/raid1/www/Hosts/bankrupt/TCRLA_Public/190211.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, February 11, 2019, Vol. 20, No. 29


                            Headlines



A R G E N T I N A

ARGENTINA: Currency Gets Boost From Tight Monetary Policy


B R A Z I L

BRAZIL: S&P Affirms BB-/B Sovereign Credit Ratings, Outlook Stable
BRF SA: Sells European, Thai Operations for $340 Million
USJ ACUCAR: Fitch Downgrades LT Issuer Default Ratings to CC


G U A T E M A L A

GUATEMALA: Gets US$150MM-IDB Loan for National Road Network


J A M A I C A

JAMAICA: BOJ Makes Another Intervention in FX Market


M E X I C O

CREDITO REAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
MEXICO: President Rails Against Private Energy Companies


P U E R T O    R I C O

LUBY'S INC: Harris Pappas Quits as Director
SEARS HOLDINGS: Lampert's $5.2-Bil. Rescue Plan Approved by Judge


X X X X X X X X X

* BOND PRICING: For the Week February 4 to February 8, 2019


                            - - - - -


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


ARGENTINA: Currency Gets Boost From Tight Monetary Policy
----------------------------------------------------------
Javier Caamano at EFE News reports that the ultra-tight monetary
policy that Argentine authorities adopted amid last year's
currency crisis has yielded results and given a big boost to the
peso, although economists see potential trouble on the horizon
ahead of the October 2019 general election.

After months of turmoil in which the peso lost half of its value
and fear spread that further depreciation could lead to a debt
default, the peso has strengthened relative to the dollar to the
point that it is no longer trading within the band established
under a $57 billion bailout package with the International
Monetary Fund, according to EFE News.

In a bid to weaken the peso and keep it within the trading range,
Argentina's Central Bank (BCRA) started buying dollars last month
on the foreign exchange market, the report notes.

Economist Victor Beker told EFE that sky-high interest rates of
more than 50 percent have increased investors' appetite for
Argentine bonds, which now offer a "fabulous return," EFE relates.

"I don't think there's any economic activity, except for drug
trafficking, that can compete with that yield," said Beker,
director of the Center for New Economy Studies at Argentina's
Universidad de Belgrano, the report says.  He added that the
philosophy now in Argentina is "take advantage while it lasts."

Last August, a new round of capital flight forced Argentine
President Mauricio Macri to ask the IMF for an early release of
funds from the standby financing deal to calm markets, the report
discloses.

EFE News relays that as part of the effort to shore up the peso
and rein in price increases, the BCRA rolled out an IMF-backed
program last September to freeze money supply growth, keep
interest rates at a minimum of 60 percent (that floor on its
benchmark interest rate has since been removed) and put in place a
"floating band" for the peso.

Although those measures served to strengthen Argentina's currency,
Beker cautioned that no economy in the world can function with
interest rates at such a sky-high level because they strangle the
real economy, the report notes.

He also noted that rates are at astronomical levels at a time when
the country is in recession, the report says.

While economists believe that the currency market will remain
stable in the first half of the year thanks to an influx of
dollars into the financial market and hard-currency earnings from
exports of products such as soy and wheat, they say the situation
is tenuous because of presidential and legislative elections
scheduled for October, the report discloses.

Mr. Beker said the supply of dollars should not be in doubt in the
first part of the year but that "then comes a second half that
will be complicated because the bulk of (Argentina's) exports are
carried out in the first half, and then in the second we're going
to be immersed in the electoral process," the report relays.

Economists consulted by EFE are forecasting that the run-up to the
elections, with the foreseeable calls by candidates to renegotiate
the country's debt, will increase uncertainty and prompt holders
of Argentine pesos to purchase dollar-denominated foreign assets,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2018, S&P Global Ratings lowered its long-term foreign
and local currency ratings on Argentina to 'B' from 'B+' and
affirmed its short-term foreign and local currency ratings at 'B'.
S&P said, "We also removed the long-term ratings from CreditWatch,
where we placed them on Aug. 31, 2018, with negative implications.
The outlook on the long-term ratings is stable. At the same time,
we lowered our national scale ratings to 'raAA-' from 'raAA'. We
also lowered our transfer and convertibility assessment to 'B+'
from 'BB-'."

S&P said, "The stable outlook reflects our expectation that the
government will implement difficult fiscal, monetary, and other
measures to stabilize the economy over the coming 18 months,
gradually staunching the deterioration in the sovereign's
financial profile and debt burden, reversing inflation dynamics,
and restoring investor confidence. The combination of lower
government financing needs, declining inflation and interest
rates, and expectations of continuity in key economic policies
after national elections in October 2019 could set the stage for
economic recovery and contain external vulnerability.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


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


BRAZIL: S&P Affirms BB-/B Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
On Feb. 7, 2019, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Brazil. The outlook on the long-term ratings remains stable. At
the same time, S&P affirmed its transfer and convertibility
assessment of 'BB+'. S&P also affirmed its 'brAAA' national scale
rating, and the outlook remains stable.

OUTLOOK

S&P said, "The stable outlook reflects our view that the Bolsonaro
Administration will advance policies, with support from Congress,
to slowly improve the fiscal deficits, though net general
government debt will continue to climb. We also expect a moderate
acceleration of economic growth on improved investor confidence
after a wait-and-see mode prior to the elections, underpinned by
some improvement of the fiscal profile and ongoing recovery of
credit lending.

"We could raise the ratings over the next two years if the breadth
and depth of policy advances suggest a more rapid turnaround in
Brazil's fiscal and growth trajectories than we currently expect.
This would entail proposal, passage, and execution of solid policy
initiatives. A sharper improvement in Brazil's net general
government debt and interest burdens would likely require
successful implementation of corrective structural fiscal policies
and stronger GDP growth prospects.

