/raid1/www/Hosts/bankrupt/TCRLA_Public/180718.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

           Wednesday, July 18, 2018, Vol. 19, No. 141


                            Headlines



C H I L E

VTR FINANCE: Fitch Affirms 'BB-' LT IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Solar Energy Development A 'Ridicule'
DOMINICAN REPUBLIC: Setbacks in Labor Rights Won't be Allowed
DOMINICAN REPUBLIC: Haiti Aims to Slap 40% Tariffs

* DOMINICAN REPUBLIC: Among Lowest on Renewable Water in Latam


M E X I C O

SISTEMA INTERMUNICIPAL: Moody's Hikes Issuer Ratings to Ba1


N I C A R A G U A

NICARAGUA: OAS to Vote on Resolution Condemning Violence


P U E R T O    R I C O

LIBERTY CABLEVISION: Fitch Hikes LT IDR to 'B-', Outlook Stable


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Fisherfolk Complain as Spill Dampens Sales
TRINIDAD & TOBAGO:  NIF Bonds Worth $4BB on Sale


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Venezuela Pleads Guilty to Role in Bribery


                            - - - - -


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C H I L E
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VTR FINANCE: Fitch Affirms 'BB-' LT IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed VTR Finance B.V.'s (VTR) Long-Term
Foreign Currency and Local Currency Issuer Default Ratings (IDRs)
at 'BB-'. Fitch has also affirmed the company's USD1.4 billion
senior secured notes due 2024 and assigned a new rating of
'BB+'/'RR2' to the revolving credit facility of VTR's Chilean
subsidiary, VTR Comunicaciones SpA. The Rating Outlook is Stable.

VTR's ratings reflect its strong market position in the Chilean
telecom industry, primarily through Pay TV and Internet services.
VTR's ratings are supported by its competitive network quality,
brand recognition, and successful commercial strategy for its
bundled services offerings. The company's cash flow generation is
relatively stable, despite an increasingly competitive
environment, and it boasts strong financial flexibility
underpinned by a manageable debt amortization schedule and a
committed credit facility. The ratings are tempered by its
moderately high leverage for the rating level, pressured free cash
flow (FCF) generation in the short to medium term due to high
capex, a mature and highly competitive industry backdrop, and a
lack of service diversification compared to the other integrated
telecom operators in the country.

KEY RATING DRIVERS

Strong Market Position: VTR is the leading provider of pay TV and
broadband services in Chile, with subscriber market shares of 32%
and 39% on a national basis, respectively, followed closely by its
main incumbent competitor, Telefonica Chile S.A. VTR is also the
second largest fixed-line telephony service provider, with a 20%
of subscriber market share. The company has consistently increased
its overall revenue generating units (RGU) in recent years, backed
by its effective bundled product strategy based on network and
service competitiveness. In mobile, the company operates as a
virtual network operator (MVNO) with a low market share of just
1%. Fitch does not expect any material cash flow contribution from
this segment in the short to medium term.

Solid and Stable Operating Performance: VTR's performance has
remained solid through the combination of positive ARPU evolution
and subscriber expansion. The company's revenue growth averaged
6.2% during 2013-2017 period with solid EBITDA margin around 39%,
and the trend has continued during the first three months of 2018
(5.8%). This has been achieved mainly by growth in its Internet
and pay TV services, which have fully offset revenue contraction
in its fixed-line telephony services due to the ongoing mobile-
fixed substitution trend. Fitch expects the company's steady
revenue growth to continue over the medium term, with relatively
stable EBITDA margins of around 38%-39%.

Part of the Liberty Latin America Group: VTR is a wholly owned
subsidiary of Liberty Latin America Ltd (LLA), which was split off
from Liberty Global plc (LG) at the end of 2017. The company
benefits from the strategic oversight by LLA and its management
expertise, as well as procurement and operating synergies. LLA's
key subsidiaries (VTR, Cable & Wireless and Liberty Cablevision
Puerto Rico) all have unique capital structures, which have
historically had relatively high leverage levels that have
prevented the companies in the group from being rated higher than
'BB-'. This targeted capital structure acts as a constraint upon
VTR's ratings. Recently VTR borrowed money that will be
distributed to LLA to fund its acquisition of the Costa Rican
cable company, Cabletica.

