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

               Friday, March 16, 2018, Vol. 19, No. 54


                            Headlines



B O L I V I A

BOLIVIA: Invests $1.6BB to Boost Output of Sugar-Based Ethanol


B R A Z I L

FINANCIADORA DE ESTUDOS: Fitch Cuts IDR to BB-; Outlook Stable
UNIGEL PARTICIPACOES: Fitch Assigns B+ LT IDR; Outlook Stable
SAO PAULO: Fitch Cuts Long-Term LC/FC IDR to BB-, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exports Up 2.9% or US$10.1BB in 2017
DOMINICAN REPUBLIC: US$8BB in Reserves Calms Exchange Market


J A M A I C A

DIGICEL GROUP: Granted 50-Yr License to Install Fiber Optic Cables
JAMAICA: Increase of J$10-Million for 2017/2018 Budget


M E X I C O

CEMEX SAB: Fitch Affirms BB- LT IDR; Outlook Remains Positive
CONSUBANCO SA: S&P Affirms Then Withdraws 'BB-' Global Scale ICR


P U E R T O    R I C O

TOYS R US: Expected to File Liquidation Papers Shortly


V E N E Z U E L A

VENEZUELA: Opposition Calls for Formation of Protest Assemblies
VENEZUELA: Opposition's Sectors Unite Against Chavistas


X X X X X X X X X

LATAM: ECLAC Calls for 'Latin America First' Strategy at Forum


                            - - - - -


=============
B O L I V I A
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BOLIVIA: Invests $1.6BB to Boost Output of Sugar-Based Ethanol
--------------------------------------------------------------
EFE News reports that a $1.6 billion investment by 2025 will allow
ethanol made from sugarcane to represent 25 percent of fuels used
in Bolivia, President Evo Morales said.

The president was speaking at an event in the eastern city of
Santa Cruz, where the investment agreement was signed by the
national government, businessmen from this prosperous region and
Bolivia's Eastern Agricultural Chamber, according to EFE News.

The report notes that Mr. Morales said the project's objective was
to increase the cultivation of sugarcane by 18,000 hectares
(44,479 acres), to reach a total of 155,000 hectares by 2025.

The sugarcane output will be enough to produce 8.2 million liters
(2.2 million gallons) of ethanol and 6.6 million liters of E85
super ethanol within a period of seven years, the president said,
the report relays.

The report notes that Mr. Morales added that this production will
allow the country to reduce its dependency on imported gasoline,
as well as create an estimated 2,700 jobs and reduce CO2 emissions
by 6 percent.

Hydrocarbons Minister Luis Sanchez and the president of the state
oil and gas company YPFB, Oscar Barriga, also attended the event,
the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2017, Moody's Investors Service has changed the outlook on
Bolivia's issuer and senior unsecured bond ratings to stable from
negative, and has affirmed the ratings at Ba3.



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


FINANCIADORA DE ESTUDOS: Fitch Cuts IDR to BB-; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of Financiadora de Estudos
e Projetos-FINEP to 'BB-'from 'BB'. The Rating Outlook is Stable.

KEY RATING DRIVERS

The rating actions follow the recent downgrade of Brazil's
sovereign ratings to 'BB-' from 'BB'/Stable Outlook (see Fitch
Downgrades Brazil's Ratings to 'BB-'; Revises Outlook to Stable',
dated Feb. 23, 2018 at www.fitchratings.com).

Currently, FINEP's ratings are equalized with the sponsor's
ratings, the Federative Republic of Brazil. Fitch has classified
FINEP as a credit linked Government Related Enterprise reflecting
a strong correlation with the sovereign. Fitch believes there is
very high probability of FINEP receiving extraordinary sovereign
support if needed.

FINEP falls within the scope of the recently released "Government
Related Entities Rating Criteria" (see List of IPF GRE
International Ratings - December 2017, dated Dec. 22, 2017 at
www.fitchratings.com).

RATING SENSITIVITIES

Any rating action affecting the Federative Republic of Brazil
('BB-'/Outlook Stable) will result in a similar action for FINEP.

KEY ASSUMPTIONS

Fitch assumes a high level of sovereign support for FINEP even
considering the weak institutional framework given full ownership
by the Federal Government and ongoing subsidized credit lines via
other federal institutions and federal funds.

FULL LIST OF RATING ACTIONS

FINEP
-- Long-Term Foreign and Local Currency IDRs downgraded to
    'BB-' from 'BB'; Stable Outlook;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B'.

The following ratings were unaffected:
-- National Long-Term Rating 'AA+(bra)'; Stable Outlook;
-- National Short-Term Rating 'F1+(bra)'.


UNIGEL PARTICIPACOES: Fitch Assigns B+ LT IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of 'B+' and a National Scale rating
of 'A-(bra)' to Unigel Participacoes S.A. In addition, Fitch has
assigned an expected 'B+'/'RR4(EXP)' rating to Unigel Luxembourg
S.A's proposed senior unsecured USD400 million in bonds due 2025.
The issuance will be unconditionally and irrevocably guaranteed by
Unigel and its operating subsidiaries Acrilonitrila do Nordeste
S.A, Companhia Brasileira de Estireno, Proquigel Quimica S.A. and
Plastiglas de Mexico S.A. de C.V. Proceeds of the bonds will be
used for short-term debt repayment and for general corporate
purposes. The Outlook on the IDR is Stable.

