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

               Thursday, May 3, 2018, Vol. 19, No. 86



CAPEX SA: Fitch Affirms LT FC IDR at 'B', Outlook Positive


ENJOY SA: Fitch Affirms 'B' IDR & Alters Outlook to Positive


COLOMBIA: Workers Demonstrate to Demand Better Wages

E L  S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B-/B' ICRs, Outlook Remains Stable


GENERAL ACCIDENT: "A Disappointing year," Says Chairman
* JAMAICA: Decline in Bad Debt, BOJ Data Shows


GRUPO ELEKTRA: Fitch Affirms BB IDRs & Revises Outlook to Pos.
METALSA SA: S&P Affirms 'BB+' Corp Credit Rating, Outlook Stable
MEXICO: Says Major Issues Still Outstanding in NAFTA Talks
PETROLEUM CO: S&P Alters Outlook to Negative & Affirms 'BB' CCR
SU CASITA: Fitch Affirms 'CCsf' Rating on Class A RMBS

T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: To Purchase Equipment From TCL


VENEZUELA: Stage Demonstrations on May Day

                            - - - - -


CAPEX SA: Fitch Affirms LT FC IDR at 'B', Outlook Positive
Fitch Ratings has affirmed Capex S.A.'s (Capex) Long-Term Foreign
Currency (LT FC) Issuer Default Rating (IDR) at 'B' and LT Local
Currency (LT LC) IDR at 'BB-'. The Rating Outlook for the Foreign
Currency Ratings is Positive, and the Rating Outlook for the Local
Currency Ratings is Stable. Fitch has also affirmed Capex's senior
unsecured notes due 2024 at 'B+'/'RR3'.

Capex's ratings reflect the Argentine electricity industry's
regulatory risk, which is improving but remains high. Fitch also
considers the company's counterparty risk with CAMMESA and other
market participants as the main off-takers, and its improving
metrics supported by relatively stable and predictable cash flow
generation. Finally, the ratings are constrained by the macro-
economic environment, including high inflation and steep currency

Capex's 'B' LT FC IDR is constrained by the Republic of
Argentina's 'B' country ceiling, which limits the foreign currency
rating of most Argentine corporates. Fitch's Country Ceilings are
designed to reflect the risks associated with sovereigns placing
restrictions upon private sector corporates, which may prevent
them from converting local currency to any foreign currency under
a stress scenario, and/or may not allow the transfer of foreign
currency abroad to service foreign currency debt obligations.

The Positive Outlook reflects an improving backdrop for government
policies that could support a stronger and more stable
macroeconomic outlook, after a decade of weak and volatile
performance. The midterm elections in late 2017 have improved
confidence in the durability of the ongoing policy shift, which
augurs well for investment and the sovereign's ability to maintain
favorable financing access. The build-up in international reserves
and a more flexible exchange rate confer greater policy
flexibility to manage shocks.

The 'B+'/'RR3' ratings on the USD300 million senior unsecured
notes due 2024 are one notch above Capex's Foreign Currency IDR
and reflect expected above average recovery for creditors given a
default. Although a bespoke recovery analysis yields a higher than
70% recovery given a default, Fitch's Country-Specific Treatment
of Recovery Ratings criteria allows for one notch uplift for
recovery whenever there is a two notch rating differential between
a company's foreign and local currency ratings. In instances when
the difference between the Foreign and the Local Currency rating
is one notch or less, Argentine corporates would be capped at an
average recovery rating of 'RR4', which is in the range of 31% to


Advantageous Vertical Integration: Capex is an integrated
thermoelectric generation company whose vertically integrated
business model gives it an advantage over other Argentine
generation companies. Capex benefits from operating efficiencies
as an integrated thermoelectric generating company in Argentina
and the flexibility from having its own natural gas reserves to
supply the plant. This gives the company an advantage against
other players in the industry, especially given existing gas
limitations in the country. Capex's generating units are
efficient, and the proximity to its natural gas reserves in the
Agua del Cajon field coupled with gas transportation restrictions
from Neuquen basin to the main consumption area in Buenos Aires
reduces the gas supply risk.

Improving Regulatory Environment: Capex's ratings reflect
regulatory risk given strong government influence in both the
Electric/Utilities and Energy sectors. Capex operates in highly
strategic sectors where the government both has a role as the
price/tariff regulator and also controls subsidies for industry
players. Electricity prices continue to remain sub-optimal
compared with other countries in the region.

