/raid1/www/Hosts/bankrupt/TCRLA_Public/171204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, December 4, 2017, Vol. 18, No. 240


                            Headlines



A R G E N T I N A

ALBANESI SA: Fitch to Rate Proposed US$86MM Notes Reopening B+
ARGENTINA: To Focus on Jobs, Infrastructure as G20 Chair
ARGENTINA: Moody's Hikes Local Issuer Rating to B2; Outlook Stable


B R A Z I L

BANCO BTG: Moody's Puts Ba3 Deposit Rating on Review for Upgrade
BANCO BTG: Fitch Assigns BB- Rating to $400MM Sr. Unsecured Notes
MULTIPLAN EMPREENDIMENTOS: S&P Affirms 'BB+' Global Scale CCR
OI SA: Brazil Bankruptcy Judge Weakens Board, Bolsters Management


C O S T A   R I C A

BANCO DE COSTA: Fitch Affirms BB Long-Term IDR; Outlook Stable
BANCO NACIONAL: Fitch Affirms BB Long-Term IDR; Outlook Stable


H O N D U R A S

HONDURAS: Candidate Seeks New Election Due to Irregularities


P E R U

INKIA ENERGY: Potential Sale No Impact on Fitch BB LT IDR


V E N E Z U E L A

VENEZUELA: Says Strides Made in Talks With Opposition
VENEZUELA: Restructuring Among Largest and Most Complicated


X X X X X X X X X

* BOND PRICING: For the Week From November 27 to Dec. 1, 2017


                            - - - - -



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A R G E N T I N A
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ALBANESI SA: Fitch to Rate Proposed US$86MM Notes Reopening B+
--------------------------------------------------------------
Fitch Ratings expects to assign a long-term rating of 'B+' to
Albanesi S.A.'s proposed reopening of up to US$86 million to its
9.625% senior unsecured notes due 2023. In addition to the
guarantee of the parent company, the group's subsidiaries
Generacion Mediterranea S.A. and Central Termica Roca S.A (Roca)
will remain jointly and severally liable for all obligations under
the notes. The company expects to use the proceeds from the
reopening to refinance upcoming maturities and to fund capital
investments.

Albanesi's ratings reflect the Argentine electricity industry's
high regulatory risk despite slight improvements due to recent
regulatory changes; the company's counterparty risk to CAMMESA as
main off-taker; and its improving metrics supported by the
relatively stable and predictable cash flow generation. The
company's ratings also reflect the macro-economic environment,
including high inflation and steep currency devaluation and
implicit support and synergies with its natural gas trader sister
company, Rafael G. Albanesi (RGA).

Albanesi's ratings are constrained by Fitch's 'B' country ceiling
for the Republic of Argentina, which limits the foreign currency
rating of most Argentine corporates. Country Ceilings are designed
to reflect the risks associated with sovereigns placing
restrictions upon private sector corporates, which may prevent
them from converting local currency to any foreign currency under
a stress scenario and/or may not allow the transfer of FC abroad
to service FC debt obligations. Since taking power in December
2015, the Mauricio Macri administration removed FX controls
introduced in 2011 and increased the flexibility of the Argentine
peso. This should contribute towards improving the capacity of the
economy to absorb external shocks and relieve pressure on
international reserves.

Fitch has recently revised the Rating Outlook to Positive from
Stable for several Argentine corporates, including Albanesi. The
revisions reflect an improving backdrop for government policies
that could support a stronger and more stable macroeconomic
outlook, after a decade of weak and volatile performance. Recent
midterm elections have improved confidence in the durability of
the ongoing policy shift, which augurs well for investment and the
sovereign's ability to maintain favorable financing access. The
build-up in international reserves and a more flexible exchange
rate confer greater policy flexibility to manage shocks.

Key Rating Drivers

Improving Credit Metrics: Albanesi's cash flow generation is
relatively stable and predictable. For the last 12 months (LTM) as
of September 2017, 80% of the company's EBITDA was related to long
term take or pay contracts with CAMMESA denominated in U.S.
dollars under the Resolution 220/07 regulatory framework.
Additionally, under the New Energia Base Resolution 19/2017, 100%
of the company's revenues were denominated in U.S. dollars.
Albanesi is a HoldCo concentrating all the power generation
assets, except for CT Roca. The Albanesi group, including CT Roca,
operates eight power plants located in multiple provinces of
Argentina, benefitting from geographical diversification and good
access to fuel and the Sistema Argentino de Interconexion (SADI).
As of September 2017, Albanesi's total debt/EBITDA ratio reached
6.0x, mainly driven by improving margins due to higher
availability of operating units, and in a lesser extent the FX
rate increase. Fitch considers Albanesi?s credit metrics to be the
at a peak leverage before entering into a period of rapid
deleveraging, decreasing below 3.0x by the end of 2018 when the
additional projects start operations.

Improving Regulatory Risk: Fitch believes the recent resolutions
implemented by the new government reflect a trend of less
government interference and discretion in the power generation
sector. Albanesi operates in a highly strategic sector in which
the government has historically had a role as the price/tariff
regulator and had full control over the subsidies for industry
players. Since 2013, the Secretariat of Energy introduced material
changes to the structure and operation of the wholesale
electricity market (WEM). Since 2013, the tariffs have almost
doubled. Additionally, the Ministry of Mining and Energy, under
Resolution 22/2016 adjusted the spot price tariffs for energy
sales under the Energia Base framework. Under Resolution 19/2017,
the regulator dollarized tariffs and set a schedule to increase
capacity prices to USD9.6/MWh from November 2017 onwards, from the
previously equivalent of approximately USD3.8/MWh.

Counterparty Exposure: Albanesi depends on payments from Compania
Administradora de Mercado Mayorista Electrico S.A. (CAMMESA),
which can be volatile given that the agency depends on the
national government for funds to make payments. Electric companies
in Argentina are not only exposed to delays in the payment of
CAMMESA but also to risks in fuel supply, as the government's
agency centralizes the country's fuel imports. During the past
couple of years, CAMMESA's increasing obligations relative to its
revenues significantly increased discretionary payments to
suppliers. The new resolutions intend to reduce CAMMESA's deficit
to support the industry sustainability in order to balance the
supply/demand dynamics.

