TCRLA_Public/181206.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, December 6, 2018, Vol. 19, No. 242


                            Headlines



A R G E N T I N A

TOYOTA COMPANIA: Moody's Affirms Ba3 Global Scale Deposit Rating


B R A Z I L

BRAZIL: To Get $600MM-IDB Loan to Improve Municipal Infrastructure
FENIX FIDC: Moody's Gives (P)Ba1 Global Scale Rating to Sr. Shares
* BRAZIL: Industrial Production Rises By 0.2%


C A Y M A N  I S L A N D S

EUROMAX III MBS: S&P Lowers Class B Notes Rating to CC


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Heavy Hitters Mull Ways to Access Pension Fund
DOMINICAN REPUBLIC: Loan Would Push Contingency Fund to US$450MM


J A M A I C A

JAMAICA: National Action Plan Being Developed


M E X I C O

BURSAMETRICA CASA: Moody's Assigns Caa1 Global Loc. Curr. Rating


P U E R T O    R I C O

GIRARD MANUFACTURING: Unsecured Creditors' Recovery Up to 7%
LA MERCED LIMITED: Taps Nelson Robles Diaz Law as Counsel
QUE GOLAZO: Seeks 30 Days Exclusivity Period Extension
HOME CARE OPTIONS: Case Summary & 13 Unsecured Creditors


                            - - - - -


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A R G E N T I N A
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TOYOTA COMPANIA: Moody's Affirms Ba3 Global Scale Deposit Rating
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
affirmed the assessments and ratings assigned to Toyota Compania
Financiera de Argentina S.A., PSA Finance Argentina Comp.Fin.S.A.
and Rombo Compania Financiera S.A.. Moody's also assigned Rombo a
b2 standalone baseline credit assessment, a ba3 adjusted BCA, and
a global and national scale local currency deposit ratings of
respectively Ba3/Aa1.ar and a global and national scale foreign
currency deposit ratings of respectively B3/Baa1.ar. At the same
time, Moody's withdrew Rombo's global and national scale corporate
family ratings. The outlook on all the ratings is stable.

Moody's also changed Argentina's Macro Profile to Weak from Weak+,
reflecting the country's weakening growth prospect and the
increased risks this represents for Argentinean banks.

The following ratings and assessments of Toyota Compania
Financiera de Argentina S.A. were affirmed:

  - Global scale, long-term local currency deposit rating affirmed
at Ba3, stable outlook

  - Global scale, short-term local currency deposit rating
affirmed at Not Prime

  - Global scale, long-term foreign currency deposit rating
affirmed at B3, stable outlook

  - Global scale, short-term foreign currency deposit rating
affirmed at Not Prime

  - Argentine national scale local currency deposit rating
affirmed at Aaa.ar, stable outlook

  - Argentine national scale foreign currency deposit rating
affirmed at Baa1.ar, stable outlook

  - Global scale, long-term counterparty risk assessment affirmed
at Ba3(cr)

  - Global scale, short-term counterparty risk assessment affirmed
at Not Prime(cr)

  - Adjusted baseline credit assessment affirmed at ba3

  - Baseline credit assessment affirmed at b3

  - Global scale, long-term local currency senior unsecured debt
rating affirmed at Ba3, stable outlook

  - Argentine national scale local currency senior unsecured
rating affirmed at Aaa.ar, stable outlook

  - Global scale, long-term local currency senior unsecured MTN
debt rating affirmed at (P)Ba3

  - Global scale, long-term foreign currency senior unsecured MTN
debt rating affirmed at (P)B1

  - Argentine national scale local currency senior unsecured MTN
rating affirmed at Aaa.ar

  - Argentine national scale foreign currency senior unsecured MTN
rating affirmed at Aa2.ar

  - Global scale, long-term local currency subordinated debt
rating affirmed at B1

  - Argentine national scale local currency subordinated rating
affirmed at Aa2.ar

  - Global scale, long-term local currency subordinated MTN debt
rating affirmed at (P)B1

  - Global scale, long-term foreign currency subordinated MTN debt
rating affirmed at (P)B1

  - Argentine national scale local currency subordinated MTN
rating affirmed at Aa2.ar

  - Argentine national scale foreign currency subordinated MTN
rating affirmed at Aa2.ar

  - Outlook, Stable

The following ratings and assessments of PSA Finance Argentina
Comp. Fin. S.A. were affirmed:

  - Global scale, long-term local currency deposit rating affirmed
at Ba3, stable outlook

  - Global scale, short-term local currency deposit rating
affirmed at Not Prime

  - Global scale, long-term foreign currency deposit rating
affirmed at B3, stable outlook

  - Global scale, short-term foreign currency deposit rating
affirmed at Not Prime

  - Argentine national scale local currency deposit rating
affirmed at Aa1.ar, stable outlook

