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        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, September 10, 2018, Vol. 19, No. 179


                            Headlines



A R G E N T I N A

ARGENTINA: To Seek Bids on Renewable Energy Projects


B R A Z I L

COMPANHIA ENERGITICA: Moody's Hikes Global Scale CFR to B2
ELDORADO BRASIL: Fitch Keeps 'B' LT IDRs on Rating Watch Evolving
ENERGISA SA: Fitch Corrects September 5 Ratings Release
OI SA: S&P Rates Existing $1.6BB Senior Unsecured Notes 'B'
STATE OF RIO DE JANEIRO: Fitch Affirms 'C' Long-Term IDRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Aug. Prices Climb 0.03%


N I C A R A G U A

NICARAGUA: Hit by Nationwide Strike in Protest Against Ortega


P U E R T O    R I C O

ARQUIDIOCESIS DE SAN JUAN: Hires AMG Inc. as Real Estate Broker
ARQUIDIOCESIS DE SAN JUAN: Hires C. Conde & Assoc. as Counsel


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Refinery Closure Worries Grenada


V E N E Z U E L A

VENEZUELA: Locals Camp Out in Bogota, Hoping for Better Future


X X X X X X X X X

* BOND PRICING: From September 3 to September 7, 2018


                            - - - - -


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



ARGENTINA: To Seek Bids on Renewable Energy Projects
----------------------------------------------------
EFE News reports that the government of Argentina will launch a
third round of tenders for bids on renewable energy projects in
October.

The announcement was made by the undersecretary of Renewable
Energy, Sebastian Kind, during the Argentina Wind Power 2018
conference, organized by the Global Wind Energy Council, according
to EFE News.

The third round of the RenovAr program will seek to take advantage
of the existing medium-voltage networks, the report notes.

The report relays that Mr. Kind explained that, while Argentina
works on expanding its high-voltage networks, the government seeks
to promote diverse renewable energy projects throughout the
country that will use the existing medium-voltage networks.

"We seek to bring in capital from non-traditional actors to
develop renewable energy projects and take advantage of the
existing medium-voltage networks to promote regional development,"
the report quoted Mr. Kind as saying.

The undersecretary said that the projects will be presented next
March, and that the contracts are expected to be signed in July
2019, the report relays.

"We have taken the decision to make the announcement
beforehand (. . . ) to provide more time for the projects to be
designed," he said, the report notes.

The Argentine government has already developed two stages of its
RenovAr program, the first having begun in 2016, when 17 renewable
energy projects for 1,109 MW were assigned, the report relays.

RenovAr 2, for its part, was launched last year, when 22 projects
for 634.3 MW were allotted, adds the report.

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2018, S&P Global Ratings placed on Aug. 31, 2018, its
'B+' long-term and 'B' short-term sovereign credit ratings on
Argentina on CreditWatch with negative implications. At the same
time, S&P placed its 'raAA' national scale rating on CreditWatch
negative and affirmed its 'BB-' transfer and convertibility
assessment.  The CreditWatch negative reflects the risk of
worsening creditworthiness due to potentially weakened
implementation of the government's strategy to stabilize the
economy. Exchange rate volatility, as shown by recent pressure on
the Argentine currency, could jeopardize the effective
implementation of economic adjustment measures, absent further
steps to boost investor confidence.  Consequently, S&P Global
Ratings corrected its short-term ratings on Argentina
by removing them from CreditWatch with negative implications.

Fitch Ratings affirmed on May 8, 2018, 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 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.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
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
===========


COMPANHIA ENERGITICA: Moody's Hikes Global Scale CFR to B2
----------------------------------------------------------
Moody's America Latina has upgraded the corporate family ratings
of Companhia Energetica de Minas Gerais - CEMIG to B2/Ba1.br from
B3/B2.br respectively in global and national scale. The ratings
upgrade reflects Moody's updated views on CEMIG's baseline credit
assessment and upgrade to b2 from caa1. Concomitantly, Moody's
upgraded the global and national scale issuer, senior unsecured,
and senior secured ratings assigned to Cemig Distribuicao S.A.
(CEMIG D) and Cemig Geracao e Transmissao S.A. (CEMIG GT) to
B2/Ba1.br from B3/B2.br. Moody's placed all ratings under review
for upgrade.

CEMIG is a government related issuer (GRI). The state of Minas
Gerais (B2 stable) is the shareholder with majority control, with
50.97% ownership of voting shares, with remaining voting shares
owned by BNDES Participacoes S.A. (11.14%), investments funds
(9.66%), and publicly traded shares (28.19%). The B2/Ba1.br
ratings consider the following four input factors within Moody's
GRI rating methodology: (i) a moderate-level probability of
extraordinary support from the state should CEMIG face financial
distress, (ii) Moody's estimates of a high level of dependence
between the company and the state, (iii) Moody's rating of the
state of Minas Gerais, as well as (iv) CEMIG's intrinsic credit
profile as captured in the baseline credit assessment of b2.

