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

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

               Thursday, October 11, 2018, Vol. 19, No. 202


                            Headlines



A R G E N T I N A

BANCO CIUDAD BUENOS AIRES: Moody's Rates XVII/XVIII Notes 'B2'
BANCO CIUDAD BUENOS AIRES: Fitch Affirms B Issuer Default Ratings
BANCO HIPOTECARIO: Fitch Affirms B LT IDR, Outlook Stable
TARJETA NARANJA: Fitch Affirms B LT IDRs, Outlook Stable


B R A Z I L

BANCO SUPERVIELLE: Fitch Affirms B LT IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Big Firms Dashes Labor's Wage Hike Hopes
DOMINICAN REPUBLIC: Tax Structure Hurdle to Airline Transport


E L  S A L V A D O R

SALVADORENO DPR: Fitch Affirms Series 2015 Loans Rating at BB
TITULARIZADORA DE DPR: Fitch Affirms BB- on Series 2016-1 Loan


G U A T E M A L A

CENTRAL AMERICA BOTTLING: Fitch Alters Outlook to Negative


J A M A I C A

JAMAICA PUBLIC: Moving to Refinance Debt


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Workers Get Severance Ahead of Court Ruling


U R U G U A Y

* URUGUAY: Aims to be Exporter of Non-Traditional Services


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A R G E N T I N A
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BANCO CIUDAD BUENOS AIRES: Moody's Rates XVII/XVIII Notes 'B2'
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B2 global local currency senior unsecured debt rating
and a A1.ar Argentinean national scale senior debt rating to Banco
de la Ciudad de Buenos Aires's class XVII UVA-denominated and
class XVIII floating rate senior unsecured debt issuances. The
notes will be due 2020 and 2019 respectively, and will be issued
under Ciudad's existing multi-currency senior unsecured program of
$1,500 million. The notes will be issued for up to a combined
amount of ARS 3 billion. The outlook on both the global and
national scale ratings is stable.

The following ratings were assigned to Banco de la Ciudad de
Buenos Aires' Class XVII and Class XVIII notes:

  Global local currency senior unsecured debt rating of B2; stable
  outlook

  Argentinean national scale local currency senior debt rating of
  A1.ar; stable outlook

RATINGS RATIONALE

Ciudad's ratings, which are equal to the highest ratings assigned
to any domestically-owned Argentine bank, reflect its good
capitalization levels and strong asset risk and liquidity metrics.
However, these credit strengths are offset by risks associated
with Argentina's ongoing economic and political turmoil, which is
likely to put pressure on the bank's financial fundamentals in the
coming quarters.

Ciudad has a well-established franchise, particularly in the
retail banking segment, and a stable, low-cost funding profile,
supported by the bank's role as financial agent of the city of
Buenos Aires. As a government-owned bank, Ciudad is focused on
providing products and services to public servants of the city of
Buenos Aires, a mandate that supports the bank's recurring
earnings and lower risk loan portfolio, which will help to reduce
credit costs and contain asset risk deterioration in the next
quarters. Nevertheless, while asset quality remains strong and
non-performing loans are below the industry average of 2.2% as of
June, Ciudad's problem loans already began to deteriorate in the
2Q18, increasing to 1.9% of gross loans from 1.7% in the prior
quarter and 1.5% at the end of 2017. Although Ciudad's loan loss
reserve coverage ratio remains below those of most of its peers,
covering 97% of problem loans in June 2018, this reflects the fact
that nearly one-quarter of the bank's loan book is made of secured
mortgage loans.

Supported by the bank's strong base of low-cost core deposits, net
income to tangible assets increased to a very strong 2.76% in the
first half of 2018, from 1.95% in 2017, though these figures are
distorted by Argentina's very high rate of inflation. Moreover, in
the second half of the year, Ciudad's profitability will be
affected by an expected contraction in the loan book after
adjusting for inflation and increased credit costs in 2018 and
2019, in line with Moody's expectations for the system as a whole.
However, as loans are gradually repriced at higher interest rates
and the low nominal loan growth is compensated by higher yields on
central bank notes, net interest margins are expected to increase.

The bank's adjusted capitalization increased slightly in the first
six months of 2018 with tangible common equity at 10.0% of
adjusted risk-weighted assets in June 2018, up from 9.8% in
December 2017. This level of capital should be sufficient to
support potential increased loan losses resulting from the weak
economic scenario.

WHAT COULD CHANGE THE RATING UP/DOWN

A downgrade of the Argentine sovereign could put downward pressure
on the bank's global scale rating (GSR), though this is not likely
to affect the national scale rating (NSR). Both the GSR and NSR
could be downgraded if Ciudad experiences a significant
deterioration in its financial fundamentals without a
corresponding deterioration in the government of Argentina's
creditworthiness.

Upward pressure is limited at this point considering the currently
weak economic conditions in the country, which will limit loan
growth and put pressure on the banks' asset quality, earnings, and
capital. Moreover, as Ciudad's ratings are currently at the same
level as those of its shareholder and the Argentine government,
they will not face upward pressure unless and until the sovereign
is upgraded.

Ciudad's A1.ar NSR is at the high end of the three NSR categories
in Argentina that correspond to Moody's B2 global debt ratings.

The principal methodology used in these ratings was Banks
published in August 2018.


BANCO CIUDAD BUENOS AIRES: Fitch Affirms B Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco de la Ciudad de Buenos Aires
S.A.'s Long-term Foreign- and Local-Currency Issuer Default
Ratings at 'B' and Viability Rating at 'b'. The Rating Outlook is
Stable.

