TCRLA_Public/190128.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

            Monday, January 28, 2019, Vol. 20, No. 19



CORDOBA MUNICIPALITY: Moody's Rates Treasury Note Program (P)B2


BARBADOS: To Find Solutions as Country Falls in Rankings


ELDORADO BRASIL: Fitch Hikes LT IDRs to BB-, Outlook Positive
NEOENERGIA S.A.: S&P Affirms 'BB-' Long-Term Issuer Credit Rating

C O S T A   R I C A

BANCO NACIONAL: Fitch Affirms B+ Sr. Unsec. Notes., Outlook Neg.


CABLE & WIRELESS: To Sue Grenada's Telecommunications Minister


DIGICEL GROUP: Partners With CDB Partners for Advancement

P U E R T O    R I C O

DYNAMIC MRI: Feb. 12 Plan Confirmation Hearing
PEOPLE TELEVISION: Seeks to Hire Landrau Rivera as Legal Counsel


VENEZUELA: Faces Protests Amid Legitimacy Crisis
VENEZUELA: CARICOM to Seek UN Help to Resolve Political Crisis


* BOND PRICING: For the Week January 21 to January 25, 2019

                            - - - - -


CORDOBA MUNICIPALITY: Moody's Rates Treasury Note Program (P)B2
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)B2 -- Global Scale local currency debt rating -- and
an -- National Scale in local currency -- to the 2019
Treasury Note Program of the Municipality of Cordoba. The ratings
are in line with the municipality's long term foreign currency
issuer ratings, which carry a stable outlook.


The 2019 program, authorized by laws Nß12.857 and Mayor's Decree
Nß4.207/18, considers a maximum outstanding issuance amount of
ARS1,000 million or its equivalent in foreign currency in
different series with maturities up to 360 days. Each series of
notes could have different issuance terms and conditions. The
treasury notes to be issued under this program will be secured by
the Municipality, affecting municipal resources under ordinance
12.140 and its modifications.

The assigned debt ratings reflect Moody's view that the
willingness and capacity of the Municipality of Cordoba to honor
these short-term treasury notes is in line with the municipality's
long-term credit quality as captured in the B2/ issuer
ratings. The assigned (P)B2/ ratings to the Treasury Note
Program are based on preliminary documentation received by Moody's
as of the rating assignment date.

Moody's does not expect changes to the documentation reviewed over
this period, nor does it anticipate changes in the main conditions
that the Notes will carry. Should issuance conditions and/or final
documentation of the program deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act


Given the strong macroeconomic and financial linkages between the
sovereign and sub-sovereign entities, an upgrade of Argentina's
sovereign bonds ratings coupled with an improving trend in the
Municipality of Cordoba's financial metrics could lead to an
upgrade of its ratings. Conversely, a downgrade in Argentina's
bond ratings and/or a sharp deterioration in idiosyncratic risk
profiles arising in the Municipality of Cordoba could exert
downward pressure on the ratings.

The principal methodology used in this rating was Regional and
Local Governments published in January 2018.


BARBADOS: To Find Solutions as Country Falls in Rankings
-------------------------------------------------------- reports that government is expected to establish
a "doing business" subcommittee of Cabinet to tackle how business
is conducted in Barbados.

This disclosure came from Minister in the Ministry of Economic
Affairs and Investment, Marsha Caddle, as she addressed a
Stakeholder Review on the Planning and Development Bill 2019,
according to

She said once the subcommittee is approved by Cabinet, it would be
supported by a competitiveness council, which would be a smaller
subcommittee of the private sector, trade unions and other
parties, the report notes.

The Minister explained that the creation of a subcommittee was
"not to have general discussions about productivity and
ideological discussions about competitiveness," the report relays.
"These committees are to get to the business of improving these
doing business rankings . . . . and improving these indicators, so
Barbados works for Barbadians and those who want to come and live
and work here.  And so we have made a commitment to get to the
root . . . . of what is impeding business and investment in the
country and this reform and review of the Town Planning
legislation is a very large part of that."

The recently released 2019 Doing Business Report showed that
Barbados had fallen to 129 in rankings, the report discloses.
Caddle noted that in the area of dealing with construction
permits, Barbados ranked very low, the report says.

The Minister told the gathering that the draft Bill represented a
fundamental shift in how government sees the role of planning and
development in the country; its role in growth and investment; and
its role in social and economic development in creating the
required Barbados, the report notes.

"There are a few changes in the way we approach the idea of
refusal and approval and one of those is the idea of provisional
refusal -- the notion that rather than just giving a yes or a no,
rather than just acting as a regulator, that the Town Planning
Office is now cast, through this new Bill, as a facilitator of
development," she pointed out, the report says.

"Information is important and it certainly is an economic good as
it allows people to make key growth and investment decisions.  So
we believe the role of the Town Planning Office and the entire
planning and development architecture is not simply to give a yes
or no, not to withhold information that might help facilitate
development, but to have a conversation with those who are
interested in fostering development in this country.

"That is really the new orientation that you will see at different
points throughout the Bill and that we think is a very important
step forward," she added, the report relays.

Minister Caddle also stressed the importance of the Barbados
Economic Recovery and Transformation Plan, saying that it was not
just about fiscal adjustment. Stating that Barbados could not
adjust its way out of this crisis, she reiterated that growth and
transformation were critical, the report notes.

