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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

             Thursday, May 10, 2018, Vol. 19, No. 92


                            Headlines



A R G E N T I N A

AES ARGENTINA: Fitch Affirms 'B' LT Issuer Default Rating
ARGENTINA: Seeks IMF Loan to Rescue Peso From Downward Slide


B R A Z I L

QGOG CONSTELLATION: Fitch Cuts LT Issuer Default Ratings to 'CC'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: As IMF Had Warned, Price of Oil Rears its Head


E C U A D O R

ECUADOR: President Asks Cabinet to Resign


G U A T E M A L A

GUATEMALA: Teachers Pressure Gov't. to Comply With Labor Pact


M E X I C O

PERFORADORA ORO NEGRO: Chapter 15 Case Summary


P E R U

TERMINALES PORTUARIOS: Fitch Hikes USD110M Secured Notes to 'BB'


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Facing Identity Crisis


V E N E Z U E L A

BANESCO BANCO: Fitch Places 'CC' IDRs on Watch Negative


                            - - - - -


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A R G E N T I N A
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AES ARGENTINA: Fitch Affirms 'B' LT Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed ratings and revised Outlooks on the
following corporate issuers as a result of the recent revision of
Argentina's Rating Outlook to Stable from Positive:

  --AES Argentina Generacion S.A.

  --Albanesi S.A.

  --Arcor S.A.I.C.

  --Cablevision S.A.

  --Capex S.A.

  --Compania Latinoamericana de Infraestructura y Servicios S.A.
   (CLISA)

  --Genneia S.A.

  --Inversiones y Representaciones S.A.

  --IRSA Propiedades Comerciales S.A.

  --Pampa Energia S.A.

  --Pan American Energy LLC.

  --Petroquimica Comodoro Rivadavia S.A.

  --Rio Energy S.A.

  --UGEN S.A.

  --UENSA S.A.

  --Telecom Argentina S.A.

  --YPF S.A.

KEY RATING DRIVERS

The revision of Argentina's Outlook to Stable from Positive
reflects macroeconomic policy frictions and political headwinds
that have intensified beyond Fitch's prior expectations,
highlighting risks surrounding the gradual policy adjustment
process. Fitch expects policy adjustments underway to progress
despite recent political noise and market volatility, gradually
reducing still high inflation and fiscal imbalances, and
supporting a stronger and more stable growth outlook.
Nevertheless, recent developments have highlighted the
vulnerability of the current policy strategy amid market sentiment
and political support.

In conjunction with the Outlook revision to Stable, Fitch affirmed
Argentina's Foreign Currency Issuer Default Ratings (IDRs) at
Argentina 'B' and its Country Ceiling at 'B'. The IDR reflects
high inflation and economic volatility, a weak albeit improved
external liquidity position, and large fiscal and current account
deficits implying heavy external borrowing (but from a favorable
starting point in terms of leverage). These weaknesses are
balanced by structural strengths including high per-capita income,
a large and diversified economy, and improved governance scores.


RATING SENSITIVITIES

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

  --An improved outlook for growth and inflation;

  --Consolidation of a more consistent policy framework and
progress on reforms;

  --Progress on fiscal consolidation and maintenance of favorable
sovereign financing access;

  --A sustained strengthening of the external liquidity position.

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

  --Fiscal slippage and/or re-emergence of fiscal financing
constraints;

  --Erosion of international reserves.

KEY ASSUMPTIONS RELATED TO ARGENTINA

  --Fitch expects the economy of key trading partner Brazil to
accelerate moderately in 2018 after returning to positive growth
in 2017.

  --Fitch expects monetary policy normalization in the U.S. will
proceed gradually and will not materially impair Argentina's
external financing access.

Fitch has affirmed and revised Outlooks on the following ratings:

AES Argentina Generacion S.A.

  --Foreign Currency Long-Term Issuer Default Rating (IDR)
affirmed at 'B'; Outlook to Stable from Positive;

Albanesi S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Arcor S.A.I.C.

  --Foreign Currency Long-Term IDR affirmed at 'B+'; Outlook to
Stable from Positive;

Cablevision S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Capex S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Compania Latinoamericana de Infraestructura y Servicios S.A.
(CLISA)

  --Foreign currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

  --Local Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Genneia S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Inversiones y Representaciones S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

IRSA Propiedades Comerciales S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Pampa Energia S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Pan American Energy LLC.

  --Foreign Currency Long-Term IDR affirmed at 'B+'; Outlook to
Stable from Positive;.