"We could also upgrade Brazil if real GDP growth dynamics no
longer compare unfavorably with peers that have a similar level of
economic development. Finally, we could raise the ratings if,
contrary to our expectations, Brazil's sound external profile
strengthens further, despite global volatility, particularly if it
maintains a net narrow external creditor position in the coming
two years.

"On the contrary, we could lower the ratings over the coming year
should unforeseen weakness in Brazil's balance of payments arise
that either impairs market access or generates a sharp rise in
external debt. Alternatively, a meaningful deterioration in
monetary policy credibility, marked by a persistent rise in
inflation or weakened commitment to a floating exchange rate,
would also weigh on the rating. Finally, we could lower the
ratings if the government takes measures that exacerbate already
large fiscal vulnerabilities, namely that harm the prospects for a
slow decline in government deficits or quicken the rise in debt."

RATIONALE

S&P said, "Our ratings on Brazil are supported by our expectation
that the country's economic activity and fiscal position will
gradually strengthen in the coming years, spurred by continuity in
the fiscal adjustment process and some progress in the passage of
reforms to contain its heavy debt burden. The ratings also reflect
Brazil's slow progress on, and low support from the country's
political class for, putting in place meaningful legislation to
correct structural fiscal slippage on a timely basis over the past
several years.

"While the economy is showing signs of acceleration, we see slow
growth and fiscal weaknesses as key credit constraints. In
contrast, Brazil's external position and monetary policy
credibility are, in our view, relative credit strengths.

Institutional and economic profile: The new administration's
capacity to execute its agenda will be key to reduce Brazil's
large fiscal imbalances and support the economy

-- Jair Bolsonaro was elected president of Brazil in October 2018
    within a polarized political environment.

-- The new government's reform agenda is ambitious and is
    intended to address Brazil's main fiscal and economic
    vulnerabilities.

-- S&P anticipates that the prospect for passage of reforms will
    support investor confidence, investment, and growth.

Since assuming office in January 2019, the administration of
President Bolsonaro has signaled a commitment to policies and
structural reforms that strengthen Brazil's fiscal accounts,
foster macroeconomic stability, and improve competitiveness and
productivity throughout the economy. The president and his team
suggested that their reforms will be far-reaching, though details
on the much-anticipated social security reform, to facilitate
complying with the constitutionally mandated spending ceiling,
have yet to be officially unveiled. Other policy proposals include
a program of concessions and privatizations, a potential revision
of the minimum wage policy, efforts to open the economy, and
formal central bank autonomy.

Brazil experienced a polarized presidential campaign in the
context of low economic growth and discontent with established
politicians--a side effect of a series of corruption
investigations. Despite high approval ratings since becoming
president-elect and assuming office, Mr. Bolsonaro faces the
challenge of passing legislation in a fragmented Congress while
rejecting the usual pork-barrel and patronage negotiations. This
will require astute political negotiations.

While the administration of former president Michel Temer outlined
a comprehensive macroeconomic and microeconomic agenda to create
conditions for stronger growth and fiscal performance, progress
passing legislation to that end stalled. There was insufficient
broad-based political support to tackle structural fiscal
rigidities that require changes to Brazil's constitution.

Despite President Bolsonaro's strong political capital, passage of
policy initiatives and structural reforms is by no means assured.
Navigating 30 parties in the Chamber of Deputies and 21 parties in
the Senate to forge effective cross-party coalitions in order to
pass controversial pieces of legislation will be a key challenge
for the new president. Fiscal reforms are not popular, and the
process of constructing a pro-reform coalition could take time.
Hence, the ability to leverage political capital during the first
12-18 months of the new administration will be key to pass and
implement corrective fiscal and growth-enhancing policies.

Brazil's institutions remain supported by a macroeconomic
framework of inflation targeting, a floating exchange rate, and a
fiscal responsibility framework across levels of government. S&P
believes the political system has maintained important checks and
balances through political transitions and even during recent
episodes of weaker policy performance.

Since President Bolsonaro's election, business sentiment has
strengthened. S&P said, "We project GDP growth to accelerate in
2019 to 2.4%, from an expected 1.4% in 2018. Besides improvement
in sentiment, a pickup in bank lending and labor market conditions
should support acceleration in domestic demand, specifically in
investment and household consumption. We expect growth to average
2.6% in the next three years. Brazil's growth prospects have been-
-and will continue to be--below those of other countries at a
similar stage of development, in our view. We expect GDP per
capita of US$9,200 for 2019."

Concessions and privatizations are an important component of
President Bolsonaro's economic agenda. The new government has yet
to unveil specifics and a timeframe of its plan to accelerate
concessions of state-owned companies (and full privatizations for
loss-making companies). S&P said, "In our view, the need for
Congressional approval in most instances, potential political and
social resistance, and execution challenges will affect the speed
at which the concessions and privatization agenda progress. In our
opinion, the potential gains on productivity and growth prospects
from privatizations and concessions would be larger than the one-
off impact on fiscal dynamics."

Flexibility and performance profile: Brazil's external position
and monetary policy flexibility remain key rating strengths, but
the government's debt burden is sizable

-- Brazil's fiscal position remains weak, with sizable fiscal
    deficits and a large debt burden.

-- S&P expects that the administration will propose a
    sufficiently far-reaching social security reform to contain
    the increase in government mandatory spending to facilitate
    compliance with the spending cap.

-- S&P considers Brazil's monetary flexibility and the country's
    low external vulnerabilities to be its main credit strengths.

-- Besides subdued growth prospects, Brazil's fiscal position is
    its other key rating weakness. Its fiscal trajectory is one of
    still-large, albeit declining, deficits and rising debt
    through 2022.