Unigel's ratings reflect its small business-scale relative to
larger and more diversified global petrochemical peers, leading
the company to be a price-taker. The ratings also factored in the
cyclical nature of its industry, which means volatile operating
cash flow and a track record of limited financial flexibility.
Partially offsetting these risks are Unigel's vertically
integrated operations in the acrylics and styrenics businesses,
some operational flexibility due to the high proportion of
variable costs, established market position in Brazil, and a
diversified portfolio of customers and key end markets. The
ratings also reflect the stronger capital structure following a
recent non-core asset sale and debt refinancing deal. Fitch's base
scenario indicates continued positive FCF generation for the
company alongside its net adjusted debt/EBITDA ratio of around
3.1x during 2018; further improving to around 2.5x during 2019.

The 'B+' ratings also incorporate Fitch's expectation of
significant improvement in Unigel's liquidity profile following
the proposed bond issuance. This issuance should reduce short-term
refinancing risks, allow a shift in the debt mix to a mostly
unsecured basis, reduce high interest expenses and improve
financial flexibility. Fitch also expects some improvement in
Unigel's operating cash flow, since the company will be able to
better manage working capital. Unigel's inability to proceed with
the bond issuance would trigger a rating downgrade of at least one
notch.

KEY RATING DRIVERS

Cyclical Industry; Intermediate Player: The inherently cyclical
nature of the commodity chemicals sector means Unigel is subject
to feedstock and end-product price volatility, driven by
prevailing market conditions and demand/supply drivers. Unigel is
a small business scale chemicals producer operating in the
midstream of the petrochemical industry value chain, which puts
the company in a weaker position against much larger single-
supplier providers and large manufacturing groups. The company's
products are concentrated in the acrylics and styrenics segments
and serve a broad and diverse range of end markets, including
construction, automotive and white goods and durables.

Operational Flexibility: Unigel's credit profile benefits from a
diversified product range under the acrylics and styrenics
segments. Vertical integration applies along the production value
chain for some of its products, which brings greater flexibility
in sales, fewer constraints from raw material supply, and
relatively better margins. Over the last three years, Unigel's
gross profit split has ranged around 42%-58% between the two
segments. In the same period, Unigel's EBITDA margin averaged
12.5%, which is comparable to small-medium size petrochemical
peers given the uptrend of the cycle.

Competition from Imports: Unigel benefits from robust market-share
positions in Brazil and Mexico, the two countries where its
industrial sites are distributed; six in Brazil and two in Mexico.
During 2017, Mexico's revenues represented 17% of the consolidated
revenues . Unigel is the single producer of acrylics in Brazil and
exhibits a good business position in the styrenics segment. The
company's main competitive threats are imports, and most
competitors have a larger scale of business. The company has
benefited from local imports tariffs (10%-14%), and any change to
this framework could be a risk to Unigel. The company's global
capacity share ranges from 1%-2% for its main products and between
35% and 45% in Brazil.

Leverage to Improve: Fitch forecasts Unigel's net leverage to
decline to 3.1x during 2018 and move toward 2.5x by year-end (YE)
2019, from 3.4x at YE 2017 and the average of 7.1x between 2013-
2016. This expected low to moderate leverage compared to issuers
with the same IDR is offset by the cyclical nature of the
industry, the size of the company and limited financial
flexibility. Over the last few years, Unigel has faced financial
stress and was able to access secured debt only at very high
interest rates. During November 2017, the company completed a
debt-refinancing plan associated with an asset sale (BRL585
million) that significantly improved its capital structure. On a
pro forma basis, considering the proposed bonds, Unigel's debt
profile will be 97% denominated in USD, from 75%, currently, but
the company will carry some hedge protections in order to mitigate
FX risks.

Positive FCF: Fitch expects Unigel's CFFO to grow in the medium
term as a result of operational improvements, better working
capital management and lower interest burden following the debt-
refinancing plan. Cost saving improvements related to logistics
and greater focus on SG&A expenses should favor CFFO generation.
Fitch forecasts CFFO to average BRL235 million in the next two
years and FCF to remain positive in the range of BRL30 million-
BRL80 million. Fitch's base case assumptions include average capex
of BRL120 million and minimum dividend distributions of 25% pre-
tax net income.

DERIVATION SUMMARY

Despite Unigel's solid market share in Latin America, the company
is a pricetaker and is relatively small on a global basis. Product
diversification and vertical integration help reduce profit margin
volatility, although cash generation is still affected by
commodity price movements and any change in the supply/demand
dynamics of its end-products.

Comparing to other Latin America petrochemical peers, Unigel is
relatively smaller and has weaker financial profile when compared
to Cydsa S.A. (BB+/Stable), Braskem S.A (BBB-/Stable) and
Mexichem, S.A.B. de C.V. (BBB/Negative). Unigel is well positioned
in terms of leverage ratios when compared to other Latin America
peers in the 'B' category.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
Include:

-- Low-single-digit increase in volumes;
-- Supportive petrochemical spreads in the next two years;
-- Average capex of BRL120 million;
-- Dividend payout at 25% of net profits;
-- USD400 million bond issuance with the majority of proceeds to
    prepay short-term secured debt.

KEY RECOVERY RATING ASSUMPTIONS

Fitch's recovery analysis assumes that Unigel would be considered
a going concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim.

Going-Concern Approach: Unigel's going-concern EBITDA is based on
2017 EBITDA, and reflects Fitch's view of a sustainable, post-
reorganization EBITDA level.

