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

               Monday, March 26, 2018, Vol. 19, No. 60


                            Headlines



A R G E N T I N A

BUENOS AIRES CITY: Fitch Affirms 'B' IDR; Outlook Positive


B R A Z I L

BANCO DAYCOVAL: Moody's Assigns Ba2 Local Currency Sr. Debt Rating
BRADESCO SEGUROS: Fitch Cuts IFS Rating to BB; Outlook Stable
OI SA: S&P Ups CCR to 'CCC+' on Reorganization Plan Approval
TEGRA INCORPORADORA: Fitch Affirms B+ LT IDR; Outlook Stable
VRIO CORP: Fitch Assigns BB+ Long-Term IDR; Outlook Stable


C A Y M A N  I S L A N D S

GOLDEN KEY: Creditors' Proof of Debt Due April 9


C O S T A   R I C A

BANCO POPULAR: Fitch Affirms 'BB' Long-Term IDR; Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Court Deals a Blow to Ruling Party's Top Ally
DOMINICAN REPUBLIC: Associations to Motor Dominican-Uruguay Trade


G U A T E M A L A

BANCO DE LOS TRABAJADORES: Fitch Affirms B+ IDR; Outlook Pos.


J A M A I C A

JAMAICA: Farmers Have Easier Access to Loans, DBJ Says


P E R U

PERU: New President Will Focus On Stability


X X X X X X X X X

* BOND PRICING: For the Week From March 19 to March 23, 2018


                            - - - - -



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


BUENOS AIRES CITY: Fitch Affirms 'B' IDR; Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed the city of Buenos Aires' (CBA) ratings
at 'B'; with a Positive Outlook.

KEY RATING DRIVERS

The key considerations that underpin CBA's ratings are the city's
high level of fiscal autonomy with positive and solid operating
margins in a context of high inflation and currency depreciation,
its low leverage ratios, and its economic importance in the
national context. The ratings are constrained by Argentina's
sovereign rating (Long-Term Foreign Currency Issuer Default Rating
B/Positive). Weaknesses considered are the city's moderate level
of unhedged foreign currency debt exposure, as well as its high
staff and urban infrastructure expenditure pressures.

Institutional Framework: Fitch considers Argentina's institutional
framework to be Weak, given the country's structural weaknesses,
including its complex and imbalanced fiscal regime with no
equalization funding. With recent reforms and agreements, several
important tax and federal revenue distribution changes are
underway; however, Fitch believes CBA has high budgetary
flexibility and adequate capability to make yearly adjustments.

Economy: Fitch evaluates Argentine subnational economies as Weak,
due to the country's macroeconomic context of high inflation and
currency depreciation. CBA is Argentina's federal capital and is
the most important social and economic center. The city has a high
level of GDP per capita relative to national and international
peers, but within a context of inflationary pressures. Around 3
million people live in the city; however, there are about 15.6
million inhabitants in the whole provincial area. This surrounding
population challenges the city's urban mobility and demand for
infrastructure and services.

Fiscal Performance: CBA's fiscal performance is considered Strong
in Fitch's analysis. The city's autonomous status and economic
weight translates into a high level of fiscal autonomy, with a
solid local revenue base. Its tax revenue/operating revenue ratio
was 72.4% according to preliminary 2017 data; higher than its
Argentine and regional peers. Consequently, during 2013-2017, the
period of analysis, positive and sustained operating margins
averaged 13.3% per year. In 2017, the operating margin increased
to 18.4%, due to a re-composition of the city's federal revenue
share. For 2018, Fitch expects the city's financial flexibility to
remain strong, but somewhat below the budgeted margin of 20.6%.

Management and Administration: Fitch evaluates this attribute as
Neutral. CBA's administration has a proven track record of policy
continuity and financial prudence, especially regarding debt
policies, which the city has constantly re-profiled to improve its
debt terms and conditions. Among other administrative policies, it
is worth noting that in the past two years the city has been able
to sustain a high level of capex.

Debt, Liabilities, and Liquidity: Fitch considers this rating
factor to be Neutral. In 2017 the city's debt totalled ARS65
billion, with a low leverage equivalent to 36.4% of current
revenues. The city's level of unhedged currency exposure, due to
debt denominated in U.S. dollars, decreased from a high level of
82.2% in 2016 to a moderate 54.5% at year-end 2017. Debt tenures
have also shifted toward longer maturity terms. For 2018,
considering budgeted and authorized debt, Fitch estimates that
leverage ratios will remain low.

As for liquidity, the entity maintains an adequate level of cash
deposits and has an authorized short-term treasury bill program of
up to ARS10 billion as a tool to mitigate cash fluctuations. This
program was extended from the 2017 authorized ARS6.5 billion.
Historically, the city's short-term debt from treasury bills has
been low, representing less than 5% of its total revenues.

To date, there are no relevant contingent risks for the city's
finances. However, Fitch monitors the financial performance of the
city's main public entities, including the Bank of the City of
Buenos Aires, Autopistas Urbanas, S.A., and the city's subway
system, among others. At this time, Fitch believe all any possible
contingencies are manageable and under control.

RATING SENSITIVITIES

An upgrade in Argentina's sovereign rating could lead to an
upgrade in the ratings of the city of Buenos Aires, whose ratings
are constrained by the sovereign rating.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

-- Long-Term Foreign-Currency IDR at 'B'; Outlook Positive;
-- Long-Term Local-Currency IDR at 'B'; Outlook Positive;
-- Short-Term Foreign-Currency IDR at 'B';
-- Short-Term Local-Currency IDR at 'B';
-- Euro medium-term note programme (EMTN) up to USD2.29 billion
    at 'B';
-- Series 11 senior unsecured notes for USD500 million at 'B';
-- Series 12 senior unsecured notes for USD890 million at 'B'
-- Programme of short-term treasury bills up to ARS10 billion at
    'B'.


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


BANCO DAYCOVAL: Moody's Assigns Ba2 Local Currency Sr. Debt Rating
------------------------------------------------------------------
Moody's America Latina Ltda (MAL) assigned a Ba2 global local
currency debt rating and a Aa2.br national scale debt rating to
Banco Daycoval S.A. (Daycoval) sixth issuance of local currency
senior unsecured financial banknotes (letras financeiras). The
proposed notes will be issued in a two- and three-year tranches
due April 2020 and April 2021, up to a total aggregated amount of
BRL500 million. The outlook on the rating is negative in line with
the outlook on the bank's global scale deposit rating.

