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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, November 12, 2018, Vol. 19, No. 224


                            Headlines



A R G E N T I N A

AES ARGENTINA: Fitch Affirms 'B' LT Issuer Default Rating
IRSA INVERSIONES: Fitch Affirms B LT IDR; Alters Outlook to Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fear Not Financing, Top Official Says
DOMINICAN REPUBLIC: Demonstration Staged for Lower Gas Price
DOMINICAN REPUBLIC: Experts Will Analyze Energy Sector's Potential


J A M A I C A

UC RUSAL: Aluminum Exports Increase Despite US Sanctions


M E X I C O

MEXICO: Pres Elect Rules Out Bank Changes After Plan Sinks Shares
NEMAK SAB: Moody's Affirms Ba1 CFR; Alters Outlook to Stable


P A N A M A

PROMERICA FINANCIAL: Fitch Rates Sr. Sec. Notes BB-(EXP)


P U E R T O    R I C O

EVERTEC GROUP: S&P Assigns 'B+' Rating on Senior Secured Debts
MONITRONICS INTERNATIONAL: Posts Q3 Net Loss of $33.8 Million


X X X X X X X X X

* BOND PRICING: For the Week November 5 to November 9, 2018


                            - - - - -



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

  -- AES Argentina Generacion S.A.

  -- Agua y Saneamientos Argentinos S.A.

  -- Arcor S.A.I.C.

  -- Capex S.A.

  -- Compania General de Combustibles S.A.

  -- Genneia S.A.

  -- IRSA Propiedades Comerciales S.A.

  -- Mastellone Hermanos Sociedad Anonima

  -- Pampa Energia S.A.

  -- Petroquimica Comodoro Rivadavia S.A.

  -- Telecom Argentina S.A.

  -- YPF S.A.

KEY RATING DRIVERS

The revision of Argentina's Outlook to Negative from Stable
reflects sharply weaker economic activity and uncertain prospects
for multi-year fiscal consolidation and market financing
availability as IMF funds are used up, posing risks to sovereign
debt sustainability. Fitch assumes that in 2019 the government
will achieve the fiscal adjustment targeted in the budget and that
the recently renegotiated IMF program will help it fully cover its
financing needs but sees downside risks amid a nascent economic
recession and election cycle. After 2019, prospects for further
fiscal consolidation, economic recovery and restoration of
external market access are uncertain and are likely to be
sensitive to the election outcome.

Argentina's 'B' rating reflects high inflation and economic
volatility that have persisted despite efforts to tighten policies
in recent years, a weak external liquidity position, and a heavy
and highly dollarized sovereign debt burden. These weaknesses are
balanced by high per-capita income, a large and diversified
economy, and improved governance scores, although these structural
strengths have provided a limited support to the sovereign's
credit profile as demonstrated by its weak debt repayment record.

KEY ASSUMPTIONS

  -- Fitch expects growth in key trading partner Brazil to
accelerate to 2.2% in 2019 from 1.3% in 2018.

RATING SENSITIVITIES

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

  -- Compliance with near-term fiscal targets, greater confidence
that fiscal consolidation can be sustained and external market
financing access re-established beyond 2019;

  -- Evidence of recovery in economic activity, avoidance of
renewed macroeconomic instability;

  -- A sustained strengthening of the external liquidity position.

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

  -- Policy and political developments and/or economic weakness
that heighten risks to debt sustainability or jeopardize access to
IMF funding;

  -- Further bouts of macroeconomic instability and/or erosion of
international reserves.

  -- Failure to recover access to external market financing;

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings and revised Outlooks
where indicated:

AES Argentina Generacion S.A.

  -- Long-term Foreign Currency Issuer Default Rating (IDR) at
'B'; Outlook to Negative from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Stable;

  -- Long-term senior unsecured notes due 2024 at 'B'/'RR4'.

Agua y Saneamientos Argentinos, S.A.

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Stable;

  -- Senior unsecured bonds at 'B'/'RR4'.

Arcor S.A.I.C

  -- Long-term Foreign Currency IDR at 'B+"; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'BB'; Outlook to Negative
from Stable;

  -- International senior unsecured bonds at 'BB-'/'RR3'.

Capex S.A.

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Stable;

  -- International senior unsecured bonds at 'B'/'RR4'.

Compania General de Combustibles, S.A

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Stable;

  -- International senior unsecured debt at 'B'/'RR4'.

Genneia, S.A

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Stable;

  -- International senior unsecured bonds at 'B'/'RR4'.

IRSA Propiedades Comerciales, S.A

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'BB-'; Outlook to Negative
from Stable;

  -- USD360 million senior unsecured foreign currency notes at
'B+'/'RR3'.

Mastellone Hermanos Sociedad Anonima

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Stable;

  -- Senior unsecured notes at 'B'/'RR4'.

Pampa Energia, S.A.

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Stable;

  -- International senior unsecured bonds at 'B'/'RR4'.

Petroquimica Comodoro Rivadavia S.A

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Positive.

Telecom Argentina S.A

  -- Long-term Foreign Currency IDR affirmed at B; Outlook to
Negative from Stable;

  -- Long-term Local Currency IDR at 'BB-', Outlook Revised to
Negative from Stable;

  -- Long-Term senior unsecured notes at B+'/'RR3'.

YPF S.A:

  -- Long-term Foreign Currency IDR at 'B'; Outlook to Negative
from Stable;

  -- Long-term Local Currency IDR at 'B'; Outlook to Negative from
Stable;

  -- Senior unsecured notes at 'B'/'RR4'.


