TCRLA_Public/181122.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

          Thursday, November 22, 2018, Vol. 19, No. 232


                            Headlines



A R G E N T I N A

MASTELLONE HERMANOS: Fitch Affirms B LT IDRs, Outlook Negative


B A R B A D O S

BARBADOS: S&P Hikes Local Currency SCRs to B-/B on Debt Exchange


B R A Z I L

ELETROPAULO METROPOLITANA: S&P Raises Issuer Credit Rating to BB+


C O S T A   R I C A

INSTITUTO COSTARRICENSE: Fitch Puts BB LT IDRs on Rating Watch Neg


E L  S A L V A D O R

EL SALVADOR: IMF Says Economy Grew by 2.8% in First Half of 2018


J A M A I C A

JAMALCO: Noble Group Under Investigation
* JAMAICA: Increase in Net Remittance Inflows


M E X I C O

DOCUFORMAS: S&P Raises Global Scale ICR to BB-, Outlook Stable


P A N A M A

PROMERICA FINANCIAL: Fitch Rates USD200MM Sr. Sec. Notes BB-


P U E R T O    R I C O

STONEMOR PARTNERS: Delays Filing of Sept. 30 Form 10-Q
TOYS R US: District Court Affirms Ruling Against Fung Retailing


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Farmers Hard Hit by Floods


X X X X X X X X X

LATAM: Declining Export Competitiveness, Needs Quality Leap


                            - - - - -


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


MASTELLONE HERMANOS: Fitch Affirms B LT IDRs, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Mastellone Hermanos Sociedad Anonima's
(Mastellone) Long-Term, Local- and Foreign-Currency Issuer Default
Ratings (IDRs) and its senior unsecured notes at 'B'/'RR4'. The
Ratings Outlook is Negative.

Mastellone's 'B' ratings reflect the company's operating
environment in Argentina and its contribution to over 85% of
EBITDA as well as its exposure to raw milk production, currency
mismatch and its solid position as the leading processor of dairy
products in Argentina.

KEY RATING DRIVERS

Higher Leverage Expected: The ratings incorporate Fitch's
expectation of a weakening of the company's debt/EBITDA ratio to
4.9x during 2018 from 2.7x during 2017. The increase in leverage
is due to the sharp currency depreciation of the Argentine peso
against the U.S. dollar in 2018, which has elevated Mastellone's
debt in terms of Argentine pesos due to its USD200 million senior
unsecured notes, and the company's negative FCF generation due to
higher working capital and capex. Fitch expects the leverage to
improve gradually over the next two years due to price increases,
operating efficiency (lower headcounts and automatization), lower
capex and revenues from overseas and exports.

Geographical Concentration: Mastellone generates almost all of its
sales in Argentina. Outside of its home market, the company
generated about 9% of sales in Brazil (BB-/Negative) and Paraguay
(BB/Positive) and 4% from exports as of Sept. 30, 2018. The
company is exposed to double-digit inflation in Argentina and
other direct and indirect sovereign-related risks, including
currency depreciation. Fitch revised Argentina's Outlook to
Negative on Nov. 7, 2018 reflecting 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.

Exposure to Currency Risk: Mastellone's debt is U.S. dollar-
denominated and creates currency risk as its sales are mainly in
Argentine pesos. The company has not entered into any agreements
to hedge exposure to depreciation risk. Over time, Mastellone has
historically been able to increase prices to offset the high level
of inflation in Argentina,which is expected to contribute to about
85%-90% of its 2018 EBITDA.

Volatility of Raw Milk Production: Mastellone's business is
divided between sales to Argentine, Brazilian and Paraguayan
domestic markets and exports. The excess in raw milk supply is
exported. A shortage of raw milk production could lead to the
interruption of the company's export and foreign business or an
increase in production costs.

Strong Business Position: Mastellone is the largest dairy company
and the leading processor of dairy products in Argentina.
Mastellone is first in the fluid milk market, regarding physical
volume, with a market share of approximately 66%. The company
maintains the first and second market position in most of its
product lines. A strong market share allows Mastellone to benefit
from economies of scale in production, marketing and distribution
of products. Mastellone purchases about 16% of all raw milk in
Argentina, which provides the company with a degree of negotiating
power.

Arcor and Bagley Support: Fitch factors into Mastellone's rating
the financial support from Arcor and Bagley who own together 43.1%
of the shares of Mastellone (38.4% in early 2017). Arcor has a
call option for the outstanding corporate stock of Mastellone
starting in 2020 and is expected to continue to increase its stake
in the company. Fitch sees Mastellone as strategic for Arcor in
the long term.

DERIVATION SUMMARY

Mastellone is the largest dairy company and the leading processor
of dairy products in Argentina. The 'B'/Negative rating reflects
the concentration of the company's operations in Argentina
(B/Negative). Argentina's 'B' rating reflects the high inflation
and economic volatility that have persisted despite efforts to
tighten policies in recent years.

Mastellone displays a weaker position in terms of scale, product
diversification, profitability and geographical diversification,
compared with international peers such as Fonterra Co-operative
Group Limited (A/Stable), Nestle, S.A. (AA-/Negative), Sigma
Alimentos, S.A. de C.V. (BBB/Stable) and Arcor (B+/Negative) in
Argentina. Gross leverage for the company is in line with the 'B'
rating category.

KEY ASSUMPTIONS

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

  -- Revenues grow driven by domestic prices increase;

  -- EBITDA close to USD65 million in 2018;

  -- Capex of around USD32 million in 2018;

  -- Debt/EBITDA toward 4x in 2019.

Key Recovery Rating Assumptions
Fitch believes that a debt restructuring would likely occur under
stressed economic conditions in Argentina and/or external shocks
such as climatic events or lack of access to certain export
markets, Therefore, Fitch has performed a going-concern recovery
analysis for Mastellone that assumes the company would be
reorganized rather than liquidated.

Key Going-Concern Assumptions

Mastellone would have going-concern EBITDA of about ARS930
million. This figure is conservative at 40% below the company's
LTM EBITDA of ARS1.5 billion, and takes into consideration factors
such as climatic events, changes in raw material costs, sourcing
and logistic issues, potential strikes or a shutdown of exports
markets;

  -- A distressed multiple of 6.5x due to strong brands and
dominant position the Argentina dairy business;

  -- A distressed enterprise value of ARS5.4 billion (after 10% of
administrative claims);

  -- Total debt of ARS8.4 billion.

The recovery performed under this scenario resulted in a Recovery
Rating of 'RR3', consistent with securities historically
recovering 51%-70% of current principal and related interest.
Because of Fitch's 'RR4' soft cap for Argentina, which is outlined
in Fitch's criteria, Mastellone's Recovery Rating has been capped
at 'RR4', reflecting average recovery prospects.

RATING SENSITIVITIES

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

  - An upgrade of the FC IDR and senior unsecured notes is not
expected in the future.

  -- Sustained gross leverage of 3.0x or lower could lead to an
upgrade of the Local-Currency (LC) IDR;

  -- Increased ownership above 50% in Mastellone by Arcor and
Bagley could result in positive rating actions on the LC IDR;

  -- If the Rating Outlook for Argentina was returned to Stable at
the 'B' rating level the Rating Outlook of Mastellone may be
returned to Stable. The main factors that, individually or
collectively, could lead to a stabilization of the sovereign's
Rating Outlook are 1) Compliance with near-term fiscal targets,
greater confidence that fiscal consolidation can be sustained and
external market financing access re-established beyond 2019; 2)
Evidence of recovery in economic activity, avoidance of renewed
macroeconomic instability; and 3) A sustained strengthening of the
external liquidity position.

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

  -- Debt to EBITDA above 4x on a sustained basis;

  -- A downgrade of Argentina's country ceiling rating would
likely lead to a negative rating action on both the FC IDR and LC
IDR. The negative rating drivers of Argentina are: 1) Policy and
political developments and/or economic weakness that heighten
risks to debt sustainability or jeopardise access to IMF funding;
2) Further bouts of macroeconomic instability and/or erosion of
international reserves; and 3) Failure to recover access to
external market financing; --Weak liquidity.

LIQUIDITY

Strong Liquidity: Mastellone's liquidity is strong. The company
reported cash and equivalents and short-term investments of about
ARS1.8 billion. The company doesn't hedge its debt but maintains a
significant portion of its cash in U.S. dollars. The debt is
mainly composed of the 12.625% senior unsecured notes (USD200
million) due on July 3, 2021. Also, Fitch expects the company to
generate positive FCF in 2019 thanks to increased EBITDA and lower
capex.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings
Mastellone Hermanos Sociedad Anonima

  -- Foreign-Currency IDR at 'B';

  -- Local-Currency, Long-Term IDR at 'B';

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

The Rating Outlook is Negative.


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


BARBADOS: S&P Hikes Local Currency SCRs to B-/B on Debt Exchange
----------------------------------------------------------------
On Nov. 16, 2018, S&P Global Ratings raised its long- and short-
term local currency sovereign credit ratings on Barbados to 'B-/B'
from 'SD/SD' (selective default). At the same time, S&P Global
Ratings assigned its 'B-' issue-level rating to Barbados' long-
term debt issued in its debt exchange. S&P Global Ratings also
affirmed its 'SD/SD' long- and short-term foreign currency credit
ratings on the country, and its 'D' (default) ratings on Barbados'
foreign-currency issues. Finally, S&P Global Ratings raised its
transfer and convertibility assessment on the country to 'B-' from
'CC'.

OUTLOOK

The stable outlook on the local currency rating balances the new
administration's strong mandate to implement broad fiscal and
macroeconomic reforms with the political and economic challenges
of doing so. Multilateral lending institutions, which have already
committed financial and technical assistance, will also support
the government's mandate. S&P expects the government to implement
policies over the next 12-18 months that gradually achieve fiscal
consolidation and instil institutional safeguards, while slowly
strengthening macroeconomic stability.

Failure to meet fiscal and debt targets over the next year could
weaken investor confidence and result in a loss of official
capital inflows. This outcome could place renewed pressure on the
country's foreign exchange reserves and reduce funding sources.
Under this scenario of diminished liquidity, S&P could lower the
rating.

S&P could raise the local currency rating over the next year
should the government adhere to its ambitious fiscal targets and
reform agenda, which could strengthen investor confidence and
contribute to improved GDP growth prospects. Higher economic
growth would facilitate a reduced debt burden, which could lead us
to raise the rating.

The foreign currency rating will remain at 'SD' until Barbados
resolves its foreign currency debt exchange. S&P said, "When that
happens, and we can conduct a forward-looking review that takes
into account the exchange's economic and financial impact as well
as any interim developments, we will revisit the respective issuer
credit and issue-level ratings. We will then analyze the
sovereign's foreign currency credit standing, most likely raising
the foreign currency issuer credit rating to the 'CCC' or low 'B'
category."

RATIONALE

The higher local currency sovereign credit rating follows the
government's domestic debt exchange, which has addressed all
existing local currency treasury bills, treasury notes,
debentures, loans, certain government arrears, and debt issued by
state-owned enterprises and other entities that receive transfers
from the state budget.

The 'B-' local currency rating reflects the government's still-
high debt burden, despite an improved debt profile and fiscal
outlook following the debt exchange and diminished refinancing
risks, given the commitment of official funding. S&P said, "At the
same time, Barbados has had low economic growth since the 2008
global financial crisis, and we expect muted growth over the next
two years as the government engages in an ambitious fiscal
consolidation program. Although we expect foreign exchange reserve
levels to strengthen on the back of official and private
investment inflows, we believe that external liquidity will
continue to represent a credit weakness, which limited market
access will exacerbate following the government's recent
defaults." Increasing reserve levels, reduced dependence on the
central bank for monetary financing of the central government's
deficit, and reforms to central bank regulation should improve
confidence in Barbados' exchange-rate regime. However, S&P expects
it will take time to strengthen the credibility and effectiveness
of the country's monetary policy.

The 'SD' sovereign long- and short-term foreign currency ratings
on Barbados reflects the government's missed debt service payments
on its foreign currency debt. On June 1, 2018, Barbados' new
government announced it would immediately suspend external debt
service payments and on June 5, it missed its first external debt
repayment. Since then, the government has missed payments on its
rated external debt, and engaged with external creditors to
commence a foreign currency-denominated debt exchange in the near
term.

Flexibility and Performance Profile: Barbados will improve its
fiscal performance and reduce financing risks, although a still-
high debt burden and weak monetary policy effectiveness will limit
policy flexibility.

S&P expects net general government debt and interest to fall
substantially over the forecast horizon.

Nevertheless, the government's falling, but still-high, debt
burden will limit fiscal policy flexibility. Barbados' pegged
exchange rate regime and weakened monetary policy effectiveness
will limit the ability of monetary policy to respond to
imbalances. The debt exchange and fiscal consolidation plans will
lead to a decreasing debt and interest burden over the forecast
horizon, although high debt levels will continue to constrain
creditworthiness. S&P expects net general government debt,
including debt held by the Central Bank, the National Insurance
Scheme (NIS), and government-supported entities that have debt
incorporated in the exchange, to fall to 118% of GDP in 2018 and
110% in 2021, from 136% in 2017. The debt includes offsetting
liquid assets. At the same time, S&P expects the general
government interest burden to fall to 9.3% of general government
revenues in 2018 and 7% by 2021, from nearly 16% in 2017.

While this debt level, although reduced, will still remain high,
S&P believes that official financing inflows that will cover
borrowing requirements over the next several years somewhat offset
the associated risks. IMF resources under the US$290 million
extended fund facility (EFF) approved Oct. 1 will provide balance
of payment support. However, the Inter-American Development Bank
(IDB) and the Caribbean Development Bank (CDB) will provide
budgetary support. The CDB has already approved a US$75 million
policy-based loan and a US$40 million loan to upgrade
infrastructure and services at Barbados' international airport.
The IDB has also approved a US$100 million loan for budget
support. This concessional financing has favorable repayment
terms, which should further support the country's fiscal
consolidation plans. At the same time, S&P believes that
contingent liabilities are limited, considering its view of
commercial banks' strength, given high liquidity and adequate
capital levels, and ownership structure, because most banks
operating in Barbados are Canadian-owned.

S&P said, "Because of expected fiscal discipline, we forecast that
the general government fiscal balance will be in a surplus
position, at an average of about 1.3% of GDP for 2018-2021.
Excluding the one-off reduction in debt generated by the debt
exchange, we expect no change, on average, in net general
government debt-to-GDP during 2019-2021." The government's long-
term fiscal goal is to reduce public debt-to-GDP to 60% by 2033-
2034. Among the policies designed to help with this goal, the
government aims to produce an annual primary fiscal surplus of 6%
of GDP, before repaying arrears, beginning in 2019-2020 and
continuing thereafter. The government has already announced
preliminary fiscal measures to achieve its targets, including
reductions in operating spending through cuts to the wage bill and
transfers to state-owned enterprises, as well as higher taxes on
tourism and increases in income tax rates.

Despite the likely improved fiscal performance, S&P believes that
the government's policy flexibility will be extremely limited over
the next several years. As part of the debt exchange, Central Bank
of Barbados' (CBB) holdings of government debt will be written off
in the amount of 16% of GDP, while the principal of NIS' holdings
of government debt will fall 17.5% initially, then by an
additional 17.5% as the EFF program continues. These two entities
met a significant part of the government's financing needs before
the exchange as the government increasingly lost access to
affordable market funding. According to the most recent available
data, government securities represented at least 75% of NIS'
investment assets before the exchange. Although the government
plans to address challenges at the NIS following the exchange,
these plans are not final. S&P believes these issues might limit
the government's medium-term fiscal policy flexibility.

In addition, given the CBB's weak financial position following
years of significant monetary financing and central government
debt write-off, the government will develop plans to recapitalize
the CBB over the next two years. S&P said, "While the government,
under the EFF program, plans to strengthen the CBB's governance
and autonomy, we believe strengthening monetary policy credibility
will take time. In our view, historical monetary financing of the
central government has been at odds with sustaining Barbados'
currency peg to the U.S. dollar and has significantly curtailed
the central bank's ability to act as a lender of last resort to
the financial system. At the same time, although we expect
inflation to continue to average below 5% over the forecast
horizon, we believe this largely reflects global commodity prices
rather than effective monetary policy execution, given the fixed
exchange-rate regime." Transmission mechanisms of monetary policy
will remain weak in the near term, in part due to shortcomings of
the domestic capital market.

S&P said, "Although we expect central bank foreign exchange
reserve levels to rise over the next several years on official and
private investment inflows, reversing the negative usable reserve
position that the central bank has maintained over the past
several years will take time. Usable international reserves, which
we consider in assessing external liquidity, have been negative
since 2013; we subtract the monetary base from international
reserves because the base's reserve coverage maintains confidence
in the exchange rate regime. At the same time, we believe that
Barbados will continue to have limited access to external
commercial debt, in part due to its debt exchanges. Nevertheless,
we expect rising foreign official and other investment inflows
will improve, in part, the country's narrow net external debt
position over the forecast horizon, which we expect to average 23%
of current account receipts (CAR) from 2018-2021. Our external
assessment also considers that net external liabilities of a
projected 142% of CAR during 2018-2021 are substantially higher
than narrow net external debt. At the same time, while we expect
external liquidity needs to improve, we expect gross external
financing needs to average over 200% of CAR and usable reserves
over the forecast horizon. Data on Barbados' international
investment position have inconsistencies and are not timely."

Institutional and Economic Profile: New administration has a
strong mandate to reverse track record of unsustainable public
finances and subdued economic growth.

S&P said, "We expect that the Barbados Labor Party (BLP), led by
Mia Mottley, will benefit from its absolute parliamentary majority
to progress with its ambitious fiscal and economic reform program.
Nevertheless, we believe that it will take time to see the
dividends of the government's reform efforts."

A contractionary fiscal stance will continue to subdue growth. S&P
said, "Despite the country's macroeconomic challenges, we expect
that Barbados will maintain its position as an upper-middle income
economy in the Caribbean over the outlook horizon. We anticipate
that GDP per capita will reach US$18,429 by year-end 2018.
Nevertheless, historical growth has been below that of peers with
a similar level of economic development, and we believe that the
economy will continue to contract over the next two years, on the
back of comprehensive fiscal consolidation. We expect real GDP
growth of negative 0.5% and negative 0.1% in 2018 and 2019,
respectively. At the same time, while the country has benefited
from a traditionally strong tourism sector, activity has recently
slowed. In our view, the economy's concentration in tourism will
continue to represent a credit weakness, because it exposes the
country to greater economic cyclicality."

Barbados has a stable, predictable, and mature political system,
which has traditionally benefited from consensus on major economic
and social issues. Governance has alternated between the
Democratic Labour Party (DLP) and the BLP. After winning all the
seats in parliament in the May 2018 elections, the BLP, led by
Prime Minister Mottley, has a strong mandate to implement fiscal
and macroeconomic reform. The new administration has acted swiftly
to restructure its domestic debt, agree with the IMF on an EFF,
and present the initial stages of its economic recovery and
transformation plan. Nevertheless, S&P believes that improving
policymaking and political institutions will take time.
Policymaking in recent years has been slow to respond to fiscal
and economic challenges. Transparency and timeliness of data
publication have also weighed on our institutional profile
assessment. While early indications suggest that the new
administration seeks to reverse these trends, developing a strong
track record will take time.

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 agreed that "key rating factor" had
improved/deteriorated and that the "key rating factor" had
improved/deteriorated. All other key rating factors were
unchanged. 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

  Upgraded
                                   To                 From
  Barbados
   Sovereign credit rating
    Local currency                 B-/Stable/B        SD/--/SD
  Transfer and convertibility assessment
   Local currency                  B-                 CC

  Ratings Affirmed

  Barbados
   Sovereign credit rating
    Foreign currency               SD/--/SD       Senior unsecured
    Foreign currency               D

  New Rating

  Barbados
   Senior unsecured
    Local currency                 B-
  Rating Withdrawn
                                   To                 From
  Barbados
   Senior unsecured
    Local currency                 NR                 D

  NR--Not rated.


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


ELETROPAULO METROPOLITANA: S&P Raises Issuer Credit Rating to BB+
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
(Eletropaulo) to 'BB+' from 'BB-' on the global scale and to
'brAAA' from 'brAA+' on the national scale. S&P assigned a stable
outlook to the ratings, and removed them from CreditWatch with
positive implications. The 'bb-' stand-alone credit profile (SACP)
remains unchanged.

The rating action incorporates S&P's view that the company's new
indirect controlling shareholder, Enel Americas S.A. (Enel
Americas: BBB/Stable/--) has strong incentive and capacity to
provide timely and sufficient support to the distributor, and that
this support should come even under a hypothetical sovereign
default scenario of Brazil (BB-/Stable/B; brAAA/Stable/--).



===================
C O S T A   R I C A
===================


INSTITUTO COSTARRICENSE: Fitch Puts BB LT IDRs on Rating Watch Neg
------------------------------------------------------------------
Fitch Ratings has placed Instituto Costarricense de Electricidad y
Subsidiarias' (ICE) 'BB' Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) on Rating Watch Negative.

The Rating Watch Negative on ICE's IDRs mirrors the placement on
Watch of its ultimate parent, the sovereign of Costa Rica. The
Negative Watch on the sovereign's IDRs reflects acute financing
constraints that may hinder its ability to meet budgetary
obligations and debt maturities for the remainder of 2018,
including a loan from the central bank (BCCR). Uncertainty also
persists about whether lawmakers can pass effective legislation to
contain the country's high and widening fiscal deficits. Fitch's
Sovereign Group will review the rating in the next one to three
months once the pending fiscal reform legislation is finalized to
assess its impact on the budget deficit and the government's
financing situation.

KEY RATING DRIVERS

Weaker Standalone Credit Quality: ICE's standalone credit quality
would be in line with a 'BB-' Long-Term rating if the company's
situation changes and it is no longer owned by the state. This
standalone credit assessment assumes that ICE's currently funding
conditions would not remain the same absent ownership support from
the government. Additionally, local funding for its subsidiary,
Compania Nacional de Fuerza y Luz (CNFL), might be limited absent
support from the government or ICE.

DERIVATION SUMMARY

ICE's linkage to the sovereign is similar to its peers such as
Comision Federal de Electricidad (CFE) (BBB+/Negative) and
Centrais Eletricas Brasileiras S.A. (Eletrobras) (BB-/Stable).
These companies all have strong linkages to their respective
sovereigns given their strategic importance to each country and
the potentially significant negative socio-political and financial
implications of any financial distress at these companies.

ICE's ratings are supported by its linkage to Costa Rica's
sovereign rating, which stems from the company's government
ownership and the implicit and explicit expectation of government
support. The ratings reflect the company's diversified asset
portfolio, aggressive capital expenditure program geared toward
increasing renewable generation capacity, and its strong market
share position in the telecommunications business. ICE has a lower
scale of operations compared to its peers; ICE's adjusted leverage
of 6.4x is higher than CFE's 4.3x but lower than Eletrobras' 13.5x
as of June 2018. Regarding interest coverage, ICE's 2.0x compares
negatively to its peers' average of 5.3x.

KEY ASSUMPTIONS

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

  - ICE remains important to the government as a strategic asset
for the country;

  - Electricity demand organic growth around 1%;

  - Average Adjusted leverage of 6.5x over the rating horizon;

  - Tariffs adjustments for 2019 should reflect PH Reventazon
operating expenses and higher prices payed to private generators.

RATING SENSITIVITIES

As the IDRs are on Negative Watch, Fitch's sensitivity analysis
does not anticipate developments with a high likelihood of leading
to a positive rating change. However, the main factors that could
individually or collectively lead to removal of the Watch and
assignment of a Stable Outlook include:

  - Passage of fiscal reforms that deliver a significant reduction
of the fiscal deficit and place government debt/GDP metrics on a
stable path;
  - Emergence of funding sources that alleviate sovereign
financing constraints.

The Negative Watch reflects the following risk factors that may
individually or collectively result in a downgrade of the ratings:

  - ICE's ratings could be negatively affected by any combination
of the following: sovereign downgrade; weakening of legal,
operational and/or strategic ties with the government; or
regulatory intervention that negatively affects the company;

  - Failure to advance fiscal reforms of a sufficient magnitude to
reduce near-term financing needs and stabilize government debt/GDP
in the medium term;

  - Persistence of sovereign financing constraints and
uncertainties;

  - Signs of deterioration in macroeconomic stability and rising
external vulnerabilities.

LIQUIDITY

Adequate Liquidity: ICE has financed capex with owned resources
and new debt, and the cancelation of the Diquis project should
ease capex expense trough the rating horizon. Debt related to
electricity projects represents approximately 90% of total debt,
and the remaining debt is capex spent on the telecommunications
sector projects. ICE has a liquidity reserve account of USD300
million as of the end of October 2018 and a good debt schedule
with 95% due in more than five years. Costa Rica's currency, the
colon, has depreciated by 9% over the past three months, adding
pressure on debt payments.

FULL LIST OF RATING ACTIONS

Fitch has placed the following ratings on Rating Watch Negative:

Instituto Costarricense de Electricidad y Subsidiarias

  - Long-Term Foreign Currency IDR 'BB' on Rating Watch Negative;

  - Long-Term Local-Currency IDR 'BB' on Rating Watch Negative;

  - Senior unsecured debt at 'BB on Rating Watch Negative.


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


EL SALVADOR: IMF Says Economy Grew by 2.8% in First Half of 2018
----------------------------------------------------------------
An International Monetary Fund (IMF) team, led by Ms. Alina
Carare, visited San Salvador from November 12 to 16, 2018 to
discuss recent economic and financial developments. At the
conclusion of the mission, Ms. Carare made the following
statement:

"The Salvadorian economy is doing well. Helped by strong domestic
demand, the economy grew by 2.8 percent in real terms in the first
half of 2018, almost 1/2 percentage point above the country's
estimated potential. Inflation remained low and the fiscal
position was better-than-expected. Banks appear solid and credit
growth is picking up.

"The buoyant economy together with fiscal measures (gains from the
tax amnesty and savings from the pension reform) will lead to an
improvement in the primary balance in 2018, compared to 2017.
Those savings will be eroded by the high and rising interest bill.
The stock of public debt reached around 70 percent of GDP at end
September 2018.

"Furthermore, in 2019 output growth is expected to plateau, as the
global economy starts slowing down. Against a background of
further tightening of global financial conditions -- rise in
interest rates and worsening of borrowing terms -- the looming
public financing gap of US$ 1.4 billion (more than 5 percent of
GDP) poses downside risks to the overall economic outlook. To
mitigate these risks, and to bolster the economy's resilience to
shocks, continued fiscal discipline and prompt political agreement
to secure public financing are paramount. In particular, we would
encourage the Legislative Assembly to swiftly pass the 2019
budget, the pre-financing strategy for the quinquennium 2019-2024,
the revised fiscal responsibility law and the electronic invoicing
law. In addition, we would support the saving of any higher-than-
expected revenues by the government should the fiscal package be
approved, and financing secured on a timely basis.

"The team welcomed the authorities' plans to strengthen the fiscal
position without harming growth, the progress made in implementing
structural reforms to improve competitiveness, and the strong
efforts to improve governance and security. Regarding fiscal
discipline, the proposed revision of the fiscal responsibility law
is a step in the right direction. As in best practices, the
revised law limits tax evasion, and aims at further curtailing
government spending. The law should ensure that debt is put firmly
on a declining path. We started a dialogue with presidential
candidates and the current administration to identify feasible
measures that would ensure a further improvement in the fiscal
position and help the economy as well.

"On the structural front, the authorities have made progress in
reducing red tape by launching the National Registry of Procedures
and by submitting the draft law of regulatory simplification to
the Legislative Assembly. El Salvador's trade and competitiveness
are expected to improve with the completion of the customs union
with Honduras and Guatemala by the end of November. In terms of
governance and crime, the Attorney General has significantly
strengthened investigation and prosecution activities to ensure a
transparent use of public funds. The continued implementation of
the "El Salvador Seguro Plan" by the current administration and
its partners has led to increased public security. We recommend
sustained efforts in these directions, especially on governance.

"The current economic environment offers an excellent opportunity
to foster strong private-sector-led growth. Progress in structural
reforms will help improve competitiveness and attract foreign
direct investment. Continued fiscal consolidation will ensure that
public debt declines, and along with it, sustainable growth that
future generations will enjoy."

The mission met with Governance Secretary Roberto Lorenzana,
Technical and Planning Subsecretary Alberto Enriquez, Finance
Minister Nelson Fuentes, Central Bank President Oscar Cabrera,
Superintendent of the Financial System Ricardo Perdomo, Minister
of Justice Mauricio Ramirez, other senior government officials,
members of congress, presidential candidates, and representatives
of the private sector. The IMF team greatly appreciates the frank
and productive discussions and the warm hospitality of our
Salvadoran counterparts.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2018, Fitch Ratings has affirmed El Salvador's long-term,
foreign-currency Issuer Default Rating (IDR) at 'B-' with a Stable
Outlook.

El Salvador's 'B-' rating reflects its recent history of local
currency defaults and heightened political tensions that made
reaching agreements on government financing difficult (a two-
thirds majority in the legislature is needed for external debt
authorization).


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


JAMALCO: Noble Group Under Investigation
----------------------------------------
RJR News reports that Singapore authorities have launched an
investigation into suspected false and misleading financial
statements at Noble Group the part owner of the Jamalco alumina
refinery.

The investigation, which involves the white collar crime unit of
the Singapore police, comes almost four years after a former
employee published the first in a series of reports highly
critical of Noble's accounts, according to RJR News.

The police, the Monetary Authority of Singapore and the Accounting
and Corporate Regulatory Authority said in a joint statement they
were investigating potential false and misleading statements as
well as potential non-compliance with accounting standards, the
report notes.

They have asked Noble to provide documents, the report says.

The probe covers the period from 2012 to 2016, the report
discloses.

The police investigation could disrupt the company's controversial
debt restructuring plan, which was entering its final stages after
approval by creditors, shareholders and courts in the UK and
Bermuda, the report says.

Noble Group owns 55 percent of Jamalco and the Government 45
percent, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 6, 2017, RJR News, citing Bloomberg News, said that the sale
of Jamaican alumina plant (Jamalco) could be among plans presented
by Noble Group when it met with bondholders for crisis talks to
restructure about US$3.5 billion in debt, the report noted.

Jamaica's Mining Minister, Mike Henry, in a subsequent interview
with RJR News, said the sale of the Jamalco shares was not likely
to materialise.  Noble Group purchased 55 per cent of Jamalco from
Alcoa in 2014 for a reported US$140 million, the report noted.
The other 45 per cent of the company is retained by the Jamaican
Government through Clarendon Alumina Partners.  RJR News related
Noble Group has resorted to selling four dry bulk carrier vessels
for about US$95 million as it looks to cut debt to keep its
business running.


* JAMAICA: Increase in Net Remittance Inflows
---------------------------------------------
RJR News reports that there has been increase in net remittance
inflows to Jamaica.

Data from the Bank of Jamaica show remittances increased by 0.7
per cent or US$9.8 million to US$1.388 billion between January and
August, according to RJR News.

In August, net remittance inflows of US$186.9 million increased by
10.2 per cent or US$17.4 million relative to the same period last
year, the report relays.

The Central Bank said the increase was reflective of an 8.8 per
cent in gross remittance inflows along with a decrease of 2.4 per
cent in outflows, the report notes.

The largest source market of remittances to Jamaica in August
remained the US whose share increased to 63.7 per cent from 62.9
per cent recorded the year before, the report says.

The remaining share of remittances for August came from Canada at
13.2 per cent followed by the UK and the Cayman Islands at 11.1
per cent and 6.2 per cent respectively, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2017, Moody's Investors Service has upgraded the
Government of Honduras' foreign currency and local currency issuer
and senior unsecured ratings to B1 from B2. The rating outlook was
moved to stable from positive.


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


DOCUFORMAS: S&P Raises Global Scale ICR to BB-, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on
Docuformas S.A.P.I. de C.V. to 'BB-' from 'B+' global scale and to
'mxBBB+' from 'mxBBB' national scale. S&P said, "At the same time,
we raised our issue-level rating on the company's $150 million
senior unsecured notes to 'BB-' from 'B+'. We removed the ratings
from CreditWatch, where we had placed them with positive
implications on Sept. 7. The outlook is stable. In addition, we
affirmed our 'mxA-2' short-term national scale issuer credit
rating."

"The upgrade reflects Docuformas' recent capitalization of $27
million and new stockholders' structure," said S&P Global Ratings
credit analyst Mauricio Ponce. "In our opinion, these resources,
along with the company's internal capital generation, will enable
it to maintain loan growth around 35%-40% in the next years while
maintaining a sound capital base. Such capitalization will
increase the equity more than 45% compared with the capital
reported as of third-quarter 2018." S&P expects the RAC ratio to
be around 11.4%-12.4% in 2018 and 2019.

S&P said, "We expect that the recent capital injection will allow
the company to maintain loan growth levels benefiting
profitability. In this sense, we believe the company will report
slightly higher return on average assets (ROAA) metrics at the end
of 2019. Docuformas has reported an average ROAA of 3.59% in the
past three years, reflecting lower net interest margins and
valuation impairments, offset by a slight improvement in
efficiency and the lack of new loan loss reserves."

After this corporate restructure, Docuformas' stockholders'
structure consists of Alta Growth Capital (35.7% of the equity),
followed by CKD Abraaj (24.9%), Abraaj ND (24.9%), and founder
Adam Peter Jan Wiaktor Rynkiewicz (14.5%). Despite the
announcement of the new stockholders' structure, S&P believes the
company's management team will maintain its operations with
satisfactory controls and monitoring.

S&P said, "Our ratings on Docuformas reflect that the company is
consolidating its market presence in the Mexican leasing business
while maintaining its customer base. We consider Docuformas'
capital base as solid given its recent corporate restructure.
Docuformas' asset quality metrics compare unfavorably with its
peers' average. This fact coupled with its relatively high risk
concentrations--which could generate volatile delinquency metrics-
-limit its risk position. The ratings also incorporate our view
that Docuformas has significant maturities and single-creditor
concentrations that could cause refinancing risks. In addition, it
has adequate liquidity due to the issuance of $150 million with a
five-year tenor carried out in 2017, which represents around 64%
of its funding base.

"The stable outlook on Docuformas reflects our expectation that
the company will maintain its RAC ratio above 10% in 2018 and 2019
based on its recent capital injection and adequate internal
capital generation capacity, even amid still-high business growth
in 2019. We expect Docuformas to have sufficient liquidity to run
its daily operations as well as the ability to raise additional
funding if needed.

"We could lower the ratings in the next 12 months if Docuformas'
RAC ratio drops consistently below 10% as a result of higher-than-
expected growth without the appropriate internal capital
generation to absorb it, or additional impairments in derivative
financial instruments that could reduce capital. In addition, we
could lower the rating if liquidity erodes significantly as a
result of unexpected outflows.

"We could raise our ratings on Docuformas in the next 12 months if
the projected RAC ratio is consistently above 15%, driven by
additional capital injections, lower dividend payments, or higher
internal capitalization. At the same time, the company would have
to reduce its risk concentrations in order to avoid volatile asset
quality metrics. However, this scenario seems unlikely in the
short term."


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


PROMERICA FINANCIAL: Fitch Rates USD200MM Sr. Sec. Notes BB-
------------------------------------------------------------
Fitch Ratings has assigned a final 'BB-' rating to Promerica
Financial Corporation's (PFC) USD200 million senior secured notes
due in 2024.

The Reg S/144A notes are senior secured obligations and rank
senior in right of payment to all existing and future senior
indebtedness to the extent of the value of the collateral securing
the notes. As of the issue date, the notes are secured by a pledge
by PFC of shares of common capital stock of certain subsidiaries
in Panama, Guatemala and Ecuador, a reserve for interest rate
payments and the proceeds of the pledged shares. After Dec. 31,
2018, PFC will be required to pledge additional shares or cash
collateral, so that the value of the collateral is equal to the
outstanding principal amount of the notes.

The notes mature on May 14, 2024 and will bear interest at the
rate of 9.700% per year, payable semi-annually on May 14 and Nov.
14 of each year commencing on May 14, 2019. The proceeds will be
used for debt repayment and for general corporate purposes,
including the funding of potential growth opportunities.

Under certain conditions, PFC can redeem the notes in whole but
not in part, at any time before May 14, 2022, date after which the
issuer can redeem them in whole or in part. PFC also may redeem
the notes, in whole upon the occurrence of specified events
relating to Taxing Jurisdiction tax law.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT

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

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

RATING SENSITIVITIES

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


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


STONEMOR PARTNERS: Delays Filing of Sept. 30 Form 10-Q
------------------------------------------------------
StoneMor Partners L.P. was unable to file its Quarterly Report on
Form 10-Q for the fiscal quarter ended Sept. 30, 2018 by the
prescribed filing deadline (Nov. 9, 2018) without unreasonable
effort or expense because the preparation and filing of the
Partnership's Annual Report on Form 10-K for the fiscal year ended
Dec. 31, 2017, which was filed on July 17, 2018, took longer than
expected and, as a result, the Partnership has not yet been able
to file its Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2018 or the fiscal quarter ended June 30, 2018.

The Partnership said it is working to finalize its financial
statements to be included in its March 31 Form 10-Q and June 30
Form 10-Q.  In that regard, the September 30 Form 10-Q will not be
filed until after the March 31 Form 10-Q and the June 30 Form 10-Q
are filed.  The Partnership will file the June 30 Form 10-Q as
promptly as practicable after the March 31 Form 10-Q is filed and
will file the September 30 Form 10-Q as promptly as practicable
after the June 30 Form 10-Q is filed.

"Due to the focus on the completion of the March 31 Form 10-Q
described in Part III above, the Partnership is not at a stage in
the completion of its financial statements for the fiscal quarter
ended September 30, 2018 that it can provide a reasonable estimate
of the anticipated changes in results of operations from the
quarter ended September 30, 2017," StoneMor stated in a Form
12b-25 filed with the Securities and Exchange Commission.

                      About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 91
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn
and mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

Stonemor reported a net loss of $75.15 million on $338.2 million
of total revenues for the year ended Dec. 31, 2017, compared to a
net loss of $30.48 million on $326.2 million of total revenues for
the year ended Dec. 31, 2016.  As of Dec. 31, 2017, Stonemor had
$1.75 billion in total assets, $1.66 billion in total liabilities
and $91.69 million in total partners' capital.

                           *    *    *

As reported by the TCR on July 10, 2018, Moody's Investors Service
downgraded Stonemor Partners L.P.'s Corporate Family rating to
'Caa1' from 'B3'.  The Caa1 CFR reflects Moody's expectation for
breakeven to modestly negative free cash flow (before
distributions), ongoing delays in filing financial statements and
Stonemor's significant reliance on its revolving credit facility
for liquidity in 2018.

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


TOYS R US: District Court Affirms Ruling Against Fung Retailing
---------------------------------------------------------------
Fung Retailing Limited in the case captioned FUNG RETAILING
LIMITED, Appellant, v. TOYS "R" US, INC., et al., Appellees, Civil
Action Nos. 3:18-cv-00632-JAG, 3:18-cv-00670-JAG (E.D. Va.)
appeals two orders of the United States Bankruptcy Court for the
Eastern District of Virginia. In this appeal, Fung challenges the
Bidding Procedures Order and the Injunction Order. Despite Fung's
active participation in the bidding process in the United States
to purchase the majority stake in an Asian company, Fung now
argues that the Bankruptcy Court lacked personal jurisdiction over
it with respect to that process.

Because Fung has immersed itself in the bidding process in the
United States from start to finish, the Bankruptcy Court properly
exercised specific personal jurisdiction over Fung. Accordingly,
District Judge John A. Gibney affirms the decisions of the
Bankruptcy Court.

Although Fung appeals from two different orders, Fung solely
objects to the Bankruptcy Court's personal jurisdiction finding.
Fung moved to consolidate and expedite the appeals. TRU moved to
dismiss Fung's appeals, arguing that Fung must first file leave to
appeal because the Bankruptcy Court's findings of personal
jurisdiction do not qualify as final orders. The Court granted
Fung's motion to expedite the appeals, ordered the parties to
brief the merits on an expedited basis, and held a hearing on all
pending matters on Oct. 23, 2018.

To be subject to personal jurisdiction in the Bankruptcy Court, a
defendant must have "purposefully availed itself of the privilege
of conducting the activities within the [United States]." The
Bankruptcy Court cannot hale a defendant into its jurisdiction
because of "random, fortuitous, or attenuated contacts" or some
"unilateral activity of another party or a third person."

Courts examine several factors when reviewing whether a defendant
purposefully availed itself, but the parties' arguments largely
touch on two: (1) whether Fung reached into the United States "to
solicit or initiate business;" and (2). "the nature, quality and
extent of the parties' communications about the business being
transacted." The purposeful availment requirement "is not
susceptible of mechanical application," and courts must weigh "the
totality of the facts before" them.

The relevant business transaction in this case concerns the
proposed sale of the majority stake of the Asia JV taking place in
the Bankruptcy Court. Fung has actively and "repeatedly reached
into" the United States regarding that transaction. Fung
participated in three rounds of bidding in the Bankruptcy Court
and conditioned each bid on receiving orders from the Bankruptcy
Court, including findings of good faith and other protections
under the Bankruptcy Code. Over a five-month period, Fung
submitted 279 due diligence requests to Lazard, accessed Lazard's
due diligence data room 1,200 times, and downloaded 100,000
documents. Moreover, Fung signed a Confidentiality Agreement with
respect to the diligence documents, agreeing to submit to
jurisdiction in New York or the Bankruptcy Court for any violation
of that agreement. Fung sent 20 emails to TRU and their United
States-based advisors, and Fung's advisors sent 100 emails to
Lazard and had 15 phone calls with Lazard.

Accordingly, Fung purposefully availed itself of the privilege of
conducting activities in the United States.

From the start, Fung has engaged in a "purposeful effort" to buy
the Asia JV and has immersed itself in the bidding process in the
Bankruptcy Court. The claims in this case thus "arise out of
activities directed at the forum" because Fung engaged in
"substantial correspondence and collaboration" with TRU and their
United States-based advisors, which "forms an important part of
the claim."

When the Bankruptcy Court issued its Injunction Order, it noted
that Fung's arbitration proceedings and ex parte injunction
"represent a bidder's attempt to gain control of, and perhaps,
even manipulate the bidding process." After Fung made unsuccessful
bids for the Asia JV in the United States, it commenced various
legal proceedings in Hong Kong designed to thwart the bidding
process.  Fung cannot now argue that TRU's claims in the
Bankruptcy Court do not arise out of its contacts with the United
States.

The Bankruptcy Court's exercise of personal jurisdiction over Fung
in the United States regarding the bidding process is
constitutionally reasonable. Fung has engaged "able counsel" in
the United States to represent its interests, and its "defense of
a suit" in the Bankruptcy Court "is not particularly burdensome."
The Bankruptcy Court appropriately subjected Fung to personal
jurisdiction in the United States with respect to the bidding
process.

A copy of the Court's Opinion dated Oct. 25, 2018 is available at
https://bit.ly/2RSPiL6 from Leagle.com.

Fung Retailing Limited, Appellant, represented by James
Christopher Cosby -- jcosby@vanblacklaw.com -- Vandeventer Black
LLP, Benjamin S. Kaminetzky -- ben.kaminetzky@davispolk.com --
Davis Polk & Wardwell LLP, pro hac vice, John Brandon Sieg --
bsieg@vanblacklaw.com -- Vandeventer Black LLP & Michael
Scheinkman -- michael.scheinkman@davispolk.com -- Davis Polk &
Wardwell LLP, pro hac vice.

Toys "R" Us., Inc., Appellee, represented by Michael Allen
Condyles, Kutak Rock LLP, Andrew McGaan --
andrew.mcgaan@kirkland.com -- Kirkland & Ellis LLP, pro hac vice,
George Hicks -- george.hicks@kirkland.com -- Kirkland & Ellis LLP,
pro hac vice, Jeremy Shane Williams --
Jeremy.Williams@KutakRock.com. -- Kutak Rock LLP & Peter John
Barrett -- Peter.Barrett@KutakRock.com -- Kutak Rock LLP.

                      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,
in 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 Toysrus.com and Babiesrus.com.

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
company.

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

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
proceedings.

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
retailers.

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
===============================


TRINIDAD & TOBAGO: Farmers Hard Hit by Floods
---------------------------------------------
Sandhya Santoo at Trinidad Express reports that torrential
rainfall caused floods that not only impacted homes and roadways
but farmers as well.

Devanand Soogrim, a farmer who lives near the incomplete Debe
segment of the Solomon Hochoy Highway extension to Point Fortin,
said he now faced financial misery.



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


LATAM: Declining Export Competitiveness, Needs Quality Leap
-----------------------------------------------------------
In the first quarter of 2018, the value of exports from Latin
America and the Caribbean grew at a year-on-year rate of 9.7
percent in comparison with the same period in 2017, according to a
new report from the Inter-American Development Bank (IDB).
However, this growth has come amid signs that the region is
becoming less competitive amid rising economic risks and global
trade tensions.

The growth in exports was driven by increases in the prices of
commodities such as oil and copper.  In contrast, the volume of
exports slowed to 3.1 percent during the same period, which speaks
to the region's loss of market share due to declining
competitiveness and the lack of high-quality exports from many
countries in the region.

The Quality Leap: Export Sophistication As a Driver for Growth, a
new report in the IDB's Trade and Integration Monitor series, maps
the sophistication of the region's export supply and the main
challenges it faces in securing a firmer position in the more
profitable sectors of global trade.

Independently of factors such as the economic difficulties
experienced by several countries and dampened external demand, the
competitive lag determined by low productivity and high trade
costs affected the export performance of the region.

To estimate the loss of competitiveness, the study measures the
variation in market share between 2011 and 2016, with an emphasis
on intraregional exports. The region's competitiveness dropped by
7.4 percentage points during the period, which accounts for 22
percent of the decrease in exports. The analysis does not seek to
present an exhaustive discussion of the determinants of
productivity and competitiveness, which lie in a set of phenomena
not exclusively related to the ability to compete in world
markets.

"In a global context of growing uncertainty and low regional
competitiveness, Latin America and the Caribbean urgently need to
prioritize a policy agenda that will enable a leap in the quality
of their exports," said Paolo Giordano, principal economist at the
IDB's Integration and Trade Sector, who coordinated the report.
"More sophisticated exports will help support the current trade
recovery and lay the foundations for greater growth in the
future."

                        The Quality Gap

The gap between Latin America and the Caribbean and its global
competitors is wide and has gone unchanged for decades. Although
there have been success stories and clear opportunities for
improvements to quality, a sizeable share of the region's exports
are of no more than medium quality.

The report identifies the product lines where there is most room
for quality increases, such as food (coffee, cocoa, sugar,
cereals, or fish) and raw materials (wood, hides, or skins), among
others. For example, countries can export higher-quality coffee or
cocoa beans, or more processed leathers.

An analysis of the differences between intraregional and
extraregional trade reveals that the intraregional export basket
is of a higher quality than the extraregional basket. It is also
more diversified, contains a larger share of manufactured
products, and has higher technology content. However, since the
financial crisis the countries of Latin America and the Caribbean
have lost some of their regional market share due to a decline in
competitiveness. They have also been unable to leverage the
potential for regional integration to develop complex value chains
based on trade in intermediate products and production inputs.

The report calls for an ambitious multi-sectoral policy agenda. At
the national level, it recommends the construction of
comprehensive, efficient, high-quality infrastructure systems that
are clearly oriented toward internationalization. At the regional
level, it argues in favor of initiatives that aim to complete and
rationalize the architecture of trade, along with investments in
infrastructure that facilitate greater productive integration.

Strengthening higher-quality trade flows and regional value chains
would not only benefit the export diversification and
sophistication of exports, it would also help improve the
competitiveness of the region's economies in the global market.

The Trade and Integration Monitor 2018 was launched at an event in
Buenos Aires organized by the IDB's Integration and Trade Sector
and the Institute for the Integration of Latin America and the
Caribbean (INTAL).


                            ***********


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

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

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


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                   * * * End of Transmission * * *