/raid1/www/Hosts/bankrupt/TCRLA_Public/180522.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 22, 2018, Vol. 19, No. 100


                            Headlines



A R G E N T I N A

ARGENTINA: Rolls Over Debt, Giving Government Shot of Confidence


B R A Z I L

JBS SA: Moody's Upgrades CFR to B1, Outlook Stable
JBS SA: Fitch Affirms Long Term IDRs at 'BB-' & Outlook Stable


C U B A

CUBANA DE AVIACION: 100++ Dead After Plane Crashes After Takeoff


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Housing Costs Climb 3.28% in First 4 Months
DOMINICAN REPUBLIC: US, China Trade Barbs Over Country


P E R U

HUNT OIL: Moody's Gives Ba1 CFR & Sr. Notes Rating, Outlook Stable


P U E R T O    R I C O

CLUB DEPORTIVO: Fundacien Buying All Assets for $800K
DYNAMIC MRI: Taps C. Conde & Associates as Legal Counsel


V E N E Z U E L A

VENEZUELA: Maduro Wins Re-Election Amid Opposition Boycott
VENEZUELA: Creditors Are Cutting Its Crude-Oil Lifeline
VENEZUELA: Discontent Rises in Military as Economy Dives


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Rolls Over Debt, Giving Government Shot of Confidence
----------------------------------------------------------------
Ryan Dube at The Wall Street Journal reports that Argentina's
central bank rolled over billions of dollars in short-term debt,
providing President Mauricio Macri's government with a shot of
confidence after weeks of economic volatility.

In a statement, the central bank said it refinanced all of the $26
billion of peso-denominated securities, known as Lebacs, which are
set to expire last week, while auctioning off new debt worth
another $200 million, according to The Wall Street Journal.  The
central bank said the interest rates ranged from 40% for the 36-
day Lebac to 38% for the 154-day note, the report notes.

The auction was closely watched by investors as a sign of market
sentiment towards Argentina after weeks of struggling to stem a
sharp depreciation of its peso currency, the report notes.  A
failure to roll over the debt would have put more pressure on the
peso, economists said, the report relays.

"It was a successful auction," said Goldman Sachs economist
Alberto Ramos, the report notes.  "But of course they had to
commit to pay a very high distressed level of interest rates . . .
this is not a sustainable path," he added.

Argentina, with a long history of economic turbulence, has been on
the verge on another crisis as the country's stocks, currency and
bonds have dived since the end of April amid investor concern
about the government's speed in cutting the deficit and reducing
double-digit inflation, the report relays.

Statistics agency Indec said that consumer prices rose 2.7% in
April, bringing the annual inflation rate to 26% amid higher gas
and power costs, the report notes.

The turmoil comes at the same time as rising U.S. interest rates,
which caused an outflow of money from emerging markets, the report
relays.

Argentina's central bank tried to stem the peso's depreciation by
intervening in the spot market to sell billions of dollars in
reserves in recent weeks, while unexpectedly hiking the interest
rate to 40%, the report notes.

The government had also sought financial support from the
International Monetary Fund and reduced its target for its fiscal
deficit this year to 2.7% of GDP from 3.2%, the report notes.

Mr. Macri said Argentina was far from entering another crisis. "We
are advancing with firm steps towards this Argentina that we want
to live in," he said, the report relays.  "I want you to feel calm
that this is the right path," he added.

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.


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B R A Z I L
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JBS SA: Moody's Upgrades CFR to B1, Outlook Stable
--------------------------------------------------
Moody's Investors Service upgraded JBS S.A. (JBS) 's corporate
family rating to B1 from B3. At the same time, the senior
unsecured ratings of its wholly-owned subsidiary JBS USA Lux S.A.
("JBS USA") were upgraded to B1 from B2 and its senior secured
ratings to Ba3 from B1. The outlook for all ratings is stable.

The debt instruments being upgraded include JBS USA's $2.8 billion
senior secured term loan due 2022 that will be expanded through a
$450 million add-on that was launched on May 16th.

The positive action follows the announcement of the Normalization
Agreement made by the company to maintain access to certain credit
lines for three years, until 2021, which reduces liquidity risk,
as well as the continued supportive operational results.

Ratings upgraded as follows:

Issuer: JBS S.A.

LT Corporate Family Ratings: to B1 from B3

Issuer: JBS USA Lux S.A.

