/raid1/www/Hosts/bankrupt/TCRLA_Public/180730.mbx         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, July 30, 2018, Vol. 19, No. 149


                            Headlines



A R G E N T I N A

AES ARGENTINA: Fitch Affirms 'B' Long-term IDR on Watch Negative
ARGENTINA: Putin, Macri Support Closer Economic Ties


B R A Z I L

CEPISA: Equatorial Energia Wins Bid to Buy Firm
MASISA SA: S&P Cuts Issuer Credit Rating to B', On Watch Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 'Normal' Dollar Supply After US$1.3BB Bond


G U A T E M A L A

GUATEMALA: Volcano Death Toll Hiked to 159


J A M A I C A

JAMAICA: Laws Governing BOJ Operations to be Tabled in Parliament


P U E R T O    R I C O

KAMA MANAGEMENT: Plan and Disclosures Hearing Set for Aug. 29


V E N E Z U E L A

VENEZUELA: Oil Price Up Going into Final Week of July


X X X X X X X X X

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


                            - - - - -


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A R G E N T I N A
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AES ARGENTINA: Fitch Affirms 'B' Long-term IDR on Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed the Local Currency Issuer Default Ratings
(LC IDRs) and senior unsecured issuance ratings of eight Argentine
utilities on Rating Watch Negative. Fitch has also affirmed the
utilities' Foreign Currency IDRs with Stable Rating Outlooks. The
utilities included in Fitch's rating actions are:

  -- AES Argentina Generacion S.A.;

  -- Albanesi S.A.;

  -- Capex S.A.

  -- Genneia S.A.;

  -- Pampa Energia S.A.;

  -- Rio Energy S.A.;

  -- UGEN S.A.;

  -- UENSA S.A.

The Negative Rating Watch reflects the Argentina's electricity
sector's increased reliance on government subsidies primarily due
to the Argentine peso depreciation, which increases counterparty
risk for the country's generation companies. Over the past three
months, the Argentine government (B/Stable) has had to materially
increase subsidies to cover the country's electricity market
deficit by injecting funds into Compania Administradora del
Mercado Mayorista Electrico (CAMMESA). The electricity deficit has
grown as the peso denominated tariffs distribution companies
charge end users decrease in dollar terms as a result of the peso
depreciation and are not enough to cover the dollar denominated
costs of generating electricity. Fitch estimates the government
subsidies for 2018 could increase to approximately USD5.2 billion
from USD3.3 billion in 2017.

These companies' LC IDRs reflect the progress Argentina has
achieved toward reducing subsidies and Fitch's expectation that
the whole electricity market managed by CAMMESA will become more
self-sustainable. Fitch will monitor the expected tariff
adjustments, scheduled for October 2018, to assess if the
adjustments will shift the electricity system to be less dependent
on government support or if it perpetuates the system needs for
subsidies, in which case it could be credit negative for the
system.

In conjunction with placing the LC IDRs on Rating Watch Negative,
Fitch affirmed the utilities' Foreign Currency IDRs at 'B' with
Stable Rating Outlooks. The FC IDRs continue to reflect 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.

The 'B+'/'RR3' ratings on the senior unsecured notes for AES
Argentina, Albanesi, Capex, Genneia and Pampa Energia are one
notch above their Foreign Currency IDR and reflect expected above-
average recovery for creditors given a default. Although a bespoke
recovery analysis yields a higher than 70% recovery given a
default, Fitch's "Country-Specific Treatment of Recovery Ratings"
criteria allows for one notch uplift for recovery whenever there
is a two notch rating differential between a company's foreign and
local currency ratings. In instances when the difference between
the foreign and the local currency rating is one notch or less,
Argentine corporates' issuance ratings would be in line with the
Foreign Currency IDR as they would be capped at an average
recovery rating of 'RR4', which is in the range of 31% to 50%.

