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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, January 17, 2019, Vol. 20, No. 12


                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Affirms B1 GS LC Sr. Unsec. Debt Rating
JOHN DEERE: Moody's Affirms Ba3 Global CFR, Outlook Stable


B R A Z I L

ODEBRECHT SA: Offers Debt-For-Equity Swap for Atvos Unit


C O S T A   R I C A

COSTA RICA: Fitch Downgrades LT FC IDR to B+, Outlook Negative


E C U A D O R

BANCO PICHINCHA: Fitch Affirms B- LT IDR, Alters Outlook to Neg.


P U E R T O    R I C O

CHARLOTTE RUSEE: Moody's Lowers CFR to Ca, Outlook Stable
CHARLOTTE RUSSE: S&P Lowers ICR to 'CCC-', Outlook Negative
CHARLOTTE RUSSE: Moody's Assigns Caa1 CFR & Rates $90MM Loan Caa1
DYNAMIC MRI: Unsecureds to Get 10% of Allowed Claims in 60 Months


T R I N I D A D  &  T O B A G O

PETROLEUM CO: 2,069 Individuals to Benefit From $50MM Backpay


U R U G U A Y

* URUGUAY: Wants to Make its Dairy Industry More Competitive


V E N E Z U E L A

BANCO EXTERIOR: Fitch Affirms Then Withdraws 'CC' LT IDR


                            - - - - -



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


GPAT COMPANIA: Moody's Affirms B1 GS LC Sr. Unsec. Debt Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
affirmed all debt ratings assigned to GPAT Compania Financiera
S.A.U., and assigned global and national scale local currency
deposit ratings of B1 and Aa3.ar, respectively, as well as a b2
standalone baseline credit assessment and a b1 adjusted BCA that
incorporates support from its ultimate Brazilian parent Banco do
Brasil S.A. (Ba2 stable, ba2). At the same time, Moody's also
assigned to GPAT global and national scale foreign currency
deposit ratings of B3 and Baa1.ar, respectively, and global scale
counterparty risk assessments of Ba3(cr) and Not Prime(cr), for
long and short-term, respectively. Moody's also withdrew GPAT's
global and national scale corporate family and issuer ratings .
The outlook on all the ratings is stable.

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

  - Global scale, local currency senior unsecured debt rating
affirmed at B1, stable outlook

  - Argentine national scale, local currency senior unsecured debt
rating affirmed at Aa3.ar, stable outlook

  - Global scale, local currency senior unsecured debt rating for
MTN program affirmed at (P)B1

  - Argentine national scale, local currency senior unsecured debt
rating for MTN program affirmed at Aa3.ar

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

  - Argentine national scale, foreign currency senior unsecured
debt rating for MTN program affirmed at Aa3.ar

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

  - Global scale, long-term local currency deposit rating assigned
at B1, 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 Aa3.ar, stable outlook

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

  - Adjusted baseline credit assessment assigned at b1

  - 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 GPAT Compania Financiera S.A.U. were
withdrawn:

  - Global scale, long-term corporate family rating at B1, stable
outlook

  - Argentine national scale, local currency corporate family
rating at Aa3.ar, stable outlook

  - Global scale, local currency issuer rating at B1, stable
outlook

  - Argentine national scale, local currency issuer rating at
Aa3.ar, stable outlook

Outlook, Remains Stable

RATINGS RATIONALE

The rating actions follow Moody's decision to begin using the
Banks rating methodology to assess GPAT given the company's plans
to begin taking deposits this year. Although the company has had
the legal ability to raise deposits since 2013, it has not
previously taken advantage of this. Hence, until now Moody's has
rated GPAT with its Finance Companies methodology. GPAT is a
wholly-owned subsidiary of Banco Patagonia S.A. (rated Ba3 stable,
b2), fully dedicated to the financing of General Motors vehicles.
As reflected in the affirmations, the change in methodology had no
impact on GPAT's debt ratings.

Concurrent with the change in methodology, Moody's withdrew the
Corporate Family and Issuer Ratings it had assigned to GPAT. These
rating classes do not apply to issuers rated under the Banks
rating methodology.

The affirmation incorporates the entity's still adequate
fundamentals despite the recessionary conditions in Argentina and
very high inflation rates, which have led to a deterioration in
capitalization, profitability, and asset quality in 2018.

Coupled with the reduction in loan origination in 2018 and higher
operating costs , GPAT's profitability levels have been
particularly affected by the sharp increase in funding costs as a
result of the company's heavy reliance on wholesale funding and
the spike in benchmark interest rates in Argentina. This directly
affected its funding costs but it has been unable to pass these
higher costs through to borrowers given the moderation in loan
origination in the period. In the first nine month of 2018, the
company's cost of funding jumped 52.7% compared to the same period
in 2017, while interest income remained flat. As a result, net
income fell to 1.3% of tangible assets in the first nine months of
2018 from 4.9% in 2017. With interest rates expected to remain
high, the entity's strong dependence on private institutional and
bank funding will continue to challenge its financial
fundamentals.

Moreover, despite declining in the third quarter, problem loans to
total loans equaled 2.9% of gross loans as of September 2018,
above both the average of 2.5% for the banking industry as a whole
and the entity's historic average of 1.5% between 2015 and 2017.
While these pressures are partially offset by GPAT's high loan
book granularity healthy reserve coverage, and strong
collateralization of its portfolio, GPAT's asset quality metrics
will, nevertheless, continue to face pressures from the negative
operating environment and by the loan book contraction of 16% in
the first nine months of 2018, following two years of high loan
growth.

Although the company's capital levels have also declined sharply
in recent years, as a result of strong loan growth, they remain
adequate to mitigate rising asset risks and diminishing earnings.
Moreover, Moody's expects capital levels to stabilize with the
contraction of its loan book.

