TCRLA_Public/180515.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, May 15, 2018, Vol. 19, No. 95


                            Headlines



A R G E N T I N A

BANCO SANTANDER: Fitch Revises Outlook on B+ IDR to Stable
GENNEIA SA: Fitch Affirms 'B' LT IDR, Outlook Stable
PAMPA ENERGIA: Fitch Affirms 'B' LT FC IDR, Outlook Stable
PROVINCE OF SALTA: S&P Affirms B Currency Ratings, Outlook Stable


B R A Z I L

BRAZIL REALTY: Moody's Assigns (P)Ba2 Rating to Real Estate Certs
BRK AMBIENTAL: Moody's Assigns Ba2 CFR, Outlook Stable
CYRELA BRAZIL: Moody's Assigns Ba2 Rating to New BRL405MM Debt
KLABIN SA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
OIL COMBUSTIBLES: Commercial Judge Decreed Firm's Bankruptcy

VALID SOLUCOES: Fitch Affirms Then Withdraws BB- IDR


P U E R T O  R I C O

E.A.N.S. CORP: Seeks to Hire Hector Pedrosa as Counsel
INSTITUCION AMOR: Taps Santiago & Gonzalez Law as Legal Counsel


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Trinidad Controls Over 26% of Republic Bank


V E N E Z U E L A

PDVSA: Court Authorizes ConocoPhillips Unit to Seize Assets
PDVSA: Halts Crude Deliveries to Caribbean Refinery Amid Legal Row


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A R G E N T I N A
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BANCO SANTANDER: Fitch Revises Outlook on B+ IDR to Stable
----------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on the Long-Term
Issuer Default Ratings (IDRs) for the following Argentine
financial institutions (FIs) to Stable from Positive:

  -- Banco Santander Rio S.A. (Santander Rio);

  -- BBVA Banco Frances S.A. (BBVA Frances);

  -- Banco Macro S.A. (Macro);

  -- Banco Supervielle S.A. (Supervielle);

  -- Tarjeta Naranja S.A. (TN);

  -- Banco de la Ciudad de Buenos Aires (Banco Ciudad).

Fitch's actions follow its revision of the Outlook on Argentina's
sovereign rating on May 4, 2018. No action was taken on Banco
Hipotecario S.A. since the bank already had a Stable Outlook.

The rated entities are among the largest private-sector financial
institutions in the country. While the IDRs of Santander Rio, BBVA
Frances and Banco Ciudad are driven by parent support, the IDRs of
Macro and Supervielle are driven by their Viability Ratings (VRs),
and in the case of TN, its standalone intrinsic financial profile.

In Fitch's view, regardless of their overall adequate financial
condition, these entities' ratings are constrained by the low
sovereign rating of Argentina, given the influence of the
operating environment on the FIs performance. Specifically, the
central bank's recent monetary policy actions and the depreciation
of the Argentine Peso raise concerns on these institutions' timely
ability to reprice its assets, the impact of increased rates and
currency volatility on loan performance, as well as the
implications for loan growth and profitability.

KEY RATING DRIVERS

IDRS

SANTANDER RIO AND BBVA FRANCES

The likelihood of parent support drives the Local Currency IDRs of
Santander Rio and BBVA Frances. Despite Banco Santander, S.A.'s
(SAN; A-/Stable) and Banco Bilbao Vizcaya Argentaria, S.A.'s
(BBVA; A-/Stable) strong financial profile, Santander Rio and BBVA
Frances' rating uplift from support is limited to one notch above
Argentina's Local Currency Long-Term IDR.

MACRO

Macro's VR and IDRs reflect its higher risk appetite and growth
strategy relative to international and domestic peers, which is
balanced by its ample capital cushion, as well as its diverse
funding and ample liquidity.

SUPERVIELLE

Supervielle's VR and IDRs are driven by its improved
capitalization, adequate funding and liquidity profile, and
gradually strengthening franchise. Fitch also considers the bank's
adequate profitability and asset quality, although these are
somewhat distorted by high inflation.

TN

TN's IDRs are driven by its higher risk appetite relative to bank
peers and its business concentration in credit cards targeting
low- and middle-income segments. Ratings also consider TN's
reliance on short-term payables to more than 200,000 merchants,
which is partly mitigated by consistent double-digit operating
ROAAs, as well as adequate capitalization.

Banco Ciudad

Fitch believes Banco Ciudad's parent, the City of Buenos Aires
(CBA) (B/Stable) demonstrates adequate capacity and propensity to
provide extraordinary support to the bank, should it be needed.
Equalization of the bank's IDRs with those of its parent is
supported by CBA's legal guarantee of the bank's operations
(including deposits, debt securities and wholesale funding), its
full ownership stake, and the bank's integral role in government
operations such as tax collection and payment of city employee
salaries. However, Banco Ciudad's VR is the same as CBA's long-
term IDR, and therefore the bank's IDRs do not benefit from
external support at this rating level.

RATING SENSITIVITIES

Local and Foreign Currency IDRs

SANTANDER RIO, BBVA FRANCES AND BANCO CIUDAD

Santander Rio and BBVA France's IDRs are sensitive to a change in
Fitch's views on their parents' ability and propensity to provide
support. Argentina's sovereign rating represents a material
constraint on the ratings of Banco Ciudad's sole shareholder, the
City of Buenos Aires. Santander Rio and BBVA Frances' IDRs and VRs
would likely move in line with any change to Argentina's sovereign
rating.

MACRO, SUPERVIELLE AND TN

Upside potential in the ratings of Macro, Supervielle, and TN is
contingent upon an upgrade of the sovereign rating. A negative
rating action or deterioration in the operating environment that
leads to a material deterioration in their financial profiles
would negatively pressure the ratings of Supervielle, Macro and
TN.

Fitch has affirmed and revised Outlooks for the following banks:

Santander Rio
  -- Long-Term Local Currency IDR at 'B+'; Outlook to Stable from
Positive.

BBVA Frances
  -- Long-Term Local Currency IDR at 'B+'; Outlook to Stable from
Positive.

Macro
  -- Long-Term Foreign and Local Currency IDRs at 'B'; Outlook to
Stable from Positive.

Supervielle
  -- Long-Term Foreign and Local Currency IDRs at 'B'; Outlook to
Stable from Positive.

TN
  -- Long-Term Foreign and Local Currency IDRs at 'B'; Outlook to
Stable from Positive.

Banco Ciudad
  -- Long-Term Foreign and Local Currency IDRs at 'B'; Outlook to
Stable from Positive.


GENNEIA SA: Fitch Affirms 'B' LT IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Genneia S.A.'s (Genneia) Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) of 'B'
and 'BB-', respectively. The Rating Outlook is Stable. Fitch has
also affirmed Genneia's senior unsecured notes due 2022 at
'B+'/'RR3'.

Genneia's ratings reflect the Argentine electricity industry's
regulatory risk, which is improving but remains high, as the
system continues to require financial support by the Argentine
government. As an integrated energy company, Fitch 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
devaluation.

Genneia'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 'B+'/'RR3' ratings on the USD500 million senior unsecured
notes due 2022 are one notch above Genneia'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
50%.

KEY RATING DRIVERS

Dominant Player in Renewables: Although Genneia is considered a
relatively small player in the local power generation industry (2%
of the system's installed capacity), the company is the leading
wind power generation provider in the country with approximately
70% of the installed capacity as of December 2017. Genneia's
aggressive expansion phase is expected to continue through 2019,
exposing the company to greater execution risk. Upon completion of
its current project pipeline, Genneia will have nine windfarms on
line, cementing its position as a leading renewables player in
Argentina. By year-end 2019, EBITDA is expected to have increased
by 99% when compared to year-end 2017, with renewable generation
representing 59% of Genneia's EBITDA (versus 30% as of year-end
2017).

Genneia added 438MW of capacity in 2017 between acquisitions
(296MW) and expansion projects (144MW). The company acquired the
thermal El Bracho plant in the province of Tucuman, with an
installed capacity of 245MW, through its acquisition of Generadora
Electrica de Tucuman S.A. (GETSA), and the Loma Blanca IV
windfarm, with an installed capacity of 51MW. With its expansion
projects, the company added 118MW from Bragado II and III and an
additional 24MW from Rawson III wind farm.

Genneia is in the process of constructing seven wind farms with a
committed installed capacity of 576.75MW including its Madryn wind
farm project with an expected installed capacity of 220MW, to
which the company is committed to achieve partial commercial
operation by May 2019 and the remainder by November 2019. The
Chubut Norte, Chubut Norte III and Chubut Norte IV wind farm
projects will add 168.8MW of installed capacity, and Villalonga,
Pomona and Necochea wind farm projects will add 187.95 MW. Also,
the company will have one biomass farm with committed installed
capacity of 19MW and acquired in 2018, a solar project, Ullum,
with 82MW of installed capacity By January 2021, Genneia is
expected to have total installed capacity of 1,478 MW, of which
835MW would be renewable power and 643MW thermal.

