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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

         Wednesday, September 26, 2018, Vol. 19, No. 191


                            Headlines



A R G E N T I N A

ARGENTINA: In Discussions With IMF to Increase Credit Line


B E L I Z E

BELIZE: Economic Recovery is Strengthening, IMF Says


B R A Z I L

ELECTROPAULO METROPOLITANA: Fitch Affirms BB+ LT FC IDR
OI SA: Brazil Court Rules Fines Are Subject to Bankruptcy Recovery


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Places BB- LongTerm IDR on Watch Negative


J A M A I C A

DIGICEL GROUP: Units Extend Early Tender for Exchange Offers
JAMAICA: Cabinet Approves Tabling of Income Tax Act
JAMAICA: Reaches Staff Level Deal on 4th Review for Stand-by Deal


P E R U

TERMINALES PORTUARIOS: S&P Raises ICR to 'BB+', Outlook Positive


P U E R T O    R I C O

PEDRO LOPEZ MUNOZ: Court Confirms Proposed Plan of Reorganization
PUERTO RICO: Holdout Bondholders Join Sales Tax Debt Restructuring


                            - - - - -


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A R G E N T I N A
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ARGENTINA: In Discussions With IMF to Increase Credit Line
-----------------------------------------------------------
Patrick Gillespie and Erik Schatzker at Bloomberg News reports
that Argentine President Mauricio Macri said a revised agreement
with the International Monetary Fund will help shore up investor
confidence in the nation after a currency rout pushed South
America's second-largest economy into recession.

"We are working with the IMF and we are going to present something
that will bring confidence," Mr. Macri said in an interview with
Bloomberg TV in New York.  "We will have more support from them,"
Mr. Macri added.

Bloomberg News notes that Mr. Macri declined to provide specifics,
but added that a new deal should be expected "in a couple of
days."  He said there's no chance Argentina will fail to pay its
debts given the Fund's support -- a question that keeps haunting
investors since the government defaulted in 2001 following a
smaller IMF loan, Bloomberg News relays.

Argentine officials are negotiating an increase in the $50 billion
credit line with the IMF, said a government official with direct
knowledge of the discussions, Bloomberg News says.  An increase of
$3 billion to $5 billion is more likely than the additional $15
billion to $20 billion in funds that were reported by local media,
according to the official who requested anonymity as the talks are
not public, Bloomberg News notes.

Bloomberg News discloses that the amount of cash to be initially
released is still under negotiation, the official added. Argentina
has been trying to speed up loan disbursements to appease
investors who feared the country may not receive enough funds in
time to repay its debts in 2019.  As part of the IMF agreement,
Argentina will cut government spending sharply next year while
Macri seeks re-election, Bloomberg News says.  The government has
agreed to reduce its primary fiscal deficit from 2.6 percent of
gross domestic product this year to zero next year, Bloomberg News
notes.

Bloomberg News relays that Mr. Macri said the renegotiated IMF
agreement would include a more detailed monetary policy framework
to provide clarity on the central bank's policies but said foreign
exchange controls similar to those implemented in the past, are
not under discussion.

"What it will involve is a clear monetary policy that will show
where we are going -- that's the most important part of the
agreement," Bloomberg News quoted Mr. Macri as saying.

                       Too Ambitious

Economy Minister Nicolas Dujovne, who accompanied Macri, told
Bloomberg in a separate interview that Argentina made a mistake by
setting overly ambitious inflation targets, Bloomberg News relays.
Consumer prices are expected to rise 40 percent this year,
according to a central bank survey of economists, Bloomberg News
notes.  The government's target at the beginning of the year was
15 percent.

"There's a need for a revamp in how we see monetary policy," said
Mr. Dujovne, Bloomberg News discloses.

Investors in New York were very positive about Argentina's plans
to deal with its financial crisis, Mr. Dujovne said at a press
briefing, Bloomberg News relays.  The political cycle and concern
about continuity of policies is driving doubts in markets, he
said. He said he didn't discuss setting currency bands during his
meetings with investors, Bloomberg News notes.

Argentina turned to the IMF in May as the peso plunged following a
historic drought, rising U.S. interest rates and an emerging-
market selloff, recounts Bloomberg News.  The two sides returned
to the negotiating table this month after the peso fell sharply
again in August.

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.


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B E L I Z E
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BELIZE: Economic Recovery is Strengthening, IMF Says
-----------------------------------------------------
An International Monetary Fund team led by Daniel Leigh visited
Belize from September 11-20 to conduct the discussions for the
2018 Article IV consultation. The team met with the Honorable Mr.
Patrick Faber, Acting Prime Minister; Amb. Joy Grant, Governor of
the Central Bank of Belize; Mr. Joseph Waight, Financial
Secretary; and other senior government officials, representatives
of the opposition, private sector, and public sector unions.

According to the IMF, Belize's economic recovery is strengthening,
the government is making significant progress toward debt
reduction, and the Central Bank of Belize (CBB) has taken resolute
actions to improve financial soundness. At the same time, public
debt is elevated, the external current account deficit remains
large, and international reserves are just above 3 months of
imports of goods and services. In the view of the team, policies
to enhance Belize's growth and resilience are essential for
addressing these challenges and for improving economic wellbeing.
Reducing debt to prudent levels and building reserves requires
additional fiscal consolidation alongside structural reforms that
strengthen the business environment and promote inclusive economic
growth. Additional steps to fortify regulatory oversight, bank
resolution, and the anti-money laundering (AML) and combating the
financing of terrorism (CFT) framework would support the recovery
of correspondent banking relationships (CBRs) and strengthen
investor confidence.

