TCRLA_Public/180418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Wednesday, April 18, 2018, Vol. 19, No. 75


                            Headlines



A R G E N T I N A

ARGENTINA: Herd to Decline by as Much as 1-Mil. Due to Drought
ALGODON WINES: Hopes to List on the Nasdaq in Second Quarter


B R A Z I L

BANCO DO BRASIL: To Expand Credit Cards to Non-Clients
LUPATECH: NY Bankruptcy Court Closes Second Chapter 15 Case


C H I L E

AUTOPISTA COSTA ARAUCO: Hires Morales & Besa to Restructure Debt


M E X I C O

CEMEX SAB: Levi & Korsinsky Reminds of Class Action Commencement
COACALCO: Moody's Hikes Rating to B3 & Alters Outlook to Stable


P U E R T O    R I C O

MINI MASTER: Files 2nd Amendment to 2nd Amended Plan
VEGA ALTA: Unsecured Creditors to Receive $5K Over 60 Months


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Foreign Partners Pushing Quevedo Out
VENEZUELA: Western Leaders Say They Won't Recognize Elections


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Herd to Decline by as Much as 1-Mil. Due to Drought
--------------------------------------------------------------
Caroline Stauffer at independent.ie reports that Argentina's herd
will shrink by up to 1 million head of cattle next year as
ranchers facing scorched pastures after the worst drought in
decades decide to slaughter females rather than grow their herds,
analysts said.

A wave of hot, dry weather since November has cut 40 percent off
overall grains production in the world's No. 3 corn and soy
exporter and will knock off an estimated 0.7 percent from
Argentina's gross domestic product this year, according to
independent.ie.

The report notes that slaughtering more female cows than expected
will have long-term repercussions on the meat-loving nation's herd
at a time it was hoping to boost sales abroad after falling out of
the top 10 beef exporting nations under the previous government.

Ignacio Iriarte, a grain market analyst, said Argentina's 53.5
million-head herd would shrink by between 500,000 and 1 million
head, the report says.

"Winter is coming without having planted the grasses normally sown
between February and March, which are the ones that provide feed
in the middle of the winter," the report quoted Mr. Iriarte as
saying.

"The next five or six months will be critical," he added.

According to the local beef industry chamber (Ciccra), 44.5
percent of cows slaughtered in March were female, a rate that was
3 percentage points higher than a year earlier, the report notes.

"This threatens the future offer," said Miguel Schiaritti,
Ciccra's president. He said the herd had been growing sharply over
the last two years, would likely hold steady in 2018 and would
decline in 2019, the report relays.

The U.S. Department of Agriculture said in its latest report
Argentina's herd would shrink this year due to the weather and a
larger than normal slaughter, the report says.

Pastures have been depleted in one of Argentina's main cattle
producing areas in Chacabuco, in the north of Buenos Aires
province, according to Guillermo Voisin, the president of the
area's rural society, the report adds.

                            *     *    *

As reported in the Troubled Company Reporter-Latin America on
December 4, 2017, Moody's Investors Service has upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca .

Moody's said the key drivers of the upgrade of the rating to B2
are: (1) a record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy; and (2)
the likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.

On Nov. 10, 2017, Fitch Ratings revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term Foreign-
Currency Issuer Default Rating (IDR) at 'B'.

On Oct. 30, 2017, S&P Global Ratings raised its long-term
sovereign credit ratings on the Republic of Argentina to 'B+' from
'B'. The outlook on the long-term ratings is stable.  S&P also
affirmed its short-term sovereign credit ratings on Argentina at
'B'. At the same time, S&P raised its national scale ratings to
'raAA' from 'raA+'. In addition, S&P raised its transfer and
convertibility assessment to 'BB-' from 'B+', in line with its
assessment of sustained local access to foreign exchange.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


ALGODON WINES: Hopes to List on the Nasdaq in Second Quarter
------------------------------------------------------------
Algodon Wines and Luxury Development Group, Inc. sent a letter
from its chief executive officer and president, Scott Mathis, to
its stockholders and business associates on April 5, 2018.  The
full-text copy of the letter is as follows:

Dear Stockholders:

This is perhaps the most important and timely stockholder update
you have received from me in some time as we not only are moving
forward to position the Company for continued growth, but also to
list on the NASDAQ Stock Market.