KEY RATING DRIVERS

Depreciation Increases Need for Subsidies: Fitch believes the
recent Argentine peso depreciation will materially increase
government funded energy subsidies. According to the Institute of
Energy CAMMESA received USD3.3 billion in subsidies from the
Argentine government in 2017, representing 39% of the overall
electricity balance, or USD8.5 billion. This is a USD395 million
increase, or 14%, from the USD2.9 billion received during 2016.
This increasing trend in subsidies, which Fitch estimates could
reach USD5.2 billion in 2018, is expected to continue in 2018, as
a result of peso depreciation, given that end users' tariffs are
paid in Argentine pesos and generation companies are paid in U.S
dollars linked to peso prices. This currency mismatch in price and
cost heightens FX risk to the system and will result in
incremental demand for government funded subsidies.

Fitch estimates Argentine peso depreciation would result in an
increase of USD1.9 billion in government subsidies, when applying
the 2018 FX average rate forecast of USD1/ARS26.10. Subsidies
would total USD5.2 billion, or 61%, of the entire balance, an
increase from 39%, caused entirely by FX depreciation, all other
factors remaining equal. This contraction will need to be
subsidized by the Ministry of Energy and Mines, or Ministerio de
Energia y Mineria, in order to preserve a balanced market.

Heightened Counterparty Exposure: Argentine generation companies
depend on payments from CAMMESA, which acts as an agent on behalf
of an association representing agents of electricity generators,
transmission, distribution and large consumers or the wholesale
market participants (Mercado Mayorista Electrico or MEM). Although
over the past 18 months CAMMESA's payment track record has been
consistent and on time, historically; payments have been volatile
given that the agency depends partially on the Argentine
government for funds to make payments.

Electric companies in Argentina are exposed to potential delays in
payment from CAMMESA and also to risks in fuel supply, as the
government's agency centralizes the country's fuel imports.
Furthermore, the recent sharp Argentine peso depreciation
highlights the system's FX exposure and increases the probability
the government will not subsidize the market in a timely fashion.
As of June 2018, CAMMESA has been able to comply with its
commercial agreements of providing payments within 42 days, even
after the recent peso depreciation.

Uncertain Regulatory Environment: Fitch believes Argentina's
current economic and political environment increases the
uncertainty that the Macri administration will be able to
effectively implement the required electricity regulatory tariffs
adjustments in order for the system to be self-sustainable. The
companies' operate in a highly strategic sector where the
government both has a role as the price/tariff regulator and also
controls subsidies for industry players. Electricity prices
continue to remain sub-optimal compared with other countries in
the region and, given the current macroeconomic challenges
Argentina is facing, there is further uncertainty. Fitch assumes
the Macri administration continues to be committed to and
prioritizes developing a long-term sustainable regulatory
environment, moving toward a more unregulated market and reducing
the deficit.

KEY ASSUMPTIONS

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

  -- The Argentine government will continue to subsidize the
     Electricity sector to assure CAMMESA payments are made within
     42 days;

  -- Regulatory adjustments to tariffs that promote a more
     independent market less reliant on support from the Argentine
     government.

RATING SENSITIVITIES

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

Of the Foreign Currency IDRs:

  -- An upgrade to the ratings of Argentina could result in a
     positive rating action.

Of the Local Currency IDRs:

  -- Given the issuer's high dependence on the subsidies by
     CAMMESA from the Treasury, any further regulatory
     developments leading to a more independent market less
     reliant on support from the Argentine government could
     positively affect the company's collections/cash flow.

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

Of the Foreign Currency IDRs:

  -- A downgrade to the ratings of Argentina could result in a
     negative rating action.

Of the Local Currency IDRs:

  -- A reversal of government policies that result in a
     significant increase in subsidies and/or a delay in payments
     for electricity sales.

FULL LIST OF RATING ACTIONS

AES Argentina Generacion S.A.

  -- LT FC IDR affirmed at 'B'; Outlook Stable;

  -- LC LT IDR of 'BB-' placed on Rating Watch Negative;

  -- Long-term senior unsecured notes due 2024 at 'B+'/'RR3'
     placed on Rating Watch Negative.

Albanesi S.A.

  -- LT FC IDR affirmed at 'B'; Outlook Stable;

  -- LC LT IDR of 'BB-' placed on Rating Watch Negative.

Central Termica Roca S.A.