The following ratings were assigned to Banco Daycoval S.A.'s
proposed financial banknotes:

-- Local currency senior unsecured debt rating due April 2020 --
    Ba2; negative outlook

-- Brazilian long-term national scale senior unsecured debt
    rating due April 2020 -- Aa2.br

-- Local currency senior unsecured debt rating due April 2021 --
    Ba2; negative outlook

-- Brazilian long-term national scale senior unsecured debt
    rating due April 2021 -- Aa2.br

RATINGS RATIONALE

Daycoval's Ba2 rating reflects its consistent earnings generation
capacity supported by a disciplined risk profile and low leverage
ratios, factors that compare well to other Brazilian midsized
banks specializing in commercial lending. In 2017, the bank's 90-
day problem loan ratio remained below the 3.2% industry's average,
covered by ample reserves. A more favorable credit risk
environment saw lower write offs compared to previous year,
although loan recoveries declined slightly in 2017. Supported by a
gradual economic recovery, Daycoval increased lending to its core
business made by SME lending by 19.6% in the 12 months ended
December 2017, taking advantage of still limited credit offer by
other banks.

Daycoval's performance in 2017 benefited primarily from a 15.6%
drop in credit costs compared to 2016, and lower funding costs by
the effect of sharp interest rates cuts in the year. As a result,
margins remained relatively flat at 12.2% at the end of the year.

As loan origination accelerated in 2017, the bank's cash liquidity
declined, but it maintained a positive term structure. The
proposed notes will refinance the maturity schedule of financial
banknotes in 2018, for about BRL2.5 billion in total. It will also
help to boost the bank's medium term funding to support growth in
2018.

Daycoval's capitalization remained adequate at 14.9% and was
strongly replenished by internal earnings generation, as
shareholders maintained a conservative dividend payout ratio of
36.1% in 2017. Its capital is fully composed of Tier 1 equity.

Daycoval's global scale rating is speculative grade, and reflects
the credit interlinkages with the Brazilian sovereign, also rated
Ba2 in global scale. Daycoval's Aa2.br national scale rating
(NSR), which corresponds to its Ba2 global scale rating, implies
it is among the strongest credits in Brazil, in a national scale.
At the same time, the NSR considers the bank's less diversified
operations and lack of scale, as well as its greater dependence on
market funding, compared to Ba2 rated peers, that are Aa1.br in
national scale. However, Daycoval benefits from more consistent
earnings and more disciplined risk guidelines than Ba2 global
scale peers, that are rated Aa3.br in national scale in Brazil.

The negative outlook on Daycoval's Ba2 deposit rating is in line
with the negative outlook on Brazil's government bond rating.

WHAT WOULD CHANGE THE RATING UP/DOWN

There is no upward pressure at the moment as ratings currently
have a negative outlook aligned to the outlook of the sovereign
rating. However, the outlook could stabilize if and when the
sovereign outlook stabilizes. Negative rating pressure would come
from a downgrade of the country's bond rating or any sharp
deterioration in asset quality combined with a significant
reduction in earnings.

METHODOLOGY

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


BRADESCO SEGUROS: Fitch Cuts IFS Rating to BB; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded Bradesco Seguros S.A.'s (Bradesco
Seguros) Insurer Financial Strength (IFS) rating to 'BB'/Outlook
Stable from 'BB+'/Outlook Negative. At the same time, Fitch has
downgraded Sul America S.A.'s (SASA) long-term local and foreign
currency Issuer Default Ratings (IDRs) to 'B+'/Outlook Stable from
'BB-'/Outlook Negative. Fitch did not take any actions on these
issuers' national ratings.

The rating actions on Bradesco Seguros and SASA follow the
downgrade of Brazil's long-term IDRs to 'BB-'/Outlook Stable from
'BB'/Outlook Negative (for further information, see 'Fitch
Downgrades Brazil's Ratings to 'BB-'; Revises Outlook to Stable',
dated Feb. 23, 2018, at 'www.fitchratings.com').

KEY RATING DRIVERS

Bradesco Seguros

The downgrade of Bradesco Seguros' IFS rating results from the
downgrade of the long-term Local Currency IDR of its parent Banco
Bradesco S.A. (Bradesco, long-term local currency IDR 'BB'/Outlook
Stable; for further information, see 'Fitch Takes Various Actions
on Financial Institutions Following Brazilian Sovereign Downgrade,
dated March 13, 2018, at 'www.fitchratings.com'), which in turn
reflects the downgrade of Brazil's sovereign ratings. The Stable
Outlook on Bradesco Seguros' IFS mirrors that of its parent's
long-term local currency IDR. The downgrade reflects the reduced
capacity of Bradesco to support Bradesco Seguros if needed.

Fitch considers Bradesco Seguros a 'core subsidiary' of Bradesco,
and therefore its IFS rating is equalized with the long-term local
currency IDR of its parent. This is based on the strategic
importance of the insurance operations, which are a key and
integral part of the group's business, common branding, and high
contribution of Bradesco Seguros to group profits (29% in 2017 and
32% in 2016). Bradesco Seguros has maintained solid profitability
through the cycles, due to good technical results and solid
financial income. In 2017, the insurer's ROAA stood at 1.6% (2% in
2016).

In applying Fitch's insurance criteria with respect to the impact
of ownership on Bradesco Seguros' ratings, Fitch considered how
ratings would theoretically be impacted under Fitch's bank support
criteria. Fitch's insurance criteria is principles-based regarding
ownership, and the referenced bank criteria was used to help
inform Fitch's judgment in applying those principles

SASA

The downgrade of SASA's IDRs is a result of the downgrade of
Brazil's sovereign ratings, which ultimately constrain SASA's IDRs
through the implicit ratings of its operating company. The close
link between the ratings of SASA and the sovereign is a result of
the full concentration of SASA's operations in Brazil and its very
large Brazilian government securities holdings.

The key credit metrics of SASA have remained resilient to economic
cycles. As of December 2017, SASA's profitability was solid, as
reflected by an operating ratio and an ROAA of 93.2% and 3.4%,
respectively (93.2% and 3.3%, respectively, in 2016). During the
same period, leverage remained broadly stable, with net
liabilities/total capital at 3.2x (3.3x in 2016) and financial
leverage (financial debt/total capital) at 28% (28% in 2016).
Interest coverage ratio (operating income before interest
/interest expense on debt) improved to 10.2x from 9.1x in 2016.

