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

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

               Tuesday, May 1, 2018, Vol. 19, No. 84


                            Headlines



A R G E N T I N A

BANCO PATAGONIA: Moody's Confirms Ba3 LC Deposit Rating
PVCRED SERIE XXXVII: Moody's Gives Ba2 Rating on Class A Debt
TELECOM ARGENTINA: S&P Assigns BB- Long-Term CCR, Outlook Stable


B O L I V I A

BDB BOLIVIA: Moody's Alters Ba2 Deposit Rating Outlook to Stable


B R A Z I L

BANCO DO BRASIL: Fitch Assigns Final BB- Rating to 2023 Debt
REDE D'OR: S&P Affirms 'BB-' Global Scale Corp. Credit Rating


J A M A I C A

JAMAICA: Raises $5-Million on Domestic Market
JAMAICA: Cost of Living High Due to Import-Dependent Consumption
UC RUSAL: Russian Business Tycoon to Give Up Control of Biz


M E X I C O

FERREYCORP S.A.A.: S&P Affirms 'BB+' CCR, Outlook Remains Stable
OPERADORA DE SITES: S&P Lowers CCR to 'BB+', Outlook Stable
ZITACAURO MUNICIPALITY: Moody's Cuts Issuer Ratings to B2/Ba2.mx
* MEXICO: Economy Picked Up Pace in First Quarter


P U E R T O    R I C O

AUTO MASTER EXPRESS: Seeks Authority to Use Cash Collateral
FIRSTBANK PUERTO RICO: S&P Affirms B+ ICR & Alters Outlook to Neg.
GABRIEL RUBERO: Taps Atty. Carlos Calderon as Bankruptcy Counsel
TOYS R US: Hires Consensus Advisory as Investment Banker


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CIB to Repay Creditors From April 30
TRINIDAD & TOBAGO: T&TEC Owed $275 Million


U R U G U A Y

BANCO PATAGONIA: Moody's Confirms Ba3 Global Scale Deposit Ratings


                            - - - - -


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A R G E N T I N A
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BANCO PATAGONIA: Moody's Confirms Ba3 LC Deposit Rating
-------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
confirmed the global and national scale local currency deposit and
senior unsecured debt ratings of Ba3 and Aaa.ar of Banco Patagonia
S.A. (Patagonia), as well as the bank's (P)B1 and Aa2.ar global
and national scale foreign currency senior unsecured MTN debt
ratings. In addition, Moody's confirmed the bank's ba3 adjusted
baseline credit assessment and Ba3(cr) long-term counterparty risk
assessment (CRA). At the same time, the global and national scale
long-term foreign currency deposit ratings of B3 and Baa1.ar, the
b2 baseline credit assessment, the Not Prime global scale short-
term deposit rating, and the NP(cr) short-term counterparty risk
assessment (CRA) were all affirmed.

Moody's also, confirmed all ratings of Patagonia's subsidiary,
GPAT Compania Financiera S.A (GPAT), including the B1 global scale
corporate family, local currency issuer, and senior unsecured debt
ratings, and the (P)B1 senior unsecured MTN ratings. The Aa3.ar
national scale issuer, senior unsecured debt, and MTN ratings were
also confirmed. In addition, Moody's assigned a national scale
corporate family rating of Aa3.ar.

All of Patagonia and GPAT's ratings now carry a stable outlook.

This rating action concludes the reviews for downgrade started in
August 2016, following the announcement that Patagonia's
shareholders were discussing a potential sale of shares. The
rating confirmation also considers the stabilization of the
outlook of Banco do Brasil S.A. (BB) and the affirmation its
ratings on April 10, 2018.

The following ratings were confirmed:

Issuer: Banco Patagonia S.A.

Adjusted Baseline Credit Assessment, Confirmed at ba3

Long term Counterparty Risk Assessment, Confirmed at Ba3(cr)

Long term local currency Deposit Rating, Confirmed at Ba3, stable

Argentina long term national scale local currency Deposit Rating,
Confirmed at Aaa.ar, stable

Local currency Senior Unsecured Regular Bond/Debenture, Confirmed
at Ba3, stable

Argentina national scale local currency Senior Unsecured Regular
Bond/Debenture, Confirmed at Aaa.ar, stable

Foreign currency Senior Unsecured MTN, Confirmed at (P)B1

Local currency Senior Unsecured MTN, Confirmed at (P)Ba3

Argentina national scale foreign currency Senior Unsecured MTN,
Confirmed at Aa2.ar

Argentina national scale local currency Senior Unsecured MTN,
Confirmed at Aaa.ar

Issuer: GPAT Compania Financiera S.A

Corporate Family Rating, Confirmed at B1, stable

Local currency Issuer Rating, Confirmed at B1, stable

Argentina national scale Issuer Rating, Confirmed at Aa3.ar,
stable

Local currency Senior Unsecured Regular Bond/Debenture, Confirmed
at B1, stable

Argentina national scale local currency Senior Unsecured Regular
Bond/Debenture, Confirmed at Aa3.ar, stable

Foreign currency Senior Unsecured MTN, Confirmed at (P)B1

Local currency Senior Unsecured MTN, Confirmed at (P)B1

Argentina national scale foreign currency Senior Unsecured MTN,
Confirmed at Aa3.ar

Argentina national scale local currency Senior Unsecured MTN,
Confirmed at Aa3.ar

The following ratings were affirmed:

Issuer: Banco Patagonia S.A.

Baseline Credit Assessment, Affirmed b2

Short term Counterparty Risk Assessment, Affirmed NP(cr)

Short term foreign currency Deposit Rating, Affirmed NP

Short term local currency Deposit Rating, Affirmed NP

Long term foreign currency Deposit Rating, Affirmed B3, stable

Argentina long-term national scale foreign currency Deposit
Rating, Affirmed Baa1.ar, stable

The following rating was assigned:

Issuer: GPAT Compania Financiera S.A

Argentina national scale Corporate Family Rating, Aa3.ar, stable

RATINGS RATIONALE

BANCO PATAGONIA S.A.

The confirmation of Patagonia's ratings considers Moody's view
that its controlling shareholder, Banco do Brasil S.A. (BB, Ba2
stable, ba2), will maintain majority ownership of its Argentinean
subsidiary. While there remains a possibility that BB may divest
part of its holdings in the future, Moody's has concluded that the
probability that BB will support Patagonia remains high for the
time being. Moody's notes that nearly two years have passed since
Patagonia first announced that its shareholders were exploring the
possibility of selling a portion of their interest in the bank.
Since that time, no specific plans have been announced, nor has a
buyer been identified. Moreover, BB's own capital levels have
improved, increasing its incentives to retain its ownership stake
and provide financial support to Patagonia if necessary, in
addition to improved business prospects in both Brazil and
Argentina over the past two years. The high probability of support
also reflects BB's track record of reinvesting earnings in
Patagonia and the strategic fit of the Argentine subsidiary for
its parent given Brazil's high economic links with Argentina.
Thanks to parental support, Patagonia is one of the strongest
credits in Argentina, as reflected by its Aaa.ar national scale
rating.

The affirmation of Patagonia's baseline credit assessment
considers the bank's sound financial fundamentals, including
strong asset quality and profitability and moderate
capitalization. However, the BCA is constrained by Argentina's B2
sovereign rating due to the local operating environment, which
remains challenging despite various market-friendly policy reforms
implemented in recent months by the current administration, as
well as the close credit interlinkages between banks and their
sovereigns . In 2017, Patagonia's net income to tangible assets
ratio stood at 3.8% and net interest income remained above peers
at 10.7%, high even by Argentine standards, which are distorted by
the high inflation. The bank's strong earnings are supported by
its well established franchise, diversified operations, and large
base of low-cost deposit funding.