Petroquimica Comodoro Rivadavia S.A

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Rio Energy S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

UGEN S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

UENSA S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

Telecom Argentina S.A.

  --Long-Term Foreign Currency IDR affirmed at 'B'; Outlook to
Stable from Positive;

YPF S.A.

  --Foreign Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive;

  --Local Currency Long-Term IDR affirmed at 'B'; Outlook to
Stable from Positive.


ARGENTINA: Seeks IMF Loan to Rescue Peso From Downward Slide
------------------------------------------------------------
The Guardian reports that Argentina has appealed to the
International Monetary Fund for an emergency credit package in an
effort to avoid a financial crash and rescue its faltering peso
currency from a long downward slide against the dollar.

The announcement, against a backdrop of surging interest rates and
stubbornly resistant inflation, brought back echoes of Argentina's
monetary crash and foreign debt default in December 2001 when the
peso dropped overnight to a quarter of its value against the
dollar and bank accounts were frozen nationwide, according to
The Guardian.

"This will allow us to face the new global scenario and avoid a
crisis like the ones we have faced before in our history,"
president Mauricio Macri said, the report notes.

The report discloses that President Macri said international
conditions had changed since he assumed office in December 2015.

"During the first two years we have had a very favorable global
context, but today that is changing, global conditions are
becoming increasingly complex due to several factors: interest
rates are rising, oil is rising, currencies of emerging countries
have been devalued, all variables that we do not control," he
said, the report relays.

Last week, Argentina's central bank raised interest rates from
33.25% to 40% in a bid to halt the slide in the peso, the report
discloses.

The Argentinian currency has been losing value against the dollar
at a steady rate in the last few months, falling from under 20
pesos to the dollar to 24 pesos on May 8 despite the latest rate
rise, the report says.  The peso has depreciated by 18% so far
this year, the report notes.

Government sources quoted in Argentina suggested that President
Macri will be requesting $30bn from the IMF at below market
interest rates, the report relays.  "It's a large loan that
justifies paying the political cost," a government source was
quoted as saying by the daily Clarin, the report notes.

Shoring up the value of the peso has proven a heavy drain on
central bank reserves in the last months, the report discloses.
"Going to the IMF at 4% is saving about half on the interest
rate," tweeted Elisa Carrio, head of the Civic Coalition party
that forms part of Macri's Cambiemos governing coalition, the
report says.  "This will allow us to be covered until 2019," she
added.

Other members of the coalition were less pleased by the
announcement, the report notes.  "More than an agreement with the
IMF, what is needed is an agreement between Argentinians," said
Ricardo Alfonsin of the Radical party, the report relays.  "I'm
worried by the IMF's conditions. With time, the remedy could prove
worse than the disease," he added.

The report notes that President Macri said he had spoken to IMF
director Christine Lagarde in order to kick start negotiations for
the loan.

Cornered by lacklustre growth, rising retail prices, diminishing
popularity and a smaller-than-expected soy harvest, President
Macri's economic plan has been heavily dependent on foreign
financing, which had dried up in recent months, prompting the
appeal to the IMF for a line of credit, the report relays.

Last month, the IMF reduced its growth forecasts for Argentina
during 2018 from 2.5% to 2%, the report notes.  The government
also seems unlikely to meet its projected inflation rate of only
15% for 2018, with the IMF predicting 19.2% instead, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
May 8, 2018, Fitch Ratings has affirmed Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service has upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

Moody's said the key drivers of the upgrade of the rating to B2
are: (1) a record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy; and (2)
the likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.

On Nov. 10, 2017, Fitch Ratings revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term Foreign-
Currency Issuer Default Rating (IDR) at 'B'.

On Oct. 30, 2017, S&P Global Ratings raised its long-term
sovereign credit ratings on the Republic of Argentina to 'B+' from
'B'. The outlook on the long-term ratings is stable.  S&P also
affirmed its short-term sovereign credit ratings on Argentina at
'B'. At the same time, S&P raised its national scale ratings to
'raAA' from 'raA+'. In addition, S&P raised its transfer and
convertibility assessment to 'BB-' from 'B+', in line with its
assessment of sustained local access to foreign exchange.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


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B R A Z I L
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QGOG CONSTELLATION: Fitch Cuts LT Issuer Default Ratings to 'CC'
----------------------------------------------------------------
Fitch Ratings has downgraded QGOG Constellation S.A's (QGOG
Constellation or HoldCo) Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) to 'CC' from 'CCC'. Fitch has also
downgraded Constellation's senior secured notes due 2024 to
'CC'/'RR4' from 'CCC'/'RR4' and its senior unsecured notes due
2019 to 'C'/'RR6' from 'CC'/'RR6'.