$500mm GTD GLOBAL NOTES due 2021: to B1 from B2

$650mm GTD SR GLOBAL NOTES due 2021: to B1 from B2

$2800mm GTD SR SEC TERM LOAN due 2022: to Ba3 from B1

$750mm GTD SR GLOBAL NOTES due 2024: to B1 from B2

$900mm GTD GLOBAL NOTES due 2025: to B1 from B2

$900mm GTD GLOBAL NOTES due 2028: to B1 from B2

The outlook for all ratings is stable, from negative

RATINGS RATIONALE

The upgrade follows the announcement of the Normalization
Agreement with creditor banks to maintain access to credit lines
totalling BRL 12.2 billion for a period of three years, until July
2021. This amount is mostly comprised of short-term debt and it
covers 78% of the debt at the Brazilian operations (JBS S.A. and
Seara S.A.). Within the scope of the agreement, JBS will amortize
25% of the underlying debt -- or BRL 3 billion -- over the next 36
months. The upgrade also considers the resilience of JBS's
operations over the past couple years, despite the uncertainties
related to the corruption allegations and reputational damage, and
Moody's expectation for continued improvement in credit metrics.

The agreement with creditors is positive for JBS as it materially
reduces the company's liquidity risk. It follows a one-year
stabilization arrangement established in July 2017 and comprising
BRL 20.5 billion in debt. Since that time, JBS amortized 10% of
the amount and used part of BRL 6 billion in proceeds from asset
sales to reduce the balance further, both in accordance with the
agreement provisions. At the time of the first agreement JBS had
BRL 11.3 billion in cash and BRL 18.2 billion in short-term debt.
Currently the company has a more moderate amortization schedule
with BRL 10.8 billion in cash and equivalents and consolidated
short-term debt of BRL 13.0 billion, plus it maintains USD 1.2
million in committed facilities (BRL 4.3 billion).

Of the risks brought about by the corruption scandal since 2017,
liquidity was the most pressing. By addressing the relationship
with banks and protecting liquidity, the company can continue to
concentrate on its operations and relationships with suppliers,
customers and other stakeholders. It also creates a buffer to
sustain any pecuniary or operational challenges that might
originate from ongoing judicial processes.

JBS S.A.'s B1 corporate family rating continues to incorporate
risks regarding a series of judicial processes and investigations
which can directly or indirectly involve JBS and its shareholders.
The Leniency Agreement as entered into by its controlling owner,
J&F Investimentos S.A. ("J&F"), includes a total fine of BRL 10.3
billion to be paid by J&F, is the most relevant. Currently the
Leniency is being investigated by the Brazilian Attorney General
for possible breaches. However despite the investigation in
regarding the agreement's validity, the provisions of the leniency
agreement continue to hold and it have not prevented the company,
nor its J&F, from executing asset sales or renegotiating debt with
banks. The rating also reflects the inherent volatility of the
protein industry, which is subject to risk factors such as weather
conditions, diseases, supply imbalances, and global trade
variables, along with the company's history of aggressive growth
via acquisitions.

JBS's ratings continue to be supported by the strength of its
global operations as the world's largest protein producer and its
high diversification of protein products, raw material sourcing
and sales. The company's strategy to increase its global footprint
in higher value added and processed food segments has improved its
business profile and should support higher and more stable margins
and cash-flow over time.

The B1 senior unsecured ratings of JBS USA Lux are the same as the
B1 Corporate Family Rating of JBS S.A., after being one notch
higher before Moody's action. This reflects the significantly
improved credit profile of JBS S.A. resulting from the
Normalization Agreement that has narrowed the difference in credit
risk between JBS S.A. and JBS USA. Moody's continues to believe
that JBS USA's credit profile is materially stronger, but not
enough to warrant notching above JBS S.A.'s Corporate Family
Rating. JBS USA consolidated generates a majority of JBS S.A.
consolidated EBITDA (72%) and holds a lower proportion of total
debt (59%). In addition, debt holders of JBS USA enjoy a
downstream guarantee from parent JBS S.A. but provides no upstream
guarantees. The Ba3 secured debt instrument ratings of JBS USA Lux
are one notch above the senior unsecured debt ratings, reflecting
higher priority claims of secured creditors.

The stable outlook reflects the company's improved liquidity and
Moody's expectation that credit metrics will not deteriorate from
current levels. It also incorporates the view that the development
of current judicial processes and investigations, involving JBS
and its shareholders will not hamper the company's liquidity and
market access.

JBS's ratings could be downgraded should the rolling-over of
short-term debt proves unlikely, or if events that undermine
liquidity are observed. Quantitatively, a downgrade could occur if
debt-to-EBITDA is sustained above 5.0x (4.3x in the LTM December
2017), EBITA/interest falls below 1.0x (1.8x in the LTM ended
December 2017) or CFO to net debt falls below 10% (12% in the LTM
ended December 2017). All credit metrics reflect Moody's standard
adjustments and definitions.

The ratings could be upgraded if reputational and event risks
(including legal) reduce considerably, including the maintenance
of the Leniency Agreement as entered by J&F. An upgrade would also
require JBS to improve its liquidity profile further with a cash
cushion that consistently exceeds its short-term maturities, while
maintaining its operating margins and positive free cash flow
generation. An upgrade would also require CFO to net debt above
15% (12% in the LTM December 2017) and debt-to-EBITDA below 4.0x
(4.3x in the LTM December 2017) on a sustained basis.

