TCRLA_Public/180622.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

               Friday, June 22, 2018, Vol. 19, No. 123


                            Headlines



B A R B A D O S

BARBADOS: Another IMF Team to Visit as Government Negotiates Loan


B R A Z I L

AEGEA SANEAMENTO: Moody's Affirms Ba1 CFR, Outlook Stable
BRAZIL: Debt Capital Markets Deal Value Contracts in May
BRAZIL: Debt Taps Total US$7 Billion in April
COSAN LIMITED: Fitch Affirms BB LongTerm IDRs, Outlook Stable
ODEBRECHT ENGENHARIA: S&P Raises CCR to 'CCC', Outlook Developing

RUMO SA: Fitch Hikes Issuer Default Ratings to BB, Outlook Pos.


J A M A I C A

MELIA BRACO: General Manager Quits


N I C A R A G U A

NICARAGUA: Invites International Entities to Probe Unrest Deaths


P U E R T O    R I C O

KONA GRILL: BDO USA Replaces Ernst & Young as Auditors
STONEMOR PARTNERS: Austin So Remains as GP's Chief Legal Officer
STONEMOR PARTNERS: Successfully Amends Credit Facility


                            - - - - -


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


BARBADOS: Another IMF Team to Visit as Government Negotiates Loan
-----------------------------------------------------------------
Caribbean360.com reports that following a visit of one team from
the International Monetary Fund (IMF) and Prime Minister Mia
Mottley going up to Washington to speak with officials of the
financial institution, has come news that another team from the
IMF will be in Barbados next month to begin negotiations with
Government.

Prime Minister Mottley made the disclosure over the weekend, as
she gave an update following the latest talks with IMF Managing
Director Christine Lagarde, which she said went well, according to
Caribbean360.com.

The report notes that Prime Minister Mottley said she was happy
the engagement with Lagarde recognized the country's situation was
urgent, and reported that the IMF was prepared to support
Barbados' Economic Recovery and Transformation Plan.

"The initial team was just a fact-finding team.  This team that
comes now, from July 2 to 12, will actually be a negotiating team
with the Barbados Government, to be able to settle on what would
be the terms and conditions of the contract that underpins how
much money they will supply to us, and what conditions there will
be, if any, to that money," she explained, the report relays.

"We had an excellent meeting.  We were able to articulate clearer
why we need to be able to have a baseline that takes into account
fixing our broken infrastructure and protecting the most
vulnerable in our society. [We also spoke about] why we will
continue to do the things that we have to do in order to be able
to make the structural adjustment. That is critical-to make
Barbados' Government more fiscally responsible and to be able to
see growth come back to our economy in a way that it has not over
the course of the last decade," she added, the report notes.

The Prime Minister indicated that the IMF had shown a willingness
to cooperate with Barbados and responded with alacrity when she
and her team engaged with the IMF officials, the report says.

"Anyone who knows anything about these processes [talks with the
IMF] will tell you that they are amazed at how . . . . fast we are
moving forward . . . . We recognize that uncertainty cannot serve
the interest of anyone in this country . . . . It is in our
interest to be able to get to the point where we can put the
framework for what is our programme behind us, such that all
Barbadians can play their part," she said, the report notes.

Prime Minister Motley explained that the support Barbados would be
seeking from the institution would be a loan at "very, very
negligible" interest rates -- around one per cent, the report
discloses.  She added that it would allow the country to boost its
international reserves, the report relays.

"But the importance of going to the International Monetary Fund is
that it unlocks other international concessional funding. So, for
example, the Inter-American Development Bank will now be in a
position to start lending us serious amounts of capital once we
have an agreement with the IMF, the report notes.

"Indeed, upon signing with the IMF, there is an immediate
unlocking of significant amounts of capital and then we go into
other discussions with them on policy based loans and investment
sector loans; and similarly, with the Caribbean Development Bank
and others," the Prime Minister stated, the report relays.

She gave the assurance that Government was engaging with the IMF
to bring back growth to the country to preserve the Barbadian
quality of life and the value of the dollar, and not "to go on a
spending spree," the report says.

The Prime Minister noted that even though the meetings in
Washington went much better than she and her team could have
contemplated, in terms of the timelines, the work now lay ahead of
them, the report notes.

She said the Government is preparing a strong negotiating team for
the discussions with the IMF, the report adds.



===========
B R A Z I L
===========


AEGEA SANEAMENTO: Moody's Affirms Ba1 CFR, Outlook Stable
---------------------------------------------------------
Moody's America Latina Ltda. affirmed AEGEA Saneamento e
Participacoes S.A.'s Corporate Family Ratings (CFR) of Ba1 in the
global scale, and at the same time assigned a Aaa.br CFR rating in
Brazil's national scale. The outlook is stable.

The ratings incorporate Moody's view of AEGEA's overall stable
business profile and solid positioning as a result of diverse
operations that lower its exposure to water scarcity risks.
AEGEA's operations show lower volume fluctuations compared to
local peers and stable cash flow, as well as an overall
transparent and predictable tariff mechanism and regulatory
framework. Moreover, the Aaa.br national scale rating reflects the
standing of the company's credit quality relative to its domestic
peers.

RATINGS RATIONALE

AEGEA's corporate family ratings reflect its stable business
profile, the company's solid positioning and relatively strong
pricing power. The company benefits from very limited competition.
Very diverse operations result in lower exposure to water scarcity
problems shown by overall lower volume fluctuations and stable
cash flows. AEGEA's tariff mechanism and regulatory framework are
overall transparent and predictable with annual tariff adjustments
to pass through inflation. Expansion targets, quality standards
and capital investments are all pre-settled under the company's
concession contracts.

AEGEA's management team is experienced and the company's
shareholders show sound corporate governance practices in Moody's
view, further supporting the ratings. Moody's understands that
shareholders will continue to actively support the company's
credit quality and liquidity. Moody's also expects that AEGEA will
continue to have sound access to the banking and capital markets
and will prudently manage its leverage, maintaining discipline on
its financial policy and mitigating cross-currency exposure risks
from the Note's issuance.