  -- International senior unsecured bond rating of 'B+'/'RR3'
     placed on Rating Watch Negative.

Generacion Mediterranea S.A.

  -- International senior unsecured bond rating of 'B+'/'RR3'
     placed on Rating Watch Negative.

Capex S.A.

  -- LT FC IDR affirmed at 'B'; Outlook Stable;

  -- LC LT IDR of 'BB-' placed on Rating Watch Negative;

  -- International senior unsecured bond ratings of 'B+'/'RR3'
     placed on Rating Watch Negative.

Genneia S.A.

  -- LT FC IDR affirmed at 'B'; Outlook Stable;

  -- LC LT IDR of 'BB-' placed on Rating Watch Negative;

  -- International senior unsecured bond ratings of 'B+'/'RR3'
     placed on Rating Watch Negative.

Pampa Energia S.A.

  -- LT FC IDR affirmed at 'B'; Outlook Stable;

  -- LC LT IDR of 'BB-' placed on Rating Watch Negative;

  -- International senior unsecured bond ratings of 'B+'/'RR3'
     placed on Rating Watch Negative.

Rio Energy S.A.

  -- LT FC IDR affirmed at 'B'; Outlook Stable;

  -- LC LT IDR of 'B+' placed on Rating Watch Negative.

UGEN S.A.

  -- LT FC IDR affirmed at 'B'; Outlook Stable;

  -- LC LT IDR of 'B+' placed on Rating Watch Negative.

UENSA S.A.

  -- LT FC IDR affirmed at 'B'; Outlook Stable;

  -- LC LT IDR of 'B+' placed on Rating Watch Negative.

Rio Energy S.A., UGEN S.A., UENSA S.A.

  -- Co-issued USD600 million senior secured notes due 2025
     affirmed at 'B'/'RR4'.


ARGENTINA: Putin, Macri Support Closer Economic Ties
----------------------------------------------------
Malaysian Digest reports that Argentine President Mauricio Macri
met with Russia's Vladimir Putin on the sidelines of the 10th
summit of the BRICS (Brazil, Russia, India, China, South Africa)
group.

"Russia is a key actor in the world and a strategic partner for
Argentina.  We're moving forward a lot in different areas," Mr.
Macri said at the Johannesburg meeting, according to Malaysian
Digest.

Argentina, which holds the rotating presidency of the G-20, is
taking part in the BRICS summit as a guest, and President Macri
will participate in the BRICS Plus working session, an initiative
designed to increase South-South cooperation, the report relays.

"Our relations are successful, our exchange is growing and we want
to expand that cooperation," said Mr. Putin, according to a
communique released by the Argentine delegation, the report notes.

President Macri positively evaluated the arrival of recent Russian
investment in Argentina and cited as an example the TMH company
and its spending of $3 million to reactivate a rail-car
maintenance facility, the report relays.

President Macri also expressed "enthusiasm" to Putin for greater
openness in the agro-industrial area and said that Argentina could
export to Russia bovine embryos and semen, fertilized eggs and
agricultural machinery, the report notes.

He also proposed that Russian companies participate in uranium
exploration and exploitation in southern Argentina, the report
says.

Argentina's main exports to Russia include assorted food products,
while Russian exports to the South American nation include diesel
fuel, phosphates, fertilizers and rubber, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings affirmed on June 4, 2018, its
'B+' long-term sovereign credit ratings on the Republic of
Argentina. The outlook on the long-term ratings remains stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B', its 'raAA' national-scale ratings, and its
transfer and convertibility assessment of 'BB-'.

S&P said the stable outlook incorporates its expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. S&P expects the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. S&P expects that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

Fitch Ratings affirmed on May 8, 2018, 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.

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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CEPISA: Equatorial Energia Wins Bid to Buy Firm
-----------------------------------------------
The Latin American Herald Times reports that the Brazilian firm
Equatorial Energia won the first of six electricity
distributorships that state-owned Eletrobras, Latin America's
largest power utility, intends to sell as part of a broader
privatization plan.

