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

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

               Monday, April 30, 2018, Vol. 19, No. 83


                            Headlines



B E R M U D A

BACARDI LTD: Moody's Lowers Unsec. Ratings to Ba1 & Gives Ba1 CFR


B R A Z I L

BRAZIL: Agree to Negotiate New Trade Pact With Chile
CAP SA: S&P Affirms 'BB+' Global-Scale Rating, Outlook Stable
LIGHT SA: Fitch Assigns BB- LongTerm Issuer Default Ratings
ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'CCC-', Outlook Negative
ODEBRECHT SA: To Miss Debt Payment as Loan Deal Proves Elusive

ORAZUL ENERGY: S&P Assigns 'BB' CCR & SCR,  Outlook Negative
RIO OIL: Fitch Assigns BB- Rating to US$600MM 2018-1 Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries Rebuff Truckers' Strike Threat


M E X I C O

SIXSIGMA NETWORKS: S&P Rates New $300MM Senior Unsecured Notes BB-


N I C A R A G U A

NICARAGUA: Death Toll in Protests Rises to 42


P E R U

INRETAIL PHARMA: Fitch Assigns BB+ LT Issuer Default Ratings


T R I N I D A D  &  T O B A G O

CONSOLIDATED ENERGY: Moody's Rates New $200MM Revolver Loan 'Ba3'


V E N E Z U E L A

VENEZUELA: Defaults on $1BB Gold Reserve Expropriation Settlement


X X X X X X X X X

* BOND PRICING: For the Week From April 23 to April 27, 2018


                            - - - - -


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B E R M U D A
=============


BACARDI LTD: Moody's Lowers Unsec. Ratings to Ba1 & Gives Ba1 CFR
-----------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured ratings
of Bacardi Limited and certain related subsidiaries to Ba1 from
Baa1, and downgraded the company's short-term commercial paper
rating to Not Prime from Prime-2. Moody's also assigned a Ba1
Corporate Family Rating and Ba1-PD Probability of Default rating.
The rating outlook is stable.

This action follows Bacardi's receipt of Mexican regulatory
approval to acquire the approximately 70% stake that it does not
already own in Patron Spirits International AG ("Patron",
unrated). It will likely fund the transaction with new debt. This
concludes the rating review that was initiated on January 22, 2018
when the company announced its intent to purchase the remaining
stake in Patron. Management expects the acquisition to close
within the next month.

Ratings downgraded:

Bacardi Limited:

Senior unsecured long-term bonds to Ba1 (LGD 4) from Baa1

Commercial paper to Not Prime from Prime-2

Bacardi Corp.:

Backed commercial paper to Not Prime from Prime-2

Bacardi U.S.A., Inc.:

Backed commercial paper to Not Prime from Prime-2

Bacardi-Martini B.V.:

Backed commercial paper to Not Prime from Prime-2

Bacardi-Martini Finance B.V. :

Backed commercial paper to Not Prime from Prime-2

Ratings Assigned:

Bacardi Limited:

Corporate Family Rating at Ba1

Probability of Default at Ba1-PD

The outlook is stable for all issuers.

"The downgrade is the result of the significant increase in
leverage that will result from the all debt financed transaction,"
said Linda Montag, a Moody's Senior Vice President. "Pro forma
closing debt/EBITDA leverage will be 5.4x (including Moody's
adjustments) up from 2.5x before the deal," added Montag.
Moody's expects that deleveraging will be slow compared with the
company's previous acquisitions and compared to acquisitions by
other beverage companies, although management is committing to
reduce net leverage (by its definition) to at least 3x over the
long term. Moody's expects that debt to EBITDA (including Moody's
adjustments) will remain above 4 times for more than two years
after closing. Bacardi is not contributing equity or cutting its
dividend. In Moody's view, the willingness to incur historically
high leverage without reducing returns to shareholders represents
a more aggressive financial policy than Bacardi has demonstrated
in the past. Moody's acknowledges that the acquisition will
improve Bacardi's product diversity and increase its presence in
the premium end of the business, which generally results in higher
profit margins. The tequila category is growing faster than a
number of Bacardi's existing categories. However the transaction
also increases Bacardi's concentration on the US market to over
50%. The United States is the most profitable alcoholic beverage
market globally, but this concentration could present challenges
in a domestic downturn. In Moody's view, integration risk will be
limited given the longstanding business relationship. Bacardi
first acquired a 30% minority stake in Patron in 2008.

RATINGS RATIONALE

Bacardi's Ba1 ratings reflect the company's high post acquisition
leverage and slow path to deleveraging. They also reflect the
company's smaller size when compared with certain beverage and
consumer products competitors, some concentration on slow growing
categories, and exposure to the premium and super premium spirits
segment which could come under pressure in a severe economic
downturn. At the same time, Bacardi's ratings reflect its solid
position in the spirits industry, with a number of leading premium
and super premium brands, stable cash flows, and strong
profitability. Moody's expects improving profitability despite
emerging market volatility and volume challenges for some
products. This will stem from favorable pricing and mix, cost
reduction initiatives and the success of certain premium brands.
The stable outlook reflects Moody's expectation that Bacardi's
leverage will remain high over the next two years. It also
reflects the expectation that the integration will go smoothly and
that Bacardi will continue to generate stable cash flows which it
will use to repay debt.

The rating could be downgraded if Bacardi's operating results
deteriorate, liquidity weakens or the company fails to reduce
leverage to below 5 times within two years of closing. Further
large debt financed acquisitions could also lead to a downgrade.
The rating could be upgraded following successful integration of
Patron if Bacardi demonstrates good operating momentum, consistent
profit growth, and maintains strong liquidity. Bacardi would also
need to sustain debt to EBITDA leverage below 4 times before
Moody's would consider an upgrade.

The principal methodology used in these ratings was Global
Alcoholic Beverage Industry published in March 2017.
Family owned Bacardi Limited, headquartered in Bermuda, is the
largest privately held spirits company in the world. Annual sales
are approximately $3.5 billion and will be approximately $4.1
billion proforma for the Patron acquisition.

Founded in 1989, privately held Patron Spirits is the world's
leading producer and marketer of super-premium plus tequilas and
one of the Top 100 global premium spirit brands by volume.



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


BRAZIL: Agree to Negotiate New Trade Pact With Chile
----------------------------------------------------
EFE News reports that Brazil and Chile have decided to negotiate a
new pact that eliminates all trade barriers, Brazilian President
Michel Temer said after meeting on Friday with Chilean counterpart
Sebastian Pinera.

"Today we welcomed Pinera's proposal to negotiate a new, more
ambitious free trade agreement," Mr. Temer said following the
talks. "It's not (just) about eliminating tariff barriers. We want
to go beyond that and break down all regulatory barriers," the
report notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2018, Fitch Ratings has downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.


CAP SA: S&P Affirms 'BB+' Global-Scale Rating, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its global-scale rating on CAP S.A. at
'BB+'. S&P also affirmed its issue-level rating on CAP's senior
unsecured notes at 'BB+'. The outlook on the corporate rating is
stable.

