TCRLA_Public/190102.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

               Wednesday, January 2, 2019, Vol. 01, No. 1



ENJOY SA: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Sets 2019 Target on Work Intensity
* DOMINICAN REPUBLIC: 7% Growth in GDP, Central Bank Says

E L  S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B-/B' ICRs, Outlook Stable
EL SALVADOR: S&P Raises Sovereign Credit Ratings to 'B-/B'


* MEXICO: Creates Free Zone on US Border to Win Investment


CORPORATION AZUCARERA: Fitch Cuts LT IDR to B+, Outlook Stable

P U E R T O    R I C O

MONITRONICS INTERNATIONAL: Terminates Existing Exchange Offers

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Growth Slackens in Third Quarter


VENEZUELA: Objects to Caricom Position

                            - - - - -


ENJOY SA: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
S&P Global Ratings affirmed its 'B' issuer credit and debt ratings
on Chile-based gaming company Enjoy S.A.

S&P said, "The stable outlook reflects our expectation that
Enjoy's increasing cash flows will lead to debt to EBITDA of 3.5x-
4.5x, funds from operations (FFO) to debt of 12%-16%, and EBITDA
interest coverage of 2x-3x in the next few years.

"The affirmation reflects our expectation of higher cash flows
starting in 2019, compensating for the relatively weaker-than-
expected 2018 results due to weak Uruguayan operations and one-
time higher expenses related to the consultant firm Enjoy hired.
The company is currently implementing measures to support revenue
growth and improve operating efficiency, and we expect lower
interest expenses due to its recent debt refinancing."

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Sets 2019 Target on Work Intensity
Dominican Today reports that the administrative minister of the
Presidency, Jose Ramon Peralta, affirmed that the primary purpose
of the Dominican Republic government throughout 2019 will be to
maintain the intensity of work to continue offering welfare to the

Mr. Peralta said, Dominican Today relates, the most vulnerable
sectors of Dominican society remain the center of attention of
President Danilo Medina's administration. "And will be so through
the next year and on for the duration of the administration," he

He maintained that this dedication to work since August 16, 2012,
is what has turned the Dominican Republic into the country with
the highest economic growth in Latin America and the most
attractive for foreign investments, to the point that this year
they surpassed US$3.5 billion, the report relays.

                    China and EU Relations

Regarding the diplomatic and trade relations with the People's
Republic of China and the United States, Peralta assured that they
proceed correctly and respectfully, the report notes.  He pointed
out that in the case of the Chinese, much progress has been made
since they formalized the first of May of this year and that with
the Americans, they are at their best in history, the report says.

Indications from China suggest that there will be essential
demands of Dominican products such as mangoes, avocados, rums, and
coffee, among others, "opening a potential market of about 1.3
billion consumers," the report relays.

Another important aspect of relations with the People's Republic
of China, he added, is that investments from that country are soon
to be finalized and will soon be announced, the report notes.  He
informed that before the establishment of relations with that
nation, the Government sought and obtained the consensus of the
main political leaders and the Dominican business community, the
report says.


The Administrative Minister of the Presidency also highlighted the
creation of an export culture as one of the great achievements
this year in the Dominican Republic, after highlighting the
increase of that line by more than 9%, the report discloses.

He said that undoubtedly, it was a transcendent step that the
Dominican exports exceeded US$11 billion, about US$1 billion and
almost 9% over those registered in 2017, the report says.

                Extension of Puerto Manzanillo

Mr. Peralta revealed that the government has just received a study
commissioned to carry out the expansion of the port of Manzanillo,
in the province of Monte Cristy, the report notes.  He said that
there is interest in developing this project given the strategic
importance for the perspective of economic development of the
country, the report relays.

He noted that in fact, investments from several countries have
shown willingness to invest in the expansion and modernization of
the Manzanillo port, 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: 7% Growth in GDP, Central Bank Says
Dominican Today reports that the governor of the Central Bank,
Hector Valdez Albizu, reported that the monthly indicator of
economic activity (IMAE) reveals that the Dominican economy is
closing this year 2018 with a 7% growth in the gross domestic
product (GDP), according to preliminary figures.

