TCRLA_Public/180521.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

              Monday, May 21, 2018, Vol. 19, No. 99


                            Headlines



A R G E N T I N A

ARGENTINA: IMF Issues Statement re Bid for Financial Support


B R A Z I L

BANCO PAN: S&P Affirms 'B+/B' Global Scale Rating, Outlook Neg.
BRAZIL: Sees Opening Gov't Procurement as Tool of Integration


D O M I N I C A N  R E P U B L I C

DOMINICAN REPUBLIC: To Rebuild Northwest Port for Bananas' Sake
DOMINICAN REPUBLIC: Rosy Economic Outlook Has 'Conditions'
DOMINICAN REPUBLIC: Loans for Dam, Productivity Breeze Thru Senate


J A M A I C A

JAMAICA: Targets Growth in Investments


M E X I C O

MEXICO: To Accept Direct Imports of Quinoa From Bolivia


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: No Longer Attractive for New Gas Projects


X X X X X X X X X

* BOND PRICING: For the Week From May 14 to May 18, 2018


                            - - - - -


=================
A R G E N T I N A
=================


ARGENTINA: IMF Issues Statement re Bid for Financial Support
------------------------------------------------------------
The Executive Board of the International Monetary Fund met in
Washington D.C. for an informal meeting on the Argentine
authorities' request for financial support.  The meeting was an
opportunity for staff to update the Board on recent economic
developments in Argentina and present the government's program in
more detail.  The meeting was chaired by IMF Managing Director
Christine Lagarde, who made the following statement after the
meeting:

"Since President Macri's administration took office, Argentina has
been engaged in a fundamental and welcome transformation of its
economy. While many policies have moved quickly, the government
has also been conscious of the need to build and maintain social
consensus in calibrating the pace of their reform efforts,
including fiscal adjustment. It was well understood that such an
approach carried with it certain vulnerabilities.

"Argentina is now facing significant financial volatility, in part
as global financial conditions have tightened and also following
the drought that undermined Argentina's agricultural output. It is
in this context that the Argentine authorities requested our
support to help counter this market volatility and protect growth,
job creation, and social cohesion in Argentina.

"Today, I conveyed to the Executive Board the Argentine
authorities' intention to request an exceptional access Stand-By
Arrangement that would underpin their economic program. This will
be Argentina's economic program, one that has full ownership of
President Macri and his government. The authorities stressed that
goals of the program would include creating a clear path to
strong, sustained, and equitable growth and robust job creation;
restoring market confidence through a clear macroeconomic program
that lessens financing needs and puts public debt on a firm
downward trajectory; and importantly, protecting society's most
vulnerable during this transition. We fully endorse those goals.

"The IMF team and the Argentine delegation are in discussions and
these will continue in Washington, D.C. in the period ahead.

"As I have stressed before, this is a partnership between
Argentina and the IMF, and our shared goal is to reach a rapid
conclusion of these discussions."

                         *     *    *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2018, Fitch Ratings has affirmed Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

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

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

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

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

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

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


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


BANCO PAN: S&P Affirms 'B+/B' Global Scale Rating, Outlook Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+/B' global scale and
'brBBB+/brA-2' national scale ratings on Banco Pan S.A. The
outlook is negative. The bank's stand-alone credit profile (SACP)
remains 'b+'

In June 2017, S&P placed its regulatory capital assessment of
Banco Pan in its at-risk category to reflect the risk of a
potential breach of the minimum capital required by the central
bank. Banco Pan's Basel III regulatory ratio fell to 11.3% as of
March 2017 due to regulatory deductions related to deferred tax
assets (DTAs) and Tier II subordinated debt, added to the bank's
weak internal capital generation at that time. Since then, the
bank has been improving its internal capital generation through
better financial results, supporting its capital ratios. As a
result, its Basel III ratio increased to 13.3% as of December
2017. However, the bank still required additional capital in order
to cope with the last deduction phase of the Basel III
implementation scheme. Brazil is implementing Basel III regulatory
deductions on a phase-in basis that will be completed in 2018.
Every year since 2015, Brazilian banks have had to deduct from
their regulatory capital: (i) 20% of their DTAs from net losses
and (ii) 20% of the balance of DTAs from temporary differences,
not related to credit provisions, that were higher than 10% of
their Tier I equity. Moreover, most subordinated debt issued prior
to Basel III implementation was also part of the deduction
framework due to its low capacity to absorb losses.

S&P said, "The negative outlook over the next 12 months on Banco
Pan reflects our belief that the bank's financial performance
could deteriorate amid pressures on the domestic banking system
because of challenging economic and political conditions, which
remain considerable. These risks are reflected in our view of a
negative trend in Brazil's BICRA economic and industry risk."


BRAZIL: Sees Opening Gov't Procurement as Tool of Integration
-------------------------------------------------------------
EFE News reports that Brazil is calling for opening government
procurement as a tool of regional integration, which, according to
conservative estimates, could create business opportunities worth
$40 billion.