Thanks to its conservative risk management guidelines, Patagonia's
delinquencies have consistently been below the industry average.
Nonperforming loans equaled just 1.27% of gross loans in December
2017. Asset quality is further supported by conservative
provisioning practices, with loan loss reserves equal to nearly
2.5 times non-performing loans.

This strong profitability will help support the bank maintain its
more moderate capital levels in the face of very high loan growth
as Argentina's economy recovery continues. The loan book grew by
nearly 40% in 2017, well above the inflation rate of 22%. However,
thanks to the banks strong earnings coupled with a reduction in
the dividend payout ratio in 2017 to 50%, from 70% the previous
year, the bank's tangible common equity ratio decreased by just
over 40 basis points to 11.3% of adjusted risk-weighted assets.

The affirmation of the bank's foreign currency deposit ratings
consider that these ratings are constrained by Argentina's B1
foreign currency deposit ceiling, which is one notch below the
country's sovereign rating and considers the risk of a deposit
freeze. The Not Prime short-term ratings are in line with the
speculative grade long-term ratings.

GPAT COMPANIA FINANCIERA S.A

The confirmation of GPAT's ratings also reflects the diminished
probability that BB, the company's ultimate parent, will sell its
controlling interest in Patagonia, GPAT's direct parent. Hence,
GPAT's ratings continue to benefit from a high probability that
the company will receive indirect financial support from BB in an
event of stress. This considers the strong credit linkages between
the company and Patagonia, including the close operational
interconnections and GPAT's strategic importance to Patagonia's
operations. GPAT contributed roughly 10% of Patagonia's total
earnings in 2017 and generates significant cross selling
opportunities for the bank as well. Thanks to parental support,
the company is one of the stronger credits in Argentina, as
reflected by its Aa3.ar national scale rating. Nevertheless, the
probability that BB will support GPAT remains slightly lower than
the probability it will support Patagonia as GPAT, as a finance
captive of Patagonia focused on GM car financing, is not core to
BB's own strategy in Argentina.

GPAT's rating also reflects its still sound if deteriorating
financial fundamentals, including good asset quality, and high
profitability and capital. These strengths are counterbalanced by
Argentina's still challenging operating environment and the
company's lack of revenue and asset diversification, as well as
its heavy reliance on private institutional and bank funding.
While this is representative of other auto finance companies as
well, it nevertheless exposes the company to a high degree of
market and refinancing risk. The lack of diversification derives
from the company's monoline business model, which leaves it wholly
exposed to a downturn in a single market segment.

Argentina's economic recovery has boosted demand in the auto
finance industry since 2016, largely driving GPAT's 46% loan
growth in the period. In turn, this aggressive growth has caused
GPAT's nonperforming loan ratio to double over the past two years,
though it remained moderate at just 2% of gross loans in December
2017, in line with industry average. While asset quality will
continue to deteriorate as new loans season, these pressures will
be offset by GPAT's high loan book granularity (the ten largest
customers accounted for just 3.4% of total loans and 18.4% of
equity in 2017), which limits its vulnerability to any specific
customers, the strong collateralization of its portfolio, and
adequate loan loss reserves, at 2.15% of gross loans in 2017.

Notwithstanding the company's sizeable 14% share of Argentina's
auto finance market, GPAT's net income declining sharply from
10.6% of average managed assets in 2015 to 5.6% in 2017 due to
higher credit costs and narrower lending spreads stemming from
increased competition and falling inflation. Nevertheless,
profitability remains high even by Argentine standards, which are
distorted by the very high rate of inflation.

The company's capital levels also remain strong despite a
significant deterioration in recent years as a result of the
decline in profitability coupled with rapid loan growth. Tangible
common equity dropped to 17.2% of adjusted risk-weighted assets as
of December 2017 from 31.5% two years earlier. Nevertheless, this
ratio remains the highest of the company's Argentine peers rated
by Moody's.

WHAT COULD CHANGE THE RATING UP/DOWN

As both Patagonia and GPAT benefit from a high probability that
they will receive financial support from BB, their ratings could
face upward pressure if BB's ratings are upgraded. Conversely, the
ratings could face downward pressure if, contrary to current
expectations, BB decides to relinquish control of the bank and the
new majority owner, if there is one, is rated lower than BB, or if
Moody's otherwise lowers its assessment of BB's commitment to
these entities, and hence of the probability that they will
receive financial support from BB. The ratings would also face
downward pressure if BB's ba2 BCA were downgraded. An upgrade or
downgrade of Argentina's sovereign rating could put corresponding
pressure on Patagonia's BCA and GPAT's intrinsic financial
strength and Patagonia's foreign currency debt and deposit
ratings, but it is unlikely that their other ratings would be
affected.

The principal methodology used in rating Banco Patagonia S.A. was
Banks published in September 2017. The principal methodology used
in rating GPAT Compania Financiera S.A was Finance Companies
published in December 2016.


PVCRED SERIE XXXVII: Moody's Gives Ba2 Rating on Class A Debt
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Pvcred Serie XXXVII. This transaction will
be issued by TMF Trust Company S.A.- acting solely in its capacity
as issuer and trustee.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

- ARS210,340,000 in Class A Floating Rate Debt Securities (VRDA)
   of "Fideicomiso Financiero Pvcred Serie XXXVII", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba2 (sf) (Global Scale)

- ARS51,776,000 in Class B Floating Rate Debt Securities (VRDB)
   of "Fideicomiso Financiero Pvcred Serie XXXVII", rated B1.ar
   (sf) (Argentine National Scale) and Caa2 (sf) (Global Scale)

- ARS61,484,000 in Certificates (CP) of "Fideicomiso Financiero
   Pvcred Serie XXXVII", rated Caa1.ar (sf) (Argentine National
   Scale) and Caa3 (sf) (Global Scale)

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 12,971 eligible personal loans denominated in
Argentine pesos, bearing fixed interest rate, originated by Pvcred
S.A., a financial company owned by Comafi's Group in Argentina.
Only the installments due after April 30, 2018 will be assigned to
the trust.

The VRDA will bear a floating interest rate (BADLAR plus 300bps)
as of the issuance date with a first coupon payment date in July
2018. The VRDA's interest rate will never be higher than 30% or
lower than 20%.

The VRDB will bear a floating interest rate (BADLAR plus 600bps)
as of the issuance date. The VRDB's interest rate will never be
higher than 33% or lower than 23%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination level of 29.2% and 11.7%
for the VRDA and VRDB respectively, calculated over the pool's
principal balance as of April 30, 2018. The subordination level
will increase over time due to the turbo sequential payment
structure. The transaction will have a grace period for principal
and interest payment until July 2018.

The transaction also benefits from an estimated 58.1% annual
excess spread, before considering losses, taxes or prepayments and
calculated at the caps of 30% and 33% for the VRDA and VRDB,
respectively.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred S.A., the actual performance of
the securitized pool may be affected, among others, by the
economic activity, high inflation rates compared with nominal
salaries increases and the unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred S.A.,
ranging from March 2015 to February 2018. Moody's has observed a
weaker performance of Refis loans compared to Normal Pvcred Loans
(Existing plus OM loans). In addition, Moody's has observed a
weaker performance of Open Market Loans compared to Existing
Loans.

Moody's notes that there is uncertainty around key macroeconomic
variables in Argentina, including inflation rates, salary
increases compared to inflation, and economic activity, which have
an impact on future performance of this transaction.