Another consideration for the ratings is the fact that AEGEA
operates in various jurisdictions with different granting
authorities. Moody's notes that Brazil's water/sanitation
regulatory framework is relatively new and under development. The
ratings are tempered by AEGEA's relative small scale and
significant expansion plan. New investments and acquisitions
together with a track record of high dividend payments will
continue to pressure leverage.

The stable outlook follows the outlook on Brazil, given the
domestic nature of the company's operations and, consequently, its
links to the local economic/regulatory environment, and ultimate
credit quality.

What Could Change the Rating - Up /Down

Moody's does not expect a rating upgrade in the short to medium
term given the stable outlook albeit an upgrade of Brazil's rating
could trigger upward pressure on the company's ratings given the
intrinsic linkages of AEGEA and the Brazilian sovereign. Also,
better than anticipated financial performance such that FFO
interest coverage stays above 2.5x and Debt to Capitalization
below 55% on a sustained basis could also trigger upward rating
pressure, however such upward pressure is somewhat limited to the
sovereign credit quality.

On the other hand, deterioration in the sovereign's credit quality
could exert downward pressure on AEGEA ratings as well as Moody's
assessment of weaker shareholders support. The ratings could also
be downgraded if there is a significant and sustained
deterioration in the company's credit metrics and liquidity or if
there is a deterioration in its subsidiaries performance or
ability to upstream dividends. AEGEA has cross-default clauses
within the group and operates through a centralized cash
management system.

The ratings could be revised downwards if there are material
delays or costs overruns on the capital investment program that
negatively impact revenues or lead to non-compliance with the
contractual targets. Moody's perception of deteriorated stability
and transparency of the regulatory regime would also add pressure
to the ratings as if volumes stay consistently below Moody's
forecast.

AEGEA is a holding company with 42 subsidiaries operating long
term water and sewage contracts and 3 PPP sewage contracts in
various municipalities across ten Brazilian States. In the LTM
ended March 2018, AEGEA posted net revenues of BRL1.3 billion and
EBITDA of BRL780 million, while the FFO interest coverage was 2.7x
and Debt to Capitalization 72%, as per Moody's standard
adjustments.

AEGEA started operations in 2010 and is one of the largest private
water utilities in Brazil, with around 37% of Brazil's market
share. AEGEA's shareholders are Equipav (not rated, 71.0% stake),
the Government of Singapore's Investment Corporation "GIC" (not
rated, 18.7% stake) and the International Finance Corporation -
IFC (Aaa, 10.3% stake).


BRAZIL: Debt Capital Markets Deal Value Contracts in May
--------------------------------------------------------
Fredrik Karlsson at Latin Lawyer reports that on recent debt
capital markets activity in the region, the value of transactions
in Brazil shrank by 37% between April and May.

Latin Lawyer's research into debt capital markets activity in
Brazil reveals 15 Brazilian and five international firms worked on
25 debt capital markets deals in May.  This is consistent with the
volume of deals that took place in April, but overall deal value
decreased by US$2.6 billion, going from US$7 billion in April to
US$4.4 billion in May, according to Latin Lawyer.

As reported in the Troubled Company Reporter-Latin America in
February 2018, Fitch Ratings downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.


BRAZIL: Debt Taps Total US$7 Billion in April
---------------------------------------------
Fredrik Karlsson at Latin Lawyer reports that twenty-six local and
four international firms reported working on 26 debt issuances by
Brazilian companies worth a combined US$7 billion in April.

As reported in the Troubled Company Reporter-Latin America in
February 2018, Fitch Ratings downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.


COSAN LIMITED: Fitch Affirms BB LongTerm IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of Cosan Limited at 'BB'.
The Rating Outlook is Stable.

Cosan Limited's ratings reflect its low leverage and robust
liquidity position on a stand-alone basis, as well as the expected
comfortable debt service coverage through dividends coming from
its main subsidiary, Cosan S.A Industria e Comercio (Cosan;
Foreign and Local Currency IDRs of 'BB' and 'BB+', respectively,
and Long-Term National Scale Rating 'AA+(bra)'). Cosan and its
subsidiaries accounted for around 90% of Cosan Limited's
consolidated pro-forma revenues, 75% of pro-forma EBITDAR and 100%
of dividends received in the latest-12-months (LTM) ended March
31, 2018. The one-notch difference between Cosan's LC IDR reflects
the structural subordination of Cosan Limited's debt to dividends
received from Cosan.

Cosan Limited's credit profile is supported by the business
strength and product diversification of its subsidiaries. The
company's investments include operations in energy generation from
biomass, distribution of natural gas, fuel and lubricants. These
businesses enjoy predictable cash flow that partly softens the
inherent volatilities of its sugar and ethanol business. The
company also operates in the logistic industry, which presents
strong growth potential and is expected to become a source of
dividends to Cosan Limited starting in 2020.

KEY RATING DRIVERS

Robust Asset Portfolio: Cosan Limited is a non-operating holding
company that carries a robust and diversified asset portfolio that
reduces sector concentration risks. The company holds a 60.3%
interest in Cosan, the holding company engaged in sugar, ethanol
and energy production, as well as distribution of natural gas,
lubricants and fuel.

Raizen Combustiveis S.A. (Raizen Combustiveis; FC and LC IDRs
'BBB'/Outlook Stable, National Scale rating 'AAA(bra)'/Outlook
Stable) is the second largest fuel distributor in Brazil, with
predictable operational cash generation. Despite its more volatile
results, Raizen Energia S.A. (Raizen Energia; rated the same as
Raizen Combustiveis) is the largest S&E company in Brazil and, as
such, it benefits from large business scale, which somewhat
mitigates the current challenging scenario for the sector.
Companhia de Gas de Sao Paulo (Comgas; FC IDR 'BB'/Outlook Stable,
LC IDR 'BBB-'/Outlook Stable, National Scale rating
'AAA(bra)'/Outlook Stable) is the largest natural gas distributor
in Brazil, with high growth potential.

