/raid1/www/Hosts/bankrupt/TCRLA_Public/180329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, March 29, 2018, Vol. 19, No. 63


                            Headlines



B R A Z I L

BRF SA: To Send Around 3,000 Workers on 30-day Paid Leave
BRF SA: S&P Affirms 'BB+' Senior Unsecured Debt Rating
GLOBO COMUNICACAO: S&P Affirms 'BB+' CCR, Outlook Stable
STATE OF SANTA CATARINA: S&P Affirms 'BB-' Global Scale ICR


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Funding to Country Totals EUR115MM in 2017


J A M A I C A

JAMAICA: Private Sector Reacts Positively to Cabinet Reshuffle


M E X I C O

MEXICO: Scrapping New Airport Would Be Disastrous, Gov't Says
XIGNUX SA: S&P Affirms 'BB+' Global Scale Rating, Outlook Stable


P E R U

NEXA RESOURCES: S&P Affirms 'BB+' CCR, Outlook Stable


P U E R T O    R I C O

TOYS "R" US: Bid Procedures Okayed, April 12 Sale Hearing Set


U R U G U A Y

URUGUAY: No Longer Tied to Regional Economy, Central Bank Says


X X X X X X X X X

LATAM: Tax Revenues Expected to Recover After Dip in 2016


                            - - - - -


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B R A Z I L
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BRF SA: To Send Around 3,000 Workers on 30-day Paid Leave
---------------------------------------------------------
Reuters reports that BRF SA, Brazil's largest chicken processor,
said the company will send around 3,000 workers on a 30-day paid
leave "due to the need to adjust production planning."

The decision to send workers on leave at its Capinzal, Santa
Catarina-based plant came as BRF deals with the fallout from a
food safety investigation into whether its top managers colluded
to evade food safety checks, according to Reuters.

The measure will take effect on May 7, according a statement
obtained by the news agency.

The company, which processes 7 million birds per day, said only
workers involved in chicken processing will be affected by the
measure at Capinzal, the report relays.  It declined to say how
many birds are slaughtered at that plant or how much of its
production is destined to export markets, the report says.

Earlier in March more than 1,000 BRF workers were placed on leave
at its Mineiros plant, one of the units involved in the food
safety investigation, the report notes.

BRF said there was "no information available" regarding the
possibility of adjusting production at any other units, the report
relates.

The Brazilian Agriculture Ministry also temporarily interrupted
production and certification of BRF's poultry exports to the
European Union this month, the report adds.


BRF SA: S&P Affirms 'BB+' Senior Unsecured Debt Rating
------------------------------------------------------
S&P Global Ratings affirmed its issue-level ratings on BRF S.A.,
BRF GmbH, and BFF International at 'BB+'. S&P also assigned a
recovery rating of '3' (rounded 65%) to BRF GmbH's unsecured notes
and a recovery rating of '3' (rounded 60%) to BRF S.A.'s and BFF
International's senior unsecured notes.

S&P said, "We have downgraded BRF S.A. to 'BB+' from 'BBB-' on
March 16, 2018. Therefore, we're now assigning the recovery rating
to BRF's bonds, which indicates our expected recovery prospect to
the debt holders of the company's senior unsecured notes under a
hypothetical default scenario.

"We're affirming our senior unsecured debt rating on BRF S.A. at
'BB+', reflecting the corporate credit rating on the company,
given our expectation of meaningful recovery prospect of 50%-70%."

BRF's debt is mainly composed of rural loans, export and working
capital lines, agricultural receivables certificates, and
unsecured notes. In addition, it has an available committed
revolving credit line of $1 billion (about R$3.3 billion), 85% of
which S&P expects the company to draw in a default scenario.

S&P said, "Our simulated year of default is 2023 stemming from
prolonged period of elevated grain prices, a severe recession
depressing demand in Brazil, and lower export prices amid a
tighter access to credit markets. This scenario would impair the
company's cash flow generation and liquidity position. Also, it
could stem from current fraud investigations against BRF
underscoring a structural issue for the company. Such as scenario
would hike reputational damages, eroding its profitability and
access to refinancing, and depleting the company's liquidity and
capital structure.

"We have valued the company on a going-concern basis, generating
higher value to creditors, compared with a liquidation course. We
value the company using a 5.5x multiple applied to our projected
emergence-level EBITDA of R$2.6 billion, arriving at a stressed
enterprise value of R$14.4 billion. The multiple is somewhat lower
than applied to other consumer companies, because BRF is not a
pure branded player, with significant exposure to commodity
products.

