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

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

               Wednesday, January 17, 2018, Vol. 19, No. 12


                            Headlines



A R G E N T I N A

BALANZ CAPITAL: Moody's Assigns B3 Rating to Class 5 Unsec. Debt
BUENOS AIRES: Moody's Assigns (P)B2 Rating to 2018 Treasury Note


B R A Z I L

GERDAU SA: Moody's Hikes CFR to Ba2; Outlook Stable


C H I L E

CHILE: Accuses World Bank of Unfair Treatment


C O L O M B I A

COLOMBIA: Daily Oil Production Falls in 2017


D O M I N I C A N   R E P U B L I C

CAP CANA: Restructures US$364MM Debt as Beach High-Rises Loom
DOMINICAN REPUBLIC: Another Whole Barrio Placed on The Block
DOMINICAN REPUBLIC: Haiti Resumed Ban on Products Disrupts Market


M E X I C O

AMG ADVANCED: Moody's Assigns B1 CFR; Outlook Stable
UNIFIN FINANCIERA: Fitch to Rate New Subordinated Notes 'B+'


P U E R T O    R I C O

ALEXIS SANTOS: DOJ Watchdog to Determine the Necessity of PCO
CESAR QUINONES: Court Strips Down Tax Lien to $25,000


U R U G U A Y

EXPRINTER (URUGUAY): Moody's Withdraws Caa2 LT Deposit Rating


                            - - - - -


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A R G E N T I N A
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BALANZ CAPITAL: Moody's Assigns B3 Rating to Class 5 Unsec. Debt
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned to Balanz Capital Valores S.A.U. a B3/Baa2.ar global and
national scale foreign currency senior unsecured debt rating to
Class 5 senior unsecured debt issuance from $25 million up to the
equivalent amount in dollars of ARS2 million, which will due in 12
months. All the ratings have a stable outlook.

The following ratings were assigned to Balanz Capital Valores
S.A.U.:

Class 5 Senior Unsecured Foreign Currency Debt Issuance for up to
the equivalent amount of ARS2,000 million:

Global Foreign Currency Senior Unsecured Debt Rating: B3, stable

National Scale Foreign Currency Senior Unsecured Debt Rating:
Baa2.ar, stable

RATINGS RATIONALE

The ratings reflect Balanz Capital's high earnings volatility and
modest earnings generation capacity. These risks are
counterbalance by a less aggressive business strategy based upon
reduced proprietary trading and adequate liquidity. In addition,
the global scale ratings consider Argentina's operating
environment, which even though is improving has historically been
very volatile.

Balanz Capital is the largest non-bank player in Argentina's fixed
income instruments market, with a market share of 2.44% of volumes
traded in the MAE (Mercado Abierto Electronico), and a 13% share
in BYMA (Bolsas y Mercados Argentinos) as of December 2017.
Earnings volatility is largely related to the company's business
model, which was historically focused on proprietary trading. This
activity historically represented 100% of Balanz Capital's total
income. In recent years, however, this figure has declined to 60%
and Balanz's management aims to reduce it, and consequently
earnings volatility, further by continuing the company's recent
expansion into trading activities for corporate and institutional
clients, asset management, and custody services, while also
developing relationships with larger domestic and international
counterparties to achieve a more balanced and stable earnings mix.
As its operations have expanded, however, Balanz Capital's
personnel costs have risen sharply, leading to a drop in its
profitability. During fiscal year 2017 ended in September 2017,
the company registered a return on average assets of 1.1%, down
from 3.3% in 2016 and 8.06% in 2015.

While the company's funding needs have traditionally been
satisfied almost entirely by its shareholders, with additional
resources provided by limited credit facilities from local banks,
the current debt issuance should help to diversify funding sources
while financing growth. With a ratio of liquid inflows to outflows
above 80% over the past 4 years, liquidity remains adequate.
Liquidity is held in liquid short term investments and securities,
mainly government securities in foreign currency.

WHAT COULD CHANGE THE RATING UP/DOWN

Balanz Capital's ratings could face upward pressure if the company
further diversifies its revenues and funding sources
diversification, and/or if the country's operating environment
continues to improve. On the other hand, the ratings could go down
if the operating environment deteriorates, or if Balanz Capital's
liquidity or profitability weaken significantly.


BUENOS AIRES: Moody's Assigns (P)B2 Rating to 2018 Treasury Note
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
assigned a (P)B2 (Global Scale local currency) and A3.ar
(Argentina National Scale) ratings to the 2018 Treasury Note
Program of the Province of Buenos Aires. The ratings are in line
with the province's long term local currency issuer ratings, which
carry stable outlook.

RATINGS RATIONALE

The Treasury Note Program has been authorized by the province's
2018 Budget Law Nß14.982 and by the Supplementary Budgetary Law,
whereas Resolution 3/18E of the provincial General Treasury set
the general issuance conditions of the series within the program
and its maximum amount. The treasury notes will be backed by
transfers from the Government of Argentina (B2, stable). The
assigned debt ratings reflect Moody's view that the willingness
and capacity of the Province of Buenos Aires to honor these
treasury notes is in line with the provincial's long-term credit
quality as reflected in the B2/A3.ar issuer ratings in local
currency.