          Recent Economic Developments and Outlook

Belize's economic recovery is strengthening, supported by a
favorable global environment. Real GDP grew by 1.4 percent in
2017, and recent data indicate an acceleration in economic
activity, with growth in 2018Q2 estimated at 5.4 percent (y/y).
Tourism arrivals were up 17.1 percent in January-June 2018
compared with a year earlier, reflecting economic expansion in
Belize's trade partners and an increased number of flights. The
unemployment rate declined to 9.4 percent in April 2018 from 9.7
percent six months earlier, while inflation was below 1 percent
(y/y). The current account deficit narrowed to 7.6 percent of GDP
in 2017 from 8.4 percent of GDP in 2016, reflecting subdued
imports and higher receipts from tourism.

The government delivered a significant fiscal adjustment in
FY2017/18. The primary balance increased to a surplus of 1.3
percent of GDP in FY2017/18, excluding a one-off effect of a
Caribbean Court of Justice (CCJ) ruling, implying a 3.2 percent of
GDP turnaround from the FY2016/17 level. [1] The adjustment
occurred largely through a reduction of government investment,
which affected growth. Tax measures raised revenues, although
their yield was lower than anticipated.

The FY2018/19 budget approved by Parliament raises the primary
fiscal surplus further, to just above 2 percent of GDP. The
planned adjustment is mainly through higher revenues. Measures
include broadening the base of the General Sales Tax (GST) by
removing zero-rated items, higher excises on fuel, and higher
import duties on selected items, supported by stronger tax
administration and spending restraint. In his budget speech, the
Prime Minister underscored the importance of raising the primary
fiscal surplus to achieve a reduction in public debt to 60 percent
of GDP over the long term.

The financial sector is strengthening, supported by the
authorities' resolute actions to enhance financial soundness and
reduce risks to CBRs. The overall domestic banks' gross NPL-to-
total loans ratio fell to 7.5 percent (1.4 percent net of
provisions) at end-2017, from 10.4 percent (2.1 percent net of
provisions) at end-2016, and bank profitability has improved. All
banks affected by the loss of CBRs during 2015-16 have found some
replacement CBRs and alternative ways of processing cross border
transactions. The CBB took resolute action to deal with a troubled
offshore bank. The CBB also conducted AML/CFT supervision of one
domestic bank, three offshore banks, and two credit unions in
2018. Parliament adopted amendments to improve the transparency of
International Business Corporations (IBCs), by prohibiting the
issuance of bearer shares and by requiring beneficial ownership to
be held in Belize.

The medium-term outlook remains challenging. Real GDP growth is
projected at 2.2 percent in 2018 and just below 2 percent in the
medium term, in line with recent trends. The current account
deficit is projected to gradually narrow, but remain significant,
reflecting structural weaknesses, with international reserves
projected below 3 months of imports of goods and services over the
medium term. A fiscal stance that is stronger than projected in
the baseline scenario, which assumes no fiscal adjustment beyond
FY2018/19, would be needed to reduce public debt from its end-2017
level (94 percent of GDP) to prudent levels over the medium to
long term and build buffers against shocks.

Downside risks remain substantial. Contested legacy claims,
estimated at about 5 percent of GDP, could lead to large public
and external financing needs. Reputational risks from potential
financial misuse of the offshore sector's complex entities, and
governance concerns, could weaken investor confidence and renew
pressures on CBRs, which would weaken banks. These vulnerabilities
would be exacerbated by a growth slowdown among Belize's main
trading partners, higher international energy prices, and
increasingly severe natural disasters associated with climate
change. Such adverse developments could undermine public support
for the government's reforms and endanger debt sustainability. On
the upside, additional foreign direct investment, including in
connection with the tourism industry's expansion, and a successful
implementation of the Growth and Sustainable Development Strategy
(GSDS) could result in a sustained rise in growth.

          Raising Economic Growth and Resilience

Policies to enhance Belize's growth and resilience are essential
for addressing these challenges and risks and for improving the
economic wellbeing of all Belizeans.

Improving the business climate remains a central priority.
Belize's outlook of rising growth, especially in the agriculture,
call-center, and tourism sectors, provides an opportunity to make
progress on policies that will strengthen the recovery in the
short term and raise long-term growth, without significant fiscal
costs. Structural reform priorities include easing access to
credit by establishing a Credit Bureau and collateral registry;
accelerating and modernizing procedures for starting a business;
amending labor legislation to allow greater flexibility in working
hours; increasing support for technical training; improving
governance in customs and public procurement; fighting corruption,
including by implementing the asset declaration regime for senior
public officials, strengthening the independence and capacity of
the Integrity Commission, and bolstering enforcement against
perpetrators of corruption; and amplifying support for crime
prevention and juvenile rehabilitation, including community action
programs.

Intensifying Belize's ongoing efforts to build resilience to
climate change and natural disasters would reduce economic
volatility and raise growth over the medium term. Belize's
National Climate Resilience Investment Plan and GSDS prescribe
resilience-building projects, such as more robust roads, bridges,
and seawalls. Costing and prioritizing these plans and developing
an investment promotion strategy to increase access to grants and
climate funds is a priority. Belize also needs more self-insurance
through a natural disaster reserve fund, to facilitate immediate
recovery and response efforts following floods and hurricanes.
Natural disaster risks should also be cost-effectively managed
through contingent lines of credit and optimized participation in
regional insurance options, as both public and private assets are
under-insured.

To support the authorities' poverty alleviation strategy, reforms
to Belize's social safety net are warranted. Belize already has a
number of social safety net programs, such as the High School
Subsidy Program, Building Opportunities for Our Social
Transformation (BOOST), Food Pantry, and the Conditional Cash
Transfer (CCT) Program. Increasing the use of formal targeting
mechanisms, informed by an updated country poverty assessment,
would increase the programs' effectiveness at reaching the most
vulnerable individuals, an important consideration given the
distributional implications of fiscal and structural reforms.