S&P said, "The affirmation reflects our expectations that the
company will continue to present strong financial metrics backed
by resilient free cash flow generation and overall low
indebtedness. We expect the company to continue focusing on
improving the efficiency of its assets, which will partly offset
the effects of volatile iron ore prices and pellet premiums.
However, improvements will demand an increasing investment
pipeline over the next few years and fairly stable leverage. We
also expect the company to continue benefiting from its niche
market position, with higher grade iron ore products (63%-68% iron
content), some integration into the steel market, and an overall
prudent capital expenditures (capex) strategy, to offset the risks
inherent to the iron ore industry--especially when considering its
small scale of operations and the impact on EBITDA and cash
generation in downward pricing cycles.

"The stable outlook reflects our expectation that CAP will be able
to increase investments in its current operations thanks to its
resilient cash generation and flexibility in its product mix, as
well as efficiency in producing higher value-added products to
offset the volatility of iron ore prices over the next 12 months.
We expect that the company's steel, infrastructure, and logistics
businesses will continue to contribute positively to CAP's cash
generation. Thus, we expect credit metrics to remain strong over
the next several quarters, such as debt to EBITDA of about 0.6x,
FFO to debt above 100%, and positive FOCF generation in 2018,
despite higher capex levels. Our current analysis does not
incorporate any material acquisition or sizeable new projects in
the medium term."


LIGHT SA: Fitch Assigns BB- LongTerm Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of 'BB-' to Light S.A. (Light) and
Light Energia S.A. (Light Energia) and published the Long-Term
Foreign and Local Currency IDRs of 'BB-' to Light Servicos de
Eletricidade S.A. (Light Sesa). Fitch has also assigned a 'BB-
(EXP)' rating to Light Sesa's proposed USD400 million senior
unsecured Eurobonds and to Light Energia's proposed USD200 million
senior unsecured Eurobonds, both due 2023. Fitch currently rates
the three entities' Long-Term National Scale rating 'A+(bra)'. The
Rating Outlook for the corporate ratings is Stable. The proposed
Eurobonds will be guaranteed by the holding company Light and the
proceeds will be used to cover upcoming debt maturities. Light
Energia and Light Sesa are Light's wholly owned subsidiaries. A
full list of rating actions follows at the end of this release.

Light group's ratings reflect its low to moderate business risk
profile resulting from its exclusive electricity distribution
rights in the metropolitan region of Rio de Janeiro through Light
Sesa, combined with assets on the power generation segment at
Light Energia adding to cash flow predictability and risk
dilution. The ratings also incorporate Fitch's expectation that
the group will gradually improve its financial profile as cash
flow from operations (CFFO) from the distribution segment
increases and some liability management initiatives are completed,
keeping a moderate leverage and a more manageable debt maturity
profile in the coming years. In operational terms, Light Sesa has
the challenge to improve its efficiency and profitability, as
energy losses and default rates are still high, despite the fact
that the expected recovery in energy consumption in its concession
area should benefit cash flow generation.

The IDRs reflect the consolidated view of Light group's credit
profile, due to the existence of cross-default clauses in some
debts. The analysis does not incorporate changes in the conduct of
the Light group's business, although there may be a significant
change in its shareholder structure in the short term. The agency
believes that the most pressured credit profile of its main
shareholder, Companhia Energetica de Minas Gerais (Cemig; Foreign
and Local Currency IDR B-/Rating Watch Negative), may limit its
access to the credit market. Cemig has already announced that it
intends to dispose of all of its shares in Light, although the
deadline for its conclusion is uncertain. The analysis considered
that the business of the Brazilian energy sector presents moderate
regulatory risk and that exposure to hydrological risk, inherent
to the sector, is above the historical average.

KEY RATING DRIVERS

Moderate Leverage: Fitch expects the stronger EBITDA at the
distribution segment to significantly contribute to the group's
deleveraging process to moderate levels. Fitch expects adjusted
net debt to EBITDA to be slightly above 4.0x in 2018 and to
gradually decrease to levels below 3.5x from 2019 on. At the end
of 2017, gross and net adjusted leverage were 4.4x and 4.2x,
respectively. These ratios compare favorably to 5.8x and 5.3x,
respectively, in 2016. At the end of 2017, Light reported
consolidated total adjusted debt of BRL8.3 billion, including
BRL807 million of off-balance-sheet debt related to guarantees
provided to non-consolidated companies.

Positive FCF: The agency considers that Light group will achieve
improved levels of FCF going forward, supported by the conclusion
of the fourth tariff review cycle at Light Sesa, recovery in
energy consumption in the distributor's concession area and
minimal levels of dividend distribution. FCF should be around
BRL120 million in 2018 and approximately BRL760 million annually
from 2019 to 2021. By 2018, the group's CFFO is expected to
normalize after weakening due to the return of the outstanding
balance of regulatory liabilities by Light Sesa in 2017. These
disbursements absorbed part of the distributor's cash flow
increment in the year, which resulted in limited consolidated CFFO
of BRL26 million. The group did not distribute dividends in the
period, but capex of BRL651 million resulted in a negative FCF of
BRL625 million.

Relevant Position in the Sector: Light group's credit profile
benefits from its relevant position and its somewhat diversified
asset base in the Brazilian electric energy sector. Light Sesa is
the sixth largest power distribution company in the country, a
segment of greater volatility when compared to generation and
transmission. Light Sesa accounts for approximately 85% and 70% of
consolidated revenues and EBITDA, respectively. Light Energia
contributes to some diversification of operating cash generation
and dilution of operating risks through its installed capacity of
1,013 MW, medium size among the country's main private generators.
Under normal hydrological conditions, Light Energia has high
predictability of revenue and EBITDA, with assured energy sold
through medium to long-term contracts in the free market.

EBITDA to Grow: Fitch expects that the result of Light Sesa's
fourth tariff review cycle, completed in March 2017, will continue
to benefit Light's consolidated EBITDA. In 2018, the distributor
will have the first full year after the completion of the review.
The process had as impact an EBITDA increase of around BRL600
million - contemplating the increase of annual regulatory EBITDA
and reimbursements of energy losses and manageable costs.
Nevertheless, Light Sesa needs to reach operating indicators
better than those presented to meet regulatory parameters,
especially in losses and delinquency. Even incorporating the gains
from the tariff review, which partially affected the 2017 results,
the distributor's EBITDA of BRL1.4 billion in 2017, although above
the BRL822 million in 2016, was lower than the regulatory
reference, BRL1.6 billion.

On a consolidated basis, Light's EBITDA of BRL1.9 billion in 2017
was 41% higher than the BRL1.3 billion reported in 2016 and mainly
reflected Light Sesa's strengthened performance. Fitch believes
that the group's operating cash generation will benefit from the
recovery of energy consumption in the distributor's concession
area, with growth of around 2.9% in 2018, after the stability of
2017 and the falls of 2.3% and 0.2% in 2016 and 2015,
respectively.

Volatility at The Distribution Segment: On a standalone basis,
Fitch considers the risk of the distribution segment as moderate.
Light Sesa has exposure to the macroeconomic environment in its
energy demand, delinquency and energy losses, as well as to the
potential impacts coming from the tariff reviews. Despite the fact
that non-manageable costs, as energy purchases, are fully
compensated through tariff, their huge representativeness on the
cost structure of distribution companies may cause significant
short-term negative impact on cash flow in case of a high
oscillation in one of its components.

