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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Wednesday, October 18, 2017, Vol. 18, No. 207


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Fisheries Future Bleak Heading Into 2018


A R G E N T I N A

ROMBO COMPANIA: Moody's Assigns B1 Rating to Class 40 Bond Issue
OCEAN RIG: Court Orders Discharge of Joint Liquidators


G U A T E M A L A

CEMENTOS PROGRESO: Fitch Affirms 'BB+' Long-Term IDR


J A M A I C A

LIBERTY GLOBAL: Weighs Financial Impact of Hurricanes


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Resumes St. Maarten Flights
TRINIDAD & TOBAGO: Central Bank Bulletin Reflects Forex Stress
TRINIDAD & TOBAGO: Forex Reserves Now US$8.5 Billion


V E N E Z U E L A

VENEZUELA: Ruling Party Takes Over 17 of 23 States in Elections
VENEZUELA: Opposition Decries Electoral Fraud


                            - - - - -


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


ANTIGUA & BARBUDA: Fisheries Future Bleak Heading Into 2018
-----------------------------------------------------------
The Daily Observer reports that a new report paints a bleak
picture for the fisheries sector which suffered more than
EC$850,000 in material damage from Hurricane Irma.

The Daily Observer secured a copy of the preliminary study
compiled by the Fisheries Division. The publishers were keen on
pointing out that the report was based on damage and was not an
aggregate of losses from the damage.

According to the report, 37 fishing vessels were damaged in
Barbuda as a result of the hurricane passing directly over the
island on September 5, The Daily Observer notes.

"Only 17 vessels managed to escape the storm without damage. The
37 vessels that were damaged accounted for 68.5 percent of the 54
active fishing vessels in Barbuda. Total estimate of the damage
done to the fleet was valued at EC $254,300," the report read,
according to The Daily Observer.

With respect to insurance coverage, only 5.9 percent of the vessel
owners reported that they had vessel insurance; 11.8 percent used
a percentage of their savings to ensure funds were available to
cover unforeseen events such as damage caused by a hurricane, the
report found, The Daily Observer says.

According to the report, high premiums; inadequate coverage, such
as the maritime limits of the policy; not covering the extent of
fishing operations; and the type of coverage were cited as the
main reasons for fisher folks opting for the savings route, The
Daily Observer discloses.

The report found that no vessel was reported damaged in Antigua
following that storm, but one fishing vessel, valued at
EC$20,000, in Willoughby Bay, was destroyed by strong swells
associated with the passage of Hurricane Maria on September 18 -
19, The Daily Observer relays.

Meanwhile, some 2,177 fish traps were reportedly lost following
the passage of Hurricane Irma, the report said, while noting some
of that may be attributed to hurricanes Maria or Jose, The Daily
Observer notes.

"Replacement cost of lost traps, up to September 30, 2017, was
valued at EC$387,240 and accounted for 44.4 percent of the
estimated 4,899 traps in operation prior to the passage of
Hurricane Irma," The Daily Observer relays.

Some 17 gillnets, valued at EC $34,000, were also reported
damaged, The Daily Observer notes.

The government, stated that two 40-foot containers of fishing gear
will be given to Barbudans shortly, The Daily Observer adds.



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


ROMBO COMPANIA: Moody's Assigns B1 Rating to Class 40 Bond Issue
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
has assigned a B1 global local currency senior debt rating and
Aa2.ar national scale local currency debt rating to Rombo Compania
Financiera's Class 40 bond issuance, due in 36 months, for up to
of ARS 500 million.

The global ratings have a positive outlook in line with the
positive outlook on Argentina's B3 Government Bond Rating, while
the national scale ratings have stable outlook.

The following ratings were assigned to Rombo Compania Financiera
S.A.'s expected issuances:

Class 40 up to ARS 500 million:

B1 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

Rombo's global scale rating (GSR) is constrained by Argentina's
operating environment, which remains challenging despite various
market-friendly policy reforms implemented by the administration
that are expected to result in a return to economic growth and a
continued decline in inflation this year. The environmental have
driven a deterioration in Rombo's financial fundamentals. However,
the ratings benefit from Moody's assessment of a moderate
probability that Rombo will receive financial support from its
main parent, RCI Banque (Baa1, stable) in case of stress. Rombo,
which is 60% owned by RCI Banque and 40% by BBVA Banco FrancÇs
(unrated) and together with RCI Banque form the principal
financial arm of its ultimate owner, Renault S.A. (Baa3, stable)
in Argentina, is responsible for nearly 50% of Renault's financed
sales in the country. Consequently, the company is one of the
stronger credits in Argentina, as reflected by its Aa2.ar national
scale rating (NSR).