S&P said, "In 2019, we expect the general government deficit will
fall to 6.7% of GDP, from 7.1% in 2018, before declining to about
5% in 2022. This is consistent with our assumption of a slow
reduction in the general government primary deficit that averages
0.7% in 2019-2021 and will shift to a balanced position in 2022.
Downside risks to our deficit projection stem from extraordinary
revenues, including revenues from concessions and the auction of
oil from the transfers of rights."

Tackling mandatory spending is a key policy challenge, and social
security reform is a priority to facilitate meeting the spending
cap and reestablishing fiscal credibility. Given Brazil's generous
pension benefits and worsening demographics, pension-related
expenditure has grown rapidly over the past several years. The
social security deficit exceeds the entire general government
primary deficit. This negatively affects our fiscal assessment.
The new government is still defining the specific proposal to
present to Congress, likely in the coming weeks. However, fiscal
adjustment measures beyond social security reform will be key to
turn around Brazil's fiscal profile--this includes controlling
payroll and earmarked spending.

Brazil's state and municipal governments face similar budgetary
challenges to the federal government, notably the issue of rising
nondiscretionary spending (payroll and pensions). In addition,
unlike the sovereign, their financing is more constrained because
they cannot issue debt. Severe economic contraction, combined with
increases in nondiscretionary spending, the falloff in oil
revenues, and the coming to light of fiscal mismanagement,
underscored significant distress in some key states in 2017-2018.
And this has become more apparent with liquidity pressures in a
number of states in 2018-2019. Social security reform is also key
to reduce fiscal imbalances at the state level. And, fragilities
in Brazil's federal fiscal framework remain to be addressed.

S&P expects general government debt, net of liquid assets (around
18% of GDP in 2019, mainly government deposits at the central
bank), to rise to 69% of GDP by 2022 from 52% in 2016 (and just
under 40% in 2013). The slightly larger change in net general
government debt to GDP vis-Ö-vis the headline deficit assumes some
fluctuations in central bank repurchase operations and exchange
and inflation rates but no off-budget (below-the-line) spending.

A still-solid composition of debt, however, supports Brazil's
higher debt burden with low shares of debt in foreign currency
(around 4% of the total) and held by non-residents (14% of the
government commercial debt). The banking system's holdings of
Brazilian government bonds account for just under 30% of the
system's total assets. S&P said, "We expect interest to revenues
to average 15% during 2019-2022. We assess contingent liabilities
from the financial sector and all Brazilian nonfinancial public
enterprises (including Petrobras) as limited."

Brazil's external accounts remain solid. S&P said, "We expect the
current account deficit to widen from 0.8% of GDP in 2018 to 1.2%
of GDP for 2019 and then to 2.6% of GDP in 2022, on higher
imports, but the deficits will continue to be fully financed by
foreign direct investments (FDI). We expect narrow net external
debt--estimated around -8.8% of current account receipts in 2018--
to gradually return to a debtor position in 2019-2022 as the
private sector taps global markets and nonresident holdings of
government securities increase. We calculate our estimates of
external debt on a residency basis." They include nonresident
holdings of locally issued real-denominated government debt
projected at about US$130 billion as of December 2019 (about 35%
of current account receipts).

S&P's external debt data, however, do not include debt raised
offshore by Petrobras and other Brazilian companies that is
transferred in the form of FDI to head offices in Brazil. This is
captured in Brazil's net external liability position, estimated at
204% of current account receipts in 2019. This high ratio suggests
that there are greater risks to Brazil's external accounts--should
market conditions deteriorate--than it would appear looking at
debt indicators alone. The Brazilian real floats and is an
actively traded currency, and Brazil has lower external financing
needs compared with its current account receipts and high
international reserves relative to some of its peers.

The Central Bank of Brazil's (BCB) recent track record of actual
and expected inflation in line with its targets supports its
credibility. The CMN (Monetary Policy Council) has gradually
lowered the inflation target in recent years, and the replacement
of the administered long-term interest rate TJLP by the market-
guided TLP since last year should help improve the monetary policy
transmission mechanism over time. The new Congress will resume
discussion over formal central bank autonomy in the coming months.
The reform, which requires an absolute majority of the votes to be
approved, would include the establishment of fixed mandates for
the BCB governor and members of the board, and the governor's
mandate would not coincide with the presidents. In S&P's opinion,
the enhanced framework could reduce uncertainties related to
electoral cycles and shield the BCB from possible political
interference in the conduct of monetary policy.

Average annual inflation was 3.7% in 2018, down from around 9% in
2015-2016. Overall, the large negative output gap, high level of
slack in the labor market, still-subdued outlook for near-term
real GDP growth, well-anchored inflation expectations, and
credibility of the monetary authority should help to keep
inflation well-anchored in 2019-2020. S&P expects average annual
inflation of around 4% in 2019-2022, in line with targets.
Monetary policy has been on hold since March 2018; the BCB
initiated an easing cycle in October 2016, cutting the SELIC
interest rate by a total of 775 basis points to a historic low of
6.5% as of March 2018.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Ratings Affirmed

  Brazil
   Sovereign Credit Rating                  BB-/Stable/B
   Brazil National Scale                    brAAA/Stable/--
   Transfer & Convertibility Assessment     BB+
   Senior Unsecured                         BB-
   Senior Unsecured                         brAAA


BRF SA: Sells European, Thai Operations for $340 Million
--------------------------------------------------------
EFE News reports that BRF SA disclosed an agreement to sell 100
percent of its units in Thailand and Europe to Tyson International
for $340 million.

The transaction remains subject to regulatory approval and to the
fulfillment by the parties of the conditions set down in the
contract, BRF said, describing the deal with Tyson as the final
piece of a divestment program adopted last June, according to EFE
News.