Headquartered in Sao Paulo, Brazil, JBS S.A. ("JBS") is the
world's largest protein producer in terms of revenues, slaughter
capacity and production. It is the leader in beef, chicken and
leather and one of the leading lamb producers on a global basis,
and the second largest pork producer in the USA. The company has
large scale and diversification, with presence in more than 100
countries. In the LTM ended March 2018, the company reported
consolidated net revenues of BRL 165 billion (USD 51.6 billion),
with adjusted EBITDA margin of 7%. JBS USA beef, which represents
the beef and lamb operations in the US, Canada and Australia, is
the largest business segment, accounting for 42% of total
revenues, JBS Chicken USA (Pilgrim's Pride including Moy Park),
accounts for 21%, while the US pork business contributes to 12%.
JBS Mercosul, which combines the beef operations in South America,
represents 14% of total revenues. Brazil based Seara, comprises
poultry, pork and processed foods operations, and is responsible
for 11% of revenues.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in June 2017.


JBS SA: Fitch Affirms Long Term IDRs at 'BB-' & Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed JBS S.A.'s (JBS) Long-term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'BB-'. Fitch also
affirmed the senior unsecured notes guaranteed by JBS were
affirmed at 'BB-'. Fitch has also affirmed the company's National
Scale rating at 'A(bra)'. The ratings have been removed from
Rating Watch Negative. The Rating Outlook is Stable.

The affirmation at 'BB-' and assignment of the Stable Outlook is
due to JBS reaching an agreement to extend the maturity of BRL12.2
billion of debt until July 2021 with its core banks. This
normalisation agreement alleviates refinancing risk. The
affirmation further reflects the company's solid operating
performance and strong free cash flow generation. The ratings
remain constrained by potential contingent liabilities and
uncertainty surrounding the various investigations occurring at
JBS and with its controlling shareholder.

KEY RATING DRIVERS

Ongoing Investigation: JBS's rating is constrained by the
uncertainty surrounding several investigations that involve the
company and its shareholders. They include administrative
procedures by the CVM (Brazilian Securities and Exchange
Commission), the U.S. Department of Justice, and an investigation
by Brazil's attorney general on possible breaches of the terms
agreed in the J&F leniency agreement. These ongoing legal matters
create uncertainty regarding the timing and magnitude of potential
fines that the company could be facing. These investigations also
represent a threat to the maintenance of the leniency agreement
signed by the controlling shareholders J&F Investimentos S.A.
(J&F) with the Brazilian Federal Public Prosecutor's Office (MPF)
concerning allegations of corruption.

Lower Leverage Expected: Fitch expects JBS to continue to
deleverage due to strong free cashflow generation thanks to the
strong performance of the company's U.S. operations due to strong
cattle supply and growing demand for protein in domestic and
exports markets. Profit margins should also benefit from the
recovery of Seara's branded food business in Brazil because a
better consumer environment. JBS's Beef Brazil division
performance remains challenged by raw material costs and the
subdued performance of its leather business. Fitch forecasts JBS's
net debt/EBITDA ratio will be at about 3x by year-end fiscal 2018
and decline towards 2.x-2.5x in year-end fiscal 2019. JBS reported
an LTM net debt/ EBITDA ratio of 3.2x as of March 30, 2018.

Solid Business Profile: JBS's ratings continue to reflect its
strong business profile as the world's largest beef and leather
producer and its diversification in chicken, beef, pork and
prepared food. The company's product and geographic
diversification help mitigate risks related to disease and trade
restrictions. Fitch estimates that approximately 88% of JBS's
EBITDA is generated from outside of Brazil, primarily in the U.S.,
Australia, Canada and Europe.

DERIVATION SUMMARY

JBS's ratings reflect ongoing litigation issues related to
corruption investigations of the company and uncertainty regarding
potential fines that could damage the company's credit profile and
access to the capital market.

JBS's business profile is strong due to its size, geographical and
protein diversification in pork, poultry and beef. The company is
the most geographically diversified company in the protein sector
rated by Fitch due to its strong presence in the U.S., South
America, Australia and Canada. This geographic diversity enables
the group to mitigate business volatility inherent to the
industry. The outlook for the protein industry in the U.S. remains
positive due to international and domestic demand. JBS's business
profile compares favorably to Marfrig Global Foods (BB-/Stable)
and Minerva SA (BB-/Stable). Minerva is a pure play in the beef
industry in South America, and Marfrig will also become a pure
players in the beef industry upon conclusion of the recent
acquisition of National beef in the U.S. and the sale of its
poultry business, Keystone.