Fitch believes the recent resolutions implemented by the new
government reflect a trend of less government interference and
discretion in the power generation sector. Capex has benefited
from recent positive regulatory rulings in both the Oil & Gas and
Electricity sectors. In the Gas sector, the company can benefit,
from the recently revised, government stimulus plan aimed to
increase natural gas production from unconventional (shale and
tight) in the Neuquen basin which will be in place through 2021.
In the Electricity sector, the company now benefits revised
electricity tariffs, which are denominated in U.S. Dollars, but
paid in Argentine peso, eliminating currency exposure. Fitch
expects that EBITDA will increase to approximately USD145 million
for fiscal year-end April 2019, the first full fiscal year of
operations under the new resolutions.

Counterparty Exposure: The company depends on payments from
CAMMESA, which acts as an agent on behalf of wholesale market
participants (Mercado Mayorista Electrico or MEM), an association
representing agents of electricity generators, transmission,
distribution and large consumers. Historically, payments from
CAMMESA have been volatile, given that the agency depends
partially on the national government for funds to make payments.
Electric companies in Argentina are exposed to potential delays in
payment from CAMMESA and also to risks in fuel supply, as the
government's agency centralizes the country's fuel imports.

The new resolutions have started reducing CAMMESA's deficit, and
since mid-2017, CAMMESA has been able to comply with its
commercial agreements of providing payments within 42 days. This
normalization of payments is expected to continue as the Macri
administration remains committed to developing a long-term
sustainable regulatory environment, moving towards a more
unregulated market and reducing the deficit. Fitch expects the
regulatory environment will continue moving towards a more typical
energy market, where generation companies will acquire fuels
directly from producers, ultimately pass costs to end-user.

Small Production Profile, Adequate Hydrocarbon Reserves: Capex's
has a small and concentrated production profile, and its asset
base as well as all of the company's proved (1P) reserves and
production is concentrated in Argentina. 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 12,000 boe per day (boed) from 2018 to 2021.

Fitch believes Capex has an adequate reserve life of 10.4 years 1P
and 15.4 years 2P providing some flexibility to reduce capex
investments if needed. As of the end of January 2018, Capex
reported 1P reserves of 40.7 million boe with 87% related to gas.
The company has strong concession life that exceeds the life of
its 2024 bond, with Agua del Cajon concession expiring in 2052,
and recently acquired blocks: Pampa del Castillo O&G Field
expiring in 2046, La Yesera in 2027 and Loma Negra (RN Norte) in

Strong Credit Metrics: As of January 2018, the company's financial
metrics were strong, with low leverage and strong interest
coverage. Capex's leverage, as measured by total debt to last
twelve months EBITDA stood at 2.8x and net debt to last twelve
months EBITDA was 1.8x, while last twelve months EBITDA/interest
expense was 5.9x. Capex has a strong capital structure with its
first debt maturity scheduled in 2024 with a manageable interest
expense. Fitch estimates EBITDA/Interest Expense for 2019 to be
6.3x, and leverage to remain flat with total debt to EBITDA being
2.3x and net debt to EBITDA being 0.8x.


Capex's Foreign Currency rating is constrained by the country
ceiling of Argentina, similar to its Argentine utility peers:
Pampa Energia (B/Positive), Albanesi (B/Positive), Genneia
(B/Positive) and AES Argentina (B/Positive), Rio Energy/UGN/UENSA
(MSU Energy, B/Positive). Nonetheless, the company's metrics and
capital structure are strong and consistent with the 'BB' rating
category, as reflected in its 'BB-' Local Currency rating. Fitch
estimates that Capex's gross leverage as the Last-twelve months of
January 2018 to be 2.8x comparing favorably to the 2017 median of
5.1x of its Argentina peers composed of: AES Argentina at 2.3x,
Pampa Energia at 3.6x, Genneia at 5.1x, MSU Energy at 5.8x and
Albanesi at 6.1x.

Capex S.A. is a small oil & gas producer with operation
exclusively in Argentina. Capex's production is expected to stay
at an average of 12,000 boed through 2021, which is less than 'B'
rated peers Compania General de Combustibles S.A. (CGC,
B/Negative) with an average of 30,000 boed and Petroquimica
Comodoro Rivadavia S.A. (PCR, B/Positive) with an average of
20,000 boed. Capex has a strong reserve life of 10.4 years
compared PCR reserve life of 8.4 years and CGC reserve life of 6.6

Capex's gross leverage is expected to remain flat at 2.5x through
2021. Capex's expected gross leverage over the rated horizon
compares favorably to oil and gas peers CGC (4.0x), PCR (3.0x) and
Pampa Energia (2.5x). Unlike most of its oil & gas peers, Capex
does have a more diversified business model with its power
generation segment. As an integrated energy company, Capex
compares best to Pampa Energia and PCR, once PCR's wind farm
projects are in operation.


