---

        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

               Thursday, October 26, 2017, Vol. 18, No. 213


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: Fitch Assigns 'B' Long-Term IDR; Outlook Stable
COMPANIA GENERAL: Fitch Affirms B IDR; Alters Outlook to Negative
METROGAS SA: Moody's Affirms B3 CFR, Outlook to Positive


B R A Z I L

BANCO DO BRASIL: Fitch Rates US$1BB Senior Unsecured Notes BB
JBS SA: Resumed Operations at 7 Plants in Brazil
MRS LOGISTICA: Fitch Affirms BB+ LT FC IDR; Outlook Negative
REDE D'OR SAO: Fitch Affirms 'BB+' FC Long-Term IDR
TRANSMISSORA ALIANCA: Moody's Affirms Ba2 Global Scale Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Must Adopt an Export Culture, ADOEXPO Says
DOMINICAN REPUBLIC: Release of Bank Reserve Buoys Big Business


E L  S A L V A D O R

SALVADORENO DPR: Fitch Hikes Ratings on Series 2015 Loans to BB
TITULARIZADORA DE DPRS: Fitch Ups Rating on $100MM Loan to BB-


J A M A I C A

JAMAICA: Inflation for 2017/2018 to Fall to 4-6%, BOJ Says
JAMAICA: IMF Urges Government to Divest Underused Assets


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Under Pressure to Finance 2018 Budget


                            - - - - -



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


BANCO HIPOTECARIO: Fitch Assigns 'B' Long-Term IDR; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to Banco Hipotecario
S.A.'s (Hipotecario) Foreign and Local Currency Long-Term Issuer
Default Ratings (IDR) and a 'b' to its Viability Rating (VR). The
Rating Outlook is Stable.

Fitch has also assigned an expected Long-Term rating of
'B(EXP)emr/RR4' to Hipotecario's proposed medium-term ARS-
denominated senior unsecured notes for an amount up to the local
currency equivalent of USD400 million. The proceeds of the
issuance will be used as working capital, to grow the loan
portfolio and to refinance existing liabilities. The size,
maturity and interest rate of the offering are not yet defined.
The final rating is contingent upon the receipt of final documents
conforming to information already received. A full list of rating
actions is at the end of this release.

KEY RATING DRIVERS

IDRS AND VR

Hipotecario's capitalization highly influences the bank's ratings.
The bank continues to report adequate capital indicators despite a
steady decline in recent years in light of elevated asset growth.
As of June 30, 2017, the bank's ratio of Fitch core capital to
risk-weighted assets was 11.91% (compared to 12.03% at fiscal
year-end 2016). Hipotecario's capital benefits from a track record
of moderate dividend payments. The bank's new strategy places a
higher priority on profitability over growth, which Fitch views as
positive for capitalization over the medium term.

Banco Hipotecario's VR and IDRs are influenced by the still weak
economic and operating environment. In Fitch's view, recent
structural improvements to Argentina's policy framework could
benefit the bank's performance in the medium term. The ratings
also consider the bank's stable asset quality, adequate
profitability, funding and liquidity profile.

Deposit funding represented 42.9% of total funding at June 2017,
an increase over prior periods but still below the system average.
Deposits are split primarily into term deposits (69%) and demand
deposits (30%) and exhibit levels of concentration above its local
peers. At June 2017, the top 20 depositors represented
approximately 36% of total customer deposits. Local issuances
represent a significant portion of funding, making up 41.7% of the
total. As a result, the bank's ratio of loans to customer deposits
is relatively high at 204%. The bank's strategy prioritizes
deposit growth over the medium term. At June 2017, Banco
Hipotecario reported a liquidity coverage ratio (LCR) of 144%.
Cash and equivalents plus central bank securities represented
35.4% of total deposits.

The bank has a moderate risk appetite, with a track record of
leadership in mortgage lending and a large retail client base
focused on the needs of middle income consumers. Its new strategy
seeks to grow its commercial and small- and medium-enterprise loan
portfolio while improving cross sales. Profitability is supported
by strong fee income (notably derived from its credit card
activities), accounting for 31.4% of net operating revenues and
covering approximately 80.5% of non-interest expenses as of June
2017. Growth in non-interest income has outpaced growth in non-
interest expense due to inflation-induced nominal loan growth, a
trend which may not be sustainable as inflation declines.

The bank's loan quality ratios are modestly inferior to the
financial system average. Non-performing loans reached 3.0% of
gross loans at mid-year 2017 compared to 2.8% at year-end 2016.
Reserve coverage (at 83% at June 2017) is expected to reach 100%
by year-end 2017. As is the case with the banking system as a
whole, asset quality has benefitted from high nominal loan growth.

Hipotecario has a mid-sized franchise, with a market share of
1.7%, 2.1% and 1.0% by assets, loans and deposits, respectively as
of June 2017. The bank operates domestically through a nationwide
network of 65 branches in all 23 provinces, 240 ATMs and 15
additional points of service across Argentina. Hipotecario's
principal shareholders are the Argentine government and IRSA
Inversiones y Representaciones Sociedad Anonima, a leading real
estate company in Argentina. Notwithstanding the government's
43.3% ownership, it has only 22.9% of voting rights. The bank's
management and strategy are set independently of government
policy.

SENIOR DEBT

The 'B(EXP)emr/RR4' rating on Hipotecario's upcoming medium term
notes reflects that these are senior unsecured obligations ranking
pari passu with other senior unsecured indebtedness, and
therefore, aligned with the bank's Foreign Currency (FC) IDR of
'B'.

The notes are denominated in ARS but settled in USD at the
prevailing exchange rate. The subscript 'emr' was added to the
rating of the local currency-linked issuance to reflect the
embedded market risk to noteholders of exchange rate fluctuations
between ARS and USD. In addition, Fitch considers the bank's FC
IDR as the appropriate anchor for this issue rating given the
transfer and convertibility risk associated with settlement in
foreign currency notwithstanding that the issuer will not incur
material currency risk. The notes' recovery rating of 'RR4'
reflects the average expected recovery in case of bank
liquidation.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Banco
Hipotecario cannot be relied upon given the sovereign's track
record.

RATING SENSITIVITIES

IDRS, VR AND SENIOR DEBT

Hipotecario's ratings could be negatively affected by a sustained
decline in liquidity or capital due to deterioration in financial
performance or asset quality. Greater diversification of the
bank's funding mix could be positive for Hipotecario's ratings in
the context of Hipotecario's current financial profile.