"BRF GmbH controls most of the group's asset in Europe and Asia.
Therefore, we view its debt as having priority over BRF S.A.'s
unsecured debts due to the structural subordination, leading to a
higher recovery prospect. Hence, we have assigned the recovery
rating of '3' for all of the group's senior unsecured debt, but
with a recovery prospect of 65% (rounded estimate) for BRF GmbH's
unsecured notes and of 60% (round estimate) to BRF S.A.'s and BFF
International's unsecured notes. The parent company, BRF S.A.,
guarantees all the issuances."

Simulated default assumptions

-- Simulated year of default: 2023
-- EBITDA at emergence: R$2.6 billion
-- Implied enterprise value multiple: 5.5x
-- Estimated gross enterprise value at emergence: R$14.4 billion

Simplified waterfall

-- Net enterprise value after 5% administrative costs: R$13.7
    billion
-- Priority claims and priority debt at subsidiaries: R$3.7
    billion
-- Priority claims and secured debt: R$850 million
-- Senior unsecured debt: R$15.1 billion
-- Recovery expectations for BRF GmbH: 50-70% (rounded estimate:
    65%)
-- Recovery expectations for BRF S.A. and BFF International: 50-
    70% (rounded estimate: 60%)

RATINGS LIST

  Ratings Affirmed

  BRF S.A.
  BFF International LTD
  BRF GmbH
   Senior Unsecured                       BB+
  Recovery Ratings Assigned

  BRF S.A.
  BFF International LTD
  Senior Unsecured
     Recovery Rating                      3(60%)
  BRF GmbH
   Senior Unsecured
     Recovery Rating                      3(65%)


GLOBO COMUNICACAO: S&P Affirms 'BB+' CCR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' corporate credit ratings on
Globo Comunicacao e Participacoes S.A. The outlook remains stable.

S&P said, "We have also assigned a '3 (65%)' recovery rating to
Globo's senior unsecured bonds, following the recent downgrade of
the company to 'BB+' from 'BBB-'. As a result, we have affirmed
the issue-level ratings at 'BB+' and removed it from CreditWatch
negative.

"Our ratings on Globo continue to reflect our expectation that it
will be able to sustain its leadership in the Brazilian media
market and a strong balance sheet characterized by a net cash
position. We particularly view as positive the company's efforts
to increase participation in segments other than open-TV, with the
consistently increasing share of content/programming in its
revenue, given a global trend of viewers shifting to other
channels. We expect content/programming to reach 50% of revenue in
the longer term."

Brazil's recession in the past couple of years took a toll on the
advertising industry and consequently the company, reducing its
EBITDA margins to the 15%-16% range from historical levels of
around 25%. Globo took measures to mitigate this drop, such as
expense cuts. S&P expects margins to start recovering in 2018
thanks to the FIFA World Cup and the macroeconomic recovery in
Brazil.

Despite the drag stemming from the recession, the company has
maintained material cash flow generation, resulting in
consistently very strong net cash position. S&P expects Globo to
maintain this financial strength owing to prudent financial
strategy, with conservative dividend distribution and lower levels
of capital expenditures than in the past.


STATE OF SANTA CATARINA: S&P Affirms 'BB-' Global Scale ICR
------------------------------------------------------------
S&P Global Ratings affirmed its global scale 'BB-' long-term
foreign and local currency issuer credit ratings on the state of
Santa Catarina. S&P also affirmed its long-term national scale
'brAA-' rating on the state. The outlook on both scale ratings
remains stable.

OUTLOOK

S&P said, "The stable outlook reflects our expectation that Santa
Catarina's prudent financial management will enable the state to
post operating surpluses of over 5% of operating revenue on
average in 2018-2020 and small deficits after capital expenditures
(capex) in the next 12 months. It also mirrors the stable outlook
on our sovereign ratings on Brazil (BB-/Stable/B). At the same
time, the state's debt burden and liquidity will continue to
constrain the ratings."

Downside scenario

An unforeseen deterioration of Santa Catarina's fiscal results in
the next 12 months, indicating a weaker-than-expected economic
recovery or impaired financial management, could result in a
downgrade. S&P could also lower its ratings on the state of Santa
Catarina in the next 12 months if it was to lower the sovereign
local and foreign currency ratings.