The going-concern EBITDA is 25% below 2017 EBITDA to reflect
volume and price volatility in the petrochemical industry. The
enterprise value/EBITDA multiple applied is 5x, reflecting
Unigel's strong market share in the regions where it operates and
also reflects a mid-cycle multiple.

Fitch applies a waterfall analysis to the post-default EV based on
the relative claims of the debt in the capital structure. Fitch
debt waterfall assumptions take into account the new bond issuance
debt at Dec. 31, 2017. The waterfall results in an 87%/'RR2'
Recovery Rating for senior unsecured debt, but due to Fitch's soft
country recovery rating cap on Brazil of 'RR4', Unigel's senior
unsecured notes due 2025 are rated 'B+'/'RR4(EXP').

RATING SENSITIVITIES

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

-- Given Unigel's business scale and industry cyclicality, an
    upgrade in the medium term is unlikely.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
-- Failure to proceed with the bond issuance could trigger a
    rating downgrade of at least one notch;
-- Change in import tariffs in Brazil that could allow increased
    competition;
-- Operating EBITDA margin below 10% on a sustained basis;
-- Maintenance of poor liquidity, leading to recurring
    refinancing risks;
-- Net debt/EBITDA ratio moving above 4.0x on sustainable basis.

LIQUIDITY

Fitch considers Unigel's ability to issue the proposed bonds as
crucial to improving its current poor liquidity and high
refinancing risk. The company has recently renegotiated part of
its debt with several large banks in Brazil, which should limit
its ability to raise cash in Brazil. At year-end 2017, Unigel
reported total debt of BRL1.2 billion, BRL498 million of which was
short-term debt, and a readily available cash position of BRL35
million. Short-term debt coverage, as measured by cash/short-term
debt, averaged only 0.1x over the last five years, but should
improve as 80% of the seven-year bonds will be used to repay
existing debt. About 80% of Unigel's debt is secured by fixed
assets and the remainder has receivables or letter of guarantees
as collateral.

FULL LIST OF RATING ACTIONS

Unigel Participacoes S.A.
-- Long-Term Foreign and Local Currency IDRs 'B+';
-- National scale Long-Term rating 'A-(bra)';

Unigel Luxembourg S.A
-- USD400 million senior unsecured notes due to 2025 of
    'B+(EXP)'/'RR4'.


SAO PAULO: Fitch Cuts Long-Term LC/FC IDR to BB-, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of the state of Sao Paulo,
Parana and Santa Catarina, in addition to the Cities of Sao Paulo
and Rio de Janeiro, to 'BB-' from 'BB'. The Rating Outlook is
Stable.

KEY RATING DRIVERS

The rating actions follow the recent downgrade of Brazil's
sovereign ratings to 'BB-' from 'BB' with a Stable Outlook (see
Fitch Downgrades Brazil's Ratings to 'BB-'; Revises Outlook to
Stable' dated Feb. 23, 2018 at www.fitchratings.com).

Considering the features of the Brazilian institutional framework,
according to Fitch, no subnational entity can be rated higher than
the sovereign, as the federal government exerts a high degree of
control and potential intervention over states and cities. This is
the case with Sao Paulo, Parana, Santa Catarina, City of Sao Paulo
and City of Rio de Janeiro, whose ratings are capped by the
sovereign.

RATING SENSITIVITIES

Sao Paulo, Parana, Santa Catarina, and the Cities of Sao Paulo and
Rio de Janeiro's IDRs should move in tandem with Brazil's
sovereign ratings. They would be affected by further downgrades in
the sovereign ratings or Outlook revisions and/or in the
government's willingness to provide support.

KEY ASSUMPTIONS

-- Fitch does not expect a change in the government's willingness
    to provide support for subnational debt in case of need.

-- Fitch assumes that Brazilian Local and Regional Governments
    will maintain international and domestic market access even if
    there is a return of higher international financial volatility
    and further domestic confidence shocks.

FULL LIST OF RATING ACTIONS

State of Sao Paulo:
-- Long-term Foreign and Local Currency IDRs downgraded to
    'BB-' from 'BB'; Outlook Stable;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B'.

The following ratings were unaffected:
-- National Long-term Rating 'AA(bra)'; Outlook Stable;
-- National Short-term Rating 'F1+(bra)'.

State of Parana:
-- Long-term Foreign and Local Currency IDRs downgraded to
    'BB-' from 'BB'; Outlook Stable;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B'.

The following ratings were unaffected:
-- National Long-term Rating 'AA+(bra)'; Outlook Stable;
-- National Short-term Rating 'F1+(bra)'.

State of Santa Catarina:
-- Long-term Foreign and Local Currency IDRs downgraded to
    'BB-' from 'BB'; Outlook Stable;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B'.

The following ratings were unaffected:
-- National Long-term Rating 'AA-(bra)'; Outlook Stable;
-- National Short-term Rating 'F1+(bra)'.

Municipality of Sao Paulo:
-- Long-term Foreign and Local Currency IDRs downgraded to
    'BB-' from 'BB'; Outlook Stable;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B'.

The following ratings were unaffected:
-- National Long-term Rating 'AA(bra)'; Outlook Stable;
-- National Short-term Rating 'F1+(bra)'.

City of Rio de Janeiro:
-- Long-term Foreign and Local Currency IDRs downgraded to
    'BB-' from 'BB'; Outlook Stable;
-- Short-term Foreign and Local Currency IDRs affirmed at 'B'.