In assigning the rating to this deal, Moody's assumed a lognormal
distribution of losses for each one of the different securitized
sub-pools: for the loans of Existing Clients, a mean of 15%; for
loans of Open Market, a mean of 35% and for the "Refinanciados"
loans, a mean of 45% with a coefficient of variation of 60% for
each of the three sub-pools. Also, Moody's assumed a lognormal
distribution for prepayments with a mean of 50% and a coefficient
of variation of 70%.

Servicer default was modeled by simulating the default of Banco
Comafi S.A. as the servicer consistent with its current
Counterparty Risk Assessment (CRA) of B1 (cr). In the scenarios
where the servicer defaults, Moody's assumed that the defaults on
the pool would increase by 20 percentage points.

The model results showed 1.0% expected loss for the VRDA, 13.8%
for the VRDB and 28.8% for the CP.

Moody's also evaluated the back-up servicing arrangements in the
transaction. If Pvcred is removed as collection agent, Banco
Comafi will be appointed as the back-up collection agent.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased by 3%
from the base case scenario, the VRDA's model-indicated global
scale rating would be one notch lower, while those of the VRDB and
the Certificates would remain unchanged.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.


TELECOM ARGENTINA: S&P Assigns BB- Long-Term CCR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term corporate credit
rating to Telecom Argentina S.A. The outlook is stable. S&P also
assigned a 'BB-' issue-level rating to the company's proposed
senior unsecured notes.

S&P's rating on the company reflects its view that it will use its
strong competitive position in Argentina and currently very low
leverage to carry out considerable investments in the next three
years to strengthen its growth prospects, profitability, and its
market positioning, particularly in the mobile business.

Following the approval by the Argentinean telecommunication
regulator (Enacom) in December 2017, Telecom Argentina
incorporated Cablevision in an all-stock transaction on Jan. 1,
2018. The merged entity has 31.1 million customers in Argentina
and holds 56% of the broadband, 38% of the pay-tv, 32% of the
mobile and 48% of the fixed telephony market in Argentina. Telecom
Argentina became the first domestic operator to take a step
forward towards quadruple play offering. Aside from the strong
market shares, large scale, and full range of telecommunication
services, S&P believes one of the company's most important
competitive advantages is its extensive fiber optic network, which
no other domestic peer has, ensuring that it's the only player
with an appealing quadruple play offering in Argentina at least in
the medium term. On the other hand, the company has a narrow
geographic diversification because it generates about 95% of its
EBITDA in Argentina, and weaker mobile coverage in the southern
region of the country. S&P said, "We believe the latter risk
factor should diminish in the medium term, given that the company
will direct a large part of its investments in the next few years
towards mobile infrastructure and 4G coverage deployment. The
latter, in our opinion, will allow Telecom Argentina to widen
slightly its market share on the mobile business. Regarding the
company's geographic diversification, we believe shareholders have
a longer-term strategy to position Telecom Argentina as a regional
player, but this will take further larger investments and probably
several years, beyond the timeframe of our analysis."

S&P said, "Telecom Argentina has announced a capex plan for $5
billion between 2018 and 2020. As a result, we expect the company
to increase its leverage from very low levels, of about 0.7x pro
forma in 2017, but still maintain a prudent financial policy in
the next two years by maintaining debt to EBITDA at 1.0x-1.5x.
Nevertheless, we believe the company will generate a much weaker
cash flow in the coming years, because during a transition to a
more efficient capital structure, we expect it to post free
operating cash flow (FOCF) deficits starting in 2019 while
maintain high dividend payout ratios."

Following the merger, Telecom Argentina's legal controlling
shareholder is Cablevision Holding S.A. (CVH), with a 39.1% stake.
Although CVH does not have a majority stake, Fintech Telecom (with
a 31.5% stake) and CVH have signed a shareholders' agreement that
grants CVH a majority of seats on the board and of voting rights.
S&P said, "We believe that Telecom Argentina's credit quality is
intertwined with that of its controller. Therefore, for the
purpose of our analysis, we assess leverage at the group level,
which includes CVH debt. Although at this point we believe the
parent's needs are minor, given that currently outstanding debt
has dropped to about $217 million, we acknowledge CVH could
venture into new debt-funded investments in the future, increasing
pressure on Telecom Argentina to upstream cash. For instance, we
believe CVH might need to raise additional debt in the near term
to complete the tender offer to Telecom Argentina's minority
shareholders. Nevertheless, based on the prudent financial
guidelines stated in the shareholders' agreement (gross debt to
EBITDA ratio no greater than 3.0x) we do not expect CVH to
aggressively increase Telecom Argentina's leverage."



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B O L I V I A
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BDB BOLIVIA: Moody's Alters Ba2 Deposit Rating Outlook to Stable
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
affirmed Banco do Brasil S.A. (BdB Bolivia)'s ratings and changed
the outlook of its Ba2 global scale local currency deposit rating
to stable from negative. The rating action follows the
announcement by Moody's Investors Service that it changed the
outlook of Banco do Brasil S.A.'s local currency deposit ratings
to stable from negative on April 10, 2018. All of BdB Bolivia's
ratings now carry a stable outlook.

The following BdB Bolivia ratings were affirmed:

Ba2 Long-term local currency deposit rating, outlook changed to
stable from negative

Not Prime short-term local currency deposit rating

B1 long-term foreign currency deposit rating; stable outlook

Not Prime short-term foreign currency deposit rating

Aaa.bo Bolivia long-term national scale local currency deposit
rating; stable outlook assigned

Aa3.bo Bolivia long-term national scale foreign currency deposit
rating; stable outlook

BO-1 Bolivia short-term national scale local currency deposit
rating

BO-1 Bolivia short-term national scale foreign currency deposit
rating

Ba1(cr) long-term counterparty risk assessment (CRA)

Not Prime(cr) short-term counterparty risk assessment

Outlook, Changed To Stable From Negative(m)

RATINGS RATIONALE

As a branch of Banco do Brasil, BdB Bolivia carries its home
office's ratings subject to Bolivian country ceilings.
Consequently, the affirmation of BdB Bolivia's ratings and the
change in outlook follows directly from the similar rating action
taken on BdB on April 10, 2018.

WHAT COULD CHANGE THE RATING UP/DOWN

BdB Bolivia ratings will face downward/upward pressure if BdB's
ratings are downgraded/upgraded. Additionally, an upgrade or
downgrade of Bolivia's sovereign rating could also lead to a
change of BdB Bolivia's global scale foreign currency deposit
rating, though its national scale ratings would likely be
unaffected.

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

Banco do Brasil S.A. is headquartered in La Paz, Bolivia and had
total assets of BOB452 million ($65 million) and equity of BOB194
million ($28 million) as of December 31, 2017.



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B R A Z I L
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BANCO DO BRASIL: Fitch Assigns Final BB- Rating to 2023 Debt
------------------------------------------------------------
Fitch Ratings has assigned Banco do Brasil S.A.'s (BdB) USD750
million senior unsecured notes due April 2023 a final rating of
'BB-'.

The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on April 12, 2018 (see "Fitch
Expects to Rate Banco do Brasil's Proposed Senior Notes Due 2023
'BB-').

KEY RATING DRIVERS

The final rating on the notes corresponds to BdB's Long-Term
Foreign Currency Issuer Default Rating (IDR) (BB-/Stable) and
ranks equal to its other senior unsecured debt. BdB's IDRs are
aligned with the sovereign ratings of Brazil and reflect the
federal government control and the bank's systemic importance. The
probability of the Brazilian government providing support to BdB
is moderate, which explains its Support Rating of '3' and its
Support Rating Floor of 'BB-'.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

BdB's IDRs and its issuance ratings would be affected by potential
changes in the sovereign ratings of Brazil and/or in the
sovereign's willingness to provide support to the bank, should the
need arise.