The rating action follows CEMIG's announcement, on August 31, 2018
that it received a BRL1.1 billion payment from the government of
Brazil (Ba2 stable) for unamortized investments in the Sao Simao
and Miranda hydro project concessions, which expired and were re-
auctioned to other companies in 2017.

RATINGS RATIONALE

The BRL1.1 billion significantly improves the company's liquidity
profile, and depending on the company's medium term strategy,
could also lead to a moderate improvement in gross leverage
metrics. The indemnification payment adds further positive ratings
pressure on top of BRL649 million in telecom asset sales announced
on August 08, 2018, pending regulatory approval, and the
successful closing of a US$500 million Eurobond issuance in July
2018.

The upgrade reflects stronger liquidity and a more prudent
liability management strategy. The mentioned proceeds address
immediate debt maturities and mitigate other liquidity risks.

As of Q2 2018 financial statements, CEMIG has BRL1.2 billion in
cash available and BRL2.7 billion of debt due in the following 12
months, of which BRL1.7 billion is due by December 2018. Another
BRL570 million payment related to a put option over shares on
Light S.A. (Ba3 stable) is due in November 2018.

In addition to mitigating refinancing risks, the asset sale and
indemnification proceeds will help cope with the temporary cash
flow mismatch that CEMIG D is facing due to higher energy purchase
costs in light of unfavorable hydro conditions in Brazil. These
costs are expected to be passed-through under the company's next
annual tariff review in 2019. With liquidity risks addressed,
CEMIG D's operations are expected to enhance the overall
consolidated credit profile, given that in May 2018, the company
underwent its tariff review process for the 2018-2023 cycle and
was granted an average 23.2% increase in tariffs. The increase
recognizes higher weighted average cost of capital and substantial
capital investment.

CEMIG's overall leverage profile, incorporating Moody's standard
adjustments, is moderate, particularly after incorporating
adjustments for the cash flow mismatch, with CFO before changes in
working capital (CFO pre WC) to Debt registering 19.4% as of June
2018, and [CFO pre WC + Interest Expense] / Interest Expense
registering 3.2x. Debt to EBITDA stood at 3.8x as of the same
date. Moody's expects at least a mild improvement in leverage
metrics under the assumption that a portion of the cash inflows
related to the asset sales and indemnification payment will be
used to pay down debt.

The ratings have been placed under review for further upgrade. The
review will focus on the uses of the cash inflows, the operational
strategy including the management of working capital needs at
CEMIG D in light of higher energy costs, a perception of improved
commercial policies at CEMIG GT, as well as CEMIG's commitment to
continue pursuing its asset divestment plans.

The ratings could be upgraded upon a perception that medium and
long-term credit metrics will sustainably remain within current
levels, with CFO pre WC/Debt above 15%, and most immediate
refinancing risks have been addressed. A rating downgrade,
although unlikely at this time, could happen upon a perception
that liquidity risks are not being prudently managed or upon a
perception of sustainable increase in leverage such chat CFO pre
WC/Debt decreases to below 10%.

The principal methodologies used in rating Companhia Energetica de
Minas Gerais -- CEMIG were Regulated Electric and Gas Utilities
published in June 2017 and Government-Related Issuers published in
June 2018. The principal methodology used in rating Cemig
Distribuicao S.A. was Regulated Electric and Gas Utilities
published in June 2017. The principal methodology used in rating
Cemig Geracao e Transmissao S.A. was Unregulated Utilities and
Unregulated Power Companies published in May 2017.

Headquartered in Belo Horizonte in the State of Minas Gerais,
CEMIG is a leading Brazilian integrated utility operating in the
sectors of electricity distribution, generation and transmission,
with 5,900 megawatts (MW) in installed capacity and around 8,200
km of transmission lines across the country. The company also owns
controlling equity participation in the electricity utility Light
S.A. and the transmission company Transmissora Alianca de Energia
Eletrica (TAESA, Ba1/Aaa.br stable). Cemig is controlled by the
State of Minas Gerais, which owns 50.96% of the company's voting
capital. For the 12 months ended June 2018, Cemig reported net
revenue of BRL22.2 billion and EBITDA of BRL4.4 billion,
respectively.


ELDORADO BRASIL: Fitch Keeps 'B' LT IDRs on Rating Watch Evolving
-----------------------------------------------------------------
Fitch Ratings has maintained Eldorado Brasil Celulose S.A.'s 'B'
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
and 'BBB-(bra)' National Long-Term Rating on Rating Watch Evolving
(RWE). Fitch has also maintained the 2021 notes rated 'B'/'RR4'
issued by Eldorado Intl. Finance GmbH and guaranteed by Eldorado
and Cellulose Eldorado Austria GmbH on RWE. The Rating Watch will
remain on Evolving until the ownership structure becomes clear and
the future capital structure is determined. The uncertainty
surrounding these two factors is expected to take more than six
months to be resolved.