  - Argentine national scale foreign currency deposit rating
affirmed at Baa1.ar, stable outlook

  - Global scale, long-term counterparty risk assessment affirmed
at Ba3(cr)

  - Global scale, short-term counterparty risk assessment affirmed
at Not Prime(cr)

  - Adjusted baseline credit assessment affirmed at ba3

  - Baseline credit assessment affirmed at b2

  - Global scale, long-term local currency senior unsecured debt
rating affirmed at Ba3, stable outlook

  - Argentine national scale local currency senior unsecured
rating affirmed at Aa1.ar, stable outlook

  - Global scale, long-term foreign currency senior unsecured MTN
debt rating affirmed at (P)B1

  - Argentine national scale foreign currency senior unsecured MTN
rating affirmed at Aa2.ar

  - Outlook, Stable

The following ratings of Rombo Compania Financiera S.A. were
affirmed:

  - Global scale, long-term local currency senior unsecured debt
rating affirmed at Ba3, stable outlook

  - Argentine national scale local currency senior unsecured
rating affirmed at Aa1.ar, stable outlook

  - Global scale, long-term local currency senior unsecured MTN
debt rating affirmed at (P)Ba3

  - Argentine national scale local currency senior unsecured MTN
rating affirmed at Aa1.ar

  - Global scale, long-term foreign currency senior unsecured MTN
debt rating affirmed at (P)B1

  - Argentine national scale foreign currency senior unsecured MTN
rating affirmed at Aa2.ar

  - Outlook, Stable

The following ratings of Rombo Compania Financiera S.A. were
assigned:

  - Global scale, long-term local currency deposit rating assigned
at Ba3, stable outlook

  - Global scale, short-term local currency deposit rating
assigned at Not Prime

  - Global scale, long-term foreign currency deposit rating
assigned at B3, stable outlook

  - Global scale, short-term foreign currency deposit rating
assigned at Not Prime

  - Argentine national scale local currency deposit rating
assigned at Aa1.ar, stable outlook

  - Argentine national scale foreign currency deposit rating
assigned at Baa1.ar, stable outlook

  - Adjusted baseline credit assessment assigned at ba3

  - Baseline credit assessment assigned at b2

  - Global scale, long-term counterparty risk assessment assigned
at Ba3(cr)

  - Global scale, short-term counterparty risk assessment assigned
at Not Prime(cr)

The following ratings of Rombo Compania Financiera S.A. were
withdrawn:

  - Global scale, long-term corporate family rating at Ba3, stable
outlook

  - Argentine national scale local currency corporate family
rating at Aa1.ar, stable outlook

RATINGS RATIONALE

(1) THE ASSESSMENTS AND RATINGS OF THE THREE FINANCE COMPANIES
WERE AFFIRMED

Moody's affirmed the assessments and ratings of Toyota, PSA
Finance and Rombo. In addition, Moody's assigned local and foreign
currency deposit ratings to Rombo using its Banks rating
methodology to acknowledge that Rombo is now able to take
deposits.

Concurrent with the change in primary methodology for Rombo,
Moody's withdrew the Corporate Family Ratings it has assigned to
Rombo, and which do not apply to issuers rated under the Banks
rating methodology.

The affirmation incorporates the entities' adequate fundamentals
at their rating levels, despite the recessionary conditions in
Argentina, characterized by low growth and high inflation rates.
All three entities operate as captive finance companies for their
respective car manufacturers (Toyota, Peugeot Citroân Argentina
S.A., and Renault S.A, respectfully), targeting high and medium
income borrowers. In addition, their conservative underwriting
standards ensure that asset quality is sound, as reflected in loan
portfolios that are predominantly collateralized, with average
loan to value of about 50%. As a result, Toyota, PSA and Rombo
have registered non-performing loan ratios below 1.6% of total
loans, and reserve coverage on average of 100% of the impaired
portfolio as of June 2018.

The ratings also incorporate these entities' monoline business
profiles, typical of captive finance companies, and which are
centered on few products, limiting the scope for revenues
generation. These companies' characteristic wholesale funding
profile, largely composed of debt issued in the domestic market,
interbank loans, and deposits, tends to expose them to funding
volatility. Although most of the funding has fixed rates, rising
interest rates will compress margins as in the case of the rest of
the banking system, as debts and deposits re-price at higher
rates. On the other hand, lower lending prospect will somehow
preserve capital consumption and limit all three entities' funding
needs.