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

  --Electricity prices denominated in USD of 17-21 per MWh between
2018 through 2022 respectively, reflecting new tariff scheme;

  --Annual electricity production of approximately 3,500GWh-
4,000GWh on average for 2018-2022;

  --Diadema Wind Farm average availability factor from 2018-2022
at 90% and average load factor of 51% with a PPA price of
USD40.27MWh for its twenty year PPA;

  --Natural gas production remains stable at an average of nearly

  --Natural gas prices between 2018 through 2020 of USD5.5/MMBTU
and at USD4.5/MMBTU in 2021 and 2022;

  --CAMMESA payments made within 42 days;

  --Total capex of USD387 million between 2018 through 2022, and
an average annual capex of USD77 million;

  --No dividends payments between 2018 through 2022.

Key Recovery Rating (RR) Assumptions:

  --The recovery analysis assumes that Capex 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+'/'RR3' due to the variation between the local and
foreign currency IDRs.


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

  --An upgrade to the ratings of Argentina could result in a
positive rating action.

  --Net production rising on a sustainable basis to 35,000 boed;

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

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

  --Argentina's credit quality deterioration; sustained declines
in energy, gas and oil production could cause a significant
deterioration of credit metrics; and gas reserves or failure to
further develop new fields, which could threaten the integrated
business model in the long-term would be another potential
negative factor.

  --A reversal of government policies that result in a significant
increase in subsidies coupled with a delay in payments for
electricity sales

  --Sustainable production size decreased to below 10,000 boed; or

  --Reserve life decreased to below seven years on a sustained

  --A significant deterioration of credit metrics to total
debt/EBITDA of 4.5x or more.


Strong Liquidity: In January 2018, Capex reported available cash
of USD175 million adequately covering interest expenses for the
USD300 million senior unsecured notes through maturity, in 2024.
The company does not face any significant financing needs over the
foreseeable future. Fitch expects the company will maintain this
strong cash position, as it looks to pursue opportunities in the
Argentina in by energy and oil and gas.


Fitch has affirmed the following rating:

Capex S.A.

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

  -- Long-Term Local Currency IDR at 'BB-'; Outlook Stable;

  --International senior unsecured bond ratings to 'B+/RR3'


ENJOY SA: Fitch Affirms 'B' IDR & Alters Outlook to Positive
Fitch Ratings has affirmed Enjoy S.A.'s Issuer Default Rating
(IDR) at 'B' and revised the Rating Outlook to Positive from
Stable. In addition, Fitch has upgraded and removed from Rating
Watch Positive Enjoy's senior unsecured notes to 'B+'/'RR3' from

The upgrade of the senior unsecured notes to 'B+'/'RR3' from
'B'/'RR4' reflect the application of Fitch's revised criteria
"Country-Specific Treatment of Recovery Ratings", which was
published on April 16, 2018. In this criteria, Chile's rating
recovery cap of 'RR4' was changed to 'RR2', allowing Enjoy's
issuance to be rate one notch higher than its IDR due to its
better than average recovery prospects.

The Rating Outlook was revised to Positive from Stable due to the
recent capital increase in the company and Fitch's expectation
that Enjoy will be able to retain a majority of its three
concessions that are currently being renewed by way of a
competitive bidding process; Enjoy has a total of eight gaming
concessions. Further, Fitch expects the company will be able to
maintain its EBITDA at similar levels to 2017 and be able to
maintain its current capital structure and leverage below 4.5x,
despite needed investments in its gaming operations. Enjoy's
ratings also factor in the longstanding and leading position of
the company's operating casinos in Chile, and its developing
diversification into the Latin American region.


Capital Increase Improves Profile: The capital increase and
entrance of Advent International to Enjoy's ownership structure in
January 2018, improved the company's capital structure, financial
flexibility, and strengthened its strategic focus and corporate
governance, with a clearer and more conservative approach to
leverage. Proceeds from the CLP112 billion capital increase were
used to prepay USD105 million of the USD300 million international
bond, as well as CLP50 billion of local bonds. The cash
contribution reduced leverage to below 4.0x and improved the
amortization schedule. Fitch expects Enjoy to reach net
debt/EBITDA of 3.8x by the end of 2018 in its base case scenario.

Bidding Process Moving Forward: The bidding process for Enjoy's
municipal gaming licenses is currently in process and adds near
term risks to the company's future cash flow generation; three of
the company's eight gaming licenses are waiting to be awarded by
the regulator, which is expected to be completed by June 2018.
Enjoy is competing to renew these existing licenses and add a new
gaming license in Puerto Varas. In each of the three bidding
processes, there is only one competitor, the second largest player
in the industry, Sun Dreams. Fitch views the forward movement on
this outstanding issue as positive as it will lower uncertainty
for the industry, despite the potential negative consequences.
Fitch believes that should the unlikely case of losing two to
three licenses and associated EBITDA, it would likely have a
negative impact on the rating.

