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

               Wednesday, May 2, 2018, Vol. 19, No. 85



BANQUE HERITAGE: S&P Alters Outlook to Neg. & Affirms 'B+' GSCR
PETROQUIMICA COMODORO: Fitch Assigns First Time 'B' IDRs
TOYOTA COMPANIA: Moody's Rates ARS500MM Debt Issuances Ba3/


GLENHURON BANK: Caught up In Canadian Tax Avoidance Case


BACARDI LTD: Moody's Gives Ba1 Rating to New Bonds, Outlook Stable


TRILOGY INTERNATIONAL: S&P Affirms 'B' CCR, Outlook Stable


BANCO DO BRASIL: S&P Affirms 'BB-/B' Foreign Currency Ratings
VIALAGOS: Moody's Hikes CFRs to Ba2/, Outlook Stable


COLOMBIA: Economic Growth Moderate, IMF Says

E L  S A L V A D O R

MILLICOM INT'L: Moody's Alters Outlook to Stable & Affirms Ba1 CFR


HONDURAS: To Get $60MM-Loan From IDB to Improving Citizen Security


BANCO REGIONAL: Moody's Rates Sr. Notes 'Ba1', Outlook Stable


VENEZUELA: ConocoPhillips Wins US$2b Arbitration Against Country

                            - - - - -


BANQUE HERITAGE: S&P Alters Outlook to Neg. & Affirms 'B+' GSCR
S&P Global Ratings affirmed its 'B+' global scale credit rating on
Banque Heritage Uruguay SA (Banque Heritage Uruguay), but revised
the global scale outlook to negative from stable. Because of this,
S&P has downgraded the bank's national scale ratings to 'uyBBB-'
from 'uyBBB' and revised the outlook on the national scale ratings
to negative from stable.

The rating action on Banque Heritage Uruguay reflects the
potential impact that a fraud case the company is entangled in
(mismanagement of funds) could have on bank's business stability
and position, given the reputational nature of its business. S&P
said, "The rating on Banque Heritage Uruguay reflects its low
participation in the Uruguayan financial system and its'
relatively high dependence on trading gains, which we consider a
less stable source of income. These factors, in our view, make the
bank more vulnerable to adverse operating conditions and reduce
its business stability compared to the industry overall. The
rating also reflects the bank's good capital and earnings profile,
derived from our projected risk-adjusted capital (RAC) ratio of
7.8% for the next 12-18 months, despite some decline in 2017
(after reported losses reduced its capital base). S&P believes the
bank will continue to have a sufficient buffer to cover potential
unexpected losses from the fraud (which seems less probable at
this time)."

S&P said, "The negative outlook on Banque Heritage Uruguay over
the next 12 months reflects our expectation that there is a one in
three chance that the bank's operations won't return to normal in
the timeframe we expect, in turn harming business stability --
considering the reputational risk of banking business. We expect
RAC ratios to remain at 7.8% for the next 12-18 months and
liquidity metrics to remain high."

PETROQUIMICA COMODORO: Fitch Assigns First Time 'B' IDRs
Fitch Ratings has assigned first-time Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of 'B' to Petroquimica
Comodoro Rivadavia S.A. (PCR). The Rating Outlook for the Foreign
Currency Ratings and Local Currency Ratings is Positive.

Fitch has simultaneously assigned an expected rating of
'B(EXP)'/'RR4' to PCR's proposed senior unsecured notes of up to
USD300 million. The proceeds from the issuance will be used to
refinance existing debt, general corporate purposes including
working capital and capital expenditures.

PCR's 'B' Long-Term Foreign Currency and Local Currency IDRs
reflect the issuer's small oil and gas production size and reserve
concentration, and its small cement business concentrated in the
Patagonia region of Argentina. Moreover, the rating reflects the
company's aggressive capex plan, which will predominately be
financed with project finance debt and will mostly be allocated to
constructing its 325MW wind farm projects from 2018 through early

PCR's 'B' Long-Term Foreign Currency IDR is not constrained by the
Republic of Argentina's 'B' country ceiling, which limits the
foreign currency rating of most Argentine corporates. The
company's Foreign Currency and Local Currency IDR are reflective
of the company's standalone business and credit profile absent its
exposure to Argentina.

The Positive Outlook reflects the expected business risk
improvement after the construction of the company's wind farm
projects, particularly when PEBSA I & II are completed. Fitch
believes that the company will be able to construct its PEBSA I
(100MW) project by the COD of 1Q2019 but is cautious of the
company's inexperience in the electricity sector and lack of a
track record of successfully constructing wind farm projects. In
addition to the construction risk, PCR does not have a track
record of operating wind farms, but this risk is somewhat
mitigated as the company has contracted Vestas to operate the
facilities once constructed for the life of the PPAs. Lastly, the
PPAs awarded to PCR are industry standard, so PCR will have the
same exposure to Argentina's high regulatory risk and country
counterparty risk to CAMMESA that other market participants have.


Small Production Profile: PCR's ratings reflect its small and
concentrated production profile. Although the company has
exploration and production interest in nine blocks in Argentina
(six), Ecuador (two) and Colombia (one), its asset base as well as
all of the company's proved (1P) reserves and production is
concentrated in Argentina (65%), Ecuador (22%) and Colombia (13%).
This limited diversification exposes the company to operational
and macroeconomic risks associated with small-scale oil and gas
production. Fitch expects the company's production to be on
average 20,000 boe per day (boed) from 2018 to 2021.

Adequate Hydrocarbon Reserves: Fitch believes PCR has an adequate
reserve life of 8.4 years 1P and 8.9 years 2P providing some
flexibility to reduce capex investments if needed. As of the end
of fourth quarter 2017, PCR reported Argentine reserves of 43
million boe, 14 million boe in Ecuador and 8 million boe in
Colombian 1P reserves of 64 million boe, with 40 mmboe in
Argentina related to gas. The company has strong concession life
that exceeds the life of the seven-year bond, with the earliest
material concession expiring in 2026. This concession, El
Medanito, currently accounts for approximately 50% of production.
Other concessions have longer expiration dates.