Predictable Operating Cash Flow: Genneia's cash flow generation is
relatively stable and predictable. Almost all of the company's
revenue is related to sales to the wholesale electricity market
(MEM, for its Spanish acronym) under contracts signed under
resolutions 220/07 and 21/16. The company benefits from USD-
denominated Power Purchase Agreements (PPAs) expiring between
2018-2027 for its thermal capacity and between 2027-2041 for
renewables. These PPAs support the company's cash flow stability
and predictability through fixed payments and fuel supplied by
CAMMESA.

Fitch expects the company's EBITDA to be slightly higher than
USD150 million in 2018 until the new projects are finalized,
increasing to nearly USD300 million by 2021. The company's EBITDA
margins have been stable and, on average, have exceeded 50% over
the last three years with a 63% thermal portfolio. With the
incorporation of renewables projects, Fitch has seen EBITDA
margins reach the company's estimated 70% margin and forecasts it
will remain this way through 2021.

Expansion Plan, Pressuring Credit Metrics: Genneia's gross
leverage, as measured by total debt to EBITDA, reached 4.4x as of
the year-end 2017, which is considered within the range of its
Local Currency rating of 'BB-'. Between 2018 and 2019, Fitch
estimates Genneia's max total debt to EBITDA to reach 5.1x,
assuming an additional of nearly USD530 million of debt raised to
finance the construction of Chubut Norte I, III and IV (169MW),
Pomona (100MW), Necochea (38MW), Madryn I &II (220MW), Villalonga
(50) projects. Once Genneia's ongoing expansion face is completed,
Fitch expects the company's total consolidated leverage will trend
towards 3.5x.

Fitch estimates assume Genneia's expansion capex will be entirely
financed through project finance debt, through a Special Purpose
Vehicles (SPV) as is required under RenovAR. This debt is non-
recourse to Genneia's corporate debt, but Fitch considers Genneia
S.A. as the ultimate guarantor, and therefore consolidates all
debt. Fitch estimates do not assume any support by its equity
investors, absent the fact, there is historical evidence that its
shareholders have contributed equity financing. Genneia has proven
to be able to access both domestic and international markets if
needed, and Fitch does not anticipate the company having
difficulty financing its renewable projects.

Counterparty Exposure: Genneia 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.

DERIVATION SUMMARY

Genneia's Foreign Currency rating is constrained by the country
ceiling of Argentina, similar to its Argentine utility peers:
Albanesi (B/Stable), Pampa (B/Stable) and AES Argentina
(B/Stable), Rio Energy/UGN/UENSA (MSU Energy, B/Stable).
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 Genneia's
gross leverage as of year-end 2017 was 4.4x comparing slightly
higher to the 2017 median of 3.6x of its Argentina peers composed
of: AES Argentina at 2.3x, Capex S.A. at 2.8x, Pampa at 3.6x, MSU
Energy at 5.8x and Albanesi at 6.1x. Fitch acknowledges that
Genneia is currently in a period of expansion and will have high
leverage during this process but expects the company to de-lever
quickly to a gross leverage of 3.2x and below 3.0x on a net debt
basis by 2020, which is in line with its Argentine peers.

Regional peers include Peruvian generators, Orazul Energy Egenor
S. en C. por A. (BB/Stable) and Kallpa Generacion (BBB-/Stable).
Unlike its Argentine peers, Peruvian utilities are not constrained
by a country ceiling, and the operating environment in Peru has
historically been more stable and open, in which generation
companies are on average exposed to higher credit quality off-
takers, and benefit from greater diversification in their
counterparty risk. Orazul shows a weaker capital structure than
Genneia, with leverage estimated to be above 5.0x through the
rating horizon. Its high leverage is mitigated by its asset
diversification. Additionally, Orazul's natural gas production
business makes it uniquely vertically integrated among Peruvian
generation companies. Kallpa is Peru's largest thermal generator
and the country's largest privately owned hydro generator, with
total installed capacity of 1,600MW. Similar to Genneia, Kallpa
will temporarily have leverage at 5.0x before settling at around
3.5x in the next few years.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for Genneia:

  -- Total installed capacity of 968 in 2018, 1,459 in 2019 and
     1,478 for 2020 and 2021;

  -- Bragado II (59.2 MW) and Bragado III (59.2 MW) were completed
     in 2017;

  -- PER Expansion (24MW) was completed in December 2017;

  -- PEM I (71MW) is fully operation in 2018, and PEM II(151MW) is
     fully operational in 2019;

  -- Pomona(100MW) completed in 2019;

  -- Punta Negra / Necochea (39.6MW) completed in 2019;

  -- Chubut Norte (28MW) / Villalonga (50MW) completed in 2019;

  -- Average Load factor of 30% and 43% for conventional
     generation and renewables, respectively;

  -- Total capex of USD900 million during 2018-2021, an average of
     USD220 million per year;

  -- Additional debt of USD480 million to finance to finance
     expansion capex.

RATING SENSITIVITIES

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

Of the Foreign Currency Issuer Default Ratings:

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

Of the Local Currency Issuer Default Ratings:

  -- Maintain a gross leverage ratio of below 4.0x on a consistent
basis.

  -- Given the issuer's high dependence on the subsidies by
CAMMESA/ENARSA from the Treasury, any further regulatory
developments leading to a more independent market less reliant on
support from the Argentine government could positively impact the
company's collections/cash flow.

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

Of the Foreign Currency Issuer Default Ratings:

  -- A downgrade of Argentina's ratings would result in a
downgrade of the issuers ratings, given that the company's ratings
are constrained by the sovereign's credit quality.

Of the Local Currency Issuer Default Ratings:

  -- Given the issuers high dependence on the subsidies by
CAMMESA/ENARSA from the Treasury, any further weakening of
Argentina's fiscal accounts could have a negative impact on the
company's collections/cash flow;

  -- A significant deterioration of credit metrics and/or
significant payment delays from CAMMESA;

  -- Material delays or cancellation of its expansion projects
that results in penalties or significant increase in the company's
leverage may be viewed negatively by Fitch.

  -- A significant deterioration of credit metrics to total
debt/EBITDA of 5.5x on a sustained basis.

LIQUIDITY

Total cash and equivalents amounted to approximately USD98 million
as of December 2017 relative to the USD6.1 million in short-term
debt due in 2018. As of December 2017, Genneia had leverage of
4.4x. The company continues to face significant financing needs as
it embarks on an ambitious expansion plan, mainly in renewables.
Proceeds from the reopening earlier in 2018 were used to refinance
the USD45 million of debt that was scheduled to come due in 2018.
Historically, Genneia has access to short-term financing in
Argentina as has been evidenced by the company's relationship with
local banks. Additionally, some of its shareholders are
significant holders of Banco Macro. Genneia's funding capacity and
financial flexibility are considered adequate given its pro forma
debt level, although, given the company's significant capex needs,
it will need to find a financing alternative to the domestic
market.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Genneia S.A.

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

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

  -- International senior unsecured bond ratings at 'B+'/'RR3'.


PAMPA ENERGIA: Fitch Affirms 'B' LT FC IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Pampa Energia S.A.'s (Pampa) long-term,
foreign-currency (LT FC) Issuer Default Rating (IDR) at 'B' and LT
local-currency (LT LC) IDR at 'BB-'. The Rating Outlook is Stable.
Fitch has also affirmed Pampa's senior unsecured notes due 2027 at
'B+'/'RR3'.

Pampa's ratings reflect the Argentine electricity industry's
regulatory risk, which is improving but remains high, as the
system continues to require financial support by the Argentine
government. As an integrated energy company, Fitch 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
devaluation.

Pampa'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 'B+'/'RR3' ratings on the USD1,250 million senior unsecured
notes due in 2023 and 2027 are one notch above Pampa'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 50%.

KEY RATING DRIVERS

Strong Integrated Energy Model: Pampa's ratings reflect the
company's relatively large market presence in Argentina as the
largest integrated energy company. Pampa is a market leading E&P,
Generation and Utility company. It is well situated to benefit
from the Argentine energy and electricity market moving toward a
more normalized and independent system, less reliant on government
support. Fitch believes Pampa's power generation and E&P business
segments will further realize economies of scale, as the Macri
administration looks to shift the regulatory framework to a more
independent market. For example, allowing thermal power generators
the right to purchase gas from E&P producers rather than relying
on CAMMESA to provide the fuel for free.

Diversified Business Profile: Pampa's ratings reflect the
company's business diversification in electricity generation,
distribution, transmission and gas production and transportation,
which adds to cash flow stability. Pampa is a leading company in
the midstream, transmission and electricity distribution segments
as its co-controls Transportadora de Gas del Sur S.A. (TGS),
Transener and is a majority owner of Edenor. TGS transports 60% of
gas consumed in Argentina and is the leading NGL processor and
marketer in Argentina. While Transener is the largest high voltage
power transmission company in Argentina, with 85% market share,
complimented by Edenor, which is the largest electricity utility
company of Argentina with 20% market share as of year-end 2017.

Strong Capital Structure Projected: Fitch's base case forecasts
that total debt to EBITDA will be 2.1x in 2018 and deleverage to
below 2.0x by 2020. In December 2017, Pampa reported total debt
adjusted for ownership debt of USD2.3 billion with the earliest
maturity being in 2018 (USD282 million). This translates into a
leverage metric, as measured by total debt to EBITDA for year-end
2017 of 3.6x. During this time, Pampa reported a total cash
position adjusted by ownership of USD741 million, with USD82
million attributable to Edenor.

Favorable Natural Gas Prices: Pampa will benefit from a recently
revised 'gas plan' incentive program, which applies to
unconventional (tight and shale) production from the Neuquen and
Austral basins. The revised plans agreed to extend existing
natural gas (NG) subsidies for all unconventional gas production.
Domestic prices for NG will remain high at USD7.50 per million Btu
(MMBtu) for new production and approved incremental production,
more than twice the NG prices in the U.S. and then decrease by
USD0.50 per MMBtu over the next three years and stabilize at
USD6.00 per MMBtu in 2021. Under this new scheme, Fitch expects
that approximately 20% of Pampa's future gas production will
likely qualify under this plan.

Improving Regulatory Environment Strengthens Cash Flow Profile:
Pampa stands to benefit for an improving electricity regulatory
environment. Its existing power generation business benefits from
remuneration fees paid in U.S. dollars settled in Argentine pesos,
and Pampa's CTLL, Pilar, Ing. White have ten year PPAs with
capacity payments with additional commitments guaranteed based on
fuel used to produce energy. Pampa also has 206MW of wind projects
in the pipeline (Corti, Pampa and De La Bahia), which have 20 and
10 year PPA, also paid in U.S. dollars.Pampa is in a strong
position to benefit as both a leading gas producer and thermal
power plant operator.

Tariff Increase to Offset Dependence on Subsidies: Despite the
recent Argentine peso depreciation, which widens the electricity
tariff deficit and increases the system dependence on subsidies,
Fitch believes the country could resume its path to the
electricity system self-sustainability, although with some delays.
The new regulatory environment aimed at minimizing the electricity
deficit, which has been historically funded by the Argentine
government. Fitch believes Pampa and its subsidiaries stand to
benefit resulting in a strong and predictable cash flow profile
with minimal FX risk and protection against inflation. Pampa's
transmission and distribution businesses have also benefited from
regulatory changes made in February 2017. The full tariff review
(RTI) carried out during 2017 significantly increased tariffs for
regulated businesses.

Positive FCF Through The Cycle: Fitch anticipates positive FCF for
Pampa through 2021 as the company has modest capex plans aimed at
developing unconventional gas production and three power
generation projects (Genelba, Corti and Pampa/De La Bahia). Fitch
estimates Pampa's FCF can average 10% of revenues through 2021,
absent any additional projects increasing capex, extraordinary
acquisitions or dividends, which exceed 10% of net income. Fitch
estimates the company will be able to finance capex plans with
cash on hand and operating cash flow.

Small Production Profile and Adequate Hydrocarbon Reserve Life:
Pampa has small a production profile in comparison with its
international peers, but has a strong 1P reserve life of
approximately 7.9 years. Pampa's production size of below 75,000
boed and reserve life below 10 years are consistent with a 'B'
category, but after its announced sale of its oil assets, Fitch
expects the company will focus on unconventional gas production in
the Neuquen basis and will maintain its average production of
45,000 boed, with nearly all of it attributed to gas production,
compared with 31% oil and 69% gas in 2017.

DERIVATION SUMMARY

Pampa's Foreign Currency rating is constrained by the country
ceiling of Argentina, similar to its Argentine utility peers:
Albanesi (B/Stable), AES Argentina (B/Stable), Capex (B/Stable),
Genneia (B/Stable) and Rio Energy/UGN/UENSA (MSU Energy,
B/Stable). 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 Pampa's gross leverage as year-end 2017 was 3.6x comparing
favorably with the 2017 median of 4.0x of its Argentina peers
composed of: AES Argentina at 2.3x, Capex S.A. at 2.8x, Genneia at
5.1x, MSU Energy at 5.8x and Albanesi at 6.1x.

Pampa's small oil and gas production size compares favorably with
other 'B' rated oil and gas E&P producers. These peers include
Frontera Energy (B+/Stable), Geopark (B+/Stable), Gran Tierra
Energy (B/Stable) and Compania General de Combustibles (CGC,
B/Negative). Over the rating horizon, Fitch expects that Pampa
will average 60,000 boed between 2018 through 2021 higher than
Geopark at 50,000 boed, Gran Tierra at 40,000 boed and CGC at
nearly 30,000 boed, but less than Frontera Energy's 70,000 boed.
Further, Pampa reported 167 million boe 1P reserves at the end of
2017 equating to a reserve life of 7.9 years, higher than Frontera
Energy's 4.3 years, Gran Tierra's 5.9 years, GCG's 6.6 years but
slightly less than GeoPark's 9.5 years. Pampa has a strong reserve
base, and Fitch estimates the company will be able to maintain its
reserve life of greater than seven years as it continues to
increase production size focusing on gas production.

Fitch estimates Pampa's gross leverage to be 2.1x by 2018 and be
below 2.0x by 2020. Pampa's expected gross leverage over the
rating horizon compares favorably with both its Argentine utility
and B category oil and gas peers. Fitch estimates the median gross
leverage for its oil and gas peers during this period to be 1.5x,
and 2.3x for its Argentina utility peers.

KEY ASSUMPTIONS

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

  -- Natural gas production of between 55,000 and 60,000 boe/d
     over the next three years; total hydrocarbon production of
     between 55,000 and 65,000 boe/d during the same period.

  -- Average realized natural gas price of USD6/mmBTU; crude
     prices reaching international parity over the next 12 to 18
     months.

  -- Electricity prices denominated in USD with an average monomic
     price of 36.40 per MWh between 2018 through 2021
     respectively, reflecting new tariff scheme;

  -- Average annual electricity production 36,000 GWh in 2018 and
     2019 and 39,000GWh on average for 2020-2021;

  -- Corti wind farm average availability factor from 2018-2021
     at 90% and average load factor of 51% with a PPA price of
     USD58.00MWh for its twenty year PPA;

  -- CAMMESA payments made within 42 days;

  -- Total capex of USD3.3 billion between 2018 through 2021, and
     an average annual capex of USD826 million;

  -- Equity share repurchase of USD200 million executed in 2018;

  -- Dividends payments of 10% of net income between 2018 through
     2021.

Key Recovery Rating (RR) Assumptions:

  -- The recovery analysis assumes that Pampa 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 (USD1,250 million). The
     RR is limited, however, to 'B+'/'RR3' due to the variation
     between the local and foreign currency IDRs.

RATING SENSITIVITIES

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

Of the Foreign Currency IDRs:

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

  -- Given the issuer's high dependence on the subsidies by
     CAMMESA/ENARSA from the Treasury, any further regulatory
     developments leading to a more independent market less
     reliant on support from the Argentine government could
     positively impact the company's collections/cash flow.

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

Of the Foreign Currency IDRs:

  -- A downgrade to the ratings of Argentina could result in a
     negative rating action.

Of the Local Currency IDRs:

  -- 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 35,000 boed;
     or

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

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

LIQUIDITY

Strong Liquidity: In December 2017, Pampa reported available cash
of USD829 million, which adequately covers interest expenses
through 2020, after the company executes its announced USD200
million share repurchase plan. The company does not face any
significant financing needs over the foreseeable future, and Fitch
expects the company will finance its capex through operating cash
flow and cash.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Pampa Energia S.A.

  -- LT FC IDR at 'B'; Outlook Stable;

  -- LT LC IDR at 'BB-'; Outlook Stable;

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


PROVINCE OF SALTA: S&P Affirms B Currency Ratings, Outlook Stable
-----------------------------------------------------------------
On May 11, 2018, S&P Global Ratings affirmed its 'B' foreign and
local currency ratings on the province of Salta. The outlook
remains stable. S&P also affirmed the 'B' issue-level ratings on
the province's secured and unsecured notes.