Fitch continues to narrow the standard notching between the
implied ratings of SASA's insurance operating company and SASA's
IDRs. Notching compression remains unchanged at two notches,
reflecting Fitch's view that factors contributing to Brazil's
sovereign downgrade have had a limited effect on SASA's key credit
metrics.

RATING SENSITIVITIES

Bradesco Seguros:

Bradesco Seguros' ratings are linked to those of Bradesco.
Therefore, any change in the bank's ratings would affect the
insurer's ratings, as would a change in the bank's willingness to
provide support, which Fitch considers highly unlikely.

SASA:

SASA's ratings remain sensitive to changes in Brazil's sovereign
ratings. In case of a sovereign downgrade, SASA's IDRs would be
subject to a review that could result in a range of rating actions
from affirmation to a two-notch downgrade based on Fitch's
insurance rating criteria that allows flexibility as to how
sovereign considerations are factored into insurance rating
notching. In case a sovereign upgrade, SASA's IDRs would be
subject to review for a potential upgrade.

In addition, SASA's ratings could be negative affected by:

-- A sustained and material deterioration in profitability,
    characterized by an ROAA below 0.5%;
-- Deterioration of the liabilities/equity ratio to above 5.0x;
-- The permanence of the financial leverage above 25% for a
    sustained period;
-- A fall in the interest coverage ratio to below 3.0x.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Bradesco Seguros
-- IFS downgraded to 'BB'/Outlook Stable from 'BB+'/Outlook
    Negative.

SASA
-- Long-term Foreign and Local currency IDRs downgraded to
    'B+'/Outlook Stable from 'BB-'/Outlook Negative;
-- Short-term Foreign and Local currency IDRs affirmed at 'B'.


OI SA: S&P Ups CCR to 'CCC+' on Reorganization Plan Approval
------------------------------------------------------------
S&P Global Ratings raised its global scale corporate credit
ratings on Oi S.A. and its subsidiary Telemar Norte Leste S.A. to
'CCC+' from 'D' and its national scale ratings to 'brB' from 'D'.
All debt ratings remain at 'D'. The outlook on the corporate
credit ratings is positive.

The upgrade follows the Brazilian judge's approval of Oi's
reorganization plan, which allows the company to gradually
implement the plan, and makes it compliant with its obligations,
including fiscal, labor, and financial liabilities. S&P's keeping
its ratings on Oi's rated debts at 'D' because the loans need
foreign jurisdiction approvals (other countries where Oi holds
legal contracts must recognize the reorganization) to be exchanged
as agreed with creditors. It may take several months to conclude
these approvals.


TEGRA INCORPORADORA: Fitch Affirms B+ LT IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Tegra Incorporadora S.A.'s (Tegra)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'B+' and its Long-Term National Scale Rating at 'A-(bra)'. The
Rating Outlook is Stable.

Tegra's ratings reflect the strong and consistent financial
support from its controlling shareholder, Brookfield Asset
Management Inc. (BAM), and its integration with the parent, in
line with Fitch's expectations. BAM has frequently provided
support to Tegra, evidenced by approximately BRL5.3 billion of
cash injected through capital increases and parent loans during
2014 to 2017. Tegra's ratings incorporate the expectation that BAM
should continue to provide financial support to the company. BAM
indirectly controls 100% of Tegra.

BAM's capitalization measures were fundamental to materially
reduce Tegra's refinancing risk, strengthen its capital structure
and finance high working capital requirements. On a standalone
basis, Tegra's credit profile remains lower by several notches.
Tegra continues to present very weak credit metrics, with
constantly negative operating cash flow generation, high volume of
sales cancellations and inventory of concluded units, and weak
sales speed, pressured by the still difficult business environment
for the homebuilding sector in Brazil.

KEY RATING DRIVERS

Robust Financial Support Is Key: Tegra's ratings reflect the
strong and consistent financial support from BAM. Fitch
incorporated in the analysis its 'Parent and Subsidiary Rating
Linkage' criteria and understands that the linkages between BAM
and Tegra are moderate. Despite the strong financial support, the
legal ties between the entities are limited, with no guarantees or
cross-default clauses between the companies, and Tegra has a small
scale of operations compared to BAM's results. Tegra is rated on a
bottom-up approach from its standalone credit profile. The
financial support provided by BAM is strong and recurrent, which
supports the rare circumstance in which Tegra is rated three
notches above its standalone rating.

Reduction in Refinancing Risk: Capitalization measures from the
parent have been fundamental to substantially reduce Tegra's
refinancing risk. Since 2014, Tegra received BRL5.3 billion from
the controlling shareholder, of which BRL1.2 billion refers to
capital increases and BRL4.1 billion refers to intercompany loans
that have flexible maturity date and no interest rate. From
December 2013 to September 2017, adjusted corporate debt reduced
by about BRL2.3 billion. As of Sept. 30, 2017, adjusted corporate
debt was BRL472 million, including BRL70 million of off balance
sheet debt that Tegra guarantees. At the same date, credit lines
from the Housing Financial System (SFH) amounted BRL560 million.
These lines are adequate for the sector once they are repayable by
the transfer of homebuyer receivables upon project conclusion.

Operating Performance Remains Weak: On a standalone basis, Tegra
continues to report very weak credit indicators, with negative
operating cash flow generation, high levels of sales
cancellations, and higher costs due to project delays, pressured
by the adverse economic environment in Brazil. EBITDA generation
is negative since 2013 and, in the LTM ended Sept. 30, 2017, Tegra
reported negative EBITDA of BRL804 million.

Tegra has adopted a series of measures to recover its operational
efficiency. However, due to the sector's long construction cycle,
operating margins are still negatively affected by older projects.
Currently, the company has only one project from the legacy under
construction, which should be delivered during 2018. Fitch expects
Tegra's results to remain pressured while its inventory carries
units from older projects, with lower margins, and EBITDA
generation should remain negative in 2018. The slow recovery of
the domestic macroeconomic environment implies in additional
challenges to the recovery of the company's operating results.