New Shareholder: The entrance of Advent International to ownership
structure of Enjoy has given the company a more focused strategy,
concentrating on the gaming business, with the aim of doubling its
EBITDA within five years. Advent is a large private equity fund
with significant investments in businesses around the globe; this
is their first investment in a gaming company. They have a more
conservative approach to debt than the previous shareholders, and
part of the corporate strategy is to increase the value of the
firm through organic growth and improving efficiencies versus
growth through acquisitions financed with debt.

Slow Growth in the Industry: The gaming business in Chile is a
mature industry, with low-single-digit growth. Enjoy's growth
strategy is focused on developing underdeveloped locations, such
as Santiago and Chiloe, as its other casinos post modest growth
figures, as well as increasing it appetite for opportunities
outside Chile. The expected recovery in Argentina and Brazil
should improve results at Enjoy's casino in Punta del Este,
Uruguay, which has been affected by the weak performing economy.
Further, the prospects of the opening of the gaming market in
Brazil and improving laws in Colombia could increase competition,
putting pressure on the company's operations in Uruguay.


Enjoy's 'B' IDR is in line with small casino operations in the
Americas. Enjoy's leverage was reduced to below 4x after the
capital increase, but the company shows lower margins at much
larger operator such as Boyd Gaming Corporation, MGM Resorts
International and Wynn Resorts. Enjoy's business factors remain
good, with strong market position in Chile, profitability and an
operating environment that limits new competition in Chile. Enjoy
is a much smaller operator than the above mentioned peers, with
70% of its EBITDA coming from Chile, and diversification only in
Latin America. Additionally, after several years of financial
stress, the company is in need of capex to revitalize its asset
base. Enjoy owns all of its underlying real estate, with the
exception of Vina del Mar, which lowers license renewal risk and
is a positive for the credit. No country-ceiling, parent/
subsidiary or operating environment aspects impacts the rating.


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

-- Enjoy loses one of the concessions, and there are no new
    licenses are added.

-- Capex of CLP17 billion annually, plus CLP24 million within the
    next 24 months to improve its municipal casinos.

-- Dividend policy of 50% of net income.

Key Recovery Rating Assumptions

-- The recovery analysis assumes that Enjoy would continue
    operating in case of default and that the company would be
    reorganized rather than liquidated.

-- Fitch has assumed a 10% administrative claim.

Going-Concern Approach:

Recovery analysis considers a post restricting EBITDA after
default without any municipal license, based on 2017 EBITDA. The
EV multiple of 3x used to calculate a post-reorganization
valuation considers the latest casino and gaming saloon
transactions in the market, with a haircut, as the latest
transactions have been of ongoing healthy business with no
financial distress.

The waterfall results in a 63% recovery, corresponding to 'RR3'
recovery rating, which allows for a one notch upgrade to the
issuance to 'B+'.


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

-- Successful completion of the municipal licenses bidding
process, retaining two of three of its concessions, or the
demonstrated ability to maintain an equivalent level of EBITDA,
and the current capital structure could result in an upgrade.

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

-- The loss of multiple concessions or debt financed acquisitions
would likely result in a stabilization of the outlook or possibly
a downgrade.


In February 2018, Enjoy paid 35% of the international USD300
million five years term loan (USD105 million) and CLP50 billion of
one of its local bonds, improving its financial flexibility and
reducing its amortization schedule for the next several years. The
company has short term debt for CLP58 billion and available cash
for CLP21 billion, but 70% of the short-term debt is revolving and
is expected to be rolled over when required. For 2018 and 2019,
Enjoy has amortizations of CLP17 billion and CLP15 billion
respectively, and its primary maturity is in 2022, of CLP124
billion, consisting mainly in the USD195 million remaining portion
of the international bond.


Fitch has taken the following rating actions:

Enjoy S.A.

-- Long-Term IDR affirmed at 'B', Outlook revised to Positive
    from Stable;

-- Senior unsecured USD300 million notes upgraded to 'B+'/'RR3'
    from 'B'/'RR4'.


COLOMBIA: Workers Demonstrate to Demand Better Wages
EFE News reports that thousands of Colombian workers took to the
streets in various cities around the country for May Day rallies
demanding improved labor conditions and protesting the rising
unemployment rate.

Waving Colombian flags, as well as banners representing various
workers unions and political parties, demonstrators seized on the
occasion of International Workers Day to draw attention to the
deteriorating labor market, low wages and increasingly
inaccessible retirement pensions, according to EFE News.

In Bogota, demonstrators made their way to the capital's central
Bolivar square, where two stages were set up and union emblems
covered the exterior of the Congress building, the report notes.

Unemployment in Colombia stands at 9.4 percent, according to the
DANE statistics agency, whose figures show that the city with the
highest rate is Cucuta, where 19.5 percent are without jobs amid a
flood of people fleeing economic crisis in neighboring Venezuela,
the report says.