We believe we are close to achieving our NASDAQ objective and we
know exactly what is required to do so.  We believe that the
opportunity for our stockholders has never been better.

To be accepted for listing on NASDAQ, we will have to demonstrate
that the Company meets the quantitative listing standards as well
as all applicable requirements.  As the Company continues to
execute on the business plan, we feel confident we will meet and
achieve those requirements.

One of the factors that continues to impact the Company is the
steady decline in the value of the Argentine peso over the years
as it relates to our stockholder equity position (when reported
back in U.S. dollar terms).  As a result of the decline in the
value of the Argentine peso versus the U.S. dollar, our
stockholders' equity position has steadily been reduced.  Even
though real estate prices in Argentina are moving upwards in an
exciting manner when you convert from a devalued peso back to U.S.
dollars, stockholder equity under GAAP financial reporting rules
is reduced.

One of the requirements to meet the NASDAQ standards is compliance
with the stockholders' equity requirement.  We must increase our
stockholders' equity.  To that end, we are seeking to raise
additional capital for operations, investing in new real estate
assets in Argentina, continuing to invest in infrastructure, and
unveiling a marketing plan to sell more estate lots.

We also expect over time that our business operations will help us
maintain adequate stockholders' equity.  As was recently announced
in a public news release and our Current Report on Form 8K with
the SEC (https://ir.algodongroup.com/all-sec-filings#document-
5349-0001493152-18-003978), Algodon was able to deed certain of
its Phase 1 lots in Q1 2018 which will allow for the immediate
recognition of approximately $870,000 in revenues from lot sales.
In Q2 2018, Algodon expects to be approved for deeding another 19
Phase 1 lots, and in the next 12 months, expects to deed the
remainder of the 97 Phase 1 lots.

As you are aware, Algodon common stock (VINO) is already trading
on the OTCQB marketplace.  We, as management, do not believe that
the OTCQB has allowed for sufficient liquidity and it has proven
to be subject to erratic price swings coupled with undue
volatility based on our low trading volume.  We do not believe
that our listing on the OTCQB has resulted in a fair or full
valuation of our shares, and it has not given adequate value to
our prospects or enterprise value, especially when considering the
volume of positive news coming out of Argentina.

We believe the macroeconomics on Argentina are improving at a
rapid pace.  Foreign investment in Argentina hasn't been this
strong in decades, infrastructure improvements are being
implemented and planned at the greatest level in several
generations, jobs data has been steadily improving and real estate
prices are finally moving positively forward at a nice pace as
mortgages have reentered the marketplace.  No longer is it just me
and Algodon saying this: JP Morgan recently listed Argentina as
the most promising emerging market on the globe, and Morgan
Stanley has been extremely bullish and "pounding the table" on
Argentina for more than a year now, and Morgan Stanley is rapidly
growing its investment banking offices in Buenos Aires.  We
believe we are in the right part of the world at the right time.
We did not come this far to only come this far.

We do not know when or if Algodon will be approved for listing on
NASDAQ, but we are excited and hopeful that we will soon meet the
requirements and be ultimately approved for listing in Q2 of this
year.  We would expect that a listing on NASDAQ will provide great
exposure for Algodon and our VINO shares.  When that occurs, I
hope to see you all at the bell ringing ceremony in New York.

                        About Algodon Wines

Through its wholly-owned subsidiaries, Algodon Wines & Luxury
Development Group, Inc. -- http://www.algodongroup.com/-- invests
in, develops and operates real estate projects in Argentina.
Based in New York, AWLD operates a hotel, golf and tennis resort,
vineyard and producing winery in addition to developing
residential lots located near the resort.  The activities in
Argentina are conducted through its operating entities:
InvestProperty Group, LLC, Algodon Global Properties, LLC, The
Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and
Algodon Wine Estates S.R.L. AWLD distributes its wines in Europe
through its United Kingdom entity, Algodon Europe, LTD.

Algodon Wines reported a net loss attributable to common
stockholders of $8.25 million for the year ended Dec. 31, 2017,
compared to a net loss attributable to common stockholders of
$10.04 million for the year ended Dec. 31, 2016.  As of Dec. 31,
2017, Algodon Wines had $8.34 million in total assets, $4.33
million in total liabilities, $9.02 million in series B
convertible redeemable preferred stock, and a total stockholders'
deficiency of $5.02 million.