Upside scenario

S&P said, "Given that Santa Catarina cannot have a higher rating
than that on the sovereign while operating under an institutional
framework that we view as volatile and unbalanced, we could only
raise our ratings on the state in the next 12 months if we were to
raise our local and foreign currency ratings on Brazil." Such an
improvement would have to be accompanied by a better individual
credit profile for the state through a stronger liquidity
position.

RATIONALE

Santa Catarina has remained resilient to the economic crisis in
Brazil since 2015 thanks to its prudent and effective financial
management policies. The state has been able to implement
corrective measures to increase its own source revenue and rein in
spending. However, partly due to lower transfers, the state's
performance in 2017 somewhat slipped, eroding its liquidity
position beyond our previous assumptions. The 'BB-' global scale
ratings on Santa Catarina are at the same level as its 'bb-'
stand-alone credit profile (SACP). The SACP is not a rating but a
means of assessing the intrinsic creditworthiness of a local and
regional government (LRG) under the assumption that there is no
sovereign rating cap. The SACP results from a combination of our
assessment of an LRG's individual credit profile and the
institutional framework in which it operates. S&P assumes that
Santa Catarina's government will continue to pursue prudent fiscal
policies that, along with the gradual economic recovery, will
allow the state to maintain a stable budgetary performance and
reduce its debt burden.

Prudent financial management and a higher GDP per capita compared
to peers remain key rating strengths amid slow recovery in the
Brazilian economy

The state has the sixth-highest GDP in Brazil. S&P said, "We
estimate that its GDP per capita was $11,959 in 2017--higher than
Brazil's $9,861--and comparable to that of Sao Paulo's $15,161.
The state benefits from a lower unemployment rate than those of
its national peers, sound physical infrastructure, and its socio-
economic conditions. We expect Santa Catarina's economy to perform
in line with the sovereign's in 2018. For Brazil, we forecast real
GDP growth of 2.2% in 2018, up from 1.0% in 2017, compared with a
3.5% contraction in 2016."

Eduardo Pinho Moreira (Brazilian Democratic Movement) assumed
Santa Catarina's governorship on Feb. 16, 2018, replacing former
governor Raimundo Colombo (Social Democratic Party), who had been
in office since 2011. S&P expects continuity in fiscal policies
between now and the change of administration in January 2019,
because the financial administration has remained mostly
unchanged. Early this year, the state government introduced
additional measures to control personnel spending.

S&P said, "We believe that keeping operating spending flat in real
terms, as stipulated by the debt renegotiation with the federal
government, will remain a challenge for the next couple of years.
Amid the recession, the administration has worked to attract
investments to the state by offering tax incentives and through a
large investment program (Pacto por Santa Catarina), while
remaining committed to not increasing ICMS (tax on sales and
services) tax rates. Tax collection increased by almost 5% in real
terms in 2017. Therefore, we expect the state's continued capacity
to raise taxes in 2018-2019 will help it regain a strong budgetary
performance in the next few years.

"We believe that the Brazilian LRGs' institutional framework is
volatile and unbalanced. In our view, the system continues to have
an adequate level of predictability and transparency, with
enhanced central government oversight of LRGs' finances and
adherence to fiscal discipline. However, the structural rigidities
of Brazil's intergovernmental system have prevented LRGs from
reaching revenue-and-expenditure balance, and this isn't likely to
change over the short to medium term. We think that these factors
have left LRGs unprepared to address key long-term spending trends
and financing options."

Fiscal performance to improve given more favorable economy and
spending controls, but liquidity pressures are a key challenge

S&P said, "We believe Santa Catarina's overall operating balance
will remain positive over 2018-2020, and that the state will post
an average operating surplus of 5.5% and deficit after capex of
1.5% of total revenues. Overall, our base-case scenario assumes
that operating revenues will grow in line with the sovereign's
nominal GDP growth rate, reflecting the state's economic recovery.
On the other hand, we expect operating expenses to increase
generally at the pace of consumer price index (CPI) growth during
the next few years, reflecting Santa Catarina's efforts to control
wage costs and other spending. Our base case incorporates our
assumption that Santa Catarina will comply with spending limits
stipulated by the debt renegotiation that extends the term for the
states to pay their debt to the federal government."

