if such pressures
were not mitigated by an extraordinary financial support from its
shareholders or upcoming asset sales. A weakened support of the
regulatory framework could also prompt a downward action, as well
as deterioration in the sovereign's credit quality.
Quantitatively, the ratings could be downgraded if: the CFO pre-WC
to total debt ratio falls below 3%, or the Interest Coverage Ratio
remains below 1.0x for consecutive periods.

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Regulated Electric
and Gas Utilities published in June 2017 and Government-Related
Issuers published in August 2017.

Headquartered in Rio de Janeiro, Eletrobras is a holding company
controlled by Brazil's federal government with 51% of Eletrobras'
voting capital nd 41% of its total capital. Eletrobras is the
Braazil' largest generation and transmission company, in 2017 the
company reported BRL30.9 billion in net revenues (excluding
construction revenues, CELG-D and the RBSE). Eletrobras'
transmission lines comprise 71,684 kilometers, or 49% of the
country's total high-voltage transmission lines. Eletrobras'
electricity generation has installed capacity of 48 gigawatts,
which accounts for 31% of Brazil's total generation installed
capacity, besides, the company also has 20.6 GW in projects under
construction to be completed by 2023. The distribution business,
largely composed of small distribution companies in the north and
center west portions of Brazil, represents around 5% of the total
energy distributed in the country.


MINAS GERAIS: Moody's Cuts Issuer Rating to B2; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of the
Brazilian State of Sao Paulo and the Municipality of Belo
Horizonte and downgraded the ratings of the State of Minas Gerais.
The ratings impacted are as follows:

- State of Sao Paulo. Baseline Credit Assessment (BCA) affirmed
at ba3. Issuer Rating affirmed at Ba2 (Global Scale, Local and
Foreign Currency), outlook changed to stable from negative

- Municipality of Belo Horizonte. BCA affirmed at b1. Issuer
Rating affirmed at Ba3 (Global Scale, Local and Foreign
Currency),with a stable outlook

- State of Minas Gerais. BCA affirmed at caa1. Issuer Rating
downgraded to B2 from B1 (Global Scale, Local and Foreign
Currency), outlook changed to stable from negative

The action follows Moody's action on April 09, 2018 in which
Brazil's government bond rating was affirmed and its outlook
changed to stable from negative.

RATINGS RATIONALE

The ratings affirmations for the State of Sao Paulo and the
Municipality of Belo Horizonte reflect the very close economic and
financial linkages that exist between Brazil's government and
Brazilian sub-sovereigns as well as Moody's expectation that
Brazil's economic recovery will support tax revenue growth for
Brazilian states and municipalities. The agency expects that
revenue growth will provide only limited relief to their fiscal
position however, as personnel expenses and in particular pension-
related costs will continue rising in coming years, even in a
scenario where the federal government is able to implement a
pension reform in 2019.

The ratings affirmations for the State of Sao Paulo and the
Municipality of Belo Horizonte also reflects their track record of
maintaining solid gross operating surpluses even during Brazil's
deep economic recession, averaging 5-7% of operating revenues in
both cases between 2015-17, and their comfortable liquidity
profile with a net cash position (excluding payment arrears)
equivalent to 5% for Sao Paulo and 17%, for Belo Horizonte of
their annual expenditures in December 2017.

The ratings downgrade of the State of Minas Gerais speaks to the
further deterioration of the state's fiscal position in 2017 when
its gross operating deficit widened to nearly 6% of operating
revenues, from 1.6% in 2016. Moody's expects that the state will
continue to face challenges in reducing its fiscal deficits given
its large and growing pension burden which, combined with its dire
liquidity position shown in a negative net cash position (net of
payment arrears) equivalent to 13% of annual expenditures in 2017,
would indicate that a federal intervention is likely in the next
12 to 18 months.

The stable outlook on the ratings is based on Moody's expectation
that the credit quality of those issuers will continue broadly
stable over the next 12 to 18 months, and will remain supported by
the strong institutional framework and the close oversight of
Brazil's federal government on states and municipalities in the
country. The agency continues to view Brazil's institutional
framework as a credit positive for states and municipalities
relative to international peers.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of Brazil's sovereign bond rating could exert upward
pressure on the ratings. Additionally a sustained improvement in
key financial metrics could exert upward pressure on their
ratings. Conversely, a downgrade of the sovereign bond rating,
and/or a deterioration in the key financial metrics of each of
these states and municipality could exert downward pressure on the
ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.


SONAE SIERRA: Moody's Affirms Ba2 CFR; Outlook Revised to Stable
----------------------------------------------------------------
Moody's America Latina Ltda. upgraded Sonae Sierra Brasil S.A's
national scale, corporate family and senior unsecured ratings by
one notch to Aa2.br from Aa3.br. In the same action, Moody's
affirmed Sonae's global scale, corporate family and senior
unsecured ratings at Ba2. Additionally, the rating outlook was
revised to stable from negative.