With a LTM Net debt/ EBITDA ratio at 3.2x as of 1Q18, JBS's net
leverage is stronger than its Brazilian protein peers, and Fitch
expects the company to generate strong FCF this year while its
other Brazilian peers are displaying negative FCF due to expansion
capex. However, JBS's leverage remains higher than Tyson Foods Inc
(BBB/Stable) or Smithfield Foods Inc (BBB/Stable). No country-
ceiling or operating environment aspects impact the rating.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  --Single digit revenues growth driven;

  --EBITDA of about BRL14 billion in year-end fiscal 2018;

  --Net debt/ EBITDA at about 3x in 2018.

RATING SENSITIVITIES

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

  --An upgrade could occur if no significant fines result from the
ongoing investigation;

  --Net debt/ EBITDA below 3x on a sustained basis;

  --Strong liquidity.

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

  --Large legal fines that would put pressure on the company's
liquidity and deleverage in the near term could trigger a
downgrade;

  --Net leverage above 4x on a sustained basis could lead to a
downgrade.

LIQUIDITY

As of March 30, 2018, JBS had BRL10.8 billion of cash and cash
equivalent and short-term debt of BRL13 billion (mostly trade
finance debt). Additionally, JBS USA has a USD1.3 billion
available unencumbered line under revolving credit facilities,
equivalent to BRL4.3 billion.

The company signed a debt-stabilization agreement with several
financial institutions on May 14, 2018. The terms of the
Normalization Agreement ensure the maintenance of credit lines
totaling approximately BRL12.2 billion for a period of 36 months
as of July 2018 and includes approximately a 25% amortization of
the principal payable between January 2019 and the expiry of the
Normalization Agreement in July 2021.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

JBS S.A.

  --Long-Term Foreign & Local Currency IDRs at 'BB-';
  --National Scale rating at 'A (bra)'.


JBS USA Lux S.A.
--Long-Term Foreign and Local Currency IDRs at 'BB-';
--Notes due 2021 at 'BB-'.

JBS USA Finance, Inc:
  --Notes due 2021 at 'BB-'.

JBS Invesment Gmbh
  -Notes due 2020, 2023, 2024 at 'BB-.'

The Rating Outlook is Stable.


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C U B A
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CUBANA DE AVIACION: 100++ Dead After Plane Crashes After Takeoff
----------------------------------------------------------------
The Guardian reports that more than 100 people have died after an
aging Boeing 737 carrying 104 passengers and six crew crashed into
a nearby field shortly after taking off from Havana's main
airport.

In a televised address, the Cuban president, Miguel Diaz-Canel,
offered his condolences to victims' families and said an
investigation into the disaster had been launched, according to
The Guardian.

Witnesses said that the 39-year old airliner veered back towards
the airport less than a minute after takeoff from Jose Marti
international airport, but became ensnared in electricity cables
before crashing down, the report notes.

"When we were checking in, we heard an explosion, the lights went
out in the airport and we saw black smoke rising -- and they told
us a plane had crashed," Argentine tourist Brian Horanbuena told
the Associated Press at the airport, the report relays.

At the scene of the crash near the town of Santiago de las Vegas,
thick black smoke plumed out of the torn wreckage which was
scattered across a field of cassava, the report notes

"It's a disaster," a military official told the AP.

Three survivors arrived at the Calixto Garcia hospital in Havana
in critical condition, the report discloses.

The plane was on a domestic flight, heading for the city of
eastern city of Holguin, and most of the passengers were Cuban,
according to local media, the report says.

As tourism has boomed in Cuba in recent years, package holidays in
Holguin province's beaches have become increasingly popular, the
report notes.

The 737 was operated by the state-run airline Cubana de Aviacion
but had been leased from a small Mexican charter company called
Damojh Aerolineas, which also operates as Global Air Mexico, the
report discloses.

The plane was built in 1979, according to Mexican authorities, who
also confirmed that five Mexican crew members were among the dead,
the report notes.

"We heard an explosion and then saw a big cloud of smoke go up,"
said Gilberto Menendez, who runs a restaurant near the crash site
in the agricultural municipality of Boyeros, 20 km (12 miles)
south of Havana, the report relays.

The report notes that Cubana has placed many of its planes out of
service because of maintenance problems in recent months.

Unusually, news of the crash was initially broken by state media,
which reported the crash less than an hour after it happened, the
report relays.

Cuban channels seldom break news of catastrophes, the report
discloses.  In Cuba, the state-controlled information apparatus
usually strives to maintain and ambience of calm and stability,
the report notes.

News bulletins broadcast footage of emergency services carrying
away survivors in oxygen masks on stretchers, the report says.
Cuba's main newspaper, Granma, which describes itself as the
"official voice of the Communist party of Cuba", was providing
live updates on the crash, the report notes.