Santa Catarina has implemented several measures to improve tax
collection, including technical enhancements, specialization of
tax auditors, productivity bonuses, and actions against tax
evasion. This has improved the state's own-source revenue amid the
economic crisis, and the state has remained committed to not
raising tax rates in order to attract private investment. As a
result, tax collection increased by 1.5% and 4.8% in real terms in
2016 and 2017, respectively. The state's own-source revenue is
likely to average almost 80% of total revenue in 2018-2020,
increasing from 73% in 2015, though still below those of the
states of Sao Paulo (around 90%) and Minas Gerais (76%). Santa
Catarina lacks a degree of spending flexibility because its
public-sector employee wages (including pensions) and interest
payments represent around 64% of total expenditures. Despite the
state's commitment to contain wage increases and pension
liabilities, they will continue to squeeze the budget. We believe
that the state will slightly lower its capital spending to 7% of
total spending in 2018-2020 from almost 8.5% in the past two
years, as investment projects contracted in past few years
conclude and the administration seeks new borrowings to finance
capital spending.

Santa Catarina's cash position weakened after a worse than
expected budgetary performance in 2017, with no cash accumulation
but rather the use of cash to fund the deficit after borrowing. In
2018, the need to clear all payables in an election year and
higher debt service payments with the federal government as
compared to 2016 and 2017 could lead to further liquidity
pressure. The state's debt to suppliers increased in 2017 to R$404
million, or 1.8% of operating revenues, from R$157 million in
2016. Overall, S&P estimates that the state's internal liquidity
would be sufficient to cover 45% of its estimated debt service in
the next 12 months. Santa Catarina has limited access to external
liquidity because under Brazil's intergovernmental framework, the
states must receive authorization from the federal government
under certain specific rules and in compliance with fiscal targets
to issue debt. In addition, the states can't maintain open
contingent credit lines from banks.

S&P said, "We expect Santa Catarina's tax-supported debt to
represent around 99.4% of its operating revenue by 2020, down from
105% in 2016, given that the state will only gradually increase
its borrowings. The federal government holds around 50% of the
state's debt, while the remainder is with public and commercial
banks as well as multilateral lending agencies. Santa Catarina's
debt level is lower than those of other Brazilian states such as
Minas Gerais and Sao Paulo. Our base-case scenario for the next
three years assumes that Santa Catarina's debt service costs will
only gradually increase because discounts on debt service will
decline, as stipulated by debt renegotiation with the federal
government. Additionally, our debt assessment incorporates the
state's stock of unfunded pension liabilities that are
significantly higher than the annual operating revenue.

"In our view, Santa Catarina has low contingent liabilities, which
stem from stand-alone companies that aren't included in the state
budget. The state guarantees debt of sewage and water utility
Companhia Catarinense de Aguas e Saneamiento (Casan; not rated)
for around 3% of its operating revenues in 2017. We don't include
this in Santa Catarina's debt stock, but consider these guarantees
as explicit contingent liabilities. Our assessment of contingent
liabilities also incorporates the risks associated with the Brazil
Development Bank (BNDES) cross-default clauses. Casan's and public
bank Badesc's debt to BNDES represented only 1.7% of the state's
operating revenue in 2017. We also consider electricity company
Celesc (not rated) as a key company for the state, although it
doesn't have debt with BNDES nor guarantees from the state."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology. At the onset of the committee, the chair confirmed
that the information provided to the Rating Committee by the
primary analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST
  Ratings Affirmed

  Santa Catarina (State of)
   Issuer Credit Rating
    Global Scale                          BB-/Stable/--
    Brazil National Scale                 brAA-/Stable/--


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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: Funding to Country Totals EUR115MM in 2017
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic received
EUR115.03 million in non-reimbursable funds from the European
Union during 2017.  The government was granted the funding for
sector-based projects linked to the application of the National
Development Strategy (END) and represented 96.9% of funds managed
during 2017 by the General Directorate for Multilateral
Cooperation (DIGECOOM), part of the Ministry of Economy, Planning
and Development where the National Officer for European
Development Funds is based, according to Dominican Today.

The report notes that Digecoom is responsible for preparing,
assessing, coordinating and monitoring and evaluating the non-
reimbursable technical and financial cooperation programs and
projects offered by the multilateral organizations, with special
focus on the funds disbursed by the European Union.