Marcum LLP, in New York, the Company's auditor since 2013, issued
a "going concern" opinion in its report on the consolidated
financial statements for the year ended Dec. 31, 2017, citing that
the Company has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.



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B R A Z I L
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BANCO DO BRASIL: To Expand Credit Cards to Non-Clients
------------------------------------------------------
Aluisio Alves and Carolina Mandl at Reuters report that Brazilian
state-owned lender Banco do Brasil will seek an expansion of its
credit card portfolio by issuing cards to non-clients, a top
executive told Reuters.

Executive Vice-President Marcelo Labuto said Brazil's largest bank
by assets is finishing the development of default-control systems
to start offering credit cards with its brand Ourocard to non-
clients by the second half of 2018, according to Reuters.

The report notes that Mr. Labuto said Banco do Brasil's move aims
at closing the gap with private banks in credit cards and also
compete with novice credit card issuers such as Nubank amid a
rapid growth of card transactions in Brazil.

Banco do Brasil had a credit card base of 17,3 million at the end
of December, the report notes.  Although Banco do Brasil is the
largest listed lender in the country, rival Itau Unibanco Holding
SA had 29,2 million credit card holders, the report relays.

Last year, credit card transactions amounted to 842.6 billion, up
12.4 percent from 2016, according to card industry group ABECS,
the report recalls.

Regarding defaults in loans to consumers, Mr. Labuto said that
indicators "behaved well" during the first quarter, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
April 17, 2018, Fitch Ratings assigned an expected long-term
foreign currency rating of 'BB-(EXP)' to Banco do Brasil S.A.'s
(BdB) proposed senior unsecured notes due April 2023. Final amount
and interest will be defined upon book building. The bonds'
proceeds will be used for general corporate purposes. The final
rating is contingent upon the receipt of final documents
conforming to the information already received.


LUPATECH: NY Bankruptcy Court Closes Second Chapter 15 Case
-----------------------------------------------------------
Declan Bush at The Latin Lawyer reports that a New York bankruptcy
court has signed off on Brazilian oil and gas servicer Lupatech's
second Chapter 15 case, ending a US$275 million cross-border
restructuring that has played out in New York and Sao Paulo since
2015.

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2017, S&P Global Ratings affirmed its 'CCC-' global scale
and 'brCCC-' national scale corporate credit ratings on Lupatech
S.A. Subsequently, S&P withdrew the ratings at the company's
request.  The outlook was stable at the time of the withdrawal.



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C H I L E
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AUTOPISTA COSTA ARAUCO: Hires Morales & Besa to Restructure Debt
----------------------------------------------------------------
Fredrik Karlsson at The Latin Lawyer reports that Chilean
concessionaire Autopista Costa Arauco has hired Morales & Besa to
restructure and reassign its 7.2 million unidades de fomento
(US$317 million) debt with BBVA.



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M E X I C O
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CEMEX SAB: Levi & Korsinsky Reminds of Class Action Commencement
----------------------------------------------------------------
Levi & Korsinsky, LLP issued a statement relating to a class
action consisting of persons who have acquired securities of
CEMEX, S.A.B.:

To: All persons or entities who purchased or otherwise acquired
securities of CEMEX, S.A.B. de C.V. ("CEMEX") (NYSE: CX) between
August 14, 2014 and March 13, 2018.

You are hereby notified that a securities class action lawsuit has
been commenced in the United States District Court for the
Southern District of New York. To get more information, go to:

            http://www.zlk.com/pslra-d/cemex?wire=2

or contact Joseph E. Levi, Esq. either via email at
jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-
free: (877) 363-5972. There is no cost or obligation to you.

The complaint alleges that throughout the class period Defendants
issued materially false and/or misleading statements and/or failed
to disclose that: (i) CEMEX executives had engaged in an unlawful
bribery scheme in connection with the Company's business dealings
in Colombia; (ii) discovery of the foregoing conduct would likely
subject the Company to heightened regulatory scrutiny and
potential criminal sanctions; (iii) the Company lacked adequate
internal controls over financial reporting; and (iv) as a result,
CEMEX's public statements were materially false and misleading at
all relevant times.

If you suffered a loss in CEMEX, you have until May 15, 2018 to
request that the Court appoint you as lead plaintiff. Your ability
to share in any recovery doesn't require that you serve as a lead
plaintiff.