Constellation's ratings downgrade reflects the company's
announcement that it will defer interest payments of approximately
USD27 million on its 9.5% senior notes due 2024 and USD3 million
on its 6.25% senior notes due 2019. Fitch expects the company's
liquidity and profitability to further deteriorate in the short to
medium term, contributing to a low visibility of cash flow
stability once contracts expire in 2018.

The one-notch rating differential between Constellation's secured
and unsecure notes reflect Fitch's expectation of a below average
recovery given default for the unsecured notes. This results from
the HoldCo's level debt structural subordination to debt at the
operating company's (OpCo) level as well as the presence of prior
ranking nature of the senior secured notes.

KEY RATING DRIVERS

Deteriorating Liquidity Position: Constellation's ratings reflect
the company's wakening liquidity position and high dependence on
its ability to roll over bank debt. The company's cash and cash
equivalents declined to approximately USD269 million (USD39
million restricted cash) as Dec. 31, 2017 from USD450 million
(USD43 million restricted cash) as of Dec. 31, 2016. Constellation
has been rapidly burning cash to repay existing debt, including
repayment of the outstanding balance of the Alpha Star facility.
Constellation provided a corporate guarantee to this OpCo due to
the company's inability to re-contract the rig six months earlier
to its maturity date.

Re-contracting in Weak Market: Constellation's ratings reflect its
inability to re-contract its drilling rigs in anticipation of the
contract expirations in 2018. Fitch believes it unlikely that
Constellation will be able to materially extend any of its
existing contracts under bilateral terms with Petrobras. In
addition, the company will face significant competition in the
open bidding processes for drilling rig assets given the high
availability of drilling rigs globally. Six of the company's
midwater (MW) and ultradeepwater (UDW) drilling rigs have
contracts that expire in 2018. The company's good operational
track record may put them in a favorable competitive position
compared to regional peers. Nevertheless, the market for UDW rigs
remains highly competitive and larger companies worldwide may
offer more aggressive economic terms.

Increasing HoldCo Guaranteed Debt: Constellation's holding company
level debt is expected to increase during 2018 with the expiration
of contracts that have the potential to move OpCo debt to the
parent, which will negatively pressure liquidity. As of Dec. 31,
2017, QGOG reported EBITDA generation of approximately USD619
million,. Despite the lower EBITDA generation, the company was
able to maintain gross leverage at 2.6x, similar to 2016,
reflecting the company's significant debt repayment during the
year. Leverage could surpass 5.0x in the medium term as contracts
expire, assuming they are promptly re-contracted at day rates of
USD200,000.

Declining Backlog: Constellation reported a backlog of USD2.1
billion as of December 2017 from USD3.1 billion as of December
2016. Backlog has weakened as UDW contracts are approaching
maturity without clear prospects for re-contracting. If the
company is unsuccessful in re-contracting the vast majority of its
UDW assets, backlog, excluding FPSOs, is expected to decline to
USD86 million by YE2018.

Exposure to Challenged Sector: Constellation's 'CC' rating
reflects exposure to the oilfield services sector and a stressed
balance sheet. Fitch expects an extended down-cycle and delayed
recovery from the agency's initial sector recovery expectations
due to low to range-bound oil and gas prices. Constellation's
ratings reflect the deep downturn in the offshore drilling
services industry as well as the increased uncertainty about the
company's medium-term cash flow generation given that the majority
of the company's contract expires in 2018.

DERIVATION SUMMARY

QGOG Constellation's business risk is similar to other peers such
as Offshore Drilling Holdings (ODH; CC) in Mexico and China-based
Anton Oilfield Services Group (B-/Stable).
Similar to ODH, QGOG Constellation's ratings reflect the company's
deteriorated liquidity profile resulting from weak contracted
position and poor cash flow generation. Anton is rated two notches
above QGOG due to the completion of the company's new USD300
million 2020 bond issuance, alleviating the refinancing burden for
its existing bonds.

KEY ASSUMPTIONS

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

  --WTI and Brent oil price trend towards USD55/barrel and
USD57.5/barrel, respectively, in the long-term, in line with
Fitch's base case price deck assumptions;

  --The majority of QGOG Constellation's off-shore rigs are re-
contracted six months after expiration at market day rates of
USD200,000;

  --Operating expenditures are assumed to remain in line with
recently reported levels.