During his inauguration speech in last month, Mr. Diaz-Canel had
called on the ruling Communist party to make better use of the
internet to communicate with the country's people, the report
adds.


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Housing Costs Climb 3.28% in First 4 Months
---------------------------------------------------------------
Dominican Today reports that National Statistics Office (ONE)
director, Alexandra Izquierdo reported that the Direct Housing
Cost Index (ICDV) in April was 148.84 on average, with a monthly
variation of 0.78%.

She said so far this year the ICDV has climbed 3.28%, higher than
the 0.68% posted for the same period a year ago, according to
Dominican Today.

"This variation that has presented the prices of the construction
of houses in the last months, is fruit, mainly, of the increases
in the costs of the pipes and PVC parts with a 29.38%; followed by
the electrician workforce with 14.00% and, the workforce of hydro-
sanitary (plumbing) installation with 13.99%," the report quoted
Mr. Izquierdo as saying.

The official stressed that despite the increases, some materials
in the subgroups of costs posted significant reductions, among
them the electric miscellanies and cinder blocks and others, at
-4.64% and -0.85%, respectively, the report notes.

She added that, in the last 12 months, from April 2017 to April
2018, the ICDV shows an accumulated variation of 7.81%, a result
higher than during the same period the previous year, of 3.06%,
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: US, China Trade Barbs Over Country
------------------------------------------------------
Dominican Today reports that China trade representative in the
Dominican Republic, Fu Xinrong, said the Dominican government has
all its right to decide its foreign policy and establish
diplomatic ties with the country of its choosing.

Mr. Fu's statement comes just two days after US interim ambassador
Robert Copley expressed concern with the diplomatic ties
established between the Dominican Republic and China, because in
his view, the business leaders from the Asian giant have a
reputation of disrespecting labor laws and the environment and
don't fulfill what they promise to partner countries, according to
Dominican Today.

"If the US government established diplomatic relations with China,
some time ago, why can't Dominican Republic do so?" she said, the
report notes.

"The Dominican Republic is a sovereign country. President Danilo
Medina has all his right to decide his foreign policy," said the
diplomat, the report relays.

"The irresponsible comment of the US government was rejected by my
government because bilateral relations are made under the
principle of peaceful coexistence, under the one-China principle,"
Mr. Fu added, the report says.

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.


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P E R U
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HUNT OIL: Moody's Gives Ba1 CFR & Sr. Notes Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 Corporate Family Rating
to Hunt Oil Co. of Peru L.L.C., Suc. Del Peru (HOCP) and a Ba1
rating to its proposed $600 million in 10-year amortizing trust-
enhanced global senior notes. Proceeds from the notes issuance
will be used to repay local notes in Peru, a term loan, and an
intercompany loan. The outlook on the ratings is stable.

Assignments:

Issuer: Hunt Oil Co. of Peru L.L.C., Suc. Del Peru

Corporate Family Rating, Assigned Ba1

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Assigned Ba1

This is the first time that Moody's assigns ratings to HOCP.

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

RATINGS RATIONALE

The Ba1 ratings on HOCP and its proposed notes reflect the
company's large proved gas reserves, equivalent to 19 years of
life; solid asset base in world-class, prolific Camisea gas
fields; low volume risk given solid demand both in the local and
international markets; Moody's view of relatively stable prices
for natural gas and natural gas liquids through 2019; the
company's solid credit metrics for its rating category, pro forma
for the proposed notes; the strategic importance of the Camisea
fields to Peru; and the company's experienced management team.

On the other hand, the ratings also consider HOCP's small
production size; asset concentration in only two gas blocks;
operating dependence on only two pipelines, owned by
Transportadora de Gas del Peru (TGP, Baa1 stable); no operating
control over the gas blocks; vulnerability to commodities prices;
and high dividend payout rate. In addition, HOCP's ratings are
restrained by its ultimate parent company, Hunt Oil Company's
(Hunt, B1 stable) capital control of the Peruvian company and
Hunt's dependence on cash flows from its subsidiary to service its
own large debt obligations. However, Moody's considers the debt
agreement's provisions that help ring-fence HOCP from its parent
to be beneficial to HOCP's credit profile.

The proposed notes will start to amortize in 2021 and will be
protected by a trust account under Peruvian law. The trust account
will be pledged for the benefit of the note holders.

HOCP has solid credit metrics for its rating category. Moody's
estimates that the company's debt/EBITDA ratio and EBITDA/interest
coverage ratio will be at 2.3x and 10x, respectively, in 2018.
However, HOCP's retained cash flow (funds from operations less
dividends) to total debt will be weak, given the company's
relatively high dividend payout. This is mitigated by HOCP's
relatively low capital reinvestment requirements to maintain
production.