Cosan Limited also holds 72.5% interest in Cosan Logistica S.A
(Cosan Logistica), which owns 28% of Rumo S.A. (Rumo; Foreign and
Local Currency IDRs 'BB', National Scale Rating 'AA(bra)'; ROS on
the Foreign Currency IDR). Rumo has a conservative capital
structure and Fitch expects Rumo to present positive FCF from 2019
onwards. The presence of Rumo contributes to broader business
diversification and helps the group to further lessen the cash
flow volatility derived from the sugar and ethanol business.
Rumo's main assets are four rail concessions to operate railway
lines that extend over approximately 12 thousand kilometers within
Brazil, with access to three main Brazilian ports.

Adequate Interest Coverage Expected to Remain: Fitch expects Cosan
Limited to receive sufficient dividends from Cosan to cover coupon
payments on the USD500 million notes and adequate dividends to its
shareholders. Dividends received amounted to BRL234 million in the
LTM ended March 31, 2018. Fitch expects Cosan Limited's EBITDA
plus dividends to interest coverage to be above 2.0x on a
sustainable basis and allow the company to gradually reduce its
net debt position. In 2017, the ratio of EBITDA and dividends
received/interest expense was 1.80x.

Higher Leverage Is not a Concern: The higher leverage posted by
Cosan Limited on a stand-alone basis for the 12 months through
March 31, 2018 is not a concern due to its comfortable debt
maturity profile and adequate financial flexibility besides the
fast deleveraging expected onward from 2018. At the holding
company level, Cosan Limited's leverage measured as net debt-to-
dividends received was 5.1x as per Fitch's calculations as of
March 31, 2018, comparing unfavorably with 4.8x in 2017 and 0.8x
in 2016. Fitch projects this ratio to decline to 4.0x in 2018 and
2.6x in 2019. The leverage increase in 2017 was due to taking on
USD500 million seven-year notes combined with disbursements made
into a shares repurchase program and capital increase at Cosan
Logistica of BRL689 million and BRL545 million, respectively.

On a consolidated basis, Cosan Limited's leverage is adequate for
the rating category. The net adjusted debt-to-EBITDAR was at 2.3x
as of the LTM through March 31, 2018 when dividends received from
nonconsolidated subsidiaries are factored into EBITDAR figures.
This compares favorably with 2.6x reported 2017. The group's
deleveraging process has been mostly accelerated by Rumo's faster-
than-anticipated deleveraging.

DERIVATION SUMMARY

Cosan Limited's credit profile is supported by a diversified asset
portfolio. The company's investments include operations in energy
generation from biomass, distribution of natural gas, fuel and
lubricants as well as logistics. These businesses enjoy
predictable cash flow that partly softens the inherent
volatilities of its sugar and ethanol business. Fitch expects
Raizen and Comgas to pay robust dividends over the next four years
while strong growth potential in logistics is expected to lead
Rumo to keep reporting scale gains and improving operating
profitability. The one-notch difference between its LT LC IDR and
Cosan's continues to reflect the inherent structural subordination
of Cosan Limited's debt to dividends received from Cosan, whereas
their LT FC IDR are the same due to the cap imposed by Brazil's
country ceiling on Cosan's rating.

Cosan Limited's ratings compare unfavorably with Votorantim S.A's.
(VSA's, LT FC/LC IDR at 'BBB-' and National Scale rating at
'AAA(bra)'; Outlook Stable), one of Latin America's largest
industrial conglomerates. VSA has larger revenues and higher
geographic diversification with strong operations in the Americas
(U.S., Brazil and Peru), whereas Cosan Limited's assets are mostly
located in Brazil. VSA presents higher liquidity on a consolidated
basis with cash and near-cash items of BRL8.9 billion compared to
the short-term BRL2.8 billion debt position of, whereas Cosan
Limited reported BRL8.4 billion and BRL4.2 billion, respectively,
as of Dec. 31, 2017. VSA also presents lower leverage following
the IPO of Nexa and sale of noncore assets. Fitch calculates VSA's
pro forma 2017 net leverage at 0.8x incorporating the
transactions, whereas Cosan posted 2.6x on a consolidated basis.
In terms of leverage and cash flow generation, Cosan Limited
performs better than Grupo KUO, S.A.B. de C.V.'s (KUO, LT FC/LC
IDR at BB; Outlook Stable), a Mexican Group with diversified
business portfolio in the consumer, automotive and chemical
industrie. KUO reported net adjusted leverage of 2.9x and negative
FCF in 2017. Cosan Limited reported positive FCF for both 2017 and
LTM ended March 31, 2018.

KEY ASSUMPTIONS

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

  -- Increased flow of dividends coming from Comgas, Raizen
     Combustiveis and Raizen Energia to Cosan over the next two
     years, reaching over BRL2.0 billion per year.

  -- Cosan Logistica not to pay dividends until 2019

  -- No additional investments coming from Cosan Limited.

  -- Flexibility of Cosan Limited to reduce payouts to its
     shareholders, if necessary.

RATING SENSITIVITIES

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

  -- Improvement in either Cosan's or Cosan Logistica's credit
     profile; and

  -- Expectation of stronger-than-anticipated debt service
     coverage ratio at Cosan Limited based on more robust
     dividends received.

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

  -- Expectation of debt service coverage ratio at Cosan Limited
     level below 0.5x based on reduced dividends to be received;

  -- Cosan Limited entrance in new investments financed by debt;
     and

  -- Deterioration of the credit profile of either Cosan or Cosan
     Logistica.

LIQUIDITY

Strong Liquidity: Cosan Limited's debt maturity profile is evenly
spread out and is not expected to pressure the company's cash
flows until 2024 when the USD500 million seven-year notes are due.
Fitch expects Cosan Limited to report a cash position of BRL550
million in 2018 and no short-term debt assuming BRL70 million
dividends. As of March 31, 2018, the holding company had BRL449
million of cash versus short-term debt of only BRL3 million.

The group's strong financial flexibility relative to its access to
the debt and capital markets, in combination with dividends
received from Cosan ensures strong refinancing capacity for Cosan
Limited. Fitch expects Cosan Limited to receive a sufficient
inflow of dividends that should provide adequate repayment
capacity for upcoming interest and payout to its shareholders.
Dividends received amounted to BRL234 million in the LTM ended
March 31, 2018. Fitch believes Cosan Limited has the flexibility
to reduce the payouts to its shareholders if necessary.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:
Cosan Limited

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

  -- Long-Term Foreign Currency IDR at 'BB'; Outlook Stable;

  -- Senior unsecured notes due 2024 at 'BB'.


