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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, June 21, 2018, Vol. 19, No. 122


                            Headlines



A R G E N T I N A

ARGENTINA: Macri Wants Mercosur to Pursue Global Trade Deals
CORDOBA MUNICIPALITY: Moody's Rates Proposed Sr. Notes 'B2/A2.ar'
EMPRESA GENERADORA: S&P Lowers ICR to 'B' Then Withdraws Rating


B A R B A D O S

BARBADOS: S&P Lowers Global Bond Rating to 'D' & Affirms 'SD' SCR


B R A Z I L

VRIO CORP: S&P Assigns 'BB' Corp Credit Rating, On Watch Positive


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Minister Frustrated Over Electric Pact
DOMINICAN REPUBLIC: Bagricola Suspends Crops Loans Disbursements


J A M A I C A

DIGICEL GROUP: Quarterly Earnings Down 10%


M E X I C O

CEMENTOS PROGRESO: S&P Affirms 'BB-' CCR, Outlook Stays Stable


V E N E Z U E L A

VENEZUELA: Cabello Named Head of Illegitimate Constituent Assembly


                            - - - - -


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A R G E N T I N A
=================


ARGENTINA: Macri Wants Mercosur to Pursue Global Trade Deals
------------------------------------------------------------
EFE News reports that Argentine President Mauricio Macri and
Uruguayan counterpart Tabare Vazquez agreed that the Mercosur bloc
should pursue trade accords not only with the European Union, but
also with Asian countries and Canada.

"We have a grand agenda for working together, always thinking
about how we can help our people make progress," President Macri
said with Uruguayan counterpart Tabare Vazquez at his side during
the opening of Uruguay's new embassy in Buenos Aires, according to
EFE News.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on June 4, 2018, affirmed its 'B+' long-term
sovereign credit ratings on the Republic of Argentina. The outlook
on the long-term ratings remains stable.

On May 8, 2018, Fitch Ratings 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 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.


CORDOBA MUNICIPALITY: Moody's Rates New Secured Notes 'B2/A2.ar'
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B2 -Global Scale local currency debt rating- and an
A2.ar --National Scale in local currency- to the up to ARS800
million proposed senior secured notes to be issued by the
Municipality of Cordoba. The outlook is stable.

RATINGS RATIONALE

The B2 domestic currency rating reflects the same long-term credit
risks and credit quality as the Municipality's foreign currency
rating. Among the credit strengths supporting the current B2
rating are the Municipality's relatively strong own-source revenue
base averaging 64% of its total revenues over the last five fiscal
years and the consistent recording of operating surpluses.
Furthermore, the Municipality of Cordoba is one of the least
leveraged sub-sovereigns in Argentina rated by Moody's. Following
the planned ARS 800 million Notes issuance, Moody's estimates that
the Municipality's net direct and indirect debt will measure about
28% of total revenues.

Among the Municipality's key credit challenges Moody's cites the
recurrent cash financing deficits, which have averaged 6.5% over
the past five fiscal years, persistent spending pressures and a
tight liquidity position reflected by a negative ratio of net
working capital. In addition, Moody's also notes that the
Municipality has progressively increased its exposure to foreign
currency debt, representing the latter about 40% of total debt in
2014 to 73% in 2017. Moreover, the volatile and weak operating
environment of Argentina is another key credit weakness of this
issuer, a factor also common to other sub-sovereigns in the
country.

The planned Notes issuance has been authorized by Local Resolution
Nß12.752 with the objective to use the net proceeds of the Notes
to finance some infrastructure projects. The notes will amortize
semiannually starting on the twelfth month after the issuance and
will have a final maturity 48 months after the issuance. The notes
will pay interest on quarterly basis.

The assigned B2/A2.ar ratings to the Notes 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 Notes will carry. Should
issuance conditions and/or final documentation of the Notes
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.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
sovereign and sub-sovereign entities, an upgrade of Argentina's
sovereign bonds ratings coupled with an improving trend in the
Municipality of Cordoba's financial metrics could lead to an
upgrade of its ratings. Conversely, a downgrade in Argentina's
bond ratings and/or a sharp deterioration in idiosyncratic risk
profiles arising in the Municipality of Cordoba could exert
downward pressure on the ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.


EMPRESA GENERADORA: S&P Lowers ICR to 'B' Then Withdraws Rating
---------------------------------------------------------------
S&P Global Ratings said that it has lowered its issuer credit
rating on Empresa Generadora de Electricidad Haina S.A. (Haina) to
'B' from 'B+' and revised its outlook to stable from negative. S&P
subsequently withdrew the rating at the issuer's request.

S&P said, "The downgrade reflects Haina's key credit metrics that
are weaker than we expected a year ago. Although the company was
awarded new medium-term PPAs between late 2017 and beginning of
2018, reaching to a total contracted capacity of 35% (5% higher
than last year over the last installed capacity), we currently
believe the improvement was negligible because we still believe
the key credit metrics will continue to weaken. This is mainly
because of lower energy spot prices, which we expect to be at $100
per megawatt hour (MWh) in 2018 and $80 in 2019, in comparison
with $115 and $105, respectively, projected last year. In
addition, the entrance of the 674 MW power plant, Punta Catalina,
in 2019 will impact Haina's position in the dispatch order,
increasing presence in the peak load from the base load and
increasing volatility to its cash flow generation.

"In the next two years, we expect Haina's EBITDA to be around $85
million, which the company will mainly use for the construction of
two 50 MW wind farms that might start operations between 2019 and
2020, and the expansion of the Barahona power plant, which will
provide an additional capacity of 52 MW starting in October 2018.
Therefore, we expect an average debt to EBITDA in excess of 4x and
FFO to debt at about 15%."

Haina continues to be one of the largest power generation
companies in the DR, operating eight thermal plants with aggregate
690 MW in capacity, which accounted for approximately 20% of the
country's installed capacity and total generation of 2017. Despite
Haina's relatively large size, the rating incorporates the
challenges of operating in the DR's electric power industry, which
in our view, has a weak regulatory framework. The latter includes
an inefficient and highly subsidized distribution sector with
uncertain long-term financial sustainability compared to regional
peers. The rating also incorporated our opinion of a low
likelihood of timely and sufficient extraordinary support from the
government, which is the owner of 49% of Haina's shares, in the
event the latter experiences a financial distress. S&P believes
that the government already provides ongoing support to the sector
through the subsidies and wouldn't extend additional support to
any single entity.

S&P said, "The stable outlook on Haina reflected our expectation
that it will continue to post stable EBITDA margins of around 25%
despite its partial exposure in the spot market, because we
believe it will continue to perform as a base-load asset at least
in the next 12 months. As a result, we expect Haina will reach
debt to EBITDA in a range of 4x-5x and FFO to debt around 15% for
the next 12 months."



===============
B A R B A D O S
===============


BARBADOS: S&P Lowers Rating on Global Bonds Due 2021 to 'D'
-----------------------------------------------------------
On June 18, 2018, S&P Global Ratings lowered its issue-level
rating on Barbados' global bonds due 2021 to 'D' from 'CC'. At the
same time, S&P Global Ratings affirmed its 'SD/SD' long- and
short-term foreign currency sovereign credit ratings on the
country. The 'CC/C' long- and short-term local currency sovereign
credit ratings remain on CreditWatch with negative implications,
where they were placed June 6, 2018. S&P Global Ratings also rates
three foreign currency senior unsecured debt issues 'CC', and
those are also on CreditWatch with negative implications. S&P
Global Ratings affirmed its 'CC' transfer and convertibility
assessment on the government. Finally, S&P Global Ratings affirmed
its 'D' (default) rating on the country's 6.625% notes due 2035.

CREDITWATCH

S&P said, "The CreditWatch placement reflects our opinion that
there is a greater than one-in-two chance that Barbados could
default again on its local and foreign currency debt within the
next three months. We could lower the local currency sovereign
credit rating to 'SD' if Barbados fails to make debt service
payments on its local currency debt or executes an exchange with
bondholders.

"Upon completion of any bond restructuring, we will assign new
ratings that reflect Barbados' post-exchange creditworthiness."

RATIONALE

On June 15, 2018, Barbados missed a coupon payment on its 7.25%
notes due 2021, and S&P does not expect the government to make
this payment. In accordance with S&P's criteria, "Methodology:
Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D'
And 'SD' Ratings," S&P lowered the issue-level rating to on this
bond issuance.

Overdue coupons now include the following two issues:

-- US$190 million 6.625% bonds due Dec. 5, 2035
-- US$150 million 7.25% bonds due Dec. 15, 2021

On June 1, the country's newly elected prime minister, Mia Mottley
of the Barbados Labour Party (BLP), announced that the government
would immediately suspend payments on its debt to external
commercial creditors. Ms. Mottley also stated that the government
would strive to meet its interest payment obligations on its
domestic debt but would ask domestic creditors to roll over
principal maturities until the government reached a restructuring
agreement with creditors. The government will also negotiate with
external creditors to restructure its external debt. The
announcement came one week after the BLP won an absolute majority
in the country's general election.

To address the country's economic challenges, the government is in
talks with the International Monetary Fund (IMF) regarding
economic policies that could support an IMF-supported program. The
IMF visited the country from June 5-7 and S&P expects it to
conduct another mission within the next six weeks.

Amid high current account deficits and limited external inflows,
external liquidity has weakened. Reserves reached US$220 million
as of May 31, 2018. Usable international reserves, which S&P
analyzes in assessing international liquidity, are even lower; it
subtracts the monetary base from international reserves because
reserve coverage of the monetary base is critical to maintaining
confidence in the exchange-rate regime.

While the new administration introduced a series of budget
measures as part of its economic adjustment plan June 11, which
the government expects will lower the deficit to 1.4% of GDP this
fiscal year, these measures are only the first part of the
adjustment plan. Reportedly, the government also expects to
address more complex, structural issues. S&P believes that the
government will discuss these issues with the IMF under the
potential IMF-supported program. S&P expects that these additional
measures will likely modify current budget assumptions.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

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

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

  RATINGS LIST
  Downgraded
                                    To            From
  Barbados
   Senior unsecured
    7.25% notes due 2021            D             CC/Watch Neg

  Ratings Affirmed

  Barbados
   Sovereign credit rating
    Foreign currency                SD/--/SD
    Local currency                  CC/Watch Neg/C
   Transfer and convertibility assessment
    Local currency                  CC

  Barbados
   Senior unsecured                 CC/Watch Neg
   Senior unsecured
    6.625% notes due 2035           D



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B R A Z I L
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VRIO CORP: S&P Gives 'BB' Corp. Credit Rating, On Watch Positive
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' global scale corporate credit
rating to Vrio Corp. At the same time, S&P placed the rating on
CreditWatch positive.

S&P said, "The 'BB' rating is the same as the preliminary rating
we assigned on March 20, 2018. The company issued new debt with
conditions similar to our preliminary assumptions. On the other
hand, the intended IPO after the debt issuance wasn't completed.
The notes indenture had a provision that allowed the notes to be
redeemed in whole if the IPO wasn't completed on or prior to Oct.
2, 2018. As a result, Vrio recently repaid all of its $650 million
and $350 million notes, so we're withdrawing the issue-level
ratings on Vrio Finco 1 LLC and Vrio Finco 2 Inc.

"Our rating on Vrio reflects our view of its lack of a competitive
triple-play offering, which could limit its future growth. But the
rating also reflects Vrio's meaningful market position mainly in
Argentina and Brazil, diversified geographic footprint in other
countries, and its status as one of the largest pay-TV providers
in Latin America.

Currently, there are no changes to the assumptions we used for
assigning our preliminary ratings on Vrio, with the exception of:
The early redemption of the senior unsecured notes; and Absence of
IPO; therefore, AT&T currently owns 100% of Vrio.

S&P said, "We placed the rating on CreditWatch positive because we
still have no clarity on what will be AT&T's strategy for Vrio,
mainly related to its capital structure, dividend payout, and
potential separation in the future. If Vrio's capital structure
for intermediate term is consistent with debt to EBITDA of 2.0x-
2.5x and free operating cash flow (FOCF) to debt of 0%-5%, we
would affirm the rating at 'BB'. If Vrio keeps a more conservative
debt profile, with debt to EBITDA consistently below 2x and FOCF
to debt between 10% and 15% for the next few years, while aligning
dividend distributions to that leverage standard, we could raise
the rating to 'BB+'."



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


DOMINICAN REPUBLIC: Minister Frustrated Over Electric Pact
----------------------------------------------------------
Dominican Today reports that the electric pact must be signed "be
it what it may" since the support of various sectors hasn't been
possible, a frustrated Energy and Mines minister Antonio Isa,
affirmed.

