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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

             Tuesday, January 23, 2018, Vol. 19, No. 16


                            Headlines



A R G E N T I N A

AGUA Y SANEAMIENTOS: Moody's Rates Proposed $500MM Senior Notes B2
AGUA Y SANEAMIENTOS: Fitch Rates Proposed US$500MM Notes 'B(EXP)'
BALANZ CRF: Moody's Assigns B-bf Global Scale Bond Fund Rating
GENNEIA SA: Weighs Initial Public Offering
GENNEIA SA: Notes Reopening No Impact on Moody's B2 Rating

GENNEIA SA: Fitch Gives B+(EXP) Rating on Up to $150MM Bonds


B R A Z I L

ELETROBRAS: Privatization Plan Credit Positive, Moody's Says
GEOPARK LATIN AMERICA: S&P Withdraws 'B' Corporate Credit Rating
NATURA COSMETICOS: S&P Rates Up to $1BB New Unsec. Notes 'BB'


C O S T A   R I C A

COSTA RICA: Fitch Affirms BB IDR & Revises Outlook to Negative


J A M A I C A

NOBLE GROUP: Completes Sale to Vitol


M E X I C O

JAVER: S&P Alters Outlook to Neg on Weaker Operating Performance
MEXICO: Number of Murders Soared in 2017


V E N E Z U E L A

VENEZUELA: Venezuelans Want Fast-Track Dominican Residency


X X X X X X X X X

LATIN AMERICA: Pope Francis Warns of Corruption as Visit Ends


                            - - - - -


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A R G E N T I N A
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AGUA Y SANEAMIENTOS: Moody's Rates Proposed $500MM Senior Notes B2
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family and
senior unsecured ratings to Agua y Saneamientos Argentinos S.A.
(AYSA). The outlook on the ratings is stable.

The assigned rating captures AYSA's dependence on government
transfers to maintain day to day operations, carry out investments
and service debt. Moody's recognize that, without transfers from
the federal government, the company would exhibit extremely weak
credit metrics (in the Caa rating range), despite currently
showing low financial leverage. The B2 rating acknowledges the
poor internal cash generation due to an unfavorable policy
environment that led to tariffs not being sufficient to cover the
issuer's operating costs. While improving, Argentina's regulatory
environment is still exposed to a limited track record when it
comes to political interference and tariff adjustment mechanisms.

RATINGS RATIONALE

The B2 rating incorporates Moody's expectation of continued
support from the Government of Argentina. While AYSA plans to
transition to a model of self-sustained operations through
increased tariffs, such goal may not be fully accomplished in the
next four to five years. As a result, AYSA will continue to be
highly dependent on extraordinary support from the Argentina's
Government for the foreseeable future

The assigned B2 rating reflects AYSA's large concession area in
the Province of Buenos Aires including the country's capital, the
most significant geographic areas within Argentina both in terms
of population and economic activity.

The B2 rating acknowledges AYSA's mandate to significantly expand
its coverage within its expanded concession area in the coming
years. As a result, all newly incorporated areas of service will
require material investments to provide service to the population.
AYSA will help finance its investment plan by issuing up to $ 1bn
between 2018 and 2020. The assigned B2 rating incorporates that
assumption and does not anticipate any additional leverage beyond
said amount within this timeframe.

Moody's considers AYSA to be a government related issuer (GRI). In
assigning the rating in addition to evaluating AYSA on a
standalone basis, Moody's have also incorporated Moody's
assumptions of high government support and high dependence between
the entity and the Government. Furthermore, to assign the rating,
Moody's has considered AYSA's credit metrics as adjusted to
include current transfers from the federal government into the
company's ordinary revenues and cash flows. Moody's considers
these transfers as "day to day support received from the
government that can be clearly distinguished from extraordinary
support" as specified in Moody's methodology to rate government
related issuers. In Moody's view, the transfers from the
Government of Argentina represent a clear indicator of willingness
to provide overall support and translate into much stronger credit
metrics on both historical and projected basis, which includes the
issuance of additional debt.

Regarding default dependence, AYSA presents very high operational
and financial linkages with the Government of Argentina. In
addition to AYSA's explicit mandate to carry out a public service,
the issuer also relies heavily on government transfers to sustain
daily operations and undertake its capital investment plan.
Historically, government transfers have ranged between 3 and 7
times AYSA's revenues. While AYSA's regulator has stated its
intention to continue increasing tariffs, the issuer will continue
to be largely dependent on government transfers to carry out its
investment plan and service its debt. In addition, Moody's
believes that the Government of Argentina and AYSA rely on an
overlapping revenue base and are exposed to common credit risks,
including foreign currency exchange risk.

Regarding extraordinary support, Moody's acknowledges that there
is a high probability of support from the Government of Argentina
towards AYSA. While the government does not grant the company any
explicit guarantees, its annual budget concedes funds to AYSA. At
the same time, the government enters into loans agreements with
multilateral entities on behalf of AYSA's investments. Moreover,
the Government of Argentina intervenes highly in AYSA's operations
via the appointment of board members, appointment of members to
the regulatory bodies, and by defining or proposing tariffs and
subsidies. In addition, AYSA's capacity to contract financial
obligations requires prior approval from various federal
ministries or government departments. Moody's views that a
scenario of a potential default of AYSA would bring political
embarrassment to the government of Argentina.

The stable outlook mainly reflects Moody's stable outlook for
Argentina's government bond rating and Moody's views that the
creditworthiness of the company is highly dependent on the credit
quality of the Argentine government.

In light of the stable outlook and current constraining factors,
Moody's does not anticipate a further rating upgrade for Aysa in
the near term, which would require a rating upgrade of the
sovereign.

Nevertheless, negative pressure on the rating could materialize if
fundamental strength of the company is challenged by a perceived
decline in government support coupled with excessive leverage.
Weakened credit metrics -- as adjusted -- such a ratio of funds
from operations (FFO) to net debt lower than 10% or debt to
capitalization higher than 70% could lead to a downgrade to AYSA's
b2 baseline credit assessment (bca).

Company Profile

AYSA, a company 90% owned by the government of Argentina, holds
the exclusive concession for the provision of water and sewage
services in the City of Buenos Aires and 25 districts in the
Greater Buenos Aires Area. AYSA was created pursuant to Decree
304/2006 of the Argentine Executive Branch on March 21, 2006,
following the termination of the concession held until then by a
private sector operator.


AGUA Y SANEAMIENTOS: Fitch Rates Proposed US$500MM Notes 'B(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Agua y Saneamientos Argentinos S.A
(AySA)'s Long-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) of 'B' with Stable Rating Outlooks. Fitch has also
assigned an expected rating of 'B(EXP)'/'RR4' to AySA's proposed
USD500 million senior unsecured notes due 2023.

