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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 30, 2018, Vol. 19, No. 240


                            Headlines



A R G E N T I N A

PVCRED SERIE XXXVIII: Moody's Rates ARS308MM VRDA Ba2(sf)
RIO NEGRO: S&P Affirms 'B' LT Issuer Credit Rating, Outlook Stable


B R A Z I L

CBC AMMO: S&P Lowers Issuer Credit Rating to 'B-', Outlook Stable
RIO PARANAPANEMA: S&P Affirms 'BB' Long-Term ICR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: To Tender Bus Routes Amid Strike
DOMINICAN REPUBLIC: Collections in Oct. Jump 12% to US$40 Million


M E X I C O

FINANCIERA INDEPENDENCIA: S&P Affirms 'BB-' ICR, Outlook Stable


P U E R T O    R I C O

LA MERCED LIMITED: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Talks w/ Republic Bank to Sort Out Workers' Pension
TRINIDAD & TOBAGO: Economy in 'Market Failure'


                            - - - - -



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A R G E N T I N A
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PVCRED SERIE XXXVIII: Moody's Rates ARS308MM VRDA Ba2(sf)
---------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Pvcred Serie XXXVIII, a securitization of
personal loans in Argentina. Floating rate debt securities Class A
and Class B, and the Certificates will be issued by TMF Trust
Company S.A., acting solely in its capacity as issuer and trustee.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

The complete rating actions are as follows:

  - ARS 308,851,000 VRDA rated Aaa.ar (sf) (Argentine National
Scale) and Ba2 (sf) (Global Scale).

  - ARS 9,805,000 VRDB rated Baa1.ar (sf) (Argentine National
Scale) and B3 (sf) (Global Scale).

  - ARS 171,584,000 CP rated Caa1.ar (sf) (Argentine National
Scale) and Caa3 (sf) (Global Scale).

RATINGS RATIONALE

The rated securities are payable from the cash flows derived from
the assets of the trust, which is primarily comprised of an
amortizing pool of approximately 25,088 eligible personal loans
denominated in Argentine pesos, bearing fixed interest rate,
originated by Pvcred S.A., a financial company owned by Comafi's
Group in Argentina. Trust assets also include ARS 93.8 million in
cash holdings as of October 2018. Only the installments due after
August 31, 2018 have been assigned to the trust.

The VRDA will bear a floating interest rate (BADLAR plus 100bps)
with a first coupon payment date in January 2019. The VRDA's
interest rate will never be higher than 45% or lower than 35%.

The VRDB will bear a floating interest rate (BADLAR plus 200bps).
The VRDB's interest rate will never be higher than 46% or lower
than 36%.

Overall credit enhancement is comprised of subordination,
overcollateralization, excess spread, and various reserve funds.

The transaction has an initial credit enhancement level in the
form of subordination and overcollateralization of 43.2% and 41.4%
for the VRDA and VRDB respectively, calculated over the total
assets as of October 31, 2018, including cash holdings as of the
same date. The subordination levels will increase over time due to
the full turbo sequential payment structure and the high levels of
excess spread.

The transaction also benefits from an estimated initial, annual
excess spread of 59.5%, before considering losses, taxes or
prepayments and calculated at the interest rate caps of 45% and
46% for the VRDA and VRDB, respectively.

In assigning the ratings to this transaction, Moody's assumed a
lognormal distribution of losses for the securitized pool with a
mean expected loss of 34.0% and a PCE of 68% (PCE, or the
portfolio credit enhancement, represents the credit enhancement
consistent with the highest rating achievable (i.e., the local
currency ceiling) in the country). These assumptions were derived
considering the historical performance of Pvcred's loan pools and
prior transactions.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include a
downgrade in Argentina's local currency ceiling and an increase in
delinquency levels beyond the level Moody's assumed when rating
this transaction. Although Moody's analyzed the historical
performance data of previous transactions and similar receivables
originated by Pvcred S.A., the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include an
upgrade in Argentina's local currency ceiling and the building of
credit enhancement over time due to the turbo sequential payment
structure, when compared with the level of projected losses in the
securitized pool.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

The Credit Rating for Fideicomiso Financiero Pvcred Serie XXXVIII
was assigned in accordance with Moody's existing Methodology
entitled "Moody's Approach to Rating Consumer Loan-Backed ABS,"
published in September 2015. Please note that on November 14,
2018, Moody's released a Request for Comment, in which it has
requested market feedback on potential revisions to its
Methodology for Consumer Loan-Backed transactions. If the revised
Methodology is implemented as proposed, the Credit Rating on
Fideicomiso Financiero Pvcred Serie XXXVIII may be neutrally
affected. Please refer to Moody's Request for Comment, titled
"Proposed Update to Moody's Approach to Rating Consumer Loan-
Backed ABS," for further details regarding the implications of the
proposed Methodology revisions on certain Credit Ratings.