ODEBRECHT ENGENHARIA: S&P Raises CCR to 'CCC', Outlook Developing
-----------------------------------------------------------------
S&P Global Ratings raised its global scale corporate credit rating
on Odebrecht Engenharia e Construcao S.A. (OEC) to 'CCC' from
'CCC-'.

S&P said, "At the same time, we raised our long-term national
scale corporate credit rating on the company to 'brCCC+' from
'brCCC-' and affirmed the short-term national scale rating at
'brC'. We also raised our issue-level ratings on OEC's sister
company, Odebrecht Finance Ltd. (OFL), to 'CCC' from 'CCC-'. The
'4' recovery rating on this debt, indicating our expectation that
lenders would receive average (30%) recovery of their principal in
the event of a payment default, remains unchanged. We revised the
outlook on the corporate credit ratings to developing from
negative.

"We base the upgrade on the lower immediate risks of OEC's debt
restructure or de facto default after its holding company,
Odebrecht S.A. (not rated), committed to inject R$1.32 billion
into OEC until the end of 2018. The holding company gained the
capacity to support its E&C business after it raised additional
debt, pledged by its equity stake in Braskem S.A.
(BBB-/Stable/--).

After this event, S&P believes that the risk of OEC restructuring
its debt in the next six months is now lower, given that the
company has additional liquidity not only to meet its short-term
financial obligations, but also to start rebuilding a path to
finance the completion of works and increasing its cash flow
generation. The small principal maturities level over the next few
years, with more signficant payments due by 2025, result in a less
pressured short-term scenario for the company.


RUMO SA: Fitch Hikes Issuer Default Ratings to BB, Outlook Pos.
---------------------------------------------------------------
Fitch Ratings has upgraded Rumo S.A's Long-Term (LT) Foreign
Currency (FC) and Local Currency (LC) Issuer Default Ratings
(IDRs) to 'BB', from 'BB-'. Fitch has also upgraded its unsecured
bonds due in 2024 and 2025, which were issued by Rumo Luxembourg
S.a.r.l., to 'BB'. At the same time, Fitch upgraded Rumo, its
subsidiaries and the respective unsecured debentures' National
Scale Long-Term ratings to 'AA(bra)', from 'A(bra)'. The Rating
Outlook for the LC IDR and the National Scale ratings remains
Positive. The outlook of the FC IDR was revised to Stable from
Positive, as Fitch expects the FC IDR to be constrained by
Brazil's 'BB' Country Ceiling in the event of an upgrade of the LC
IDR.

The rating action is supported by the consistent increase on
Rumo's scale due to its ongoing capex program, which has resulted
in solid operating margins expansion and boosted operating cash
flow generation. These factors, combined with the cash provided by
a BRL2.6 billion capital injection during 2017, have significantly
strengthened Rumo's capital structure. The positive FCF trend from
2019 onwards and the expectation of continued robust liquid
position were key considerations in maintaining the Positive
Outlook for the national scale and LC IDR.

The ratings are supported by the high predictability of Rumo's
cash flow generation due to its solid business position as one of
the largest operators of railroads in Brazil. Fitch sees as credit
positive Rumo's affiliation with the Cosan Group (Cosan Limited;
FC LT IDR 'BB'/Stable Outlook), which provides reasonable
financial flexibility to the company, illustrated by its capital
injections.

KEY RATING DRIVERS

Operating Performance Improvements: Rumo grew load volumes and
raise its operating profitability significantly over the past few
years. As of March 2018, the company transported 51 million of
Revenue Ton Kilometer (RTK), which compares favorably versus 50
million in 2017 and 41 million, in 2016. During this time period
expanded to 47.4% from 46.3% in 2017 and a proforma 40.5% in 2016.
Fitch expects margins to remain above 47% in 2018 and then to
reach around 50% in 2019. Combined with these factors, the
reduction in interest expenses should push FFO margin to more than
25% in 2018.

Conservative Credit Metrics: Fitch expects Rumo's capital
structure to continue improving, supported by the consistent
operating cash flow expansion. The BRL2.6 billion capital
injection received in April 2017 accelerated the capital structure
improvement as it helped Rumo reduce net debt/EBITDA to 2.5x in
2017 from 4.5x in 2016 and 5.2x in 2015. Through cash flow
improvement, Rumo's net leverage metric is expected to reach
levels close to 2.0x by 2019. The ability of the company to
continue to lengthen its debt amortization schedule and finance
its capex by issuing long-term and low-cost debt has also enhanced
the company's financial profile.

FCF Turns Positive in 2019: Fitch projects that Rumo's EBITDA and
FFO will reach BRL2.9 billion and BRL1.8 billion, respectively, in
2018, increases from BRL2.8 billion and BRL1.1 billion in 2017.
FCF is expected to be negative by BRL450 million in 2018 due to
BRL2.0 billion of capex. After this growth capex tapers off, FCF
should turn positive in 2019, reaching an estimated BRL500
million. Robust FCF levels of above BRL1.0 billion is likely if
Rumo continues to grow volumes by 10% per year. The early renewal
of Rumo Malha Paulista S.A.'s concession contract, which will
mature in 2028, does not have rating implications as it does not
result in material capex increases.

Business Profile Remains Strong: Rumo enjoys a solid business
position as the sole railroad transportation operator in the south
and mid-western regions of Brazil, areas with high growth
potential due to stable demand for grains worldwide. Rumo's
businesses rely on four rail concessions to operate railway lines
that extend over approximately 12,000 kilometers within Brazil,
with access to three main Brazilian ports. Due to its cost
structure, Rumo's businesses enjoy solid competitive advantages
over the truck services. This factor enhances its consistent
demand and limits volume volatilities over the cycles. The company
will continue to expand its businesses within the industry by
concluding the aggressive capex plan to add capacity to its
operations over the next two years.

Credit Linkage Incorporated: The ratings of Rumo and its
subsidiaries are equalized due to strong operational, financial
and legal ties among them. The strong operating synergies, the
centralized cash management, the cross guarantees between the main
debt permit the credit profile to be analyzed in a consolidated
basis and the ratings to be the same.