Proceeds of the proposed notes will be used to finance the capex
plan. The proposed notes will rank pari passu in priority with all
of AySA's other senior unsecured debt. The 'RR4' Recovery Rating
for the company's senior unsecured notes reflects an average
expected recovery given default and is in line with the Recovery
Rating soft cap established for Argentine corporates.

Per Fitch's Government Related Entity Criteria, AySA's ratings are
linked to the sovereign rating of Argentina (IDR 'B'/Positive),
which is its ultimate parent. Argentina's government owns 90% of
AySA and has a track record of providing support through
significant shareholder capital injections. Fitch views potential
socio-political implications for Argentina in case of AySA's
default as moderate since it would not materially affect the
service provision. Also, a default could have potential strong
impact when considered financial implications for the sovereign.

On a standalone basis, Fitch views AySA's IDR as consistent with a
'CCC' rating due to its weak operational cash flow generation and
poor financial profile. These factors are partially mitigated by
the company's low business risk and the importance of its
operations to the country's water/wastewater sector. These
conditions would lead to four notch difference from the sovereign
rating in the case of a parent upgrade. As per Fitch's GRE
Criteria, this potential rating gap increase would result in
AySA's IDR being one notch below its parent's IDR and explains the
company's Stable Outlook, despite of Positive Outlook for the
sovereign's IDR. When there are up to three notches of difference,
the IDRs are equalized.

KEY RATING DRIVERS

Relevant Parent Support: AySA is dependent on the government's
capital injections to support its loss making operations, capex
and debt obligations. The capital injections totalled ARS41
billion during the 2013-2016 period. The company is subject to the
Argentine government's water/wastewater policy. As a 90%
government owned company, AySA's operations and financing
activities are controlled by the government, which also validates
its budget, debt issuances and capex plan through approval of the
Ministerio del Interior. The company is key to implementation of
the government's aggressive national capex plan that aims to
achieve 100% of water distribution coverage and 75% of sewage
collection by 2026.

Low Business Risk Industry: AySA's water/wastewater operations
present low business risk and benefit from predictable and
resilient demand given its provision of an important utility to
the population under a long-term concession. The company's
operations are regulated and present a monopoly condition in
water/wastewater services in the state of Buenos Aires. AySA has a
track record of adequate water supply distribution and ample
access to water resources from nearby rivers (La Plata and
Parana).

Negative EBITDA to Remain: AySA's financial profile registered
operating losses during 2013-2016 due to unbalanced tariff levels
and relevant cost structure, which negatively compare with its
peers in other Latin American countries. The company's tariff
adjustments during 2014, 2016 and 2017 were insufficient to move
EBITDA into positive territory. Fitch estimates the company will
continue generating negative EBITDA of around ARS1.1 billion
during the next four years despite expected efforts to enhance
tariff levels above inflation and attempts to improve operating
efficiency.

Negative Free Cash Flow Expected: Fitch expects AySA's FCF to
remain negative in the coming years pressured by weak operating
cash flow generation and estimated higher capex implementation.
During 2016, AySA's FCF reached ARS13.5 billion negative, impacted
by ARS8.1 billion of capex and ARS5.4 billion of negative cash
flow from operations (CFFO). In the same period the FCF was funded
with ARS15.9 billion of capital injection. AySA's FCF has
presented increasingly negative figures since 2013.

Weak Regulatory Environment: The regulatory environment for AySA
is weak given demonstrated track record of reduced enforceability,
with annual tariff increase ultimately a political decision from
federal government. Favorably, AySA carries flexible capex policy,
which benefits the company in the case of inadequate tariff
adjustment or insufficient capital injection from controlling
shareholder. The company has the challenge to improve its
corporate governance practices in terms of control and
transparency when compared with Fitch's average monitored
companies.

Existence of FX Risk: At the end of 2016, AySA's total debt of
ARS3.6 billion consisted of long-term obligations with
Administracion Nacional de la Seguridad Social (Anses - Argentine
social security entity) of ARS332 million and Banco Nacional de
Desenvolvimento Economico e Social (BNDES) of ARS3.3 billion. The
company's debt with BNDES is exposed to FX volatility and counts
on implicit government guarantee given its course on the
reciprocal payments and credit agreement (Convenio de Pagamentos e
Creditos Reciprocos - CCR) of the Latin American Integration
Association (Associacao Latinoamericana de Integracao - Aladi).
The debt with Anses is secured by around 3% of the company's
receivables.

DERIVATION SUMMARY

AySA's standalone credit profile is weak as compared with its main
peers in other Latam countries owing to its fragile operating
environment and strong dependence on shareholder to support its
negative cash flow generation. These compares unfavorably with
Companhia de Saneamento Basico do Estado de Sao Paulo (Sabesp,
BB/Stable), a state owned company based in Brazil with sound cash
flow generation and strong credit metrics, and with Aguas Andinas
S.A (AA+(cl)/Stable), a privately owned company in Chile with
strong EBITDA margins and adequate leverage. AySA's efficiency
ratios such as water distribution losses and connection per
employee are weak as compared with these two peers, which also
benefit from improved regulatory environment, demonstrated
financial flexibility and better corporate governance practices.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

-- Continued support from government through capital injection.

-- Tariff increase of 23% in May 2017 (as occurred) and in line
    with Fitch's inflation rates estimate for Argentina during
    2018-2021, combined with an annual real tariff increase of 1%
    to 2%.

-- Growth in the number of connections of 8% in 2017 and 5.7% in
    2018, favored by incorporation of new municipalities, and 2.7%
    annually thereafter.

-- Stable volume consumption/connection ratio.

-- Average annual capex of ARS30 billion during 2017-2021.

ISSUE RATINGS BASED ON RECOVERY ANALYSIS

For issuers with IDRs of 'B+' or below, Fitch performs a recovery
analysis for each class of obligations of the issuer based on the
going concern enterprise value of a distressed scenario or the
company's liquidation value. In the case of AySA, Fitch has
adopted the approach to consider the average recovery as the
company is a state-owned company strongly supported by the
Argentine government.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action:

-- Upgrade of the Argentina sovereign IDR of more than one notch;
    and

-- In case the Argentine sovereign IDR is upgraded by one notch,
    AySA's IDR would be upgraded if Fitch perceives stronger
    social-political and financial implications from AySA's
    default to the sovereign.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

-- Downgrade on Argentina sovereign IDR; and
-- Fitch's perception of a weaker linkage between AySA and its
    main shareholder.