The following ratings were unaffected:
-- National Long-term Rating 'AA(bra)'; Outlook Stable;
-- National Short-term Rating 'F1+(bra)'.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Exports Up 2.9% or US$10.1BB in 2017
--------------------------------------------------------
Dominican Today reports that Dominican Republic exports topped
US$10.1 billion in 2017, or 2.9% higher than the previous year, "a
timid behavior resulting from a mixed performance among the
products that make up the local export offer," the Central Bank
said in a preliminary report January-December 2017.

It said there was a decline in exports such as cocoa and bananas,
offset by an improved dispatch of industrial products abroad,
according to Dominican Today.

Agro exports totaled US$474.0 million, or 18.8% lower than the
US$583.9 million in 2016, the report notes.

"The reason for the fall was in lower exports of products such as
bananas and cocoa beans, which are the main agricultural items
that are shipped abroad. 14.3% less of bananas were shipped than a
year before, which means that the amount in 2017 was US$277.6
million," the report said, Dominican Today notes.

The Central Bank said the banana harvests declined from the rains
of the hurricanes of yearend 2016 and early 2017, the report
relays.

"For its part, cocoa beans, whose national exports and free zones
reached US$133.2 million, were reduced by 40.8% in 2017. Domestic
shipments dropped by 51.1%, while shipments of this product from
the free zones fell by 30.7 %. Most of the cocoa beans are
directed to European countries, such as the Netherlands, Spain and
Belgium, where the reception of Dominican products, in general,
has decreased," the bank report said, Dominican Today relays.

The bank report also noted that national industrial exports
climbed 12.4% in 2017, especially driven by rebar, aircraft fuels
and sugar, Dominican Today says.  "In total, industrial shipments
abroad totaled US$2.2 billion at the end of last year, of which
shipments of crude sugar and its derivatives accounted for the
largest part, totaling US$141.9 million, an amount that
represented an increase of 14.4% with respect to 2016," the bank
report said, Dominican Today relays.

It said rebar, although accounting for a very small portion of the
industrial goods shipped abroad, grew 92.8%, to US$53.8 million,
the report relays.  "Exports represent 37.8% in the generation of
foreign currency by the Dominican Republic, followed by income
from tourism, remittances and foreign direct investment," 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: US$8BB in Reserves Calms Exchange Market
------------------------------------------------------------
Dominican Today reports that Central Banker Hector Valdez Albizu
met with the treasurers of banks and financial institutions to
discuss the exchange market's behavior.

Discussed at the meeting was the current demand for foreign
exchange which the treasurers associate with the "seasonality"
they affirm occurs in the first three months each year, when
importers replenish inventories, acquire raw materials and
products, and dividends are paid to the corporate foreign
investment sector, according to Dominican Today.

                        High Reserves

The report notes that Mr. Valdez said the Central Bank has nearly
US$8.0 billion in reserves, a "sufficient level to face any
eventuality and guarantee the adequate flow of the North American
currency."

Mr. Valdez reiterated that the Central Bank will continue vigilant
to adopt any monetary policy measure and change what's necessary
so that to buy and sell dollars is done normally, according to
market needs, 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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J A M A I C A
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DIGICEL GROUP: Granted 50-Yr License to Install Fiber Optic Cables
------------------------------------------------------------------
RJR News reports that Digicel Group has been granted a 50-year
license to install its underground fiber optic cables in a bid to
upgrade and improve network services across the Turks and Caicos
Islands.

According to a post Cabinet statement, Digicel will be able to put
in its cables along specified blocks of Crown land in
Providenciales and Grand Turk, the report notes.

The aim is to fix and improve its telecommunications
infrastructure following extensive damage caused by hurricanes
Irma and Maria, according to RJR News.

Romello Williams, Digicel's marketing executive, says work has
already commenced to offer customers faster internet and cable
speed, the report relays.

Fibre optic cables will be connected directly to customers' homes,
the report notes.

Williams revealed that, for the first time, the core of Digicel's
network will run underground to future-proof it against natural
disasters and ensure faster recovery times, the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2017, Fitch Ratings has affirmed at 'B' the Long-term
Foreign-currency Issuer Default Ratings (IDR) of Digicel Group
Limited (DGL) and its subsidiaries, Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as Digicel. The Rating Outlook is Stable. Fitch has
also affirmed all existing issue ratings of Digicel's debt
instruments.


JAMAICA: Increase of J$10-Million for 2017/2018 Budget
------------------------------------------------------
RJR News reports that the 2017/2018 Budget has been increased by
nearly J$10 billion.

Finance Minister Audley Shaw tabled the Second Supplementary
Estimates of Expenditure, according to RJR News.

The figures show that the Budget has been revised to J$815.2
billion, an increase of J$9.78 billion, the report notes.

Recurrent expenses have moved from J$515.4 billion to J$523.8
billion while capital spending has moved from J$290 billion to
J$291.4 billion, the report relays.

Parliament's Public Administration and Appropriations Committee
will deliberate on the Second Supplementary Estimates, the report
adds.

The First Supplementary Estimates for the 2017/18 financial year
were approved by the House of Representatives in December,
according to RJR News.  The Budget was increased from $715.6
billion to $805.4 billion.  It reflected an increase of $89.9
billion, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.


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


CEMEX SAB: Fitch Affirms BB- LT IDR; Outlook Remains Positive
-------------------------------------------------------------
Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s (CEMEX) Long-
Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed
the company's National Scale Long-Term Rating at 'A(mex)' and
affirmed the company's National Scale Short-Term rating at
'F1(mex)'. The Rating Outlook remains Positive.