IRSA INVERSIONES: Fitch Affirms B LT IDR; Alters Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed IRSA Inversiones y Representaciones
S.A.'s Long-Term Foreign-Currency Issuer Default Rating at 'B'.
Fitch has also affirmed IRSA's Long-Term Local-Currency at 'BB-'
and its senior unsecured notes at 'B+'/'RR3'. The Rating Outlook
on the corporate ratings has been revised to Negative from Stable.

IRSA's ratings reflect the company's exposure to Argentina's
business climate and economic conditions and its leading business
position in the real estate sector. The change in IRSA's corporate
Outlook to Negative from Stable reflects the revision in
Argentina's Rating Outlook. On Nov. 7, 2018, Fitch affirmed
Argentina's Long-Term Foreign-Currency IDR at 'B' and revised the
Rating Outlook to Negative from Stable. The revision of
Argentina's Outlook to Negative from Stable reflects sharply
weaker economic activity and uncertain prospects for multi-year
fiscal consolidation and market financing availability as IMF
funds are used up, posing risks to sovereign debt sustainability.

The rating affirmations reflect IRSA's resilient operating
performance during the past five years, despite high inflation and
challenging economic conditions. The affirmation of IRSA's notes
at 'B+'/'RR3' reflects above-average recovery expectations for
these obligations, as it is Fitch's belief that a default on debt
denominated in a foreign currency by IRSA would be driven by
exchange controls rather than a deterioration of its financial
profile and/or business position.

KEY RATING DRIVERS

Constrained by Economic Environment: IRSA's FC IDR remains
constrained at 'B' by the country ceiling assigned to Argentina.
Country ceilings are designed to reflect the risks associated with
sovereigns, placing restrictions upon private sector corporates,
which may prevent them from converting local currency to any
foreign currency under a stress scenario, and/or may not allow the
transfer of FC abroad to service FC debt obligations.

Strong Parent-Subsidiary Linkage: Despite lower leverage at its
subsidiary IRSA Propiedades Comerciales S.A. (IRSA PC; LT IDR
B/Negative), the LC IDRs of IRSA and IRSA PC have been linked at
'BB-'. This linkage reflects factors that align the credit quality
of the company and the fact that IRSA PC's upstream dividends
represent a relevant part of IRSA's cash flow generation. Also
factored in the ratings are the strategic and operational linkages
among these entities, which are viewed as strong, based on common
management team and decision-making process as well as due to the
lack of restrictions in cash movements between the parent and
subsidiary.

Largest Player in Argentina: IRSA's ratings reflect its solid
business position as one of the largest owners and managers of
real estate assets in Argentina, with a combined shopping mall &
office portfolio difficult to replicate. IRSA, through its
subsidiary IRSA PC, owns 16 shopping centers in Argentina with a
total GLA of 344,025 square meters (sqm) and seven premium offices
with 83,213 sqm as of June 30, 2018. At the same period, the value
of the company's investment properties is estimated at USD2.3
billion.

Debt Related to Operations Outside Argentina Non-recourse: IRSA
gained control of the Israeli conglomerate IDB Development
Corporation Ltd. (IDBD) during October 2015. The debt of IDBD is
non-recourse to IRSA and Fitch excludes its debt from the credit
metrics calculation of IRSA. IDBD is one of the largest
conglomerates in Israel. It participates through various
subsidiaries in industry sectors such as: real estate (Property &
Building Corporation), supermarkets (Shufersal), insurance (Clal
Holdings Insurance Enterprises), and telecommunications (Cellcom),
among others.

FX Risk Factors into Ratings: Devaluation risk is also present for
the company as most of its cash flow is denominated in Argentine
pesos -- approximately 90% of its total revenues -- and most of
its debt is in U.S. dollars. This risk is partially mitigated by
the company's capacity to maintain its rental income in real terms
as tenants pay a peso denominated base rent plus an additional
percentage linked to sales, which indirectly incorporates the
impact of the devaluation of the local currency against the U.S.
dollar. Fitch incorporates as a positive credit factor the
company's good track record of successfully managing its
operations, while facing a challenging operating environment
coupled with high FX risk volatility during the last 10 years.

Manageable Liquidity, High Unencumbered Asset Base: Liquidity is
viewed as adequate, considering IRSA's cash position, debt
schedule, access to local and international banks; and significant
level of unencumbered assets. The company has no material debt
payments due during the next 12 months ended in June 30, 2019. The
company had cash and cash equivalents of about USD136 million and
a short-term debt of approximately USD22 million as of June 30,
2018. In addition, the company had USD168 million as investments
in financial assets, which provides additional financial
flexibility. The company's net loan to value is estimated at
around 33%, which reflects IRSA's unencumbered property value of
approximately USD2.3 billion, as of June 30, 2018.

Debt Refinancing Activity Factor in Ratings: Although the
company's liquidity is viewed as adequate during the fiscal year
ending June 30, 2019, IRSA will require executing important debt
refinancing activity during 2019-2020 as it faces debt principal
payments of USD197.8 million and USD211.4 million during 2019 and
2020, respectively. Considering general elections in Argentina
will be held in October 2019, which could limit access to capital
markets, Fitch expects the company to execute major steps toward
its debt refinancing during the first half of 2019.

Shopping Malls, Consistent Operational Performance: IRSA PC
maintains a high-quality property portfolio resulting in
consistently stable margins and high occupancy rates. As of June
30, 2018, IRSA PC's occupancy levels in the shopping center and
premium offices segments remain solid at 98.5% and 92.3%,
respectively. The company owns and manages seven premium office
buildings in the city of Buenos Aires and owns certain properties
for future development in Buenos Aires and several provincial
cities. IRSA PC has consistently kept an EBITDA margin of around
75% in the past several years.

