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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

           Friday, November 16, 2018, Vol. 19, No. 228


                            Headlines



A R G E N T I N A

ARGENTINA: Senate Starts Debating Budget Bill
BANCO HIPOTECARIO: S&P Cuts ICR to B, Outlook Stable
BUENOS AIRES CITY: Fitch Affirms B LT IDR, Outlook Negative
BUENOS AIRES PROVINCE: S&P Cuts ICR to 'B', Outlook Stable


B R A Z I L

PAONESSA ALFROMBRAS: Nov. 29 Plan Confirmation Hearing Set
SHREE RENUKA: Brazilian Sugar Mills Up For Auction


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy to Get a US$500 Million Boost in Dec.


J A M A I C A

GWEST CORPORATION: Records Loss in Second Quarter
JAMAICA: Parliament OKs Funds From CDF to Provide Support to JBI
JAMAICA: IMF Official Appointed Chief Advisor to Finance Minister


M E X I C O

BANCA MIFEL: S&P Affirms BB/B Global Scale Ratings, Outlook Stable


P U E R T O    R I C O

OCEAN SERVICES: Nov. 16 Plan Confirmation Hearing Set
SEARS HOLDINGS: Shipper Yang Ming Objects to DIP Financing


                            - - - - -


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A R G E N T I N A
=================


ARGENTINA: Senate Starts Debating Budget Bill
---------------------------------------------
EFE News reports that Argentina's Senate has kicked off debate on
an austere 2019 budget bill that received lower-house approval
last month.

The session kicked off amid tight security measures aimed at
preventing a repeat of the disturbances that erupted in October
when the Chamber of Deputies debated and passed this same bill,
according to EFE News.

Several hundred people have gathered outside the legislative
palace on this occasion after leftist groups called for protests,
although no incidents have been reported thus far, the report
notes.

"It's a very important budget. Historic.  All Argentines are
making a big effort to get the public accounts in order and end a
history of deficits," Sen. Esteban Bullrich, an ally of
conservative President Mauricio Macri, said before the start of
the Senate session, the report relays.

The bill spearheaded by Macri's administration forecasts a 0.5
percent economic contraction and a 23 percent inflation rate in
2019 and aims to cut the primary fiscal deficit (which doesn't
include interest payments on debt) from a projected 2.7 percent of
gross domestic product (GDP) in 2018 to zero next year, the report
says.

The report notes that pursuing a zero-deficit budget will mean
sharp spending cuts, which opposition sectors and the unions
vehemently oppose.

President Macri's administration, however, denies that those cuts
will affect public spending on the poor or education, science and
health-care budgets, the report relays.

The budget bill is being debated at a time of economic turmoil,
with the peso having plunged this year relative to the United
States dollar and the government recently having secured a bailout
package from the International Monetary Fund totaling $57 billion
over three years, the report relays.

Argentina committed to a zero deficit as part of its deal with the
IMF, the report says.

Sen. Rodolfo Urtubey, a member of the divided left-wing Peronist
opposition, said prior to the session that the bill would be
subject to an intense debate, the report discloses.

"We've already said publicly that we'll support the stance of the
leader of the (majority Peronist) bloc, Sen. (Miguel Angel)
Pichetto, as far as . . . respecting the need for a budget,
although we're obviously very critical of how this economic
program has evolved and the economic adjustment it entails," he
added, the report says.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2018, S&P Global Ratings lowered its long-term foreign
and local currency ratings on Argentina to 'B' from 'B+' and
affirmed its short-term foreign and local currency ratings at 'B'.
S&P said, "We also removed the long-term ratings from CreditWatch,
where we placed them on Aug. 31, 2018, with negative implications.
The outlook on the long-term ratings is stable. At the same time,
we lowered our national scale ratings to 'raAA-' from 'raAA'. We
also lowered our transfer and convertibility assessment to 'B+'
from 'BB-'."

