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

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

               Monday, June 4, 2018, Vol. 19, No. 109


                            Headlines



B R A Z I L

GP INVESTMENTS: S&P Affirms 'BB' Ratings, Outlook Still Negative
LIBRA TERMINAL: Fitch Cuts IDRs to CCC on 2017 Underperformance
OI SA: Earns BRL30.54 Billion Net Profit for First Quarter
OI SA: Fitch Affirms 'D' IDR Amid Ongoing Judicial Reorganization
TRANSMISSORA ALIANCA: Moody's Rates BRL400 Debentures 'Ba1/Aaa.br'


M E X I C O

CUAUTITLAN IZCALLI: Moody's Alters Ratings Outlook to Negative
GRUPO KUO: S&P Assigns 'BB' Corp. Credit Rating, Outlook Stable
MEXICO: Declares Emergency for Heat Wave


N I C A R A G U A

NICARAGUA: Confirms 15 Killed, 199 Wounded in 2 Days of Protests


V E N E Z U E L A

VENEZUELA: Latin American Lawmakers Call for Restoring Democracy
VENEZUELA: OAS to Take Gov't to ICJ for Crimes Against Humanity


X X X X X X X X X

* BOND PRICING: For the Week From May 28 to June 1, 2018


                            - - - - -


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B R A Z I L
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GP INVESTMENTS: S&P Affirms 'BB' Ratings, Outlook Still Negative
----------------------------------------------------------------
S&P Global Ratings Services affirmed its 'BB' long-term issuer
credit rating on GP Investments Ltd. S&P said, "At the same time,
we affirmed our 'BB' rating on the company's perpetual bonds. In
addition, we revised our recovery rating of '4' from '3',
indicating our expectation that lenders could expect average
recovery of 45% in the event of a payment default or bankruptcy.
The outlook remains negative."

The ratings on GP Investments reflect its weak business risk
profile compared to other global asset managers, stemming from a
moderately high country risk of Brazil and intermediate industry
risk for asset managers. The ratings on the entity also reflect
S&P's assessment of its financial risk profile as intermediate.

S&P said, "Our assessment of the company's business risk profile
as weak reflects its smaller assets under management (AUM) base
than those of other global asset managers, and its limited
diversification, with an investment portfolio focused on 10
companies, most of which are located in Brazil. The entity
compares less favorably with other global private equity firms
that have greater geographic reach and portfolio diversification.
GP Investments' average profitability and solid position and track
record in the Latin American private equity business only
partially mitigate these weaknesses."


LIBRA TERMINAL: Fitch Cuts IDRs to CCC on 2017 Underperformance
---------------------------------------------------------------
Fitch Ratings has downgraded the following ratings of Libra
Terminal Rio S.A. (Libra Rio):

  -- Long-term, foreign- and local-currency Issuer Default Ratings
     (IDRs) to 'CCC' from 'B-';

  -- Long-term National Rating to 'CCC(bra)' from 'B-(bra)';

  -- Long-term National Rating for the BRL270 million senior
     debenture issuance due in 2020 to 'CCC(bra)' from 'B-(bra)'.

The downgrade reflects Libra's revenue underperformance in 2017
coupled with the challenge to raise additional funds to honor 2018
debt service (BRL703 million) in light of the recommendation of
Brazil's Courts of Accounts (Tribunal de Contas da Uniao -TCU) to
revoke Libra Terminal Santos S.A.'s (Libra Santos) leasing
contract extension. Libra's adjusted EBITDA in 2017 was 72% below
Fitch's Rating Case, leading to a hike in leverage, measured in a
consolidated manner by net debt/adj. EBITDA, of 59.8x in December
2017.

KEY RATING DRIVERS

Summary: Libra Rio's ratings reflect the need for elevated volume
growth coupled with equity injections in order to serve debt in a
timely manner and uncertainties regarding the business continuity
in Libra Santos, given the TCU's recommendation. The ratings also
reflect the operational profile of the Libra group, which faces
elevated exposure to competition for cargo and high demand
volatility.

Libra Rio's ratings are driven by the consolidated profile of
Libra Holding S.A. (Libra Holding), given the cross default
clauses between the operating subsidiaries and Libra Rio, as well
as the guarantees provided by Libra Holding. This supports a view
that strong operational and financial linkages exist between the
different operating companies of the group. Libra Rio is the key
EBITDA generator of the Libra Group. Libra Holding has no
financial debt, but it is strongly committed to the operational
subsidiaries, providing guarantees to debts at Libra Santos and
Libra Rio.