"The Brazilian government seeks to more fully integrate the
country into the global economy" and this includes some "non-
conventional ways," Jorge Arbache, secretary of international
affairs at the Ministry of Planning, Budget, and Management, told
EFE.

These "non-conventional ways" include negotiating government
procurement agreements, as in the case of the agreement signed
last December during Mercosur's most recent summit, according to
EFE News.

Mercosur's Government Procurement Protocol will allow companies
from the trade bloc's member states -- Argentina, Brazil, Uruguay
and Paraguay -- to bid on government contracts in any of these
four countries, the report notes.

The agreement will come into effect once it is ratified by the
four parliaments, the report relays.

The report notes that Mr. Arbache said the change could lead to
significant savings in public spending.

He also cited projections made by Brazil's government showing that
the procurement agreement would advance regional integration, as
companies from the four countries would be more willing to create
partnerships to bid on government contracts, the report discloses.

Government procurement agreements, however, have faced resistance
within the Mercosur, the report says.

An agreement had already been negotiated in 2006, although it was
never ratified, the report notes.

According to Mr. Arbache, the current Government Procurement
Protocol is different, as every government has agreed to the terms
and its implementation will be progressive, the report relays.

The only country that has expressed doubts is Paraguay, which is
"understandable" because of the size of its economy, Mr. Arbache
said, notes the report.  "In countries with smaller economies, the
government has a crucial role in promoting economic activities and
even has economic influence through procurement," which can help
"promote social justice" and "incite technological modernization,"
he added.

This is why the matter is "highly sensitive" in certain countries,
although Mr. Arbache said he was convinced that the government
procurement agreement would "benefit everyone," the report relays.

Brazil has already signed similar agreements with Peru and Chile,
and is currently carrying out negotiations with Mexico, Colombia
and Canada, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2018, Fitch Ratings has downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.


==================================
D O M I N I C A N  R E P U B L I C
==================================


DOMINICAN REPUBLIC: To Rebuild Northwest Port for Bananas' Sake
---------------------------------------------------------------
Dominican Today reports that Chamber of Deputies president, Ruben
Maldonado headed a meeting with stakeholders of the Santiago
Development Association (APEDI), which supports the city's
economic, social, political and cultural growth.

APEDI President Fernando Capellan said among the province's main
demands figures the reconstruction of Manzanillo Port, in
Montecristi (northwest), to facilitate the export of bananas and
other goods, according to Dominican Today.

He asked Maldonado to also help include a special allocation for
maintenance and administrative expenses of Santiago's Central Park
in the 2019 budget, the report relays.

In response to their proposals, Maldonado promised APEDI's
executives full cooperation to have their requests materialize,
the report notes.

The meeting was held in the APEDI offices located in Santiago's
Central Park, the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.


DOMINICAN REPUBLIC: Rosy Economic Outlook Has 'Conditions'
----------------------------------------------------------
Dominican Today reports that the multilateral financial
organizations praise the Dominican economy's growth, but condition
its immediate future to the issue of fiscal sustainability and
more recently, the threats and risks linked to climate change.

For that contingency the Inter-American Development Bank (IDB) has
included the Dominican Republic among the area's countries that
have to "generate the instruments to face the costs of natural
disasters in the region," according to Dominican Today.

The latest reports and studies by international organizations
linked to financing and development have stressed economic growth
and simultaneously warn of vulnerabilities, the report relays.
They have also agreed to raise the country's need of a fiscal
reforms that make public finances sustainable in the short and
medium term, with increases in commitments linked to the public
debt service, the report says.

                               IMF

Among others, the International Monetary Fund (IMF) praised the
Dominican economy's performance, with favorable projections for
the current and next year, the report relays.

Moreover, the leading risk rating agencies have separately
expressed the results of their evaluations and have even improved
the country risk ratings, the report says.

In different languages and scenarios, the multilateral financing
organizations have stated, after analyzing the main macroscopic
variables, on the evolution of the GDP, with projections of high
growth next year, conditioned to external and internal factors,
the report discloses.

The IMF was the most forceful in its assessment, the report
relates.  In its report of its review, at the beginning of the
year, of the consultation of Article IV, it notes that after the
economic slowdown in 2017, with an expansion (estimated at the
time of the visit in February) of the GDP of 4.6%, "the economic
outlook remains positive," the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.


DOMINICAN REPUBLIC: Loans for Dam, Productivity Breeze Thru Senate
------------------------------------------------------------------
Dominican Today reports that in just one roll call the Senate
approved two loans of US$549.0 million to finance the productive
sectors and the dam at Monte Grande (southwest).

The initiatives will now go to the ruling party (PLD) controlled
Chamber of Deputies, where approval is expected, according to
Dominican Today.

The US$249.0 million loan will finance the construction of the
dam, Phase III, which provincial senators Edis Mateo Vasquez
(Barahona), Dionis Sanchez (Pedernales) and Manuel Paul (Bahoruco)
noted that the communities had demanded the complex for over 10
years, the report relays.

The second loan, from the Inter-American Development Bank, of
US$300.0 million will finance a program to improve productivity
and formal jobs across the country, the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.