On Sept. 4, 2018, Eldorado announced that the acquisition of J&F
Investimentos S.A.'s (J&F) 50.59% of the capital stock of Eldorado
by CA Investment (Brazil) S.A., a Paper Excellence company, was
not concluded within 12 months from the execution of the share-
purchase agreement signed on Sept. 2, 2017.

Positively, during the last 12 months pulp prices have been
robust, which has helped Eldorado's cash flow to significantly
improve. Fitch projects that Eldorado will generate about BRL2.6
billion of adjusted EBITDA in 2018 and that FCF should exceed BRL1
billion in 2018 and 2019, despite high financial expenses. Strong
cash flow generation should contribute to a continued leverage
reduction.

KEY RATING DRIVERS

Risks Remain High: Eldorado's ratings reflect its reliance on
banks to roll over high levels of short-term debt, the uncertainty
of the company's future shareholding structure, concerns related
to the corporate governance practices of its controlling
shareholders, and the uncertainty surrounding the various
investigations that are occurring at J&F and its shareholders.
Several investigations involving Eldorado shareholders continue to
move forward. They include administrative procedures by the CVM
(Brazilian Securities and Exchange Commission), potential fines
from the U.S. Department of Justice, and an investigation by
Brazil's attorney general into possible breaches of the terms
agreed to in the J&F leniency agreement. These ongoing legal
matters represent a threat to the maintenance of the leniency
agreement that was signed by Eldorado's controlling shareholders
with the Brazilian Federal Public Prosecutor's Office (MPF).

Strong FCF: Fitch projects that Eldorado will generate about
BRL2.6 billion of adjusted EBITDA in 2018. This compares with
BRL1.7 billion of Fitch adjusted EBITDA and BRL905 million of cash
flow from operations (CFFO) during 2017. Fitch expects FCF to
remain above BRL1 billion in 2018 and 2019 despite high financial
expenses. Elevated pulp prices have been the key driver of higher
cash flow generations. For the LTM ended June 30, 2018, Eldorado
generated BRL2.3 billion of Fitch adjusted EBITDA and BRL1.5
billion of CFFO.

Leverage to Reduce:  Fitch projects that the company's net
leverage will fall to about 2.5x during 2018 and to around 2x in
2019. Better pulp prices should contribute to a faster than
expected deleveraging. The company has also lowered total debt by
BRL800 million since December 2016. Eldorado's net debt/adjusted
EBITDA ratio was reduced to 3.2x at June 30, 2018, as per Fitch's
calculations, from 4.3x in 2017 and 6.2x in 2016. However,
Eldorado's continued leverage reduction will depend on the
company's growth strategy and also the uncertainties about future
ownership structure.

Strong Business Profile: Eldorado's business profile is strong and
reflects its excellent position in the lowest quartile of the
production cost curve due to its productive forests, a favorable
climate for growing trees and a modern pulp mill. In the second
quarter 2018, the company's cash cost of production was about
USD160 per ton, which placed it firmly in the lowest quartile of
the cost curve. Eldorado also has some financial flexibility from
its forest base, with the accounting value of the biological
assets of its forest plantations at BRL2.6 billion as of June 30,
2018. The nearly ideal conditions for growing trees in Brazil
makes these plantations extremely efficient by global standards
and gives the company a sustainable advantage with fiber costs.
Eldorado has limited scale of operations compared with peers in
Latin America and only one pulp mill located in Brazil. The
company has an annual production capacity of 1.7 million tons of
BEKP, in an industry of 62 million tons.

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

DERIVATION SUMMARY

The Rating Watch will remain on Evolving until the ownership
structure becomes clear and the future capital structure is
determined. Eldorado's ratings reflect its reliance on banks to
roll over its short-term debt, the uncertainty over the company's
future shareholding structure, ongoing litigation issues at its
controlling shareholders and weak corporate governance.

Eldorado's business profile is strong and reflects its excellent
position in the production cost curve due to productive forests, a
favorable climate for growing trees and a modern pulp mill. This
places the company's business risk profile in line with Latin
America pulp companies like Fibria (BBB-/Stable), Suzano (BBB-
/Stable), Empresas CMPC (BBB/Stable), and Celulosa Arauco
(BBB/Negative). However, Eldorado has only one mill located in
Brazil, while its peers have higher scale of operations, with
business not concentrated in a single mill. The company's business
is concentrated only in pulp and is therefore exposed to the
cyclicality of pulp prices. No country-ceiling or operating
environment aspects impact the rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
  -- Pulp sales volume of 1.7 million tons;

  -- Average hardwood net pulp price between USD675 and USD725 per
ton in 2018-2020;

  -- FX rate of 3.5 BRL/USD;

  -- Base case does not incorporate investments in the new pulp
mill.

RATING SENSITIVITIES

Fitch will resolve the Rating Watch Evolving once Eldorado's
ownership structure becomes clear and the future capital structure
is determined.