S&P said, "The stable outlook reflects our expectation that the
government will implement difficult fiscal, monetary, and other
measures to stabilize the economy over the coming 18 months,
gradually staunching the deterioration in the sovereign's
financial profile and debt burden, reversing inflation dynamics,
and restoring investor confidence. The combination of lower
government financing needs, declining inflation and interest
rates, and expectations of continuity in key economic policies
after national elections in October 2019 could set the stage for
economic recovery and contain external vulnerability.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.



BANCO HIPOTECARIO: S&P Cuts ICR to B, Outlook Stable
----------------------------------------------------
S&P Global Ratings lowered its issuer credit ratings on Banco
Patagonia S.A., Banco de Galicia y Buenos Aires S.A., Banco de la
Provincia de Buenos Aires (BAPRO), and Banco Hipotecario S.A. to
'B' from 'B+'. S&P said, "We removed the ratings from CreditWatch
negative and assigned a stable outlook. At the same time, we
lowered our senior unsecured debt ratings on Banco Hipotecario to
'B' from 'B+' and our subordinated debt rating on Banco Galicia to
'CCC' from 'CCC+'."

S&P said, "The downgrade of all rated banks on global scale
mirrors a similar action on Argentina (see "Argentina Long-Term
Ratings Lowered To 'B'; Outlook Is Stable," Nov. 12, 2018). We
rarely rate financial institutions higher than the sovereign where
they operate, because we consider it unlikely that these
institutions would remain unaffected by developments in domestic
economies.

"After the sovereign downgrade, we are keeping our Banking
Industry Country Risk Assessment unchanged, at group '8' (on a
scale that goes from '1' [lowest risk] to '10' [highest risk]).
However, the deteriorating economy, has prompted us to lower the
anchor (average risk) for banks operating in the country to 'b+'
from 'bb-'.

"In upcoming quarters, we expect financial institutions to
continue operating under subdued economic conditions as
Argentina's GDP contracts (at about 2.5% for 2018 and 0.8% in
2019), restrictive monetary policy (with high minimum reserve
requirements) remains, and interest rates stay high until
inflation begins receding. This situation is already hampering
credit growth in real terms and asset quality metrics.
Nevertheless, metrics are worsening from healthy levels and
entities are taking actions to contain losses. In this sense,
nonperforming loans were 2.2% as of August 2018, and we expect
them to be around 2.7% by the end of 2018. The low banking
penetration, or credit to GDP of only about 17%, and focus on more
formal sectors of the economy are mitigating factors. We expect
the banking system to remain profitable, but with revenue mix more
in line with the one under the previous administration and with
higher charges for provisions in response to rising delinquency."

Argentine banks have been increasingly providing dollar-
denominated loans, but most of these are to borrowers that
generate income in dollars, such as exporters, which alleviates
potential risk. They represent 26% of total credit as of the end
of October 2018 (factoring in the impact of the devaluation of the
Argentine peso against the U.S. dollar). Indexed currency
mortgages have significantly grown since 2017, but access to these
loans is still low--mainly among higher-income borrowers--and
mortgage lending has already decelerated and is still incipient.

S&P said, "Our industry risk assessment incorporates Argentina's
enhanced institutional framework, stemming from the country's
stronger regulatory framework after it implemented Basel III
principles for capital requirement calculations and liquidity
ratios, and rolled out aspects of international accounting rules.
These factors align Argentina's financial system more closely with
international standards. Despite this progress, risks for banks
operating in Argentina are still high, in our view, because of
historically weak depositor confidence and the lack of diversified
long-term funding. In our opinion, the country also has a narrow
capital market, and Argentine banks still have limited access to
foreign capital markets, resulting in a narrow range of funding
sources.

"We're revising the industry risk trend to stable from negative,
reflecting that movements in deposits during the peak stress of
exchange volatility over the last few months have been
commensurate with levels of volatility in deposits incorporated in
our industry risk profile of the system.

"The stable economic risk trend captures the more challenging
conditions for banks operating in the country. We expect the sharp
currency depreciation, high interest rates and inflation, and
economic contraction to start reverting starting in the second
quarter of 2019. At the same time, our base-case scenario assumes
continuity in economic policies."