                   Building Fiscal Buffers

Reducing public debt to prudent levels requires additional fiscal
consolidation alongside structural reforms that enhance potential
growth. Reducing government debt to below 60 percent of GDP in 10
years would require measures that gradually raise the primary
surplus to about 4 percent of GDP from the current projected level
of 2 percent of GDP. Revenue measures could include further
broadening the base of the GST by phasing out zero-rated items and
exemptions; modernizing and further reinforcing the efficiency of
tax administration; increasing the GST rate to the regional
average over the medium term; and more closely monitoring activity
in Commercial Free Zones. In addition, civil service and pension
reforms are needed to reduce Belize's large wage and social
security bills and create space for priority spending. Measures
include implementing a 2-5 replacement ratio to gradually reduce
the number of public sector employees; limiting salary increments
to the rate of inflation; making the public-sector pension plan
contributory; and raising pensions in line with inflation. Reforms
that increase potential growth would reduce the primary fiscal
surplus needed to achieve the targeted debt reduction and increase
space for priority investments and social spending.

A well-designed fiscal rule based on a debt anchor could, if
underpinned by a public consensus, support the fiscal adjustment.
Rules that target a reduction in public debt to 60 percent of GDP
over the long term have had success in putting debt on a clear
downward path in several cases in the region (for example, in
Grenada and Jamaica). In Belize, adoption by Parliament of such a
fiscal rule could help guide the fiscal consolidation effort.

       Further Strengthening the Financial System

The financial system should remain under tight supervision.
Regulations on provisioning should be strengthened, taking into
consideration the types of lending and minimum operational
requirements for collateral. An asset quality review would help
assess banks' capital buffers. The bank resolution legal framework
should be fortified, including with more effective tools that the
CBB could deploy at an early juncture, with greater operational
autonomy. CBB financing of government spending should be phased
out to prevent risks of exchange rate and inflation pressure and
be replaced by more regular government debt auctions.

Further steps are needed to strengthen the effectiveness of the
AML/CFT framework and support the recovery of CBRs. The regulatory
powers of the International Financial Services Commission (IFSC)
should be strengthened, along with its capacity to properly
license, supervise, and, when necessary, enforce sanctions against
licensed registered agents and financial services providers.
Requiring a physical presence of IFSC licensed institutions is
essential. To further reduce money laundering and terrorism
financing risks, the authorities should ensure that up-to-date
beneficial owner information is made available and easily
accessible without impediments. The CBB should further develop its
capacity to conduct AML/CFT risk-based supervision of banks and
impose strict and prompt sanctions when necessary. Conducting a
study on the overall benefits as well as the costs and risks of
the offshore center is warranted.


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B R A Z I L
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ELECTROPAULO METROPOLITANA: Fitch Affirms BB+ LT FC IDR
-------------------------------------------------------
Fitch Ratings has affirmed Eletropaulo Metropolitana Eletricidade
de Sao Paulo's Long-Term Local and Foreign Currency Issuer Default
Ratings at 'BBB-' and 'BB+', respectively. Fitch has also affirmed
Eletropaulo, Ampla Energia e Servicos S.A. and Companhia
Energetica do Ceara (Coelce)'s Long-Term National Scale Ratings at
'AAA(bra)'. The Rating Outlook is Stable.

Enel Brasil group's ratings reflect its strong link with its
controlling shareholder, Enel Americas S.A. (Enel Americas; Local
and Foreign Currency IDRs BBB+/Outlook Stable). Enel Brasil's
relevant subsidiaries are part of the cross default clauses in the
debt held by Enel Americas. The parent has also a positive track
record of substantial intercompany loans, capital increases and
guarantees provided to the Brazilian subsidiaries, including the
BRL8.7 billion bridge loan raised by its Brazilian holding
companies to finance Eletropaulo's acquisition (BRL7.1 billion)
and the BRL1.5 billion capital injection. Fitch views as positive
this capital increase and Enel Brasil's guarantee on the recent
BRL3 billion debenture issuance to Eletropaulo's standalone credit
profile, which will finance the company's investment plan and
improve its financial flexibility. The two-notch discount on
Eletropaulo's Local Currency IDR considers the company and Enel
Americas different jurisdictions and the fact that any potential
debt payment at Enel Americas level, which carries the cross
default clause, would weaken their legal linkage.

Enel Brasil group has been an active player in the electric energy
consolidation process in Brazil, which became the main country in
Enel Americas' portfolio with a participation of around 50% in
revenues and 37% in EBITDA on a pro forma basis after
Eletropaulo's acquisition. The growth strategy, which also
contemplated the acquisitions of Celg and Usina Volta Grande in
2017, contributes to asset diversification. In the energy
distribution segment, Enel Brasil is the largest group in the
country with 16.3 million consumers serving 511 municipalities.
On a combined basis, Fitch expects that Enel Brasil group will be
able to manage its free cash flow (FCF), expected to remain
negative until 2020, due to an adequate liquidity position and
proven financial flexibility. This is benefited by financial
support from the parent company. Fitch forecasts that Enel Brasil
will maintain consolidated gross and net leverage on a pro-forma
basis at moderate levels of 4.8x and 3.9x, respectively at the end
of 2018. The expected additional EBITDA coming from the
distribution segment due to the fourth tariff review process for
all of its companies in 2018 and 2019 should support the group's
deleveraging process. Net adjusted leverage is expected to reduce
to 2.5x in 2020.

The ratings also consider the moderate regulatory risk of the
Brazilian electricity sector and the hydrological risk, currently
above the historical average.