Levi & Korsinsky is a national firm with offices in New York,
California, Connecticut, and Washington D.C. The firm's attorneys
have extensive expertise and experience representing investors in
securities litigation, and have recovered hundreds of millions of
dollars for aggrieved shareholders. Attorney advertising. Prior
results do not guarantee similar outcomes.

As reported in the Troubled Company Reporter-Latin America on
March 16, 2018, Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s
(CEMEX) Long- Term Issuer Default Rating (IDR) at 'BB-'. Fitch has
also affirmed the company's National Scale Long-Term Rating at
'A(mex)' and affirmed the company's National Scale Short-Term
rating at 'F1(mex)'. The Rating Outlook remains Positive.


COACALCO: Moody's Hikes Rating to B3 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's de Mexico affirmed the A3 (Global Scale, local currency)
and Aaa.mx (Mexico National Scale) debt ratings of Mexico City
(Ciudad de Mexico) and changed the outlook to stable from
negative. The rating changes apply to the following bond
issuances:

* MXN2.521 billion bond issuance (original face value) under the
   program GDFCB10-2.

* MXN2.5 billion bond issuance (original face value) under the
   program GDFECB12.

* MXN2.126 billion bond issuance (original face value) under the
   program GDFECB13.

* MXN2.5 billion bond issuance (original face value) under the
   program GDFECB 14.

* MXN1.382 billion bond issuance (original face value) under the
   program GDFECB 15.

* MXN2.5 billion bond issuance (original face value) under the
   program GDFECB 15-2.

* MXN1 billion bond issuance (original face value) under the
   program GCDMXCB 16V.

* MXN7 billion (original face value) securitization of a loan
   from Dexia Credito Local Mexico, S.A. de C.V. to Mexico City,
   Mexico CBPF48.

In addition, Moody's affirmed the Global Scale (local currency)
and Mexico National Scale ratings of 36 Mexican states and
municipalities, one university, and 4 water companies, and changed
the outlook to stable from negative. Moody's also affirmed the
Global Scale (local currency), Mexico National Scale ratings and
maintained current outlooks on 19 Mexican states and
municipalities.

Moody's also took the following rating actions on the following
four municipalities and one water company:

- Municipality of Coacalco: Issuer ratings upgraded to B3/B1.mx
   from Caa1/B2.mx; outlook revised to stable from positive.

- Municipality of Corregidora: Issuer ratings upgraded to
   Baa1/Aa1.mx from Baa2/Aa2.mx; maintained the stable outlook.

- Municipality of Tlalnepantla: Issuer ratings upgraded to
   Ba1/A1.mx from Ba2/A2.mx; maintained the stable outlook.

- Municipality of Durango: Issuer ratings upgraded to Ba2/A2.mx
   from Ba3/A3.mx; maintained the stable outlook.

- Aguas del Municipio de Durango: Issuer ratings upgraded to
   Ba2/A2.mx from Ba3/A3.mx; maintained the stable outlook.

A list of the Affected Ratings is available at:

                         https://is.gd/siUYC5

Finally, Moody's affirmed the debt ratings of 112 enhanced loans,
a list of which is available at https://is.gd/HDsRZa

The action follows Moody's rating action on April 11, 2018, in
which the agency affirmed Mexico's government bond rating of A3,
and revised the outlook to stable from negative.

RATINGS RATIONALE

RATING RATIONALE FOR MEXICO CITY

Under the legal framework governing Mexico City, the Government of
Mexico is the direct obligor of all debt incurred by Mexico City.
Accordingly, the rating fully reflects the credit quality of the
Federal Government.

RATIONALE FOR AFFIRMED RATINGS AND OUTLOOK CHANGE FOR 36 STATES
AND MUNICIPALITIES

The ratings affirmation and outlook change to stable from negative
reflects the change in the sovereign outlook, given that Mexican
sub-sovereigns have close operating and financial linkages with
the federal government. The sovereign action was based on an
assessment that risks to growth stemming from the NAFTA
renegotiation are receding, that structural reforms adopted since
2013 have increased the Mexican economy's resilience to shocks,
contributing to favorable fiscal results and a moderate decline in
public sector indebtedness, and that there is a low probability
the next administration will weaken economic and fiscal trends
through a sharp change in policy.