The following ratings for Sonae Sierra were upgraded:

-- Corporate Family Rating (National scale) to Aa2.br from Aa3.br

-- Senior Unsecured Rating (National scale) to Aa2.br from Aa3.br

The following ratings for Sonae Sierra were affirmed:

-- Corporate Family Rating at Ba2 (Global scale)

-- Senior unsecured Rating at Ba2 (Global scale)

RATINGS RATIONALE

The affirmation of Sonae Sierra Brasil's ("Sonae" or "SSBR")
global scale ratings and the revision of the rating outlook to
stable from negative incorporates the stronger than expected
rebound of Brazil's economy. Moody's expects Brazil's GDP growth
to be close to 3% in 2018-19 and it will likely remain around 2.5%
in the next 3-4 years, supported by fiscal and structural reforms
that could raise the country's potential growth. Inflation will
likely remain around 4.5%, supported by financial sector reforms.

The upgrade of Sonae's national scale ratings reflects the real
estate company's position as one of the leading owners, managers
and developers of shopping malls in Brazil, as well as its strong
balance sheet with low leverage and ample liquidity. The ratings
also takes into consideration the portfolio's good quality and
resilient performance during Brazil's severest and prolonged
recession. Offsetting these credit strengths, however, are SSBR's
small gross asset size in comparison to its domestic peers, its
elevated near-term lease roll-over risk, and an undefined long-
term growth strategy.

SSBR's operating performance was resilient throughout the recent
recession. Management maintained discipline towards the balance
sheet by keeping total debt to gross assets below 20% and net debt
to EBITDA at or below 2.0x for multiple, consecutive quarters. As
of December 31, 2017, total debt to gross assets and net debt to
EBITDA were approximately 18% and 2.1x, respectively, compared to
16% and 2.3x for the same period last year. Secured debt levels
continues to remain below 10% of gross assets at 7%, as of the
fourth quarter's end. Positively, the company does not have any
exposure to foreign debt or currency fluctuations.

Before and during the economic crisis, the portfolio's occupancy
level remained consistently in the mid-90% range, generating solid
EBITDA margins and having one of the lowest occupancy costs
amongst its mall company peers. As evidence of the strong economic
rebound in 2017, Sonae's portfolio generated same store sales
(SSS) and same store rents (SSR) nominal growth rates of 5.8% and
6.0% at yearend 2017, respectively, over the same period last
year. As of YE17, the company's good liquidity and funding profile
was supported by a cash balance of approximately R$ 450 million, a
low FFO payout at 21% and an unencumbered pool, representing
approximately 60% of gross assets. With ample liquidity and good
access to local capital markets, the company has a manageable debt
maturity schedule with approximately R$ 248 million of debt
obligations maturing this year, followed by R$ 224 million in
2019.

The stable rating outlook is based on Moody's expectation that
Sonae Sierra's operational performance and profitability metrics
will continue to improve as the Brazilian economy recovers,
supported by a low inflation and low interest rate environment.
The outlook also entails that the company will continue to remain
disciplined with its liquidity and balance sheet while pursuing
growth opportunities.

An upgrade of Sonae Sierra's ratings is unlikely in the medium
term and would be predicated upon the company achieving the
following criteria on a consistent basis 1). maintenance of a cash
balance between R$ 300 to R$ 400 million to meet debt obligations
and short-term liquidity needs; 2). the real estate portfolio
growing above R$ 5.5 billion in fair market value; 3). the
unencumbered asset pool above 70% of gross assets and 4). a fully
loaded fixed charge coverage (interest expense plus capitalized
interest and principal amortization) approaching above 2.5x.
Additionally, further improvement of Brazil's ratings would also
positively impact the company's ratings.

Downward rating movement would likely result from the following
criteria on a consistent basis: 1). a loss of liquidity to cover
24 months of debt obligations; 2). total debt approaching 30% of
gross assets; 3). net debt to EBITDA exceeding 3.0x; 4). a
significant decline in the portfolio's occupancy rate or a 10%
decline in EBITDA margins; 5). a fully loaded fixed charge
coverage approaching 1.5x; and 6) development as percentage of
gross assets above 15%. Lastly, pressure on Brazil's credit
profile would also negatively affect the company's ratings and
outlook.

The last rating action was taken on February 26, 2016 when Moody's
affirmed Sonae Sierra Brasil S.A.'s Aa3.br national scale senior
unsecured debt rating (Ba2 global scale) and national scale
corporate family rating (Ba2 global scale). In the same rating
action, Moody's revised the company's outlook to negative from
stable.

Based in Sao Paulo, Brazil, Sonae Sierra Brasil S.A. [B3: SSBR3]
is a real estate operating company (REOC) focused on the
ownership, development and management of shopping malls. The
company's portfolio consists of nine properties, totaling over
445,000 square meters (m2) of gross leasable area (GLA), and is
predominantly concentrated in the state of Sao Paulo. As of
December 31, 2017, the company reported total gross assets of
approximately R$ 5.3 billion.

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.


VALE SA: Moody's Affirms Ba1 Foreign Currency Sr. Unsecured Rating
------------------------------------------------------------------
Moody's Investors Service has taken rating actions on several
companies operating in Brazil. The rating actions follow the
change in the outlook on the Government of Brazil's rating to
stable from negative, and the affirmation of Brazil's issuer,
senior unsecured ratings at Ba2 and its senior unsecured shelf
ratings at (P)Ba2.