LIQUIDITY

High Debt Maturities: As of June 30, 2018, Eldorado had cash and
marketable securities of BRL829 million and total debt of BRL8.3
billion, of which about BRL2.6 billion is due in the short term.
Excluding trade finance lines, debt maturities in the short term
are about BRL1.0 billion. Despite high financial expenses, FCF
should remain strong during 2018 and 2019 due to high pulp prices
and should be used to amortize part of debt maturities. In Fitch's
opinion, Eldorado needs to continue to refinance part of its
impending debt maturities.

Total debt was composed of loans from the Brazilian Development
Bank, export credit agencies, export credit notes, trade finance
lines, debentures from Fundo de Investimento do Fundo de Garantia
do Tempo de Servico, a term loan, and senior unsecured notes.

FULL LIST OF RATING ACTIONS

Fitch has maintained the Rating Watch Evolving on the following
ratings:

Eldorado Brasil Celulose S.A.

  -- Long-Term Foreign Currency IDR 'B';

  -- Long-Term Local Currency IDR B';

  -- National Long-Term Scale rating 'BBB-(bra)'.

Eldorado Intl. Finance GmbH

  -- Senior unsecured notes, in the amount of USD350 million and
due in 2021 'B/RR4'.

The transaction was issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado Brasil Celulose S.A. and Cellulose Eldorado
Austria GmbH.


ENERGISA SA: Fitch Corrects September 5 Ratings Release
-------------------------------------------------------
This is a correction of a release published Sept. 5, 2018. It
includes the affirmation of Energisa S.A.'s 10th debenture
issuance at 'AA+(bra)' in the list of rating actions.

Fitch Ratings has affirmed Energisa S.A. (Energisa) and its
subsidiaries' Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB' and 'BB+', respectively and their Long-term
National Scale Rating at 'AA+(bra)'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch believes Energisa's recent acquisitions of Centrais
Eletricas de Rondonia S.A. (Ceron) and Eletrobras Distribuicao
Acre (Eletroacre) do not change the Energisa group's consolidated
credit profile. Fitch believes the group has a positive track
record to improve the poor operational performance and negative
EBITDA of both energy distribution companies, and should also rely
on synergy gains and an extraordinary tariff reviews in 2019 in
order to gradually present consolidated credit metrics in line
with the current IDRs until the end of 2021. Energisa acquired
Ceron and Eletroacre through auctions held on Aug. 30, 2018, which
positively adds to concessions diversification.

On a pro forma consolidated basis and considering a neutral EBITDA
for Ceron and Eletroacre, Fitch expects Energisa to achieve EBITDA
of BRL2.7 billion and net debt of BRL10.7, leading to a net
leverage of 4.0x at the end of 2019. This ratio compares with 3.4x
reported in the last 12 months (LTM) ended in June 2018. According
to Fitch's methodology, the estimated incremental debt coming from
the two new concessions is BRL3.0 billion in this calculation. For
2020, the agency expects that the group will be able to capture
more efficiency gains and the full benefit of the extraordinary
tariff review for Ceron and Electroacre. In this year, net
leverage should be close to 3.5x, considering an EBITDA
contribution at the range of BRL250 million-BRL350 million from
the combined two entities. Difficulties reducing net leverage in
the coming years or acheiving a ratio of 3.0x or below in 2021
could pressure the ratings.

Energisa group's IDRs reflect a low to moderate business risk for
the Brazilian power distribution segment, which is partially
mitigated by the group's diversification through eleven
concessions. Fitch considers the guarantees provided by Energisa
as part of its subsidiaries' debt, and the cross-default clauses
equalize the ratings. The analysis incorporates a moderate
regulatory risk for the Brazilian power sector and a hydrological
risk currently above average. The Foreign Currency IDRs are
constrained by Brazil's country ceiling at 'BB'.

DERIVATION SUMMARY

Energisa and its subsidiaries' Foreign Currency IDRs at 'BB' are
capped by Brazil's country ceiling. The Local Currency IDRs of
'BB+' are based on the group's low to moderate business risk and
the expectation that liquidity will remain robust and net leverage
will migrate to the range of 2.0x-3.0x. Energisa's financial
profile is more aggressive compared to Enel Americas S.A. (Enel
Americas, BBB+/Stable). While other peers in Latin America such as
Empresas Publicas de Medellin S.A E.S:P. (EPM, BBB+/Stable), and
Grupo Energia Bogota S.A. E.S.P. (GEB, BBB/Stable) present similar
financial profiles as Energisa, the operating environment in
Brazil justifies the different IDRs. In terms of business profile,
all of them operate as regulated companies.

KEY ASSUMPTIONS

The main assumptions of Fitch's base scenario for the issuer
include:

  -- Increase in energy consumption in line with the Brazilian GDP
growth;

  -- Annual average capex of BRL1.5 billion until 2021;

  -- Dividends pay-out of 50% of net profit;

  -- No new debt financed acquisition.