Albanesi's take-or-pay capacity contracts somewhat mitigates gas
supply risk. Furthermore, the company's exposure to a shortage in
fuel is partially mitigated by the role of sister company, R.G.
Albanesi S.A. (RGA), as the main natural gas trader of the
country, supplying the gas if needed to the companies within the
Albanesi group.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- An upgrade to the ratings of Argentina could result in a
    positive rating action.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- A change in the company's contractual mix and/or deterioration
    on the regulatory framework that could affect the company's
   ability to generate revenues under the Energia plus and Res
    220/07 frameworks.
-- Given Albanesi's high dependence on the subsidies by CAMMESA
    from the Treasury, any further weakening of Argentina's fiscal
    accounts could have a negative impact on the company's
    collections/cash flow;
-- A significant deterioration of credit metrics and/or
    significant payment delays from CAMMESA;
-- A downgrade of Argentina's ratings would result in a downgrade
    of Albanesi's ratings, given that the company's ratings are
    constrained by the sovereign's credit quality.

Liquidity

On a combined basis, for Albanesi S.A. and Central Termica Roca
S.A. ready available cash for LTM September 2017 was USD19
million, lower than the USD74 million registered during 2016. The
company's liquidity is supported by its stable and predictable
cash flow generation derived from its contractual structure.
Albanesi's gross leverage for LTM September 2017 was 6.0x, with
interest coverage of 1.8x. The company's current expansion phase
has derived in higher debt, resulting in what Fitch expects to be
Albanesi's peak leverage before entering a period of rapid
deleveraging to below 3.0x by 2018. At the same time, this
expansion, which is adding approximately 160MW of installed
capacity in the next year, has temporarily pressured interest
coverage, which Fitch expects to rapidly improve back to around
3.0x within the rating horizon.

Fitch currently rates Albanesi and its subsidiaries:

Albanesi S.A.:
-- Long-Term Foreign Currency Issuer Default Rating (IDR) 'B';
    Outlook Positive;
-- Long-Term Local Currency IDR 'BB-'.

Central Termica Roca S.A.:
-- International senior unsecured bond rating 'B+/RR3'.

Generacion Frias S.A.:
-- International senior unsecured bond rating 'B+/RR3'.

Generacion Mediterranea S.A.:
-- International senior unsecured bond rating 'B+/RR3'.


ARGENTINA: To Focus on Jobs, Infrastructure as G20 Chair
--------------------------------------------------------
EFE News reports that Argentina will use its term as chair of the
Group of 20 to promote an agenda focused on the future of work,
infrastructure for development and food sustainability, President
Mauricio Macri said.

Addressing Argentine and international officials, Macri called for
everyone to work together to meet "one of the greatest challenges"
in his country's history, according to EFE News.

As it prepares to assume the G20 chairmanship, Argentina aspires
"to be mediator in good faith," the president said, the report
notes.

"We must make sure that the expansion of technological
developments doesn't create exclusions or adverse reactions," he
said, adding that "education is at the center of the discussion,"
the report relays.

To make technological advances "inclusive" will require "a great
investment in training" and forging consensus among business,
labor and the public sector, Mr. Macri said, the report notes.

"At the G20 we will seek to develop infrastructure as a new type
of asset to direct today's savings toward transportation, sanitary
services, energy, connectivity, to help make of each person a
global citizen and worker of the future," he said, the report
says.

The president highlighted his country's role as a food producer
for more than 400 million people around the world and said that
Argentina "is ready to make its contribution toward food
security," the report adds.

                        *     *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 10, 2017, Fitch Ratings has revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term
Foreign-Currency Issuer Default Rating (IDR) at 'B'.

Fitch said Argentina's 'B' ratings reflect weaknesses that
persist despite an improving policy outlook, including high
inflation, a large fiscal deficit, and heavy sovereign reliance
on external financing that render it vulnerable to shocks. These
weaknesses are balanced by a moderate government debt burden and
favourable external solvency indicators. High per-capita income
and a large, diversified economy are also credit strengths, but
a weak repayment record suggests these structural factors provide
only limited support to the credit profile. The revision of the
Outlook to Positive reflects an improving backdrop for policies
that could support a stronger and more stable macroeconomic
outlook, after a decade of weak and volatile performance.

Meanwhile, S&P Global Ratings, on Oct. 30, 2017, raised its
long-term sovereign credit ratings on the Republic of Argentina
to 'B+' from 'B'. The outlook on the long-term ratings is stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B'. At the same time, S&P raised its national scale
ratings to 'raAA' from 'raA+'. In addition, S&P raised its
transfer and convertibility assessment to 'BB-' from 'B+', in line
with its assessment of sustained local access to foreign exchange.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


ARGENTINA: Moody's Hikes Local Issuer Rating to B2; Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded the Government of
Argentina's local and foreign currency issuer and senior unsecured
ratings to B2 from B3. The senior unsecured shelves were upgraded
to (P)B2 from (P)B3. The outlook on the ratings is stable.

At the same time Argentina's short-term rating was affirmed at Not
Prime (NP). The senior unsecured ratings for unrestructured debt
were affirmed at Ca and the unrestructured senior unsecured shelf
affirmed at (P)Ca .

The key drivers of the upgrade of the rating to B2 are:

1) A record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy.

(2) The likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk.

Moody's has also raised Argentina's foreign currency bond ceiling
to B1 from B2 and the foreign currency deposit ceiling to B3 from
Caa1. The long term local currency bond and deposit ceilings were
raised to Ba2 from Ba3. The short-term foreign-currency bank
deposit ceiling, the short-term foreign-currency bond ceiling, and
the short term local currency bond and deposit ceilings all remain
unchanged at NP.

RATINGS RATIONALE

RATIONALE FOR THE UPGRADE TO B2

CREDIT POSITIVE POLICY REFORMS

Since December 2015 the Macri administration has implemented
several policies addressing economic distortions that had
constrained Argentina's credit profile. The reforms include a
free-floating exchange rate, an open capital account, an
independent central bank with multi-year inflation targeting, and
more credible public statistics. The combination of these reforms
have bolstered economic growth prospects. The government further
aims to reduce the fiscal deficit in 2018 and 2019.