The expected rating on Hipotecario's upcoming senior unsecured
notes is sensitive to a change in the bank's FC IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in Hipotecario's SRs and SRFs are unlikely in the
foreseeable future.

Fitch has assigned the following ratings to Banco Hipotecario
S.A.:

-- Long-Term Foreign and Local Currency IDRs 'B'; Outlook Stable;

-- Short-Term Foreign and Local Currency IDRs 'B';

-- Viability Rating 'b';

-- Support Rating '5';

-- Support Rating Floor 'NF';

-- Expected Long-Term Rating on senior unsecured ARS-denominated
    notes 'B(EXP)emr/RR4'.


COMPANIA GENERAL: Fitch Affirms B IDR; Alters Outlook to Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of Compania General de
Combustibles S.A. (CGC) at 'B'. The Outlook has been revised to
Negative from Stable.

The Negative Outlook reflects the company's weakening operating
performance in the first half of this year linked to higher
operating expenses and lower than initially expected production
volumes. As a result, the company's cash flow generation
deteriorated and leverage increased beyond Fitch's initial
expectations. The recent lower than expected financial performance
does not set back the company's previously anticipated investment
plans to grow production. The company's liquidity position remains
constrained due to its performance in 1H17, but its liquidity
position is sufficient to meet interest expenses and implement the
remainder of its 2017 capex plan.

CGC reported an EBITDA for the last twelve months (LTM) ended June
2017 of USD44 million, a decrease of 48% versus year-end (YE) 2016
and lower than Fitch anticipated USD100 million-USD125 million
range for 2017. The lower EBITDA translated into a leverage
increase to 8.5x from 5.0x at YE2016. Fitch recognizes the company
is in the midst of executing a capex plan aimed at increasing
production and third quarter 2017 (3Q17) production figures should
reflect its ability to execute on its plan reversing the negative
trend seen in 1H17. Fitch expects the company will be able to
sustain most recent production levels and continue with its plan.

CGC's 'B' rating and Negative Outlook reflects the company's small
production size, its asset concentration, and an aggressive capex
plan that Fitch expects to continue to result in weaker liquidity
through the medium term. CGC benefits indirectly somewhat from its
majority owner, Corporacion America, a large Argentine
infrastructure holding company, as the controlling shareholder
with a 70% stake and the company's ratings considers the
possibility of support. The company's has alternative liquidity
sources to help fund capex that could result from the monetization
of its mid-stream assets. On April 17, 2017, the company announced
its intention to search for potential purchasers for its stake in
natural gas transportation assets in Argentina. If the company
decides not to monetize its assets, the expected dividend proceeds
received from the company's midstream assets (TGN & Gas Andes)
help improve its liquidity.

KEY RATING DRIVERS

Small Production Profile: CGC's ratings reflect its small and
concentrated production profile. Although the company has
exploration and production interest in 40 concessions in
Argentina, its asset base is concentrated, as approximately 96% of
the company's proved (1P) reserves, and approximately 95% of the
production are in the Austral Basin. This limited diversification
exposes the company to operational macroeconomic risks associated
with small-scale oil and gas production. Fitch expects the
company's production to remain between 22,000-29,000 boe per day
(boe/d) through 2021.

Low Hydrocarbon Reserves: Fitch believes CGC's relatively low
reserve life of 6.6 years limits its flexibility to reduce capex
investments. As of YE2016, CGC reported 1P reserves of 52.2
million boe, with 78% related to natural gas. The company extended
its concessions in the Santa Cruz I and Santa Cruz II areas to
2027, which is expected to improve the company's reserve life to
be in-line with the median for Fitch-rated speculative-grade
peers.

Negative FCF through Forecast: Fitch expects CGC to run sizeable
negative FCF through 2017-2021 limiting the companies capex needs
for increasing production. Fitch's forecast anticipates that the
company will fund additional near-term cash flow deficits with its
cash balance and the proceeds of its sale of its midstream assets.

High Leverage to Reduce Slowly: CGC's leverage remains high and is
expected to decline gradually. Fitch expects FCF to remain
pressured by high financial expenses, as total debt is not
projected to significantly decline. In 2016, total debt
debt/adjusted EBITDA was 5.0x. As of YE2016, CGC's debt/1P
reserves were moderately high at USD7.54 per boe. CGC's EBITDA
generation is expected to be constrained until it is able to boost
overall production. Fitch expects EBITDA generation for 2017-2020
to between USD80 million-USD125 million when using Fitch's base
case oil & gas price deck.

Favorable Domestic Prices: Domestic prices for hydrocarbons in
Argentina benefit from a more favorable environment, especially
for natural gas. Despite the sharp global decline in oil prices,
the price of domestic light oil in Argentina remained above
international prices. Additionally, under the government's natural
gas incentive program, CGC could receive USD4.00-USD 7.5 per
million BTU if the company increases production of tight gas.

DERIVATION SUMMARY

CGC is a small oil & gas producer with a sizable land position in
the Austral Basin in Argentina, which represents 96% of the
company's net production and reserves. Production is expected to
stay between 22,000-29,000 boe/d, which is comparable to its 'B'
rated peers Geopark Limited (22,346 boe/d), Resolute Energy
(24,350 boe/d) and Jones Energy (19,200 boe/d). Also, CGC has a
comparable reserve life of 6.6 years compared to Resolute Energy
(6.7 years), but less than Geopark Limited (9.6 years), Jones
Energy (15.0 years) and Extraction Oil & Gas (26.1 years).

CGC credit metrics are expected to remain within tolerances of the
'B' category median with some deleveraging ability assuming no
additional leverage incurred to finance capex. Argentine energy
companies such as YPF (B/Stable), Pampa Energia (B/Stable) and Pan
American Energy (B+/Stable) are less leveraged with larger
production profiles, but are rated within the 'B' category because
they are constrained by the Argentine country ceiling of 'B'.
CGC's business profile and leverage levels are in line with 'B'
rated Oil & Gas companies such as Geopark Limited (5.4x),
Extraction Oil & Gas (3.8x), Resolute Energy (3.7x), Jones Energy
(4.1x) and Kosmos Energy (5.6x).