Generation Benefits Credit Profile: Light group's operating cash
flow generation and business profile benefit from the energy
generation segment, which has greater predictability of results
compared to distribution. The assured energy of its hydroelectric
plants is largely sold to industrial clients through medium-to-
long-term contracts. However, the expectation that the average
Generation Scaling Factor (GSF) will remain below 1.0x in 2018
should continue to undermine the group's cash generation. Light
Energia did not adhere to the renegotiation of the hydrological
risk, as proposed by the government in early 2016. Positively, the
company has about 15% of its disposable energy available in 2018,
which gives it conditions to manage GSFs of up to 0.85x with no
relevant impacts.

Strategic Sector for Brazil: In Fitch's analysis, the credit
profile of agents in the Brazilian electricity sector benefits
from their strategic importance to sustain the country's economic
growth potential and foster new investments. The federal
government has been active in circumventing systemic problems that
have impacted the cash flow of companies and led discussions to
improve the current regulatory framework in order to reduce the
sector's risk.

DERIVATION SUMMARY

Light's (BB-/Stable) credit quality is weaker than that of other
power companies in Latin America such as Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. (BB/Stable), Energisa S.A.
(BB+/Stable), AES Gener S.A. (BBB-/Stable) and Emgesa S.A. E.S.P
(BBB/Stable). Light is rated one notch below Eletropaulo and two
notches below Energisa since both Brazilian peers exhibit enhanced
liquidity profile, stronger capital structure and better
operational indicators. These factors outweigh Light's more
diversified asset base compared to that of Eletropaulo. In the
case of Energisa, its nine distribution companies dilute
operational risks and also add to the two notches difference.
Light's adjusted net leverage is expected to be slightly above
4.0x in 2018, which is higher than that of Eletropaulo's at 2.9x
and Energisa at 3.3x.

Light is rated three notches below AES Gener and four notches
below Emgesa. Both generation companies benefit from a superior
operating environment since their revenue generation and assets
are located in investment grade countries, Chile (A/Stable) and
Colombia (BBB/Stable), respectively, while Light operates in
Brazil (BB-/Stable). Cemig (B-/Rating Watch Negative) is rated
three notches below Light due to its higher leverage and
significant refinancing needs until the end of 2018. .

KEY ASSUMPTIONS

The main assumptions of Fitch's base scenario for the issuer
include:

-- Success in refinancing initiatives currently underway;
-- Average growth in energy consumption in Light Sesa's
    concession  area of 2.9% in 2018 and 3.0% on average from 2019
    to 2021;
-- Dividends distribution equivalent to 25% of net income;
-- Average annual investments of BRL798 million from 2018 to
    2021; and
-- Absence of assets sale.

RATING SENSITIVITIES

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

-- Cash and equivalents to short-term debt ratio consistently
    above 1.0x;
-- Adjusted net leverage consistently equal or less than 3.0x.

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

-- Maintenance of weak liquidity ratios;
-- Adjusted net leverage consistently above 4.0x;
-- Assets sale with extraordinary dividends distribution.

LIQUIDITY

Expectation of Liquidity Improvement: Fitch believes that Light
will succeed in its initiatives to strengthen liquidity, as well
as to extend its debt maturity profile. At the end of 2017, the
group had BRL2.5 billion in debt maturing in 2018, with cash and
equivalents of BRL270 million covering this short-term debt only
by 0.1x. For Fitch, refinancing transactions already concluded in
2018 and others in progress, such as the issuance of a Receivables
Investment Fund (FIDC) secured by Light Sesa's receivables, in the
amount of BRL1.4 billion, will represent an important inflow of
resources to lengthen the average term of the debt and cash
position reinforcement. Light may also seek a relevant
capitalization as a way to improve its liquidity.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings:

Light

-- Long-Term Foreign Currency IDR 'BB-';
-- Long-Term Local Currency IDR 'BB-'.

Light Sesa

-- USD400 million proposed Eurobonds due 2023 guaranteed by Light
    'BB-(EXP)'.

Light Energia

-- Long-Term Foreign Currency IDR 'BB-';
-- Long-Term Local Currency IDR 'BB-';
-- USD200 million proposed Eurobonds due 2023 guaranteed by Light
    'BB-(EXP)'.

Fitch has published the following ratings:

Light Sesa

-- Long-Term Foreign Currency IDR 'BB-';
-- Long-Term Local Currency IDR 'BB-'.

The corporate ratings Outlook is Stable.

Fitch currently rates Light group as follows:

Light

-- Long-Term National Scale rating 'A+(bra)'.

Light Sesa

--Long-Term National Scale rating 'A+(bra)';
--BRL175 million senior unsecured debentures due 2018 'A+(bra)';
--BRL470 million senior unsecured debentures due 2026 'A+(bra)';
--BRL1,600 million senior unsecured debentures due 2023
    'A+(bra)';
--BRL270 million senior unsecured debentures due 2018 'A+(bra)';
--BRL400 million senior unsecured debentures due 2022 'A+(bra)';
--BRL600 million senior unsecured commercial paper due 2019
    'A+(bra)'.

Light Energia

--Long-Term National Scale rating 'A+(bra)';
--BRL425 million senior unsecured debentures due 2019 'A+(bra)';
--BRL30 million senior unsecured debentures due 2026 'A+(bra)'.

The corporate ratings Outlook is Stable.


ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'CCC-', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its global scale corporate credit
rating on Odebrecht Engenharia e Construcao S.A. (OEC) to 'CCC-'
from 'CCC'. S&P said, "At the same time, we lowered our long-term
national scale corporate credit rating on the company to 'brCCC-'
from 'brCCC'. We also affirmed the short-term national scale
rating at 'brC'."

S&P said, "We also lowered our issue-level ratings on OEC's sister
company, Odebrecht Finance Ltd. (OFL), to 'CCC-' from 'CCC'. The
'4' recovery rating on this debt, indicating our expectation that
lenders would receive average (30%) recovery of their principal in
the event of a payment default, remains unchanged. The outlook on
the corporate credit ratings remains negative.

"The downgrade reflects our view of the increased likelihood and
incentives for a short-term debt restructuring or de facto
default, given OEC's still weak cash flow generation and the
Odebrecht group's increasingly restricted financial flexibility.
OEC's holding company--Odebrecht S.A.--is in advanced negotiations
with lenders for new loans that would provide some cushion to
support OEC's financial needs. In addition, we still see OEC
having an estimated cash position of around $700 million as of
December 2017, which would be enough for its short-term debt
obligations. Those would mainly include the R$500 million ($150
million) bond due April 2018 and an annual interest burden of $183
million. However, given the complexity of the transaction the
holding company is negotiating, we believe there's increased risk
of a debt restructuring in order to balance OEC's entire capital
structure to its cash flow generation.

"Even though we believe the company is willing to honor the
payments originally due April 25 during its 30-day cure period, we
also believe the transaction Odebrecht S.A. is discussing in order
to support OEC is highly complex. In our view, in the absence of
such support, there's at least one-in-three chances that OEC might
use a distressed exchange or other debt restructuring, which we
view as tantamount to default."