KEY RATING DRIVERS

IDRs AND VIABILITY RATING

Fitch believes Banco Ciudad's parent, the City of Buenos Aires
(CBA) (B/Stable), demonstrates adequate capacity and propensity to
provide extraordinary support to the bank if needed. Equalization
of the bank's IDRs with those of its parent is supported by CBA's
legal guarantee of the bank's liabilities, its full ownership
stake, and the bank's integral role in government operations such
as tax collection and payment of city employee salaries. However,
Banco Ciudad's VR is the same as CBA's Long-term IDR; therefore,
the bank's IDRs do not benefit from external support at this
rating level.

The Argentine operating environment highly influences and
currently constrains the bank's ratings. At present, Fitch expects
real economic growth to decrease by 2.5% in 2018 and breakeven in
2019. However, In Fitch's view, a reduction in regulatory risk, a
correction of macroeconomic imbalances and economic recovery, will
take time to materialize especially following the recent policy
frictions and political headwinds that have led to market
sentiment erosion and have significantly increased the downside
risks to the macroeconomic outlook.

In Fitch's view, Banco Ciudad's capitalization ratios also highly
influence its VR and could represent a credit weakness in the
event of a higher proportion of Risk Weighted Asset growth than
growth of its Fitch Core Capital. Despite a low cash dividend pay-
out, averaging approximately 8% of net income over the last five
years, the bank's earlier asset growth had consistently outpaced
earnings retention, placing steady pressure on the bank's equity
base. During the first half of 2018, the rate of loan growth
decreased to nearly 22% after a nearly double rate of growth
during 2017. As a result the bank's Fitch core capital to Risk
Weighted Assets ratio (FCC) saw a slight improvement to 12.65%
from 12.6% of risk weighted assets at year-end 2017, however the
June 2018 ratio remains below the more comfortable 13.6% ratios
reported at YE 2016 and YE 2015.

In terms of risk appetite, Banco Ciudad demonstrates an adequate
risk framework and underwriting, but exhibits some structural
vulnerability to shifts in interest rates. The bank enjoys some
competitive advantages with respect to its funding and liquidity.
Deposit stability is favored by CBA's guarantee of bank
liabilities, as well as the bank's exclusive relationship with the
court system as depository bank for stable, low-cost judicial
deposits, which are funds in custody under court order. The bank's
ratio of loans to deposits remains adequate at 105.9% at June 30,
2018. In addition, the bank also reported an improved consolidated
(foreign currency and local currency) liquidity coverage in excess
of 186% of expected 30-day net cash outflows, which was better
than the 170% reported at YE 2017.

Although not key drivers, given the distortionary effect of
inflation on these ratios relative to international peers, the
bank exhibits stable asset quality and adequate profitability
indicators. Impaired loans represented 1.89% of gross loans at
month-end June 2018 compared to 1.67% at year-end 2017, and
although weaker, the ratio still compares well with the banking
sector average. The bank's loan book demonstrates geographic
concentration; however, borrower concentration is moderate with
the top 10 credit exposures representing approximately 10% of
total loans as of June 30, 2018.

In addition, Banco Ciudad's earnings compare well to its domestic
mid-sized peers, reporting operating profitability of 5.4% of
risk-weighted assets at June 30, 2018. This ratio also compares
well to the 3.5% recorded at YE 2017. Despite its competitive
advantages, such as its exclusive role in providing services to
CBA and its lower cost of funds, Banco Ciudad's income from fees
and commissions tends to underperform the banking system average,
which is consistent with its role as a public sector institution.
The bank reported non-interest income of nearly 22% of gross
revenues (less interest and fee expenses)at June 30, 2018 which
was an improvement over its previous 17% average, but not as
strong as its local peers.

SENIOR UNSECURED DEBT

The expected rating on Banco Ciudad's senior unsecured issuance is
being withdrawn as the issuance did not take place due to
unfavorable market conditions.

SUPPORT RATING

The Support Rating (SR) of '4' reflects the bank's full ownership
of CBA and CBA's legal guarantee of the bank's obligations that
link their creditworthiness.

RATING SENSITIVITIES

IDRs and VR

Banco Ciudad's IDRs are sensitive to changes in the sovereign
rating, which represents a material constraint on the ratings of
its sole shareholder, the City of Buenos Aires. Banco Ciudad's VR
could be negatively affected by a sustained decline in Fitch Core
Capital below 9.0% of risk weighted assets due to asset growth or
a deterioration of performance. A decline in liquidity metrics
could also pressure the bank's VR.

Fitch considers it unlikely that Argentine banks could be rated
above the sovereign, making any upside potential in Banco Ciudad's
ratings contingent on positive developments in the sovereign
rating.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in the SR of Banco Ciudad are unlikely in the foreseeable
future. Banco Ciudad's SR could be affected by a change in Fitch's
assessment of its parent's ability or propensity to provide
support.

Fitch has affirmed the following ratings:

Banco Ciudad, S.A.

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

  -- Short-Term Foreign-Currency IDR at 'B';

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

  -- Short-Term Local-Currency IDR at 'B';

  -- Viability Rating at 'b';

  -- Support Rating at '4'.

Fitch has also withdrawn the following expected rating:

  -- Senior Unsecured Long-Term Rating 'B(EXP)'/'RR4'.


BANCO HIPOTECARIO: Fitch Affirms B LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Banco Hipotecario S.A.'s Foreign and
Local Currency Long-Term Issuer Default Ratings (IDRs) at 'B' and
its Viability Rating (VR) at 'b'. The Rating Outlook is Stable.

KEY RATING DRIVERS

IDRS AND VR

Hipotecario's VR and IDRs are highly influenced and constrained by
the low sovereign ratings of Argentina and the volatile operating
environment. The rating is also highly influenced by the bank's
capitalization metrics. The ratings also consider the bank's
acceptable asset quality, adequate profitability, and funding and
liquidity profile.

