TCRLA_Public/181105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, November 5, 2018, Vol. 19, No. 219



BARBADOS: Central Bank Governor Says Growth Will be Slow


INVERSIONES ATLANTIDA: Fitch Hikes LT IDRs to B+, Outlook Stable


DIGICEL GROUP: Extends Deadline for Bondholders to Nov. 16
* JAMAICA: Unemployment Rate Falls to Record Low at 8.4%


BANCO AHORRO: S&P Lowers Global Scale Issuer Credit Rating to 'B-'
GRUPO FAMSA: S&P Lowers Global Scale Issuer Credit Rating to 'B-'
GRUPO IDESA: Fitch Downgrades Issuer Default Rating to CCC
RASSINI SAB: S&P Places BB Issuer Credit Rating on Watch Neg.

P U E R T O    R I C O

ISLAND FESTIVAL: Plan Outline Okayed, Plan Hearing on Dec. 7
MONITRONICS INTERNATIONAL: Will Report Q3 Results on Nov. 5
TOYS R US: Exclusive Plan Filing Period Extended Thru Nov. 12

T R I N I D A D  &  T O B A G O

PETROLEUM CO: Begins Importing Fuels


VENEZUELA: Children Die From Deficient Medical Services, NGO Says


* BOND PRICING: For the Week October 29 to November 2, 2018

                            - - - - -


BARBADOS: Central Bank Governor Says Growth Will be Slow
--------------------------------------------------------- reports that the Central Bank of Barbados is
reporting some successes in the debt restructuring and public
sector reform initiative under the Barbados Economic Recovery and
Transformation (BERT) program being implemented by government,
according to  But Governor Cleviston Haynes said
the adjustment efforts are expected to dampen economic activity
and the country is projected to record negative growth of 0.25 per
cent to 0.75 per cent for 2018, the report notes.

In his review of the economy up to September of this year, Haynes
delivered good news in some areas, the report relays.  For
instance, he said the slide in the country's international
reserves had abated, the report notes.  Gross reserves increased
by $104 million between late March and the end of September,
almost 80 per cent of which occurred from June, a month after the
new government took office, the report discloses.

"The recovery in reserves was principally driven by the suspension
of external debt service which alleviated pressure on foreign
exchange outflows," Mr. Haynes explained, the report says.

He also noted that the suspension resulted in interest payments
being lowered by BDS$105 million (US$52.5 million), substantially
cutting the share of revenue absorbed by interest payments, the
report relays.

Government has also been able to slash its capital spending and
transfers and subsidies, a key requirement under the IMF-funded
BERT program; the pressure on the Central Bank to finance
Government has eased considerably; and the new Fuel Tax which
replaced Road Tax on July 1 this year has raised over BDS$8
million (US$4 million) since its inception, the report notes.

The report relays that the Central Bank Governor also noted that
the abolition of the National Social Responsibility Levy (NSRL)
was also paying off.

"Given the elimination of the NSRL, the inflation rate is expected
to fall.  The current forecast for inflation for 2018 and 2019 is
now 4.3 per cent and 2.7 per cent, respectively," he said,
although noting that volatile oil prices remain a threat to the
trajectory of the inflation rate, the report notes.

Amid the encouraging indicators, however, the Central Bank said
that economic growth remains a challenge, the report discloses.

"Preliminary data suggest that economic activity in Barbados
contracted by 0.5 per cent during the first nine months of the
year, as reduced activity in the construction sector and the
impact of tighter fiscal policy on domestic consumption offset
modest gains in the tourism sector.

"Long-stay tourist arrivals were 2.9 per cent higher than for the
corresponding period of 2017 but the continued decline in average
length of stay contained the increase to 1.4 per cent in tourism
activity.  The United States and Canadian markets registered
growth of 8.7 per cent and three per cent, respectively. However,
arrivals from the United Kingdom grew more modestly, as weaker
economic growth and a relatively weak pound hampered growth in
this market.  Cruise arrivals also declined (2.9 per cent) as the
number of cruise ship visits to the island fell by almost 10 per
cent," the report quoted Mr. Haynes as saying.

Output in the construction sector is also estimated to have
declined significantly as there were no new large-scale private
sector projects to replace a major hotel project that was
completed in 2017, notes the report.  In addition, public sector
infrastructural development also declined in the context of
Government's financing constraints and the consequent reduction in
capital expenditure, the report relays.

