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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 20, 2018, Vol. 19, No. 77


                            Headlines



A R G E N T I N A

ARGENTINA: Mayors Call on G20 to Help on Climate Change, Jobs


B R A Z I L

LIGHT SESA: Moody's Gives B1 Rating to New US$600MM Unsec. Notes
TAKATA CORP: Dist. Ct. OK's Proposed Restitution Fund Methodology


C O L O M B I A

BANCOLOMBIA SA: Forms Limited Partnership with Nominapp


M E X I C O

INRETAIL PHARMA: S&P Assigns 'BB' ICR, Outlook Stable


P A N A M A

PANAMA: Builders Plead Distress as Workers Demand Big Pay Hike


P U E R T O    R I C O

AMADO AMADO SALON: Taps Kreston PR as Accountant
* Puerto Rico Opens DC office Seeking Greater Political Influence


U R U G U A Y

BANCO BANDES: Moody's Lowers LT Deposit Ratings to 'Caa2'


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Cancels Plans to Import US Crude Oil
VENEZUELA: Protest in Caracas to Demand Medicines
* VENEZUELA: Resumption of Diplomatic Relations With Spain


X X X X X X X X X

* IMF Says High Global Debt a Concern


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Mayors Call on G20 to Help on Climate Change, Jobs
-------------------------------------------------------------
EFE News reports that mayors from 25 major cities located in G20
member nations called Wednesday on the group's leaders to work
together on three areas key to global development -- climate
change, the future of work and social integration.

The declaration is the product of the consensus achieved during
the first meeting of the Urban 20 (U20) group in Paris in January,
according to EFE News.



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B R A Z I L
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LIGHT SESA: Moody's Gives B1 Rating to New US$600MM Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 global scale rating to
the USD600 million notes units consisting of senior unsecured
notes (due 2023) to be issued at Light Servicos de Eletricidade
S.A ("Light SESA") and Light Energia S.A ("Light Energia"). The
proposed notes are guaranteed by the holding company Light S.A
("Light" or "the company") and proceeds from the issuance will be
used to cover upcoming debt maturities. Light's B1/Baa1.br
corporate family ratings (CFR) are unaffected. The ratings outlook
is positive.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor does it anticipate changes in the main conditions that the
debentures will carry. Should issuance conditions and/or final
documentation of the debentures deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act
accordingly.

Assignments:

Issuer: Light Servicos De Eletricidade S.A.

Senior Unsecured Regular Bond/Debenture, Assigned B1

Issuer: Light Energia S.A.

Senior Unsecured Regular Bond/Debenture, Assigned B1

RATINGS RATIONALE

The proposed notes to be issued at Light SESA and Light Energia
will be senior unsecured debt instruments and will be fully
guaranteed by Light. The notes will be subordinated to secured
debt instruments consisting of BNDES loans and a new BRL 1.4
billion FIDC working capital facility, both backed by receivables
and together accounting for up to 34% of consolidated debt.
Despite their junior ranking as unsecured debt instruments,
Moody's has not differentiated the ratings of the proposed notes
from the CFR, considering that the very small size of guaranteed
payments relative to the company's monthly billings (around 2% to
4% of the monthly billing flow) and the limited acceleration
rights attached to the secured debt would not materially reduce
the recovery rate of the proposed notes at the benefit of secured
debtholders in a distress scenario.

The debentures include standard debt acceleration clauses among
which the non-payment by Light or any of its subsidiaries, of any
financial obligation above BRL 30 million and change of control
followed by a rating downgrade.

A clause also provides for the automatic substitution of Light
Energia by Light SESA as obligor of the proposed notes upon a
change in the control at/or sale of Light Energia and under
certain conditions. Debt incurrence will be restricted to the
company's ability to reach a reported Net debt to EBITDA below
3.5x. Dividend payments will be restricted to the company's
ability to pass the debt incurrence test, and limited to 50% of
net income and 100% of cash proceeds from the transfer or sale of
assets. Restrictions do not apply to the 25% minimum dividend
payout in accordance to Brazilian Corporate Law for public
companies. While issued in US dollars the proposed notes will be
fully hedged against foreign currency risk through the use of
derivative arrangements.

