TCRLA_Public/190226.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

          Tuesday, February 26, 2019, Vol. 20, No. 41

                           Headlines



C A Y M A N   I S L A N D S

COMMUNITY HEALTH: Amends 2007 Credit Agrement with Credit Suisse
SHELF DRILLING: Moody's Cuts Sr. Notes Rating to B3, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Call Labor's Proposed 30% Wage Hike A 'Ploy'
DOMINICAN REPUBLIC: Fails to Switch US$2.1 Billion Power Plant On
DOMINICAN REPUBLIC: Productivity Sluggish Rise Prompts Caution


E C U A D O R

ECUADOR: Reach Deal on a Extended Fund Facility With IMF


J A M A I C A

JAMAICA: Mining & Quarrying Industry Decelerates From December Qtr
JAMAICA: Pursuing Legislation to Ensure Quality Fuel at Pumps


M E X I C O

BANCO AHORRO: S&P Withdraws B- Global Scale Issuer Credit Rating


N I C A R A G U A

MILLICOM INTERNATIONAL: Fitch Affirms BB+ LT IDRs, Outlook Stable


P U E R T O   R I C O

CHARLOTTE RUSSE: Has Interim Order to Commence Store-Closing Sales
SPANISH BROADCASTING: Reports Prelim. Q4 & Full Year 2018 Results


V E N E Z U E L A

VENEZUELA: Maduro Welcomes Medical Supplies From Russia
VENEZUELA: Some Aid Gets Into Country After Border Bridge Clash

                           - - - - -


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C A Y M A N   I S L A N D S
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COMMUNITY HEALTH: Amends 2007 Credit Agrement with Credit Suisse
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Community Health Systems, Inc. and its wholly-owned subsidiary,
CHS/Community Health Systems, Inc. (the "Borrower") on Feb. 15,
2019, entered into Amendment No. 1, among the Company, the
Borrower, the subsidiary guarantors, the lenders, and Credit Suisse
AG, Cayman Islands Branch, as administrative agent and collateral
agent, to the Credit Agreement dated as of July 25, 2007, as
amended and restated as of Nov. 5, 2010, Feb. 2, 2012, Jan. 27,
2014 and March 23, 2018 among the Company, the Borrower, the
subsidiaries of the Borrower party thereto, the lenders, and the
Agent.

The Credit Agreement was amended by the Agreement, with requisite
covenant lender approval, to amend the first lien net debt to
EBITDA ratio financial covenant and to reduce the extended
revolving credit commitments to $385 million.  The amended
financial covenant provides for a maximum first lien net debt to
EBITDA ratio of 5.00 to 1.0 from July 1, 2018 through Dec. 31,
2018, 5.25 to 1.0 from Jan. 1, 2019 through Dec. 31, 2019, 5.00 to
1.00 from Jan. 1, 2020 through June 30, 2020, 4.50 to 1.00 from
July 1, 2020 through Sept. 30, 2020, and 4.25 to 1.0 thereafter.

In addition, the Borrower agreed pursuant to the Agreement to
further restrict its ability to make restricted payments.  The
revolving credit commitments will terminate on Jan. 27, 2021.  The
Credit Agreement includes a 91 day springing maturity date
applicable if more than $250 million in the aggregate principal
amount of the Borrower's 8% senior notes due 2019, 7.125% senior
notes due 2020, Term H Loans due 2021 or refinancings thereof are
scheduled to mature or similarly become due within 91 days of such
date.

A full-text copy of the Amended Credit Agreement is available for
free at: https://is.gd/FY4A2Q

                      About Community Health

Community Health -- http://www.chs.net/-- is a publicly traded
hospital company and an operator of general acute care hospitals in
communities across the country.  The Company, through its
subsidiaries, owns, leases or operates 115 affiliated hospitals in
20 states with an aggregate of approximately 19,000 licensed beds.
The Company's headquarters are located in Franklin, Tennessee, a
suburb south of Nashville. Shares in Community Health Systems, Inc.
are traded on the New York Stock Exchange under the symbol "CYH."