The Central Bank Governor said the outlook for the Barbados
economy is for a sustained recovery and a strengthening of
performance indicators over the medium term, the report says.
However, he said, actual outcomes will be influenced by
Government's success in implementing the program that it has
agreed with the IMF.

"In this regard, meeting the targets under the programme criteria
will unlock additional foreign inflows from the IMF and our
multilateral partners and facilitate a further build-up of
reserves," the report quoted Mr. Haynes as saying.  He cautioned
that the adjustment efforts are expected to dampen economic

"The Bank now expects negative growth of 0.25 to 0.75 per cent for
2018.  Output in 2019 is forecast to be in the range of 0.5 per
cent to one per cent, but the actual outcome will be influenced by
the speed with which new investments, particularly in the private
sector occur.  These have the potential to absorb some of the
labour that government is shedding," Mr. Haynes said, the report

As reported in the Troubled Company Reporter-Latin America on Oct.
19, 2018, S&P Global Ratings lowered its issue-level
ratings on Barbados' local currency issues outstanding to 'D'
(default) from 'CC'. At the same time, S&P Global Ratings affirmed
its 'SD/SD' (selective default) long- and short-term foreign and
local currency sovereign credit ratings on the country, and its
'D' (default) ratings on Barbados' rated foreign-currency issues.
Finally, S&P Global Ratings affirmed its 'CC' transfer and
convertibility assessment on the country.


INVERSIONES ATLANTIDA: Fitch Hikes LT IDRs to B+, Outlook Stable
Fitch Ratings has upgraded Inversiones Atlantida, S.A. y
Subsidiarias (Invatlan) and Banco Atlantida, S.A.'s (Atlantida)
Long-Term (LT) Foreign and Local Currency Issuer Default Ratings
(IDRs) to 'B+' from 'B' with a Stable Outlook. Atlantida's
Viability Rating (VR) is also upgraded to 'b+' from 'b'.

Fitch's appreciation of Honduran improved macroeconomic
performance and stabilized political environment leads the upgrade
of Atlantida's VR and LT IDRs due to the operating environment
highly influence the rating of the bank. Fitch's opinion of the
Honduran banks' operating environment considers that the
completion of the IMF Stand-By Agreement improved policy
credibility, economic growth and set the general government debt
on a sustainable path.

The upgrade of Invaltan's IDRs is based on its creditworthiness
being highly aligned to that of its main operating subsidiary
(Atlantida) based on its status of pure holding company with low
ability to generate profits on an unconsolidated basis and ample
dependence on dividends flows from its subsidiaries to meet its
financial commitments.




The bank's IDRs are driven by its intrinsic creditworthiness as
reflected in its VR of 'b+'. Atlantida's ratings continue to be
highly influenced by the Honduran operating environment and its
company profile. The ratings are also moderately influenced by the
bank's modestly improving asset quality, moderate profitability,
stable funding and liquidity profiles, as well as a capital
position commensurate to its rating category.

In Fitch's opinion, Atlantida's well positioned franchise and
relatively diversified business model has enabled it to sustain a
stable financial performance over the economic cycle. As of June
2018, Atlantida was the second largest bank in Honduras in terms
of assets and loan portfolio, and the first in customer deposits.
However, despite Atlantida's strong franchise and market position
in Honduras, it is small on a global basis.

Atlantida's asset quality is controlled and supported by a gradual
decline of its non-performing loan (NPL) ratios, albeit still
above the local industry average. At the end of the first semester
of 2018 (1S18) Atlantida's NPL ratio was 2.5% (considering
contingent loans), below the 3.3% average for 2013-2017.
Concentrations remain high, as of June 2018, the top 20 borrowers
represented 2.5x Atlantida's Fitch Core Capital (FCC).

The bank's profitability levels are good despite the bank main
focus on lending to companies. At the same date, operating
profitability to risk weighted assets (RWAs) stood at 1.9%
benefited by low funding costs and controlled credit expenses,
which have gradually counterbalanced the bank's still unfavourable
operative efficiency than peers.

Fitch considers Atlantida's funding and liquidity profile to be
one of the bank strengths due to its strongly reliance on a stable
customer deposit base that is underpinned by the bank's strong
franchise and ample branch network in the country. Atlantida's
loan to deposits ratio is the best of the Honduran banks. As of
June 2018, the ratio stood below 90% despite the continued
expansion on the banking book.