RIO NEGRO: S&P Affirms 'B' LT Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
On Nov. 27, 2018, S&P Global Ratings affirmed its 'B' long-term
foreign and local currency issuer credit ratings on the Province
of Rio Negro. The outlook remains stable. S&P Global Ratings also
affirmed its 'B' issue-level rating on the province's senior
unsecured notes.

OUTLOOK

The stable outlook on Rio Negro mirrors the stable outlook on the
foreign and local currency credit rating on the sovereign,
Argentina (B/Stable/B). S&P said, "It also reflects our
expectation that in the next 12 months Rio Negro's fiscal
austerity measures coupled with increasing resources from
royalties will keep the province's fiscal performance on an
improving trend, despite the deterioration of the Argentine
economy. We expect Rio Negro will post operating surpluses of 2%
of operating revenues on average, and deficits after capital
expenditures (capex) of about 4% of total revenues, as it will be
executing its infrastructure plan with the proceeds of 2017
issuance. This will keep investments at 9% of total expenses on
average, despite limited access to external borrowings and lower
capital transfers."

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. We could also
lower the ratings if the province's measures to rein-in spending
are unsuccessful and finances deteriorate unexpectedly."

Upside scenario

S&P said, "Given we don't believe that Argentine local and
regional governments meet the conditions to be rated above the
sovereign, we could only upgrade Rio Negro if we take a similar
action on Argentina within the next 12 months and we see
continuous improvements in the province's individual credit
profile. In particular, we would expect to see a sustained track
record of adequate revenue and expenditure management through the
economic cycles."

RATIONALE

S&P said, "The 'B' ratings on Rio Negro reflect our expectation
that the province will keep working on its fiscal consolidation
plan and post moderate operating surpluses despite the
deterioration of the Argentine economy. However, the recent peso
depreciation has weakened the province's debt profile, as interest
payment pressure has increased. Rio Negro's rigid spending
structure and low GDP per capita also constrain the ratings.

-- Austerity measures will keep fiscal consolidation targets on
    track; however, the debt profile will weaken as result of
    increasing interest pressure following the peso's depreciation

S&P said, "We expect Rio Negro to post an operating surplus of
2.3% of operating revenues on average in 2018-2020, after two
consecutive years of deficits. These results stem from a
combination of measures in revenues and expenses. Rio Negro will
maintain the cost-containment plan initiated in 2017, which
consists mainly of hiring freezes, along with a more prudent
salary policy, which keeps payroll growing below inflation. At the
same time, we believe that the hike in gross receipt taxes and
updated cadastral bases for property tax will keep local revenues
increasing slightly above inflation, despite the economic
contraction. Moreover, until 2020 Rio Negro will continue to
receive the greater revenue from federal transfers--mainly from
the previous 15% of co-participation funds that the national
government withheld from the provinces. Furthermore, in 2018
royalties benefited from higher oil prices coupled with peso
depreciation.

"Although we expect limited access to borrowings and lower capital
transfers to reduce capex in most Argentine provinces, we believe
the remaining amounts of 2017's $300 million bond will continue to
support Rio Negro's capex program in the next three years. We
expect capex to average 9.3% of total expenditures in 2018-2020,
slightly above the 7.5% observed in the past three years. This
also reflects our view that spending, including capex, is
difficult to cut given the province's high infrastructure needs
and the important role that the public sector plays in the
province. Public works will mainly cover the extension of the gas
pipeline along with the construction of roads and energy
infrastructure. Therefore, we expect Rio Negro to keep posting
after-capex deficits of 4.7% on average in the next three years.

"For the next two years, Rio Negro's financing needs will be
limited, as most of its capex program is prefinanced. Therefore,
we expect debt stock to decline to 39% of operating revenues by
2020, from 52% in 2018. However, given that almost 70% of the debt
stock is denominated in foreign currency, we consider the debt
profile to be significantly exposed to sharp adverse movements in
the exchange rate. In fact, we believe that due to the peso's
depreciation and the high interest rates, interest payments will
remain above 5% of operating revenues during 2018 and 2019.

"During the past two years, Rio Negro resorted to short-term notes
to finance its liquidity needs; it cancelled them at the beginning
of the current year and we do not expect that it will use them
again in the next few months. We estimate that the province's
available cash reserves and credit facilities cover 70% of the
2019 estimated debt service of ARS 5.078 billion. Nevertheless, we
believe that the province will be able and willing to meet its
debt service obligations using internal and external sources. In
our liquidity calculation, we include our estimation of the free
cash deposited in the different accounts of the province and a
revolving line of credit that the province has with a commercial
bank. However, we assess Rio Negro's access to external liquidity
as limited, largely due to our view of Argentina's volatile
capital markets and weak banking system. This is reflected in our
Banking Industry Country Risk Assessment (BICRA) score in group
'8'. The BICRA evaluates and compares global banking systems, and
groups them on a scale from '1' (lowest-risk banking systems) to
'10' (highest-risk).

'We believe Rio Negro's overall exposure to contingent liabilities
is low. There are 13 public companies that are not consolidated in
the province's budget, covering a wide range of activities,
including transportation, energy and water utilities, and research
and development. The most important public company is INVAP, which
specializes in technology research and development and generates a
profit. Given the company's strategic importance, we believe that
in a case of stress, it would receive support from province, but
such support would be limited to less than 3% of the province's
operating revenues. As of June 2018, INVAP had ARS 1.1 billion in
debt.

-- A very volatile institutional framework and low-income levels
    will remain key rating constraints

S&P said, "We estimate that the province's GDP per capita will
drop to $9,020 in 2018 from $12,470 in 2017 because of an
estimated economic contraction of 2.5% and the peso's
depreciation. This metric is slightly less than our estimate for
the national level of $10,500. For 2019, we expect the economy to
perform in line with our expectations for the sovereign and
contract almost 1%."

Financial management's capacity to navigate through two years of
economic contraction and higher-than-expected inflation will be
key to continue with the province's fiscal consolidation plan. In
the past two years, Rio Negro's management (Juntos Somos Rio Negro
2016-2019) passed a series of reforms to reduce the fiscal
deficit. In 2017, a cost-containment plan was put in place and in
2018, the legislature approved a tax reform bill including higher
gross receipt taxes. It also agreed on, together with other
provinces and the national government, the fiscal responsibility
law, which limits the spending growth pace. However, long-term
capital and financial planning remains a challenge, in part
because of the country's macroeconomic volatility. Looking ahead,
a longer track record of adequate management of revenues and
expenses through economic cycles could improve our assessment of
the provincial administration.

S&P said, "We continue to view the institutional framework for
Argentine LRGs as very volatile and underfunded, despite recent
improvements. In our opinion, there is a positive trend in the
predictability of the outcome of potential reforms and the pace of
their implementation, amid an increasing dialogue between LRGs and
the national government to address various fiscal and economic
challenges that we expect will remain in the short-to-medium
term."

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 Affirmed

  Province of Rio Negro
   Issuer Credit Rating                   B/Stable/--
   Senior Unsecured                       B


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B R A Z I L
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CBC AMMO: S&P Lowers Issuer Credit Rating to 'B-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit rating
on CBC Ammo LLC (CBC) to 'B-' from 'B+'. The outlook is stable.

The downgrade reflects CBC's weaker liquidity due to the rising
share of short-term debt amortizations. Although the company has
been able to refinance maturities, we believe the lower cash
position and cash generation, along with short-term maturity
pressures, may lead to a liquidity crisis amid a deterioration of
business conditions. In the meantime, CBC is increasing efforts to
extend the maturity schedule, which haven't materialized yet. In
addition, the weaker-than-expected business performance has
prevented CBC from deleveraging significantly, with debt to EBITDA
of 4.9x and funds from operations (FFO) to debt of only 6.7% in
the 12 months ended June 2018.

CBC's operating performance in the ammunitions segment has
weakened in the past two years, given the unfavorable market
dynamics such as a stagnated demand and fierce competition in the
U.S. market, and budgetary constraints in Brazil. In addition, the
company has grappled with higher raw materials costs, such as in
copper, which CBC was not fully able to pass on to prices,
diminishing margins and hampering cash generation. Although the
company has slightly increased its margins and cash generation in
2018, it is still lagging behind our expectations, which led to a
deterioration in liquidity.

On the other hand, its Brazil-based handgun manufacturer
subsidiary, Taurus, has generated EBITDA in 2018 after several
years of negative results. Taurus has put in place several cost-
cutting measures, such as concentrating its operations in one
plant in Brazil, reducing the workforce, and adjusting its
portfolio of products. However, quality issues in the recent past
pose uncertainties to the company's ability to help improve
consolidated numbers on a sustainable basis.

S&P said, "We continue to analyze CBC on a consolidated basis
because we believe Taurus's part of the group's strategy of
maintaining a footprint in handgun production, and CBC has
increased its ownership of Taurus in the past few years. We also
believe the companies can enjoy some commercial and operating
synergies, and that CBC's management is responsible for the
strategic decisions regarding operating and financial needs at all
levels. CBC is also obliged to purchase Taurus' helmet operations
if the subsidiary is unable to sell by June 2019 to meet its
refinancing agreement requirements. However, if the subsidiary
defaults, we understand CBC wouldn't support it, because there are
no contractual obligations (such as a guarantee or cross-default
provisions), the companies operate under different names and
brands, and cash is managed separately."


RIO PARANAPANEMA: S&P Affirms 'BB' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB' global scale and
'brAAA' Brazil national scale long-term issuer credit ratings on
Brazil-based hydroelectric power generator Rio Paranapanema
Energia S.A. (Rio Paranapanema). The outlook is stable.

S&P said, "The affirmation reflects our view that the company will
maintain solid credit metrics, with debt to EBITDA of about 1.0x
and funds from operations (FFO) to debt above 60%, which, combined
with its prudent risk management, compensate for potential swings
in hydroelectric power generation. In addition, its liquidity
remains strong, as the company proactively refinances its shorter-
term maturities. In this context, Rio Paranapanema is rated above
the sovereign foreign currency rating on Brazil (BB-/Stable/B;
brAAA/Stable/--), as it would be able to service its debt even
under the much more conservative assumptions of our stress test
for a hypothetical sovereign default scenario.

"The one-notch cap above the sovereign rating reflects our view
that all the company's assets and revenue flows come solely from
Brazil, although its power selling agreements are mostly in the
free market and therefore they are less subject to regulatory or
government intervention. In addition, Rio Paranapanema has what we
consider a diversified portfolio of clients, some of which are
export-oriented and therefore less exposed to the Brazilian
economy, which reinforces our view."

Rio Paranapanema has a portfolio of 10 hydro plants (1,078.8
megawatts [MW] of combined assured capacity), with eight (98% of
output) located on the same river, exposing the company to the
same weather fundamentals, which increases its operating risks.
Nevertheless the company has effectively managed its power sales
amid poor hydrology conditions, maintaining about 20% of its
output available for sale and the rest sold through contracts
mostly in the free market. This has allowed the company to
maintain higher profitability than its peers.

S&P said, "The stable outlook on Rio Paranapanema reflects that on
the sovereign rating on Brazil, given our view that the ratings on
the company are limited to one notch above Brazil, considering its
sensitivity to the domestic economy and as all its assets and
counterparties are located in the country.

"We could lower our ratings on Rio Paranapanema in the next 12
months if we lower the sovereign rating on Brazil. In addition, if
the company's cash position is depleted to the point it will not
have enough liquidity to pass our sovereign stress scenario, we
could lower our ratings on the company to the same level as those
on Brazil.

"In addition, we could revise the company's stand-alone credit
profile (SACP) downward if we believe the company sustains debt to
EBITDA above 1.5x and FFO to debt below 60%. This could result
from a capital reduction or even poorer hydrology conditions.

"We could raise our ratings on Rio Paranapanema in the next 12
months if we raise the sovereign rating on Brazil.

"Although we believe that is unlikely to happen in the short term,
we could revise Rio Paranapanema's SACP upward if the company and
the government of the State of Sao Paulo reach an agreement on Rio
Paranapanema's requirement to expand its capacity by 15% and the
credit metrics remain in line with our base-case scenario: debt to
EBITDA of about 1.0x and FFO to debt above 60%."


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: To Tender Bus Routes Amid Strike
----------------------------------------------------
Dominican Today reports that in an apparent reprisal for the
passenger transport strike by the major bus union Fenatrano, the
government's transit authority ((INTRANT) said it will tender
several high demand passenger routes in arteries of the capital,
including those now leased to that guild.

The regulator said that "The Plan to Reorganize Passenger
Transport of Greater Santo Domingo" will add new operators
required to cover the high demand of 27 de Febrero and John F.
Kennedy avenues; in which Fenatrano operates," and where its
president Juan Hubieres and union drivers staged two consecutive
transport walkouts, according to Dominican Today.

"To do this, INTRANT will soon announce the launch of a bidding
process for these routes, due to the government's commitment to
the population, to provide a safe, quality transport and to
enforce Law 63-17," the INTRANT said in a press release obtained
by the news agency.

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


DOMINICAN REPUBLIC: Collections in Oct. Jump 12% to US$40 Million
-----------------------------------------------------------------
Dominican Today reports that Internal Taxes (DGII) Director Magin
Diaz said that to the end of October, collections jumped to RD$2.0
billion (US$40.0 million) or 12% over last year, and RD$200.0
million more than expected.

He attributed the rise to reforms enacted to reinforce tax
compliance, according to Dominican Today.

Speaking at the Annual Congress of Commercial Entrepreneurs, the
official said personal income tax jumped 18%, ITBIS 14%, alcohols,
13% and fuels. 10%, the report notes.

Mr. Diaz said that jointly with the changes, the DGII develops a
program to transform the Local Administrations with 18 remodeled
collection agencies to benefit taxpayers and employees, 4 being
restructured and 8 slated for improvement.

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


FINANCIERA INDEPENDENCIA: S&P Affirms 'BB-' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its long-term global scale issuer
credit rating on Financiera Independencia S.A.B. de C.V. SOFOM
E.N.R. (Financiera Independencia) at 'BB-'. At the same time, S&P
affirmed its national scale ratings on the company at 'mxBBB+/mxA-
2'. The outlook on the ratings for both scales remains stable.

S&P said, "We also affirmed our 'BB-' issue-level rating on the
company's $250 million senior unsecured notes. The rating on the
senior unsecured debt incorporates our view that, as of Sept. 30,
2018, secured debt represented less than 30% of adjusted assets
and unencumbered assets completely covered unsecured debt.
Consequently, we do not apply notches of subordination to this
issuance.

"Our issuer credit ratings on Financiera Independencia reflect the
company's stable financial performance supported by its solid
market presence in the microfinance sector and its continue
geographic diversification. Our projected risk-adjusted capital
(RAC) ratio of about 9.4%, on average, for 2019-2020 reflects
stable internal capital generation with modest credit growth.
Financiera Independencia's asset quality metrics have shown
gradual improvement; however, these metrics are still worse than
its peers. The ratings also incorporate a funding structure that
relies on market debt with longer tenures (2024), credit
facilities from commercial and development banks (that have
remained very stable), and manageable liquidity needs. The
company's liquidity position provides adequate cushion under a
stress scenario in the next 12 months. The stand-alone credit
profile (SACP) remains at 'bb-'."


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P U E R T O    R I C O
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LA MERCED LIMITED: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: La Merced Limited Partnership, S.E.
        PO Box 190085
        San Juan, PR 00919

Business Description: La Merced Limited Partnership, S.E., is a
                      Single Asset Real Estate (as defined in 11
                      U.S.C. Section 101(51B)).

Chapter 11 Petition Date: November 27, 2018

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Case No.: 18-06858

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Nelson Robles Diaz, Esq.
                  NELSON ROBLES DIAZ LAW OFFICES, PSC
                  PO Box 192302
                  San Juan, PR 00919
                  Tel: (787) 721-7929
                       (787) 294-9518
                  Fax: (787) 282-9100
                  Email: nroblesdiaz@gmail.com

Total Assets: $0

Total Liabilities: $6,088,228

The petition was signed by Luz Celenia Castellano, administrator.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:

           http://bankrupt.com/misc/prb18-06858.pdf


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


PETROLEUM CO: Talks w/ Republic Bank to Sort Out Workers' Pension
-----------------------------------------------------------------
Anna Ramdass at Trinidad Express reports that Petroleum Co. of
Trinidad & Tobago (Petrotrin) and Republic Bank have been holding
talks on the Petrotrin Employee Pension Plan (PEPP) and are
working towards a resolution of all the issues.

Petrotrin Chairman Wilfred Espinet said: "We have been speaking
with the Trustees (Republic Bank) and we will resolve all of the
issues in time.  As the sponsors of the plan, we are committed to
ensuring that the plan meets its members' obligations," according
to Trinidad Express.

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


TRINIDAD & TOBAGO: Economy in 'Market Failure'
------------------------------------------------
Aleem Khan at Trinidad Express reports that Trinidad and Tobago's
economy has plunged into what economists are calling 'market
failure', as an uptick in natural gas prices and production are
masking underperformance the rest of the economy.

The University of the West Indies (The UWI) Financial Economics
Lecturer Dr Vaalmikki Arjoon said in a response to queries earlier
this month: "The economy is currently in a market failure. While
revenues have improved primarily due to an uptick in natural gas
production, this is masking a continued underperformance in the
rest of the economy - all non-gas related sectors," according to
Trinidad Express.


                            ***********


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.

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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
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contact Peter A. Chapman at 215-945-7000.
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