Elevated Exposure to Competition [Volume Risk - Weaker]

Despite being located in the primary ports of call of the Port of
Santos and Port of Rio de Janeiro, Libra's terminals struggled
with the economic downturn that deteriorated Brazilian foreign
trade in the last years. Moreover, the decrease in volume was
amplified by new entrants in the Port of Santos and by access
limitation to the Port of Rio de Janeiro, which was resolved in
November 2017.

Tariff Setting Flexibility, Limited Long-Term Contracts [Price
Risk - Midrange]

The prices of handling and storage, as well as of other services,
are defined by the supply and demand mechanism, which provides
flexibility to Libra to set its tariffs. However, the terminals
operate with restricted contracts that last only up to two years
and do not consider take-or-pay agreements.

Uncertain Investment Plan [Infrastructure Development & Renewal -
Weaker]

Libra Rio has an adequate infrastructure, once the grantor
concluded the canal dredging in 2017, and forecasted investments
are related to maintenance of the terminal. Investments in Libra
Santos are more unclear, since there is uncertainty regarding the
concession extension. If the grantor does not follow the TCU's
recommendation, the investment requirements are deemed aggressive,
given the significant declines in volume handled over past years
and the highly competitive environment at the Port of Santos.

Variable Rate Debt with Loose Covenant Package [Debt Structure -
Weaker]

In 2017, the debt portfolio of Libra Group was restructured,
including the debentures. New debts are indexed to CDI interest
rate, have exposure to floating interest rates, and debenture and
other debts mature in 2020 and 2023, respectively. Moreover, it
does not contemplate a debt service reserve account. Cross-default
clauses exist between the sisters companies, with Libra Holding
guaranteeing debts at OpCo levels.

Financial Profile

Leverage in 2017, measured by net debt/adjusted EBITDA, reached
59.8x, evidencing the difficulty of Libra in recovering tariffs
and volume. The obligation of amortizing 54% of debentures and 21%
of other debts in 2018 is fulfilled only with a capital injection
in the company. Administrative proceedings regarding Libra Santos'
leasing extension, high leverage and weakened cash flow generation
pose challenges to Libra's ability to timely service its debt.

PEER GROUP

In terms of operational profile, Libra Terminals' closest peers
are: TCP - Terminal de Conteineres de Paranagua S.A. (TCP; AA-
[bra]/Stable) and Porto do Acu Operacoes S.A. (Porto do Acu;
CCC[bra]). TCP presents lower leverage than Libra, with a peak of
4.3x in Fitch's rating case and benefits from a more stable
revenue profile, supported by a less competitive environment,
coupled with sufficient liquidity to honor short- and medium-term
capex and debt obligations. Porto do Acu also presents a high
leverage (36.1x in September 2017) and the ratings reflect the
uncertainty about the company's ability to honor the debt service
in 2019 when the grace period ends. Libra's revenue CAGR until
2020 is lower (19.1%) when compared with Porto do Acu (31.3%);
however, for Libra, additional capital injection is needed to
honor its obligations in 2018.

RATING SENSITIVITIES

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

  -- Annulment of Libra Santo's leasing contract extension by the
     grantor;

  -- Failure in raising additional capital until 2018.

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

  -- Annual revenues growth above 45% in 2018 and 2019;

  -- Success in raising additional capital in 2018.

Performance Update

On May 23, the Courts of Accounts (Tribunal de Contas da Uniao -
TCU) recommended to the Transportation Ministry the annulment of
the contract renewal of Libra Terminal Santos S.A., which was
granted in 2015 and increased the tenor of the contract up to
2035. The recommendation considers that Libra Santos will continue
to operate its three original contracts (Terminal 33, Terminal 35
and Terminal 37) until the expiration of the terminal 33 agreement
that will occur in May 2020, when a new bidding process should
occur. In the Brazilian law, if a company has an overdue liability
declared as a final decision with the grantor it cannot have
extensions of concessions approved. TCU's decision was based on
the allegations that Libra had a debt of BRL2.0 billion with
CODESP by the time the contract was renewed, and therefore did not
have the right to extend the contract.

Adjusted EBITDA was only BRL27 million, when compared with the
BRL121 million of Fitch's Base Case due to: (i) delay of the canal
dredging in Rio de Janeiro's port (forecast to August and
delivered on November); and (ii) the decrease in price and volume
of the storage in Libra Santos because of high competition on the
port. The lower EBITDA lead Libra to breach the leverage covenant
in 2017, which was 15.0x in 2017 and the actual figure 59.8x.
Libra convened a debenture holders' meeting that granted the
waiver for 2017 covenants. Management also expects to again breach
the covenants for the first half of 2018. Libra tried to get a
waiver for the first-half18 covenants, but the debenture holders
have not agreed yet.

Fitch Cases

Fitch's Base and Rating cases reflect the macroeconomic
projections of GDP, inflation and interest rates updated according
to the Global Economic Outlook report, published by the agency in
March 2018.

The main assumptions used by Fitch in its base case included:

  -- Increase in Libra Santos volume of 29% in 2018, 15% in 2019
     and GDP onwards. The high increase of 2018 and 2019 reflects
     contracts that are already signed in 2017 and the expected
     new deals in 2018;

  -- Increase in Libra Rio volume of 53% in 2018, 25% in 2019 and
     average GDP onwards. The high increase in 2018 and 2019 are
     due to elimination of access restrictions to the port and new
     contracts;

  -- Investments of BRL340 million until 2020, according to
     management's updated schedule;

  -- Additional capital injection to honor debt service in 2018.

Identical assumptions were used in Fitch's rating case, except
for:

  -- Increase in Libra Santos volume of 25% in 2018 and GDP after
     2019 onwards. No new contract was considered;

  -- Increase in Libra Rio volume of 25% in 2018, 4% in 2019 and
     GDP 2020 onwards;

  -- 25% reduction of sales, general and administrative expenses
     in 2017.

According to Fitch's base case, maximum consolidated leverage,
measured by net debt/EBIDTA, is expected to occur in 2018, with a
peak of 8.2x. Regarding Fitch's rating case, maximum leverage will
also occur in 2019, reaching 9.5x.

Asset Description

Libra Rio is the third-largest operator in the Port of Rio de
Janeiro. It holds a solid concession contract, which began in 1998
and was renewed in 2011. It is set to expire in 2048. The
activities of the group at the Port of Santos started in 1995 and
its concession contract renewal until 2035 is under judgement. In
2020, it is expected that the port activity will represent 88% of
group Libra's consolidated revenues, while the second-largest
business (logistics) is also closely related to the port business.


OI SA: Earns BRL30.54 Billion Net Profit for First Quarter
----------------------------------------------------------
Reuters reports that Brazilian telephone carrier Oi SA reported on
a consolidated net profit of BRL30.54 billion (US$8.2 billion) for
the first quarter, reversing a 3.69 billion real loss in the same
period a year ago.

The loss stemmed from the accounting impact of financial receipts
under the company's debt reorganization agreement, according to
Reuters.

The company, in a securities filing, also reported BRL27.58
billion in other financial receipts in the first quarter, after
the renovation of credit lines under the agreement, which was
approved by creditors last year and is in the process of being
implemented, the report notes.


OI SA: Fitch Affirms 'D' IDR Amid Ongoing Judicial Reorganization
-----------------------------------------------------------------
Fitch Ratings has affirmed Oi S.A.'s Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDR) at 'D', and National Long-
Term Rating and local debentures rating at 'D (bra)'. Fitch has
also affirmed the existing ratings for Oi's senior notes as the
debt exchange process is still underway.

KEY RATING DRIVERS

Fitch expects the implementation of Oi's approved judicial
reorganization process to be completed by the end of July 31,
2018, in accordance with the deadlines agreed upon with creditors.
Upon completion of the restructuring, Fitch will reassess Oi's
credit profile and issue ratings based upon the company's new
capital structure. Fitch expects to rate the company in the low
speculative grade category upon completion of the reorganization,
due to an unsteady business profile with a weakened competitive
position and market share.

DERIVATION SUMMARY

Oi's 'D' rating reflects the company's ongoing process of judicial
reorganization.

KEY ASSUMPTIONS

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

  -- Fitch expects the implementation of the approved
     reorganization process to be completed by the end of July
     2018, according to deadlines agreed upon with creditors.