In a press conference at the Central Bank, Valdez Albizu said that
the behavior of the economy shows that it is growing above
potential. December is expected to close with a growth of 7.1% and
inflation of 1.3%, well below the Central Bank's target range of
4.0% (+/- 1.0%), according to Dominican Today.

The official stressed that the growth achieved in the country's
economy is due to demand, the report relays.  Because of the gains
achieved in private sector activities, not because of indebtedness
as some economists and businessmen have pointed out, and
emphasized that this was demonstrated by the manufacturing
behavior that the monthly index of manufacturing activity grew by
64.1%, a figure that corroborates this theory, the report

He explained that December is expected to close with a growth of
7.1%, reflecting the continued regional leadership throughout
Latin America and that the Dominican economy is probably the
second fastest growing worldwide, by 7% or more, the report notes.

He highlighted the expansion of the construction sector, which has
a multiplier effect on the high demand and use of construction
materials such as rods, cement, paints, metal structures, among
others, the report says.

Sectors that made most substantial gains were: communication, with
an increase of 11%, construction 10.6%, free zone 9.1%, health
8.8%, trade 8.5%, financial services 7.9%, agriculture 6.5%,
transport and storage 6.5%, local manufacturing 6%, energy and
water 5.7%, hotels, bars and restaurants 5.6%, in terms of added
value, were the sectors that sustained the growth of the economy
in 2018, explained the governor of the BCRD, the report says.  All
these activities together represent 90.6% of GDP, the report

"This year has been virtuous, wonderful, in economic terms," said
Governor Valdez Albizu, the report discloses.

He further pointed out that on "Black Friday" Dominicans spent RD
$ 4.8 billion with credit cards and now with Christmas and
purchases on the Day of Kings, the trade will be activated more,
which shows that the economy is showing the results of vibrant
economic activity, "because spending stimulates an investment in
employment and this generates growth," the report notes. And
that's why he said that "boroneo" is important, which he has
always pointed out for three years because when "it is 'boroed'
downwards, the effect is much greater," he added.

                         Regional Behavior

At the local level, the projections are that Panama would grow in
2018 by 4.6%, Paraguay 4.4%, Bolivia 4.3%, Bolivia 4.1%, Chile 4%,
Honduras 3.5%, Costa Rica 3.3%, Colombia 2.8, El Salvador 2.8,
Mexico 2.5%, Uruguay 2.2%, Brazil 2.0%, Ecuador 1.4%, Argentina -
2.6%, and Nicaragua -4%, so the average growth in Latin America
would be 1.2%, according to the International Monetary Fund and
the Republic The Dominican Republic is closing with a preliminary
increase of 7%, explained Valdez Albizu, the report notes.


Performance in 2018

-- The monthly index of economic activity registered an increase
of 7.2% in November and 7.1% in October-December, according to
preliminary figures.

-- The average growth of the Dominican economy is the highest in
the Latin American region.

-- End of the year Inflation would be around 1.3%, after 11
consecutive weeks of a decrease in the price of fuel.

-- International reserves reach US $ 7.2 billion, equivalent to
4.1 months of imports.

-- Currency entry would close the year around US $ 30 billion.


Banca has $ 2,000 MM Valdez Albizu said that it is a myth -- an
"urban legend" that there is a restriction in the supply of
dollars in the economy, the report notes.  A pivotal agent called
the bank offering close to US$100 million and just for the month
of December the arrival of 650,000 tourists is expected and those
people come with dollars, 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.

E L  S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B-/B' ICRs, Outlook Stable
S&P Global Ratings affirmed its 'B-' long- and 'B' short-term ICRs
on Banco Agricola S.A. The outlook on the bank is stable. At the
same time, S&P revised Banco Agricola's SACP to 'bb-' from 'b+'.