CEMEX's rating affirmation reflects the company's improving credit
profile following a successful asset sale program coupled with
sustained positive FCF generation despite weaker than expected
cash flow generation across markets such as Colombia, Philippines,
Egypt, and the U.S. during 2017. CEMEX's completed asset sale
program reduced gross debt by USD4.1 billion over the last two
years, a reduction of 29%. Going forward, CEMEX will rely on
continued positive FCF generation in order to further reduce its
adjusted gross debt of USD11.9 billion as of Dec. 31, 2017.

The Positive Outlook incorporates Fitch's expectations that CEMEX
will be able to maintain robust positive free cash flow led by
steady EBITDA generation in Mexico despite competition from new
supply coupled with a more challenging economic environment in
2018. Fitch also expects CEMEX will be able to grow its EBITDA
generation in the U.S. These markets constitute approximately 66%
of CEMEX's consolidated EBITDA and are a key driver of
deleveraging. The materialization of Fitch's 2018 expectations
include robust positive free cash flow of around USD850 million
and a decline in net leverage to 4.0x would likely lead to an
upgrade within 12 months.

KEY RATING DRIVERS

Strong Business Position: CEMEX's 'BB-' IDRs continue to reflect
its strong and diversified business position. The company is one
of the largest producers of cement, ready-mix and aggregates in
the world. CEMEX's main geographic areas, in terms of EBITDA
before intercompany eliminations, include: Mexico (38%), Central
and South America (20%), the U.S. (23%), Europe (14%), and Asia,
Middle East and Africa (13%). The company's product and geographic
diversification offset some of the volatility associated with the
cyclical cement industry.

Strengthening Credit Profile: Based on Fitch's calculations, net
leverage improved to 4.4x in 2017 from 4.8x in 2016 and 5.7x in
2015 driven by CEMEX's USD4.1 billion gross debt reduction during
2016-2017. Leverage improveddespite exchange rate volatility and
its impact on cash flow, and lower EBITDA generation in 2017.
CEMEX will need to rely on future positive FCF in order to further
lower its gross debt levels following the completion of its asset
sale program. CEMEX holds USD521 million of convertible debt due
2020 with a strike price of USD11.45/American Depositary Share
(ADS) which are currently out of the money. Conversion of this
debt into equity would further improve the company's credit
profile if converted. Fitch excludes the impact of the conversion
of CEMEX's convertible notes into equity from its base case due to
the historic volatility of the company's share price.

Consistent Positive FCF: CEMEX generated Fitch calculated FCF of
USD946 million during 2017 compared to USD1.3 billion in 2016
driven by improved working capital management, lower interest
expense, partially offset by increased energy, distribution
expenses and lower cash flow from its ancillary markets. CEMEX has
delivered positive FCF the last four years which Fitch anticipates
the company will be able to maintain over the near term. Fitch
projects CEMEX will sustain its strong FCF generation over the
medium term which will be mostly used for debt reduction.

Performance Impacted by Ancillary Markets: Operating EBITDA
declined to USD2.5 billion during 2017 compared to USD2.7 billion
in 2016 which was primarily due to declining cash flow generation
in CEMEX's Colombia, Egypt, and Philippines markets. Operating
EBITDA was also stymied by lower than expected EBITDA growth in
the U.S. that remained relatively flat at USD604 million during
2017 due to the impact from asset sales coupled with higher energy
costs. Fitch projects CEMEX to generate a consolidated EBITDA of
around USD2.6 billion in 2018 driven by improved volumes in the
Philippines, demand recovery and price increases in the U.S.,
coupled with flat results from operations in Mexico, Colombia, and
Egypt.

Capital Allocation Strategy: CEMEX's primary strategy over the
years has been to retool its balance sheet, focus on cost cutting
and working capital initiatives to drive FCF generation, and
dispose of assets to repay debt. The company's proposal of a
USD500 million buy-back program would likely be credit neutral to
the overall rating but could hamper the company's deleveraging
strategy going forward. CEMEX is currently restricted to implement
only a USD200 million buy-back program as under its current bank
covenants. The company is also seeking approval to issue 375
million of shares with proceeds to be used in potential M&A
activities. Timing and executions of these strategies remains
unclear, however any strategy that redirects CEMEX from improving
its capital structure would be viewed negatively.

Mexico Market Evolving: CEMEX will face further pressures in
Mexico as construction has slowed due to weak public spending and
infrastructure investment. Residential construction will likely
remain volatile amid macroeconomic uncertainty. High inflation has
prompted higher interest rates, which are not expected to recede
before 2H18. Infrastructure investment could find support in
public spending tied to reconstruction of earthquake-affected
areas, the construction of Mexico City's airport and the wrap-up
of federal and local terms of office. Pressures from new capacity
that has come online from competitors could also continue to
pressure volumes which were offset by a 16% price increase during
2017.

U.S. Recovery to Continue: Underlying demand in the U.S. remains
positive despite uncertainties surrounding federal budget
resolutions on deployment of Fast Act funds and expectations of
increased cement demand due to increased infrastructure projects,
low residential inventory, and impact from corporate tax reform.
CEMEX is poised to benefit from increased private and public
infrastructure spending as the second largest U.S. producer with
approximately 15 million metric tons of capacity. Capacity
constraints for CEMEX in key markets such as California and Texas
could limit some upside depending on the company's ability to pass
along price increases.

