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

          Wednesday, December 26, 2018, Vol. 19, No. 254



BOLIVIA: To Get $79MM-IDB Loan for Water & Sanitation Services

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: 6.3% Growth is Region's Highest, ECLAC Says


HONDURAS: To Boost Emergency Health Care With $53MM-IDB Loan


UC RUSAL: Paulwell Glad Sanctions on Firm to be Lifted in January


GOODYEAR TIRE: Fitch Affirms 'BB' LT Issuer Default Rating
MEXICO: Agree With US on Investment Plan For CentAm


FERREYCORP SAA: Moody's Affirms Ba1 CFR, Outlook Stable

P U E R T O    R I C O

ACEMLA DE PUERTO RICO: Taps Weinstein-Bacal as New Counsel

                            - - - - -


BOLIVIA: To Get $79MM-IDB Loan for Water & Sanitation Services
Bolivia will launch in 2020 a project to expand and improve
drinking water and sanitation services with help from a $79
million loan approved by the Inter-American Development Bank's
Board of Directors.

The project seeks to improve environmental and health conditions
for people living in cities with 2,000 to 20,000 residents by
providing more and better-quality potable water and sanitation
services. The program will be executed by the ministries of
Environment and Water, and Planning and Development.

The program will benefit 44,000-plus households in mid-sized
cities throughout the country. These communities, which have
historically lagged behind in terms of basic services, are now at
the center of the Bolivian government's development plans.

The IDB-funded project covers the whole lifecycle of the program,
from feasibility studies to final design to physical
infrastructure execution. The latter comprises building,
refurbishing, and/or replacing and enhancing drinking water
systems and sewerage networks as well as construction of
wastewater treatment plants and other sanitation solutions.

The program also includes environmental management and community
organization arrangements to ensure social control and execution
of both the projects and service supply. To this end, sanitation
and environment education workshops will be held, with a
particular focus on women's participation. This component includes
promoting community involvement in construction and maintenance of
sanitation solutions that are best suited to their social and
geographic environments.

International experience has shown that women play a key role in
this subject due to their involvement in the use of water at home
and in the oversight and promotion of good hygiene habits. Water
and sanitation projects designed and operated with women's
participation are more effective and sustainable.

The execution stage will also favor a multicultural approach,
taking into consideration that most of the beneficiaries are
indigenous peoples -- a segment of the Bolivian population that
lags behind by up to 30 percent in terms of drinking water and
sanitation services.

The loan will be disbursed over a five-year period, with a 19.5-
year repayment term, a grace period of up to 12.5 years, and a
LIBOR-based interest rate.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Fitch Ratings has affirmed Bolivia's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook.

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: 6.3% Growth is Region's Highest, ECLAC Says
Dominican Today reports that the Economic Commission for Latin
America and the Caribbean predicted that Dominican Republic's
economy will grow 6.3 percent this year, the highest in the entire
region, EFE reports.

The report notes that the agency said the economies of Latin
America and the Caribbean will close 2018 with a weak average
growth of 1.2%, one tenth less than the 1.3% posted in 2017, in
the context of a "complex global scenario."

In its preliminary balance of the region's economies for 2018,
ECLAC notes that growth weakened this year in both South America,
from 0.8% in 2017 to 0.6% this year, as in Central America, Cuba
and Haiti (3.4% to 3.2%), the report says.

In the Caribbean, meanwhile, recovery after the impact of natural
disasters in 2017 contributes to an acceleration of growth, from
0.2% last year to 1.9% in 2018, the report discloses.

At the country level:

  -- Dominican Republic 6.3%,
  -- Antigua and Barbuda 5.3%,
  -- Grenada 5.2%,
  -- Bolivia 4%,
  -- Panama 4.2%,
  -- Paraguay 4.2%,
  -- Chile 3.9%,
  -- Peru 3.8%,
  -- Honduras 3.7%,
  -- Guyana 3.4%,
  -- Saint Vincent and the Grenadines 3.2%,
  -- Costa Rica 3%.
  -- Guatemala (2.9%),
  -- Bahamas (2.5%),
  -- St. Lucia (2.5%),
  -- El Salvador (2.4%),
  -- Mexico (2.2%),
  -- Belize (2.2%),
  -- Saint Kitts and Nevis (2.1%),
  -- Uruguay (1.9%),
  -- Suriname (1.9%),
  -- Trinidad and Tobago (1.9%),
  -- Jamaica (1.5%),
  -- Haiti (1.4%),
  -- Brazil (1.3%),
  -- Cuba (1.1%); and
  -- Ecuador (1%).

On the other range of the scale figure Venezuela with a 15%,
Dominica with a 4.4% drop, Argentina 2.6% and Barbados 0.5%.

For 2019, ECLAC forecasts a scenario of "greater uncertainties,
coming from different front," 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.


HONDURAS: To Boost Emergency Health Care With $53MM-IDB Loan
The Inter-American Development Bank has approved a $53.8 million
loan to build a new hospital in Honduras that will improve trauma
and emergency care services both in the capital Tegucigalpa and
the central-southeast region of the country. Through the
construction of this hospital and an improvement in health care
services, the plan will boost living standards and enhance care
for patients with external injuries, in addition to easing the
workload at the University Hospital.

Injuries with an external cause (triggered mainly by traffic
accidents and stabbing and gunfire wounds) are now one of the main
public health problems in Honduras. They have become the main
cause of Years of Life Lost due to premature death, followed by
chronic illnesses such as cerebrovascular diseases, diabetes, high
blood pressure and complications in childbirth and with newborns.
Externally caused injuries are now the second most frequent reason
for people being hospitalized and cared for in public hospital
emergency rooms and one of the main causes of disability.

The health care system in Honduras suffers from structural
problems such as a shortage of hospital beds and medical staff.
The number of beds is 0.8 per 1,000 inhabitants, below that of
other countries in the region such as Costa Rica (1.2), El
Salvador (1) or Panama (2.2). The number of doctors and nurses is
also below the regional average, at 10 and 3.8 respectively per
10,000 inhabitants, compared to the Latin American average of 17.6
physicians and 14.3 nurses. Furthermore, the infrastructure of the
public health care system needs improvements and the number of
hospital beds has barely budged over the past 25 years.

This project will finance the construction of a new trauma
hospital to fill the gap of 150 beds needed to care for patients
with this kind of injury in Tegucigalpa and the central-southeast
part of the country. It is an alternative that would cost less
than enlarging the existing University Hospital.

What is more, in order to enhance the network of hospitals in the
central-southeast part of the country, the initiative will finance
the implementation of telemedicine systems including
telediagnosis, teleconsultations, and the reading and discussion
of diagnoses with images presented by radiology specialists.
There will also be an automated system to record patient care, e-
case files, electronic prescriptions, a system of electronic
monitoring of ambulances and development of devices to manage
hospital beds and surgery waiting lists.

The loan totals $53.8 million, of which $32.2 million come from
the regular ordinary IDB capital over 25 years, with a grace
period of five and a half years and an interest rate pegged to the
Libor. The other $21.5 million come from concessional ordinary
capital to be paid back over 40 years, with a grace period of 40
years and an interest rate of 0.25%.

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


UC RUSAL: Paulwell Glad Sanctions on Firm to be Lifted in January
RJR News reports that opposition spokesman on Mining Phillip
Paulwell has welcomed news that US sanctions on Windalco Alumina
Plant's parent company, UC Rusal, are to be lifted in January.

He said U.S. banks which were hesitant to do business with
Windalco out of fear of being penalized, should no longer have a
problem engaging with the entity, according to RJR News.

UC Rusal owns Windalco's plants at Ewarton in St. Catherine and
Kirkvine in Manchester, the report notes.

The U.S. Treasury will lift sanctions on UC Rusal after the
company indicated that it will restructure to reduce the amount of
its shares owned by its former Chairman Oleg Deripaska, the report

In April, the U.S. Treasury imposed sanctions on Rusal's Chairman
and his companies, prompting turmoil in global aluminum markets,
the report discloses.

UC Rusal is the world's second largest aluminum producer.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2018, Fitch Ratings revised the Rating Watch on
Russia-based aluminium company United Company Rusal Plc's Long-
Term Issuer Default Rating (IDR) of 'BB-', Short-Term IDR of
'B' as well as Rusal Capital D.A.C.'s senior unsecured rating of
'BB- '/'RR4' to Negative from Evolving. Fitch simultaneously
withdrew all the ratings.


GOODYEAR TIRE: Fitch Affirms 'BB' LT Issuer Default Rating
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings of
The Goodyear Tire & Rubber Company (GT) and its Goodyear Dunlop
Tires Europe B.V. subsidiary at 'BB'. In addition, Fitch has
affirmed the 'BB+'/'RR1' ratings on GT's secured revolving credit
facility and second-lien term loan and on GDTE's secured revolving
credit facility. Fitch has affirmed GT's senior unsecured notes
rating at 'BB'/'RR4' and GDTE's senior unsecured notes rating at

GT's ratings apply to a $2 billion asset-based revolving credit
facility, a $400 million second-lien term loan and $3 billion in
senior unsecured notes. GDTE's ratings apply to a EUR550 million
secured revolving credit facility and EUR250 million in senior
unsecured notes.

The Rating Outlooks for GT and GDTE are Stable.


GT's ratings reflect the tire manufacturer's relatively strong
margin performance, high brand recognition, globally diversified
manufacturing footprint and strong competitive position in the
higher-margin 17-inch-and-above tire segment. These positive
factors are set against a backdrop of recently elevated financial
leverage, heavy industry competition, highly seasonal cash flow
variability and high sensitivity to raw material prices. Following
five years of declining revenue due to a combination of product
rationalizations, lower commodity prices, the deconsolidation of
its Venezuelan operations and the dissolution of its alliance with
Sumitomo Rubber Industries, Ltd., revenue turned a corner and rose
modestly in 2017 and continued to rise through the first three
quarters of 2018. GT's tire volumes have also turned positive over
the past several quarters, following several years of volume

Although the recent revenue improvement is a positive sign, it has
been accompanied over the past year by much higher raw material
costs and challenging competitive conditions, which have resulted
in lower margins and earnings. Over the intermediate term, Fitch
expects stronger industry pricing, higher replacement tire demand
in emerging markets and increased high-value tire production from
GT's new plant in Mexico will drive improved earnings and FCF,
which will provide the company with opportunities for further
credit profile improvement. However, the company's performance is
likely to remain challenged over the next several quarters,
resulting in weaker credit protection metrics than Fitch had
previously expected. The Stable Outlook is based on Fitch's
expectation that over the intermediate term, GT's credit metrics
will strengthen back toward levels seen a couple years ago.

A steep increase in commodity prices that began in 2017 and
persisted through much of 2018 increased GT's overall costs, while
competitive market dynamics challenged the company's ability to
fully pass through the higher costs to customers. Although the
company initially saw a drop in volumes when it first tried to
increase prices in mid-2017, it appears to have found a
combination of pricing and product mix that has resulted in
improved volumes, but margins remain under pressure. GT estimates
that its raw material costs will increase by $270 million (or 6%)
in 2018 following a $725 million (or 19%) increase in raw material
costs for the full year of 2017. On a positive note, persistently
elevated commodity costs now appear to be driving the global
industry to raise prices at a somewhat faster rate, which should
bode well for GT's ability to grow margins over the intermediate


Over the past several years, GT has allocated a substantial
portion of its post-dividend FCF toward share repurchases,
including $395 million in the 12 months ended Sept. 30, 2018.
However, Fitch expects that going forward, share repurchases will
be significantly lower as the company redoubles its focus on
achieving credit metrics more consistent with investment-grade
ratings. As such, Fitch expects the company to target more of its
post-dividend FCF toward debt-reduction opportunities over the
intermediate term, with a likely focus on higher-cost borrowings
that can be repaid without penalty.  Fitch expects GT to produce
positive annual post-dividend FCF over the intermediate term, with
FCF margins generally in the low-single digit range. Fitch expects
capital spending as a percentage of revenue to run at roughly 5.5%
over the intermediate term based on maintenance capital spending
needs, along with some growth and cost-savings projects. Post-
dividend FCF in the LTM ended Sept. 30, 2018 was $268 million,
equating to a 1.7% FCF margin.

Fitch's FCF calculation is adjusted for the effect of
period-to-period changes in off-balance sheet factored
receivables, which Fitch treats as financing cash flows. GT's FCF
still remains quite seasonal, with most of the company's cash
generation typically occurring in the fourth quarter, but the
magnitude of the intra-year positive and negative seasonal working
capital swings has moderated over the past several years.
Nonetheless, negative working capital at certain points during a
typical year will likely result in temporary increases in leverage
as the company borrows from its various global credit facilities
to meet short-term cash liquidity needs.


Fitch expects GT's gross EBITDA leverage, including off-balance
sheet factoring, to decline to the mid-2x range over the next
couple of years as the company focuses on strengthening its credit
profile and as EBITDA grows on slightly higher business levels and
continued solid profitability. Fitch expects funds from operations
(FFO) adjusted leverage to decline to around 4x over the same
period. Both leverage forecasts are somewhat higher than Fitch's
previous expectations, largely due to a higher reset in Fitch's
expectation for raw material costs, weaker than expected
conditions in the tire market in China, and industry competitive
dynamics.  GT's debt levels have also been running higher than
previously expected as the company slowed its debt-reduction
activities as FCF levels declined.

As of Sept. 30, 2018, GT's actual EBITDA leverage, as calculated
by Fitch, was 3.3x and FFO adjusted leverage was 5.3x. Debt
(including off-balance sheet factoring) totaled $7.1 billion at
Sept. 30, 2018, up from $6.9 billion at Sept. 30, 2017. Included
in GT's debt at Sept. 30, 2018 was a total of $685 million in
borrowings on its primary U.S. and European revolvers, although
Fitch expects the company will repay a substantial portion of
those borrowings by year-end 2018. As such, Fitch expects EBITDA
leverage will decline to around 3.0x and FFO adjusted leverage
will decline toward 5.0x by year-end 2018. FFO was depressed in
the LTM ended Sept. 30, 2018, in part due to rationalization
payments and other non-recurring cash costs that resulted in
elevated FFO adjusted leverage.


The IDRs of GT and GDTE are equalized, given the strong operating
and legal ties between the two entities, including cross-default
provisions to GT's debt in certain of GDTE's debt agreements,
downstream guarantees from GT to GDTE, and certain covenants in
GDTE's debt agreements that are based on GT's consolidated
figures.  There are also strong operational ties, as GDTE's
operations are fully integrated with those of GT.

The ratings of 'BB+'/'RR1' on GT's and GDTE's secured credit
facilities, including the second-lien term loan, reflect their
substantial collateral coverage and outstanding recovery prospects
in a distressed scenario. The one-notch uplift from the IDRs of GT
and GDTE reflects Fitch's notching criteria for issuers with IDRs
in the 'BB' range. On the other hand, the rating of 'BB'/'RR4' on
GT's senior unsecured notes reflects Fitch's expectation that
recoveries would be average in a distressed scenario, consistent
with most senior unsecured obligations of issuers with an IDR in
the 'BB' range.

GDTE's EUR250 million 3.75% senior unsecured notes due 2023 have a
Recovery Rating of 'RR2', reflecting the notes' structural
seniority to GT's senior unsecured debt. GDTE's notes are
guaranteed on a senior unsecured basis by GT and the subsidiaries
that also guarantee GT's secured revolver and second-lien term
loan. Although GT's senior unsecured notes are also guaranteed by
the subsidiaries that guarantee its revolver and second-lien term
loan, they are not guaranteed by GDTE. The recovery prospects of
GDTE's notes are further strengthened relative to those at GT by
the lower level of secured debt at GDTE. However, the rating of
'BB' on GDTE's senior unsecured notes is the same as the rating on
GT's senior unsecured notes, reflecting Fitch's notching criteria
for issuers with an IDR in the 'BB' range. GDTE's credit facility
and its senior unsecured notes are subject to cross-default
provisions relating to GT's material indebtedness.


GT has a relatively strong competitive position as the
third-largest global tire manufacturer, with a highly recognized
brand name and a focus on the higher-margin 17-inch-and-above tire
category. However, the focus on these higher-margin tires led to a
decline in volumes and revenue for several years in the mature
North American and Western European markets. The company's
geographical diversification is increasing as a higher vehicle
sales and rising incomes in emerging markets lead to increased
demand for these higher-margin tires, particularly in the Asia
Pacific region.

GT's margins are roughly consistent with the other large
Fitch-rated rated tire manufacturers, Compagnie Generale des
Etablissements Michelin (A-/Stable) and Continental AG
(BBB+/Stable), but GT's leverage is considerably higher, as the
other two companies both maintain EBITDA leverage below 1x. GT's
leverage is more consistent with vehicle suppliers in the 'BB'
category, such as Meritor, Inc. (BB-/Stable), Delphi Technologies
PLC (BB/Stable) or Tenneco Inc. (BB-/Stable). GT's margins are
relatively strong compared to most 'BB' category issuers, but this
is tempered somewhat by heavier seasonal working capital swings
that lead to more variability in FCF over the course of a year.
FCF margins are also sensitive to raw material prices and capex
spending. Although GT's leverage is generally in-line with its
rating category and similarly rated peers, its focus on debt
reduction is likely to result in declining leverage over the
longer term.

No country-ceiling, parent/subsidiary or operating environment
aspects impact the rating.


Fitch's key assumptions within the rating case for the issuer

  -- Global tire industry demand grows modestly over the next
     several years on relatively stable OEM production and a
     higher number of global vehicles in use;

  -- GT's sales grow modestly over the next several years on
     modest global unit volume growth and favorable pricing and
     product mix;

  -- Capital spending runs at roughly 5.5% of revenue over the
     next several years;

  -- The company uses FCF to reduce debt over the 2018 through
     2021 time frame as it focuses on strengthening its balance

  -- Cash pension contributions run between $25 million and $50
     million per year over the intermediate term;

  -- The company generally maintains at least $800 million in cash
     on its balance sheet, with excess cash used primarily for
     debt reduction.


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

  -- Demonstrating continued growth in tire unit volumes, market
     share and pricing;

  -- Maintaining 12-month FCF margins of 2% or better for an
     extended period;

  -- Maintaining EBITDA leverage near 2.0x or lower for an
     extended period;

  -- Maintaining FFO adjusted leverage near 3.0x or lower for an
     extended period.

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

  -- A significant step-down in demand for the company's tires
     without a commensurate decrease in costs;

  -- An unexpected increase in costs, particularly related to raw
     materials, that cannot be offset with higher pricing;

  -- A decline in the company's consolidated cash below $800
     million for several quarters;

  -- Maintaining 12-month FCF margins to below 0.5% for a
     prolonged period;

  -- Maintaining gross EBITDA leverage above 3.0x for a sustained

  -- Maintaining FFO adjusted leverage to above 4.0x for a
     sustained period.


Fitch expects GT's liquidity to remain adequate over the
intermediate term. At Sept. 30, 2018, GT had $896 million in cash
and cash equivalents, augmented by about $2.1 billion in
availability on various global credit facilities. Credit facility
availability included about $1.6 billion in availability on the
company's primary U.S. and European revolvers. GT has no
significant debt maturities before 2020, although it had $445
million in short-term notes payable and overdrafts outstanding at
Sept. 30, 2018, as well as $338 million in other capital lease and
debt payments coming due over the next 12 months. In addition, the
company had $540 million in off-balance sheet factoring
outstanding at Sept. 30, 2018.

Based on its criteria, Fitch treats cash needed to cover seasonal
changes in cash flows and other cash obligations as "not readily
available" for purposes of calculating net metrics. Based on the
seasonality in GT's business, Fitch has treated $509 million of
GT's consolidated cash at Sept. 30, 2018 as not readily available.


Fitch has affirmed the following ratings with a Stable Outlook:

The Goodyear Tire & Rubber Company

  -- IDR at 'BB';

  -- Secured revolving credit facility at 'BB+'/'RR1';

  -- Secured second-lien term loan at 'BB+'/'RR1';

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

Goodyear Dunlop Tires Europe B.V.

  -- IDR at 'BB';

  -- Secured revolving credit facility at 'BB+'/'RR1';

  -- Senior unsecured notes at 'BB'/'RR2'.

MEXICO: Agree With US on Investment Plan For CentAm
EFE News reports that Mexican Foreign Secretary Marcelo Ebrard
disclosed a collaborative effort with the United States to funnel
billions of dollars of investment into southern Mexico and Central
America to improve economic development and discourage migration.

"The United States and Mexico commit to strengthen and expand our
bilateral cooperation to foster development and increase
investment in southern Mexico and in Central America to create a
zone of prosperity," he said, reading from a joint statement
issued by both governments, according to EFE News.

"We are committed to promoting strong regional economic growth,
good jobs, and expanded opportunity for all of our citizens," the
report quoted Mr. Ebrard as saying.

Mr. Ebrard said the statement represents a US endorsement of the
development plan that Mexican President Andres Manuel Lopez
Obrador signed hours after his Dec. 1 inauguration with the
leaders of El Salvador, Guatemala and Honduras, the report relays.

Those nations, collectively known as the Northern Triangle,
account for the lion's share of US-bound Central American
migrants, the report notes.

"The United States and Mexico will lead in working with regional
and international partners to build a more prosperous and secure
Central America to address the underlying causes of migration, and
so that citizens of the region can build better lives for
themselves and their families at home," he added.

He said that Washington is pledging "$5.8 billion in support of
institutional reforms, development, and economic growth in the
Northern Triangle from public and private sources," the report

Concerning the south of Mexico, Mr. Ebrard said that the Lopez
Obrador administration is planning to invest $25 billion in five
years, the report notes.

The foreign secretary said a meeting of senior officials from both
governments by the end of January 2019 to evaluate the new project
and create a strategy, the report adds.


FERREYCORP SAA: Moody's Affirms Ba1 CFR, Outlook Stable
Moody's Investors Service affirmed Ferreycorp S.A.A.'s Ba1
corporate family rating and the Ba1 rating on its 4.875% USD300
million Senior Guaranteed Notes due 2020. The outlook is stable.

Rating Actions:

Issuer: Ferreycorp S.A.A.

  Corporate Family Rating: affirmed at Ba1

  Senior Unsecured global notes due 2020: affirmed at Ba1

The outlook is stable.


The affirmation of Ferreycorp's Ba1 ratings reflect the company's
solid credit profile and its long track record of stable operating
performance, as evidenced by the company's well-balanced business
between new unit sales and spare parts and services. The ratings
are supported by the company's status as Caterpillar Inc.'s (CAT,
rated A3, stable) sole distributor in Peru, Guatemala, El Salvador
and Belize, which has helped the company to maintain its leading
market positions in the construction and mining segments. Partly
offsetting these strengths are Ferreycorp's concentration of cash
flows in the cyclical construction and mining industries, and an
aggressive capital expenditures program which is expected to
result in negative free cash flow over the near term.

Ferreycorp's ratings are mainly constrained by the company's
aggressive liquidity management, with a high concentration of debt
in the short term. During 2016, the company raised additional
short term lines to cancel a portion of its 4.875% USD 300million
notes due 2020; although the transaction aimed for a reduction in
interest expenses, it also further weakened its liquidity
position. Accordingly, cash on hand would cover only 6.9% of short
term debt as of September 2018.

Moody's rating and stable outlook incorporate the expectation that
Ferreycorp's cash coverage of short term debt will improve to at
least historical averages of around 20%-30% during the next few
months. Although Moody's recognizes the company's solid
relationships with local banks and expect an improvement in its
business performance in 2019, Moody's believes that a tight
liquidity exposes it to unexpected market events and materially
reduces its financial flexibility.

Ferreycorp's operating performance should be benefited from the
attractive fundamentals of the Peruvian mining and construction
markets expected for the upcoming years. As a result of the
significant mining and infrastructure projects expected in Peru,
Moody's estimates revenue growth of about 4-5% and an aggressive
capital expenditures program around USD 120 million over the 2018-
2020 period, mostly directed to key structural projects, namely
Mina Justa and Quellaveco.

The stable outlook reflects our expectation that the company's
liquidity profile will improve over the next few months amidst a
more favorable business environment.

The ratings or outlook could suffer negative pressure should its
liquidity remain weak over the next 12 months. Quantitatively,
Ferreycorp's rating could come under downward pressure if its
adjusted debt to EBITDA ratio moves above 4.0 x (3.2x as of the
last twelve months ended September 30 2018) or if its EBITA to
interest expense drops below 2.5x (6.4x as of the last twelve
months ended September 30 2018).

Upward rating pressure could emerge if the company were to
substantially increase its size and diversification while
maintaining its solid market position in its key markets together
with a substantial improvement in its liquidity profile.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Headquartered in the city of Lima, Peru, Ferreycorp S.A.A. is
Caterpillar Inc.'s sole distributor in Peru, Guatemala, El
Salvador and Belize. The company also distributes products under
Massey Ferguson, Kenworth, Iveco, Yutong, Terex, Kepler Weber,
Atlas Copco, Sullair and Zaccaria brand names. Ferreycorp has
operations in Peru which represent 82% of revenues with the
balance coming mainly from Guatemala, El Salvador and Belize. For
the last twelve months ended September 30 2018, Ferreycorp
reported revenues and EBITDA of PEN4.973 million (USD1,506
million) and PEN550 million (USD166 million), respectively.

P U E R T O    R I C O

ACEMLA DE PUERTO RICO: Taps Weinstein-Bacal as New Counsel
ACEMLA De Puerto Rico Inc. and Latin American Music Co., Inc.,
seek approval from the U.S. Bankruptcy Court for the District of
Puerto Rico to hire Weinstein-Bacal, Miller & Vega, P.S.C. as
their new legal counsel.

Weinstein-Bacal will substitute for Gratacos Law Firm, P.S.C., the
firm initially hired by the Debtors to represent them in their
Chapter 11 cases.

The firm will charge these hourly fees:

     Stuart Weinstein-Bacal          $450
     Peter Miller                    $200
     Javier Vega-Villalba            $200
     Myriam Ocasio Arana             $175
     Associate Attorneys             $175
     Paralagels/Law Clerks        $50 - $100

The firm's attorneys and employees are "disinterested" as defined
in section 101(14) of the Bankruptcy Code, according to court

Weinstein-Bacal can be reached through:

     Stuart A. Weinstein-Bacal, Esq.
     Peter W. Miller, Esq.
     Javier A. Vega-Villalba, Esq.
     Myriam Ocasio Arana, Esq.
     Weinstein-Bacal, Miller & Vega, P.S.C.
     Gonzalez-Padin Building - Penthouse
     154 Rafael Cordero Street, Plaza de Armas
     Old San Juan, PR 00901
     Telephone: (787) 977-2550
     Telecopier: (787) 977-2559

                 About ACEMLA de Puerto Rico Inc.

ACEMLA de Puerto Rico Inc. is one of the four "Performance Rights
Organization" (PRO), in the United States and No. 76 in the CISAC
world roster.  It controls and licenses LAMCO's non-exclusive
performance rights and those of its affiliate music publisher's
editors and composers.  This institution was created to defend the
Latin composer's rights in the United States and the world, and it
is as such that in 1985, by an appeal presented before the highest
federal court in this country, against a decision of the Copyright
Royalty Tribunal against ASCAP, BMI and SESAC, is successful, and
since then ACEMLA operates as the fourth society, or a performance
Rights Society (PRO), in the United States.

ACEMLA de Puerto Rico Inc. and Latin American Music Co Inc. filed
Chapter 11 petitions (Bankr. D.P.R. Case Nos. 17-02021 and
17-02023) on March 24, 2017.  In its petition, ACEMLA estimated
assets of less than $500,000 and liabilities of $1 million to $10
million.  LAMCO estimated assets and liabilities of less than $1

The Hon. Enrique S. Lamoutte Inclan presides over the cases.

Gratacos Law Firm, PSC, serves as bankruptcy counsel.


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.
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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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