Fitch currently rates BdB as follows:

--Long-Term Foreign and Local Currency IDRs 'BB-', Outlook
   stable;
--Short-Term Foreign and Local Currency IDRs 'B';
--National long-term rating 'AA+(bra)', Outlook Negative;
--National short-term rating 'F1+(bra)';
--Support Rating '3';
--Support Rating Floor 'BB-';
--Senior unsecured notes due 2018, 2019, 2020, 2022 and 2025
   'BB-';
--Viability Rating 'bb-'.


REDE D'OR: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale and 'brAA-'
national scale corporate credit ratings on Rede D'Or Sao Luiz S.A.
(Rede D'Or). The outlook remains stable.

S&P said, "At the same time, we affirmed our 'brAA-' issue-level
rating on the company's existing senior unsecured debentures and
our 'BB-' issue-level rating on the senior unsecured notes issued
by Rede D'Or Finance S.ar.l., fully and unconditionally guaranteed
by Rede D'Or. The '4' recovery rating on both issuances remains
unchanged, reflecting our expectation of average recovery (40%) in
the event of payment default.

"The ratings affirmation reflects our expectation that Rede D'Or
will continue growing organically, opening of new hospitals and
expansion existing ones, due to resilient demand in Brazil because
of an aging population and a deficit of hospital beds. The company
has been successful in extending its debt tenor, reaching a
weighted average of 4.8 years, compared to 3.1 years at the end of
2016. This follows the bond and CRI (certificate of real estate
receivables) issuances in the first quarter of 2018, and a recent
extension of R$1 billion that would mature from 2019 to 2021, to
2023. As a result of these transactions, the company now presents
lower refinancing needs going forward, which led us to revise our
assessment of company's liquidity to strong from adequate. Despite
the stronger liquidity, the ratings are still limited by the
sovereign, given its exposure to health insurance plan operators
(Rede D'Or's payers), which we believe would suffer under a
hypothetical sovereign default scenario.

"The stable outlook reflects our expectation that Rede D'Or will
continue delivering solid operating efficiency as it expands
operations, leading to relatively stable leverage, with debt to
EBITDA close to 2x and positive free cash flow from 2019 onward."



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


JAMAICA: Raises $5-Million on Domestic Market
---------------------------------------------
RJR News reports that the Jamaican Government has raised $5
billion in the domestic market.

It is reported that it raked in the funds when it reopened the
Fixed-rate 7.25 per cent Benchmark Investment Notes due 2021,
according to RJR News.

A statement from the Finance Ministry said it was oversubscribed,
the report notes.

The offer was limited to $5 billion with a tenor of 3 years and an
average yield of 4.34 per cent, 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.


JAMAICA: Cost of Living High Due to Import-Dependent Consumption
----------------------------------------------------------------
RJR News reports that former Jamaican Prime Minister Bruce Golding
said Martinique had a cost of living relatively higher than many
of its Caribbean counterparts and 40 per cent higher than in
France because almost all consumption was supported by imports
from Europe.

He said member states of the Caribbean Community (CARICOM) were
failing to take advantage of opportunities for trade within the
region, which imports US$35 billion in merchandise annually, but
only US$3 billion from their neighbors, according to RJR News.

The report notes that he argued it is due in part to their failure
to implement the Caribbean Single Market and Economy (CSME).

Mr. Golding said that was linked to a lack of competitiveness,
diversification of goods produced and the absence of leadership
with the will to implement a new market structure, the report
relays.

The former Prime Minister was speaking at a Jamaica Chamber of
Commerce (JCC) breakfast at the Knutsford Court Hotel, New
Kingston, 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.


UC RUSAL: Russian Business Tycoon to Give Up Control of Biz
-----------------------------------------------------------
RJR News, citing The Financial Times, reports that business tycoon
Oleg Deripaska is set to give up control of Windalco's parent
company -- Russian aluminium producer UC Rusal.

He will reduce his majority stake in E N Plus, UC Rusal's London-
listed parent company, as he attempts to release the groups from
crippling US sanctions, according to RJR News.

Under the proposed deal, Mr. Deripaska would cut his 70 per cent
holding in E N Plus to below 50 per cent and resign from its
board, the report notes.

The move would in effect sever the Russian tycoon from the
aluminum empire he built from the ashes of the Soviet Union and
hand a major victory to the Trump Administration, the report
relays.

According to people close to the matter, E N Plus, which listed on
the London Stock Exchange last November in a 1.5 billion US dollar
flotation, would also relinquish its rights to nominate the chief
executive of UC Rusal and manage the business, the report notes.

The report discloses that the sanctions against UC Rusal have shut
off 8 per cent of the world's aluminum supply since they were
introduced this month.

UC Rusal is the world's second-largest aluminum producer and the
largest outside China, with output of 3.7 million tons a year.

Jamaica is hoping the Russian company can avoid the sanctions and
avert a crisis in the economy, the report relays.

Mining Minister, Robert Montague, has said the loss of export
earnings to the Jamaican economy should the Windalco plant close
would amount to US164 million annually, the report notes.

Rusal owns Windalco, which operates the Ewarton alumina plant in
St. Catherine.

Meanwhile, the price of aluminum fell after news emerged that UC
Rusal will overhaul its management structure to restore shipments,
further dampening fears of a supply shortfall, the report says.

Three-month aluminum on the London Metal Exchange closed 2.2
percent down at US$2,225 a ton, the report notes.

The metal was set for its biggest weekly drop in seven years as
investors scaled back bets that the sanctions, which sent aluminum
to its highest since 2011 in the previous week, would hurt
availability, the report relays.

It fell sharply from its April 19 peak after the United States
gave American customers of UC Rusal more time to comply with
sanctions, though it rebounded as the week wore on, th report
adds.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2018, Fitch Ratings revised the Rating Watch on
Russia-based aluminium company United Company Rusal Plc's Long-
Term Issuer Default Rating (IDR) of 'BB-', Short-Term IDR of
'B' as well as Rusal Capital D.A.C.'s senior unsecured rating of
'BB- '/'RR4' to Negative from Evolving. Fitch simultaneously
withdrew all the ratings.



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


FERREYCORP S.A.A.: S&P Affirms 'BB+' CCR, Outlook Remains Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' corporate credit and issue-
level ratings on Ferreycorp S.A.A. The outlook on the corporate
credit rating remains stable.

The affirmation reflects S&P's view that Ferreycorp's credit
metrics have remained in line with its rating category and will
remain stable in the next 12 months, posting debt to EBITDA below
3.0x and DCF to debt of about -0.5%. Nevertheless, the company has
continued to face difficult business conditions as a result of
delays in construction and mining projects, which have deferred
the purchase of equipment, as well as the political uncertainty in
Peru stemming from the resignation of President Pedro Pablo
Kucczynski and the swearing in of Martin Vizcarra, former vice
president as the new president.

These adverse conditions have resulted in a flat growth of
Ferreycorp's revenue in 2017 and a reduction of its free operating
cash flow (FOCF) generation relative to 2016. However, thanks to
the company's resilient business model and prudent financial
policy, it maintained its EBITDA margin above 11% and generated
FOCF. Furthermore, Ferreycorp continued to pay down dividends
during 2017, reduced its gross debt by about PEN140 million, and
further repurchased $62.3 million of its unsecured notes due 2020
through a mix of debt and own cash, in order to improve its
capital structure flexibility and financing costs.