RATIONALE FOR THE AFFIRMED RATINGS AND MAINTINED OUTLOOKS FOR 19
STATES AND MUNICIPALITIES

The decision to affirm the ratings and maintain the outlooks for
these entities reflects their idiosyncratic credit profiles.
Issuers with a stable outlook are relatively less vulnerable to
systemic risks and the issuers with a negative outlook face
individual credit pressures.

RATIONALE FOR THE MUNICIPALITY OF COACALCO

The upgrade of Coacalco's issuer ratings to B3/B1.mx from
Caa1/B2.mx and the change of outlook to stable from positive
reflects the municipality's positive gross operating balance
(GOB), lower debt levels and an improvement in its liquidity
position.

Coacalco's GOBs have been positive during the last three years,
averaging 10.2% of operating revenues, compared to the negative
results observed from 2012 to 2014 that averaged -12.8%. These
positive operating margins reflect a decline in current
expenditures as a result of measures implemented by the current
administration.

As a result of the improvement in operating margins, Coacalco
posted cash financing surpluses averaging 13.9% of total revenues
during the last three years, which resulted in an improvement in
liquidity, with cash to current liabilities climbing to 0.15x in
2017, up from 0.04x in 2015. Nonetheless, liquidity remains weak,
which is captured in the municipality's B3 credit profile.

In addition, Coacalco's debt levels are still relatively high
compared to national peers, though they are decreasing. Net direct
and indirect debt (NDID) to operating revenues was equivalent to
49.5% at the end of 2017, compared to 67.5% at its peak in 2013.
Moody's expects debt levels to continue decreasing in 2018 to
roughly 45%. However, the municipality continues to depend on
short-term debt, which can put pressure on its liquidity.

RATIONALE FOR THE MUNICIPALITY OF CORREGIDORA

The upgrade of Corregidora's issuer ratings to Baa1/Aa1.mx from
Baa2/Aa2.mx with a stable outlook reflects a sustained improvement
in recent years in the municipality's credit profile,
characterized by growing own source revenues, strong operating
margins, very low debt levels and a strong liquidity position.

Corregidora's GOB equaled 24.1% in 2017, well above the 9.4%
average during the 2013-2015 period. The increase of its GOB
mainly reflects a compound annual growth rate (CAGR) of 24% of own
source revenues during the 2013 -- 2017 period that outpaced the
current expenditure CAGR of 13%.

Furthermore, liquidity levels measured as cash to current
liabilities have been strong during the last five years, averaging
6.4x, a stronger level than national peers. Debt levels were
equivalent to 5.6% of operating revenues as of December 2017, a
low level. Going forward, Moody's expects Corregidora's strong
operating and financial performance to continue, supported by
sustainable high own-source revenues, a strong liquidity position
and low debt levels.

RATIONALE FOR THE MUNICIPALITY OF TLALNEPANTLA

The upgrade of Tlalnepantla's ratings to Ba1/A1.mx from Ba2/A2.mx
with a stable outlook reflects the municipality's strong cash
financing surpluses and GOBs, decreasing debt levels and solid
liquidity.

Between 2015-2017, Tlalnepantla's cash financing surpluses and
GOBs averaged 13.7% of total revenues and 18% of operating
revenues, respectively, in both cases above the municipality's Ba-
rated peers. NDID to operating revenues stood at 14.1% in 2017,
down from the 38.6% in 2013. As a result of this stronger
financial and operating performance, Tlalnepantla's liquidity also
improved, with cash to current liabilities rising to 1.34x in
2017, up from 0.08x in 2015. The improvement is explained by a
combination of rising operating revenues, driven by gains in both
own source revenues and federal participations, and tight control
of operating expenditures. Tlalnepantla has also made progress in
recent years in reducing contingent liabilities associated with
its water company (OPDM) by reducing the utility's debt with the
National Water Commission (CONAGUA) to MXN 717 million at the end
of 2017, down from MXN 1,171 million in 2014.

Moody's expects that the municipality of Tlalnepantla will
continue to post cash financing and gross operating surpluses in
2018-19 of 11.5% of total revenues and 12% of operating revenues,
respectively. Moody's also expects the municipality's liquidity
will continue to improve, and projects that cash will rise to 1.5x
current liabilities in 2018-19, and that NDID will fall to 13% of
operating revenue.