(2) MOODY'S ASSUMPTIONS OF AFFILIATE SUPPORT FOR THE THREE FINANCE
COMPANIES

Toyota is 96.7% owned by Toyota Financial Services International
Corporation and 3.3% by Toyota Motor Credit Corporation. The
ultimate parent is Toyota Motor Corporation (Japan), which is
currently rated Aa3. Moody's assumes that the ultimate parent will
provide support to its subsidiary in Argentina in the event of
stress. This assumption of affiliate support provides an uplift
from the entity's b3 BCA, resulting in a long-term/short-term
global local-currency deposit rating of Ba3/Not Prime.

PSA Finance Argentina is owned 50%-50% by France's Banque PSA
Finance (BPF) - with a baa3 BCA, and Argentina's BBVA Banco
Frances (unrated). Moody's assumes a high level of financial
support from BPF to its subsidiary in Argentina in a situation of
stress, generating two notches of uplift from its BCA to a global
long term local-currency deposit rating of Ba3/Not Prime.

Rombo's is 60% owned by RCI Banque (Renault Credit International
Banque S.A.) - with a baa3 BCA, and 40% by Argentina's BBVA Banco
Frances (unrated). Its supported ratings incorporates the
company's standalone assessment of b2 and its assumption of a high
probability of support from its ultimate parent, RCI Banque
International, in the event of stress.

WHAT COULD CHANGE THE RATING -- UP/DOWN FOR TOYOTA

An improvement in Toyota's capital, profitability or liquidity
could put upward pressure on the company's global scale ratings,
as would an indication of increased affiliate support from its
parent. Conversely, an erosion of the entity's capital base, a
deterioration in profitability or a significant increase in asset
risk could put downward pressure on both the global and national
scale ratings, as would an indication of decreased support from
the parent.

WHAT COULD CHANGE THE RATING -- UP/DOWN FOR PSA FINANCE

Upward rating pressure will likely depend on a further improvement
in Argentina's government bond rating. On the other hand, the
ratings would face downward pressure if the issuer suffer a
substantial deterioration in asset quality, earnings or
capitalization, or if the sovereign rating were lowered.

WHAT COULD CHANGE THE RATING -- UP/DOWN FOR ROMBO

Rombo is likely to face upward rating pressure if Argentina's
sovereign bond rating is upgraded or the country ceilings rise,
provided the entity continues to demonstrate sound operating
performance and any deterioration in the company's financial
fundamentals is limited. While none of the ratings currently face
any downward rating pressure, the ratings would be under strain if
there is a substantial deterioration in the company's asset
quality, earnings or capitalization, or if Argentina's operating
environment fails to improve as expected.

(3) ARGENTINA MACRO PROFILE CHANGES TO WEAK FROM WEAK+, AS A
RESULT OF THE WEAKENING ECONOMIC STRENGH SCORE OF ARGENTINA'S
CREDIT PROFILE

Argentina's Macro Profile has been lowered to Weak from Weak +,
reflecting the expected reduced economic strength and actiivty .
Even though Argentina's economy is larger and wealthier than that
of its same rated peers, the country's volatile growth dynamic is
a key credit weakness. The country has a history of economic
volatility and the track record of its macro policy framework is
limited. Consequently, the operating environment remains
difficult, constrained mainly by (1) an ongoing economic
recession, which is expected to continue in 2019; (2) a sharp
increase in inflation (to at least 45% in 2018 from 25% in 2017);
and (3) extraordinarily high interest rates (100% effective yields
on central bank securities).

This deterioration was preceded by a sharp decline in the value of
the Argentine peso in May 2018, which has depreciated around 50%
against the US dollar so far this year. Its assessment of
Argentina's Macro Profile incorporates the lack of long-term
funding available at Argentine banks, which constrains financial
intermediation. Meanwhile, the small size of the banking system
challenges banks' efficiency metrics, given limited economies of
scale.

(4) RATED BANKS' BCAS AND DEPOSIT RATINGS WERE UNAFFECTED BY THE
CHANGE IN ARGENTINA'S MACRO PROFILE TO WEAK

The change in Argentina's Macro Profile does not affect the
ratings assigned to its universe of 28 rated banks and financial
entities. Overall rated banks have ample liquidity and a robust
funding profile will help offset deteriorating asset quality,
capital and inflation-adjusted earnings. Banks' solvency will
remain sound and many bank ratings will remain constrained by
Argentina's sovereign bond rating.



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B R A Z I L
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BRAZIL: To Get $600MM-IDB Loan to Improve Municipal Infrastructure
------------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $600
million multisectoral loan to Banco do Brasil to improve the
efficiency of road, water, energy and public services
infrastructure in small and medium-sized cities.

Although small cities - defined as those with a population of up
to 500,000 -- are home to about 70% of the Brazilian population,
they do not enjoy the same credit opportunities as medium-sized
cities. Banco do Brasil will grant loans to municipalities that
fit into this category and have credit capacity.