RATING SENSITIVITIES

The company's ratings have reached the lowest level on Fitch's
rating scale. An upgrade is unlikely at this time given the
group's ongoing judicial reorganization. Upon completion of the
restructuring, Fitch will reassess Oi's credit profile and issue
ratings based upon the company's new capital structure.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Oi S.A.

  -- Long-Term Foreign-Currency and Local-Currency IDRs at 'D';

  -- National Long-Term Rating at 'D(bra);

  -- Telemar Norte Leste, S.A.'s (Telemar) senior secured and
     unsecured notes at 'C'/'RR4';

  -- All outstanding senior unsecured notes at 'C'/'RR5';

  -- Local debentures at 'D(bra)'.

Oi Brasil Holdings Cooperatief U.A. (Oi Netherlands)

  -- EUR600 million senior notes due 2021 at 'C'/'RR5'.


TRANSMISSORA ALIANCA: Moody's Rates BRL400 Debentures 'Ba1/Aaa.br'
------------------------------------------------------------------
Moody's America Latina Ltda. has assigned a Ba1 global scale
rating and a Aaa.br national scale rating to the BRL400 million
senior unsecured debentures due in 2025, to be issued by
Transmissora Alianca de Energia Eletrica. Proceeds from the
issuance will be used to fund capital expenditures. Taesa's
Ba1/Aaa.br corporate family ratings (CFR) are unaffected. The
outlook for the ratings is stable.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor does it anticipate changes in the main conditions that the
debentures will carry. Should issuance conditions and/or final
documentation of the debentures deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act
accordingly.

RATINGS RATIONALE

The Ba1/Aaa.br ratings for the proposed BRL 400 million debentures
due 2025 reflect their pari passu position within the company's
capital structure which consist exclusively of unsecured debt
instruments. The debentures will be issued at the holding company
level, but will benefit from the substantial cash flow generated
by assets directly integrated at the parent level which together
account for over 95% of Taesa's consolidated operating cash flows,
mitigating the structural subordination of the debentures.

Proceeds from the BRL 400 million issuance will be used to cover
capital needs at the levels of projects that are under
construction. The incremental debt resulting from the issuance
will not result in a significant deterioration in the company's
strong credit metrics, as Funds from Operations (FFO) to Net Debt
would drop to 42% on a pro forma basis from 48% as reported at the
end of March 2018.

The assigned ratings also take into consideration (i) the
company's large scale and high geographic diversification of
assets, (ii) robust credit metrics for the rating category
evidenced by FFO to net debt of 47.5% and FFO interest coverage of
7.6x for the last twelve months ending March 2018, (iii) good
access to debt and capital markets; and (iv) a relatively
supportive regulatory framework.

On the other hand, the ratings are constrained by (i) the expected
increase in capital expenditures following the company's won
auctions which, together with limited track record in implementing
large greenfield projects simultaneously, points to risk of cost
overruns, (ii) the prospects of a reduction in regulated revenues
("RAP") from 2018 onwards as per the concessions contracts ; (iii)
the company's intention to pursue external growth through debt-
financed acquisitions of brownfield or greenfield projects which
could result in a re-leveraging event; and (iv) a track record of
high dividend payouts above 90% which absorbs a material part of
cash flow generation.

The stable outlook reflects Moody's expectations that the
company's credit metrics will remain robust even considering
potential debt-funded acquisitions, driven by Taesa's very stable
and predictable cash flow profile inherent to the transmission
sector in Brazil.

Moody's considers Taesa's liquidity as adequate. As of March 31,
2018, the company had around BRL 901 million available in cash
(including marketable securities) and BRL 432 million of debt
maturities over the next twelve months. In October 2017, the
company issued two debentures for a total of BRL543 million, the
proceeds of which was used to refinance debt maturing in 2017 and
to cover capital expenditures needs. Moody's expects that the
company's strong cash flow profile and ability to reduce
historically high dividend payouts will enable the company to
build up its cash position and, in conjunction with good access to
capital markets, to cover its upcoming debt maturities on a timely
basis

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of Brazil's sovereign bond rating of Ba2 could result
in an upgrade of Taesa's ratings. Conversely a rapid deterioration
in the company's credit metrics such that FFO to Net Debt falls
below 30% and FFO interest coverage remains sustainably below 4.0x
could prompt a rating downgrade. Deterioration in the sovereign's
credit quality could also exert downward pressure on Taesa's
ratings.

Taesa is a power transmission company operating and maintaining
around 12,140 km of high voltage (230 to 525kV) transmission lines
through 35 concessions with an average life of 30-year. The
company directly controls 10 concessions, and operates the
remaining 25 concessions through equity participations in the
companies TBE (through a 49.9% equity participation -- company
holds 15 concessions), Brasnorte (39%), Etau (53%), Ate III (100%)
and Sao Gotardo (100%); as well as in 8 other concessions still in
construction phase, including the recent acquisition of Lot M
(EDTE).

Taesa is controlled by Companhia Energetica de Minas Gerais -
CEMIG (B3/B2.br, stable) and Interconexion Electrica S.A. E.S.P
(Baa2, negative) which own 21.7% and 14.9% of Taesa's total
capital, respectively. The remaining 63.4% shares are free float,
traded on the local stock market (BM&FBOVESPA).

The principal methodology used in these ratings was Regulated
Electric and Gas Networks published in March 2017.



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M E X I C O
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CUAUTITLAN IZCALLI: Moody's Alters Ratings Outlook to Negative
--------------------------------------------------------------
Moody's de Mexico S.A. de C.V. downgraded the Mexican national
scale issuer rating of the municipality of Cuautitlan Izcalli to
Baa1.mx from A3.mx. Moody's also affirmed Cuautitlan Izcalli's
Global Scale issuer rating of Ba3 and changed the outlook to
negative from stable.

At the same time, Moody's de Mexico affirms debt ratings of the
MXN200 million loan (original face value) with BBVA Bancomer of
Baa3/Aa3.mx (Global Scale, local currency/Mexico National Scale)
and the MXN75 million loan (original face value) with
Interacciones of Baa2/Aa2.mx (Global Scale, local currency/Mexico
National Scale).

RATINGS RATIONALE

The downgrade of the Mexican national scale issuer rating reflects
the deterioration observed in 2017 in the municipality's cash
financing balance, gross operating balance (GOB) and liquidity
position, reflected in financial metrics that are no longer in
line with the A3.mx rated Mexican municipalities. Moreover, the
municipality's financial profile is constrained by large financial
contingencies related to its water company, OPERAGUA, and labor
lawsuits.

In 2017, Cuautitlan Izcalli posted a cash financing deficit equal
to -14.8% of its total revenues, marking a sharp deterioration
compared with the 2013-2016 period when it reported cash financing
surpluses that averaged 10.4% of total revenues. The weak
financial performance last year reflected a decline in government
transfers (-46%), a significant increase in infrastructure
expenditure (58%) and one-off operating expenditures following a
series of natural disasters in 2017. In particular, two floods and
the September 2017 earthquake drove up operating expenditures as
the municipality provided aid to its residents, resulting in a
negative GOB-to-operating revenue ratio in 2017 (-3.8%). While the
municipality doesn't expect these extraordinary operating
expenditures will be repeated in 2018, Moody's believes that the
municipality's financial results will remain weak, in
consideration of the change of administration that will take place
in December 2018, estimating a cash financing balance and GOB of -
8.6% of total revenues and -3.8% of operating revenues,
respectively, in 2018-19.

Given the cash financing and operating balances deficits,
Cuautitlan Izcalli's liquidity has also weakened, with cash
falling to 0.10 times (x) current liabilities in 2017, from an
average of 0.31x in the period of 2013-2016. To cover its
liquidity needs, the municipality contracted a short-term loan in
2017 for of MXN 273 million and the current administration expects
to contract another MXN 50 million short term loan. However, given
that the administration government period ends in December 2018,
it will have to pay it off no later than September 2018 to comply
with regulations requiring that all short term debt be paid three
months prior to a change of administration. For 2018-19 Moody's
estimates that cash and equivalents will hold steady around 0.10X
current liabilities.

Cuautitlan Izcalli makes regular transfers to its water company
(OPERAGUA) to cover historical debts with the National Water
Commission (CONAGUA) as well as with the Mexico's State Water
Commission (CAEM). In December 2017, these contingent liabilities
amounted MXN 536 million. In addition, in 2017 the entity was
subject to the freeze of some bank accounts as part of the legal
process derived from labor lawsuits. On average, expenses related
to this contingency have amounted to MXN 20 million in recent
years, but in 2017 the municipality had to make a MXN 100 million
extraordinary payment for these labor contingencies, and the
municipality expects to make a MXN 40 million payment in 2018.
Both the OPERAGUA and labor lawsuits contingencies exert
expenditure pressures and constrain the ratings.