Equatorial Energia, the only bidder in the auction held at the Sao
Paulo stock exchange, bought Cepisa, the Eletrobras unit in the
northeastern state of Piaui, for a symbolic price of BRL50,000
(US$13,513), according to The Latin American Herald Times.

The report notes that the acquiring firm was obligated to commit
itself to additional capital investments of BRL720 million ($194.5
million).

Equatorial Energia already has control of the distributorships for
the states of Maranhao and Para, the report notes.

With 1.2 million customers, Cepisa is in a "precarious" situation,
as the general director of the National Electric Energy Agency
(Aneel), Romeu Donizete Rufino, said at a press conference, the
report relays.

"The investment was the result of a qualitative improvement in
service and a pricing improvement," he emphasized, the report
notes.

The report recalls that Cepisa, with more than 3,000 employees,
ended 2017 with losses of BRL496.7 million ($134.2 million) and
currently has debts of BRL2.4 billion ($648.6 million).

Before the start of the Cepisa auction, Mines and Energy Minister
Wellington Moreira Franco said that privatizing the
distributorships had encountered some problems but that they were
overcome for an "extremely just cause," the report relays.

In June, a Supreme Court justice ruled that privatizations of
public firms must get the approval of Congress, which cast doubt
on the auctioning of the distributorships, the report notes.

However, the lower house accelerated the procedures and voted on a
bill that allowed privatization to resume, although it must still
clear the Senate, the report says.

The auction was suspended by a judge after a motion presented by
the union representing Eletrobras employees, but the decision was
overturned last week by a higher court, the report adds.


MASISA SA: S&P Cuts Issuer Credit Rating to B', On Watch Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit rating
on Masisa S.A. to 'B' from 'B+'. At the same time, S&P placed the
rating on CreditWatch negative.

The downgrade reflects the rising pressures on Masisa's liquidity
position given higher short-term debt concentration and reduced
cash position. In addition, worse-than-expected operating
performance will lower cash flows, further pressuring the
company's ability to comply with its covenant if the sale and
subsequent debt prepayment don't occur by the end of this year.

Masisa's sale of its Mexican industrial panel facility with an
output of 985,000 cubic meters to Celulosa Arauco for $245 million
is still pending approval from Mexico's anti-trust authority
(COFECE). Masisa plans to use the proceeds to prepay the bulk of
its more expensive short-term bank loans, which as of March 31,
2018, totaled almost $185 million. In addition, the company will
use the proceeds to prepay some capital market debt it issued in
Chile. S&P's base-case scenario continues to assume that the sale
will occur by the end of 2018.

S&P now expects lower cash flow generation, which is due to the
following factors:

-- Argentina's high inflation and rapid depreciation of its
    currency will lower the cash contribution from Masisa's
    forestry business, mainly because wood prices are in Argentine
    pesos. At the same time, S&P assumes the company will face
    challenges to incorporate cost increases into final prices.

-- Supply/demand imbalances in the Mexican market are pressuring
    the company's panels' average prices, especially because of
    the high amount of imports coming from South America to that
    country.

-- A very slight contribution from Venezuelan operations, while
    S&P sees higher risks stemming from cash drain as
    macroeconomic conditions in the country deteriorate.

High short-term debt and cash reserves--which decreased to $65
million as of March 30, 2018, from $94 million in December 2017--
raise doubts over Masisa's refinancing capabilities and operating
efficiency. S&P believes the pending assets sales and high
leverage could heighten creditors' scrutiny over the company's
plans to roll over its short-term debt while increasing the
interest burden by refinancing its debt amid more unfavorable
conditions.



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


DOMINICAN REPUBLIC: 'Normal' Dollar Supply After US$1.3BB Bond
--------------------------------------------------------------
Dominican Today reports that Herrera Industries Association
(ANEIH) President Antonio Taveras called the availability of
foreign currency for his sector "more or less normal," just days,
after around US$1.3 billion from a sovereign bond entered the
local economy.

"It's flowing more or less normal, but we've said it's cyclical
because the economy is not generating enough dollars to cover
imports," he said, according to Dominican Today.

The banks are liquidating dollars "little by little, but they are
selling," Mr. Taveras said before participating in the conference
"The role of the agricultural and industrial sector's unity in
national development," organized by the National Agricultural
Producers Federation, the report notes.