HOCP has good liquidity pro-forma for the proposed notes and debt
repayment. Cash in the amount of $63 million in December 2017 plus
$198 million in cash from operations, and $155 million in net new
debt will fund $32 million in capital spending plus $310 million
in shareholders distributions in the next 12 months. The company
also counts on a $30 million three-year committed revolving credit
facility that matures in 2021. Pro-forma for the new notes, debt
maturity profile is solid since no debt matures before 2021.

The stable rating outlook reflects Moody's belief that HOCP will
sustain its low business risk profile, maintain solid financial
policies, and be able to reduce its financial leverage as the
proposed notes start to amortize, starting in late 2021.

HOCP's Ba1 ratings could be upgraded if Hunt's rating is upgraded,
provided that HOCP at least maintains its current credit profile.

HOCP's Ba1 ratings could be downgraded if it faces extended
operational disruptions or if its production declines. An interest
coverage, as measured by EBITDA/interest ratio, below 8 times
could also trigger a negative rating action. A negative action on
Hunt's rating could also lead to a negative action on HOCP's
rating.

The principal methodology used in these ratings was Independent
Exploration & Production Industry published in May 2017.
HOCP is a wholly-owned, indirect subsidiary of Hunt Oil Company,
one of the largest privately-owned hydrocarbon companies in the
United States. HOCP was incorporated in 1999 and began its
activities in 2000. HOCP is one of the leading gas exploration and
production companies in Peru. Its primary assets include a 25.2%
interest in license contracts related to the largest natural gas
producing fields in Peru, the Camisea Fields, which include Block
88 and Block 56 in the Ucayali Basin of Peru. Block 88, whose
license expires 2040, in is the largest source of natural gas
production in Peru, and also contains the largest number of proven
reserves. Block 56, whose license expires in 2044, is the second
largest in Peru in terms of natural gas production and proven
reserves levels. HOCP also owns a 25.2% interest in the facilities
related to the Camisea Fields, including the Malvinas Plant, a NG
processing plant near the Camisea Fields, and the Pisco Plant, a
liquids fractionation facility near Pisco, Peru on the Pacific
coast.


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


CLUB DEPORTIVO: Fundacien Buying All Assets for $800K
-----------------------------------------------------
Club Deportivo De Ponce, Inc., doing business as Actividades
Especiales, asks the U.S. Bankruptcy Court for the District of
Puerto Rico to approve the sale of substantially all its assets,
including its land, remaining buildings and work of arts, to
Fundacien for $800,000.

On March 2, 2017, Condado 5, LLC, as successor of the Economic
Development Bank for Puerto Rico ("EDB") filed the motion stating
having acquired EDB's credit against Debtor, submitting the
transfer of EDB's claim thereto for $1,008,822.  On June 2, 2017,
Condado asked the reopening of the captioned case, submitting as
cause therefor the Debtor's default under the Plan.  On April 12,
2018, the Court directed the reopening of the case.

It is obvious from the record of the case that Debtor has scarce
or no resources to implement the Plan.

Fundacien is interested in purchasing substantially all of the
Debtor's assets, including the land, remaining buildings and works
of art for $800,000, free and clear of all liens and encumbrances,
the $800,000, to be paid by Fundacion upon the approval of the
sale by the Court.

Counsel for the Debtor:

          Charles A. Cuprill, Esq.
          CHARLES A. CUPRILL, P.S.C.
          356 Fortaleza Street - Second Floor
          San Juan, PR 00901
          Telephone: (787) 977-0515
          Facsimile: (787) 977-0518
          E-mail: ccuprill@cuprill.com

                  About Club Deportivo De Ponce

Club Deportivo De Ponce, Inc., doing business as Actividades
Especiales, sought Chapter 11 protection (Bankr. D.P.R. Case No.
12-01794) on March 9, 2012.  In the petition signed by Gilberto
Sanchez Perez, clerk accountant, the Debtor estimated assets in
the range of $0 to $50,000 and $1 million to $10 million in debt.
The Debtor tapped Juan Carlos Bigas Valedon, Esq., at Juan C Bigas
Law Office as counsel.

On Dec. 12, 2012, the Court confirmed the Debtor's plan of
reorganization and on March 17, 2014, it entered the final decree
in the case.


DYNAMIC MRI: Taps C. Conde & Associates as Legal Counsel
--------------------------------------------------------
Dynamic MRI & 3D CT CSP seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire C. Conde &
Associates as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; negotiate with creditors for the purpose of
arranging the orderly liquidation of its assets and for proposing
a plan of reorganization; and provide other legal services related
to its Chapter 11 case.

The firm will charge these hourly rates:

     Carmen Conde Torres, Esq.     $300
     Associates                    $275
     Junior Attorney               $250
     Legal Assistants              $150

Conde received a retainer of $15,000 from the Debtor.

Carmen Conde Torres, Esq., disclosed in a court filing that she
and other employees of the firm do not represent or hold any
interest adverse to the Debtor and its estate.