The assigned B1 rating is in line with the Light's Corporate
Family Rating (CFR) of B1/Baa1.br and reflects: (i) the positive
trends that the company has shown in reducing non-technical
losses, as illustrated by an additional 1093 GWh energy recovered
in 2017 compared to 683 GWh in the 2016 and improvements in
service quality indicators; (ii) the reduction in its financial
leverage, as shown by a reported net debt to EBITDA of 3.1x as of
December 2017 down from 3.7x in prior year, which is mainly driven
by EBITDA growth following the fourth tariff review and concession
contract amendments in 2017; and (iii) Moody's expectations that
credit metrics will recover over the coming 12 to 18 months driven
by consumption recovery and reduction in loss rates, although
improvements will be held back in 2018 by bad debt provisions and
the payment of regulatory costs related in the generation segment
which are currently suspended under a legal dispute.

On the other hand, the B1 rating incorporates: (i) the still high
energy loss rates in the distribution segment, which were at 39%
for low voltage non-technical losses in December 2017 and compares
poorly to rated peers; (ii) weak economic conditions in Light's
concession area, which will continue to challenge bad debt and
cash flow conversion; and (iii) a short term debt maturity profile
indicating high refinancing needs, which could be partially
addressed upon successful conclusion of the company's on-going
refinancing efforts.

The positive outlook reflects Moody's expectation that an improved
operating performance and successful extension of the Light's debt
maturity profile would result in stronger credit metrics and
liquidity profile in the next 12 to 18 months.

Moody's views Light's liquidity profile as weak but evolving. As
of 31 December 2017 the company had a consolidated cash position
of BRL 342 million (including BRL 72 million of marketable
securities), comparing to around BRL 2.5 billion of financial debt
maturing in the next 12 months. Non-financial obligations also
include around BRL 537 million as of December 2017 (BRL 342 net of
receivables) in unpaid sector fees related to hydrology costs,
which are currently blocked by a legal dispute the settlement of
which is still uncertain. Since the beginning of the year the
company has engaged in the refinancing of upcoming debt
maturities, rolling over around BRL 730 million in bank loans
coming due, announcing the issuance of a BRL 1.4 billion 6-year
(including one year of payment holiday) working capital facility
backed by receivables (FIDC), and of the proposed USD 600 million
notes which is due in full (non-amortizing) in 2023. Upon
completion, those two transactions alone will significantly extend
Light's debt maturity profile and, together with other announced
like for like debt refinancing, contribute to extend average debt
maturity to 3.7 years from 2.6 years as reported in 2017.

WHAT COULD CHANGE THE RATING UP/DOWN

Growing cash flow generation and reduction in leverage resulting
in sustained improvements in credit metrics such that CFO pre WC /
Debt exceeds 15% and CFO pre WC Interest coverage reaches 3.0x
could lead to an upgrade of the ratings. Light's ability to
successfully execute its on-going refinancing plan and materially
extend the average tenor of its debt maturity profile would also
exert upward rating pressure.

In light of the positive outlook a rating downgrade is unlikely in
the near term. A rating stabilization could result from a
weakening of the company's metrics such that CFO pre WC interest
coverage remains sustainably below 2.5x and/or CFO pre-WC to Debt
remains below 14% on a sustainable basis.

Headquartered in Rio de Janeiro - Brazil, Light S.A is an
integrated utility company with activities in generation,
distribution and commercialization of electricity. In 2017 Light
SA reported BRL10.7 billion in net revenues (excluding
construction revenues) and close to BRL 2 billion in adjusted
EBITDA respectively. Light S.A is ultimately controlled by
Companhia Energetica de Minas Gerais ("CEMIG", rated B3/B2.br,
stable), the company's major shareholder with a direct and
indirect stake of 48.8% in Light S.A.


TAKATA CORP: Dist. Ct. OK's Proposed Restitution Fund Methodology
-----------------------------------------------------------------
District Judge George Caram Steeh issued an order granting the
Special Master's Request for Approval of the Revised Proposed
Individual Restitution Fund Methodology and overruling the
Defendant's objection in the case captioned UNITED STATES OF
AMERICA, Plaintiff, v. TAKATA CORPORATION, Defendant, Case No.
16-CR-20810 (E.D. Mich.).

Takata argues the Proposed Methodology should be rejected because
it is based, in part, on the "intention of the prosecuting
governmental authorities," rather than on the plain language of
the Plea Agreement. The Court has already determined that the
language of the Plea Agreement supports the Court's conclusion
here that it is appropriate to limit the class of Eligible
Claimants to the definition set forth by the Special Master in his
Proposed Methodology. Takata argues the court should afford
greater weight to its interpretation of the individual restitution
claimants as defined by the Plea Agreement than to the
government's interpretation because any ambiguities in the Plea
Agreement must be resolved in favor of Takata.