The maximum issuance amount authorized under the program is
exactly ARS11.486 million or its equivalent in foreign currency,
which represents 2% of the total revenues budgeted for 2018 vis a
vis 1.7% of the program employed during 2017.

The Province of Buenos Aires intends to issue monthly Series of
Treasury Notes in public tenders or in private placements in the
domestic market starting in the current month of January.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Buenos Aires. Conversely, a downgrade in Argentina's bond ratings
and/or the continuation of current operating deficits coupled with
a debt to total revenues ratio rising above 55% could exert
downward pressure on the ratings assigned.

The principal methodology used in this rating was Regional and
Local Governments published in June 2017.



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


GERDAU SA: Moody's Hikes CFR to Ba2; Outlook Stable
---------------------------------------------------
Moody's Investors Service upgraded to Ba2 from Ba3 Gerdau S.A.
(Gerdau)'s corporate family rating and the ratings of the debt
issues of Gerdau Trade Inc. (guaranteed by Gerdau S.A. and its
operating subsidiaries in Brazil) and of GTL Trade Finance Inc.
(guaranteed by Gerdau S.A. and its operating subsidiaries in
Brazil), as well as the industrial revenue bonds issued by
Jacksonville Economic Development Commission, FL (guaranteed by
Gerdau S.A.) and the solid waste disposal bonds issued by St. Paul
Port Authority, MN (guaranteed by Gerdau S.A.). The outlook is
stable.

Ratings actions:

Issuer: Gerdau S.A

  LT Corporate Family Ratings: to Ba2 from Ba3

Issuer: Gerdau Trade Inc.:

  USD750 million senior unsecured notes due 2023: to Ba2 from Ba3

Issuer: GTL Trade Finance Inc.

  USD1,250 million senior unsecured notes due 2024: to Ba2 from
  Ba3

  USD500 million senior unsecured notes due 2044: to Ba2 from Ba3

Issuer: Jacksonville Economic Development Comm., FL

  USD23 million industrial revenue bonds due 2037: to Ba2 from Ba3

Issuer: St. Paul Port Authority, MN

  USD51 million solid waste disposal revenue bonds due 2037: to
  Ba2 from Ba3

The outlook of all ratings is stable.

RATINGS RATIONALE

The upgrade to Ba2 reflects the company's debt reduction and
liability-management efforts, which have intensified since October
2017 and will lead to a much faster deleverage than previously
anticipated. In October 2017, Gerdau issued USD 650 mm in 10-year
bonds, and used the proceeds for a USD 590 million tender offer
for its 2020, 2021 and 2024 bonds. Besides, Gerdau amortized its
USD 790 million in bonds due in October 2017. On January 2, 2018,
the company announced the sale of its rebar operations in the US
for USD 600 million, which Gerdau anticipates will be concluded in
the next 6 to 9 months and the proceeds will be used for debt
amortization. Pro forma for such events and including Moody's
standard adjustments for pension and other liabilities, Gerdau's
adjusted debt/EBITDA ratio as of September 2017 would decline to
4.2x from 5.4x.

The upgrade also incorporates Moody's expectation that Gerdau's
operating performance will continue to gradually improve over the
next several quarters, which will contribute to further
improvement in credit metrics. Accordingly, Moody's estimate
adjusted debt to EBITDA to decline further to around 3.5x by the
end of 2018.

Although Gerdau's main markets -- namely Brazil and the US --
continue weak or face strong competition, the company's adjusted
EBITDA margins have slowly increased in the past few quarters, and
closed September 2017 at 12.2% (down from 13.5% in 2014, but up
from 9.4% in 4Q16). Moody's do not expect any material recovery in
the steel industry in Brazil at least through the end of 2018, as
the main steel consuming segments for long steel (construction,
infrastructure) will likely remain weak until there is a more
sustained resumption of investments in infrastructure. Despite
that, declining inflation and interest rates should support a
gradual ramp up in the commercial construction and homebuilding
segments compared to 2015-16 levels. In the US, Gerdau will
continue to face competition of imported steel, while
infrastructure investments will likely not resume at least until
late 2018. Still, Gerdau's strategy of focusing in higher-margin
segments in the US, which is confirmed by the sale of its US rebar
operations, will help enhance margins in the country.

Gerdau's Ba2 ratings are supported by the company's historically
solid cash generation, driven by its strong market position in the
several markets where it operates, its good operational and
geographic diversity, its cost-driven management, as well as its
conservative financial policies. Despite the soft operating
environment, Gerdau has generated positive free cash flows since
2013, and was able to reduce debt levels, partially with the
proceeds from asset divestitures, which, including the sale of
rebar operations to Commercial Metals Company (CMC), have
generated BRL 5.3 billion since 2014.