In Cucuta, workers demanded that the Colombian government take
"differentiated" actions to deal with the influx of Venezuelans,
who locals say are taking work away from residents and dragging
down wages, the report adds.

E L  S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B-/B' ICRs, Outlook Remains Stable
S&P Global Ratings affirmed its 'B-/B' issuer credit ratings on
Banco Agricola S.A. The outlook remains stable.

The ratings on Banco Agricola are supported by its sound business
position as a leader in the El Salvador banking industry, where it
is the largest bank with solid business lines and a consolidated
market share. Banco Agricola's risk-adjusted capitalization ratio
(RAC) is still moderate. Further, S&P forecasted RAC ratio was
around 6.2% on average during 2018-2019. The ratings also reflect
the bank's healthy and stable asset quality metrics compared to
its peers, as well as its growing and pulverized deposit base that
constitutes its main source of funding, and its adequate

Banco Agricola's SACP remains 'b+', higher than the 'CCC+' long-
term rating on El Salvador, reflecting the bank's strength on a
stand-alone basis and some implicit support from its parent.

S&P said, "The stable outlook on Banco Agricola reflects our view
of improving operating conditions for the bank, considering that
we expect El Salvador may not face a near-term payment crisis. In
our view, the government's ongoing negotiations are likely to
result in a financing agreement for 2018 and 2019, that would
reduce the likelihood of a sovereign default and thus, the bank
would operate under more favourable business conditions."


GENERAL ACCIDENT: "A Disappointing year," Says Chairman
RJR News reports that Chairman of General Accident Insurance
Company, Paul B. Scott says 2017 was not a good year for the
company, describing it as disappointing.

General Accident made its first underwriting loss in recent years
and produced its lowest returns on shareholders' equity as a
public company, according to RJR News.

The report notes that Mr. Scott said despite historically low
premiums, for the first time in the company's history, its annual
claims topped $1 billion.

However, he says for the first time in the past 9 years, the
company failed to produce an underwriting profit, the report

Mr. Scott said that was partly due to the sale of the company's
remaining equities portfolio, says RJR news.

* JAMAICA: Decline in Bad Debt, BOJ Data Shows
RJR News reports that the volume of bad debt in deposit taking
institutions declined in December.

Data from the Bank of Jamaica show bad debt was down 2.6 per cent
compared to the prior year, according to RJR News.

That was despite commercial banks recording a 15 per cent growth
in the number of loans on their books which were unpaid for at
least 3 months, the report notes.

Merchant banks and building societies saw a decline in their bad
debt portfolios, the report relays.

At the end of December, bad debt made up just 2.6 per cent of the
total loans in deposit taking institutions supervised by the Bank
of Jamaica, the report adds.

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


GRUPO ELEKTRA: Fitch Affirms BB IDRs & Revises Outlook to Pos.
Fitch Ratings has affirmed Grupo Elektra, S.A.B. de C.V.'s
(Elektra) Long-Term Foreign and Local Currency Issuer Default
Rating (IDRs) at 'BB'. The Rating Outlook has been revised to
Positive from Stable.

Elektra's ratings are supported by its market position in the
retail business as one of Mexico's main department store chains,
operational and financial linkage with Banco Azteca S.A. [BAZ;
rated AA-(mex)/F1+(mex) ], as well the company's sizable liquidity
position and financial flexibility. The ratings also consider the
company's foreign exchange exposure of part of its inventories and
the controlling ownership by the Salinas family.

The Positive Outlook reflects Fitch's expectations that Elektra
will maintain its strong credit profile, positive free cash flow
(FCF) and financial flexibility. The company has demonstrated an
ability to quickly adapt to adverse consumer environments through
a combination of strategies between its retail and financial
services businesses, which has strengthened its market share and
growth. The maintenance of its financial profile and leverage of
its retail division (measured as total adjusted debt to EBITDAR
below 3.5x over the next 12 to 18 months) should result in a
positive rating action.


Strong Market Position: Elektra's market position is supported by
the diversification of its operations and linkage with BAZ, a
Mexican bank with the most granularity in the country. Elektra has
a nearly 68-year track record in the commercialization of durable
goods, with operations in six Latin American countries including
Mexico. The company also has a presence in the U.S. through its
subsidiary Advance America (AEA), a payday lending and other
short-term financial services provider.

Elektra's omnichannel strategy includes not only retail but also a
financial business component. Since 2016, the company has invested
in servers and IT platforms to help support innovations that will
help the company stay updated with consumer trends. Elektra
generates about 76% of the group's consolidated revenues in Mexico
(including retail and financial businesses). However, Fitch
believes operations in other countries across Latin America
somewhat mitigates revenue concentration.