Aggressive Capex for Wind Farms: PCR has an aggressive capex plan
of nearly USD700 million of which nearly two-thirds is committed
to constructing its PEBSA I & II and Mataco/San Jorge wind farms,
which were awarded in RenoVar Rounds 1, 1.5 and 2.0, phase II.
Fitch forecasts the company will need to raise an additional
USD250 million in debt to finance the construction of these
projects. The financing of these projects will be raised using
project finance debt in a special purpose vehicle. Fitch views
PCR, the corporate entity, as the guarantor of this debt and
therefore consolidates any financing expectations with its
corporate debt. Once completed, this renewable electric generation
plant will add to the company's cash flow diversification, which
could mitigate business risk and improve its credit quality.

Moderate Leverage; Adequate Interest Coverage: Fitch views PCR's
expected leverage as moderate and not a factor that currently
constrains the ratings. Fitch's forecasts assume the issuer's
leverage levels (defined as total adjusted debt/EBITDA) will peak
at 3.4x in 2019 with EBITDA expected to be approximately USD175
million and remain flat at around 2.7x from 2020 and 2021, with an
average EBITDA of USD225 million, once all wind farm projects are
in operation. The gross leverage figure assumes the company will
raise an additional USD250 million of project finance debt for the
construction of the wind farms. The proposed notes and additional
project finance debt benefit from adequate interest coverage
provided by the 20-year PPAs contributing to a stable source of
cash flow. Fitch's base case assumes the issuers will average a
consolidated interest coverage ratio of 5.7x from 2018 through

Construction Risk; Lack of Operational History: PCR's ratings
reflect the construction risk associated with development of the
wind farms. PCR has a track record of construction and expansions
projects with respect to their cement facilities, but does not
have a track record of constructing wind farms. Fitch's base case
assumes the company will meet the COD of 1Q2019 for PEBSA I. The
company has presented a detailed plan, which aims for construction
to be completed in November 2018. Further, Fitch believes the
penalties associated with RenoVar 1, 1.5 and 2.0 are appropriately
material that the company has positioned itself well to finish
construction ahead of the deadline.

Fitch believes there are limited operational risks associated with
PCR being a new participant in the electricity sector, as the
company has entered into at least 15 years, with the ability to
extend an additional five years, active output management service
agreement that ensures the highest energy output (availability of
98%) for the life of PEBSA's PPA. The service agreement mitigates
somewhat the risk associated with PCR not having an operational
track record.


PCR is a small oil & gas producer with operation in Argentina,
Ecuador and Colombia. Argentina represents 68% of 2017 production
while Ecuador contributed 32%. Production is expected to stay at
an average of 20,000 boed through 2021, which is comparable to its
'B' rated peers Compania General de Combustibles S.A. (CGC,
B/Negative) with 22,000 boed, Geopark Limited (B/Stable) with
31,000 boed and Gran Tierra (B/Stable) with 32,000 boed. Also, PCR
has a strong reserve life of 8.4 years compared to CGC reserve
life of 6.6 years and Gran Tierra's of 5.9 years but less than
Geopark Limited's 10 years.

PCR cement segment is small and geographically concentrated and
does not compare well to some of its peers in the region. PCR has
a capacity of producing 750,000 tons a years compared to Cementos
Pacasmayo (BBB-) with capacity: 4.5 million metric tons a year,
Cementos Progresso (BB+) with 5.1 million metric tons, and
Cementos de Chihuahua (BB) with 5.1 million metric tons. PCR's
cement business is focused in the Patagonia region and has a
strong market share due to its geographic location and production
efficiencies caused by the lower freight and energy costs. PCR
cement margins historically have averaged 12% from 2014 through
2017, which is less than its peer's median of approximately 30%.

PCR gross leverage is expected to peak at 3.1x in 2019, as the
company increases indebtedness to finance its wind farm projects.
PCR gross leverage compares favorably to oil and gas peer CGC
(4.0x), but its leverage is higher than Gran Tierra's 1.7x and
GeoPark's 2.0x. Unlike its oil & gas peers, PCR has a more
diversified business model with its cement segment and the entry
into renewable energy sector, so once its wind farms are
operational, the company will also compare to Pampa Energia
(B/Positive), MSU Energy (B/Positive), Capex S.A. (B/Positive) and
Genneia (B/Positive). Similarly to PCR, Pampa Energia and Capex
both have oil & gas and energy business segments, taking into
consideration that Capex is a closer peer by scale compared to the
much larger Pampa Energia.


Fitch's Key Assumptions Within Its Rating Case for the Issuer

-- Average production to be 20,000 boed in from 2018 until 2021;

-- Cement sales growth linked to real GDP growth of Argentina;

-- Average annual capex of USD190 million, total of USD770
    million from 2018 to 2021;

-- Average dividends of USD7 million paid each year from 2018
    through 2021;

-- Additional debt of USD 250 million to be raised between 2018
    and 2019;

-- PEBSA I & II commence operations in early 2019 with an
    availability factor of 98% and average load factor of 55%;

-- San Jorge/Mataco starts operations in early 2020 with an
    availability factor of 98% and average load factor of 55%.

Key Recovery Rating (RR) Assumptions:

-- The recovery analysis assumes that PCR would be liquidated in
    bankruptcy, and Fitch has assumed a 10% administrative claim.

-- Liquidation Approach: The liquidation estimate reflects
    Fitch's view of the value of inventory and other assets
    excluding its oil and gas assets that can be realized in a
    reorganization and distributed to creditors;

-- The 50% advance rate is typical of inventory liquidations for
    the oil and gas industry;.

-- The USD10 per barrel estimate reflects the typical valuation
    of recent reorganizations in the oil and gas industry. The
    waterfall results in a 100% recovery corresponding to an 'RR1'
    for the senior unsecured notes (USD300 million). The RR is
    limited, however, to 'B'/'RR4' due to the soft cap for


Developments That May, Individually or Collectively, Lead to
Positive Rating Action

-- Completion of PEBSA I & II and operational ramp up to realized
    revenues; or

-- Net production rising consistently to 35,000 boed; and

-- Increase in reserve size and diversification and maintaining a
    minimum 1P reserve life of at close to 10 years;

-- Sustained conservative capitals structure and investment

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

-- Sustainable production size decreased to below 20,000 boed;

-- Reserve life decreased to below seven years on a sustained
    basis; or

-- Material delay or cancellation of PEBSA I, II and Mataco/San
    Jorge projects or cancellation leading to significant penalty
    associated with RenoVar programs;

-- A significant deterioration of credit metrics to total
    debt/EBITDA of 5.5x or more.