Since May 2018, the operating environment in Argentina has
significantly deteriorated, which has resulted in a significant
change in the short term prospects for the financial system. Fitch
expects this situation to result in growth rates much lower than
previously expected and pressures on asset quality indicators;
although the latter should not be too significant as high
inflation makes it easier to pay loan instalments.

The bank continues to report adequate capital indicators despite a
steady decline in recent years in light of elevated asset growth.
As of June 30, 2018, the bank's ratio of Fitch core capital to
risk-weighted assets was 12.61% (compared to 12.96% at fiscal
year-end 2017). Hipotecario's capital benefits from a track record
of moderate dividend payments, with the most recent one in the
second quarter of 2018. The bank's strategy places a higher
priority on profitability over growth, which Fitch views as
positive for capitalization over the medium term.

Deposit funding represented 44.8% of total funding at June 2018,
an increase over prior periods but still below the system average.
Deposits are split primarily into term deposits (79%) and demand
deposits (21%) and exhibit levels of concentration above its local
peers. At June 2018, the top 10 depositors represented
approximately 23% of total customer deposits. Local issuances
represent a significant portion of funding, making up 55.3% of the
total. As a result, the bank's ratio of loans to customer deposits
is relatively high at 200%. Given the capital market conditions in
Argentina, the bank's strategy prioritizes deposit growth which is
a source of stable and cheaper funding. At June 2018, Banco
Hipotecario reported a liquidity coverage ratio (LCR) of 188%.

The bank's strategy is focused on profitability rather than
growth. To do so, the bank seeks to grow its commercial and small-
and medium-enterprise loan portfolio while improving cross sales.
It is focused on developing new products and offering a package to
clients. Additionally, it continues to control its expenses by
reducing headcount and implementing strong cost cutting measures,
aiming to improve its efficiency. The recent rate hikes are likely
to increase interest revenues from both loans and its securities
portfolio with these gains offset by the increased funding costs
given its funding structure.

Given its retail focus, the bank's loan quality ratios are
modestly inferior to the financial system average. Non-performing
loans reached 4.41% of gross loans at mid-year 2018 compared to
3.9% at year-end 2017. Reserve coverage at the consolidated level
is below 100% at 76% in June 2018 but is above 100% on an
individual level. According to management, they are focused on
building up the coverage levels. They are also tackling the
delinquency at origination, by reducing the credit card loan
offers, and reducing exposure to riskier segments. As is the case
with the banking system as a whole, asset quality has deteriorated
in 2018.

Hipotecario has a mid-sized franchise, ranked 15th in terms of
asset size, 17th in terms of deposits and 14th in terms of loans.
The bank operates domestically through a nationwide network of 65
branches in all 23 provinces, 240 ATMs and 15 additional points of
service across Argentina. Hipotecario's principal shareholders are
the Argentine government and IRSA Inversiones y Representaciones
Sociedad Anonima, a leading real estate company in Argentina.
Notwithstanding the government's 43.3% ownership, it has only
22.9% of voting rights. The bank's management and strategy are set
independently of government policy.

SENIOR DEBT

The 'B'/'RR4' rating on Hipotecario's medium term notes reflects
that these are senior unsecured obligations ranking pari passu
with other senior unsecured indebtedness, and therefore, aligned
with the bank's Foreign Currency (FC) IDR of 'B'.

The notes are denominated in ARS but settled in USD at the
prevailing exchange rate. Fitch considers the bank's FC IDR as the
appropriate anchor for this issue rating given the transfer and
convertibility risk associated with settlement in foreign currency
notwithstanding that the issuer will not incur material currency
risk. The notes' Recovery Rating of 'RR4' reflects the average
expected recovery in case of bank liquidation.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Banco
Hipotecario cannot be relied upon given the sovereign's track
record.

RATING SENSITIVITIES

IDRS, VR AND SENIOR DEBT

Upward ratings potential for Hipotecario is contingent on the
successful implementation of the bank's strategy, which aims to
improve its funding mix and earnings while maintaining adequate
capital levels.

The ratings could be negatively affected if the operating
environment drives a material deterioration in its financial
profile resulting in a FCC ratio falling and remaining below 10%.
The rating on Hipotecario's senior unsecured notes is sensitive to
a change in the bank's FC IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in Hipotecario's SRs and SRFs are unlikely in the
foreseeable future.

Fitch has affirmed Banco Hipotecario S.A.'s rating as follows:

  -- Long-Term Foreign and Local Currency IDRs 'B'; Outlook
     Stable;

  -- Short-Term Foreign and Local Currency IDRs 'B';

  -- Viability Rating 'b';

  -- Support Rating '5';

  -- Support Rating Floor 'NF';

  -- Long-Term Rating on senior unsecured ARS-denominated notes
     'B/RR4'.


TARJETA NARANJA: Fitch Affirms B LT IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Tarjeta Naranja, S.A.'s (TN) Long-term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'B'.
The Rating Outlook is Stable.

KEY RATING DRIVERS

IDRs AND SENIOR DEBT

TN's IDRs are highly influenced by a fragile operating environment
and are constrained by Argentina's low sovereign ratings. TN's
ratings also factor in its robust niche franchise as the largest
credit card issuer in Argentina and one of the top credit card
issuers in the region with more than nine million active cards at
mid-year 2018. In 2017, TN absorbed Tarjetas Cuyanas S.A. (TC),
also fully owned by Tarjetas Regionales. The merger increased TN's
balance sheet by approximately 23%.