IRSA PC shows some near-term concentration in its lease
agreements; approximately 35% to 40% of its lease contracts expire
during the first year, as the contracts are generally for 36
months. While this ratio is high when compared with regional
peers, it is in line with Argentina's sector standards, IRSA PC's
market position and property portfolio quality have enabled it to
renew contracts and maintain its occupancy rates consistently
above 95% during the last 10 years.

Some Deterioration in Financial Leverage Incorporated: The ratings
incorporate prospects for the company's net debt/EBITDA ratio to
reach some deterioration during 2018-2019 as a result of local
currency devaluation versus the dollar. IRSA's net leverage ratio
was 5x at June 30, 2018. It reflects LTM EBITDA, total debt, and
cash levels of USD152 million, USD897 million, and USD136 million,
respectively. Fitch views IRSA's capital structure as stronger
than the 'B' rating category, which include expectations on the
company's key credits of net debt/EBITDA, net loan-to-value; and,
unencumbered assets/net unsecured debt consistently at levels
around 5x to 7x range, 30%, and, 2.5x, respectively, during 2018-
2020.

Fitch expects the company to execute an important capex plan,
estimated at USD200 million, during 2018-2020. The capex plan
includes the addition of approximately 70,000 sqm of GLA in the
office segment (Polo Dot and Catalinas projects), the expansion of
Alto Palermo Mall (approximately 4,000 sqm); and expansions in
other malls.

Recovery Analysis Assumptions: The 'RR3' Recovery Rating reflects
good recovery prospects in the event of default. The notching
above the cap of 'RR4' - for bonds issued by Argentinean
corporates - reflects IRSA's credit profile and ability to operate
should a potential economic of political crisis occur in
Argentina. Fitch assumes a going-concern scenario in its recovery
analysis for IRSA. Fitch assumes a going-concern enterprise value
of USD729 million based on post-default EBITDA of approximately
USD122 million (a 20% discount from the company's LTM June 2018
EBITDA level of USD152 million) and a multiple of 6x. After
deducting 10% for administrative claims, the remaining USD565
million of enterprise value leads to recovery for IRSA's unsecured
debt of approximately 73%. Fitch caps IRSA's recovery prospects to
'RR3'.

DERIVATION SUMMARY

IRSA's FC IDR continues to be constrained at 'B' by the country
ceiling assigned to Argentina. Country ceilings are designed to
reflect the risks associated with sovereigns, placing restrictions
upon private sector corporates, which may prevent them from
converting local currency (LC) to any foreign currency (FC) under
a stress scenario, and/or may not allow the transfer of FC abroad
to service FC debt obligations. Importantly, both IRSA and IRSA PC
own key parcels of land in strategic areas of Buenos Aires, which
could be sold to improve the company's liquidity or for new
developments. Despite lower leverage at its subsidiary IRSA PC,
the LC IDRs of IRSA and IRSA PC have been linked at 'BB-'. This
linkage reflects factors that align the credit quality of the
company and the fact that IRSA PC's upstream dividends represent a
relevant part of IRSA's cash flow generation. Also factored in the
ratings are is the parent-subsidiary strategic and operational
linkages among these entities, which are viewed as strong, based
on these entities' common management team and decision-making
process as well as due to the lack of restrictions in cash
movements between them.

The ratings also reflect an experienced and well-positioned real
estate operator with adequate portfolio granularity, limited
tenant concentration, consistent occupancy levels above 95%, and
lease duration between two and four years. Fitch calculates IRSA's
credit metrics excluding operations in Israel. Fitch views IRSA's
capital structure as consistent-to-strong in the 'B' rating
category, which include expectations on the company's key credits
of net debt/EBITDA, net loan-to-value; and, unencumbered
assets/net unsecured debt consistently at levels around 5x to 7x
range, 30%, and, 2.5x, respectively, during 2018-2020. IRSA's
liquidity is viewed as adequate for the 'B' rating category, which
considers its leveragable unencumbered pool with limited adverse
selection as well as potential limited access - depending on
political and business environment trends - to equity and debt
markets. IRSA's interest coverage ratio is expected to remain in
the 1x to 2x range during 2018-2019, which is viewed as adequate
for the 'B' rating category.

The ratings factor in IRSA's credit metrics relatively to its main
regional peers in the real estate sector. In terms of
profitability, IRSA's EBITDA margin of around 45% during LTM June
2018 is viewed as inferior when compared with main players in
Latin America, such as Fideicomiso Fibra Uno (BBB/Stable) and
InRetail Real Estate Corp. (BB+/Stable), with EBITDA margins of
78% and 89%, respectively, during the same period. In terms of
financial leverage, IRSA's leverage metric, measured as net
debt/EBITDA, is expected to remain in the 5x to 7x during 2018-
2019, which is viewed as relatively weaker when compared with
regional peers but is stronger relative to its 'B' category
rating. Fibra Uno and InRetail Real Estate are expected to
maintain net leverage metrics of 5.5x and 5.2x, respectively,
during the same period. In terms of interest coverage, IRSA's
EBITDA/net interest ratio is anticipated in the 1x to 2x during
2018-2019, which is viewed lower than expected levels for Fibra
Uno and InRetail Real Estate of around 2.6x and 3.7x,
respectively, during the same period.

KEY ASSUMPTIONS

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

  - Adjusted net leverage (measured as total adjusted debt to
adjusted EBITDA) ratio in the 5x to 7x range in FYE 2019-2020;

  - Interest coverage (EBITDA/gross interest expenses)
consistently in the 1x to 2x range in FYE 2019-2020;

  - Execution of major steps in terms of debt refinancing activity
by June 30, 2019;

  - Unencumbered assets-to-net unsecured debt coverage
consistently above 2x during 2018-2019;

  - Net loan-to-value ratio consistently below 45% during 2018-
2019.