Pressured Liquidity during expansion: Fitch believes liquidity
will be pressured in the medium term (2018-2019) as the company
builds out its wind farm projects. The proposed USD300 million
senior unsecured notes will push out maturities to either 2023 or
2025, and Fitch estimates the issuer's total debt to EBITDA will
peak at 3.1x in 2019 and remain at an average 2.7x between 2020
and 2021. The average EBITDA to interest paid + Rents rate will be
4.2x from 2019 through 2021, which assumes the wind farms will go
online in early 2019 and 2020.

PCR has a clear financing strategy for the wind farms expansion,
which Fitch estimates will not impact the company's medium term
liquidity. Further, Fitch estimates PCR will be FCF negative in
2018 and 2019 because of its aggressive capex, which will be
allocated across its business segments. With the exception of its
wind farm projects, which are contracted obligations, the company
has the flexibility to adjust capital expenditures for its oil &
gas and cement businesses. Therefore, Fitch expects the company
will revise capex to assure it does not stress its cash position.


Fitch has assigned the following first-time ratings:

Petroquimica Comodoro Rivadavia S.A

-- Foreign Currency Long-Term IDR at 'B'; Outlook Positive;

-- Local Currency Long-Term IDR at 'B'; Outlook Positive;

-- Proposed USD300 million long-term senior unsecured notes at

TOYOTA COMPANIA: Moody's Rates ARS500MM Debt Issuances Ba3/
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
assigned a Ba3 global local currency senior unsecured debt rating
and a national scale local currency debt rating to Toyota
Compania Financiera de Argentina S.A. (TCFA)'s expected Class 25
and Class 26 issuances for up to ARS500 million, which will be due
in 24 and 17 months respectively. Both issuances together cannot
exceed the combined amount of ARS500 million.

The ratings have stable outlooks.

The following ratings were assigned to Toyota Compa§ia Financiera
de Argentina S.A.:

Class 25 Senior Unsecured Debt Issuance

Ba3, stable, Global Local Currency Senior Unsecured Debt Rating, stable, Argentina National Scale Local Currency Senior
Unsecured Debt Rating

Class 26 Senior Unsecured Debt Issuance

Ba3, stable, Global Local Currency Senior Unsecured Debt Rating, stable, Argentina National Scale Local Currency Senior
Unsecured Debt Rating


TCFA's ratings consider the very high probability that TCFA's
ultimate parent, Toyota Motor Corporation (Aa3 stable), will
support the issuer in situations of stress. Together with low
asset risk, this counterbalances credit challenges related to
modest profitability and capital comparing with its peers, rapid
loan growth, heavy reliance on market funding as with other
captive finance companies, and the lack of diversification
inherent in the company's monoline business model. The ratings
also consider Argentina's operating environment, which while
improving has historically been very volatile.

Moody's assessment of a very high probability of parental support
considers TCFA's key role as the financial agent for Toyota Motor
Corporation in Argentina and its strong commercial and strategic
importance to the corporation. Thanks to parental support, the
company is one of the strongest credits in Argentina, as reflected
by its national scale rating.

At just 1.1% of gross loans, delinquencies remain very low,
reflecting conservative risk management practices that are aligned
to those of its parent and focus on middle and high-income
individuals. However, delinquency levels are likely to rise as the
company's risk appetite increases in line with improving economic
conditions. Loans grew by 82% in 2017 (46% after adjusting for
inflation) and they are expected to continue to grow rapidly in

Despite the rapid loan growth, the company's profitability remains
modest by Argentine standards, which are distorted by the high
rate of inflation. Net income equaled to just 1.09% of tangible
assets in 2017 and Moody's expects earnings will narrow further as
inflation continues to decline. As a result of the company's
modest earnings coupled with its rapid loan growth, TCFA's
tangible common equity, Moody's preferred measure of
capitalization, fell steadily in recent years, from a peak of
12.7% of adjusted risk-weighted assets in 2015 to just 6.55% as of
December 2017. However, a capital injection of ARS 80 million ($4
million) made in late March will improve the bank's capital and
allow further business expansion.

In line with other automobile captive finance companies, the
ratings also reflect risks associated with the company's narrow
liquidity position and liability structure mainly reliant on
market funds. Liquid assets accounted for just 2.6% of tangible
banking assets as of December 2017, while market funds equaled
more than 80%. However, the company has a contingent credit
facility of $100 million with its shareholder in an event of

In addition, the ratings consider risks inherent in TCFA's
monoline business model dedicated to the financing of Toyota
vehicles, and particularly in light of the increasing level of
competition within the car-financing industry in Argentina. The
stable outlook on TCFA's ratings is aligned with the stable
outlook on Argentina's government bond rating.


An improvement of the company's capital, profitability, and/or
liquidity could put upward pressure on the company's global scale
ratings, as could an indication of increased willingness to
provide support from the company's parent. Conversely, further
erosion of the entity's capital base, a deterioration of
profitability, and/or a significant increase in asset risk could
put downward pressure on both the global and national scale
ratings, as would an indication of decreased support from the

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


GLENHURON BANK: Caught up In Canadian Tax Avoidance Case
-------------------------------------------------------- reports that a Barbados-based banking subsidiary
of Canada's largest grocery retailer is at the center of a case in
which the Canada Revenue Agency has accused its parent company of
using it to avoid paying taxes.

Glenhuron Bank Limited, a subsidiary of Loblaw Companies Ltd, had
been operating as a bank in Barbados, according to  It was incorporated in 1992 and liquidated in
2013, when Loblaw decided to use that capital domestically to buy
Shoppers Drug Mart, the report notes.

The lawyer for the Department of Justice, Elizabeth Chasson,
alleges that Loblaw Financial Holdings took steps to have
Glenhuron appear to be a foreign bank in order to avoid paying
tax, the report relays.