TN's short-term funding is adequate for its business model, but
represents a relative weakness, as a large part is reliant on
wholesale funds. Positively, non-cost payables to merchants (for
an average tenor of 45 days) represented around 54% of liabilities
at June 2018. Local and international issues represented a further
39.7% and bank financing around 5.5%. Liquidity relies on the
predictable churn of loan assets (with an approximate duration of
four months). TN manages its liquidity by maintaining liquid
assets equivalent to three months of debt service and maintaining
access to contingency liquidity facilities with local banks.

TN's ratings also consider its strong profitability, driven by
ample margins and fee income, sourced from both customers and
merchants. Despite the inherently high costs of this model, TN has
contained both non-interest expenses and provisions, driving a
robust recurring double-digit pre-tax profit/average assets ratio
since 2015. However, since April 2017, the regulatory maximum on
merchant fees for credit card purchases, which represented
approximately 13% of TN's operating income at December 2017, is
gradually declining from 3% to 1.8% over four years (currently
2.35%), which, together with likely higher credit costs as the
economic environment deteriorates, will likely put some pressure
on TN's profitability.

TN's asset quality has historically been adequate for its business
model and segments served. Its loan quality indicators have
declined moderately since 2017 due to the tough operating
environment. Nevertheless, loans past due more than 90 days and
net charge offs (5.6% and 1.2%, respectively at June 2018) remain
only slightly above the 2014-2017 average (5.2% and 1.3%).
Positively, TN's reserve coverage has also increased above the
historical average at 123.7% of impaired loans, compared to 113%
for 2014 - 2017). Fitch expects TN's asset quality indicators to
deteriorate moderately throughout 2018 and 2019 in line with the
deterioration of the economic and operating environment.

TN's capital base and leverage are adequate for its business model
and risk appetite. Capital is mostly composed of tangible equity
with limited intangible assets. As of June 2018, the company's
leverage (Debt/ Tangible Equity) and tangible common equity to
tangible assets ratios improved to 3.8% and 19.2% from 4.5% and
17.2%, respectively at year-end 2016. TN's capital position
benefits from strong internal capital generation and moderate
dividend payments slightly above 20%. The merger with Tarjetas
Cuyanas had a very modest effect on TN's leverage.

The ratings on TN's senior, unsecured debt issuance are in line
with the company's Long-term Local Currency IDR as the notes rank
pari passu with all other existing and future senior unsecured
debt.

RATING SENSITIVITIES

IDRs AND SENIOR DEBT

TN's ratings would likely move in tandem with any changes to
Argentina's sovereign rating. In addition, in the event of a
material deterioration in asset quality and/or earnings that
drives a significant reduction of its loss absorption capacity,
reflected in a leverage rising and remaining above 7x, would
affect TN's ratings.

TN's senior debt ratings are sensitive to a change in TN's Long-
Term Local Currency IDR.

Fitch has affirmed TN's ratings as follows:

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

  -- Short-Term Foreign Currency IDR at 'B';

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

  -- Short-Term Local Currency IDR at 'B';

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



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B R A Z I L
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BANCO SUPERVIELLE: Fitch Affirms B LT IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Banco Supervielle S.A.'s Foreign and
Local Currency Long-Term Issuer Default Ratings at 'B'. The Rating
Outlook is Stable.

KEY RATING DRIVERS

IDRs AND VIABILITY RATING

Supervielle's Viability Rating (VR) and IDRs are highly influenced
and constrained by the low sovereign ratings of Argentina and the
volatile operating environment. The ratings also consider the
bank's improved capitalization, growing franchise, and its
adequate asset quality, profitability and funding profile.

Supervielle is a medium-sized bank with roughly 3.5% of the
system's loans (ranks 9th) and 2% of deposits as of March 31,
2018. Its strategic plan aims to gradually increase its market
share in its core business lines, gain principality with its
customers and increase cross selling, while improving efficiency.
It has a strong presence in factoring, leasing, and retail loans,
with a particularly sound regional franchise in certain provinces.

Since May 2018, the operating environment in Argentina has
significantly deteriorated, which has resulted in a significant
change in the short term prospects for the financial system. Fitch
expects this situation to result in growth rates much lower than
previously expected and pressures in asset quality indicators;
although the latter should not be too significant as high
inflation makes it easier to pay loan instalments.

Supervielle has historically sustained a good performance,
underpinned by the steadily growing business volumes and
relatively well controlled operating costs. However, since 2017,
the bank's profitability has been under some pressure, with its
ratio of Operating Profit/Risk Weighted Assets falling to 1.43% at
March 31, 2018 affected by higher loan loss provisions due to the
worsening of the operating environment and the increase in RWA.
Fitch believes that Supervielle will continue recording adequate
profitability metrics as higher interest rates will partly offset
the pressure due to the slower growth and higher credit costs.
However, inflation levels are expected to remain high in 2018,
which distorts international comparability of profitability
indicators.

Fitch considers that Supervielle's asset quality is adequate.
However, its consolidated delinquency level is somewhat higher
than that of the Argentine financial system, explained by its
stronger focus in SME and retail lending, and the portion of loans
coming from its consumer finance subsidiary (Cordial Compania
Financiera [CCF], roughly 13.2% of gross consolidated loans).
Supervielle's non-performing loans (NPL) ratio has remained
relatively stable in the past few years at around 3.0% of total
loans (3.48% as of June 30, 2018). At an unconsolidated level,
Supervielle's asset quality has remained sound with an impairment
ratio at March 31, 2018 of 1.3%. Most of the portfolio
deterioration stems from the loan book of CCF as it targets more
vulnerable segments, its impairment ratio rose to 15.7% as of
March 31, 2018 from 10.3% one year before. CCF has significantly
tightened its admission criteria and strengthened its collections
to prevent further deterioration of its portfolio.