Takata correctly states that law that plea agreements are
contractual in nature and courts may use traditional principles of
contract law in interpreting and enforcing them. Furthermore,
Takata is correct that ambiguities in plea agreements are to be
construed against the government. Id. But here, the parties
expressly contracted that the identity of individual claimants was
left to the Special Master to identify in proposed findings of
fact and recommendations to this Court. Accordingly, there is no
ambiguity in the Plea Agreement. Because the Court does not base
its holding here on a preference for the government's
interpretation of the Plea Agreement over Takata's interpretation,
the court rejects Takata's objection.

Takata also argues that because the Special Master has not imposed
any geographical limitation for restitution to the automotive
manufacturers ("OEMs"), there is no rational basis for treating
individuals differently. To the contrary, the Court finds that it
reasonable to treat individuals differently than the OEMs. First,
the Restitution Fund for the OEMs is significantly larger. The OEM
Restitution Fund is $850,000,000 while the Individual Restitution
Fund is only $125,000,000. The Special Master had identified less
than 100 OEMs, whereas individual claimants even under the Special
Master's definition, which sets forth a geographic and nationality
limitation, could measure in the thousands.

Finally, the court considers Takata's argument that a global
definition of personal injury claimants is consistent with
Takata's treatment of such claimants in its insolvency
proceedings. Takata states that it is in the midst of
rehabilitation proceedings in Japan, which have been formally
recognized by the United States Bankruptcy Court, and its United
States subsidiary and related entities are in Chapter 11
proceedings in the United States.

Foreign claimants have remedies in the Takata bankruptcy. This
matter involves a criminal prosecution brought by the United
States in the United States District Court for a violation of the
laws of the United States, and on behalf of persons of the United
States.

The fact that the foreign claimants may have recourse in the
international bankruptcy proceedings does not alter this Court's
decision to adopt the Special Master's recommendation that
Eligible Claimants be defined domestically.

A full-text copy of Judge Steeh's Order dated March 21, 2018 is
available at https://is.gd/Dv48lY from Leagle.com.

Eric D. Green, Special Master, represented by David J. Molton --
dmolton@brownrudnick.com -- Brown Rudnick LLP & Howard S. Steel --
hsteel@brownrudnick.com -- Brown Rudnick LLP.

United States of America, Plaintiff, represented by Erin Shaw,
U.S. Attorney's Office, Brian Kidd, U.S. Department of Justice
Criminal Division, Fraud Section, Christopher D. Jackson, U.S.
Department of Justice Criminal Division, Fraud Section & John K.
Neal, United States Attorney's Office.

                    About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.

PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.  The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan.  The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.

                        *     *     *

In February 2018, the U.S. Bankruptcy Court for the District of
Delaware has confirmed the Fifth Amended Chapter 11 Plan of
Reorganization filed by TK Holdings, Inc. ("TKH"), Takata's main
U.S. subsidiary, and certain of TKH's subsidiaries and affiliates.



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C O L O M B I A
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BANCOLOMBIA SA: Forms Limited Partnership with Nominapp
-------------------------------------------------------
Finance Colombia reports that in an ongoing push to further align
itself with the digital fintech world, Bancolombia SA recently
finalized a partnership with Nominapp.

The alliance is currently limited, with bank's customers being
eligible for a 15% discount for the first year of the Colombian
startup's cloud-based payroll software for small and mid-sized
businesses, according to Finance Colombia.

Customers of the Medellin-based bank also benefit from a free-
month trial before the fee-free year of service begins, according
to Bancolombia, the report notes.

Users of the fintech SaaS (software as a service) startup, which
was founded in 2016, currently still have to export the payment
processing through Bancolombia's digital system, the report says.

But the bank said in a statement "it is expected" that the
alliance will expand in the future to allow its clients to
finalize the payroll procedure directly through Nominapp's system
without the extra steps involved, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 15, 2017, S&P Global Ratings lowered its ratings on
Bancolombia, S. A. y Companias Subordinadas 'BB+/B' from 'BBB-/A-
3'. Outlook is stable.