OUTLOOK

S&P said, "The stable outlook on Salta reflects our expectation of
a gradual improvement in its budgetary performance in the next 12-
18 months as the administration implements fiscal adjustment
measures and the economy continues to grow. The outlook also
reflects our expectation that Salta's debt will stay at a moderate
level, while structural limitations stemming from its narrow
budgetary flexibility and low GDP per capita will remain."

Downside scenario

S&P said, "We could downgrade Salta if its fiscal results are
considerably below our expectations, for example, if the
administration can't rein in spending or if Argentina's economic
performance worsens over the next couple of years, eroding the
province's revenue base."

Upside scenario

S&P said, "We could raise our ratings on Salta over the next 12-18
months if its budgetary performance improves beyond our current
expectations, reaching average operating surpluses above 5% of
total revenue, or if it posts surpluses after capital expenditures
(capex). This would indicate a significant improvement in Salta's
financial management through spending controls and fiscal
consolidation. The continued strengthening of Argentina's
institutional framework for local and regional governments (LRGs)
would also favor Salta's creditworthiness, although this alone
would not necessarily lead us to upgrade the province."

RATIONALE

The 'B' ratings and 'b' stand-alone credit profile (SACP) reflect
the province's individual credit profile and the institutional
framework (SACP is a means of assessing the intrinsic
creditworthiness of Salta under the assumption that there's no
rating cap). Like all Argentine LRGs, Salta operates under an
institutional framework that's recently strengthened but remains
very volatile and underfunded, in S&P's view. At the end of 2017,
Salta's administration passed several adjustment measures in order
to comply with fiscal agreements it signed with the national
government. S&P said, "We believe this reflects the
administration's commitment to improve its finances over the next
few years. Recent efforts to strengthen tax collection and cost-
containment measures support our expectation for an improvement in
the province's budgetary performance; we expect a balanced
operating result in 2018, compared with a deficit of 5.2% in 2017.
At the same time, Salta's low GDP per capita still limits our
ratings, because it results in a structurally weak revenue base
and high infrastructure needs in the province." These factors,
together with a rigid spending structure, given that the
provincial payroll and interest payments account for around 65% of
total expenses, underscore Salta's budgetary constraints. On the
other hand, the province's moderate debt burden and very low
contingent liabilities support its creditworthiness.

Recent adjustment measures reflect political consensus and
commitment to fiscal consolidation

S&P said, "We continue to view the institutional framework for
Argentine LRGs as very volatile and underfunded. However, we
believe that there's a positive trend in the predictability of the
outcome of potential reforms and the pace of their implementation
amid an increasing dialogue between LRGs and the national
government to address various fiscal and economic challenges that
we expect to remain in the short to medium term."

Following a somewhat disappointing performance of Salta's ruling
faction of the Peronist party in the October 2017 midterm
elections, governor Juan Manuel Urtubey reshuffled his cabinet by
replacing the chief of staff and five ministers. Salta's Congress
and the administration passed a series of laws and decrees at the
end of the year aimed at reducing the fiscal deficit and complying
with fiscal agreements with the national government. S&P said, "We
believe these measures reflect the province's efforts to achieve
fiscal sustainability in the medium to long term. During the first
few months of 2018, we observed a better fiscal performance
compared to last year, although the impact of all measures won't
be seen until the end of 2018 or 2019. We expect continuity in the
administration's policies until the end of Mr. Urtubey's term in
2019."

Salta's low per capita GDP is a key rating constraint. According
to S&P's estimates, it was $4,812 in 2017, which was only around
one-third of the estimated national GDP for the same year
($14,473) and was lower than those of other provinces such as
Cordoba ($8,957) and NeuquÇn ($16,600). Salta's economy represents
only about 1% of the national GDP. According to the latest
available data, the main sectors of Salta's economy are public
services (including education, and social and health services)
that make up 32.0%, agriculture (12.1%), commerce (11.0%), and
construction (10.0%).

Budgetary performance is gradually improving amid moderate debt
level, but liquidity position will remain weak

S&P said, "We expect Salta's finances to recover during 2018 and
2019, following two years of deterioration. We estimate that the
province will post a balanced operating result in 2018, compared
with a deficit of 5.2% of operating revenue in 2017, and post
surpluses in 2019 and 2020. We base this assumption on our
expectations of economic growth and gradual macroeconomic
stabilization in Argentina, as well as recent measures the
province took to comply with the Fiscal Responsibility Law (FRL)
and Fiscal Consensus it signed with the national government."
These include changes in gross receipt tax rates and measures to
rein in spending such as reducing the number of ministries, a
retirement program and hiring freeze to reduce the number of
public employees, and creating a Spending Control Office, among
other initiatives. The economic slump, low investment, and high
inflation reduced Salta's operating surpluses in 2014 and 2015,
and caused operating deficits in 2016 and 2017. Additionally, in
the last couple of years, higher wages for public servants and
current spending related to infrastructure investments like new
schools and hospitals strained the province's finances.

Salta faces budgetary constraints, given that it generates only
around 25% of its total revenue and receives the remainder from
the national government. S&P said, "We expect this to remain the
case in 2018-2020. We believe that the province's spending
flexibility will remain limited because capex levels will likely
average 10.2% of total expenditures in the next three years. If
federal transfers to finance Salta's capital projects decrease
during 2018, this ratio is likely to drop, because we don't expect
the province to issue debt in the market this year. In addition,
payroll and interest payments represent around 65% of Salta's
operating expenditures. Nevertheless, we view recent measures to
rein in spending, and the negotiations with public-sector unions
to limit wage increase to 15% as positive developments."

S&P believes the province's debt will remain moderate, averaging
38% of operating revenue in 2018-2020, as Salta obtains borrowings
from national programs and multilaterals. Salta's debt increased
from 21% of operating revenue at the end of 2015 to 39% after it
issued $350 million in international capital markets in 2016. In
addition, the province received funds from the national government
through trust funds for infrastructure projects, and had a credit
line from the National Social Security Agency fund, FGS. However,
Salta's debt level remains lower than those of other Argentine
provinces such as NeuquÇn (56%) and the province of Buenos Aires
(50%). As of March 2018, 57% of Salta's debt was dollar-
denominated, highlighting potential currency risks. Although this
percentage is lower than that of other provinces such as Cordoba,
steeper-than-expected depreciation in the local currency could
exacerbate this risk.

As of March 2018, Salta's outstanding structured notes totaled
$87.1 million. On March 16, 2012, Salta issued $185 million in the
capital markets for long-term infrastructure investments. The oil
and royalties that the province receives from various oil and gas
producers ("the dedicated concessionaires"), which secure the
notes, represent 12% of the oil and gas production value at the
wellhead of the dedicated concessionaires. S&P rates these notes
as Salta's any other direct, general, unconditional, and
unsubordinated obligations, given that we believe their
creditworthiness is directly linked to that of the province.

S&P said, "In our view, Salta's liquidity position is weak, given
that its free cash and reserves are insufficient to cover the 2018
projected debt service, which will likely reach ARP3 billion. The
province has invested in low-risk assets with available funds
(ARP2.6 billion as of March 2018), mostly from the international
bond issuance, which it will ultimately use for capital investment
projects. Argentine LRGs have increased their access to external
funding sources after the sovereign default was cured in 2016.
However, we view overall access to external liquidity as still
uncertain because of the country's weak banking system, which our
Banking Industry Country Risk Assessment (BICRA) scores at group
'8'. Our BICRAs, which evaluate and compare global banking
systems, are grouped on a scale from '1' to '10', ranging from the
lowest-risk banking systems [group '1'] to the highest-risk [group
'10']). We also view access as uncertain due to the FRL's
restrictions on the provincial debt issuances, given that
subnational governments are not allowed to use such debt for
operating expenditures and require the national government's
authorization for issuances. Salta's debt service profile is
relatively smooth, so we don't expect much volatility in the debt
service coverage ratio in the next three years.

"We believe Salta's overall exposure to contingent liabilities is
very low. Guarantees to municipalities and government-related
entities (GREs) are included in the province's debt stock.
Therefore, we incorporate these guarantees into our debt burden
assessment. Salta's two largest public companies are the
transportation enterprise, SAETA, and the water and sanitation
company, CoSAySA, neither of which have debt. The province
supports both companies through subsidies to balance their
accounts. Therefore, we consider these two companies as non-self-
supporting. In addition, Salta has other 19 GREs, including public
hospitals, a university, regulatory agencies, and a health
institute, most of which receive support from the province in the
form of transfers, already reflected in the province's budget. To
our knowledge, none of these other GREs have debt or are likely to
issue any."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Ratings Affirmed

  Salta (Province of)
   Issuer Credit Rating
    Foreign Currency                      B/Stable/--
    Local Currency                        B/Stable/--
   Senior Secured                         B
   Senior Unsecured                       B



===========
B R A Z I L
===========


BRAZIL REALTY: Moody's Assigns (P)Ba2 Rating to Real Estate Certs
-----------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P) Ba2
(Global Scale, Local Currency) and (P) Aa3.br (National Scale) to
the 1st Series of the eighth issuance of real estate certificates
("certificados de recebiveis imobiliarios" or CRI) to be issued by
Brazil Realty Companhia Securitizadora de Creditos Imobiliarios
and backed by one series of debentures issued by Cyrela Brazil
Realty S.A. Empreend E Participacoes (Cyrela). Cyrela has the
option of issuing additional CRI ("lote adicional" and "lote
suplementar"), in which case the issuance could reach up to BRL405
million. Cyrela will invested the issuance proceeds in seven real
estate projects, which will be defined prior to the closing.