"The conclusion of the divestments ensures BRF's continued
deleveraging, which is our main financial priority," Lorival Luz,
BRF's global chief operating officer, said in the statement
obtained by the news agency.

The shedding of assets in Europe and Thailand, coupled with the
earlier sale of the BRF operation in Argentina and of real estate,
an inventory drawdown and an infusion of new capital via a
receivables securitization fund are expected to generate $1.11
billion in total, 81 percent of the initial goal of $1.35 billion,
the company said, the report notes.

"We also have a solid cash position that, combined with the
refinancing operations and the new loans already signed, fully
covers all of the liabilities coming due in 2019," the report
quoted Mr. Luz as saying.

In recent years, anti-corruption investigations revealed that
several of Brazil's biggest food-processing companies, including
BRF and meatpacking giant JBS, bribed corrupt inspectors as part
of a scheme to sell adulterated meat domestically or to foreign
markets, the report says.

The report notes news of the scheme prompted several Asian and
Latin American countries and the European Union in 2017 to impose
temporary bans on the import of beef, pork and poultry from
Brazil.

The EU continued to block imports from specific Brazilian
plants -- some belonging to BRF -- in 2018.

BRF lost roughly $300 million in 2017 and the trend continued into
last year, when losses for the third quarter reached $220 million,
the report relays.

The company said that with the monetization plan complete, it will
turn its attention to "managing its businesses in markets such as
Brazil and the Middle East, which were defined as priorities in
the strategic planning for the next five years," the report
discloses.

BRF S.A. is one of largest food conglomerates globally and posted
consolidated net revenues of BRL 33.4 billion in the last twelve
months ended March 31, 2017. Processed food and food service,
which typically generates higher and less volatile margins than
the chilled and frozen protein export business, represented about
50% of net sales. The company operates 47 plants and 42
distribution centers, exports to more than 120 countries and has a
leading position in global poultry exports.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2018, S&P Global Ratings lowered its global scale issuer
credit rating on BRF S.A. to 'BB' from 'BB+'. The outlook on the
rating remains negative. S&P said, "In addition, we affirmed our
'brAAA' national scale issuer credit rating and revised the
outlook on it to negative from stable. We also lowered our issue-
level ratings on BRF, BRF GmbH, and BFF International Ltd. to 'BB'
from 'BB+' and kept the recovery rating of '3' (50%-70%, rounded
60%) unchanged."


USJ ACUCAR: Fitch Downgrades LT Issuer Default Ratings to CC
------------------------------------------------------------
Fitch Ratings has downgraded U.S.J. Acucar e Alcool S.A.'s Foreign
and Local Currency Long-Term Issuer Default Ratings to 'CC' from
'CCC+' and the National Scale Rating to 'CC(bra)' from 'CCC(bra)'.
At the same time, Fitch has downgraded USJ's USD197 million senior
secured notes due 2021 and USD29 million senior unsecured notes
due 2019 to 'CC/RR4' from 'CCC+/RR4'.

The downgrade reflects USJ's elevated refinancing risk and Fitch's
view that a default appears probable in the short term. USJ's
liquidity is under pressure due to coupon and principal payments
of about USD55 million in the short term, the company's low cash
position and the expectation that free cash flow (FCF) will remain
negative in 2019 and 2020. The limited availability of working
capital financing for financially distressed Brazilian Sugar and
Ethanol (S&E) companies, and USJ's high exposure to FX risk were
also considered in the analysis.

KEY RATING DRIVERS

Poor Liquidity and High Refinancing Risk: In Fitch's opinion,
default appears probable and a debt restructuring is likely in the
near term due to high refinancing risk and a poor outlook for cash
flow generation. Fitch expects USJ to continue to report a weak
cash position to face short-term debt as of March 31 2019. In
September 2018, USJ reported Cash and market securities of BR26
million and short-term debt of BRL 246 million. These figures
compare unfavorably with BRL114 million of cash and BRL168
million,of short-term debt for FY18. USJ has semi-annual coupon
payments of USD13 million in May and November 2019 and USD29
million of principal amortization in November 2019 under the 2019
bonds.

Cash Burn to Continue: Fitch projects USJ will generate BRL224
million of EBITDA in FY2019 and BRL222 million in FY2020,
pressured by weak sugar prices. Cash burn is expected to remain
high, due to an average of BRL125 million million of annual
interest payments and investment around BRL120 million. Fitch
forecasts USJ to report a negative FCF of BRL32 million in FY19
and BRL45 million in FY20. In the LTM ended Sept 30, 2018, the
company generated BRL55 million of CFFO and FCF was negative FCF
BRL107 million.

High Leverage and FX Risk: Fitch forecasts net adjusted leverage
to remain high at 5.7x over the next two years. The company's
total adjusted debt, as per Fitch's internal criteria, amounted to
BRL1.4 billion as of Sept. 30 2018, 27% higher than the same
period of previous year. USJ's net adjusted debt/EBITDAR ratio was
7.0x during the LTM ended Sept. 30, 2018. FX risk remains high and
is pressure by the company's decision to increase its production
of ethanol at the expense of sugar, which has lowered it share of
revenues generated in hard currency. USJ's U.S. dollar-debt
accounted for 82% of total adjusted debt as of Sept. 30 2018. The
company's total adjusted debt consists of USD197 million secured
senior notes due 2021 and USD29 million unsecured senior notes due
2019 (70% of total adjusted debt); working capital lines (8%);
land lease agreements as per Fitch's internal criteria (7%);
exports prepayments and other trade finance facilities (12%);
subsidized loans Agencia Especial De Financiamento Industrial
Finame and FINEM Financiamento a Empreendimentos (2%); and the
balance in other debt.