Community Health reported a net loss of $2.39 billion for the year
ended Dec. 31, 2017, compared to a net loss of $1.62 billion for
the year ended Dec. 31, 2016.  As of Sept. 30, 2018, Community
Health had $16.46 billion in total assets, $17.10 billion in total
liabilities, $495 million in redeemable non-controlling interests
in equity of consolidated subsidiaries, and a total stockholders'
deficit of $1.13 billion.

                        *    *     *

As reported by the TCR on July 2, 2018, S&P Global Ratings raised
its corporate credit rating on Franklin, Tenn.-based hospital
operator Community Health Systems Inc. to 'CCC+' from 'SD'
(selective default).  The outlook is negative.  "The upgrade of
Community to 'CCC+' reflects the company's longer-dated debt
maturity schedule, and our view that its efforts to rationalize its
hospital portfolio as well as improve financial performance and
cash flow should strengthen credit measures over the next 12 to 18
months."

In May 2018, Fitch Ratings downgraded Community Health Systems'
(CHS) Issuer Default Rating (IDR) to 'C' from 'CCC' following the
company's announcement of an offer to exchange three series of
senior unsecured notes due 2019, 2020 and 2022.

SHELF DRILLING: Moody's Cuts Sr. Notes Rating to B3, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured notes
issued by Shelf Drilling Holdings, Ltd. to B3 from B2. The B2
Corporate Family Rating (CFR) and B2-PD Probability of Default
Rating (PDR) of Shelf Drilling, Ltd. ("Shelf Drilling" or
"Company") remain unchanged. The stable outlook of Shelf Drilling
and Shelf Drilling Holdings, Ltd. remain unchanged.

RATINGS RATIONALE

The downgrade of the senior unsecured notes reflects Moody's
estimate that the company is likely to draw down on its senior
secured revolving credit facility (RCF) in the next 12 to 18
months. This is contrary to Moody's original expectation that the
company would not draw down on its RCF. Moody's anticipates that
Shelf Drilling's liquidity reserves will reduce over time, as the
company faces a longer than expected downturn in the oilfield
services industry. The incurrence of upfront mobilization costs
related to the contemplated acquisition of two newbuild rigs will
put additional pressure on the company's liquidity.

Today's action follows Shelf Drilling's contemplated acquisition of
two newbuild premium jack-up rigs using equity proceeds, and the
addition of two other similar rigs through bareboat charter
transactions, which are expected to complete during Q2 2019. The
contemplated transactions will improve the company's earnings once
the rigs are contracted as well as reduce the average age of the
fleet. Whilst the specification of these new rigs should provide a
competitive edge, Moody's also notes that they have not been
contracted yet.

Moody's continues to have limited visibility on the Shelf
Drilling's earnings beyond the first half of 2019 when a number of
contracts expire. Tendering activity has increased through 2018,
but Moody's expects the company to renew contracts at the
prevailing lower day rates for most rigs. This will lead to a
decline in EBITDA at least through 2019, an increase in
Moody's-adjusted debt/EBITDA ratio above 8.0x through 2019 and
reduced headroom under the covenants. Negative pressure on the
company's corporate family rating could materialize in case of
continued weakness in contracting activity and day rates.

Positively, the company's liquidity remains healthy at this low
point in the cycle. Despite a likely draw down under the RCF,
Moody's expects sources of capital to exceed uses in the next 12 to
18 months. Liquidity is supported by a cash balance of $67 million
and an undrawn RCF of $225 million as of 30 September 2018.

STRUCTURAL CONSIDERATIONS

Shelf Drilling Holdings, Ltd.'s $900 million senior unsecured notes
due in February 2025 are rated one notch below the company's CFR in
accordance with Moody's Loss Given Default methodology. The notes
rank below the company's $225 million of senior secured RCF due in
April 2023. The notes benefit from a guarantee representing nearly
all of the company's assets.