RATIONALE FOR THE MUNICIPALITY OF DURANGO

The upgrade of Durango's issuer rating to Ba2/A2.mx from Ba3/A3.mx
with a stable outlook reflects the municipality's recurring gross
operating and financial surpluses in recent years, which have
resulted in a sustained improvement in its liquidity and declining
debt levels. Durango's cash position was equal to 1.4x its current
liabilities in 2017, well above the municipality's Ba3 rated
peers, and Moody's projects its liquidity will strengthen slightly
in 2018 as the municipality continues to post operating and
financial surpluses. Durango's solid performance will also allow
it to continue reducing its leverage, and Moody's projects that
its NDID will fall to 17.4% of operating revenue by the end of
2018, from 37.7% in 2013.

RATIONALE FOR PUBLIC UNIVERSITY

The stable outlook for the Benemerita Universidad Autonoma de
Puebla (Baa3/Aa3.mx stable) reflects the stable outlook of its
supporting government, the state of Puebla (Baa3/Aa3.mx stable).

RATIONALE FOR THE FOUR WATER COMPANIES

The ratings affirmation for the water companies and the change of
outlook to stable from negative reflect the affirmation of the
ratings of their support providers and their change of outlook to
stable. The water companies SIAPA (Ba2/A2.mx), COMAPA Z.C.
(Ba2/A2.mx), CAPAMA (B3/B1.mx) and SOAPAP (Baa3/Aa3.mx) have
strong linkages with their support providers: the state of Jalisco
(Ba2/A2.mx stable), the state of Tamaulipas (Ba1/A1.mx stable),
the municipality of Acapulco and the state of Puebla (Baa3/Aa3.mx
stable), respectively.

RATIONALE FOR AGUAS DEL MUNICIPIO DE DURANGO

The ratings upgrade of Aguas del Municipio de Durango to Ba2/A2.mx
from Ba3/A3.mx with a stable outlook reflects the ratings upgrade
of the water company's support provider, the municipality of
Durango, to Ba2/A2.mx with a stable outlook. In Moody's view, it
is not meaningful to distinguish between the credit quality of
Aguas del Municipio de Durango and that of the supporting
government.

RATIONALE FOR ENHANCED LOANS

The affirmation of the enhanced loans reflects the affirmation of
all issuer ratings in Moody's portfolio.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the stable outlook on Mexico's sovereign bond rating,
Moody's does not expect an upgrade on Mexico's City debt ratings.
However, an upgrade or downgrade on Mexico's ratings will exert
upward or downward pressure on Mexico's City debt ratings.

An improvement of the financial and debt metrics of states and
municipalities could exert upward pressure on their ratings.
Conversely, a deterioration of the financial and debt metrics of
states, municipalities and the public university could exert
downward pressure on their ratings.

Given the strong financial linkages between the five water
companies and the public university and their respective support
providers, an upgrade/downgrade of the support providers' ratings
could result in an upgrade/downgrade of the issuer ratings of the
water companies and the university.

Given the links between the loans and the credit quality of the
obligors, an upgrade/downgrade of the issuer ratings could exert
upward/downward pressure on the debt ratings of the enhanced
loans. Also, if debt service coverage metrics improve or fall
materially below Moody's expectations, the ratings could face
upward/downward pressure.

The principal methodology used in rating the Mexico RLGs' issuer
ratings was Regional and Local Governments published in January
2018.

The principal methodologies used in rating the enhanced loans were
Regional and Local Governments published in January 2018, and
Rating Methodology for Enhanced Municipal and State Loans in
Mexico published in July 2017.

The principal methodologies used in rating Benemerita Universidad
Autonoma de Puebla were Higher Education published in December
2017 and Government-Related Issuers published in August 2017.

The principal methodology used in rating the water companies was
Government-Related Issuers published in August 2017.

The period of time covered in the financial information used to
determine state, municipality, water company and public university
ratings is between 01/01/2012 and 12/31/2016 (source: financial
statements). The period of time covered in the financial
information used to determine enhanced loan ratings is between
01/01/2013 and 12/31/2017 (source: financial statements).



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MINI MASTER: Files 2nd Amendment to 2nd Amended Plan
----------------------------------------------------
Mini Master Concrete Services, Inc., filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a second
amendment to its second amended plan of reorganization dated March
20, 2018.