Moody's expectation is that reforms will likely continue as
midterm elections have strengthened the government's political
position. President Macri's Cambiemos coalition won almost 42% of
all votes for the lower House of Congress, the largest single
party share of the national vote. The Cambiemos coalition still
lacks a majority in Congress, but it has expanded its presence in
both congressional chambers. The increased number of Cambiemos
legislators in Congress provides the Macri administration with
stronger political support which Moody's expect will facilitate
the approval of additional credit-positive policy reforms.The
Macri administration has announced tax, pension and labor reforms
following its electoral win in October's legislative midterms.

The reforms announced include reducing certain corporate taxes to
improve competitiveness; labor reform aimed at lowering the cost
of hiring in Argentina and increasing the share of formal
employment; and a change in how pension outlays are calculated,
which will help reduce pension payments and in turn reduce the
fiscal deficit. The government is also continuing to reduce energy
subsidies to better reflect real production and distribution
costs.

The reforms aim to bolster the economic recovery by promoting
increased private investment while continuing the process of
macroeconomic stabilization. The authorities' also aim to
gradually reduce the fiscal deficit starting in 2018. The
government has formally targeted the primary deficit, which will
reach 4.2% of GDP this year, to fall by 1% of GDP annually in 2018
and 2019. However, higher interest payments mean that the
financial deficit will make only moderate progress on this front,
and fiscal deficits in the order of 5% of GDP will remain a key
credit constraint. Fiscal consolidation will require a period of
sustained growth, and a reduction in government expenditures, such
as on energy-related subsidies.

IMPROVED MACROECONOMIC PROSPECTS

Economic growth appears to be more sustainable than prior
consumption-led booms, as reforms continue to be implemented.
After years of stop-and-go economic growth Argentina is poised to
grow two years in a row in 2017-18, the first time since 2011.
Moody's expect the economy will grow 3% this year and 3.5% in
2018, after contracting 2.3% in 2016. The improvement is the
result of a combination of factors, including increased business
and consumer confidence and higher investment rates.

Gross fixed capital formation rose 7.7% in the second quarter and
Moody's expect investment to continue to rise even as it remains
lower than most other Latin American countries. Moody's estimate
Argentina's investment-to-GDP will reach 17.2% in 2017, an
increase from the 16.4% of GDP in 2016, but lower than the 21%
median of Latin American sovereigns. Investment should continue to
rise next year and end closer to 18% of GDP.

Faster economic growth has started to positively affect socio-
economic indicators. Poverty has fallen. Employment data show
increased job creation in the private sector that is starting to
make up for the job losses suffered last year. Wage increases are
boosting private consumption. Overall, Moody's expect these trends
to continue and deepen in 2018 and 2019, leading to increased
political support for the governing administration.

Stronger and balanced growth, if sustained, and accompanied by an
increase in external competitiveness could over time strengthen
Argentina's fiscal and external positions, by raising government
revenues, exports and foreign investment. Inflation still remains
high, and will end close to 23% this year. But the central bank's
anti-inflation stance is gradually reducing core inflation and
Moody's expect consumer prices to fall to around 15% in 2018 and
to continue falling after that.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook balances recent improvements to the economy and
the country's policymaking with still high fiscal deficits that
are mostly funded in foreign currency and growing external
imbalances.

WHAT COULD CHANGE THE RATING UP/DOWN

A positive rating action is dependent on a continuation and
deepening of the credit positive policy stance that the Macri
administration began implementing in December 2015. Particularly
important will be continued and sustainable reduction in the
fiscal deficits and inflation.

A negative rating action could result if fiscal deficits do not
reverse their upward trend, or an increase in external
vulnerabilities including a sharp drop in available official
international reserves.

GDP per capita (PPP basis, US$): 20,053 (2016 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -2.2% (2016 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 40% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -5.9% (2016 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -2.7% (2016 Actual) (also known as
External Balance)

External debt/GDP: 33.2% (2016 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On November 27, 2017, a rating committee was called to discuss the
rating of the Argentina, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's institutional strength/framework, have materially
increased. The issuer's governance and/or management, have
materially increased. The issuer has become less susceptible to
event risks.

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

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.


===========
B R A Z I L
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BANCO BTG: Moody's Puts Ba3 Deposit Rating on Review for Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade all of
Banco BTG Pactual S.A.'s long-term global scale ratings, including
its Ba3 local currency deposit and foreign currency senior debt
ratings, except its Ba3 foreign currency deposit rating, which was
affirmed. BTG's NP and BR-1 global and Brazilian national scale
short-term ratings were also affirmed. At the same time Moody's
upgraded the bank's long-term national scale deposit rating to
A1.br from A2.br and placed it under review for further upgrade.
Moody's also placed on review for upgrade all long-term ratings
assigned to Banco BTG Pactual S.A., Grand Cayman and Luxembourg
branches.

In addition, Moody's assigned a (P)Ba3 debt rating to the USD5
billion senior unsecured EMTN Program of Banco BTG Pactual S.A.
(BTG), acting through its Luxembourg branch, and a Ba3 long-term
foreign currency senior unsecured debt rating to the proposed
USD400 million takedown. The notes, which will be denominated and
settled in USD and due in January 2023, will rank pari passu in
right of payment with all of BTG's existing and future senior
unsecured and unsubordinated liabilities. The rating is subject to
receipt of final documentation, the terms and conditions of which
are not expected to change in any material way from the draft
documents that Moody's has reviewed.

The following ratings and assessments will be placed on review for
upgrade:

Issuer: Banco BTG Pactual S.A.

-- Long-term global local currency deposit rating of Ba3

-- Senior Unsecured MTN Program (foreign currency) of (P)Ba3

-- Adjusted Baseline Credit Assessment of ba3

-- Baseline Credit Assessment of ba3

-- Long-term Counterparty Risk Assessment of Ba2(cr)

The following ratings and assessments will be upgraded:

-- Long-term Brazilian national scale Deposit Rating to A1.br,
    from A2.br

Issuer: Banco BTG Pactual S.A., Grand Cayman Branch

-- Long-term foreign currency senior unsecured debt of Ba3

-- Senior Unsecured MTN Program(foreign currency) of(P)Ba3

-- Subordinate debt (foreign currency) of B1

-- Long-term Counterparty Risk Assessment of Ba2(cr)

Issuer: Banco BTG Pactual S.A., Luxembourg Branch

-- Pref. Stock Non-cumulative debt (foreign currency) of B3 (hyb)

-- Long-term Counterparty Risk Assessment of Ba2(cr)

The following ratings have been affirmed:

Issuer: Banco BTG Pactual S.A.