FX Exposure: CEMEX reported 66% of total debt was denominated in
U.S. dollars compared with about 26% of EBITDA generation during
2017. Somewhat mitigating this risk is that a majority of CEMEX's
cash is held in U.S. dollars, most debt is long-term with an
average maturity of 5.2 years, and the company hedges a small
portion of its exposure to cover against depreciation of the
Mexican peso. Furthermore, CEMEX's U.S. dollar-generated EBITDA
matched its U.S. dollar-interest expense and is expected to
continue to going forward driven by improving EBITDA generation in
the U.S. and lower interest expense due to CEMEX's refinancing
activities and lower gross debt levels.

DERIVATION SUMMARY

CEMEX's 'BB'-/Positive rating reflects its diversified business
position across several large markets, notably the U.S. and
Mexico, its vertical integration and economies of scale, its
improving credit profile, and consistent FCF generation.

From an operational perspective, CEMEX is smaller in size than
LafargeHolcim (BBB/Stable), but enjoys a similar international
presence when compared with Martin Marietta Materials Inc.
(BBB/Stable) and Vulcan Materials Company (BBB-/Stable), which are
exclusively focused on the Americas. Geographic diversification is
a key determinant for cash-flow stability in the building
materials sector that is exposed to regional construction cycles
with differing local economic, weather, regulatory and socio-
political dynamics. Producer InterCement Participacoes S.A. (BB-
/Stable) also boasts a diversified market position, but its
portfolio is weighted heavily towards volatile, emerging market
countries such as Brazil, Argentina, Paraguay, Portugal, and
Mozambique, which leads to much greater cash flow uncertainty and
higher exposure to FX risk when compared to CEMEX.

From a financial perspective, CEMEX's ratings are constrained by
its improving, yet weaker credit metrics when compared to its
global peers. Fitch calculated net leverage of 4.4x for 2017 is
projected to fall to around 4.0x in 2018 for CEMEX, which remains
high compared to a median net leverage of 2.6x projected for 2018
across Fitch's cement issuer portfolio. CEMEX's EBITDA margins are
lower than many of its Latin American peers such as Cementos
Pacasmayo (BBB-/Stable) and Cementos Progreso (BB+/Stable) as
CEMEX has a more diversified product mix of cement, ready-mix, and
aggregates compared to its smaller peers. While peers such as
Cementos Pacasmayo and Cementos Progreso benefit from higher
margins from bagged cement sales typically used in self-
construction, they lack a significant presence in more developed
markets where ready-mix and aggregates represent higher
proportions of sales such as for CEMEX. CEMEX's prudent working
capital management and sustained positive FCF generation are also
factored into the rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
-- U.S. cement sales volumes increase low-single digits in 2018;
-- Mexico cement sales volumes increase low single digits in
    2018;
-- Consolidated sales volume growth of low single digits in 2018;
-- EBITDA margin above 19% for 2018;
-- Capex of approximately USD800 million in 2018;
-- Positive FCF generation in 2018 and 2019 primarily used for
    debt reduction;
-- Mexican peso to U.S. dollar exchange rate to remain at 19.5 in
    2018 and 2019;
-- Fitch's pesos to U.S. dollar exchange rates used in 2017 were
    19.7 spot rate and 18.9 average rate, 20.7 spot rate and 18.7
    average rate in 2016, and 17.2 spot rate and 15.9 average rate
    in 2015.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Adjusted Net Debt / EBITDA below 4.0x;
-- Adjusted Debt / EBITDA below 4.5x;
-- Ability and willingness to sustain credit metrics through
    economic downturns and/or heavy investment periods;
-- Continued growth in the U.S. market coupled with sustained
    cash flows in Mexico and rebound in other key markets leading
    to more stable cash flow generation.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Rating downgrades are not likely during 2018 as CEMEX's
    ability to continue to generate strong free cash flow in order
    to further reduce gross debt is expected during the year.
-- CEMEX's Outlook would likely be revised to Stable should a
    loss of positive momentum in the U.S. market occur or a
    material decline in volumes in its Mexico market resulting in
    net leverage reverting towards 5.0x.
-- A significant loss in cash flow generation resulting in net
    leverage of around 5.5x and/or gross leverage around 6.0x on a
    sustained, could result in a negative rating action.

LIQUIDITY

CEMEX has a manageable amortization schedule as a result of its
aggressive refinancing efforts and prepayments of debt. Most of
the company's marketable securities are held in U.S. and Mexican
government bonds. CEMEX entered into a new credit facilities
agreement for USD4.05 billion with a five-year term and a
revolving credit facility of USD1.1 billion, improving its
previous bank facilities terms and conditions. The company has
total availability under its committed credit line as of Dec. 31,
2017.

CEMEX has made solid progress in working its way back to
investment grade and has publicly targeted a leverage ratio of
3.0x over the medium term, or the next two to four years. Capital
structure improvements picked up momentum over the last two years,
as CEMEX delivered on several strategic asset divestments along
with an IPO of its Philippines subsidiary and expense reductions.
Further deleveraging through stronger cash flow generation and
gross debt reduction via free cash flow are expected to lead to a
net leverage ratio of around 4.0x by year end 2018. A
strengthening peso during 2018 or the conversion of some of
CEMEX's 2020 convertible debt would further accelerate its
deleveraging trend.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

CEMEX S.A.B. de C.V.
-- Long-Term Foreign-Currency and Long-Term Local-Currency IDRs
    affirmed at 'BB-';
-- Senior secured notes due 2018, 2021, 2023, 2024, 2025, and
    2026 affirmed at 'BB-';
-- National scale Long-Term Rating affirmed at 'A(mex)';

-- National scale Short-Term rating affirmed at 'F1(mex)'.