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

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

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

A copy of the Second Amendment to the Second Amended Plan is
available at http://bankrupt.com/misc/prb16-09956-11-221.pdf

              About Mini Master Concrete Services

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

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


VEGA ALTA: Unsecured Creditors to Receive $5K Over 60 Months
------------------------------------------------------------
Vega Alta Community Health, Inc., filed with the U.S. Bankruptcy
Court for the District of Puerto Rico an amended disclosure
statement and summary of its proposed plan of reorganization dated
March 25, 2018.

Class 5 consists of all other general unsecured creditors not
classified as part of the convenience class and listed in the
Schedules and those who filed proof of claims, who hold a claim
over $5,000 and who have not elected to be part of the convenience
class. Those who were not listed by the Debtor but that have filed
proof of claims asserting an unsecured obligation over $5,000 are
also included in this class. After review of the proof of claims
filed to date, those listed by the Debtor, the total of claims
relating to this class is $557,448.35.

As of March 25, 2018 there are 13 general unsecured creditors
included in this Class. The total claims related to this
classification are $557,448.35.

The entire allowed claims for this class will receive more than
the amount calculated as liquidation value under a Hypothetical
Chapter 7 liquidation analysis. The entire class five will receive
the total amount of $5,000 during 60 months counting from the
Effective Date. The debtor will distribute this monthly payment at
pro rata of each claimholders claims.

The Debtor will also initiate accounts receivable collection
efforts. The Debtor understands that they can collect from $12,000
to $24,000 as annual accounts receivables net proceeds. The debtor
proposes that 50% of accounts receivables net proceeds will be
disbursed to unsecured creditors.

Funding the plan will be from the income collection from health
insurance providers, Government agencies including Puerto Rico
Department of Health, income from money collected to patients
including health insurance deductibles, accounts receivables
collection efforts made by the debtor, and any other business that
Debtor wild be engaged during the life of the Plan.

A full-text copy of the Amended Disclosure Statement is available
at http://bankrupt.com/misc/prb16-08128-11-146.pdf

                        About Vega Alta

Vega Alta Community Health, Inc., provides primary medical
services to the residents of Vega Alta and nearby areas.

The Debtor, based in Catano, Puerto Rico, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 16-08128) on Oct. 11, 2016.
Jaime Rodriguez Perez, at Jaime Rodriguez Law Office, PSC, serves
as bankruptcy counsel.  In its petition, the Debtor listed $25,582
in assets and $1.47 million in liabilities.  The petition was
signed by Luis M Gonzalez Bermudez, president.



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


PETROLEOS DE VENEZUELA: Foreign Partners Pushing Quevedo Out
------------------------------------------------------------
Kallanish Energy reports that foreign partners of Venezuela's oil
company, Petroleos de Venezuela, S.A.(PDVSA), have been "quietly
urging" the government to remove Manuel Quevedo from both his
position as the head of the oil company and as the country's oil
minister, Argus reported.

Kallanish Energy notes that the news agency said multiple
Venezuela-based foreign oil executives, diplomats and a
presidential palace official say the inexperienced National Guard
major general has to go.  President Nicolas Maduro is reportedly
under pressure to replace his nominee with a professionally
qualified oil executive, the report relays.

Russia's Rosneft and China's CNPC, primary partners in Venezuelan
JVs, are also pushing for the appointment of a PDVSA board of
directors with oil management experience and authority to make
executive decisions, Argus said, the report relays.

The report notes that Mr. Maduro named Mr. Quevedo in November
2017, amid a corruption investigation, leading then-energy
minister Eulogio Del Pino and PDVSA CEO Nelson Martinez to be
arrested.

Roughly 80 senior PDVSA executives have been arrested under
corruption charges, leaving the state-oil firm without industry
expertise, Kallanish Energy notes.

As the country struggles with its worst economic crisis ever,
PDVSA struggles to keep production from declining, the report
says.  Mr. Quevedo, so far, has failed to deliver on the task of
lifting output by 1 million barrels per day (MMBPD) this year, the
report relays.

A foreign executive speaking on condition of anonymity said
PDVSA's management "has become dysfunctional under Mr. Quevedo."

He told Argus "production continues to fall, PDVSA's best workers
are leaving the industry, debts aren't being paid, criminal
violence and theft in the oilfields is out of control, and no one
makes any decisions about anything," the report notes.

A source said "output continues to fall because everything is at a
standstill," while another source added "Mr. Quevedo holds many
meetings, but nothing is decided," the report relays.