ODEBRECHT SA: To Miss Debt Payment as Loan Deal Proves Elusive
--------------------------------------------------------------
Cristiane Luchesi, Felipe Marques, and Aline Oyamada at Bloomberg
News report that Odebrecht SA will miss a debt payment due this
week as it struggles to get more credit from banks to make up for
operations that have all but halted over the last few years.

The privately held group with businesses from oil to construction
won't send funds to cover the BRL500 million ($144 million)
offshore bond maturing April 25, a spokesperson said by phone,
adding that the firm will try to use less than 30 days to meet its
obligations, according to Bloomberg News.

Earlier, Odebrecht said it's still negotiating with banks for a
loan that would allow it to meet its obligations, according to an
emailed statement obtained by Bloomberg News.

The company's perpetual notes fell 5.8 cents on Tuesday to 31.25
cents on the dollar, more than erasing the previous day's gains.
The maturing bond last traded at 95.3 cents on April 23, according
to data compiled by Bloomberg.  People with direct knowledge of
the negotiations had said Monday that it was highly unlikely
Odebrecht would be able to make the payment on time, Bloomberg
News says.

Odebrecht is suffering from the fallout of dwindling cash flow
after Latin America's construction industry came to a halt amid
the so-called Carwash corruption probe, which sent some of its
executives to jail, Bloomberg News notes.  The scandal was
centered on kickbacks for building contracts tied to Brazil's
state-run oil producer Petroleo Brasileiro SA, Bloomberg News
discloses.

Bloomberg News says that the firm is counting on asset sales in
Peru to pay down debt, including its Chaglla hydroelectric
project, which it sold in September to China Three Gorges for $1.4
billion.  It has yet to receive the proceeds as it awaits
government authorization from Peru, Bloomberg News relays.  As of
June last year -- the latest available data -- Odebrecht had a
total debt of BRL95 billion, Bloomberg News discloses.

Banco Bradesco SA and Itau Unibanco Holding SA are negotiating a
BRL2.5 billion loan with Odebrecht but want seniority in payments
over other loans, one of the people said, Bloomberg News notes.
For that to happen other creditors such as Banco do Brasil SA and
development bank BNDES would need to waive their priority, the
people said, adding that discussions with the company continue,
Bloomberg News says.

Bloomberg News notes that the company said in an emailed statement
that talks for a deal to support its builder unit are "in an
advanced stage."  Once completed, the transaction would allow it
to "comply with its existing payment obligations under the
unsecured notes due 2018 and 2025, before the end of the
applicable 30-day grace period," Bloomberg News relays.

Should the company fail to pay and be declared in default, a group
of bondholders with more than 25 percent of the total bonds
guaranteed by Odebrecht Engenharia e Construcao SA could then ask
for an early payment of all of that outstanding debt, a person
involved in debt talks said, Bloomberg News adds.

                     About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,
Brazil.

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal related that Marcelo
Odebrecht, the jailed former head of Brazilian construction giant
Odebrecht SA, agreed to sign a plea-bargain agreement in
connection with Brazil's largest corruption probe ever, according
to a person close to the negotiations.  The move could roil the
nation's political class yet again.  The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.


ORAZUL ENERGY: S&P Assigns 'BB' CCR & SCR, Outlook Negative
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' corporate credit and issue-
level ratings to Orazul Energy Peru (Orazul). The outlook is
negative. At the same time, S&P withdrew its 'BB' corporate credit
rating on Orazul Energy Egenor S. en C. por A. (Egenor).
As S&P expected, Orazul merged by absorption with its main
subsidiary Egenor in August 2017 and assumed its rated $550
million outstanding bond. From an analytical perspective, the
transaction doesn't have an impact on Orazul's repayment capacity
because its underlying assets and liabilities remain the same.

S&P said, "However, the negative outlook assigned to Orazul
incorporates our view of the company's deteriorating profitability
because of an extended period of low electricity spot prices,
which could result in recontracting its capacity at lower prices.
An unbalance in supply and demand and Peru's weak economy have
negatively affected electricity demand, bringing spot prices down.
We now expect spot prices in the range of $9.5-$10.5 per megawatt
hour (MWh) in 2018 and 2019, respectively, compared to our
previous expectations of $16.0 per MWh in 2018 and $28.5 per MWh
in 2019. We now also predict contract prices per MWh of $42 versus
$44. Although profitability levels were weaker than we expected,
Orazul was able to maintain its leverage at a level of net debt to
EBITDA close to 5x by decreasing dividend distributions to its
shareholder, I Squared Capital (ISQ)."

From a business perspective, the ratings on Orazul currently
incorporates its very good operating efficiency due to its
balanced portfolio of hydroelectric and thermal assets, as well as
its vertical integration in the natural gas production and
transmission businesses. S&P said, "That, in our view, should lead
to better profitability levels than non-integrated peers, although
the company has a small scale, illustrated by a total installed
capacity of 552 MW and a market share of less than 5% in the
Peruvian electricity market. In this context, we expect Orazul to
keep its return on capital (RoC; measured as EBIT over
average beginning-of-year and end-of-year capital) above 8%.
However, its RoC could be at risk if electricity prices continue
to be very low in the next 24 months."


RIO OIL: Fitch Assigns BB- Rating to US$600MM 2018-1 Notes
----------------------------------------------------------
Fitch Ratings has affirmed the rating of the series 2014 notes
issued by Rio Oil Finance Trust and has assigned a new rating to
the $600 million series 2018-1 notes issued under the same
program. The Rating Outlook on the notes is Stable.

The ratings are not directly linked to the originator's credit
quality. They are based on potential production and generation
risk and are ultimately linked to Petrobras' Issuer Default Rating
(IDR), as it is the main source of cash flow generation.

The assigned ratings also reflect the transaction's increased
liquidity, mitigation of diversion risk and increased free cash
flow given the subordination of FECAM payments. These changes
linked to a faster than expected deleveraging of the transaction
minimize timely debt service exposure to potential disruptions.
Fitch's ratings address timely payment of interest and timely
payment of principal on a quarterly basis.

The SPV initially issued USD2 billion in series 2014-1 notes,
BRL2.4 billion of series 2014-2 special indebtedness interests and
USD 1.1 billion in series 2014-3 notes, and now is expecting to
issue additional USD600 million in series 2018-1 notes. When
including series 2018-1 notes, the outstanding balance adds up to
approximately USD3 billion, out of a total program of USD5
billion. All series are pari passu, and future issuances out of
the program will be subject to certain conditions.

The issuances are backed by royalty flows and special
participations owed by oil concessionaires, predominantly operated
by Petroleo Brasileiro S.A. (Petrobras), to the government of the
State of Rio de Janeiro (RJS). The State of Rio de Janeiro
assigned 100% of these flows to RioPrevidencia (RP), the state's
pension fund, and RP sold these rights to Rio Oil Finance Trust,
the issuer.

KEY RATING DRIVERS

Ratings Not Directly Linked to Originator's: RP is an autonomous
government agency that is part of the Secretary of State for
Planning and Management of RJS (C(bra)/C). Performance of the
originator will not affect the collateral as the generation of the
cash flow needed to meet timely debt service is not dependent on
either RP or RJS.