Moody's decision to affirm the Ba2 ratings reflects credit
strengths that offset weak fiscal metrics compared to similarly
rated peers. Moderately strong economic and institutional factors
are in line with regional and Barated peers, and external
vulnerability is very low. Fiscal consolidation is expected to
continue.

Moody's affirmed the following global scale ratings with a stable
outlook:

Ambev S.A.: the long-term issuer rating was affirmed at Baa3. The
outlook remains stable. The company presents a limited reliance on
the local banking system for funding, a relevant portion of assets
and cash generation outside Brazil, and relevance to controlling
shareholder Anheuser-Busch InBev SA/NV (ABI) (A3 stable), which
help to outweigh Ambev's links with the Brazilian economy.
Additionally it presents a dominant market position in Brazil,
strong execution capabilities and strict cost control, all of
which allowed the company to withstand the recent downturn in the
local economy, for the past two years, and still maintain
exceptionally strong credit metrics, solid profitability levels,
ample liquidity, and modest leverage.

Vale S.A.: Vale S.A.'s foreign currency senior unsecured ratings,
the ratings on the debt issues of Vale Overseas Limited (fully and
unconditionally guaranteed by Vale S.A.) were affirmed at Ba1 and
the senior unsecured ratings of Vale Canada Ltd were affirmed at
Ba3. The outlook remains stable.

Moody's affirmed the following global scale ratings and changed
the outlook to stable from negative:

Braskem S.A.: the CFR of Braskem S.A. and the foreign and local
currency debt issuances of Braskem Finance Ltd and Braskem America
Finance Company, fully guaranteed by Braskem S.A., were affirmed
at Ba1. The outlook was changed to stable from negative.

Cielo S.A.: the CFR and foreign currency senior unsecured notes
issued by Cielo S.A. and the backed foreign currency senior
unsecured notes issued by Cielo USA Inc. were affirmed at Ba1. The
outlook was changed to stable from negative.

Cosan S.A. Industria e Comercio: the ratings of the senior
unsecured foreign currency notes issued by Cosan Overseas Limited
and foreign currency notes issued by Cosan Luxembourg SA and
guaranteed by Cosan S.A. Industria e Comercio were affirmed at
Ba3. The outlook was changed to stable from negative. Moody's
views Cosan Overseas Limited and Cosan Luxembourg SA senior
unsecured ratings guaranteed by Cosan as structurally subordinated
to the debt at its operating subsidiaries Raizen (Raizen
Combustives S.A. and Raizen Energia S.A.) and Cia de Gas de Sao
Paulo - COMGAS (Ba2 stable).

Embraer S.A.: the CFR and the foreign currency senior unsecured
notes issued by Embraer S.A., and the backed foreign currency
senior unsecured notes issued by Embraer Overseas Limited and
Embraer Netherlands Finance BV ratings were affirmed at Ba1. The
outlook was changed to stable from negative.

Fibria Overseas Finance Limited.: the backed foreign currency
senior unsecured ratings of the notes guaranteed by Fibria
Celulose S.A. were affirmed at Ba1. The outlook was changed to
stable from negative.

Suzano Trading Ltd.: The backed foreign currency senior unsecured
rating of the notes issued by Suzano Trading Ltd, a wholly-owned
subsidiary of Suzano Papel e Celulose S.A. were affirmed at Ba1.
The outlook was changed to stable from negative.

Globo Comunicacao e Participacoes S.A.: the CFR and foreign
currency senior unsecured debt ratings were affirmed at Ba1. The
outlook was changed to stable from negative.

Ultrapar Participacoes S.A.: the CFR of Ultrapar Participacoes S.A
(Ultrapar) and the backed foreign currency senior unsecured notes
issued by Ultrapar International S.A, irrevocably and
unconditionally guaranteed by Ultrapar and by Ipiranga Produtos de
Petroleo S.A. were affirmed at Ba1. The outlook was changed to
stable from negative.

Votorantim S.A.: the backed foreign currency senior unsecured
rating of the notes issued by Companhia Brasileira de Aluminio, a
wholly-owned subsidiary of Votorantim S.A. ('Votorantim') were
affirmed at Ba2. The outlook was changed to stable from negative.

Votorantim Cimentos S.A.: the CFR and the senior unsecured and
global notes issued by Votorantim Cimentos and the foreign
currency debt issuances of St Mary Cement Inc, all debts
guaranteed, were affirmed at Ba2. The outlook was changed to
stable from negative.

Moody's affirmed the following global scale ratings with a
negative outlook:

BRF S.A.: the CFR and the foreign currency senior unsecured global
bonds issued by BRF S.A. and the backed foreign currency senior
unsecured global bonds issued by BFF International, Ltd. were
affirmed at Ba2. The outlook remains negative. Currently the
ratings of BRF reflect the company's weak credit metrics and
Moody's expectation that leverage will remain high in the next few
quarters, rather than its possible correlations with Brazil's
sovereign ratings.