LIQUIDITY

AySA's liquidity relies on cash injections from the government
given its inability to report internal cash generation and
restricted financial flexibility on standalone basis. Fitch
estimates the company's liquidity profile to remain weak going
forward. From 2013 to 2016 AySA's average short-term debt coverage
by cash balance was low at 0.3x, being 0.9x by the end of 2016
when cash balance was at ARS1 billion with ARS1.2 billion of
short-term debt.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings:

Agua y Saneamientos Argentinos S.A

-- Foreign Currency IDR 'B';
-- Local Currency IDR 'B'.

The Outlook is Stable.

Fitch has assigned the following rating to AySA:

-- USD500 million senior unsecured bonds due 2023 'B(EXP)'/'RR4'


BALANZ CRF: Moody's Assigns B-bf Global Scale Bond Fund Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Balanz Dolares Ley 27.260 Regimen de
Sinceramiento Fiscal (Balanz Ahorro Dolares) and Balanz Capital
Renta Fija Dolares (Balanz CRF Dolares), a short-term bond fund
and medium-term bond fund, respectively, domiciled in Argentina
and managed by Balanz S.G.F.C.I.SA (Balanz).

The ratings assigned to Balanz CRF Dolares and to Balanz Ahorro
Dolares are:

* Global scale bond fund rating: B-bf

* National scale bond fund rating: A-bf.ar

RATINGS RATIONALE

The bond fund ratings reflect Moody's expectation that the Funds'
credit quality will be consistent with a maturity-adjusted
weighted average credit quality of single B based on investment
portflios consisting of investments in local treasury bills
(LETEs, B2 stable), sub-sovereigns and Government Bonds
denominated in US Dollars. The key difference between the funds is
the average portfolio duration. Balanz Ahorro Dolares' average
duration will be up to 180 days while Balanz CRF Dolares' expected
duration may be up to two years. Also, Balanz CRF Dolares will
complement its investment strategy with investments in local
corporate bonds.

The national scale ratings of A-bf.ar reflect a national scale
mapping that is consistent with a global scale rating of B-bf and
consistent with peers that have similiar investment strategies.

"Both funds are dollarized investment vehicles which are currently
in high demand by local investors after the local Tax Amnesty Bill
period finished.", said Moody's Vice President Carlos de Nevares.

Balanz is a medium Argentinian asset manager with 1.32% market
share. As of December 2017, Balanz had assets under management of
approximately ARS 7.21 billion (USD0.4 billion).

The principal methodology used in these ratings was Moody's Bond
Fund Rating Methodology published in May 2013.


GENNEIA SA: Weighs Initial Public Offering
-----------------------------------------
Walter Bianchi at Reuters reports that Argentine thermal and
renewable energy producer Genneia SA will consider an initial
public offering on the local or international stock market, the
company said in a letter to the Buenos Aires stock exchange.

The proposal will be discussed at a shareholders meeting on Feb.
7, said the letter from the company, which currently is privately
owned, according to Reuters.

Genneia owns seven thermal plants in Buenos Aires and Entre Rios
provinces and a wind power park in the Patagonian province of
Chubut, the report notes.  Last October, it announced plans to
provide cement producer Loma Negra Compania Industrial Argentina
SA with renewable energy through 2037, the report adds.


GENNEIA SA: Notes Reopening No Impact on Moody's B2 Rating
----------------------------------------------------------------
Moody's Investors Service comments that Genneia S.A.'s B2 global
scale rating of the Senior Unsecured Notes due 2022 will remain
unchanged after the issuance of new senior unsecured notes of up
to USD200 million. The outlook for the rating remains stable.

On January 17, Genneia announced that it would issue additional up
to USD200 million senior unsecured 2022 Notes. The new notes will
be an add-on to the issuance of USD350 million Senior Unsecured
Notes due in 2022 issued January 2017. Proceeds from the reopening
will be used for debt refinancing, finance capital expenditures,
and for general corporate purposes.

Genneia is currently undergoing an ambitious investment program.
Genneia initiated its generation business in 2007 with the
installation of its first 62 MW of thermal capacity that has to
date expanded to reach 634 MW of thermal and 128 MW of wind
installed capacity. The company expects to reach 1381MW of
installed capacity (55% renewable and 45% thermal) by 2020.

To finance its investment plan, Genneia has used a combination of
debt and equity injections from its shareholders. Equity
contributions reached USD150 million in the last 2 years.
Nevertheless, debt levels have also increased significantly while
not all the projects are producing revenues yet. After the
issuance of the additional notes and the incurrence of additional
project finance debt related to some of its planned investments,
Moody's expects that consolidated Net Debt to EBITDA as estimated
by Moody's will reach a peak of over 5 times in 2018, to start
progressively decreasing in 2019 when the new projects start
generating cash flows.


GENNEIA SA: Fitch Gives B+(EXP) Rating on Up to $150MM Bonds
------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B+(EXP)'/'RR3'
to Genneia S.A.'s reopening of up to US$150 million under its
8.75% senior unsecured bond due 2022. The company expects to use
the proceeds from the issuance to refinance some existing debt and
fund its expansion projects, primarily in renewable generation
sources and working capital purposes.

Genneia's ratings reflect the Argentine electricity industry's
regulatory risk, which is improving but remains high. Fitch also
considers the company's counterparty risk with CAMMESA and other
market participants as the main off-takers, and its improving
metrics supported by relatively stable and predictable cash flow
generation. Finally, the ratings are constrained by the macro-
economic environment, including high inflation and steep currency
devaluation.

Genneia's 'B' Long-Term Foreign Currency Issuer Default Rating
(IDR) is constrained by the Republic of Argentina's 'B' country
ceiling, which limits the foreign currency rating of most
Argentine corporates. Fitch's 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 foreign currency
abroad to service foreign currency debt obligations. Since the
December 2015 presidential election, the Mauricio Macri
administration removed foreign currency controls introduced in
2011 and increased the flexibility of the Argentine peso, which
should contribute to improving the ability of the economy to
absorb external shocks and relieve pressure on international
reserves.

The Positive Outlook reflects 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

Dominant Player in Renewables: Although Genneia is considered a
relatively small player in the local power generation industry (2%
of the system's installed capacity), the company is the leading
wind power generation provider in the country with approximately
70% of the installed capacity as of December 2017. Genneia's
aggressive expansion phase is expected to continue through 2019,
exposing the company to greater execution risk. Upon completion of
its current project pipeline, Genneia will have nine windfarms on
line, cementing its position as a leading renewables player in
Argentina. By year-end 2019, EBITDA is expected to have increased
by 42%, with renewable generation representing 63% of Genneia's
EBITDA (versus 22% as of fiscal 2016).