=============
J A M A I C A
=============


JAMAICA: Targets Growth in Investments
--------------------------------------
Caribbean360.com reports that the Industry, Commerce, Agriculture
and Fisheries Ministry will be leading an expansion of
government's investor outreach thrust, through trade and
investment agency, Jamaica Promotions Corporation (JAMPRO).

Noting that local and foreign investments remain central to the
administration's economic development strategy for the country,
Minister Audley Shaw says the overall goal is to create an
environment that is more inviting for business, easy to navigate
and offers the degree of flexibility necessary for developing and
executing various sector-related investment projects, according to
Caribbean360.com.

His pronouncements come against the background of Jamaica
recording increased foreign direct investments totaling US$900
million in 2016, which is the highest outturn since 2008,
according to the most recent World Investment Report, the report
notes.

This performance ranked the country in the top three among small
island developing states globally, the report relays.

Jamaica also ranks 70th out of 190 countries, according to the
World Bank's 2018 Doing Business Report, the highest ranking in
the Caribbean after Puerto Rico, and sixth place in the Latin
America and Caribbean region, the report discloses.

Additionally, the island improved eight spots on the Global
Competitiveness Index to 70 of 138 countries in 2017/18, and is
ranked the best to do business in the Caribbean according to the
2017 Forbes Best Countries for Business Report, the report relays.

"Jamaica is fast becoming the regional poster child of fiscal and
economic prudence, and coupled with the dynamic investment
prospects, we are perfectly positioned for a strong period of
growth and development.  No shrewd investor should want to miss
out on the action," Mr. Shaw said, the report notes.

He noted that while the global marketplace may be getting smaller,
the opportunities for productive investment and business
development continue to grow, the report relays.

This, the Minister argued, positions Jamaica at the pinnacle of
investment discourse in the Caribbean based on its most recent
rankings and outturns, the report says.

He said that one of his missions is to identify the low hanging
fruit on a systematic basis "in order to really improve the ease
of doing business in Jamaica . . . and believe me, there are lots
of low hanging fruits that I will be dealing with in the coming
weeks and months," the report relays.

The report discloses that Mr. Shaw said this engagement has
already commenced as he recently met with members of the Jamaica
Manufacturers Association (JMA) to discuss issues that need to be
dealt with, including access to finance.

Additionally, the Minister said he met with the Trade Facilitation
Group, which he noted is looking at removing the obstacles and
inhibitors to imports "and critically, exports," the report
relays.

He pointed out that JAMPRO is doing significant work to change
Jamaica's business environment, the report notes.

And he said that the Jamaica Investment Forum that JAMPRO
organizes -- which be held this year from June 12 to 14 --
represents a "critical tool" for showcasing business opportunities
in key sectors "as we build on the progress we have made in
attracting world-class investments to our highly diversified
economy," the report relates.

"Jamaica is, once again, ready to showcase the efficacy of key
growth sectors, such as our world-renowned tourism product, agri-
business, manufacturing, energy, mining, logistics and business
process outsourcing, all complemented by geographic, human
resource and economic advantages," he added, notes the report.

According to Caribbean360.com, Mr. Shaw said it is imperative that
the Government continues to demonstrate its commitment to
improving Jamaica's business environment.

"This is our responsibility and we pledge to continue doing it. We
will continue to develop efficient and transparent regulations and
embark on competitiveness strategies that include industry-
specific and firm-level innovation efforts (because) we are poised
for take-off in this country," he said, the report relays.

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


===========
M E X I C O
===========


MEXICO: To Accept Direct Imports of Quinoa From Bolivia
-------------------------------------------------------
EFE News reports that Mexico will allow direct imports of quinoa
from Bolivia, the Aztec nation's foreign secretary said after
meeting with Bolivian President Evo Morales.

Mexicans will be able to "increasingly appreciate this Bolivian
product," Luis Videgaray said during a joint press conference with
Morales, referring to the fact that until now, Mexico has obtained
the Andean nation's quinoa through intermediaries, according to
EFE News.


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


TRINIDAD & TOBAGO: No Longer Attractive for New Gas Projects
------------------------------------------------------------
Trinidad Express reports that the chief executive officer of
ammonia producer Caribbean Nitrogen Company (CNC), Jerome Dookie,
said that problems with natural gas supplies have made T&T a less
attractive location for new petrochemical projects, given issues
of gas curtailment and the current price of natural gas.

"Capital will always follow where it gets the best return. And in
terms of new projects being built, Trinidad and Tobago is no
longer an attractive destination because the feedstock
availability is questionable and the pricing is higher," Dookie
said, adding: "Certainly, the US now, driven by shale gas, is a
preferred destination for capital.  So that new construction
projects -- and not only Proman but other players globally, will
tend to be attracted to those jurisdictions," according to
Trinidad Express.



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


* BOND PRICING: For the Week From May 14 to May 18, 2018
--------------------------------------------------------

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD




                            ***********


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


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

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

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

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

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

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


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