The rating also considers Rombo's monoline business model
dedicated to the financing of Renault vehicles. The company's lack
of revenue diversification can result in high earnings volatility,
as seen in the last 15 months -- when the company's net income to
tangible assets declined to 0.7% on an annualized basis in the six
months ending June 2017, versus 2.2% in calendar year 2016, due to
related sharp increase in commissions related to loan origination
in turn driven by aggressive loan growth of around 30% in this
period. However, Moody's expects profitability to rebound next
year as the implementation of IFRS in Argentina will permit the
company to amortize these costs over the lift of the associated
loans, rather than booking them upfront as is now required.
Lending growth also hurt the entity's capitalization, reflected in
a decline in tangible common equity to 10.5% of average tangible
managed assets in mid-2017 from 13.3% at the end of 2016. The
ratings also consider risks associated with a liability structure
mainly reliant on market funds, as is the case of other automobile
finance companies.

These credit challenges are offset by Rombo's strong asset risk
profile, evidenced in a relatively stable 1.1% non-performing loan
ratio in June 2017, which reflects the company's focus on middle
and high-income individuals, the highly collateralized lending
portfolio, and risk management practices aligned to those of its
parent companies.

While the country's operating environment remains challenging, the
positive outlook on Rombo's GSR reflects the expected impact of
market-friendly policy reforms implemented in by the new
administration, which are expected to result in a return to
economic growth and a continued decline in inflation this year. In
turn, this will create new business opportunities for Rombo that
should help ease its transition into a more competitive, market-
driven operating environment.

Notwithstanding the positive outlook on the global scale ratings,
the outlook on the national scale ratings remains stable to
reflect the likelihood that the correspondence between Argentine
national scale and global scale ratings will be recalibrated if
and when the sovereign is upgraded such that most global scale
ratings will correspond to lower Argentine national scale ratings
than is currently the case. Consequently, even if the global scale
ratings are upgraded, the national scale ratings are not likely to
be affected. Rombo's Aa2.ar NSR is the middle of three national
scale ratings corresponding to its B1 GSR.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of the Argentine sovereign would put upward pressure on
the company's GSR, provided the company continues to demonstrate
sound operating performance. Conversely, a downgrade of the
Argentine sovereign could put downward pressure on the bank's GSR,
but this is unlikely at this time given Argentina's positive
outlook. Both the GSR and the national scale rating could face
upward or downward pressure if the rating of Renault, S.A. were to
be upgraded or downgraded. The ratings could also face downward
pressure if Rombo's profitability does not recover from current
weakened levels and capital continues to decline.

The principal methodology used in these ratings was Finance
Companies published in December 2016.


OCEAN RIG: Court Orders Discharge of Joint Liquidators
------------------------------------------------------
Ocean Rig UDW Inc., an international contractor of offshore
deepwater drilling services, on Oct. 9, 2017, disclosed that the
Grand Court of the Cayman Islands (the "Cayman Court") has issued
an order discharging Simon Appell of AlixPartners Services UK LLP
and Eleanor Fisher of Kalo (Cayman) Ltd. (formerly AlixPartners
(Cayman) Limited) as joint provisional liquidators of the Company
and its subsidiaries, Drill Rigs Holdings Inc. ("DRH"), Drillships
Financing Holding Inc. ("DFH"), and Drillships Ocean Ventures Inc.
("DOV," and together with UDW, DRH and DFH, the "Scheme
Companies"), effective as of October 18, 2017 (the "JPL Discharge
Order").

The JPL Discharge Order also appoints Iraklis Sbarounis, Vice
President and Secretary of UDW, as successor to the JPLs for
purposes of acting as the authorized foreign representative of the
Scheme Companies in their Chapter 15 proceedings and in connection
with the enforcement, defense, amendment or modification of any
order issued therein.

As previously announced by the Company, the schemes of arrangement
proposed by the Scheme Companies (the "Schemes") became fully
effective on September 22, 2017.  As a result of the Schemes, the
Ocean Rig Group has been substantially deleveraged through an
exchange of approximately $3.7 billion principal amount of debt
for (i) new equity of the Company, (ii) approximately $288 million
of cash, and (iii) $450 million of new secured debt.  The Schemes
affected only financial indebtedness. Operations continue
unaffected.  Trade creditors and vendors will continue to be paid
in the ordinary course of business and are not affected by any of
the Schemes.