RATING SENSITIVITIES

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

  - An upgrade of the Argentina sovereign rating could trigger a
positive rating action.

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

  - A downgrade could be triggered by a downgrade of the Argentine
sovereign rating or a significant deterioration of IRSA's credit
metrics leading to an interest coverage ratio consistently below
1x.

LIQUIDITY

Manageable Liquidity, High Unencumbered Asset Base: Liquidity is
viewed as adequate, considering IRSA's cash position, debt
schedule, and access to local banks and significant level of
unencumbered assets. The company has no material debt payments due
during the next 12 months ended in June 30, 2019. As of June 30,
2018, the company had cash and cash equivalents of about USD136
million and short-term debt of approximately USD22 million. In
addition, the company had USD168 million as investments in
financial assets, which provides additional financial flexibility.
The company's net loan to value is estimated at around 33%, which
reflects IRSA's unencumbered property value of approximately
USD2.3 billion, as of June 30, 2018.

FULL LIST OF RATING ACTIONS

IRSA Inversiones y Representaciones S.A.

Fitch has affirmed the following ratings:

  -- Long-Term Foreign-Currency Issuer Default Rating at 'B';

  -- Long-Term Local-Currency IDR at 'BB-';

  -- Senior unsecured notes at 'B+'/'RR3'.

The Rating Outlook has been revised to Negative from Stable.


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


DOMINICAN REPUBLIC: Fear Not Financing, Top Official Says
---------------------------------------------------------
"There should be no fear for the debt contracted by the Dominican
State recently, coming from the Inter-American Development Bank
(IDB), since it is within the limits of financing projected by the
Government for next year," Economy minister, Isidoro Santana
affirmed, Dominican Today reports.

He also noted the source of the financing doesn't matter as long
as they don't exceed the stipulated margins, according to
Dominican Today.

Mr. Santana made the statements during the signing of the
Cooperation Roadmap for the next two years between the Dominican
Republic and the French Development Agency (AFD), the report
notes.

The agreement seeks strategic cooperation in means of mass
transport, development of cities, preservation of water resources
and the promotion of renewable resources, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Demonstration Staged for Lower Gas Price
------------------------------------------------------------
Dominican Today reports that the Coordinator for Lower Fuel Prices
and the People's Rights reiterated that cooking gas should cost no
higher than RD$65.00 per gallon.

In a picket with pots and pans in front of the Industry and
Commerce Ministry, group spokesperson Socorro Monegro also said
that premium gasoline should cost RD$165.00; regular RD$160.00 and
diesel between RD$95.0 and RD$102.00 per gallon, according to
Dominican Today.

She blamed a "mafia" for the high fuel prices, the report notes.

The report relates that Ms. Monegro also announced an assembly to
decide on the actions to take during the strike set for Nov. 27.
She warned that they'll continue on the streets, "as we've been
doing for the past four months."

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Experts Will Analyze Energy Sector's Potential
------------------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
grouped in the ADIE will analyze with experts Dominican Republic's
potential to progress towards more advanced models in the
electricity sector's facets and achieve an energy transition that
allows the country to reach higher standards in its energy system.

Through the Electrical Forum that the ADIE carries out each year,
specialists from the local and international level will debate the
theme "Energy transition: towards a safe, sustainable and modern
model" to be held in the AIRD Tower, according to Dominican Today.

ADIE's special guest will be Dr. Lynn Loo, chemical and material
sciences engineer, director of Princeton University's Andlinger
Center for Energy and Environment at, who will present the global
vision of the changes in the design of energy systems worldwide,
the report notes.

Also present at the forum will be Energy Transition Project
director Clemens Findeisen, representative in the Dominican
Republic of the German Technical Cooperation Agency (GIZ); in
whose country sustainable models are developed in the energy
field, the report relays.

Jacqueline Mora, from Analytica; Alfonso Rodriguez, from Soventix,
and Wellington Reyes, from CEPM, will focus on structural changes
in the short and long term to move towards a safe, sustainable and
modern system, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


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J A M A I C A
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UC RUSAL: Aluminum Exports Increase Despite US Sanctions
--------------------------------------------------------
RJR News reports that Windalco's owner -- Russian aluminum
producer UC Rusal -- increased aluminium exports last month
despite being hit by U.S. sanctions since April.

Exports were up by four per cent compared to the previous month,
according to RJR News.

The report notes that UC Rusal, which is the world's largest
aluminium producer outside China, discloses its exports on a
quarterly basis.

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



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M E X I C O
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MEXICO: Pres Elect Rules Out Bank Changes After Plan Sinks Shares
-----------------------------------------------------------------
Michael O'Boyle at Reuters reports that Mexican President-elect
Andres Manuel Lopez Obrador signaled he would not support a bill
proposed by his party to limit bank commissions, providing some
reassurance to investors after stocks had sunk to their lowest
level in over 2-1/2 years.

Mexico's S&P/BMV IPC stock index had fallen 3 percent to its
lowest since February 2016 on Nov. 9, extending Nov. 8's losses
after senators in the National Regeneration Movement (MORENA)
unexpectedly introduced the bill, according Reuters.

The stock index pared losses to claw its way back to modest gains
by Nov. 9's close after Lopez Obrador told a news conference he
had no plans to change banking laws in the first half of his
administration, which will begin on Dec. 1, the report relays.

"We won't make any modification to the legal framework relating to
economic, financial and fiscal matters in the first phase of this
government," Lopez Obrador said, the report discloses.  "To be
more precise, in the first three years, no modification," the
report adds.

Incoming finance minister Carlos Urzua had also sought to calm
nerves, the report says.  Apparently surprised by the plan, Urzua
said his team had contacted lawmakers to "organize a coordinated
effort" before bills are presented to ensure financial stability,
the report discloses.