The bank's capitalization is commensurate to the 'B' category
range. The FCC to RWAs ratio (calculated as reported equity minus
intangibles, goodwill and pre-paid expenses) of the bank was 9.2%
as of June 2018, lower than the 2015-2017 11% average. Atlantida
received a capital infusion of HNL 500 million as of September,

The expected senior notes are rated at the same level as the
bank's IDR due to its senior unsecured features. In accordance
with Fitch's rating criteria, the recovery prospects of the senior
unsecured debt of Atlantida is average and is reflected in a
recovery rating of 'RR4'.


Atlantida's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' indicate that despite Atlantida sizable market share
in deposits Fitch believes that external support cannot be relied
upon, due to Honduras's limited ability to provide such support.



Invatlan's IDRs reflect the creditworthiness of its main
subsidiary, Atlantida in Honduras, rated 'B+' on the international
scale by Fitch. The ratings also consider Invatlan's high
operational integration with its operating subsidiaries, as well
as the light restrictions on subsidiaries upstreaming liquidity to
Invatlan. Invatlan's ratings also reflect the expected moderate
levels of double leverage. As of June 2018, this ratio was close
to 112% and it is expected to increase due to the holding's
business expansion plans.

The senior notes are rated at the same level as Invatlan's IDRs,
as despite being senior secured and unsubordinated obligations, in
Fitch's view, the collateral mechanism would not have a
significant impact on recovery rates. In accordance with Fitch's
rating criteria the recovery prospects is average and is reflected
in a recovery rating of 'RR4'.




Upside potential for Atlantida's IDRs could only come from further
improvements of the Honduran operating environment. In turn,
although it is not Fitch's baseline scenario, the ratings could be
downgraded in the event of material deterioration in the asset
quality that negatively affects its operating profitability and
lead to a marked weakening of the bank's capital position.

The global senior unsecured debt rating would mirror any change to
Atlantida's IDRs.


Honduras's propensity or ability to provide timely support to
Atlantida is not likely to change given the operating environment
structural weaknesses. As such, the SR and SRF have limited upside



Invatlan's ratings will likely move in line with that of those of
its main subsidiary, Atlantida. Also, Invatlan's IDRs could be
downgraded by one notch if the company's double-leverage ratio is
sustained above 120%.

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

Fitch has upgraded the following ratings:


  -- Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) to 'B+' from 'B'; Outlook Stable;

  -- USD150 million senior secured notes to 'B+'/'RR4' from


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

  -- Viability Rating to 'b+' from 'b';

  -- Five-year USD350 million senior unsecured notes to
'B+(EXP)'/'RR4' from 'B(EXP)'/'RR4'.

Fitch has affirmed the following ratings:


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


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

  -- Support Rating at '5';

  -- Support Rating Floor at 'NF'.


DIGICEL GROUP: Extends Deadline for Bondholders to Nov. 16
RJR News reports that Digicel Group Limited has again extended a
deadline for its bondholders to accept an offer to swap US$3
billion of outstanding debt for new securities with later maturity

The new deadline is November 16.

If accepted by lenders, the deal will push back maturities on
Digicel bonds scheduled to fall due in 2020 and 2022, according to
RJR News.

The original early tender deadline for the offer was September 14,
but has been continually pushed back, reflecting resistance from
lenders to the terms on offer, the report notes.

In a statement announcing the extension, Digicel said it continues
to have constructive discussions with an ad hoc group of
noteholders regarding the offer, the report relays.

Until the latest extension the deadline was set for Nov. 2.

Digicel's owner, Denis O'Brien has proposed a deal that includes a
new corporate structure in which new debt will be issued from two
new holding companies inserted between its holding company Digicel
Group Limited and operating company Digicel Limited, the report

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Moody's Investors Service has changed to negative
from stable the outlook on the ratings of Digicel Group Limited
("Digicel", "DGL" or the "company") and Digicel Limited ("DL") and
assigned a negative outlook to Digicel International Finance
Limited ("DIFL"). At the same time, Moody's has affirmed DGL's B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR), as well as the B1 rating on the unsecured notes of
DL and the Ba2 rating on the secured bank credit facilities of

* JAMAICA: Unemployment Rate Falls to Record Low at 8.4%
LoopJamaica reports that strong job growth has led to a further
2.9 per cent decline in the unemployment rate which stood at a
record low 8.4 per cent as of July 2018.

The Labour Force Report of the Statistical Institute of Jamaica
(STATIN) said the job growth was strongest among the 'service
workers and shop and market sales workers' occupation group, as
well as construction workers, according to LoopJamaica.

According to the report, service workers and shop and market sales
workers' grew by 13,600 persons, from 277,100 in July 2017 to
290,700 in July 2018, LoopJamaica notes.  It said workers in the
construction sector grew by 9,400 to 103,700 during the same
period, the report relays.

STATIN has also attributed the decline in the unemployment rate to
an increase in the number of persons employed and a simultaneous
reduction in the number of persons in the labor force, the report

"This decrease was reflected in a decline in both the male and
female unemployment rates.  Male unemployment rate declined by 2.2
percentage points, to 5.8 per cent.  The female unemployment rate
declined by 3.8 percentage points, to 11.4 per cent," STATIN said,
the report relays.

At the same time, STATIN said the number of unemployed youth, aged
14 to 24 years, decreased by 14,600 persons to 45,200 in July
2018, the report discloses.

The total number of persons employed as at July 2018, stood at
1,226,400. This represented an increase of 12,800 persons when
compared to July 2017, the report relays.

The number of males employed increased by 5,900 to 681,800, while
female employment increased by 6,900 to 544,600, the report notes.

Meanwhile, STATIN said the labour force, as at July 2018, was
1,338,200 persons, a decrease of 2.2 per cent compared to July
2017, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2018, S&P Global Ratings revised its outlook on
Jamaica to positive from stable. At the same time, S&P Global
Ratings affirmed its 'B' long- and short-term foreign and local
currency sovereign credit ratings, and its 'B+' transfer and
convertibility assessment on the country.


BANCO AHORRO: S&P Lowers Global Scale Issuer Credit Rating to 'B-'
S&P Global Ratings said it has lowered its long-term global scale
issuer credit rating to 'B-' from 'B' and its national scale
issuer credit rating to 'mxB' from 'mxBBB-' on Banco Ahorro Famsa
S.A. Institucion de Banca Multiple (BAF). At the same time, S&P
lowered the short-term national scale rating to 'mxB' from 'mxA-
3'. The outlook on both scale ratings remains negative, reflecting
that on its ultimate parent.

The downgrade of Grupo Famsa, S.A.B. de C.V. (GFamsa; global
scale: B-/Negative/--; national scale: mxB/Negative/--) reflects
its liquidity constraints because initiatives to strengthen its
operating and financial performance haven't been sufficient to
improve cash flow generation. Despite GFamsa's short-term debt
reduction by around 20% in the past six months, liquidity
pressures still stem from working capital needs and other short-
term obligations that could further rise if GFamsa doesn't extend
its debt maturity profile to mitigate potential refinancing risks.
The company plans to extend maturity on its $140 million senior
unsecured notes due May 2020. Failure to do so within six months
would result in a one-notch downgrade.

S&P considers BAF to be a core subsidiary of GFamsa because it
believes both entities share the same customer base, brand, and
reputation. Additionally, BAF's strategy is closely linked to
GFamsa's strategy; as well, it's highly unlikely the bank will be
sold. GFamsa has shown a strong and long-term commitment to the
bank by supporting it through ongoing capital injections.

The issuer credit ratings on the bank continue reflecting its
revenue concentration in the retail segment and its small market
share in the Mexican banking system, while it maintains a
forecasted risk-adjusted ratio capital (RAC) ratio of about 8.6%
for the next 12 months. The ratings also take into account BAF's
weaker asset quality metrics. Finally, the bank's funding
structure is based on customer deposits, and it has sufficient
liquidity levels to support all operations. BAF's stand-alone
credit profile (SACP) remains at 'bb-'. Therefore, the ratings on
its ultimate parent mainly limit those on BAF.

The negative outlook on BAF in the next 12 months mainly reflects
that on its parent because we view the bank as a core subsidiary.
The negative outlook on GFamsa reflects a potential for another
one-notch downgrade if the company fails to to refinance its
senior unsecured notes due May 2020 within the next six months,
resulting in a higher refinancing risk.

S&P said, "We could lower the ratings on the bank in the next 12
months if the parent's higher refinancing risk could erodes BAF's
liquidity as a result of its exposure to the group. The latter
would be reflected in a possible drop in deposits or certain
pressures on the capital base. If the bank's business profile
deteriorates, we could also lower the rating."

If BAF's liquidity can withstand a possibly higher refinancing
risk of GFamsa, we could revise the outlook on the bank to stable.

GRUPO FAMSA: S&P Lowers Global Scale Issuer Credit Rating to 'B-'
S&P Global Ratings lowered its global scale issuer credit rating
on Grupo Famsa, S.A.B. de C.V. (GFamsa) to 'B-' from 'B'. S&P
said, "At the same time, we lowered our national scale issuer
credit rating to 'mxB' from 'mxBBB-'. We also lowered our issue-
level rating on GFamsa's debt to 'B-' from 'B'. The '3' recovery
rating on the company's rated debt, which indicates our
expectation of meaningful (50%-90%; rounded estimate 65%) recovery
prospects for the bondholders in the event of a payment default,
remains unchanged." The outlook remains negative.

The downgrade reflects the company's liquidity constraints because
initiatives to strengthen its operating and financial performance
haven't been sufficient to improve cash flow generation. Despite
GFamsa' short-term debt reduction by around 20% in the past six
months, liquidity pressures still stem from working capital needs
and other short-term obligations that could further rise if GFamsa
doesn't extend its debt maturity profile to mitigate potential
refinancing risks. The company has a liability management plan to
extend maturity on its $140 million senior unsecured notes due May
2020. Failure to do so within six months would result in a one-
notch downgrade.

GFamsa's financial performance and credit metrics remain weak. The
company carries substantial operating leases that pressure its
leverage metrics, because almost half of the adjusted debt stems
from this adjustment. Also, GFamsa continues to face foreign-
exchange risk on its senior unsecured notes because the company
hasn't hedged such exposure, and the Mexican peso to the dollar
exchange rate remains highly volatile.

Fierce competition from retailers, which have a stronger
competitive position and larger scale across Mexico, is still
pressuring the company's top-line growth and EBITDA margin, which
has decreased in the last few quarters to 17%-18%. This trend
reflects increases in payroll and advertising associated with a
more aggressive sales effort. GFamsa continues to have a
significant presence in northern Mexico, while its captive finance
division, Banco Ahorro Famsa S.A. Institucion de Banca Multiple,
maintains a solid performance.

GRUPO IDESA: Fitch Downgrades Issuer Default Rating to CCC
Fitch Ratings has downgraded the Long-Term Local and Foreign
Currency Issuer Default Ratings of Grupo IDESA, S.A. de C.V. to
'CCC' from 'B-'. In addition, the senior unsecured notes were
downgraded to 'CCC'/'RR4' from 'B-'/'RR4'.


The downgrade reflects Fitch's expectation that IDESA's credit
profile will be consistent with that of a 'CCC' credit over the
next 12-24 months, absent major debt refinancing and the receipt
of cash flows from Braskem IDESA of at least USD50 million per
year. The company faces large debt maturities including accrued
interest of approximately USD480 million due 2020. This figure
compares with projected operating EBITDA, including dividends from
IDESA's joint ventures, of around USD55 million-65 million and a
cash position covering only about 70% of IDESA's short-term debt
of USD39 million.

Dividends from Braskem-IDESA, the company's largest JV investment,
are restricted by project financing until certain financial and
operating benchmarks are achieved. The uncertainty surrounding the
amount and timing on these cash flows combined with IDESA's large
debt burdenand weak liquidity relative to approaching large debt
maturities, are a key consideration in the rating downgrade.
Braskem IDESA's utilization rate was 79% during the first half of
2018, making it increasingly unlikely that utilization rates for
full year 2018 will be above 85%, a level previously stated by
Fitch as a negative rating sensitivity. Low utilization rates were
due partly to lower ethane feedstock supplied by Pemex.
High Leverage: IDESA's operating EBITDA declined to USD25 million
in 2017 from USD40 million in 2016. As of the LTM ended June 30,
2018, IDESA's Operating EBITDA was USD24 million, resulting in a
net leverage ratio of 14.2x. Leverage increased due to lower
production volumes, a result of declining feedstock from PEMEX.
Fitch's forecast suggests net leverage would remain elevated in
2019 at around 12x absent contributions from Braskem IDESA, as
underlying petrochemical spreads recover modestly and the ethylene
oxide (EO) shortage does not abate materially.

Joint Venture Investments: IDESA contributed USD513 million to
Braskem-IDESA, and most of IDESA's current debt was used to
support its 25% stake in this venture. IDESA's 25% stake
represents USD158 million of the total EBITDA generated by the JV
of USD633 million as of the LTM to June 30, 2018. This facility is
capable of producing 1.0 million tons of polyethylene per year.
IDESA's other equity investments include CyPlus-IDESA, a 50/50 JV
with Evonik Industries AG that owns a sodium-cyanide production
facility. This plant's capacity is 40,000 mt and generated about
USD1 million in dividends to IDESA during the first six months of

Distribution Core Business: IDESA generated 44% of its EBITDA from
the distribution of solvents and chemicals within Mexico and 50%
from chemicals manufacturing, with most of the remaining from
chemical storage and handling services, during the first six
months of 2018. IDESA's distribution business has grown steadily
due to Mexico's industrialization. This segment has become IDESA's
main cash flow generating business as its petrochemical segment
has significantly contracted over the last three years and more
recently has been volatile.

High Reliance on Commodity Chemicals: IDESA has limited pricing
power with its suppliers and customers, as the company's main
product prices are based on international reference prices and are
somewhat correlated to the price of oil. The price of ethane-based
EO, main raw material in the production of ethylene glycols and
ethanol amines, increased in 2016 and 2017 due to tight EO supply
in Mexico. Fitch expects this tightness to continue; modest upward
movement in reference prices of EO due to higher demand for ethane
in North America is also expected.


IDESA's vertical integration is limited and its product portfolio
is more dependent on feedstock and product price dynamics. This
limited pricing power creates higher volatility for cash flows
when compared to peers such as Cydsa, S.A.B. de C.V.  (BB+) that
have a predominantly domestic profile. IDESA's scale and cost
position mostly as a converter or distributor is consistent with
those of companies in the low 'BB' to 'B' rating categories.
Companies rated at those levels include Kronos Worldwide (B+) and
Shandong Yuhuang Chemical (B).

Weak product spreads and lack of feedstock, combined with high
debt used to fund investments, have significantly pressured
IDESA's financial profile and increased its reliance on expected
cash flows from Braskem-IDESA, and in continued growth in chemical
distribution activities. IDESA's financial profile is
significantly pressured and consistent with that of a 'CCC'


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

  -- Revenue, measured in U.S. dollars, remain relatively flat
over the intermediate term. Petrochemical prices spike in 2018
before moderating in 2019 and 2020 in line with Fitch's Brent oil
price deck expectations of USD60/bbl in 2019 and USD57.5/bbl in

  -- EBITDA recovers in 2018 and 2019 to USD35 million-USD40
million reflecting higher petrochemical spreads and somewhat more
stable feedstock supply.

  -- Cash flows received from Braskem-IDESA of USD25 million in
2019 and 2020.


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

  -- Refinancing of long-term debt at IDESA and constant annual
dividend flow at least of USD50 million from Braskem IDESA;

  -- Capital infusions or material asset sales that improve
IDESA's liquidty profile and capital structure.

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

  --Failure to improve liquidity;

  --Perception of risks on meeting interest payments;

  --Operational pressures resulting in Operating EBITDA / Interest
expense below 1x;

  --Lower than expected cash flows from JV's.


Tight Liquidity: IDESA's intrinsic liquidity is tight. The company
faces large debt maturities, including accrued interest of
approximately USD480 million due 2020. These compare with cash of
USD24 million and a projected cash flow from operations (CFFO) of
approximately USD30 million. IDESA's funds from operations (FFO)
was a negative USD3 million as of LTM to second-quarter 2018
compared with USD3 million a year ago. Working capital
requirements have resulted in negative CFFO of USD10 million and a
negative FCF of USD16 million during the LTM ended June 30, 2018.
IDESA funded negative FCF during the last 12 months mostly through
debt. The company's cash to short-term debt was 0.7x as of second-
quarter 2018. Short-term debt consisted of USD39 million in
revolving credit facilities.

IDESA's debt consisted of USD300 million of notes due December of
2020 and USD130 million due June 2020 form an Inbursa line of
credit and bank debt. Inbursa's line accrues interest which Fitch
estimates will be around USD50 million at maturity. The company
received USD7.5 million from Braskem-IDESA during 2018 resulting
from the disbursement of an unspent capex reserve.