Impact of Oil Prices Fluctuations on Performance: The gradual
recovery in oil prices, coupled with the structural changes
incorporated in the sixth rescission waiver and amendment support
the transaction's Annualized Average DSCRs (AADSCR). However, a
downturn in oil price environment may limit royalty and special
participation flows used to pay debt service impacting the
transaction rating level.

Future Production Risk: The transaction benefits from growth in
production levels as it increases the total royalty flows.
Depressed oil prices have led Petrobras to reduce production
targets on multiple occasions. Therefore, sustained low oil prices
could translate into further capital expenditure cuts by
Petrobras.

Cash Flows Support Rating: The current levels of AADSCRs of over
3x partially mitigate the exposure of the transaction to
fluctuations in oil prices and production levels at the current
rating level. Going forward, and considering Law 12,734 is
implemented after 2019, Fitch expects AADSCRs to be over 3x for
the life of the transaction.

Ample Liquidity for Timely Payment: The transaction benefits from
liquidity, in the form of a Debt Service Reserve Account (DSRA)
and a Liquidity Reserve Account. Funds in deposit in these two
accounts shall at all times be sufficient cover three principal
and interest (P&I) payments, which Fitch considers sufficient to
keep debt service current on the notes under different stress
scenarios

Largest Obligor Rating Cap: Petrobras' rating is the ultimate cap
for the proposed transaction, as it is the main source of cash
flow generation. Petrobras carries local and foreign currency
(LC/FC) Issuer Default Ratings (IDRs) of 'BB-'/Stable and National
Long-Term Rating of 'AA+(bra'/)Negative. The company is majority
controlled by the federal government of Brazil and has the rights
to E&P of the vast majority of Brazil's oil fields

Potential Exposure Political Risk Partially Mitigated: The state's
liquidity constraints, evidenced by various delays in commercial
and other payments, have heightened the transactions political
risk exposure. However, provisions included in the sixth
rescission waiver and amendment, such as the rescission of the
trapping of excess cash and of the early amortization period, will
increase the cash flows returned to the state, and, in turn,
decrease the transaction's exposure to potential political risk.

Oil Revenues Dedicated Account Modification Mitigates Redirection
Risk: Pursuant to the Oil Revenues Dedicated Account Modification
Legislation, the RioPrevi Oil Revenues initially deposited to the
RJS Oil Revenues Dedicated Account are no longer required by
legislation to be deposited into a state-owned account. Oil
revenues assigned to this transaction are instead deposited into
an account under the name of the issuer. This change in the
account mitigates potential redirection of flows to RJS. As Banco
do Brasil (BdB) cannot be replaced as a collection bank, the
transaction is directly linked to the credit quality of BdB.

Legal Changes May Affect Collateral Stability: Although, to date,
no amendments affecting the distribution of royalties for the
existing concession regime have been implemented, provisions
regarding the change in allocation percentages incorporated in Law
12,734 are currently under review. The transaction was analyzed
assuming the law will change and DSCRs remain sufficiently robust
and commensurate with the expected ratings.

True Sale Valid Under Brazilian Law: Collateral backing this
transaction was transferred to RP by RJS through a state decree,
making RP the legal owner of the royalties. This transfer gives RP
the right to sell the collateral into the trust.

Transfer and Convertibility Risk: Series 2014-1, 2014-3 and 2018-1
notes are exposed to transfer and convertibility risk (T&C) as
royalty flows are paid in an account in Brazil in reais. This
exposure caps the rating of the transaction at the country ceiling
of Brazil, which is currently 'BB'. To partially mitigate T&C risk
and the operational risk that may arise from transferring and
converting flows on a daily basis to an off shore account, the
transaction contemplates reserve funds that covers three principal
and interest (P&I) payment.

RATING SENSITIVITIES

The ratings are capped by the credit quality of Petrobras, the
main obligor generating cash flows to support the transaction, and
to the sovereign rating and country ceiling assigned to Brazil.

The transaction is exposed to oil price and production volume
risks. Declines in prices or production levels significantly below
expectations may trigger downgrades.

Additionally, the ratings are sensitive to the rating of BdB as a
direct counterparty to the transaction.

Fitch has taken the following rating actions:

-- USD2 billion series 2014-1 notes affirmed at 'BB-', Outlook
    Stable;

-- BRL2.4 billion series 2014-2 special indebtedness affirmed at
    'AA-sf(bra)', Outlook Stable;

-- USD1.1 billion series 2014-3 notes affirmed at 'BB-', Outlook
    Stable;

-- USD600 million series 2018-1 notes assigned 'BB-' rating,
    Outlook Stable.



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


DOMINICAN REPUBLIC: Industries Rebuff Truckers' Strike Threat
-------------------------------------------------------------
Dominican Today reports that the industrialists rebuffed the
warning by the truckers union (Fenatrado) to halt cargo transport
unless the Govt. and private sector heed their call for talks to
solve the alleged impact from fuel prices.

"It seems to me an outrage that they are threatening when they
know very well that they cannot set rated, we are not going to
meet with threats, we are willing to collaborate with Fenatrado,
and we even had a meeting these days to start cooperating with
several measures presented in the activity with Competitiveness,
but with this type of announcement, relations are weakened," said
Dominican Republic Industry Association (AIRD) executive vice
president Circe Almanzar, according to Dominican Today.

She called on Fenatrado to continue working to make the transport
sector more efficient within the law, the report notes.  She said
freight transport is already "well above what it should be," the
report relays.

For Herrera and Santo Domingo Province Industrial Companies
Association (AEIH) president Antonio Taveras, Fenatrado's current
services are not competitive, the report discloses.

"They (truckers) have a monopoly where only they can provide the
service, they set the rate and the price they want and that cannot
be . . . , we're going to establish that other companies can go
offer transport and the customer can use the one that offers the
best quality of service and has the best prices," the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable. The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.



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


SIXSIGMA NETWORKS: S&P Rates New $300MM Sr. Unsecured Notes BB-
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating on
Sixsigma Networks Mexico, S.A. de C.V.'s (KIO Networks; BB-
/Stable/--) proposed senior unsecured notes for $300 million due
2025. S&P is also assigning its '3' recovery rating to the notes,
indicating its expectation for a meaningful (50% to 70%; rounded
estimate: 60%) recovery in the event of payment default. The
issue-level rating on the proposed notes is the same as the
corporate credit rating.

Kio Networks will use proceeds to repay the outstanding amount of
$230 million of its $500 million senior unsecured notes due 2021,
$14 million to pay the call premium for the redemption of the 2021
notes, and the remaining $56 million for general corporate
purposes (mainly capex).

"We believe the company will have headroom under its covenant in
2018, given that the new notes will have an incurrence covenant of
a net consolidated debt to EBITDA ratio no greater than 4.25x. We
believe the new notes will extend Kio Networks' maturity debt
profile to seven years from three, and we expect the company to be
able to issue these notes with a lower interest rate and generate
some interest savings in the future.