In his speech, Mr. Taveras proposed transforming the State-owned
Banco Agricola into an agricultural development agency and a trust
for producers to access preferential and permanent financing from
private banks, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings has assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.



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G U A T E M A L A
=================


GUATEMALA: Volcano Death Toll Hiked to 159
------------------------------------------
EFE News reports that Guatemala authorities have raised the death
toll from the Fuego volcano eruption in June to 159, after three
more victims were identified.

The National Forensic Sciences Institute said it had managed to
identify three more people: a five-year-old boy, a six-year-old
girl, and a 19-year-old man, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
June 25, 2018, EFE News relayed that the Guatemalan Congress
approved a loan of $250 million from the International Bank for
Reconstruction and Development, which will be distributed in part
to those affected by the eruption of the Fuego volcano.  With 84
votes in favor, Congress gave the green light to the decree, which
authorizes negotiation on the loan agreement, according to EFE
News.  The loan, which will be endorsed through the Ministry of
Finance, will be used in part to improve the governance of public
resources and nutrition and to attend the victims of the eruption,
the report noted.  According to what was discussed during the
session, about 582.5 million quetzals (about $77.7 million) will
be used for those affected by the Jun. 3 eruption.



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J A M A I C A
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JAMAICA: Laws Governing BOJ Operations to be Tabled in Parliament
-----------------------------------------------------------------
RJR News reports that cabinet-approved amendments to several laws
governing Bank of Jamaica (BOJ) operations to make it more
independent are expected to be tabled in Parliament in October.

This was disclosed by Finance Minister, Dr. Nigel Clarke, who said
the proposed amendments relate to the Bank of Jamaica Act, Banking
Services Act, and the Public Bodies Management and Accountability
Act, according to RJR News.

He was delivering a special policy address on the BOJ's
modernisation to a wide cross section of stakeholders at The
Jamaica Pegasus hotel, the report notes.

The report relays that Dr. Clarke said the changes are intended to
enhance the BOJ's governance structure through clear demarcation
and assignment of roles for policy decision-making and daily
management.

He noted that under the proposed reforms, the Finance Minister
will no longer have the ability to give directions on monetary
policy, thereby giving the Central Bank greater autonomy and
making the entity operationally independent, the report notes.

This will involve strengthening existing statutory committees and
establishing new ones.

The report says that the Finance minister also disclosed that
under the proposed reform the Central Bank Governor will be
required to submit policy statements on the BOJ's performance to
Parliament and to publish these at least every six months, or more
often if so directed or determined.

Additionally, the Governor will be required to appear before
Parliament at scheduled intervals to present monetary policy
updates and answer questions, the report notes.

Dr. Clarke said other key reforms designed to strengthen the BOJ's
independence include measures to ensure that the tenure of  board
members is long enough to facilitate their own independent inputs
in monetary policy proceedings; and developing sufficient
expertise and capabilities to enable directors to successfully
discharge their functions, the report adds.



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P U E R T O    R I C O
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KAMA MANAGEMENT: Plan and Disclosures Hearing Set for Aug. 29
-------------------------------------------------------------
Bankruptcy Judge Mildred Caban Flores issued an order
conditionally approving Kama Management, Inc.'s disclosure
statement, dated June 21, 2018, describing its chapter 11 plan.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of
the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on August 29, 2018, at 09:00 A.M. at the U.S. Bankruptcy Court,
Jose V. Toledo U.S. Post Office and Courthouse Building, 300
Recinto Sur Street, Courtroom 3, Third Floor, San Juan, Puerto
Rico.

As previously reported by the Troubled Company Reporter, the
aggregate dividend to Class 4 general unsecured creditors under
the
latest plan is fixed in the amount of $30,000 with payments to be
distributed pro-rata to these creditors.

A copy of the amended disclosure statement is available for free
At http://bankrupt.com/misc/prb16-08008-164.pdf

                      About Kama Management

Kama Management Inc., a "small business debtor", filed a Chapter
11 petition (Bankr. D.P.R. Case No. 16-08008) on Oct. 5, 2016.
Alberto Perez Pujals, president, signed the petition.  At the time
of filing, the Debtor disclosed total liabilities of $1.45
million.