Mr. Maduro has to deal quickly with PDVSA's death spiral, and end
the stealing of oil and equipment, as this will only add
constraints to lifting crude production and, consequently, the
country's revenues, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2018, Moody's Investors Service downgraded Petroleos
de Venezuela, S.A.(PDVSA)'s ratings to C from Ca. Moody's also
lowered the company's baseline credit assessment (BCA) to c
from ca.


VENEZUELA: Western Leaders Say They Won't Recognize Elections
-------------------------------------------------------------
Ryan Dube at The Wall Street Journal reports that a meeting of
leaders from across the Americas centered its attention on
Venezuela's authoritarian government, as the U.S. and Latin
America's largest nations said in a session they wouldn't
recognize next month's presidential election, calling it a farce.

At the Summit of the Americas, U.S. Vice President Mike Pence
called for nations to do more to isolate Venezuelan President
Nicolas Maduro, according to The Wall Street Journal.   He
traveled to Peru in the place of President Donald Trump, the
report notes.

"The United States of America will not stand idly by as Venezuela
crumbles," said Mr. Pence, who met with Venezuelan opposition
activists in Peru's capital city, the report relays.  "Now is the
time to do more, much more," he added.

Venezuela's economic collapse and perceived growing
authoritarianism has loomed over the meeting of presidents from
the Western Hemisphere that is held once every three years, the
report notes.  Mr. Maduro was barred from participating in the
summit, whose official theme is democratic governance against
corruption, the report says.

The U.S., Canada and other countries have leveled sanctions
against the Maduro administration over the last year, the report
relays.  Mr. Pence said the U.S. will provide $16 million in aid
to support Venezuelans that have fled abroad amid soaring
inflation and chronic shortages of food and medicine, the report
notes.

After Mr. Pence's speech, leaders from 16 nations in the
hemisphere -- including Brazil, Mexico, Chile and Peru -- issued a
statement saying they will continue to push for free and fair
elections, the return of democracy and respect for human rights in
Venezuela, the report notes.

"We can't look away," said Argentine President Mauricio Macri, who
also signed the statement, the report discloses.  "Venezuela is an
extreme case of what uncontrolled corruption can lead a society
to," he added.

Mr. Maduro's few remaining leftist allies in the region lashed out
at the U.S., as they have at previous summits, the report notes.
Bolivian President Evo Morales called Washington the "main threat
to democracy" in the region, lamenting that Mr. Maduro was
excluded from the meeting, the report says.

But most leaders opposed a regime that has jailed opponents and
overseen an economic decline so severe that hundreds of thousands
of Venezuelans have flooded into neighboring countries to escape a
humanitarian crisis that has resulted in babies dying of
malnutrition, the report relays.

"Anyone who is a true friend of Venezuela must put the interest of
the people of Venezuela to the forefront of our concerns," said
Canadian Prime Minister Justin Trudeau, the report notes.  "The
violation of human rights in Venezuela is completely
unacceptable," he added.

U.S. Sen. Marco Rubio (R., Fla), who held meetings with Latin
American leaders at the summit, said there is an agreement on the
need for countries to impose new, "aggressive sanctions," the
report relays.

In an interview, he said there needs to be a plan to help
Venezuela recover once constitutional order is restored, the
report notes.  In the meantime, he said the U.S. and its allies
are looking to deal with the humanitarian crisis and find a way to
deliver humanitarian assistance inside Venezuela, the report says.

Mr. Maduro's Socialist government has blocked foreign aid even as
the economy is set to continue its violent decline with inflation
hitting 13,000% this year, according to the International Monetary
Fund. He argues there is no crisis and that aid is part of a U.S.-
led effort to destabilize his government, the report relays.

"It's incredible that he maintains a state of denial of such a
clear crisis," Colombian President Juan Manuel Santos said, the
report adds.

Mr. Santos said Colombia won't recognize the May 20 election in
Venezuela that is being boycotted by most of the opposition
parties due to a playing field vastly tilted in favor of Mr.
Maduro, who has jailed and barred rivals from running, the report
notes.   Henri Falcon, a former governor, is Mr. Maduro's only
notable rival candidate, the report relays.

"We won't recognize the results of elections that are designed to
cover up a dictatorship," said Mr. Santos, 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.

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                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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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