Genneia added 437MW of capacity in 2017 between acquisitions
(295MW) and expansion projects (142MW). The company acquired the
thermal El Bracho plant in the province of Tucuman, with an
installed capacity of 245MW, through its acquisition of Generadora
Electrica de Tucuman S.A. (GETSA), and the Loma Blanca IV
windfarm, with an installed capacity of 50MW. With its expansion
projects, the company added 118MW from Bragado II and III and an
additional 24MW from Rawson III wind farm.

Genneia is in the process of constructing seven wind farms with a
committed installed capacity of 576.75MW including its Madryn wind
farm project with an expected installed capacity of 220MW, to
which the company is committed to achieve partial commercial
operation by May 2019 and the remainder by November 2019. The
Chubut Norte, Chubut Norte III and Chubut Norte IV wind farm
projects will add 168.8MW of installed capacity, and Villalonga,
Pomona and Necochea wind farm projects will add 187.95 MW. Also,
the company will have one biomass farm with committed installed
capacity of 19MW.

By January 2021, Genneia is expected to have total installed
capacity of 1,398MW, of which 755MW would be renewable power and
643MW thermal.

Predictable Operating Cash Flow: Genneia's cash flow generation is
relatively stable and predictable. Almost all of the company's
revenue is related to sales to the wholesale electricity market
(MEM, for its Spanish acronym) under contracts signed under
resolutions 220/07 and 21/16. The company benefits from USD-
denominated Power Purchase Agreements (PPAs) expiring between
2018-2027 for the thermal capacity and between 2027-2041 for
renewables. These PPAs support the company's cash flow stability
and predictability through fixed payments and fuel supplied by
CAMMESA.

Fitch expects the company's EBITDA to range between USD150 million
to USD210 million until the new projects are finalized, increasing
to nearly USD300 million after 2019. The company's EBITDA margins
have been stable and, on average, have exceeded 50% over the last
three years with a 63% thermal portfolio. With the incorporation
of renewables projects, Fitch has seen EBITDA margins reach the
company's estimated 70% margin and forecasts it will remain this
way through 2020.

Expansion Plan, Pressuring Credit Metrics: Genneia's pro forma
gross leverage reached 5.3x as of the LTM ended September 2017,
which is considered high for its Local Currency rating of 'BB-'
and is more consistent with a 'B' category rating, but this figure
does not include EBITDA from GETSA, which was acquired in August
2017, and Loma Blanca IV, which was acquired in November 2017.
Fitch estimates Genneia's pro forma LTM EBITDA as of September
2017 including GETSA and Loma Blanca IV to be USD130 million,
resulting in pro forma gross leverage with the reopening of 4.3x,
consistent with its Local Currency rating. Genneia's leverage is
offset by stable and predictable EBITDA generation estimated to
reach nearly USD300 million by 2020. Assuming no additional debt
is raised and that the company's contracted capacity is scheduled
to go on line in 2020, Fitch expects gross leverage will improve
to 3.0x by 2020, and below 3.0x on a net debt basis.

Genneia is in the midst of an expansion plan that is estimated to
cost approximately USD860 million. After the proposed USD150
million reopening, of which USD45 million will be used to
refinance some existing debt, the company will need to raise up to
USD650 million, given it reported USD108 million of cash in
September 2017. Fitch assumes the company will finance its
expansion phase with additional debt (corporate or project
finance) and equity. The company has historically been supported
by its equity investors and has proven to be able to access both
domestic and international markets.

Non-Recourse Debt: The covenants will remain the same for the
proposed reopening. The proposed senior unsecured notes are
guaranteed by certain Genneia restricted subsidiaries. PER, PEM
and the thermal power plants are owned by Genneia, and revenues
related to these plants will support repayment on the senior
unsecured notes. The Villalonga, Chubut Norte, Pomona and Necochea
projects will be financed through non-recourse project finance
debt, which has not yet closed. The subsidiaries in charge of
developing those projects are considered unrestricted
subsidiaries, and only excess flows after repaying their own debt
service may be distributed to Genneia as dividend payments to
support payments on the proposed notes.

Derivation Summary

Genneia's Foreign Currency rating is constrained by the country
ceiling of Argentina. Nonetheless, the company's metrics and
expected capital structure are healthy when compared to its local
and regional peers. Genneia is currently in a period of expansion
and has similarly high leverage, but is expected to de-lever
quickly to a gross leverage of 3.0x and below 3.0x on a net debt
basis by 2020, which is in line with its Argentine peer, Albanesi
S.A. As of December 2017, Genneia was the leader in renewable
power generation in Argentina with a 70% market share and is
expected to remain a key player by both installed and awarded
capacity after RenovAR round 2.0. By 2020, with a majority of its
EBITDA generated through renewables, it is estimated Genneia will
have higher EBITDA margins compared to its Argentine peers, which
are more concentrated in thermal power generation.

Regional peers include Peruvian generators, Orazul Energy Egenor
S. en C. por A. (BB/Stable) and Kallpa Generacion (BBB-/Stable).
Unlike its Argentine peers, Peruvian utilities are not constrained
by a country ceiling, and the operating environment in Peru has
historically been more stable and open, in which generation
companies are on average exposed to higher credit quality off-
takers, and benefit from greater diversification in their
counterparty risk. Orazul shows a weaker capital structure than
Genneia, with leverage estimated to be above 5.0x through the
rating horizon. Its high leverage is mitigated by its asset
diversification. Additionally, Orazul's natural gas production
business makes it uniquely vertically integrated among Peruvian
generation companies. Kallpa is Peru's largest thermal generator
and the country's largest privately owned hydro generator, with
total installed capacity of 1,600MW. Similar to Genneia, Kallpa
will temporarily have leverage at 5.0x before settling at around
3.5x in the next few years.

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

-- If the company develops additional significant projects that
    result in a significant increase in the company's leverage to
    5.0x on a consistent basis, this may be viewed negatively by
    Fitch.

-- Given the issuer's high dependence on the subsidies by
    CAMMESA/ ENARSA coming from the Argentine 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 the issuer's ratings, given that the ratings are
    constrained by the sovereign's credit quality.

Liquidity

Total cash and equivalents amounted to approximately USD108
million as of Sept. 30, 2017 relative to the USD35 million in
short-term debt due in 2018. As of September 2017, Genneia had
leverage of 3.9x, in line with Fitch's prior-year expectations,
but the company continues to face significant financing needs as
it embarks on an ambitious expansion plan, mainly in renewables.
Proceeds from the proposed reopening will be used to refinance the
USD45 million of existing debt coming due in the next couple of
years, and finance capex for certain expansion projects and
working capital purposes, resulting in leverage of 5.3x as of LTM
Sept. 30, 2017 EBITDA.