High Sales Cancellations Remain a Concern: Tegra has the important
challenge to significantly reduce the high volume of cancellation
of contracts and inventory of concluded units, as well as to
conclude the sale of the units from the legacy of low margin
projects. During 2017, sales cancellations were BRL1.4 billion,
compared to BRL1 billion in 2016 and BRL1.4 billion in 2015. As of
Dec. 31, 2017, total inventory had an estimated market value of
BRL2.9 billion, of which about high 55% consisted of concluded
units. Programmed project deliveries of about BRL1 billion in
2018, of which 26% consist of units in inventory, should
contribute to maintain finished inventory pressured in the near
term.

Negative Operating Cash Flow: Tegra reported negative cash flow
from operations (CFFO) in the last few years, pressured by project
cost revisions, high sales cancellation, and delays in the project
deliveries. In the first nine months of 2017, Tegra reported
negative funds from operations (FFO) of BRL329 million and
negative cash flow from operations (CFFO) of BRL182 million.
Operating cash flow recovery will depend on Tegra's ability to
reduce sales cancellation and monetize receivables and inventory
while also managing higher working capital needs given the
resumption of project launches. The company launched a Potential
Sales Value (PSV) of BRL1.1 billion in 2016 and BRL906 million in
2017.

High Leverage: Tegra's leverage remains not measurable, as EBITDA
and CFFO are negative. Under a potential cash flow perspective,
the ratio total receivables on balance sheet plus total inventory,
added to the revenue to be recognized over net debt, plus
acquisition of properties for development plus cost to be incurred
of units sold was 1.7x in September 2017, compared to 1.8x in
December 2016.

Volatile Business Environment: Tegra is exposed to the cyclicality
and volatility of the homebuilding industry, which is highly
correlated with the local economy. Fitch believes the homebuilding
industry is strongly vulnerable to economic slowdown, unemployment
and interest rates, consumer confidence and restrictions in lines
of credit. The sector is also subject to a volatile demand and
strong working capital needs to support the long cycle of its
business. Fitch expects a gradual improvement in the fundamentals
for the homebuilding sector in 2018, as some key factors for the
industry already show signs of improvement. However, Fitch views
demand recovery during 2018 cautiously, especially for the middle
and high income segments. Demand growth will depend on
availability of housing credit, positive perception by homebuyers
of economic recovery and expectation that housing prices have
already reached the bottom. Fitch understands that the positive
effect in the homebuilders' financials should take longer due to
the nature of the sector and its long operating cycle.

DERIVATION SUMMARY

Tegra's ratings reflect the strong and consistent financial
support from its controlling shareholder, BAM, and the expectation
that the parent will continue to provide financial support to the
company, if necessary. Fitch incorporated in the analysis its
'Parent and Subsidiary Rating Linkage' criteria and understands
that the linkages between BAM and Tegra are moderate. Despite the
strong financial support, the legal ties between the entities are
weak, with no guarantees or cross-default clauses between the
companies, and Tegra has a small scale of operations compared to
BAM's results.

Tegra is rated on a bottom-up approach from its standalone credit
profile. The financial support provided by BAM is strong, which
supports the rare circumstance in which Tegra is rated three
notches above its standalone rating. On an individual basis,
without the evidences of support and integration with the parent,
Tegra's rating would be 'CCC', as the company has constantly
reported very weak credit metrics, with negative operating margins
since 2013, negative operating cash flow generation on a recurring
basis, and high levels of cancellations of contracts and inventory
of concluded units.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
-- Continued financial support and integration with the
    controlling shareholder.
-- Maintenance of reduced corporate debt.
-- Gradual resumption of project launches.
-- Negative EBITDA in 2017 and 2018.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Strengthening of the legal ties between Tegra and BAM.
-- Material strengthening of Tegra's standalone credit profile,
    with a sustainable recovery of credit metrics, profitability
    and cash flow generation.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Any evidence that the integration between Tegra and BAM has
    reduced, with lower level of support provided by the parent.

LIQUIDITY

Tegra's liquidity strongly relies on the financial support from
BAM. The company used the proceeds from capital increases and
intercompany loans to significantly reduce adjusted corporate debt
and finance working capital needs of the projects in development.
As of Sept. 30, 2017, cash and marketable securities was BRL692
million and total adjusted debt, excluding intercompany loans, was
about BRL1 billion. Cash covered by more than 100% total adjusted
corporate debt of BRL472 million. Excluding intercompany loans,
Tegra had BRL333 million of total debt due up to the end of 2018
and BRL355 million in 2019, of which BRL55 million and BRL175
million, respectively, are related to corporate debt. The company
had BRL560 million of debt related to credit lines from SFH.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Tegra Incorporadora S.A.
-- Long-Term Foreign Currency IDR at 'B+';
-- Long-Term Local Currency IDR at 'B+';
-- Long-Term National Scale Rating at 'A-(bra)';

The Outlook for the corporate ratings is Stable.


VRIO CORP: Fitch Assigns BB+ Long-Term IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign and Local-Currency
Issuer Default Ratings (IDRs) of 'BB+' to Vrio Corp (Vrio). The
Rating Outlook is Stable. Fitch has simultaneously assigned an
expected 'BB+(EXP)' rating to the company's proposed senior notes
issuance of up to USD1.5 billion, to be issued by the company's
subsidiaries, Vrio Finco 1 LLC (Vrio Finco 1) and Vrio Finco 2
Inc. (Vrio Finco 2).

Vrio is a wholly owned subsidiary of AT&T Inc. (AT&T), rated
'A-'/Rating Watch Negative. AT&T intends to launch an initial
public offering (IPO) of Vrio shortly after the closing of the
proposed notes issuance. In addition, Vrio's Brazilian operating
subsidiary, Sky Servicos de Banda Larga Ltda. (Sky Brasil) plans
to enter into an up-to USD1 billion equivalent BRL credit
facility.  The company plans to use the notes proceeds, together
with the IPO proceeds and the Brazilian credit facility, to repay
its existing debt and to pay dividends to AT&T.

The proposed notes will be guaranteed by Vrio and Vrio Holdco
Inc., which is a subsidiary of Vrio and a parent of Vrio Finco 1
and 2, on a senior unsecured basis. The company's certain
subsidiaries will also guarantee the notes, in some cases on a
secured basis with share pledges. Should AT&T cease to own at
least 50% of the voting power in the company, Vrio will release
the share pledges and cause the additional subsidiaries, which
have not previously been guarantors, to become subsidiary
guarantors, which includes most of its key operating and holding
companies in the group.