"What it means is that the powers of Government are not simply tax
and spend, but we have to use all the powers of Government as
regulator, facilitator, and legislator to be able to bring about
the economic growth that we want to see," she told the audience,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2018, S&P Global Ratings raised its long- and short-
term local currency sovereign credit ratings on Barbados to 'B-/B'
from 'SD/SD' (selective default). At the same time, S&P Global
Ratings assigned its 'B-' issue-level rating to Barbados' long-
term debt issued in its debt exchange. S&P Global Ratings also
affirmed its 'SD/SD' long- and short-term foreign currency credit
ratings on the country, and its 'D' (default) ratings on Barbados'
foreign-currency issues. Finally, S&P Global Ratings raised its
transfer and convertibility assessment on the country to 'B-' from


ELDORADO BRASIL: Fitch Hikes LT IDRs to BB-, Outlook Positive
Fitch Ratings has upgraded Eldorado Brasil Celulose S.A.'s Long-
Term, Foreign- and Local-Currency Issuer Default Ratings to 'BB-
'from 'B'. Fitch has also upgraded to 'A(bra)' from 'BBB-(bra)'
the company's National Long-Term Rating and the rating on the 2nd
Debentures due 2027 in the amount of BRL940 million. The rating on
the 2021 unsecured notes issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado and Cellulose Eldorado Austria GmbH has
been upgraded to 'BB-' from 'B'/'RR4'. All ratings have been
removed from Rating Watch Evolving. The Rating Outlook on the
corporate ratings is Positive.

These rating actions reflect strong pulp prices that have improved
the company's FCF generation and a reduction in uncertainty
surrounding Eldorado's ownership structure. The latter factor has
increased clarity about the company's future capital structure and
should enhance the company's ability to obtain financing from
multiple sources.

Eldorado's business profile is strong and reflects its excellent
position in the production cost curve due to productive forests, a
favorable climate for growing trees and a modern pulp mill. The
company's ratings would be higher than 'BB-' if there were not
corporate governance concerns related to its controlling
shareholder, J&F Investimentos S.A. (J&F).

The Positive Outlook reflects Fitch's expectation that Eldorado
will report strong operating results through 2020 due to favorable
pulp market conditions. Fitch expects the company to use its
robust FCF to improve liquidity, pay down short-term and costly
bank debt, and to strengthen its capital structure before building
a second pulp line. Resolutions of the arbitrage process involving
the company's non-controlling shareholder, Paper Excellence,
and/or the investigations of J&F could also lead to positive
rating actions.


Eldorado Shareholder Structure Clarified: Overall, uncertainties
associated with the company's future shareholding structure
diminished substantially when the option for Paper Excellence to
acquire J&F's shares in the company expired in early September
2018. Fitch views the risks of Paper Excellence gaining control of
the company through an ongoing litigation or arbitrage process to
be low. This has paved the way for Eldorado to increase its access
to long-term finance and reduce its reliance on costly short-term
banks, especially in view of Eldorado's robust operating
performance amid a scenario of attractive pulp prices until 2020.
Fitch believes that if Paper Excellence, which is an affiliated of
Asia Paper and Pulp, had been able to take full control of
Eldorado it would have maintained a highly leveraged capital

Governance Remains a Rating Constraint: Eldorado's ratings have
been constrained at 'BB-' due to concerns about governance. The
controlling shareholders of J&F entered into a leniency agreement
with the Brazilian Federal Public Prosecutors Office due to their
involvement in the corruption scandal during 2017. As a result of
complications that have arisen in the process, Eldorado has not
been able to consistently release its financial statements in a
timely manner and its access to financing has been more limited
than peers with comparable business positions. Investigations of
Eldorado shareholders continue to move forward. They include
administrative procedures by the CVM (Brazilian Securities and
Exchange Commission), potential fines from the U.S. Department of
Justice and an investigation by Brazil's attorney general into
possible breaches of the terms of the J&F leniency agreement.
Fitch believes the probability that Eldorado will become involved
in them has diminished over time. In addition, any addition files
that may be incurred by the company's shareholders would likely be
paid through dividends received from Eldorado's sister company,
JBS, which produced strong financial results during 2018. JBS is
among the world's largest protein companies.

Robust FCF: Fitch projects Eldorado will generate about BRL2.8
billion of adjusted EBITDA in 2018 and 2019. This compares
favorably with BRL1.7 billion of Fitch-adjusted EBITDA in 2017.
Fitch expects FCF to reach BRL1.5 billion in 2018 and average
BRL1.3 billion in the 2019-2021 period as no investments in
capacity expansion are planned and no dividends are expected to be
paid to shareholders. Elevated pulp prices have been the key
driver of higher cash flow generation.

Low Leverage: Elevated pulp prices have resulted in strong FCF
that has been used to lower net debt from BRL7.9 billion on Dec.
31, 2016 to BRL6.8 billion as of Sep 30, 2018. Lower net debt in
combination with stronger operating results has led to a decline
in the company's net debt/adjusted EBITDA leverage ratio from 6.2x
in 2016 and 4.3x in 2017 to projected levels of 2.1x in 2018 and
1.7x in 2019. Eldorado's continued leverage reduction will depend
on the absence of expansion projects and the company's ongoing
focus to use FCF to pay down debt.