"Although the new notes will increase the company's expected gross
debt to EBITDA in 2018 to 4.0x and decrease funds from operations
to gross debt to 23.6%, the five-year weighted average for these
metrics is still commensurate with the current rating.
Additionally, Kio Networks has a cash position of MXN2.3 billion
as of Dec. 31, 2017, which enhances its liquidity position.

"Although key credit metrics could qualify for a better financial
risk profile assessment, our rating incorporates the financial
sponsor ownership of KIO Networks, given that Tresalia Capital
S.A. de C.V. (not rated), a private equity firm, owns the
controlling interest. We assess the financial-sponsor-owned
companies as having aggressive financial risk profiles to
incorporate the risk of subsequent leveraging, even if the current
balance sheet indicates otherwise.

"The rating reflects the company's continuing expansion in the
public and private sectors, as seen in the signed agreement (the
PITA project [Proyecto de Integraci¢n Tecnol¢gica Aduanera]) with
the Mexican fiscal authorities to provide managed services for the
next four years. The total contract value is MXN5 billion - MXN9
billion. We expect KIO Networks' revenue to surge as a result of
this new contract and to provide certainty to cash flow
generation.

"The rating continues to reflect the company's small scale, narrow
geographic presence, and slightly lower EBITDA margin than those
of its peers, although the latter is improving. In our view, the
mitigating factor is KIO Networks' leading market position in
Mexico thanks to its long-term contracts with mid- and large-size
customers."

  RATINGS LIST

  Sixsigma Networks Mexico, S.A. de C.V. (KIO Networks)
    Corporate credit rating             BB-/Stable/--

  Ratings Assigned

  Sixsigma Networks Mexico, S.A. de C.V. (KIO Networks)
    Senior unsecured                    BB-
     Recovery rating                    3(60%)



=================
N I C A R A G U A
=================


NICARAGUA: Death Toll in Protests Rises to 42
---------------------------------------------
EFE News reports that the death toll in protests against the
Nicaraguan government of Daniel Ortega has risen to 42, while it
has been confirmed that many young people feel forced to move away
from their homes, the Nicaraguan Center of Human Rights (CENIDH)
reported.

"We have confirmed 42 dead and have not yet determined the status
of three others," CENIDH member Meyling Sierra told EFE News.

Though other defenders of human rights have reported up to 63
deaths, based on official and non-official lists, CENIDH figures
are more conservative since they include none whose bodies have
not been identified by their families or otherwise verified,
according to EFE News.

CENIDH warns, however that even its own number of 48 has been made
more uncertain due to the "forced relocation," considered a grave
violation of human rights, since those who feel they are in danger
must leave the city or even the country, the report relays.

"There is a forced relocation, above all of young people who took
part in the demonstration -- they're afraid of reprisals and won't
risk filing a complaint," the report quoted Mr. Sierra as saying.

The CENIDH member said that even the families of those young
people have been forced into hiding far from their homes, the
report relays.

The crisis Nicaragua is going through has lasted 11 days, during
which time Ortega has witnessed a massive reaction against his
government, particularly after the ruling party's shock troopers,
directed by the Sandinista Youth and the National Police, used
violence to repress the protesters, the report says.

Nicaraguans demand Ortega's resignation and that of his wife, Vice
President Rosario Murillo, considering them repressive and corrupt
violators of human rights, civil rights and the freedom of the
people, the report notes.

Though the possibility exists of a dialogue between the government
and the private sector to overcome the crisis, with the mediation
of the Catholic Church, the people do not feel identified with the
process, the report relays.

The Nicaraguan clergy called for a "pilgrimage for the love of
Nicaragua," at which thousands of people would ask for Ortega's
resignation from the presidency, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2018, S&P Global Ratings affirmed its 'B+' long-term
local and foreign currency sovereign credit ratings on the
Republic of Nicaragua.  The outlook on the long-term ratings
remains stable. At the same time, S&P affirmed the 'B' short-term
local and foreign currency sovereign credit ratings. In addition,
S&P affirmed its transfer and convertibility (T&C) assessment at
'BB-'.



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


INRETAIL PHARMA: Fitch Assigns BB+ LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned InRetail Pharma S.A. 'BB+' Long-Term
Foreign and Local Currency IDRs. The Rating Outlook is Stable.

Fitch Ratings has also assigned an expected rating of 'BB+(EXP)'
to InRetail Pharma's proposed senior unsecured notes. The target
amount for the proposed transactions is up to USD 550 million,
which includes a USD denominated senior unsecured issuance of up
to USD 450 million and a Nuevo-Soles (local currency) denominated
senior unsecured issuance of up to an equivalent of approximately
USD 100 million. The total amount and tenor of the proposed
issuances will depend on market conditions. Proceeds from the
proposed issuances are expected to be used to refinance existing
debt.

InRetail Pharma's ratings reflect its strong credit linkage with
its parent company (InRetail Peru Corp.), solid market positon in
the Peruvian retail pharmacy industry, the combination of initial
high pro forma net adjusted leverage following a recent
acquisition of Quicorp S.A. (Quicorp), and some moderate
deleveraging over the near to medium term, anticipated synergies,
and stable cash flow generation from the aquisition, and adequate
liquidity. The Stable Outlook reflects Fitch's view that InRetail
Pharma will integrate Quicorp's operations with net adjusted
financial leverage trending in the 4.0x to 4.5x range and
generating positive FCF by 2019-2020.

KEY RATING DRIVERS

Solid Parent - Subsidiary Credit Linkage: InRetail Pharma's
ratings incorporate the strong credit linkage with its parent
company InRetail Peru Corp, which manages and owns 100% of
InRetail Real Estate S.A.(BB+/Stable, real estate business),
99.98% of Supermercados Peruanos S.A.(super market business) and
87% of InRetail Pharma (BB+/Stable, pharma business). The parent-
subsidiary strategic and operational linkages between the
aforementioned entities are strong based on these entities' common
management team and decision making process and the lack of
restrictions in cash movements between parent and each of its
businesses, and as evidenced by the recent coordinated refinancing
efforts, and the absence of tight subsidiary ring fencing.
InRetail Peru Corp.'s main businesses are viewed as core and
strategically important for its business model, which reinforces
the strong credit linkage,

InRetail Peru Corp Consolidated Credit Profile Drive Ratings:
InRetail Peru Corp.'s consolidated financial profile is a key
credit driver for InRetail Pharma's ratings. InRetail Peru Corp's
2017 total revenues, EBITDA and cash position were PEN 7.8
billion, PEN 844 million and PEN 569 million, respectively. The
supermarket, retail pharmacy and real estate businesses
represented 37%, 27%, and 36% of InRetail Peru Corp's 2017 total
EBITDA. InRetail Peru Corp's 2017 adjusted net leverage, measured
as total adjusted net debt over EBITDAR, was 3.4x. This
calculation considers total adjusted net debt PEN 3.6 billion and
EBITDAR of PEN 1.1 billion (PEN 844 million in EBITDA plus PEN 215
million in rentals) for the period. On a pro forma basis,
considering recent refinancing activity, the proposed bond
issuances, as well as the new assets being acquired in the retail
pharmacy business, Fitch estimates InRetail Peru Corp's pro forma
consolidated net adjusted leverage at 4.35x.