George Economou, Chairman and CEO commented: "On behalf of the
Ocean Rig Group, I extend my sincere appreciation to Simon and
Eleanor for their dedication and guidance through this complex
restructuring process."

                         Further Information

A copy of the Explanatory Statement, which contains the Schemes,
and other relevant documentation is available through the website
of Prime Clerk LLC, the Scheme Companies' Information Agent at
https://cases.primeclerk.com/oceanrig.

                          About Ocean Rig

Nicosia, Cyprus-based Ocean Rig UDW Inc. (NASDAQ: ORIG) --
http://www.ocean-rig.com/-- is an international offshore drilling
contractor providing oilfield services for offshore oil and gas
exploration, development and production drilling, and specializing
in the ultra-deepwater and harsh-environment segment of the
offshore drilling industry.

On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up
petitions with the Cayman Court and issued summonses for the
appointment of joint provisional liquidators for the purpose of
the Restructuring.  By orders of the Cayman Court dated March 27,
2017, Simon Appell and Eleanor Fisher were appointed as the JPLs
and duly authorized foreign representatives, and the Cayman

Provisional Liquidation Proceedings were commenced.

Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities, as the joint provisional liquidators and authorized
foreign representatives, filed for Chapter 15 protection for Ocean
Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-10736) on
March 27, 2017, to seek recognition of the Cayman proceedings.

The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero
D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New
York.

                          *     *     *

On Sept. 15, 2017, the Grand Court of the Cayman Islands
sanctioned the schemes of arrangements of the Company and its
subsidiaries, Drill Rigs Holdings Inc. ("DRH"), Drillships
Financing Holding Inc. ("DFH"), and Drillships Ocean Ventures
Inc., ("DOV," and together with UDW, DRH and DFH, the "Scheme
Companies").  The terms of the restructuring have therefore been
approved by the Cayman Court.



=================
G U A T E M A L A
=================


CEMENTOS PROGRESO: Fitch Affirms 'BB+' Long-Term IDR
----------------------------------------------------
Fitch Ratings has affirmed Cementos Progreso, S.A.'s (Cempro)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
and senior unsecured notes due in 2023 at 'BB+'. The Rating
Outlook on the Foreign Currency IDR is Stable, while the Rating
Outlook on the Local Currency IDR has been revised to Positive
from Stable.

Cempro's Foreign Currency IDR and Rating Outlook are constrained
by Guatemala's 'BB+' country ceiling. The Outlook revision on the
company's Local Currency IDR reflects stronger than anticipated
EBITDA generation during the construction period of its San
Gabriel plant, which has allowed Cempro to fund this expansion
with minimal incremental debt since 2013 when the company issued
the 2023 notes. This plant, which is expected to begin cement
shipments by mid-2018, will reduce Cempro's cement transportation
costs and increase barriers to entry.

Fitch estimates that Cempro's net leverage will approach 1.5x in
2019, which compares to 2.2x as of second-quarter 2017. Timely
start-up of the San Gabriel plant coupled with the materialization
of expectations of gross leverage below 2x, would likely result in
an upgrade of Cempro's Local Currency IDR to 'BBB-'. Given the
lack of material exports, operations abroad and/or committed lines
of credit, Cempro's Foreign Currency IDR and 2023 notes would not
be upgraded to 'BBB-' if the Local Currency IDR was upgraded.

KEY RATING DRIVERS

Dominant Market Position: Cempro's market share, as measured by
volumes, has remained stable since 2007 at about 83%. The
company's solid market position is supported by its retail network
of independent distributors that allows the company to serve a
highly fragmented consumer base. Barriers to entry are high in
Guatemala, as Cempro maintains an exclusive relationship with
about 80% of these distributors. About 80% of the cement sold by
the company is sold in bags, which gives the company a relatively
strong position from a pricing perspective.

Strategic Focus Supports Profitability: The company's strategic
focus on operational efficiency has helped it maintain some of the
highest EBITDA margins among public peers. Profitability should
remain robust in the intermediate term despite rising fuel and
energy costs, mainly due to the start up of Cempro's San Gabriel
cement plant. This plant is located on the opposite side of
Guatemala City from the company's existing plant. By having plants
on both sides of the city, the company should be able to reduce
its transportation costs significantly, which further improves its
competitiveness in the market.