Depressed Sugar Prices: USJ has been historically focused on
selling sugar in the domestic market, and it has only a modest
ability to change the mix toward more ethanol compared to rated
peers. During FY19, the company managed to bring ethanol
production to 51% of the product mix, an increase from 41% in the
previous year, Fitch expects the company to be one of the most
affected by currently depressed sugar prices among all issuers
rated by Fitch. During the period, USJ's crushed volume reached
3.3 million tons, in line with previous year, but down from the
3.7 million tons reported in FY17.

Above-Average Industry Risks: The Brazilian S&E industry is
characterized by intense price volatility and below average access
to long term credit lines. International sugar prices are highly
volatile and can fall below the marginal cash cost of Brazil's
lowest cost producers. Price volatility and the industry's capital
intensive nature can lead to negative FCF and erode liquidity
positions across the board. Fitch expects sugar prices to remain
low in 2019. Price volatility is also present in the Brazilian
ethanol market following Petrobras's fuel policy of setting
domestic gasoline prices on a daily basis. S&E companies'
performance is also affected by weather conditions and their
impact on yields and cost dilution. Other risks include
unpredictable weather conditions and FX exposure due to USJ's
large USD-denominated debt.

Strong Recovery Prospects: USJ's Recovery Ratings are capped at
'RR4' due to Fitch's Country Ceiling Specific Treatment of
Recovery Ratings Criteria, which caps the Recovery Rating of
Brazilian issuers at 'RR4'. The 'RR4' implies expected recovery
rates between 31% and 50%. If it was not for this criteria, the
notes would have been rated higher. Fitch's recovery calculations
for USJ's notes include liquidation assets of BRL1.3 billion,
which compares favorably versus secured debt of BRL1.5 billion.
The basis for the high indicated recovery for both the unsecured
and secured creditors in the bespoke analysis is due to BRL1
billion in land properties owned by the company. USJ has
approximately 25,000 hectares of land, including properties in
both arable and urban areas. Around 70% of these assets at market
value are unencumbered. Part of these land properties surround the
Sao Joao mill, which is located near food and beverage companies,
the Santos port terminal (247km) and Paulinia (70km), a
distribution hub for most of the fuel produced in the State of Sao
Paulo.

DERIVATION SUMMARY

USJ's ratings reflects the company's much weaker liquidity and
capital structure than Jalles Machado S.A (Jalles, BB-/Stable) and
Usina Santo Angelo S.A (USA, A-(bra)/Stable) whose cash to short-
term debt coverage ratios stand at above 1.0x and net adjusted
leverage is below 2.0x. USJ's ratings also compare unfavorably
with those of Biosev S.A (Biosev, B+/Stable), which improved
liquidity and brought leverage down to 2.9x in FY18 following a
BRL3.5 billion (equivalent to USD1.1 billion) capital injection
from the parent, Louis Dreyfus Commodity Holding group (LD). With
USD-denominated debt accounting for over 80% of its total adjusted
debt and focus on the domestic market, USJ is also more exposed to
foreign exchange risks compared to all peers rated by Fitch.

Operationally, USJ has a weaker business profile than Jalles, as
the latter has higher product mix flexibility, above-average
agricultural yields and presence of high value added products in
the mix, whereas USJ's high focus on sugar is a disadvantage in
times of depressed commodity prices. USJ also lacks the scale and
presence of a large shareholder like Biosev; and the high yields
and low cost structure of USA.

KEY ASSUMPTIONS

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

  -- Crushed volumes at 3.3 million tons in FY19 and 3.5 million
tons from FY20 onwards;

  -- Sugar prices of USD13 cents/pound for FY19 including
polarization premiums for Brazilian sugar. Fitch assumes that
prices will be USD13.40/pound and USD14.2/pound in fiscal 2020 and
2021, respectively;

  -- The combination of oil prices and the FX rate will lead
Petrobras to keep increasing domestic gasoline prices, paving the
way for a gradual increase in hydrous ethanol prices;

  -- Average FX rate of BRL3.8/USD;

  -- Costs (CCT and industrial) are forecasted to increase by 5%
annually;

  -- CAPEX of BRL110 million in FY19 and BRL120 million in the
following years;

  -- No dividends from SJC, the Joint Venture with Cargill;

  -- All cash flow gaps bridged with short-term debt only.

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes that USJ would be liquidated in
bankruptcy.

  - Fitch has assumed a 10% administrative claim.

Liquidation Approach:

  - The liquidation estimate reflects Fitch's view of the value of
land properties and other assets that can be realized in a
reorganization and distributed to creditors.

  - The 80% advance rate for its land and sugar cane plantations
is typical for the sector and reflects the good location of such
assets, near urban areas and other S&E players.

  - The 20% advance rate for fixed assets like machinery,
equipment and the mill itself reflect the low liquidity of such
assets.

  - Inventories have been discounted at 20% to reflect the above
average liquidation prospects of sugar and ethanol assets.

  - The waterfall results in a 78% to 100% recovery corresponding
to 'RR2' but limited to 'RR4' given the soft cap on Brazilian
issuers.

RATING SENSITIVITIES

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

  -- An upgrade is unlikely in the short term absent any material
capital injection from shareholders or land sale given USJ's
persistently high refinancing risks.

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

A downgrade to 'C' will occur should the company announce a
distressed debt exchange (DDE).

LIQUIDITY

Poor Liquidity: Fitch expects USJ to continue to report a weak
cash position to face short term debt as of March 31, 2019. In
September 2018, USJ reported Cash and market securities of BR26
million and short-term debt of BRL 246 million. This compares
unfavorably with 0.7x reported for fiscal 2018. USJ's refinancing
risks is high, as the company faces semi-annual coupon payments of
USD13 million in May and November 2019, and USD29 million of
principal amortization in November 2019 under the 2019 bonds.