KEY RATING DRIVERS

Strong Linkage to Parent Company: Enel Brasil S.A.'s (Enel Brasil)
main operational companies, including Eletropaulo, are considered
relevant subsidiaries of its controlling shareholder Enel
Americas. Fitch considers the operational, strategic and legal
ties between Eletropaulo, Ampla and Coelce and Enel Americas as
strong, according to Fitch's Parent and Subsidiary Rating Linkage
(PSL) methodology. Enel Brasil and its relevant subsidiaries are
included in cross default clauses in the debt held by Enel
Americas, demonstrating the strong legal linkage that supports the
ratings. The parent also has a track record of substantial
intercompany loans, with an outstanding amount of BRL1.5 billion
at the end of June 2018, capital increases (BRL3.3 billion in the
last four years) and guarantees provided to the Brazilian
subsidiaries totalling BRL 9.0 billion which includes the BRL8.7
billion bridge loan raised by its Brazilian subsidiaries to
finance Eletropaulo's acquisition. Brazil became Enel America's
main area of geographic operation after Eletropaulo's acquisition.

Diversified Asset Basis: Enel Brasil's acquisitions in the last
couple of years contributed to strengthen the consolidated
business profile. In the case of Eletropaulo, this power
distribution company provided asset diversification and increased
Enel Brasil's strong market position, becoming the largest group
in the Brazilian distribution segment, where it also controls
Ampla, Coelce and Celg Distribuicao S.A. (Celg D). Eletropaulo is
the largest power distribution company in Brazil in terms of
volume of energy sales. Eletropaulo is responsible for 9.2% of the
total energy consumed in Brazil through its concession to serve 24
municipalities in the Sao Paulo metropolitan area.

Expected Negative FCF: On a combined basis, Fitch expects that
Enel Brasil group will be able to manage its forecasted negative
FCF in the 2018 and 2019 due to an adequate liquidity position and
proven financial flexibility. According to Fitch's projections,
Enel Brasil will present negative consolidated FCF of almost BRL2
billion in 2018 and BRL800 million in 2019, reverting to minimal
positive level in 2020. High capital expenditures of BRL3.5
billion in 2018 to improve efficiencies and service quality
indicators, as well as to prepare the distribution companies to
the tariff review, are the main cash outflows. Dividends
distributions were considered at the minimum legal level.
Higher Operational Cash Flow: Fitch believes that Enel Brasil's
consolidated cash flow from operations (CFFO) will increase from
BRL1.3 billion annual average during 2014 - 2017 to BRL3.2 billion
annual average from 2018 - 2021 with the incorporation of the
acquired companies and expected additional EBITDA after the
implementation of the tariff review cycle of all distribution
companies. The first one, Ampla, anticipated the tariff review
cycle in one year to March 2018 and had as a result a Regulatory
EBITDA increase of BRL340 million to BRL 1.1 billion. The group's
tariff review process will continue with Celg in October 2018;
Coelce in April 2019 and Eletropaulo in July 2019. The group's
consolidated reported EBITDA of BRL2.6 billion in 2017 is below
the regulatory EBITDA of BRL3.1 billion, so there is room to
improve efficiency and narrow this gap.


DERIVATION SUMMARY

Eletropaulo's 'BB+' Foreign Currency IDR is rated one-notch above
the Brazilian country ceiling (BB) due to its strong linkage with
Enel Americas. AES Gener S.A. (BBB-/Stable) and Emgesa S.A. E.S.P
(BBB/Stable) benefit from a superior operating environment since
their revenue generation and assets are located in the investment
grade countries of Chile (A/Stable) and Colombia (BBB/Stable),
respectively. Compared to other Brazilian companies in the power
sector, like Engie Brasil Energisa S.A. (Engie Brasil), Alupar
Investimento S.A. (Alupar) and Transmissora Alianca de Energia
Eletrica S.A., the 'BB' Foreign Currency IDRs for all three
entities is capped by the Brazilian country ceiling. For the Local
Currency IDR, Engie Brasil, Alupar and Taesa are rated at the same
'BBB-' level as Eletropaulo, despite of their lower business risk
in the generation and/or transmission segments, due to
Eletropaulo's parent support. Fitch believes that the power
distribution segment is more volatile than other segments.

KEY ASSUMPTIONS

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

  -- Continue of tangible support from Enel Americas for the
Brazilian subsidiaries;

  -- Absence of new acquisitions and / or participation in
auctions;

  -- Consumption growth according forecasted GDP by Focus Bulletin
(Brazilian Central Bank);

  -- Dividends distribution of 25% of net profit;


RATING SENSITIVITIES

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

  -- An upgrade of Enel Americas' IDRs or a strengthening of the
linkage between Enel Americas and Enel Brasil group could result
on an upgrade of Eletropaulo's Local Currency IDR;

  -- An upgrade of Brazil's sovereign rating could result on an
upgrade of Eletropaulo's Foreign Currency IDR.

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

  -- A downgrade of Enel Americas' IDRs or Fitch's perception of a
reduction on the linkage between Enel Americas and Enel Brasil
group could result on a downgrade of Eletropaulo's Local Currency
IDR;

  -- A downgrade of Brazil's sovereign rating could result on a
downgrade of Eletropaulo's Foreign Currency IDR.

LIQUIDITY

High Financial Flexibility: The ratings consider that Enel Brasil
group will maintain an adequate liquidity profile, due to strong
cash position, proved access to bank credit lines and capital
market and its affiliation to Enel Americas. At the end of 2017,
Enel Brasil's consolidated cash and cash equivalents of BRL1.7
billion covered its short-term debt of BRL1.1 billion by 1.6x.
During 2018 Enel Brasil has borrowed additional BRL9.3 billion as
bridge loans, guaranteed by Enel Americas, to finance
Eletropaulo's acquisition. Fitch expects that the parent company
will provide financial support with long term intercompany loans,
if needed.