Historically, Genneia has access to short-term financing in
Argentina as has been evidenced by the company's relationship with
local banks. Additionally, some of its shareholders are
significant holders of Banco Macro. Genneia's funding capacity and
financial flexibility are considered adequate given its pro forma
debt level. Although, given the company's significant capex needs,
it will need to tap the international capital markets or find a
financing alternative to the domestic market.

Full List of Ratings

Fitch currently rates Genneia as follows:

-- Long-Term Foreign Currency Issuer Default Rating (IDR) at
   'B';Outlook Positive;

-- Long-Term Local Currency IDR at 'BB-'; Outlook Stable;

-- $350 million senior unsecured notes due 2024, 'B+(EXP)'/'RR3'.



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


ELETROBRAS: Privatization Plan Credit Positive, Moody's Says
------------------------------------------------------------
The Brazilian government's plan to privatize Eletrobras (Ba3
stable) is credit positive for the company, since a cash injection
through an equity offering would improve its financial risk
profile at a time when the government is contending with its own
fiscal problems and has reduced ability to support funding the
company's requirements, concluded Moody's Investors Service in a
new report.

"The preliminary guidelines contained in the government's
privatization plan are constructive to Eletrobras' credit profile,
because it will help on the company's deleveraging strategy and
will strengthen its capacity to make new investments", said
Cristiane Spercel, a VP -- senior analyst at Moody's. Eletrobras'
investment program amounts to BRL20 billion through 2022.

According to Moody's scenario analysis, if the privatization
occurs as planned, the equity offering will support a reduction in
the company's debt to equity ratio to the low forties and drive
net debt to EBITDA ratio to below 3.0x in 2021, approaching the
average of Eletrobras' regional peers.

Proposed changes in the concession framework for electricity
generation also provide opportunities to improve operating
performance, since a shift to market-based prices allows
Eletrobras to strengthen its revenue base on approximately one
third of its installed capacity. But the positive impact on cash
flows may be partially offset by deferral in compensation for some
transmission assets, increased exposure to hydrologic volatility
and higher sector charges.

By becoming a corporation, with broadly diluted control,
Eletrobras would also create conditions to further improve its
corporate governance, even with the government retaining a "golden
share" as planned. That would grant to the federal government the
power to veto some investments decisions, but political
interference as a whole would likely decline.

However, execution of the privatization plan may prove very
difficult in 2018, because of the evolving political
considerations, Moody's also said. Other uncertainties include
requirements for business reorganization, such as the separation
of Eletronuclear and Itaipu, and the successful exit of the
company's distribution business.


GEOPARK LATIN AMERICA: S&P Withdraws 'B' Corporate Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term corporate credit
rating on GeoPark Latin America Limited Agencia en Chile (GPLAC).
The outlook at the time of the withdrawal was stable.

The withdrawal was at the issuer's request and followed the
prepayment of all its outstanding rated debt -- a $300 million
bond -- with the proceeds from new debt issued at the level of its
holding company, GeoPark Ltd. (B/Stable/--). S&P understands that
all new financing will now be managed at the holding level.

GeoPark Ltd. controls GPLAC and has operations in Chile, Colombia,
Brazil, Peru, and Argentina. S&P said, "We based our analysis of
GPLAC on its parent's consolidated figures because we believe both
entities constitute a single economic entity with a single default
risk. In our view, GPLAC is a core subsidiary of GeoPark Ltd.
because the company is integral to the group's strategy, it's
highly unlikely to be sold, and closely linked to the group's
reputation given that it shares the same name."


NATURA COSMETICOS: S&P Rates Up to $1BB New Unsec. Notes 'BB'
-------------------------------------------------------------
S&P Global Ratings has assigned its 'BB' issue-level rating to
Natura Cosmeticos S.A.'s proposed senior unsecured notes up to
$1.15 billion, with an intermediary tenor expected to be between
five and seven years. The notes will rank equal in right of
payment with all of the issuer's existing and future senior
unsecured debts. The proceeds of the notes will be used to extend
debt maturities, mainly to pay down the promissory notes issued to
accomplish the acquisition of The Body Shop in third quarter of
2017. Since the issuance will be neutral to company's leverage, it
doesn't change S&P's view of its credit quality.

RECOVERY ANALYSIS

S&P said, "We have assigned a recovery rating of '3' to Natura's
proposed senior unsecured notes, with a meaningful recovery of
50%. In our recovery scenario, we assume the company would
restructure rather than be liquidated, given its solid position in
the market it operates. Our simulated path to default for Natura
would encompass significantly lower volumes sold, which would also
impact working capital, as inventories would take longer to be
sold. Under such a scenario, the company's EBITDA would decline by
around 62% compared to 2017, and Natura would not be able to
generate enough cash to service its debt nor would it be able to
refinance short-term debt maturities with banks or capital
markets.

"We use an EBITDA multiple of 6x, which is the standard for the
branded nondurables industry. Within the industry, Natura is part
of the personal care and household products sub sector, which
typically uses an EBITDA multiple between 5.5x and 6.5x. Our
emergence EBITDA reflects Natura's interest expenses, 2.5% capex
of sales -- which is somewhat higher than the standard to
incorporate the debt to fund the TBS acquisition."

The combination of R$630 million emergence EBITDA with a 6.0x
multiple results in a gross enterprise value at emergence of R$3.8
billion, with a rounded recovery expectation of 50%.

SIMULATED DEFAULT AND VALUATION ASSUMPTIONS:

-- Simulated year of default: 2023
-- EBITDA at emergence: R$630 million
-- EBITDA multiple: 6.0x
-- Estimated gross EV:R$3.8 billion

SIMPLIFIED WATERFALL

-- Net EV, after 5% of administrative expenses: R$3.6 billion
-- Unsecured debt: R$6.9 billion (bank loans, debentures and
     proposed senior unsecured notes issuance)
-- Recovery expectation of the existing debentures and the
    proposed senior unsecured notes: 50%

  RATINGS LIST

  Natura Cosmeticos S.A.

   Corporate Credit Rating        BB/Negative/--

  New Rating

  Natura Cosmeticos S.A.

   Senior Unsecured         BB
   Recovery Rating          3 (50%)



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


COSTA RICA: Fitch Affirms BB IDR & Revises Outlook to Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Costa Rica's Long-Term Foreign and
Local Currency Issuer Default Rating (IDRs) at 'BB'. The Rating
Outlooks have been revised to Negative from Stable.