FULL LIST OF RATING ACTIONS

Fitch has downgraded following ratings:

U.S.J. - Acucar e Alcool S.A

  -- Foreign and Local Currency Long-Term IDRs, to 'CC' from
'CCC+';

  -- Long-Term National Scale rating to 'CC(bra)' from 'CCC(bra)';

  -- USD197 million senior secured notes due 2021 to 'CC'/'RR4'
from 'CCC+'/'RR4';

  -- USD29 million senior unsecured notes due 2019 to 'CC'/'RR4'
from 'CCC+'/'RR4'.


=================
G U A T E M A L A
=================


GUATEMALA: Gets US$150MM-IDB Loan for National Road Network
-----------------------------------------------------------
The Inter-American Development Bank approved a US$150 million
operation to Guatemala to implement an ambitious improvement and
rehabilitation program of the roads connecting productive areas
and departmental capitals to the main networks. This will allow a
sustained transit of goods and people, which will substantially
contribute to improving productivity by expanding the access to
markets and social services in isolated communities characterized
by high poverty rates.

Road transport is a crucial factor for productivity and trade in
Guatemala, where 3.5 million vehicles circulate each year, moving
more than 24 million tons of goods. Despite this high traffic, the
road density in Guatemala -- meaning the relationship between the
length of the road network and the country's land surface -- is
below average in the Latin American region (15.5 km2 vs 22 km/100
km2); furthermore, the bad conditions of roads increase costs of
operation and transit times. These data rank the country 18th out
of 23 countries of Latin America and the Caribbean in the Logistic
Performance Index.

The program will benefit the transportation of goods by
facilitating the flow of trade and promoting the economic and
social integration of communities among themselves and with the
country's main network. Moreover, the paving works will improve
the citizen's quality of life by increasing the accessibility of
communities suffering from restrictions on access to health and
education centers, especially during rainy seasons.

These interventions will also help strengthen the country's
institutional capacity by incorporating management systems as well
as better standards related to climate change resilient
infrastructure, road safety and the generation of guidelines and
good practices for the road planning.

The total amount for the project is US$150 million charged to
ordinary concessional capital with a 24-year repayment term, a 6-
year disbursement period, a 6.5-year grace period, and an interest
rate based on LIBOR.


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


JAMAICA: BOJ Makes Another Intervention in FX Market
----------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ), made its third
intervention in the foreign exchange market to prevent volatility.

The Central Bank disclosed another flash sale operation with an
additional US$20 million disbursed to authorized dealers and
cambios, according to RJR News.

This followed a US$30 million auction and a similar amount on Jan.
28.

Bank of Jamaica Governor, Brian Wynter, explained that the demand
for more U.S. dollars is not necessarily a bad thing, the report
relays.

"There has been a significant slippage in the exchange rate and a
sharp increase in up and down movement in the last few weeks.
Since the start of the year, there have been higher levels of
demand for US dollars coming from large capital market
transactions.  I need to point out that these type of transactions
are a good sign for the economy -- as they are only occurring as
the economy is improving," the Governor then said, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2018, S&P Global Ratings revised its outlook on
Jamaica to positive from stable. At the same time, S&P Global
Ratings affirmed its 'B' long- and short-term foreign and local
currency sovereign credit ratings, and its 'B+' transfer and
convertibility assessment on the country.


===========
M E X I C O
===========


CREDITO REAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Credito Real, S.A.B. de C.V., SOFOM,
E.N.R.'s Long-Term Foreign- and Local Currency Issuer Default
ratings at 'BB+' and Short-Term, Foreign- and Local-Currency
Ratings at 'B'. In addition, Credito Real's long- and short-term
National Scale ratings were affirmed at 'A+(mex)' and 'F1(mex)',
respectively. The Rating Outlook for the long-term ratings is
Stable.

Fitch has also assigned Credito Real's USD400 million unsecured
notes due 2026 a final rating of 'BB+'. The final rating is in
line with the expected rating assigned on Jan. 18, 2019.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS AND SENIOR DEBT

Credito Real's ratings are highly influenced by its company
profile, which is underpinned by its well-positioned franchise in
the payroll deductible loans business in Mexico, and its business
model differentiators, such as its income/risk sharing agreements
with distributors, which have historically resulted in peer-
superior asset quality. The ratings are also heavily influenced by
its comparatively higher risk appetite relative to peers,
underpinned by its inorganic growth strategy, its growing presence
in low rated countries in Central America as well as the
operational, political and reputational risks related to its
payroll business.

Credito Real's main financial strengths include strong
profitability metrics supported by resilient margins and a growing
loan portfolio, as well as adequate loss absorption capacity.
Rating constrains include the reliance on wholesale funding
sources and its exposure to FX rate fluctuations mainly arising
from the unhedged principal of its subordinated notes and its
operations outside of Mexico.

In Fitch's opinion, the company's asset quality remains
appropriate for the segment it targets. The adjusted impaired loan
ratio, which includes last 12 months write-offs, deteriorated
moderately to 5.7% at the close of 3Q18 compared with the past
four-year average of 5.1%, reflecting Instacredit's asset quality
deterioration due to challenging economic conditions in some
Central American markets. The adjusted impaired loan ratio for the
amounts owed by distributors, stood at 3.5% as of 3Q18 (YE17:
4.7%) and 7.0% if charge-offs are considered (YE17: 8.6%).

Credito Real's pre-tax net income to average assets ratio stood at
5.4% at the close of September 2018, lower than the four- year
average of 7.6% affected by increased impaired charges due to
Instacredit's deterioration, mainly in the Nicaragua portfolio.
Despite this negative trend, Credito Real's profitability ratios
are still strong relative to other rated non-bank financial
institutions (NBFIs) and appropriate for its rating level, and are
supported by continued loan growth and resilient interest margin.