-- Long-term global foreign currency deposit rating, at Ba3

-- Short-term global local and foreign currency deposit rating,
    at NP

-- Short-term Senior Unsecured MTN Program (foreign currency), at
    (P)NP

-- Short-term Brazilian national scale Deposit Rating, at BR-1

-- Short-term Counterparty Risk Assessment, at NP(cr)

Issuer: Banco BTG Pactual S.A., Grand Cayman Branch

-- Short-term MTN program (foreign currency), at (P)NP

-- Short-term Counterparty Risk Assessment, at NP(cr)

Issuer: Banco BTG Pactual S.A., Luxembourg Branch

-- Short-term Counterparty Risk Assessment, at NP(cr)

The following ratings were assigned to Banco BTG Pactual S.A.,
Luxembourg Branch

(P)Ba3 rating to the USD5 billion EMTN Program, under review for
upgrade

Ba3 long-term foreign currency senior unsecured debt rating, under
review for upgrade

RATINGS RATIONALE

The upgrade of the national scale rating (NSR) reflects the bank's
lasting improvements in capitalization and liquidity over the past
year even as it has repositioned its business and dealt with an
unfavorable market environment. Recognizing these improvements,
the review for upgrade of the banks' global scale ratings (as well
as the review for further upgrade of the NSR) will consider the
permanence of the reduction in the bank's market risks and the
sustainability of its new business model.

The improvement in its capitalization was driven by BTG's decision
to narrow the scope of its activities and delever its balance
sheet. As a result of these changes, which included the divestment
of the bank's interest in BSI, a Swiss bank that it acquired in
2015, and its exit from the commodities trading business, tangible
common equity rose 300 basis points to 14% of risk weighted assets
(TCE / RWA) in the fourth quarter of 2016 and has remained
relatively stable since. While the bank's regulatory CET1 ratio
has declined somewhat more than the TCE ratio over the first three
quarters of 2017, it too remained strong at 11.2% as of September.
Even though capital consumption will increase as loan growth
resumes in the next 12 months, Moody's do not anticipate a
significant reduction in the bank's capital ratios given the still
slow business environment and ongoing economic uncertainty,
coupled with the bank's robust capital replenishment capacity.

While the bank's narrower focus has led to an 56% year on year
reduction in revenues in the 12 months ended September 2017, the
bottom line has remained strong, supported by significant
expenditure reductions; net income averaged a still robust 1.7% of
tangible banking assets in the 6 months through September 2017,
despite declining from 2.1% in the same period a year earlier.
Moreover, as a result of the business realignment, a larger
proportion of the bank's revenues derive from more stable sources,
including asset & wealth management, although the bank continues
to depend heavily on more volatile earnings streams as well, with
sales and trading, principal investments, and investment banking
still representing more than a third of total revenues.

Despite Brazil's recession and the bank's own reputational and
governance challenges, BTG's access to unsecured domestic funding
has remained stable, as the bank was able to renew most deposits
and refinance debt issuances. At the same time, BTG has maintained
a high level of liquid assets; as of September 2017 these equaled
96% of unsecured funding maturing in the next 12 months,
significantly reducing its exposure to funding risk.

Notwithstanding its exit from commodities trading, however, BTG's
market risk remains high and is again rising. Although they remain
28% below their June 2016 peak, market risk related risk-weighted
assets (RWAs) increased by 60% in the nine months through
September 2017 after a sharp drop in the second half of 2016. As a
result, they account for nearly half of the bank's total RWAs in
September 2017. However, credit risk is considerably lower than
historical levels, equaling just 1.7x its adjusted capital, and
Moody's do not expect loan growth to accelerate rapidly given the
business environment and the bank's more cautious risk appetite.

WHAT COULD MAKE THE RATING GO UP

The review could result in a upgrade if Moody's determines that
the market risk and earnings are likely to stabilize at current
levels if not improve.

WHAT COULD MAKE THE RATING GO DOWN

While downward pressures on the bank's ratings are unlikely given
the review for upgrade, the ratings could be confirmed at current
levels if Moody's determines that market risk is likely to
continue rising and earnings will continue to decline. The ratings
could also be confirmed if Brazil's sovereign rating is
downgraded, in line with its negative outlook, before the review
is concluded.

The principal methodology used in these ratings was Banks
published in September 2017.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.


BANCO BTG: Fitch Assigns BB- Rating to $400MM Sr. Unsecured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned an expected long-term 'BB-' rating to
Banco BTG Pactual S.A.'s (BTG; BB-/Negative) upcoming US$D400
million senior unsecured notes due 2023.

The notes will be issued through BTG's Luxembourg branch under the
parent bank's US$5 billion medium-term note programme.

Assignment of the final rating is contingent on the receipt of
final documents conforming to the information received to date.

KEY RATING DRIVERS

The senior unsecured notes are rated at the same level as the
bank's Long-Term Issuer Default Ratings (IDRs) of 'BB-', which
reflects the unsecured nature of the instruments and that they
rank pari passu with other senior unsecured obligations. BTG's
IDRs are aligned with its Viability Rating (VR) of 'bb-',
indicating that its creditworthiness is driven by the bank's
intrinsic credit profile.

For more details on BTG's ratings and credit profile, including
the issuer ratings' drivers and sensitivities, see Fitch's press
release "Fitch Affirms BTG's Group IDRs; Upgrades Banco BTG
Pactual's National Scale Ratings", dated Feb. 24, 2017, and the
entity's full rating report, dated Aug. 3, 2017, available at
www.fitchratings.com.

RATING SENSITIVITIES

As the bank's notes are aligned with its IDR, any change to the
latter will prompt a similar action on the notes' rating.


MULTIPLAN EMPREENDIMENTOS: S&P Affirms 'BB+' Global Scale CCR
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' global scale corporate
credit and 'brAAA' national scale corporate credit and issue-level
ratings on Multiplan Empreendimentos Imobiliarios (Multiplan). The
outlook on both scale ratings remains negative, reflecting that on
the sovereign.

The ratings affirmation reflects S&P's expectation that Multiplan
will continue growing steadily, increasing its cash flow from
operations as the Brazilian economy rebounds, while the company
pursues its expansion plan that its estimates will increase gross
leasable area (GLA) by about 17% until 2020, compared with the
2016 level.

Brazil's economic downturn in the past three years had a  limited
impact on Multiplan's revenue and profitability due to its
portfolio of high-quality malls that focus on the high-income
segment of the population. The company also maintains a prudent
approach to leverage: it raised new debt to finance the
acquisition of stakes in BarraShopping and MorumbiShopping at the
end of 2016, increasing debt to EBITDA to around 3.0x, compared
with the historical 2.0x-2.5x range. A few months later, the
company completed a capital increase of R$600 million, bringing
debt to EBITDA ratio back to the 2.5x level.


OI SA: Brazil Bankruptcy Judge Weakens Board, Bolsters Management
-----------------------------------------------------------------
Reuters reports that a Brazilian bankruptcy judge overseeing Oi
SA's in-court debt restructuring has put newly appointed Chief
Executive Officer Eurico Teles in charge of negotiating with
creditors, the telecom operator said in a filing.

The move gives Teles powers to draft a debt restructuring plan and
present it to the judge without board approval, a move that
severely weakens the power of influential shareholder Nelson
Tanure, according to Reuters.

According to the filing, Teles is the "person responsible for
conducting and concluding negotiations" by Dec. 12, the new
deadline for a proposal to restructure some BRL65 billion ($20
billion) of debt in Latin America's biggest bankruptcy case ever,
the report adds.

                        About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2017, Gram Slattery and Leonardo Goy at Reuters report
that the head of Brazil's telecommunications watchdog, Anatel,
demanded that debt-laden carrier Oi SA submit its latest
restructuring proposal to the regulator before officially filing
it with a bankruptcy court.

Anatel head Juarez Quadros told reporters in Brasilia that the
regulator, an Oi creditor due to billions of dollars in unpaid
regulatory fines, would wait for the country's solicitor-general
to give an opinion on the company's proposal before deciding
whether or not to vote for it, according to Reuters.

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
'Brazilian Bankruptcy Law'), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial
reorganization) in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste
S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

In the Chapter 15 cases, the Debtors are represented by John K.
Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP,
in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq.,
and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida.

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the
Chapter 15 Debtors, and granted certain additional related relief.


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


BANCO DE COSTA: Fitch Affirms BB Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica's (BCR) Long-Term
Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable.
Fitch also maintains BCR's Viability Rating (VR) of 'bb-' on
Rating Watch Negative.

The Rating Watch Negative on the VR reflects that the bank
maintains corporate governance challenges after a group of senior
executives were imprisoned for peculation charges related to the
approval of one troubled loan. The bank activated the succession
plan and immediately appointed new executives with a broad
trajectory within the entity. However, appointments are temporary
and investigations are still ongoing. After the recent downgrade
on Oct. 19, 2017, BCR's VR could be further affected if
deterioration of its reputation leads to a weakening of its
funding and liquidity profile, and/or management quality.

KEY RATING DRIVERS - IDRs, SENIOR DEBT, AND NATIONAL RATINGS

The bank's IDRs, senior debt ratings, and National ratings are
driven by the potential support of the Costa Rican government
(BB/Stable), as stated in the National Banking System Law.
According to this law, all state-owned banks' senior liabilities
have the guarantee of the state and the government is required to
collaborate with the entity. The explicit guarantee allows BCR's
Long-Term IDRs, senior debt ratings and Outlooks to be aligned
with the sovereign rating.

KEY RATING DRIVERS - VR

BCR's VR is highly influenced by its risk appetite which has
weakened materially in Fitch's assessment, as a result of the
recent corporate governance events, and the ongoing investigations
that signal to weaker than initially thought risk controls. This
rating also reflects the stability of its deposit base and
funding, which has been resilient. Also, the VR is moderated
influenced by the bank's strong franchise, good capitalization and
asset quality, modest profitability as well as weaknesses in
corporate governance and management.

The bank benefits from granular and stable base deposits due to
the explicit guarantee of the state. Due to this guarantee, the
bank's deposits have remained stable even in the event of
reputational stress. Also, the entity has taken additional
management measures to preserve its diversified funding profile,
while maintaining a liquid balance sheet.

During 2017, BCR has shown serious governance deficiencies because
accusations against members of its board were not adequately
mitigated causing a reputational crisis for the bank. Although
this event has not materially impacted the bank's financial
performance or funding profile, it illustrates significant
weaknesses in the bank's corporate governance framework and a weak
board oversight that has deteriorated risk controls and the
overall credit process of granting corporate loans, as well as
distracting the bank's executive bodies from their usual strategic
objectives.

BCR is the second largest systemically important state owned bank
with a market share of 19.4% in terms of total assets and 21.1% in
term of customer deposits as of September 2017 based on
unconsolidated figures. BCR has a universal bank business model
but with a greater focus on wholesale lending activities.
Corporate segments represents close to two thirds of the bank's
loan portfolio followed by real estate (construction and
mortgages, 23%) and consumer loans.

BCR's profitability remains moderate but stable. The bank's
operating profit over average assets remains above the industry's
average given improvements in operating efficiency in the last
three years. As of September 2017, BCR's this ratio was 1.1% while
industry's was 0.6%. Similar to other local banks, profitability
has pressured due to the upward trend of funding costs and the
slow adjustments of the local referral interest rate. Net interest
margin has contracted in the industry while impaired loan charges
have increased. Loan impairment charges remain below the
industry's average due to the bank's lower exposure to retail
loans and despite the deterioration of Sinocem loan.

In Fitch's opinion, BCR maintains a good asset quality as
reflected in a reasonable impaired loans level. Main risks are the
high dollarization of its loan portfolio and the potential
deterioration of some large corporate client given its main focus
is corporate and business segments. However, BCR's loan portfolio
is well diversified by economic sector and its concentration in
larger borrowers is moderate. As of September 2017, impaired loans
are at the same level of the industry's average: 2.1%, but Fitch
expects this ratio to increase due to the deterioration of Sinocem
loan.

BCR's capitalization has remained stable over the last five years
with an acceptable cushion over the minimum regulatory level. The
capital ratios stability has benefited from the credit growth
slowdown since 2015. Fitch expects that the bank's Fitch Core
Capital ratio (FCC) will remain above 12% in 2018 given an
expected moderate profitability and growth.

KEY RATING DRIVERS - SUPPORT RATING, SUPPORT RATING FLOOR
BCR's Support Rating (SR) of '3' reflects Fitch's opinion that
there is a moderate probability of support from the state. In
addition, the bank has a clear policy role and the explicit
support of the state. The Support rating level is limited by the
sovereign rating. The bank's Support Rating Floor (SRF) is
equalized to the sovereign rating, given the explicit guarantee
from the government toward the bank, and its systemic importance.

RATING SENSITIVITIES - IDRs, NATIONAL RATINGS, SR, SRF AND SENIOR
DEBT

Changes in Costa Rica's sovereign rating may trigger similar
changes in BCR's IDRs, SR, SRF, and senior debt ratings.
BCR's national ratings are less likely to change, as the
government will continue to guarantee the bank's senior
obligations, and Fitch does not expect a change in the bank's
relative creditworthiness as compared to other local peers.

VR
The VR could be downgraded by further material weakening of the
bank's credit fundamentals as a result of additional developments
arising from the recent corporate governance events. Specifically,
material negative implications in its yet strong liquidity and
funding profile could result in a downgrade of its VR, although
this is not Fitch's baseline scenario. Conversely, the VR could be
affirmed and removed from Negative Watch status if the bank's
corporate governance standards and its management framework are
normalized including permanent appointments of senior staff, so
that the potential downside risks on its business and financial
profile are largely contained.

Fitch has affirmed BCR's ratings:

-- Long-Term Foreign Currency IDR at 'BB'; Outlook Stable;
-- Short-Term Foreign Currency IDR at 'B';
-- Long-Term Local Currency IDR at 'BB'; Outlook Stable;
-- Short-Term Local Currency IDR at 'B';
-- Long-term senior unsecured bonds at 'BB';
-- Support Rating at '3';
-- Support Rating Floor at 'BB';
-- Long-term National Rating at 'AA+(cri)'; Outlook Stable;
-- Short-term National Rating at 'F1+(cri)';
-- Programa de Emisiones de Bonos Estandarizados del Banco de
    Costa Rica 2012 at 'AA+(cri)';
-- Programa de Emisiones de Bonos Estandarizados Dolares-BCR 2016
    at 'AA+(cri)';
-- Programa de Emisiones de Bonos Estandarizados Colones-BCR 2016
    at 'AA+(cri)';
-- Programa de Emisiones de Papel Comercial Dolares-BCR 2016 at
    'F1+(cri)';
-- Programa de Emisiones de Papel Comercial Colones-BCR 2016 at
    'F1+(cri)'.

Fitch maintains the following BCR rating on Negative Watch:


BANCO NACIONAL: Fitch Affirms BB Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) of Banco Nacional de
Costa Rica (BNCR) at 'BB' and 'B', respectively. Fitch also has
affirmed BNCR's standalone Viability Rating (VR) at 'bb' and its
National scale ratings at 'AA+(cri)'and 'F1+(cri)'.

Fitch has also withdrawn the expected long-term rating of
'BB(EXP)emr' on the bank's proposed CRC-denominated senior
unsecured notes, since they will not be placed.

KEY RATING DRIVERS

IDRs, National Scale, and Debt Issue Ratings
BNCR's IDRs, senior debt ratings, and national ratings are driven
by the potential support of the Costa Rican government
(BB/Stable), as stated in the National Banking System Law.
According to this law, all state-owned banks have the guarantee
and full collaboration of the state. The explicit guarantee allows
BNCR's Long-Term IDR, senior debt ratings and Outlooks to be
aligned with the sovereign rating.

VR
BNCR's VR primarily reflects the great deal of influence of the
economic environment and Sovereign rating on the bank's
performance. The rating is also highly influenced by the bank's
risk appetite. Also considered are the bank's leading franchise in
terms of customer deposits and loan portfolio, with a sustained
local market share of more than 26% in both. This rating also
factors in the bank's adequate asset quality, resilient
profitability that supports its moderate capitalization metrics,
and the stability and diversification of its deposit base.

BNCR is a systemically important bank in Costa Rica and remains
the largest state-owned bank in the banking system. The bank's
non-performing loan (NPL) ratio has remained stable at below 2.3%
since 2015 despite the tougher operating environment in Costa
Rica, but this metric still compares slightly negative to that of
the banking system. The bank improved its reserve coverage ratio,
which reached 102.6% in third quarter 2017 (3Q17). Concentrations
by creditor are moderate and its exposure to U.S. dollar-
denominated loans was around 39% of gross loans.

The bank's overall profitability has historically reflected
relatively stable levels, Fitch's core profitability metric,
operating profit/risk-weighted assets (RWAs), has been in the
range of 1.5%-2.0% during the past three years. Its operating
return on average assets (ROAA) decreased to 1.0% during 3Q17,
compared with the 1.3% registered during 2016, but above the
banking system's 0.6% despite its public profile. Operating
profits are driven by recurrent earnings from its lending base and
relatively contained credit and funding costs.

BNCR's capitalization levels are adequate and are underpinned by
its ability to generate capital internally. It's Fitch Core
Capital (FCC)/RWAs ratio has been stable over the past four years,
12.6% at 3Q17 and averaging 12.9% from 2013-2016. Despite growth
in gross loans is expected to decelerate in 2018, Fitch considers
that the bank's capital metrics will face moderate pressure after
the adoption of the new regulation for foreign currency positions
but it will remain commensurate with its rating category.

BNCR has an ample and stable deposit base which benefits from its
solid franchise and sovereign support; the bank, as well as the
rest of Costa Rican state-owned banks, lead the local currency
deposits market. Fitch's core metric, loans/customer deposits, was
95.2% as of September 2017 and remains below that of the private
banking system, whose ratio is higher than 100%.