S&P said, "In our view, Ferreycorp continues to benefit from a
solid and established relationship with Caterpillar Inc.
(A/Stable/A-1) as the unique distributor of the manufacturer's
machinery and equipment in Peru. The company also maintains a
leading market position in domestic capital goods market, an
extensive product portfolio with strong brand recognition, and
diversified end markets and client base. In our view, the
company's long track record and expertise in delivering premium
quality after-sale services remain critical to Caterpillar's
global business model. Nonetheless, Ferreycorp remains exposed to
the construction sector and to the cyclical, resource-based
industries, such as energy and mining, which can bring some
volatility in operating margins during downturn cycles. We also
believe that Ferreycorp's geographic diversification is narrower
than those of its global peers because it generates about 90% of
its sales in Peru. Although we expect the company to expand its
operations to the rest of Latin America, we believe that its
revenue base will continue to be highly concentrated in Peru's
market in the medium term. Furthermore, we expect Ferreycorp to
continue strengthening its spare parts and service business
segment, which would contribute to cash flow generation stability,
product and services diversification, and to mitigate end-markets
cyclicality.

"We believe that Ferreycorp's leverage metrics in the next two
years will remain stable because of the company's higher working
capital requirements arising mainly from inventory build-up to
meet customers' needs, as well as from increased account
receivables coming from expected start of construction and mining
projects in the coming years, particularly 2019, leading to a
constant use of revolving credit facilities. We also expect
Ferreycorp's EBITDA margin to remain broadly stable in the next
few years, in the 11%-12% range, coupled with solid and consistent
FOCF generation thanks to the company's flexible capex needs. We
also believe that Ferreycorp's financial performance will benefit
from Peru's favorable macroeconomic conditions, along with the
restart of the construction and mining projects."


OPERADORA DE SITES: S&P Lowers CCR to 'BB+', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings lowered its long-term global and national scale
corporate credit and issue-level ratings on Operadora de Sites
Mexicanos S.A. de C.V. (Opsimex) to 'BB+' from 'BBB-', and to
'mxAA-' from 'mxAA'. At the same time, S&P affirmed its 'mxA-1+'
rating on the company's short-term program of MXN3 billion. The
outlook on the corporate credit rating is stable.

S&P said, "We also assigned a recovery rating of '4' to Opsimex's
all senior unsecured notes. The '4' recovery rating indicates our
expectation of an average recovery (30%-50%; rounded estimate 45%)
in the event of default.

"The downgrade reflects the company's slower debt reduction pace
than we previously expected, which have weakened financial credit
metrics below an investment-grade rating range. Demand for new
clients hasn't accelerated because mobile operators in Mexico have
slowed their expansion in the domestic market. As a result, the
company's debt-to-EBITDA ratio was 5.7x as of March 31, 2018,
compared with 4.3x we had originally expected. We now expect this
ratio to remain between 5.0x and 5.5x in the next two years."

Opsimex has the largest wireless mobile communication tower
portfolio in Mexico by controlling a market share of about 50%
composed of approximately 15,066 tower sites as of the end of
2017. S&P expects demand for its towers to remain steady in the
near term, especially demand for new sites from the company's main
client, America Movil. Such demand will bolster Opsimex's EBITDA
margins and will likely yield sustainable revenue growth, with an
expected ratio of about 1.2 tenants per tower by the end of 2018.


ZITACAURO MUNICIPALITY: Moody's Cuts Issuer Ratings to B2/Ba2.mx
----------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Zitacuaro to B2/Ba2.mx from B1/Baa2.mx. The
outlook remains negative.

RATINGS RATIONALE

RATIONALE FOR THE RATING DOWNGRADE

The downgrade of Zitacuaro's ratings is prompted by recurrent high
operating and financial deficits and the municipality's tight
liquidity position, resulting in higher reliance on short-term
debt. Moody's does not expect any improvement in these metrics
over the next 12 months.

From 2015 to 2017, both gross operating and cash financing
balances have presented significant deficits representing on
average -25% of operating revenues and -2.6% of total revenues,
respectively, a poor performance compared to the B1 median of
rated Mexican municipalities. Operating expenditure pressures in
personnel, transfers as well as a significant increase in capital
expenditures are the main drivers of these financial results.
While the municipality of Zitacuaro plans to cut personnel,
transfers and capital expenditures, Moody's estimates that the
municipality's gross operating balance will continue to be
negative at -18.5% of operating revenues and its cash financing
requirement will represent -2.6% of total revenues in 2018-19.

While Moody's notes that the municipality has small financial debt
and no contingent liabilities related with its water company and
pensions, its current liabilities surged from MXN 50 million in
2015 to MXN 268 million in 2017 (85% of the city's operating
revenue), reflecting the financing of public works expenditure
through suppliers and contractors. The municipality's liquidity
has deteriorated significantly, with a cash and equivalents to
current liabilities ration that stood at 0.17 times (x) in 2017
from 1.74x in 2015. Furthermore, the municipality has increased
the use of short-term debt (MXN 7.5 million as of December 2017),
which reflects its weak liquidity position. For 2018-19 Moody's
estimates that cash and equivalents to current liabilities ratio
will stand around 0.22x if the municipality receives pending
federal and state transfers in 2018. Otherwise, Zitacuaro's
liquidity could face a sharper deterioration to an average of
0.11x.

Moody's rating action also reflects Zitacuaro's weak financial
planning practices, its high dependence on state and federal
transfers, and the municipality's weak economic profile with own
source revenue mainly deriving from agricultural activities.

Worth mention that Zitacuaro will change its government
administration in September 1st of 2018, therefore Moody's will
monitor the plans and policies to be implemented by the following
administration in terms of debt and expenditures.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Zitacuaro's ongoing challenges to
consistently improve its operating and financial balances, which
if unsuccessful will lead to a further deterioration of the
liquidity and an increase in debt levels.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook a rating upgrade is unlikely. However,
ratings could stabilize if Zitacuaro improves its operating and
financial balances, that in turn derive in a liquidity
improvement. On the contrary, if the liquidity continues to
deteriorate in conjunction with more use of short term debt,
ratings will face downward pressure.

The period of time covered in the financial information used to
determine Zitacuaro's rating is between 01/01/2013 and 31/12/2017.
(source: financial statements of the municipality of Zitacuaro)


* MEXICO: Economy Picked Up Pace in First Quarter
-------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
economic activity accelerated in the first quarter, growing at its
fastest rate in six quarters as industrial production recovered
and services picked up pace.

Gross domestic product, a measure of output in goods and services,
expanded 1.1% seasonally adjusted from the fourth quarter of 2017,
the National Statistics Institute said, according to The Wall
Street Journal.

The increase, which translates into an annualized rate of 4.6%,
was the highest since the third quarter of 2016, and above the
0.8% expansion in the previous quarter, the report notes.

Industrial output was up 0.7%, services grew 1.2%, and
agricultural production increased 0.8%, the report relays.

Strength in manufacturing backed by export demand, and a pickup in
construction in an election year, has contributed to the improved
industrial performance, the report notes.  Industrial production
contracted 0.6% in 2017, when the overall economy grew 2%, the
report discloses.

Compared with the first quarter of 2017, GDP expanded just 1.2%,
affected by the shift this year in the Easter holiday week, which
fell mostly in March, giving the first quarter fewer working days,
the report says. Adjusted for the negative calendar effect, GDP
was up 2.4%, the report relays.

The preliminary numbers are scheduled to be revised on May 23, the
report adds.



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

AUTO MASTER EXPRESS: Seeks Authority to Use Cash Collateral
-----------------------------------------------------------
Auto Master Express Inc. seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to use cash
collateral in the ordinary course of business.

The Debtor owns a service station located at PR 198, km 16.0,
Ceiba Sur Ward in Juncos, PR. As set for the in the monthly
budget, the Debtor requires the use of cash collateral to fund all
necessary operating expenses of the service station. The budget
shows projected operation expenses in the aggregate sum of $2,352.