RASSINI SAB: S&P Places BB Issuer Credit Rating on Watch Neg.
S&P Global Ratings said it has placed its long-term 'BB' issuer
credit rating on Rassini on CreditWatch with negative

The CreditWatch negative on the rating follows Rassini's
announcement of a proposed offer to purchase 55% of its free-
floating shares, for a total transaction value of around $365
million, which would be fully financed with debt. S&P said, "In
our view, this announcement represents a departure from the
company's leverage policy, and would trigger a spike in its debt-
to-EBITDA ratio, which would deviate from a level consistent with
our current assessment of the company's financial risk profile.
Over the last few years, Rassini consistently improved its
leverage metrics, reaching a debt-to-EBITDA ratio of about 0.7x as
of Sept. 30, 2018. Upon closing the proposed transaction, we
estimate that Rassini's debt-to-EBITDA ratio would exceed 3.0x and
would reach around 2.2x in 2020."

Over the last few years, Rassini has built a track record of
financial discipline that has focused on lowering leverage and
protecting liquidity. S&P said, "In particular, our current
assessment of the company's financial policy incorporates our
expectation that the company's leverage tolerance is between 2.0x
and 2.5x debt to EBITDA at all times. However, as noted, the
proposed debt-financed transaction would result in a debt-to-
EBITDA ratio above 3.0x, which in our view indicates that the
company has a more aggressive financial policy."

S&P said, "We expect to resolve the CreditWatch listing within the
next 90 days, once the proposed transaction is completed and we
determine how it will affect Rassini's leverage metrics. We could
lower the rating by up to two notches, which would capture both
the worsening of Rassini's leverage metrics and our reassessment
of the company's financial policy."

P U E R T O    R I C O

ISLAND FESTIVAL: Plan Outline Okayed, Plan Hearing on Dec. 7
The U.S. Bankruptcy Court for the District of Puerto Rico will
consider approval of the Chapter 11 plan of reorganization for
Island Festival Rentals and Recycling Corp. at a hearing on
Dec. 7, at 9:30 a.m.

The hearing will be held at Jose V. Toledo Federal Building and
U.S. Courthouse, Courtroom 1.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally
approved on Oct. 30.

The latest plan proposes to pay creditors holding Class 7 general
unsecured claims 4.36% or $15,000 of their allowed unsecured
claims.  Island Festival will make one payment of $15,000 on the
effective date of the plan unless unsecured creditors agree with
the company to a different treatment.

Island Festival estimates the total amount of Class 7 general
unsecured claims at $343,862, according to the company's amended
disclosure statement filed on Oct. 25.

A copy of the amended disclosure statement is available for free

                   About Island Festival Rentals

Island Festival Rentals and Recycling Corp., a Commonwealth of
Puerto Rico corporation, was established by Wilfredo Medina
Ramirez, who presently serves as president.  It is dedicated to
operate a business engaged in the recycling and sale of metals.
It is also engaged in the rental of party equipment for events.
Its main place of business is located at Carr. 181 Ramal 8860 KM
5.9 Bo. Las Cuevas Trujillo Ato, PR 00976.  In addition to this
property, debtor has a lease in a commercial property located at
Parque Industrial Los Frailes, Sector Cubita, Guaynabo PR, in
which the rental party equipment is kept and from where such part
of the business operates.

Island Festival Rentals and Recycling sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-
01377) on Feb. 28, 2017.  The petition was signed by Wilfredo
Medina Ramirez, president.  At the time of the filing, the Debtor
estimated assets of less than $100,000 and liabilities of $1
million to $10 million.

The case is assigned to Judge Edward A Godoy.

The Debtor tapped Almeida & Davila, PSC as its legal counsel, and
Tamarez CPA, LLC as its accountant.

MONITRONICS INTERNATIONAL: Will Report Q3 Results on Nov. 5
Ascent Capital Group, Inc., the parent company of Monitronics
International Inc. (doing business as "Brinks Home Security"),
issued a press release announcing it will release its results for
the three and nine months ended Sept. 30, 2018 before the market
opens today, Nov. 5, 2018.  Ascent will host a conference call
that day at 9:00 a.m. ET in which management will provide an
update on Ascent's operations, including the financial performance
of its wholly owned subsidiary, Brinks Home Security, and may also
discuss future opportunities.

Participating on the call will be Ascent's Chairman, Bill
Fitzgerald; Chief Executive Officer and General Counsel, William
Niles; Executive Vice President, Jeffery Gardner; and Senior Vice
President and Chief Financial Officer, Fred Graffam.  Messrs.
Niles, Gardner and Graffam are also executive officers of Brinks
Home Security.