DERIVATION SUMMARY

Rumo ratings derive from its strong business profile in the
logistics infrastructure industry in Brazil, which enjoys positive
perspectives. The railroad low-cost structure and Rumo's position
as the sole railroad provider in its cover region provides
important competitive advantages to the company, allowing it to
report consistent volume improvements and increasing operating
cash flow generation while its capacity expands. A ratings
constraint is its business exposure to Brazil's operating
environment as its operations rely on agribusiness and industrial
logistics only in that region, like most of its Brazilian peers,
but different from other railroads worldwide, which enjoys a more
diversified covered region. The past financial efforts to reduce
the company's leverage and increase its liquidity are considered
sustainable over the medium term and are important credit factors
that support Rumo's ratings.

Rumo's ratings are positioned below Brazil's MRS S.A., rated
'AAA(bra)'/'BBB-'/Stable, which is the best positioned railroad in
the country, because of its consistent operating cash flow
generation, flat operating margins, positive FCF, low leverage and
sound liquidity. Rumo's rating is constrained by its still-
negative FCF, derived from its large investment programs. Rumo's
and MRS's ratings are below those of other mature, more
geographically diversified and less leveraged rail companies in
Mexico, the U.S. and Canada, which are generally rated in the mid
'BBB' to low 'A' range. Rumo's operating margins are in line with
Brazilian peers but are below levels achieved by railroads in the
Northern hemisphere. Rumo's 'BB' rating is in line with that of
Hidrovias do Brasil S.A. (HdB, 'BB'/Stable Outlook), due to the
negative FCF both companies are generating due to investments.
Although HdB's net leverage is higher than Rumo's, the long-term
contracts of HdB supports its consistent and predictable cash flow
generation. This factor is expected to result in fast deleverage
of HdB's balance sheet in the next two to three years.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  -- 8% to 10% of volume increases per year from 2018 and 2019.

  -- Tariff increase by inflation in 2018 and 2019.

  -- EBITDA of BRL2.9 billion in 2018 and BRL3.5 billion in 2019.

  -- BRL2.0 billion capex in 2018 and BRL5.0 billion capex from
     2019 to 2021.

RATING SENSITIVITIES

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

  -- Net adjusted leverage trends below 2.0x, on a sustainable
     basis;

  -- Maintenance of strong liquidity and positive debt refinancing
     schedule

  -- Consistent Positive FCF trends.

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

Fitch may revise Rumo's rating outlook to Stable, from Positive,
in case:

  -- Delaying on reporting positive FCF

  -- EBITDA margins trend below 50%

  -- Inability of Rumo's net debt/EBITDA to reach levels below
     2.5x in sustainable basis

LIQUIDITY

Sound Liquidity: The capital injection of BRL2.6 billion and the
extension of medium-term debt maturity during 2017 and 1Q18
strengthened Rumo's liquidity significantly. As of March 31, 2018,
the company reported cash position of BRL3.6 billion, which
covered short-term debt of BRL1.1 billion by 2.1x. Fitch
understands Rumo's liquidity is adequate and sustainable in the
long-term, considering the financial flexibility the company has
presented to finance part of its capex plan. The company is
expected to use part of its current cash to repay high-cost and
middle-term debt and operating cash flow generation to finance
part of the ongoing investments, while new long-term debt are
sought. The loan to be provided by Banco Nacional de
Desenvolvimento Economico e Social (BNDES), to reimburse the last
investment projects, is likely to rebuild the cash.

FULL LIST OF RATING ACTIONS

Rumo S.A.

  -- Foreign Currency Issuer Default Rating (IDR) upgraded to
     'BB', from 'BB-';

  -- Local Currency Issuer Default Rating (IDR) upgraded to 'BB',
     from 'BB-';

  -- National Scale Long-Term Rating upgraded to 'AA(bra)', from
     'A(bra)'.

Rumo Luxembourg S.a.r.l.:

  -- Senior unsecured notes due 2024 and 2025 upgraded to 'BB,
     from 'BB-'.

Rumo Malha Norte S.A.

  -- National Scale Rating upgraded to 'AA(bra)', from 'A(bra)';

  -- BRL166.67 million 6th debentures issuance maturing in 2018
     upgraded to 'AA(bra)' from 'A(bra)';

  -- BRL160 million 8th debentures issuance maturing in 2020
     upgraded to 'AA(bra)' from 'A(bra)'.

Rumo Malha Sul S.A.

  -- National Scale Rating upgraded to 'AA(bra)', from 'A(bra)'.

Rumo Malha Paulista S.A.

  -- National Scale Rating upgraded to 'AA(bra)', from 'A(bra)'.

The Outlook for the LC IDR and the National Scale ratings remains
Positive. The outlook of the FC IDR was revised to Stable, from
Positive, as Fitch expects the FC IDR to continue constrained by
Brazil's 'BB' Country Ceiling.



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


MELIA BRACO: General Manager Quits
-----------------------------------
RJR News reports that Dimitris Kosvogiannis has quit as general
manager of Melia Braco Village resort, for what sources say were
irreconcilable differences with the hotel management company with
regards to necessary action for the resort to turn a profit.

The all-inclusive hotel is owned by the National Insurance Fund
(NIF), the agency overseeing the investment of public pension
funds, according to RJR News.

Neither NIF and its oversight ministry nor Melia Hotels
International spoke of the circumstances of Kosvogiannis'
departure and his successor, the report notes.

Melia Jamaica Braco Village is the NIF's most valuable property in
a real estate portfolio, valued at around $12 billion in 2017, the
report relays.

It is managed and marketed by Melia Hotels, a Spanish chain
contracted by the NIF, through the NIF Resort Management Company
Limited, the report adds.



=================
N I C A R A G U A
=================


NICARAGUA: Invites International Entities to Probe Unrest Deaths
----------------------------------------------------------------
EFE News reports that Nicaragua invited the Inter-American
Commission on Human Rights (IACHR), the Office of the United
Nations High Commissioner for Human Rights, and the European Union
(EU) to visit the country during the crisis that has already left
200 people dead, various sources reported.