The firm can be reached through:

     Carmen D. Conde Torres, Esq.
     C. Conde & Associates
     254 San Jose Street, 5th floor
     Old San Juan, PR 00901
     Tel: (787) 729-2900
     Fax: (787) 729-2203
     Email: condecarmen@condelaw.com

                   About Dynamic MRI & 3D CT CSP

Dynamic MRI & 3D CT CSP sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 18-02525) on May 7, 2018.
At the time of the filing, the Debtor estimated assets of less
than $1 million and liabilities of less than $1 million.  Judge
Enrique S. Lamoutte Inclan presides over the case.


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


VENEZUELA: Maduro Wins Re-Election Amid Opposition Boycott
----------------------------------------------------------
Kejal Vyas and Juan Forero at The Wall Street Journal report that
Nicolas Maduro won re-election to a six-year term in a Venezuelan
presidential election deemed illegitimate by the opposition and
foreign governments, paving the way for heavier international
sanctions amid widespread discontent over his management of an
economy in free fall.

Even before the ballots were counted, opposition candidate Henri
Falcon cried foul, saying the election was a sham and calling for
a new vote this year, according to The Wall Street Journal.

"We do not recognize this electoral process as valid," he said,
the report notes.  "For us, there were no elections," he added.

The state electoral board, which is allied with the government,
said Mr. Maduro had won 5.8 million votes, or 67% of the total,
with nearly 93% of the vote counted, compared to 1.8 million, or
21%, for his main challenger, Mr. Falcon, a leftist former
governor and ex-soldier, the report relays.  Mr. Falcon had broken
with other opposition leaders who called for a boycott, the report
discloses.

Those figures were a far cry from what pollsters had forecast, the
report says.  Most polls before the race gave the edge to Mr.
Falcon, the report notes.

Despite near empty polling stations for much of the day in parts
of the country, the election board said turnout was 46% -- a
number that marked the weakest turnout in a presidential vote in
nearly two decades, the report relays.

"How they underestimated me, but here we are: triumphing," Mr.
Maduro told a crowd of supporters in Caracas, the report notes.
He called his victory "a knockout."

Surrounded by supporters on a stage, Mr. Maduro celebrated what he
called the biggest margin of victory a president had recorded
here, the report notes.

"You have confided in me and I'm going to respond to that infinite
confidence, that loving confidence," he said, the report relays.
"All Venezuela has triumphed.  Legitimate elections, accompanied
by the only one who can decide the future, the people," he added.

The victory means Chavismo -- the radical leftist movement named
for the president's predecessor, the late Hugo Chavez -- will
start a third decade of uninterrupted rule when Mr. Maduro is
sworn in for a second term early next year, the report notes.  But
it is a government struggling to survive: By the end of the year,
the economy will have contracted by 50% since 2013, hyperinflation
is expected to top 13,000% and the U.S. has imposed sanctions on
much of the top leadership of the government for alleged crimes,
including drug trafficking, the report relays.

Millions of Venezuelans don't have enough to eat, polls show, the
report discloses.

Mr. Maduro's victory will likely plunge Venezuela into deeper
crisis, the report notes.  It will likely spur more Venezuelans to
leave, deepening the cost of looking after refugees for neighbors
like Colombia and Brazil, the report discloses.  It also means
Venezuela's oil industry will continue to collapse, keeping vital
oil off global markets at a time of rising international oil
prices, the report relays.

Phil Gunson, who tracks Venezuela for the International Crisis
Group policy analysis organization, said Mr. Maduro faces anarchy
the report notes.

"What he hasn't done is anything to fix hyperinflation, food
scarcity, the collapse of basic services, how to pay the foreign
debt, what to do about all the creditors lining up," Mr. Gunson
said, the report relays.  "He has no plan to fix it and no
credible team in place either that could, for example, renegotiate
that debt," he added.

Mr. Falcon had hoped widespread gloom and the appeal of his far-
reaching proposals, like adopting the dollar as a way to stop
hyperinflation, would swamp voting booths with supporters and
force the government to concede, the report notes.  Judging by the
empty polling booths all day, that didn't happen, the report
relays.

State Department spokeswoman Heather Nauert said the elections
weren't legitimate, echoing what the European Union and the
biggest countries in Latin America have said, the report notes.

"The United States stands with democratic nations around the world
in support of the Venezuelan people and their sovereign right to
elect their representatives through free and fair elections," she
said in a Twitter message, the report relates.

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


VENEZUELA: Creditors Are Cutting Its Crude-Oil Lifeline
--------------------------------------------------------
Kejal Vyas and Rebecca Elliott at The Wall Street Journal report
that Venezuela's leader, Nicolas Maduro, may well retain power
after the presidential election.  But his government faces a
mounting threat from something he can't control: creditors
targeting the oil shipments that provide nearly all the country's
foreign income, according to The Wall Street Journal.