RATING SENSITIVITIES

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

  -- Consolidated net leverage below 2.0x in a sustained basis;

  -- Cash and marketable securities/short term debt above 1.5x.

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

  -- New projects or further acquisitions involving significant
amounts financed by debt;

  -- Perception of difficulties to gradually reduce net leverage
in order to achieve 3.0x in 2021;

  -- Cash and marketable securities/short-term debt below 1.0x;

  -- At the holding level: dividends received + cash and
marketable securities/short-term debt service below 1.0x.

LIQUIDITY

Strong Liquidity Profile: Energisa group has strong liquidity and
high financial flexibility to finance its investment plans and
refinance outstanding short-term debt, if needed. As of June 30,
2018, total adjusted cash and marketable securities of BRL3
billion covered short-term debt of BRL2.3 billion by 1.3x. Total
debt was BRL11.2 billion. At the holding company level, the cash
position was BRL917 million and short-term debt was BRL667
million, representing short-term debt coverage of 1.4x. The
acquisition of Ceron and Eletroacre represents a relative low cash
effort, comprised by BRL91 thousand payment to Centrais Eletricas
Brasileiras (Eletrobras) and BRL 493 million mandatory equity
contribution in 60 days after completion of the transaction. The
assumed debt burden related to the acquisition carries a long term
maturity profile at low average cost.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Energisa S.A.

  - Foreign Currency IDR at 'BB';

  - Local Currency IDR at 'BB+';

  - National Scale Rating at 'AA+(bra)';


  - 8th Debenture Issuance at 'AA+(bra)';

  - 9th Debenture Issuance at 'AA+(bra)';

  - 10th Debenture Issuance at 'AA+(bra)'.

Energisa Paraiba - Distribuidora de Energia S.A.

  - Foreign Currency IDR at 'BB';

  - Local Currency IDR at 'BB+';

  - National Scale Rating at 'AA+(bra)';

  - 4th Debenture Issuance at 'AA+(bra)'.

Energisa Sergipe - Distribuidora de Energia S.A.

  - Foreign Currency IDR at 'BB';

  - Local Currency IDR at 'BB+;'

  - National Scale Rating at 'AA+(bra)'.

Energisa Minas Gerais - Distribuidora de Energia S.A.

  - Foreign Currency IDR at 'BB';

  - Local Currency IDR at 'BB+';

  - National Scale Rating at 'AA+(bra)'.

Energisa Mato Grosso - Distribuidora de Energia S.A.

  - National Scale Rating at 'AA+(bra)';

  - 8th Debenture Issuance at 'AA+(bra)'.

Energisa Mato Grosso do Sul - Distribuidora de Energia S.A.

  - National Scale Rating at 'AA+(bra)';

  - 8th Debenture Issuance at 'AA+(bra)';

  - 10th Debenture Issuance at 'AA+(bra)'.

The Outlook for all of the corporate ratings is Stable.


OI SA: S&P Rates Existing $1.6BB Senior Unsecured Notes 'B'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to Oi
S.A.'s (global scale: B/Stable/--; national scale: brA/Stable/--)
existing $1.6 billion senior unsecured notes due 2025. S&P also
assigned a '4' recovery rating to the notes, which indicates
average recovery expectation of 30%-50% (rounded estimate 40%) in
the event of payment default.

The notes, which Oi issued on July 27, 2018, were part of the
company's reorganization plan. Oi issued the notes to exchange
part of its obligations that were in default. The issue-level
rating on the notes is the same as the global scale issuer credit
rating, given that debt is senior unsecured with around a 40%
recovery expectation.

Issue Ratings--Recovery Analysis

S&P has assigned a recovery rating of '4' to Oi's senior unsecured
notes, with an average recovery (rounded estimate 40%).

Key analytical factors

S&P said, "Our hypothetical default scenario would occur in 2021
amid a combination of a severe economic slowdown, reduced consumer
discretionary income, and high competition in the telecom industry
that would lead to a decline in cash flow generation. We analyze
Oi under a going concern because we believe the company would
rather be restructured than liquidated under a default, given its
status as the third-largest telecom operator in Brazil. This was
the case with the company's recent reorganization plan. We have
valued Oi using a 5.5x multiple applied to our projected
emergence-level EBITDA of R$2.9 billion, somewhat lower than the
standard of 6x used for larger global telecom operators because we
view the company's competitive position somewhat weaker than the
industry average. With these assumptions, we reach a gross
enterprise value (EV) of R$16.2 billion.

"The various debt instruments at the parent level (Oi) and its
subsidiaries have cross guarantees, which avoid structural
subordination for the obligations. We don't include rejections of
leasing contracts in the debt waterfall because we believe the
company would maintain the contracts to assure the availability of
the services to continue operating. And the concession payments
would be transferred as liabilities to a potential new operator."