Issuer: Brazil Realty Companhia Securitizadora de Creditos
Imobiliarios

1st series, 8th issuance -- assigned (P)Ba2 (global scale, local
currency) / (P) Aa3.br (national scale)

The provisional ratings address the structure and characteristics
of the transaction based on the information provided to Moody's as
of May 9, 2018. Certain issues related to this transaction have
yet to be finalized. Upon conclusive review of all documents and
legal information as well as any subsequent changes in
information, Moody's will endeavor to assign definitive ratings to
the CRI issuances. If any assumptions or factors considered by
Moody's in assigning the ratings change, Moody's could change the
ratings assigned to the CRI.

RATINGS RATIONALE

The (P) Ba2 (Global Scale, Local Currency) and (P) Aa3.br
(National Scale) ratings assigned to the CRI are primarily based
on the willingness and ability of Cyrela (as debtor) to honor the
payments defined in transaction documents, as reflected in the
Ba2/Aa3.br senior unsecured ratings of the underlying debenture
backing the CRI issuance. Any change in the ratings of the
debentures will lead to a change in the ratings of the CRI.

The certificates will be backed by a real estate credit note
("cedula de credito imobiliario" or CCI), which in turn is backed
by the debentures issued by Cyrela. The underlying debentures are
rated Ba2 (Global Scale, Local Currency) Aa3.br (National Scale).
Cyrela is also responsible for covering any transaction expenses.

The 1st series of CRI are floating rate notes, indexed to a
percentage of DI (interbank deposit rate) to be determined in the
bookbuilding and capped to 102%. Interest will be paid on a
semiannual basis and principal on annual basis in the 25th, 37th
and 49th -- at the expected legal final maturity in 2022.

The total value to be issued is up to BRL 300 million.

Cyrela has the option of issuing additional CRI ("lote adicional"
and "lote suplementar"), in which case the issuance could reach up
to BRL405 million.

The provisional ratings on the CRI are based on a number of
factors, among them the following:

  - The willingness and ability of Cyrela (as debtor) to make
payments on the underlying debentures, rated Ba2/Aa3.br. Cyrela is
therefore ultimately responsible for making timely principal and
interest payments on the debentures backing the CRI.

  - Pass through structure; interest risk mitigated: The payment
schedule of the CRI replicates the scheduled cash flow of the
underlying debentures, with a one-day lag, which allows adequate
timing to make payments under the CRI. The CRI payments will match
payments on the underlying debentures. The floating rate of DI to
be paid under the CRI will be determined using the same DI period
under the underlying debenture. To mitigate the risk of the
additional one day of interest for the first interest payment, the
debentures will incorporate one extra day of interest accrual.

  - Cyrela is ultimately responsible for the transaction expenses:
Cyrela will be responsible, under the transaction documents, for
all expenses.

  - No commingling risk: Cyrela commits to make the payments due
on the debentures directly to the segregated account in name of
the securitization company, held at Itau Unibanco S.A. (Ba2
stable).

Headquartered in Sao Paulo, Brazil, and founded in 1962, Cyrela is
one of the largest fully integrated homebuilders in Brazil, and
also one of the most diversified in terms of product offering to
different income levels and geographic regions. Primarily focused
on the high-income segment, the company has also been developing
projects for the middle-income segment through the Living brand
since 2006. The company has around 89 construction sites. During
2017, Cyrela had net revenues of BRL 2.7 billion and net losses of
BRL95 million, mainly related to non-cash provision.

The Ba2 /Aa3.br senior unsecured ratings of the debentures that
backs the CRI reflects Cyrela's solid position in the Brazilian
homebuilding market, with a strong brand name, good
diversification in terms of product offerings and experienced
management team. Additional credit positives include the company's
still-adequate operating performance even in adverse market
conditions, good liquidity and low leverage. At the same time, a
slow and gradual recovery in Brazil's homebuilding industry will
likely translate into more soft revenue and lower new housing
start growth rates, and reduced business opportunities, which will
keep Cyrela's operating performance below pre-recession levels at
least until year-end 2018. Another credit concern is Cyrela's
long-term receivables from finished units, which expose the
company to client delinquency risk.

Cyrela holds a near 100% stake in Brazil Realty Companhia
Securitizadora, a fully controlled subsidiary incorporated in
2004, whose first issuance occurred in 2011. Brazil Realty has
issued approximately BRL 1.43 billion of CRI to date, including
this transaction.

Factors that would lead to an upgrade or downgrade of the ratings:

Any changes in the senior unsecured ratings of the underlying
debentures will lead to a change in the ratings on the CRI.

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.


BRK AMBIENTAL: Moody's Assigns Ba2 CFR, Outlook Stable
------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba2 global scale Corporate
Family Rating (CFR) and a Aa3.br CFR on the Brazilian national
scale (NSR) to BRK Ambiental Participacoes S.A.  The outlook is
stable. This is the first time that Moody's has rated the company.

RATINGS RATIONALE

The Ba2/Aa3.br CFR ratings for BRK Ambiental reflects (i) the
company's solid business profile supported by well-diversified
customer base and long term contracts, low demand elasticity and
contractual arrangements mitigating revenue risk in public private
partnerships and take-or-pay contracts, (ii) adequate liquidity
and debt maturity profile as well as good access to debt markets,
and (iii) debt at the subsidiaries offering contractual features
that provide creditors with additional protection on a significant
portion of the company's consolidated debt.

The Ba2/Aa3.br CFR also takes into consideration (i) BRK
Ambiental's weak credit metrics as shown in funds from operations
(FFO) to net debt of 6.4%, FFO interest coverage of 1.5x and net
debt to EBITDA (as reported by the company) of 5.2x at the end of
2017, (ii) a significant portion of projects in ramp up phase
driving high capex needs which Moody's expects will result in
negative free cash flow generation in the next 3 to 5 years, and
(iii) exposure to political intervention risk in the company's
area of concession, although mitigated by revenue diversification.

The CFR also factors in Moody's expectation that BRK Ambiental's
ultimate controlling sponsor Brookfield Asset Management Inc.
(Baa2, stable) will contribute positively to the implementation of
the company's cost saving strategy through shared services and
optimization of the company's debt structure.

Out of 17 assets majority-owned by BRK Ambiental in the
residential segment,16 are undergoing ramp-up phase and will
therefore require significant capital expenditures over the next 3
to 5 years. While Moody's acknowledges the relatively low
complexity of investments associated with the expansion of water
and wastewater network, the agency believes its implementation
will continue to represent a challenge for the company's
management for the foreseeable future.

The stable rating outlook reflects the agency's expectation that
BRK Ambiental will be successful in improving its operating
performance and implementing its capex plan with minimal cost
overruns such as to bring FFO Interest coverage towards 2.0x and
FFO to Net debt above 8% over the next 12 to 18 months.

Moody's views BRK Ambiental's liquidity profile as adequate. As of
December 2017 the company had BRL 544 million in available cash
(including restricted cash) which compares to BRL 604 million in
debt maturities due in 2018. BRK Ambiental has a long dated debt
maturity profile with debt maturities averaging 11 years. Despite
negative free cash flow generation as a result of the significant
capex plan Moody's expects BRK Ambiental will continue to have
good access to debt and capital markets such as to cover upcoming
debt maturities in a timely manner. Moody's also takes some
comfort from capital commitments from shareholders of
approximately USD 190 million (BRL 680 million equivalent) that
have yet to be injected into the company.

WHAT COULD CHANGE THE RATING UP/DOWN

Deterioration in the company's operating performance and/or
significant capex overruns such that FFO Interest coverage and FFO
to Net debt ratios remain below 1.8x and 8% respectively by 2019
could result in a ratings downgrade. Perception of a more
aggressive financial policy and/or a deterioration of Brazil
sovereign credit quality could also exert negative pressure on the
ratings.