To access the call please dial (888) 462-5915 from the United
States, or (760) 666-3831 from outside the U.S.  The conference
call I.D. number is 2190818.  Participants should dial in 5 to 10
minutes before the scheduled time and must be on a touch-tone
telephone to ask questions.

A replay of the call can be accessed through Nov. 19, 2018 by
dialing (800) 585-8367 from the U.S., or (404) 537-3406 from
outside the U.S.  The conference call I.D. number is 2190818.

This call will also be available as a live webcast which can be
accessed at Ascent's Investor Relations Website at

                       About Monitronics

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

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

                         *     *     *

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

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

TOYS R US: Exclusive Plan Filing Period Extended Thru Nov. 12
-------------------------------------------------------------- reported that the Court in the Toys "R" Us case
has extended the periods during which the Debtors have an
exclusive right to file a Chapter 11 Plan, and solicit acceptances
thereof, through and including November 12, 2018, and January 11,
2019, respectively with the Court provided caveat ". . . that,
solely with respect to the Taj Debtors, such extensions shall
expire on 11:59 p.m. on October 29, 2018, unless prior to 11:59
p.m. on October 29, 2018,

  (a) the Taj Debtors have concluded an auction for the assets of,
      or direct or indirect interests in, TRU (Japan) Holdings
      Parent Ltd. and TRU Asia, LLC and such entities' direct and
      indirect subsidiaries and interests, including such
      entities' 84.87% interest in Toys (Labuan) Holding Limited,
      (the 'Asia JV'),

  (b) the Taj Debtors have selected a bid from the holders of the
      Taj senior note claims as the highest or otherwise best
      offer in the Asia JV sale process, or

  (c) the Court has entered an order further extending the
      exclusivity periods beyond October 29, 2018, for the Taj

                  About Toys "R" Us

Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
the New York City metropolitan area. Merchandise was sold in 880
Toys "R" Us and Babies "R" Us stores in the United States, Puerto
Rico and Guam, and in more than 780 international stores and more
than 245 licensed stores in 37 countries and jurisdictions.
Merchandise was also sold at e-commerce sites including and

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the

Toys "R" Us is a privately owned entity but still files with the
U.S. Securities and Exchange Commission as required by its debt

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, were not part of the Chapter 11 filing and CCAA

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.

                         Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018.  The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                   Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.

                       Propco I Debtors

Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States.  The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for
all of TRU's North American businesses, which operates the
majority of the properties as Toys "R" Us stores, Babies "R" Us
stores or side-by-side stores, or subleases them to alternative

Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey.  Toys 'R' Us Property operates as a subsidiary
of Toys "R" Us Inc.

Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE
II Trust, and Wayne Real Estate Company LLC -- Propco I Debtors --
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 18-31429) on March 20, 2018.  The Propco I
Debtors sought and obtained procedural consolidation and joint
administration of their Chapter 11 cases, separate from the Toys
"R" Us Debtors' Chapter 11 cases.

The Propco I Debtors estimated assets of $500 million to $1
billion and liabilities of $500 million to $1 billion.

Judge Keith L. Phillips presides over the Propco I Debtors' cases.

The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel.  The
Debtors also tapped Kutak Rock LLP. They hired Goldin Associates,
LLC, as financial advisors.

T R I N I D A D  &  T O B A G O

PETROLEUM CO: Begins Importing Fuels
Carolyn Kissoon at Trinidad Express reports that state-owned
Petroleum Co. of Trinidad & Tobago received its first shipment of
refined fuel on Oct. 27, as the company begins to wind down its
refinery operations.

Petrotrin said the shipment was one of 16 cargoes that will be
delivered during the next four months under an agreement with BP's
Latin America Integrated Sales and Trading Group, according to
Trinidad Express.

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.


VENEZUELA: Children Die From Deficient Medical Services, NGO Says
EFE News reports that the NGO Prepara Familia reported that at
least 19 Venezuelan children have died since 2017 because of
defective kidney treatment in the country's most important
pediatric hospital, and demanded that the government resume the
transplant program suspended 17 months ago.

"In the year 2017 we had 12 youngsters (who died) and in 2018
three more have died of poor nephrology treatment and four from
unrelated illnesses," Prepara Familia Director Katherine Martinez
told reporters outside the JM de los Rios Children's Hospital in
downtown Caracas, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, in May 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. S&P's transfer and convertibility assessment remains at


* BOND PRICING: For the Week October 29 to November 2, 2018

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

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


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

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

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


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 * * *