KEY RATING DRIVERS

The Negative Outlook reflects Costa Rica's diminished flexibility
to finance its rising budget deficits and public debt burden, as
well as persistent institutional gridlock preventing progress on
reforms to correct the fiscal imbalance. Incipient signs of
crowding out of private investment have increased risks to Fitch's
prior expectations that the economy will remain insulated from
fiscal stress, while the sovereign's reliance on the local capital
market to meet its high financing needs is facing greater strain.
Uncertain prospects for fiscal reform imply continued large
deficits and a rapidly rising debt burden.

After shrinking in 2016 for the first time in five years to 5.2%
of GDP, the central government's budget deficit increased to an
estimated 5.9% in 2017. Inertial spending pressures coupled with a
cyclical slowdown in revenues largely negated the marginal
improvements in tax collection and cost containment achieved in
2015-2016. Fitch expects these trends to continue in 2018 and for
the deficit to rise to 6.2% of GDP. Assuming no significant
consolidation measures in 2018, the general government deficit
(i.e. including the social security fund surplus) is forecast to
reach 5.2% of GDP in 2018, above the 'BB' median of 3.4%.

Fitch's projections assume some fiscal adjustment after the 2018
election through a combination of spending cuts and tax hikes,
though the timing and scope of the measures remain uncertain. Past
attempts at comprehensive fiscal reform have foundered in the
gridlock-prone Congress or in the Constitutional Court. Prolonged
delays in addressing Costa Rica's fiscal imbalance will amplify
the costs of future adjustments and raise the risks to growth.
Costa Rica's general government debt burden, at 44% of GDP in 2017
(net of debt holdings by the social security fund), is projected
to surpass the 'BB' median of 46% this year and continue to climb
steeply over the medium term.

The government has relied heavily on the local market to finance
its deficits, the more so since congressional authorization for
external bond issuance expired in 2015. A favorable backdrop for
domestic borrowing began to unwind in mid-2017 when an abrupt
tightening of monetary policy put upward pressure on local
interest rates. As a result, the National Treasury faced
difficulties raising funds mid-year, as evidenced by unsuccessful
auctions and tightening liquidity, but has since validated higher
interest rates demanded by the market.

Additionally, the sovereign has sought alternative mechanisms to
tap into foreign funds that would bypass the requirement for
congressional approval of an external bond issuance. Fitch expects
the sovereign will be able to manage its liquidity situation, but
tightening market conditions and persistent institutional
obstacles point to growing funding challenges.

Domestic borrowing costs have increased as currency depreciation
and rising inflationary pressures led to a sharp tightening of
monetary policy in 2017. A 300bps hike in the policy interest rate
was swiftly transmitted to lending rates in the banking sector,
leading to a sharp deceleration in credit growth. Proactive
tightening should keep headline inflation within the 2%-4% target
range, in Fitch's view.

Also adding to upward pressure on local interest rates is high
government borrowing, which could restrain investment and growth.
Real GDP growth is projected to have slowed from 4.5% in 2016 to
3.4% in 2017, driven in part by a sharp fall in fixed investment
(-1.9% yoy in the first three quarters of the year). The economy
should remain broadly resilient to the deteriorating fiscal
situation, in Fitch's view, although fiscal imbalances pose risks
of crowding out, and constrain the scope for counter-cyclical
policies. Growth is forecast to average 3.9% in 2018-2019, broadly
in line with potential.

Costa Rica's 'BB' ratings are supported by structural indicators
that are strong relative to peers, including high per capita
income, social development and governance standards. The ratings
are also underpinned by the country's successful economic model
centered around high value-added service and manufacturing
activities, which supports robust growth and foreign direct
investment inflows. FDI inflows still cover a current account
deficit estimated at 3.2% of GDP in 2017 comfortably. Fitch
expects FDI inflows to remain relatively firm during the forecast
period and for the current account deficit to widen slightly owing
to weaker terms of trade.

The likely winner of the presidential elections on Feb. 4, 2018
(and a potential run-off in April) is highly uncertain. Fitch's
base case scenario assumes the winner will have another minority
government and face challenges from a highly fragmented
legislature. This could complicate coalition building and add to
legislative gridlock and reform inertia, especially on
controversial fiscal issues.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Costa Rica a score equivalent to a
rating of 'BBB+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

In accordance with its rating criteria, Fitch's sovereign rating
committee decided to adjust the rating indicated by the SRM by
more than the usual maximum range of +/- three notches because of
the extent of Costa Rica's intractable political gridlock and
sharply rising debt burden.

The committee adjusted the output from the SRM to arrive at the
final LT FC IDR by applying its QO, relative to rated peers, as
follows:

-- Structural: -2 notches, to reflect a long track record of
institutional gridlock that is not captured in the country's high
governance indicators, as reflected by the repeated failure to
produce meaningful fiscal reform because of congressional
fragmentation and judicial injunctions.

-- Fiscal: -2 notches, to reflect Fitch expectation that debt
will continue to rise over the medium to long term in the absence
of more substantive fiscal reform, as well as a rigid expenditure
profile dominated by indexed salaries, rising interest payments,
and constitutionally mandated spending in areas such as education,
which makes fiscal consolidation difficult.

The SRM is Fitch's proprietary multiple regression rating model
that employs 18 variables based on three-year centered averages,
including one year of forecasts, to produce a score equivalent to
a LT FC IDR. Fitch's QO is a forward-looking qualitative framework
designed to allow for adjustment to the SRM output before
assigning the final rating. In this way the rating can reflect
factors that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main issues that could individually or collectively lead to a
downgrade are:

-- Evidence of sovereign financing constraints;

-- Failure to consolidate public finances leading to a sharper
    deterioration in debt dynamics;

-- A deterioration in macro-financial stability.

As the Rating Outlook is now Negative, Fitch's sensitivity
analysis does not anticipate developments with a high likelihood
of leading to a positive rating. However, the main factors that
could individually or collectively lead to an Outlook revision to
Stable include:

-- Easing of political gridlock that improves overall fiscal
    management, including passage and implementation of meaningful
    fiscal reform;

-- Meaningful progress on structural fiscal consolidation that
    improves the prospects for debt stabilization.

KEY ASSUMPTIONS

-- The global economy performs largely in line with Fitch's
    Global Economic Outlook (December 2017).

Fitch has affirmed the following ratings:

-- Long-Term Foreign Currency IDR at 'BB'; Outlook to Negative;
-- Long-Term Local Currency IDR at 'BB'; Outlook to Negative;
-- Short-Term Foreign Currency IDR at 'B';
-- Short-Term Local Currency IDR at 'B';
-- Country Ceiling at 'BB+';
-- Long-term senior unsecured foreign currency bonds at 'BB'.