The Debtor also intends to use cash collateral for payment of its
secured priority debts once they have been restructured by
stipulation with secured creditors or by cramdown.

The Debtor acknowledges that creditor Banco Popular de PR may have
liens on the cash collateral in the approximate amount of
$418,014.

The Debtor claims that the value of the property collateral is
estimated in the amount of $300,000.

The Debtor proposes to provide to Banco Popular a monthly payment
in the amount of $100 commencing in May 2018. The Debtor is
granting Banco Popular a monthly payment on post-petition
collateral to the extent its prepetition collateral is diminished
by the Debtor's use of cash collateral.

A full-text copy of the Debtor's Motion is available at

              http://bankrupt.com/misc/prb18-01464-18.pdf

                     About Auto Master Express

Auto Master Express Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-01464) on March 19,
2018.  At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million.


FIRSTBANK PUERTO RICO: S&P Affirms B+ ICR & Alters Outlook to Neg.
------------------------------------------------------------------
On April 26, 2018, S&P Global Ratings affirmed its ratings on
FirstBank Puerto Rico, OFG Bancorp, and Popular Inc. At the same
time, S&P revised its outlook on FirstBank Puerto Rico to stable
from negative and maintained its negative outlooks on OFG Bancorp
and Popular Inc.

RATIONALE

S&P said, "The rating affirmations primarily reflect our view that
all three Puerto Rican banks' operations have recovered in the
aftermath of Hurricane Maria and they are maintaining financial
performance that is consistent with our expectations and our
current ratings on the companies. Our affirmations also consider
that the three banks have substantially reduced their loan
exposures to the Puerto Rican central government and its
municipalities, built capital balances, and reduced troubled loans
in recent years.

"Nonetheless, we think Puerto Rico still faces substantial
infrastructure, economic, and fiscal challenges. As of today, the
vast majority of the island has had power restored--a big
improvement since last October -- but power outages have been
common, and at times widespread, in recent months. While
rebuilding continues, we expect that a full recovery could take
much longer, given delays in receiving insurance payments, federal
spending trends, and uncertainty regarding a fiscal plan for the
Commonwealth. In our view, considerable uncertainty persists
regarding the direction of the local economy given disruptions in
small-business operations, elevated outmigration, and weakness in
the tourism and manufacturing sectors, although insurance
proceeds, federal grants, and loans should partially offset some
of the economic weakness. Longer term, it is unclear if
outmigration will reverse as the local economy recovers and if
companies will decide to move production given infrastructure
issues, tax differentials, and fiscal austerity.

"Given the challenges in the operating environment, we expect the
banks could incur higher loan losses in the future. Moreover, we
think the 90-day moratoriums on loans to consumer and commercial
borrowers based on regulatory guidance have likely resulted in
temporary cash build among borrowers and have partially distorted
credit-quality metrics by potentially delaying the recognition and
disclosure of nonperforming loans."

FIRSTBANK PUERTO RICO

S&P said, "Our ratings affirmation of FirstBank Puerto Rico and
outlook revision to stable from negative mainly reflects our view
that the bank's high capital levels provide it with sufficient
room to absorb large loan losses under a stress scenario, as well
as our view that our relatively low rating on the bank already
fully reflects the challenges that we expect. In particular, we
believe residential delinquencies and foreclosures could increase
materially as the full impact of the weakness becomes visible over
the next few quarters. Nevertheless, we forecast the bank's S&P
Global Ratings risk-adjusted capital (RAC) ratio to remain strong,
toward the high end of the 10% to 15% range, over the next two
years.

"Other factors incorporated in our affirmation of the rating at a
lower level than peers include the bank's high dependence on
interest income (fee income contributes only 11% of total
revenue), high reliance on the local economy for revenue
generation (82% of revenues were generated on the island in 2017),
a declining deposit market share, meaningful exposure to the U.S.
and British Virgin Islands (6% of loans and where the destruction
from hurricane was even more acute than Puerto Rico), higher-than-
peer concentration in real estate-based lending in the island, and
the bank's high exposure to commercial real estate projects. The
ratings also reflect FirstBank's higher nonperforming asset (NPA)
levels relative to bank peers, which were 13% (including
restructured loans) as of Dec. 31, 2017. Additionally, funding
remains weaker than peers, but, positively, the bank's reliance on
brokered deposits has declined materially in recent years. The
negative adjustment notch reflects our view that the bank faces
incremental vulnerability relative to peers from its weaker credit
and profitability metrics, greater direct and indirect exposures
to the Puerto Rican government relative to peers, and outsize loan
exposures to residential real estate.

"We could raise our ratings over the next 12 months if credit
losses were to materialize at rates well below our current
expectations, thereby failing to impair capitalization as much as
we expect, and if deposits remain largely stable, driving the
bank's operating and loss performance to fall more in line with
its higher-rated Puerto Rican bank peers. We see a limited
potential for a downgrade over the next 12 months."

OFG BANCORP

The outlook on OFG Bancorp is negative, reflecting the potential
for additional weakening in the bank's credit performance and
profitability in the near term. S&P said, "We could lower our
ratings over the next 12 months if the company's loan performance
deteriorates substantially as the moratoriums phase out, or if its
funding and liquidity measures worsen. Conversely, we may revise
the outlook to stable in the next 12 months if credit pressures
abate and deposit balances remain stable."

S&P said, "Our affirmation of the ratings considers the sizable
capital cushion that OFG has built since 2011, the considerable
improvement in NPAs in the past couple of years, and the reduction
in the bank's direct and indirect government exposures. We expect
the bank's S&P Global Ratings RAC ratio to remain strong, in the
10% to 15% range, over the next two years.

"We believe the bank lacks geographic diversification, has limited
scale in the local market, and continues to face significant
competition from larger banks across key businesses. We view OFG's
exposure to residential mortgages as a potential source of credit
deterioration. Additionally, we are cautious about OFG's large
concentration in auto lending and its intention to grow its loan
portfolio by participating in syndicated commercial loans outside
of its core market.

"We also favorably view the meaningful improvement in the bank's
funding metrics in recent years, mainly reflecting substantially
lower wholesale funding. Nevertheless, since deposit growth has
likely benefited from the inflow of insurance funds and higher
customer savings as a result of the loan moratoriums, we will
continue to closely monitor the bank's resiliency of deposits."

POPULAR INC.

The outlook on Popular Inc. is negative, reflecting the potential
that the bank's loan performance could deteriorate more than we
previously anticipated following Hurricane Maria. S&P said, "We
also view negatively the expected decline in capital ratios and
cash balances, especially in light of difficult economic
challenges, resulting from the announced acquisition of certain
assets and liabilities related to Wells Fargo & Co.'s auto finance
business in Puerto Rico. As such, we could lower the rating in the
next 12 months if loan performance or the local economy
deteriorates more than we currently expect. We could also lower
the rating if capital ratios decline more than we expect, perhaps
because of increased capital returns to common shareholders,
acquisitions, or additional purchases of loan portfolios.
Conversely, we could revise the outlook to stable in the next 12
months if nonperforming loans decline and if capital ratios
rebound significantly."

S&P said, "Nevertheless, despite significant challenges, we think
Popular is better positioned than other banks in Puerto Rico to
weather the local economic downturn and fiscal austerity for
several reasons. First, Popular has the lowest NPA ratios among
its local peers, aided, we think, by its exposures to many of the
larger commercial borrowers on the island. Second, Popular has
significant loan portfolios outside of Puerto Rico, which helps
diversify its revenues geographically to some degree. Third, the
company's funding has improved substantially in recent years, in
part because of deposit growth and reduced wholesale borrowings,
although we believe that deposit trends could be--at least
partially--temporarily supported by insurance monies and payment
moratoriums. Finally, the bank has been consistently profitable in
recent years, excluding various nonrecurring items, and has
increased its local market share aided by the Doral Bank
transaction."