New Capacity Entrenches Position: San Gabriel will increase
Cempro's cement capacity by 2.2 million metric tonnes (MTs), or
70% of its existing capacity. This new capacity should serve as a
deterrent for potential new entrants. Cempro expects to maintain
operating rates at around 80% by mothballing two production lines
representing about 1.5 MTs of existing cement capacity. This
capacity could be restarted to meet incremental or unexpected
demand.

Solid FCF Expected: Cempro's total capex, excluding capitalized
interest, should decline significantly in 2018 as the company
completes its USD890 million multiyear investment plan for the
construction of the San Gabriel plant. Fitch estimates that modest
expansion capex, and dividends averaging USD80 million per year
will result in recurring positive FCF of about USD70 million per
year in 2019 and beyond. Robust positive FCF should support net
debt deleveraging over the next two to three years. Fitch expects
Cempro's EBITDA to strengthen to about USD260 million in 2017 and
USD 270 million in 2018 from the USD250 million generated during
the LTM ended June 30, 2017.

Country Constraints: Cempro's performance is dependent upon
continued stability and economic development in Guatemala, where
the company derives almost all of its revenues. Fitch expects
cement demand to maintain annual growth rates in the 3% to 4%
range, in line with projected GDP growth. Growth expectations are
supported by an increasing population, high expected urbanization
rates and strengthening worker remittances. Infrastructure
investment from public and private partnerships has been mostly
stranded, but any traction should result in incremental demand for
cement.

DERIVATION SUMMARY

Cempro has an extremely solid profile due to its 82% market share
in Guatemala, position as a low cost producer as a result of its
integration into high quality limestone mines and modern
production plant, and excess capacity that allows it to grow with
the market without additional expenditures. The company is the
clear price leader in its market. Combined, these factors make
imports unattractive and act to discourage other competitors from
entering the market with material investments. These factors
reduce the comparability of Cempro to other cement companies rated
by Fitch. One of the closest comparisons is Cementos Pacasmayo
(rated 'BBB-'). However, this company has limitations, as it only
dominates one region of Peru, the Northern Region. Cempro's
ratings are lower than those of Pacasmayo because Fitch considers
Guatemala to be a risker market to operate in than Peru. Fitch
also believes that Pacasmayo will maintain a stronger capital
structure with its leverage projected to gravitate toward 1.5x or
less. This compares with Fitch's expectation that Cempro's net
leverage should fall from 2.2x to 1.7x in the next two years.

Cempro's capital structure is projected to be slightly stronger
than that maintained by investment grade cement companies such as
CRH ( rated 'BBB'), Lafarge Holcim (rated 'BBB') and Heidelberg
(rated 'BBB-') during the next two to three years. The lack of
geographic diversification of Cempro relative to these companies,
as well as its production in a higher risk market, has resulted in
its rating being constrained at 'BB+'.

Cemex (rated 'BB-') and InterCement (rated 'B+') have lower
ratings than Cempro because their credit protection measures are
projected to be materially worse than Cempro's during the next
couple of years. Both of these companies have strong businesses in
several markets. Votorantim Cimentos (rated 'BBB-'), which is a
much larger cement producer with a dominant position in Brazil and
operations throughout the world, is not a direct peer, as its
rating is tied to that of the Votorantim Group, which includes
mining, pulp and financial services subsidiaries.

KEY ASSUMPTIONS

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

-- Cement volumes grow mid-to-low single digits in 2018 and
    beyond;

-- Costs remain relatively stable during 2017-2019 as higher fuel
    and energy costs are somewhat offset by distribution and other
    cost efficiencies of the new plant;

-- FCF remains negative in 2017, mostly due to expansion capex,
    before turning positive in 2018;

-- The Guatemalan Quetzal remains relatively stable for the next
    three years.

RATING SENSITIVITIES

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

-- Cempro's foreign-currency ratings would be capped at
    Guatemala's country ceiling, limiting positive rating actions.
    Timely start-up of San Gabriel coupled with the
    materialization of expectations of gross leverage below 2x,
    would likely result in an upgrade of Cempro's Local Currency
    IDR to 'BBB-'.

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

- Factors that could lead to a negative rating action include a
   significant deterioration in Guatemala's macroeconomic and
   business environment; increasing competition from Cemex S.A.B.
   de C.V.; operational efficiency loss resulting in EBITDA margin
   deterioration; or sustained leverage levels above 3.5x on a
   gross basis or 3x on a net basis.