The Office of the UN High Commissioner for Human Rights in Central
America confirmed in a press release that "our office has received
the letter from the government giving us access to the country,
our team is coordinating the logistics for the visit and we will
promptly inform the details," according to EFE News.

IACHR Executive Secretary Paulo Abrao, for his part, announced on
Twitter that experts from the Special Follow-up Mechanism for
Nicaragua (MESENI) will arrive in Managua, the report relays.

He explained that the task of the monitoring team will be to
accompany the Verification and Citizenship Commission formed as
part of the national dialogue and support civil society, the
report says.

The report discloses that Mr. Abrao further added that a group of
international observers will arrive in Nicaragua in the first week
of July to investigate the deaths and the violent incidents that
transpired in the country since Apr. 18 as well as to identify
people responsible for those atrocities.

The report relays that the government also agreed to grant an EU
human rights delegation access to Nicaragua, which was part of the
requirements to unblock the national dialogue, a member of the
Civic Alliance for Justice and Democracy said.

After the dialogue was temporarily suspended on May 23 and later
reinstated on Jun. 15, the government agreed to invite
"immediately" the IACHR, the Office of the United Nations High
Commissioner for Human Rights, the EU and the Secretariat General
of the Organization of American States (OAS) for a visit to
Nicaragua, the report notes.

With Daniel Ortega as the president, Nicaragua has for 64 days
been embroiled in one of the bloodiest sociopolitical crises in
its history, leaving at least 200 people killed, the report
relays.

The protests against Ortega and his wife, Vice President Rosario
Murillo, began on Apr. 18 due to failed social security reforms
and became a national demand for his resignation after 11 years in
power, the report adds.

As reported Troubled Company Reporter-Latin America on June 15,
2018, Moody's Investors Service has changed Nicaragua's rating
outlook to stable from positive and affirmed its B2 long-term
issuer ratings.



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


KONA GRILL: BDO USA Replaces Ernst & Young as Auditors
-------------------------------------------------------
The Audit Committee of the Board of Directors of Kona Grill, Inc.,
recently conducted a competitive process to determine the
Company's independent registered public accounting firm for the
year ending Dec. 31, 2018. The Audit Committee invited several
accounting firms to participate in this process, including Ernst &
Young LLP, the Company's independent registered public accounting
firm since 2001. As a result of this process and following careful
deliberation, on June 12, 2018, the Company dismissed EY as the
Company's independent registered public accounting firm.
The reports of EY on the Company's consolidated financial
statements as of and for the years ended Dec. 31, 2017 and 2016
did not contain an adverse opinion or a disclaimer of opinion, and
were not qualified or modified as to uncertainty, audit scope or
accounting principles.

The Company said that during its two most recent fiscal years and
the subsequent interim period preceding EY's dismissal, there were
no disagreements (within the meaning of Item 304(a)(1)(iv) of
Regulation S-K) with EY on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure.

On June 15, 2018, the Audit Committee selected BDO USA, LLP as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2018, subject to completion of its
standard client acceptance procedures.

During the Company's two most recent fiscal years and the
subsequent interim period preceding BDO's selection, neither the
Company nor anyone on its behalf consulted with BDO with respect
to the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company's consolidated
financial statements, or any other matters set forth in Item
304(a)(2)(i) or 304(a)(2)(ii) of Regulation S-K.

                       About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona
Grill, Inc. -- http://www.konagrill.com/-- currently owns and
operates 46 restaurants in 23 states and Puerto Rico.  The
Company's restaurants offer freshly prepared food, attentive
service, and an upscale contemporary ambiance.  Additionally, Kona
Grill has three restaurants that operate under a franchise
agreement in Dubai, United Arab Emirates; Vaughan, Canada and
Monterrey, Mexico.

Kona Grill incurred a net loss of $23.43 million in 2017 and a net
loss of $21.62 million in 2016.  As of March 31, 2018, Kona Grill
had $87.01 million in total assets, $83.84 million in total
liabilities and $3.16 million in total stockholders' equity.

The Company has incurred losses resulting in an accumulated
deficit of $79.7 million, has a net working capital deficit of
$7.6 million and outstanding debt of $37.8 million as of Dec. 31,
2017.  The Company said in its 2017 Annual Report that these
conditions together with recent debt covenant violations and
subsequent debt covenant waivers and debt amendments, raise
substantial doubt about its ability to continue as a going
concern.


STONEMOR PARTNERS: Austin So Remains as GP's Chief Legal Officer
----------------------------------------------------------------
StoneMor GP LLC, the general partner of StoneMor Partners L.P.,
and Austin K. So, general counsel, chief legal officer and
secretary of StoneMor GP have entered into an employment agreement
pursuant to which Mr. So continues to serve as general counsel,
chief legal officer and secretary of StoneMor GP.  The agreement
superseded the letter agreements previously entered into with Mr.
So in May 2016 and January 2017.

Mr. So's base salary under the agreement remains $375,000 per
year, which base salary is subject to annual review by the Board
of Directors of StoneMor GP.  Any decrease in base salary will be
made only to the extent StoneMor GP contemporaneously and
proportionately decreases the base salaries of all of its senior
executives.

The agreement provides that Mr. So is eligible to receive an
annual incentive cash bonus with respect to each fiscal year of
StoneMor GP, provided that he will not be eligible to receive such
bonus if he is not employed on the last day of the fiscal year to
which such bonus relates and, further, he will not be eligible for
such bonus unless other senior executive team members have also
earned a bonus for such fiscal year.  The amount of the cash bonus
will be targeted at 50% of his base salary with respect to the
applicable fiscal year.  Mr. So remains entitled to receive a
quarterly retention bonus of $25,000 per quarter, payable in cash
after the end of each quarter in 2018, provided that he is
employed by StoneMor GP on the day StoneMor GP pays the applicable
retention bonus.

Under the agreement, Mr. So is also entitled to participate in the
Partnership's 2014 Long-Term Incentive Plan to the extent that
StoneMor GP offers the LTIP to all senior executives of StoneMor
GP.  Mr. So's participation in the LTIP, if offered by StoneMor
GP, will be in an annual amount equal to 50% of his base salary,
with 50% of such annual amount vesting in equal annual
installments over three years and 50% of the annual amount vesting
based upon attainment of performance goals as determined by the
Compensation Committee of the Board.  To the extent Mr. So's
employment terminates on account of "Retirement" during a
performance period applicable to a particular LTIP grant, the
portion of such LTIP grant that is subject to performance goals
will be earned pro-rata based on actual performance and the number
of months that Mr. So was employed during the performance period.
To be eligible for a pro-rated portion of the LTIP grant in the
event of a Retirement, Mr. So must execute a release substantially
in the form attached to his agreement.

If Mr. So's employment is terminated by StoneMor GP for "Cause" or
by Mr. So without "Good Reason" or in the event of Mr. So's death
or "Disability", Mr. So will be entitled to receive the following:
(i) any base salary for days actually worked through the date of
termination; (ii) reimbursement of all expenses for which Mr. So
is entitled to be reimbursed pursuant to the agreement, but for
which he has not yet been reimbursed; (iii) any vested accrued
benefits under StoneMor GP's employee benefit plans and programs
in accordance with the terms of those plans and programs, as
accrued through the date of termination; (iv) vested but unissued
equity in StoneMor GP or the Partnership; (v) any bonus or other
incentive (or portion thereof) for any preceding completed fiscal
year that has been awarded by StoneMor GP to Mr. So, but has not
been received by him prior to the date of termination; and (vi)
accrued but unused vacation, to the extent Mr. So is eligible in
accordance with StoneMor GP's policies.

If Mr. So's employment is terminated by StoneMor GP without
"Cause" or by Mr. So for "Good Reason", and provided that Mr. So
enters into a release as provided for in the agreement, Mr. So
would be entitled to receive, in addition to the benefits
described in the preceding paragraph, the following: (i) payment
of his base salary for a period of 12 months following the
effective date of his termination, to be paid in equal
installments in accordance with the normal payroll practices of
StoneMor GP, commencing within 60 days following the date of
termination, with the first payment including any amounts not yet
paid between the date of termination and the date of the first
payment and (ii) a pro-rata cash bonus for the fiscal year in
which such termination occurs, if any, determined by StoneMor GP
(subject to certain the restrictions as set forth above), which
will be paid at the same time that annual incentive cash bonuses
are paid to other executives of StoneMor GP, but in no event later
than March 15 of the fiscal year following the fiscal year in
which the date of termination occurs.

In the event of a "Change in Control", all outstanding equity
interests granted to Mr. So that are subject to time-based vesting
provisions and that are not fully vested will become fully vested
as of the date of such Change in Control.  The agreement also
includes customary covenants running during Mr. So's employment
and for 12 months thereafter prohibiting solicitation of
employees, directors, officers, associates, consultants, agents or
independent contractors, customers, suppliers, vendors and others
having business relationships with StoneMor GP and prohibiting Mr.
So from directly or indirectly competing with StoneMor GP.  The
agreement also contains provisions relating to protection of
StoneMor GP's property, its confidential information and ownership
of intellectual property as well as various other covenants and
provisions customary for an agreement of this nature.

           Agreements with Patricia D. Wellenbach and
                     Stephen J. Negrotti

Restricted Phantom Unit Agreements

On June 15, 2018, each of Ms. Wellenbach and Mr. Negrotti entered
into a Director Restricted Phantom Unit Agreement with StoneMor GP
under the LTIP.  Each Restricted Phantom Unit Agreement provides,
among other things, as follows:

   * commencing on July 1, 2018, compensation in the annual amount
     of $20,000 payable to each director in consideration for
     service as a director, pro rated for 2018, will be deferred
     and credited, in the form of restricted phantom units, to a
     mandatory deferred compensation account established by
     StoneMor GP for the Director;

   * the Annual Deferral will be credited in equal quarterly
     installments, each installment to be credited on the date of
     the regular quarterly meeting of the Board for that quarter;
     provided, however, that the Annual Deferral for 2018 will be
     credited in installments of $10,000 and $5,000 on the date of
     the regular quarterly meeting of the Board for the third and
     fourth quarter, respectively, of 2018;

   * the number of restricted phantom units (or fractions thereof)

     to be credited to the Director's Mandatory Deferred
     Compensation Account will be determined by dividing the
     amount of each quarterly installment by the closing price for

     common units of the Partnership for the trading day
     immediately prior to the first day of such regular quarterly
     Board meeting (in the event that there is no meeting of the
     Board during any calendar quarter, the crediting will occur
     on such date as is designated by StoneMor GP);

   * for each restricted phantom unit in the Mandatory Deferred
     Compensation Account, StoneMor GP will credit the account,
     solely in additional restricted phantom units, an amount of
     distribution equivalent rights so as to provide the Directors

     a means of participating on a one-for-one basis in
     distributions made to holders of the Partnership's common
     units;

   * payments of the Director's Mandatory Deferred Compensation
     Account will be made on the earliest of (i) separation of the
     Director from service as such, (ii) disability (as described
     in the Restricted Phantom Unit Agreement), (iii)
     "Unforeseeable Emergency" (as defined in the Restricted
     Phantom Unit Agreement), (iv) death or (v) "Change of
     Control" (as defined in the Plan including the last sentence
     thereof applicable to 409A Awards (as defined in the Plan))
     of the Partnership or StoneMor GP;

   * payments for restricted phantom units (or fractions thereof)
     credited to the Mandatory Deferred Compensation Account will
     be made in the Partnership's common units, provided that
     StoneMor GP, at its option, may elect to pay all or any
     portion of the Mandatory Deferred Compensation Account in
     cash instead of paying in common units; and

   * restricted phantom units (or fractions thereof) credited to
     the Mandatory Deferred Compensation Account shall be valued
     at the closing price for the Partnership's common units as
     published in The Wall Street Journal or in Yahoo Finance for
     the trading day immediately prior to the payment date.