BUENOS AIRES CITY: Fitch Affirms B LT IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed the 'B' Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) for 10 local governments in
Argentina. In addition, Fitch has revised the Rating Outlooks for
the governments to Negative from Stable. The issuers include:

  -- Buenos Aires, City of;

  -- Cordoba, Province of;

  -- Santa Fe, Province of;

  -- La Rioja, Province of;

  -- Neuquen, Province of;

  -- Salta, Province of;

  -- Cordoba, Municipality of;

  -- Chubut, Province of;

  -- Entre Rios, Province of;

  -- Chaco, Province of]

KEY RATING DRIVERS

The Outlook revisions to Negative correspond with Fitch's revision
of the Argentina's sovereign's Outlook on Nov. 7, 2018.

The IDRs of the City of Buenos Aires, Province of Cordoba,
Province of Santa Fe, and Province of La Rioja, are capped by the
sovereign rating, in accordance with Fitch's criteria, which
states that a subnational in Argentina cannot be rated above the
sovereign, and in light of Argentina's vulnerable macroeconomic
context and weak fiscal regime. Issuers that are rated at the same
level of the sovereign include Province of Neuquen, Province of
Salta, Municipality of Cordoba, Province of Chubut, Province of
Entre Rios, and Province of Chaco.

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

The credit strengths and weaknesses for all 10 issuers remain the
same.

RATING SENSITIVITIES

A downgrade in Argentina's sovereign rating will impact the
ratings of these 10 local and regional governments, as per Fitch's
criteria, which states that no subnational in Argentina can be
rated above the sovereign. In addition, a stabilization of the
Outlook on the sovereign rating could also stabilize the Outlook
of the local governments.

FULL LIST OF RATING ACTIONS

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

City of Buenos Aires

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Province of Cordoba

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Province of Santa Fe

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Province of La Rioja

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Province of Neuquen

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Province of Salta

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Municipality of Cordoba

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Province of Chubut

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Province of Entre Rios

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable;

Province of Chaco

  -- Long-Term Foreign and Local Currency IDR at 'B'; Outlook to
Negative from Stable.


BUENOS AIRES PROVINCE: S&P Cuts ICR to 'B', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its global scale long-term foreign and
local currency credit ratings on the provinces of Buenos Aires,
Cordoba, and Mendoza, and the city of Buenos Aires to 'B' from
'B+'. S&P removed the ratings on these entities from CreditWatch
negative and assigned a stable outlook, mirroring the action on
the sovereign.

OUTLOOK

The stable outlooks on the provinces of Buenos Aires, Cordoba, and
Mendoza, and on the city of Buenos Aires primarily reflect S&P's
view that they couldn't have a higher rating than the sovereign
while operating under a very volatile and unbalanced institutional
framework. Therefore, any rating or outlook change on Argentina in
the next 12-18 months may impact the ratings on these LRGs.

Upside scenario

Given that S&P doesn't believe that Argentine LRGs meet the
conditions to have ratings above the sovereign, it could only
raise them if S&P takes a similar action on Argentina within the
next 12 months.

Downside scenario

S&P said, "We could lower the ratings if we were to lower the
ratings on the sovereign in the next 12 months. Additionally, we
could also lower the ratings if their stand-alone credit profiles
(SACPs) deteriorate unexpectedly."

RATIONALE

The rating actions reflect a similar action on the sovereign.

There has been an erosion of Argentina's general government debt
profile, economic growth trajectory, and inflation dynamics
following setbacks in implementing its challenging economic
adjustment program. Recently announced changes in fiscal and
monetary policy have helped to stabilize financial markets, after
a second bout this year of capital flight and currency
depreciation starting in August. However, the impact of uneven
implementation of the government's economic strategy has led us to
worsen S&P's projections for the sovereign's financial profile,
inflation, and economic performance for the coming two years.

S&P expects GDP to contract 2.5% this year and by nearly 1% in
2019, before recovering modestly in 2020. Inflation is likely to
end the year at around 44%, and may decline only gradually towards
25% in 2019. The rapid depreciation of the Argentine peso against
the dollar this year has contributed to an increase in the
government's debt burden, given that most of the sovereign's debt
is denominated in foreign currency. S&P expects that net general
government debt may exceed 80% of GDP this year, up from 50% in
2017.

The institutional framework for Argentine LRGs remains
characterized by very weak institutional predictability, volatile
intergovernmental system, and fiscal imbalances. However, S&P
highlights that it has improved during the Macri administration
and we don't expect setbacks to the gains recently achieved. Since
2016, automatic transfers that the provinces receive have
increased following various agreements between the central
government and the provinces. Thanks to these funds and measures
to rein in spending stemming from the new Fiscal Responsibility
Law, most LRGs stand at stronger fiscal position than in the
recent past. However, they won't be immune to Argentina's
macroeconomic imbalances. Under the current scenario, the LRGs'
capacity to navigate through two years of economic contraction and
higher-than-expected inflation will be key to ensuring fiscal
sustainability until 2020. In the next two years, the provinces
will still benefit from higher transfers; however, additional
efforts to manage growing expenses will be crucial to ensure
longer-term fiscal stability. Amid greater uncertainty over LRGs'
access to the capital markets, S&P expects some of them to cut
their capital expenditures (capex) toward the end of 2018 and in
2019 if their operating spending continues to grow at a current
pace.

Debt levels remain manageable; however, the provinces' foreign
currency debt, as a share of total debt, is higher than in the
past. The province of Cordoba has 95% of its debt stock
denominated in foreign currency, followed by the province of
Buenos Aires (76%), the city of Buenos Aires (69%), and Mendoza
(44%). Therefore, their vulnerability to sharp movements in the
exchange rate has risen, in S&P's view.

S&P said, "We still assess the SACPs of Cordoba and the city of
Buenos Aires at 'bb-' and the SACP of Mendoza at 'b+'. However, we
cap our ratings on the provinces and the city of Buenos Aires at
the 'B' foreign currency long-term rating on Argentina, because
these entities don't meet our criteria for rating an LRG higher
than its sovereign. More specifically, an LRG can have a higher
rating than its sovereign only if it can maintain stronger
characteristics than the sovereign credit in a stress scenario,
coupled with a predictable institutional framework that limits
central government interference. Therefore, our current assessment
of the Argentinian LRGs' institutional framework as very volatile
and unpredictable caps the ratings. In addition, the four LRGs'
liquidity is not strong enough to withstand a stress scenario,
according to our criteria."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.The chair ensured every voting
member was given the opportunity to articulate his/her opinion.
The chair or designee reviewed the draft report to ensure
consistency with the Committee decision. The views and the
decision of the rating committee are summarized in the above
rationale and outlook. The weighting of all rating factors is
described in the methodology used in this rating action.

  RATINGS LIST

  Ratings Lowered                 To             From

  Province of Buenos Aires
  Issuer Credit Rating
  Global Scale                    B/Stable/--    B+/Watch Neg/--
    Senior Unsecured              B              B+/Watch Neg

  Province of Cordoba
  Issuer Credit Rating
  Global Scale                    B/Stable/--    B+/Watch Neg/--
    Senior Unsecured              B              B+/Watch Neg

  City of Buenos Aires
  Issuer Credit Rating
  Global Scale                    B/Stable/--    B+/Watch Neg/--
    Senior Unsecured              B              B+/Watch Neg

  Province of Mendoza
  Issuer Credit Rating
   Global Scale                   B/Stable/--    B+/Watch Neg
    Senior Unsecured              B              B+/Watch Neg


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


PAONESSA ALFROMBRAS: Nov. 29 Plan Confirmation Hearing Set
----------------------------------------------------------
The Bankruptcy Court has issued an order conditionally approving
the amended disclosure statement explaining Paonessa Alfrombras,
Inc.'s amended plan of reorganization and will convene a hearing
on the final approval of the Disclosure Statement and confirmation
of the Plan on November 29, 2018 at 9:30 a.m.