Simulated default assumptions

-- Simulated year of default: 2021
-- EBITDA at emergence: R$2.9 billion
-- EBITDA multiple: 5.5x
-- Estimated gross EV: R$16.2 billion

Simplified waterfall

-- Net EV, after 5% of administrative expenses: R$15.4 billion
-- Secured debt: R$3.6 billion (BNDEs loans)
-- Senior unsecured debt: R$26.6 billion (local banks, export
    credit agencies, notes)
-- Non-debt unsecured claims: R$350.5 million (tax liabilities)
-- Recovery expectations for unsecured bond: 30-50% (rounded to
    40%)

  RATINGS LIST

  Oi S.A.
    Issuer credit rating
     Global scale           B/Stable/--
     National scale         brA/Stable/--

  Ratings Assigned

  Oi S.A.
    Senior unsecured        B
      Recovery rating       4(40%)


STATE OF RIO DE JANEIRO: Fitch Affirms 'C' Long-Term IDRs
---------------------------------------------------------
Fitch Ratings has affirmed the State of Rio de Janeiro (ERio)'s
long-term, foreign- and local-currency Issuer Default Ratings
(IDRs) at 'C'. In addition, Fitch has also affirmed the national
rating at 'C(bra)'.

The affirmation of ratings of ERio reflects the serious fiscal
imbalances the state still has. The State's operating margin
should be negative until 2020. In 2017, operating margin was
negative 15.9%, according to Fitch's calculation based on publicly
available information. Virtually all financial debt has been paid
by the federal government under the Fiscal Recovery Agreement
(FRA) signed with the federal government in September 2017.

KEY RATING DRIVERS

Debt, Liabilities and Liquidity: Weak/Stable

ERio's consolidated debt of BRL142.3 billion in 2017 represented a
high 243.3% of the entity's current revenues (202.9% in 2016),
according to Fitch calculations. Rio has not been able to service
its debt since 2016. The state now benefits from federal support,
in which the federal government directly and indirectly services
debt payment on behalf of the state.

The liquidity position of the state has mildly improved but is
still incompatible with its short-term obligations. As of April
2018, gross cash positions increased to BRL7.7 billion (BRL5.4
billion in December 2017) covering 63% of the state's obligations
due in 2018. Commercial short-term liabilities represented high
20.1% of operating revenue in 2017, according to Fitch's
calculation.

Fiscal Performance: Weak/Stable

Fitch expects negative operating margins until 2020 in a slightly
improving trend. As a positive factor, ERio's tax revenue
corresponded to around 72% of operating revenue in 2017.
Additionally, ERio registered positive overall fiscal balances
over the last two years considering the new borrowing under the
FRA.

Fitch expects staff expenditure increases to be in line with
inflation up to 2020, reflecting the state's limitation to expand
expenditures under the FRA. Personnel expenditures, including
pension payments, accounted for around 54% of operating
expenditures in 2017 (55% in 2016), according to Fitch's
calculation.

Economy: Neutral/Stable

ERio is the distant second-largest economy in Brazil after Sao
Paulo. The local economy has been suffering from the slowly
recovering activities in the oil sector. Rio's contribution to
Brazil's GDP has slightly decreased in the last five years,
posting an estimated GDP of around BRL623 billion in 2017, or
roughly 9.5% of Brazilian GDP.

ERio is home to around 16.7 million people, equal to approximately
8% of the Brazilian population, thus implying a GDP per capita of
around USD9,330. The unemployment rate reached 15.4% in June 2018,
according to Instituto Brasileiro de Geografia e Estatisticas
(IBGE), which is higher than Brazil's overall unemployment rate of
12.4%.

Management and Administration: Weak/Stable

ERio has been able to implement the corrective measures
established by the Fiscal Recovery Regimen. Nevertheless, the
state has not been able to present balanced fiscal performances
since 2016. Out of the 20 corrective measures monitored by the
FRA, ERio has not presented significant implementation delays.

Institutional Framework: Weak/Stable

Fitch considers the institutional framework to be weak, mostly as
a result of very low fiscal flexibility that stems from subdued
fiscal collection coupled with rigid cost structure. Moreover, the
federal government has great influence over Brazilian local and
regional governments (LRGs), as expressed by the vertical issuance
of laws, and due to the federal government being the largest LRG
creditor in many cases.

RATING SENSITIVITIES

Recovery in Financial Performance: Once ERio's fiscal and
financial performance recovers and it is able to honor its
committed financial obligations in due time with no federal
government aid, then Fitch will revise its ratings.

Guaranteed Debt: Fitch does not expect ERio to enter into default,
since virtually all debt is guaranteed by the federal government
under the Fiscal Recovery Regimen.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

State of Rio de Janeiro:

  -- Long-term, foreign-currency IDR at 'C';

  -- Short-term, foreign-currency IDR at 'C';

  -- Long-term, local-currency IDR at 'C';

  -- Short-term, local-currency IDR at 'C';

  -- Long-term National rating at 'C(bra)';

  -- Short-term National rating at 'C(bra)'.