Indemnification Agreements

On June 15, 2018, each of Ms. Wellenbach and Mr. Negrotti entered
into an indemnification agreement with StoneMor GP, the terms of
which are consistent with the terms of the indemnification
provided to the other directors of StoneMor GP and by StoneMor
GP's limited liability company agreement.  Under the
indemnification agreements, StoneMor GP is required to indemnify
Ms. Wellenbach and Mr. Negrotti to the fullest extent of the law
against liabilities, costs and expenses incurred by them in their
capacities as a director or agent of StoneMor GP unless there has
been a final and non-appealable judgment by a court of competent
jurisdiction determining that the director acted in bad faith or
engaged in fraud, willful misconduct or gross negligence.  The
indemnification agreements also require StoneMor GP to indemnify
Ms. Wellenbach and Mr. Negrotti for criminal proceedings unless
the applicable director acted with knowledge that such director's
conduct was unlawful.  Any such indemnification will be only out
of the assets of StoneMor GP.

                      About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania, is
an owner and operator of cemeteries and funeral homes in the
United States, with 316 cemeteries and 93 funeral homes in 27
states and Puerto Rico.  StoneMor is the only publicly traded
death care company structured as a partnership.  StoneMor's
cemetery products and services, which are sold on both a pre-need
(before death) and at-need (at death) basis, include: burial lots,
lawn and mausoleum crypts, burial vaults, caskets, memorials, and
all services which provide for the installation of this
merchandise.  For additional information about StoneMor Partners
L.P., please visit StoneMor's website, and the investors section,
at http://www.stonemor.com.

As of Sept. 30, 2017, StoneMor had $1.79 billion in total assets,
$1.66 billion in total liabilities and $136.74 million in total
partners' capital.  StoneMor incurred a net loss of $30.48 million
in 2016, a net loss of $23.39 million in 2015 and a net loss of
$9.78 million in 2014.

                           *    *    *

As reported by the TCR on April 6, 2018 S&P Global Ratings
affirmed its 'CCC+' corporate credit rating on StoneMor Partners
L.P.  S&P said, "The rating affirmation reflects our expectation
that the company can generate operating cash flow of approximately
$25 million in 2018 to support operating needs for at least
another year."


STONEMOR PARTNERS: Successfully Amends Credit Facility
------------------------------------------------------
StoneMor Partners L.P. has secured an amendment to its credit
agreement that extends the deadline for delivering the
Partnership's audited financial statements for the year ended Dec.
31, 2017 to June 30, 2018, with the Partnership being required to
deliver the unaudited financial statements for the quarter ended
March 31, 2018 no later than 60 days after the date on which the
Partnership delivers the audited 2017 financial statements, and
for the quarter ending June 30, 2018 no later than 105 days after
the Partnership delivers the audited 2017 financial statements.

Leo Pound, interim chief executive officer of StoneMor commented,
"Our amended credit agreement is the result of significant
collaboration with our lenders to meet their desire to utilize
more GAAP-based metrics, and we are pleased with the result.
StoneMor has previously stated its commitment to operating within
the four corners of its balance sheet and to deemphasize the use
of non-GAAP financial measures.  Historically, the Consolidated
Leverage Ratios we reported have included non-GAAP financial
measures and unsecured debt unrelated to the credit facility.
Working with our lenders, our new Consolidated Secured Net
Leverage Ratio is calculated primarily using GAAP financial
measures, including specific GAAP-based cash flow adjustments, and
uses primarily our senior bank facility.  The Partnership and its
lenders mutually agreed on the new covenant metrics to more
clearly reflect the cash flows and relevant debt used to measure
its leverage ratio. We believe this creates a cleaner, more
transparent view of our leverage covenant.  We appreciate our
lenders continued support."

Under the terms of the amended credit agreement, effective
June 12, 2018, the credit facility:

   * Increases the Partnership's maximum leverage ratio, which is
     now a Consolidated Secured Net Leverage Ratio, from 4.25:1.00
     to 5.75:1.00 through September 30, 2018, after which it
     reduces to 5.50:1.00 through December 31, 2018, to 5.00:1.00
     for periods ending in the year ending December 31, 2019 and
     to 4.50:1.00 for periods ending in the year ending
     December 31, 2020;

   * Decreases the revolving credit commitment from $200 million
     to $175 million while increasing the interest rate by 0.50%;

   * Reduces the fixed charge coverage ratio from 1.2x to 1.0x in
     2018 and 1.1x in 2019 and eliminates the consolidated debt
     service coverage ratio;

   * Establishes limitations on incurring additional unsecured
     indebtedness and using subordinated debt to fund certain
     acquisitions; and

   * The Partnership will continue to restrict distributions to
     partners until the Consolidated Leverage Ratio (which
     includes the effect of unsecured indebtedness, of which there

     was approximately $173.5 million outstanding at March 31,
     2018) is not greater than 7.50:1.00 and there is at least
     $25.0 million of availability under the revolving credit
     agreement.

The increase in the maximum CSNLR from 4.25 to 5.75 is primarily
due to the change in the way the ratio is calculated, relying
mostly on GAAP financial measures, as mentioned above. The revised
consolidated secured net leverage and fixed charge coverage ratios
provide StoneMor with financial flexibility while the lower total
commitment will reduce fees on capacity the Partnership did not
intend to use.  It is anticipated that any future growth
acquisitions will either be funded through equity issuances by the
Partnership or completed by the general partner.

A full-text copy of the Sixth Amendment and Waiver Agreement is
available for free at https://is.gd/iIPDLu

                     About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 316 cemeteries and 93
funeral homes in 27 states and Puerto Rico.  StoneMor is the only
publicly traded death care company structured as a partnership.
StoneMor's cemetery products and services, which are sold on both
a pre-need (before death) and at-need (at death) basis, include:
burial lots, lawn and mausoleum crypts, burial vaults, caskets,
memorials, and all services which provide for the installation of
this merchandise.

As of Sept. 30, 2017, StoneMor had $1.79 billion in total assets,
$1.66 billion in total liabilities and $136.7 million in total
partners' capital.  StoneMor incurred a net loss of $30.48 million
in 2016, a net loss of $23.39 million in 2015 and a net loss of
$9.78 million in 2014.

                           *    *    *

As reported by the TCR on April 6, 2018 S&P Global Ratings
affirmed its 'CCC+' corporate credit rating on StoneMor Partners
L.P.  S&P said, "The rating affirmation reflects our expectation
that the company can generate operating cash flow of approximately
$25 million in 2018 to support operating needs for at least
another year."


                            ***********


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 * * *