Mario Delgado, a senior MORENA lawmaker, pledged that the incoming
government would act with more prudence in the future, the report
says.

"The objective now is to maintain stability in financial markets,"
Mr. Delgado told Mexican radio, the report notes.  "We must
maintain dialogue. There should be no surprises," he added.


NEMAK SAB: Moody's Affirms Ba1 CFR; Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed Nemak, S.A.B. de C.V.'s Ba1
senior unsecured and corporate family ratings. At the same time,
Moody's changed the ratings outlook to stable from positive.

LIST OF AFFECTED RATINGS

  -- Issuer: Nemak, S.A.B. de C.V.

Affirmations:

  -- $500 million 4.750% senior global notes due 2025: Senior
unsecured Ba1 rating affirmed.

  -- EUR500 million 3.250% senior global notes due 2024: Senior
unsecured Ba1 rating affirmed.

  -- Corporate Family Rating: Ba1 rating affirmed.

Outlook actions:

  -- Outlook, changed to Stable from Positive

RATINGS RATIONALE

"Nemak's Ba1 ratings reflect it strong credit metrics, leading
position in the aluminum engine blocks and cylinder head markets,
as well as its growing structural and electric vehicle component
business", said Alonso Sanchez, a Vice President at Moody's. "The
ratings consider the company's status as the sole supplier for
about 90% of its volumes, its strong technology and innovation
capabilities, and the solid relationship with many of the major
global automakers", added Sanchez.

On the other hand, the ratings incorporate the inherent
cyclicality of the auto manufacturing industry with an ongoing
softening in the company's main markets (Western Europe and North
America) that account for 90% of its revenues. The company's sales
concentration with the top three US automakers, which account for
48% of its volumes in North America, and its product focus into
three main segments with the same demand drivers are additional
rating constraints.

According to Nemak's estimates, it has a leading market share in
the production of complex and high-tech aluminum components. This
leadership is further supported by the company's position as the
sole supplier of several auto makers in around 90% of its sales
volumes as well by its high rate of success in the replacement of
contracts. Moreover, while the Big 3 US OEMs (Ford, GM and Fiat
Chrysler) account for 48% of sales volumes, the balance is sold to
BMW, VW Group, Hyundai, Nissan, and Renault, among others, partly
mitigating customer concentration.

Nemak's operations are nonetheless, closely linked to the
performance of the automotive industry in North America and
Europe, where about 90% of its revenues are derived. Moody's has a
stable outlook for the global automotive manufacturing industry,
based on our expectations of steady demand across key regions.
However, Moody's forecasts light vehicle sales in the US to drop
by 1.2% in 2018 and by 0.6% in 2019, amid rising interest rates,
higher vehicle prices and the threat of tariffs on auto imports
prompting consumers to consider a used car or delay a vehicle
purchase. In Western Europe, light vehicle sales will grow roughly
2% in 2018 before slowing to 0.5% in 2019. Moody's expects sales
in Western Europe to reach 16.6 million next year, by which time
Germany, France and the UK will have reached or exceeded their
prior peak in demand from the last sales cycle. Thus, Moody's
expects that further upside in volumes will be limited over the
next few years.

Accordingly, Moody's expects Nemak to post modest top line growth
over the next few years. Still, profitability, as measured by
EBITDA per equivalent unit, of $14.3 in 2017 will remain steady in
2018 but should increase in 2019-2020 to reach $14.7-$15.3 in that
period. Higher profitability will be driven by better product mix
towards high-margin products in the structural and electric
vehicle components. Ongoing modernization of existing operations
and equipment, capacity expansion and technological advancements
have also increased Nemak's operating efficiency. Consequently,
Nemak's operating margin, as adjusted by Moody's, will also
improve by around 100 basis points in 2020 when compared to its
7.3% margin achieved over the twelve months ended September 30,
2018.

The revised USMCA spells out new regional content and labor
requirements that will increase production and compliance costs
for auto manufacturers Specifically, USMCA updates include changes
in the rules of-origin requirement for automobiles, increasing to
75% from 62.5% the percentage of a vehicle's parts that must be
built in North America to qualify for tariff-free treatment. USMCA
also requires that 40%-45% of a vehicle's content be produced by
workers earning at least $16 per hour. Auto manufacturers whose
vehicles do not currently comply with the new requirements will
need to source more expensive components from the US or Canada, or
even relocate assembly plants to these countries, which would be
very costly. Moody's estimates that about 20% of Nemak's
production, which is done in Mexico and indirectly exported to the
US, would be exposed to changes in the labor requirements, but
Moody's doesn't expect it to translate into actual loss of
volumes. For further details, please refer to our sector comment
"New USMCA trade agreement promises mixed impact for Mexico's auto
industry."

The company's credit metrics are strong for the rating category
with Moody's adjusted debt/EBITDA of 2.2 times as of September 30,
2018. On a quarterly basis, Nemak's leverage (adj. debt/EBITDA)
has been between 2.0 and 2.4 times over the last 18 months ended
September 2018. Similarly, Nemak's EBITA/Interest expense was 3.4
times over the twelve months ended September 30, 2018. Going
forward, Moody's estimates Nemak to continue reducing adj.
debt/EBITDA below 2.0 times by the end of 2020 from higher EBITDA
generation. Interest coverage will remain strong with adj.
EBITA/Interest expense above 5.5 times in 2019-2020.

Nemak's liquidity is strong. The company had cash on hand of
MXN2,865 million ($153 million) as of September 30, 2018, covering
1.7 times its short-term debt. As alternate sources of liquidity,
Nemak has committed credit facilities of $350 million (100%
available) and advised lines of credit for over $800 million that
it uses to cover seasonal working capital requirements. The
company generated, on average, free cash flow (defined as cash
from operations minus dividends minus capital expenditures) of $64
million per year in 2015-2017. Moody's expects that Nemak's free
cash flow will benefit from lower capital expenditures in 2019-
2020 partly offset by a dividend payout of around $170 million
annually and will reach around $70 million in 2019 and $150
million in 2020.

The stable outlook reflects our expectation that Nemak will
maintain its strong credit metrics, profitability and liquidity
despite potential challenges in the automotive industry arising
from the new trade agreement with the US and Canada and a slowing
industry cycle in North America and Europe.

The ratings could be upgraded if the company proves able to grow
its topline, while maintaining strong credit metrics in a
softening industry environment with Moody's adj. debt/EBITDA below
2.5 times and adj. EBITA/Interest expense over 4.0 times. To be
considered for an upgrade, the company would also need to improve
its profitability and maintain its robust liquidity and cash
generation.

The rating could be downgraded if the company's margins are
affected by unfavorable dynamics or adverse changes in the
company's market position. A deterioration in liquidity with
negative free cash flow generation or a worsening in its credit
metrics with adj. debt/EBITDA increasing over 3.0 times or adj.
EBITA/Interest expense declining below 3.3 times could also led to
a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Nemak, S.A.B. de C.V. is a subsidiary of Alfa, S.A.B. de C.V.
(Baa3 stable), a publicly traded Mexican business group. Nemak
produces aluminum cylinder heads, engine blocks and transmission
components for light vehicles manufactured by more than 50
customers worldwide, with 55% of its sales volumes coming from the
Big Three US original equipment manufacturers (Ford, General
Motors and Fiat Chrysler). Nemak's products are sold mainly in
North America, Europe, South America and China. The company is
75.24% owned by Alfa and 5.45% owned by Ford, with the remaining
19.31% in public float. During the 12 months ended September 30,
2018, Nemak reported revenue of MXN89.7 billion (around $4.9
billion). As Alfa's third-largest subsidiary, Nemak represented
29% of the group's consolidated revenue over the 12 months ended
September 30, 2018.


===========
P A N A M A
===========


PROMERICA FINANCIAL: Fitch Rates Sr. Sec. Notes BB-(EXP)
--------------------------------------------------------
Fitch Ratings has assigned Promerica Financial Corporation
upcoming 5.5-year senior secured notes for up to USD300 million
and minimum of USD200 million an expected long-term rating of 'BB-
(EXP)'. The final rating is contingent upon the receipt of final
documents conforming to information already received.

The notes, planned as a 144A and Regulation S issuance, will be
senior secured obligations and will rank senior in right of
payment to all existing and future senior indebtedness to the
extent of the value of the collateral securing the notes. The
notes are secured by a pledge by PFC of shares of common capital
stock of certain subsidiaries in Panama, Guatemala and Ecuador, a
reserve for interest rate payments and the proceeds of the pledged
shares. As per the preliminary documents, 100% of the common
capital stock owned by PFC of subsidiaries on countries mentioned
will be pledged as collateral.

KEY RATING DRIVERS

The expected rating assigned to the Notes is aligned to PFC's
Long-Term Issuer Default Rating. Despite being senior secured and
unsubordinated obligations, in Fitch's view the shares pledged
would not have a significant impact on recovery rates. Based on
the agency's assessment of the default risk/recovery prospects,
the issuance has average recovery prospects. The agency considers
that the pledged shares are not traded and have not been rated by
Fitch in its opinion on recovery prospects.

PFC's IDR of 'BB-' is driven by its VR of 'bb-', which reflects
the group's consolidated risk profile. The group's significant
geographic diversification, which balances the risks associated
with the weaker operating environments of its main subsidiaries,
and its comparatively higher risk appetite compared to peers,
underpinned by its organic and inorganic growth strategy highly
influence PFC's VR. PFC's main financial profile weaknesses
include its tight capital position and the significant double
leverage. The VR also considers the individual strength of its
operations and the diversification of profits and dividend
payments.

RATING SENSITIVITIES

The expected global senior secured debt rating would mirror any
change to PFC's IDRs.


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


EVERTEC GROUP: S&P Assigns 'B+' Rating on Senior Secured Debts
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to San
Juan, Puerto Rico-based EVERTEC Group LLC's proposed senior
secured $135 million term loan A due in 2023, $425 million term
loan B due in 2024, and $125 million revolving credit facility due
in 2023. The company will use the net proceeds primarily to
refinance its term loans due in 2020, totaling $570 million. S&P
expects the new revolving credit facility to be undrawn at the
time of issuance. The '3' recovery rating on the proposed debt
indicates S&P's expectation for meaningful recovery (50%-70%;
rounded estimate: 50%).

S&P said, "Our 'B+' issuer credit rating on EVERTEC is based on
our view of its strong market position as a merchant acquirer in
Puerto Rico, offset by a relatively weak economic environment and
hurricane-related setbacks in the country.

"The stable outlook reflects our expectation that Puerto Rico's
population will decline but not present significant risk to
EVERTEC's business over the next 12 months. It also reflects that
consumer spending on the island will continue to recover such that
EBITDA declines by less than 15% in 2018 and adjusted debt to
EBITDA is sustained below 5x. We expect that the company will not
engage in aggressive shareholder returns in 2018, it will use free
cash flow to meet its mandatory debt repayments, and maintain at
least a 10% EBITDA cushion on its leverage covenant."

  RATINGS LIST

  EVERTEC Group LLC
   Issuer Credit Rating             B+/Stable/--

  New Rating
  EVERTEC Group LLC
   Senior Secured
    $135 mil term loan A due 2023
    $425 mil term loan B due 2024
    $125 mil revolver due 2023      B+
     Recovery Rating                3(50%)


MONITRONICS INTERNATIONAL: Posts Q3 Net Loss of $33.8 Million
-------------------------------------------------------------
Monitronics International, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $33.84 million on $137.15 million of net revenue for
the three months ended Sept. 30, 2018, compared to a net loss of
$25.53 million on $138.21 million of net revenue for the three
months ended Sept. 30, 2017.

For the nine months ended Sept. 30, 2018, the Company reported a
net loss of $301.83 million on $405.92 million of net revenue
compared to a net loss of $96.65 million on $419.90 million of net
revenue for the same period during the prior year.

As of Sept. 30, 2018, the Company had $1.70 billion in total
assets, $1.90 billion in total liabilities and a total
stockholders' deficit of $202.90 million.

At Sept. 30, 2018, the Company had $26,835,000 of cash and cash
equivalents.  Its primary sources of funds are its cash flows from
operating activities which are generated from alarm monitoring and
related service revenues.  During the nine months ended Sept. 30,
2018 and 2017, its cash flow from operating activities was
$74,458,000 and $127,227,000, respectively.  The primary drivers
of
the Company's cash flow from operating activities are the
fluctuations in revenues and operating expenses.  In addition, the
Company's cash flow from operating activities may be significantly
impacted by changes in working capital.

During the nine months ended Sept. 30, 2018 and 2017, the Company
used cash of $111,531,000 and $119,081,000, respectively, to fund
subscriber account acquisitions, net of holdback and guarantee
obligations.  In addition, during the nine months ended Sept. 30,
2018 and 2017, the Company used cash of $11,513,000 and
$9,999,000,
respectively, to fund its capital expenditures.

On Sept. 27, 2018, the Company borrowed an incremental $26,691,000
on its Credit Facility revolver to fund its Oct. 1, 2018 interest
payment due under the Senior Notes.

"The Company has substantial indebtedness, including $585,000,000
principal of senior notes at September 30, 2018, maturing on April
1, 2020 (the "Senior Notes"), and an existing credit facility with
a term loan in principal of $1,078,000,000 as of September 30,
2018, maturing September 30, 2022, and a revolving credit facility
with an outstanding balance of $159,100,000 as of September 30,
2018, maturing September 30, 2021 (the term loan and the revolver,
together, the "Credit Facility").  The maturity date for each of
the term loan and the revolving credit facility under the Credit
Facility is subject to a springing maturity 181 days prior to the
scheduled maturity date of the Senior Notes, or October 3, 2019,
if
we are unable to refinance the Senior Notes by that date.  In
addition, if we are unable to refinance the Senior Notes, or
demonstrate the ability to meet our financial covenants for a
period of twelve months after the issuance date, prior to the
filing with the SEC of our Annual Report on Form 10-K for the year
ended December 31, 2018, we may be subject to a going concern
qualification in connection with our external audit report, which
would be an event of default under the Credit Facility.  At any
time after the occurrence of an event of default under the Credit
Facility, the lenders may, among other options, declare any
amounts
outstanding under the Credit Facility immediately due and payable
and terminate any commitment to make further loans under the
Credit
Facility.  These matters raise substantial doubt regarding the
Company's ability to continue as a going concern within one year
from the date these financial statements are issued," the Company
stated in the filing.

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/dUb3vZ

                       About Monitronics

Farmers Branch, Texas-based Monitronics International, Inc. --
http://www.mymoni.com/-- provides residential customers and
commercial client accounts with monitored home and business
security systems, as well as interactive and home automation
services.  The Company is supported by a network of independent
Authorized Dealers providing products and support to customers in
the United States, Canada and Puerto Rico.  Its wholly owned
subsidiary, LiveWatch is a Do-It-Yourself home security firm,
offering professionally monitored security services through a
direct-to-consumer sales channel.   Monitronics is a wholly-owned
subsidiary of Ascent Capital Group, Inc.  Monitroics was
incorporated in the state of Texas on Aug. 31, 1994.  At Dec. 31,
2017, the Company had more than 1,330 full-time employees and over
100 part-time employees, all of which are located in the United
States.

Monitronics reported net losses of $111.29 million in 2017, $76.30
million in 2016 and $72.44 million in 2015.  As of June 30, 2018,
the Company had $1.67 billion in total assets, $1.84 billion in
total liabilities, and a total stockholders' deficit of $167.69
million.

                         *     *     *

In September 2018, S&P Global Ratings lowered its issuer credit
rating on Monitronics to 'CC' from 'CCC'.  The downgrade follows
Monitronics' announcement on Aug. 30, 2018, of a proposed
transaction to exchange its 9.125% senior unsecured notes due 2020
for a combination of new $585 million cash and paid-in-kind (PIK)
(7.75% cash and 3.75% PIK) unsecured notes due 2023, up to $100
million of cash from parent company Ascent and warrants.
Monitronics is also proposing amendments to eliminate the
restrictive covenants governing the 2020 notes, including certain
events of default.

In July 2018, Moody's Investors Service, Inc., downgraded
Monitronics International's Corporate Family Rating to 'Caa2',
from
'B3'.  The downgrade of Monitronics' CFR reflects strains on the
company's liquidity and capital structure caused by impending
maturities, as well as its continued lackluster operating
performance.


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


* BOND PRICING: For the Week November 5 to November 9, 2018
-----------------------------------------------------------

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

Banco do Brasil SA/Cayman 6.25   75.043                 KY     USD
Rio Energy SA             6.875  71.638   2/1/2025      AR     USD
Cia Latinoamericana       9.5    60.447   7/20/2023     AR     USD
CSN Islands XII Corp      7      69.44                  BR     USD
Agua y Saneamientos       6.625  71.982   2/1/2023      AR     USD
Odebrecht Finance Ltd     7.5    39.15                  KY     USD
YPF SA                   16.5    50.96    5/9/2022      AR     ARS
Odebrecht Finance Ltd     4.37   35.715   4/25/2025     KY     USD
Banco Macro SA           17.5    50       5/8/2022      AR     ARS
Odebrecht Finance Ltd     7.12   37.293   6/26/2042     KY     USD
China Huiyuan             6.5    75.1     8/16/2020     CN     USD
Odebrecht Finance         5.125  45.754   6/26/2022     KY     USD
Noble Holding             6.2    74.46    8/1/2040      KY     USD
Noble Holding             5.25   70.444   3/15/2042     KY     USD
Odebrecht Finance         7      58.985   4/21/2020     KY     USD
Noble Holding             6.05   73.508   3/1/2041      KY     USD
Odebrecht Finance         5.25   36.2     6/27/2029     KY     USD
Rio Energy SA             6.875  71.551   2/1/2025      AR     USD
BCP Finance Co            1.751  74.397                 KY     EUR
Provincia del Chubut      4              10/21/2019     AR     USD
YPF SA                   16.5    50.96   5/9/2022       AR     ARS
Argentina                 7.125  76      6/28/2117      AR     USD
Automotores Gildemeister  6.75   62.759  1/15/2023      CL     USD
Odebrecht Finance         6      37.193  4/5/2023       KY     USD
Banco do Brasil           6.25   76.375                 KY     USD
Cia Latinoamericana       9.5    60.621  7/20/2023      AR     USD
Polarcus Ltd              5.6    70      7/1/2022       AE     USD
Argentina                 6.875  74.985  1/11/2048      AR     USD
Provincia del Chubut      7.75   72.304  7/26/2026      AR     USD
Banco Macro SA           17.5    50      5/8/2022       AR     ARS
CSN Islands XII Corp      7      74.375                 BR     USD
Provincia de Rio Negro    7.75   70.153  12/7/2025      AR     USD
Provincia de Entre Rios   8.75   71.083   2/8/2025      AR     USD
Argentina                 4.33   70      12/31/2033     AR     JPY
Provincia de Entre Rios   8.75   72.333   2/8/2025      AR     USD
Odebrecht Finance Ltd     4.375  35.242   4/25/2025      KY    USD
Ironshore Pharma         13      69.621   2/28/2024      KY    USD
Automotores Gildemeister  8.25   60.583   5/24/2021      CL    USD
Odebrecht Finance Ltd     7.125   38.674  6/26/2042      KY    USD
Odebrecht Finance Ltd     5.25    36.187  6/27/2029      KY    USD
Province of Santa Fe      6.9     74.177  11/1/2027      AR    USD
Provincia del Chubut      7.75    71.654  7/26/2026      AR    USD
Argentina                 6.25    72.711  11/9/2047      AR    EUR
Cia Energetica            6.1827   1.105  1/15/2022      BR    BRL
Odebrecht Finance         7.5     43.5                   KY    USD
Argentina                 0.45    31.75  12/31/2038      AR    JPY
SACI Falabella            2               7/15/2020      CL    CLP
Province of Jujuy         8.625   72.788  9/20/2022      AR    USD
Province of Santa Fe      6.9     73.44  11/1/2027       AR    USD
Ironshore Pharma         13       69.621  2/28/2024      KY    USD
Tanner Servicios         3.8      52.42   4/1/2021       CL    CLP
AES Tiete Energia SA     6.78      1.06   4/15/2024      BR    BRL
Odebrecht Finance Ltd    6        37.19   4/5/2023       KY    USD
Provincia de Rio Negro   7.75     70.15  12/7/2025       AR    USD
Odebrecht Finance        7        59.466  4/21/2020      KY    USD
Odebrecht Finance Ltd    5.12     47.298  6/26/2022      KY    USD
Provincia de Cordoba     7.12     74.286  8/1/2027       AR    USD
Argentina                7.125    75.752  6/28/2117      AR    USD
Automotores Gildemeister 8.25     60.583  5/24/2021      CL    USD
Enlasa Generacion        3.558           11/15/2023      CL    CLP
Metrogas SA/Chile       645               8/1/2024       CL    CLP
Automotores Gildemeister 6.75     62.759  1/15/2023      CL    USD
Provincia del Chaco      9.375    72.315  8/18/2024      AR    USD
Fospar S/A               6.53      1.034  5/15/2026      BR    BRL
Sociedad Concesionaria   2.9547           6/30/2021      CL    CLP
Esval SA                 3.453            3/15/2028      CL    CLP
Caja de Compensacion     7.75     35.23   3/27/2024      CL    CLP
Sociedad Austral       318.478            9/20/2019      CL    CLP
Provincia de Neuquen     7.5      74.753  4/27/2025      AR    USD
Caja de Compensacion     5.2              9/15/2018      CL    CLP
Empresa de Transporte    4.341            7/15/2020      CL    CLP
Corp Universidad         5.968           11/10/2021      CL    CLP
Provincia de Cordoba     7.125    74.802  8/1/2027       AR    USD
Provincia del Chaco      9.375    72.585  8/18/2024      AR    USD
Argentine Republic       7.125    75.322  6/28/2117      AR    USD
Sylph Ltd                2.367    61.194  9/25/2036      KY    USD
Banco Security SA      311                7/1/2019       CL    CLP
Sylph Ltd                2.657   73.081   3/25/2036      KY    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.

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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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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                   * * * End of Transmission * * *