Supervielle's capitalization significantly improved following the
issue of fresh capital done by the Supervielle Group though an IPO
in the New York and Buenos Aires stock exchanges for a total of
USD623 million in 2016 and 2017 (one for USD280 million and a
follow-on for USD343 million). At June 30, 2018, the bank's Fitch
core capital to risk-weighted assets ratio was 10.95% (compared to
7.22% at Dec. 31, 2015) and its tangible common equity to tangible
assets ratio was 9.18%. Although growth in the short term will
likely be lower than until recently expected, the bank is
committed to take the necessary measures to maintain its
capitalization at adequate levels when needed. The Supervielle
Group still has available significant funds from the IPO that will
be injected to the bank when needed. The expansion plan considers
that the bank will retain all of its profits, which are expected
to rise over time.

The primary source of funding is the bank's deposit base, which
made up 68.9% of its funding as of June 30, 2018 and has been
growing steadily. Despite the sustained growth in deposits over
the past years, loan growth has been faster, which lead to a rise
in the loan to deposits ratio to a level slightly above the 100-
110% range shown in recent years (113.7% at June 30, 2018). This
ratio also rose as in 1Q18 the bank replaced part of its
institutional deposits with funds from a medium term note
issuance. Liquidity levels are adequate, with a liquidity coverage
ratio (LCR) that has remained above 100%; at June 30, 2018, the
LCR was 134.2%. In addition, the bank is a frequent issuer in the
local and international capital markets of senior unsecured and
subordinated debt as well as short term debt securities, has
fluent access to international financing programs from various
institutions and foreign banks.

SENIOR UNSECURED DEBT

The long-term rating of Supervielle's senior unsecured debt
issuance is at the same level as the bank's Local Currency Long-
Term IDR considering the absence of credit enhancement or
subordination feature. The recovery rating of 'RR4' assigned to
Supervielle's senior debt issuance reflects the average expected
recovery in case of bank liquidation.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

Supervielle's SR of '5' and SRFs of 'NF' reflect that, although
possible, external support for this bank, as with most Argentine
banks, cannot be relied upon given the ample economic imbalances.
In turn, the sovereign ability to support banks is uncertain, as
reflected by the low sovereign ratings.

RATING SENSITIVITIES

IDRs and VR

Supervielle's ratings would move in line with any change of
Argentina's sovereign rating. In addition, Supervielle's ratings
could be affected if the operating environment drives a material
deterioration in its financial profile resulting in a FCC ratio
falling and remaining below 10%. Upside potential in Supervielle's
ratings is heavily contingent upon positive developments in the
sovereign rating dynamics.

SENIOR UNSECURED DEBT

The rating for Supervielle's new debt issuance would move in line
with the bank's Long-Term IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in the SRs and SRFs of Supervielle are highly unlikely in
the foreseeable future.

Fitch has affirmed the following ratings:

Banco Supervielle:

  -- Foreign and Local Currency Long-Term IDRs at 'B'; Outlook
Stable;

  -- Foreign and Local Currency Short-Term IDRs at 'B';

  -- Viability Rating at 'b';

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

  -- Support at '5';

  -- Support Floor at 'NF'.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Big Firms Dashes Labor's Wage Hike Hopes
------------------------------------------------------------
Dominican Today reports that National Business Council (CONEP)
president Pedro Brache said labor's demand of an increase to the
minimum wage ahead of schedule could be valid given the Dominican
Republic's current situation, but "everything has a process."

"That process has not arrived.  We have to comply with the
processes and the terms established by law," Mr. Brache said,
according to Dominican Today.

The report notes that Mr. Brache's statements came after
executives of Conep and the Dominican Industries Association
(AIRD) visited the Constitutional Court, as a show of support and
seeking a transparent process to choose the justices of the high
courts.

"Today's visit basically has been as an endorsement to the
management that this Constitutional Court has made. This visit
coincides with the convocation of the President Danilo Medina, to
the National Magistrate Council.  What the CONEP and other guilds
and entities have done is to formulate recommendations for the
process to be followed," said Conep executive vice president Cesar
Dargam, the report relays.

AIRD and CONEP executives met with Constitutional Court chief
justice Milton Ray Guevara, 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: Tax Structure Hurdle to Airline Transport
-------------------------------------------------------------
Dominican Today reports that a provision in the tax structure
makes it impossible to consolidate a national investment airline,
becoming a hurdle to competitiveness in the country's air
transport.

Dominican Civil Aviation Institute (IDAC) director Alejando
Herrera said the obstacles that halts the sector's development
poses a need of incentives and a special tax formula, according to
Dominican Today.

"We have reached a level of development in the aeronautical system
that requires us to move on to a second stage of propitiating the
advance of a national passenger and freight aviation," he said,
quoted by El Dia, the report notes.

The report relays that Mr. Herrera said the interest of a foreign
company to establish a national airline led to the creation of a
working table in 2012, from which the obstacles that prevented
competitiveness from other airlines in the region were analyzed,
among them the fuel prices and tax burdens in terms of transport
and cargo.

When asked about the government's interest in creating an airline,
Mr. Herrera said State ownership of airlines is a thing of the
past, "with liberalization nowadays being the predominant trend in
the whole area of the airline investment and air transport
routes," the report notes.

Mr. Herrera affirmed however that the State can participate in the
air transport business, but never in conditions of majority
shareholder, since it would create distortions, the report relays.

"At present, there are few countries that have airlines, but this
does not imply the emergence of the domestic line, but no longer
with the criterion of state ownership, but of regularized registry
according to national laws, but of private capital," he added.

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.



====================
E L  S A L V A D O R
====================


SALVADORENO DPR: Fitch Affirms Series 2015 Loans Rating at BB
-------------------------------------------------------------
Fitch Ratings has affirmed Salvadoreno DPR Funding Ltd's series
2015 loans' ratings at 'BB' with a Stable Outlook.