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M E X I C O
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INRETAIL PHARMA: S&P Assigns 'BB' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' issuer
credit rating to InRetail Pharma S.A. (IP). At the same time, S&P
assigned its 'BB' issue-level rating to the company's proposed
senior unsecured notes of up to $550 million. The outlook on the
issuer credit rating is stable.

IP is an operating subsidiary within Intercorp Peru Ltd.'s (BBB-
/Stable/--) retail investments. In January 2018, IP announced that
it acquired Quicorp S.A., a leading pharmaceutical distributor and
retailer in the Andean region, with strong presence in Peru and
Ecuador. Following the acquisition, IP is now the leading
drugstore chain in Peru that operates through its Inkafarma and
Mifarma brands. The company has nationwide coverage with more than
2,100 pharmacies that represent 45%-50% of the total Peruvian
pharmaceutical retail market in terms of units sold. In addition,
IP has a highly competitive cost structure that supports its
consumer segmentation strategy. In addition to its retail division
that represents 60%-65% of its business, IP has a regional
manufacturing and distribution platform to service third parties
in Peru, Ecuador, Colombia and Bolivia, which provides some level
of revenue diversification in these markets.

Following the Quicorp acquisition, IP will almost triple its
revenue base, reaching about Peruvian nuevo sol (PEN) 7.5 billion
by the end of 2018. The company's adjusted EBITDA margin will be
around 11% in 2018. S&P expects the margins to improve to around
14% in the next three years thanks to the potential synergies
between both drugstore chains in the form of purchasing power,
optimization of its private label portfolio, staff reduction,
store network optimization, logistics and marketing expenses,
among others. However, the company's concentration in Peru and its
still smaller scale than those of global peers offset the
aforementioned strengths.

IP funded the Quicorp acquisition through a mix of a bridge loan
and an equity contribution from a group of private investors. The
company will use the proceeds from the proposed notes issuance of
up to $550 million to partly refinance the bridge loan and extend
its debt maturity profile. The proposed notes will be issued in
two tranches, including a dollar-denominated senior unsecured
issuance of up to $450 million and a PEN-denominated senior
unsecured issuance of up to $100 million.

The rating on the notes is at the same level as the issuer credit
rating, reflecting that IP's priority ratio represents less than
50%. Moreover, the issuer and guarantors, including Quicorp, will
collectively represent at all times over 85% of the EBITDA of IP,
mitigating any potential subordination risk.

Intercorp's owns IP through the 100% stake in the intermediate
subholding company, Intercorp Retail (IR). The latter controls
IP's parents, InRetail Peru Corp. (IPC) and InRetail Consumer
(IC). S&P views IP as a highly strategic subsidiary for IC because
the former's EBITDA represents around 60% of the parent's EBITDA
including Quicorp's acquisition on a pro forma basis. In addition,
S&P considers unlikely that IR will sell IP in the near term.

S&P said, "The stable outlook on IP reflects our expectation that
it will successfully integrate Quicorp to its operating platform
without affecting profitability. The outlook also reflects our
view that the company will mitigate at least 85% of its exposure
to the dollar-denominated debt, and that its debt-to-EBITDA ratio
will trend below 4.0x by the end of 2019.

"A downgrade is possible in the next 12 months if, contrary to our
expectations, IP's operating and financial performance or
liquidity weakens, particularly if the company doesn't deleverage
its capital structure at the expected pace and we consider that
its debt-to-EBITDA ratio will remain above 4.0x in the next 18
months." Such a scenario could occur under an aggressive capital
investment plan or high dividend payments that require higher-
than-expected debt. Also, if expected synergies don't materialize
or a softening of the Peruvian economy occurs, this scenario could
undermine profitability and cash flow generation, leading to a
possible downgrade.

Moreover, a weakening of the holding companies' credit quality
could also lead to a negative rating action on IP.

A positive rating action in the next 12-18 months could occur if
the company outperforms our expectation of revenue growth and
profitability, coupled with a strengthening of its cash flow
generation and credit metrics with a debt to EBITDA below 3.0x and
the discretionary cash flow to debt ratio above 10% on a
consistent basis. An upgrade could also result from IP's broader
geographic diversification and operating scale. Moreover, an
upgrade would depend on an improvement in IC, IPC and IR's
operating and financial performance, in S&P's view.



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P A N A M A
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PANAMA: Builders Plead Distress as Workers Demand Big Pay Hike
--------------------------------------------------------------
EFE News reports that construction workers must adjust their wage
demands to the current depressed state of Panama's property
market, the head of the Capac builders association said.