According to the Canadian Press, Chasson told Justice Campbell
Miller in the Tax Court that the bank was more like a treasury
centre -- an in-house bank for a multinational corporation --
rather than a foreign bank, which can qualify for a tax exemption,
the report discloses.

"The appellant has tried to make its treasury center, whose
business is to invest surplus cash until needed by its parents or
its affiliates, appear to have the attributes necessary to meet
the (Foreign Accrual Property Income) exemption," she said in her
opening statement in court, the report notes.

"It did so to keep hundreds of millions of dollars offshore from
paying tax in Canada," he added.

According to news reports, Mr. Loblaw could have to shell out as
much as CAD$406 million (US$316 million) if it loses the case, relays.

But Mr. Loblaw's lawyer, Al Meghji, argued that Glenhuron Bank was
indeed a bank, according to the laws of Barbados, and viewed as
such by the Caribbean country's central bank,

He also pointed out to the court that Glenhuron had been audited
by Canadian officials between 1992 and 2005, and its compliance
had never been questioned, the report says.

And he insisted that the allegations being made against his client
are "without merit," adds.


BACARDI LTD: Moody's Gives Ba1 Rating to New Bonds, Outlook Stable
Moody's Investors Service assigned Ba1 ratings to Bacardi
Limited's planned senior unsecured bonds in multiple maturity
tranches. The proceeds will be used to finance the company's
acquisition of the approximately 70% stake that it does not
already own in Patron Spirits International AG, to redeem its $250
million notes due 2019 and for general corporate purposes. Other
ratings of the company were unchanged. The rating outlook is

Ratings Assigned:

Bacardi Limited:

Proposed senior unsecured bonds at Ba1 (LGD4).

The outlook is stable.


Bacardi's Ba1 ratings reflect the company's high post acquisition
leverage and slow path to deleveraging. They also reflect the
company's smaller size when compared with certain beverage and
consumer products competitors, some concentration on slow growing
categories, and exposure to the premium and super premium spirits
segment which could come under pressure in a severe economic
downturn. At the same time, Bacardi's ratings reflect its solid
position in the spirits industry, with a number of leading premium
and super premium brands, stable cash flows, and strong
profitability. Moody's expects improving profitability despite
emerging market volatility and volume challenges for some
products. This will stem from favorable pricing and mix, cost
reduction initiatives and the success of certain premium brands.

Debt to EBITDA will be about 5.4x at closing (including Moody's
adjustments), up from 2.4x at December 30, 2017. Moody's expects
that deleveraging will be slow compared with the company's
previous acquisitions and compared to acquisitions by other
beverage companies, although management is committing to reduce
net leverage (by its definition) to at least 3x in the long-term.
Moody's expects that debt to EBITDA (including Moody's
adjustments) will remain above 4 times for more than two years
after closing. Bacardi is not contributing equity or cutting its
dividend. In Moody's view, the willingness to incur historically
high leverage without reducing returns to shareholders represents
a more aggressive financial policy than Bacardi has demonstrated
in the past. Moody's acknowledges that the acquisition will
improve Bacardi's product diversity and increase its presence in
the premium end of the business, which generally results in higher
profit margins. The tequila category is growing faster than a
number of Bacardi's existing categories. However the transaction
also increases Bacardi's concentration on the US market to over
50%. The United States is the most profitable alcoholic beverage
market globally, but this concentration could present challenges
in a domestic downturn. In Moody's view, integration risk will be
limited given the longstanding business relationship. Bacardi
first acquired a 30% minority stake in Patr¢n in 2008.

The stable outlook reflects Moody's expectation that Bacardi's
leverage will remain high over the next two years. It also
reflects the expectation that the integration will go smoothly and
that Bacardi will continue to generate stable cash flows which it
will use to repay debt.

The rating could be downgraded if Bacardi's operating results
deteriorate, liquidity weakens or the company fails to reduce
leverage to below 5 times within two years of closing. Further
large debt financed acquisitions could also lead to a downgrade.

The rating could be upgraded following successful integration of
Patron if Bacardi demonstrates good operating momentum, consistent
profit growth, and maintains strong liquidity. Bacardi would also
need to sustain debt to EBITDA leverage below 4 times before
Moody's would consider an upgrade.

The principal methodology used in these ratings was Global
Alcoholic Beverage Industry published in March 2017.

Family owned Bacardi Limited, headquartered in Bermuda, is the
largest privately held spirits company in the world. Annual sales
are approximately $3.5 billion and will be approximately $4.1
billion proforma for the Patron acquisition.

Founded in 1989, privately held Patron Spirits is the world's
leading producer and marketer of super-premium plus tequilas and
one of the Top 100 global premium spirit brands by volume.


TRILOGY INTERNATIONAL: S&P Affirms 'B' CCR, Outlook Stable
S&P Global Ratings affirmed its long-term corporate credit rating
on Trilogy International Partners LLC (Trilogy) at 'B'. At the
same time, S&P affirmed the 'B' rating on the company's $350
senior secured notes due 2022. The outlook remains stable.

Trilogy's profitability dropped in 2017 due to problems at its new
operating support system (OSS) that prevented the customer base in
New Zealand from increasing and to lower data consumption
following modifications to a popular social media app in Bolivia.
As a result, Trilogy's credit metrics for that year improved
slower than we had expected, although they continue to do so due
to a $100 million debt reduction in 2017. S&P said, "In addition,
we believe that Trilogy is well positioned to capture the benefits
from its network in the next few years, given that the LTE
deployment in New Zealand will be about 97% and about 90% in
Bolivia by the end of 2018. In our opinion, improved telecom
infrastructure will result in higher data consumption among the
company's customer base and will gradually improve its
profitability and credit metrics."