High Capex and Cash Upstreams Pressure FCF: Fitch does not expect
any meaningful FCF generation over the medium term due to high
capex and cash upstream to support LILA potential requirements
derived from inorganic growth in the region. Fitch expects the
company's capital intensity, measured by capex to sales, to remain
at 22%, to be in line with LLA's guidance, given investments for
consumer premise equipment as it continues to grow the subscriber
base, and networks new builds and upgrades. Fitch does not foresee
any net debt reduction over the medium term.

Leverage Pressured By New Debt: VTR's adjusted financial leverage
is deemed moderately high for the rating level. The company's debt
is mostly comprised of its USD1.4 billion senior secured notes due
2024, which were issued in 2014. The company's adjusted debt to
EBITDAR was 3.9x, including the net fair value of hedge
derivatives, as of March, 2018. Fitch expects leverage to increase
to around 4.3x in 2018 due to the 5 year term bank loan for CLP174
billion (around USD273 million) and revolving credit facility
(RCF) of USD185 million plus CLP15 billion the company recently
received. These facilities will be used to help finance LLA's
acquisition of 80% of Cabletica, as well as for repayment of
existing debt and general working capital requirements.

Revolving Credit Facility Receives Upward Notching: VTR's USD1.4
billion secured notes due in 2024 are structurally subordinated to
the Term Loan and Revolving Credit Facility that were recently
entered into by its operating company VTR Comunicaciones. Based
upon Fitch's bespoke recovery analysis, this Term Loan and RCF are
anticipated to have bespoke recoveries of 100%. Fitch has capped
the uplift of the RCF by two notches to 'BB+'/'RR2' (as opposed to
three notches as suggested by the bespoke analysis) for the RCF in
accordance with Fitch's Country Specific Treatment of Recovery
Rating Criteria, which limits the potential uplift for Chilean
issuers to two notches. The anticipated recovery of the Senior
Secured notes due in 2024 was close to 50%. As a result, these
notes remain rated at 'BB-', which is consistent with an 'RR4'.

DERIVATION SUMMARY

Credit negatives include VTR's lack of service diversification
into mobile amid the mature market conditions in Chile and its
moderately high leverage compared to the more diversified
competitors in Chile and the regional peers in the 'BB' rating
category. The company's financial profile is weaker than
Millicom's operating subsidiaries in the region, such as Comcel
Trust (BB+/Stable), and Telefonica Celular del Paraguay
(BB+/Stable), and is deemed in line with Axtel S.A.B. de C.V. (BB-
/Stable). These capital structure weaknesses are mitigated to a
degree by its leading market positions and solid network
competitiveness, and financial flexibility, all of which are
deemed strong for the rating level.

KEY ASSUMPTIONS

Fitch's projections assume the following:

  -- Mid-single digits revenue growth over the medium term, with
strong growth in Internet services and Pay TV;

  -- Capex-to-sales ratio to remain at around 22%;

  -- No meaningful FCF generation in 2018-2021;

  -- EBITDA margin in the range of 38%-39% during 2018-2021.

Recovery Assumptions:

Fitch assume a going concern EBITDA of CLP147 billion, which is
meaningfully lower than March 31 2018 LTM EBITDA of CLP252
billion. This figure is aligned with projected annual maintenance
capex, interest and rent expenses. Fitch assumed a 5.5x EV
multiple, which was viewed as conservative given the company's
strong growth momentum.

RATING SENSITIVITIES

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

  -- A positive rating action is not like to occur given
management's history of maintaining moderately high levels of
leverage, which have recently been around 4x.

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

  -- Sustained deterioration in its EBITDAR-based adjusted net
leverage above 5x

  -- An erosion of the company's strong business position or
liquidity position.

LIQUIDITY

VTR's liquidity profile is sound as the company does not face any
debt maturity until 2024 when its senior secured notes become due.
The company's cash balance amounted to CLP42 billion by end-March
2018, and its operational cash flow generation is relatively
stable. Liquidity is further supported by VTR's access to an
undrawn credit facilities of USD185 million and CLP15 billion.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

VTR Finance B.V.

  -- LC& FC IDR affirmed at 'BB-';

  -- USD1.4 billion (2024) senior secured Notes affirmed at 'BB-';

  -- Secured revolving credit facility rating of 'BB-' withdrawn
due to the facility not being renewed.

VTR Comunicaciones SpA:

  -- Secured revolving credit facility assigned 'BB+'/'RR2'
rating.

The Rating Outlook is Stable.