  RATINGS LIST

  Rating Affirmed; Outlook Revised
                                   To              From
  FirstBank Puerto Rico
   Issuer Credit Rating            B+/Stable/--    B+/Negative/--

  Ratings Affirmed

  OFG Bancorp (Bank Holding Company)
   Issuer Credit Rating            B/Negative/--
  Oriental Bank
   Issuer Credit Rating            BB-/Negative/--
  Popular Inc. (Bank Holding Company)
   Issuer Credit Rating            BB-/Negative/B
  Banco Popular de Puerto Rico
   Issuer Credit Rating            BB+/Negative/B
  Popular North America Inc.
   Issuer Credit Rating            BB-/Negative/B
  Popular International Bank Inc.
   Issuer Credit Rating            BB-/Negative/--


GABRIEL RUBERO: Taps Atty. Carlos Calderon as Bankruptcy Counsel
----------------------------------------------------------------
Gabriel Rubero Enterprises Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire legal
counsel in connection with its Chapter 11 case.

The Debtor proposes to employ Carlos Calderon, Esq., to give legal
advice regarding its duties under the Bankruptcy Code; negotiate
with creditors in the formulation of a plan of reorganization; and
provide other legal services related to its Chapter 11 case.

Mr. Calderon charges an hourly fee of $180.  He received a
retainer in the sum of $3,000.

In a court filing, Mr. Calderon disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Calderon can be reached through:

     Carlos M. Calderon
     Galeria I
     201 Avenue, Arterial Hostos, Suite 202
     San Juan, PR 00918
     P.O. Box 193881
     San Juan, PR 00919
     Tel: (787) 763-3311
     Fax: (787) 764-8072
     E-mail: calderon@cmcglaw.com
             info@cmcglaw.com

                 About Gabriel Rubero Enterprises

Gabriel Rubero Enterprises Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-01315) on March
12, 2018.


TOYS R US: Hires Consensus Advisory as Investment Banker
--------------------------------------------------------
Toys "R" Us, Inc., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the Eastern District of Virginia to
employ Consensus Advisory Services LLC and Consensus Securities
LLC, as sale process investment banker to the Debtors.

Toys R Us requires Consensus Advisory to:

   (a) meet with the Debtors' management to familiarize itself,
       to the extent it deems appropriate and feasible, with the
       Intellectual Property Assets;

   (b) advise and assist the Debtors in (i) evaluating
       opportunities to maintain or re-start the ecommerce
       operations, whether directly or in conjunction with third
       parties, and whether permanently or as a bridge to a Sale
       Transaction (the "Re-Start Process"), (ii) assessing and
       estimating the costs and benefits of the Re-Start Process
       and (iii) determining interest in, and the valuation of,
       the Intellectual Property Assets from third parties
       through a process by which the Intellectual Property
       Assets are marketed for sale (a "Sale Process");

   (c) as requested by the Debtors as part of a Sale Process,
       assist management in the preparation of a written document
       (the "Marketing Materials") describing the Intellectual
       Property Assets for the purpose of soliciting interest
       from third parties to engage in the Sale Process (it being
       understood that Consensus shall not be responsible for the
       validation, substantive review or updating of any
       information included in the Marketing Materials including,
       without limitation, any projected or pro forma financial
       information);

   (d) advise the Debtors as to the timing, structure and pricing
       of any sale opportunity with respect to the Intellectual
       Property Assets that arises from the Sale Process;

   (e) identify, update, and review with the Debtors on an
       ongoing basis a list of parties that may be interested in,
       and capable of, (a) assisting the Debtors in the Re-Start
       Process or (b) engaging in the Sale Process (such parties
       as approved by the Debtors, the "List");

   (f) approach prospective parties on the List as approved by
       the Debtors about their interest in engaging in the Re-
       Start Process or the Sale Process and, upon the execution
       of a non-disclosure agreement satisfactory to the Debtors,
       transmit to such parties the Marketing Materials or other
       materials as directed by the Debtors;

   (g) as requested by the Debtors, participate on the Debtors'
       behalf in negotiations concerning any transaction or
       commercial relationship involving the Intellectual
       Property Assets arising from the Sale Process or Re-Start
       Process, respectively; and

   (h) being available at the Debtor's request to meet upon
       reasonable notice and at reasonable times to discuss any
       proposed transaction or commercial relationship and its
       financial implications.

Consensus Advisory will be paid as follows:

   (a) Retainer: An upfront retainer of $150,000 shall be paid
       immediately upon approval of the Engagement Letter by the
       Court. If the Debtors wish Consensus to continue to
       provide services beyond the date that is three months from
       the effective date the Engagement Letter, the Debtors
       shall pay to Consensus Advisory an additional monthly
       retainer of $50,000 per month on each subsequent monthly
       anniversary of the date of this agreement beginning on
       July 2, 2018.

   (b) Sale Success Fee: If a sale by the Debtors of the
       Intellectual Property Assets occurs either (i) during the
       term of Consensus's engagement or (ii) at any time during
       a period of 12 months following the effective date of the
       Debtors' termination of Consensus Advisory's engagement
       (other than the Debtors' termination for cause) to an
       entity on the List, then the Debtors shall pay Consensus
       Advisory a fee (a "Sale Success Fee") equal to one percent
       (1.0%) of the Purchase Price (as defined in Exhibit A of
       the Engagement Letter) as and when such proceeds are
       collected by or for the benefit of the Debtors (but in any
       event no earlier than the closing of such sale by the
       Debtors of the Intellectual Property Assets).

   (c) Re-Start Success Fee: If the Debtors enter into one or
       more commercial arrangements that enables them to re-start
       the ecommerce business either (i) during the term of
       Consensus Advisory's engagement or (ii) at any time during
       a period of 12 months following the effective date of the
       Debtors' termination of Consensus Advisory's engagement
       (other than the Debtors' termination for cause) with one
       or more entities on the List, then the Debtors shall pay
       Consensus Advisory a fee equal to one percent (1.0%) of
       the net revenue generated from the Debtors' ecommerce
       business from the start of such a re-start until the date
       that is five years after such re-start date, provided that
       such fees shall not exceed two-million five-hundred
       thousand dollars ($2,500,000) (a "Re-Start Success Fee").

   (d) Payment of Fees and Claims on Proceeds. Any Sale Success
       Fee shall be paid from the first proceeds of the sale of
       the Intellectual Property Assets without regard to any
       liens thereon or clams on proceeds therefrom. Any Re-Start
       Fee paid shall be paid to Consensus from the first
       proceeds received by the Debtors on the last day of any
       monthly period in which any such proceeds are actually
       received by the Debtors or their stakeholders without
       regard to any liens against the Intellectual Property
       Assets or claims on proceeds generated therefrom. Such
       fees shall be paid by wire transfer or check payable in
       immediately available funds (provided that to the extent
       the calculation of such fee includes any deferred or
       contingent payments (including amounts held in escrow)
       then the portion of the applicable fee attributable
       thereto shall be payable on the date on which the same are
       actually received by the Debtors and/or its
       securityholders). Interest on such fees will accrue at the
       rate of eight percent (8%) per annum from the date on
       which such payment becomes due and payable if payment is
       delayed for any reason (other than a good faith dispute
       between the parties as to any such fees).