The future flow program is backed by existing and future U.S.
dollar-denominated diversified payment rights (DPRs) originated by
Banco Davivienda Salvadoreno, S.A. (Davivienda Sal). The majority
of DPRs are processed by designated depositary banks (DDBs) that
have signed acknowledgement agreements (AAs) irrevocably
obligating the DDBs to send DPRs to an offshore account controlled
by the trustee.

Fitch's ratings address timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: In April 2018, Fitch affirmed
Davivienda Sal's Long-Term (LT) Issuer Default Rating (IDR) at
'B'/Stable. Fitch also affirmed the bank's Short-Term IDR at 'B'
and its Viability Rating at 'b-'. The LT IDR of Davivienda Sal
reflects the potential support from its shareholder Banco
Davivienda, S.A. (BBB/Stable).

Going Concern Assessment (GCA): Fitch assigned Davivienda Sal a
GCA score of 'GC2' based on the bank's moderate systemic
importance and the strong likelihood of parent support. The agency
tempers notching uplift for future flow transactions originated by
sponsors with support-driven ratings; the DPR ratings are
currently three notches above Davivienda Sal's support-driven LT
IDR.

Uplift from LT IDR: At the end of June 2018, Davivienda Sal's
total outstanding future flow debt (FF) represented around 7% of
the bank's consolidated liabilities and 24% of non-deposit
funding. Fitch considers these ratios small enough to
differentiate the credit quality of the transaction from the
originator's LT IDR, but they remain relatively high compared to
other Fitch-rated Latin American future flow programs.

The reported quarterly maximum debt service coverage ratio (DSCR)
has been close to 40x on average since the 2015 issuance. This
moderate coverage level is in line with Fitch's expectations.

Potential Redirection/Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until
collection of periodic debt service amount. Fitch believes
diversion risk is partially mitigated by AAs signed by the DDBs.

RATING SENSITIVITIES

The FF ratings are sensitive to changes in the credit quality of
Davivienda Sal, the ability of the DPR business line to continue
operating (as reflected by the GCA score) and the performance of
the DPR program. A downgrade of the bank may trigger a downgrade
of the FF ratings. In addition, severe reductions in DSCRs or an
increase in the level of FF as a percentage of the bank's
liabilities could result in rating downgrades.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

Fitch has affirmed the following ratings:

  -- Series 2015-1 loan at 'BB'; Outlook Stable;

  -- Series 2015-2 loan at 'BB'; Outlook Stable;

  -- Series 2015-3 loan at 'BB'; Outlook Stable.


TITULARIZADORA DE DPR: Fitch Affirms BB- on Series 2016-1 Loan
--------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' issue-specific rating on
Titularizadora de DPRs Limited's series 2016-1 loan. The Rating
Outlook is Stable.

The future flow program is backed by U.S. dollar-denominated,
existing and future diversified payment rights originated by Banco
Cuscatlan de El Salvador, S.A. The majority of DPRs are processed
by designated depository banks that have executed acknowledgement
agreements, irrevocably obligating them to make payments to an
account controlled by the transaction trustee.

Fitch's rating addresses timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: BC's Long-Term Issuer Default Rating
(IDR) is limited by El Salvador's Country Ceiling of 'B' and is
driven by the potential support that Fitch believes BC would
receive from its shareholder, Grupo Terra, if needed. Fitch's
assessment of the group's financial ability is strongly linked to
that of Petroholding, S.A. de C.V.

Going Concern Assessment (GCA): Fitch assigned BC a GCA score of
'GC2' based on the bank's moderate systemic importance and
potential group support. Fitch tempers notching uplift for future
flow transactions originated by sponsors with support-driven
ratings. Taking into account other constraints mentioned, Fitch
limits the DPR ratings to two notches above BC's support-driven
IDR.

Uplift from Long-Term IDR: At end-June 2018, BC's total
outstanding future flow debt (FF) represented around 7% of the
bank's consolidated liabilities and around 57% of non-deposit
funding. While Fitch considers these ratios small enough to
differentiate the credit quality of the transaction from the
originator's Long-Term IDR, the FF size is a constraint on the DPR
rating.

The reported quarterly maximum debt service coverage ratio (DSCR)
has been close to 70x on average since the 2016 issuance. BC's DPR
business line is supported by the bank's well-regarded franchise,
branch network, and longstanding relationships with key corporate
clients.

Potential Redirection/Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until
collection of periodic debt service amount. In Fitch's view,
diversion risk is partially mitigated by AAs signed by two DDBs.
The largest DDB, Citibank N.A., has been processing more than 80%
of DPR flows this year. While the trend is decreasing, the agency
believes the DDB concentration still exposes the transaction to a
higher degree of diversion risk than other Fitch-rated Central
American DPR programs. The FF rating reflects this exposure.

RATING SENSITIVITIES

The FF ratings are sensitive to changes in the credit quality of
BC, the ability of the DPR business line to continue operating (as
reflected by the GCA score) and the performance of the DPR
program. A downgrade of the bank may trigger a downgrade of the FF
ratings. In addition, severe reductions in DSCRs or an increase in
the level of FF as a percentage of the bank's liabilities could
result in rating downgrades.



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


CENTRAL AMERICA BOTTLING: Fitch Alters Outlook to Negative
----------------------------------------------------------
Fitch Ratings has affirmed The Central America Bottling
Corporation's (CBC) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDR) at 'BB+'. The Rating Outlook has been
revised to Negative from Stable.

The Negative Outlook reflects CBC's higher gross leverage than
Fitch previously projected and more challenging operating
environment for 2018. The increase in total debt to finance a
portion of its capex program and acquisitions, relatively flat
EBITDA generation, and negative free cash flow (FCF) in the last
12 months, resulted mainly in a deterioration of the company's
leverage metrics. Fitch forecast for 2018 that CBC's total debt to
EBITDA and total adjusted debt to EBITDAR to be around 3.5x and
3.8x, respectively. These levels are above Fitch's previous
negative rating sensitivities of 3.0x and 3.5x. While Fitch
acknowledges CBC's strong cash position, a reduction in its total
indebtedness that results in levels below 3.0x and 3.5x, will
likely result in a revision of the Outlook to Stable.

CBC's ratings affirmation reflects its business position as an
anchor bottler of the PepsiCo system with operations in Central
America, the Caribbean, Ecuador, Peru and Argentina. The company
has a diversified product portfolio of PepsiCo and proprietary
brands across its franchised territories, combined with a good
distribution network in key markets. CBC's ratings are constrained
by the sovereign ratings where it operates, the competitive
environment of the beverage industry and the volatility of prices
in its main raw materials.

KEY RATING DRIVERS

Solid Business Position in Core Markets: CBC's ratings continue to
reflect its stable market share positions across its operations.
In the carbonated soft drink category, which represents around 59%
of its total sales volume, the company has maintained a leading
position in the markets of Guatemala and Jamaica, and maintained
relevant positions in other core markets. In addition, CBC's has a
strong presence in non-CSD categories such as water, juices and
nectars, isotonics and teas, where it holds important positions in
most of its markets. Non-CSD represent close to 37% of its total
sales volume. Fitch believes CBC's brand portfolio, distribution
capabilities, and management's strategies to design and execute
commercial initiatives will support its business position in the
future.

Stable Revenues / Lower Margins: Fitch expects CBC's revenues to
grow in the low single digits in 2018 due to difficult economic
and political conditions in Nicaragua and Argentina, which
represent around 8% of its total revenues. Volume growth is
expected to come mainly from non-CSD categories such as juices and
nectars, and to a lesser extent, CSD. The negative effect on
revenues projected from Nicaragua and Argentina will be partially
offset by a steady growth in core markets such as Guatemala, El
Salvador, Ecuador, Peru and the Caribbean. For the first half of
2018, the company's revenues grew around 4% even with revenue
declines of 6% in Nicaragua due to lower sales volume and 14% in
Argentina, due to currency depreciation. Fitch projects some
pressures in profitability due to higher raw material prices, and
estimates an EBITDA margin of close to 13% in 2018 and 14% in
2019.

Higher Leverage: CBC's gross and net leverage ratios are above
Fitch's last year projections. A lack of strengthening in these
metrics in the short term will pressure the ratings. Fitch's
expects CBC's total adjusted debt-to-EBITDAR and total adjusted
net debt-to-EBITDAR will gradually decrease in the next 12 to 18
months to 3.5x and 2.3x, respectively through higher EBITDA and
debt reduction of around USD110 million. For the last 12 months as
of June 30, 2018, these metrics calculated by Fitch were 4.1x and
2.7x, respectively, and compare unfavorably to the agency's
previous forecast of around 3.4x and 2.0x. A lack of deleverage
has been associated with an increase in CBC's total debt and low
growth in EBITDA due to weak results in key markets. The company's
total adjusted debt as of June 30, 2018 was USD861 million,
excluding a USD71.6 million loan structure that the company
implemented for its operations in Central America.

FCF Remains Modest: CBC's average FCF in the last four years has
been slightly positive. This trend is projected to continue over
the midterm. Fitch's base case projection estimates the company
will generate slightly negative to neutral FCF in 2018 as a result
of cash flow from operations (CFO) of around USD150 million, capex
of USD108 million, and dividends of USD42 million. Positive FCF
should resume in 2019 as CFO increases, due to the expected growth
in EBITDA, lower capex, and stable dividends. For the last 12
months as of June 30, 2018, CBC's FCF calculated by Fitch was
negative for USD52 million, due to higher capex levels and the
seasonality of its cash flow generation.

Exposure to Guatemala's Sovereign Ratings: Guatemala's 'BB'/Stable
sovereign rating is given greater emphasis in CBC's ratings
because it is the company's main market in terms of consolidated
revenues (around 37%) and EBITDA (around 39%). Fitch also believes
the company's operating performance is more likely to depend on
the stability and economic development of this country. While
downgrades in Guatemala's ratings will likely result in negative
pressures on CBC, Fitch also believes that deterioration in
Ecuador's economic and political environment would be viewed as
negative for the company's ratings.

DERIVATION SUMMARY

CBC's 'BB+' ratings are below other beverages peers in the region,
such as Arca Continental, S.A.B. de C.V. (A/Stable), Coca-Cola
FEMSA, S.A.B. de C.V. (A-/Stable) or Embotelladora Andina S.A.
(BBB+/Stable), given its lower size and scale and weaker
competitive position of PepsiCo and proprietary beverage brands
when compared to the stronger brand equity of Coca-Cola products.
In addition, the company's ratings reflect its lower profitability
margins and higher exposure to lower-rated countries. CBC's
ratings are above other beverage companies such as Grupo Atic (B-
/Positive) given its better operating performance, adequate
leverage metrics and ample liquidity. No country ceiling,
parent/subsidiary or operating environment aspects affect the
rating.

KEY ASSUMPTIONS

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

  -- Revenue growth of 2% in 2018 and 3% in 2019;

  -- EBITDA margins around 13% in 2018 and 14% in 2019;

  -- Neutral to Negative FCF in 2018 and trending to positive in
     2019;

  -- Total adjusted debt/EBITDAR and total adjusted net
     debt/EBITDAR at around 3.5x and 2.3x, respectively, by 2019.