RATIONALE FOR OUTLOOK

The stable outlook reflects Moody's expectation that Shelf Drilling
has significant liquidity to weather a challenging operating
environment and that it will re-contract rigs as they come off
contracts in 2019, although at lower day rates.

WHAT COULD CHANGE THE RATINGS DOWN/UP

Moody's could upgrade the ratings if Shelf Drilling is able to
re-contract rigs as they roll off and find new contracts for its
available rigs such that Moody's-adjusted debt/EBITDA decreases
below 4.0x on a sustained basis.

Conversely, Moody's could downgrade the ratings if the assumption
that rigs rolling off contracts in 2019 will be re-contracted
weakens such that the likelihood of further downside to EBITDA
increases and leverage, defined as Moody's-adjusted debt/EBITDA,
fails to recover towards 5.0x; if the ratio of EBITDA to interest
falls below 1.0x; or if liquidity weakens including limited
headroom under its covenants.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Shelf Drilling Holdings, Ltd.

  - Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from
B2

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

CORPORATE PROFILE

Shelf Drilling, Ltd. (Shelf Drilling) is a Cayman
Islands-incorporated holding company that owns 38 independent-leg
cantilever jackup rigs and one swamp barge rig, and conducts
drilling operations through various subsidiaries in the Southeast
Asian, Middle Eastern, Indian, West African and North
African/Mediterranean markets. Shelf Drilling generated revenues of
$605 million and EBITDA of $100 million as of 30 September 2018 LTM
(after Moody's adjustments). Upon closure of the contemplated
transaction, the company will have an estimated 40.8% free float on
the Norwegian OTC, in addition to 19.4% ownership by China
Merchants Group and equal 12.5% ownership by three private equity
sponsors — Lime Rock Partners, CHAMP Private Equity and Castle
Harlan Inc.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Call Labor's Proposed 30% Wage Hike A 'Ploy'
----------------------------------------------------------------
Dominican Today reports that the major labor unions reiterated
their proposed 30% increase in the minimum salary of non-sectorized
workers during the first meeting called by the National Wages
Committee.

The president of Dominican employers grouped in Copardom, Juan
Alfredo de la Cruz, labeled the proposal as a ploy, and requested
time to analyze it. He agreed to return to the talks on March 25,
according to Dominican Today.

Mr. De la Cruz noted that although Central Banker Hector Valdez
Albizu urged to increase salaries, he didn't specify 30% adding
that inflation is lower than that amount, so they must evaluate it,
the report notes.

In that regard, CNTD union leader Jacobo Ramos, proposed
eliminating the 17 wage rates of the various sectors, the report
relays.

"It's deplorable that employers to evade their responsibility at
the table of dialogue (propose) the reclassification of companies
to boycott the wage increase that their employees deserve, while in
two years that should have done these studies, were forgotten as a
way to delay the discussions of the salary increase," the report
says.

He added that Valdez Albizu, has stated that economic growth should
be distributed among the poorest, and increase the wages to private
and public sector workers, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.

DOMINICAN REPUBLIC: Fails to Switch US$2.1 Billion Power Plant On
-----------------------------------------------------------------
Dominican Today reports that the US$2.1 billion Punta Catalina
power plant wasn't turned on last February 23 as Hacienda minister
Donald Guerrero had announced.

The State Electric Utility (CDEEE) in a press release said that
Punta Catalina continues to undergo tests of all of its production
components, prior supplying power to the grid, according to
Dominican Today.

"These tests consist of the ignition of the boiler, which remains
in operation with both the mineral coal pulverizers and with fuel
oil, as well as the gas emission control system and the rotation of
the turbine and generator, among other components," the statement
said, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.

DOMINICAN REPUBLIC: Productivity Sluggish Rise Prompts Caution
--------------------------------------------------------------
Dominican Today reports that labor productivity in the country
climbed an average 4.32%, an increase influenced by the educational
level and specialization of the employed population, according to
the First National Productivity Index

National Competitiveness Council Director, Rafael Paz, stressed
that one of the measures that will contribute to improving
productivity is the development of the national innovation
strategy, which will be developed in the coming days, according to
Dominican Today.