LIQUIDITY

Cempro expects to complete its investment plan with a combination
of cash flow and debt. Cempro's funds from operations (FFO) was
USD170 million as of LTM ended second-quarter 2017 and, as part of
its financing strategy, the company maintains local currency
undrawn uncommitted loan agreements for approximately USD72
million with local banks. These loans rank equal in right of
payment with Cempro's existing unsecured debt and amortize in 10
years, with the first amortizations in 2019.

Cempro's liquidity is comfortable. This is due to the company's
ability to generate cash flow from operations (CFFO), its low
leverage, available cash balance and good access to local bank
lending, which should allow it to fund projected negative FCF of
USD50 million in 2017 and modest upcoming debt maturities. The
company's total debt was USD585 million as of second-quarter 2017,
and it mainly consisted of amortizing bank debt and Cempro's 2023
notes. The ability to reduce dividends provides additional
financial flexibility.



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


LIBERTY GLOBAL: Weighs Financial Impact of Hurricanes
-----------------------------------------------------
RJR News reports that Liberty Global, the parent company of Cable
and Wireless, said it expects to receive insurance proceeds to
cover the losses to operations in the Caribbean following the
passage of Hurricanes Irma and Maria.

The company however said given the uncertainties linked to the
recovery, it's reviewing its previously-issued 2017 financial
guidance for its Liberty Latin America and Caribbean (LiLAC)
division, and plans to provide an update next month, according to
RJR News.

Liberty Global noted that more than half the mobile sites of Cable
& Wireless operations were affected in Anguilla, Antigua &
Barbuda, British Virgin Islands, Dominica, Montserrat, St. Kitts &
Nevis, and Turks & Caicos, but are now online and that the company
is making progress with further repairs, the report notes.

The areas hit hardest by the storms -- Anguilla, BVI, Turks &
Caicos and Dominica -- represent about 4 percent of Cable and
Wireless' revenues, the report relays.

The company is still assessing the impact that the hurricanes had
on its Liberty Cablevision Puerto Rico operation, the report
notes.

Liberty Global said that at this stage, it can't provide
assurances to the total amount and timing of the insurance
proceeds that its operations will ultimately recover, the report
adds.



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


CARIBBEAN AIRLINES: Resumes St. Maarten Flights
-----------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited resumed
scheduled service to St Maarten, following the re-opening of the
Princess Juliana International Airport.

The famous airport was closed after it suffered severe damage
during the passage of Hurricane Irma last month, according to
Trinidad Express.

Every Wednesday and Saturday, CAL operates BW 456 and BW 457 in
and out of St Maarten from its hubs in Piarco and Kingston,
Jamaica, the report notes.

The airline has advised customers that St Maarten Immigration has
implemented strict protocols regarding entry into the island, the
report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


TRINIDAD & TOBAGO: Central Bank Bulletin Reflects Forex Stress
--------------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that the
ongoing difficulty the public and businesses face in obtaining
forex exchange; most often US dollars, is reflected in the
September 2017 edition of the Central Bank of Trinidad and
Tobago's (CBTT) Economic Bulletin.

"Conditions in the foreign exchange market remained tight in the
first eight months of 2017.  Purchases of foreign exchange from
the public by authorized dealers declined by 24.5 percent to US
$2.2 billion while sales of foreign exchange to the public fell by
9.0 percent to US $3.4 billion between January and August 2017,
when compared with the same period in 2016," CBTT said, according
to Trinidad and Tobago Newsday.

The CBTT added that over the first eight months of 2017,
authorized dealers' purchases from the energy sector; above US
$20,000, reached US $1,286.2 million, the report notes.

This was 25.4 percent below the corresponding period in 2016.

Reports by dealers on foreign exchange sales in excess of US
$20,000 show that the retail and distribution sector accounted for
the largest share; 31.6 percent, followed by the settlement of
credit cards; 27.8 percent, and sales to manufacturers; 11.4
percent, the report relays.

"Additionally, sales to automobile companies amounted to 7.6
percent of total sales of foreign exchange," CBTT said, the report
relays.

Meanwhile, the Central Bank sold a total of US $1,275.0 million to
authorized dealers in the first eight months of 2017 compared with
US $1,047.0 million in the corresponding period of 2016," CBTT
said, the report discloses.  Looking at public sector debt, the
CBTT said Central Government domestic debt increased in the nine
months to June 2017 despite a fall-off in sterilized debt and
contingent liabilities, CBTT said, the report notes.