BAZ Supports Elektra's Business Model: The linkage between
Elektra's retail and financial divisions is strong as both depend
on one another to complete service offerings to customers. The
retail division complements its product sales by offering BAZ
credit services, while BAZ maintains a strong base of customer
derived from Elektra and Salinas y Rocha's shoppers.

BAZ's ratings reflect the bank's capacity to adjust to adverse
operating environments and its robust position in its main market,
consumer loans to the medium-low income segment of the population.
Furthermore, they incorporate the bank's solid funding structured
through an ample, stable and diversified base of core customer
deposits as well as its good liquidity position.

Adequate Leverage Expected: Fitch's primary focus on Elektra's
credit metrics considers only the retail business (excluding
financial businesses). Following this approach, Elektra's total
adjusted debt to EBITDAR should range from 3.0x to 3.5x during the
next three years. For the year end as of Dec. 31, 2017, the
retail-only lease adjusted debt-to-EBITDAR (excluding non-cash
items) was 2.3x and the adjusted net debt-to-EBITDAR was 0.1x
(considering marketable securities), an improvement from the 3.6x
and 1.4x presented in 2015, respectively.

Using the captive finance adjustment (as per Fitch's criteria),
consolidated total adjusted debt to EBITDAR is 1.6x as of March
31, 2018. Fitch expects this ratio to be around 2.0x in the short
to medium term. Where financial services (FS) activities are
consolidated by a rated entity, Fitch criteria assumes a capital
structure for FS operations, which is strong enough to indicate
that FS activities are unlikely to be a cash drain on retail
operations over the rating horizon. Then, the FS entity's debt
proxy, or its actual debt (if lower), can be deconsolidated and
the remainder debt used for credit metric calculations.

Currency Exposure Partially Mitigated: While debt is mainly
composed of local currency issuances, some of Elektra's inventory
is exposed to currency variations as a portion of it is linked to
USD. This could potentially pressure profit margins for some
products if this effect is not reflected in price increases, or
might affect sales volumes if the effect is passed through prices.
However, this exposure is partially mitigated by Advance America's
(AEA) cash flows and money transfer fees collected in USD by
Elektra. Elektra has covered its remaining USD cash flow exposure
for 2018 by entering in forward contracts. In addition, Fitch
believes the company should have the flexibility to face currency
variations effects by changing its sales mix or extending its
credit periods to customers, among other measures.


Grupo Elektra's ratings reflect the company's business profile as
a department store business focused on mid to low economic segment
of the population in Mexico and some countries in Latin America.
Grupo Elektra's scale is larger than Grupo Unicomer (BB-/Stable)
and Grupo Famsa (B-/Stable) and holds one of the biggest credit
portfolios held by a retailer in the region. The company is less
geographically diversified than Grupo Unicomer; however, Mexico
and the U.S. are the countries that generate the most cash and
have lower country risk than most Unicomer's countries of

Grupo Elektra financial profile is strong for the rating category
when compared to peers. The company has a solid financial profile
with relatively low leverage compared to other retailers and good
financial flexibility due to its high levels of cash and
marketable securities. Grupo Elektra's profitability is in the
median of Fitch's rated retailers around the globe, and its
operating margins and liquidity are higher than those of Grupo
Unicomer and Grupo Famsa.


Fitch's Key Assumptions Within Its Rating Case for the Issuer
  --Revenue growth for retail business of 6.5% average per year
and EBITDA margin of 19% per year;

  --Revenue growth for AEA of 0.5% average per year and EBITDA
margin of 9.4% per year;

  --Revenue growth for BAZ of 8.8% average per year and EBITDA
margin of 16.1% per year;

  --Annual growth of 6.1% in banking deposits;

  --Consolidated credit portfolio growing at 9.4% per year;

  --NPL provisions of MXN8.4 billion per year, in average;

  --Capex of MXN5.3 billion annually, in average;

  --Dividend payments growing at 7% per year;

  --The company refinances its debt maturities.


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

  --A sustained decrease in adjusted leverage and adjusted net
leverage for the retail division to levels below 3.5x and
2.0x, respectively;

  --Sustained consolidated adjusted debt to EBITDAR (as per
Fitch's methodology) below 2.0x;

  --A strengthening of the bank's creditworthiness coupled with
solid performance of the retail business revenue, profitability
and cash flow dynamics;

  --Fitch's perception of a continued strengthening in corporate

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

  --Sustained adjusted debt to EBITDAR for the retail division
above 4.0x;

  --Sustained adjusted net debt to EBITDAR for the retail division
above 3.0x (including readily available cash equivalents,
as per Fitch's calculations);

  --Sustained consolidated adjusted debt to EBITDAR (as per
Fitch's criteria) above 3.0x;

  --Deterioration in Banco Azteca's creditworthiness;

  --A weakening in corporate governance practices.