These negatives are balanced by Cuautitlan Izcalli's strong own
source revenues collection and low net direct and indirect levels,
of 17.1% and 35.1% of its operating revenues, respectively,
figures that are in line with the Ba3 medians.

The affirmation of the enhanced loans reflects the affirmation of
the global scale issuer rating. As per Moody's methodology, issuer
ratings are the starting point to assign debt ratings.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Cuautitlan Izcalli's ongoing
challenges in consistently improving its operating and financial
balances which, if unsuccessful, would likely lead to a further
deterioration of the liquidity. It also reflects the costs related
to labor lawsuits, which Moody's estimates will continue to exert
pressure on the municipality's liquidity position.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook a rating upgrade is unlikely in the
short term. However, the ratings could stabilize if Cuautitlan
Izcalli improves its operating, financial balances and liquidity,
reducing its dependence on short term debt. In contrast, a further
deterioration of the GOB beyond current projections, persistent
unbalanced financial results leading to more reliance on short-
term debt, higher debt metrics or a further deterioration in
liquidity, could generate additional downward pressure on ratings.

Given the link between the loans and the credit quality of the
obligor, a downgrade/upgrade of the municipality of Cuautitlan
Izcalli could exert downward/upward pressure on the loan's
ratings. The ratings could also face downward/upward pressure if
debt service coverage levels fall/improve materially below/above
Moody's expectations.

The methodologies used in these ratings were Regional and Local
Governments published in January 2018, and Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in July
2017.

The period of time covered in the financial information used to
determine Municipality of Cuautitlan Izcalli's rating is between
January 1, 2013 to December 31, 2017. (source: financial
statements of Municipality of Cuautitlan Izcalli)


GRUPO KUO: S&P Assigns 'BB' Corp. Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'mxA'
national scale corporate credit ratings on Grupo KUO S.A.B. de
C.V. The outlook remains stable. S&P also affirmed its 'BB' global
scale issue-level ratings on the company's senior unsecured notes.
The '3' recovery rating on the senior unsecured debt remains
unchanged, indicating our expectation for meaningful (50% to 70%)
recovery in the event of payment default.

S&P said, "The rating affirmation reflects our view that despite
higher capital expenditures (capex), KUO's credit metrics will
remain in line with its current financial risk profile assessment
with debt to EBITDA slightly above 3.0x and FFO cash interest
coverage above 4.0x."

KUO continues to focus on accelerating growth and protecting
market share across its core businesses. The company is doing so
through a significant capex program to expand the capacity of the
pork meat business and the development of new generation of high-
tech transmissions. As a result, KUO accumulated additional debt,
which could rise further by the end of 2018 and in 2019. S&P said,
"However, we expect debt to EBITDA to remain slightly above 3.0x
and FFO to debt at around 20%. We also believe the company will
maintain solid debt service coverage ratios in the next two years
with FFO cash interest coverage above 4.0x."

S&P said, "The ratings also reflect our expectation that KUO will
maintain strong market shares due to its leading position and
operating capabilities in all of its business segments. KUO's
strategic focus on investing in profitable and value-added
businesses, the diversification of its portfolio through joint
ventures (JVs) that match its core businesses (consumer goods,
chemicals and auto parts), and the resilient nature of its food
business underpin our assessment. However, the offsetting factors
are its limited geographic concentration (about 80% of its sales
come from the North America Free Trade Agreement region), the
cyclicality in the auto parts and chemicals businesses, exposure
to raw material price volatility, single-digit operating margins,
and a certain amount of exposure to foreign exchange fluctuations
(about 75% of debt and some raw materials are denominated in
dollars)."


MEXICO: Declares Emergency for Heat Wave
----------------------------------------
EFE News reports that a heat wave in Mexico that has increased
temperatures to 50 C (122 F) in many areas has led authorities to
declare a state of emergency, the country's National Weather
Service (SMN) said.

According to the SMN, temperatures could rise to 50 C in the
northern state of Sinaloa, the western state of Michoacan and the
central state of Hidalgo, while temperatures in the rest of the
country will exceed 30 C (113 F), the report notes.