Vrio's ratings reflect its solid scale and market position as one
of the largest pay-TV providers in Latin America and its
diversified operational geographies, brand recognition, stable
operational cash flow generation, as well as Fitch's expectation
for the company to maintain a relatively conservative capital
structure for the 'BB' rating category. The ratings are tempered
by the company's lack of service diversification as a pay-TV
operator compared to other integrated telecom or cable operators
in the intense competitive landscape. In addition, increasing
penetrations of alternative video distribution platforms is a
negative secular trend, but the impact is mitigated to a degree by
relatively low broadband penetrations in the region. Vrio's cash
flow concentrations in countries with unfavourable operating
environments, mainly Brazil and Argentina, is also a key credit
weakness, which dilute its solid financial profile.

KEY RATING DRIVERS

Geographically Diversified Pay-TV Operator: Vrio is a leading
provider of satellite-based pay-TV services in 11 countries across
Latin America with 13.6 million subscribers as of Dec. 31, 2017.
The company operates under the DirecTV brand in most countries and
under the Sky brand in Brazil. Vrio's cash flow generation is
highly concentrated in Brazil and Argentina, which combined
accounted for about 90% of total EBITDA in 2017, after reflecting
shared costs allocations. The company boasts solid market
positions in its key markets, with 30% pay-TV market shares in
both Brazil and Argentina, the second largest market shares in
both countries.

In 2017, Vrio generated USD5.6 billion in revenues and USD1.2
billion EBITDA, excluding non-recurring items.

Stable Performance: Fitch expects a continued stable performance
for the company in the short to medium term with modest revenue
growth driven by steady subscriber growth in its prepaid segment.
Growth in Brazil, the company's main market, has been relatively
stagnant in the last couple of years mainly due to negative
economic conditions; however, Fitch expects the company to resume
modest growth from 2018, along with an improving economy in Brazil
and increasing service penetrations. In Argentina, the company's
second largest market, Vrio has shown a strong ability to increase
its blended average revenue per user (ARPU) above inflation,
resulting in stable cash flow generation. Fitch forecasts that the
company will continue to undergo relatively stable 2% annual
revenue growth in 2018 and 2019, with its consolidated EBITDA of
USD1.2 to USD1.3 billion during the period.

Fitch believes that a negative secular trend of increasingly
popular over-the-top content distributors could gradually pressure
Vrio's pay-TV subscriber base; however, the impact on its cash
flow generation over the current rating horizon would be limited
given the relatively low level of broadband access in its key
markets. In addition, the overall service penetrations of pay-TV
in the company's operating geographies also remains generally low,
except in Argentina, which should provide growth headroom, and to
a degree, allow the company to cope with the risk.

Increasing Contribution from Prepaid: Fitch expects Vrio's prepaid
segment to be the main growth driver over the medium term. The
company's strategic focus on a prepaid business model and its
satellite-based service provision should position it well against
cable or telecom operators in the currently underserved areas
where competitive pressures are low compared to more urban areas.
Fitch forecasts growth in the company's prepaid subscribers by
over 10% in 2018 - 2020, and the revenues from the segment to
account for over 17% of total pay-TV revenues by 2020, from 12% of
total pay-TV revenues in 2017.

Solid Financial Profile: Fitch expects Vrio to maintain a solid
financial profile for the rating category post the proposed
transactions, including the IPO. Fitch forecasts the company's
adjusted net leverage, including lease expenses adjustments, to
remain in the 2.0x to 2.5x range over the medium term. Fitch
expects the company's relatively light capex requirements in the
short to medium term, with its capex-to-sales ratio of around 13%,
to be covered by its cash flow from operations, and enable a
steady 1% to 2% FCF margin over the medium term. Fitch does not
expect any dividend payments in short to medium term, excluding
the proceeds from the proposed notes issuance and the IPO.

Manageable FX Exposure: Vrio's exposure to FX mismatch risk is
manageable based on its largely local-currency-denominated cost
structure and hedging strategy post the proposed debt issuance. A
portion of the company's proposed USD notes issuance will be
converted into Colombian Peso and Chilean Peso through a cross
currency swap to mitigate FX risk on its debt service obligation.

DERIVATION SUMMARY

Vrio's credit profile is strongly positioned against the 'BB'
rated peers in the region. The company holds solid market
positions in its main markets and is well diversified in its
operating geographies. Vrio also exhibits a conservative capital
structure and stable cash flow generation. These attributes are
offset to a degree by the company's lack of service
diversification as a pure pay-TV operator and cash flow
concentration from countries with unfavourable operating
environments, mainly Brazil and Argentina.

Compared to Millicom International Cellular S.A. (MIC), rated
'BB+', which is an integrated telecom operator in Latin America,
Vrio's financial profile is in line with MIC's; however, Fitch
considers Vrio's business profile to be moderately weaker given
MIC's more diversified service revenue mix. MIC's ratings are also
negatively affected by its cash flow concentration in countries
with low sovereign ratings. Compared to Colombia
Telecomunicaciones S.A. E.S.P. (Coltel), rated 'BB', with an
integrated telecom operation in Colombia, Fitch believes Vrio's
solid market positions and more diversified operating geographies
fully offsets its lack of service diversification. Vrio's
financial profile and track record of stable cash flow generation
is a positive attribute compared to Coltel, which has limited FCF
generation capacity.

Vrio's geographic diversification and sound financial profile also
compare favourably against VTR Finance, B.V., rated
'BB-'/Stable, of which the credit quality is tempered by its
higher leverage and aggressive financial strategy.

Parent Subsidiary linkage exists with Vrio's parent, AT&T Inc,
rated 'A-'/Rating Watch Negative; however, the rating is based on
Vrio's stand-alone credit profile, due to a lack of legal and
operational ties with the parent. No Country Ceiling constraint
was in effect for these ratings, as Fitch expects the company's
EBITDA generation from countries with higher than 'BB+' Country
Ceiling ratings, such as Chile, Colombia, and Uruguay, to be
sufficient to cover its hard currency gross interest expenses,
resulting in the company's Foreign Currency IDR being in line with
the Local-Currency IDR of 'BB+'.