A series of court orders in recent days has authorized U.S. oil
giant ConocoPhillips to seize as much as $2.6 billion in
Venezuelan oil from Dutch Caribbean islands as compensation for
assets that Venezuela's Socialist government expropriated from the
company in 2007, the report notes.

The rulings are a major blow to the cash-strapped and increasingly
isolated nation at a time when its once-thriving state energy
monopoly, Petroleos de Venezuela SA, or PdVSA, has been left in
tatters after years of mismanagement, the report says.

Conoco's aggressive actions, the latest in a decadelong legal
battle, threaten to further undermine Venezuela's diminished
ability to store, refine and export crude oil, which it needs in
part to ship to China as repayment for loans, the report
discloses.

They follow efforts by a pair of mining companies to enforce
payment of $2.6 billion won in separate arbitration cases, the
report notes.  The companies are now seeking court approval to
seize Venezuela's external assets, including Citgo Petroleum Corp.
in the U.S. Investors holding at least $2.5 billion in defaulted
Venezuelan bonds could also target Venezuelan assets, the report
relays.

Combined with sanctions levied by the U.S. and other countries
across the Americas, Venezuela is facing the tightest noose on its
economy since 1902, said Venezuelan oil economist Orlando Ochoa,
the report says.  That is when European gunboats blocked its ports
to recover unpaid infrastructure loans, the report relays.

"This will have a brutal effect for PDVSA'S operational and
storage capabilities," he said, the report discloses.

Spokesmen at PdVSA and Venezuela's oil ministry didn't respond to
calls seeking comment.  The oil ministry posted several messages
on its official Twitter account indicating it was ready to pay the
money it owes Conoco, the report notes.  The posts were deleted an
hour later, the report relays.

Venezuelan oil production last month fell to its lowest point in
decades, about 1.4 million barrels a day, according to a report by
the Organization of the Petroleum Exporting Countries, the WSJ
notes.

The decline has left Venezuela unable to benefit from a global
rise in oil prices -- now at their highest levels in more than
three years.

Venezuelan economists say the country is generating revenue from
only about 500,000 barrels daily. Another 300,000 goes to China to
repay loans. The remainder is consumed domestically, where fuel is
virtually free, or given to allies including Cuba at cut-rate
prices.

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


VENEZUELA: Discontent Rises in Military as Economy Dives
--------------------------------------------------------
John Otis and Juan Forero at The Wall Street Journal report that
the coup plot by disgruntled Venezuelan military officers in March
was audacious: Seize control of the capital's military bases,
arrest President Nicolas Maduro and install a provisional
government to replace his authoritarian regime.

To avoid detection for a year, conspiring officers eschewed phone
calls, texts and emails, and instead sent messages via couriers,
said an Army captain who helped plan the thwarted coup, according
to The Wall Street Journal.  They plotted during seemingly
impromptu soccer matches, the report notes.

Before they could act, though, Mr. Maduro's intelligence services
discovered the plot -- described by military analysts as the most
serious to date against his government, the report relays.
Authorities quickly arrested nine of the rebel officers, including
the head of the largest armored battalion in the capital, and Mr.
Maduro's former interior minister, the report says.

As Mr. Maduro ran for re-election, discontent in the barracks is
at an all-time high, current and former military officers say, the
report discloses.  Shortages of food, evaporating salaries and
desertions have turned the armed forces into a cauldron of
conspiracies against Mr. Maduro, these people say, the report
notes.

"The Venezuelan military is a time bomb, a pressure-cooker," said
the Army captain, who was interviewed in a foreign country where
he fled, the report relays.  "It could explode at any time because
everyone is unhappy," he added.

The WSJ says that the Maduro government has arrested dozens of
officers this year and cashiered others in a military purge.
Official data isn't available.  But military analyst Rocio San
Miguel said that in just January and February at least 124
servicemen were imprisoned on rebellion, mutiny, espionage and
other charges, far more than in other periods, the report notes.

"Maduro is conscious that the armed forces are his Achilles'
heel," said Ms. San Miguel, president of Citizen Control for
Security, Defense and the Armed Forces, a policy analysis group
that has contact with military personnel, the report relays.

The nine arrested would-be conspirators are in prison awaiting
trial, said a defense attorney for some of them, the report notes.
Other plotters escaped, the report discloses.

Amid the worst economic crisis in decades, many Venezuelans are
urging the armed forces to take matters into their own hands, in a
country where the military has long been the ultimate arbiter of
power, the report relays.  That is despite past coups in the
country leading to less democracy, not more, analysts said, the
report notes.

Such an uprising also has supporters within foreign governments,
including the U.S., that are trying to weaken Mr. Maduro's hold
through economic sanctions and political isolation, the report
relays.

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


                            ***********


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.
.


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