KEY ASSUMPTIONS

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

-- Oil & gas production to remain between 22,000-29,000 boe/d
    over the next five years;

-- Oil prices straight-lining over next five years to Fitch Price
    Deck assumption of long-term price of USD55/bbl;

-- Average realized gas prices remain flat with incremental
    increase as production from tight gas wells increases and
    qualify for gas plan;

-- Overall, EBITDA growing to USD125 million level in the next
    three years;

-- Leverage levels remaining flat with some deleveraging ability;

-- High capex spending aimed to increase gas production in the
    Austral Basin;

-- Recovery analysis assuming that CGC would be considered a
    going-concern in bankruptcy and that the company would be
    reorganized rather than liquidated.

-- CGC's going-concern EBITDA estimate would be based on 2016
    capex and interest expense and reflects Fitch's view of a
    sustainable, post-reorganization EBITDA level.

-- Applying an EV multiple of 5.0x, which is the 10-year
    historical take-out multiple applied to energy companies in
    the region.

RATING SENSITIVITIES

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

-- An increase in and sustainable production profile of 35,000
    boe/d or more and overall increase in reserves coupled with
    maintaining total debt/EBITDA of 4.5x or less could result in
    a positive rating action for CGC.

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

-- A significant deterioration of credit metrics to total
    debt/EBITDA of 5.5x or more. Sustained declines in hydrocarbon
    reserves/production levels to less than 20,000 boe/d.

LIQUIDITY

Total cash and equivalents amounted to approximately USD75 million
as of June 30, 2017. The company's cash flow generation has been
less than initially projected as of the end of 2Q17 due to a
slight decrease in overall production and an increase in cost of
goods sold. Considering CGC's aggressive capex plan, Fitch expects
consistently negative FCF through the medium term, barring
material improvement in the company's production profile. Although
its issuance of USD300 million senior unsecured notes due 2021
effectively improved its debt maturity profile, debt-incurrence
restrictions could limit financing options for CGC's capex program
in the event that its production profile weakens.

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings for Compania General de
Combustibles:

-- LT Foreign Currency IDR at 'B'; Outlook Negative;
-- LT Local Currency IDR at 'B'; Outlook Negative;
-- International senior unsecured debt rating at 'B/RR4'.


METROGAS SA: Moody's Affirms B3 CFR, Outlook to Positive
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
affirmed Metrogas S.A.'s B3 global scale corporate family (CFR)
and debt ratings. At the same time, Moody's upgraded Metrogas'
national scale rating to Baa2.ar from Baa3.ar and changed the
rating outlook to positive from stable.

RATINGS RATIONALE

The outlook change to positive and the upgrade in the national
scale reflects Metrogas' strengthened credit profile following the
implementation of a new tariff regime (RTI) for regulated
utilities in Argentina. While the new tariff regime is still
undergoing full implementation, the company's credit metrics have
strengthened already. Strong cash flow generation has allowed the
company to reduce its commercial obligations by approximately ARS
540 million during the first half of 2017, which is equivalent to
27% of total commercial obligations outstanding at year end 2016.

The positive outlook anticipates that Metrogas' cash flows and
credit metrics will continue to improve following the second and
third steps of tariff adjustments expected to take place in the
next 6-8 months. While the stabilization of the regulatory
framework governing regulated utilities in Argentina is still
evolving, Moody's does not anticipate significant policy reversals
that would affect the sector over the next 12 months.

Moody's expects that the overall improving operating conditions in
Argentina will continue to support Metrogas' improved liquidity,
facilitating overall access to the debt markets.

Given the positive outlook for the company and the sovereign, a
rating upgrade of the sovereign is likely to result in a positive
rating action for this company. The full and timely application of
the new tariff regime arising from the RTI would also be an
important consideration for a rating upgrade. Quantitatively, a
rating upgrade would require that Metrogas reports positive
operating results and improved cash flow generation, as measured
by a CFO pre working capital to debt ratio --as adjusted- in the
30% range.

While unexpected as signaled by the positive outlook, material
policy reversals or delays in the implementation of the RTI would
add negative credit pressure. Quantitatively, if Metrogas' reports
Interest coverage (FFO + interest to interest) below 1.5 times and
CFO pre working capital to debt below 13% there could be negative
rating pressure.

Metrogas is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, that holds one of the biggest concession areas in
terms of number of clients. Metrogas is 70% controlled by YPF
Sociedad Anonima (B3, Positive). For the remaining 30%, 29% floats
in the Buenos Aires stock exchange and 1% belongs to Metrogas'
employees ("PPP").

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.



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


BANCO DO BRASIL: Fitch Rates US$1BB Senior Unsecured Notes BB
-------------------------------------------------------------
Fitch Ratings has assigned Banco do Brasil S.A.'s (BdB)
US$1 billion senior unsecured notes due January 2025 a final
rating of 'BB'.

The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on Oct. 18, 2017.

KEY RATING DRIVERS

The final rating on the notes corresponds to BdB's Long-Term
Foreign Currency Issuer Default Rating (IDR) (BB/Negative) and
ranks equal to its other senior unsecured debt. BdB's IDRs are
aligned with the sovereign ratings of Brazil and reflect the
federal government control and the bank's systemic importance. The
probability of the Brazilian government providing support to BdB
is moderate, which explains its Support Rating of '3' and its
Support Rating Floor of 'BB'.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

BdB's IDRs and its issuance ratings would be affected by potential
changes in the sovereign ratings of Brazil and/or in the
sovereign's willingness to provide support to the bank, should the
need arise.

Fitch currently rates BdB as follows:

-- Long-Term Foreign and Local Currency IDRs 'BB', Outlook
    Negative;
-- Short-Term Foreign and Local Currency IDRs 'B';
-- National long-term rating 'AA+(bra)', Outlook Negative;
-- National short-term rating 'F1+(bra)';
-- Support Rating '3';
-- Support Rating Floor 'BB';
-- Senior unsecured notes due 2018, 2019, 2020 and 2022 'BB';
-- Viability Rating 'bb-'.


JBS SA: Resumed Operations at 7 Plants in Brazil
------------------------------------------------
Reuters, citing a media representative, reports that Brazilian
meatpacker JBS SA will have resumed operations on Tuesday, Oct.
24, at seven slaughterhouses in Mato Grosso do Sul state that had
been shut a week ago following a court-ordered asset freeze.