RATINGS RATIONALE

The rating actions for these non-financial corporates reflect
Moody's view that the creditworthiness of these companies cannot
be completely de-linked from the credit quality of the Brazilian
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Methodology "How Sovereign Credit Quality Can Affect Other
Ratings" published on March 16, 2015, and available on
www.moodys.com.

The principal methodology used in rating Ambev S.A. was Global
Alcoholic Beverage Industry published in March 2017. The principal
methodology used in rating BRF S.A., BFF International, Ltd.,
Cosan Luxembourg SA and Cosan Overseas Limited was Global Protein
and Agriculture Industry published in June 2017. The principal
methodology used in rating Braskem S.A., Braskem America Finance
Company and Braskem Finance Ltd was Chemical Industry published in
January 2018. The principal methodology used in rating Cielo S.A.
and Cielo USA Inc. was Business and Consumer Service Industry
published in October 2016. The principal methodology used in
rating Embraer S.A., Embraer Netherlands Finance BV and Embraer
Overseas Limited was Aerospace and Defense Industry published in
March 2018. The principal methodology used in rating Globo
Comunicacao e Participacoes S.A. was Media Industry published in
June 2017. The principal methodology used in rating Votorantim
Cimentos S.A. and St. Marys Cement Inc was Building Materials
Industry published in January 2017. The principal methodology used
in rating Vale Canada Ltd.,Vale Overseas Limited, Vale S.A. and
Companhia Brasileira de Aluminio was Mining Industry published in
April 2018. The principal methodology used in rating Suzano
Trading Ltd and Fibria Overseas Finance Limited was Paper and
Forest Products Industry published in March 2018. The principal
methodology used in rating Ultrapar Participacoes S.A. and
Ultrapar International S.A. was Retail Industry published in
October 2015.


VALE SA: Moody's Affirms Ba1 Corporate Family Rating
----------------------------------------------------
Moody's America Latina has taken rating actions on several
companies operating in Brazil. The rating actions follow the
change in the outlook on the Government of Brazil's rating to
stable from negative, and the affirmation of Brazil's issuer,
senior unsecured ratings at Ba2 and its senior unsecured shelf
ratings at (P)Ba2.

Moody's decision to affirm the Ba2 ratings reflects credit
strengths that offset weak fiscal metrics compared to similarly
rated peers. Moderately strong economic and institutional factors
are in line with regional and Barated peers, and external
vulnerability is very low. Fiscal consolidation is expected to
continue.

Moody's affirmed the following ratings with a stable outlook:

Ambev S.A.: the ratings of debentures issued by Ambev S.A were
affirmed at Baa3 in the global scale and Aaa.br in the national
scale. At the same time, Moody's Investors Service affirmed
Ambev's issuer ratings at Baa3 (global scale foreign currency and
local currency). The outlook remains stable. The company presents
a limited reliance on the local banking system for funding, a
relevant portion of assets and cash generation outside Brazil, and
relevance to controlling shareholder Anheuser-Busch InBev SA/NV
(ABI) (A3 stable), which help to outweigh Ambev's links with the
Brazilian economy. Additionally it presents a leading market
position in Brazil, strong execution capabilities and strict cost
control, all of which allowed the company to withstand the recent
downturn in the local economy, for the past two years, and still
maintain exceptionally strong credit metrics, solid profitability
levels, ample liquidity, and modest leverage.

Vale S.A.: the CFR and senior unsecured notes ratings were
affirmed at Ba1 in the global scale and Aaa.br in the national
scale. At the same time Moody's Investors Service affirmed the
Ba1foreign currency senior unsecured ratings, the ratings on the
debt issues of Vale Overseas Limited (fully and unconditionally
guaranteed by Vale S.A.) and the Ba3 senior unsecured ratings of
Vale Canada Ltd.

Moody's affirmed the following ratings and changed the outlook to
stable from negative:

Cosan S.A. Industria e ComÇrcio: the CFR was affirmed at Ba2 in
the global scale and Aa1.br in the national scale. At the same
time, Moody's Investors Service affirmed the Ba3 rating of the
notes issued by Cosan Luxembourg SA and Cosan Overseas Limited
guaranteed by Cosan S.A. Industria e ComÇrcio. The outlook was
changed to stable from negative. Moody's views Cosan Overseas
Limited and Cosan Luxembourg SA senior unsecured ratings
guaranteed by Cosan as structurally subordinated to the debt at
its operating subsidiaries Raizen (Raizen Combustives S.A. and
Raizen Energia S.A.)(Ba1 stable) and Cia de Gas de Sao Paulo -
COMGAS (Ba2 stable).

Cyrela Brazil Realty S.A. Empreend E Part.: the CFR was affirmed
at Ba2 in the global scale and Aa3.br in the national scale. The
outlook was changed to stable from negative.

Fibria Celulose S.A.: the CFR was affirmed at Ba1 in the global
scale and Aaa.br in the national scale. At the same time, Moody's
Investors Service affirmed the Ba1 rating of the notes issued by
Fibria Overseas Finance Limited and guaranteed by Fibria Celulose
S.A. The outlook was changed to stable from negative.

Fleury SA: the CFR and senior unsecured debentures ratings were
affirmed at Ba2 in the global scale and Aa2.br in the national
scale. The outlook was changed to stable from negative.