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


NOBLE GROUP: Completes Sale to Vitol
------------------------------------
RJR News reports that there's more bad news for the part owner of
the Jamalco alumina refinery -- the Noble Group.

The struggling commodities trader has completed the sale of its
U.S.-focused oil business to the world's largest oil trader Vitol,
but net proceeds from the deal are lower than a previously
announced estimate, according to RJR News.

In a statement, Noble Group said net proceeds from the sale of
Noble Americas Corporation to Vitol were expected to be about
US$400 millions, the report notes.

In October, Hong-Kong based Noble said gross proceeds from the
deal would be about US$1.42 billion and it expected to make about
US$580 million after repaying loans, the report relays.

Noble said the lower return on the sale that closed on January 12
was primarily due to operating losses of Noble Americas from
October 1, 2017 to the closing date, the report says.

The Singapore-listed company, which had a market capitalization of
$6 billion in early February 2015, was plunged into crisis after a
report by blogger Iceberg Research later that month questioning
its accounting, the report relays.

Noble stood by its accounts and rejected the report's allegations
but coupled with a major commodities downturn, the firm was unable
to recover investor confidence, the report notes.

Finance Minister Audley Shaw said the government is seeking new
partners to replace the Noble Group investment in Jamalco, the
report relays.

He said this is due to uncertainties about its stake in the
company, the report adds.



===========
M E X I C O
===========


JAVER: S&P Alters Outlook to Neg on Weaker Operating Performance
----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Servicios
Corporativos Javer, S.A.B. de C.V. (Javer) to negative from
stable. S&P said, "At the same time, we affirmed our 'BB-'
corporate credit rating on the company and our 'BB-' issue-level
rating on its senior unsecured notes due 2021. The recovery rating
on the unsecured notes remains at '4' (rounded estimate 45%),
indicating our expectation for average recovery prospects for the
bondholders in the event of a payment default."

The outlook revision reflects Javer's weaker-than-expected
operating performance stemming from the contraction of its units
sold in its affordable entry level segment (low income) as a
result of the drop in the federal housing subsidy last year. This,
coupled with upswings in building material costs and higher SG&A
expenses, has dented the company's profitability and cash flow
generation, increasing the likelihood that its payback metrics
could remain tight for the rating level, with a ratio of
discretionary cash flow (DCF) to debt below 5% over the next two
years.

The outlook revision also incorporates the fact that as of January
19, Javer has not yet completed the refinancing of its remaining
outstanding dollar-denominated $159 million notes which we had
expected last year. Although the notes are due in April 2021, S&P
believes that Javer could start to face some refinancing risk
if it doesn't complete the refinancing in 2018. Moreover, the
company continues to be exposed to foreign currency volatility,
although this was somewhat mitigated through a cross-currency swap
agreement, hedging 100% of its coupon payments and 68.6% of its
notes principal until April 2019.

S&P said, "Our ratings continue to reflect Javer's high
concentration in Mexico's northern region, particularly in the
state of Nuevo Leon where the company sells close to 42% of its
total units. Moreover, Javer continues to rely heavily on the
government-owned mortgage lender, Infonavit, and subsidy programs
to low-income homebuyers, although in recent quarters, the company
has gradually reduced its reliance on such subsidies and further
diversified its product mix towards the middle-income and
residential segments.

"We believe that Javer's strategy, leading market position in some
states in the highly fragmented homebuilding industry, well-known
brand, effective marketing strategy, adequate land procurement,
and established operating strategy will support its growth in the
next few years. Javer's product offering remains in line with the
government's current housing policy."


MEXICO: Number of Murders Soared in 2017
----------------------------------------
Juan Montes at The Wall Street Journal reports that the number of
murders in Mexico soared last year to its highest level in recent
decades, largely the result of a powerful and relatively new drug
gang expanding its operations across the country.

New Generation Jalisco Cartel, Mexico's fastest-growing drug gang,
is behind much of the surge in violence that the nation has
suffered since 2015, according to Mexican security officials,
according to The Wall Street Journal.

The report notes that what Mexican authorities call intentional
homicides rose to 25,339, a 23% increase from the previous year,
making 2017 the bloodiest year in documentation going back to
1997, according to data released by the Interior Ministry.

Murders were up 63% from 2014, when the number had fallen to a
six-year low, the report notes.  The increase put the murder rate
at 20.5 per 100,000 inhabitants, having more than doubled during
the past decade, the report relays.  The U.S. homicide rate, by
comparison, is five per 100,000 inhabitants, the report says.

The Jalisco cartel, known by its Spanish initials CJNG, has been
aggressively strengthening its network for distributing illegal
drugs, mainly methamphetamines, the report discloses.  Its
expansion into new states has led to "cleansing" of the areas
taken over from rivals, according to several federal and state
security officials, the report notes.

The CJNG "explains much of the violence we are seeing," said
Carlos Flores, a security expert at Mexico's Ciesas research
center, the report relays.  "It is becoming Mexico's most-powerful
and united cartel, and in the process, is causing bloodshed across
all Mexico," the report says.

The report discloses that Mr. Flores said the CJNG is quickly
ousting the Sinaloa cartel, Mexico's dominant drug gang for the
past 20 years, from many regions of the country.  The Sinaloa
cartel is in tatters after Joaquin "El Chapo" Guzman was arrested
for a third time two years ago, having escaped twice from Mexican
prisons, the report relays.  He was extradited to the U.S. in
early 2017 where he faces drug-trafficking charges, the report
says.

Analysts said the fragmentation of the Sinaloa cartel after Mr.
Guzman's arrest, and the lack of meaningful progress on the reform
of often corrupt or incompetent police, help to explain the
increasing violence, the report notes.

In Jalisco state, where the CJNG was born in 2010 after
splintering from a local gang then allied with the Sinaloa cartel,
homicides rose 19% last year, the report relays.

"They have tightened the grip on drug distribution and that
resulted in more violence," said Raul Velazquez, the Jalisco state
security commissioner in a recent interview in Guadalajara, the
state's capital, the report says.

In 2015, the cartel had a presence in 15 of Mexico's 32 states,
according to an intelligence report by Mexico's federal
authorities seen by The Wall Street Journal, the report notes.
Two years later, it operates in at least 22 states, the report
relays.  Unlike other big cartels that have splintered into
smaller gangs, the CJNG keeps a unified leadership under Nemesio
Oseguera, nicknamed "El Mencho," who is now Mexico's most-wanted
man, the report says.

"The CJNG's expansionist strategy has led to an increase in
operations like no other drug cartel in recent years," according
to the Mexican intelligence report.