"There is a large stock of offices, luxury homes and commercial
properties that isn't being sold. Which business executives are
going to want to start new projects?" Eduardo Rodriguez said in a
television interview, noting that the construction sector has shed
40,000 jobs in the past few years, according to EFE News.



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P U E R T O    R I C O
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AMADO AMADO SALON: Taps Kreston PR as Accountant
------------------------------------------------
Amado Amado Salon & Body, Corp., and Amado Salon de Belleza, Inc.,
seek approval from the U.S. Bankruptcy Court for the District of
Puerto Rico to hire Kreston PR, LLC, as its accountant.

The firm will prepare the Debtors' monthly operating reports and
tax returns; provide bookkeeping services; and provide other
services in connection with their Chapter 11 cases.

The firm's discounted hourly rates are:

         Partner          $175
         Tax Director     $150
         Manager          $115
         Supervisor        $95
         Auditor           $75
         Accountant        $50
         Clerical          $35

Kreston PR received a retainer in the sum of $15,000 from the
Debtor.

Kreston PR and its associates and employees do not have any
connection with the Debtors or their creditors, according to court
filings.

The firm can be reached through:

     Frank Sanchez Ruiz
     Kreston PR, LLC
     P.O. Box 270233
     San Juan, PR 00927

               About Amado Amado Salon & Body Corp.

Amado Amado Salon & Body Corp. and Amado Salon De Belleza, Inc.
are privately-held companies in San Juan, Puerto Rico, engaged in
the beauty salon business.  The Debtors first filed for Chapter 11
bankruptcy protection (Bankr. D.P.R. Case Nos. 14-10459 and
14-10460) on Dec. 23, 2014.

The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Lead Case No. 18-01144) on March 5, 2018.

In the petitions signed by Amado Navarro Elizalde, president,
Amado Amado Salon estimated assets and liabilities of $1 million
to $10 million.  Amado Salon De Belleza estimated assets and
liabilities of less than $1 million.

Judge Mildred Caban Flores presides over the cases.


* Puerto Rico Opens DC office Seeking Greater Political Influence
-----------------------------------------------------------------
EFE News reports that the Puerto Rican Senate opened its office
near the Capitol in Washington DC with an eye toward increasing
its influence over federal policies that impact the US
commonwealth.

The opening of the office -- staffed by people who have already
been working for the US upper house -- comes at a time when the
state legislative and executive branches continue trying to exert
pressure to speed the allocation of federal funds that will allow
the island to recover from the devastation caused by Hurricane
Maria last year, according to EFE News.

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst &
Youngis the Board's financial advisor, and Citigroup Global
Markets Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

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

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, and Monarch
Alternative Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth. The Retiree Committee tapped Jenner
& Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys. The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.



=============
U R U G U A Y
=============


BANCO BANDES: Moody's Lowers LT Deposit Ratings to 'Caa2'
---------------------------------------------------------
Moody's Investors Service has downgraded Banco Bandes Uruguay
S.A.'s (Bandes Uruguay) long-term global local- and foreign-
currency deposit ratings to Caa2 from Caa1. Moody's also
downgraded the bank's long-term Uruguayan national scale local-
and foreign-currency deposit ratings to Caa2.uy from Caa1.uy and
its baseline credit assessment (BCA) and adjusted BCA to caa2 from
caa1. The long-term counterparty risk assessment (CRA) was
downgraded to Caa1(cr) from B3(cr). The Not Prime short-term
global local- and foreign-currency deposit ratings and short-term
CRA of Not Prime(cr) were affirmed. The outlook on all ratings
changed to stable from negative.

The following ratings and assessments of Banco Bandes Uruguay S.A.
were downgraded:

  Long-term global local-currency deposit rating: to Caa2, stable,
  from Caa1, negative

  Long-term global foreign-currency deposit rating: to Caa2,
  stable, from Caa1, negative

  Long-term Uruguayan national scale local-currency deposit
  rating: to Caa2.uy, stable, from Caa1.uy, negative

  Long-term Uruguayan national scale foreign-currency deposit
  rating: to Caa2.uy, stable, from Caa1.uy, negative

  Baseline credit assessment: to caa2, from caa1

  Adjusted baseline credit assessment: to caa2, from caa1

  Long-term counterparty risk assessment: to Caa1(cr), from B3(cr)

The following ratings and assessments of Banco Bandes Uruguay S.A.
were affirmed:

  Short-term global local-currency deposit rating of Not Prime

  Short-term global foreign-currency deposit rating of Not Prime

  Short-term counterparty risk assessment of Not Prime(cr)

Outlook Actions:

Issuer: Banco Bandes Uruguay S.A.

  Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The downgrade reflects Bandes Uruguay's strong credit
interlinkages with its owner Banco de Desarrollo Economico y
Social de Venezuela (Bandes Venezuela, unrated), which in turn is
owned and controlled by the Government of Venezuela, coupled with
the worsening financial situation and large external funding gap
in Venezuela. In March 2018, Moody's downgraded Venezuela's
ratings to C from Caa3, reflecting the continuing erosion of the
country's capacity to service its principal and interest
obligations coupled with limits on its ability to restructure its
debt.

Bandes Uruguay relies on its parent for an increasing proportion
of its dollar-denominated funding even as other sources of funding
have begun to contract. As of December 2017, funding from Bandes
Venezuela accounted for more than 40% of its Uruguayan
subsidiary's total funding. While funding from its parent has
continued to increase despite the situation in Venezuela, Moody's
believes that there is a high risk that these resources could be
withdrawn on short notices, which would create a liquidity
shortage at Bandes Uruguay. Moody's also notes that there is very
limited transparency into the current financial situation of
Bandes Venezuela.

The downgrade of Bandes Uruguay comes despite an improvement in
the bank's financial fundamentals, particularly asset quality, as
its problem loan ratio dropped to 5.84% in December 2017, from
9.20% one year prior. Nonetheless, the bank's problem loan ratio
remained above the Uruguayan banking system average. Moreover,
Moody's notes that the improvement in the bank's asset risk
metrics was attributable to the bank's sale of UYU 281 million in
past due loans, equivalent to about 6% of the 2017 loan book, to
Bandes Venezuela, on December 29, 2017, yet another indication of
the close credit linkages between the two banks. Were it not for
the loan sale, Bandes Uruguay would have had to keep the bad loans
on its balance sheet for two years before writing them off.

In addition, the bank would have registered losses in recent years
were it not for other non-interest income, which Moody's believes
to consist primarily of payments from its parent. While Bandes
Uruguay has managed to break even each of the last three years
thanks to this non-interest income, it is another indication of
the bank's dependence on its parent. Profitability will likely
remain weak, pressured by large operating expenses, which result
in cost-to-income ratios that are persistently above 100%, and
credit costs that will remain elevated despite sudden drop in
problem loans. Profit should improve, however, if the bank is
successful in redeploying part of its low-yielding liquid assets
into higher-margin peso-denominated loans to individuals and
small- and mid-sized companies.

Notwithstanding the substantial, if indirect, credit interlinkages
between Bandes Uruguay and its ultimate parent, the bank's rating
remains three notches above that of the government of Venezuela
because the bank's domestic business and customers are largely
independent of its parent. It also has relatively good levels of
capital, with tangible common equity (TCE) equal to 12.9% of risk-
weighted assets (RWAs); a moderate volume of domestic funding to
complement funding from its parent; and ample liquidity, with
liquid assets equal to more than half of tangible banking assets,
which helps to mitigate risks related to its dependence on funding
from its parent. Moreover, Uruguayan regulations should restrict
Bandes Uruguay's ability to pay dividends to its parent in excess
of net income, and hence upstream its capital, which should limit
any losses borne by the bank's creditors should it fail.

The Caa2.uy national scale rating is the sole rating on Uruguay's
national rating scale corresponding to the bank's Caa2 global
scale rating.

The stable outlook on Bandes Uruguay's deposit ratings is in line
with the government of Venezuela's stable outlook and considers
the credit interlinkages between the two.

WHAT COULD CHANGE THE RATING -- DOWN/UP

Bandes Uruguay's ratings could face downward pressure if it
appears highly likely that it will fail and likely that average
losses on its obligations should it do so will exceed 20%.
Additional declines in funding from sources other than its parent
would also have negative pressure on ratings.

Ratings could face upward pressure if the bank reduces its
reliance on Bandes Venezuela for funding, or if it reports
consistent and sustainable improvements in profitability and asset
quality such that it is no longer dependent on support from its
parent. Although unlikely at this time, the ratings could also
face upward pressure if and when the rating of the Government of
Venezuela is upgraded.