SR and SRF
BNCR's Support Rating (SR) of '3' reflects Fitch's opinion that
there is a moderate probability of support from the state. In
addition, the bank has a clear policy role and the explicit
support of the state. The SR level is limited by the Sovereign
rating. The bank's Support Rating Floor (SRF) is equalized with
the Sovereign rating, given the explicit guarantee from the
government to the bank, and its systemic importance.

RATING SENSITIVITIES
IDRs, NATIONAL RATINGS, SENIOR DEBT, SR AND SRF

Changes in Costa Rica's sovereign rating may trigger similar
changes in BNCR's IDRs, SR, SRF, and senior debt ratings.
Considering the sovereign guarantee, Fitch considers that the
bank's ratings will likely remain aligned with Costa Rica's
Sovereign rating.

Changes triggered by movements in the Sovereign rating would not
necessarily affect National ratings, since these are local
relative rankings of creditworthiness within a particular
jurisdiction.

VR

The bank's VR could be downgraded as a result of a material
weakening of its credit fundamentals, although this is not Fitch's
baseline scenario, considering the bank's robust company profile.
Upside potential could only arise in the event of a Sovereign
upgrade, since this rating is already at the Sovereign level.

Fitch has affirmed the following ratings:

Banco Nacional de Costa Rica:
-- Long-Term Foreign and Local Currency IDRs at 'BB'; Outlook
Stable;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- Long-term senior unsecured bonds at 'BB';
-- Viability Rating at 'bb';
-- Support Rating at '3';
-- Support Rating Floor at 'BB';
-- National scale long-term rating at 'AA+(cri)', Outlook Stable;
-- National scale short-term rating at 'F1+(cri)';
-- National scale long-term rating for local senior unsecured
    debt issues at 'AA+(cri)'.

Fitch has withdrawn the following rating:
-- Banco Nacional de Costa Rica's proposed notes 'BB(EXP)emr'.


===============
H O N D U R A S
===============


HONDURAS: Candidate Seeks New Election Due to Irregularities
------------------------------------------------------------
Alianza News reports that the candidate of the Opposition
Alliance, Salvador Nasralla, asked the Honduran government for a
repetition of the presidential election due to alleged
irregularities in the counting of the votes.

"I suggest it would be better for the government to repeat the
presidential election, calmly and in the most normal way," Mr.
Nasralla said in a statement to the press, according to Alianza
News.

In Honduras, there is no such thing as a runoff and who wins is
simply the candidate with the most votes, the report notes.

The report relays that Mr. Nasralla, 64, a television host of
Lebanese origin, has complained that a fraud is being worked up in
Honduras to steal his victory in the recent elections, of which he
proclaimed himself the winner as did the current president and
candidate for reelection, Juan Orlando Hernandez.

The Supreme Electoral Court (TSE) has delayed giving the official
results of the election and postponed for the second time a
special recount, due to the absence of representatives or
observers of the Opposition Alliance, which demands a recount of
more ballots than the TSE thought necessary, the report notes.

According to the latest results posted on the TSE Web site,
President Hernandez obtained 42.92 percent of the vote with 94.35
polling stations processed, while Mr. Nasralla appears to have won
41.42 percent, the report discloses.

The government of Honduras announced the declaration of a state of
emergency to curb the violence and vandalism seen in the country,
the report relays.

The lawlessness broke out amid the aftermath of the alleged fraud
which took place in the presidential elections held on Nov. 26,
the report notes.

The president's office made the declaration through Minister Ebal
Diaz, who said that the announcement to the citizens was due to be
made at 10:00 p.m. and the measure would take effect from 11:00
p.m., the report relays.

He added that the suspension of constitutional guarantees would be
implemented, taking into consideration a request made to the
government by the country's armed forces, the police service,
private companies and chambers of commerce, the report notes.

Mr. Diaz told local television Channel 5 that the armed forces and
police would be able to counteract the wave of violence that had
been unleashed in the country, the report adds.


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


INKIA ENERGY: Potential Sale No Impact on Fitch BB LT IDR
---------------------------------------------------------
Fitch Ratings views I Squared Capital's announced $1.177 billion
acquisition of Inkia Energy Ltd's Latin American and Caribbean
businesses as neutral to the Inkia's 'BB' Long-Term Issuer Default
Rating (IDR). The acquisition is expected to be debt funded up to
USD150 million.

I Squared Capital's (ISC) global experience in the energy and
utility sectors coupled with an investing strategy that emphasizes
total return may improve Inkia's overall cash flow predictability
as it will likely stabilize dividends. In the past, Inkia's cash
flow upstreamed to its parent has been bulky and irregular.

Historically, Fitch has expressed tolerance for Inkia's elevated
leverage, which reached 8.5x in 2015, considering a clear
expectation for the company's deleveraging trajectory, with 4.5x
as the medium-term rating sensitivity. Particularly in light of
Inkia's expansionary inclinations, its ability to achieve a
baseline leverage level that would place it comfortably in the
rating category is a central factor in its ongoing credit profile.
Fitch's view on the proposed acquisition is contingent on Inkia's
following through on these medium-term targets, even if there are
short-term spikes related to the transaction.

Additionally, Fitch expects potential operational synergies with
Orazul, ISC's generation assets acquired from Duke in 2016. In
addition to marginal reductions in administrative costs, the
combined negotiating power of the Inkia and Orazul assets could
help shape the pricing and regulatory environments in its markets.
This is particularly true in Peru, where the two companies would
represent nearly a quarter of the country's installed capacity.
The companies' diversified asset base in the country could provide
a balance between underlying stability and significant growth
potential in a shifting market environment, as the country's
reserve margins tighten. On a combined basis, Inkia and Orazul
operations in the country would constitute significant hydro
generation assets (Cerro del Aguila and Canon del Pato), low-cost
baseload thermal generation (Kallpa), vertically integrated
thermal generation (Aguaytia/Termoselva), and a 632MW cold reserve
thermal plant, backed by capacity payments under a 20-year
contract (Samay I).

Fitch currently rates several entities related to this potential
acquisition, including Kallpa Generacion S.A., Energuate Trust.
Orazul Energy Egenor S. en C. por A (owned by ISC). Assuming the
capital structures of these entities are unchanged by this
transaction, Fitch does not expect their ratings to be affected by
the acquisition.

The current ratings for Inkia and the related entities mentioned
above is:

Inkia Energy Limited
-- Long Term Foreign Currency IDR 'BB';
-- Long Term Foreign Currency IDR 'BB';
-- Senior unsecured notes rated 'BB'.

Kallpa Generacion S.A.
-- Long Term Foreign Currency IDR 'BBB-';
-- Long Term Foreign Currency IDR 'BBB-';
-- Senior unsecured notes rated 'BBB-'.

Energuate Trust
-- Long Term Foreign Currency IDR 'BB';
-- Long Term Foreign Currency IDR 'BB';
-- Senior unsecured notes rated 'BB'.

Orazul Energy Egenor S. en C. por A
-- Long Term Foreign Currency IDR 'BB';
-- Long Term Foreign Currency IDR 'BB';
-- Senior unsecured notes rated 'BB'.

The Rating Outlooks are Stable.


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


VENEZUELA: Says Strides Made in Talks With Opposition
-----------------------------------------------------
World News En Espanol reports that progress is being made on
various items of the agenda during talks between Venezuela's
government and the opposition in the Dominican Republic, the South
American nation's communications and culture minister said.

"We made key advances on some points" of the six-point agenda
during the session, Jorge Rodriguez said before entering the
Dominican Foreign Ministry's headquarters to take part in the
second day of negotiations, according to World News En Espanol.

"We hope today's session unfolds under the same conditions of
frank discussion, of strong but cordial debate, among the
participants," the report quoted Mr. Rodriguez as saying.

The minister is part of the official Venezuelan delegation to the
talks along with the president of the plenipotentiary National
Constituent Assembly (ANC), Delcy Rodriguez; Education Minister
Elias Jaua; and a senior member of the Venezuelan diplomatic
corps, Roy Chaderton, the report relays.

President Nicolas Maduro's administration persuaded the opposition
to enter talks "aimed at reaching a future agreement for peaceful
coexistence," Mr. Rodriguez said, expressing confidence that
"never again will violence be used to settle political
differences, never again will unconstitutional methods and
practices be employed to gain political power," the report notes.

"I think a coexistence agreement is something all Venezuelans
undoubtedly are waiting for and would support," Mr. Rodriguez
added.

The closed-door talks are being held under the auspices of
Dominican President Danilo Medina and Spanish former Prime
Minister Jose Luis Rodriguez Zapatero, the report relays.

The Dominican government has expressed optimism about these latest
talks, which have divided the opposition, the report says.

Venezuela's MUD opposition coalition is taking part in the talks,
although they are opposed by some hardline government opponents
such as former lawmaker Maria Corina Machado and ex-Caracas Mayor
Antonio Ledezma, who flew to Spain last month after escaping house
arrest, the report notes.

The opposition, for its part, has unveiled its priorities in the
talks, the report relays.

It said it wants the establishment of a humanitarian channel that
-- in coordination with international organizations and other
countries -- would allow the entry of badly needed food and
medicine, which are scarce due to a crippling economic crisis and
the government's dwindling hard-currency reserves, the report
notes.

The opposition also wants a change in the composition of the
National Electoral Council (CNE), which it contends is biased
against the opposition; the release from jail of opposition
members it says have been jailed for purely political reasons; and
the restoration of constitutional powers that the ANC has stripped
from the opposition controlled National Assembly (the unicameral
legislature), the report relays.

The report discloses that President Maduro said the formation of
the ANC, which took over the powers of the legislature in August,
was necessary to lift Venezuela out of a deep political and
economic crisis and bring peace to the country after months of
opposition-led protests that led to at least 125 deaths.

But the opposition says the creation of that body, which first met
in August, was merely a cynical ploy to sideline the national
legislature, the report adds.


                              *   *   *

As reported in the Troubled Company Reporter-Latin America, Robin
Wigglesworth at The Financial Times related that Venezuela
appeared to have made a crucial bond repayment in late October.
The Latin American country and its state oil company PDVSA have
failed to make several debt payments in recent weeks, the report
noted. But the most important one was an $842 million instalment
due Oct. 29 on a PDVSA bond maturing in 2020, which, unlike most
of the other overdue debts, had no 'grace period' that allowed for
30 days to clean up any arrears without triggering a default, the
report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2017, S&P Global Ratings lowered on Nov. 13, 2017, its
long- and short-term foreign currency sovereign credit ratings on
the Bolivarian Republic of Venezuela to 'SD/D' from 'CC/C'. The
long- and short-term local currency sovereign credit ratings
remain at 'CCC-/C' and are still on CreditWatch with negative
implications. S&P said, "At the same time, we lowered our issue
ratings on Venezuela's global bonds due 2019 and 2024 to 'D' from
'CC'. Our issue ratings on the remainder of Venezuela's foreign
currency senior unsecured debt remain at 'CC'. Finally, we
affirmed our transfer and convertibility assessment on the
sovereign at 'CC'."


VENEZUELA: Restructuring Among Largest and Most Complicated
-----------------------------------------------------------
Following Venezuela's (Caa3 negative) missed interest payments in
November which constituted default events, the eventual
restructuring could be one of the largest and most complicated
sovereign defaults seen by Moody's Investors Service, the rating
agency says in a new report.

Moody's expects that the combined restructuring, which would
follow missed bond interest payments from national oil company
PDVSA and the government, will likely exceed $65.2 billion. That
amount would be the fourth-largest default recorded by Moody's,
behind Greece in 2012, Argentina in 2001, and Russia in 1998.

Moody's notes that Venezuela's restructuring will be more
complicated, however, than other sovereign defaults, with prior
cases offering limited visibility into the likely outcome for
Venezuela.

Moody's had downgraded Venezuela to Caa3 from Caa1 in January 2015
and placed a negative outlook on the rating in March 2016.

Moody's research subscribers can access this report, "Government
of Venezuela: Restructuring ranks among the largest sovereign
defaults ever and is more complicated," at

https://www.moodys.com/research/Government-of-Venezuela-
Restructuring-ranks-among-the-largest-sovereign-defaults--
PBC_1101575


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


* BOND PRICING: For the Week From November 27 to Dec. 1, 2017
-------------------------------------------------------------

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

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD


                            ***********


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

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

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


                            ***********


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

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

Copyright 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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