S&P said, "Moreover, we believe that Trilogy will continue to
encourage the customer migration to postpaid from prepaid, which
should also improve its overall blended ARPU. Despite these
enhancements, Trilogy remains the third-largest telecom player in
Bolivia with about 23% of the subscriber market share, behind
Empresa Nacional de Telecomunicaciones S.A. (Entel) and Telefonica
Celular de Bolivia (Tigo Bolivia). In addition, the company's
subsidiary, 2degrees, holds 24% of New Zealand's telecom market,
behind Spark New Zealand Ltd (A-/Stable/A-2) and Vodafone New
Zealand Ltd. In our opinion, the company's market shares in both
countries aren't likely to change significantly in the short term.
This, along with Trilogy's somewhat limited pricing power, is
likely to result in lower profitability than those of its peers.

"In our opinion, Trilogy will continue to deleverage through
higher EBITDA generation and moderate need for debt. Therefore,
its debt to EBITDA will drop below 4.0x over the next few
quarters, in our opinion. In addition, Trilogy's lower interest
burden as a result of the 2017 refinancing of senior secured notes
and cost stabilization, given about $7 million in extra costs due
to OSS issues past year, will help the company use its cash flows
to fund working capital needs, capital expenditures (capex), and
the spectrum license renewal in Bolivia for next 12-18 months.
Likewise, we expect the company's free operating cash flow (FOCF)
to debt to improve by the end of 2018."


BANCO DO BRASIL: S&P Affirms 'BB-/B' Foreign Currency Ratings
S&P Global Ratings affirmed its 'BB-' long-term global scale local
and foreign currency ratings and its 'B' short-term foreign
currency rating on Banco do Brasil S.A. (BdB). S&P said, "We're
also affirming all debt ratings on BdB and our national scale
'brAA-' rating on Ativos S.A. Securitizadora de Creditos
Financeiros, a core subsidiary. The outlook is stable. In
addition, we assigned our 'B' short-term local currency rating on

S&P said, "At the same time, we're improving the bank's stand-
alone credit profile (SACP) to 'bbb' from 'bbb-'. The very high
likelihood of support from the government to the bank remains

"We're affirming BdB's ratings following the bank's recovery of
its profitability after posting weaker results in 2016. Despite no
credit growth in 2017, BdB improved its NIM as funding costs
continue to decrease, helping it maintain stable operating
revenues. Moreover, the bank went through a significant
organizational restructure aimed at improving its efficiency and
cost control. Finally, a more favorable economy enabled the bank
to improve its asset quality metrics, requiring lower credit loss
provisions and boosting its earnings. As a result, BdB established
stronger internal capital generation than we anticipated in our
previous forecast while deleveraging its portfolio, leading us to
improve our view of its capital position."

VIALAGOS: Moody's Hikes CFRs to Ba2/, Outlook Stable
Moody's America Latina Ltda. upgraded Concessionaria da Rodovia
dos Lagos SA (ViaLagos) Corporate Family Ratings and senior
unsecured ratings to Ba2/ from Ba3/ (respectively, in
Moody's global scale and Brazil's national scale). At the same
time, Moody's assigned Ba2/ ratings to the BRL 41 million
senior unsecured debenture issuance (4th issuance) due in 2020.
The outlook remains stable.

The upgrade reflects the improvement in traffic performance with
4.9% growth registered in 2017 from 2016, that reversed traffic
declines of the previous two years. Furthermore, the company
continues to register overall strong credit metrics that Moody's
projects will continue in the forecasted period supported by
continued economic growth and improved traffic performance.


The senior unsecured non-convertible debentures have a 27-month
tenor from the issuance date, with a bullet payment at maturity
(2020) and semi-annual interest payments. ViaLagos will use the
issuance proceeds to refinance a large portion of its maturing
debt. The debentures do not have cross default provisions with
other outstanding debt from the company, or its parent (CCR S.A.,
Ba2 negative), or any of the parent's subsidiaries or affiliate
companies. The indenture contains a Net Debt to EBITDA financial
covenant to limit dividend distributions above the minimum
required by Brazilian Corporate Law.

The Ba2/ ratings reflect ViaLagos' relatively small but
strong concession, supported by its long-term concession contract
under which tariffs are annually adjusted by inflation. The
relatively strong credit metrics for the rating category and
overall predictable and stable cash flows further support the
ratings as well as the solid track record of traffic volumes.
Moreover, ViaLagos' remaining concession life expiring in 2047
combined with relative low investment needs is also incorporated
in its credit profile as is Moody's understanding of continuous
access to the local banking and capital markets.

Nonetheless, the ratings are constrained by a high concentration
on leisure vehicles and potential increase of competing routes. A
track record of high dividend distributions and a very active
controlling shareholder will continue to exert pressure on the up-
streaming of dividends from ViaLagos. Moody's view of Brazil's
sovereign rating (Ba2 stable) also limits the company's rating
given ViaLagos purely domestic operations.

The stable outlook reflects Moody's expectation that credit
metrics will remain robust mainly driven by ViaLagos' overall
predictable cash flows and low capex needs, typical of mature toll
roads. Brazil?s stable outlook also supports the company's

What Could Change the Rating - Up /Down

ViaLagos' ratings are constrained by Brazil's sovereign rating,
therefore an upgrade is unlikely in the short to medium term. An
upgrade of Brazil's rating could lead to upward pressure on
ViaLagos' ratings considering the company maintains an adequate
liquidity and strong credit metrics.

A rapid or significant downturn in traffic performance or
ViaLagos' credit metrics such as if RCF/CAPEX stays below 1.0x,
and Cash Interest Coverage remains below 1.4x on a sustainable
basis could prompt a rating downgrade as well as the degradation
of the liquidity and overall credit quality. Deterioration in the
parent's credit quality could also exert downward pressure for
ViaLagos as well as Moody's perception of a weakened concession
and regulatory framework or political interference in the normal
operations of the company. Moody's also assumes that CCR or any of
its subsidiaries will not incur new debt containing cross default
provisions that could affect ViaLagos' ratings. A downgrade of
Brazil would exert negative credit pressure on the assigned

ViaLagos is an operating subsidiary of CCR S.A., one of Brazil's
largest infrastructure concession groups that operates and
maintains 3,265 km of toll road concessions. ViaLagos accounts for
approximately 1.6% of CCR's consolidated net operating revenues
and EBITDA, which reached about BRL7.5 billion and BRL5.3 billion
(according to Moody's standard adjustments), respectively, in

ViaLagos holds a 50-year concession to operate and maintain the
56-kilometer (km) RJ-124 road connecting the municipality of Rio
Bonito to Sao Pedro da Aldeia, in the northeast of the State of
Rio de Janeiro. The State of Rio de Janeiro granted the concession
to ViaLagos in 1996 for a 25-year period. In 2011, the State
extended the life of the concession by 15 years, and in 2016 for
more 10 years, until 2047.