Above-Average Business Profile: Eldorado has limited scale of
operations compared with peers in Latin America and only one pulp
mill, which is located in Brazil. The company has an annual
production capacity of 1.7 million tons of BEKP, in an industry of
62 million tons. Nevertheless, the company is extremely
competitive in the industry due to its productive forests, a
favorable climate for growing trees and a modern pulp mill. In
third-quarter 2018, the company's cash cost of production was
about USD127 per ton, which placed it firmly in the lowest
quartile of the cost curve. Eldorado also has some financial
flexibility from its forest base, with the accounting value of the
biological assets of its forest plantations at BRL2.6 billion as
of Sept. 30, 2018.

Cyclicality of Pulp Prices: The market pulp industry is very
cyclical; prices move sharply in response to changes in demand or
supply. Market fundamentals for pulp producers are favorable, as
strong demand from China has helped the market seamlessly absorb
new capacity from competitors Asia Pulp & Paper and Suzano/Fibria
Celulose (BBB-/Stable). Prices through 2020 should be healthy due
to the lack of new projects, which should help issuers build cash
positions for new projects or reduce debt accumulated during
recent pulp mill projects. China will continue to play a key role
in supporting prices, and demand should be driven by a growing
economy and the closing of pulp mills that relied upon nonwood


Eldorado's business profile is strong and reflects its excellent
position in the lowest quartile of the production cost curve due
to its productive forests, a favorable climate for growing trees
and a modern pulp mill. Fitch expects the company to report robust
FCF over the next three years combined with a quick deleverage
process as FCF will be used to pay down short-tenored and costly
bank debts. Following the end of the purchase agreement between
J&F and Paper Excellence, the uncertainties surrounding Eldorado's
ownership structure have been substantially diminished, which
paves the way for Eldorado to increase its access to long-term
financing at more favourable terms and conditions.

Similar to other Latin American pulp producers, Eldorado's pulp
production cash costs are among the lowest in the world, ensuring
its long-term competitiveness. This places the company's business
risk profile in line with Latin America pulp companies like Fibria
(BBB-/Stable), Suzano (BBB-/Stable), Empresas CMPC (BBB/Stable)
and Celulosa Arauco (BBB/Stable). However, Eldorado has only one
mill located in Brazil, while its peers have higher scale of
operations and geographic diversification, like Suzano and Fibria
which have merged to become the world's leading producer of market
pulp with an annual pulp production capacity of 11 million tons.
Eldorado is also concentrated only in pulp and is therefore more
exposed to the cyclicality of pulp prices compared with companies
with higher product diversification like Arauco and CMPC, which
are leaders in the wood products segment and tissue markets,
respectively. Compared with its investment grade peers, Eldorado's
ratings are, however, still constrained by higher refinancing
risks, ongoing litigation issues at its controlling shareholders
and weaker corporate governance standards.


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

  -- Pulp sales volume of 1.7 million tons;

  -- Average hardwood net pulp price between USD675 and USD725 per
ton in 2018-2020;

  -- FX rate of 3.8 BRL/USD;

  -- Base case does not incorporate investments in the new pulp

  -- The company will go out with a new bond issuance of USD350
million and proceeds will be used to pay down short-term and
costly debt.


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

  -- Increased access to bank and capital markets financing

  -- Positive outcome of the arbitrage process between Paper
Excellence and J&F;

  -- Conclusion of investigations involving J&F;

  -- Construction of a second pulp line.

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

  -- Negative outcome involving the arbitrage process opened by
Paper Excellence and/or involving litigations against J&F and the
Batista family affecting the company's ability to access more
adequate financing locally or abroad;

  -- Decreased access to bank financing or capital markets .


Reduced Refinancing Risks: As of Sept. 30, 2018, Eldorado had cash
and marketable securities of BRL1.3 billion and total debt of
BRL8.0 billion, of which about BRL2.4 billion is due in the short
term. Excluding trade finance lines, debt maturities in the short
term are about BRL900 million as of Sept. 30, 2018. The
expectation of robust FCF over the next three years combined with
a clearer shareholding control is expected to substantially reduce
refinancing risks going forward and enable the company to access
long-term financing under more favorable terms and conditions.
Total debt was composed of loans from the Brazilian Development
Bank, export credit agencies, export credit notes, trade finance
lines, debentures from Fundo de Investimento do Fundo de Garantia
do Tempo de Servico, a term loan and senior unsecured notes.


Eldorado Brasil Celulose S.A.

Fitch has upgraded Eldorado's ratings as follows:

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

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

  -- National Long-Term Scale ratingto 'A(bra)' from 'BBB-(bra)';

  -- 2nd Debentures, in the amount of BRL940 million, due in 2027,
to 'A(bra)' from 'BBB-(bra)'.

Eldorado Intl. Finance GmbH

  -- Senior unsecured notes, in the amount of USD350 million and
due in 2021 to 'BB-' from 'B'/'RR4'.

The transaction was issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado Brasil Celulose S.A. and Cellulose Eldorado
Austria GmbH.

All ratings have been removed from Rating Watch Evolving.

The Rating Outlook for the coporate ratings is Positive.