"The Central Government borrowed roughly $5.7 billion on the
domestic market for budgetary support," the report adds.

In particular, in the nine months to June 2017, five bonds were
issued under the Development Loans Act." The CBTT noted that "the
rise in domestic debt by 14.7 percent to $41.2 billion; excluding
sterilised securities, was partially offset by principal
repayments on existing debt which amounted to $1.2 billion over
the three quarters to June 2017, the report relays.

This includes a $476.1 million repayment of CLICO zero-coupon
bonds which matured in October 2016," the report adds.


TRINIDAD & TOBAGO: Forex Reserves Now US$8.5 Billion
----------------------------------------------------
Trinidad Express reports that Trinidad and Tobago foreign reserves
declined to US$8.5 billion at the end of September, comprising
less than ten months of import cover.

At US$8.5 billion, the country's foreign reserves are at their
lowest level since May 2008, according to the Central Bank's data
center, according to Trinidad Express.

Between September 2016 and September 2017, T&T's declined by 15
per cent or by US$1.5 billion to US$8.54 billion from US$10
billion, the report notes.



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


VENEZUELA: Ruling Party Takes Over 17 of 23 States in Elections
---------------------------------------------------------------
EFE News, citing the official results announced by the National
Electoral Council (CNE), reports that the ruling United Socialist
Party of Venezuela (PSUV) won 17 of the country's 23 states in the
nationwide gubernatorial elections.

According to the CNE, the candidates from the opposition won in
five states, while the result from the last remaining region,
Bolivar State, has not yet been made public and is being
processed, the report notes.

In addition to the western state of Lara and the southern
Amazonas, the PSUV managed to snatch the northern-central state of
Miranda, the opposition's bastion governed by the two-time
presidential candidate Henrique Capriles, according to EFE News.

With 95.8 percent of the votes counted and 61.14 percent of voter
turnout, CNE president Tibisay Lucena said that the results were
"irreversible," the report relays.

The PSUV won in the states of Apure, Aragua, Barinas, Carabobo,
Cojedes, Delta Amacuro, Falcon, Guarico, Monagas, Portuguesa,
Sucre, Trujillo, Vargas, Yaracuy, the report notes.

The opposition saw its triumph in the states of Anzoategui,
Merida, Nueva Esparta, Tachira and Zulia, the report says.

Shortly before the CNE's official result announcement, the
coalition of opposition parties Democratic Unity Roundtable (MUD)
had claimed that the figures obtained by its campaign staff were
"very different" from the ones that the CNE was going to make
public, the report relays.

In the elections, Venezuela's ruling party and the opposition vied
for the country's 23 governorates, 20 of which had been in the
hands of the ruling party in the last four years, the report
notes.

In December 2015, the opposition had won a resounding victory by
defeating the ruling party in the legislative elections and
obtaining 112 seats out of 167 in Congress, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2017, S&P Global Ratings suspended its 'CCC-' local
currency issue ratings on four of the Bolivarian Republic of
Venezuela's local currency-denominated debt issues. S&P said, "At
the same time, S&P affirmed our 'CCC-' long-term foreign and local
currency sovereign issuer credit ratings. The outlook on the long-
term ratings is negative. In addition, we affirmed our 'C' short-
term foreign and local currency sovereign issuer credit ratings.
The transfer and convertibility assessment remains 'CCC-'."


VENEZUELA: Opposition Decries Electoral Fraud
---------------------------------------------
EFE News reports that the Venezuelan opposition insisted that the
gubernatorial elections held were fraudulent and called on the
international community to exert more pressure against the Nicolas
Maduro government.

"The regime took the path of fraud, violence, irregularity,
manipulation, opportunism, corruption, cheating, extortion,
coercion and blackmail to distort and ignore the will of our
people," a statement from the opposition coalition Democratic
Unity Roundtable (MUD) read, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2017, S&P Global Ratings suspended its 'CCC-' local
currency issue ratings on four of the Bolivarian Republic of
Venezuela's local currency-denominated debt issues. S&P said, "At
the same time, S&P affirmed our 'CCC-' long-term foreign and local
currency sovereign issuer credit ratings. The outlook on the long-
term ratings is negative. In addition, we affirmed our 'C' short-
term foreign and local currency sovereign issuer credit ratings.
The transfer and convertibility assessment remains 'CCC-'."


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Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


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

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

Copyright 2017.  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 or Joseph Cardillo at
856-381-8268.


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