KEY ASSUMPTIONS

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

-- Cash balance of USD100 million upon the closing of debt
    issuance, IPO, and dividend payments.
-- 3% to 4% total subscriber growth annually over the medium
    term, mainly driven by steady expansion in prepaid segment.
-- 21% average EBITDA margin in the short to medium term.
-- Capex-to-sales of 13% over the medium term.

RATING SENSITIVITIES

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

A material improvement in its financial profile and operating
environment than currently anticipated would be necessary for a
potential positive rating action into the investment grade rating
category. Based on the current business profile, the company's
sustained track record of improving its adjusted net leverage
toward 1.0x with steady FCF generation could potentially lead to a
ratings upgrade.

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

A negative rating action would be considered should subscriber
expansion stagnate amid falling ARPUs, due to competitive
pressures, deterioration in profitability and negative FCF
generation, and its adjusted net leverage increasing to 3.0x on a
sustained basis. In addition, a material increase in the hard
currency interest expenses than currently expected may result in a
lower applicable Country Ceiling rating, which could lead to a
downgrade of its Foreign Currency IDR.

LIQUIDITY

Adequate Liquidity: Vrio's liquidity profile is adequate based on
its pro forma capital structure and well spread out debt
maturities profile, stable operating cash flow generation, and a
USD250 million revolver established with the parent company, AT&T.
Upon the closing of the transaction, Fitch expects the company to
maintain a minimum cash balance of USD100million..

FULL LIST OF RATING ACTIONS

Vrio Corp.
-- Long-term Foreign-Currency and Local-Currency Issuer Default
    Ratings 'BB+'/Stable Outlook;

Vrio Finco 1 LLC
-- Up-to USD750 million senior notes 'BB+(EXP)'.

Vrio Finco 2 Inc.
-- Up-to USD750 million equivalent ARS senior notes 'BB+(EXP)'.


==========================
C A Y M A N  I S L A N D S
==========================


GOLDEN KEY: Creditors' Proof of Debt Due April 9
------------------------------------------------
Golden Key Co. Ltd.'s creditors are required to submit proofs of
claim by April 9, 2018, to the company's newly appointed
liquidators, Kris Beighton and Jeffrey Stower.  The liquidators
can be reached at:
         KPMG
         P.O. Box 493
         Century Yard, Cricket Square
         Grand Cayman, KY1-1106



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


BANCO POPULAR: Fitch Affirms 'BB' Long-Term IDR; Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Popular y de Desarrollo Comunal's
(BPDC) Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB'. The Rating Outlook is Negative. Fitch has also
affirmed the bank's Short-Term Foreign and Local Currency IDRs at
'B' and its Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS
IDR, VR, NATIONAL RATINGS AND SENIOR DEBT

BPDC's IDR and National ratings are driven by its intrinsic
creditworthiness, which is also reflected in its VR. The VR and
IDR also reflect the influence of the current operating
environment and the bank's company profile, given its public
nature and the benefits granted by its inception law. BPDC's
ratings also consider the moderate importance of its higher risk
appetite relative to peers, sound loss absorption capacity, and
adequate asset quality. The National ratings of senior unsecured
debt in Panama and Costa Rica reflect the relative strength of
this Costa Rican bank compared to other issuers in those
countries.

The bank's IDRs are at the same level as the sovereign rating
(BB/Negative), reflecting the high influence of the operating
environment on the bank's performance. The Negative Outlook
reflects the high dependence on the sovereign's influence on the
banks' credit profile and operating environment.

The bank's financial performance is supported by its public nature
and the benefits granted by law, such as mandatory capitalization
and inflow of deposits. In Fitch's view, the bank's role in the
pension regime as the depositary of mandatory savings from Costa
Rican workers, its market share in consumer lending, and its large
franchise are evidence of its systemic importance.

In Fitch view, the bank's involvement over loans made to a company
accused of supposed influence peddling at other banking entities,
demonstrated a higher risk appetite given weaknesses in risk
controls. While this event also involved another state-owned bank,
the limited impact on BDPC's performance as well as management's
proactive role in resolving the situation has prevented further
pressure on the ratings. The financial impact of this loan was
limited to an increase in foreclosed assets, as the bank
foreclosed the collateral of the impaired loan.

The bank's main financial strength is its capital position, with a
Fitch Core Capital ratio close to 24%. BPDC's capitalization
benefits from advantages granted by law, and Fitch believe its
capitalization should remain solid over the ratings horizon.

Asset quality metrics are adequate, in Fitch's view, with a
delinquency ratio (90 days past-due loans) of 2.0%. While this
ratio has gradually declined, it remains above the Costa Rican
financial system average, as is expected of a retail-oriented
bank. Fitch notes that the bank's loan performance also benefits
from adequate collateral coverage, effective collection mechanisms
and sufficient reserves coverage for non-performing loans (NPLs).

Client deposits are the main source of funding for the bank and
this source has showed a good track record of stability. On the
other hand, the bank's liquidity is lower compared with local
peers as evidenced by a ratio of loans to customer deposits of
150% (system average: 105%). The bank operates with moderate
tenure mismatches although such mismatches are common in the
region due to limited financing options.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's SR of '3' and SRF of 'BB-' reflect the moderate
probability of support from the Costa Rican government despite
having no explicit guarantee, given the nature of the bank and its
systemic importance.

RATING SENSITIVITIES
IDRs, VR NATIONAL RATINGS AND SENIOR DEBT

BPDC's IDRs and VR are sensitive to changes in the sovereign
rating. Potential upgrades of BPDC's IDRs and VR are unlikely in
the foreseeable future. Changes in company profile that diminish
the advantages granted by law would put pressure on the bank's
international and national ratings.

Further deterioration of risk controls or a deviation in risk
appetite that introduces greater risks to the balance sheet could
also put negative pressure on ratings.

Changes triggered by movements in the sovereign rating would not
affect National ratings in Costa Rica, as this would not alter
local relativities. However, such changes would alter the relative
strength of BPDC compared to other issuers in Panama.

SR and SRF
BPDC's SRF is also sensitive to changes in the sovereign rating.
Fitch's base case scenario anticipates BPDC maintaining its
current systemic importance and company profile and, therefore,
changes to the SR are not likely.