About 80% of the road network in Brazil is under the
responsibility of municipal governments, and maintenance costs are
high. Public works that can be financed in the transport area
under the operation include the maintenance and paving of existing
roads and the purchase and installation of road maintenance
machinery and equipment.

Another high cost item is energy consumption, which is second only
to wages. Resources will be available to those municipalities
wishing to increase the energy efficiency of municipal public
buildings and public lighting, including replacing equipment with
more efficient ones, installing control systems and distributed
generation.

The loan will finance steps to reduce losses in water supply
systems, which in Brazil average 38 percent. Municipalities will
receive funds to develop projects and purchase and install
equipment and management systems.

These resources should contribute to assist 215 municipalities by
2023, decreasing energy consumption from public lighting by up to
50 percent, reducing water losses in municipal supply systems by
up to 40 percent, and lowering the operational cost of road
infrastructure from $303 per kilometer per year to $248.

To leverage the project, calls for technological impact solutions
will be launched throughout Brazil to support each of the planned
intervention areas. The initial focus is the identification of
measures and actions to promote efficiency and benefits in
infrastructure projects, especially in the areas covered by the
project.

The IDB loan to Banco do Brasil has a 25-year term, a 5.5-year
grace period and an interest rate based on LIBOR.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2018, Egan-Jones Ratings Company, on October 8, 2018,
withdrew its 'B+' foreign currency and local currency senior
unsecured ratings on debt issued by the Federative Republic of
Brazil.


FENIX FIDC: Moody's Gives (P)Ba1 Global Scale Rating to Sr. Shares
------------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P) Ba1
(sf) (Global Scale, Local Currency) and (P) Aaa.br (sf) (Brazilian
National Scale) to the senior shares to be issued by Fenix Fundo
de Investimento em Direitos Creditorios do Varejo II (Fenix FIDC
do Varejo II), a revolving securitization backed by a pool of
trade receivables originated by Lojas Americanas S.A. (LASA) and
B2W Companhia Digital (B2W). The receivables are originated by
retail sales of both companies paid via credit cards and processed
by Cielo S.A. (Cielo, rated Ba1 long-term corporate family
ratings, Global Scale; Outlook Stable), who is responsible for the
payments of the receivables.

Issuer: Fenix Fundo de Investimento em Direitos Creditorios do
Varejo II

Senior Shares - (P) Ba1 (sf) (Global Scale, Local Currency) and
(P) Aaa.br (sf) (Brazilian National Scale)

RATINGS RATIONALE

Fenix FIDC do Varejo II is a close-ended FIDC with a final
maturity date that is 20 years from the closing date. The senior
shares accrue a floating interest rate based on a percentage of
the interbank rate (DI), which is yet to be determined.

Moody's bases the ratings on the following factors:

  -- Experienced originator: B2W and LASA have an established
track record as securitization sponsors. Fenix FIDC do Varejo II
is LASA and B2W's second securitization of its trade receivables
portfolio.

  -- Credit enhancement: The senior shares benefit form credit
enhancement of 7.5% in the form of subordination to mitigate
dilutions and interest rate mismatches.

  -- Strong eligibility criteria: The transaction has strong
eligibility criteria for trade receivables to be sold to the
trust, which include concentration limits for each seller, maximum
term of receivables and an asset seasoning requirement of 22 days
in order to minimize dilutions.

  -- Low historical dilutions: The originator's owned and
securitized portfolio's historical performance data exhibits low
dilutions levels.

  -- Strong performance triggers: The transaction benefits from
tight triggers related to performance and transaction structure.
When a trigger breach occurs, an investor assembly can be
convened, or, in some cases, a senior share early amortization
event may occur.

During the 60 months of the transaction, the fund will not make
principal payments to the senior shares and interest payments will
be paid on a semi-annual basis. The principal payment is due by
the legal final maturity. The FIDC will revolve during the
amortization period, as long as triggers and the payments reserves
remain compliant. The subordinated shares will be amortized only
after the senior shares are paid in full.

Cielo will hold the receivables payments in the sellers' lock box
bank accounts before these monies are transferred to the FIDC's
account. However, LASA and B2W are unable to make transfer
requests from the lock box accounts and any cash flow transfers
must be exclusively ordered by the trustee. Furthermore, according
to the transaction documents, the proceeds from the receivables'
collections have to be transferred from the lock box accounts to
the FIDC's account by the same date that payments are received.
Nonetheless, if Cielo makes payments to an account other than from
the established lock box account, a non-automatic acceleration
event will be triggered. Consequently, the transaction will stop
the revolving and investors will decide whether to early liquidate
the transaction.

Moody's analyzed the characteristics and performance of the
sellers' receivables pool for the 60-month period reviewed by
PricewaterhouseCoopers (PwC), starting in June 2013 and ending in
May 2018. During this period, LASA and B2W generated approximately
BRL 87 billion of trade receivables. As modeling input
assumptions, Moody's assumed a mean of 0.78% in monthly dilutions
as a percent of the outstanding balance and a, and it assumed
portfolio turnover of 109 days.

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

Factors that may lead to an upgrade of the ratings include an
upgrade in the rating of Cielo and an improvement in the credit
profile of the sellers.

Factors that may lead to a downgrade of the ratings include a
downgrade in the rating of the Cielo, a deterioration in the
credit profile of the sellers and an increase in dilutions level
beyond the level that Moody's assumed when rating this
transaction.

The principal methodology used in these ratings was "Moody's
Approach to Rating Trade Receivables-Backed Transactions"
published in May 2015.


* BRAZIL: Industrial Production Rises By 0.2%
----------------------------------------------
EFE News reports that Brazilian industrial production rose by 0.2%
in October compared to the month before, snapping a three-month
losing streak, the government reported.

With the positive result, the industrial sector's total growth
rate for the first 10 months of the year has exceeded the same
period in 2017 by 1.8 percent, according to data provided by the
IBGE statistics agency, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2018, Egan-Jones Ratings Company, on October 8, 2018,
withdrew its 'B+' foreign currency and local currency senior
unsecured ratings on debt issued by the Federative Republic of
Brazil.



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C A Y M A N  I S L A N D S
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EUROMAX III MBS: S&P Lowers Class B Notes Rating to CC
------------------------------------------------------
S&P Global Ratings lowered its credit ratings on EUROMAX III MBS
Ltd.'s class A-1, A-2, and B notes.

The downgrades follow S&P's assessment of the transaction's
negative performance, as the portfolio has experienced further
defaults and the class A-2 notes have started to defer interest
since its previous review. Given the concentrated nature of the
portfolio (11 assets), S&P has used its "Global CDOs Of Pooled
Structured Finance Assets: Methodology And Assumptions" as a
starting point in our analysis. Given the high sensitivity of the
class A-1 notes to mild scenarios, S&P has also applied its
"Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings."
S&P has addressed the class A-2 and B notes' deferral of interest
through the application of its "Structured Finance Temporary
Interest Shortfall Methodology."

Since S&P's previous review, the portfolio has experienced a
further EUR9.62 million of asset defaults (the class C1 notes of
the series 3 notes of Sestante Finance S.r.l. and the class F
notes of DECO 9 - Pan Europe 3 PLC).

Over the same period, EUR0.99 million of class F notes of Fornax
(Eclipse 2006-2) B.V. were fully written down, while the remainder
of the then-defaulted assets recovered 2.1% of their principal
amount outstanding at the time of default.

Assuming no recoveries will be received on currently defaulted
assets (in line with our global collateralized debt obligations
[CDOs] of pooled structured finance assets criteria), S&P's
estimate of the collateral amount has decreased by EUR22.73
million since its previous review.

S&P said, "On the liabilities side, the issuer has used EUR12.11
million of principal proceeds to amortize the class A-1 notes
since our previous review. The class A-2 notes have not paid their
full interest amount on the last two payment dates. Their amount
of deferred interest totals EUR8,535. The class B notes have
continued to defer interest to a total amount of EUR168,612. We
note that even though the overcollateralization ratio test is
currently failing -- (25.18%) compared to a trigger of 105% -
interest proceeds are insufficient to amortize the notes as the
curing of the test stands junior to the class A-2 and class B
notes' interest payments in the pre-enforcement interest
waterfall.

"As a result of the portfolio defaults, and the addition of
deferred interest to the principal amounts of the class A-2 and B
notes, the credit enhancement available to each class of notes has
decreased since our previous review."

In addition, S&P observes that liquidity risk has become more
prominent. The senior expenses are either fixed amounts or are
expressed as a percentage of the outstanding notes' principal
balance at the beginning of the payment period. Therefore, as the
portfolio amortizes, the senior expenses will represent a greater
proportion of interest proceeds. Over the last four payment dates,
senior expenses amounted to an average of 22% of interest
proceeds.

Moreover, following the amortization of high paying assets, the
weighted-average spread over Euro Interbank Offered Rate (EURIBOR)
paid by the portfolio has decreased to 0.76% from 0.87%. As the
portfolio is concentrated over 11 assets, any amortization or
default of a high paying asset could materially affect the amount
of interest generated.

Following the application of our criteria for assigning 'CCC+',
'CCC', 'CCC-', and 'CC' ratings, S&P has downgraded the class A-1
notes by one notch to 'B- (sf)'. The downgrade reflects the
decrease in the notes' credit enhancement and the increased
liquidity risk. The trustee confirmed that the failure of the
issuer to pay full interest on the class A-2 notes gives the right
to the class A-1 noteholders to accelerate redemption of the
transaction. S&P believes  its 'B- (sf)' rating is commensurate
with such scenario as, while senior expenses may increase, the
class A-1 notes would benefit by having all cash flows directed to
them.

S&P has applied its temporary interest shortfall criteria to the
class A-2 and B notes. Following the decrease in their credit
enhancement and the deferral of interest, S&P has downgraded the
class A-2 notes by one notch to 'CCC- (sf)'.

The average market value of currently defaulted assets is 5%.
Therefore, the class B notes are largely under-collateralized and
we have virtual certainty that repayment will not occur by the
maturity date. S&P has therefore downgraded the class B notes to
'CC (sf)'.

EUROMAX III MBS is a cash flow mezzanine structured finance CDO of
a portfolio that comprises predominantly residential mortgage-
backed securities (RMBS) as well as commercial mortgage-backed
securities (CMBS), and, to a lesser extent, CDOs of corporates and
CDOs of asset-backed securities (ABS). The transaction closed in
December 2002 and is managed by CIBC World Markets Inc. Collineo
Asset Management is the collateral advisor.

  RATINGS LOWERED

  EUROMAX III MBS Ltd.

  Class           Rating
            To              From

  A-1       B- (sf)         B (sf)
  A-2       CCC- (sf)       CCC (sf)
  B         CC (sf)         CCC- (sf)



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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: Heavy Hitters Mull Ways to Access Pension Fund
------------------------------------------------------------------
Dominican Today reports that ten institutions signed an agreement
to identify financing projects to develop Dominican Republic's
industrial and productive activity, housing, infrastructure,
energy, development and support for the real estate and
construction sectors.

The pact will also support other sectors that contribute to create
wealth, the dynamism and sustainable economic growth and the
increase of the country's competitiveness and in which the Pension
Fund Administrators (AFPs) and other institutional investors could
invest using collective products such as those provided by the
securities market, according to Dominican Today.

The National Enterprise Council (CONEP), the Dominican Industries
Association (AIRD), the Dominican Hotels and Tourism Association
(ASONAHORES), the Dominican Electrical Industry Association
(ADIE), the Dominican Housing Builders and Promoters Association
(ACOPROVI) signed the agreement, the report notes.

Also signing the pact were the associations that represent the
main entities in the securities market: the Dominican Pension Fund
Administrators Association (ADAFP), the Dominican Republic Stock
Exchange Association (APB), the Dominican Association of
Investment Funds Management Companies (ADOSAFI), the Dominican
Securitization Company (TIDOM), as well as the Dominican Republic
Securitas Exchange (BVRD), the report adds.

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


DOMINICAN REPUBLIC: Loan Would Push Contingency Fund to US$450MM
----------------------------------------------------------------
Dominican Today reports that the Executive Branch submitted to the
Senate a new loan of US$300.0 million with the Inter-American
Development Bank (IDB) as a contingency fund for emergencies
caused by natural disasters.

The loan (DR-X1011) adds US$200.0 million to the initial amended
agreement (DR1103) with the IDB for US$100.0 million, according to
Dominican Today.

The loan is added to another for US$150.0 million approved by
Congress last June with the International Bank for Reconstruction
and Development (IBRD), "to respond to disasters caused by natural
phenomena," the report relays.

If approved, the new loan would bring the fund to US$450.0
million, the report notes.

The Senate Finance Commission is expected to approve the loan
proposal submitted in November, the report adds.

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



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


JAMAICA: National Action Plan Being Developed
---------------------------------------------
RJR News reports that the Government is developing a National
Action Plan to transition household workers and fisherfolk to the
formal economy.

The initiative is being spearheaded by the Ministry of Labor
through support from the International Labor Organization,
according to RJR News.

A two-day consultative workshop was recently held at the
Ministry's North Street offices in Kingston aimed at garnering the
input of various stakeholders towards the development of  the
action plan, the report notes.

Labor Minister Shahine Robinson in her remarks at the event, said
in moving to formalize work arrangements in the fisheries and
domestic work sectors, careful investigations must be done to
establish the factors that drive informality, the report relays.

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
===========


BURSAMETRICA CASA: Moody's Assigns Caa1 Global Loc. Curr. Rating
----------------------------------------------------------------
Moody's de Mexico has assigned global long-and short-term local
currency issuer ratings of Caa1 and Not Prime to Bursametrica Casa
de Bolsa, S.A. de C.V. The rating agency has also assigned long-
and short-term Mexican national scale issuer ratings of B2.mx and
MX-4 to Bursametrica Casa de Bolsa, S.A. de C.V. The outlook is
stable.

The following ratings were assigned to Bursametrica Casa de Bolsa,
S.A. de C.V. (830677262):

Long-term global local currency issuer rating: Caa1

Short-term global local currency issuer rating: Not Prime

Long-term Mexican National Scale issuer rating: B2.mx

Short-term Mexican National Scale issuer rating: MX-4

Outlook: Stable

RATINGS RATIONALE

Moody's ratings for Bursametrica reflect the start-up profile of
the firm, characterized by developing business strategy and
operations, and still sizable expense base relative to revenues.
The ratings are supported by Bursametrica's limited risk taking
and leverage, as it aims to focus on providing investment
brokerage services via long-only operations fully funded by its
customers. The firm's business plan suggests overall prudent
business growth targets, which are supported by management's
proven experience in the Mexican brokerage market.

The company's limited financial and operational history implies
that its business plan, technology platform as well as its risk
management and control frameworks are still to be developed and
tested over time. Bursametrica started to have employees in
November 2017, and its management expects to generate recurrent
business in 2019. During the initial phases, Bursametrica will
largely focus on wealth management and investment services to
domestic individuals and institutions.

Consistent with its nascent business, Bursametrica will post net
losses over the coming several quarters. Management projects a
positive cumulative year-to-date net income for the first time in
May 2020, after growing its assets under management to about MXN 7
billion by then, from just MXN 2 million currently. With personnel
and operating expenses and IT investments expected to grow as it
develops its infrastructure, Bursametrica will likely rely on
additional capital contributions by shareholders to absorb
projected losses. Management expects these contributions to occur
through January 2019.

Moody's noted that risks to management's earnings projections
largely derive from competitive pressures that could lead to lower
than expected business generation, in light of the large number of
brokerage houses operating in Mexico, many of whom are part of
large domestic and international financial groups. In addition,
the probability of a high turnover of the salesforce will remain
significant, mirroring systemic trends, which could add further
volatility to the earnings stream.

Management does not expect to issue debt in the near future, which
supports Bursametrica's rating. Moody's notes, however, that if
management decides to leverage the firm's balance sheet, even
slightly, it would be credit negative because the modest earnings
and cash-flow generation would significantly worsen the company's
debt coverage metrics.

The stable outlook reflects Moody's expectations that net losses
will continue over the medium term, in part balanced by the
absence of long-term indebtedness.

The B2.mx Mexican national scale issuer rating is at the upper end
of the range that corresponds to the Caa1 global issuer rating.

WHAT COULD CHANGE THE RATINGS -- UP/DOWN

An upgrade of the company's ratings could be warranted if it
manages to sustainably grow its business and profitability faster
than expected, while not incurring in indebtedness. In turn,
Bursametrica's ratings would be downgraded in the case of severe
flaws in operational risk management, persistently weak business
generation, or a significant increase in leverage.

The principal methodology used in these ratings was Securities
Industry Service Providers published in June 2018.

The period of time covered in the financial information used to
determine Bursametrica Casa de Bolsa, S.A. de C.V. is between
January 1, 2016 and September 30, 2018.



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


GIRARD MANUFACTURING: Unsecured Creditors' Recovery Up to 7%
------------------------------------------------------------
Girard Manufacturing, Inc., filed an Amended Chapter 11 Plan and
accompanying Disclosure Statement increasing the recovery of
general unsecured creditors to 7%, from 4% in the previously filed
Plan.

Unsecured Claims of more than $5,000, classified in Class 5, is
impaired.  Holders of Class 5 Claims will be paid 7% of their
claims in 60 monthly payments.  The Estimated Aggregate Amount of
Class 5 Claims is $1,320,456.50.

Class 6 - Convenience Class Unsecured Claims of less than $5,000
is impaired.  Holders of Class 6 Claims will be paid 7% of their
claims on the Effective Date.  Estimated aggregate amount of Class
5 claims is $41,416.45.

The Plan is to be funded by Girard's income which is estimated to
be $105,000 per month for a period of five (5) years.

A full-text copy of the Disclosure Statement dated November 26,
2018, is available at:

         http://bankrupt.com/misc/prb18-1705975(ESL)-119.pdf

             About Girard Manufacturing, Inc.

Girard Manufacturing Inc. provides office furniture in San Juan,
Puerto Rico. The Company offers desks chairs, modular systems,
bookshelves, filing systems, and accessories, as well as online
service and support.

Girard Manufacturing, Inc., based in San Juan, PR, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 17-05975) on August 24, 2017.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC,
serves as bankruptcy counsel.

In its petition, the Debtor estimated $2.36 million in assets and
$3.83 million in liabilities. The petition was signed by Jose A.
Casal Seibezzi, president.


LA MERCED LIMITED: Taps Nelson Robles Diaz Law as Counsel
---------------------------------------------------------
La Merced Limited Partnership seeks authority from the United
States Bankruptcy Court for the District of Puerto Rico (Old San
Juan) to hire Nelson Robles Diaz and Nelson Robles Diaz Law
Offices, PSC, as counsel.

Services Robles Diaz will render are:

     a. prosecute the motions and applications filed;

     b. advise/represent the Debtor with respect to its duties,
        rights and powers;

     c. advise/represent the Debtor in negotiations with
        creditors;

     d. advise/represent the Debtor in analyzing the claims;

     e. advise/represent the Debtor with respect to its various
        investigations of claims, causes of action and other
matters;

     f. advise/represent the Debtor with respect to any
        negotiations and litigation that may be necessary, and at
        hearings and other proceedings;

     g. advise/represent the Debtor with respect to pleadings and
        applications as may be necessary in furtherance of the
        Debtor's interests and objectives; and

     h. advise/represent the Debtor with respect to such other
        matters as may be required and are deemed to be in the
        interests of the Debtor in accordance with the applicable
law.

The terms of compensation are:

     a. A retainer of $15,000.00 paid upon execution of the
        engagement letter and a separate payment of $1,717.00 for
the
        filing fees of the case.

The professional rates are:

     i. $250.00 per hour for attorney Nelson Robles-Diaz plus any
        costs and expenses incurred by Robles-Diaz, in connection
with
        its legal services;

    ii. $40/$50 per hour for paralegals and law clerks,
        respectively; and

   iii. $125.00/per hour for junior attorney.

Nelson Robles-Diaz, Esq., disclosed in the court filing that his
firm is a "disinterested person" within the meaning of Sections
101(14) and 327 of the Bankruptcy Code.

The counsel can be reached at:

      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

                      About La Merced LP

La Merced Limited Partnership, S.E., is a single asset real
estate, as defined in 11 U.S.C. Section 101(51B)).  Based in San
Juan, Puerto Rico, La Merced LP filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-
06858) on Nov. 27, 2018. In the petition signed by Luz Celenia
Castellano, administrator, the Debtor disclosed $6,088,228 in
liabilities.  Judge Enrique S. Lamoutte Inclan is the case judge.
NELSON ROBLES DIAZ LAW OFFICES, PSC, led by founding partner
Nelson Robles Diaz, is the Debtor's counsel.


QUE GOLAZO: Seeks 30 Days Exclusivity Period Extension
-------------------------------------------------------
Que Golazo Inc. requests the U.S. Bankruptcy Court for the
District of Puerto Rico for an extension of 30 days to file the
Disclosure Statement and Plan of Reorganization including the
Exclusivity Period, and further requests that the deadline to
obtain votes for the Plan be extended for 60 days after the order
approving the Disclosure Statement is entered.

The Debtor submits that cause exist to warrant requested
extension, considering that:

      (a) The Debtor is still in the process of evaluating an
          objection to a proof of claim if in case an agreement is
not
          reached with its creditor.

      (b) The Debtor is meeting its obligations as
          debtor-in-possession, including, but not limited to,
filing
          of Monthly Operating Reports and paying of quarterly
fees.

      (c) Any extension of time will not harm the creditors but it
          will rather increase the possibilities of a successful
          reorganization.

      (d) The Debtor is seeking extension in good faith and
without
          any intent to cause undue delay to the proceedings.

                         About Que Golazo

Based in San Juan Puerto Rico, Que Golazo, Inc., filed a Chapter
11 petition (Bankr D.P.R. Case No. 18-01468) on March 19, 2018. In
the petition signed by its president, Horacio Tierno Copioli, the
Debtor estimated assets of less than $50,000 and debt under
$500,000.  Mary Ann Gandia-Fabian, Esq., at Gandia-Fabian Law
Office, is the Debtor's counsel, and Jimenez Vazquez & Associates,
PSC, is the accountant.


HOME CARE OPTIONS: Case Summary & 13 Unsecured Creditors
---------------------------------------------------------
Debtor: Home Care Options, Inc., a New Mexico Corporation
        1610 S. 2nd St.
        Gallup, NM 87301

Business Description: Home Care Options, Inc. is a home health
                      care services provider in Gallup, New
                      Mexico.

Chapter 11 Petition Date: December 3, 2018

Court: United States Bankruptcy Court
       District of New Mexico (Albuquerque)

Case No.: 18-13030

Debtor's Counsel: George D. Giddens, Jr., Esq.
                  GIDDENS & GATTON LAW, P.C.
                  10400 Academy Rd NE Ste 350
                  Albuquerque, NM 87111-1229
                  Tel: 505-271-1053
                  Fax: 505-271-4848
                  E-mail: dave@giddenslaw.com
                          giddens@giddenslaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Grace Laurence, president/owner.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 13 unsecured creditors is available for free
at: http://bankrupt.com/misc/nmb18-13030.pdf


                            ***********


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.
.


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