Capitalization and leverage metrics remain sound considering
Credito Real's aggressive organic loan expansion and inorganic
growth in 2015 and 2016. As of September 2018, leverage (measured
as total debt to tangible equity) was 3.5x. This ratio was
enhanced in 2017, when equity was partially strengthened by the
hybrids issued at the end of that year. Fitch gave these
securities a 50% equity credit. The company recently issued new
global unsecured notes for USD400 million, on a pro forma basis,
and considering the most recent shares repurchase, leverage
metrics will increase to approximately 3.9x; hence, leverage will
remain at levels commensurate with the company's 'BB+' IDRs.

Credito Real's funding is wholesale in nature but relatively well
diversified. Funding is flexible as it is concentrated in
unsecured sources, as of 3Q18, 76.3% of its debt was unsecured,
including the 50% of the hybrid Fitch considered debt (2017: 83%).
At the same date, unpledged loans covered 1.7x its balance of
unsecured debt and about 15.9% of its loan portfolio was pledged
to guarantee credit facilities and securitizations.

Credito Real has been relatively less conservative than similarly-
rated peers in managing refinancing risk, as it was recently
challenged by debt maturity concentrations coming from its senior
notes due March 2019, as well as other liabilities maturing during
2019. However, the agency believes that the company has a proven
track record as an active issuer both in local and international
markets to deal with this risk, as it has recently shown through
the placement of new senior global notes under challenged market
conditions in Mexico that results in lower refinancing needs over
the next few years. Nevertheless, the agency believes that Credito
Real's undrawn credit lines are fairly low compared to other
international rated NBFIs; however, the company is working on
increasing its current credit facilities or contracting new ones.

Fitch rates the international unsecured debt issued by Credito
Real at the same level as its corporate ratings, reflecting its
senior unsecured nature.

HYBRID SECURITIES

Credito Real's subordinated notes are rated two notches below its
Long-Term IDR. The two-notch differential represents incremental
risk relative to the entity's IDRs, reflecting the increased loss
severity due to its subordination and heightened risk of non-
performance relative to senior obligations, namely existing
unsecured debt.

The Hybrid qualifies for 50% equity as it meets Fitch's criteria
with regard to the ability to defer coupon payments, the existence
of a coupon step-up of 500 basis points (bps) in the event of a
change of control and its perpetual nature. The initial terms of
the issuance incorporate a feature that according to Fitch's
criteria may be considered an effective maturity date 15 years
after the first call date, due to the existence of a cumulative
step-up greater that 100 bps. This could lead Fitch to stop
assigning equity credit five years prior to such effective
maturity date.

RATING SENSITIVITIES

IDRs, NATIONAL RATINGS AND SENIOR UNSECURED DEBT

The Credito Real's ratings could be downgraded if its
profitability considerably deteriorates as a result of a weakening
in asset quality and its debt to tangible equity ratio increases
to levels consistently above 6.0x. Increased unhedged exposure to
foreign currency debt and a deterioration of its funding and
liquidity position could also adversely affect ratings.

Fitch believes upside potential for Credito Real's ratings is
limited in the short term. An upgrade could occur in the medium
term if the company is able to continue diversifying its loan
portfolio, together with greater flexibility of its funding mix,
while it maintains strong profitability metrics and sustains a
debt to tangible equity ratio below 5.0x.

Additionally, the upgrade would be contingent on the company's
ability to materially improve its funding flexibility in the form
of larger back-up liquidity facilities that acts as a cushion in
times of market stress, considering its reliance on wholesale
funding.

Senior debt ratings would mirror any changes in Credito Real's
corporate ratings or could be downgraded below Credito Real's IDR
if the level of unencumbered assets substantially deteriorates
subordinating the bondholders to other debt.

HYBRID SECURITIES

Credito Real's subordinated notes rating is primarily sensitive to
a change in Credito Real's IDR. Fitch expects that under most
circumstances the notes will remain rated two notches below the
IDR.

Fitch has affirmed the following ratings:

Credito Real S.A.B. de C.V. Sofom, E.N.R.

  -- Long-Term Foreign Currency IDR at 'BB+';

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

  -- Long-Term Local Currency IDR at 'BB+';

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

  -- Long-term senior unsecured notes due 2023 at 'BB+';

  -- Long-term senior unsecured notes due 2022 at 'BB+';

  -- Long-term subordinated perpetual notes at 'BB-';

  -- National long-term rating at 'A+(mex)';

  -- National short-term rating 'F1(mex)'.

Fitch has assigned the following rating:

Credito Real S.A.B. de C.V. Sofom, E.N.R.

  -- Long-term senior unsecured notes due 2026 'BB+';

The Rating Outlook is Stable.


MEXICO: President Rails Against Private Energy Companies
--------------------------------------------------------
EFE News reports that Mexican President Andres Manuel Lopez
Obrador said that previous administrations opened the energy
sector to private firms with the intent of undermining state-owned
electric utility CFE.

"We need to strengthen this productive enterprise that belongs to
the nation, which was dismantled so that the entire electric power
market was controlled by private firms," he said during his daily
morning press conference, according to EFE News.

Those companies, most of them foreign-owned, also receive
subsidies from the Mexican government, the leftist president said,
the report notes.

"What was done was a great abuse," Lopez Obrador, referring to
what he called a culture of "pillage" in the energy sector just
after he announced plans for a referendum in the central state of
Morelos to decide whether a newly built power plant fueled by
natural gas can begin operating, the report says.