Fitch has affirmed the following ratings:

-- Long-Term Foreign Currency IDR at 'BB', Outlook Negative;
-- Short-Term Foreign Currency IDR at 'B';
-- Long-Term Local Currency IDR at 'BB', Outlook Negative;
-- Short-Term Local Currency IDR at 'B';
-- Viability Rating at 'bb';
-- Support Rating at '3';
-- Support Rating Floor at 'BB-'.

National Ratings

Costa Rica
-- National Long-Term rating at 'AA+(cri)'; Outlook Stable;
-- National Short-term rating at 'F1+(cri)';
-- Long-term local and foreign currency senior unsecured debt at
    'AA+(cri)';
-- Short-term local currency and foreign currency senior
    unsecured debt at 'F1+(cri)'.

Panama
-- Long-term senior unsecured debt at 'A+(pan)';
-- Short-term senior unsecured debt at 'F1(pan)'.


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


DOMINICAN REPUBLIC: Court Deals a Blow to Ruling Party's Top Ally
-----------------------------------------------------------------
Dominican Today reports that the Superior Electoral Tribunal (TSE)
ruled to annul the Dec. 3, 2017, convention of the PRD party, and
ordered a new internal process within 70 days.

The ruling stems from a challenge filed by PRD national vice
president, Anibal GarcĀ°a Duverge, who sought to annul the
convention organized by the current party authorities, headed by
Miguel Vargas, who's also the Minister of Foreign Affairs,
according to Dominican Today.

The PRD's National Convention had reelected Vargas as party
president for four years, but a wave of dissent headed by senior
leader Guido Gomez gathered steam during the last few months, the
report notes.

                  "Entire" PRD in Foreign Affairs

As a result of an electoral pact between the ruling party (PLD)
and the PRD, president Danilo Medina named Vargas as head of the
Foreign Ministry, where the "entire" PRD gets a paycheck, the
report relays.

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: Associations to Motor Dominican-Uruguay Trade
-----------------------------------------------------------------
Dominican Today reports that the Dominican Exporters Association
(ADOEXPO) and Uruguay's Exporters Union (UEU) agreed to increase
trade between both nationals, by making it easier for several
Dominican articles to enter the South American country.

ADOEXPO president, Alvaro Sousa Sevilla and for the UEU, Dominican
envoy Luis Arias signed the agreement, according to Dominican
Today.

Mr. Sousa said the agreement was Arias' initiative, as a strategy
to boost exports and attract foreign direct investments of the
Dominican Republic, the report notes.  "It will serve to
materialize joint actions for the knowledge of the offers of the
two countries, the promotion of these sectors and the exchange of
information and experiences about the regional demands of interest
of each of the countries," the report quoted Mr. Sousa as saying.

He said the Uruguayan market consumed about $7 billion in imported
products and services in 2017, the report notes.

The business leader said among the national products that have the
highest potential in Uruguay figure plastics, pharmaceuticals,
beauty, cleaning supplies, textiles, rum and tobacco, the report
relays.  "Uruguay's main imports are machinery, fuels, industrial
products such as plastic, cardboard, footwear and clothing," he
added.

"90 percent of the articles of local manufacture exported to
Uruguay in 2016 corresponded to pharmaceutical products, and those
imported from there were essential oils, perfumery preparations,
organic and milled products," Mr. Sousa added in a statement,
notes the report.

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.


=================
G U A T E M A L A
=================


BANCO DE LOS TRABAJADORES: Fitch Affirms B+ IDR; Outlook Pos.
-------------------------------------------------------------
Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab)
Long-Term Issuer Default Ratings (IDRs) at 'B+' and revised the
Outlook to Positive from Stable. In addition, Fitch upgraded
Bantrab's Long-Term National Rating to 'BBB+' from 'BBB' and also
revised the Outlook to Positive from Stable.

The Outlook revision to Positive for both Bantrab's Long-term IDRs
and National rating reflects Fitch's expectation that Bantrab's
recent measures to strengthen its corporate governance and risk
management framework as well as its stronger capital base, have
improved the bank's overall risk profile. Fitch believes the
bank's operational capacity to make future debt payments has also
improved. Nevertheless, the agency will continue to monitor the
evolution of Bantrab's relationship with correspondent banks.

Following a series of events that led to the arrest of various
former executives and members of the Board of Directors by the
Guatemalan authorities on charges of fraud, illicit associations
and embezzlement to the detriment of the bank's shareholders in
mid-2016, the bank is under new management and is in the process
of restructuring its operations. In Fitch's view, these changes
are positive but its long-term effects and sustainability are yet
to be proven.

In line with the rating actions on Bantrab, Fitch has affirmed
Bantrab Senior Trust's (BST) long-term rating at 'B+'/RR4.

Fitch upgraded Fintrab's National scale ratings since they are
driven by support from Bantrab.

KEY RATING DRIVERS

IDRS, VR and NATIONAL RATINGS - Bantrab
Bantrab's risk appetite and capitalization highly influence its
ratings. The ratings also consider Bantrab's sound profitability,
good asset quality, concentrated funding structure and adequate
liquidity.

Bantrab has improved its risk controls by strengthening its
internal management control framework. The bank's plans for
investment in technology should provide a robust capacity for
further growth. Additionally, this will bring Bantrab's risk
management practices closer to that of its higher rated domestic
peers. Its growth prospects are also buttressed by solid
capitalization, which compares favorably with the industry average
and its main competitors.

Bantrab's profitability is sound. This is based on a high net
interest margin, acceptable operational efficiency and moderate
loan loss provisions. Moreover, the bank registers good loan
quality indicators for its consumer focused business model given
the debt collection via automatic payroll deductions.

The issuer's funding structure is based on term deposits of higher
than average cost but with high stability. Liquidity is also sound
and able to respond in a timely manner to liquidity needs that may
arise.

SUPPORT RATING AND SUPPORT RATING FLOOR - Bantrab
Bantrab's SR and SRF of '5' and 'NF', respectively, indicate that,
although possible, external support cannot be relied upon given
the currently low state ownership and limited systemic importance.

SENIOR DEBT - Bantrab Senior Trust
Bantrab Senior Trust's (BST) seven-year U.S.-dollar loan
participation notes' rating is in line with Bantrab's VR,
reflecting that the senior unsecured obligations rank equally with
the bank's unsecured and unsubordinated obligations.

BST's 'RR4' Recovery Rating reflects Fitch's expectations of an
average recovery in the event of a default.