The ratings also consider refinancing risks related to the
company's heavy reliance on market funding, and its low liquidity
levels, both characteristic of captive auto lenders in Argentina.
Market funds total a high 73% of tangible banking assets, and
roughly 80% of GPAT's outstanding debts mature in next 12 months.
However, the company's plans to start raising deposits will help
mitigate these risks by increasing its funding granularity and
giving it access to a large pool of investors. In addition, the
moderate loan origination expected for 2019 will reduce the
company's funding needs. Deposits will also help reduce the
company's funding costs, and hence alleviate pressure on its
earnings.

GPAT's ratings also take into consideration the links between the
company and its direct shareholder, Banco Patagonia, including the
close operational interconnections and GPAT's strategic importance
to the bank's operations. Between 2015 and 2017, GPAT directly
contributed to roughly 8% of Patagonia's total earnings and
important cross selling opportunities for the bank, which focuses
on retail banking services. Although owned by Patagonia since
2009, GPAT grants loans for the acquisition of new and used cars
sold by the dealers of General Motors in Argentina. Targeting
medium and low income borrowers, GPAT finances approximately 80%
of GM's financed new vehicles sales.

Consequently, GPAT's B1 deposit rating incorporates one notch of
uplift to reflect the high probability of support from Banco
Patagonia's parent, Banco do Brasil S.A. (BB, Ba2 stable, ba2) in
an event of stress. GPAT's Argentine national scale local currency
deposit rating of Aa3.ar is the lower of two alternatives on the
national scale corresponding to its B1 global scale rating (GSR)
and considers its monoline business profile, as well as its strong
correlation with economic cycles. The foreign currency deposit
ratings of B3 and Baa1.ar are constrained by Argentina's country
ceiling for foreign currency deposits.

The stable outlook considers Moody's expectations that capital
levels will stabilize while any further deterioration in
profitability and asset quality will remain limited. Moreover, if
the deterioration of the company's fundamentals exceeds
expectations, it will continue to benefit from strong support from
its ultimate parent.

WHAT COULD CHANGE THE RATING -- DOWN/UP

Upward pressure on GPAT's ratings is limited at this point, as the
entity is currently positioned one notch below its parent's rating
of Ba3. The entity's b2 BCA is also constrained by Argentina's
government bond rating, which has a stable outlook, and therefore,
no upward pressure at this juncture. An upgrade at the sovereign
rating would configure a potential upgrade for GPAT's BCA.
However, this would have to couple with a recovery in earnings,
capital and asset quality metrics that could arise from a
consistent improvement in Argentina's operating environment. An
upgrade of the support provider, Banco do Brasil, would not
necessarily trigger an upgrade of GPAT's supported ratings.

Conversely, further deterioration of GPAT's earnings, capital,
and/or asset quality in the coming quarters, or difficulty in
rolling over its debts as they mature, could put downward pressure
on its ratings. While these factor could pressure the entity's
BCA, the deposit and debt ratings would not be affected because
they would continue to receive uplift from parental support.
Hence, only a severe deterioration of GPAT's financial
fundamentals, or a downgrade of Banco do Brasil, would put
downward pressure on its ratings.

RATING METHODOLOGY

The principal methodology used in these ratings was Banks
published in August 2018.


JOHN DEERE: Moody's Affirms Ba3 Global CFR, Outlook Stable
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
affirmed all ratings assigned to John Deere Credit Compania
Financiera S.A., including the Ba3 long-term corporate family
rating (and its Aaa.ar national scale CFR). Moody's also affirmed
JDC's global scale local and foreign currency senior unsecured
debt ratings, of Ba3 and B1, respectively, as well as the national
scale senior unsecured debt ratings of Aaa.ar in local currency
and Aa2.ar in foreign currency.

Moody's has also withdrawn the outlooks on John Deere Credit
Compania Financiera S.A 's existing debt instrument ratings for
its own business reasons. This has no impact on the outlook on
JDC's rating, which is stable.

The following ratings of John Deere Credit Compania Financiera
S.A. were affirmed:

  - Global corporate family rating of Ba3

  - Argentine national scale corporate family rating of Aaa.ar

  - Local currency senior unsecured debt rating of Ba3

  - Foreign currency senior unsecured debt rating of B1

  - Argentine local currency national scale senior unsecured debt
rating of Aaa.ar

  - Argentine foreign currency national scale senior unsecured
debt rating of Aa2.ar

  - Local currency senior unsecured debt rating for MTN program of
(P)Ba3

  - Foreign currency senior unsecured debt rating for MTN program
of (P)B1

  - Argentine local currency national scale senior unsecured debt
rating for MTN program of Aaa.ar

  - Argentine foreign currency national scale senior unsecured
debt rating for MTN program of Aa2.ar

Outlook, Remains Stable

RATINGS RATIONALE

Moody's affirmation of JDC's rating incorporates the assessment of
a high probability of support from its ultimate parent, Deere &
Company (A2 stable), which reflects the strategic importance of
the Argentine subsidiary as the captive finance company for
agricultural machinery. The parental support has been evidenced
through several capital injections as well as the provision of
credit lines and guarantees backing specific credit facilities.
Moreover, the affirmation of JDC's ratings reflects the company's
adequate asset quality and profitability, despite its weak
capitalization and the recessionary conditions in Argentina,
characterized by low economic growth and high inflation rates.

JDC finances the biggest portion of Deere & Company's financed
sales of agricultural machinery in Argentina, where the
manufacturer commands important market share. As a result, JDC's
loan volumes are closely aligned to the manufacturer's activity,
and despite its relevant exposure to climate risk and the
challenging operating environment, it has reported strong asset
quality. As of September 2018, non-performing loans were a low
0.7% of its total loans, and the three-year average net charge
offs were 0.56% as of December 2017, reflecting the highly
collateralized nature of its loan book. Prospects of a very
favorable crop in 2019 will help mitigate the negative effects of
still-high inflation and recession in 2019, which could drive
contraction in the loan book and affect asset quality.

JDC's weak capitalization, measured as tangible common equity to
tangible managed assets of 4% as of September 2018 leaves the firm
with a modest capital cushion to continue growing or to absorb
losses, were delinquencies to rise unexpectedly. To support JDC's
operations, the parent company has invested perpetual bonds, and
has made capital injections of $11.5 million over the past two
years, and it expects to contribute in 2019.

JDC's net income rose by almost 73% as of September 2018 relative
to the previous year prompted by both interest and fee income,
however, the net income to average managed asset ratio dropped to
1.3% from 1.7% during the same period following increase in
funding cost that compressed margins. Moody's expects earnings to
remain challenged by the moderation in business volumes over the
next 12 months, high inflation and still high - thought declining
- interest rates. Moody's noted that JDC's reliance on market
funds, typical of finance companies, is mitigated by credit lines
provided by its parent company, and the gradual diversification of
domestic funding providers. Together with low asset risk and good
risk management practices, funding support counterbalances the
credit challenges related to JDC's weak capitalization, declining
profitability, reliance on market funding, and the lack of
diversification inherent in the company's monoline business model.

While the Ba3 rating reflects the speculative grade credit profile
of this issuer relative to global peers, JDC's Aaa.ar national
scale ratings indicate that it is strongly positioned compared to
domestically-owned firms in Argentina due to the incorporation of
affiliate support from its parent company.

WHAT COULD CHANGE THE RATING -- DOWN/UP

The global scale debt rating is constrained by Argentina'
sovereign foreign currency bond ceiling, and therefore, an upgrade
of Argentina's sovereign bond rating would put upward pressure on
the global scale rating.

Conversely, a downgrade of the Argentine sovereign rating could
put downward pressure on the entity's global scale ratings. In
addition, the ratings would be under pressure if JDC suffered a
substantial deterioration in its asset quality, its capital
adequacy and/or in its core earnings profile, in a scenario of
sharply weakened operating environment.

RATING METHODOLOGY

The methodologies used in these ratings were Finance Companies
published in December 2018, and Captive Finance Subsidiaries of
Nonfinancial Corporations published in December 2015.



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


ODEBRECHT SA: Offers Debt-For-Equity Swap for Atvos Unit
--------------------------------------------------------
Tatiana Bautzer and Carolina Mandl at Reuters report that
corruption-ensnared Odebrecht SA has proposed that creditors take
over its sugar and ethanol unit, Atvos Agroindustrial
Participacoes SA, in exchange for reducing Odebrecht's huge debt
load, according to two sources with knowledge of the matter.

The move is the latest sign of the radical way in which Brazilian
conglomerate Odebrecht, best known for its engineering and
construction operations, is remaking itself to renegotiate 70
billion reais in consolidated debt, according to Reuters.

Accused of bribing politicians and executives to get contracts
throughout Latin America, Odebrecht made a deal two years ago with
U.S, Brazilian and Swiss authorities, paying a record $3.5 billion
in fines to settle charges, the report notes.

Atvos has about BRL12 billion ($3.25 billion) in debt with various
lenders, including state-controlled Banco do Brasil SA, Caixa
Economica Federal and development bank BNDES, as well as private
Banco Bradesco SA, Itau Unibanco Holding SA and Banco Santander
Brasil SA, the report relays.

Another creditor is U.S. investment management firm Lone Star
Funds, one of the sources added, the report notes.

A debt-for-equity swap would give Atvos more time to recover
without selling plants, a potential alternative to paying off
debt, the report discloses.  Both sources, who requested anonymity
because the talks are private, said that a sale of Atvos' assets
would not be enough to pay off all outstanding debt, the report
says.

The sources added that a final decision has not yet been made
regarding a swap and that an agreement to transfer Atvos ownership
may not be reached, the report relays.

Atvos is Brazil's second largest ethanol company after Raizen, a
joint venture of Royal Dutch Shell and energy firm Cosan, the
report relays.

Atvos' net debt is equivalent to about 10 times its annual
earnings before interest, taxes, depreciation and amortization,
the report discloses.  By comparison, debt for the sector's best-
run companies is double EBITDA or less, the report says.

In preliminary discussions with creditors, Odebrecht said it
wanted lenders to swap most of their debt in Atvos for control of
the company, but family-owned company Odebrecht wants to keep a
minority stake, the report relays.  The sizes of the stakes have
yet to be determined, the sources added, notes the report.

The largest chunk of Atvos debt is held by state-controlled banks,
mainly Banco do Brasil and BNDES, one source said, the report
relays.  Banco do Brasil, Caixa Economica Federal and Banco do
Brasil declined to comment on the matter. Odebrecht, Itau, BNDES
and Lone Star Funds did not immediately respond to requests for
comment.

The ethanol company has crushing capacity of 37 million tonnes of
sugar cane per year, but has been operating at a much lower level
due to financial problems, the report relays.  In the 2017/2018
crop, Atvos processed 25.8 million tons, according its annual
report, the report relays.

Odebrecht hired consultancy Canaplan to assess how much debt
Atvos' cash flow could handle, and the firm will present a report
to lenders about a new business plan, the report says.

In November, the corruption-ensnared conglomerate hired advisers
to restructure a portion of its bank and bond debt, the report
adds.

                    About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,
Brazil.

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal related that Marcelo
Odebrecht, the jailed former head of Brazilian construction giant
Odebrecht SA, agreed to sign a plea-bargain agreement in
connection with Brazil's largest corruption probe ever, according
to a person close to the negotiations.  The move could roil the
nation's political class yet again.  The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.


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C O S T A   R I C A
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COSTA RICA: Fitch Downgrades LT FC IDR to B+, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Costa Rica's Long-Term Foreign-
Currency Issuer Default Rating to 'B+' from 'BB' and removed it
from Rating Watch Negative. The Rating Outlook is Negative.

KEY RATING DRIVERS

The downgrade of Costa Rica's Long-Term Foreign-Currency IDR to
'B+' reflects persistently wide fiscal deficits, high near-term
financing needs due to a steep amortization schedule and budget
financing constraints. The new administration successfully passed
a fiscal reform in late December to address fiscal imbalances.
Limited near-term yield from the reform and a rapidly climbing
interest bill, however, will keep the fiscal deficit higher than
peers and the debt burden on a relatively steep upward trajectory.
The sovereign's ability to meet its high financing needs remains
uncertain pending congressional approval for external borrowing
and amid high domestic financing rates. These financing
uncertainties pose risks to macroeconomic stability.

The two-notch downgrade reflects the elevated fiscal risks
outlined and resulted in the removal of the Rating Watch Negative
on the sovereign IDR that Fitch had assigned in November 2018. The
Negative Outlook reflects risks tilted to the downside given
ongoing uncertainty surrounding government financing amidst high
interest rates and shorter debt maturities, notwithstanding the
implementation of the fiscal reform legislation and repayment of a
short-term liquidity facility from the central bank.

The government successfully passed a fiscal reform in December
2018, after more than a decade of failed attempts due to continued
congressional gridlock. Authorities estimate the reform will yield
4.2% of GDP by 2023 and stabilize the central government debt at
65% of GDP. However, Fitch sees downside risks to the authorities'
ability to achieve such savings. Furthermore, the size of the
adjustment needed to stabilize debt could prove larger, especially
if borrowing costs remain at current high levels or economic
growth underperforms.

Revenue measures in the reform are expected to yield 1.5% of GDP.
The reform transforms the previous sales tax into a value-added
tax (VAT) and expands its coverage to services. Income taxes will
now include capital income and new income brackets at higher
marginal tax rates. Both revenue measures will come into force by
July 2019, having a limited impact on this year's tax collection.

The bulk of the government's projected consolidation would come
from the introduction of a fiscal rule. The rule will cap current
spending growth to rates set as percentages of nominal GDP growth
dependent on debt-to-GDP levels and will take effect in 2020. For
example, using Fitch's estimate of central government debt at 58%
at year-end 2019 would limit current expenditure growth in 2020 to
75% of the average nominal GDP growth rate in 2016-2019. Officials
estimate the fiscal rule will yield 2.5% of GDP over next five
years. Fitch expects that such savings will be difficult to
achieve. The government's projections incorporate even lower
current expenditure growth than would be required by the rule.
Compliance with the rule would require major cuts to primary
current spending to offset a rising interest bill, and in Fitch's
view any such cuts would be likely to face political and social
resistance similar to that seen in major protest activity in 2018.

Fitch projects that the central government fiscal deficits will
remain higher than those of similarly rated peers in the coming
years, above 6% of GDP until 2020. Wide deficits will push the
central government debt burden above 65% of GDP by 2023. General
government debt (which nets out social security holdings)
surpassed the 'BB' median of 47% of GDP in 2018 and is expected to
converge with the 'B' median of 58% within three years.

Lack of congressional authorization for external bond issuance led
the government to borrow heavily from the local market at shorter
durations, resulting in a steep amortization schedule. The
government executed a series of unorthodox funding strategies to
avoid validating higher interest rates in the local market prior
to the fiscal reform approval. In late September, the central bank
(BCCR) agreed to purchase USD860 million (1.5% of GDP) of 90-day
treasury bills. The government repaid the BCCR and met its other
end-2018 financing needs by raising funds through a combination of
the sale of USD600 million in locally issued USD-denominated bonds
via private placement, recovery of assets related to the
acquisition of Bancredito, tax amnesty proceeds and domestic debt
auctions following the passage of the fiscal reform.

Fitch estimates sovereign financing needs of 13.3% of GDP in 2019
(6.8% of GDP in debt repayments and 6.5% of GDP for budget
financing). The authorities have requested parliamentary
authorization for USD6 billion of Eurobond issuance over the next
five years to ease pressure on the local market; however, this
would require support by two-thirds of congress for approval. The
authorities initially hoped to have an approval in place by April
2019, but while Fitch expects some issuance this year, congress
discussions are likely to delay the approval process. Ongoing
government efforts to achieve debt sustainability are likely to
grant the government access to multilateral loans from the IADB
and the World Bank that would further ease domestic financing
constraints.

Real GDP growth has continued to show resilience to ongoing fiscal
imbalances. Nevertheless, macroeconomic stability is increasingly
vulnerable to heavy government borrowing and demand for foreign
currency. Despite these risks, Fitch forecasts stable growth above
3% over 2019-2020 following an expected slowdown to 2.7% in 2018.
The main reasons for the moderate slowdown in 2018 were a three
month-long public sector strike and the political situation in
Nicaragua affecting Costa Rica's exports to Central America and
Panama.

Government demand for foreign currency and uncertainty prior to
the fiscal reform put pressure on the exchange rate in 2018. The
colon depreciated by 6.4% over the second semester of 2018. This
prompted significant FX intervention by the BCCR supported by a
USD1 billion loan from the Latin American Reserve Fund (FLAR) in
March. Dollar-denominated inflows from private placements,
monetary policy tightening, and passage of the fiscal reform have
eased these pressures. Nevertheless, monetary and FX dynamics
remains highly sensitive to sovereign external financing
constraints.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Costa Rica a score equivalent to a
rating of 'BBB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

In accordance with its rating criteria, Fitch's sovereign rating
committee decided to adjust the rating indicated by the SRM by
more than the usual maximum range of +/- three notches because of
the extent of Costa Rica's sharply rising debt burden, fiscal
budget financing constraints and emergence of macroeconomic
vulnerabilities.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final LT FC IDR by applying its QO, relative
to rated peers, as follows:

  -- Structural: -1 notch, to reflect a long track record of
institutional gridlock that has hindered progress on necessary
reforms, which is not fully captured in the World Bank Governance
Indicators in the SRM. Notching for Structural features was
reduced from -2 previously to account for the recent passage of
fiscal reform.

  -- Fiscal: -2 notches, to reflect its expectation that
government debt will continue to rise fairly rapidly over the
medium term, and also reflecting the severe constraints on fiscal
financing flexibility.

  - External: -1 notch, to reflect the institutional gridlock that
has led to intermittent external bond issuances. Absent
authorization of Eurobond issuance, the government would be a net
buyer of FX rather than a supplier, further increasing external
vulnerabilities.

  -- Macro: -1 notch, reflecting policy framework weakness as
evidenced by the government's decision to use short-term financing
from the central bank, as well as spill-over effects from the
fiscal imbalances affecting macro stability.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

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

  - Persistence of sovereign financing pressures, particularly in
relation to external financing;

  - Poor fiscal reform implementation leading to widening fiscal
deficits and acceleration of the increasing debt trend;

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

As the Outlook is Negative, Fitch's sensitivity analysis does not
anticipate developments with a high likelihood of leading to a
positive rating action. However, the main factors that could
individually or collectively lead to the Outlook being revised to
Stable include:

  - Stronger-than-expected outcome from the fiscal reform that
contributes to a significant reduction of the fiscal deficit.

  - Emergence of external funding resources that alleviate the
high sovereign financing constraints.

KEY ASSUMPTIONS

The global economy performs largely in line with Fitch's Global
Economic Outlook (December 2018).

Fitch has taken the following rating actions:

Costa Rica

  -- Long-Term Foreign-Currency IDR downgraded to 'B+' from 'BB';
Outlook Negative;

  -- Long-Term Local-Currency IDR downgraded to 'B+' from 'BB';
Outlook Negative;

  -- Short-Term Foreign-Currency IDR affirmed at 'B';

  -- Short-Term Local-Currency IDR affirmed at 'B';

  -- Country Ceiling downgraded to 'BB-' from 'BB+';

  -- Issue ratings on long-term senior unsecured foreign-currency
bonds downgraded to 'B+' from 'BB'.


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E C U A D O R
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BANCO PICHINCHA: Fitch Affirms B- LT IDR, Alters Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias and
Banco de la Produccion S.A. y Subsidiarias' Long-Term Foreign
Currency Issuer Default Ratings at 'B-'. The Rating Outlooks are
revised to Negative from Stable.

The Negative Outlook on Pichincha and Produbanco follows the
recent revision of Ecuador's Rating Outlook to Negative from
Stable. In Fitch's view, the operating environment's high
influence on the banks' ratings, which limits their potential
growth, profitability and internal capital-generation capacity, as
well as direct exposure to Ecuador through investment portfolios,
constrain the banks' ratings to the sovereign's creditworthiness.

KEY RATING DRIVERS

IDRs AND VRs

Pichincha and Produbanco's IDRs are driven by their Viability
Ratings (VR) or standalone creditworthiness, which are highly
influenced by Ecuador's operating environment and risk appetite.
Particularly, Fitch considers the sovereign's high influence on
the VR, given the impact of the government's macroeconomic and
regulatory policies on financial performance. The bank's risk
appetite amid Ecuador's worsening economic conditions could
pressure asset quality and other financial metrics over the next
12-24 months.

Pichincha's VR also factors in its strong local franchise and
diverse business model, solid liquidity for its market of
operation, pressured loan quality and limited profitability.

Produbanco's VR also factors in its ample liquidity and good asset
quality with moderate importance.

SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch affirmed Pichincha's Support Rating (SR) at '5' and Support
Rating Floor (SRF) at 'NF', reflecting that despite the bank's
strong market share and local franchise, Fitch believes that
sovereign external support cannot be relied upon due to Ecuador's
limited funding flexibility as well as the lack of a lender of
last resort.

Produbanco's Support Rating (SR) of '5' indicates that Fitch
believes there is a possibility of external support from its
majority shareholder Promerica Financial Corporation (PFC, 56.3%
ownership, Long-Term IDR of BB-), but it cannot be relied on due
to the relative size of the subsidiary (June 2018: 17% of
consolidated assets excluding non-controlling interests and 30%
including non-controlling interest). Additionally, country risk
represents a significant constraint for support as Ecuador's
country ceiling is assigned at the same level as the sovereign
rating at 'B-'. As such, Fitch considers Produbanco's standalone
creditworthiness to be relatively stronger than the subsidiary's
ability to use parent support in such an operating environment.

RATING SENSITIVITIES

IDRs AND VRs

Any negative rating action on the sovereign would also lead to a
similar action on Pichincha and Produbanco's IDRs and VRs.
Furthermore, a significant reduction in these banks' earnings
retention or an acceleration of growth that leads to a decrease in
FCC metric consistently below 9%, along with a material decline in
excess loan loss reserves could also result in negative rating
actions.

SUPPORT RATING AND SUPPORT RATING FLOOR

Ecuador's propensity or ability to provide timely support to
Pichincha is not likely to change given the sovereign's low sub-
investment-grade IDR. As such, the SR and SRF have no upgrade
potential.

Produbanco's support rating has limited upgrade potential over the
rating horizon given Ecuador's low country ceiling relative to its
majority shareholder's long-term IDR.


Fitch has affirmed the following ratings:

Banco Pichincha C.A. y Subsidiarias

  -- Long-Term Foreign Currency IDR at 'B-'; Outlook revised to
Negative from Stable;

  -- Short-Term Foreign Currency IDR at 'B';

  -- Viability Rating at 'b-';

  -- Support Rating at '5';

  -- Support Floor at 'No Floor'.

Banco de la Produccion S.A. y Subsidiarias

  -- Long-Term Foreign Currency IDR at 'B-'; Outlook revised to
Negative from Stable;

  -- Short-Term Foreign Currency IDR at 'B';

  -- Viability Rating at 'b-';

  -- Support Rating at '5'.


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


CHARLOTTE RUSEE: Moody's Lowers CFR to Ca, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded its ratings for Charlotte
Russe, Inc. (New), including the company's Corporate Family Rating
(CFR; to Ca from Caa1) and Probability of Default Rating (to Ca-PD
from Caa1-PD), and the rating for the company's $90 million
principal amount senior secured term loan (to C from Caa1). The
ratings outlook is stable.

"Charlotte Russe significantly underperformed expectations in the
recent period when its turnaround efforts were to have commenced,
with results from the just filed third fiscal quarter showing
year-over-year negative double-digit same-store sales and
meaningful margin deterioration," noted Brian Silver, Moody's Vice
President and lead analyst for the company.

"With liquidity having also weakened considerably, we view the
risk of another requisite debt restructuring as meaningfully
elevated barring a significant turnaround in operational
performance," added Silver.

Moody's noted in its report that it anticipates first lien term
loan lenders will suffer material loss absorption in a subsequent
event of default scenario, with the bulk of the firm's value
encompassed by current assets and likley inuring only to the
benefit of priority secured ABL lenders.

The following ratings have been downgraded for Charlotte Russe,
Inc. (New):

Corporate Family Rating, to Ca from Caa1

Probability of Default Rating, to Ca-PD from Caa1-PD

$90 million Gtd Senior Secured Term Loan due 2023, to C (LGD5)
from
Caa1 (LGD4)

Outlook action:

Outlook, Stable (unchanged)

RATINGS RATIONALE

Charlotte Russe Inc. (New)'s ratings are broadly constrained by
its weak liquidity profile following a very challenging 3Q18
wherein comparable same-store sales declined 11.7% year-over-year,
as well as ongoing headwinds growing its topline and profitability
resulting from store closures and customer traffic declines. The
company also has weak interest coverage as measured by
EBIT-to-interest expense, which is below 1 time for the twelve
months ended November 3, 2018, and has relatively low operating
margins. While entry into the value beauty category last year has
aided brand awareness, associated risks continue according to the
rating agency. The ratings do benefit, however, from a less
leveraged balance sheet than other companies at similar rating
levels (with Moody's-adjusted debt-to-EBITDA of just over 5 times
for the LTM period), as well as anticipated annual cost savings
from rent reductions, reduced store and corporate operating
expenses, and lower interest expense following its 2018 debt
restructuring.

The stable outlook reflects Moody's assertion that ratings have
been positioned in accordance with assumed recovery levels given
the rating agency's view that the company may enter into another
debt restructuring over the next 12-18 months.

The ratings could be downgraded (although this could entail only
the PDR) if the company enters into a debt restructuring and/or
files for bankruptcy.

Alternatively, the ratings could be upgraded if Charlotte Russe is
able to achieve and maintain positive same-store sales comps and
improve its liquidity as evidenced by reduced reliance on its ABL.

The principal methodology used in these ratings was Retail
Industry published in May 2018.

Headquartered in San Francisco, California, Charlotte Russe, Inc.
(New) is a retailer of value-oriented 'fast fashion' apparel,
footwear and accessories. The company targets 18-24 year-old women
and its key item categories include denim, dresses and shoes.
Charlotte Russe also entered the beauty category in April 2018
with the launch of its "Charlotte by Charlotte Russe" beauty line.
As of November 3, 2018, the company operated 536 retail stores in
the US and Puerto Rico and generated sales through its e-commerce
and mobile platforms. The company is primarily owned by its former
term loan holders following its February 2018 out-of-court debt
restructuring. Revenue for the twelve-month period ended November
3, 2018 was approximately $850 million.


CHARLOTTE RUSSE: S&P Lowers ICR to 'CCC-', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowers its issuer credit rating on Charlotte
Russe to 'CCC-' from 'CCC'.

At the same time, S&P is lowering its issue-level rating on the
company's term loan facility to 'CCC-' from 'CCC'. The '3'
recovery rating is unchanged.

S&P said, "The downgrade reflects our view that the likelihood of
a bankruptcy filing or debt restructuring occurring in the next
six months has increased, given our expectation that continued
weak operating performance will increasingly constrain liquidity.
Charlotte Russe also reportedly hired Guggenheim Securities to
explore strategic alternatives.

"The negative outlook on Charlotte Russe reflects our view that
continued weak operating performance and constrained liquidity
could cause the company to announce a bankruptcy or default event
in the next six months. We expect liquidity to further weaken with
meaningfully negative FOCF and shrinking availability under its
ABL revolver over that period.

"We would lower our ratings on Charlotte Russe if the company
announces a distressed exchange or restructuring, or if we believe
that a default is inevitable.

"Although unlikely over the next year, we could raise our ratings
on Charlotte Russe if we believe that the company's operating
performance will improve significantly, enabling it to adequately
fund its business operations and financing expenses on a sustained
basis. In order to raise the ratings, we also need to believe that
its supply-chain disruptions will be minimal."


CHARLOTTE RUSSE: Moody's Assigns Caa1 CFR & Rates $90MM Loan Caa1
-----------------------------------------------------------------
Moody's Investors Service assigned Charlotte Russe, Inc. a
Corporate Family Rating (CFR) and Probability of Default (PDR)
rating of Caa1 and Caa1-PD, respectively. Concurrently, Moody's
assigned a Caa1 rating to the company's $90 million principal
senior secured term loan. The ratings outlook is stable.

"Charlotte Russe has experienced negative same store sales comps
that have accelerated over the last two quarters, largely the
result of product missteps and traffic declines, but also
resulting from inventory timing issues stemming from the company's
February 2018 debt restructuring", said Moody's Vice President and
lead analyst for the company Brian Silver. "Although we expect
Charlotte Russe to continue to face headwinds in a difficult
retail environment, with the debt restructuring now behind them
the company will have some tailwinds relative to last year,
including a lower interest expense burden, reduced store rent
expense resulting from renegotiated leases, and a gradual easing
of its tightened vendor terms that are ultimately expected to lead
to more healthy inventory replenishment and breakeven to
moderately positive free cash flow generation over the next 12-18
months."

The following ratings have been assigned for Charlotte Russe,
Inc.:

Corporate Family Rating of Caa1

Probability of Default Rating of Caa1-PD

$90 million Gtd Senior Secured Term Loan due 2023 of Caa1 (LGD4)

Outlook action:

Outlook, assigned stable

RATINGS RATIONALE

Charlotte Russe's credit profile is broadly constrained by ongoing
headwinds growing its topline and profitability, owing largely to
store closures together with same store sales declines from the
highly competitive retail environment. In addition, the company
has weak interest coverage as measured by EBIT-to-interest
expense, which is below 1 time for the twelve months ended May 5,
2018 (the LTM period). The company also has relatively low
operating margins, and while its entry into the value beauty
category will help increase brand awareness, it also presents
risks associated with entrance into a new category.

Charlotte Russe's credit profile benefits from Moody's expectation
that it will maintain an adequate liquidity profile over the next
twelve months, supported by access to its ABL and a lack of
near-term debt maturities, and Moody's expectation the company
will generate breakeven to moderately positive free cash flow over
the next 12-18 months. The company's leverage is elevated but
moderate for the rating at about 4.9 times debt-to-EBITDA for the
LTM period. Charlotte Russe will benefit from the realization of
$15 million of budgeted annualized cost savings, including
benefits from rent reduction and reduced store and corporate
operating expenses, which together with lower interest expense
following its debt restructuring will help buoy cash flow
generation in the face of topline pressure.

The Caa1 rating assigned to the company's senior secured term loan
is in line with the CFR since this loan represents the
preponderance of funded debt. The term loan matures in February
2023 and has a 2nd lien position on the company's accounts
receivable and inventory (ranking junior to the $80 million
unrated asset-based revolver) and a 1st lien on substantially all
other assets of the borrower. Charlotte Russe leases substantially
all of its locations, therefore the company does not have
meaningful real estate holdings.

The stable outlook reflects Moody's expectation that the company's
same store sales comps, leverage, and profitability will
moderately improve over the next 12-18 months. It also reflects
Moody's expectation that the company will remain reliant on its
asset-based revolving facility ("ABL").

The ratings could be downgraded if operating performance worsens
or fails to improve resulting in a weakened liquidity profile as
evidenced by increasing reliance on its ABL facility.
Alternatively, the ratings could be upgraded if Charlotte Russe is
able to achieve and maintain positive same store sales comps,
sustain its interest coverage (EBIT-to-interest) above 1.0 time,
and improve its liquidity as evidenced by reduced reliance on its
ABL.

The principal methodology used in these ratings was Retail
Industry published in May 2018.

Headquartered in San Francisco, CA, Charlotte Russe, Inc. is a
retailer of value-oriented 'fast fashion' apparel, footwear and
accessories. The company targets 18-24 year old women and its key
item categories include denim, dresses and shoes. Charlotte Russe
also entered the beauty category in April 2018 with the launch of
its "Charlotte by Charlotte Russe" beauty line. As of May 5, 2018,
the company operated 539 retail stores in the US and Puerto Rico
and generated sales through its e-commerce and mobile platforms.
The company is primarily owned by its former term loan holders
following its February 2018 out-of-court debt restructuring.
Revenue for the twelve month period ended May 5, 2018 was
approximately $902 million.


DYNAMIC MRI: Unsecureds to Get 10% of Allowed Claims in 60 Months
------------------------------------------------------------------
Dynamic MRI & 3D CT CSP filed a small business disclosure
statement in connection with its proposed plan of reorganization.

Dynamic MRI has been providing radiology services to the area of
Guaynabo, Puerto Rico since its inception in 2009.

Class 3 under the plan consists of general unsecured creditors.
After reconciling the claims, the Debtor estimates that the claims
under this class is $445,785.13. Members of this class will
receive 10% of their allowed claims in equal monthly installments
to be paid within 60 months.

The proposed plan will be funded with income obtained from the
operations of the Debtor, an overpayment with Hacienda, insurance
proceeds from Hurricane Maria and collection of Accounts
Receivables.

A copy of the Disclosure Statement is available at
https://tinyurl.com/ybtfklej from Pacermonitor.com at no charge.

                About Dynamic MRI & 3D CT CSP

Dynamic MRI & 3D CT CSP sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 18-02525) on May 7, 2018.
In the petition signed by its president, Manuel R. Prats, the
Debtor estimated assets of less than $1 million and liabilities of
less than $1 million.  Judge Enrique S. Lamoutte Inclan presides
over the case. The Debtor is represented by Carmen D. Conde
Torres, Esq. of C. Conde & Associates.


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


PETROLEUM CO: 2,069 Individuals to Benefit From $50MM Backpay
-------------------------------------------------------------
Trinidad Express reports that Petroleum Co. of Trinidad & Tobago
(Petrotrin) transferred $50 million to commercial banks to fulfill
its commitment to pay all former non-permanent workers outstanding
backpay for the period 2011 to 2018.

Some 2,069 individuals will benefit from the payout, the company
said in a statement obtained by the news agency.

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


=============
U R U G U A Y
=============



* URUGUAY: Wants to Make its Dairy Industry More Competitive
----------------------------------------------------------
EFE News reports that Uruguay's Ministry of Ranching, Agriculture
and Fisheries gathered representatives from the dairy industry to
create a roadmap for increasing the country's competitiveness in
the sector.

The idea is to "address all aspects of the dairy industry," given
the various problems that the sector faces, Minister Enzo Benech
told reporters, according to EFE News.

"Three companies have closed, a few producers have gone under, a
number of sources of employment have been lost, but Uruguay
nowadays has more milk than last year and we live in a country
where we only take 8 percent of the milk we produce, 30 percent is
consumed in other ways and 70 percent is sold," the report quoted
Mr. Benech as saying.

Meanwhile, the minister emphasized that the objective of the open
meeting is for each member of the industry to express their
opinion so that a plan and commitments can be established, the
report notes.

"We are sellers to the world market, basically, of powdered milk
and some cheese. I believe that we have to work on product
diversification, raising prices, serving other markets and
lowering costs," the report quoted Mr. Benech as saying.

Assorted experts are participating in the technical conference
including representatives of the Agricultural Programming and
Policies Office, the National Agricultural Research Institute, the
Office of Planning and Budget and the Technological University of
Uruguay, among others, the report notes.


=================
V E N E Z U E L A
=================


BANCO EXTERIOR: Fitch Affirms Then Withdraws 'CC' LT IDR
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn its international scale
ratings for Banco Occidental de Descuento, Banco Universal C.A.
(BOD), Banco Nacional de Credito C.A. (BNC) and Banco Exterior,
C.A. Banco Universal (Exterior). Fitch has also maintained the
Rating Watch Negative on the banks' national scale ratings and
withdrawn the ratings. The ratings have been withdrawn for
commercial reasons.

Fitch has withdrawn the national ratings without resolving the
Rating Watch due to difficulties in properly determining an
opinion of creditworthiness relative to other issuers within
Venezuela, given declining coverage of Venezuelan entities across
sectors. Additionally, the distortion of financial indicators from
hyperinflation further exacerbates the challenges for Fitch to
differentiate national ratings in this country.

KEY RATING DRIVERS

With the exception of Exterior, the banks' VRs drive their Issuer
Default Ratings (IDRs). The operating environment and the banks'
pressured tangible common equity/tangible assets ratio highly
influenced the banks' VRs. Fitch affirmed Exterior's Long-Term IDR
at 'CC' as the agency continues to believe the bank will meet its
deposit obligations given the high level of liquidity in the
domestic market even if the bank were to fail. Fitch affirmed
Exterior's viability rating at 'c' due to the high probability of
failure for the bank since its ability to meet the regulatory
minimum for capitalization has required extraordinary injections
of capital from its shareholders. Fitch's analysis of asset
quality and profitability ratios, company profiles and risk
management under hyperinflationary conditions is not meaningful at
this time.

The banks' Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's expectation of no support. Despite
the systemic importance of these banks, support cannot be relied
upon given Venezuela's Restricted Default (RD) rating and lack of
a consistent policy on bank support.

RATING SENSITIVITIES

Rating Sensitivities do not apply as the ratings have been
withdrawn.

Fitch has taken the following rating actions:

BANCO OCCIDENTAL DE DESCUENTO, BANCO UNIVERSAL C.A.

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'CC'
and withdrawn;

  -- Short-Term Foreign and Local Currency IDR affirmed at 'C and
withdrawn';

  -- Viability Rating affirmed at 'cc' and withdrawn;

  -- Support Rating affirmed at '5' and withdrawn;

  -- Support Rating Floor affirmed at 'No Floor' and withdrawn;

  -- National long-term rating 'BBB-(ven)'; maintained on Negative
Watch and withdrawn;

  -- National short-term rating 'F3(ven)'; maintained on Negative
Watch and withdrawn.

BANCO NACIONAL DE CREDITO C.A.

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'CC'
and withdrawn;

  -- Short-Term Foreign and Local Currency IDR affirmed at 'C' and
withdrawn;

  -- Viability Rating affirmed at 'cc' and withdrawn;

  -- Support Rating affirmed at '5'and withdrawn;

  -- Support Rating Floor affirmed at ''No Floor' and withdrawn;

  -- National long-term rating 'BBB-(ven)'; maintained on Negative
Watch and withdrawn;

  -- National short-term rating 'F3(ven)'; maintained on Rating
Watch Negative and withdrawn.

BANCO EXTERIOR, C.A., BANCO UNIVERSAL

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'CC'
and withdrawn;

  -- Short- Term Foreign and Local Currency IDR affirmed at 'C'
and withdrawn;

  -- Viability Rating affirmed at 'c' and withdrawn;

  -- Support Rating affirmed at '5'and withdrawn;

  -- Support Rating Floor affirmed at 'No Floor' and withdrawn;

  -- National long-term rating 'A-(ven)'; maintained on Rating
Watch Negative and withdrawn;

  -- National short-term rating 'F2 (ven)'; maintained on Rating
Watch Negative and withdrawn.



                            ***********


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 2019.  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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