Michael A. O'Hara, managing member of Consensus Advisory Services
LLC and Consensus Securities LLC, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

Consensus Advisory can be reached at:

     Michael A. O'Hara
     CONSENSUS ADVISORY SERVICES LLC
     CONSENSUS SECURITIES LLC
     100 River Ridge Drive, Suite 202
     Norwood, MA 02062
     Tel: (617) 437-6500
     Fax: (617) 437-6506

                     About Toys R Us, Inc.

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. Consensus Advisory Services LLC and
Consensus Securities LLC, as sale process investment banker. 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.



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


CL FINANCIAL: CIB to Repay Creditors From April 30
--------------------------------------------------
Trinidad Express reports that nearly seven years after it was
placed in compulsory liquidation, Clico Investment Bank (CIB) has
notified its creditors that it will pay them half of what it owes
them from April 30 through May 7, 2018.

It is the first dividend distribution that the financial
institution will pay since it was put into liquidation by the High
Court on October 17, 2011, according to Trinidad Express.

A notice was issued to "admitted creditors" by the Deposit
Insurance Corporation (DIC), which is the liquidator for CIB-In
Compulsory Liquidation (CIB-ICL), the report notes.

CIB's dividend distribution has implications for at least two
entities -- the insurance company CLICO, which remains under the
control and management of the Central Bank under Section 44D, and
Government's proposed National Investment Fund (NIF), the report
adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders have vowed to pay back
a TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration.

Caribbean360.com said the Trinidad Government went to the High
Court with a petition to have the company liquidated.  Finance
Minister Colm Imbert had explained then that the move was
in response to attempts by the company's shareholders to take
control of the board.  However, after a near seven-hour hearing,
High Court Judge Kevin Ramcharan sided with the company
shareholders, ruling that the action by the Government was
premature.

The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015,
that the Constitution Reform Forum (CRF) has called on Finance
Minister Larry Howai to refrain from embarking on an "unnecessary
drain on the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited.  The CRF
issued a release stating that if the decision is appealed, not
only will it be a waste of finance but such a course of action
will also demonstrate a "lack of commitment by the Government to
the spirit and intent of the Freedom of Information Act FOIA",
under which the request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


TRINIDAD & TOBAGO: T&TEC Owed $275 Million
------------------------------------------
Trinidad Express, citing company chairman Keith Sirju, reports
that Trinidad and Tobago Electricity Commission (T&TEC) is owed
some $275 million in arrears.  Mr. Sirju disclosed the figure when
he spoke to the media after the commissioning ceremony of 32 new
aerial lift and crane trucks at T&TEC's Public Lighting Department
in Gasparillo, according to Trinidad Express.

Minister of Public Utilities Robert Le Hunte was also in
attendance and delivered the feature address, the report notes.
Mr. Sirju said the $275 million in outstanding arrears involved
both businesses and residential, and it was affecting the cash
flow of the organization and its ability to do other business in a
timely manner, the report adds.



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


BANCO PATAGONIA: Moody's Confirms Ba3 Global Scale Deposit Ratings
------------------------------------------------------------------
Moody's Investors Service has confirmed Banco Patagonia
S.A.I.F.E.'s (Patagonia Uruguay) long-term global local and
foreign currency deposit ratings of Ba3 and long-term national
scale local and foreign currency deposit ratings of Baa3.uy.
Moody's also confirmed the bank's adjusted baseline credit
assessment (BCA) of ba3 and long-term counterparty risk assessment
(CRA) of Ba2(cr). The short-term global local and foreign currency
ratings of Not Prime, the short-term CRA of Not Prime(cr), and the
standalone BCA of b1 were affirmed. The outlook on all ratings is
stable.

This rating action concludes the review for downgrade on Patagonia
Uruguay's ratings that was initiated in August 2016 following the
announcement by Banco Patagonia S.A., the parent of Patagonia
Uruguay, that its shareholders were discussing a potential sale of
some of their shares.

The ratings and assessment of Banco Patagonia S.A.I.F.E were
confirmed:

Long-term global local currency deposit rating of Ba3, outlook
changed to stable from review for downgrade

Long-term global foreign currency deposit rating of Ba3, outlook
changed to stable from review for downgrade

Long-term national scale local currency deposit rating of
Baa3.uy, outlook changed to stable from review for downgrade

Long-term national scale foreign currency deposit rating of Baa3,
outlook changed to stable from review for downgrade

Long-term counterparty risk assessment of Ba2(cr)

Adjusted Baseline Credit Assessment of ba3

The following ratings and assessment of Banco Patagonia (Uruguay)
S.A.I.F.E were affirmed:

Short-term global local currency rating of Not Prime

Short-term global foreign currency rating of Not Prime

Short-term counterparty risk assessment of Not Prime(cr)

Baseline Credit Assessment of b1

Outlook Actions:

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The confirmation of Patagonia Uruguay's ratings follows the
confirmation of the ratings of Patagonia Argentina by Moody's
Latin America Agente de Calificacion de Riesgo (MLA) and reflects
Moody's view that Patagonia Argentina's controlling shareholder,
Banco do Brasil S.A. (BB, Ba2 stable, ba2), will maintain majority
ownership of its Argentinean subsidiary, and hence indirect
control of Patagonia Uruguay. While there remains a possibility
that BB may divest part of its holdings in Patagonia Argentina in
the future, Moody's has concluded that the probability that BB
will support both Patagonia Argentina and Patagonia Uruguay
remains high for the time being.

The rating confirmation also considers the stabilization of the
outlook of BB and the affirmation of its ratings on 10 April 2018.

The affirmation of the bank's BCA considers its very strong
capitalization and liquidity, and very low asset risk and reliance
on market funding, offset by very weak profitability. Tangible
common equity exceeded 30% of adjusted risk-weighted assets as of
December 2017, and market funds equaled just 0.2% of tangible
banking assets. The bank did not report any non-performing loans
given that nearly 100% of its assets are invested in highly liquid
securities on behalf of its clients. Due to the very low margins
generated by this business, however, the bank registered a small
net loss equal to 0.3% of tangible assets, and it barely broke
even the previous three years.

Despite the bank's seemingly low intrinsic risk profile, however,
its BCA is constrained by its close credit linkages with Patagonia
Argentina, its 100% owner, and the Argentina economy given its
dependence on its Argentine parent for most of its clients. The
Uruguayan subsidiary focuses on reinvesting deposits from
Argentine clients in highly liquid investments, without
undertaking any lending operations. While the bank did not suffer
a significant outflow of deposits during Argentina's recent tax
amnesty, it is nevertheless vulnerable to sudden withdrawals
related to economic developments in Argentina, the operating
environment of which remains challenging notwithstanding various
market-friendly policy reforms implemented in recent months by the
Macri administration.

As Patagonia Uruguay's rating incorporates a high probability of
support from BB, its stable outlook is in line with BB's stable
outlook.

WHAT COULD CHANGE THE RATING -- DOWN/UP

The bank's ratings would face upward pressure if the BCA of its
parent, Patagonia Argentina were to increase. Upward pressure
could also arise if net income were to increase to at least 0.5%
of tangible assets on a sustainable basis, or if the bank were to
diversify its funding structure, thereby mitigating the risk of a
run by its non-resident depositors.

Conversely, Patagonia Uruguay's ratings could face downward
pressure if it's parent's BCA were to be downgraded, or if the
operating losses were to increase sharply, driving the bank's
capital ratio below 10.5%. A swift drop in deposits could also put
downward pressure on the rating if the bank's revenue origination
was impaired as a result.

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

Banco Patagonia (Uruguay) S.A.I.F.E. is headquartered in
Montevideo, Uruguay, with assets of $35 million and shareholders'
equity of $12.3 million as of 30 December 2017.


                            ***********


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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