Wherever the CJNG has expanded business, violence has increased.
The corridor from Colima to Veracruz, across central Mexico, has
been a top target for the drug cartel, according to the
intelligence report. Colima is now Mexico's most-dangerous state,
with a murder rate of 94 per 100,000, the report discloses.

The region is strategic for distributing drugs through the ports
of Manzanillo and Lazaro Cardenas on the Pacific Coast and
Veracruz in the Gulf of Mexico, the report relays.  The CJNG has
been taking over from Los Zetas, one of the world's most --
violent drug gangs, and from the remains of the Knights Templar --
two cartels brought low in recent years by the actions of Mexican
federal forces, the report notes.

The CJNG, allied with the smaller Tijuana cartel, is also fighting
the Sinaloa cartel to take control of the northern states of Baja
California and Baja California Sur, according to the report, the
report says.  Dead bodies hung from bridges -- a way that drug
gangs send macabre warnings to rivals -- appeared for the first
time this year in the tourist resort of Los Cabos, the report
notes.  The two states have seen murders jump by 77% and 192%,
respectively, in the past year, the report discloses.

The report relays that the Jalisco cartel has also penetrated into
Cancun, the tourist resort of the Yucatan Peninsula, where it
fights turf wars with different groups splintered from the Gulf
cartel.

In the U.S., the number of investigations linked to the CJNG
jumped to 46 in 2017 from 26 the previous year, according to the
Drug Enforcement Administration, the report notes.  The cartel's
area of influence in the U.S. includes California and the East
Coast, from New York to Florida, with distribution hubs in
Atlanta, Los Angeles and New York City, the report relays.

An indication of the cartel's strength is the meteoric rise in
seizures of chemical precursors, compounds needed to produce
methamphetamines, the report discloses.  Seizures more than
tripled in five years to 723 tons in 2016, according to the
Mexican Attorney General's Office, the report says.

The CJNG is known for its paramilitary tactics, the report notes.
In Jalisco, authorities last year found two training camps in an
isolated mountainous region where about 40 people received
military training, said Mr. Velazquez, who is in charge of the
Jalisco state police, the report says.

The camp was already abandoned when authorities arrived. They
found a worn-out copy in English of Sun Tzu's "The Art of War,"
the classic Chinese military treatise, the report notes.



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


VENEZUELA: Venezuelans Want Fast-Track Dominican Residency
----------------------------------------------------------
Dominican Today reports that Venezuelan immigrants in the
Dominican Republic asked the Government to include them in the
Plan to Foreigners Regularize, without them having return to
Venezuela, given their country's crisis.

They ask for a humanitarian visa, which is issued at a one-stop
window, as other countries have done, according to Dominican
Today.

The "Venezuelan Diaspora" cites World Bank figure that there are
around 19,800 Venezuelans in the country, whose irregular
situation denies them of wellbeing and security, the report notes.

They propose a 14-page formula, already submitted to Immigration
and the Foreign Ministry, to ease their plight, the report relays.

                       Venezuela Talks

As to the talks taking place in the country between the Venezuelan
Government and the opposition, they said they expect concrete
results for better conditions for their compatriots inside and
outside the country, the report says.

They also rebuked the operation that led to the death of "rogue
officer" Oscar Perez and other insurgents, the report discloses.
"It's a pity that the Venezuelan government cannot guarantee the
right to life of its citizens," they added.

As reported in the Troubled Company Reporter-Latin America on
Jan. 12, 2018, S&P Global Ratings lowered its issue rating on the
Bolivarian Republic of Venezuela's global bond due 2020 to 'D'
from 'CC'. At the same time, S&P affirmed its long- and short-term
foreign currency sovereign issuer credit ratings at 'SD/D'. The
long- and short-term local currency sovereign credit ratings
remain at 'CCC-/C' and are still on CreditWatch with negative
implications, where S&P placed them on Nov. 3, 2017. Other foreign
currency senior unsecured debt issues not currently rated 'D' are
rated 'CC'.



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


LATIN AMERICA: Pope Francis Warns of Corruption as Visit Ends
-------------------------------------------------------------
Ryan Dube at The Wall Street Journal reports that Pope Francis
wrapped up a week-long visit to Latin America in this Andean
nation warning that a series of explosive corruption scandals that
have tarnished current and former presidents is rotting political
systems and hurting democracy across the region.

"We have a problem of a political crisis not only in Peru but in
all of Latin America," Pope Francis said in a televised meeting
with bishops in Peru's coastal capital, according to The Wall
Street Journal.  "Today, a large part of Latin America suffers a
large decay in its politics," he added.

In his speech, Pope Francis referred to Brazilian construction
giant Odebrecht SA, which admitted in a settlement with U.S. and
Brazilian authorities in December 2016 that it had paid nearly
$800 million in bribes across Latin America to win public works
contracts, The Wall Street Journal relays.  In Peru, the company
acknowledged to paying $29 million from 2005 to 2014, the report
notes.

Pope Francis said the Odebrecht scandal was just the tip of a much
larger problem in the region, the report notes.

The report relays that the scandal has jolted the political
establishment in Peru more so than in any other Latin American
country outside of Brazil.  Last year, former President Alejandro
Toledo was accused of taking a $20 million bribe, leading
authorities to seek his extradition and arrest, the report says.

In July, ex-president Ollanta Humala was jailed on suspicion of
taking illicit campaign donations from Odebrecht. Both men have
denied the accusations, the report discloses.

In December, President Pedro Pablo Kuczynski narrowly survived an
impeachment vote in Congress after it was revealed that he had
past business ties to Odebrecht when he was a minister in Mr.
Toledo's administration over a decade ago, the report relays.  Mr.
Kuczynski, who acknowledged the ties but denied wrongdoing,
accused his political opponents of using the issue to try to
unfairly oust him from office, the report says.

Before the pope arrived, Mr. Kuczynski, who drew more criticism
after pardoning former President Alberto Fujimori after serving
less than half of his sentence for human rights and corruption
crimes, said he hoped the visit would help ease political tensions
between the government and opposition, the report notes.

Pope Francis arrived in Peru after visiting Chile, where the
church has faced a clerical sexual abuse scandal and growing
secularization, the report relays.  In Chile, the pope sparked a
controversy and angered victims of sexual abuse by priests when he
accused them of slandering a bishop accused of covering up
molestation of minors, the report notes.  Before those comments,
the pope expressed pain and shame at the abuse of children, the
report says.

The pope drew enthusiastic crowds during his visits to Peru's
Amazon jungle where he defended the environment and indigenous
communities, as well as his trip to a northern coastal city
damaged by flooding last year, the report notes.  In Lima,
hundreds of thousands of people gathered at an air base to hear
his Mass, the report adds.


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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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.
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