Elektra's liquidity position is sound. As of March 31, 2018, cash
for the retail division was MXN5.0 billion and short-term debt was
MXN8.7 billion, mainly composed of two local issuances due in 4Q18
and 1Q19. Fitch believes that Elektra's nearby MXN26 billion
marketable financial instruments portfolio could provide
additional liquidity if required. The company is planning to issue
a MXN7.5 billion local bond during the first semester of the year
to refinance its current maturities.


Fitch has affirmed the following ratings:
Grupo Elektra S.A.B. de C.V.

  --Long-Term Foreign- and Local-Currency Issuer Default Rating
(IDR) at 'BB', Outlook Revised to Positive from Stable;

  --Long-Term National Rating at 'A+(mex), Outlook Revised to
Positive from Stable;

  --Short-Term National Rating at 'F1(mex)';

  --MXN5.0 billion unsecured CBs (ELEKTRA 16) due 2019 at

  --MXN0.5 billion unsecured CBs (ELEKTRA 16-2) due 2023 at

  --Short-Term portion of Certificados Bursatiles Program for up
to MXN10 billion at 'F1(mex)'.

METALSA SA: S&P Affirms 'BB+' Corp Credit Rating, Outlook Stable
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on Metalsa S.A. de C.V. S&P said, "At the same time, we
affirmed our 'BB+' rating on the company's $300 million senior
unsecured notes due 2023 with a recovery rating of '3', which
reflects our expectation of a 50% to 90% recovery in the event of
a payment default. The outlook on the corporate credit rating is

S&P said, "The rating affirmation captures our expectation that
Metalsa will continue to deliver debt to EBITDA below 2.0x and FFO
to debt above 40% over the next 12 to 24 months, supported by
moderating but still healthy vehicle demand in North America and
slightly improving demand in Europe and Brazil. The rating also
incorporates our opinion that Metalsa's operations will remain
resilient within the next 24 months given the company's leading
position as a Tier 1 supplier within the regional auto supply
chain, even though the outcome of the North American Free Trade
Agreement (NAFTA) renegotiations remains uncertain."

MEXICO: Says Major Issues Still Outstanding in NAFTA Talks
EFE News reports that Mexico's economy secretary said that much
remains to be done before negotiations with the United States and
Canada on updating the 1994 North American Free Trade Agreement
can be deemed a success.

Among the "very important" matters that remain to be settled are
dispute-resolution mechanisms, rules of origin in the automotive
sector and rules for agricultural trade, Ildefonso Guajardo told a
press conference in Mexico City, according to EFE News.

PETROLEUM CO: S&P Alters Outlook to Negative & Affirms 'BB' CCR
S&P Global Ratings revised its outlook on Petroleum Co. of
Trinidad & Tobago Ltd (Petrotrin) to negative from stable. S&P
said, "We also affirmed our 'BB' long-term corporate credit and
senior unsecured debt ratings on the company. Additionally, we're
keeping its SACP unchanged at 'b-'."

S&P said, "The outlook revision reflects our concern of increasing
refinancing risk on Petrotrin's $850 million notes that mature in
August 2019 amid weak cash flow generation. The failure to
refinance the bond during the second half of 2018 would
deteriorate the company's liquidity position and could trigger a
downgrade of one or more notches. In addition, if the company's
stand-alone credit quality continues to weaken, this could suggest
that the likelihood of support from the government of Trinidad and
Tobago is waning. That could lead us to reassess our opinion on
Petrotrin's strong link to the government and ultimately the very
high likelihood of support, which would also negatively affect our
ratings on the company."

SU CASITA: Fitch Affirms 'CCsf' Rating on Class A RMBS
Fitch Ratings has affirmed the 'CCsf' and 'D(mex)' ratings of Su
Casita Trust's class A and class B residential mortgage backed
securities (RMBS), respectively.


Weak Asset Quality, Improving Repossession Dynamics: Mortgage
portfolio still is highly pulverized but exhibits a 65.4% default
ratio (considering +90 days defaulted loans divided by the total
current balance), which reflect a weak asset quality commensurate
with current ratings. On a static basis, the +90 days cumulative
default ratio represents 20.9% of the original loan balance; a
marginal improvement from the stable 22.9% seen one to two years
ago. In Fitch's opinion, a long seasoning of performing assets,
consistent loan modification programs and recurrent sales of
repossessed properties are factors that explain the stabilization
of cumulative defaulted loan rates. Fitch expects this servicing
trend to continue in the foreseeable future.

Bond repayment is becoming dependent of an unrated third party
guarantor. Current ratings reflect very high levels of intrinsic
credit risk but not yet a default or a default-like process
corresponding to a 'Csf' rating given the guarantee provided and
available by an unrated guarantor. Current ratings also reflect
the deteriorated performance of securitized assets and a high
exposure to special collection activities needed to monetized
deteriorated assets.