As part of its responsibilities, the office managed Non-
Reimbursable Multilateral Cooperation funds worth
EUR118,712,370.63 or RD$6,291,755,643.39, based on an exchange
rate of RD$52 to the euro, the report relays.

In Digecoom's report for 2017, out of the resources they managed,
EUR3.68 million are still pending, equivalent to RD$195.43
million, according to the annual financial planning, Dominican
Today says.

As well as the National Development Strategy, the funds went
toward meeting the United Nations Sustainable Development Goals
and the Presidential Objectives, the report relays.

As part of program and project monitoring, technical support has
been provided to 15 projects of large-scale national and regional
impact, with funding from the EU, the report notes.  One such
project was the Integrated Program for Roya Management in Central
America (Procagica) aimed at tackling the coffee rust or roya
infestation that has caused extensive damage to coffee crops in
the Dominican Republic and other coffee-producing countries across
the region, 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
=============


JAMAICA: Private Sector Reacts Positively to Cabinet Reshuffle
--------------------------------------------------------------
RJR News reports that members of the private sector have reacted
positively to the Cabinet reshuffle.

Howard Mitchell, President of the Private Sector Organization of
Jamaica (PSOJ), believes the right decision was made to transfer
Audley Shaw to the Ministry of Industry, Commerce, Agriculture and
Fisheries, according to RJR News.

"I think it's a good reshuffle.  It will move some young people
into positions and put strength in other areas. The move to place
Shaw in the super ministry is a good one because that's his skill.
He's a marketer, he did very well in finance, he was on top of his
game and that's the time to move," the report quoted Mr. Mitchell
as saying.

Meanwhile, Laurence Watson, President of the Jamaica Chamber of
Commerce, believes Audley Shaw will do a good job in managing the
Investment and Agriculture portfolios, the report notes.

"I think the Cabinet reshuffle was well thought out and effective.
I think Shaw as Minister of Finance in the past did an excellent
job and I am sure that he will bring a fresh way to Industry,
Commerce and Agriculture.  Dr. Nigel Clarke is certainly qualified
and a good replacement. Overall the Cabinet reshuffle is an
excellent one . . ." Mr. Watson said, the report relays.  He said
the new Finance Minister pick up where Shaw left off.

According to Watson, the former Finance Minister did an excellent
job. "Dr. Nigel Clarke will also do a fine job and bring new
perspective to the ministry," he said, the report adds.

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
===========


MEXICO: Scrapping New Airport Would Be Disastrous, Gov't Says
-------------------------------------------------------------
EFE News reports that terminating the New Mexico City
International Airport (NAICM) would have "catastrophic effects"
for Mexico's credit rating and investor confidence, Communications
and Transportation Secretary Gerardo Ruiz Esparza said.

"The business effect is great and represents a big push for social
development.  Today, there 45,000 jobs and they are going to reach
70,000," Ruiz Esparza said following a tour of the site with
lawmakers, according to EFE News.

National Regeneration Movement (Morena) presidential candidate
Andres Manuel Lopez Obrador has proposed cancelling the NAICM, a
project on which 321 companies are working, the report notes.

"The most important thing is that we can't lose (investor)
confidence in Mexico and its credit, because a country can't halt
a project of this size from one day to the next, from one minute
to the next. I believe it would be very serious," the
communications and transportation secretary said, the report
relays.

The new airport, which was designed by British architect Norman
Foster and Mexican architect Fernando Romero, "already has
contracts for investment of MXN150 billion ($8 billion)," Ruiz
Esparza said, the report notes.

The new airport, which is being constructed in a nature preserve
on Lake Texcoco, will cost more than $9 billion, have six runways
and handle 120 million passengers annually, or four times the
volume that the current airport, which opened in 1929, handles,
the report adds.


XIGNUX SA: S&P Affirms 'BB+' Global Scale Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' global scale and 'mxAA-/mxA-
1' national scale ratings on Mexico-based industrial consortium
Xignux S.A. de C.V. The outlook remains stable.

The rating affirmation reflects Xignux has continued to have
healthy operating and financial results because of favorable
demand trends and improving copper prices, which have translated
into higher volumes and revenues. It also captures S&P's view that
that the company's prospects of gradual business scaling through
organic and inorganic growth, mostly in its food division, will
provide a broader and more diversified revenue and EBITDA
generation base. This base will allow the company to retain
healthy credit metrics over the medium term. S&P said, "We expect
Xignux to execute this strategy by adhering to prudent financial
policies while preserving its leading market position as a
worldwide cable and wire provider. We also believe it will
gradually grow its food segment, supported by overall resilient
economic conditions in the markets where it operates."