On the other hand an upgrade of the ratings could be considered
upon faster-than-anticipated improvements in operating cash flow
generation and reduction in leverage such that FFO Interest
coverage moves above 2.0x and FFO to Net debt above 15% on a
sustainable basis. An upgrade would also require the company
maintaining a solid liquidity profile and conservative financial
policy.

BRK Ambiental is the largest private water utility company in
Brazil by revenues, operating 22 water and wastewater assets, 14
of which through concession agreements, 7 through public-private
partnerships (PPP) and one through asset lease contract. The
company attends 15 million inhabitants in 184 municipalities
across 12 states. BRK Ambiental also operates 3 utilities
facilities for industrial customers and one small solid waste
management asset for the municipality of Sao Paulo. The company is
controlled by a consortium of investors ultimately led by
Brookfield Asset Management Inc. (Baa2 stable) which together
holds 70% of the company's capital, alongside with the Brazilian
federal government's infrastructure fund FI-FGTS that owns the
remaining 30%. In 2017 the company reported BRL 2.1 billion in net
revenues and BRL 255 million in net income.

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


CYRELA BRAZIL: Moody's Assigns Ba2 Rating to New BRL405MM Debt
--------------------------------------------------------------
Moody's America Latina Ltda. assigned Ba2 (global scale) / Aa3.br
(national scale) ratings to Cyrela Brazil Realty S.A.
Empreendimentos E Participacoes ("Cyrela")'s proposed up to
BRL405 million senior unsecured debentures due in 2022. The
outlook for the rating is stable.

The proposed debentures will be fully subscribed by Cybra de
Investimento Imobiliario Ltda. and will back an issuance of real
estate certificates - CRI (Certificados de Receb°veis
Imobiliario). The proceeds will be directed at investments in
special purpose entities, and with the increased financial
flexibility, Cyrela will pay down debt to resume its liability
management strategy.

The rating of the notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

Ratings Assigned:

  - Senior Unsecured Debentures: Ba2 (global scale)/Aa3.br
    (national scale)

Ratings Unchanged:

  - Corporate Family Ratings (CFR): Ba2 (global scale)/Aa3.br
    (national scale)

The outlook for the ratings remains stable.

RATINGS RATIONALE

Cyrela's Ba2/Aa3.br ratings are supported by its solid position in
the Brazilian homebuilding market, with a strong brand name, good
diversification in terms of product offerings and experienced
management team. Additional credit positives include the company's
still-adequate operating performance even in adverse market
conditions, good liquidity and low leverage.

At the same time, a slow and gradual recovery in Brazil's
homebuilding industry will likely translate into more soft revenue
and lower new housing start growth rates, and reduced business
opportunities, which will keep Cyrela's operating performance
below pre-recession levels at least until year-end 2018. Another
credit concern is Cyrela's long-term receivables from finished
units, which expose the company to client delinquency risk.

Cyrela's operating performance deteriorated during the downturn in
Brazil's homebuilding industry, but remained generally strong. The
company's revenues declined to BRL2.7 billion in 2017, 54% less
than that in 2014, but adjusted gross margins remained stable at
30%-36%. While Moody's expects revenues to remain at around BRL3.0
billion in 2018, with recovery only likely from 2019 onward, free
cash flow should continue high at around BRL400-500 million in
2018 on the fast pace of inventory monetization and lower new
housing starts.

As well, Cyrela's leverage ratio (measured by debt to book
capitalization) will continue to decline as the company amortizes
at least a portion of its upcoming debt maturities and remains
prudent in managing creditor and shareholder returns to preserve
its creditworthiness. The company's leverage ratio declined to
29.6% at the end of 2017 from 34.3% a year earlier due to lower
funding requirements for new projects and to Cyrela's strategy to
adequate its capital structure to the lower sales environment in
Brazil.

Cyrela's liquidity profile is also good, with BRL1.1 billion in
cash and equivalents at the end of March 2018, sufficient to cover
total reported short-term debt maturities by 0.9x. Furthermore,
Cyrela has around BRL1.4 billion in receivables from finished
units that should become available with the effective transfer of
mortgages to lending banks and ample availability of committed
project loans under the SFH program. The proposed debentures will
enhance the company's financial flexibility further and allow it
to use cash in excess to amortize upcoming debt maturities, thus
lengthening its debt maturity schedule. Pro forma for the
transaction, Mood's expects Cyrela's cash coverage of short term
debt to increase to 1.3x.

The proposed senior unsecured debentures will be effectively
subordinated to Cyrela's existing secured debt. Despite the
effective subordination they are rated at the same level as
Cyrela's CFR given the high amount of unencumbered assets that
covered unsecured debt by 4.3x at the end of 2017 based on its
estimates and that in case of a default should provide good
recovery for the unsecured instruments. At the end of 2017,
approximately 60% of Cyrela's outstanding debt was secured, mainly
related to SFH loans that are secured by specific real estate
assets.

The stable outlook reflects Moody's expectation that the
deterioration in the company's operating performance and in
Brazil's homebuilding industry has bottomed out, and both the
company's performance and the industry will recover slowly and
gradually in the next 12-18 months.

A rating upgrade would depend on an upgrade of Brazil's (Ba2
stable) sovereign rating. A rating upgrade would also require the
total debt to-capitalization ratio to remain consistently below
40% (29.6% in 2017) and EBIT interest coverage to increase above
4.5x (0.9x in 2017).

A downgrade could be triggered if there is a material
deterioration in Cyrela's cash availability to cover short-term
debt (0.9x in March 2018), or if the total debt-to-capitalization
ratio increases to above 50% for an extended period. A meaningful
increase in the proportion of secured debt or a decrease in the
amount of unencumbered assets that could be used to pay down
unsecured debt could also result in a downgrade of Cyrela's
unsecured ratings. A downgrade of Brazil's sovereign rating would
also trigger a downgrade of Cyrela's ratings.

Founded in 1962 and headquartered in Sao Paulo, Brazil, Cyrela has
a history of over 50 years in the homebuilding market and is one
of the largest fully integrated homebuilders in the country, with
operations in the low, middle and high income housing segments. In
2017, Cyrela reported net revenue of BRL2.7 billion ($837 million)
and net losses of BRL95 million ($29 million), mainly related to
non-cash provisions.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in January 2018.


KLABIN SA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Klabin S.A.'s Long-Term Foreign and
Local Currency Issuer Default Rating (IDR) at 'BB+' and its
national scale long-term rating at 'AA+(bra)'. The Rating Outlook
for the corporate ratings is Stable.

Klabin's ratings reflect the company's leading position in the
Brazilian packaging sector, a large forestry base providing a low
production cost structure, access to inexpensive fiber and a high
degree of vertical integration, which enhances product flexibility
in the competitive but fragmented packaging industry. Because of
its strong market business position in packaging products and
integrated operations, Klabin is a price leader in the domestic
market and is able to preserve more stable sales volume and
operating margins during more instable economic scenarios in
Brazil than its competitors that have significantly lower scale of
operations and have high exposure in production costs. The company
also benefits from its position as a low-cost producer of market
pulp, in the lowest quartile, and maintain pulp production volumes
above 90% of nominal capacity.

Klabin has historically reported consistent and solid liquidity
position and low refinancing risk. The ratings incorporate the
company's high leverage following the startup of the Puma pulp
mill and slower-than-expected deleveraging after the period of
higher investments. Pulp prices strengthened in the last nine
months and should remain elevated up to 2020 due to strong demand
from China and a dearth of new projects, which would benefit the
company's leverage reduction during 2018 and 2019. A positive
rating action could be considered if Klabin consistently preserves
net leverage below 2.5x through the cycle. Fitch would like to see
the strong FCF expected for the next few years used to pay down
gross debt, with the maintenance of lower leverage for a longer
period, for a potential positive rating action.

In Fitch's opinion, the substantial stronger cash flow generation
expected positions Klabin's balance sheet in a very comfortable
position to absorb a period of higher investments and start a new
project that will further strengthen its leading market position
in the packaging business. Fitch views as feasible Klabin's
decision to go forward with a new investment cycle. With current
price fundamentals preserved, the 'BB+' ratings should support the
investments for the expansion not considered in the base case, in
a range of USD1 billion to USD1.5 billion. This alternative
scenario would increase net leverage to about 3.5x to 4.0x during
the investment phase.

KEY RATING DRIVERS

Rating Pierces Country Ceiling: Klabin's Foreign Currency IDR of
'BB+' is one notch higher than Brazil's 'BB' Country Ceiling due
to a combination of the following factors: exports of BRL3.3
billion and approximately BRL1.9 billion of cash held outside of
Brazil. EBITDA from exports will likely trend up in the next few
years given the shortage of new pulp projects relative to demand
growth. As of Dec. 31, 2017, the ratio of EBITDA from exports,
plus cash held abroad covered hard currency debt service over the
next 24 months by 1.5x. In line with Fitch's 'Non-Financial
Corporates Exceeding the Country Ceiling Rating Criteria', this
could allow the company to be rated up to three notches above the
Brazilian Country Ceiling. However, Klabin's Foreign Currency IDR
is constrained by the company's 'BB+' Local Currency IDR, which is
a reflection of the company's underlying credit quality.