Nonetheless the official said he expects the signing date to be
set soon, according to Dominican Today.

"In the Ministry, we are fulfilling the commitments that we made
in the electric pact. In the National Energy Commission, we are
complying with the pact and a series of state agencies are taking
on the commitments of the pact," he said, the report notes.

The report relays that Mr. Isa said the government's commitment to
the Pact is 95%, "that is, that the pact, even if it isn't signed,
it's advancing."

Mr. Isa revealed that renewable energy and the aspects of
institutionalism to develop the sector are the aspects being
applied, the report notes.

Mr. Isa spoke in an activity with over 100 amber and larimar
mining representatives, to discuss its formalization and
sustainable development, as well as its contribution to fight
poverty, 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.


DOMINICAN REPUBLIC: Bagricola Suspends Crops Loans Disbursements
----------------------------------------------------------------
EFE News reports that the State-owned agro bank (Bagricola)
suspended the disbursements of loans to plant rice and corn, which
are the main crops of San Juan de la Maguana province (west),
where the region's severe drought has left Sabaneta with no water
for irrigation.

Agro bank administrator Carlos Segura said financing for producers
will resume as soon as the situation returns to normal, according
to EFE News.

"The provision is that if the water levels of the dam are not
restored a bit, the liquid available today will be used for human
consumption in the coming days, which means the water will stop
flowing in the channels for a certain area in San Juan de la
Maguana," the official said, the report notes.

He noted that in addition to the irrigation channels in that
territory, its rivers also supply the dam and other production
areas, 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.



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


DIGICEL GROUP: Quarterly Earnings Down 10%
------------------------------------------
RJR News reports that Digicel Group Limited has reportedly told
its bondholders that its last quarterly earnings dropped by 10 per
cent.

According to a release seen by Bloomberg News, Digicel's earnings
before interest, taxes, depreciation and amortization in the
quarter to the end of March declined to US$253 million from the
same period a year earlier, as it altered tariffs and took a US$3
million hit from hurricanes, the report notes.

Full-year earnings were down 2 per cent to just over US$1 billion,
while revenues from its customer base declined 3 per cent, the
report relays.

The company is also said to have incurred restructuring costs of
US$34 million, the report relays.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2017, Fitch Ratings has affirmed at 'B' the Long-term
Foreign-currency Issuer Default Ratings (IDR) of Digicel Group
Limited (DGL) and its subsidiaries, Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as Digicel. The Rating Outlook is Stable. Fitch has
also affirmed all existing issue ratings of Digicel's debt
instruments.



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


CEMENTOS PROGRESO: S&P Affirms 'BB-' CCR, Outlook Still Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' corporate credit rating on
Cementos Progreso S.A. (CemPro). The outlook remains stable. At
the same time, S&P affirmed the 'BB-' issue-level rating on
Cementos Progreso Trust's $350 million senior unsecured notes due
2023.

The rating affirmation reflects CemPro's consistent track record
of solid operating and financial performance. The company has
maintained its leading market share of about 80% in Guatemala's
cement market, despite the increase in competition in the
industry. In 2016, a few new players entered the market,
includingCementos Regional and cement imports from China. CemPro
has been able to protect its market share thanks to its extensive
experience in Guatemala, significant installed capacity for the
country (2.9 million tons per year), competitive value, and
extended distribution capabilities. CemPro has a high degree of
vertical integration and benefits from a large distribution
network through its franchise ConstruRed, which consists of
independent distributors with more than 379 sales points, allowing
for broad domestic market coverage. However, in S&P's view, the
company's concentration in Guatemala limits CemPro's capacity to
increase its scale of operations compared with other global
industry peers.

S&P said, "The stable outlook reflects our view that CemPro's
cement output will continue to grow at a modest pace in the next
12 months, mainly driven by the self-construction sector, as we
still expect low infrastructure and commercial development
projects in the near term. Moreover, we expect its EBITDA margin
to slightly diminish towards the 41.5% to 40% area in the next two
years due to higher energy prices and transportation costs, and
the increase in advertising and promotion expenses should help it
to hold onto its market share despite new entrants. Its capex will
remain high until the San Gabriel plant is complete, and will drop
in 2019 once the company concludes its major expenditures on the
site. The plan will substantially increase CemPro's FOCF
generation. Consequently, we expect CemPro's debt to EBITDA to
reach about 2.5x in 2018 and 2.4x in 2019, and its FOCF to debt to
be about (negative) -2.3% in 2018 and 13.5% in 2019.

"The issue-level rating on CemPro's Trust (the company's orphan
special purpose vehicle) $350 million senior unsecured notes due
2023 is at the same level as our corporate credit rating because
the company's debt is predominantly unsecured and its priority
debt ratio represents less than 1% of its total debt, which
eliminates any potential structural subordination. In addition,
the notes are backed by an equivalent-ranking loan participation
whose terms and conditions mirror those of the notes."



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


VENEZUELA: Cabello Named Head of Illegitimate Constituent Assembly
------------------------------------------------------------------
Carlos Camacho at The Latin American Herald reports that Diosdado
Cabello, vice president of the PSUV ruling party of Venezuelan
head of state Nicolas Maduro, has been unanimously appointed
president of the nation's illegitimate National Constituent
Assembly by the dubious legislature's 500 delegates.

"I will do whatever I have to do to defend the Constitution of the
Republic, to place sovereignty paramount," Mr. Cabello said during
the swearing in ceremony.  Later he swore an oath of loyalty to
deceased President Hugo Chavez (the founder of the Bolivarian
Revolution and the PSUV) as well as to Simon Bolivar, Liberator of
Venezuela from the Spanish Empire in the 19th Century and the
namesake of revolution that started in 1999, when Chavez first
took over, according to The Latin American Herald.

The report notes that Mr. Cabello is one of the last original
followers of Hugo Chavez still in power.  Mr. Cabello was a
lieutenant to Lieutenant Colonel Chavez in the failed 1992 coup
that ended with President Chavez and Mr. Cabello in jail for two
years, but which also launched President Chavez's political
career, which saw him elected President in December 1998, the
report relays.

The report discloses that Mr. Cabello was sanctioned by the US as
a specially designated national with the U.S. Treasury Department,
together with his brother Jose David, also an official with the
Maduro administration, his wife Marleny and "testaferro" business
associate Rafael Sarria on May 18th.

"The Venezuelan people suffer under corrupt politicians who
tighten their grip on power while lining their own pockets.  We
are imposing costs on figures like Diosdado Cabello who exploit
their official positions to engage in narcotics trafficking, money
laundering, embezzlement of state funds, and other corrupt
activities," said U.S. Secretary of the Treasury Steven T.
Mnuchin, the report relays.  "This Administration is committed to
holding those accountable who violate the trust of the Venezuelan
people, and we will continue to block attempts to abuse the U.S.
financial system," Mr. Mnuchin added.


"In addition to money laundering and illegal mineral exports,
Cabello is also directly involved in narcotics trafficking
activities.  Working with current Venezuelan Executive Vice
President Tareck El Aissami (El Aissami), whom OFAC designated
pursuant to the Kingpin Act on February 13, 2017, Mr.  Cabello
organizes drug shipments being moved from Venezuela through the
Dominican Republic, and onwards to Europe. Cabello also directs
Pedro Luis Martin Olivares, who was designated pursuant to the
Kingpin Act on May 7, 2018, in illicit activities.  In late 2016,
Cabello and Martin worked together to move illicit money to
Panama, the Dominican Republic, and the Bahamas.  As of March
2017, Cabello seized drug loads from small-scale drug traffickers,
and combined and exported them through a Venezuelan government-
owned airport.  Mr. Cabello, along with President Maduro and
others, divided proceeds from these narcotics shipments.  Also as
of early 2017, Mr. Cabello demanded information from the
Venezuelan government bureaucracy about wealthy individuals who
had made large purchases, which may have helped him identify other
drug traffickers, money launderers, and competitors, for the
purposes of stealing their drugs and property, and eliminating the
competition," the U.S. Treasury Department concluded in
sanctioning Mr. Cabello, the report relays.

Mr. Cabello is also under sanctions by several other countries,
including the European Union, the report notes.

Constituents were elected in a questioned Soviet/Cuban-style vote
in July 2017 where non-government supporters did not vote and
where there had been no vote from the public to have or empower an
all-powerful Constituent Assembly. Venezuela's Constituent
Assembly is not recognized by the U.S., the European Union and
most other governments.

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'.


                            ***********


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


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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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