"The total productivity of the factors has had an average growth of
0.85%.  We have more resources, more workers, but in terms of
efficiency we still have the same results," Mr. Paz said at the
presentation of the study in the National Palace, the report
notes.

By sectors, the results show that industries and services as having
the highest labor productivity, with financial intermediation among
the highest productivity and agribusiness with the lowest yield,
the report relays.

                             IDB Caution

Inter-American Development Bank (IDB) representative Miguel
Coronado, stressed the study's importance and cautioned that low
productivity affects the efficiency of investments, the report
relays.  "Historically, productivity has not been the source of
economic growth in the region," the report quoted Mr. Coronadoas
saying.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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E C U A D O R
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ECUADOR: Reach Deal on a Extended Fund Facility With IMF
--------------------------------------------------------
Ecuador and the International Monetary Fund (IMF) staff have
reached an agreement on a set of policies to underpin a US$4.2
billion (435 percent of quota and SDR3.035 billion) arrangement
under the IMF's Extended Fund Facility (EFF). This arrangement,
which is subject to IMF Executive Board approval, would provide
support for the Ecuadorian government's economic policies over the
next three years.

Ms. Anna Ivanova, the IMF's mission chief for Ecuador, stated the
following at the conclusion of the staff-level discussions with the
authorities in Quito:

"I am pleased to announce that the IMF staff and the Ecuadorian
authorities have reached an agreement in support of Ecuador's
economic policy plan. Our objective has been and remains to support
the authorities' efforts to improve the living standards of all
Ecuadorians. This arrangement is part of a broader effort of the
international community that includes financial support of almost
US$6 billion over the next three years from the Development Bank of
Latin America (CAF), the Inter-American Development Bank (IDB), the
Latin American Reserve Fund (FLAR), and the World Bank.

"The government's plan is aimed at creating a more dynamic,
sustainable, and inclusive economy and is based on four key tenets;
to boost competitiveness and job creation; to protect the poor and
most vulnerable; to strengthen fiscal sustainability and the
institutional foundations of Ecuador's dollarization; and to
improve transparency and strengthen the fight against corruption.

"The authorities have put together a strong plan, which will help
modernize the economy and foster job creation. Importantly, the
authorities' plan pays close attention to protecting the most
vulnerable. The Fund is committed to continue to support the
Ecuadorian government in their efforts."

The staff-level agreement, is expected to be brought to the IMF
Executive Board for consideration in the coming weeks.



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J A M A I C A
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JAMAICA: Mining & Quarrying Industry Decelerates From December Qtr
------------------------------------------------------------------
RJR News reports that following strong growth in the September
quarter, the Mining and Quarrying industry is estimated to have
decelerated for the December quarter.

According to the Bank of Jamaica's Quarterly Monetary Policy
Report, growth for the review quarter reflected increases in
alumina and bauxite production, the report notes.

The expansion in alumina production largely reflected the effect on
output levels of continued strong performance by one plant,
according to RJR News.

The report relays that this was partly offset by lower production
at the remaining plants due to operational and financial
challenges.

The Bank of Jamaica says lower growth in bauxite production and
exports was due to a reduction in demand, 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.

JAMAICA: Pursuing Legislation to Ensure Quality Fuel at Pumps
-------------------------------------------------------------
Caribbean360.com reports that Jamaica is assuring the motoring
public that the appropriate legislative framework will be created
to ensure that petroleum and petroleum products received into the
market are safe and conform to international best practices.

Newly appointed Science, Energy and Technology Minister Fayval
Williams noted that in this regard, the Petroleum (Downstream
Activities) Act is being developed to regulate the quality of fuel
supplied in Jamaica, according to Caribbean360.com.

"I want to assure you of the Government's firm commitment to the
industry and our continued support in areas of policy and the
maintenance of industrial harmony within the sector," she said at
the press launch of Texaco Jamaica's centenary anniversary earlier,
her first speaking engagement since being appointed to the Energy
Portfolio, the report notes.