Leading Position in the Brazilian Packaging Segment: Klabin has a
business position that is consistent with investment grade. The
company is the leader in the Brazilian corrugated boxes and coated
board sectors with market shares of 18% and 50%, respectively. In
the Brazilian market, the company is the sole producer of liquid
packaging board and is the largest producer of kraftliner and
industrial bags, with market shares of 40% and 50%, respectively.
The company's strong market shares allow it to be a price leader
in Brazil. Klabin's competitive advantage is viewed as sustainable
due to its scale, high level of integration, and diversified
client base in the more resilient food sector. This allows Klabin
to preserve EBITDA margins above 30% throughout the cycle, while
small players have margins below 15%.

Pulp Mill and Forestry Assets Positive Rating Considerations:
Klabin also has a 1.5 million-ton pulp mill that started
operations in 2016. Klabin sources much of its fiber requirements
from hardwood and softwood trees grown on 230,000 hectares of
plantations it has developed on 490,000 hectares of land it owns;
this ensures a competitive production cost structure in the
future. During the first quarter of 2018, the company cash cost of
production was USD212 per ton, which placed it firmly in the
lowest quartile of the cost curve. The accounting value of the
land owned by Klabin was about BRL2 billion as of March 31, 2018,
and the value of the biological assets on its forest plantations
was BRL4.2 billion. If needed, some of the forestry assets could
be monetized to lower debt and improve liquidity.

Declining Leverage: Fitch expects Klabin's net leverage close to
2.7x in 2018, and decline to below 2.5x in the following years.
Fitch's base case scenario does not incorporate a new investment
phase. In the LTM ended March 2018, net debt/EBITDA reduced to
3.8x, benefiting from the ramp up of Puma pulp mill, and higher
pulp and kraftliner prices. The net leverage average was 5.5x
between 2015 and 2017, compared to a historical level of 2.7x
between 2010 and 2014. Klabin's gross leverage is high and was
7.4x in 2017. In Fitch's opinion, the reduction of leverage is a
key factor for future benefits of the company's credit quality.

FCF to Strength: Consolidated EBITDA for 2018 is expected to be
BRL3.7 billion. Klabin generated BRL2.9 billion of EBITDA and
BRL2.0 billion of cash flow from operations (CFFO) in the LTM
ended March 2018. This compares with BRL2.7 billion of EBITDA and
BRL2.1 billion of CFFO during 2017, and BRL2.2 billion and BRL787
million, respectively, in 2016. After several years with negative
FCF, FCF was positive BRL576 million in the LTM ended March 2018
following BRL904 million in investments and dividends of BRL548
million. Fitch expects FCF of about BRL900 million in 2018,
considering investments around BRL1 billion.

Operational Performance to Remain Strong: Fitch's base case
incorporates better pulp prices and a gradual recovery in demand
for packaging products. Klabin's EBITDA margin was 33.9% in the
LTM ended March 2018, which compared favorably to 32.1% in 2017
and 31.6% in 2016. Klabin's flexibility and product
diversification softened the impact of the severe economic
downturn in Brazil during the last two years. In 2017, Klabin sold
1.810 million tons of paper, up 1% compared to 2016, 2.6 million
tons of wood and 1.355 million tons of pulp (797 thousand tons in
2016). With the ramp up of Puma pulp mill, pulp sales continued to
increase and represented 29% of total net revenues in 2017, while
coated boards represented 25%.

Cyclicality of Pulp Prices: The market pulp industry is very
cyclical; prices move sharply in response to changes in demand or
supply. Market fundaments for pulp producers have turned
favorable, as strong demand from China has helped the market
absorb new capacity from Asia Pulp and Paper and Fibria
seamlessly. Prices from 2018 through 2020 should be healthy do to
the lack of new projects, which should help issuers build cash
positions for new projects or reduce debt accumulated during
recent pulp mill projects. China will continue to play a key role
in supporting prices, and demand should be driven by a growing
economy and the closing of pulp mills that relied upon non-wood
fibers.

DERIVATION SUMMARY

Klabin has a leading position in the Brazilian packaging segment.
Klabin's size, access to inexpensive fiber and high level of
integration relative to many of its competitors give it
competitive advantages that are viewed to be sustainable. Its
business profile is consistent with a rating in the 'BBB'
category.

Klabin's leverage is high compared to Latin America peers Fibria
(BBB-/Stable), Suzano (BBB-/Stable), Empresas CMPC (BBB/Stable),
and Celulosa Arauco (BBB/Negative). That is a key reason Klabin,
which used to be rated investment grade, is now rated 'BB+'.
Klabin's leverage increased as a result of the construction of the
Puma pulp mill and low pulp prices following the completion of the
mill that have prevented it from repaying the debt accrued to
build the mill.

Klabin is more exposed to demand from the local market than
Fibria, Suzano, CMPC and Arauco, as these latter companies are
leading producers of market pulp that is sold globally. This makes
Klabin more vulnerable to macroeconomic conditions than the
aforementioned peers, which is also a negative consideration.
Positively, its concentration of sales to the food industry, which
is relatively resilient to downturns in Brazil's economy, and its
position as the sole producer of liquid packaging board adds
stability to operating results. As a result, if Klabin would lower
its net leverage to between 2.5x (low pulp prices) and 1.5x (high
pulp prices) it would likely be rated 'BBB-'. These ratios could
be around 1x higher if the company was in the midst of a large
expansion project.

KEY ASSUMPTIONS

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

  -- Flat sales volume excluding pulp in 2018 and 2019;

  -- Pulp sales volume of 1.5 million tons in 2018 and 2019;

  -- Average hardwood net pulp price between USD575 and USD625 per
     ton (Paranagua port);

  -- FX rate of 3.30 BRL/USD for 2018 and of 3.35 BRL/USD for
     2019;

  -- Dividends: 20% of EBITDA.

RATING SENSITIVITIES

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

  -- Strong cash generation during 2018 and 2019 that would result
     in the company's debt/EBITDA ratio and net debt/EBITDA ratios
     approaching 3.5x and 2.5x;

  -- Proactive steps by the company to materially bolster its
     capital structure in the absence of higher operating cash
     flow.

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

  -- Expectation that net leverage ratio above 5.0x;

  -- More unstable macroeconomic environment that weakens demand
     for the company's packaging products as well as prices;

  -- Sharp deterioration of market conditions with significant
     reduction in pulp prices.

LIQUIDITY

Solid Liquidity: Klabin's solid liquidity position and low
refinancing risk remain key credit considerations. As of March 31,
2018, the company had BRL6.6 billion of cash and marketable
securities and BRL17.7 billion of total debt. Robust FCF expected
for the next few years is also an important liquidity source.
Klabin does not have a standby credit facility. The company's debt
maturity schedule is manageable and evenly distributed. Klabin
faces debt amortizations of BRL1.8 billion up to December 2018 and
BRL1.2 billion in 2019. Fitch expects Klabin to continue to
preserve strong liquidity, conservatively positioning it for the
price and demand volatility, which is an inherent risk of the
packaging industry.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Klabin S.A.

  -- Long-Term Foreign Currency IDR at 'BB+';

  -- Long-Term Local Currency IDR at 'BB+';

  -- Long-term National scale rating at 'AA+(bra)'.

The Rating Outlook for the corporate ratings is Stable.

Klabin Finance S.A.

  -- USD500 million senior unsecured notes, due in 2024, at 'BB+'.

  -- USD500 million senior unsecured notes, due in 2027, at 'BB+'.

The transaction was issued by Klabin Finance S.A. and guaranteed
by Klabin.


OIL COMBUSTIBLES: Commercial Judge Decreed Firm's Bankruptcy
------------------------------------------------------------
24/7 News Beat reports that the Commercial Judge Javier Cosentino
decreed the bankruptcy of Oil Combustibles in a scheme of
productive continuity in order to maintain jobs.

In this case, the commercial judge ordered the "divestment of
property" of the entrepreneurs Cristobal Lopez and Fabian De Sousa
and the assets are in charge of the Justice, the report relates.

24/7 News Beat says the resolution provides for continuity
productive of the company, the salary payment of the current month
for workers, and the maintenance of jobs.

Based in Brazil, Oil Combustibles SA operates as an oil company.
Oil Combustibles SA operates as a subsidiary of The Indalo Group.