Since February 28, 1992, the Debtor has been in the business of
selling, installing and distributing carpets for residential and
commercial buildings, and operates with a showroom located in
Santurce, Puerto Rico, also storing an inventory of rolled carpets
in a warehouse.

Holders of Class 4 allowed General Unsecured Claims will receive a
one-time lump sum payment of $3,000.00, distributed pro-rata among
creditors based on their allowed claims. The distribution equals
to 0.84% of allowed amount in this class and will be paid on the
Effective Date.

Payments and distributions under the Amended Plan will be funded
by the on-going operations of the Debtor's business.

A copy of the Amended Disclosure Statement is available at
https://tinyurl.com/yc2v3u58 from PacerMonitor.com at no charge.

The Debtor is represented by:

     Myrna L. Ruiz-Olmo, Esq.
     MRO Attorneys at Law LLC
     PO Box 367819
     San Juan, PR 00936-7819
     Tel. 787-237-7440
     Email: mro@prbankruptcy.com


SHREE RENUKA: Brazilian Sugar Mills Up For Auction
--------------------------------------------------
Jose Roberto Gomes at Reuters, citing court documents, reports
that two sugar mills in Brazil owned by India's Shree Renuka
Sugars Ltd, which filed for bankruptcy protection three years ago,
will be put up for sale in a judicial auction on Dec. 18.

U.S.-based fund Castlelake is among the interested parties in the
auction, two sources following Renuka's court case told Reuters.
Brazil's Grupo Teston, which makes equipment for the sugar
industry, is also a potential bidder, the sources said, according
to Reuters.

Shree Renuka was unable to service a debt near BRL4 billion ($1.06
billion), the report notes.

It owns four mills in Brazil, the report relays.  The plants to be
sold are the Revati mill in the municipality of Brejo Alegre, Sao
Paulo state, and the Vale do Ivai mill, based in Sao Pedro do
Ivai, Parana state, the report relays.

The company entered Brazil in 2010 when many foreign companies
bought assets in the sector lured by a promising market for
ethanol that never materialized, the report discloses.  In
subsequent years, a long period of low ethanol and sugar prices
led to closures and dozens of bankruptcies, the report notes.

It is not the first time Brazil's justice system has tried to sell
assets from the Indian company to pay back some of the creditors.
Three previous auctions failed, the report adds.



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


DOMINICAN REPUBLIC: Economy to Get a US$500 Million Boost in Dec.
-----------------------------------------------------------------

Dominican Today reports that the Dominican economy will get a
boost of around RD$100.0 billion (US$500.0 million in December,
for the Christmas bonus and the monthly salary of the public and
private sector employees, both formal and informal.

Of that amount, RD$17.1 billion correspond to the payment of
government's "13th salary" and a similar figure to pay the regular
salary, according to Dominican Today.

Meanwhile, private sector employees will receive more than RD$28.0
billion, according to the calculation of the monthly payroll of
those companies, the report notes.

                           Treasury

The economist Antonio Ciriaco estimated the figure, based on the
average salary listed in Social Security, the low rate of
inflation and the amount circulated for last year's holiday
season, the report relays.

Treasury and Social Security collections closed with RD$83.3
billion in September, while 84,040 private workers were registered
in that same period, the report adds.

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


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


GWEST CORPORATION: Records Loss in Second Quarter
-------------------------------------------------
RJR News reports that listed company GWest Corporation is
reporting net losses of $34.32 million for its second quarter
ending September 30 -- it amounted to J$78.5 million.

Gwest said the company was significantly affected by its inability
to accept health insurance, according to RJR News.

This was due to the delay in the accreditation of its Urgent Care
and Laboratory facilities, the report notes.

The company says up to 70 per cent of its revenues would have come
from the use of health insurance, the report adds.


JAMAICA: Parliament OKs Funds From CDF to Provide Support to JBI
----------------------------------------------------------------
RJR News reports that the House of Representatives has approved
the withdrawal of $223 million from the Capital Development Fund
(CDF), to provide budgetary support to the Jamaica Bauxite
Institute for the 2018/19 financial year.

Finance Minister Dr. Nigel Clarke, who moved the Withdrawal Order,
said the funds represent 87 per cent of the total required by the
Bauxite Institute for operating expenses and capital expenditure
for the fiscal year, according to RJR News.

Over the last five years, the Institute has received $976.76
million in budgetary support from the CDF, the report notes.

The fund was established under the Bauxite Production and Levy
Act, the report relays.

It was enacted in 1974 when the proceeds of the bauxite levy were
directed to the CDF, 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.


JAMAICA: IMF Official Appointed Chief Advisor to Finance Minister
-----------------------------------------------------------------
RJR News reports that Deputy Secretary with the International
Monetary Fund (IMF), Calvin McDonald has been appointed as chief
fiscal advisor to Finance Minister Dr. Nigel Clarke.

In a statement, the Finance Ministry said McDonald, a Jamaican, is
on leave from the IMF and will be primarily responsible for
advising on improving the ministry's macro-fiscal capacity
especially in light of Jamaica's expected graduation from a
program relationship with the IMF, according to RJR News.

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.


===========
M E X I C O
===========


BANCA MIFEL: S&P Affirms BB/B Global Scale Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale and 'mxA/mxA-
1' national scale ratings on Banca Mifel S.A. The outlook for both
scales remains stable. At the same time, S&P affirmed its 'B'
issue-level rating on the bank's fixed-rate cumulative
subordinated preferred notes.

S&P said, "Our issuer credit ratings on Banca Mifel reflect its
business stability with increasing revenues, but also its small
market share and business mix and its geographic concentration in
the highly competitive Mexican banking system. They also
incorporate our forecasted RAC ratio of 8.3% for the next 12-18
months, where internal capital generation will compensate for the
bank's growth in risk-weighted assets (RWA). Banca Mifel's asset
quality metrics continue to compare well to the banking industry's
average, but its loan portfolio concentrations remain, mainly in
single name exposures. Its funding structure incorporates a more
concentrated deposit base compared to the industry average with a
stable funding ratio (SFR) of 86% as of September, below the
system's 100%. In our opinion, Banca Mifel's liquidity position
provides adequate cushion to cope with unexpected cash outflows
over the next 12 months. The bank's stand-alone credit profile
(SACP) remains 'bb'."


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


OCEAN SERVICES: Nov. 16 Plan Confirmation Hearing Set
-----------------------------------------------------
The Bankruptcy Court has approved the first amended disclosure
statement explaining Ocean Services, LLC's joint plan of
reorganization and will convene a hearing to consider confirmation
of the Plan on November 16, 2018 at 11:00 AM.

As of the Petition Date, the Debtors cumulatively owed
approximately $247,506 in general unsecured claims to certain
vendors, suppliers, and other unsecured creditors.

Each Holder of a Class 4 General Unsecured Claim will be paid in
20 equal quarterly principal payments, commencing on the fifteenth
day following the end of the first full calendar quarter following
the Effective Date and quarterly thereafter until paid in full.
Holders of Class 4 Claims will also be paid interest each quarter
calculated on the then principal-balance, calculated at the
Federal Judgment Rate in effect on the Effective Date.

Each Holder of a Class 4A Claim may elect, at the time it submits
its Plan Ballot, to receive a lump sum payment of its Claim, in
lieu of full payment over time. Any Holder so electing will be
paid 50% in full satisfaction of its Class 4A Claim within one
year after the Effective Date.

A copy of the First Amended Disclosure Statement is available at
https://tinyurl.com/ycjotcwr from PacerMonitor.com at no charge.

                     About Ocean Services

Based in Seattle, Washington, Ocean Services and its subsidiaries
-- https://www.stabbertmaritime.com/ -- are a marine operations
group with over three decades of experience working with offshore
petrochemical companies, the US Government, fisheries, and
submarine telecommunications cable survey and installations
operators in the waters off the US East Coast, South America, Gulf
of Mexico and the Caribbean, the Aleutians, Arctic and Antarctic,
the Bering Sea and across the Pacific Ocean.  The Stabbert
Maritime group of companies offers a comprehensive package of
services to the subsea construction and offshore science sector as
well as shipyard and mobile vessel repair.  Ocean Services
provides support vessels to science and survey sectors for clients
including NOAA, US Navy, Johns Hopkins University, FUGRO, CP+ and
Shell, providing fisheries research, geotechnical/physical,
oceanographic, survey and testing services.  Stabbert Maritime,
through subsidiary Ocean Sub Sea Services (OS/3), provides dive
and construction support vessels to oil and gas clients in Gulf of
Mexico, Mexico, Brazil, California, and the Arctic.

Seven of the Stabbert Maritime Group companies, led by Ocean
Services, LLC, filed Chapter 11 cases (Bankr. W.D. Wash. Lead Case
No. 18-13512) on Sept. 7, 2018, and those cases have been
administratively consolidated.  The cases are assigned to Hon.
Timothy W. Dore.  The petitions were signed by Lindsay A.
Sckorohod, manager Thetis, LLC, manager Stabbert Mar. Hdgs. LLC,
sole member.

Bush Kornfeld LLP, serves as the Debtors' counsel.

Ocean Services disclosed in assets $2,037,223 and $45,753,398 in
liabilities as of the bankruptcy filing.  Affiliate Ocean Carrier
Holding S. de R.L. disclosed $16,492,038 in assets and $41,790,361
in liabilities.

No official committee of unsecured creditors has been appointed in
the Chapter 11 cases.


SEARS HOLDINGS: Shipper Yang Ming Objects to DIP Financing
----------------------------------------------------------
BankruptcyData.com reported that Yang Ming (America) & Yang Ming
Marine Transport filed an objection to Sears Holdings' DIP
Financing.

BankruptcyData related that the objection asserts, "The Motion
indicates that Bank of America as collateral agent ("BofA"), is
the first lien holder. Yang Ming submits that with respect to
certain container loads of cargo under the custody and control of
Yang Ming, this is not accurate.  Rather, Yang Ming holds a
priority possessory security interest in the Debtors' merchandise
loaded inside containers in Yang Ming's possession (the
"Merchandise") for unpaid freight, demurrage and charges due Yang
Ming post-petition.  To the extent that the Debtors seek a priming
lien in Merchandise subject to Yang Ming's possessory interest,
Yang Ming objects to the relief sought in the Motion.  Yang Ming
has the Merchandise in its possession or under its control.  By
the time of the hearing on the Motion, it is expected that
approximately 130 containers will have been discharged from ocean
vessels and placed "on hold" at terminals and storage locations
under Yang Ming's control. Yang Ming is or will soon be owed more
than $250,000 for unpaid freight plus demurrage and additional
charges incurred in connection with the handling of the
Merchandise . . .   To maintain perfection of its interest in the
Merchandise, Yang Ming continues to possess the Merchandise on
notice to the Debtors. As a priority secured party, Yang Ming is
entitled to receive its collateral or the value of the collateral
up to the amount of all unpaid freight, demurrage and charges due
or to be come due post-petition. Since post-petition freight,
demurrage and other charges are not yet paid, Yang Ming is
entitled to retain possession of the Merchandise to secure its
claim so that it may ultimately execute its maritime lien on the
cargo. Any freight charges or demurrage due for the post-petition
period constitute amounts that are secured by the Merchandise."

                      About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and
automotive repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they
had 3,500 US stores between them.  Kmart emerged in 2005 from its
own bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel, M-III
Partners is serving as restructuring advisor and Lazard Freres &
Co. LLC is serving as investment banker to Holdings.  DLA Piper
LLP is the real estate advisor.  Prime Clerk is the claims and
noticing agent.


                            ***********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

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