Pharmacy's Strong Market Position: On Jan. 26, 2018, InRetail Peru
Corp. announced the acquisition of Quicorp S.A. (Quicorp) for a
total consideration of USD 583 million plus USD 31 million in
related costs. The acquisition was funded through a mix of debt
financing and third-party equity funding. Fitch views InRetail
Pharma's market position as well established and generating
consistent market share gains over competitors in the near future.
In 2018, InRetail Pharma (formerly known as Eckerd Peru S.A,) and
Nexus Group acquired Quicorp S.A., a leading integrated regional
pharma platform with more than 1,000 pharmacy stores in Peru and
the largest pharmaceutical distribution network in Peru and
Ecuador. InRetail Pharma, post-acquisition of Quicorp, accounts
for 47% of pharmaceutical units sold in pharmacies in Peru with
over 2,100 stores with a presence in the entire pharmaceutical
value chain. InRetail Pharma is also a leading pharma distributor
in the Andean region with more than 18 thousand points of a sale
in Peru, Ecuador, Bolivia and Colombia.

Important Synergies Post Acquisition: InRetail Pharma is expected
to benefit from the Quicorp acquisition through economies of scale
in the retail pharmacy segment by strengthening the combined
network, reinforcing synergies in key business areas (purchasing
power, overhead reduction, store network optimization, logistic
and marketing expenses, among others), and by further developing
the private label business. Fitch also anticipates the company to
drive international expansion through a regional platform with
footprints in Peru, Ecuador, Bolivia and Colombia, with a total
addressable market of more than 100 million customers. Fitch also
views expected vertical integration as a credit positive through
the mixing of a cross-regional distribution network, incremental
purchasing power with global suppliers and complementary
distribution and logistics business to the company's current
pharmaceutical platform.

Business Scale and Margins Factored into Ratings: In 2018, Fitch's
base case considers the company's total revenues at levels of PEN
7.4 billion with approximately 63% and 37% being generated by the
retail pharmacy and the manufacturing, distribution and marketing
(MDM) businesses, respectively. Fitch expects InRetail Pharma's
2018 EBITDA margin to be around 6%, which is lower than InRetail
Pharma's 2017 EBITDA margin of 8.3% (margin prior acquisition) as
the MDM business, which is part of the acquired Quicorp's
operations, is a lower EBITDA margin business. Fitch expects
InRetail Pharma's margins to consistently improve during 2018-2020
as it benefits from trends in private label penetration, network
optimization and purchasing power.

Business Deleverage Expected: Fitch views InRetail Pharma's
adjusted net leverage as high and declining as the business
integration is executed during 2018-2020. The company's 2018 net
adjusted leverage, measured as total adjusted net debt over
EBITDAR ratio, is expected to be 5.3x and trending to 4.1x as of
Dec. 31, 2018 and Dec. 31, 2020, respectively. InRetail Pharma's
deleveraging results are expected primarily from improving margins
during 2018-2020. The company's 2018 gross adjusted debt is
estimated to be PEN 3.9 billion, which includes PEN 2.1 billion in
on-balance debt and PEN 1.8 billion in off-balance debt,
respectively. The company's total off-balance debt calculation
results from applying a 7x multiple to InRetail Pharma's expected
2018 rentals (PEN 255 million).

DERIVATION SUMMARY

InRetail Peru Corp.'s consolidated financial profile is a key
credit driver for InRetail Pharma's ratings due to the strong
parent-subsidiary linkage. InRetail Peru Corp is well positioned
relative to its regional peers in the Peruvian market due to its
diversified business profile, with activities in food and pharmacy
retail, and shopping malls, as well as its solid competitive
position in each business segment. InRetail Peru Corp's scale and
geographic diversification are considered weaker when compared
with regional peers such as S.A.C.I. Falabella (Falabella,
BBB+/Stable), Cencosud S.A. (Cencosud, BBB-/Stable) and El Puerto
de Liverpool S.A.de C.V. (El Puerto de Liverpool, BBB+/Stable).
InRetail Peru Corp's pro forma net adjusted leverage at 4.35x is
also viewed as weaker than Falabella's levels (3.8x) and El Puerto
de Liverpool (-0.1x), and slightly stronger than Cencosud (4.8x)
as of Dec. 31, 2017.

InRetail Pharma's 'BB+' ratings also incorporates the company's
leading position and increasing market share in Peru's growing
drugstore/ retail pharmacy segment. The company's expected neutral
to positive free cash flow (FCF) provides adequate financial
flexibility to absorb the recent Quicorp acquisition while
managing its balance sheet. InRetail Pharma benefits from share
gains in its Peruvian retail pharmacy business, which accounts for
approximately 67% of total company sales, with a market share
position of approximately of 47% of Peru's total unit sold in the
Peruvian retail pharmacy industry.

When compared with peers in the U.S. market, InRetail Pharma has
significantly smaller scale than Rite Aid Corporation (B/Evolving)
and Walgreens Boots Alliance, Inc. (Walgreens, BBB-/Stable), which
is somewhat compensated by InRetail Pharma's solid leading market
position and operates in a lower competitive environment. The
company's expected 2018-2019 credit metrics: margins, liquidity,
net adjusted leverage and FCF generation, are viewed as stronger
than Rite Aid Corporation and SUPERVALU Inc. (B/Negative), one of
the largest wholesale grocery distributors in the U.S., which has
seen continued EBITDA declines, but operates with lower leverage
(around 5.0x).

KEY ASSUMPTIONS

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

InRetail Peru Corp. (parent company)

-- Net adjusted leverage, measured as total adjusted net debt to
    EBITDAR ratio, consistently below 5x during 2018-2020.

InRetail Pharma:

-- Total annual revenue in the PEN 7.4 billion to PEN 7.7 billion
    range during 2018-2020;

-- EBITDA margin around 6% in 2018 and trending to levels around
    7.5% by 2020;

-- Cash position above PEN 300 million during 2018-2020;

-- Neutral FCF during 2018-2019 and positive FCF in 2020;

-- Net adjusted leverage - measured as total adjusted net debt /
    EBITDAR ratio - at 5.3x in 2018 and trending around 4x by
    2020;

-- Operating EBITDAR /Net interest paid plus rents ratio around
    2x during 2018-2020;

-- Annual dividends payments around USD30 million to USD40
    million during 2018-2020;

RATING SENSITIVITIES

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

InRetail Peru Corp. (parent company):

-- Net adjusted leverage, measured as total adjusted net debt to
    EBITDAR ratio, consistently below 3.5x.

InRetail Pharma:

-- Consistently positive free cash flow generation;
-- Net adjusted Leverage consistently around 3x;
-- Interest coverage ratio (Operating EBITDAR /Net interest paid
    plus rents ratio) consistently above 3.5x.

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

InRetail Peru Corp. (parent company):

-- Net adjusted leverage, measured as total adjusted net debt to
    EBITDAR ratio, consistently above 5x.