Some residents in the vicinity of the plant have campaigned
against the facility, which also faces opposition from
environmentalists, the report discloses.

"With this plant, we could produce enough energy to power the
entire state of Morelos, and without it, we would have to buy the
energy from foreign private companies.  I say this clearly for
those raising the banners to oppose the plant," Lopez Obrador
said, the report relays.

He said that construction of the plant and an accompanying gas
pipeline cost MXN20 billion ($1.04 billion), EFE News notes.

"There are environmentalist movements supported by foreign
companies that don't want competition.  And when it's a plant like
this -- even more if it belongs to the nation -- foreign companies
promote opposition," the president said, the report relays.
"Fortunately it is the minority (of environmentalists), so this is
not misinterpreted," he added.

Lopez Obrador was joined at the news conference by the top
executive of the CFE, Manuel Bartlett, who promised to present a
detailed description "of the looting" of the company during the
2012-2018 term of President Enrique Pena Nieto, the report says.

The energy overhaul implemented by Pena Nieto had the effect of
leaving the CFE in a diminished state, Bartlett said, lamenting
the tendency toward the disappearance of state-owned enterprises,
the report discloses.

In 2014, Lopez Obrador brought a legal challenge against Pena
Nieto over the heart of the energy reform: a constitutional change
allowing private companies to develop Mexico's crude oil reserves
for the first time since the late 1930s, when then-President
Lazaro Cardenas nationalized the petroleum industry, the report
says.

Since taking office Dec. 1, the new president has worked to undo
several of his predecessors major policy initiatives, the report
adds.


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


LUBY'S INC: Harris Pappas Quits as Director
-------------------------------------------
Harris J. Pappas has provided notice to the Board of Directors of
Luby's, Inc. that he was resigning his position as a director of
the Company effective Jan. 31, 2019.  The Board is currently
engaged in the process of identifying a replacement.

                          About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 140 restaurants nationally as
of Dec. 19, 2018: 82 Luby's Cafeterias, 57 Fuddruckers, one
Cheeseburger in Paradise restaurants.  Luby's is the franchisor
for 103 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, the Dominican Republic,
Panama, and Colombia.  Luby's Culinary Contract Services provides
food service management to 30 sites consisting of healthcare,
corporate dining locations, and sports stadiums.

Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017.  As of Dec. 19, 2018, Luby's had $208.89
million in total assets, $100.83 million in total liabilities, and
$108.05 million in total shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and
net cash used in operating activities of approximately $8.5
million.  The Company's term and revolving debt of approximately
$39.5 million is due May 1, 2019.  The Company was in default of
certain debt covenants of its term and revolving credit agreements
maturing on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to
waive the existing events of default resulting from any breach of
certain financial covenants or the limitation on maintenance
capital expenditures, in each case that may have occurred during
the period from and including May 9, 2018 until Aug. 24, 2018, and
any related events of default.  Additionally, the lenders agreed
to waive the requirements that the Company comply with certain
financial covenants until Dec. 31, 2018, at which time the Company
will be in default without an additional waiver or alternative
financing.  These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.


SEARS HOLDINGS: Lampert's $5.2-Bil. Rescue Plan Approved by Judge
----------------------------------------------------------------
As widely reported, Bankruptcy Judge Robert Drain has granted
Sears Holdings approval to sell the business to majority
shareholder and CEO Eddie Lampert for approximately $5.2 billion.

Lampert's ESL Investments, Inc., has won an auction to acquire
substantially all of Sears' assets, including the "Go Forward
Stores" on a going-concern basis.  The proposal will allow 425
stores to remain open and provide ongoing employment to 45,000
employees.

According to reports, Judge Drain rejected arguments by the
committee of unsecured creditors that Sears should instead
liquidate then shut down.  The committee claimed that the sale to
ESL is "inferior to the higher and better alternative of an
orderly asset monetization and going-out-of-business process for
the benefit of all of the Debtors' creditors."

At the sale hearing, attorneys for Sears and Mr. Lampert
maintained the sale to ESL was the best alternative and would
allow the company to save jobs.  According to CNN, Ray Schrock,
the lead bankruptcy attorney for Sears, also argued that the
proposal to liquidate would not raise more money than a sale, as
claimed by the creditors.

"Liquidation can be the better option," Abid Qureshi, of Akin Gump
Strauss Hauer & Feld LLP, attorney for the creditors' committee
said at the hearing.  "It's not something that anyone wishes for.
But sometimes it's the better result."

CNN reports that following three days of hearing, Judge Drain
sided with Sears and Lampert, taking about 90 minutes to read his
decision from the bench in White Plains, New York.

Judge Drain, according to USA Today, acknowledged that Mr.
Lampert, who has been fiercely criticized for his role in the
downfall of Sears, had been portrayed as a cross between the
American railroad baron Jay Gould and bumbling fictitious
character Barney Fife.

"During the course of this case, Mr. Lampert, in particular, has
been subject to substantial verbal abuse," Judge Drain said.  "He
has the opportunity now not to be a cartoon character and take
action that in fact would be of great meaning" to the company's
employees, vendors and shoppers.

Even with the approval of the rescue plan, Sears' long-term
survival remains an open question.

"Major hurdles to its long-term business remain," wrote Moody's
department store analyst Christina Boni, in a note published.

"Scale, which is critical to competing in retail today, will be
lacking and its core customer proposition still remains in
question."

                    About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and
automotive repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they
had 3,500 US stores between them.  Kmart emerged in 2005 from its
own bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel and M-III
Partners is serving as restructuring advisor.  Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings.  DLA Piper LLP is
the real estate advisor.  Prime Clerk is the claims and noticing
agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors.  Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee.  FTI Consulting is financial advisor to the
creditors' committee.  Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week February 4 to February 8, 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 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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