KEY RECOVERY RATING ASSUMPTIONS

  --The recovery analysis assumes that QGOG would be liquidated in
bankruptcy;

  --Fitch has assumed a 10% administrative claim.

RATING SENSITIVITIES

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

  --Although a positive rating actions is not expected, one could
be considered to the extent the company successfully extend its
average contractual life by renewing its contracts and debt at the
OpCo level continue amortizing under the original amortization
schedule instead of becoming due as contracts expire.

  --An improvement in liquidity and extension of bank and OpCo
level debt

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

  --Failure to re-contract the companies' MW and UDW rigs;

  --QGOG enters into a grace or cure period following non-payment
of a material financial obligation;

  --QGOG enters into a temporary negotiated waiver or standstill
agreement following a payment default on a material financial
obligation;

  --An announcement of a distressed debt exchange.

LIQUIDITY

Weak Liquidity: QGOG Constellation's liquidity profile is expected
to continue deteriorating due to a pressured amortization profile,
high refinancing risk and deteriorated cash flow generation.

As of Dec. 31, 2017, QGOG Constellation's cash position totalled
USD230 million compared with USD655 million debt due in 2018. The
short-term debt is mainly comprised by USD88 million related to
Alaskan Star /Atlantic Star, USD177 million related to Amaralina
Star,USD186 million from Laguna Star outstanding debt and USD150
million of working capital lines.

QGOG Constellation S.A. recently announced that it will defer
payment of approximate USD30 million on its senior notes due 2019
and 2024.

In April 2018, QGOG extended a USD75 million amortization
instalment of its unsecured working capital credit lines with
Banco Bradesco S.A. As a result, the next amortization payments in
July 2018 will total USD150 million.

FULL LIST OF RATING ACTIONS

Fitch has downgraded QGOG's ratings as follows:

  --Foreign Currency Long-Term IDR to 'CC' from 'CCC';

  --Local Currency Long-Term IDR to 'CC' from 'CCC';

  --Senior secured notes due 2024 to 'CC'/'RR4' from 'CCC'/'RR4';

  --Senior unsecured notes due 2019 to 'C'/'RR6' from 'CC'/'RR6'.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: As IMF Had Warned, Price of Oil Rears its Head
------------------------------------------------------------------
Dominican Today reports that one of the three situations that the
International Monetary Fund (IMF) labeled as dangerous for the
Dominican economy this year, is already being felt: The price of
oil.

In the report released by the IMF mission that was in the country
at the start of this year and approved April 22, the multilateral
organization stated that despite the good economic performance
recovered from the last quarter of 2017, stress the country's
economy "downside risks," mainly from "external factors,"
according to Dominican Today.

It identified the source of the threats from "the increase in
world oil prices, more restrictive global financial conditions
than expected and weaker external demand than projected," the
report notes.

The Government anticipated a barrel of oil at around US$49.00 for
2018, but that estimate has been widely exceeded in the last three
months, the report relays.

On May 8, the benchmark Texas Intermediate closed at US$69.06 in
the New York Stock Exchange, the report notes.  On May 7 it had
closed at US$70.73 a barrel, the highest price in the last four
years, the report says.

The price of oil affects both the economy's fiscal component and
externally as well, as its rise leads to increased deficits,
fiscal and trade balance, the report discloses.

Just in the first three months this year higher crude and its
derivatives implied an additional US$198.0 million in the oil
bill, or 29.4% compared to the same period of 2017, the report
relays.

And in the fiscal part, increased in crude cascades to fuel oil,
which accounts for more than 30% of the fuel for power plants,
means that the Government, to keep it unchanged, had to assume a
subsidy for energy for more than RD$4.0 billion in the first five
months, 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+'.


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E C U A D O R
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ECUADOR: President Asks Cabinet to Resign
-----------------------------------------
EFE News reports that Ecuadorian President Lenin Moreno has asked
all of his Cabinet ministers to resign in order to begin his
second year in office with a new executive branch, his chief of
staff said.

"This is because on May 24 the president of the republic completes
a year in office and wishes to evaluate his ministers, and so be
ready for a new year of government," Juan Sebastian Roldan told a
press conference, according to EFE News.

The report notes that Mr. Moreno succeeded Rafael Correa as
president in May 2017, and since then has replaced a number of
ministers and high government officials.

The report relays that Mr. Roldan let it be known that the
president of Ecuador "will do a careful evaluation of the
performance and political position of the different ministers, and
starting from there will take a position."