VALID SOLUCOES: Fitch Affirms Then Withdraws BB- IDR
----------------------------------------------------
Fitch Ratings has affirmed Brazilian-based diversified service
provider of identification systems, telecommunications, means of
payment, and digital certification Valid Solucoes e Servicos de
Seguranca em Meios de Pagamento e Identificacao S.A.'s (Valid)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
at 'BB-'. Fitch has also affirmed the National Long-Term Rating
and the senior unsecured debenture, due June 2019, at 'A+(bra)'.
The Outlook is Stable.

Fitch has chosen to withdraw the ratings of Valid for commercial
reasons. Fitch will no longer provide ratings or analytical
coverage for the company.

RATING SENSITIVITIES

Rating Sensitivities are not applicable as the ratings have been
withdrawn.

FULL LIST OF RATING ACTIONS

Fitch has affirmed and withdrawn the following ratings:

Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e
Identificacao S.A.

  -- Long-term, Foreign-Currency IDR at 'BB-';

  -- Long-term, Local-Currency IDR at 'BB-';

  -- Long-term, National Scale rating at 'A+(bra)';

  -- Ratings of the senior unsecured debenture, due June 2019, at
'A+(bra)'.

The Rating Outlook for the corporate ratings was Stable when the
rating was withdrawn.



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


E.A.N.S. CORP: Seeks to Hire Hector Pedrosa as Counsel
------------------------------------------------------
E.A.N.S. Corp., seeks authority from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ the Law Offices of Hector
Eduardo Pedrosa-Luna, as counsel to the Debtor.

E.A.N.S. Corp. requires Hector Pedrosa to:

   a. prepare bankruptcy schedules, pleadings, applications and
      conduct examinations incidental to any related proceedings
      or to the administration of the bankruptcy case;

   b. develop the relationship of the status of the Debtor to the
      claims of creditors in the bankruptcy case;

   c. advise the Debtor of its rights, duties, and obligations as
      the Debtor operating under Chapter 11 of the Bankruptcy
      Code;

   d. take any and all other necessary action incident to the
      proper preservation and administration of the Chapter 11
      case; and

   e. advise and assist the Debtor in the formation and
      preservation of a plan pursuant to Chapter 11 of the
      Bankruptcy Code, the disclosure statement, and any and all
      matters related thereto.

Hector Pedrosa will be paid at the hourly rate of $175.

Hector Pedrosa will be paid a retainer in the amount of $3,000.

Hector Pedrosa will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Hector Eduardo Pedrosa-Luna, partner of the Law Offices of Hector
Eduardo Pedrosa-Luna, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estates.

Hector Pedrosa can be reached at:

     Hector Eduardo Pedrosa-Luna, Esq.
     LAW OFFICES OF HECTOR EDUARDO PEDROSA-LUNA
     1519 Ponce de Leon Ave., Suite 1115
     San Juan, PR 00902-3963
     Tel: (787) 920-7893
     Fax: (787) 754-1109
     E-mail: hectorpedrosa@gmail.com

                       About E.A.N.S. Corp.

E.A.N.S. Corp., filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 18-02452) on May 2, 2018. The Debtor hired the Law
Offices of Hector Eduardo Pedrosa-Luna, as counsel.


INSTITUCION AMOR: Taps Santiago & Gonzalez Law as Legal Counsel
---------------------------------------------------------------
Institucion Amor Real Corporation seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Santiago
& Gonzalez Law, LLC, as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.

The firm will charge these hourly rates:

     Nydia Gonzalez Ortiz     $225
     Associate                $150
     Paralegal                 $50

Santiago & Gonzalez received a retainer in the sum of $1,000.

The firm is a "disinterested person" as defined in Section 101(14)
of the Bankruptcy Code, according to court filings.

Santiago & Gonzalez can be reached through:

     Nydia Gonzalez Ortiz, Esq.
     Santiago & Gonzalez Law, LLC
     11 Betances Street
     Yauco, PR 00698
     Tel: (787) 267-2205/267-2252
     Fax: (939) 731-3020
     Email: bufetesg@gmail.com

                 About Institucion Amor Real Corp.

Institucion Amor Real Corporation filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 18-01737) on March 29, 2018.  In the
petition signed by Jose A. Santiago, president, the Debtor
estimated at least $50,000 in assets and $100,000 to $500,000 in
liabilities.  Judge Edward A. Godoy is the case judge.  Nydia
Gonzalez Ortiz, Esq., at Santiago & Gonzalez, is the Debtor's
counsel.



================================
T R I N I D A D  &  T O B A G O
================================


CL FINANCIAL: Trinidad Controls Over 26% of Republic Bank
---------------------------------------------------------
Asha Javeed at Trinidad Express reports that the Government now
controls just over 26% of Republic Bank from shares it received
from distributions paid by CLICO Investment Bank-In Compulsory
Liquidation (CIB-ICL) and its control of CLICO through the Central
Bank.

According to Trinidad Express, the distribution of 42,475,362
Republic Financial Holdings Ltd (RFHL) shares was done on May 3 to
the Government and five companies controlled by it: National Gas
Company of Trinidad and Tobago (NGC), La Brea Industrial
Development Company Ltd (Labidco), National Enterprises Ltd,
National Energy (NE) and CLICO.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders have vowed to pay back
a TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration.

Caribbean360.com said the Trinidad Government went to the High
Court with a petition to have the company liquidated.  Finance
Minister Colm Imbert had explained then that the move was
in response to attempts by the company's shareholders to take
control of the board.  However, after a near seven-hour hearing,
High Court Judge Kevin Ramcharan sided with the company
shareholders, ruling that the action by the Government was
premature.

The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015,
that the Constitution Reform Forum (CRF) has called on Finance
Minister Larry Howai to refrain from embarking on an "unnecessary
drain on the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited.  The CRF
issued a release stating that if the decision is appealed, not
only will it be a waste of finance but such a course of action
will also demonstrate a "lack of commitment by the Government to
the spirit and intent of the Freedom of Information Act FOIA",
under which the request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.



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


PDVSA: Court Authorizes ConocoPhillips Unit to Seize Assets
-----------------------------------------------------------
The Associated Press reports that a court on the Dutch island of
Curacao has authorized the local subsidiary of U.S. oil giant
ConocoPhillips to seize $636 million worth of assets held on the
island by Petroleos de Venezuela SA.

The move comes as Houston's Conoco seeks to recover $2 billion in
a decade-old dispute over the expropriation of its Venezuelan oil
projects by the nation's socialist government, which is struggling
with an economic crunch that has caused widespread shortages of
food and medicine, the AP relates.

The Venezuelan state oil company, PdVSA, has defaulted on more
than $2.5 billion in debt and isn't expected to make any payments
to Conoco or other firms that are suing for assets taken by the
socialist government, the AP discloses.

According to the AP, Curacao Economy Minister Steve Martina said
on May 13 that Conoco already had taken control of some oil
products at the Isla Curazao refinery, though he didn't specify
how much.

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


PDVSA: Halts Crude Deliveries to Caribbean Refinery Amid Legal Row
------------------------------------------------------------------
Marianna Parraga at Petroleumworld reports that Venezuela's PDVSA
has halted crude deliveries to a Caribbean refinery ahead of a
planned shutdown and changed some trade terms as it moves to
protect its oil exports from seizures in a bruising legal dispute
with U.S.-based ConocoPhillips, sources with knowledge of the
moves said on May 11.

Conoco last week began legal actions in the Caribbean to enforce a
$2 billion arbitration award by the International Chamber of
Commerce (ICC) over the 2007 nationalization of its projects in
Venezuela, Petroleumworld relates.  The moves have disrupted fuel
deliveries throughout the Caribbean, much of which is dependent on
PDVSA supplies, Petroleumworld notes.

According to Petroleumworld, the sources said PDVSA plans to let
its 335,000 barrel-per-day leased refinery in Curacao halt
operations once crude inventories are exhausted because no new
shipments are headed to the Caribbean.

The refinery, which was getting ready to restart several units
this month after a lengthy maintenance project, will retain fuel
produced, Petroleumworld relays.  The sources, as cited by
Petroleumworld, said PDVSA transferred custody over the
inventories to the facility, owned by the Curacao government.

One of the sources added separately, ownership of crude to be
refined at Isla in Curacao was transferred by PDVSA to its U.S.
unit, Citgo Petroleum, in an attempt to avoid potential seizures
by Conoco, Petroleumworld notes.

"The seizure in Curacao was enforced on Thursday, so the
inventories' custody was transferred.  The refinery will
eventually stop (operations)," Petroleumworld quotes the source as
saying.

Conoco's actions continue to force PDVSA, which was already
struggling to export its oil amid falling output and a lack of
maintenance, to change its trade arrangements to avoid further
seizures of physical assets, tankers or the barrels aboard,
Petroleumworld discloses.

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



                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                   * * * End of Transmission * * *