"We are committed to working with all our stakeholders and partners
to build a modern, efficient, diversified,
environmentally-sustainable and profitable energy sector," the
report quoted Ms. Williams as saying.

The report notes that Ms. Williams said among the elements of the
Act being proposed is a reduction in the levels of pollutants and
emissions arising from the use of fuel that may cause environmental
and health problems and "an insistence on the protection and safety
of consumers and the general public".

The Act will also facilitate the adoption of better engine and
emission control technology, allow for more effective operation of
engines and ensure that where appropriate, information about fuel
is provided when it is supplied, the report relays.

The report says that Ms. Williams hailed GB Energy, which operates
the Texaco brand in Jamaica, for the "tremendous strides" it has
made in the petroleum industry over the course of its 100 years of
operation.

"This company supplies some 70 stations and has increased its
industrial accounts, grown its market share in aviation fuel
supply, partnered with the Government through the Jamaica
Automobile Association's fuel card system and introduced liquid
petroleum gas (LPG)," she noted.

The Minister also commended GB Energy's Chief Executive Officer
(CEO), Mauricio Pulido, under whose leadership Texaco closed out
2016 with a 46 per cent share of the market, 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.



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M E X I C O
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BANCO AHORRO: S&P Withdraws B- Global Scale Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' global scale and 'mxB/mxB'
national scale issuer credit ratings on Banco Ahorro Famsa S.A.
Institucion de Banca Multiple (BAF) at the issuer's request.

S&P said, "At the time of the withdrawal, our ratings on BAF
reflected improvements to its business diversification and the
healthy growth of its operating revenues. However, the bank remains
concentrated in the retail segment and has a modest market share in
the Mexican banking system in terms of loan portfolio and deposits.
The ratings also reflect the bank's forecasted risk-adjusted
capital (RAC) ratio of about 8% for the next 12 months supported by
higher internal capital generation. Furthermore, BAF's risk
position reflects its operations in riskier lending segments and
asset quality indicators that lag behind those of its domestic
peers. Finally, the ratings incorporate a funding structure
composed primarily of time deposits and enough of a liquidity
cushion to cover financial obligations for the next 12 months. We
view BAF as a core subsidiary for its parent, Grupo Famsa S.A.B. de
C.V. (GFamsa; B-/Negative/--); therefore, the rating on its parent
limits the one on BAF. The bank's stand-alone credit profile (SACP)
remains 'bb-'."





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N I C A R A G U A
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MILLICOM INTERNATIONAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of Millicom International Cellular,
S.A. (MIC) at 'BB+' with a Stable Outlook. Fitch has also affirmed
MIC's senior unsecured debt at 'BB+.'

Fitch's rating action follows Millicom's announcement of an
acquisition of Telefonica S.A.'s assets in Central America.
Millicom will be paying USD1.65 billion to acquire mobile assets in
Panama, Costa Rica, and Nicaragua. Post financing of the new
acquisition, Fitch expects the company's leverage, as measured by
adjusted consolidated net debt to EBITDAR, will increase to around
3.0x and then trend down in the medium term, as the company focuses
on deleveraging.

MIC's ratings reflect geographic diversification, strong brand
recognition and network quality, all of which contributed to
leading positions in key markets, a strong subscriber base, and
solid operating cash flow generation. In addition, the rapid uptake
in subscriber data usage and MIC's ongoing expansion into the
underpenetrated fixed-line services bode well for medium to
long-term revenue growth. MIC's ratings are tempered, despite the
company's diversification benefits, by the issuer's presence in
countries in Latin America and Africa with low sovereign ratings
and low GDP per capita. The operational environment in these
regions, in terms of political and regulatory stability and
economic conditions, tends to be more volatile than in developed
markets.

KEY RATING DRIVERS

Acquisition to Improve Position in Central America: Millicom's
acquisition of mobile assets in Panama, Costa Rica, and Nicaragua
adds to Millicom's service offering in Central America by adding
mobile services to countries the company already has an existing
fixed-line presence. Fitch expects Millicom to benefit from leading
mobile market shares of approximately 53% in Nicaragua and 34% in
Panama, and a number two position in Costa Rica with 25% market
share. Upon completion, Millicom will have cable and mobile in all
of the Latam markets where it operates. The acquisition is expected
to close by second-half of 2019 after the required regulatory
approval is received in each country.