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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: Solar Energy Development A 'Ridicule'
---------------------------------------------------------
Dominican Today reports that Energy and Mines Minister Antonio Isa
Conde said promoting the development of renewable energy in an
orderly manner is one of the electricity sector's major purposes.

He warned that Dominican Republic's main problem is that despite a
great development which has totally transformed the energy matrix
-- already having an important component of renewable energies --
it occurs in a disorganized manner, according to Dominican Today.

"And we run the risk of a good thing becoming bad because
renewable energy, especially wind and solar, are not manageable
because you do not control when the sun rises or when there is
wind," the official said, in response to an Op-Ed by economist
Andy Dauhajre, published in newspaper El Caribe, the report
relays.

In his article "The Sun has no one to write to it," Mr. Dauhajre
said despite that Latin America's is among the world's most
dynamic solar energy market, the Dominican Republic,
"unfortunately, despite the fact that the sun also rises here,
this country appears next to Haiti, at the end of the line, an
alarming image for a nation with an estimated real potential of
1,800 MW in solar generation," the report notes.

According to his analysis, in that aspect the Dominican Republic
can barely boast a 32 MW plant in operation (Monte Plata Solar),
one under construction of 56 MW (Parque Montecristi) and a
contracted one of 25 MW (Canoa Solar ), in Barahona, the report
says.   "In other words, a real ridicule for the country with the
region's most vibrant economy," Mr. Dauhajre added.

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: Setbacks in Labor Rights Won't be Allowed
------------------------------------------------------------
Dominican Today reports that representatives of several labor
unions called on the Government, the business community and
Dominican society to avoid setbacks in a pending reform of the
Labor Code.

"The achievements we have made with workers' maternity they aim to
reduce them, and also want to reduce aspects of work to young
people who get their first job and this type of setback we will
not allow," said the general secretary of the CASC union, Gabriel
del Rio Done, during the press conference, according to Dominican
Today.

He said the unions cannot turn its back on the important
achievements that have been made and affirmed that there's no
right to work in the Dominican Republic, the report relays.

"The employer sector has the ability to dismiss any worker be
giving them the (severance) benefits, which means that their right
does not exist," Mr. del Rio Done said, the report relays.

The various unions hosted the Trade Union Positioning Forum on
Challenges as part of the proposal to reform the Labor Code, which
"seeks to strengthen the position of the trade union movement in
order to prevent a labor reform that reduces the labor rights
recognized to workers," the report notes.

Since 2010 the unions have opposed the business sector's proposal
to reform the law, for which on Dec. 2, 2013, an executive order
created the Labor Code Special Revision and Update Commission, the
report discloses.

The trade unions reiterate that they will not allow a "regressive
labor reform," since reducing workers' rights "contributes to the
increase of poverty," 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: Haiti Aims to Slap 40% Tariffs
--------------------------------------------------
Dominican Today reports that Dominican Republic's Foreign Ministry
is negotiating with the World Trade Organization (WTO) a more
favorable solution to bilateral trade with Haiti, a nation that
aims to raise tariffs by up to more than 40% on some goods, taking
advantage of their condition of impoverished nation (MFN and PMA)
and their entry into the Caribbean Common Market (Caricom) as a
full member.

Currently, Haiti charges considerably low tariffs in relation to
the Common External Tariff that Caricom charges to third
countries, in this case the Dominican Republic, according to
Dominican Today.

For the first time, Port-au-Prince presented its intention to
charge Caricom's tariffs by means of a notification to the WTO, on
January 10, 2017, says the report.

The talks have been taking place during all the while and two
weeks ago the issue was discussed at the meeting of the WTO's
Council Trade of Goods, which was reportedly a commission of the
Dominican Foreign Ministry.

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: Among Lowest on Renewable Water in Latam
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic is among the
countries of the American continent with the least amount of
renewable water available per person per year, according to the
study "Water for Agriculture in the Americas" of the Inter-
American Institute for Cooperation on Agriculture (IICA).

The research published last year found that considering the size
of its population, the country with the most renewable water per
capita per year is Suriname, with 166,200 cubic meters (m>),
followed by Canada, 82,650; Peru, 54,963; Chile, 51,188; and
Colombia, 45,006, according to Dominican Today.

On the drier side figure Dominican Republic, 2,088 m>; El Salvador
(2,850); Haiti (1,285); Antigua and Barbuda (580); and Barbados
(292), the report notes.