Judge Mildred Caban Flores presides over the case.  The Debtor
hired Lugo Mender Group, LLC as its legal counsel.

The Debtor filed a Chapter 11 plan of reorganization and
disclosure statement.



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V E N E Z U E L A
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VENEZUELA: Oil Price Up Going into Final Week of July
-----------------------------------------------------
The Latin American Herald reports that the price Venezuela
receives for its mix of medium and heavy oil rose in the last full
week of July.

According to figures released by the Venezuela Ministry of
Petroleum and Mining, the average price of Venezuelan crude sold
by Petroleos de Venezuela S.A. (PDVSA) during the week ending July
27 rose to $67.89, up $1.83 from the previous week's $66.06,
according to The Latin American Herald.

WTI in New York averaged $70.43 -- up $1.36 -- for the week, while
Brent crude traded in London averaged $73.61 -- up $0.65 from the
previous week, the report notes.

According to Venezuelan government figures, the average price in
2018 for Venezuela's mix of heavy and medium crude for 2018, which
Caracas now prices in Chinese Yuan is now $59.64, the report
relays.

Venezuela's average oil price for 2017 was $46.66, up from 2016's
$35.15, the report notes.  It is higher than 2015's $44.65 but
lower than 2014's $88.42, 2013's $98.08, 2012's $103.42 and 2011's
$101.06, 2010's $72.43. The 2009 average was $57.01, the report
says.

In 2017, WTI averaged $50.88 -- up from 2016's $43.32 -- while
Brent averaged $54.73 -- up from 2016's $44.98, the report
recalls.

Historically, Venezuela's basket set its highest weekly average
ever on July 18, 2008, when it hit $126.46 before economies around
the world began crashing under the weight of expensive oil. The
recent low was set January 22, 2016, when Venezuela's basket
averaged just $21.63, the report says.

The United States is the largest importer of Venezuela's oil
exports, the report notes.

In 2016, the United States imported an average of 797,000 barrels
per day of crude oil and petroleum products from Venezuela, a
decline of 49% from a decade earlier, the report discloses.  As
Venezuela's crude production continued to collapse, by February of
2018, Venezuela was exporting just 472,000 bpd to the U.S.A.,
falling from the third largest supplier of crude to the U.S. to
6th, the report relays.

Venezuela sends a large share of its oil exports to the United
States because of the proximity and the operation of sophisticated
U.S. Gulf Coast refineries specifically designed to handle heavy
Venezuelan crude, the report notes.

While U.S. imports of primarily crude oil from Venezuela have been
on the decline, U.S. exports of petroleum products to Venezuela
have increased largely because of Venezuela's tight finances that
leave it unable to invest and maintain its own domestic
refineries, the report relays.

The report discloses that oil is the main export of Venezuela and
provides most of the country's foreign currency.

As of 2015, Venezuela had nearly 298 billion barrels of proved oil
reserves -- the largest in the world, the report relays.  The next
largest proved oil reserves are in Saudi Arabia with 268 billion
barrels and Canada with 173 billion barrels, the report notes.

Venezuela reported to OPEC -- where Venezuela is a founding
member -- that its production had fallen to 1.531 million barrels
per day in June 2018. OPEC calculated Venezuela's June oil
production even lower at 1.340 million bpd, the report notes.

Under 2016's OPEC agreement, Venezuela agreed to cut its
production by 95,000 bpd to 1.972 million bpd, the report relays.
According to OPEC, Venezuela is 632,000 bpd below what it was
supposed to be producing, the report says.

In 1998, the year prior to Hugo Chavez becoming president,
Venezuela was producing 3.5 million bpd and had plans to increase
that production go 6 to 8 million bpd by 2008, the report notes.
Instead, expropriations, disastrous communist economic policy,
hyperinflation, corruption, and political purges and loyalist
hiring have brought Venezuela's once mighty oil production to just
half of what it was 20 years ago, the report adds.

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'.



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


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

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

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





                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *