TCRLA_Public/181022.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Monday, October 22, 2018, Vol. 19, No. 209


                            Headlines



B A R B A D O S

BARBADOS: Economic Recovery Plan Can Work, IMF Economist Says


B E L I Z E

TITAN INTERNATIONAL: Fails in Bid to Get Millions in Compensation


B R A Z I L

ANDRADE GUTIERREZ: Moody's Withdraws Caa2 CFR for Business Reasons
CARTA GOIAS: Moody's Withdraws B3 CFR for Business Reasons
JBS SA: Fitch Keeps 'BB-' LT Currency Issuer Default Ratings
SAO MARTINHO: S&P Affirms 'BB+' Global Scale ICR, Outlook Positive


C O S T A   R I C A

COSTA RICA: Moody's Puts Ba2 IDR on Review for Downgrade


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Still Lags in Financing Trough Securities


P E R U

COMPANIA DE MINAS: Moody's Revises Outlook on Ba2 CFR to Positive


P U E R T O    R I C O

BAILEY'S EXPRESS: Accurate Buying Middletown Property for $395K
SEARS HOLDINGS: ESL Hopes for Return to Profitability
SEARS HOLDINGS: Electrolux Exposure Is 10% of Revenue
SPANISH BROADCASTING: Estimates Q3 Net Revenue of $33.5M to $34M


V E N E Z U E L A

VENEZUELA: Ditching US Dollar for Euros For International Trade


X X X X X X X X X

* BOND PRICING: For the Week October 15 to October 19, 2018


                            - - - - -


===============
B A R B A D O S
===============


BARBADOS: Economic Recovery Plan Can Work, IMF Economist Says
-------------------------------------------------------------
Caribbean360.com reports that a senior economist with the
International Monetary Fund (IMF) is confident that if the
Barbados Economic Recovery and Transformation (BERT) Plan is
implemented within the timeframe, it would move the country
forward.

Dr. Kevin Greenidge, who has been seconded by the IMF to serve as
a Senior Technical Adviser to the Barbados Government, said the
country had made extraordinary strides already, and noted that the
program was endorsed by the IMF after an initial engagement of
less than three months, according to Caribbean360.com.

"That is extraordinary and it goes to the strength of our program
and our commitment.  It is very coherent, and a program that hangs
together; every part of the program relies on the next part. If
one part fails, the whole program will be unraveled.  So, that is
why as Barbadians we need to be committed and work this right
through, we can't stop now," he said as he gave an update on the
BERT program, the report notes.

Dr. Greenidge said he was pleased the team was able to design a
program that allowed for the preservation of the exchange rate,
the report relays.  He acknowledged that the team would have liked
to receive more than the US$290 million approved by the IMF, but
was satisfied with the quota received, the report notes.

"We got 220 per cent of our quota.  We did not get 100 per cent,
we got twice [the percentage] and a bit. In the scheme of things;
100 per cent of quota is normal, so we got way above normal.  We
are a small country; 220 per cent must still equate to [just
under] US$300 million . . .  In terms of the quota, we got
exceptional access and you only get exceptional access if your
program demonstrates exceptional commitment and effort," he said,
the report relays.

Dr. Greenidge stated that Barbados had successfully concluded the
domestic component of the debt restructuring, and explained that
it was well executed, in that approximately 99.6 per cent of the
creditors voted in the affirmative, the report discloses.

"From an international perspective, this is extremely high and an
accomplishment.  For example, Greece had 86 per cent and I believe
St. Kitts was in the lower 90s . . . ," he noted, the report
notes.

The economist expressed the view that the holders' action
demonstrated confidence in the reform program, and said that as a
commitment under the BERT plan, all arrears would be cleared
within the four-year period, the report relays.

"This debt restructuring actually takes cares of about. . . .85
per cent of outstanding arrears to the private sector and that is
being paid over four years. . . .

"You are paying what is owed in. . . .suppliers credits over four
years, which will inject funds into the economy. . . .and there is
no interest on that. . . . The rest of arrears, which are mainly
VAT refunds and taxes owed to individuals, would be paid in a much
shorter period," he explained, the report discloses.

The Senior Technical Adviser likened the adjustment process to
four legs of a relay, saying the first part was the endorsement by
the IMF, with the Central Bank receiving almost BDS$100 million
(US$50 million), the report says.

In addition, he stated, development partners such as the Inter-
American Development Bank and the Caribbean Development Bank
pledged close to $1 billion, and other partners would be giving
technical assistance and support, the report relays.

He added that the second part had to do with the successful
completion of the domestic debt restructuring and stated that
those instruments would be exchanged for new ones by the end of
October, the report notes.

According to Dr. Greenidge, the third aspect had to do with the
commitment to move the ring fence from around the offshore
business sector. He said the assessment was now going on, the
report discloses.

Dr. Greenidge explained that the fourth feature was the
modernization of the public sector, namely central government and
the state-owned enterprises, the report says.  He stressed that it
was necessary to move the public sector from a "bloated,
inefficient entity" to a more streamlined efficient entity for the
21st century, the report adds.



===========
B E L I Z E
===========


TITAN INTERNATIONAL: Fails in Bid to Get Millions in Compensation
-----------------------------------------------------------------
Caribbean360.com reports that Belize-based Titan International
Securities Inc (Titan) has lost its legal bid to obtain US$4.46
million in losses from the government for a search and seizure
operation conducted at its offices in September 2014.

But the Caribbean Court of Justice (CCJ) which dismissed the
claim, has ordered the government to pay vindicatory damages of
BZ$100,000 (US$49,759) for the way in which the operation was
executed, according to Caribbean360.com.

In September 2014, an indictment was unsealed in the United States
charging Titan, its president Kelvin Leach, and 11 others with
securities fraud, evasion of taxes, money laundering and
conspiracy to commit those offences, the report notes.  The US
Department of Justice requested the assistance of the Belize
government to have Titan's offices searched as quickly as possible
to prevent the destruction of evidence, the report relays.

The report discloses that a magistrate acting under the mutual
assistance law granted a warrant to local police officers as well
as officers of the Financial Intelligence Unit to search for and
seize documents, which might be used as evidence.

The warrant was read to Leach, who was on the premises when the
officers arrived, but it was not given to him, the report relays.
Additionally, he did not receive a list of items seized by the
authorities and Titan's attorney was not allowed to enter the
offices during the search, the report notes.

While the search was being conducted, Titan was informed, via
email, by the International Financial Services Commission that its
license had been suspended, the report discloses.  The license has
since expired, and it was never renewed, the report says.

In December 2014, Titan filed proceedings in the Supreme Court in
which it alleged that the mutual assistance law was
unconstitutional and that the search was executed in an
unreasonable and oppressive manner, claiming that its
constitutional rights were breached, the report recalls.

But the judge disagreed with Titan's contention that the law which
granted the power to conduct the search and seizure exercise was
unconstitutional, the report says.  He found that there were
limitations and safeguards within the law which sufficiently
protected the public from a breach of their constitutional rights,
the report relays.

He did, however, find that the search was executed in an
unreasonable and excessive, but not oppressive, manner, the report
notes.  As a result, he concluded that Titan was entitled to
compensation and awarded them US$4.46 million, representing 20 per
cent of its original claim of US$22 million, the report says.

However, the government appealed, the report discloses.  The Court
of Appeal agreed that the search at Titan was carried out in an
unreasonable and excessive manner, but held that Titan failed to
show a link between the loss claimed and the constitutional
breach, the report relays.  In its view, the taking of the
property was not the cause of the shutting down of Titan's
business; it was caused by the suspension and non-renewal of the
license and it therefore set aside the trial judge's award, the
report notes.

The CCJ agreed with the Supreme Court and the Court of Appeal that
the law itself was not unconstitutional, but that Titan's right to
privacy had been violated, the report relays.  It concluded that
Titan failed to prove the link between the breach of its
constitutional right and the closure of its business, the report
notes.

Like the Court of Appeal, the CCJ was of the view that Titan's
loss was caused by the suspension and non-renewal of the license
and said the Court of Appeal, the report relays.

The CCJ did, however, award Titan BZ$100,000 (US$49,759) in
vindicatory damages after it considered the high-handed manner in
which the search and seizure operation was conducted, the report
adds.



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


ANDRADE GUTIERREZ: Moody's Withdraws Caa2 CFR for Business Reasons
------------------------------------------------------------------
Moody's Investors Service has withdrawn Andrade Gutierrez
Engenharia S.A.'s Caa2 Corporate Family Rating.

The following ratings were withdrawn:

   Corporate Family Rating, Caa2

Prior to the withdrawal, the outlook on the rating was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Andrade Gutierrez Engenharia S.A. is Brazil's second-largest
engineering and heavy construction company, with a net revenue of
BRL1.2 billion for the 12 months ended March 2018. The company's
backlog of BRL11.3 billion as of the end of December 2017
comprised 35 diversified projects, including hydropower plants,
basic infrastructure projects, industrial and civil construction,
and oil and gas projects. Around 52% of these projects are located
in Brazil, 32% in Africa, and the remaining are located in other
Latin American countries and Asia. AGE is one of the main
subsidiaries of Andrade Gutierrez S.A., one of the largest
infrastructure conglomerates in Brazil. As of the end of March
2018, the company's outstanding cash position was BRL573 million.


CARTA GOIAS: Moody's Withdraws B3 CFR for Business Reasons
----------------------------------------------------------
Moody's America Latina Ltda. has withdrawn Carta Goias Industria e
Comercio de Papeis S.A.'s B3/B1.br corporate family rating for
business reasons. The stable outlook was also withdrawn.

The following ratings were withdrawn:

  - Corporate Family Rating: B3/B1.br

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Headquartered in Niteroi, in the State of Rio de Janeiro, Carta
Goias is a Brazilian privately owned company operating in the
tissue and personal hygiene segments since 1990. Fluminense
Industrial is the controlling shareholder of Carta Fabril SA (100%
of shares). Carta Fabril holds 97.7% of Carta Goias. Carta Goias
reported revenue of BRL 797 million in the last twelve months
ended June 2018.


JBS SA: Fitch Keeps 'BB-' LT Currency Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-' to a
proposed benchmark USD-denominated senior unsecured notes issued
by JBS Investments II GmbH, a wholly-owned subsidiary of JBS S.A.
(JBS). These notes will be unconditionally guaranteed by JBS S.A.
The notes will rank pari-passu with JBS's other unsecured
obligations. The proceeds are expected to be used to refinance
existing indebtedness including JBS's 2020 notes pursuant to a
cash tender offer.

KEY RATING DRIVERS

Solid Business Profile: JBS's business profile is strong due to
its size, geographical and protein diversification in pork,
poultry and beef. The company is the most geographically
diversified company in the protein sector rated by Fitch due to
its strong presence in the U.S., South America, Australia and
Canada. This geographic diversity enables the group to mitigate
business volatility inherent to the industry. The outlook for the
protein industry remains positive due to strong international
demand for protein products. The company's product and geographic
diversification help mitigate risks related to disease and trade
restrictions. Exports represent 25% of JBS global sales.

Lower Leverage Expected: Fitch expects JBS to continue to
deleverage due to strong FCF generation due to the strong
performance of the company's U.S. operations (including Canada and
Australia). These operations should represent about 85% of Fitch
2018 EBITDA projection of about BRL14 billion. The strong U.S.
operating performance is driven by good cattle supply and strong
demand for beef in the domestic market. JBS's U.S. poultry and
pork division benefit from strong domestic demand but increased
supply has pressured prices and operating margin. Fitch expects
JBS's Brazilian beef division to recover gradually in 2018 and
2019 due to the nation's positive cattle cycle and a weaker
Brazilian real, which makes Brazilian protein producers more
competitive in export markets. Fitch forecasts JBS's net
debt/EBITDA ratio to be at about 3x in year-end fiscal 2019. JBS
reported an LTM net debt/ EBITDA ratio of 3.5x as of June 30,
2018.

Ongoing Investigation: JBS's rating is constrained by the
uncertainty surrounding several investigations involving JBS and
its shareholders. 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 on possible breaches of the terms agreed
in the J&F Investimentos S.A. (J&F) leniency agreement. These
ongoing legal matters create uncertainty regarding the timing and
magnitude of potential fines that the company could be facing.
They also represent a threat to the maintenance of the leniency
agreement signed by the controlling shareholders J&F with the
Brazilian Federal Public Prosecutor's Office (MPF) concerning
allegations of corruption.

DERIVATION SUMMARY

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

JBS has a strong business profile as the world's largest beef and
leather producer and its diversification in chicken, beef, pork,
and prepared food. This allows the company to minimize risks of
operating in one protein or region, placing the company in a
favorable position from a business risk perspective versus Marfrig
Global Foods (BB-/Stable) and Minerva SA (BB-/Stable). Minerva is
a pure play in the beef industry in South America, and Marfrig
will also become a pure player in the beef industry upon
conclusion of the recent acquisition of National beef in the U.S.
and the sale of its poultry business, Keystone.

With a LTM net debt/ EBITDA ratio at 3.5x as of 2Q18, JBS's net
leverage is lower than its Brazilian protein peers, and Fitch
expects the company to generate strong FCF this year while its
other Brazilian peers are displaying negative FCF due to expansion
capex. However, JBS's leverage remains higher than Tyson Foods
Inc. (BBB/Stable) or Smithfield Foods Inc. (BBB/Stable).

KEY ASSUMPTIONS

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

  - Single digit revenues growth driven;

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

  - Capex of BRL3.4 billion in 2018;

  - Net debt/ EBITDA at about 3x by in 2019.

RATING SENSITIVITIES

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

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

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

  - Strong liquidity.

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

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

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

LIQUIDITY

As of June 30, 2018, JBS had BRL13.1 billion of cash and cash
equivalent and short-term debt of BRL4.3 billion (mostly trade
finance debt). Additionally, JBS USA has a USD1.9 billion
available unencumbered line under revolving credit.

The company signed a debt-normalization agreement with several
financial institutions on May 14, 2018. The terms of the
Normalization Agreement ensure the maintenance of credit lines
totaling approximately BRL12.2 billion for a period of 36 months
as of July 2018, and includes approximately a 25% amortization of
the principal payable between January 2019, and the expiry of the
Normalization Agreement in July 2021. On Sept. 12, 2018, JBS SA
made an early repayment in the aggregate principal amount of BRL2
billion of the approximately BRL12.2 billion in outstanding
principal amount.

FULL LIST OF RATING ACTIONS

Fitch currently rates JBS SA as follows:

JBS S.A.:

  -- Long-Term Foreign and Local Currency Issuer Default Ratings
     (IDRs) 'BB-';

  -- National Scale rating 'A (bra)'.

JBS Invesments GmbH

  -- Notes due 2020, 2023, 2024 'BB-.'

Fitch assigns the following rating:

JBS Investments II GmbH

  -- Senior unsecured notes 'BB-(EXP)'.


SAO MARTINHO: S&P Affirms 'BB+' Global Scale ICR, Outlook Positive
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' global scale and 'brAAA'
national scale issuer credit ratings on Sao Martinho S.A. (SMO).
S&P has maintained the positive outlook on the global scale rating
and the stable outlook on the national scale rating.

The global scale positive outlook reflects the company's
performance alignment with S&P's expectations, with rising FOCF
after the full consolidation of Usina Boa Vista and solid
operating efficiency, despite the weaker sugar prices. S&P said,
"We will track SMO's ability to maintain this trend amid volatile
exchange rates, less favorable weather conditions that reduced the
harvest volumes, and the uncertainties over Petrobras' pricing
policy for the gasoline, which could ultimately affect ethanol
prices and overall profit for the sugarcane sector in the country.
We can upgrade SMO to investment grade in the next 12 months if it
continues to deleverage and generates solid FOCF, with a debt to
EBITDA below 2x and FOCF to debt around 15%."

Over the past four years, SMO has generated FOCF and posted low
earnings volatility thanks to its sound agricultural yields,
larger scale, favorable locations of its mills, adequate
investments in the fields, and hedging strategies. These factors
have provided the company with resilient operating margins and a
very competitive cash cost. SMO has also consistently improved its
liquidity position with an extended debt maturity profile and
higher cash position, despite the much larger working capital
consumption in June 2018. The latter stemmed from holding larger
ethanol inventories to sell in the off-season periods, when prices
are usually higher.

The strength of SMO's business has helped offset the impact of
sluggish international sugar prices as a result of the global
output surplus, with India as the main driver. Global prices
declined to around 10 cents per pound in August 2018 from above 20
cents per pound in October 2016, with current prices in the range
of 12-13 cents per pound. Also, the solid operating efficiency and
low leverage help SMO to navigate through periods of severe
weather conditions and pricing downturns with resilient margins
and credit metrics.



===================
C O S T A   R I C A
===================


COSTA RICA: Moody's Puts Ba2 IDR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed the Government of Costa
Rica's Ba2 long-term issuer ratings and the Ba2 senior unsecured
bond ratings on review for downgrade.

The key drivers for the initiation of the review for downgrade are
as follows:

1. Prospects of continuing worsening of fiscal and government debt
indicators, coupled with evidence of increasing funding pressures

2. Reservations about the government's ability to implement an
effective fiscal consolidation plan and revert negative fiscal
trends.

During the review period Moody's will assess the likelihood of
approval of a comprehensive fiscal reform that proves effective in
arresting the persistent upward trend in government debt metrics.
Similarly, the review will explore alternative funding scenarios
to determine credit risks associated to restricted market access.

Costa Rica's long-term country ceilings are not affected by the
announcement. The foreign-currency bond ceiling remains at Baa3;
the foreign-currency bank deposit ceiling remains at Ba3 and the
local currency country ceilings for bonds and bank deposits remain
at Baa1. The short-term country ceilings also remain unchanged at
Prime-3 (P-3) for foreign-currency bonds and Not Prime (NP) for
foreign-currency bank deposits.

RATINGS RATIONALE

DRIVERS FOR THE DECISION TO PLACE COSTA RICA'S Ba2 RATINGS ON
REVIEW FOR DOWNGRADE

WORSENING FISCAL METRICS

Costa Rica has been reporting large government deficits for years
and Moody's expects the 2018 fiscal deficit will end at 7.2% of
GDP, compared to 4% of GDP in 2011. High deficits are increasing
government debt, which Moody's estimates will reach 54% of GDP in
2018 up from 30% in 2011. Debt metrics are now materially worse
than those of similarly-rated peers, more so in terms of the
interest burden with interest payments currently equivalent to 24%
of government revenue compared to an 8% median for the Ba group.
With current trends pointing to continued fiscal deterioration,
Moody's expects a fiscal deficit close to 8% of GDP and government
debt close to 60% of GDP next year, if significant fiscal reforms
are not enacted.

On September 28, the Central Bank of Costa Rica announced it would
purchase CRC$498 billion (US$860 million or about 1.4% of 2018
GDP) in Treasury notes from the Finance Ministry, an emergency
financing mechanism that had not been used for over two decades.
The authorities' decision to use the Central Bank facility
highlights rising funding pressures as increased government
reliance on domestic market funding has been pushing up local
interest rates. Moody's anticipates continued pressures as
government annual funding needs are likely to remain above 14% of
GDP in 2018-19, compared to 11% of GDP in the previous five years.

DIFFICULTIES IMPLEMENTING FISCAL REFORM

Over the years, prior governments have repeatedly failed to enact
effective fiscal consolidation efforts. President Carlos Alvarado
Quesada, sworn in in May 2018, has prioritized approval of a
fiscal reform, which is currently being debated in the country's
Legislative Assembly. The proposal includes an expansion of the
VAT to cover services and a reduction in benefits to public
employees. But with his party holding only 10 out of 57 seats in
the unicameral Legislative Assembly, getting sufficient votes to
approve the initiative could be an uphill battled despite his best
efforts. And even if approved the reform may still result in high
deficits and be insufficient to materially arrest the
deterioration in fiscal and debt metrics.

WHAT COULD CHANGE THE RATING DOWN/UP

During the review period Moody's will assess the content of the
fiscal reform package, its potential effect on government debt
metrics and its likelihood of approval. The review will also look
at potential credit risks arising from the government's funding
options in an environment characterized by rising interest rates
and reduced market access.

Given a review for downgrade, a rating upgrade is unlikely.
However, Moody's would stabilize the outlook at the current rating
level if the rating agency expected the government to adopt
structural budgetary adjustments that combined increased tax
revenue and spending cuts and proved sufficient to arrest and
eventually reverse the deteriorating trend in government debt
indicators.

Prospects of continued fiscal deterioration associated with
persistent increases in debt metrics would lead to a negative
rating action. Lack of approval of a fiscal reform, or approval of
a less comprehensive reform, could result in a multi-notch
downgrade. Additionally, evidence of stress in the banking system
or a significant increase in the level of financial dollarization
could also place downward pressure on the rating.

GDP per capita (PPP basis, US$): 16,877 (2017 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 3.3% (2017 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 2.5% (2017 Actual)

Gen. Gov. Financial Balance/GDP: -6.2% (2017 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -3.1% (2017 Actual) (also known as
External Balance)

External debt/GDP: 46.5% (2017 Actual)

Level of economic development: Moderate level of economic
resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On October 15, 2018, a rating committee was called to discuss the
rating of the Government of Costa Rica. The main points raised
during the discussion were: The issuer's fiscal or financial
strength, including its debt profile, has materially decreased.
The issuer has become increasingly susceptible to event risks.
Other views raised included: The issuer's institutional
strength/framework, have materially decreased.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in December 2016.



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


DOMINICAN REPUBLIC: Still Lags in Financing Trough Securities
-------------------------------------------------------------
Dominican Today reports that the executive vice-president of the
securities trader Alpha Inversiones said the market's conditions
are ripe to work on the country's long-term development strategy.

Santiago Camarena, interviewed on El Nuevo Diario TV, said
diversification is the key, since other types of financing are
public-private partnerships and investments in corporate assets,
and that both are very profitable, according to Dominican Today.

The report notes that he noted that the experience in other
countries is that investments have a high concentration in
government securities.

                          Green Bonds

The business leader also affirmed that the country isn't taking
advantage of the green bond issues, the report relays.  He cited
the fact that the Punta Catalina power plant wasn't financed by
that market through the pension fund, even when some power
companies have issued debt in a transparent manner and have been
"very well placed," the report discloses.

"You cannot think that the world is totally globalized, we have to
be prepared for a change of technology that could impact
employment and production; we must think in the longer term, for
example 15 years; for example the transport with the massive
import of vehicles," he added.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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


COMPANIA DE MINAS: Moody's Revises Outlook on Ba2 CFR to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Compania de
Minas Buenaventura S.A.A.'s rating to positive from stable,
reflecting its solid financial profile and liquidity, and
increased focus on cost efficiencies. At the same time, Moody's
has affirmed Buenaventura's corporate family rating at Ba2.

RATINGS RATIONALE

The change in outlook to positive recognizes Buenaventura's solid
financial profile and liquidity, together with its increased focus
on cost efficiencies which Moody's expects to drive some
improvement in its cost position in the next couple of years.
Indeed, Buenaventura has an ongoing cost efficiency program,
called "debottlenecking program", that will drive cost
efficiencies at its largest fully-owned mines and an annual
improvement in EBITDA of USD 65-75 million by end-2020. The
company has also solid credit metrics with a ratio of EBIT to
interest expense that Moody's expects to be maintained around or
above 3.5x and a ratio of cash flow from operations (CFO) minus
dividend to debt that Moody's expects to stay above 20%.

Moody's expects Buenaventura to be focused on optimizing its
existing mines in the next couple of years, with no large project
undertaken before 2020-2021. Capital spending will also be lighter
than in 2017 with annual investments of around USD 180-200
million, resulting in the company generating slightly positive
free cash flow and reducing its debt level. While Moody's is not
factoring in any large dividend payments from its affiliates in
the next 12-18 months, Moody's also does not expect Buenaventura
to have to provide funds to its affiliates.

Buenaventura's Ba2 CFR continues to reflect its good metal and
mine diversification with five wholly-owned operations, two
majority-owned operations and three affiliates, a high quality
asset base, and a track record of prudent financial policies and
adequate corporate governance practices.

The Ba2 rating nevertheless also reflects Buenaventura's
geographic concentration in Peru and its relatively modest revenue
size when compared to similarly rated global peers. The rating
also incorporates a cost structure which has been affected by
ageing mines and could be further optimized and some execution
risks related to future growth projects.

Buenaventura has a solid liquidity profile supported by a cash
balance of USD 359 million at the end of June 2018, providing full
coverage of the company's USD 91 million of short-term debt, and
its expectation is that the company will generate slightly
positive free cash flow in 2018-19, supported by a reduction in
capital spending from 2017 levels. Buenaventura can occasionally
receive dividends from its affiliates, which can further add to
its liquidity sources (in April 2018, it received a USD 39 million
dividend from Cerro Verde for the first time after the expansion),
but the company is not dependent on its affiliates to cover its
upcoming liquidity needs.

A rating upgrade would require a sustainable improvement in
Buenaventura's cost position, enabling the company to better
weather material declines in metal prices, and the maintenance of
its good metal and mine diversity. In addition, to the extent that
Buenaventura is able to maintain a sound liquidity profile,
interest coverage (measured by EBIT to interest expense) above
3.5x and a (CFO-dividends)/debt ratio higher than 20%, the rating
could be positively impacted.

The rating could be negatively impacted if Buenaventura's
liquidity position deteriorates as a result of a material decline
in profitability and cash generation capacity, with adjusted EBIT
margin falling below 7% and negative free cash flow on a sustained
basis. In addition, an increase in debt levels leading to adjusted
debt to EBITDA above 3.5x, without prospects to return to lower
levels in the medium term, and interest coverage (measured by EBIT
to interest expense) below 3.0x on a consistent basis could lead
to negative rating actions.

The principal methodology used in this rating was Mining published
in September 2018.

Headquartered in Lima, Peru, Buenaventura is a mining company
engaged in the exploration, mining and processing of gold, silver,
copper, zinc and lead in Peru. In addition to five wholly-owned
and two majority-owned mines, the company has also a stake of
19.58% in Cerro Verde, one of the world's largest copper mines,
43.65% stake in Yanacocha, the largest gold mine in Latin America,
and 40.1% stake in Coimolache. Buenaventura is controlled by the
Benavides family (27% owned) and is listed in the New York Stock
Exchange and Lima Stock Exchange. In the 12 months to June 2018,
the company generated USD1.4 billion in revenue.



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


BAILEY'S EXPRESS: Accurate Buying Middletown Property for $395K
---------------------------------------------------------------
David Allen, the plan administrator appointed for Bailey's Express
Inc.'s bankruptcy estate, asks the U.S. Bankruptcy Court for the
District of Connecticut to authorize the sale of the commercial
real property located at 11 Industrial Park Road, Middletown,
Connecticut to Accurate Logistics, LLC, for $395,000, subject to
overbid.

Since its retention of broker, Trevor Davis Commercial Real
Estate, LLC, it has engaged in a marketing process that has
generated interest from over 10 parties interested in purchasing
the Property.  After considering the alternatives, the Plan
Administrator has determined that it is of the best interests of
the creditors to enter into a Real Estate Purchase Agreement dated
Sept. 26, 2018 for the sale of the Property as set forth in the
Purchase Agreement to the Buyer for a purchase price of $395,000.

According to a Title Report dated Sept. 14, 2018, the Connecticut
Development Commission, now known as the Department of Economic
and Community Development, recorded a mortgage in the amount of
$3200 on June 5, 1973.  On information and belief this mortgage
has been satisfied and will be released by the time of the sale of
the Property.  There are no other mortgages, liens or
encumbrances, other than Permitted Encumbrances, recorded on the
Property.

The Plan Administrator has further determined that it is in the
best interests of the estate to conduct an auction to solicit
higher and better bids for the Property on terms substantially
similar to those contained in the Purchase Agreement.  The Sale as
set forth in the Purchase Agreement is in the best interests of
the Debtor's bankruptcy estate, creditors and other parties in
interest since the sale will maximize the value received for the
Property.

By the Motion, the Plan Administrator asks the entry of the Sale
Order authorizing the Debtor to sell the Property in accordance
with the terms of the Purchase Agreement entered into between the
Debtor and the Purchaser, or to such other entity or entities
constituting a Qualified Bidder which will submit a bid deemed by
the Court to be the highest and best offer.  The Debtor proposes
to sell the Property to the Purchaser or to the maker of the
Winning Bid, other than in the ordinary course of business, free
and clear of liens, claims, encumbrances and interests.

The Sale will be subject to higher and better offers.  The
Property will be sold pursuant to the procedures to be established
by the Bankruptcy Court pursuant to its Sale Procedures Order.
Because the Plan Administrator is selling the Property in
accordance with his duties under the Plan, the sale does not
constitute a sale of substantially all of the assets.

Pursuant to the exclusive listing agreement between the Plan
Administrator and the Broker, the Broker is entitled to receive a
commission of 6% of the sale price.  The exclusive listing
agreement is appended to the Application for an Order Authorizing
the Employment of a Real Estate Broker which Application was
approved by Order of the Court dated Nov. 17, 2017.  The Plan
Administrator asks authority to pay the commission from the
proceeds of the sale at closing.

To preserve the value of the Property, it is critical that the
Debtor closes the Sale as practical after all closing conditions
have been met or waived.  Accordingly, the Debtor respectfully
asks that the Court waives the 14-day stay periods to the minimum
amount of time needed by any objecting party to file its appeal to
allow the Sale to close as provided pursuant to the terms of the
Purchase Agreement.

                    About Bailey's Express

Headquartered in Middletown, Connecticut, Bailey's Express --
http://www.baileysxpress.com/-- is a Connecticut-based less than
truckload carrier. It provides service across the nation and is
dedicated in helping Connecticut, Massachusetts and Rhode Island
companies market their products throughout the U.S. including
Hawaii and Alaska. It has distribution points in Charlotte,
Dallas, Denver, Easton, Fontana, Indianapolis, Jacksonville,
Memphis, Neenah, Phoenix, Salt Lake City and Toledo.  It also
provides service to Mexico, Puerto Rico & Canada.

Bailey's Express filed for Chapter 11 bankruptcy protection
(Bankr. D. Conn. Case No. 17-31042) on July 13, 2017, estimating
its assets and liabilities at between $1 million and $10 million.
The petition was signed by David Allen, chief financial officer.

Judge Ann M. Nevins presides over the case.

Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at
Pullman & Comley, LLC, serve as the Debtor's bankruptcy counsel.

No creditors' committee has been appointed in the case.

On Jan. 12, 2018, the court confirmed the Debtor's Chapter 11 plan
of liquidation.  Pursuant to the plan, David Allen was deemed the
plan administrator for the Debtor's estate.

On Nov. 17, 2017, the Court appointed Trevor Davis Commercial Real
Estate, LLC, as real estate broker.


SEARS HOLDINGS: ESL Hopes for Return to Profitability
-----------------------------------------------------
ESL Investments, Inc., Edward S. Lampert and certain affiliated
entities (collectively "ESL") issued the following statement on
Oct. 15 regarding the announcement by Sears Holdings Corporation
("Sears") that the company has filed a voluntary petition for
relief under Chapter 11 of the U.S. Bankruptcy Code:

"ESL Investments' longstanding goal has been to enable Sears
Holdings Corporation to return to profitability, for the benefit
of Sears and all of its stakeholders.  ESL consistently believed
that restructuring the company's finances as a going concern and
outside a court-run bankruptcy process would have been a better
path for Sears.  To that end, ESL put forward proposals in April
and August to acquire certain Sears assets, followed by a
comprehensive proposal in September for liability management
transactions, strategic asset sales (including those assets that
ESL had made proposals to purchase) and real estate transactions.
All the proposals had the goal of providing liquidity and runway
for a transformation.  While a comprehensive out-of-court
resolution was ESL's preferred approach, it did not prove possible
to achieve this outside the framework of a Chapter 11 process.
ESL believes that supervision by a judge will enable creditors to
address any issue among them according to a clear set of rules and
permit the sale of certain assets through a court-approved auction
process to maximize value.

ESL invested time and money in Sears because we believe the
company has a future.  We intend to work closely and
collaboratively with other stakeholders to restructure the
company's balance sheet using the Chapter 11 framework as quickly
and efficiently as possible and will continue to press forward
with the goal of seeing Sears emerge from this process positioned
for success as a smaller, less indebted retailer in an integrated
retail environment."

                    About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and
automotive repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they
had 3,500 US stores between them.  Kmart emerged in 2005 from its
own bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel, M-III
Partners is serving as restructuring advisor and Lazard Freres &
Co. LLC is serving as investment banker to Holdings.  DLA Piper
LLP is the real estate advisor.  Prime Clerk is the claims and
noticing agent.


SEARS HOLDINGS: Electrolux Exposure Is 10% of Revenue
-----------------------------------------------------
In connection with the Chapter 11 filing of Sears, its major U.S.
customer, Electrolux said it intends to work with Sears'
restructuring officer to explore the prospects of continuing its
business with Sears, while continuing to manage the financial and
operational exposure.

To ensure business continuity and to mitigate the financial
exposure, Electrolux has been actively planning for various Sears'
contingencies while also growing the business with other
customers.

Therefore, the Group does not currently assess a need for material
one-time costs as an immediate consequence of Sears' restructuring
under Chapter 11.

However, while it is difficult to predict the outcome of Sears'
attempt to restructure its business and the various scenarios it
may entail, it cannot be ruled out that there may be a material
impact on the future sales and earnings of Electrolux business
area Major Appliances North America.  The business area's exposure
to Sears is currently about 10 percent of its total revenues.

                    About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and
automotive repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they
had 3,500 US stores between them.  Kmart emerged in 2005 from its
own bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel, M-III
Partners is serving as restructuring advisor and Lazard Freres &
Co. LLC is serving as investment banker to Holdings.  DLA Piper
LLP is the real estate advisor.  Prime Clerk is the claims and
noticing agent.


SPANISH BROADCASTING: Estimates Q3 Net Revenue of $33.5M to $34M
----------------------------------------------------------------
Spanish Broadcasting System, Inc., reported preliminary estimated
financial results for the third quarter ended Sept. 30, 2018.

Financial Highlights

For the third quarter of 2018, the Company currently estimates
consolidated Net Revenue to be between approximately $33.5 million
and $34.0 million, an increase of between 2% and 4% over 2017 and
Adjusted OIBDA, which excludes non-cash stock-based compensation,
to be between approximately $10.1 million and $10.8 million, an
increase of between 26% and 35% over 2017.

Discussion and Results

"Our preliminary estimated third quarter results reflect the
continued strong performance of all of our major business units
with sustained revenue growth and Consolidated OIBDA projected to
be up approximately 35% over last year.  At nearly 40%, our
consolidated operating margin is again among the highest in the
industry and our respective major-market audience shares in New
York, Los Angeles, Miami and Puerto Rico are the best in the
Company's history.

"Looking to the fourth quarter, all business units are continuing
to exhibit positive traction, both in terms of core operations and
audience monetization.  Revenue pacings are currently up
double-digits and costs remain firmly under control.

"As we celebrate our 35th year of operations, after having
recently
secured our official MBE (Minority Business Enterprise)
Certification, we fully expect 2018 to be a year of solid
operational and financial performance.

"We look forward to announcing our finalized third quarter results
within the next few weeks," commented Raul Alarcon, Chairman and
CEO.

                    About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and
operates 17 radio stations located in the top U.S. Hispanic
markets of New York, Los Angeles, Miami, Chicago, San Francisco
and Puerto Rico, airing the Spanish Tropical, Regional Mexican,
Spanish Adult Contemporary, Top 40 and Latin Rhythmic format
genres.  SBS also operates AIRE Radio Networks, a national radio
platform which creates, distributes and markets leading
Spanish-language radio programming to over 250 affiliated stations
reaching 94% of the U.S. Hispanic audience.  SBS also owns MegaTV,
a television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico.
SBS also produces live concerts and events and owns multiple
bilingual websites, including www.LaMusica.com, an online
destination and mobile app providing content related to Latin
music, entertainment, news and culture.

The report from the Company's independent accounting firm Crowe
Horwath LLP, the Company's auditor since 2013, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the 12.5% Senior Secured Notes
had a maturity date of April 15, 2017.  Cash from operations or
the sale of assets was not sufficient to repay the notes when they
became due.  In addition, for the year ended Dec. 31, 2017, the
Company had a working capital deficiency and negative cash flows
from operations.  These factors raise substantial doubt about its
ability to continue as a going concern.

Spanish Broadcasting reported net income of $19.62 million for the
year ended Dec. 31, 2017, compared to a net loss of $16.34 million
for the year ended Dec. 31, 2016.  As of June 30, 2018, the
Company had $437.4 million in total assets, $538.6 million in
total liabilities and a total stockholders' deficit of $101.2
million.

                          *     *     *

In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System.

"We withdrew the ratings because we were unlikely to raise them
from 'D', based on SBS' ongoing plans to restructure its debt,"
said S&P Global Ratings' credit analyst Scott Zari.  S&P had
downgraded SBS to 'D' on April 21, 2017, following the company's
announcement that it didn't repay its $275 million 12.5% senior
secured notes that were due April 15, 2017, as reported by the TCR
on May 25, 2017.

In April 2017, Moody's Investors Service downgraded SBS's
corporate family rating to 'Ca' from 'Caa2'.  SBS's 'Ca' corporate
family rating reflects an elevated expected loss rate following
the default under the company's 12.5% senior secured notes due
April 2017, said Moody's.



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


VENEZUELA: Ditching US Dollar for Euros For International Trade
---------------------------------------------------------------
Caribbean360.com reports that Venezuela will drop the US dollar
from its exchange market in favour of the Euro, in reaction to
crippling sanctions imposed by the United States.

The move, disclosed by Vice President for Economy Tareck El
Aissami, comes one year after Venezuela said it would stop
accepting US dollars as payment for its oil exports, according to
Caribbean360.com.

Recent financial sanctions imposed by the US against Caracas
affect the country's ability to make transfers in US dollars and
complete payments through the American banking system, the report
notes.  El Aissami said the sanctions block the possibility of
continuing to trade using the US dollar on the Venezuelan exchange
market, the report says.

"Various actors continue to attack our financial system. We are
not going to give in to foreign and imperialist interests," he
said, the report notes.

The report discloses that the vice president therefore explained
that, moving forward, all international transactions would be
quoted in euro, yuan and other currencies.

"The illegal measures will continue to damage the national
economic system, and this is why we have made these decisions.
The President has instructed the finance minister to begin a new
correspondence scheme in Europe and Asia for public banks," he
added, the report relays.

El Aissami added that the government would sell 2 billion Euros
between next month and December to allow the public to purchase
the European currency "at a real, non-speculative rate," the
report adds.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, in May 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: For the Week October 15 to October 19, 2018
-----------------------------------------------------------

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

Banco do Brasil SA/Cayman 6.25   75.043                 KY     USD
Rio Energy SA             6.875  71.638   2/1/2025      AR     USD
Cia Latinoamericana       9.5    60.447   7/20/2023     AR     USD
CSN Islands XII Corp      7      69.44                  BR     USD
Agua y Saneamientos       6.625  71.982   2/1/2023      AR     USD
Odebrecht Finance Ltd     7.5    39.15                  KY     USD
YPF SA                   16.5    50.96    5/9/2022      AR     ARS
Odebrecht Finance Ltd     4.37   35.715   4/25/2025     KY     USD
Banco Macro SA           17.5    50       5/8/2022      AR     ARS
Odebrecht Finance Ltd     7.12   37.293   6/26/2042     KY     USD
China Huiyuan             6.5    75.1     8/16/2020     CN     USD
Odebrecht Finance         5.125  45.754   6/26/2022     KY     USD
Noble Holding             6.2    74.46    8/1/2040      KY     USD
Noble Holding             5.25   70.444   3/15/2042     KY     USD
Odebrecht Finance         7      58.985   4/21/2020     KY     USD
Noble Holding             6.05   73.508   3/1/2041      KY     USD
Odebrecht Finance         5.25   36.2     6/27/2029     KY     USD
Rio Energy SA             6.875  71.551   2/1/2025      AR     USD
BCP Finance Co            1.751  74.397                 KY     EUR
Provincia del Chubut      4              10/21/2019     AR     USD
YPF SA                   16.5    50.96   5/9/2022       AR     ARS
Argentina                 7.125  76      6/28/2117      AR     USD
Automotores Gildemeister  6.75   62.759  1/15/2023      CL     USD
Odebrecht Finance         6      37.193  4/5/2023       KY     USD
Banco do Brasil           6.25   76.375                 KY     USD
Cia Latinoamericana       9.5    60.621  7/20/2023      AR     USD
Polarcus Ltd              5.6    70      7/1/2022       AE     USD
Argentina                 6.875  74.985  1/11/2048      AR     USD
Provincia del Chubut      7.75   72.304  7/26/2026      AR     USD
Banco Macro SA           17.5    50      5/8/2022       AR     ARS
CSN Islands XII Corp      7      74.375                 BR     USD
Provincia de Rio Negro    7.75   70.153  12/7/2025      AR     USD
Provincia de Entre Rios   8.75   71.083   2/8/2025      AR     USD
Argentina                 4.33   70      12/31/2033     AR     JPY
Provincia de Entre Rios   8.75   72.333   2/8/2025      AR     USD
Odebrecht Finance Ltd     4.375  35.242   4/25/2025      KY    USD
Ironshore Pharma         13      69.621   2/28/2024      KY    USD
Automotores Gildemeister  8.25   60.583   5/24/2021      CL    USD
Odebrecht Finance Ltd     7.125   38.674  6/26/2042      KY    USD
Odebrecht Finance Ltd     5.25    36.187  6/27/2029      KY    USD
Province of Santa Fe      6.9     74.177  11/1/2027      AR    USD
Provincia del Chubut      7.75    71.654  7/26/2026      AR    USD
Argentina                 6.25    72.711  11/9/2047      AR    EUR
Cia Energetica            6.1827   1.105  1/15/2022      BR    BRL
Odebrecht Finance         7.5     43.5                   KY    USD
Argentina                 0.45    31.75  12/31/2038      AR    JPY
SACI Falabella            2               7/15/2020      CL    CLP
Province of Jujuy         8.625   72.788  9/20/2022      AR    USD
Province of Santa Fe      6.9     73.44  11/1/2027       AR    USD
Ironshore Pharma         13       69.621  2/28/2024      KY    USD
Tanner Servicios         3.8      52.42   4/1/2021       CL    CLP
AES Tiete Energia SA     6.78      1.06   4/15/2024      BR    BRL
Odebrecht Finance Ltd    6        37.19   4/5/2023       KY    USD
Provincia de Rio Negro   7.75     70.15  12/7/2025       AR    USD
Odebrecht Finance        7        59.466  4/21/2020      KY    USD
Odebrecht Finance Ltd    5.12     47.298  6/26/2022      KY    USD
Provincia de Cordoba     7.12     74.286  8/1/2027       AR    USD
Argentina                7.125    75.752  6/28/2117      AR    USD
Automotores Gildemeister 8.25     60.583  5/24/2021      CL    USD
Enlasa Generacion        3.558           11/15/2023      CL    CLP
Metrogas SA/Chile       645               8/1/2024       CL    CLP
Automotores Gildemeister 6.75     62.759  1/15/2023      CL    USD
Provincia del Chaco      9.375    72.315  8/18/2024      AR    USD
Fospar S/A               6.53      1.034  5/15/2026      BR    BRL
Sociedad Concesionaria   2.9547           6/30/2021      CL    CLP
Esval SA                 3.453            3/15/2028      CL    CLP
Caja de Compensacion     7.75     35.23   3/27/2024      CL    CLP
Sociedad Austral       318.478            9/20/2019      CL    CLP
Provincia de Neuquen     7.5      74.753  4/27/2025      AR    USD
Caja de Compensacion     5.2              9/15/2018      CL    CLP
Empresa de Transporte    4.341            7/15/2020      CL    CLP
Corp Universidad         5.968           11/10/2021      CL    CLP
Provincia de Cordoba     7.125    74.802  8/1/2027       AR    USD
Provincia del Chaco      9.375    72.585  8/18/2024      AR    USD
Argentine Republic       7.125    75.322  6/28/2117      AR    USD
Sylph Ltd                2.367    61.194  9/25/2036      KY    USD
Banco Security SA      311                7/1/2019       CL    CLP
Sylph Ltd                2.657   73.081   3/25/2036      KY    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 * * *