The study cautions that when the availability of water is less
than 1,000 m> per person, it's a critical situation that hobbles
economic development, the report discloses.  "Over the last
decades, the availability of water in the regions has been
gradually decreasing due to population growth, the misuse of it
and the unequal distribution of water resources," the report says.

                          Renewable Water

According to the website iAgua!,  renewable water is the maximum
amount which can be feasibly exploited in a country annually
without altering the ecosystem and which is replenished by rain,
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.


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M E X I C O
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SISTEMA INTERMUNICIPAL: Moody's Hikes Issuer Ratings to Ba1
-----------------------------------------------------------
Moody's de Mexico upgraded Sistema Intermunicipal de los Servicios
de Agua Potable y Alcantarillado's (SIAPA) issuer ratings to Ba1
(Global Scale, local currency) and A1.mx (Mexico National Scale)
from Ba2/A2.mx and the outlook remains stable.

RATINGS RATIONALE

The ratings upgrade of SIAPA to Ba1/A1.mx from Ba2/A2.mx with a
stable outlook was prompted by the rating action of the water
company's support provider, the State of Jalisco on July 12, 2018
in which Jalisco's issuer ratings were upgraded to Ba1/A1.mx, from
Ba2/A2.mx, stable outlook.

In Moody's view, it is not meaningful to distinguish between the
credit quality of SIAPA and that of the supporting government.
SIAPA has a clear public mandate to provide essential water and
sewage services to the Metropolitan Area of Guadalajara. Jalisco
has substantial control over its strategy, operations and debt and
financial management. Furthermore, SIAPAs' debt is guaranteed by
the State of Jalisco and a potential default would greatly damage
the state's reputation. Moody's believes that the supporting
government would act in a timely manner to address any liquidity
pressures that the water company may face.

WHAT COULD CHANGE THE RATING UP OR DOWN

Given the strong linkages between SIAPA and its support provider,
and upgrade or downgrade of the State of Jalisco would likely lead
to an upgrade or downgrade of the water utility.
The principal methodology used in these ratings was Government-
Related Issuers published in June 2018.


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N I C A R A G U A
=================


NICARAGUA: OAS to Vote on Resolution Condemning Violence
--------------------------------------------------------
The Permanent Council of the Organization of American States (OAS)
will hold a meeting to address the crisis in Nicaragua and vote on
a resolution to condemn the violence in the country, diplomatic
sources told EFE.

The resolution was supported by seven countries -- Argentina,
Canada, Chile, Colombia, Costa Rica, Peru and the United States,
EFE News notes.

Its content was read out by Paula Bertol, permanent representative
of Argentina to the OAS, during a Permanent Council meeting on
Jul. 13, the report relays.

As the resolution is still at draft stage, representatives of the
member states are now negotiating its final version, which is set
to be approved in the vote, the report relays.

According to the sources, the deadly incidents that occurred
during the weekend, including attacks by paramilitary groups on
students of the National Autonomous University of Nicaragua in
Managua, have prompted some member states to harden the proposed
resolution, the report notes.

The current draft includes direct demands for the Nicaraguan
government to disband the paramilitary groups which have allegedly
been allowed by the National Police to repress demonstrations in
several incidents, the report says.

The OAS adopted a declaration in June during a General Assembly
plenary session, in which the Washington-based organization called
for "immediate cessation of acts of violence," but did not direct
the request to the administration of President Daniel Ortega,
which humanitarian groups such as Amnesty International say is
responsible, the report adds.


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


LIBERTY CABLEVISION: Fitch Hikes LT IDR to 'B-', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Liberty Cablevision of Puerto Rico
LLC's (LCPR) Long-Term Issuer Default Rating (IDR) to 'B-' from
'CCC' and has assigned a Stable Rating Outlook. The upgrade
reflects the company's improved liquidity position, strengthened
by shareholder support, and continuing restoration of services in
the aftermath of Hurricane Maria. Rating constraints include a
challenging business environment and high leverage.

KEY RATING DRIVERS

Improved Liquidity Position: LCPR's liquidity has been supported
by USD45 million of contributions from its shareholders with a
commitment of an additional USD15 million, if needed. The company
has also received USD35 million of insurance advancements. LCPR
does not face any sizable debt maturities until 2022, when its
first lien term loan B becomes due. As of March 31, 2018, LCPR had
USD41 million and no short-term debt.