JBS, whose owners are ensnared in a broad corruption and insider
trading investigation in Brazil, had decided to stop operations at
the plants after a local court blocked it and controlling holding
company J&F from having access to about BRL730 million (US$228.68
million) due to allegations of tax irregularities in the state,
Reuters relates.

The world's largest meatpacking company said in an emailed
statement that it had reached an agreement with local authorities
in Mato Grosso do Sul to reopen the plants, but it was not clear
if its resources would be unblocked, according to Reuters.

Reuters cite that representatives for cattle ranchers in the state
were worried that the closures would lead to oversupply in the
local market, since other companies would not be able to make up
for the idled JBS installations.


MRS LOGISTICA: Fitch Affirms BB+ LT FC IDR; Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed MRS Logistica S.A's Long-Term Foreign
Currency (FC) Issuer Default Rating (IDR) at 'BB+' and its Local
Currency (LC) IDR at 'BBB-' and Long-Term National Scale Rating at
'AAA(bra)'. The Rating Outlook is Negative for the FC IDR and
Stable for the LC IDR and for the National Scale Rating.

MRS's ratings are based on its continued strong and resilient
operational cash generation, conservative capital structure,
robust financial flexibility, expected positive free cash flow
(FCF) and strong business profile. The company's business model is
benefited by the captive demand for transportation and relatively
low exposure to business volatilities in Brazil and the iron ore
price cycle. The shareholders' agreement that establishes a well-
defined tariff model and protects the company's operational
margins and profitability enhances the predictability of future
results, which adds to its credit profile. MRS's FC IDR is
constrained by Brazil's 'BB+' Country Ceiling, and its Negative
Rating Outlook follows Fitch's Negative Outlook for Brazil
sovereign (IDR 'BB').

KEY RATING DRIVERS

Low Risk Industry: Railway transportation in Brazil enjoys solid
demand, low competition amongst operators, high barriers to entry
and medium to high profitability. These advantages, along with the
current government's resolution to enhance the country's
transportation infrastructure, result in a favorable credit
environment for Brazilian railway companies.

Solid Business Profile: MRS runs a mature and important railway
concession in Brazil that expires in 2026 and benefits from its
prominent position as sole provider of railway transportation for
large clients, which are also the company's major shareholders, in
its coverage area, linking the Brazilian center to the most
important ports in the Southeast region. The competition by other
transportation modals is marginal. MRS's transported volumes have
grown at an average annual rate of 2% in the last five years and
are expected to increase in the coming years. In June 2017 latest
12 months (LTM), MRS transported 170 million tons. The main
product it transports is iron ore.

Shareholder's Agreement Protects Margins: MRS's shareholder's
agreement provides a tariff model that protects the company's
profitability and cash flow generation capacity. In recent years,
MRS' operating cash flow generation has proved to be resilient
against strong economic downturns and unfavorable movements of the
exchange rate, fuel and iron ore prices. The tariff model
establishes, on an annual basis, freight rates for each captive
client during one cycle, through a pre-defined cargo volume and a
return target over equity ratio. Furthermore, the model determines
tariff adjustments on a quarterly basis in the event of
substantial cost increases, chiefly regarding fuel. This operating
model has proven to be efficient over many years and has
translated into high EBTIDA margin resilience that was, on
average, around 40% between 2012 and June 2017 LTM.

Positively, the company's main individual shareholder is
Mineracoes Brasileiras Reunidas S.A (MBR), which is controlled by
Vale S.A. (Vale, FC and LC IDR 'BBB+'/Stable Outlook), owing on a
combined basis 43.8% of MRS's total capital. In addition, they
were responsible for almost half of MRS's revenues in 2016. MBR
and Vale's operations, as well as those of its other main
shareholders, such as CSN (18.6%), Usiminas (11.1%) and Gerdau
(1.3%), are heavily dependent on MRS's iron ore cargo capacity in
its coverage area.

Positive FCF: Historically MRS has reported consistent operating
cash flow generation. Fitch believes that MRS's EBITDAR will
steadily increase, as the company gains scale and continues
benefitting from increases in non-captive freight orders following
capex completion in infrastructure and undercarriage material.
MRS's FCF is expected to benefit from low capex levels (around 20%
of revenues) at least until 2020, being positive over the medium
term. Although not considered in Fitch's base case, the company's
high level of capex as of 2020, motivated by concession extension
may lead to neutral FCF during that period.

In June 2017 LTM, MRS generated EBITDA, funds from operations
(FFO) and cash flow from operations (CFFO) of BRL1.4 billion, BRL1
billion and BRL1 billion, respectively. MRS's FCF was BRL303
million after BRL626 million of capex and BRL70 million in
dividends paid.

Conservative Capital Structure: MRS's leverage is low and
consistent with the ratings assigned. In June 2017 LTM, MRS's
adjusted net leverage, measured as adjusted net debt/EBITDA ratio
was 1.7x, comparing favorably with the 2.1x average in the 2013-
2016 period. The conversion of EBITDA into FFO has been
historically high, which has resulted in low FFO adjusted net
leverage within the 2.0x to 2.5x range. Fitch forecasts improved
EBITDA will bring net adjusted leverage down to the 1.6x to 1.8x
range in the next two to three years. Fitch considers that an
adjusted net leverage below 2.0x commensurate with an investment
grade rating company in the sector.

DERIVATION SUMMARY

MRS's ratings are positioned below those of other mature and more
geographically diversified rail companies in Mexico, the U.S. and
Canada, which are generally rated in the mid 'BBB' to low 'A'
category. Compared to other Brazil's railroads, MRS is the best
positioned due to its consistent operating cash flow generation,
flat operating margins, positive FCF, low leverage and sound
liquidity, while Rumo ('BB-'/'A(bra)'/Outlook Positive) and VLI
(N.R./'AA+(bra)'/Outlook Stable) still present negative FCF trends
and higher leverage due to their large investment programs. MRS
appears less leveraged when compared to other large rail
companies, such as Norfolk Southern and Canadian Pacific, though
its leverage metrics are in line with the Mexican/North American
KSC. MRS's operating margins are in line with Brazilian peers but
are below levels achieved by railroads in the North hemisphere.

KEY ASSUMPTIONS

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

-- Heavy haul volumes to decline by 4.4% in 2017 and to be
    stable in 2018;
-- General cargo volumes to increase by 15% in 2017 and 2.5%
    in 2018;
-- Average tariffs to increase by 5.5% in 2017 and 2.5% in 2018;
-- Total capex of BRL3 billion from 2017 to 2020;
-- Concession contract to mature in 2026 (no renewal).