ViaLagos connects with BR-101 at Rio Bonito which is operated by
Arteris (not rated) under a concession awarded by the Brazilian
Federal Government. ViaLagos also has two access points to the
state-operated RJ-106, which serves the sea resort area "Costa do
Sol" that includes the municipalities of Saquarema, Araruama and
Iguaba Grande. ViaLagos and RJ-106 finally intercept each other at
Sao Pedro da Aldeia, the end of the ViaLagos road. As a result,
ViaLagos' traffic profile is composed primarily by light vehicles
(80%), with a relatively large proportion of leisure traffic. The
remaining 20% consists of heavy vehicle traffic (commercial), a
portion of which is originated by BR-101.


COLOMBIA: Economic Growth Moderate, IMF Says
On April 27, 2018, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation [1] with

In 2017, adequate policy management brought Colombia near
completion of its adjustment to large external shocks while
further advancing inclusive growth. Economic growth moderated as
private investment and consumption weakened in line with lower
national income. Some delays in the infrastructure agenda also
contributed to the decline in private investment.

Fiscal consolidation continued guided by the fiscal rule and
contributed to the narrowing of the current account deficit, which
was also buttressed by some recovery in oil and non-oil exports.
The proceeds of the structural tax reform helped protect public
investment and social expenditure. As past shocks dissipated,
inflation rapidly declined toward the target and the central
bank's easing cycle supported the recovery observed in the second
part of the year while protecting the anchoring of inflation
expectations. Despite the growth moderation, social indicators
improved with both poverty and income inequality decreasing in

The current account deficit declined to 3.4 percent of GDP and
continued to be financed by FDI to a large extent. Portfolio
inflows moderated somewhat but remained ample with further
increases in foreign participation in the local government debt
market. The banking system has weathered the economic slowdown
well and the planned implementation of the conglomerates law this
year will improved the regulatory and supervisory framework
including the management of corporate and overseas risks.

Colombia's outlook is favorable as continued efforts to advance
the structural reforms will foster economic diversification and
productivity growth. Economic growth is expected to rebound
strongly in 2018 and further over the medium-term, led by
strengthening investment and exports. The combined impact of the
structural tax reform, a brighter outlook for oil prices and the
authorities 4G infrastructure agenda will underpin investment
while reducing Colombia's relatively large infrastructure gap.

Continued efforts to reduce trade barriers and some recovery in
global growth will help sustain strong export growth. The
implementation of the peace agreement will promote regional
development and reduce inequality. Risks to this outlook remain to
the downside and stem in part from still sizeable external
financing needs. Colombia remains exposed to a sharp tightening of
global financial conditions.

Executive Board Assessment [2]

Executive Directors commended the authorities for their strong
macroeconomic management and improvements to the policy framework,
which have secured the needed adjustment, strengthened recovery,
and reduced poverty and income inequality. While the outlook is
positive, the economy remains vulnerable to uncertainties from a
sudden tightening of global financial conditions and escalation of
trade or geopolitical tensions. Directors welcomed the
authorities' commitment to maintain very strong policies and
ambitious structural reforms to address remaining vulnerabilities,
ensure macroeconomic stability, and foster sustainable and
inclusive growth.

Directors highlighted that structural reforms should focus on
raising productivity and potential growth. They noted that
implementation of the Fourth Generation infrastructure projects
and the peace agreement offer an opportunity to advance
priorities, including, improving the business environment,
tackling labor market informality, providing high quality
education, and promoting infrastructure investment. Lowering
barriers to international trade would also be important.

Directors concurred that placing public debt on a declining path
is an appropriate fiscal target which would also leave room to
fine tune the consolidation pace as guided by the fiscal rule.
They welcomed the achievement of the 2017 deficit target despite
the weaker than expected growth outturn. Directors encouraged the
authorities to focus on improving tax administration, as
associated revenue gains will create space for public investment.
They highlighted the need for a comprehensive pension reform to
increase coverage and progressivity.

Directors welcomed improvements in the monetary policy framework
which will help further refine the central bank's decision making
process and, combined with clear communications, will preserve the
anchoring of inflation expectations. They noted that the current
monetary policy stance should be conducive to a recovery in
activity and that reducing the rate further in line with inflation
expectations could be warranted if the recovery faltered.
Directors agreed that the flexible exchange rate regime has served
Colombia well and should remain the first line of defense against
global shocks as well as help accumulate adequate buffers.

Directors noted that the banking system has been resilient amid
the economic slowdown, reflecting partly effective financial
supervision and ample capital and liquidity. They welcomed recent
regulatory measures to homogenize banks' loan restructuring
practices and to bring regulation closer to Basel III standards,
including through the implementation of the conglomerates law.

E L  S A L V A D O R

MILLICOM INT'L: Moody's Alters Outlook to Stable & Affirms Ba1 CFR
Moody's Investors Service has affirmed Millicom International
Cellular S.A.'s (Millicom) Ba1 Corporate Family Rating and the Ba2
ratings on its senior unsecured notes. At the same time, Moody's
affirmed the Ba1 ratings of its subsidiary Comcel Trust (Comcel).
The outlook on the ratings for both Millicom and Comcel was
changed to stable from negative.


Issuer: Millicom International Cellular S.A.

Corporate Family Rating, Affirmed at Ba1

Probability of Default Rating, Affirmed at Ba1-PD

Senior Unsecured Regular Bond/Debenture, Affirmed at Ba2

Issuer: Comcel Trust

Corporate Family Rating, Affirmed at Ba1

Senior Unsecured Regular Bond/Debenture, Affirmed at Ba1

Outlook Actions:

Issuer: Millicom International Cellular S.A.