Localiza Rent a Car S.A.: the CFR and senior unsecured debt
ratings were affirmed at Ba2 in the global scale and Aa1.br in the
national scale. The outlook was changed to stable from negative.

Raizen Combustiveis S.A and Raizen Energia S.A.: the CFR and the
senior unsecured debt issued by Raizen Energia S.A. (guaranteed by
Raizen Combustiveis S.A.) ratings were affirmed at Ba1 in the
global scale and Aaa.br in the national scale. The outlook was
changed to stable from negative.

Suzano Papel e Celulose S.A.: the CFR and senior unsecured notes
rating were affirmed at Ba1 in the global scale and Aaa.br in the
national scale. At the same time, Moody's Investors Service
affirmed the Ba1 rating of the backed foreign currency senior
unsecured notes issued by Suzano Trading Ltd, a wholly-owned
subsidiary of Suzano Papel e Celulose S.A.. The outlook was
changed to stable from negative.

Telefonica Brasil S.A.: the CFR and senior unsecured debentures
ratings were affirmed at Ba1 in the global scale and Aaa.br in the
national scale. The outlook was changed to stable from negative.

Ultrapar Participacoes S.A. (Ultrapar): The Aaa.br national scale
CFR rating issued by Ultrapar was affirmed. The ratings on the
Ba1/Aaa.br senior unsecured debentures issued by Ipiranga Produtos
de Petr¢leo S.A. and guaranteed by Ultrapar were affirmed. At the
same time, Moody's Investors Service affirmed the Ba1 Corporate
Family Rating of Ultrapar, and the rating of backed foreign
currency senior unsecured notes issued by Ultrapar International
S.A, guaranteed by Ultrapar and by Ipiranga Produtos de Petr¢leo
S.A. The outlook was changed to stable from negative.

Votorantim S.A.: the CFR was affirmed at Ba2 in the global scale
and Aa2.br in the national scale. At the same time, Moody's
Investors Service affirmed the Ba2 rating of the notes issued by
Companhia Brasileira de Aluminio and all debts are guaranteed. The
outlook was changed to stable from negative.

RATINGS RATIONALE

The rating actions for these non-financial corporates reflect
Moody's view that the creditworthiness of these companies cannot
be completely de-linked from the credit quality of the Brazilian
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Methodology "How Sovereign Credit Quality Can Affect Other
Ratings" published on March 16, 2015, and available on
www.moodys.com.

The principal methodology used in rating Fibria Celulose S.A. and
Suzano Papel e Celulose S.A. was Paper and Forest Products
Industry published in March 2018. The principal methodology used
in rating Ambev S.A. was Global Alcoholic Beverage Industry
published in March 2017. The principal methodology used in rating
Fleury SA was Business and Consumer Service Industry published in
October 2016. The principal methodology used in rating Localiza
Rent a Car S.A. was Equipment and Transportation Rental Industry
published in April 2017. The principal methodology used in rating
Raizen Energia S.A. and Cosan S.A. Industria e Comercio was Global
Protein and Agriculture Industry published in June 2017. The
principal methodology used in rating Telefonica Brasil S.A. was
Telecommunications Service Providers published in January 2017.
The principal methodology used in rating Ultrapar Participacoes
S.A., Raizen Combustiveis S.A. and Ipiranga Produtos de Petroleo
S.A. was Retail Industry published in October 2015. The principal
methodology used in rating Votorantim S.A. and Vale S.A. was
Mining Industry published in April 2018.The principal methodology
used in rating Cyrela Brazil Realty S.A. Empreend E Part was
Homebuilding And Property Development Industry published in
January 2018.


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


DOMINICAN REPUBLIC: UK Special Envoy's Visit Boosts Trade Ties
--------------------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina met with United Kingdom trade envoy, Simon Hart, who stated
his country's interest to continue bolstering ties with the
Caribbean nation, its main trading partner in the region.

The British official "also held meetings with other important
representatives of the public and private sector in the country,"
the Finance Ministry said in a statement obtained by Dominican
Today.

It said that in 2017, the United Kingdom exported more than
US$140.0 million dollars to the Dominican Republic, led by Scotch
Whiskey, the report notes.  "In effect, 17 bottles of whiskey are
exported to the Dominican Republic every minute," Finance Ministry
added.

The Dominican Republic exported US$234.0 million to the UK in
2016, falling to 180 million dollars in 2017 as a result of
natural disasters that devastated banana plantations and other
crops, the report discloses.

Both countries have signed two MPUs on trade, the first in London
in June 2012 and the second in 2017 in Santo Domingo, which
allocates 750 million pounds sterling (around US$1.1 billion) in
export credits to the Dominican Republic to finance infrastructure
using goods and services of at least 20% of British origin, 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.


DOMINICAN REPUBLIC: Tax Amnesty Bill for Moonlighters Gather Steam
------------------------------------------------------------------
Dominican Today reports that major opposition party (PRM) deputy
Faride Raful, submitted to the lower Chamber a bill leading to a
"Tax Amnesty" to those who owe income tax, amid a push by Internal
Taxes (DGII) to collect alleged arrears.

The bill proposes, amid a national debate that has emerged over
concerns by people who have more than one job, to obtain a tax
pardon for taxpayers who've failed to fill out, sign and submit
Form IR-10, according to Dominican Today.

The bill warns against an "unmanageable burden" resulting from
enforcement of the Income Tax Application Regulation, "for
taxpayers who are salaried and the great majority are middle or
working class who didn't know that they had that formal duty
before the tax authority," the report notes.

Mr. Raful's proposal stipulates a 180-day period for taxpayers who
seek to qualify for the "Income Tax Amnesty" after the regulation
takes effect, if approved by Congress, 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.


=============
J A M A I C A
=============


CABLE & WIRELESS: To Exit Stock Market
--------------------------------------
RJR News reports that Cable and Wireless Jamaica was to exit April
11 the stock market after nearly 30 years.

News came last week that it had applied for its shares to be
delisted from the Jamaica Stock Exchange, notes the report.

The de-listing follows last month's transaction in which CWC Cala
Holdings, the majority shareholder of able and Wireless, increased
its stake in the telecom company to almost 92 per cent, according
to RJR News.

Cable and Wireless says it intends to acquire the remaining shares
after de-listing and convert to a private entity, the report adds.

As reported in the Troubled Company Reporter-Latin America on Aug.
11, 2017, S&P Global Ratings assigned its 'B' issue-level rating
to C&W Senior Financing Designated Activity Company's proposed
$700 million senior notes due 2027. This company is an orphan
special purpose vehicle (SPV) in the Cable & Wireless structure
(Cable & Wireless Communications Limited [CWC]; BB-/Negative/B).
The SPV will give the notes proceeds to Sable International
Finance Limited (SIFL), a CWC's subsidiary, and from there the
group will refinance in full Columbus International's $605 million
7.375% senior notes due December 2021; pay $45 million in
transaction related premiums, fees and expenses; and keep $40
million for general corporate purposes.


JAMAICA: Minister Urges Fiscal Discipline to End Need for IMF
-------------------------------------------------------------
RJR News reports that Dr. Nigel Clarke, Minister of Finance and
the Public Service, has said Jamaica should manage its economic
affairs in a disciplined manner so that there is no need to return
to the International Monetary Fund (IMF) when the current
Precautionary Stand-by Agreement ends in late 2019.

Dr. Clarke said in recent times, Jamaica has gained significantly
from the implementation of fiscal, monetary and structural reforms
across two consecutive political administrations under IMF
agreements, according to RJR News.

Signaling that the current administration has no intention of
entering into new arrangements with the IMF, the Finance Minister
noted that Jamaica has exited arrangements with the fund over
decades from the 1970s to 1990s, only to return to new
engagements, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.


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


LM WASTE SERVICE: Bankr. Court Abstains from Suit vs. Isabella
--------------------------------------------------------------
Bankruptcy Judge Edward A. Godoy permissively abstains from the
case captioned LM WASTE SERVICE CORP., Plaintiff, v. MUNICIPIO DE
ISABELA, Defendant, Adv. Proceeding No. 15-00125 (Bankr. D.P.R.)
and dismisses the same.

Plaintiff LM Waste Service Corp. commenced three separate
adversary proceedings against the Municipality of San German [Adv.
Proc. 15-00124]; the Municipality of Isabela [Adv. Proc. 15-
00125]; and the Municipality of Juana Diaz and Andres Reyes
Burgos, Inc. [Adv. Proc. 15-00126]. These three proceedings are
all similar. All of them were filed for the turnover of property
under section 542 of the Bankruptcy Code, collection of monies,
and breach of contract.  And, all of them also mirror lawsuits
commenced by LM Waste in state court prior to its filing of the
voluntary petition for relief under chapter 11 of the Bankruptcy
Code.

After entering an opinion and order permissibly abstaining under
section 1334(c)(1) of title 28 of the United States Code in
adversary proceeding 15-00126, the court ordered in the adversary
proceeding of caption the Municipality of Isabela to supplement
its pending motion to dismiss with a statement of proposed
uncontested facts. Given the similarities between the three cases
and for comity reasons, the court forewarned the parties that it
would consider permissively abstaining from also hearing this
case.

LM Waste averred in the complaint that Isabela has an outstanding
debt to the estate of $1,231,223.40 for services rendered, plus
damages in an amount not less than $20,000,000 due to breach of
contract.

Isabela moved the court for dismissal arguing that the claim
against it does not constitute a core proceeding as defined in
section 157 of title 28 and that LM Waste did not properly
transfer the case from the state court to the bankruptcy court
under Bankruptcy Rule 9027.

LM Waste opposed dismissal arguing that this is a core proceeding
because the alleged breach of contract is precisely what led to
the filing of the chapter 11 petition, the uncollected funds owed
to the estate are recoverable under section 365, and the already
executed portions of the contract are considered a matured debt
recoverable under section 542.

The court holds that the breach of contract and collection of
money claims are non-core because they arose prior to the filing
of the bankruptcy petition and did not come into existence due to
the filing of bankruptcy. It is uncontested that LM Waste sued on
these claims in the state court prior to the filing of the
bankruptcy petition. As such, the claims existed and can survive
outside of the court.