He said that despite the fact that no "specific decisions" have
been taken about who will form the new Cabinet, they will be
announced before May 24 in a report to the nation, the report
discloses.

Mr. Roldan met with the media to discuss current affairs in the
nation and to provide information about the weekly report given
every Monday by President Moreno, who has been in Costa Rica to
attend the inauguration of the new president, Carlos Alvarado, the
report says.

The report relays that Mr. Moreno has already replaced half-a-
dozen Cabinet members over the past year.

As reported in the Troubled Company Reporter-Latin America on
Jan. 24, 2018, Fitch Ratings has assigned a 'B' rating to
Ecuador's USD3 billion notes maturing Jan. 23, 2028. The notes
have a coupon of 7.875%.



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G U A T E M A L A
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GUATEMALA: Teachers Pressure Gov't. to Comply With Labor Pact
-------------------------------------------------------------
EFE News reports that thousands of Guatemalan teachers gathered on
the Plaza de la Constitucion to bring pressure to bear on the
government of Jimmy Morales to comply with the existing collective
bargaining pact regarding working conditions.

The educators set up plastic tents outside the National Palace of
Culture, the Metropolitan Cathedral and near the Presidential
Residence, EFE verified.



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M E X I C O
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PERFORADORA ORO NEGRO: Chapter 15 Case Summary
----------------------------------------------
Affiliates that concurrently filed voluntary petitions for relief
under Chapter 15 of the Bankruptcy Code:

   Name                                        Case No.
   ----                                        --------
   Perforadora Oro Negro, S. de R.L. de C.V.   18-11094
   Javier Barros Sierra 540
   Office 103, Park Plaza Torre 1
   Col. Sante Fe, Alvaro Obregon Del.
   Mexico City 01210
   Mexico

   Integradora de Servicios Petroleros          18-11095
   Oro Negro, S.A.P.I. de C.V.
   Javier Barros Sierra 540
   Office 103, Park Plaza Torre 1
   Col. Santa Fe, Alvaro Obregon Delegation
   Mexico City 01210
   Mexico

Type of Business:      Perforadora Oro Negro rents and leases
                       equipment to commercial and industrial
                       entities.

                       Integradora de Servicios Petroleros Oro
                       Negro operates in the oil and gas services
                       industry.  The company operates a fleet of
                       jackups and drilling rigs.

Chapter 15
Petition Date:         April 20, 2018

Court:                 United States Bankruptcy Court
                       Southern District of New York (Manhattan)

Chapter 15 Petitioner: Alonso Del Val-Echeverria

Chapter 15
Petitioner's
Counsel:               Scott C. Shelley, Esq.
                       Samantha Gillespie, Esq.
                       QUINN EMANUEL URQUHART & SULLIVAN, LLP
                       51 Madison Avenue
                       New York, NY 10010
                       Tel: (212) 849-7358
                       Fax: (212) 849-7100
                       E-mail: scottshelley@quinnemanuel.com
                              samanthagillespie@quinnemanuel.com

                         - and -

                       Gabriel Fernando Soledad, Esq.
                       Juan P. Morillo, Esq.
                       Daniel Pulecio-Boek, Esq.
                       QUINN EMANUEL URQUHART & SULLIVAN LLP
                       1300 I Street NW, Suite 900
                       Washington, DC 20005
                       Tel: 202-538-8000
                       Fax: 202-538-8100
                       E-mail: gabrielsoledad@quinnemanuel.com
                               juanmorillo@quinnemanuel.com
                              danielpulecioboek@quinnemanuel.com

                         - and -


                       Eric Winston, Esq.
                       QUINN EMANUEL URQUHART & SULLIVAN, LLP
                       865 South Figueroa Street, 10th Floor
                       Los Angeles, California 90017
                       Tel: (213) 443-3000
                       Fax: (213) 443-3100
                       E-mail: ericwinston@quinnemanuel.com

Estimated Assets: More than $1 billion

Estimated Liabilities: $500 million to $1 billion

Full-text copies of the petitions are available for free at:

       http://bankrupt.com/misc/nysb18-11094.pdf
       http://bankrupt.com/misc/nysb18-11095.pdf



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P E R U
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TERMINALES PORTUARIOS: Fitch Hikes USD110M Secured Notes to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded the rating of Terminales Portuarios
Euroandinos Paita's USD110 million secured notes to 'BB' from
'BB-' with a Stable Outlook.

Paita's upgrade to 'BB' reflects sustained volume and revenue
growth exceeding initial Fitch's base case projections, as well as
the expectation that the trend will continue as per updated volume
demand projections. It also incorporates the successful completion
of Phase II, as required by the concession agreement, with only
minor penalties for delay.

KEY RATING DRIVERS

SUMMARY: Paita's rating reflects a weaker port asset with high
concentration of cargo types, business lines and customers, as
well as modest flexibility to manage toll increases. The rating
also considers the project's obligation to perform capital
investments once certain thresholds are met, leading to pressured
financial ratios, moderate leverage and potential dependence on
cash reserves in those years when the majority of principal
payments will be due. In Fitch's rating case, the project's
debt/EBITDA ratio of 5.3x and average debt service coverage ratio
(DSCR) of 2.4x could indicate a higher rating, according to
applicable criteria. However, compulsory investments result in
DSCR coverages close to or below 1.0x in two consecutive periods,
effectively limiting the rating.

Exposure to Cargo Volume for Commodities (Revenue Risk - Volume:
Weaker): The Port of Paita is a secondary port of call with
considerable concentration in cargo types, business lines, and
customers. Profitability has been improving given the operator's
strategic emphasis on special services. The port is exposed to
cargo volatility as contractual agreements with shipping lines are
limited, and weak overland transportation infrastructure limits
the service area mostly to commodity exports. The region is
exposed to material volatility of fishing-related exports due to
the area's exposure to climatic effects related to El Nino.

Limited Pricing Flexibility (Revenue Risk - Price: Midrange): Port
tariffs and fees were initially established in the concession
agreement and are subject to an annual adjustment to reflect last
year's inflation, and a five-year adjustment to begin in 2019,
which will reflect the port's productivity level. Tariffs for the
provision of special services are not regulated and can be
adjusted to follow market prices. A minimum revenue guarantee
(MRG) was granted by the Government of Peru; however, Fitch
considers it of limited value due to its amount and the complex
and extensive process for executing it. Fitch has reassessed this
risk factor to Midrange from Weaker given Paita's ability to
increase tariffs by inflation and to charge market prices for
certain services provided.

Defined Capital Program (Infrastructure Development & Renewal:
Midrange): The concession agreement established a well-defined
capital improvement, planning, and funding process, composed of
four phases, and includes mandatory and optional investments.
Phase I included the majority of investments and was finalized in
2014 with Phase II being completed in 2016. Subsequent phases are
triggered by defined volume levels, and are funded by special,
separate reserves. Phase III is expected to commence in 2020.

Adequate Structural Protections (Debt Structure: Midrange):
Paita's debt is senior debt with no exposure to variable interest
rates. The structure incorporates a strong distribution test in
order to trap cash to prefund future investment costs and the
project's financial flexibility is sustained by adequate liquidity
reserves. The amortization schedule results in significant back-
loading, since half of the debt is expected to be repaid in the
last six years of the debt's 25-year term.

Metrics: Fitch's Rating Case Debt/CFADS EBITDA is 5.3x, and
considers the need for volume growth as to maintain healthy
financial ratios. However, required investments for Phases III and
IV (additional investments) reduce the project's financial
flexibility and heighten its dependence on cash reserves, with
DSCR averaging 2.4x but with some years close or below 1.0x
coverage.

Peers: The Port of Paita is most comparable with Commonwealth
Ports Authority (CPA; BB-/Stable). Both are classified as small
ports and have weaker volume risk attributes with CPA having
nearly a 100% import-based cargo operation. Paita is considered an
Operator Port, while CPA operates under a 'landlord' scheme,
although Fitch's criteria does not directly favor one type over
the other. Under Fitch's rating cases, CPA has an average DSCR of
1.9x through 2021 and Paita has 2.4x; also, the former has
considerably lower leverage, becoming negative in 2020 in
comparison with Paita's 7.2x. Also, Alabama State Port Authority
(ASPA; A-/Negative) is a port with similar attribute assessments
of weaker volume risk, reflecting its exposure to commodities,
coupled with a midrange price assessment reflecting its
established history with its users and the availability of state
tax revenues in times of volatility. ASPA's stronger debt
structure and average DSCR 1.6x in rating case forecast, with no
need to draw on reserves under any case, result in a higher rating
for ASPA relative to Paita.

RATING SENSITIVITIES

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

  --Sustained revenue over-performance with respect to Fitch's
base case.

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

  --Sustained revenue underperformance below Fitch's rating case.

  --DSCRs below 1.0x for more than two years in a row.

CREDIT UPDATE

Revenues in 2017 were USD35.4 million, which is USD4 million over
Fitch's base case, partially favored by the positive performance
of the revenues generated by special services. However, 2017
revenues slightly decreased from 2016 and, according to the
issuer, it is due to an increase of only 4% in twenty-foot
equivalent units (TEUs), corresponding to exports on agro-
industrial and agricultural containers. The company indicated that
due to the El Nino phenomenon, this growth has been smoothed.

In 2017, metric tons (MTs) of cargo decreased 13%. According to
the issuer, this is due to lower activity at the Talara Refinery,
solid bulk had imports reduced to two minerals and liquid bulk
registered the very last ethanol shipments for 2018 instead of
doing it in 2017. However, MTs were better than expected in
Fitch's base case.

Tariffs are adjusted annually by the inflation. Additionally,
tariffs are also adjusted every five years to account for the
regulatory effect of improved productivity. The last tariff
adjustment was in November 2017 to reflect inflation variation.
The adjustment due to productivity will be in 2019.

Regarding expenses, in 2017, operational costs at USD13.7 million
were in line with Fitch's base case. Operational expenses were
USD580,000 less than in 2016 as those are related to demand. Funds
for future investments in Phase IV have been reserved according
with the concession schedule.

Phase II, per the requirements of the concession, was completed in
2016 but partially paid in January 2017. Investment on Phase III
is expected to be in 2022, after 300,000 TEUs are reached.

After the five-year grace period of the amortization schedule, the
first principal amortization was made and DSCR in 2017 reached
1.59x against the 1.28x and 0.98x projected in Fitch's base and
rating cases, respectively. The difference comes mainly from
better performance in volume demand and special services from
stevedoring and in line operational expenses.

FITCH CASES

Fitch's base case considers updated demand projections of CAGRs of
4.45% over the life of the debt, increased operations and
maintenance costs, one El Nino event in 2030 that may reduce
volumes, and a 2% reduction in tariffs in 2019 and a further 1% in
each of the following five years to account for the regulatory
effect of improved productivity. Minimum and average DSCR are
1.02x and 3.11x, respectively, with net debt/EBITDA of 5.23x and
net debt/CFADS of 7.17x.

Fitch's rating case considers lower CAGRs of 2.58%, increased
operations and maintenance costs, one El Nino event in 2030 that
may reduce volumes, and the same reduction in tariffs as in the
base case due to the regulatory effect of improved productivity.
As a result of the large mandatory capital expenditures that are
triggered according to container volumes attained over the life of
the transaction and the additional investment stated by the
company, the DSCR is below 1.0x in some years. Nonetheless, the
debt structure has reserve funds that effectively mitigate this
risk. The rating case presents a minimum DSCR of 0.65x and average
DSCR of 2.42x; net debt/EBITDA is 5.25x and net debt/CFADS is
7.20x.

ASSET DESCRIPTION

The Port of Paita is located in the region of Piura, a small city
with low economic activity, 1,030km northwest of Lima. Paita is
connected to a major highway that links it to the Yurimaguas port
(Amazon system) with no significant competition. The location
provides a competitive advantage over Callao and Guayaquil for
serving the North-Western Peruvian market.


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


PETROLEUM CO: Facing Identity Crisis
------------------------------------
Trinidad Express reports that state-owned oil company, the
Petroleum Company of Trinidad and Tobago Limited (Petrotrin) has
been plunged into an 'identity crisis' by governments, its
chairman Wilfred Espinet told a breakfast seminar of the 'chamber
of chambers' in Couva.

The 'chamber of chambers' is a new grouping of chambers of
commerce from Chaguanas, Sangre Grande, Gasparillo, Tunapuna,
Penal/Debe, San Juan and Arima, according to Trinidad Express.
Arima Business Association President Reval Chattergoon said the
grouping represents mainly small and medium enterprises (SMEs),
the report notes.

Addressing the new grouping's breakfast seminar at the Couva/Point
Lisas Chamber of Commerce building on Camden Road, Couva, Espinet
began by giving some background to his chairmanship and
appointment to the committee to fix the loss-making company, the
report relays.  "I was chosen on that committee perhaps because of
my knowing (Minister in the Office of the Prime Minister) Stuart
(Young)," he said, the report notes.

As reported in the Troubled Company Reporter-Latin America on
May 3, 2018, S&P Global Ratings revised its outlook on Petroleum
Co. of Trinidad & Tobago Ltd (Petrotrin) to negative from stable.
S&P said, "We also affirmed our 'BB' long-term corporate credit
and senior unsecured debt ratings on the company. Additionally,
we're keeping its SACP unchanged at 'b-'."



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


BANESCO BANCO: Fitch Places 'CC' IDRs on Watch Negative
-------------------------------------------------------
Fitch Ratings has placed Banesco, Banco Universal, C. A.'s (BBU)
long-term foreign- and local-currency Issuer Default Ratings
(IDRs), Viability Rating (VR) and BBU's long-term National Rating
on Rating Watch Negative (RWN).

These ratings have been placed on RWN because recent events that
resulted in the Venezuelan authorities intervening in the bank for
90 days following allegations that executives knowingly allowed
the bank to execute illegal exchange rate transactions. While the
bank's operational continuity has not been disrupted thus far, the
RWN reflects Fitch's belief that recent events could pressure the
bank's liquidity position.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

BBU's IDRs, National and senior debt ratings are highly influenced
by the challenging Venezuelan operating environment, which is
characterized by hyperinflation, a deep recession and an erratic
regulatory framework, as well as the bank's capitalization and
liquidity. High inflation distorts the comparison of financial
metrics with regional peers (Latin American commercial banks with
a Viability Rating [VR] of b+ and below).

Given the bank's high level of liquid assets, BBU should be able
to withstand a potential scenario of sizable deposit outflows in
light of domestic monetary market conditions. Almost all liquid
assets consisted of cash and deposits with the central bank or
domestic commercial banks and covered 61% of total deposits and
short-term funding and 56% of total assets as of Mar. 31, 2018.
Fitch views a greater proportion of cash favorably, as public
sector securities may be of limited liquidity in a stress scenario
given the shallow domestic debt market.

BBU's financial profile has not changed materially since the last
review in December 2017. Like all Venezuelan banks, BBU's solvency
continues to depend on the authorities' regulatory forbearance in
the context of a rapidly expanding money supply. BBU met
regulatory minimum capital requirements at end-March 2018. This
reflected a downward revision of risk weightings as well as the
exclusion of cash and bank deposits from assets under the
temporary measures to determine bank capitalization issued by
SUDEBAN (the Venezuelan Superintendence of Banks) in January 2018.
Nevertheless, by Fitch's calculation, which includes cash and due
from banks in total assets, BBU's tangible common equity to
tangible assets declined to 3.2% at the end of March from 5.0% at
the end of September 2017, one of the lowest levels for Fitch-
rated Venezuelan banks.

Despite inflationary pressures, BBU continues to be one of the
most profitable large Venezuelan banks in nominal terms due to
rapid nominal loan growth. BBU's impaired loans to gross loans
ratio has remained well below 1% since 2011, in line with domestic
peers and reflecting the effect of inflation on the denominator.
At 2.0% of gross loans at end-March, 2018, Fitch views coverage of
gross loans as tight, given the severity and uncertainty of the
current economic, social and political crisis, as well as
historical NPL levels following economic adjustment of previous
crises.

SUPPORT RATING AND SUPPORT RATING FLOOR

The banks' Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's expectation of no support. Despite
BBU's systemic importance, support cannot be relied upon given
Venezuela's 'RD' rating and lack of a consistent policy on bank
support.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATINGS

Fitch's resolution of the RWN will consider the performance of the
bank's deposit base, and the bank's ability to repay its
obligations. Fitch will monitor net deposit flows in the near
term.

The bank's ratings would be downgraded if a persistent nominal
decline in deposits results in a disruption of BBU's business
continuity or in any type of deposit freeze. In Fitch's view, this
scenario would constitute a bank failure and the agency would also
assess this event as a default on BBU's obligations, which would
imply a rapid downgrade of the bank's IDRs and VR toward the lower
end of their respective scales.

Fitch could remove the Negative Watch and affirm BBU's ratings if
the recent intervention has no material impact on the bank's
current financial profile. In particular, Fitch will monitor the
stability of the bank's deposit base and the maintenance of the
bank's liquidity cushion.

SUPPORT RATING AND SUPPORT RATING FLOOR

Venezuela's propensity or ability to provide timely support BBU is
not likely to change given the sovereign's 'RD' rating. As such,
the SR and SRF have no upgrade potential.

Fitch has placed the following ratings on Rating Watch Negative:

  --Long-term, foreign- and local -currency IDRs 'CC';

  --Viability Rating 'cc';

  --National long-term Rating 'A-(ven)';

  --National short-term Rating 'F1(ven)'.

The following ratings are unaffected:

  --Short-term, foreign- and local-currency ratings 'C';

  --Support '5';

  --Support Floor 'NF'.


                            ***********


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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