NATIONAL RATINGS-Fintrab -
Fintrab's National ratings are underpinned by institutional
support it would likely receive from its shareholder, Bantrab.
Fitch's opinion of support is based on the high integration of the
subsidiary with the parent and the significant reputational risk
that a default would pose to Bantrab. As a result, Fintrab's
National ratings are aligned with Bantrab's credit profile.

RATING SENSITIVITIES

IDRS, VR, AND NATIONAL RATINGS, -Bantrab
Fitch believes that if Bantrab's structural changes consolidate
and yield positive, material and sustainable results in terms risk
management, while maintaining its financial profile a positive
rating action could be triggered.

On the other hand, while not Fitch's base case scenario, the
Outlook could be revised to Stable if no sustainable and material
progress is perceived in the bank's risk management framework thus
stalling its overall development.

SUPPORT RATING AND SUPPORT RATING FLOOR - Bantrab
Guatemala's propensity or ability to provide timely support to
Bantrab is not likely to change given the bank's low systemic
importance. As such, the SR and SRF have no upgrade potential.

SENIOR DEBT - BST
Changes in the notes' Long Term Rating and Recovery Rating are
contingent upon rating actions for Bantrab.

NATIONAL RATINGS - Fintrab
The National ratings of Fintrab would mirror changes in the
National scale ratings of its parent.

Fitch has taken the following rating actions:

Banco de los Trabajadores:

-- Long-term Foreign Currency IDR affirmed at 'B+', Rating
    Outlook revised to Positive from Stable;
-- Short-term Foreign Currency IDR affirmed at 'B';
-- Local Currency Long-term IDR affirmed at 'B+', Rating Outlook
    revised to Positive from Stable;
-- Local currency Short-term IDR affirmed at 'B';
-- National Long-term Rating upgraded to 'BBB+(gtm)' from
    'BBB(gtm)', Rating Outlook revised to Positive from Stable;
-- National Short-term Rating upgraded to 'F2(gtm)' from
    'F3(gtm)';
-- Viability Rating affirmed at 'b+';
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF'.

Financiera de los Trabajadores, S.A.
-- National Long-term Rating upgraded to 'BBB+(gtm)' from
    'BBB(gtm)', Rating Outlook revised to Positive from Stable;
-- National Short-term Rating upgraded to 'F2(gtm)' from
    'F3(gtm)';

Bantrab Senior Trust
-- Long-term foreign currency loan participation notes affirmed
    at 'B+/RR4'.



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


JAMAICA: Farmers Have Easier Access to Loans, DBJ Says
------------------------------------------------------
RJR News reports that the The Development Bank of Jamaica (DBJ)
said farmers are finding it easier to access loans because of
their track record of  repayment.

General Manager, Loan Origination & Portfolio Management at the
DBJ, Edison Galbraith, says despite external risks to farming,
including drought and floods, most farmers have shown compliance
in repaying loans, according to RJR News.

Mr. Galbraith said because of this, commercial banks and credit
unions have become more involved in financing agriculture.

"Over the years we have found that the number one supporter for
agriculture has been the National People's Cooperative Bank, they
have had some challenges in recent years, but that has been the
biggest supporter.  We have seen for example, a number of
commercial banks and credit unions getting involved in
agriculture. They are supporting cash croups and poultry in a very
big way right now," Mr. Galbraith said, the report notes.

Meanwhile, President of the Jamaica Agricultural Society, Norman
Grant, is urging the government to review its participation in the
Caribbean Catastrophe Risk Insurance Facility (CCRIF), the report
relays.

Speaking at the RJR News Forum, Grant said farmers continue to
suffer the effects of droughts and floods and have not benefitted
from the CCRIF, the report says.

He also reiterated a plea to the government to explore an
insurance fund for farmers, the report notes.

"We have called on the government to put into place a national
crop insurance scheme. That hasn't happened, but we thing it is
very important. I think the DBJ and the lending banks have some
level of insurance on some of the loans. But were we sit at the
JAS, every singly year that you table your budget, there needs to
be a contingency to support the farmers. But aside a billion
dollars, if we don't have a disaster, it will roll over and the
next year, it will be two billion dollars," the JAS president
said, 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.


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


PERU: New President Will Focus On Stability
-------------------------------------------
EFE News reports that the aim of the new Peruvian government will
be to restore public confidence in institutions and stabilize the
economy, Martin Vizcarra said in his first words as president
following the sudden resignation of Pedro Pablo Kuczynski.

"Our economic project will take Peru along the path of credibility
and stability," he told Congress after taking the oath of office,
adding that his administration will "hold on to what is working
well, modify what can be improved and undertake what has not been
done so far," according to EFE News.

"Education will be a central pillar" of his administration, he
said, adding that he defines economic development as "improvement
in the quality of life of each and every Peruvian," the report
notes.

The report relays that Mr. Vizcarra also said that he will
introduce an "entirely new Cabinet," within a few days.

"I have the strength and determination to face the challenge," he
said, while stressing that the challenge must be "met by everyone
jointly," he added, notes the report.

Prior to March 23, Mr. Vizcarra been serving simultaneously as
vice president and Peru's ambassador to Canada.  He arrived in
Lima from Ottawa, a day after Kuczynski offered his resignation as
Congress was preparing to vote on impeachment for the second time
in four months, the report relays.

Lawmakers accused Kuczynski of lying about more than $782,000 his
financial-consulting business, Westfield Capital Ltd., received
from Brazilian construction company Odebrecht between 2004 and
2007, the report recalls.

In a settlement in late 2016 with authorities in the United
States, Brazil and Switzerland, Odebrecht and petrochemical unit
Braskem pleaded guilty and agreed to pay at least $3.5 billion to
resolve charges arising out of bid-rigging schemes that began as
early as 2001 and involved the payment of hundreds of millions of
dollars in bribes to officials in more than a dozen countries, the
report notes.

Mr. Kuczynski survived the first impeachment bid, in December,
thanks to the votes of 10 lawmakers who defected from the main
opposition party, the report notes.

The president seemed prepared to fight the second impeachment
motion until the release early this week of recordings of attempts
by his president's allies to buy lawmakers' votes ahead of the
debate scheduled for March 22, the report adds.


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


* BOND PRICING: For the Week From March 19 to March 23, 2018
------------------------------------------------------------

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

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




                            ***********


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

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

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


                            ***********


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

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

Copyright 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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