The court finds no merit in LM Waste's argument that the
uncollected funds due to the estate are recoverable under section
365 or that the executed portions of the contract are considered a
matured debt recoverable under section 542. The court notes that
LM Waste did not aver any jurisdictional basis under section 365
in its complaint. And, as Isabela is contesting the debt, this
case cannot be considered a turnover action.

Instead of submitting proposed findings of fact and conclusions of
law to the district court, the court understands that permissive
abstention is warranted under section 1334(c)(1) of title 28. That
section provides that nothing "prevents a district court in the
interest of justice, or in the interest of comity with State
courts or respect for State law, from abstaining from hearing a
particular proceeding arising under title 11 or arising in or
related to a case under title 11."

The District Court of Puerto Rico has also considered the
following Telemundo Group factors: (1) the effect on the efficient
administration of the estate if a court abstains, (2) the extent
to which state law issues predominate over bankruptcy issues, (3)
the unsettled nature of the applicable law, (4) a related
proceeding commenced in state court, (5) the jurisdictional basis,
if any, other than 28 U.S.C. section 1334, (6) the degree of
relatedness or remoteness of the proceeding to the main bankruptcy
case, (7) the substance rather than form of an asserted core
proceeding, (8) the feasibility of severing state law claims from
core bankruptcy matters to allow judgments to be entered in state
court to be enforced in bankruptcy court, (9) the burden on the
bankruptcy docket, (10) the likelihood that the bankruptcy court
proceeding  involves forum shopping by one of the parties, (11)
the right to jury trial, and (12) the presence of non-debtor
parties.

Here, the facts favor abstention. The first Telemundo factor, the
efficient administration of the estate, is fostered by keeping
this contractual issue in state court where it belongs. Given that
it is a non-core proceeding and the lack of consent by Isabela to
the entry of a final judgment by the court, not abstaining would
require the court to submit proposed findings and conclusions of
law to the district court.

The second and fourth Telemundo factors also favor abstention.
Puerto Rico law predominates over bankruptcy law in contractual
actions and the state court is competent to adjudicate LM Waste's
claims. Additionally, the state-court case was commenced
pre-petition and prosecuted until stayed by the bankruptcy filing.
And, as per the state-court case judgment administratively closing
it, the state court will reopen the case if the automatic stay is
lifted. As for the fifth Telemundo factor, there is no
jurisdictional basis for this court to address the breach of
contract claim if not for the bankruptcy filing.

The tenth Telemundo factor also favors abstention. The filing of
the adversary complaint by LM Waste is forum shopping. Prior to
the filing of the bankruptcy petition, Isabela was seeking an
order from the state court to deem admitted its unanswered request
for admissions and moving to dismiss the case due to LM Waste's
failure to respond to any of the discovery requests made by
Isabela.

Accordingly, the court permissively abstains from hearing the
adversary proceeding. As a consequence, the court need not address
whether LM Waste complied with the removal procedure governed by
Bankruptcy Rule 9027 raised by Isabela.

The bankruptcy case is in re: LM WASTE SERVICE CORP., Chapter 11,
Debtor, Case No. 14-08851 (EAG) (Bankr. D.P.R.).

A full-text copy of Judge Godoy's Opinion and Order dated March
19, 2018 is available at https://is.gd/JDzeh4 from Leagle.com.

LM WASTE SERVICE CORP, Plaintiff, represented by Manuel Borges,
Borges Law Offices, & ENRIQUE J. MENDOZA MENDEZ, MENDOZA LAW
OFFICES.

MUNICIPIO DE ISABELA, Defendant, represented by Hector J. Ferrer,
HFR LEGAL SERVICES LLC.

MUNICIPIO DE ISABELA, Counter-Claimant, represented by Hector J.
Ferrer -- hecferrer@yahoo.com. -- HFR LEGAL SERVICES LLC.

LM WASTE SERVICE CORP, Counter-Defendant, represented by Manuel
Borges, Borges Law Offices & ENRIQUE J. MENDOZA MENDEZ, MENDOZA
LAW OFFICES.

Based in Guaynabo, Puerto Rico, LM Waste Service, Corp. filed for
Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 14-08851)
on Oct. 29, 2014, listing its total assets at $7.01 million and
total liabilities at $20.11 million. The petition was signed by
Marcos Velez Green, acting president.


TOYS R US: Received $1 Billion Bids for 85% Stake in Asian Unit
---------------------------------------------------------------
Reuters reports that Joshua Sussberg, counsel to Toys 'R' Us, said
the retailer has received multiple bids of more than
$1 billion for an 85% stake in its Asian business.  Speaking at a
U.S. Bankruptcy Court hearing in Richmond, Virginia, Mr. Sussberg
said the company was in advanced discussions with a buyer for its
Central European business.  He also said that liquidation sales
and real estate auctions in the United States were going better
than expected, creating additional money to repay creditors.

According to the report, the company has said it will try to
maintain more profitable locations in Europe and Asia as an
on-going business while it liquidates its U.S. and U.K.
operations.