Outlook, Changed To Stable from Negative

Issuer: Comcel Trust

Outlook, Changed To Stable from Negative


The ratings affirmation and change in outlook to stable for both
Millicom and Comcel is a result of the announcement that the
United States Department of Justice (DOJ) is closing its
investigations regarding potential improper payments made by
Millicom on behalf of its joint venture in Guatemala, Comcel. The
investigation was ongoing since October 2015.

The rating had been changed to negative back in February 2016
after Millicom voluntarily self-reported the potentially improper
payments to US and Swedish authorities. At that point in time and
during the entire investigation period there was very little
information available regarding the timing and estimates of legal
outcomes or possible monetary fines as well as increased
reputational risk for both companies, which could impact investors
sentiment and limit their access to funding. The closing of the
investigation eliminates the uncertainties surrounding potential
large fines that could negatively impact the companies liquidity
and reputation.

Millicom's Ba1 corporate family rating reflects the company's
strong operating performance, solid business model, leading market
shares in key geographies, and multiregional balance of profit and
cash flow generation that have been improving over the last couple
of years on a consolidated basis. The rating also incorporates the
regulatory and other operating risks and limitations in the
countries where the company operates.

The Ba2 rating on Millicom's senior unsecured notes reflects their
structural subordination to debt at the operating company level as
well as their unguaranteed status. As the only debt at the holding
company level, the notes are equivalent to around 24% of the
company's consolidated debt as of December 31, 2017.

The stable outlook reflects Moody's expectations that Millicom
will maintain its liquidity at adequate levels while sustaining
its historically strong credit metrics. Moody's also expects the
company to continue its conservative approach in managing its debt
maturities ahead of schedule avoiding near term concentration of

Downward pressure on Millicom's ratings could develop if liquidity
or metrics deteriorate because of an elevated gross debt leverage
surpassing 3.5 times, higher than anticipated shareholder
remuneration, or a material debt-funded acquisition. The ratings
could also be downgraded if Millicom increases its exposure to
riskier countries, or in case of increased sovereign risk in any
of the countries in which it currently operates.

Positive pressure on Millicom's ratings could arise if the
company's gross debt leverage decreases below 2.5 times on an
ongoing basis, its retained cash flow to debt increases above 30%
and if the group sustains a strong liquidity position. An upgrade
would also be dependent on an improvement in the balance of risk
across the countries in which Millicom operates and would require
the group to maintain its strong market positions, a good level of
geographical diversification of cash flows, the continued ability
to repatriate dividends from its subsidiaries and conservative
financial policies.

Comcel's stable rating outlook reflects Moody's expectations that
the company will be able to sustain its strong operating
performance and leading mobile market position while benefiting
from additional services revenues such as triple-play broadband
and video services, thus posting revenue expansion above GDP
growth rates and solid credit metrics. The stable outlook also
considers that dividend payments will be limited to a level that
will not deteriorated the company's adequate liquidity.

Comcel's Ba1 ratings reflect the company's leading market
position, strong EBITDA margin and overall financial strength,
supported by a low debt profile. The factors constraining the
ratings include the company's small revenue size, limited growth
potential within Guatemala, and high dividend payouts to
shareholders, resulting in additional pressure on free cash flow.

Downward pressure on Comcel's ratings could develop if liquidity
or metrics deteriorate, a rating downgrade would be considered if
operating margins decline further than anticipated. A negative
rating action could also be triggered by a debt leverage that
surpasses 3.5 times for a prolonged period of time without a clear
path to subsequent de-leveraging. Dividend payouts consistently
above cash generated after capex would also place negative
pressure on ratings.

Positive pressure on Comcel's ratings could occur over time from a
meaningful increase in the company's revenue size or a significant
change in its financial policies where dividend payouts are
reduced and free cash flow increases considerably to about 8% of
debt on a sustained basis.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Millicom International Cellular S.A. is a global
telecommunications investor focused on emerging markets, with
cellular operations and licenses in 11 countries in Latin America
and Africa. The company has around 51 million mobile customers,
and 3.3 million cable and broadband households. The company
derives around 90% of its revenue from its Central and South
American operations in El Salvador, Guatemala, Honduras, Colombia,
Bolivia and Paraguay. In Africa, Millicom operates in Chad and
Tanzania, and through a joint venture in Ghana. The company also
offers cable and satellite TV services in Central and South
America. For the 12 months ended March 30, 2018, the company's
consolidated revenue reached almost $4.2 billion. Millicom is
incorporated in Luxembourg and publicly listed on the Stockholm
Stock Exchange.

Comcel Trust is Guatemala's leading telecommunications provider.
In addition to mobile services, the company offers cable
television, fixed broadband and triple play data, and voice
services to homes and corporate solutions to businesses. Operating
under the Tigo brand, Comcel reaches 10 million mobile
subscribers, representing an over 58% market share. For the last
12 months ended September 2017, the company's revenue and adjusted
EBITDA reached $1.3 billion and $707 million, respectively. Comcel
is 55% owned by Millicom International Cellular S.A. and 45% owned
by Miffin Associates Corporation.


HONDURAS: To Get $60MM-Loan From IDB to Improving Citizen Security
Honduras will implement a program that will contribute to
improving citizen security in the capital city of Tegucigalpa and
San Pedro Sula, with a $60 million loan approved by the Inter-
American Development Bank (IDB).

The project is expected to improve living conditions in urban
neighborhoods through access to basic services and the reduction
of the crimes that plague their inhabitants, such as homicide and
domestic violence, through improvement in violence-prevention
programs, victim assistance and criminal investigation.

Honduras has experienced the highest urban growth in the Latin
American and Caribbean region in the last 50 years, with 55
percent now living in cities, which has generated a disorderly
growth of vulnerable neighborhoods with an accompanying
deterioration of the social fabric. The decline in citizen
"coexistence" is largely due to high levels of income inequality
and the presence of interpersonal conflicts that foster insecurity
and urban violence.

The program will help finance investments in basic infrastructure
works in vulnerable neighborhoods, construction of water and
sanitation systems, public lighting and road improvements, and
will include elements of energy efficiency and mitigation against
environmental risks. The project will also promote alternatives to
crime and entrepreneurship, supporting young people and women at
risk with training in areas of culture, sports and job skills,
contributing to psychosocial and economic benefits for families
living in these areas.