Weak Operating Environment: Economic conditions in Puerto Rico
continue to be negative for LCPR. The company's lack of geographic
diversification exposes it to Puerto Rico's difficult business
conditions, as reflected by high unemployment, a contracting
economy, and a declining population. Fitch forecasts LCPR's
EBITDAR to be around USD120 million. This compares with the
company's public EBITDA guidance of USD14 million per month by
December 2018. As of March 31, 2018, LCPR held debt of USD1
billion. The company has been able to restore an estimated 77% of
RGUs and has spent USD112 million of an estimated USD130 million
on restoring its network.

Part of Liberty Latin America: LCPR is 60% owned by LiLAC
Communications, Inc. and 40% owned by Searchlight Capital
Partners. LiLAC is a wholly owned subsidiary of Liberty Latin
America Ltd (LLA), a provider of cable, broadband, fixed-line
telephony, and mobile services throughout the Caribbean, Central
and Latin America. LCPR benefits from LLA's strategic oversight,
management expertise and synergies that come from being part of a
larger operational group. VTR Finance BV (BB-) and Cable &
Wireless Communications Ltd (BB-) are other key subsidiaries of
LLA.

Additional Support Likely: The financial strength of Liberty Latin
America and its ability to inject capital, as well as its
demonstrated willingness to support LCPR, have been positively
factored into the rating upgrade. Credit agreements for LCPR's
first and second lien term loans were amended in 2017 to provide
the company with covenant relief through the end of 2018. Based on
Fitch's projections, LCPR would require additional covenant
relief, which could require equity from its shareholders to reduce
its debt burden.

DERIVATION SUMMARY

LCPR's 'B-' rating reflects the company's relatively small scale
of operations, lack of diversified service offerings, and high
leverage. The company's operating environment in Puerto Rico,
which has undergone tough economic challenges, is also a key
credit concern. LCPR's weaker liquidity and material deterioration
in its operating conditions due to the hurricane impact compares
unfavourably to the credit profile of Digicel Group Limited, which
is a Caribbean-based telecom operator and rated B/Stable.

KEY ASSUMPTIONS

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

  -- Double digit decline in revenues during 2018, as the company
continues to restore its operations;

  -- Revenue growth and EBITDA margin expansion starting in 2019;

  -- Continued negative FCF generation over the medium-term;

  -- Capital intensity of 20% over the medium term as the company
looks to restore homes passed and RGUs;

  -- No dividends paid in 2018.

Fitch's recovery analysis assumes that Liberty Cablevision of
Puerto Rico would be considered a going-concern in bankruptcy and
that the company would be reorganized rather than liquidated.
Fitch has used a going concern EBITDA of USD110 million in its
analysis and an EV multiple of 5.5x.
Fitch calculates a recovery for the term loan and revolving credit
facility to be in the 51%-70% range based on a waterfall approach.
As a result, this 1st lien term loan has been uplifted by one
notch to 'B/RR3'. Fitch does not expect there to be any residual
value to cover the 2nd lien senior secured term loan. This level
of recovery results in the 2nd lien senior secured term loan being
rated two notches below the IDR at 'CCC'/'RR6'.

RATING SENSITIVITIES

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

  -- Solid top-line growth along with margin expansion, and
positive FCF generation;

  -- Additional shareholder support that would accelerate
deleveraging so that net leverage, as measured by adjusted net
debt to EBITDAR, would fall below 5.5x on a sustained basis.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Sustained negative FCF generation amid higher-than-expected
capex requirement;

  -- Adjusted net leverage above 6.5x on a sustained basis.

LIQUIDITY

The company does not face any sizable debt maturities until 2022,
when its first lien term loan B becomes due. LCPR's current
liquidity is adequate given its cash balance of USD41 million and
no short-term debt as of March 31, 2018.

LCPR had approximately USD1 billion in total debt as of March 31,
2018 which is composed mostly of secured term loans under its
Liberty Puerto Rico Bank Facility, all of which are guaranteed by
LCPR and secured by pledges over LCPR's shares and assets. The
company's first lien credit agreement includes a term loan B with
a balance of USD850 million due 2022 and a drawn revolving credit
facility of USD40 million, which matures in 2020. The company's
second lien term loan C has a balance of USD93 million due in
2023. The remaining debt is comprised of subordinated related-
party loans.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the fowling ratings:

Liberty Cablevision of Puerto Rico LLC

  -- Long-term IDR to 'B-'/Stable from 'CCC';

  -- 1st lien senior secured loan and revolving credit facility to
'B'/'RR3' from 'CCC+'/'RR3';

  -- 2nd-lien secured term loan to 'CCC'/'RR6' from 'CC'/'RR6'.