The report notes Toys 'R' Us suppliers have expressed concern in
court papers over payments on hundreds of millions of dollars of
toys that had been shipped before the company announced its
liquidation plans. Industry executives and specialists have warned
that many small vendors could go bankrupt themselves due to the
disappearance of Toys 'R' Us and Babies 'R' Us in the United
States.

                      About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, are not part of the Chapter 11 filing and CCAA
proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting,
Inc. as financial advisor; and Moelis & Company LLC as investment
banker.

                        Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018.  The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                    Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.


TOYS R US: To Shut Final Stores in Just Under Two Weeks
-------------------------------------------------------
The Scotsman reports that Toys R Us will shut its final stores in
just under two weeks, resulting in the loss of more than 2,000
jobs, the retailer's administrators have confirmed.

The toy chain collapsed in February and insolvency specialist
Moorfields has been selling off the retailer's stock at knockdown
prices, The Scotsman recounts.

However, Moorfields said on April 12 that all Toys R Us's 75
stores would close on April 24, with 2,054 employees set to be
made redundant, The Scotsman relates.

According to The Scotsman, Simon Thomas --
sthomas@moorfieldscr.com -- joint administrator at Moorfields,
said: "We are grateful for the hard work of everybody at Toys R Us
during this extremely difficult and challenging time.  "We are
working closely with the 2,000 employees affected by the closures
to ensure they receive the support they need for redundancy and
other compensatory payments."

Toys R Us appointed Moorfields to handle the administration when
the company was unable to pay a GBP15 million tax bill, The
Scotsman discloses.

After failing to find a buyer for the business, Moorfields said in
March that it would be necessary to close all of Toys R Us's 106
stores, and immediately made 67 staff at the chain's Maidenhead
head office redundant, The Scotsman notes.

                      About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, are not part of the Chapter 11 filing and CCAA
proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting,
Inc. as financial advisor; and Moelis & Company LLC as investment
banker.

                        Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018.  The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                    Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.



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


VENEZUELA: Bondholders Seek Smart Money Edge in Country's Debt
--------------------------------------------------------------
Jonathan Wheatley at The Financial Times reports that if there is
any smart money in Venezuela these days, it is probably in a $2.5
billion, 8.5 per cent bond issued by PDVSA, the state oil company,
due on October 27, 2020.  Despite being declared in default, it
trades around 85 cents on the dollar, suggesting investors believe
they still have a good chance of getting paid, according to The
Financial Times.

Compare that with a $650 million 8.5 per cent bond issued by
Elecar, a state electric utility, that matured on Tuesday, April
10, the report notes.  On the day that investors were due to be
paid 100 per cent of their money, it was trading at 38 cents on
the dollar, the report relays.  While this suggests that most
investors do not expect to be paid, it also shows that some still
do, the report notes.  This may turn out to be very smart money;
or it may not, the report relays.

All the signs at present point to the latter.  As the FT revealed
this week, Venezuela stopped making payments on its sovereign
bonds last September, the report says.  It has repeatedly blamed
missed payments on the operational complications caused by US
sanctions imposed in August, which are certainly considerable.
Nevertheless, when it has wanted to make payments, even if it has
made them late, it has managed to do so, the report notes.  About
$2.5 billion has been received by holders of PDVSA and Elecar
bonds since November 2, when President Nicolas Maduro said he
would restructure and refinance roughly $100bn of state and quasi-
state debt, the report relays.

Hopes that Elecar's creditors would be paid rested partly on
rumors that powerful people close to the government had bought the
bond and would make sure of cashing in, the report discloses.  If
this were true, we would almost certainly have seen a rush by
those people, and by the government, to buy the bond in its
closing days at a bargain price, the report says.  This did not
happen and at time of writing there is no sign of payment being
made, the report relays.

Holders of the PDVSA 8.5 per cent bond of 2020 have a better
chance of making good, the report notes.  This is because they
have a claim on the bond's collateral: 50.1 per cent of Citgo,
PDVSA's US refining and distribution company, the report says.

It is the only Venezuelan bond at anything like this price, the
report says.  FT's chart compares it with two pairs of sovereign
and PDVSA bonds with similar coupons and maturities that until
last November were trading at similar prices.  After Mr. Maduro's
announcement of restructuring, the PDVSA bonds attracted a premium
to the sovereigns on the belief -- well-founded, as it has turned
out -- that the government would default on its own debts before
PDVSA's, the report notes.

Since January, that distinction has evaporated and they are all
plain junk, the report relays.

Some investors, nevertheless, cling on, the report says.  Some may
believe, as they have repeatedly been promised, that the cheques
are in the post, the report notes.  Others will be preparing for a
long battle ahead, thinking of the recovery value of their bonds
in a future restructuring, the report says.  But this is likely to
happen only after a change of government in Caracas, which has
been foretold for years but not yet materialized despite the
country's slowly unfolding humanitarian disaster, the report
relays.

After comparable restructurings in Ecuador and Argentina, many
such "holdout" investors have come to see 30 cents on the dollar
as a reasonable recovery value. Some Venezuelan bonds broke below
20 this year but have since recovered to the low 30s, in what is
surely an example of the triumph of hope over experience, the
report adds.

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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