METHODOLOGY USED

The principal methodology used in these ratings was Banks
published in September 2017.

Banco Bandes Uruguay S.A. is headquartered in Montevideo, Uruguay,
with assets of UYU 9.99 billion and shareholders' equity of UYU
1.29 billion as of December 31, 2017.



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


PETROLEOS DE VENEZUELA: Cancels Plans to Import US Crude Oil
------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Petroleos de Venezuela
SA, which relies heavily on U.S. oil to run its refinery in the
island of Curacao, canceled plans to import American grades in
April and May as sellers demanded payment ahead of delivery.

The price was right, but parties couldn't agree on the payment
conditions, according to people familiar with the situation,
according to Bloomberg News.  PDVSA typically offers to pay after
cargo delivery or makes the payment with oil products and crude,
Bloomberg News notes.  PDVSA was planning to buy 3.5 million
barrels of West Texas Intermediate and Domestic Sweet Blend for
its Isla refinery in Curacao, Bloomberg News relays.

As PDVSA refineries are struggling to raise oil-processing due to
breakdowns and lack of maintenance, and the country's oil
production fell by a third from a year earlier in March, suppliers
are increasingly demanding payment upfront and in cash, the people
said, Bloomberg News discloses.

Bloomberg News says that the Isla refinery, which used to process
Venezuelan light oils, switched to imported supplies as production
in Venezuela slumped amid lack of investments, triple-digit
inflation and a humanitarian crisis.  In 2017, all of Isla's
imported oil came from the U.S., or 15,000 barrels daily,
according to the Energy Information Administration and data
compiled by Bloomberg.

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: Protest in Caracas to Demand Medicines
-------------------------------------------------
The Latin America Herald reports that dozens of people living with
HIV, organ transplant patients and people with Parkinson's
gathered before the Health Ministry in Caracas to demand the
medications that they need, saying they have not received any for
months, and asking the Nicolas Maduro government to accept the
fact that there is a crisis in this area.

"I ask the president of the republic to stop denying the complex
situation the country is experiencing . . .  (and) to allow
international cooperation, because the government doesn't have the
immediate ability to alleviate the emergency situation that
exists," said the president of the Codevida Organization,
Francisco Valencia, according to The Latin America.

In remarks to reporters, Mr. Valencia said that many of those
present at the protest have not received their medications for
months and "in the case of transplant patients we have gone more
than eight months without receiving treatment," the report notes.

The executive director of the Citizens Action against AIDS NGO,
Alberto Nieves, said that currently "there is a 100 percent
shortage of anti-retroviral medications in the country" and that
there are people who are on the verge of going a year "without
taking their medicines," the report notes.

The demonstrators who are hoping for an "immediate solution" and
who demanded that Health Minister Luis Lopez attend the protest
were received instead by an official who refused to provide their
name, the report relays.

The report says that Venezuela has been experiencing a serious
crisis in medicine and food availability for about the past four
years.

So far this year, protests over the lack of medications have been
becoming more frequent and physicians, nurses and patients staged
a nationwide protest in front of assorted healthcare centers to
demand that the government resolve the crisis in the health
sector, the report relays.

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.


* VENEZUELA: Resumption of Diplomatic Relations With Spain
----------------------------------------------------------
EFE News reports that Spain and Venezuela disclosed the
reestablishment of bilateral diplomatic relations and the return
of their ambassadors to each other's capitals, a move aimed at
"restoring the channels of diplomatic dialogue" between the two
governments "within the framework of mutual respect and
international law."

In a joint communique, the Spanish Foreign Affairs and Cooperation
Ministry and the Venezuelan Foreign Ministry announced
the beginning of the "process of normalization of their diplomatic
relations for the benefit of their citizens, who are united by
close bonds that must be preserved," according to EFE News.

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.



=================
X X X X X X X X X
=================


* IMF Says High Global Debt a Concern
-------------------------------------
RJR News reports that the International Monetary Fund has said
that high global debt is a concern.

In a new report, the IMF said governments should use the current
strong economic growth to strengthen their finances, according to
RJR News.

The organization also said that risks to global financial
stability have increased, the report notes.

It further said, however, that the banking sector has become more
resilient since the global financial crisis, the report relays.

The IMF's assessment of the general economic outlook, published on
Tuesday, was fairly upbeat for the near term, the report adds.


                            ***********


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.
.


                   * * * End of Transmission * * *