RATING SENSITIVITIES

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

-- Material improvement of credit quality of its major clients
    and/or shareholders;
-- Positive actions towards the sovereign rating may lead to
    positive actions regarding MRS's FC IDR, currently limited
    by the Brazilian country celling.

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

-- Deterioration of EBITDA margins to lower than 35% on a
    sustainable basis
-- Adjusted net debt/EBITDAR ratios consistently above 2.5x
-- Negative FCF trends
-- Severe deterioration of credit quality of its major clients
    and/or shareholders
-- A downgrade of Brazil's sovereign rating and of the country
    ceiling could lead to a negative rating action regarding the
    FC IDR of MRS

LIQUIDITY

Sound Liquidity: MRS's liquidity profile is considered
satisfactory, with a cash and marketable securities of BRL525
million at the end of the first semester 2017. Historically, the
cash to short-term debt coverage ratio has remained around 0.7x.
MRS also benefits from strong and predictable operating cash flow
generation and proven access to credit lines that provide the
company with substantial financial flexibility and adequate
funding for its investments.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

MRS Logistica S.A. (MRS)

-- FC IDR at 'BB+'; Outlook Negative;
-- LC IDR at 'BBB-', Outlook Stable;
-- Long-Term National Scale Rating at 'AAA(bra)', Outlook Stable.


REDE D'OR SAO: Fitch Affirms 'BB+' FC Long-Term IDR
---------------------------------------------------
Fitch Ratings has affirmed Rede D'Or Sao Luiz S.A.'s Foreign Long-
Term Issuer Default Ratings (IDR) at 'BB+'. At the same time,
Fitch has upgraded its Local Currency IDR to 'BBB-' from 'BB+' and
the National Scale long-term rating to 'AAA(bra)' from 'AA+(bra)'.
The Rating Outlooks for the Local Currency IDR and national scale
ratings have been revised to Stable from Positive.

The Rating Outlook for the Foreign Currency rating remains
Negative and mirrors Fitch's Negative Outlook for the Brazilian
sovereign (FC IDR 'BB'). Rede D'Or's FC IDR is capped by Brazil's
Country Ceiling ('BB+'), as its operations are only in Brazil.

The upgrade reflects the ongoing improvements in Rede D'Or's
operating cash flow generation, modest leverage, strong liquidity,
and proven resilience to the economic downturn. The increasing
imbalance between supply of hospitals and demand for these
services is also a positive consideration, as is the ability of
the company to pass along rising costs to its clients. Among the
company's main challenges is its ability to efficiently manage
working capital needs since counterparties are facing more cash
flow pressure. The company's strong business scale and bargain
power mitigate some of this risk.

Fitch expects Rede D'Or to continue cautiously managing its strong
business growth (organic and inorganic) and dividends distribution
in a manner that results in solid leverage metrics. Fitch's base
case scenario forecasts around BRL1billion to 1.5 billion in
acquisitions during the next three years, and net adjusted
leverage ratios of slightly more than 2.0x.

Rede D'Or's ratings reflect its strong competitive position in the
fragmented hospital industry in Brazil, its prominent business
scale, and the defensive nature of its business fundamentals
across economic cycles. The need for constant investment in
technology and equipment renewal, as well as potential regulatory
issues, are seen as manageable risks. The ratings also reflect
Fitch's expectation that Rede D'Or will remain fiscally
disciplined and maintain a robust liquidity position as part of
its proactive liability management strategy to mitigate
refinancing risks.

KEY RATING DRIVERS

Leading Business Position

Rede D'Or is one of the largest private hospital networks in
Brazil's fragmented and underdeveloped hospital industry. The
company owns 35 hospitals, manages two other and has three under
construction. The company has solid business positions and large
operating scales in its key markets: Rio de Janeiro, Sao Paulo,
Brasilia and Recife. Business scale is a key issue in this
industry and supports the ratings of Rede D'Or, as it allows fixed
cost dilution and provides significant bargaining power with
counterparties and the medical community in general.

Geographic Concentration

The geographic concentration of the company in Rio de Janeiro and
Sao Paulo is partially mitigated by robust economic activity in
these regions compared with other parts of Brazil, as well as the
strength of the health insurance companies. Since early 2015,
there is a new regulatory framework for the Brazilian hospital
industry that allows foreign interest-ownership, which could boost
competition in the long term. Nevertheless, Rede D'Or's strong
brand and large business scale in the cities it operates are
competitive advantages, and it will be difficult for new entrants
to replicate its position in the medium term in these key markets.

Focused on Growth

Rede D'Or is expected to continue to pursue both organic and
inorganic growth. The company has an aggressive track record of
acquisitions. From 2010 to June 2017, Rede D'Or acquired 19
hospitals, adding 2.9 thousand operating beds. Since April 2015,
Rede D'Or counts with a new shareholder HPT Participacoes SA
(Carlyle Group), which made a capital injection of BRL1.8 billion.

Solid Profitability

Rede D'Or has been efficient in increasing profitability through
economies of scale and achieving synergies from its acquisitions.
The company's net revenue grew 108% between 2013 and the latest 12
months (LTM) period ended in June 30, 2017, while average
operating beds expanded by 44% to 5.2 thousand. During this
period, the company's occupancy rate ranged from 79% to 81%, while
its EBITDAR margin expanded to 26% from 19%. Rede D'Or's operating
margin is amongst the highest of its hospital peers globally.

Negative Free Cash Flow

Rede D'Or's challenge is to effectively increase its free cash
flow generation (FCF), which compares poorly to others investment
grade peers. Nevertheless, Fitch considers that the company has
flexibility to reduce dividends or to carefully manage
acquisitions in order to not to jeopardize its credit metrics. Per
Fitch's calculations, the company's Pro forma EBITDAR
substantially increased to BRL2.5 billion in the LTM to June 2017
from BRL777 million in 2012. While its funds from operations (FFO)
were BRL1.4 billion during the LTM, its CFFO was only BRL582
million due to high working capital requirements, which is a
business characteristics. FCF generation has been historically
negative, averaging negative BRL410 million between 2013 and 2016.
During the LTM June 30 2017, FCF was negative at BRL1.2 billion
pressured by BRL967 million of dividends distributions. Under
Fitch's base case scenario, Rede D'Or's CFFO, EBITDAR and FCF for
2017 are expected to be approximately BRL600 million, BRL2.8
billion and negative at BRL1.1 billion, respectively.