RATING SENSITIVITIES

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

  -- Fitch does not foresee positive ratings actions for CBC in
the mid-term; however, the combination of lower leverage ratios,
better operating performance, solid FCF generation across the
cycle, and cash flow generation from investment-grade countries
will be considered positive to credit quality.

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

  -- CBC's ratings could be negatively pressured by the following
factors: a downgrade in Guatemala's or Ecuador's country ceiling
or sovereign ratings, deterioration of its operating results,
negative FCF generation, or significant debt-financed acquisitions
that result in total adjusted debt/EBITDAR and total adjusted net
debt/EBITDAR higher than 3.5x and 2.5x, respectively, on a
sustained basis.

LIQUIDITY

Ample Liquidity: As of June 30, 2018, CBC's liquidity is ample
given its current cash position of USD346 million and USD93
million of short-term debt. Approximately USD194 million of its
cash balance is invested on short term instruments with different
banks and around 84% of its total cash is maintained in USD. The
company's debt amortizations are manageable for 2019 and 2020 and
Fitch believes CBC has financial flexibility given its CFO
generation capacity and liquidity position.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following:

CBC

  -- Long-Term Foreign Currency IDR at 'BB+';

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

  -- USD500 million senior unsecured notes due in 2027 at 'BB+'.

The Rating Outlook has been revised to Negative from Stable.



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


JAMAICA PUBLIC: Moving to Refinance Debt
----------------------------------------
RJR News reports that the Jamaica Public Service Company (JPS) is
moving to refinance more than $20 billion of its debt.

As part of its Extraordinary Rate Review application to the Office
of Utilities Regulation (OUR), the JPS proposed to refinance
US$179.2 million of its existing long term debt to reduce the
interest rate from 11 per cent to 8 per cent per annum, according
to RJR News.

The company says the refinancing would translate into savings of
US$5.37 million per annum for the remaining three years of the
life of the debt, the report relays.

Given the benefits to customers, the OUR agreed to approve the
refinancing initiative under which it is allowed US$2.7 million
or half  of  the amount requested by the utility company to cover
costs provided that it pursues its refinancing plan, the report
notes.

The benefits accrued from the refinancing will be channeled to
customers through an expected lowering of JPS's annual revenue
target in the next two annual reviews by at least US$3.4 million
per annum, the report says.

                NWC - Biggest Electricity Consumer

Prime Minister Andrew Holness said the National Water Commission
(NWC is still the biggest consumer of electricity in Jamaica, the
report notes.

He notes that the high electricity usage is part of the reason the
Water Commission's current business model is unsustainable, the
report says.

Mr. Holness who was speaking at the opening of the 27th annual
Caribbean Water and Wastewater Association Conference and
Exhibition in Montego Bay said there are plans to reduce the NWC's
electricity bill, the report adds.



================================
T R I N I D A D  &  T O B A G O
================================


PETROLEUM CO: Workers Get Severance Ahead of Court Ruling
---------------------------------------------------------
The Guardian reports that several workers ignored the advice of
Oilfields Workers' Trade Union (OWTU) president general Ancel
Roget and collected their termination letters at Petroleum Co. of
Trinidad & Tobago (Petrotrin)'s Pointe a Pierre compound.

When Guardian Media spoke with a few of the workers who collected
their letters and severance packages they had mixed reactions of
fear, worry, sadness, anger and relief.

The move by the company to distribute the letters ahead of the
expected ruling by the Industrial Court on the OWTU's injunction
to halt the retrenchment was met with strong condemnation by Roget
and Opposition leader Kamla Persad Bissessar, according to The
Guardian.  They both accused the company of contempt of court, the
report relays.

During a rally on the Brian Lara Promenade, Port of Spain, Roget
advised workers not to collect their letters after he got word
that the company had accelerated the distribution of letters, the
report relays.

An OWTU member who spoke with Guardian Media said, "The workers
are sad, hurt and frighten. Some of them are not happy with what
they got," the report notes.

The report relays that another worker, who collected her letter at
the company's Learning Resource Centre, was angry with the media
for "publishing lies," the report relays.

She said she was forced to defend her job in the face of harsh
criticism by members of the public, the report says.  She also
felt hurt and ashamed in the way in which the company handled the
situation, the report relays.

Another worker said she was satisfied with her termination
package, which was in keeping with the severance agreement, the
report relays.

"I was ready for this.  Some of my friends were not happy with
theirs.  Even if you worked with the company for years, if you are
not permanent you will not get the full amount of money. I will
reapply and if I don't get through I will just move on,"
the report discloses.

Another worker said he was worried about how he will maintain his
family if he is not rehired, the report says.

"Things real hard, I have a lot of commitments. Jobs hard to get
now, especially at my age," he added.

According to an internal memo from the Corporate Communications
Department workers from the corporate communications, internal
audit, land management, finance, medical, engineering services,
planning and business support, performance improvement and
refinery scheduling were supposed to collect their letters, the
report notes.  Workers from supply chain management and other
departments were expected to have received their letters, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.



=============
U R U G U A Y
=============


* URUGUAY: Aims to be Exporter of Non-Traditional Services
----------------------------------------------------------
EFE News reports that Uruguay is working "very hard" to become an
exporter of non-traditional services in areas such as
architecture, engineering, furniture design, information
technology and textiles, the manager of exports at trade promotion
agency Uruguay XXI, Pablo Pereira, said.

"Overseas sales of services have shown very interesting dynamics,"
the report quoted Mr. Pereira as saying.  "In fact, Uruguay is
positioning itself as a services exporter, particularly regarding
non-traditional services, which are becoming a strong sector in
the country," he added.




                            ***********


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 * * *