The Outlooks for the IDRs and National Long-Term Ratings Is
Positive.

Fitch has also affirmed the following Cemex-guaranteed debt at
'BB-'

CEMEX Materials LLC, a limited liability company incorporated in
the U.S.
-- Senior notes due 2025.

CEMEX Finance LLC, a limited liability company incorporated in the
U.S.
-- Senior secured notes due 2024.

C5 Capital (SPV) Limited, a British Virgin Island restricted
purpose company
C8 Capital (SPV) Limited, a British Virgin Island restricted
purpose company
C10 Capital (SPV) Limited, a British Virgin Island restricted
purpose company
C-10 EUR Capital (SPV) Limited, a British Virgin Island restricted
purpose company
-- Senior secured perpetual notes.


CONSUBANCO SA: S&P Affirms Then Withdraws 'BB-' Global Scale ICR
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term global scale
issuer credit rating on Consubanco, S.A. Institucion de Banca
M£ltiple (Consubanco). S&P subsequently withdrew it at issuer's
request. At the time of the withdrawal, the outlook was stable and
we didn't rate any unsecured debt on global scale. National scale
ratings remained unchanged at 'mxBBB+/mxA-2'.

At the time of the withdrawal, the global scale rating on
Consubanco reflected its successful implementation of its
liquidity plan and the resulting reduction in refinancing risk and
liquidity pressure. Over the past five months, the bank has been
able to get additional funding support from its main shareholder
and closed two market debt issuances (one unsecured and the other
secured), which have alleviated refinancing and liquidity risks.
We believe the latter transaction increased Consubanco's financial
flexibility, reducing our concerns about 2018 debt maturities. The
bank remains committed to taking additional steps that we expect
will provide it with additional liquidity and growth prospects.

The rating on Consubanco also incorporated its revenue stream from
only one business line (payroll discount lending services) and its
small market share in the Mexican banking system. The bank
continued to enjoy a solid capital base that has supported growth
and has kept our risk-adjusted capital ratio comfortably above
20%. The operational risk inherent in offering banking services to
public-sector entities weakened Consubanco's asset quality metrics
during the past few quarters. Rollout of its liquidity plan
broadened the bank's funding sources; therefore, increasing
financial flexibility.


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


TOYS R US: Expected to File Liquidation Papers Shortly
------------------------------------------------------
Toys R Us may head to court soon with a plan to liquidate, reports
Charisse Jones, writing for USA Today, citing people familiar with
the matter.

According to USA Today's sources, the retailer on March 13 was
drafting the paperwork necessary to file for Chapter 11
liquidation.  The report says the sources are familiar with the
matter but not authorized to speak publicly.

According to the sources, while a sale of the company is possible
with such a filing, it is unlikely. Instead it will probably
shutter its remaining stores.

As reported by the Troubled Company Reporter, Toys "R" Us, Inc.,
is reportedly making preparations for a liquidation of its U.S.
operations absent a buyer or a deal with its lenders.  Bloomberg
News, citing people familiar with the matter, said that while the
situation is still fluid, a shutdown of the U.S. division has
become increasingly likely in recent days.

Reuters, also citing an unnamed source, said that negotiations
with creditors are continuing and no decision has yet been taken.
The company is also considering other options, including a
potential sale in bankruptcy if possible, Reuters reported.

Toys "R" Us was hoping that strong sales during the key holiday
season would boost its chances of clinching a deal with its
creditors in bankruptcy.   The company is expected to report
three-month earnings to the end of January later this month.

A shutdown by Toys "R" Us is expected to affect Hasbro, Mattel and
other toymakers.  "Without a dedicated toy retailer -- 365 days a
year -- you will see growth in the industry slow," Gerrick
Johnson, an analyst for BMO Capital Markets, said, according to
Bloomberg. "Toys 'R' Us is where new products can be discovered
and blossom. It's also where smaller toy companies can have an
opportunity."

The toy industry rose just 1% in 2017 and fell during the holiday
season, according to research firm NPD Group.

                      About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions. Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, are not part of the Chapter 11 filing and CCAA
proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.


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


VENEZUELA: Opposition Calls for Formation of Protest Assemblies
---------------------------------------------------------------
EFE News reports that the opposition Free Venezuela Broad Front
called on the public to create citizens' assemblies to establish
the movement's schedule in all the country's states and stage a
"civic" and "peaceful" protest against the government.

"All this week, the Free Venezuela Broad Front is going to be
setting itself up . . . from March 14 through the activities that
will be undertaken in a massive way," the secretary of Parliament
and member of the organization, Negal Morales, announced at a
press conference, according to EFE News.

He said that the three main activities at each of these meetings
will be the establishment of different Fronts in each of the
states, constituting the membership in them and the planned "civic
and peaceful" protest, the report notes.

Regarding the specific activity, he said it will include "citizens
assemblies in all states of the country where the (Front's agenda)
will be set . . . with the cooperation of all sectors of society,"
the report relays.

"On the international level, we're calling on all Venezuelans in
whatever city in the world . . . to conduct a protest action,"
Morales, who is also the assistant secretary of Democratic Action
(AD), said regarding the worldwide call, the report notes.