S&P said, "Despite the changes to El Salvador's BICRA, we're
affirming our 'B-/B' ICR on Banco Agricola. Although the bank's
SACP remains above the sovereign rating, we rarely rate financial
institutions above the long-term sovereign rating because we
believe that during sovereign stress, regulatory and supervisory
powers may restrict the bank's financial flexibility.
Additionally, Banco Agricola's ICR remains unchanged, despite the
upward revision of the anchor for banks operating in El Salvador.
We forecast that Banco Agricola's average risk-adjusted capital
(RAC) ratio will be 6.9% for 2018-2019. The bank's RAC will remain
moderate since Banco Agricola had higher-than-expected loan
portfolio growth, which, in addition to a high dividend payout
policy, offset the improvement in economic risk."

The ratings on Banco Agricola are also supported by its sound
business position as a leader in El Salvador's banking industry,
where it's the largest bank with solid business lines and a
consolidated market share. Banco Agricola's RAC ratio is still
moderate -- S&P forecasts it to be around 6.9% on average during
2018-2019. The ratings also reflect the bank's healthy and stable
asset quality metrics compared to its peers, as well as its
growing and pulverized deposit base that constitutes its main
source of funding, and its adequate liquidity.

S&P said, "We revised our BICRA score on El Salvador (B-/Stable/B)
to group '8 from '10', reflecting the Salvadoran government's
expected ability and willingness to comply with future
amortization on external debt, as indicated by the congressional
approval of the refinancing of the $800 million Eurobond due in
December 2019. The revision also reflects our view that the debt
trajectory has stabilized after the lower fiscal deficits that we
expect to remain over the next three years. We now perceive
moderate vulnerability in terms of El Salvador's external debt
position. This was reflected on an improvement on the economic
risk to '9' from '10'.

"On the other hand, we improved our industry risk score to '7'
from '8'. This improvement reflects that the sovereign is no
longer under financial distress, and therefore, we perceive less
pressure for the banking system's funding.  As a result of the
stronger economic and industry risk scores, we revised the anchor
for banks operating in the country to 'b+' from 'b'."

EL SALVADOR: S&P Raises Sovereign Credit Ratings to 'B-/B'
S&P Global Ratings, on Dec. 28, 2019, raised its long- and short-
term sovereign credit ratings on the Republic of El Salvador to
'B-/B' from 'CCC+/C'. The outlook is stable. S&P's 'AAA' transfer
and convertibility (T&C) assessment is unchanged.


S&P said, "The stable outlook reflects our expectation of
consistently moderate fiscal deficits and stable debt levels,
along with consistent, albeit moderate, economic growth in next
three years.

"Faster-than-expected economic growth and a stronger fiscal and
external stance that ultimately reflects in declining debt levels
could lead us to raise the ratings within the next 12 to 24

"In contrast, we could lower the ratings if its economic
performance deteriorates significantly, so that its GDP per capita
grows less than 1.5% annually, along with fiscal deficits
consistently above 4% of GDP, and if the country faces additional
challenges in accessing external financing in the next 12 to 24


The upgrade reflects the Congressional approval of new external
debt to cover the $800 million eurobond coming due in December
2019. The approval was in tandem with the 2019 budget approval,
which includes additional financing requirements to comply with
other debt maturities and interest payments.

S&P said, "The upgrade also reflects our view that the correction
to the general government deficits and the stabilization of El
Salvador's debt level over the last two years will continue
through 2021.

"El Salvador's limited monetary flexibility (fully dollarized
economy) and its vulnerability as a small and open economy, highly
dependent on external financing, are also incorporated in our
ratings, as are the limited contingent liabilities arising from
its stable banking system."

Flexibility and performance profile: Lower fiscal and external
deficits should keep financing requirements moderate over the next
three years

-- Ongoing fiscal correction will keep the change in general
    government debt below 3% of GDP and interest payments below
    15% of general government revenues in 2019-2021, on average.

-- S&P expects current account deficits (CADs) to remain
    moderate, keeping external financial requirements at current

-- Dollarization should continue to lead to low inflation rates
    in the coming years.

The Fiscal Responsibility Law (FRL)--enacted in November 2016--and
the approval of the pension reform last year enabled El Salvador
to consolidate its fiscal correction. For this year, S&P is
forecasting a general government deficit of 2.7%, down from 4.4%
in 2013, which should remain below 3% of GDP, on average, up to

S&P said, "We are assuming the rate of general government revenue
growth will be similar to nominal GDP growth, as the government
has ruled out tax increases ahead of the election cycle early next
year. Moreover, we are assuming a moderate increase in
expenditures as the government is committed to complying with the
FRL that caps expenditures for wages and goods and services."

Overall, El Salvador's fiscal flexibility will continue to be
limited, which, along with the very restricted monetary
flexibility, remains a fundamental limitation to its credit
quality. Significant shortfalls in basic services and
infrastructure constrain the government's ability to reduce its
expenditures, while a large informal economy limits its ability to
raise additional revenues.

"Following moderate fiscal deficits, we forecast net general
government debt to stay around 66% up to 2021--where it has been
over the last two years. Unlike previous years, this implies a
change in general government debt below 3% of GDP over the same
period. The debt burden had risen in recent years, largely because
of the need to fund obligations of the pension system,
highlighting the importance of the pension reform approved last

"As of September 2018, 30% of its debt -- excluding debt to
pensions -- is with multilateral institutions while 51% is bond
issuances. Most of it is external (74%), with internal debt
consisting of short-term loans (LETES) and long-term special bonds
(CIPs). LETES represented a moderate 5.8% of total debt. Interest
payments increased to 13.6% of general government revenues in
2017, from 12.8% a year before. This increase partially reflects
the liquidity pressures and default that the sovereign went
through in 2017. S&P expects this ratio to stay broadly stable now
that Congress has approved the rollover of its debt maturing in

S&P said, "Externally, El Salvador's position has also improved.
In 2018, we expect a CAD of 2.2% of GDP, balancing higher oil
prices with remittances growth. This compares positively with the
CAD of close to 4% of GDP, on average, over the previous five
years. We expect relatively higher CADs in the next three years as
a result of likely less dynamic remittances. Our forecast also
incorporates U.S. growth of about 3% that would continue to
benefit the country's exports.

"Over the next three years, the CAD will be partly funded by
foreign direct investment (FDI), which may remain around 1.2% of
GDP. We expect that El Salvador's gross external financing needs
will remain stable around 100% of current account receipts and
usable reserves, while its narrow net external debt will stay
around 82% of its current account receipts."

Overall, the government's high debt burden continues to expose the
sovereign to potentially adverse shifts in market sentiment, in
particular given the importance of Eurobond maturing in 2019.
Relatively low FDI has led to reliance on external debt to fund
the country's persistent CAD.

S&P said, "The country moved to full dollarization in 2001, and we
believe this will continue in the coming years. This supports our
'AAA' T&C assessment, as well as our opinion that the sovereign
would not restrict dollar outflows by private parties to make
debt-service payments. While we expect that dollarization
continues to lead to low inflation rates, the inflexible monetary
regime has not helped to promote growth and investment.

"We assess El Salvador's banking system in our Banking Industry
Country Risk Assessment (BICRA) group '10'. (BICRAs are grouped on
a scale from '1' to '10', ranging from what we view as the lowest-
risk banking systems [group '1'] to the highest-risk [group
'10'].) We believe that the banking system and the public-sector
enterprises pose a limited contingent liability to the sovereign.
El Salvador has a relatively small state-owned enterprise sector,
thanks to privatization the sovereign implemented in previous

Institutional and economic profile: Economic growth remains weak
as political stalemate and crime hurt investment

-- The historically polarized political environment could be
    changing with the emergence of new political figures.

-- Uncertainty about the government's ability and willingness to
    comply with its financial obligations has eased.

-- GDP per capita growth could reach close to 2% in the next two

The ruling political party, Frente Farabundo Marti para la
Liberacion Nacional (FMLN), has little common ground with El
Salvador's other major party, the Alianza Republicana Nacionalista
(ARENA), which has led to political gridlock and has damaged
government effectiveness in the past. In April 2017, the sovereign
defaulted following Congress denying to approve a budget
reallocation to cover payments owed to the country's private
pension funds (certificates for pension investments, or CIPs).
However, this situation might be changing with the emergence of
new political figures.

A competitive presidential election in February 2019 could
incentivize major political parties to cooperate with the next
administration and among one another, especially in FMLN, whose
candidate is doing poorly in the presidential polls and now has a
weaker position in Congress. In the last Congressional election,
in March 2018, ARENA strengthened its position by two seats to a
total of 37 seats, while the FMLN lost eight seats to end with 23
seats. The FMLN also lost its veto power -- it needed to hold at
least 28 seats (one-third of Congress) to maintain veto power.

With Congress approving the refinancing of the $800 million
eurobond due in December 2019, the sovereign is now allowed to
access external financing next year, easing uncertainty about its
ability and willingness to pay. The approval should also help
increase investor confidence over the next few years.

S&P said, "We expect GDP growth to hover around 2.3% this year,
the same as in 2017. Resolution of the default last year
mitigated, to a great extent, the effect on investors' confidence,
as shown by increased FDI that continued growing this year. For
the next three years, we are forecasting a slightly stronger
economic performance. On a per capita basis, this would translate
to growth of close to 1.9%, on average, up to 2021. El Salvador's
GDP per capita would surpass $4,000 at the end of this year."

Historically low GDP growth has been fueled by low investment,
high emigration, weak competitiveness, and political gridlock. On
the other hand, private consumption is underpinned by remittances
growth that in 2017 accounted for 21% of GDP. As a small and open
economy, El Salvador's performance is closely linked to the U.S.
because close to 50% of its exports go to that country. Also,
about one-third of its population has moved to the U.S.

El Salvador continues to rank poorly on the Human Development
Index, and over the last year, it has fallen to 121 from 117 (out
of 188 countries). El Salvador falls under the "medium human
development" category, signaling significant shortfalls in basic
services and infrastructure.

Raising potential growth in coming years will require reforms to
foster competitiveness and investment, supported by measures to
reduce crime. Job creation through more dynamic economic activity
is essential to tackle the large informal sector, which represents
about 70% of the working-age population, according to the
International Monetary Fund.

Relative to a year ago, termination of the Temporary Protected
Status (TPS) and massive deportations is now less likely because a
U.S. local court ruled against such termination. There are about
195,000 Salvadorians currently benefiting from TPS, accounting for
around 16% of the Salvadorian migrant population in the U.S.

S&P's seen progress made on tackling corruption in the country.
The current attorney general imprisoned the former attorney
general as well as El Salvador's former president Antonio Saca.
Still, El Salvador is poorly ranked in the Corruption Perceptions
Index from Transparency International. In 2017, its score
worsened, and it's now ranked at 112, out of 180 countries.

El Salvador's World Bank Ease of Doing Business ranking also
worsened in 2018, to 85 from 73 a year earlier (out of 190). The
main challenges are dealing with construction permits, protecting
minority investors, starting a business, and enforcing contracts.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track -- record and forecasts. The committee
agreed that "external risk" had improved. All other key rating
factors were unchanged. The chair ensured every voting member was
given the opportunity to articulate his/her opinion. The chair or
designee reviewed the draft report to ensure consistency with the
Committee decision.


  Upgraded; Outlook Stable
                                 To             From
  El Salvador
   Sovereign Credit Rating       B-/Stable/B    CCC+/Positive/C
   Senior Unsecured              B-             CCC+

  Ratings Affirmed

  El Salvador
   Transfer & Convertibility Assessment   AAA


* MEXICO: Creates Free Zone on US Border to Win Investment
EFE News reports that the government of Mexican President Andres
Manuel Lopez Obrador decreed the creation of a free zone along the
United States border as part of a project to win investment,
create jobs and reduce migration.

"It is a very important project for winning investment, creating
jobs and taking advantage of the economic strength of the United
States," Lopez Obrador said on his visit to Monterrey in the
northern state of Nuevo Leon, according to EFE News.

After signing the Tax Incentive Decree for the Northern Border
Region, Lopez Obrador said that this free zone will begin to
operate starting Jan. 1 on a strip of land 25 kilometers (15
miles) wide along 3,180 kilometers of the US border, the report

All through this strip, the government is reducing income taxes
from 30 percent to 20 percent and cutting the value-added tax from
16 percent to 8 percent, while boosting the minimum wage by 100
percent to 176 pesos ($8.80) and is making fuel prices the same as
in the United States, the report relays.

"It's going to be the biggest free zone in the world," President
Lopez Obrador said, adding that this project will inevitably
reduce migration, the report says.

He said the plan is to develop areas from south to north so
Mexicans can stay in their native lands because they have no need
to emigrate, the report discloses.  "Migration should be a choice,
not forced," he added.

As part of this plan, the Mexican president noted that his
government has begun to launch projects like planting a million
hectares (2 million acres) of fruit trees and timberland, which
will create some 400,000 jobs in the southeastern part of the
country, the report relays.

In that region, the Maya Train will be built with 1,500 kilometers
of tracks, for the development of five southeastern states, which
in turn implies a need for many more workers, the report notes.

Also in the works will be construction of the Dos Bocas refinery
in Tabasco state and the Isthmus of Tehuantepec railroad in the
states of Oaxaca and Veracruz, which will connect the Pacific
Coast with the Gulf of Mexico and give the country an alternative
to the Panama Canal, the president said, the report adds.


CORPORATION AZUCARERA: Fitch Cuts LT IDR to B+, Outlook Stable
Fitch Ratings has downgraded the Long-Term Foreign Currency and
Local Currency Issuer Default Ratings of Corporacion Azucarera del
Peru S.A. to 'B+' from 'BB-'. The senior notes were also
downgraded to 'B+'/'RR4' from 'BB-'. The Rating Outlook is Stable.

The downgrade reflects the company's weak and volatile performance
because of sugar price pressure and its continued reliance upon
shareholders to bolsters its weak liquidity position. Fitch
expects net debt/EBITDA to improve gradually after spiking in


Weak EBITDA Margin: Fitch expects Coazucar's EBITDA margin to
remain steady at about 15% in 2018 from 26% in 2016. The
performance is affected by lower sugar prices and imported sugar.
Production has been hurt by the drought affecting the north of
Peru and "El Nino Costero," which made harvesting difficult due to
the heavy rains in 2017. Coazucar divested its loss-making
operations in Argentina for a total amount of about USD26 million
(paid in seven years) in September 2018. Fitch expects a gradual
improvement of the group's profitability in 2019 thanks to
increased volumes, the ramp-up of sugar production from Agrolmos
and operating efficiency measures. Fitch does not expect Coazucar
to recover its historical EBITDA margins of around 40%.

Weak Metrics: Fitch expects Coazucar's leverage to peak in 2018 at
about 9.0x and then improve towards 4.5x in 2019. The increased
leverage is due to weaker EBITDA, which results in negative FCF
generation. Fitch expects credit metrics to improve in 2019 thanks
to lower capex that should reach about PEN 155 million in 2018
compared to PEN244 million in 2017, decreases imports sugar and
the ramp-up of the production at the Agrolmos mill.

Support from Shareholders: Fitch factors into the ratings the
financial support from Coazucar's shareholders, the Rodriguez
family. Coazucar's shareholders have injected capital into the
company to preserve its liquidity. In the first nine months 2018,
the shareholders injected PEN95 million in cash. Fitch expects
shareholders to continue to support the company financially due to
its poor cash flow. Other investments of the Rodriguez family
include Gloria S.A., the leading dairy company in Peru, and Yura
S.A., the leading cement producer in southern Peru.

Currency Risk: Coazucar is exposed to currency risk, and Fitch
estimates that about 66% of its debt is still mostly dollar-
denominated without any hedge against local currency depreciation.
About 46%of revenues are in U.S. dollars due to the group's
operation in Ecuador and contracts in U.S. dollar for exports and
refined sugar. The balance of the revenues are generated in Peru.
In this market, Coazucar's revenues follow the trend of the
dollar-denominated international prices of sugar, while its costs
are mainly in Peruvian Soles.

Product and Geographically Concentrated: The ratings incorporate
risks associated with product concentration in sugar, which
represented 86% of Coazucar's revenue as of September 2018 (YTD).
The remaining 14% is in alcohol and other by-products. The company
can now easily shift production from raw to refined white sugar
with the new plant. By nature, the sugar industry is volatile and
exposed to fluctuations in commodity prices and external factors
such as the El Nino phenomenon. Coazucar is geographically
concentrated in Peru, with about 74% of its revenues generated in
the country; it also has operations in Ecuador. EBITDA from
Peruvian operations accounted for 89% of the total EBITDA in 2017.


Coazucar's ratings reflect its dominant domestic position as the
largest sugar producer in Peru, with about 50% market share. The
company benefits from its proximity to owned sugarcane fields and
low dependence on third-party producers. This position enables the
company to price sugar in the domestic market at a high premium
compared with international prices, which is not the case for
other companies in the same sector rated by Fitch in Brazil.
Coazucar also benefits from the strong support of the Rodriguez

The rating is tempered by Coazucar's performance volatility and
weak credit metrics compared with other rated companies in the
sector, such as Jalles Machado S.A. (BB-/Stable).


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

  - Double-digit revenue decline;

  - Capex to sales of about 12%;

  - Debt/ EBITDA towards 9x in 2018;

  - Equity injection from shareholders to support liquidity.


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

  - Net leverage below 3.5x on a sustainable basis that improves
cash flow through the investment cycle;

  - Tangible support from the shareholder that improves liquidity.

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

  - Deterioration of liquidity;

  - Net leverage above 4.5x on a sustained basis;

  - Lack of support from the group's shareholder;

  - Negative FCF.


Fitch believes that a debt restructuring would likely occur under
a stress economic conditions and external shocks such as climatic
events or international commodity price pressure. Therefore, Fitch
has performed a going concern recovery analysis for Coazucar that
assumes that the company would be reorganized rather than

Key going-concern assumptions are:

  -- Coazucar would have a going-concern distressed EBITDA of
about PEN187 million. This figure takes into consideration factors
such as climatic events, production shutdown and low commodity

  -- A distressed multiple of 6x due to the exposure to the agri-
business sector and strong market share in Peru;

  -- A distressed EV of PEN1 billion (post 10% for administrative

  -- Total debt of about PEN1.7 billion.

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


Weak Liquidity: Coazucar's liquidity is weak. As of Sept. 30,
2018, the company had PEN51 million in cash and equivalents versus
short-term debt of PEN245 million. Fitch expects Coazucar's
shareholders to continue to support the company's liquidity. Of
total debt, 15% is short-term, as the USD243 million international
bonds is due in 2022.


Fitch has downgraded the following ratings:

Corporacion Azucarera del Peru S.A.

  -- Long-Term Foreign and Local Currency IDR to 'B+' from 'BB-';

  -- Senior unsecured debt to 'B+'/'RR4' from 'BB-'.

The Rating Outlook is Stable.

P U E R T O    R I C O

MONITRONICS INTERNATIONAL: Terminates Existing Exchange Offers
Monitronics International, Inc., has terminated each of (i) the
offer previously announced on Nov. 5, 2018 to exchange
Monitronics' 5.500%/6.500% Senior Secured Second Lien Cashpay/PIK
Notes due 2023 for validly tendered (and not validly withdrawn)
Monitronics' 9.125% Senior Notes due 2020 and (ii) the offer
previously announced on Dec. 11, 2018, to exchange New Notes for
Old Notes.

In conjunction with the termination of the Terminated Exchange
Offers, the related solicitations of consents by Monitronics to
certain proposed amendments to the indenture governing the Old
Notes have also been terminated.  Monitronics has executed a
supplemental indenture giving effect to the Proposed Amendments,
but the Proposed Amendments therein will not become operative.

Each of the Terminated Exchange Offers and Terminated Consent
Solicitations was set to expire at 11:59 p.m., New York City time,
on Jan. 10, 2019.  As a result of the termination of the
Terminated Exchange Offers, no Old Notes will be accepted for
purchase and no consideration will be paid or become payable to
holders of Old Notes who have tendered their Old Notes in either
of the Terminated Exchange Offers.  All Old Notes previously
tendered and not withdrawn will be promptly returned or credited
back to their respective holders.

D.F. King & Co., Inc. acted as the Exchange Agent and Information
Agent for the Terminated Exchange Offers and the Terminated
Consent Solicitations.  Holders of Old Notes with questions
regarding the termination of the Terminated Offers and Terminated
Consent Solicitations may direct such questions to D.F. King &
Co., Inc. by e-mail to or by phone at (212)
269-5550 (for brokers and banks) or (877) 674-6273 (for all

                          About Monitronics

Farmers Branch, Texas-based Monitronics International, Inc. -- provides residential customers and
commercial client accounts with monitored home and business
security systems, as well as interactive and home automation
services.  The Company is supported by a network of independent
Authorized Dealers providing products and support to customers in
the United States, Canada and Puerto Rico.  Its wholly owned
subsidiary, LiveWatch is a Do-It-Yourself home security firm,
offering professionally monitored security services through a
direct-to-consumer sales channel.   Monitronics is a wholly-owned
subsidiary of Ascent Capital Group, Inc.  Monitroics was
incorporated in the state of Texas on Aug. 31, 1994.  At Dec. 31,
2017, the Company had more than 1,330 full-time employees and over
100 part-time employees, all of which are located in the United

Monitronics reported net losses of $111.29 million in 2017, $76.30
million in 2016 and $72.44 million in 2015.  As of Sept. 30, 2018,
the Company had $1.70 billion in total assets, $1.90 billion in
total liabilities and a total stockholders' deficit of $202.90

                          *     *     *

In September 2018, S&P Global Ratings lowered its issuer credit
rating on Monitronics to 'CC' from 'CCC'.  The downgrade follows
Monitronics' announcement on Aug. 30, 2018, of a proposed
transaction to exchange its 9.125% senior unsecured notes due 2020
for a combination of new $585 million cash and paid-in-kind (PIK)
(7.75% cash and 3.75% PIK) unsecured notes due 2023, up to $100
million of cash from parent company Ascent and warrants.
Monitronics is also proposing amendments to eliminate the
restrictive covenants governing the 2020 notes, including certain
events of default.

In July 2018, Moody's Investors Service, Inc., downgraded
Monitronics International's Corporate Family Rating to 'Caa2',
from 'B3'.  The downgrade of Monitronics' CFR reflects strains on
the company's liquidity and capital structure caused by impending
maturities, as well as its continued lackluster operating

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Growth Slackens in Third Quarter
Trinidad Express reports that the central bank maintained the repo
rate at 5 per cent as it noted that the T&T economy appeared to
have slowed down in the third quarter to 2018, from July 1 to
September 30, in an environment of low inflation.

In its last Monetary Policy Announcement (MPA) for 2018, the
Central Bank referred to the international environment in which
the US central bank, the Federal Reserve, increased the Fed funds
rate for the fourth time, according to Trinidad Express.  The MPA
also noted that several advanced and emerging economies reported
slowing growth rates for the third quarter of 2018, following the
International Monetary Fund lowering its forecast for global
growth for both 2018 and 2019, the report notes.


VENEZUELA: Objects to Caricom Position
Aleem Khan at Trinidad Express reports that Venezuela'S Foreign
Affairs Minister Jorge Arreaza, in a statement, objected to the
position of the 15-member Caribbean Community's (Caricom) position
on what he described as the "Guyana controversy".

Caracas released the latitudinal and longitudinal coordinates to
support its statement that the two boats working for ExxonMobil,
intercepted by the National Bolivarian Coast Guard of Venezuela on
December 22, were indubitably in Venezuelan waters, the part not
in dispute, according to Trinidad Express.  One of the boats
engaged by ExxonMobil carried the Trinidad and Tobago flag while
the other was flagged by The Bahamas, the report notes.


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


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 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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,
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