Constraining the ratings is challenging operating environment for
the steel industry in Brazil and in the US and the still high,
although declining, leverage and weak debt protection metrics.
Over the last couple of years, Gerdau's leverage substantially
increased (and remained between 5x and 6x total adjusted debt to
EBITDA) as a result of the EBITDA contraction, in particular in
Brazil. At the same time, interest coverage ratios, measured by
EBIT to interest expenses, also deteriorated to levels close to
1x, much weaker when compared to historical averages in the 3x-4x
range. With the ongoing debt reduction and recovery in cash flows,
Moody's expect leverage to gradually drop to levels between 2.5x-
3.5x (from 5.4x in LTM ended September 2017) and interest coverage
to increase to levels close to 2x-2.5x (from 1.1x in the same
period) in 2018 and 2019.

The stable outlook reflects Moody's views that Gerdau will
continue to improve its operating performance during 2018. It also
reflects the resilience of its operations in the past 2-3 years
despite Brazil's market downturn, supported by the initiatives
taken by the company to reduce costs and expenses, the company's
focus on debt reduction and Gerdau's financial discipline
regarding capex and dividend payments.

The ratings could be upgraded if there is a more meaningful
recovery in Gerdau's operations, with sustainable improvements in
volumes and the company is able to improve profitability to levels
observed prior to 2015, with EBIT margins of at least 7% (4.7% in
LTM ended September 2017), while maintaining an adequate liquidity
profile. Quantitatively, an upgrade would also require further
improvements in credit metrics, with total adjusted debt to EBITDA
below 3.0x (5.4x in the LTM ended in September 2017) and EBIT to
interest expense above 3.5x (1.1x in the LTM ended in September
2017) on a sustained basis. Besides, conservative dividend payout
at levels such that cash flow from operations less dividends to
debt ratio remains above 25% (8.5% in the LTM ended in September
2017) on a sustained basis is an important consideration for an
upgrade.

Negative pressure on the rating could result from weaker liquidity
or from persistently high leverage, for example, if total debt to
EBITDA does not approach 3.5x on a sustainable basis. Further
deterioration in volumes and margins in Gerdau's main markets
(namely Brazil and the US), affecting its ability to generate
positive free cash flow or limited flexibility for capex reduction
could trigger a downgrade. A sharp deterioration in the
controlling shareholders' (Metal£rgica Gerdau) financial position
and an increase in dividends at levels such that the cash flow
from operations less dividends to debt ratio remains below 20%
(8.5% in the LTM ended in September 2017) for a prolonged period
could also precipitate a downgrade.

Based in Brazil, Gerdau S.A. ("Gerdau") is the leading producer of
long steel in the Americas and one of the largest suppliers of
special long steel in the world, with total capacity of over 26
million tons per year of crude steel and 21.1 million tons per
year of rolled products. Its US subsidiary, Gerdau Ameristeel
Corporation (Gerdau Ameristeel), is the second largest long steel
producer in North America. In the last twelve months through
September 30, 2017 Gerdau reported consolidated annual revenues of
approximately BRL 35.7 billion (USD 11.2 billion converted by the
average exchange rate). The group has operations in 11 countries
with relevant market shares in many of them, among which are
Brazil, USA, Canada, Peru, Uruguay, Argentina, Mexico, Venezuela
and India, and joint ventures in Colombia and the Dominican
Republic.



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C H I L E
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CHILE: Accuses World Bank of Unfair Treatment
---------------------------------------------
RJR News reports that Chilean officials have accused the World
Bank of treating the country unfairly for several years.

Foreign Minister Heraldo Munoz tweeted "fake news was becoming
fake statistics," according to RJR News.

He was responding to an interview given by the bank's chief
economist, Paul Romer, who said indicators for Chile may have been
manipulated for political reasons to show a decline in Chile's
business conditions, the report notes.

The World Bank has ordered an enquiry, the report relays.

In an interview given to the Chilean newspaper El Mercurio, the
World Bank economist who had been responsible for the rankings,
Augusto Lopez-Claros, said changes in methodology "took place in a
transparent and open context," denying any political bias, the
report adds.



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C O L O M B I A
===============


COLOMBIA: Daily Oil Production Falls in 2017
--------------------------------------------
EFE News reports that Colombia produced an average of 854,121
barrels per day (bpd) of petroleum in 2017, a figure that was down
from the average of 885,000 bpd in the prior year, the Energy and
Mines Ministry said.

Last year's output, however, "remained above the medium-term
budgetary estimate established at 840,000 barrels of crude per
day," the ministry said in a statement, according to EFE News.



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


CAP CANA: Restructures US$364MM Debt as Beach High-Rises Loom
--------------------------------------------------------------
Dominican Today, citing a press release issued in New York,
reports that the group Cap Cana SA completed a debt restructuring
for US$364.0 million.

The announcement comes just one week after the Tourism Ministry
and the Dominican Republic Hotels and Tourism Association
(Asonahores) announced a "dialogue" over news that at least two
major companies plan to build controversial high-rises at Cap Cana
and Macao, in the country's leading resort region, Punta Cana,
according to Dominican Today.