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P E R U
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NEXA RESOURCES: S&P Affirms 'BB+' CCR, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' corporate credit and issue-
level ratings on Peruvian mining company Nexa Resources Peru
S.A.A. (formerly Compania Minera Milpo S.A.A.) The outlook is
stable.

The rating action reflects Nexa Resources Peru's solid EBITDA and
cash flow generation amid favorable zinc prices boosted by healthy
global demand, which translated into adjusted debt to EBITDA and
free operating cash flow (FOCF) to debt of 0.9x and 49%,
respectively, for the 2017 fiscal year. S&P said, "It also
reflects our expectation that the company will be able to retain
its solid credit metrics throughout our forecasted scenario. We
believe that the integration of the Pasco mining complex and its
related incremental zinc production will keep compensating for
declining output at the company's main asset, Cerro Lindo, as it
gradually reaches lower ore grades. We also expect that Nexa
Resources Peru will remain a crucial source of growth for the Nexa
Resources S.A. (BB+/Stable/B) group amid a project pipeline that
includes Aripuan† and Magistral, and that the parent will keep
providing support under all foreseeable circumstances."


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P U E R T O    R I C O
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TOYS "R" US: Bid Procedures Okayed, April 12 Sale Hearing Set
-------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court
approved Toys "R" Us' motion for entry of an order establishing
bidding procedures and approving the sale of certain real property
and leases.

As BankruptcyData previously reported, "As the Debtors will no
longer be operating stores at the Initial Closing Stores, the
Debtors now seek entry of an order approving the Bidding
Procedures to capitalize on those assets. In conjunction with the
store performance analysis and Initial Store Closings, the Debtors
and their affiliates also engaged Cushman & Wakefield and A&G to
perform appraisals (the 'Appraisals') of their owned real property
and unexpired real property leases (collectively, the 'Real Estate
Assets')." The motion continues, "The Bidding Procedures
contemplate that the Debtors, in consultation with the
Consultation Parties, would be authorized, but not obligated, in
an exercise of their business judgment, to agree to reimburse the
reasonable and documented out-of-pocket fees and expenses of one
or more Qualified Bidder (each, an 'Expense Reimbursement'),
and/or agree to pay one or more Qualified Bidders a 'work fee' or
other similar cash fee (each, a 'Work Fee') if the Debtors
reasonably determine in their business judgment that any such
Expense Reimbursement or Work Fee will encourage one or more
parties to submit a Qualified Bid or result in a competitive
bidding and Auction process."

BankruptcyData noted that the order implements the following
general timeline: March 26, 2018 deadline to submit qualified
competing bids; a March 29, 2018 auction, if necessary, followed
by an April 12, 2018 sale hearing.

                     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.

                        Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018.  The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                    Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.


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


URUGUAY: No Longer Tied to Regional Economy, Central Bank Says
--------------------------------------------------------------
EFE News reports that the president of Uruguay's central bank said
that the country's economy has effectively "de-coupled" from those
of giant neighbors Brazil and Argentina since 2002.

The region "has not been a significant contributing factor to
Uruguayan growth for a while now," Mario Bergara said during the
first of this year's breakfast conferences organized by the
Official Spanish Chamber of Commerce, Industry and Navigation in
Uruguay, according to EFE News.

He said that Argentina is suffering from a combination of low
growth and inflation of around 25 percent, the report notes.

Meanwhile, Brazil "is exulting because it will likely grow 0.5
percent after falling more than seven (percentage) points in two
years," he said, adding that Uruguay's economy has been evolving
in a "healthy" manner, as the country has been able to "navigate
the regional chill over the last few years," the report relays.

The report says that Mr. Bergara said the key to this growth is
linked to diversification, particularly in foreign direct
investment sources.

"Uruguay exports to 150 countries," he said, adding that
"nowadays, we have probably focused much more on China," the
report notes.

The central bank chief said that inflation in Uruguay is at the
"target range ceiling," the report relays.

"We have price stability and great capability among economic
agents in Uruguay to navigate with inflation of this magnitude
without altering economic decisions in the slightest," he said,
the report notes.

The report relays that Mr. Bergara also pointed to the "healthy
evolution of exports of goods and services" in 2017 compared to
2016.