The improvement of violence prevention and victim assistance
services, as well as new mechanisms for responding to complaints
regarding dilapidated infrastructure and investments will focus on
specialized, comprehensive care for victims of intrafamily
violence, accompanied by training of community police personnel.

In the area of police effectiveness, systems for improving the
professionalization and integrity of the police will be
consolidated, together with strengthening of the technical-
scientific aspects of criminal investigations. The project aims to
improve the quality of additional services for the prevention of
violence and crime control and to provide timely help to victims
of violence and crime, by increasing the capacity of local

The IDB financing has two sources of funds: one loan of $36
million with a 25-year term, with a grace period of five and a
half years and an interest rate based on LIBOR, and a second of
$24 million loan with a 40-year term, with a 40-year grace period
and an interest rate of 0.25 percent.


BANCO REGIONAL: Moody's Rates Sr. Notes 'Ba1', Outlook Stable
Moody's Investors Service has assigned a Ba1 rating with a stable
outlook to the proposed senior notes to be issued by Banco
Regional S.A. (Regional). The notes will have a maturity of up to
7 years and total issuance amount of up to $300 million.

The notes will rank pari passu in right of payment with all of
Regional's existing and future unsecured and unsubordinated
liabilities and will be listed on the Luxembourg stock exchange.
The net proceeds from the issuance will be used to fund a tender
offer for existing senior notes due in January 2019 as well as for
general corporate purposes, mainly lending in US dollars.


Banco Regional S.A.E.C.A.:

  Senior Unsecured foreign currency debt rating of Ba1, stable


The rating incorporates the bank's relatively strong asset quality
as well as its very strong capital and healthy profitability and a
high probability of government support. These credit strengths
help offset asset risks related to the high concentration of the
bank's loan book in the agriculture sector.

Asset quality is supported by the banks relatively low
delinquencies, with loan overdue by 60 days or more equal to just
2.1% of gross loans as of year-end 2017, in line with a year
previously and below the system average of 2.7%. In addition, loan
loss reserves cover problem loans by a 126% and over 50% of total
loans are collateralized. However, the bank's loan book remains
heavily concentrated by sector, exposing the bank's asset quality
to potentially higher volatility; as of December 2017, loans to
the agricultural sector accounted for almost 50% of total loans.

In 2017, the bank reported net income to tangible assets of 1.5%,
despite modest loan growth of only 2.7%. While below the very high
system average of 2.1%, this is strong by global standards. The
bank's strong earnings supported a substantial increase in its
already high capitalization ratio, as measured by Moody's
preferred ratio of tangible common equity to adjusted risk
weighted assets, which rose by almost 370 basis points to 16.9%.
Although capital will decline somewhat once the bank makes its
annual dividend payout, it should remain very strong. In recent
years, dividend payouts have averaged a moderate 40% of prior year

The banks ratings also incorporate the bank's strong base of
inexpensive and stable deposit funding and moderate liquidity,
with liquid assets totaling 16.6% of tangible assets in 2017.
Deposit funding accounted for 71% of Regional's total funding as
of December 2017, and the bank also retains access to dollar based
funding sources and credit facilities from multilateral agencies,
that buttress its liquidity.

Moody's assesses a high probability of government support to the
bank in an event of stress, in light of its systemic importance.
As of December 2017, Regional was the second largest banking
institution in Paraguay as measured by loans, with an 15% market
share, and the fourth largest as measured by deposits, with an 11%
market share.

The stable outlook reflects Moody's expectation that Regional's
asset risk will remain contained, capital will remain robust, and
profitability will benefit as loan growth rises in the Paraguayan
banking system over the next 12 to 18 months.


Regional's standalone BCA could face positive pressure if
Paraguay's operating environment improves, or the bank's
profitability increases while asset risk and sector concentration
in its loan portfolio decrease. However, the rating is unlikely to
rise unless Paraguay's sovereign rating is upgraded as well.
Negative pressure could result from persistent deterioration in
asset quality or a potential decline in profitability associated
with higher provisions. Additionally, a downgrade of Paraguay's
sovereign rating could move the bank's rating down.

The principal methodology used in this rating was Banks published
in September 2017.


VENEZUELA: ConocoPhillips Wins US$2b Arbitration Against Country
Jamaica Gleaner reports that ConocoPhillips said it won a US$2-
billion arbitration award against Venezuela's state oil company,
compounding the financial woes of the socialist-run nation as it
struggles to feed its population.

The award represents the equivalent of more than 20 per cent of
the cash-strapped government's foreign currency reserves,
according to Jamaica Gleaner.

The Houston-based company said in a statement that the ruling
against PDVSA by an International Chamber of Commerce panel was
final and binding, the report notes.

"ConocoPhillips will pursue enforcement and seek financial
recovery of its award to the full extent of the law," the company
said in a statement obtained by the news agency.

But collecting the judgment won't be easy, as President Nicolas
Maduro is holding on to the few dollars trickling into the country
from plummeting oil production and amid sanctions by the Trump
administration barring US investors from lending money to the
government, the report says.

There was no immediate comment from Venezuela's government, the
report relays.

The ruling arose from the expropriation of ConocoPhillips'
investments in two heavy crude oil projects in 2007 at a time when
then President Hugo Chavez increased the state's take of record
oil rents, forcing foreign oil companies to accept less-generous
terms. Many instead left the country and sued to hold up their
original contracts, the report says.

ConocoPhillips is pursuing separate legal action against
Venezuela's government under the auspices of the World Bank's
investment dispute mechanism, the report discloses.  The World
Bank tribunal has already ruled that Venezuela broke international
law when it nationalized Conoco's stakes in the two fields, the
report notes.  Proceedings are under way to determine the amount
of compensation, the report relays.

Venezuela still faces 22 arbitration cases at the World Bank, more
than any other country in the world, with potential losses
stretching into the billions, the report adds.

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


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

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

Submissions about insolvency-related conferences are encouraged.
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S U B S C R I P T I O N   I N F O R M A T I O N

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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