Modest Leverage

The mix of equity and profitability gains has been supporting Rede
D'Or's deleverage process. Until 2014, most of Rede D'Or's growth
was financed through debt. The company's FFO adjusted leverage
reached 3.1x as of the LTM to June 30, 2017, while its net
adjusted debt/EBITDAR ratio was 2.5x for the same period. These
ratios compare with averages of 4.2x and 3.8x, respectively,
between 2012 and 2015. Fitch's base case scenario incorporates
that the company should continue to benefit from improvements in
operating cash flow generation and be able to maintain net
adjusted leverage ratios around 2.2x over the next three years.

DERIVATION SUMMARY

Rede D'Or has a relatively better business risk to its peer in the
healthcare industry Diagnostico da America S.A (DASA), rated
'AA+(bra)', due to the much lower competitive pressure it faces.
In terms of business scale, they both have sound bargain power
with the healthcare providers or insurance companies in Brazil and
strong brand in the industry. The relevance of its business where
it operates is a key competitive advantage when discussing
payments and pricing with counterparties. Rede D'Or faces higher
technological risks but Fitch considers it to be manageable at
this time. Both companies are showing an aggressive growth
strategy. From a financial risk perspective, Rede D'Or shows lower
leverage and greater financial flexibility, considering its
ability to manage free cash flow generation reducing growth or
dividends distributions.

On global basis, the dynamics of the hospital industry in Brazil
as well as the regulatory model are quite different compared to
others countries, which turns the comparison not really
appropriate. On financial basis, Rede D'or operating margins or
financial metrics looks quite sound compared to others rated
hospitals within Fitch's global universe.

KEY ASSUMPTIONS

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

-- BRL1.4 billion in acquisitions up to 2019;
-- EBITDA margins of around 28%;
-- Continued high working capital needs, pressuring CFFO;
-- Capex of BRL800 million in 2017 and average of BRL1.3 billion
    to 2019;
-- Dividends of 25% net income.

RATING SENSITIVITIES

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

Due to Rede D'Or strong growth strategy that has pressured FCF,
Fitch does not expect a positive rating action in the medium
term.

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

-- EBITDA margins declining to below 24%;
-- Deterioration of sound liquidity position, with cash/
    short-term debt ratio below 1.0x on consistent basis,
    leading to refinancing risk exposure;
-- Net adjusted leverage consistently above 2.7x;
-- A change in management's strategy with regard to its
    conservative capital structure could also lead to a downgrade,
    as could a deterioration in the company's reputation and
    market position.

LIQUIDITY

Rede D'Or has a track record of keeping strong cash balances, with
an average coverage of cash to short-term debt of 1.7x during the
last three years. As of June 30, 2017, the company had BRL5.4
billion of debt, of which BRL1.1 billion is due in the short term.
Rede D'Or's cash on hand (BRL1.3 billion) plus BRL2.4 billion of
local debentures issued in August 2017 is sufficient to support
debt amortization up to mid-2020. Fitch expects that Rede D'Or
will remain disciplined with its liquidity position and will
maintain its proactive approach in liability management to avoid
exposure to refinancing risks.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following rating:

-- Long-Term Foreign Currency (FC) Issuer Default Rating (IDR)
    at 'BB+'; Outlook Negative.

Fitch has upgraded the following ratings:

-- Long-Term Local currency IDR to 'BBB-' from 'BB+'; Outlook
    revised to Stable from Positive;
-- Long-TermNational scale rating to 'AAA(bra)' from 'AA+(bra)';
    Outlook revised to Stable from Positive.

Rede D'Or's FC IDR is constrained by Brazil's 'BB+' Country
Ceiling, and its Negative Rating Outlook follows Fitch's Negative
Outlook for Brazil sovereign (FC IDR 'BB'). Rede D'Or's operations
are only in Brazil. The company does not have cross-border
issuances or neither stand-by credit facilities abroad.


TRANSMISSORA ALIANCA: Moody's Affirms Ba2 Global Scale Rating
-------------------------------------------------------------
Moody's America Latina affirmed the Ba2 global scale ratings of
Transmissora Alianca de Energia Eletrica. Moody's also revised
Taesa's national scale ratings to Aa1.br from Aa2.br and to A1.br
from A2.br, respectively for the senior unsecured and subordinated
ratings.

The outlook is stable on all ratings.

ISSUER AND RATINGS AFFECTED

Transmissora Alianca de Energia Eletrica

-- Corporate Family Ratings and senior unsecured debt ratings
    affirmed at Ba2 (Global Scale) and revised to Aa1.br from
    Aa2.br (Brazil National Scale)

-- Subordinated debt ratings affirmed at Ba3 (Global Scale) and
    revised to A1.br from A2.br (Brazil National Scale)

-- Outlook: changed to stable from negative

RATINGS RATIONALE

The revision and outlook stabilization follows Taesa's successful
issuance of BRL 543 million in debentures that will cover the
company's 2017 debt maturities and future investments. The action
reflects Moody's expectations that the company's credit metrics
will remain robust, driven by a very stable and predictable cash
flow profile inherent to the transmission sector in Brazil.

Taesa's Ba2/Aa1.br corporate family rating (CFR) further reflects
(i) the company's large scale and high geographic diversification
of assets, (ii) robust and growing credit metrics for the rating
category evidenced by a Funds from Operations (FFO) to net debt of
43.4% and FFO interest coverage of 5.7x in the last twelve months
ended June 30, 2017, (iii) access to debt and capital markets as
shown by the recent issuance of the 4th debentures; and (iv) a
relatively supportive regulatory framework.

Taesa's CFR is constrained by (i) the expected increase in capital
expenditures following the company's won auctions which, together
with limited track record in implementing large greenfield
projects simultaneously, points to risk of cost overruns, (ii) the
prospects of a reduction in regulated revenues ("RAP") from 2018
onwards as per the concessions contracts ; (iii) the company's
intention to pursue external growth through debt-financed
acquisitions of brownfield or greenfield projects which could
result in a re-leveraging event; and (iv) a track record of high
dividend payouts above 90% which absorbs a material part of cash
flow generation.

Moody's views Taesa's credit profile as strongly linked to that of
the sovereign to the extent that the company is exposed to the
same economic revenue base and subject to government policies.