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T R I N I D A D  &  T O B A G O
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TRINIDAD & TOBAGO: Fisherfolk Complain as Spill Dampens Sales
-------------------------------------------------------------
Sandhya Santoo at Trinidad Express reports that fisherfolk said
they are being severely impacted by the rupture of an abandoned
well that is emitting oil and gas and polluting the Gulf of Paria.

The decommissioned well, which the Ministry of Energy said is in
an unlicensed area and not part of Petrotrin's assets, ruptured
earlier this month, according to Trinidad Express.

The ministry and Petrotrin have established an Incident Command
Team and sought the assistance of multinational energy companies
to control the spill, the report notes.

The platform is located 4.5 nautical miles off Orange Field, the
report relays.

Orange Valley Fishing Association Ltd president Shaffie Mohammed
said fish sales have declined and many fishermen have stopped
working, the report adds.


TRINIDAD & TOBAGO:  NIF Bonds Worth $4BB on Sale
------------------------------------------------
Trinidad Express reports that after a delay of one day,
Government's offer of asset-backed, fixed-income corporate bonds
worth $4 billion to local individual and institutional investors
was due to open July 11.

Finance Minister Colm Imbert referred to a July 11 launch of the
bond offer in the speaking notes of his address to Parliament on
the Corporation (Amendment) Bill, 2018, according to Trinidad
Express.



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


PETROLEOS DE VENEZUELA: Venezuela Pleads Guilty to Role in Bribery
------------------------------------------------------------------
Voa News reports that a former official at a Venezuelan state-run
electric company pleaded guilty to U.S. charges that he
participated in a scheme to solicit bribes in exchange for helping
vendors win favorable treatment from state oil company PDVSA.

Luis Carlos De Leon Perez, 42, pleaded guilty in federal court in
Houston to conspiring to violate the Foreign Corrupt Practices Act
and to conspiring to commit money laundering, the U.S. Justice
Department said, according to Voa News.

He became the 12th person to plead guilty as part of a larger
investigation by the Justice Department into bribery at Petroleos
de Venezuela SA that became public with the arrest of two
Venezuelan businessmen in December 2015, the report notes.

The two men were Roberto Rincon, who was president of Tradequip
Services & Marine, and Abraham Jose Shiera Bastidas, the manager
of Vertix Instrumentos. Both pleaded guilty in 2016 to conspiring
to pay bribes to secure energy contracts, the report relays.

The report relays that Mr. De Leon is scheduled to be sentenced on
Sept. 24. His lawyers did not respond to requests for comment.

Mr. De Leon was arrested in October 2017 in Spain and was
extradited to the United States after being indicted along with
four other former Venezuelan officials on charges they solicited
bribes to help vendors win favorable treatment from
PDVSA, the report says.

An indictment said that from 2011 to 2013 the five Venezuelans
sought bribes and kickbacks from vendors to help them secure PDVSA
contracts and gain priority over other vendors for outstanding
invoices during its liquidity crisis, the report notes.

Prosecutors said Mr. De Leon was among a group of PDVSA officials
and people outside the company with influence at it who solicited
bribes from Rincon and Shiera, the report discloses.  Mr. De Leon
worked with those men to then launder the bribe money, prosecutors
said, the report relays.

The report notes that Mr. De Leon also sought bribes from the
owners of other energy companies and directed some of that money
to PDVSA officials in order help those businesses out, prosecutors
said.

Among the people indicted with De Leon was Cesar David Rincon
Godoy, a former general manager at PDVSA's procurement unit
Bariven, the report says.  He pleaded guilty in April to one count
of conspiracy to commit money laundering, the report discloses.

Others charged included:

   -- Nervis Villalobos, a former Venezuelan vice minister of
      energy;
   -- Rafael Reiter, who worked as PDVSA's head of security and
      loss prevention; and
   -- Alejandro Isturiz Chiesa, who was an assistant to Bariven's
      president.

The report notes that Mr. Villalobos and Reiter were, like De
Leon, arrested in Spain, where they remain pending extradition,
the Justice Department said.  Mr. Isturiz remains at large, the
report adds.

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


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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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