InRetail Pharma:

-- Adverse macroeconomic trends leading to weaker than expected
    credit metrics;

-- Significant dividend distributions, above expected levels
    incorporated in the ratings;

-- Net adjusted Leverage consistently above 5.5x, post 2018
    execution plan;

-- Interest coverage ratio (Operating EBITDAR /Net interest paid
    plus rents ratio) consistently below 1.8x.

LIQUIDITY

Adequate Liquidity: Fitch views the company's liquidity post-
acquisition as adequate considering its expected cash position,
pro forma debt schedule, interest coverage and free cash flow
generation. The company has funded the Quicorp acquisition with a
combination of incremental debt and a USD 150 million equity
increase through its partner, Nexus Group. The main component of
the company's on-balance debt during the next seven years, ended
in 2025, will be the proposed USD 550 million unsecured notes. The
company has not material debt principal payments scheduled during
2018-2021. The company's cash position is expected to be around
PEN 300 million during 2018-2019, and rent plus interest coverage
around 2x during the same period. The company's free cash flow
generation, measured as cash flow from operations after working
capital needs minus capex and paid dividends, to be neutral to
positive during 2018-2020. This calculation considers annual
dividend payments in the USD 30 million to USD 40 million range
during the period.

FULL LIST OF RATING ACTIONS

InRetail Pharma S.A.

-- Long-Term Foreign Currency IDR 'BB+';
-- Long-term Local Currency IDR 'BB+';
-- USD450 million senior unsecured foreign currency notes
    'BB+(EXP)';
-- PEN325 million senior unsecured local currency notes
    'BB+(EXP)'.



================================
T R I N I D A D  &  T O B A G O
================================


CONSOLIDATED ENERGY: Moody's Rates New $200MM Revolver Loan 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Consolidated
Energy Finance, S.A.'s (CEF) proposed $200 million senior secured
revolving credit facility due 2023. CEF and Methanol Holdings
(Trinidad) Limited (MHTL) are co-borrowers under the revolver
credit agreement.

Assignments:

Issuer: Consolidated Energy Finance, S.A.

Senior Secured Bank Credit Facility, Assigned Ba3

RATINGS RATIONALE

The Ba3 rating on the new revolving credit facility is based on
Consolidated Energy Limited's (CEL) credit metrics, which reflect
high although declining debt leverage, product concentration
(methanol accounts for most of revenues and EBITDA, and ammonia,
fertilizer and melamine account for the rest), the company's
commodity-based product portfolio, and the cyclical nature of
pricing and demand for methanol and fertilizers. The rating also
reflects the risk of feedstock (natural gas) curtailments in
Trinidad and Tobago given declining production since 2011,
although Moody's believes that recent oil and gas investments in
the country should reverse the negative production trend starting
in 2019-20.

When rating the new revolving credit facility, Moody's took into
consideration that CEL expects to soon start operations of its 50%
owned new methanol plant in the US, Natgasoline, whose 1.75
million tons of methanol per year should help the company to
gradually increase EBITDA generation and reduce leverage, provided
that methanol prices remain solid in the foreseeable future.
CEL benefits from meaningful methanol market shares, high EBITDA
margins, and adequate liquidity. Its world scale methanol plant
and AUM (anhydrous ammonia, urea ammonium nitrate, and melamine)
complex in Trinidad and Tobago benefits from natural gas purchased
at prices referenced to market prices of methanol, thereby
alleviating the negative impact on its profitability of volatile
end product selling prices. In addition, last March CEL assigned
certain operating lease agreements of about $894 million to a
related company outside the group, which should help to reduce
Moody's-adjusted debt/EBITDA metric by about 1 turn in 2018.
CEL has adequate liquidity, supported by $172 million in
consolidated cash balance as of December 31, 2017, which covers
short-term debt by over nine times. Moody's expects the company's
free cash flow (defined as cash from operations minus dividends
minus capex) to be positive in 2018 from higher cash from
operations combined with lower capital expenditures. Moody's also
expects that CEL will continue to be able to refinance upcoming
debt maturities.

The stable rating outlook reflects Moody's expectation that CEL
will be able to gradually improve its profitability and credit
metrics during the next several quarters.

The ratings could be upgraded if CEL reduces its debt/EBITDA to
below 4.0 times and sustains interest coverage (EBITDA/Interest
expense) above 5.0 times in addition to maintaining adequate
liquidity. To be considered for an upgrade, the company should
maintain strong profitability and have a stable supply of natural
gas, with no curtailments.

The ratings could be downgraded if leverage does not show a
downward trend towards 5.5 times over the next 18 months or if
interest coverage deteriorates with EBITDA/Interest expense below
3.0 times. A deterioration in liquidity or in profitability, for
example due to volatility in its gas supply, could also lead to a
downgrade.

The principal methodology used in this rating was Chemical
Industry published in January 2018.

Consolidated Energy Finance, S.A. is a special purpose vehicle
wholly-owned by its holding company Consolidated Energy Ltd.
(CEL), which in turn is the second largest methanol producer in
the world. In addition to its wholly owned subsidiaries, CEL owns
minority stakes in methanol producer Oman Methanol Company and in
ammonia producers Nitrogen 2000 Unlimited and Caribbean Nitrogen
Company Limited. Through its wholly owned subsidiary Methanol
Holdings (Trinidad) Limited, CEL is the largest methanol exporter
to North America and a significant producer of fertilizer products
(anhydrous ammonia, urea ammonium nitrate, and melamine). The
company reported revenues of $1,130 million in 2017.



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


VENEZUELA: Defaults on $1BB Gold Reserve Expropriation Settlement
-----------------------------------------------------------------
The Latin American Herald reports that Gold Reserve Inc. released
their 2017 financials, which show that Venezuela has not paid on
their settlement agreement since November, according to investment
bank Caracas Capital.

In 2014, Gold Reserve won a $750 million judgment against
Venezuela at the World Bank's International Center for the
Settlement of Investment Disputes (ICSID) over the 2008
expropriation of its Brisas gold mining project in Venezuela,
according to The Latin American Herald.

After diligent worldwide enforcement tactics by Gold Reserve,
Venezuela agreed to pay Gold Reserve a billion dollar settlement
starting in June 2017, the report notes.

In June 2017, Gold Reserve paid a $40 million start and basically
agreed to pay $29.5 million on the 10th of every month until the
$1 billion was paid off, the report relays.  Venezuela also
offered Gold Reserve the opportunity to partner with them in
reopening a mining operation in Bolivar state, the report
discloses.

"Today's bad news from Gold Reserve turns out to be that they have
only been able to collect $128.5 million and have not been getting
paid -- like most Venezuela bondholders -- since President Nicolas
Maduro announced the "renegotiation and restructuring" of the
country's debt in early November," reports Russ Dallen of Caracas
Capital in a report to investors, the report relays.  "Since Major
General Manuel Quevedo took over PDVSA and the Ministry of Oil and
Mining in late November, Gold Reserve reports that they have
received nothing," he added.

Gold Reserve reports that Venezuela is now behind on $147.5
million of settlement payments, the report notes.

"This also jives with the payments to bondholders -- or the lack
thereof -- which also stopped around that time," said Mr. Dallen,
the report adds.

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



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


* BOND PRICING: For the Week From April 23 to April 27, 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.
.


                   * * * End of Transmission * * *