"The transaction was executed with a remarkable and exceptional
acceptance above 98.5% of the participants, thus definitively
canceling 100% of the commitments made by Cap Cana, SA to its
international creditors," the resort group said, quoted by
diariolibre.com, the report notes.

Cap Cana's executives said that, "thanks to the confidence shown
for the Dominican Republic, to the maturity of the Cap Cana hotel
and residential tourism destination, as well as to the continuous
and manifest support of the President of the Republic, Danilo
Medina and his officials to the entire tourism sector, important
groups of international and national investors at this moment are
developing large projects within the aforementioned destination,
and others are showing their interest for the development of new
projects," the report relays.

The members who led this ad hoc committee (currently investors in
the Cap Cana destination) affirmed that those "visiting Cap Cana
can clearly see the important state of development and maturity
achieved by the destination to date, for the quality of its
infrastructure of first world services, its organized urban plan,
its important hotels and the hundreds of real estate properties
finished and in use, the report relays.

"In addition, the new vision of the updated development and for
the future that Cap Cana has organized for its relaunch, we
understand that it augurs a great future and we are committed to
supporting this re-launch process," the statement said, the report
adds.

                      About Cap Cana

Cap Cana S.A. -- http://www.capcana.com/-- is a 30,000 acre
master-planned luxury resort and real estate community located on
the eastern tip of the Dominican Republic in the Caribbean.  The
community is fully operational with championship golf and yachting
facilities, a world class hotel, pristine beaches, a variety of
dining and retail establishments and numerous other amenities.
Since breaking ground in 2002, Cap Cana has invested approximately
US$800 million in infrastructure and other improvements and has
entered into contracts with aggregate value of approximately
US$1.5 billion for the sale of approximately 1,500 units of real
estate properties.  Throughout this period, Cap Cana has delivered
over 700 real estate properties to buyers, including retail and
developer hotel lots, condominiums and villas.


DOMINICAN REPUBLIC: Another Whole Barrio Placed on The Block
------------------------------------------------------------
Dominican Today reports that entire families which for generations
have lived on the lands where the major sugar mill Rio Haina once
operated, are today terrified of a sale of 168,753 square meters
approved by the Senate, including the land on which their homes
are built, the town's social areas, the fire department and even
its beach access.

The scandal comes several months after the government approved the
sale of lands at Los Tres Brazos, another sprawling barrio, where
the buyers of lots were given bogus titles, according to Dominican
Today.

The 168,753 square-meter land is home to around 50,000 people in
nine barrios, the report notes.

The contract includes the sale of all properties with all the
improvements, including the warehouses and tanks at the site, the
report relays.

Residents say they were "sucker-punched", when the Chamber of
Deputies was poised to approve the sale of the land to the company
Terminal Granelera del Caribe (Tegra) at RD$1,200 per square
meter, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Haiti Resumed Ban on Products Disrupts Market
-----------------------------------------------------------------
Dominican Today reports that Haitian authorities again barred the
entry of 23 Dominican products from crossing the border into their
territory, which roiled merchants and sent the binational market
into chaos during several hours.

Among the products halted from entering Haiti are figure pastas,
cement, rice, flour and vegetables, according to Dominican Today.

Abigail Bueno, head of the Dajabon Retailers Association, called
the measure an abuse by Haitian Customs officials because in his
view, the restriction hurts the small merchants from Haitiands and
the poorest population, but not Haitian wholesalers, the report
notes.

"This situation is one of the factors that is taking us to
bankruptcy Haitian and Dominican merchants, who to sell in the
market take out loans in banks, cooperatives and other commercial
establishments," the report quoted Mr. Bueno as saying.

"In fact this mockery of preventing the entry of Dominican
products on a whim is causing us all to go bankrupt," Mr. Bueno
said, the report notes.

Mr. Bueno warned that they don't want to go as far as blockading
the market or blocking the border, "so we first want to seek a
dialogue," the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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M E X I C O
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AMG ADVANCED: Moody's Assigns B1 CFR; Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating
(CFR) and a B1-PD Probability of Default Rating (PDR) to AMG
Advanced Metallurgical Group N.V. (AMG). In addition, Moody's
assigned a B1 rating to the company's proposed $200 million senior
secured revolving credit facility and its $300 million senior
secured term loan B. These ratings are commensurate with the
corporate family rating since the revolver and the term loan will
have the same collateral securing the borrowings and will account
for almost all of the debt in the company's capital structure. The
proceeds from the term loan will be used to repay about $150
million of existing term loan debt, to fund the company's lithium
development projects and expand its tantalum production in Brazil
and to cover transaction fees and expenses. Moody's also assigned
a speculative grade liquidity rating of SGL-2. The ratings outlook
is stable. This is the first time Moody's has rated AMG Advanced
Metallurgical Group N.V.

Assignments:

Issuer: AMG Advanced Metallurgical Group N.V.

-- Corporate Family Rating, Assigned B1;

-- Probability of Default Rating, Assigned B1-PD;

-- $200 million senior secured revolving credit facility B1
    (LGD3);

-- $300 million senior secured term loan B1 (LGD3);

-- Speculative Grade Liquidity Rating, Assigned SGL-2.

Outlook Actions:

Issuer: AMG Advanced Metallurgical Group N.V.

-- Outlook, Assigned Stable

RATINGS RATIONALE

AMG's B1 corporate family rating reflects its moderate financial
leverage, ample interest coverage, good liquidity, good geographic
and end market diversity and the importance of its products in
lightweighting, energy efficiency and carbon emissions reduction
which should lead to relatively steady customer demand. The
company also has a strong market position with only a few major
competitors for most of the critical materials it produces, and
sells those materials to a number of blue chip customers with whom
it has established long term relationships. AMG's rating considers
the upside earnings potential if it successfully produces
commercial grade lithium concentrate from existing and future
lithium bearing tailings generated via tantalum production at its
mine in Brazil. The company's rating is constrained by its modest
scale versus higher rated manufacturers, the risks related to its
lithium development and tantalum expansion projects, which will
result in elevated capital spending and negative free cash flow
over the next two years, as well as its reliance on raw materials
from mines located in some less developed countries and those with
potential geopolitical risks.

Moody's anticipates that AMG will continue to benefit from solid
demand from the transportation, infrastructure, specialty
chemicals and other end markets that it serves since most of the
critical materials it produces are used for lightweighting
products, enhancing their energy efficiency and reducing their
carbon emissions. In addition, the company has a record backlog of
orders in its engineering segment for vacuum furnace systems used
for heat treating, coating turbine blades and producing titanium
powders. The company should also benefit from commercial sales of
lithium concentrate beginning in the second half of 2018.
Therefore, Moody's expect it to produce a moderate increase in
adjusted EBITDA versus the level produced in 2017, which Moody's
estimate in the range of $125 million - $130 million including
Moody's standard adjustments. That should result in credit metrics
that support the assigned B1 corporate family rating, with an
adjusted leverage ratio (Debt/EBITDA) modestly below 4.0x and an
interest coverage ratio (EBITA/Interest Expense) slightly above
2.5x.

Moody's has assigned a speculative grade liquidity rating of SGL-2
since AMG is expected to maintain good liquidity and will have no
meaningful debt maturities prior to the maturity date of the
proposed revolver in 2023 and the term loan B in 2025. The company
is expected to maintain a sizeable cash balance and full
availability on its $200 million revolver, which is expected to be
undrawn at closing. The company will be producing negative free
cash flow in 2018 and 2019 as it invests in its lithium
development projects in Brazil, and pursues other growth
investments. However, the company will increase its cash balance
by about $150 million with the establishment of the new term loan
and these funds will be used for the lithium and tantalum
projects. The company has generated free cash flow historically
and could return to positive cash flows in 2020 when project
spending is completed.

The stable ratings outlook presumes the company's operating
results will moderately improve over the next 12 to 18 months and
result in credit metrics that support its rating. It also presumes
the company will not experience any significant issues related to
its lithium development and tantalum expansion projects.

The ratings could be upgraded if the company successfully
completes its lithium development and tantalum expansion projects
and achieves a material improvement in its operating results.
Maintaining a leverage ratio below 4.0x, an interest coverage
ratio above 3.0x and returning to positive cash flow generation
could lead to an upgrade. However, AMG's moderate scale will limit
its upside ratings potential.

Negative rating pressure could develop if the company experiences
any significant issues related to its lithium development and
tantalum expansion projects. Any material disruptions that result
in weaker than expected operating performance, or the pursuit of
other debt financed growth projects that result in weaker than
expected credit metrics would negatively impact the company's
rating. The leverage ratio rising above 5.0x or the interest
coverage ratio persisting below 2.0x could lead to a downgrade. A
significant reduction in borrowing availability or liquidity could
also result in a downgrade.

Advanced Metallurgical Group N.V., headquartered in Wayne,
Pennsylvania, produces engineered specialty metals and mineral
products through its AMG Critical Materials division. This segment
produces aluminum master alloys and powders, titanium alloys and
coatings, ferrovanadium, natural graphite, chromium metal,
antimony, tantalum, niobium and silicon metal. Its AMG Engineering
division designs and produces vacuum furnace equipment and systems
used to produce and upgrade specialty metals and alloys. The
company sells its products to the transportation, infrastructure,
energy, and specialty metals & chemicals end markets from
production facilities in Germany, the United Kingdom, France,
Czech Republic, United States, China, Mexico, Brazil and Sri
Lanka. The company produced revenues of $1.0 billion during the
twelve months ended September 30, 2017 with about 44% generated in
Europe, 33% in North America, 19% in Asia and 4% in the rest of
the world.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.


UNIFIN FINANCIERA: Fitch to Rate New Subordinated Notes 'B+'
------------------------------------------------------------
Fitch Ratings has assigned Unifin Financiera, S.A.B. de C.V.
Sofom, E.N.R.'s (Unifin) upcoming subordinated perpetual notes for
up to USD250 million an expected long-term rating of 'B+(EXP)'.
The final rating is contingent upon the receipt of final documents
conforming to information already received.

The proposed notes are expected to be subordinated to existing
unsecured debt but senior to capital. These will be perpetual in
nature but may be redeemed at the entity's option on the seventh
year after issuance (fist call date) and on every fifth
anniversary. Interest of the notes will be payable semi-annually
and is subject to Unifin's right to defer payment of interest.
Distributions on the notes are cumulative and if a dividend was
declared, there will be a payment of the deferred coupons, but the
ability of Unifin to resume the coupons deferral after payment
will remain. In the event of a change of control, there is a
coupon step-up of 5% per annum in place.

KEY RATING DRIVERS

The notes are two notches below Unifin's Long-Term Issuer Default
Rating (IDR) according to Fitch's methodology 'Non-Financial
Corporates Hybrids Treatment and Notching Criteria'. The two
notches represent incremental risk relative to the entity's IDR,
reflecting the increased loss severity due to its subordination
and heightened risk of non-performance relative to other
obligations, namely existing unsecured debt.

Fitch analysed the terms of the instrument in order to identify
structural features that could constrain the company's ability to
activate the equity-like features of the hybrid. Therefore, Fitch
has granted 50% equity credit given the existence of a coupon
step-up of 500 bps in the event of a change of control, the
ability to defer coupon payments and its perpetual nature.

However, Fitch believes initial terms of the issuance incorporate
a feature considered an effective maturity date could be in place
in the future, 15 years after the first call date, due to the
existence of a cumulative step-up grater that 100 bps as per the
agency criteria, which could lead Fitch to stop assigning equity
credit five years prior to such effective maturity date.

In the last review that Fitch made on Unifin (June 2017), the
company projected an extraordinary capitalization expecting to
drive the debt to tangible capital ratio to nearly 5x. The company
continued its aggressive growth and as of September 2017, Unifin's
leverage measured as total debt-to-tangible equity reached a high
12.8x, which Fitch considers inconsistent with the current rating
level. However, this is expected to recover to levels consistent
with its current ratings, considering the 50% equity credit
assigned to the planned subordinated perpetual notes issuance.
Unifin's international scale ratings could be downgraded in the
event that the expected subordinated perpetual notes are not
placed over the expected timeframe, without an alternative plan to
materially rebuild its capitalization and leverage metrics.

Unifin is one the largest non-bank financial institutions (NBFIs)
in Mexico. Unifin is the national leader for specialized
independent (i.e. not related to a banking-holding company)
leasing in Mexico and still holds third place within the total
leasing sector. Unifin's ratings reflect its moderately sized
franchise in the financial sector, its sound national market
position in leasing, and business concentration. It also reflects
its business expertise and robust legal resources for collection
purposes, which have allowed it to consistently generate earnings
and maintain adequate asset quality under sustained expansion.
Unifin's ratings also reflect its aggressive growth and recurrent
dividend payment that have rapidly weakened capital and leverage
ratios. Unifin's ratings also consider the company's improved but
still concentrated securitizations funding profile, as well as,
its proactivity in mitigated its market risks (interest rate and
currency) through hedging practices.

Criteria Variation: Fitch applied a criteria variation from the
'Non-Financial Corporates Hybrids Treatment and Notching
Criteria'. The notes contain provisions that mandate the payment
of deferred interest in arrears in the event that distributions
are made to capital stock and parity securities. Fitch views these
provisions as a means of preserving seniority over capital stock
and not as look-back provisions, as these provisions are not
intended to constrain the issuer's ability to defer coupons
following the payment of distributions. Without applying this
variation equity credit would be 0% and the notes' ratings would
be 'BB-(EXP)'.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT

The notes' rating is primarily sensitive to a change in Unifin's
IDR. Fitch expects that, under most circumstances, the proposed
notes will remain rated two notches below the company's IDR.



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


ALEXIS SANTOS: DOJ Watchdog to Determine the Necessity of PCO
-------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has issued an order directing the U.S.
Trustee to determine the necessity for appointment of a patient
care ombudsman in the bankruptcy case of Alexis Santos Serafin
Torres because the petition filed by the Debtor reflects that this
is a "health care business" case.

Alexis Santos Serafin Torres Torres filed a chapter 11 petition
(Bankr. D.P.R. Case No. 17-07266) on December 13, 2017. The Debtor
is represented by Carlos A Ruiz Rodriguez, Esq.


CESAR QUINONES: Court Strips Down Tax Lien to $25,000
-----------------------------------------------------
In the case captioned CESAR IVAN VARGAS QUINONES, Plaintiff, v.
UNITED STATES OF AMERICA, INTERNAL REVENUE SERVICE; COMMONWEALTH
OF PUERTO RICO, DEPARTMENT OF TREASURY OF PUERTO RICO; STATE
INSURANCE FUND CORPORATION Defendant(s), Adversary No. 16-00108
(Bankr. D. P.R.), Bankruptcy Judge Brian K. Tester granted in part
Debtor Quinones' motion for summary judgment.

The Debtor filed a chapter 11 voluntary petition for bankruptcy
relief on Nov. 14, 2014. Debtor owns in fee simple absolute six
parcels of real property in and around the municipality of San
Sebastian. Debtor's Real Properties are: Parcel No. 18455; Parcel
No. 25537; Parcel No. 25539; Parcel No. 26489; Parcel No. 25538;
and Parcel No. 24093. Debtor's Real Properties are encumbered by
several liens in favor of the IRS and Hacienda. Nevertheless,
pursuant to a recent appraisal report, these Real Properties have
a combined market value of $360,500. Of these six Real Properties,
all but one, Land Parcel No. 26489, are encumbered with
cross-collateralized mortgages amounting to $355,000 in favor of
creditor Condado 3, LLC, including principal balance and interest.
The Debtor also holds chattel property with a listed value of
$33,765. Debtor seeks to strip down, strip off and void secured
creditors' liens to the extent they are unsecured by equity in the
underlying Real Properties.

Debtor owes Puerto Rico income taxes for tax years 2002, 2003,
2004 and 2005. Hacienda has filed tax liens upon all of Debtor's
properties, the first of which was filed March 23, 2005. Debtor
owes federal income taxes to the IRS corresponding to tax years
2002, 2003, 2005, 2006, 2007, 2008, 2009 and 2010, and federal
insurance contributions act taxes for seven quarterly periods
between 2004 and 2006. The IRS has filed tax liens upon all of
Debtor's properties, the first of which was filed May 14, 2007.

On Dec. 5, 2014, IRS filed proof of claim 4-1 and filed Claim No.
4-2 on October 7, 2015, where the IRS claimed a total of
$155,184.81 of which $109,017.55 was claimed as a secured debt. On
Feb. 20, 2015, the State Insurance Fund Corporation filed a proof
of claim, in which it claimed $2,108.46 as a general unsecured
claim. On May 11, 2015, Hacienda filed a claim for a total amount
of $242,287.68 of which $185,302.98 was claimed as a secured debt.
The liens which encumber the Debtor's Real Properties were
recorded pursuant to the Mortgage and Property Registry Act of
1979, P.R. Laws Ann. T. 30 sections 2001 et seq. This statute was
set aside and replaced by the Real Property Registry of Puerto
Rico Act of 2015.

The IRS' arguments in its motion for partial summary judgment are
two fold (1) the court lacks jurisdiction to adjudicate the issue
at bar, (2) stripping down or stripping off the liens of the
United States prior to confirmation is not permitted by the Code
in chapter 11 cases.

Judge Tester holds that the court has jurisdiction over core
proceedings, which include the "determinations of the validity,
extent, or priority of liens." This being a proceeding where the
extent and priority of liens is being contested, the court finds
itself in the position of having jurisdiction over the present
adversary proceeding. The court does not find IRS' argument about
the court's lack of jurisdiction based on their sovereign immunity
compelling.

Addressing the lien voiding powers provided by the Code:

The statutory basis for stripping off a lien arises from the
combination of 11 U.S.C. 506(a) and (d).3 First, by operation
of Section 506(a) an under-secured creditor's allowed claim is
bifurcated into secured and unsecured portions. Then, with certain
exceptions not applicable here, pursuant to Section 506(d) the
lien securing the claim is voided to the extent that it is not an
allowed secured claim, effectively stripping the lien off to that
extent.

In its second argument, the Court asserts that even when the
general rule allows for the stripping of under-secured liens in
chapter 11 cases, as the IRS suggests in their Motion for Partial
Summary Judgment, IRS tax liens can be unitary. Unitary or blanket
liens cannot be voided based on the value of individual pieces of
collateral. A unitary or blanket lien is defined as a lien
indivisible in nature that cannot be broken down on a
property-by-property basis that attaches to both real and personal
property. They are regarded as "inviolable so long as there is
equity value in any of the collateral subject to the lien." Id. 26
U.S.C. section 6321 provides for their existence:

If any person liable to pay any tax neglects or refuses to pay the
same after demand, the amount (including any interest, additional
amount, addition to tax, or assessable penalty, together with any
costs that may accrue in addition thereto) shall be a lien in
favor of the United States upon all property and rights to
property, whether real or personal, belonging to such person.
However, 26 U.S.C. section 6323 imposes requirements for a tax
lien to obtain such status. Said section of the United States
Internal Revenue Code establishes:

The lien imposed by section 6321 shall not be valid as against any
purchaser, holder of a security interest, mechanic's lien, or
judgment lien creditor until notice thereof which meets the
requirements of subsection (f) has been filed by the Secretary.

(f) of the aforesaid IRC section details:

(f) Place for filing notice; form.--
(1) Place for filing.--The notice referred to in subsection (a)
shall be filed--
(A) Under State laws.--

(i) Real property.--In the case of real property, in one office
within the State (or the county, or other governmental
subdivision), as designated by the laws of such State, in which
the property subject to the lien is situated; and
(ii) Personal property.--In the case of personal property, whether
tangible or intangible, in one office within the State (or the
county, or other governmental subdivision), as designated by the
laws of such State, in which the property subject to the lien is
situated, except that State law merely conforming to or reenacting
Federal law establishing a national filing system does not
constitute a second office for filing as designated by the laws of
such State; or

B) With clerk of district court.-- In the office of the clerk of
the United States district court for the judicial district in
which the property subject to the lien is situated, whenever the
State has not by law designated one office which meets the
requirements of subparagraph (A); or

(C) With Recorder of Deeds of the District of Columbia.-- In the
office of the Recorder of Deeds of the District of Columbia, if
the property subject to the lien is situated in the District of
Columbia.

The Court holds that no lien filed by the IRS meets the
above-stated criteria. They were either filed at the Property
Registry or at the United States District Court for the District
of Puerto Rico. In no instance does the IRS provide evidence of
complying with section 6323(f)(1)(A)(ii) or subsection
6323(f)(1)(B).

As a result, the IRS' liens attach only to real property and never
obtained the unitary or blanket lien status the IRS claims.
Without said status, the court sees no merit in any further
analysis of IRS' claim. The court orders the stripping down of the
$31,961.45 tax lien filed May 14, 2007, to $25,000, and the
stripping off of all other liens filed after the referenced date,
because they are wholly under-secured.

In lieu of the foregoing, the Court issues the following orders:

   1. Hacienda's and the IRS' liens upon Land Parcels 18455,
25537, 25539, 25538 and 24093 (Count I, Count II, Count III, Count
V, and Count VI) are declared null, void and removed from said
Real Properties. Hacienda's and the IRS' liens upon these Real
Properties are wholly under secured.

   2. Hacienda's priming lien upon Real Property numbered 26489
(Count IV) is declared null, void and removed from said Real
Property as the lien's attachment period has elapsed.

   3. The IRS' $31,961.45 tax lien filed May 14, 2007, is the
priming lien upon Real Property numbered 26489 (Count IV), and is
further stripped down to $25,000, the collateral's uncontested
value.

The bankruptcy case is in re: CESAR IVAN VARGAS QUINONES, Chapter
11, Debtor(s), Case No. 14-09404 BKT (Bankr. D.P.R.).

A full-text copy the Court's Dec. 29, 2017 Opinion and Order is
available at https://is.gd/VG8uHl from Leagle.com.

CESAR I VARGAS QUINONEZ, Plaintiff, represented by EDUARDO J.
CAPDEVILA DIAZ , GARCIA ARREGUI & FULLANA PSC & ISABEL M. FULLANA,
GARCIA ARREGUI & FULLANA PSC.

United States Of America, United States of AMerica, Defendant,
represented by Kieran O. Carter -- Kieran.O.Carter@usdoj.gov --
Department of Justice, Tax Division & Nelson Wagner, U.S.
Department of Justice, Tax Division.

COMMONWEALTH OF PUERTO RICO, Defendant, represented by MIGDA L.
RODRIGUEZ COLLAZO, DEPARTMENT OF JUSTICE.



=============
U R U G U A Y
=============


EXPRINTER (URUGUAY): Moody's Withdraws Caa2 LT Deposit Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings assigned to
Exprinter (Uruguay) S.A., including the long- and short-term
global local and foreign currency deposit ratings of Caa2 and Not
Prime, respectively, as well as the long-term Uruguayan national
scale local and foreign currency deposit ratings of Caa2.uy.
Moody's has also withdrawn the caa2 baseline credit assessment
(BCA), the caa2 adjusted baseline credit assessment (adjusted BCA)
and the counterparty risk assessments of Caa1(cr) and Not
Prime(cr) assigned to Exprinter. Before the withdrawal, the
outlook on all ratings was negative.

The following ratings were withdrawn:

Issuer: Exprinter (Uruguay) S.A.

-- Long-Term Global Local Currency Deposit Rating, previously
    rated Caa2, negative

-- Short-Term Global Local Currency Deposit Rating, previously
    rated Not Prime

-- Long-Term Foreign Currency Deposit Rating, previously rated
    Caa2, negative

-- Short-Term Foreign Currency Deposit Rating, previously rated
    Not Prime

-- Long-Term Uruguayan National Scale Local Currency Deposit
    Rating, previously rated Caa2.uy, negative

-- Long-Term Uruguayan National Scale Foreign Currency Deposit
    Rating, previously rated Caa2.uy, negative

-- Baseline Credit Assessment, previously rated caa2

-- Adjusted Baseline Credit Assessment, previously rated caa2

-- Long-Term Counterparty Risk Assessment, previously rated
    Caa1(cr)

-- Short-Term Counterparty Risk Assessment, previously rated Not
    Prime(cr)

-- Outlook, Changed To Rating Withdrawn From Negative

RATINGS RATIONALE

Moody's has withdrawn all ratings following the Central Bank of
Uruguay's announcement on December 21, 2017 that revoked
Exprinter's financial institution license in view of the
liquidation process initiated at the request of Exprinter's
shareholders.


                            ***********


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.

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                            ***********


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

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

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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of the same firm for the term of the initial subscription or
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