Taesa's liquidity profile is adequate. As of June 30, 2017 the
company had BRL 728 million in available cash (including
marketable securities) and BRL 1 billion in debt maturing in the
next 12 months. In October 2017, the company issued two debentures
for a total of BRL 543 million, the proceeds of which will be used
to refinance debt maturing in 2017 and to cover capital
expenditures needs. The agency expects that the company's strong
cash flow profile and ability to reduce historically high dividend
payouts will enable the company to build up its cash position and,
in conjunction with good access to capital markets, to cover its
upcoming debt maturities on a timely basis.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of Brazil's sovereign bond rating of Ba2 could result
in an upgrade of Taesa's ratings.

Conversely a rapid deterioration in the company's credit metrics
such that FFO to Net Debt falls below 20% and FFO interest
coverage remains sustainably below 4.0x could prompt a rating
downgrade. Further deterioration in the sovereign's credit quality
could also exert downward pressure on Taesa's ratings.

Taesa is a power transmission company operating and maintaining
around 11,972 km of high voltage (230 to 525kV) transmission lines
through 34 concessions with an average life of 30-year. The
company directly controls 10 concessions, and operates the
remaining 24 concessions through equity participations in the
companies TBE (through a 48% equity participation- company holds
14 concessions), Brasnorte (39%), Etau (53%), Ate III (100%) and
Sao Gotardo (100%); as well as in 6 other concessions still in
construction phase.

Taesa is controlled by Cemig (B2/Ba1.br; negative) and
Interconexion Electrica S.A. E.S.P (Baa2, stable) which own 31.5%
and 14.9% of Taesa's total capital, respectively. The remaining
53.6% shares are free float, traded on the local stock market
(BM&FBOVESPA).



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


DOMINICAN REPUBLIC: Must Adopt an Export Culture, ADOEXPO Says
--------------------------------------------------------------
Dominican Today reports that Dominican Exporters Association
(ADOEXPO) President Alvaro Sousa Sevilla stressed the Dominican
Republic's riches in products and services that can taken in a
sustainable and competitive manner to foreign markets, and urged a
continued commitment to join efforts to create an "export
culture."

Mr. Sousa's statement formed part of the panel "The integral
strategy for the promotion of exports and competitiveness," hosted
by ADOEXPO at Hotel Embajador, including Customs director Enrique
Ramirez, National Export Bank manager Guarocuya Felix, Exports and
Investment Center directo Luis Enrique Molina, and National
Competitiveness Council director Rafael Paz, according to
Dominican Today.

Also present were Presidency Administrative minister Jose Ramon
Peralta among other cabinet officials, the report notes.

"The export culture aims to engage our best attributes and charms,
and spread them to every corner of the world, being an invitation
to every Dominican businessman to provide a quality product or
service with international standards, and a commitment to convert
the labeling 'Made or Grown in RD' into a national pride," the
head of ADOEXPO said, the report relays.

"At ADOEXPO, we're continuously working to facilitate, streamline
and simplify, together with various public and private sector
entities, the export process for Dominican companies," said the
business leader added, the report says.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1)  The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2)  The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.


DOMINICAN REPUBLIC: Release of Bank Reserve Buoys Big Business
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic's business and
financial sectors are upbeat with the Central Bank's disclosed
request for the release of the bank reserve to fund loans "to any
sector."

The National Business Council (CONEP) president Pedro Brache and
other business leaders support the Central banker Hector Valdez
Albizu' request to the Monetary Board, according to Dominican
Today.

Mr. Valdez said he would ask for authorization to the release of
the RD$11.0 billion reserve to allocate the funds to more economic
sectors, the report notes.  He said he will also request
disbursements in advance for the agribusiness and MIPYME sectors,
the report relays.

Mr. Brache said Mr. Valdez "is doing a great job" and that the
Bank's latest actions have boosted the economy. He said the
measure that frees the legal reserve for loans will bring interest
rates down and helps boost investment, the report notes.

"I believe that in fact it has been seen that the economy has
reactivated and that we are likely to end up at 5% growth," he
added.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1)  The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2)  The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.



====================
E L  S A L V A D O R
====================


SALVADORENO DPR: Fitch Hikes Ratings on Series 2015 Loans to BB
---------------------------------------------------------------
Fitch Ratings has upgraded Salvadoreno DPR Funding Ltd's series
2015 loans to 'BB' from 'BB-'.

The rating actions reflect the upgrade of Banco Davivienda
Salvadoreno, S.A. (Davivienda Sal). The future flow ratings are
supported by the underlying structure, Fitch's view of the bank's
going concern, and the moderate strength of the diversified
payment rights (DPRs) program.

The future flow program is backed by existing and future U.S.
dollar-denominated DPRs originated by Davivienda Sal. The majority
of DPRs are processed by designated depositary banks (DDBs) that
have signed acknowledgement agreements (AAs) irrevocably
obligating the DDBs to send DPRs to an offshore account controlled
by the trustee.

Fitch's ratings address timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: On Oct. 16, 2017, Fitch upgraded
Davivienda Sal's Long-Term (LT) Issuer Default Rating (IDR) to 'B'
from 'B-'. The Viability Rating (VR) was upgraded to 'b-' from
'ccc'. This upgrade follows Fitch's upgrade of El Salvador. On
Oct. 6, 2017, Fitch upgraded El Salvador's LT Local Currency IDRs
to 'B-' from 'RD' and its LT Foreign Currency rating to 'B-' from
'CCC'. In addition, Fitch upgraded the country ceiling to 'B' from
'B-'.

Going Concern Assessment (GCA) Score: Davivienda Sal's GCA score
of 'GC2' reflects the bank's moderate systemic importance and the
strong likelihood of parent support. The GCA score serves as a
rating cap on the future flow transaction, but Fitch tempers
notching uplift from the originator's IDR when the bank's rating
benefits from parent support.

Performance Consistent with Expectations: DDB flows supported an
average debt service coverage ratio (DSCR) of approximately 40x
during the last 12 months. This moderate coverage level is in line
with Fitch's expectations.