In addition, the availability of BRL340 million committed banking
credit lines and the successful BRL3 billion debentures issued by
Eletropaulo in September 2018 to refinance a great portion of its
total debt, guaranteed by Enel Brasil, improves the financial
flexibility with lower cost; longer maturity debt profile and
release of receivables previously given as collateral. On a
combined basis, the strong cash position is also important to
cover the expected negative FCF for the next couple of years as a
result of higher level of capital expenditures.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.

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

  - Long-term Local Currency IDR at 'BBB-';

  - Long-term National Scale Rating at 'AAA(bra)';

  - 11th senior unsecured debentures issuance in the amount of
BRL200 million at 'AAA(bra)' ;

  - 20th senior secured debentures issuance in the amount of
BRL700 million at 'AAA(bra)';

  - 23th senior unsecured debentures issuance in the amount of
BRL3.0 billion at 'AAA(bra)'.

Ampla Energia e Servicos:

  - Long-term National Scale Rating at 'AAA(bra)';

  - 9th senior unsecured debentures issuance in the amount of
BRL600 million at 'AAA(bra)'.

Companhia Energetica do Ceara :

  - Long-term National Scale Rating at 'AAA(bra)';

  - 5th senior unsecured debentures issuance in the amount of
BRL500 million at 'AAA(bra)';

  - 6th senior unsecured debentures issuance in the amount of
BRL310 million at 'AAA(bra)'.

The corporate Ratings Outlook is Stable.


OI SA: Brazil Court Rules Fines Are Subject to Bankruptcy Recovery
------------------------------------------------------------------
Gram Slattery at Reuters reports that a Rio de Janeiro appeals
court has determined that billions of dollars in fines owed to
regulators by Brazil's Oi SA will be included in the company's
bankruptcy recovery package, a ruling showed.

Oi SA entered bankruptcy in 2016, and in late 2017 creditors
approved a plan to convert billions of dollars of debt into fresh
equity, according to Reuters.

Brazilian telecoms regulator Anatel, however, which Oi owed some
14 billion reais ($3.39 billion) in fines, claimed in court that
its debt should not be subject to the plan in the same manner as
other debt classes, the report notes.

With the court's decision, a significant impediment to Oi's
recovery plan has been removed along with the possibility of fines
lingering over the company, the report relays.

"The fact that the credit is a public entity does not modify the
nature of the debt," the court wrote, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2018, 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.



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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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AES ANDRES: Fitch Places BB- LongTerm IDR on Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed AES Andres B.V.'s Long-Term, Foreign-
Currency Issuer Default Rating of 'BB-' and its National Scale
Long-Term Rating of 'AA(dom)' on Rating Watch Negative. This
rating action affects USD270 million of notes due 2026,
rated 'BB-', which have also been placed on Rating Watch Negative.

AES Andres B.V.'s (Andres) ratings reflect the Dominican
Republic's (DR) electricity sector's high dependency on transfers
from the central government to service their financial
obligations, a condition that links the credit quality of the
distribution companies and generation companies to that of the
sovereign. Low collections from end-users, high electricity losses
and subsidies have undermined distribution companies' cash
generation capacity, exacerbating generation companies' dependence
on public funds to cover the gap produced by insufficient payments
received from distribution companies. The ratings also consider
the companies' solid asset portfolio, strong balance sheet, and
well-structured purchase power agreements (PPAs).

The rating of the notes considers the combined operating assets of
Andres and Dominican Power Partners (DPP) (jointly referred to as
AES Dominicana), which are joint obligors of AES Andres's USD270
million notes due 2026. These notes are attached to Empresa
Generadora de Electricidad Itabo's USD100 million notes, also
rated 'BB-'. The notes were primarily intended to repay a bridge
taken to call similarly structured bonds last year. Additional
funds will be used for small capex projects and to provide a
working capital liquidity cushion. Last year, DPP completed a
significant capacity expansion in the form of conversion to a
combined-cycle plant, substantially increasing its proportional
revenue and EBITDA contribution to the combined results of the
Andres/DPP.

The Negative Rating Watch reflects the uncertainty surrounding the
near-term financial impacts of a lightning strike that disabled
AES Andres's generation units on Sept. 3, 2018. The company
maintains insurance for both business interruption and for
property damages. However, until the technical assessment of the
damage is complete, the related costs and the duration of the
plant outage will be unclear. Similarly, the final determination
of the event will be necessary in establishing AES Andres's
liability under its existing PPAs, which have exceptions for force
majeure.

KEY RATING DRIVERS

Sector Dependence on Government Transfers: High energy
distribution losses (above 30% in last five years), a low level of
collections and important subsidies for end-users have created a
strong dependence on government transfers. This dependence has
been exacerbated by the country's exposure to fluctuations in
fossil-fuel prices and energy demand growth. The regular delays in
government transfers pressure working capital needs of generators
and add volatility to their cash flows. This situation increases
the risk of the sector, especially at a time of rising fiscal
vulnerabilities affecting the Central Government's finances.

High-Quality Asset Base: AES Andres has the DR's most efficient
power plant, and ranks among the lowest-cost electricity
generators in the country. Andres' combined-cycle plant burns
natural gas and is expected to be fully dispatched as a base-load
unit as long as the liquefied natural gas (LNG) price is not more
than 15% higher than the price of imported fuel oil No. 6.
Moreover, AES Andres operates the country's sole LNG port,
offering regasification, storage and transportation
infrastructure. In the medium term, the company is also looking to
expand its transportation network and processing capacity for its
LNG operations. In July 2017, the aggregate capacity of AES
Dominicana increased by approximately 122MW as result of the
development of a combined cycle facility in DPP's power plant.
Fitch expects generally higher margins through the rating horizon,
although generation may contract initially when the Punta Catalina
coal plant enters the dispatch curve.

Strong Credit Metrics: The combined credit metrics for Andres and
DPP are strong for the rating category. EBITDA of USD194 million
reflected higher gas prices and commencement of operations from
DPP's completed combined cycle unit. As of YE17, the companies'
total gross leverage was 2.7x from 3.4x in 2016, while total net
debt-to-EBITDA stood at 2.4x, part of a medium-term deleveraging
trajectory that should place the company below 2.5x gross
leverage. In the short term, leverage could deteriorate during the
repair phase of Andres's plant. The long-term impact of the Punta
Catalina project on PPAs will likely result in a significant
downward shift in prices in the near term for the system as a
whole, particularly considering the pipeline of renewable energy
projects. Andres and DPP, however, are substantially contracted
through 2022. The companies' combined low leverage provides them
with cushion for the eventual revaluation of PPAs as well as the
recent plant stoppage. Growth in the Dominican Republic's gas
demand could also help partially offset the long-term pricing
effects for the issuers, as Andres currently operates the
country's sole LNG regasification port.

Cash Flow Volatility Persists: Cash Flow from Operations (CFFO)
for AES Dominicana was USD123 million at YE2017, compared with
USD12 million at YE2016, reflecting improvement in working
capital. Average accounts receivable days decreased slightly to 84
days from 98 days at YE2016 following a transfer of USD65 million
in receivables from the state-owned DisCos to the Central Bank of
the Dominican Republic. Fitch has previously stated that it
expects that receivable days for generators will likely exceed 90
days, barring another transaction similar to the quasi-factoring
agreement executed in 3Q15.

DERIVATION SUMMARY

AES Andres B.V.'s ratings are linked to and constrained by the
ratings of the government of the Dominican Republic, from whom it
indirectly receives its revenues. As a result, Andres's capital
structure is strong relative to similarly rated, unconstrained
peers. Orazul Energy Egenor S. en C. por A. (BB/Stable), whose
ratings reflects combined results that include its sister company,
Aguaytia Energy del Peru S.R.L., has similar installed capacity
and is expected to generate around USD100 million in EBITDA
annually, with estimated leverage of approximately 5.0x. Egenor
benefits from the stability conferred by its asset diversification
and the flexibility allowed by its vertical integration. By
comparison, the combined Andres/DPP operations are expected to
generated above USD200 million, with leverage around 2.5x in the
medium term.

Fenix Power Peru S.A. (BBB-/Stable) is considered another
operational peer to AES Andres. It shows high leverage, similar to
Egenor, but benefits from its strategic linkage to its parent
company, Colbun S.A. (BBB/Stable), resulting in a two notch uplift
from its standalone credit quality. Additionally, its capital
structure benefits from a steady deleveraging trajectory in the
medium term as its international bond amortizes.

KEY ASSUMPTIONS

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

   - Demand growth in line with GDP growth;

   - Lower generation in 2019 due to Andres stoppage;

   - 100% of previous year's net income to be distributed as
dividends;

   - Receivable days continue to climb to around 3-4 months;

   - NG prices follow Fitch price deck.

RATING SENSITIVITIES

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

   -- A positive rating action could follow if the DR's sovereign
ratings are upgraded or if the electricity sector achieves
financial sustainability through proper policy implementation.

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

   -- A negative rating action to AES Andres would follow if the
DR's sovereign ratings are downgraded, if there is sustained
deterioration in the reliability of government transfers, and
financial performance deteriorates to the point of increasing the
combined Andres/DPP ratio of debt-to-EBITDA to 4.5x for a
sustained period.


LIQUIDITY

Andres and DPP have historically reported very strong combined
credit metrics for the rating category. Both companies have
financial profiles characterized by low to moderate leverage and
strong liquidity. Combined EBITDA as of YE17 totalled USD194
million (versus USD149 million at year-end 2016), with gross
leverage of 2.7x and gross interest coverage of 5.2x. The
companies' strong liquidity position is further supported by the
2026 international bond and a series of local bonds due 2027,
replacing all short- to medium-term debt.

FULL LIST OF RATING ACTIONS

AES Andres B.V.

Fitch has placed the following rating on Rating Watch Negative:

   -- Long-Term, Foreign-Currency IDR 'BB-';

   -- National Scale Long-Term Rating 'AA(dom)';

   -- Senior unsecured notes due 2026 'BB-'.


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


DIGICEL GROUP: Units Extend Early Tender for Exchange Offers
-------------------------------------------------------------
RJR News reports that Digicel Group disclosed that two of its
subsidiaries are extending the early tender and expiration dates
of each of their previously announced Exchange Offers with respect
to certain series of the Group's outstanding senior notes.

An Exchange Offer is when securities are offered as consideration
instead of cash, according to RJR News.

Digicel said it continues constructive discussions with an ad hoc
group of noteholders regarding the Exchange Offers and Consent
Solicitations, the report notes.

Each Exchange Offer, which is a separate and subject to applicable
laws, may be amended, extended, terminated or withdrawn, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Moody's Investors Service has changed to negative
from stable the outlook on the ratings of Digicel Group Limited
("Digicel", "DGL" or the "company") and Digicel Limited ("DL") and
assigned a negative outlook to Digicel International Finance
Limited ("DIFL"). At the same time, Moody's has affirmed DGL's B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR), as well as the B1 rating on the unsecured notes of
DL and the Ba2 rating on the secured bank credit facilities of
DIFL.


JAMAICA: Cabinet Approves Tabling of Income Tax Act
---------------------------------------------------
RJR News reports that Cabinet has given approval for the tabling
of the Income Tax (Amendment) Act in the Houses of Parliament.