He said that the "citizens' assemblies" will be a "place to
discuss, debate, join the Front and express the discontent we have
about the country's social and political situation," the report
relays.

"Nobody is asking for those gatherings to then go to other
places . . .  That is not for this Saturday. We're calling for
gatherings" alone, he said, the report relays.

The Free Venezuela Broad Front was created and is comprised of
opposition politicians and representatives of several social
groupings, including disenchanted government supporters, and its
aim -- among other things -- is to call for fair and transparent
presidential elections, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 13, 2018, Moody's Investors Service has downgraded the
Government of Venezuela's foreign currency and local currency
issuer ratings, foreign and local currency senior unsecured
ratings, and foreign currency senior secured rating to C from
Caa3. Concurrently, the foreign currency senior unsecured medium
term note program has also been downgraded to (P)C from (P)Caa3.
The outlook has been changed to stable from negative.


VENEZUELA: Opposition's Sectors Unite Against Chavistas
--------------------------------------------------------
EFE News reports that political and social sectors in opposition
to the Chavista government of President Nicolas Maduro held a
massive event called "Venezuela Won't Surrender," at which they
took the first step toward creating a Broad National Front, whose
definitive founding is set March 15.

"Those of us who are here have decided to get over our divisions,
desperation and despair with a call for national unity and by
joining forces to bring down the government," journalist Alba
Cecilia Mujica read from a proclamation to the crowd after the
event at the Central University of Venezuela (UCV), according to
EFE News.

The text, the result of talks among representatives of the health,
petroleum, academic, student and business sectors, among others,
said that it's time to promote and solidify a unified, inclusive
organization whose founding will be based on a wide consensus,"
the report notes.

The document called on those who share ideas of change "to act
immediately to restore the full validity of the Constitution and
to undertake the unavoidable task of reconstructing the country,"
the report says.

It demanded the "immediate activation" of a humanitarian channel
to bring into the country the food and medicine the opposition has
requested for months, but which the government has rejected under
the pretext that it would bring about an "undercover invasion,"
the report relays.

"The same with the application of an economic policy that would
end hyperinflation," calculated in 2017 by the National Assembly
legislature at more than 2,600 percent, the report notes.

This new movement, according to the proclamation, "would also free
political prisoners and rescue those persecuted and on trial," the
report discloses.

It also demanded the "reestablishment of democratic institutions,
the separation of powers and the full restitution of the
Constitution," the report notes.

In that regard it described as a "fraud" the plenipotentiary and
ruling-party-dominated National Constituent Assembly (ANC), a body
that, according to the document, "is an infernal machine invented
to bury popular sovereignty and free elections in order to finish
off the few traces of democracy that still remain," the report
adds.

As reported in the Troubled Company Reporter-Latin America on
March 13, 2018, Moody's Investors Service has downgraded the
Government of Venezuela's foreign currency and local currency
issuer ratings, foreign and local currency senior unsecured
ratings, and foreign currency senior secured rating to C from
Caa3. Concurrently, the foreign currency senior unsecured medium
term note program has also been downgraded to (P)C from (P)Caa3.
The outlook has been changed to stable from negative.


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


LATAM: ECLAC Calls for 'Latin America First' Strategy at Forum
--------------------------------------------------------------
Malaysian Digest reports that the head of the Economic Commission
for Latin America and the Caribbean (ECLAC) said at a forum in Sao
Paulo that the region needs a new, more inclusive "Latin America
First" guiding strategy.

The region's challenges took center-stage during intense debates
at the World Economic Forum on Latin America, with participants
discussing recent political and economic changes and in particular
the threat posed by the protectionist policy of the United States
under President Donald Trump, according to Malaysian Digest.

"The only thing I want is to hear what 'Latin America First'
program the region's leaders are going to propose," ECLAC
Executive Secretary Alicia Barcena said during one of the debates
at the forum, which began March 13 in Sao Paulo and will conclude
on March 15, the report notes.

That call was in clear reference to Trump's "America First"
doctrine, which in terms of domestic policy is focused on bringing
back lost manufacturing jobs and protecting the nation's borders.

At the forum, politicians and business leaders discussed Trump's
recent decision to impose stiff tariffs on steel and aluminum
imports, the report notes.

That move has a direct impact on countries like Brazil, which has
already announced the possibility of filing a complaint before the
World Trade Organization, the report relays.

The report discloses that Mr. Barcena said for her part that
Trump's "America First" policy has marked a paradigm shift in the
US, adding that Latin America must come up with an appropriate
response.

"What's the paradigm shift" in Latin America and what is the "new
narrative" in a year of presidential elections in Brazil,
Colombia, Mexico -- three of the region's economic engines, Costa
Rica, Cuba, Paraguay and Venezuela, the Mexican asked, the report
notes.

"We're not responding to the pace of change, and we're not
including everyone in the innovation project," she warned, the
report notes.  The region suffers from a "culture of the
privileged few" and society is tired of that paradigm "where only
an influential group has access to capital, jobs and technology,"
she added.

Corruption is one of the top items on the agenda at the forum and
was to be analyzed in-depth in a debate moderated by Jose Antonio
Vera, the president of Spain's international news agency, Agencia
EFE, the report relays.

More than 750 politicians, business leaders, media professionals
and analysts from over 40 countries have gathered in Sao Paulo to
discuss the region's challenges and opportunities at the 13th
edition of the World Economic Forum on Latin America, 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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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