Operational Risk Exposure: The securitized loans represent a
static mortgage portfolio originated by Hipotecaria Su Casita S.A.
de C.V. (rated 'D(mex)'). Collections (and resources from real
estate owned [REO] sales) are initially received in a bank account
opened on behalf of the trustee at CI Banco S.A. rated 'A-(mex)'
with a Stable Outlook. While commingling risk is mitigated,
current ratings capture the exposure of the notes to payment
interruption risks as Fitch do not rate the external guarantor.
Fitch considers another servicing substitution process to be
remote in the foreseeable future.

Deteriorated credit enhancement not recovering with organic
cashflows. As of March 2018, class A overcollateralization
(excluding +91 days delinquent loans from the loan pool) remains
negative and stands at -143.3%, and -128.5% when excluding +181
days delinquent loans. Class B's rating also considers the
tranche's structural subordination to class A and its consistent
default on accrued interest payments during the past few years.
Fitch notices the servicing efforts would continue on promoting
cash flows through restructuring delinquent/defaulted loans and
speeding up property sales. However, given the negative credit
protection, the rated notes exhibit an intrinsic low capacity to
support stresses on the securitized portfolio related to higher

Class A's ratings exhibit limited upgrade potential. Among other
factors, they would be downgraded if REO management deteriorates,
if special collection efforts do not result in better recovery
prospects in the foreseeable future, or if the third party
guarantee stops making payments since class A's interest and
principal payment have become more dependent on such external
credit protection. As of this date, Recovery Estimates (RE) for
the class A outstanding balance (without taking into account the
third party guarantee) are approximately 70% (RE70%).

Fitch has affirmed the following ratings:

  --Class A floating rate notes due 2035 at 'CCsf'; RE70% and

  --Class B UDI-indexed notes due 2035 at 'D(mex)'.

T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: To Purchase Equipment From TCL
RJR News reports that Caribbean Cement Limited has signed an
agreement to purchase equipment it once leased from its parent
company, Trinidad Cement Limited.

Under the agreement, Carib Cement is to pay US$118 million for the
equipment, according to RJR News.

The equipment being purchased consist of its Kiln 5 and Mill 5 at
its headquarters in Rockfort, Kingston, the report notes.

Carib Cement entered into the lease agreement in July 2010 and
wants to have ownership of the equipment before the end of this
year, the report adds.

                    *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that Caribbean Cement said it
racked up a loss of $89 million in the three months to the end of
June, compared to a $359 million profit in the corresponding
period a year ago.  The report noted that Caribbean Cement said
the loss was due to the shutdown of a clinker line to facilitate
maintenance work.

According to a TCR-LA report on Aug. 7, 2013, RJR News related
that Caribbean Cement Company Limited suffered a consolidated loss
of J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News.  The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.


VENEZUELA: Stage Demonstrations on May Day
Alianza News reports that Venezuela's government and opposition
both demonstrated on International Workers' Day as the upcoming
May 20 presidential election approaches, and in which the head of
state Nicolas Maduro will seek reelection.

The ruling party will also commemorate the occasion a year ago
when Maduro convened a National Constituent Assembly (ANC), whose
members were finally elected but without the previous referendum
required by the Constitution, and which is made up entirely of
ruling party members, a situation that has sparked accusations of
illegitimacy by many countries, according to Alianza News.

The Chavistas called for a massive mobilization in central and
west Caracas in defense of national sovereignty, democracy and
workers' "conquests," the report notes.

President Maduro doubled the minimum salary of workers and
increased the subsidies millions of people receive, then extolled
these moves as yet more reasons to join the demonstration in the
streets in defense of the Bolivarian Revolution that he leads this
May Day, says the report.

Government spokespersons have said they expect "all the forces of
the working class" to join in this demonstration, the report

Social media and state television channels have also offered
invitations to join that march, which will also serve to support
Maduro's candidacy in the May 20 vote, which the MUD opposition
coalition considers fraudulent and so refuses to take part in it,
the report discloses.

The report relays that Anti-Chavismo, for its part, urged its
followers to demonstrate at various points around Caracas and in
the interior of the oil-producing country to denounce the nation's
current economic crisis and to repudiate the "electoral farce."

The opposition Broad Front for a Free Venezuela, leading the move
to shun the presidential election, planned to promote protests in
the streets to express citizens' discontent, the report says.

In the upcoming election, Venezuelans can choose among President
Maduro, former opposition Gov. Henri Falcon, former evangelical
pastor Javier Bertucci, businessman Alejandro Ratti and the
engineer Reinaldo Quijada, 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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,
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