The Bill seeks to make permanent the removal of the exemption
previously provided for the general insurance companies, insurance
brokers and agents from the 15 per cent withholding tax on
premiums, according to RJR News.

This is according to a Ministry Paper tabled in the House of
Representatives, the report notes.

The legislation further seeks to validate and confirm as lawful,
the withholding tax on outgoing insurance premiums collected
during the period December 2017 to the date of more permanent
provisions, the report relays.

The amendment also aims to indemnify the Government and its
collection agents during the period, the report adds.

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


JAMAICA: Reaches Staff Level Deal on 4th Review for Stand-by Deal
-----------------------------------------------------------------
An International Monetary Fund (IMF) staff team led by Ms. Uma
Ramakrishnan visited Kingston from September 10-21, 2018, to
conduct discussions on the fourth review of Jamaica's financial
and economic program supported by the IMF's precautionary Stand-By
Arrangement (SBA).

At the end of the visit, Ms. Ramakrishnan issued the following
statement:

"The IMF team reached a preliminary agreement with the Jamaican
authorities on a set of policies that aims to complete the fourth
review under the SBA. Consideration by the IMF's Executive Board
is tentatively scheduled for November 2018. Upon approval, an
additional SDR 160.8 million (about US$226 million) will be made
available for Jamaica, bringing the total accessible credit to
about US$1.2 billion. The Jamaican authorities continue to view
the SBA as precautionary.

"Program implementation remains robust. All quantitative
performance criteria for end-June 2018 were met and structural
reforms are on track. The primary surplus of central government
operations exceeded the program target by 0.7 percent of GDP,
driven mainly by continued buoyant taxes; capital expenditure,
which has typically lagged, exceeded budget by 13 percent; and
non-borrowed reserves over-performed by about US$400 million.
However, the inflation outturn for June 2018 was 2.8 percent
(y/y), below the program target range.

"Economic growth is projected to reach 1.4 percent in FY2018/19,
supported by mining and construction, and is expected to further
increase to around 2 percent over the medium-term. The external
current account deficit widened to 5.4 percent of GDP in
FY2017/18, due to higher global oil prices and one-off increases
in imports of equipment for mining and security; it is expected to
be 3´ percent of GDP over the medium-term.

"Sustainably reducing the public-sector wage bill is important to
channel savings towards social and growth-enhancing capital
spending. It is important to advance this difficult but critical
reform. Leveraging the current window from the 4-year wage
agreement will help prioritization of government functions and
institute a new compensation framework for public sector
employees.

"It is important for the Bank of Jamaica to continue improving
monetary policy signaling and limiting FX interventions to
episodes of disorderly FX market conditions. Meanwhile, the
government is moving to table legislation that amends the BOJ Act
to anchor monetary policy on price stability. Ongoing improvements
in the monetary policy toolkit and clear communication are
essential for the success of this flagship reform.

"Strong economic fundamentals and sustained policy implementation
of the authorities' reform program provide the private sector with
an unprecedented opportunity to expand domestic investment,
generate economic opportunities, and become the growth engine for
Jamaica.

"Jamaica will benefit from fostering financial inclusion policies,
while taking into consideration financial stability risks.
Addressing domestic constraints to financial intermediation will
support market deepening and further catalyze domestic investment.
The recent IMF's Financial Sector Assessment Program (FSAP)
mission recommended careful prioritization and sequencing of the
financial sector reform agenda, including enhancing supervisory
capacity and intensifying monitoring, as well as spearheading the
work on consolidated risk-based supervision, finalizing the crisis
resolution regime for financial institutions, and completing the
securities dealers' reforms.

"During the visit, the team met with Prime Minister Andrew
Holness, Minister of Finance and the Public Service Dr. Nigel
Clarke, Minister without Portfolio in the Ministry of Finance and
the Public Service Fayval Williams, Bank of Jamaica Governor Brian
Wynter, Acting Financial Secretary Darlene Morrison, Planning
Institute Director General Dr. Wayne Henry, senior government
officials, as well as members of the private sector, labor unions,
and the opposition.

"We would like to thank the Jamaican authorities for their
continued hospitality and candid discussions."

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



=======
P E R U
=======


TERMINALES PORTUARIOS: S&P Raises ICR to 'BB+', Outlook Positive
----------------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Terminales
Portuarios Euroandinos Paita's $110 million senior secured notes
due 2037 to 'BB+' from 'BB'. The outlook remains positive.

The upgrade reflects TPE's stronger performance at the port driven
by a significant increase in volumes handled in the context of
Peru's growing economy and the increasing agricultural production
in the project's area of influence in northern Peru. The positive
outlook reflects S&P's expectation that Paita's performance will
continue to improve during the next 12 months.

Consequently, the rating reflects that S&P predicts strong minimum
and average DSCRs of 2.03x and 3.33x, respectively, driven by a
combination of traffic growth levels that will double Peru's
projected GDP for the next 12 months, and operating costs that
will increase in line with the Peruvian Consumer Price Index (CPI)
leading to higher cash flows available for debt service in the
following years. S&P expects traffic to perform above GDP levels,
in line with TPE's track record since it started operating in 2009
(except for 2016, when the "El Ni§o" climate phenomenon affected
Peruvian crops).

The rating on Paita also reflects the project's less favorable
situation when compared to other ports. It's highly exposed to
agricultural products and, to a lesser extent, fish products
(which unfavorable climate patterns can affect), the lack of long-
term contracts, and smaller scale. For example, Australian coal
ports such as Adani Abbot Pint Terminal (BBB-/Stable) and DBCT
Finance Pty Limited (BBB/Stable) handle over 50 million tons of
cargo per year, which is more than 10 times Paita's capacity.



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


PEDRO LOPEZ MUNOZ: Court Confirms Proposed Plan of Reorganization
-----------------------------------------------------------------
Bankruptcy Judge Edward A. Godoy confirmed Pedro Lopez Munoz's
proposed plan of reorganization as supplemented and denied United
Surety & Indemnity Company's objection to confirmation.

Confirmation of a chapter 11 plan requires that each holder of an
impaired claim either accept the plan or "receive or retain under
the plan . . . property of a value, as of the effective date of
the plan, that is not less than the amount that such holder would
so receive or retain if the debtor were liquidated under chapter 7
of this title on such date. . . " The best interest test
represents an "individual guaranty to each creditor or interest
holder that it will receive at least as much in reorganization as
it would in liquidation."

In order to comply with the best interest test, a debtor must
demonstrate that the plan will provide an equal or better recovery
than would be provided to dissenting creditors in a chapter 7
liquidation.

In this case, the court finds that in a hypothetical chapter 7
liquidation it would be appropriate to apply a 16% discount rate
to calculate the present value of future lease income and the
proceeds from the sale of the two gas stations in 2033. The court
explained at the April 12, 2018 hearing the factors it considered
on deciding on the 16% discount rate as, to name a few, Puerto
Rico's weak economy, the island's 12-year long recession, the
uncertainty of technological advances that could disrupt the
gasoline and automobile industries, and the considerable degree of
speculation implicit in forecasting many years into the future.

USIC in its liquidation analysis (Exhibit 17), applying a16%
discount rate, calculated that (1) unsecured creditors in a
hypothetical chapter 7 would receive a 5.45% dividend and (2) they
would receive under the plan a 4.84% dividend. Thus, USIC argues,
the plan fails the best interest test.

But, the debtor's Exhibit H, admitted as rebuttal evidence to
USIC's liquidation analysis showed, with three adjustments to
USIC's liquidation analysis at Exhibit 17, that USIC overstated
the dividend unsecured creditors would receive in chapter 7.

The court finds that the adjustments made by the debtor's expert
in Exhibit H to USIC's liquidation analysis in Exhibit 17 are
warranted. With these adjustments made to USIC's liquidation
analysis at Exhibit 17, the chapter 7 dividend to unsecured
creditors alleged by USIC falls from 5.45% to 2.9%. And, Ms. Doris
Barroso testified that with those adjustments, the amended plan
would still pass the best interest test even if we applied the 16%
discount rate and calculated the present value of payments under
the debtor's plan, to reduce the dividend from 9% to 4.84%, which
is higher than 2.9%. And, again, counsel for USIC admitted in open
court that Mr. Perez Villarini reviewed Exhibit H and did not
disagree with Ms. Barroso's analysis in this exhibit.

As such, the debtor has passed the best interest test of section
1129(a)(7).

Having concluded that the debtor met his burden to establish
compliance with the best interest test under section 1129(a)(7),
the court confirms the debtor's amended plan as supplemented.

A copy of the Court's Opinion and Order dated Sept. 18, 2018 is
available at:

       http://bankrupt.com/misc/prb13-08171-11-575.pdf

Pedro Lopez-Munoz filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 13-08171) on Oct. 1, 2013.


PUERTO RICO: Holdout Bondholders Join Sales Tax Debt Restructuring
------------------------------------------------------------------
Karen Pierog at Reuters reports that two major holders of Puerto
Rico bonds that opposed a restructuring deal for the bankrupt U.S.
commonwealth's Sales Tax Financing Corporation (COFINA) revenue
bonds are now part of the agreement, the island's federally
appointed oversight board announced.

The board said Aurelius Capital Master Ltd and Six PRC Investments
LLC, an affiliate of Monarch Alternative Capital, have opted to
support the deal, according to Reuters.  Both own significant
amounts of COFINA senior and junior bonds, but mostly own Puerto
Rico general obligation (GO) bonds, the report notes.

The report relays that the move ends opposition from the island's
Ad Hoc Group of GO Bondholders to a COFINA debt restructuring
plan, according to the board.  The three-member group, which
includes Aurelius and Monarch, objected to a COFINA settlement
framework in bankruptcy court in June, calling parts of it
unlawful, the report notes.  GO and COFINA bondholders have long
debated the ownership of Puerto Rico's future sales tax revenue,
the report discloses.

Claims by Aurelius and Monarch in a lawsuit filed in federal court
in 2016 challenging COFINA's constitutionality will also be
dropped, under terms of the agreement, the report says.

"The Amended and Restated Plan Support Agreement represents the
restructuring of nearly 24 percent of Puerto Rico's crushing debt,
and provides the Commonwealth of Puerto Rico a 32 percent
reduction in COFINA debt and more than $17 billion in debt service
savings," the oversight board said in a statement obtained by the
news agency.

The deal is expected to be presented to a U.S. judge overseeing
Puerto Rico's bankruptcy case next month, the statement added, the
report relays.

The report discloses that Puerto Rico has been in bankruptcy court
since May 2017 trying to restructure about $120 billion of debt
and pension obligations.

Other parties to the COFINA deal, which would be Puerto Rico's
first debt adjustment plan under the bankruptcy to seek court
approval, include bond insurance companies, municipal bond funds,
and holders of bonds sold exclusively to island residents, the
report says.

Outside of the bankruptcy case, Puerto Rico has secured
overwhelming creditor approval for a plan to restructure its
Government Development Bank debt, the report adds.

                         About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet,
Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund
Group, comprised of mutual funds managed by Oppenheimer Funds,
Inc., and the First Puerto Rico Family of Funds, which
collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and
other bonds issued by Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, and Monarch
Alternative Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.
The Retiree Committee tapped Jenner & Block LLP and Bennazar,
Garcia & Milian, C.S.P., as its attorneys.  The Creditors
Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as
counsel.


                            ***********


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 * * *