NEOENERGIA S.A.: S&P Affirms 'BB-' Long-Term Issuer Credit Rating
On Jan. 24, 2019, S&P Global Ratings affirmed its 'BB-' global
scale and 'brAAA' Brazil national scale long-term issuer credit
ratings on Neoenergia and its subsidiaries, Companhia de
Eletricidade do Estado da Bahia (Coelba), Companhia Energetica de
Pernambuco (CELPE), Companhia Energetica do Rio Grande do Norte
(Cosern), and Elektro Redes S.A. (Elektro). S&P also affirmed its
'brA-1+' short-term national scale rating on Neoenergia. Its 'bb'
stand-alone credit profile (SACP) remains unchanged.

S&P said, "At the same time, we affirmed the 'brAAA' issue-level
ratings on Coelba, Celpe, Cosern, and Elektro, and the 'brAA+'
issue-level ratings on Neoenergia, Calango 6 Energia Renovavel
S.A. (Calango 6), NC Energia S.A. (NC Energia), and
Termopernambuco S.A.'s (Termope) debt.

"The affirmation reflects our expectation that Neoenergia will
continue posting aggressive credit metrics, with an adjusted debt
to EBITDA of 4.0-4.5x, up from 3.5x-4.0x, and FFO to debt in the
16%-19% range in the next two years as a result of its demanding
investment plan of about R$20 billion for 2019-2022. We expect
investments to be concentrated in the distribution segment, then
increasing for power transmission mostly in 2021 and 2022, given
the construction of the assets following the winning of bids from
the government in December 2018.

"The ratings on the Federative Republic of Brazil (global scale:
BB-/Stable/B; Brazil national scale: brAAA/Stable/--) cap those on
Neoenergia despite its 'bb' SACP. In our view, the Brazilian
electricity sector is highly regulated, mostly the distribution
and transmission segment, which represents more than 75% of the
group's cash flow generation. This is because the regulator,
Agencia Nacional de Energia Eletrica -- ANEEL, sets the rates. We
believe Neoenergia, like other regulated utilities in Brazil,
could be subject to government interference under a hypothetical
sovereign default scenario that includes tariff freezes, which
could jeopardize the group's cash flow generation.

"We expect Neoenergia to focus its investments in the next two
years in its distribution segment in order to continue improving
the level of service quality and reduce electricity losses on
Coelba, Celpe, Cosern, and Elektro. For example, Celpe's
electricity losses were at 17.56% as of September 2018, which
surpassed the regulatory limits in the past couple of years.
Although these losses don't jeopardize the concessions, they lower
the profitability of these subsidiaries, either through higher
costs for electricity purchases when electricity losses are higher
than the target, or discounts on customers' electricity bills if
duration or frequency of service interruption are above ANEEL's
limits. Our base-case scenario assumes these metrics to converge
to the regulatory standards following the heavy investments in the
short to medium term.

"The group also has a robust pipeline of investments to perform in
the transmission segment, particularly after it won several bids
at the government auctions in 2017 and 2018. Neoenergia will have
to build 12 greenfield lines in the next five years. This will
require investments of about R$7 billion, according to ANEEL,
starting in 2021. Once these assets are mature, the group will
benefit from the very stable and predictable cash flows in the
form of the availability-based and inflation-adjusted transmission
revenues. We expect the group to finance these investments mostly
with debt.

"We believe Neoenergia continues playing an important role for
Iberdrola S.A.'s (BBB+/Stable/A-2) strategy to increase regulated
activities in high-growth markets. However, the Brazilian
operations represent only slightly less than 15% of the parent's
consolidated EBITDA as of September 2018. We also expect
Neoenergia to operate on a stand-alone basis, tapping financing in
the domestic or international credit markets, and not relying on
the direct financial support from Iberdrola.

"We believe Coelba, Celpe, Cosern, and Elektro are the group's
most important subsidiaries because all of them are electricity
distributors, a segment that's responsible for more than 75% of
Neoenergia's cash flow generation. In addition, although these
subsidiaries require to be separate from the group for regulatory
purposes, we view that Neoenergia adopts an integrated financial

C O S T A   R I C A

BANCO NACIONAL: Fitch Affirms B+ Sr. Unsec. Notes., Outlook Neg.
Fitch Ratings has affirmed Banco Nacional de Costa Rica's senior
unsecured notes at 'B+' and assigned a Recovery Ratings of 'RR4'.
BNCR has two issuances whose amounts are USD500 million each. The
first issue has an interest rate of 5.875% and will mature on
April 25, 2021. The second issue has an interest rate of 6.250%
and will mature on Nov. 1, 2023.

The ratings are aligned with BNCR's Foreign Currency Long-Term
Issuer Default Rating (IDR) of 'B+'/Negative Outlook. BNCR's
Negative Outlook is also aligned with the sovereign Rating


The senior unsecured notes are rated at the same level as the
bank's IDR, in accordance with Fitch's criteria. BNCR's IDRs and
the senior unsecured bonds are support driven. Sovereign support
for all state-owned banks in Costa Rica is explicit in the Organic
Law of the National Banking System. According to this law, all
unsubordinated liabilities of state-owned banks are fully
guaranteed by the government of Costa Rica in the event of a
bank's liquidation. This would not represent a direct sovereign
guarantee of the notes; however, the notes would be included in
the sovereign's general guarantee of BNCR's liabilities in the
event of liquidation. Also, Fitch considers that the probability
of default on any unsecured senior debt is equal to that of BNCR.
The 'RR4' recovery rating of these notes implies average recovery
prospects in the event of default.

BNCR is Costa Rica's largest state-owned bank; as of September
2018, it maintained a leading position in the country by assets
with a market share of 26.7% and 21.3% by gross loans; in terms of
customer deposits, its participation was above of 19%. Also, Fitch
believes the bank is systematically important in Costa Rica, with
a relevant and long-lasting policy role, which would be difficult
to transfer.


BNCR's senior unsecured debt ratings will mirror the bank's Long-
Term IDR. An additional downgrade of Costa Rica's sovereign rating
or material deterioration of the local operating environment could
trigger a downgrade of BNCR's IDRs.


CABLE & WIRELESS: To Sue Grenada's Telecommunications Minister
RJR News reports that British telecommunications provider Cable
and Wireless, said it had been granted leave to pursue a lawsuit
against Grenada's Telecommunications Minister Gregory Bowen and
the National Telecommunications Regulatory Commission (NTRC), on
the grounds of discrimination.

In a statement, Cable & Wireless Grenada, which operates as Flow
Grenada, said it had obtained leave from the High Court to sue
Bowen and the NTRC over alleged improprieties in the issuance of
spectrum licences to telecommunications providers in Grenada,
according to RJR News.

It said the High Court granted leave to the telecom provider to
pursue a claim against the parties on whether certain procedures
and decisions may have been illegal, improper and unreasonable,
the report notes.

In the statement, Cable & Wireless said since 2008, it applied to
the NTRC and Bowen repeatedly for an LTE Spectrum License without
success, the report relays.

In December, Mr. Bowen told Parliament that FLOW had threatened to
take legal action but claimed that the failure was due to the
company not complying with the recommendation to have a discussion
with another provider who is using the same spectrum that it is
applying to provide the LTE service, the report adds.

As reported in the Troubled Company Reporter-Latin America on Aug.
11, 2017, S&P Global Ratings assigned its 'B' issue-level rating
to C&W Senior Financing Designated Activity Company's proposed
$700 million senior notes due 2027. This company is an orphan
special purpose vehicle (SPV) in the Cable & Wireless structure
(Cable & Wireless Communications Limited [CWC]; BB-/Negative/B).
The SPV will give the notes proceeds to Sable International
Finance Limited (SIFL), a CWC's subsidiary, and from there the
group will refinance in full Columbus International's $605 million
7.375% senior notes due December 2021; pay $45 million in
transaction related premiums, fees and expenses; and keep $40
million for general corporate purposes.


DIGICEL GROUP: Partners With CDB Partners for Advancement
RJR News reports that the Caribbean Development Bank (CDB) and
Digicel disclosed a partnership geared towards advancing digital
transformation at the regional financial institution.

Focused on expanding and enhancing data and voice services, it
will allow CDB's staff to work more efficiently, faster and with
more flexibility at its headquarters, across the bank's membership
and in other international locations, according to RJR News.

This partnership with Digicel is expected to help the CDB in being
more efficient, responsive and collaborative in supporting
economic and social development throughout the region, the report

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.  The company is owned by the Irish billionaire Denis
O'Brien, is incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter on Jan. 21, 2019,
Moody's Investors Service appended the "limited default"
designation to the probability of default rating of Digicel Group
Limited, following the completion of its exchange offer, which
Moody's considers as a distressed exchange under its definition of
default, and upgraded Digicel's PDR to Caa1-PD/LD from Caa3-PD. At
the same time, Moody's upgraded the rating of the new 2022 notes
issued at Digicel Group One Limited to Caa1 from Caa2, assigned a
Caa3 rating to the new 2022 notes at Digicel Group Two Limited and
downgraded the rating of the new 2024 notes at DGL2 to Caa3 from
Caa2. Moody's affirmed Digicel's Caa1 corporate family rating, as
well as the ratings of its other debt instrument. The outlook on
all ratings remains stable. The LD designation will be removed
within three business days.

P U E R T O    R I C O

DYNAMIC MRI: Feb. 12 Plan Confirmation Hearing
The Disclosure Statement explaining Dynamic MRI & 3D CT CSP's
Chapter 11 Plan is conditionally approved.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on February 12,
2019 at 10:00 AM at the U.S. Bankruptcy Court, U.S. Post Office
and Courthouse Building, 300 Recinto Sur, Courtroom No. 2, Second
Floor, San Juan, Puerto Rico.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan will be filed on/or before ten
(10) days prior to the date of the hearing on confirmation of the

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

A copy of the Disclosure Statement is available at from 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.

PEOPLE TELEVISION: Seeks to Hire Landrau Rivera as Legal Counsel
People Television Inc. seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Landrau Rivera &
Assoc. as its legal counsel.

The firm will provide these services:

   a. advise the Debtor with respect to its duties, powers and
responsibilities in its Chapter 11 case;

   b. advise the Debtor whether a reorganization is feasible and,
if not, assist the Debtor in the orderly liquidation of its

   c. represent the Debtor in negotiations with its creditors for
the purpose of proposing a plan of reorganization; and

   d. provide other legal services related to the case.

Landrau Rivera will be paid at these hourly rates:

     Noemi Landrau Rivera, Esq.      $200
     Josue A. Landrau Rivera, Esq.   $175
     Legal & Financial Assistants     $75

Noemi Landrau Rivera, Esq., a member of Landrau Rivera, assured
court that her firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

Landrau Rivera can be reached though:

     Noemi Landrau Rivera, Esq.
     Landrau Rivera & Assoc.
     1423 Fraser Street, Urb. Reparto Landrau
     San Juan, PR 00927-0219
     Tel: (787) 774-0224
     Fax: (787) 793-1004

                  About People Television Inc.

People Television Inc. is an entertainment production group
headquartered in San Juan, Puerto Rico.

People Television filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 19-00041) on January 7, 2019, disclosing $50,000
in assets and $1 million to $10 million in liabilities.  The
petition was signed by Francisco Zamora Reyes, president.

Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc., is the
Debtor's counsel.


VENEZUELA: Faces Protests Amid Legitimacy Crisis
EFE News reports that Venezuela was rocked by a third consecutive
day of anti-government protests after the opposition leader
proclaimed himself interim president, although thousands also took
to the streets to show their support for the government amid a
diplomatic upheaval that has seen many countries expressing their
official recognition and support for both sides in the political

The non-governmental organization Provea said at least 15
demonstrations had taken place in the west and center of the
capital, as security forces used teargas and buckshot pellets to
disperse the crowds protesting the legitimacy of President Nicolas
Maduro, who controversially won re-election in 2018 with 67.8
percent of the vote as the main opposition parties boycotted what
they described as a show election and called for active
abstention, according to EFE News.

Opposition leader and president of the National Assembly Juan
Guaido proclaimed himself interim president of the country, citing
articles 233, 333 and 350 of the 1999 constitution as
justification and claiming that Maduro -- whom many in the
opposition described as a dictator -- had "usurped" his position
by being sworn in as president following what they called an
illegitimate election, the report relays.

The latest wave of protests in central Caracas had first broken
out when dozens of troops from the Bolivarian National Guard (GNB)
rebelled against Maduro and called for popular support from the
neighborhood of Cotiza before being captured, the report relays.

The report notes that around a dozen demonstrations took place
calling for a resolution to the severe economic and political
crisis which has plagued the country for years, with opposition
protesters demanding an end to Maduro's alleged usurpation of

Since then, more than 50 protests have been held in Caracas alone,
with many more taking place nationwide, both against and in
support of the ruling United Socialist Party of Venezuela (PSUV),
the report relays.

The PSUV organized a march in Caracas ostensibly to commemorate
the 61st anniversary of the overthrow of dictator Gen. Marcos
Perez Jimenez (who ruled between 1948-58), although in practice,
participants made a show of force against what they said was the
foreign meddling conducted by the United States and the
destabilization efforts by the Venezuelan right, according to the
government-sponsored teleSUR television network, the report says.

The speaker of the PSUV-controlled National Constituent Assembly,
Diosdado Cabello, accused the opposition demonstrators of being
paid and of being responsible for the violence, the report relays.

Local media reported that police and demonstrators clashed in
Petare, the largest slum in Latin America, with shots fired and
grenades thrown, although no casualty toll was available, the
report notes.

The NGO Venezuelan Observatory of Social Conflict claimed that at
least 13 people have been killed by gunshots after being "attacked
by law enforcement officers and/or paramilitary groups while
participating in peaceful protests," the report relays.

The head of the human rights organization Foro Penal, Gonzalo
Himiob, claimed that 278 people have been detained, the report

Top military commanders of the National Bolivarian Armed Forces
(FANB) reiterated their loyalty to Maduro as commander-in-chief
and said they stood with the constitution against what they
described as a coup attempt, the report says.

"The FANB Navy ratifies its adherence to the Constitution and
Loyalty to our Commander-in-Chief Nicolas Maduro, who for the
period 2019-2025 is the Constitutional President of the Bolivarian
Republic of Venezuela," the Bolivarian Navy said on Twitter,
adding the hashtag #AlwaysLoyalNeverTraitors, the report

Defense Minister Vladimir Padrino said that the "soldiers of the
Fatherland" would not accept a president imposed "under the shadow
of dark interests," the report relays.

In response to the crisis, US President Donald Trump -- as well as
the governments of Argentina, Brazil, Canada, Chile, Colombia,
Costa Rica, Ecuador, Guatemala, Honduras, Panama, Paraguay and
Peru -- have announced that they recognize Guaido as Venezuela's
interim president, the report notes.

President Maduro responded to Trump's decision by announcing that
his government would break diplomatic relations with the US and
gave the latter's diplomatic mission 72 hours to leave the South
American nation, the report relays.

US Secretary of State Mike Pompeo refused to pull American
diplomats from Caracas and threatened that the Trump
Administration would take "appropriate action to hold accountable
anyone who endangers the safety and security of our mission and
its personnel," the report relays.

In addition, French President Emmanuel Macron took to the social
media platform Twitter to proclaim that Europe backed the
opposition's efforts, the report notes.

"After Nicolas Maduro's illegitimate election in May 2018, Europe
supports the restoration of democracy," Macron wrote, the report
relays. "I applaud the bravery of hundreds of thousands of
Venezuelan who march for their freedom."

The report notes that Federica Mogherini, the European Union's top
diplomat, released a more cautious statement in which she called
for an immediate start to the political process leading to free
and credible elections but did not explicitly recognize Guaido as
the new Head of State.

"The civil rights, freedom and safety of all members of the
National Assembly, including its president, Juan Guaido, need to
be observed and fully respected," Mogherini said, the report
relays.  "The European Union and its member states remain ready to
support the restoration of democracy and rule of law in Venezuela
through a credible peaceful political process in line with the
Venezuelan constitution," the report discloses.

The foreign minister of Spain (a country with deep historical and
demographic ties with its former colonial possession), Josep
Borrell of the Socialist Party, also avoided openly backing Guaido
and urged EU countries to preserve the bloc's unity of action,
ignoring calls from Spanish right-wing and far-right parties to
officially recognize the opposition leader, the report notes.

The Chinese, Bolivian, Cuban, Turkish and Russian governments, on
the other hand, have expressed their support for Maduro and
refused to accept Guaido's legitimacy, the report says.

A spokesperson for the Chinese foreign ministry, Hua Chunying,
said that China "supports the Venezuelan government's efforts to
maintain its sovereignty, independence and stability," the report

The highest court in Venezuela, the Supreme Tribunal of Justice --
many of whose members have controversial links to the PSUV -- also
rejected Guaido's arguments that his self-proclamation was
constitutional, the report notes.

Venezuela, an oil-rich country that has been hammered by lower
global oil prices and economic sanctions imposed by the US, has
been in recession for nearly all of Maduro's time in office. He
took over after predecessor Hugo Chavez's death in 2013, the
report relays.

Hundreds of thousands of Venezuelans have fled their homeland amid
food and medicine shortages and hyperinflation, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 2018 removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.
S&P's transfer and convertibility assessment remains at 'CC'

VENEZUELA: CARICOM to Seek UN Help to Resolve Political Crisis
-------------------------------------------------------------- reports that amid global division over whether
the opposition leader who declared himself Venezuela's interim
leader should be recognized over the elected President Nicolas
Maduro, the Caribbean Community (CARICOM) said it will not
intervene, but it is calling on the United Nations to try to help
resolve the political crisis there.

Amid anti-Maduro protests, 35-year-old leader of the opposition
and head of the National Assembly, Juan Guaido declared himself
acting president in a move welcomed by huge crowds of protesters
and several world leaders, including the United States, according

The development came a week after President Maduro was sworn in
for a second term in office, following disputed elections that
were widely regarded by some in the international community as a
sham poll, the report notes.

Following an emergency meeting via video-conference, under the
chairmanship of St Kitts and Nevis' Prime Minister Dr. Timothy
Harris, CARICOM Heads called for a peaceful resolution to the
"unsatisfactory situation" in neighbouring Venezuela, the report

While the leaders reaffirmed their guiding principles of non-
interference and non-intervention in the affairs of states,
respect for sovereignty, adherence to the rule of law, and respect
for human rights and democracy, they reiterated "the long-standing
political crisis, which has been exacerbated by recent events, can
only be resolved peacefully through meaningful dialogue and
diplomacy," the report says.

As such, Prime Minister Harris, in his capacity as Chairman of
CARICOM, will seek an urgent meeting with the United Nations (UN)
Secretary-General Antonio Guterres to request the UN's assistance
in resolving the issue, the report says.

"Venezuela, of course, is part of the Caribbean region and any
adverse development there would have serious ramifications for the
peace and orderly development of Member States within the region.
So we will continue to hold a watching brief and constructively
engage with the principal actors in Venezuela and the actors
everywhere to ensure that we preserve the region as a zone of
peace," he said, the report notes.

In an official statement issued immediately after the meeting,
CARICOM Heads emphasized the importance of maintaining the
Caribbean as a Zone of Peace, citing Article 2 (4) of the UN
Charter which calls for Members States to refrain from the threat
or the use of force and Article 21 of the Charter of the
Organization of American States which refers to territorial
inviolability, the report relays.

In this regard, the Caribbean leaders are also calling on external
forces to refrain from doing anything to destabilize the situation
and called on all actors, internal and external, "to avoid actions
which would escalate an already explosive situation to the
detriment of the people of the Bolivarian Republic of Venezuela
and which could have far-reaching negative consequences for the
wider region," the report discloses.

Following Mr. Guaido's declaration that he was Venezuela's interim
leader and the support he received from the US, Canada, and some
Latin American and European countries, Maduro remained resolute
and ordered US diplomats out of the country within 72 hours, the
report notes.

He subsequently recalled Venezuela's diplomats from Washington,
but the US is adamant its diplomats in Caracas will stay, the
report notes.

President Maduro has so far received the backing of Russia, Cuba
and China, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 2018 removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.
S&P's transfer and convertibility assessment remains at 'CC'


* BOND PRICING: For the Week January 21 to January 25, 2019

  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

Cia Latinoamericana       9.5    60.447   7/20/2023     AR     USD
CSN Islands XII Corp      7      69.44                  BR     USD
Agua y Saneamientos       6.625  71.982   2/1/2023      AR     USD
Banco Macro SA           17.5    50       5/8/2022      AR     ARS
Odebrecht Finance Ltd     7.5    39.15                  KY     USD
YPF SA                   16.5    50.96    5/9/2022      AR     ARS
Odebrecht Finance Ltd     4.37   35.715   4/25/2025     KY     USD
Odebrecht Finance Ltd     7.12   37.293   6/26/2042     KY     USD
China Huiyuan             6.5    75.1     8/16/2020     CN     USD
Odebrecht Finance         5.125  45.754   6/26/2022     KY     USD
Noble Holding             6.2    74.46    8/1/2040      KY     USD
Noble Holding             5.25   70.444   3/15/2042     KY     USD
Odebrecht Finance         7      58.985   4/21/2020     KY     USD
Noble Holding             6.05   73.508   3/1/2041      KY     USD
Odebrecht Finance         5.25   36.2     6/27/2029     KY     USD
Rio Energy SA             6.875  71.551   2/1/2025      AR     USD
BCP Finance Co            1.751  74.397                 KY     EUR
Provincia del Chubut      4              10/21/2019     AR     USD
YPF SA                   16.5    50.96   5/9/2022       AR     ARS
Argentina                 7.125  76      6/28/2117      AR     USD
Automotores Gildemeister  6.75   62.759  1/15/2023      CL     USD
Odebrecht Finance         6      37.193  4/5/2023       KY     USD
Banco do Brasil           6.25   76.375                 KY     USD
Cia Latinoamericana       9.5    60.621  7/20/2023      AR     USD
Polarcus Ltd              5.6    70      7/1/2022       AE     USD
Argentina                 6.875  74.985  1/11/2048      AR     USD
Provincia del Chubut      7.75   72.304  7/26/2026      AR     USD
Banco Macro SA           17.5    50      5/8/2022       AR     ARS
CSN Islands XII Corp      7      74.375                 BR     USD
Provincia de Rio Negro    7.75   70.153  12/7/2025      AR     USD
Provincia de Entre Rios   8.75   71.083   2/8/2025      AR     USD
Argentina                 4.33   70      12/31/2033     AR     JPY
Provincia de Entre Rios   8.75   72.333   2/8/2025      AR     USD
Odebrecht Finance Ltd     4.375  35.242   4/25/2025      KY    USD
Ironshore Pharma         13      69.621   2/28/2024      KY    USD
Automotores Gildemeister  8.25   60.583   5/24/2021      CL    USD
Odebrecht Finance Ltd     7.125   38.674  6/26/2042      KY    USD
Odebrecht Finance Ltd     5.25    36.187  6/27/2029      KY    USD
Province of Santa Fe      6.9     74.177  11/1/2027      AR    USD
Provincia del Chubut      7.75    71.654  7/26/2026      AR    USD
Argentina                 6.25    72.711  11/9/2047      AR    EUR
Cia Energetica            6.1827   1.105  1/15/2022      BR    BRL
Odebrecht Finance         7.5     43.5                   KY    USD
Argentina                 0.45    31.75  12/31/2038      AR    JPY
SACI Falabella            2               7/15/2020      CL    CLP
Province of Jujuy         8.625   72.788  9/20/2022      AR    USD
Province of Santa Fe      6.9     73.44  11/1/2027       AR    USD
Ironshore Pharma         13       69.621  2/28/2024      KY    USD
Tanner Servicios         3.8      52.42   4/1/2021       CL    CLP
AES Tiete Energia SA     6.78      1.06   4/15/2024      BR    BRL
Odebrecht Finance Ltd    6        37.19   4/5/2023       KY    USD
Provincia de Rio Negro   7.75     70.15  12/7/2025       AR    USD
Odebrecht Finance        7        59.466  4/21/2020      KY    USD
Odebrecht Finance Ltd    5.12     47.298  6/26/2022      KY    USD
Provincia de Cordoba     7.12     74.286  8/1/2027       AR    USD
Argentina                7.125    75.752  6/28/2117      AR    USD
Automotores Gildemeister 8.25     60.583  5/24/2021      CL    USD
Enlasa Generacion        3.558           11/15/2023      CL    CLP
Metrogas SA/Chile       645               8/1/2024       CL    CLP
Automotores Gildemeister 6.75     62.759  1/15/2023      CL    USD
Provincia del Chaco      9.375    72.315  8/18/2024      AR    USD
Fospar S/A               6.53      1.034  5/15/2026      BR    BRL
Sociedad Concesionaria   2.9547           6/30/2021      CL    CLP
Esval SA                 3.453            3/15/2028      CL    CLP
Caja de Compensacion     7.75     35.23   3/27/2024      CL    CLP
Sociedad Austral       318.478            9/20/2019      CL    CLP
Provincia de Neuquen     7.5      74.753  4/27/2025      AR    USD
Caja de Compensacion     5.2              9/15/2018      CL    CLP
Empresa de Transporte    4.341            7/15/2020      CL    CLP
Corp Universidad         5.968           11/10/2021      CL    CLP
Provincia de Cordoba     7.125    74.802  8/1/2027       AR    USD
Provincia del Chaco      9.375    72.585  8/18/2024      AR    USD
Argentine Republic       7.125    75.322  6/28/2117      AR    USD
Sylph Ltd                2.367    61.194  9/25/2036      KY    USD
Banco Security SA      311                7/1/2019       CL    CLP
Sylph Ltd                2.657   73.081   3/25/2036      KY    USD


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
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.

                   * * * End of Transmission * * *