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


LATAM: Tax Revenues Expected to Recover After Dip in 2016
---------------------------------------------------------
Tax revenues in Latin America and the Caribbean (LAC) dipped in
2016, falling further behind average OECD country levels, but a
recovery is likely in subsequent years, according to Revenue
Statistics in Latin America and the Caribbean 2018. The average
tax-to-GDP ratio stood at 22.7% in 2016, a fall of 0.3 percentage
points since 2015, the report says.

The 2016 decrease reflects the overall economic environment in the
LAC region, where GDP growth slowed between 2012 and 2016.
Declining commodity prices partly drove this downturn and remain a
key determinant of revenue trends in LAC countries. The decline in
tax revenue as a percentage of GDP is expected to reverse in
subsequent years thanks to a recovery in commodity prices and an
improving economic climate, with GDP growth in LAC forecast to be
between 2% and 2.5% in 2018.

Launched during the 30th Regional Seminar on Fiscal Policy in
Santiago, the report covers 25 LAC countries and includes Guyana
for the first time. It is produced jointly by the Inter-American
Centre of Tax Administrations (CIAT), the Economic Commission for
Latin America and the Caribbean (ECLAC), the Inter-American
Development Bank (IDB), the Organisation for Economic Co-operation
and Development (OECD) Centre for Tax Policy and Administration
and the OECD Development Centre.

Key findings:

   -- Between 2015 and 2016, the average tax-to-GDP ratio in the
LAC region decreased by 0.3 percentage points to 22.7%. In the
OECD area, the ratio increased by 0.3 percentage points to 34.3%.

   -- In 2016, the tax-to-GDP ratios of the 25 countries covered
by the report ranged from 12.6% in Guatemala to 41.7% in Cuba.
Barbados and Brazil had the highest tax-to-GDP ratios after Cuba,
at 32.2%, while Dominican Republic (13.7%) and Venezuela (14.4%)
had the lowest tax-to-GDP ratios after Guatemala.

   -- In 2016, tax revenues as a percentage of GDP declined in
about half the countries in the report, whereas declines were only
recorded in four countries in 2015.

   -- The fall in the LAC average tax-to-GDP ratio in 2016 was
driven by a decrease in revenue from income taxes of 0.2
percentage points, which was due to lower corporate income tax
(CIT) revenue.

   -- In 2016, value added tax (VAT) was the biggest source of tax
revenue in the LAC region (29.3% of total tax revenues), followed
by revenues from taxes on income and profits (27.3%) and from
other taxes on goods and services (21.2%). This represented a
shift towards value-added taxes and away from taxes on income and
profits.

Special Features

This year's report contains two special features. The first
identifies trends in fiscal revenues from non-renewable natural
resources for 12 commodity-exporting countries in the LAC region
in 2016 and 2017. Its main findings are:

   -- Fiscal revenues from non-renewable natural resources
continued to fall on average in the 12 commodity exporters in LAC,
from 3.5% of GDP in 2015 to 2.3% in 2016.

   -- Hydrocarbon-related revenues drove this decrease - falling
on average from 5.0% of GDP in 2015 to 3.4% in 2016 in the 10 oil-
exporting countries in the region - as a result of a gradual
decline in crude oil prices, weak profits at major oil producers
and a sharp contraction in regional production.

   -- Mining revenues, in contrast, held relatively stable at
around 0.4% of GDP on average in 10 mineral-producing countries.
Corporate income tax receipts from the sector continue to fall,
reflecting in part substantial losses realised in 2015.

   -- Overall, the region's dependence on non-renewable natural
resources declined significantly between 2010 and 2016, reflecting
commodity-market dynamics and higher mobilisation of revenues from
other sources such as VAT and income tax.

The second special feature examines income taxes in selected
countries in Latin America from 1940 to 2016. Its main findings
are:

   -- The degree of income redistribution achieved by personal
income tax (PIT) for these countries in the LAC region is much
lower than in the European Union and the OECD, meaning that the
impact of PIT on inequality in the LAC region is weaker.

   -- This partly reflects the relatively low level of PIT revenue
in Latin America resulting from a narrow tax base and low top
marginal rates, as well as high rates of tax evasion.

   -- In recent years, a number of countries in Latin America have
undertaken tax reforms focused on equity that are showing early
signs of progress in terms of higher collections and enhanced
income redistribution.



                            ***********


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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