Moderately Large Program Size: The outstanding balance of the
program is $175 million, which represents approximately 31% of
non-deposit funding. While Fitch is comfortable with the level of
future flow debt at the current rating level, an increase in these
ratios could impact the transaction ratings.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the
performance of Davivienda Sal. The future flow ratings are
sensitive to changes in the credit quality of Davivienda Sal, the
ability of the DPR business line to continue operating (as
reflected by the GCA score) and changes in the ratings assigned to
El Salvador. A downgrade of the bank could trigger a downgrade to
the future flow ratings. In addition, severe reductions in DSCRs
or an increase in the level of future flow debt as a percentage of
the bank's liabilities could result in rating downgrades.

Fitch has upgraded following ratings:

-- Series 2015-1 loan to 'BB' from 'BB-'; Outlook Stable.
-- Series 2015-2 loan to 'BB' from 'BB-'; Outlook Stable.
-- Series 2015-3 loan to 'BB' from 'BB-'; Outlook Stable.


TITULARIZADORA DE DPRS: Fitch Ups Rating on $100MM Loan to BB-
--------------------------------------------------------------
Fitch Ratings has upgraded to 'BB-' from 'B+' the issue-specific
rating on Titularizadora de DPRs Limited's $100 million series
2016-1 loan. The Rating Outlook is Stable.

The future flow program is backed by U.S. dollar-denominated,
existing and future diversified payment rights (DPRs) originated
by Banco Cuscatlan de El Salvador, S.A. (BC). The majority of DPRs
are processed by designated depository banks (DDBs) that have
executed acknowledgement agreements (AAs), irrevocably obligating
them to make payments to an account controlled by the transaction
trustee.

Fitch's rating addresses timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Originator Credit Quality: BC's Issuer Default Rating (IDR) is
driven by the institutional support of Grupo Terra, a Honduran
diversified investment conglomerate, and is limited by El
Salvador's Country Ceiling of 'B'. In Fitch's view, Grupo Terra's
financial capacity is highly linked to that of Petroholdings.

Going Concern Assessment Score: BC's going concern assessment
(GCA) score of 'GC2' reflects the bank's moderate systemic
importance and potential support from Petroholdings, if necessary.
Fitch tempers notching uplift for future flow transactions
originated by sponsors with support-driven ratings. Fitch limits
the DPR ratings to two notches above BC's support-driven IDR.

Adequate Debt Service Coverage: Twelve-month rolling average
quarterly debt service coverage ratios (DSCRs) for the program is
around 60x as of end-September 2017. BC's DPR business line is
supported by the bank's well-regarded franchise, branch network,
and longstanding relationships with key corporate clients.

DDB Concentration: Citibank N.A. ('A+'/Stable Outlook) is the
largest DDB, historically processing more than 95% of BC's DPR
flows. In Fitch's view, this concentration exposes the transaction
to a higher degree of diversion risk than other Fitch-rated
Central American DPR programs. The future flow rating reflects
this exposure.

Moderately Large FF Debt: The future flow program represents
approximately 71% of BC's non-deposit funding. While Fitch
considers these ratios small enough to differentiate the credit
quality of the transaction from the originator's LC IDR, the
future flow debt size is a constraint on the DPR rating.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the
performance of BC. The future flow ratings are sensitive to
changes in the credit quality of Banco Cuscatlan de El Salvador,
S.A., the ability of the DPR business line to continue operating
(as reflected by the GCA score), changes in the ratings assigned
to El Salvador, and the performance of the DPR program. A
downgrade of the bank's IDRs may trigger a downgrade to the future
flow ratings. In addition, severe reductions in coverage levels or
an increase in the level of future flow debt as a percentage of
the bank's liabilities could result in rating downgrades.



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


JAMAICA: Inflation for 2017/2018 to Fall to 4-6%, BOJ Says
----------------------------------------------------------
RJR News reports that the Central Bank is forecasting that
inflation for the 2017/18 financial year will still fall within
the target range of 4 to 6 per cent.

In its latest short-term Inflation analysis and forecast, the Bank
of Jamaica said the overall risks are viewed to be balanced over
the next four quarters, according to RJR News.

However, it says the main upside risks to the inflation forecast
are adverse weather and stronger than anticipated demand
conditions, the report notes.

The major downside risks include lower than projected
international commodity prices and weaker than anticipated demand,
the report notes.

Meanwhile, the Bank of Jamaica says inflation for September is
forecast to mainly reflect increases in household expenses due to
higher electricity rates, the report relays.

This stems from increased fuel charges during the month, the
report discloses.

Upward impulse for the month is also expected to emanate from an
increase in non-processed food prices, the report says.

Inflation in October and November is anticipated to mainly reflect
increases in food and household expenses, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings affirmed on Sept. 25, 2017, its 'B' long- and
short-term foreign and local currency sovereign credit ratings on
Jamaica. The outlook on the long-term rating remains stable. At
the same time, S&P Global Ratings affirmed its 'B+' transfer and
convertibility assessment on the country.


JAMAICA: IMF Urges Government to Divest Underused Assets
--------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) is
urging the Jamaican Government to speed up its efforts to divest
underutilized assets.

This it says is part of the structural reforms to support what it
calls a dynamic private sector that creates jobs, according to RJR
News.

It has also suggested that efforts should be made to upgrade
procurement procedures, ease the development approval process, and
foster financial inclusion, the report notes.

Tao Zhang, the Fund's Deputy Managing Director, made the comments
in a statement following the executive board's completion of the
second review under the standby arrangement for Jamaica, the
report relays.

He said the authorities' commitment to the program remains strong
more than four years after the country embarked on difficult
economic reforms, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings affirmed on Sept. 25, 2017, its 'B' long- and
short-term foreign and local currency sovereign credit ratings on
Jamaica. The outlook on the long-term rating remains stable. At
the same time, S&P Global Ratings affirmed its 'B+' transfer and
convertibility assessment on the country.



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


TRINIDAD & TOBAGO: Under Pressure to Finance 2018 Budget
--------------------------------------------------------
Anthony Wilson at Trinidad Express reports that following the
admission by Trinidad and Tobago Minister of Finance Colm Imbert
that he was forced to borrow money from local commercial banks in
September to pay salaries of public servants, he is faced with a
new problem of a reduced overdraft with the Central Bank.

Express Business estimates of the Government's 2018 overdraft put
the amount of money the Central Bank can advance to the Government
this fiscal year at $6.723 billion, which is 24 per cent less than
$8.864 billion overdraft that was theoretically available in 2016,
according to Trinidad Express.


                            ***********


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 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.


                   * * * End of Transmission * * *