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


DOMINICAN REPUBLIC: Aug. Prices Climb 0.03%
-------------------------------------------
Dominican Today reports that August prices climbed 0.03% compared
to July, according to a report by Dominican Republic's Central
Bank submitted to industrialists.

It said the accumulated inflation between January and August stood
at 1.44%, whereas the annualized inflation rate stood at 3.87% in
the last 12 months, well below the Central Bank's inflation target
of around 4% for this year, according to Dominican Today.

It adds in recent months it has implemented measures to prevent an
uncontrolled rise in consumer prices, the report notes.  The last
was the adjustment of its monetary policy rate, which increased to
5.50% last month, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.


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


NICARAGUA: Hit by Nationwide Strike in Protest Against Ortega
-------------------------------------------------------------
news4europ reports that Nicaragua dawned on Aug. 7 almost totally
shut down by protests against President Daniel Ortega, blamed by
his opponents for the political crisis that has left hundreds dead
since last April.

Streets, markets, private schools, shopping centers, bus terminals
and other key points of cities around Nicaragua were unusually
desolate, according to news4europ.

Though at first only a minority of companies announced they would
join the strike, the social pressure in the form of boycotts
against those that failed to do so induced them to announce their
adherence to the shutdown, the report notes.

The report discloses that the the national strike that kicked off
at midnight will last 24 hours, according to the Civic Alliance,
the opposition to the government in the national dialogue that
seeks to overcome the crisis.

The purpose of the national strike is to apply pressure on behalf
of "political prisoners," estimated at fewer than 135, the report
relays.

In an interview with EFE in Managua, Mr. Ortega denied the
existence of any political prisoners in the country and said that
those in prison are guilty of various crimes, the report
discloses.

This is the third nationwide strike in Nicaragua against Ortega in
less than three months, the report says.

The office of the UN High Commissioner for Human Rights has
accused the government of "more than 300 deaths," as well as of
extrajudicial executions, torture, obstruction of medical care,
arbitrary arrests and kidnapping, the report notes.

Such charges were also denied by Ortega, who maintains that this
is all about an attempted "coup d'etat," the report relays.

Demonstrations against the Ortega government began April 18
because of some proposed pension changes that were quickly
rescinded and were turned into the basis of a demand for the
president's resignation, after 11 years in power, on charges of
abuse of power and corruption, the report notes.

The crisis has left between 322 and 481 people dead since April,
according to human rights organizations, while the government puts
the number at 198 fatalities, the report discloses.

Mr. Ortega was re-elected in 2016 with more than 70 percent of the
vote, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2018, Fitch Ratings has downgraded Nicaragua's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B' from 'B+'. The
Outlook is Negative.


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


ARQUIDIOCESIS DE SAN JUAN: Hires AMG Inc. as Real Estate Broker
--------------------------------------------------------------
Arquidiocesis de San Juan de Puerto Rico, seeks authority from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ
AMG, Inc., as real estate broker to the Debtor.  Arquidiocesis de
San Juan requires AMG, Inc. to market and sell the Debtor's
properties located in the metropolitan area. AMG, Inc. will be
paid as follows:

   -- commission of 4% of the sales price; or
   -- commission of 4% of the lease price.

Rafael Portela, president of AMG, Inc., assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estates. AMG, Inc. can be reached
at:

       Rafael Portela
       AMG, INC.
       128 Franklin D. Roosevelt Avenue
       Hato Rey, PR 00918
       Tel: (787) 756-5140
       Fax: (787) 753-1212

          About Arquidiocesis de San Juan de Puerto Rico

Arquidiocesis de San Juan de Puerto Rico, based in San Juan, PR,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 18-04911) on
August 29, 2018.  In the petition signed by Father Alberto Arturo
Figueroa Morales, vicar general, the Debtor estimated $10 million
to $50 million in both assets and liabilities.  The Hon. Edward A.
Godoy presides over the case.  Carmen D. Conde Torres, Esq., at C.
Conde & Assoc., serves as bankruptcy counsel.


ARQUIDIOCESIS DE SAN JUAN: Hires C. Conde & Assoc. as Counsel
-------------------------------------------------------------
Arquidiocesis de San Juan de Puerto Rico, seeks authority from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ C.
Conde & Assoc., as counsel to the Debtor. Arquidiocesis de San
Juan requires C. Conde & Assoc. to:

       a. advise the Debtor with respect to its duties, powers and
          responsibilities it the bankruptcy case under the laws
          of the U.S. and Puerto Rico in which the Debtor-in
          possession conducts its operation, do business, or is
          involved in litigation;

       b. advise the Debtor in connection with a determination
          whether a reorganization is feasible and, if not,
          helping the Debtor in the orderly liquidation of its
          assets;

       c. assist the Debtor with respect to negotiations with
          creditors for the purpose of arranging the orderly
          liquidation of assets and propose a viable plan or
          reorganization;

       d. prepare on behalf of the Debtor the necessary
          complaints, answers, orders, reports, memoranda of law
          and any other legal papers or documents;

       e. appear before the bankruptcy court, or any court in
          which the Debtor assert a claim interest or defense
          directly or indirectly related to the bankruptcy case;

       f. perform such other legal services for the Debtor as may
          be required in the proceedings or in connection with the
          operation and involvement with the Debtor's business,
          including but not limited to notarial services; and
          employ other professional services, if necessary. C.
          Conde & Assoc. will be paid at these hourly rates:

          Attorneys       $250-$300
          Paralegals      $150

C. Conde & Assoc. will be paid a retainer in the amount of
$10,000.

C. Conde & Assoc. will also be reimbursed for reasonable out-of-
pocket expenses incurred. Carmen D. Conde Torres, partner of C.
Conde & Assoc., assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estates.

C. Conde & Assoc. can be reached at:

         Carmen D. Conde Torres, Esq.
         C. CONDE & ASSOC.
         254 San Jose Street, 5th Floor
         Old San Juan, PR 00901-1523
         Tel: (787) 729-2900
         Fax: (787) 729-2203
         E-mail: condecarmen@condelaw.com

         About Arquidiocesis de San Juan de Puerto Rico

Arquidiocesis de San Juan de Puerto Rico, based in San Juan, PR,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 18-04911) on
August 29, 2018.  In the petition signed by Father Alberto Arturo
Figueroa Morales, vicar general, the Debtor estimated $10 million
to $50 million in both assets and liabilities.  The Hon. Edward A.
Godoy presides over the case.  Carmen D. Conde Torres, Esq., at C.
Conde & Assoc., serves as bankruptcy counsel.


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


PETROLEUM CO: Refinery Closure Worries Grenada
----------------------------------------------
Trinidad Express reports that leader of Government Business in the
Lower House of Parliament, Gregory Bowen, told legislators during
the monthly sitting of the House that Grenada and other Caribbean
Community (Caricom) member states will soon have increased prices
for fuel and other products that were supplied by Petrotrin's
Pointe-a-Pierre oil refinery.

Earlier, officials at Petrotrin defended the decision to end the
company's oil-refining operations, saying that it is undertaking a
restructuring exercise aimed at curtailing the billions of dollars
(One TT dollar=US$0.16 cents) in losses, according to Trinidad
Express.

As reported in the Troubled Company Reporter-Latin America on
May 3, 2018, S&P Global Ratings revised its outlook on Petroleum
Co. of Trinidad & Tobago Ltd (Petrotrin) to negative from stable.
S&P said, "We also affirmed our 'BB' long-term corporate credit
and senior unsecured debt ratings on the company. Additionally,
we're keeping its SACP unchanged at 'b-'."



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


VENEZUELA: Locals Camp Out in Bogota, Hoping for Better Future
--------------------------------------------------------------
La Oferta reports that the Bogota bus terminal is a mass of
travelers, vehicles and passengers saying farewell amid smiles and
tears, hopes and dreams -- notably the dreams of the more than 100
Venezuelans camped out in a park near the station hoping for a
better future.

Between 120 and 140 Venezuelans, including five babies, are
camping some 100 meters (100 yards) from the station in Salitre on
the west side of Bogota, sheltered from the cold of the Colombian
capital while deciding on their next move, according to La Oferta.

What looks like a very motley crew has settled on the lawn of the
park they have renamed "The Woods" under the shelter of canvas and
plastic sheets where they try to eat, sleep and pass the hours,
the report notes.  The more fortunate have tents, the report
relays.

And yet they consider themselves lucky: "They treated me
spectacularly in Bogota . . . Here nobody has told us to leave,
we've had food and clothing . . . I don't know how long I went in
Venezuela without eating a piece of chicken or a sardine," Marleny
Marquez, 38, told EFE, the report discloses.

"I've been here a week and I've gained a kilo (more than 2 lbs.).
There (in Venezuela) I lost about 10 kilos (22 lbs.)," the report
quoted Mr. Marquez as saying.

While spending their time in "The Woods," they receive aid from
the locals and a group of nuns that bring them food and clothes to
deal with the freezing Bogota temperatures, which at this time of
year hover around 10 degrees C (14 degrees F) for most of the day,
the report relays.

This solidarity, they said, allows them to live better than in
their native Venezuela, where getting food is a fantasy, the
report notes.

The odyssey of many of them began when they left their country
and, with no money in their pockets, tried to find a new life on
the way to Bogota, the report discloses.

They rambled hundreds of kilometers (miles) on foot and now dream
of making the next stretch by bus or by finding work in Colombia
that will allow them to support and send aid to their families,
the report relays.

In Colombia, where close to a million Venezuelans have settled,
their possibilities have shrunk after Peru closed its border to
Venezuelans whose passports have expired and with the growing fear
that Ecuador might do the same, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. S&P's transfer and convertibility assessment remains at
'CC'.


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


* BOND PRICING: From September 3 to September 7, 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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *