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

               Monday, December 10, 2018, Vol. 19, No. 244


                            Headlines



A R G E N T I N A

BALANZ CAPITAL: Moody's Affirms B3 Global Scale Issuer Ratings


B R A Z I L

COMPANHIA SECURITIZADORA: Moody's Assigns Ba1 Global Scale Rating


C H I L E

CHILE: Public Employees Strike to Protest Layoffs


C O S T A   R I C A

COSTA RICA: Moody's Cuts LT Issuer Rating to B1, Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Time to Formalize Trade With Haiti
DOMINICAN REPUBLIC: Sugar Oligopoly Could Spook Investments


M E X I C O

MEXICO: Government Under Pressure to Improve Airport Bond Deal


P E R U

PERU: Set to Vote in Referendum on Judicial, Political Overhauls


P U E R T O    R I C O

GYMBOREE GROUP: Selling Some Brands, Closing Crazy 8 Stores
PUERTO RICO: Fitch Maintains C Rating on Sr. Lien Rev. Bonds
STONEMOR PARTNERS: Grant Thornton Replaces Deloitte as Accountants
SEARS HOLDING: Bid Deadline for SHIP Business Set for Dec. 11
SEARS HOLDINGS: Lampert's ESL Bids $4.6-Bil. to Save Retailer


X X X X X X X X X

* BOND PRICING: For the Week December 3 to December 7, 2018


                            - - - - -


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A R G E N T I N A
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BALANZ CAPITAL: Moody's Affirms B3 Global Scale Issuer Ratings
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded the national scale issuer rating and senior unsecured
debt ratings assigned to Balanz Capital Valores S.A.U. Balanz's
global scale ratings were affirmed and the outlook is negative.

At the same time, Moody's has decided to withdraw Balanz's
instrument-level global and national scale rating outlooks for its
own business reasons.

The following rating of Balanz were affirmed:

  - Global scale, long-term local currency issuer rating affirmed
    at B3,

  - Global scale, long-term foreign currency senior unsecured debt
    rating affirmed at B3,

  - Global scale, long-term foreign currency senior unsecured MTN
    debt rating affirmed at (P)B3,

  - Global scale, long-term local currency senior unsecured MTN
    debt rating affirmed at (P)B3.

The following rating of Balanz were downgraded:

  - Argentine national scale local currency issuer rating
    downgraded to Baa3.ar from Baa2.ar,

  - Argentine national scale foreign currency senior unsecured
    rating downgraded to Baa3.ar from Baa2.ar,

  - Argentine national scale foreign currency senior unsecured MTN
    rating downgraded to Baa3.ar from Baa2.ar,

  - Argentine national scale local currency senior unsecured MTN
    rating downgraded to Baa3.ar from Baa2.ar,

  - Outlook changed to negative from stable.

RATINGS RATIONALE

The negative outlook and the downgrade of Balanz's national scale
ratings (NSRs) incorporates the sharp rise in the company's
earnings volatility driven by recent economic and financial
volatility in Argentina. This was reflected in a large loss in the
second quarter, equal to an annualized ratio of net loss to
average assets of 4.33%, which was the company's fifth quarterly
loss in a period of seven quarters, although it was followed by a
substantial gain in the third quarter that improved the annualized
ratio to 2.99% income on average assets. Moody's expects
Argentina's recession will continue to put pressure on Balanz's
earnings over the next twelve months, particularly when adjusted
for the high inflation rate. In addition, the negative outlook
also considers the possibility that its extremely volatile results
could give rise to losses that would necessitate an infusion of
incremental capital in order to help bolster its funding and
liquidity profile.

Balanz's Baa3.ar NSR is the lowest Argentine NSR corresponding to
its B3 global scale rating. Nevertheless, the company's global
scale ratings were affirmed to reflect the even larger gains that
Balanz reported in the third quarter, which more than offset
second quarter losses, as well as its position as the largest non-
bank company in Argentina's fixed-income instruments market and
its increasing revenue diversification.

The company was the leader in Bolsas y Mercados Argentinos S.A.
(BYMA)s fixed income market with a 10.6% share of the ARS 230 bn
in volumes traded in the first 9 months of 2018. In addition, it
was the 5th largest player in BYMA's much smaller equity market
with a 4% share of the ARS 14 bn in volumes traded during the same
period, and it had a share of 1.5% of the ARS 8.5 bn traded on the
Mercado Abierto Electronico (MAE) year-to-date through August.

Efforts to diversify its franchise and improve the quality of
earnings generation has led the company to expand in recent years
into trading activities for corporate and institutional clients,
capital markets, corporate finance, international sales and, in
March 2018, the foreign exchange market. Currently these other
line of business represent almost 50% of Balanz's profits. The
management intends to further grow in these segments, while
developing relationships with larger domestic and international
counterparties to achieve a more balanced and stable earnings mix.
As a result, Balanz has reduced proprietary trading to 50% of
total revenues from 70% previously. Nevertheless, it continues to
rely heavily on proprietary trading, which exposes it to a high
degree of earnings volatility. Moreover, as it expands its
operations, Balanz's efficiency ratio has suffered with rising
personnel costs, reaching a cost to income ratio of 102% in March
2018, though it has stabilized at 37.4% in September 2018 largely
thanks to stronger income in the 3Q2018.

Balanz's exposure to the sovereign is driven by its government
securities holding within its investments portfolio, as the case
for the rest of brokerage houses in Argentina given the limited
domestic capital market, which has add volatility to the company's
earnings given the current market turmoil and explained Balanz's
earnings performance in 2018.

The ratings also take into account Balanz Capital's continued high
reliance on the wholesale funding from the market, its
shareholders' resources, interbank loans and senior debt in the
domestic market. Even though Balanz's traditionally distributed
100% of its profits, its shareholders have also reinvested the
resources in the company, in support of its funding and liquidity.

WHAT COULD CHANGE THE RATINGS -- UP/DOWN

In line with the company's negative outlook, its ratings would
face downwards pressure if it is unable to generate consistent
earnings, or if it weakens its capital position without a capital
infusion from its shareholders, and/or if Argentina's operating
environment deteriorates further. However, the ratings could be
affirmed and the outlook stabilized if the company is able to
achieve consistently positive earnings over the next 12 to 18
months, and/or if the owners make a significant capital injection.

The principal methodology used in these ratings was Securities
Industry Market Makers published in June 2018.



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B R A Z I L
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COMPANHIA SECURITIZADORA: Moody's Assigns Ba1 Global Scale Rating
-----------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Ba1
(Global Scale, Local Currency) and Aaa.br (Brazilian National
Scale) to the 1st and 2nd series of agribusiness certificates
issued by Vert Companhia Securitizadora. The certificates are
backed by two series of senior unsecured debentures rated Ba1
(Global Scale, Local Currency) and Aaa.br (Brazilian National
Scale) issued by Ipiranga Produtos de Petroleo S.A. and guaranteed
by Ultrapar Participacoes S.A. (Ultrapar, Ba1 long-term corporate
family ratings Global Scale, Local Currency; and Aaa.br, Brazilian
National Scale). The proceeds of the issuance will be directed to
finance purchases of ethanol.

Issuer: Vert Companhia Securitizadora

1st and 2nd Series of the 20th issuance, rated Ba1 (Global Scale,
Local Currency) / Aaa.br (Brazilian National Scale)

The definitive ratings address the structure and characteristics
of the transaction based on the information provided to Moody's.

RATINGS RATIONALE

The Ba1 (Global Scale, Local Currency) and Aaa.br (Brazilian
National Scale) ratings assigned to the CRAs are primarily based
on the willingness and ability of Ultrapar (as guarantor) to honor
the payments defined in the transaction documents, which is
reflected by the Ba1 (Global Scale, Local Currency) and Aaa.br
(Brazilian National Scale) ratings of the underlying senior
unsecured debentures backing the CRAs issuances. Any change in the
ratings of the debentures will lead to a change in the ratings of
the CRAs.

Each CRA series to be issued by Vert are be backed by a series of
debentures issued by Ipiranga and guaranteed by Ultrapar. The
underlying senior unsecured debentures are rated Ba1 and Aaa.br.
Ipiranga and Ultrapar are responsible for covering all transaction
expenses.

The 1st series of CRA are floating rate notes, indexed to 97.5% of
the DI (interbank deposit rate). Interest will be paid on a
semiannual basis, followed by a balloon payment of principal at
the legal final maturity in December 2023.

The 2nd series of CRA feature an annual fixed interest rate of
4.6107% and a principal balance that will be adjusted by the IPCA
(Extended National Consumer Price Index) inflation index. Interest
will be paid on an annual basis, followed by a balloon payment of
principal at the legal final maturity in December 2025.

The sum of the two series equals to BRL 900 million.

The definitive ratings on the CRAs are based on a number of
factors, among them the following:

  - The willingness and ability of Ultrapar (as guarantor) to make
    payments on each series of the underlying debentures rated Ba1
    and Aaa.br.

  - Pass through structure: the payment schedule of each series of
    CRA replicates the scheduled cash flow of the underlying
    debentures, with a one-day lag, which allows adequate timing
    to make payments on the CRA. The CRA will make payments that
    mirror the payments to be made by the underlying debentures.
    The floating rate of DI to be paid under the 1st series will
    be determined using the same DI period under the underlying
    debenture. The principal balance of the 2nd series will be
    adjusted by the same IPCA index used to adjust the underlying
    debentures. The coupon will be calculated considering the same
    interest rate and accrual period. In addition, to mitigate the
    risk of the additional one day of interest for the first
    interest payment on the CRA, the debentures will initially
    feature one extra day of interest accrual to address any
    potential interest rate mismatch.

  - The events of default (EOD) on the CRAs mirror those of the
    underlying debentures. Therefore, the risk of having an EOD on
    the certificates while the underlying assets are current is
    eliminated.

  - Ipiranga or Ultrapar, in the last instance, will pay the CRA
    expenses: Ipiranga or Ultrapar will be responsible, under the
    transaction documents, for all CRA expenses. Nonetheless, the
    transaction has recourse to Ultrapar in the event that
    Ipiranga misses any payment of expenses.

  - Ipiranga's payment obligations, are covered by the guarantee
    provided by Ultrapar, which is the holding company from
    Ipiranga, under the terms of the debentures and trust expenses
    related to the CRA issuance. The senior unsecured ratings
    assigned to the underlying debentures issued by Ipiranga (as
    debtor) are the same as the guarantor's senior unsecured debt
    ratings.

  - No commingling risk: Ipiranga will make the payments due on
    the two series of debentures directly to the respective
    accounts of each series of CRA held at Banco Bradesco S.A.
    (Ba2 long-term bank deposit rating, Global Scale, Local
    Currency; and Aa1.br, Brazilian National Scale).

  - Segregated assets: The CRAs benefit from a fiduciary regime
    whereby the assets backing each series of CRA are segregated.
    These segregated assets are destined exclusively for payments
    on the CRA as well as certain fees and expenses, and will be
    segregated from all of the other assets on the issuer's
    balance sheet. However, the transaction is subject to residual
    legal risk because Vert agribusiness credits can be affected
    by the securitization company's tax, labor and pension
    creditors. This risk is partially mitigated since Vert had no
    direct employees up to December 5th.

Ultrapar is headquartered in Sao Paulo, Brazil, and engaged in
fuel and liquefied petroleum gas distribution, specialty chemicals
production, storage for liquid bulk and retail drugstore. In 2017
Ultrapar reported consolidated net revenues of BRL 80 billion
(about USD 25 billion). Ipiranga is the group's largest business
segment, representing 85% of consolidated net revenues and 77% of
EBITDA in the same period.

Ultrapar's ratings primarily reflect the company's solid business
model, low risk profile, stable cash flows and leading position in
different segments. Over the past few years the company
demonstrated its ability to post robust growth across all business
lines and to sustain conservative credit metrics and strong cash
generation even under adverse market conditions and sizable
investment plan.

On the other hand, the ratings are primarily constrained by the
Government of Brazil's Ba2 rating (outlook: stable). The company's
acquisitive growth strategy and its dependence on a few key
suppliers for raw materials are additional negative rating
considerations. To a lesser extent, the more cyclical nature of
its specialty chemicals business is also viewed as credit
negative.

Ultrapar's Ba1 Corporate Family Rating stands one notch above
Brazil's Government rating. Granted only on an exceptional basis,
the notching represents a fundamental corporate profile that is
stronger than the sovereign's government bond rating. This is
evidenced by the resilient nature of Ultrapar's cash flows and
financial flexibility, which allow it to withstand Brazil's
weakened economic and fiscal condition.

Vert was established in 2016 and is headquartered in Sao Paulo.
The securitization company is focused on structuring CRA with
large and renowned sponsors in the agricultural industry. Vert is
audited by Grant Thornton and since the beginning of its
operations, the securitization company has issued 18 different
securitizations totaling BRL 5.5 billion.

Factors that would lead to an upgrade or downgrade of the ratings:

Any changes in the senior unsecured ratings of the underlying
debentures will lead to a change in the ratings on the CRA.

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.



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C H I L E
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CHILE: Public Employees Strike to Protest Layoffs
-------------------------------------------------
EFE News reports that many Chilean public employees participated
in a strike to protest the layoffs of more than 2,000 of their
colleagues by the conservative government of Sebastian Pinera
since the start of his term in March.

The nationwide walkout was being observed by a high percentage of
public workers nationwide, the leader of the Anef union, Carlos
Insunza, told reporters, according to EFE News.

Anef is seeking to "make clear to the government that the 2,000
dismissals that we've tallied and which still constitute an
incomplete accounting of the situation that public workers are
experiencing, is an absolutely unacceptable circumstance," he
said, the report relays.

He also said that the wave of layoffs violates agreements reached
a few weeks ago during negotiations on a pay hike for the sector,
which ultimately remained at 3.5 percent, the report notes.

Shortly before noon, hundreds of workers gathered in front of the
La Moneda presidential palace, to express their displeasure at the
situation, the report says.

Police were deployed immediately throughout the sector, but --
although there were moments of tension -- no clashes erupted, the
report discloses.

In some regional capitals, public employees also took to the
streets to protest, and -- according to Insunza -- if the
government does not provide a satisfactory answer for its breach
of its previous commitment, the mobilizations will continue, the
report relays.

Finance Minister Felipe Larrain said that the government always
had "the greatest willingness (to find a solution, but) in the
first years of every new administration there are dismissals," the
report notes

"We talked about that with Anef. The important thing is that there
is a procedure and that there is also the possibility of a
reconsideration" of the situation, he added, the report discloses.



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C O S T A   R I C A
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COSTA RICA: Moody's Cuts LT Issuer Rating to B1, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded the Government of Costa
Rica's long-term issuer and senior unsecured bond ratings to B1
from Ba2 and changed its rating outlook to negative, concluding
the review for downgrade that was initiated on October 18, 2018.

The key drivers for the downgrade are as follows:

1. The continued and projected worsening of debt metrics on the
back of large deficits despite fiscal consolidation efforts; and

2. The significant funding challenges emerging for the country as
rising debt, deficits and interest costs lead to rapidly rising
borrowing requirements

The negative outlook reflects Moody's view that fiscal
consolidation efforts present material implementation risks that
could exacerbate the country's borrowing challenges if
crystallized.

In a related decision, Moody's lowered Costa Rica's long-term
country ceilings: the foreign currency bond ceiling to Ba2 from
Baa3; its foreign currency deposit ceiling to B2 from Ba3; and its
local currency bond and deposit ceilings to Baa3 from Baa1. The
short-term foreign currency bond ceiling was lowered to Not Prime
(NP) from P-3 and the short-term foreign currency deposit ceiling
remains unchanged at NP.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO B1

WORSENING DEBT METRICS DESPITE FISCAL REFORM EFFORTS

Moody's expects that Costa Rica's ongoing fiscal consolidation
efforts will be insufficient to quickly and materially reduce its
high fiscal deficits. As a result debt metrics will continue to
rise in the coming years and remain much higher than countries
with Ba ratings.

Fiscal deficits averaging 5.2% of GDP since 2010 have almost
doubled Costa Rica's debt burden over that period. Moody's
estimates that by end-2018 Costa Rica's government debt will have
risen to almost 54% of GDP and 360% of revenues. In comparison the
median of B1 rated sovereigns will be 54% of GDP but only 241% of
revenues. Debt affordability is also worsening as interest
payments will consume almost one quarter of government revenues in
2018, compared to less than 15% in 2010.

To address the high deficits Costa Rica's government has pushed a
new fiscal consolidation law, which was approved by the
Legislative Assembly on December 3. But even with the new reform
in place the budget deficit will remain high in the coming years
and it will take several years even to stabilize the growth of the
debt burden, longer to make any material inroads into it. The
reform aims to reduce the fiscal deficit below 4% of GDP by 2023
through a combination of revenue increases and spending
reductions. But several of its provisions are spread over time,
and most of the forecast reduction relies on limiting the growth
of current expenditures, which will be difficult in the face of
popular opposition and in an environment of slowing growth;
Moody's expects real GDP growth to slow to an annual average of
2.5% between 2019 and 2022.

As a consequence the reduction in the fiscal deficit will take
time and the full impact of the reform will need to wait until
2022. In the meantime, while Moody's expects the reform to narrow
the deficit, the rating agency forecasts it will remain high at
close to 7% of GDP in 2018 and rising to around 7.5% in 2019, in
contrast with official estimates which project a decline in the
deficit for next year. Moody's forecasts that the debt ratio will
rise to nearly 59% in 2019 and peak at around 65% in 2022.

RAPIDLY RISING FUNDING CHALLENGES AS BORROWING REQUIREMENTS RISE

More immediately, a combination of higher debt, large deficits and
rising interest costs have resulted in greater annual government
funding needs. Gross funding needs, which had averaged 10%-11% of
GDP prior to 2018, will be in the order of 13% of GDP in 2018 and
Moody's projects it will rise further to some 15% in 2019, if
deficit reduction targets are missed and the government continues
to increase its reliance on short-term funding.

Access to market funding at rates that are sustainable over the
longer-term has been increasingly challenging as investor
sentiment deteriorated in light of the lack of progress in
addressing Costa Rica's large budgetary imbalances. Interest rates
on foreign issuance have risen particularly fast with Costa Rican
bonds yielding almost 5% more than comparable US debt, while a
year ago the difference was only 3.6%.

Limited funding options forced the government to access funding
from the Central Bank of Costa Rica in September, in amounts close
to 1.2% of 2018 GDP. This emergency financing mechanism must be
paid back before the end of the year. The authorities' decision to
use the Central Bank facility highlights the government's
diminishing options in the face of rising funding pressures.

Despite the fiscal reform efforts, which seem to have eased market
volatility somewhat, Moody's believes that the country will remain
highly exposed to adverse shifts in market sentiment in the coming
years, particularly if it fails to achieve its deficit reduction
targets. Since fiscal deficits will remain high for several years,
reducing existing funding pressures will require a reduction in
both the domestic and international interest rates Costa Rica must
pay, which will be challenging in the absence of clear and rapid
progress on reform. Costa Rica's government will rely heavily on
external borrowing for the next several years, planning to borrow
up to US$6 billion, almost 10% of GDP, from 2019 to 2023.

RATIONALE FOR ASSIGNING NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that there are
considerable implementation risks associated with the government's
fiscal consolidation efforts that could further exacerbate the
country's borrowing challenges if crystallized. The strength of
the government's newfound commitment to fiscal reform remains
unproven, and falling real GDP growth will make it even more
difficult to meet fiscal revenue targets. Rising global interest
rates for emerging market issuers will also pressure funding costs
higher.

WHAT COULD CHANGE THE RATING DOWN/UP

Given a negative outlook 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 further
structural budgetary adjustments that limited the expected
worsening in the government debt indicators and, as a result,
eased funding risks.

Prospects of continued fiscal deterioration associated with
persistently higher debt metrics and increased susceptibility
market access risks would likely lead to a negative rating action.
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$): 16,894 (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: -2.9% (2017 Actual) (also known as
External Balance)

External debt/GDP: 27.1% (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 November 30, 2018, a rating committee was called to discuss the
rating of the Costa Rica, Government of. The main points raised
during the discussion were: The issuer's institutional
strength/framework, have decreased. The issuer's fiscal or
financial strength, including its debt profile, has materially
decreased. The issuer has become more susceptible to event risks.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in November 2018.



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


DOMINICAN REPUBLIC: Time to Formalize Trade With Haiti
------------------------------------------------------
Dominican Today reports that Foreign Minister Miguel Vargas
disclosed that the Government has long sought to formalize a trade
agreement with Haiti and eliminate the hurdles and irregular
situations that have hindered commerce between both countries.

Interviewed by Santo Domingo Technology Institute (INTEC) Social
Communication students, the official said Haiti is a strategic
partner for the Dominican Republic, and regrets that an agreement
has yet to be forged, according to Dominican Today.

He said a pact would benefit not only the Dominican Republic, with
the placement of a higher number of products, but also the
neighboring nation, which will charge tariffs and taxes and
benefit from an increased trade volume, the report relays.

Mr. Vargas added that another result of such an agreement could be
to control the Haitian government's restrictions imposed on
Dominican products and generate a viable trade flow, the report
says.

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.


DOMINICAN REPUBLIC: Sugar Oligopoly Could Spook Investments
-----------------------------------------------------------
Dominican Today reports that industrialists warn that as many as
seven companies could withdraw their investment from the country
over the high cost of sugar caused by an alleged oligopoly in that
industry.

Their ceasing of operations would affect 6,000 jobs, according to
Herrera Industries Association (Aneih) President Antonio Taveras
Guzman, according to Dominican Today.

He warned that it would affect several segments of national
production, including laboratories, soft drink companies and
others, which can be attracted to Central America, the report
relays.

The business leader labeled the price differential, "a non-
transparent scheme" of import licenses, which creates "a perverse
incentive" to maintain a production aimed exclusively at the
export quota to the United States, the report notes.

As for the list of companies that would abandon the country, Mr.
Taveras said they wouldn't be disclosed due to fear of reprisals,
the report says.

The business leader cautioned the Pro-Competitiveness agency to
deal with the specific problem and ensure the market's proper
functioning, "without distortions in prices," the report adds.

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.



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M E X I C O
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MEXICO: Government Under Pressure to Improve Airport Bond Deal
--------------------------------------------------------------
Justin Villamil and Pablo Rosendo Gonzalez at Bloomberg News
report that investors in Mexico City's planned airport project
want a lot more from the government before they agree to its
buyback offer.

An explicit federal guarantee to honor the debt would go a long
way toward resolving concerns, according to chats with more than
half a dozen bondholders who asked not to be identified before any
formal talks are held, according to Bloomberg News.  Barring that,
the government should agree to buy back a larger portion of the
bonds or offer higher compensation for investors who hold onto the
notes but agree to waive the terms set forth when the bonds were
sold, they said, the report relays.

President Andres Manuel Lopez Obrador's administration is
struggling to attract support for its proposal to end a standoff
with investors who loaned $6 billion to construct a new Mexico
City airport, a project that the new president wants to scrap, the
report notes.  An offer to buy back about $1.8 billion of the
bonds for as little as 90 cents on the dollar and provide less
than 1 cent in compensation for investors who agree to waive their
right to declare an immediate default when construction ends has
been rejected by an ad hoc group of bondholders who say they own
more than 50 percent of one of the notes, enough to block the deal
from going through, the report says.

"The main problem with this offer is that it doesn't give you
anything in exchange for what you give," said Sebastian Salvay, an
analyst at TPCG brokerage in Olivos, Argentina, who covers Latin
American corporate bonds, the report relays.  "Ideally the
government would reformulate the proposal and add collateral. The
value of 90 is fair, but you need a guarantee, collateral from the
government," he added.

The project's bonds maturing in 2047 currently trade around 83
cents on the dollar, the report notes.

The offer would be a lot more appealing if the government was
willing to buy back the full amount of bonds outstanding, instead
of less than one-third, according to the investors, the report
relays.  Some said they may be tempted if a new bond included an
explicit government guarantee. In any event, it would require the
government to sit down at the negotiating table, the report adds.



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P E R U
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PERU: Set to Vote in Referendum on Judicial, Political Overhauls
----------------------------------------------------------------
EFE News reports that Peruvians will vote on a four-question
referendum proposed by President Martin Vizcarra and approved by
the opposition-controlled Congress after a tough political battle.

More than 24 million people are set to cast their ballot in the
mandatory referendum, which in 15 of the Andean nation's 25
regions will coincide with the second-round of gubernatorial
elections, according to EFE News.



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


GYMBOREE GROUP: Selling Some Brands, Closing Crazy 8 Stores
-----------------------------------------------------------
Gymboree Group, Inc., on Dec. 4, 2018, announced that it has
initiated a comprehensive review of strategic options for its
Gymboree, Janie and Jack and Crazy 8 brands, which may include a
sale or other transactions at the brand level.

In addition, the Company is evaluating the retail footprints of
its Crazy 8 and Gymboree brands with the intention of closing the
Company's Crazy 8 store locations and significantly reducing the
number of Gymboree store locations in 2019.  All Gymboree, Janie
and Jack and Crazy 8 stores are open, fully stocked and ready to
delight kids and parents throughout the holiday season.

On Nov. 14, 2018, Shaz Kahng, member of the Company's Board since
September 2017, was appointed Gymboree Group CEO.  Kahng brings 30
years of retail leadership experience, and was instrumental in
leading the successful turnarounds of Lucy Activewear and various
Nike business segments.  For the past year, she has worked closely
with the Gymboree Group management team to revitalize the
business, unlock brand value, modernize product offerings and
enhance the customer shopping experience.  As CEO, Kahng is
focused on the ongoing transformation of the Company.

Shaz Kahng, Gymboree Group CEO, said in the Dec. 4 statement, "The
process we [disclosed] is designed to reposition the Company
for success by establishing a brand portfolio and store footprint
that is optimized for the current retail environment. These
strategic initiatives are an important next step as we continue to
look for ways to unlock additional value in our brands. We are
optimistic about our future as a more streamlined organization
that can deliver enhanced, long-term value to its stakeholders.
Our team remains focused on delivering the quality children's
clothing and accessories and exceptional service that our
customers have come to expect from us."

According to the statement, there can be no assurance that the
Company's strategic review process for any of its brands will
result in a sale transaction or other strategic alternative of any
kind.  Gymboree Group does not intend to disclose developments or
provide updates on the status of this process unless it deems
further disclosure is appropriate or required. The Company is
proceeding expeditiously but has not fixed a timetable for
completion of this review.

Stifel and Berkeley Research Group are serving as the Company's
financial advisors.  Milbank, Tweed, Hadley & McCloy LLP is
serving as its legal counsel.

                       About Gymboree Group

Gymboree Group, Inc., is a portfolio of children's brands
operating specialty retail stores with high-quality clothing and
accessories for children. The Company currently operates 380
Gymboree stores in the United States and Canada.  Gymboree Group's
family of brands includes Gymboree, Janie and Jack and Crazy 8,
with hundreds of retail stores across the United States, Canada
and Puerto Rico as well as online stores at
http://www.gymboree.com/, http://www.janieandjack.com/and
http://www.crazy8.com/

In October 2010, The Gymboree Corp. was acquired by Bain Capital
Private Equity, LP and certain of its affiliated investment funds
or investment vehicles managed or advised by it for approximately
$1.8 billion.

The Gymboree Corp. and seven affiliates each filed a Chapter 11
voluntary petition (Bankr. E.D. Va. Lead Case No. 17-32986) on
June 11, 2017.  Kirkland & Ellis LLP served as the Company's legal
counsel, AlixPartners LLP was the financial advisor and Lazard
Freres was the investment banker.  Prime Clerk was the claims and
noticing agent.

In September 2017, Gymboree Corp. successfully completed its
financial restructuring and emerged from Chapter 11 as a new
corporation under the name Gymboree Group, Inc.  The Company's
court-confirmed Plan of Reorganization which went into effect
Sept. 29, eliminated more than $900 million of debt from its
balance sheet and claimed to have right-sized the company's store
footprint.


PUERTO RICO: Fitch Maintains C Rating on Sr. Lien Rev. Bonds
------------------------------------------------------------
Fitch Ratings maintains the following Puerto Rico Aqueduct and
Sewer Authority bonds on Rating Watch Negative:

  -- Approximately $3.2 billion in outstanding senior lien revenue
     bonds, series A, B, 2012A and 2012B;

  -- Approximately $285 million in outstanding revenue refunding
     bonds, series 2008A and 2008B (guaranteed by the Commonwealth
     of Puerto Rico).

All bonds are currently rated 'C'.

SECURITY

The series A, B, 2012A and 2012B senior lien revenue bonds are
secured by a gross lien of all authority revenues related to
PRASA's combined water and sewer system, as defined in the amended
master agreement of trust, senior to all other debt or expenses of
PRASA.

The series 2008A and 2008B revenue refunding bonds are payable
from system revenues subordinate to all PRASA obligations except
Commonwealth of Puerto Rico supported obligations and obligations
payable from surplus revenues. The series 2008A and 2008B revenue
refunding bonds are further secured by a guaranty of the
commonwealth. Currently, the commonwealth guaranty provides no
rating enhancement.

KEY RATING DRIVERS

NEGATIVE WATCH MAINTAINED: Maintenance of the Negative Watch
continues to reflect that a restructuring of PRASA's debt appears
imminent. PRASA has been engaged in negotiations with bondholders
to discuss the potential of some form of debt relief. No agreement
has been executed to date, but PRASA intends to continue
negotiations to reach a restructuring.

CASH FLOW CONCERNS INCREASING: PRASA's net cash receipts and
existing funds on hand are insufficient to meet long-term working
capital, debt service, capital improvement program and other
funding requirements per PRASA's revised fiscal plan dated Aug. 1,
2018. While PRASA's cash balances at the end of September 2018
were $535 million, PRASA's baseline projections in the revised
fiscal plan anticipate a $247 million shortfall for fiscal 2019
absent proposed initiatives and a debt restructuring.

AUDIT CONCERNS: PRASA's most recent audited performance (fiscal
year ended June 30, 2016) was extremely weak, although coverage of
all obligations was a minimal 1.07x. Days cash improved slightly
for the year but remained modest at 62 days. PRASA's auditor
(Kevane Grant Thornton LLP) also noted that financial difficulties
experienced by the authority raise substantial doubt about its
ability to continue as a going concern. Audited financials for
fiscals 2017 and 2018 are not available, although unaudited fiscal
2017 results point to more favorable operations.

RATING SENSITIVITIES

ANNOUNCEMENT OF DEBT RESTRUCTURING: Any negotiated restructuring
resolution would be evaluated for its effect on bondholders. A
restructuring that does not result in full and timely payment of
bonds according to the original terms promised would result in a
downgrade for affected securities to 'D' upon execution.


STONEMOR PARTNERS: Grant Thornton Replaces Deloitte as Accountants
------------------------------------------------------------------
The Audit Committee of the Board of Directors of StoneMor GP LLC,
the general partner of StoneMor Partners L.P., has approved the
engagement of Grant Thornton LLP as the Partnership's independent
registered public accounting firm for the fiscal year ending Dec.
31, 2018, effective Nov. 29, 2018.  On the same day, the Committee
dismissed Deloitte & Touche LLP as the Partnership's independent
registered public accounting firm, effective immediately.

The Company said that in the fiscal years ended Dec. 31, 2016 and
2017 and in the subsequent interim period through Nov. 29, 2018,
there were no (a) "disagreements" between the Partnership and
Deloitte on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure.

The audit reports of Deloitte on the Partnership's consolidated
financial statements for each of the two most recent fiscal years
ended Dec. 31, 2016 and 2017 did not contain an adverse opinion or
a disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles, except which
audit report for the fiscal year ended Dec. 31, 2016 included an
explanatory paragraph relating to the restatement of the 2015 and
2014 consolidated financial statements.  The audit reports of
Deloitte on the effectiveness of the Partnership's internal
control over financial reporting as of Dec. 31, 2016 and 2017 were
not qualified or modified as to uncertainty, audit scope or
accounting principles but did express an adverse opinion on the
Partnership's internal control over financial reporting because of
material weaknesses in internal control over financial reporting
as of Dec. 31, 2016 and 2017.  As disclosed in the Partnership's
Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2016
and Annual Report on Form 10-K for the fiscal year ended Dec. 31,
2017, the Partnership and Deloitte each concluded that the
Partnership's internal control over financial reporting was not
effective as of Dec. 31, 2016 and 2017 due to the existence of
material weaknesses in the Partnership's internal control over
financial reporting related to (a) control environment, control
activities and monitoring, (b) establishment and review of certain
accounting policies, (c) reconciliation of certain general ledger
accounts to supporting details, (d) accurate and timely relief of
deferred revenues and corresponding recognition of income
statement impacts and (e) review of financial statement
disclosures.

The Committee did discuss with Deloitte its conclusions regarding
the Partnership's failure to maintain effective internal controls
over financial reporting as of Dec. 31, 2016 and 2017.

StoneMor said that during the fiscal years ended Dec. 31, 2016 and
2017 and the subsequent interim period through Nov. 29, 2018,
neither the Partnership nor anyone on its behalf consulted with
Grant Thornton.

                       About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 91
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn
and mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

Stonemor reported a net loss of $75.15 million on $338.2 million
of total revenues for the year ended Dec. 31, 2017, compared to a
net loss of $30.48 million on $326.2 million of total revenues for
the year ended Dec. 31, 2016.  As of Dec. 31, 2017, Stonemor had
$1.75 billion in total assets, $1.66 billion in total liabilities
and $91.69 million in total partners' capital.

                           *    *    *

As reported by the TCR on July 10, 2018, Moody's Investors Service
downgraded Stonemor Partners L.P.'s Corporate Family rating to
'Caa1' from 'B3'.  The Caa1 CFR reflects Moody's expectation for
breakeven to modestly negative free cash flow (before
distributions), ongoing delays in filing financial statements and
Stonemor's significant reliance on its revolving credit facility
for liquidity in 2018.

In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate
credit rating on StoneMor Partners L.P.  S&P said, "The rating
affirmation reflects our expectation that the company can generate
operating cash flow of approximately $25 million in 2018 to
support operating needs for at least another year."


SEARS HOLDING: Bid Deadline for SHIP Business Set for Dec. 11
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the bidding procedures for the sale of Sears Holdings
Corporation, et al.'s Sears Home Improvement Business.

As reported by the Troubled Company Reporter on Nov. 23, 2018, the
Debtors and Service.com (the "Stalking Horse Bidder") entered into
an asset purchase agreement (the "Stalking Horse Agreement") for
the sale of the SHIP Business, pursuant to which:

   (i) the Stalking Horse Bidder agreed to pay $60,000,000 in
       cash, prior to adjustment of such amount in accordance with

       the terms of the Stalking Horse Agreement (the 'Cash
       Purchase Price'), and to assume certain assumed liabilities

       (together with the Cash Purchase Price, the 'Stalking Horse

       Bid') for the Assets, subject to higher or better offers,
       and Court approval; and

  (ii) the Debtors agreed that, in the event that the Court
       approves the purchase of the SHIP Business by any bidder
       other than the Stalking Horse Bidder, to pay the Stalking
       Horse Bidder and such transaction is consummated, a
       break-up fee in the amount of 1.5% of the Cash Purchase
       Price (the 'Break-Up Fee').

Any person or entity interested in participating in the auction
must submit a qualified bid on or before Dec. 11, 2018, at 4:00
p.m. (prevailing Eastern time).  Objections to the sale, if any,
are due no later than 4:00 p.m. (prevailing Eastern time) on Dec.
11, 2018.

An auction for the assets has been set for Dec. 13, 2018, at 10:00
a.m. (prevailing Eastern Time), and will be conducted at the
offices of:

   Weil, Gotshal & Manges LLP
   767 Fifth Avenue
   New York, New York
   Tel: (212) 310-8000

The Court will hold a sale hearing on Dec. 18, 2018, at 10:00 p.m.
(prevailing Eastern Time), at the U.S. Bankruptcy Court for the
Southern District of New York, 300 Quarropas Street, White Plains,
New York 10601.

                      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 automotiv
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: Lampert's ESL Bids $4.6-Bil. to Save Retailer
-------------------------------------------------------------
Sears Holdings Corp (SHLDQ.PK) Chairman Eddie Lampert's ESL
Partners LP has made an offer valued at $4.6 billion to buy the
iconic U.S. retailer, one of the only options that would prevent
the department store chain from liquidating.

The hedge fund founded by Mr. Lampert said in a regulatory filing
Dec. 5, 2018, that ESL, through a newly formed company, Newco,
will acquire substantially all of the go-forward retail footprint
and other assets and component businesses of Sears.

The offer calls for about 500 Sears stores to remain open.

The proposal is to acquire substantially all of the assets of the
debtors in the Chapter 11 cases pursuant to a sale under Section
363 of the Bankruptcy Code, as well as substantially all of the
assets of non-debtors, KCD IP, LLC, SRC O.P., LLC, SRC Facilities
LLC and SRC Real Estate (TX), LLC.

The $4.6 billion total purchase price is comprised of:

   * up to $950 million in cash,

   * a credit bid of about $1.8 billion,

   * $500 million in Newco notes, cash, and/or waiver or
     assignment of deficiency claims,

   * a rollover of about $271 million in cash collateral from the
     LC Facility, and

   * about $1.1 billion in assumed liabilities like gift cards and
     Sears' Shop Your Way loyalty program.

The proposal expects the company to keep 50,000 of Sears' 68,000
employees.  The severance program in place prior to Sears'
bankruptcy filing will be reinstated, ESL also said.

Lampert's offer itself will not ensure Sears' survival.  ESL needs
support from Sears' creditors and approval from the bankruptcy
court to proceed with the offer.

The Company's unsecured creditors have previously said they would
prefer that Sears liquidate rather than sell to ESL, believing it
is more valuable in pieces than as a company under ESL's
ownership.

A copy of ESL's regulatory filing, including a list of 500 stores
that will remain open, is available at https://is.gd/dWRNys

                      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.



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


* BOND PRICING: For the Week December 3 to December 7, 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 * * *