The SMN recommended residents to stay alert to announcements made
by the National System of Civil Protection and by state and
municipal authorities, as well as to take preventative measures
such as staying hydrated and avoid excessive exposure to the sun,
the report relays.

Civil Protection declared a state of emergency in numerous
municipalities throughout the country, allowing the use of federal
funds to help states and local authorities assist residents during
the heat wave, according to EFE News.



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N I C A R A G U A
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NICARAGUA: Confirms 15 Killed, 199 Wounded in 2 Days of Protests
----------------------------------------------------------------
EFE News reports that Nicaraguan Health Minister Sonia Castro
confirmed that 15 people have died and 199 have been wounded over
the past two days of anti-government protests around the country.

At public and private health centers nationwide, "(medical)
attention was provided to 199 people who were injured and we also
have 15 fatalities," said the minister at a press conference
together with other top public officials, according to EFE News.

This is the second time since the eruption of the crisis on April
18 that the Daniel Ortega government has confirmed fatalities
resulting from the protests, although humanitarian organizations
say that the death toll so far stands at about 100, the report
notes.

The report discloses that the first time the government
acknowledged protest deaths was when Vice President Rosario
Murillo spoke of 10 fatalities in an April 20 appearance before
reporters.

The assistant director of the National Police, Francisco Diaz, at
the press conference read from a report specifying that of the 15
deaths over the past two days, seven occurred in Managua, four in
Esteli, three in Chinandega, and one in Masaya, the report
relates.

The Nicaraguan Center for Human Rights released a preliminary
report in which it lists at least 11 deaths and 79 people injured
during the incidents, and it energetically condemned the acts of
violence and repression "ordered" by the government, the report
says.

Foreign Minister Denis Moncada said that the government is
"confronting with reason and the law this criminal wave" and
denied the existence of "shock troops or paramilitary groups
aligned with the government," adding that the Ortega
administration had not and will "never" provoke such "sorrowful
and tragic events," the report notes

He urged the "authorities to coordinate the effort for national
dialogue, call for calm and cease all violence, with an eye toward
continuing to work for security, justice and peace," the report
relates.

A Catholic Church-mediated national dialogue to find a way out of
the crisis was begun on May 16 with the participation of an
alliance of civil society sectors and the government but it was
suspended, the report notes.

The Episcopal Conference of Nicaragua warned that the dialogue
will not be resumed as long as the government continues with its
repression, the report relays.

Nicaragua is mired in a socio-political crisis that began with
protests over government-sponsored social security reforms but
continued even after the Ortega administration cancelled the
reforms, exacerbated as a result of the demonstrators killed, the
report adds.



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


VENEZUELA: Latin American Lawmakers Call for Restoring Democracy
----------------------------------------------------------------
EFE News reports that a group of Venezuelan representatives met
lawmakers from different countries of Latin America in the
Colombian city of Cucuta in efforts to make regional governments
and lawmakers pressure the Venezuelan president for "restoring"
democracy in his country.

Proposals made by the gathering in a final declaration include
denying visas to high officials of Nicolas Maduro's regime
allegedly involved in "violating the constitutional order," a
measure which, if accepted, would also be applied to members of
Venezuela's Constituent Assembly as well as their partners in
commercial activities, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. S&P's transfer and convertibility assessment remains at
'CC'.


VENEZUELA: OAS to Take Gov't to ICJ for Crimes Against Humanity
---------------------------------------------------------------
EFE News reports that the secretary-general of the Organization of
American States, Luis Almagro, asked the International Court of
Justice in The Hague to open an investigation of Venezuela's
Nicolas Maduro government for alleged crimes against humanity.

Mr. Almagro sent to ICJ prosecutor Fatou Bensouda the report
presented by a group of experts that he had appointed, who
concluded that members of the Venezuelan government and its armed
forces had committed these types of crimes, according to EFE News.

The experts said in the report that a "reasonable basis" exists to
consider that the Venezuelan people have been the victims of
murders, tortures, rapes and other acts of sexual violence,
arrests, persecution and forced disappearances, and thus Almagro
provided the report to Bensouda, the report notes.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. Our transfer and convertibility assessment remains at
'CC'.



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


* BOND PRICING: For the Week From May 28 to June 1, 2018
--------------------------------------------------------

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

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



                            ***********


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

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

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


                            ***********


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

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

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.



                   * * * End of Transmission * * *