Leverage to Trend Down: Fitch believes that there will be added
pressure on Millicom's financial position after the closing of the
acquisitions. Adjusted consolidated net leverage is expected to
increase slightly above 3.0x as the company issues new debt to fund
the acquisitions. The ratings incorporate an expectation that the
company will delever consolidated adjusted net leverage below 3.0x
in the short to medium term, backed by solid cash flow generation
and potential divestments of assets in lower return countries.
Failure to reduce leverage below 3.0x could result in a negative
rating action. The company plans to finance the acquisitions with
USD1.6 billion of new debt. Millicom has secured bridge financing
from a group of banks and plans to raise new senior unsecured debt
at the holding company and at operating subsidiaries.

Strong Market Positions: Fitch expects MIC's strong market position
to remain intact, supported by network quality and extensive
coverage, strong brand recognition and growing fixed-line home
operations (cable & broadband). These qualities, exhibited across
well-diversified operational geographies, should enable the company
to continue to support stable cash flow generation and growth
opportunities in underpenetrated data and cable segments. As of
Dec. 31, 2018, the company maintained competitive market positions
in its key mobile markets of Guatemala, Paraguay, Honduras and
Colombia.

Strong Upstream Dividends: Creditors of the holding company are
subject to structural subordination to the creditors of the
operating subsidiaries given that all cash flows are generated by
subsidiaries. As of Dec. 31, 2018, the group's consolidated gross
debt was USD5.9 billion, with 70% allocated to the operating
subsidiaries. Positively, Fitch believes that a stable and high
level of cash upstreams, through dividends and management fees from
its subsidiaries, is likely to remain intact over the long term and
will mitigate any risk stemming from this structural weakness.

DERIVATION SUMMARY

MIC's rating is well positioned relative to regional telecom peers
in the 'BB' rating category based on a solid financial profile,
operational scale and diversification, as well as strong positions
in key markets. These strengths are offset by a high concentration
in countries with low sovereign ratings in Latin America and
Africa, which tend to have more volatile economic environments.

MIC boasts a much stronger financial profile, compared with
diversified integrated telecom operators in the region such as
Cable & Wireless Communications Limited (BB-/Stable) and Digicel
Limited (B-/Stable), supporting a higher, multi-notch rating. MIC's
leverage is moderately higher than Empresa de Telecomunicaciones de
Bogota, S.A. E.S.P. (ETB; BB+/Stable) but benefits from a stronger
business profile that has leading market positions in multiple
markets. MIC also has a stronger capital structure and business
profile than Colombia Telecomunicaciones, S.A. E.S.P. (BB+/Stable),
an integrated telecom operator, and Axtel S.A.B. de C.V.
(BB-/Stable), a Mexican fixed-line operator.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  -- Low-single-digit annual revenue growth in the medium term;

  -- Mobile service revenue contraction to be offset by increasing
mobile data revenues over the medium term;

  -- Revenue contribution from mobile data and home service
operations to grow toward 55% of total revenues by 2020;

  -- Home service segment to undergo double-digits revenue growth
in the short-to-medium term;

RATING SENSITIVITIES

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

  -- Expectation of improvement in adjusted consolidated net
leverage of 2.0x or below over the rating horizon;

  -- Increased diversification of dividends flow/consistent and
stable dividends from Colombian operations;

  -- Positive rating action on sovereign countries that contribute
significant dividend flow.

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

  -- Adjusted consolidated net leverage above 3.0x on a sustained
basis;

  -- Additional debt funded acquisitions that could pressure credit
quality;

  -- Consistent negative FCF generation due to
competitive/regulatory pressures or aggressive shareholder
distributions.

LIQUIDITY

Adequate Liquidity Profile: Millicom benefits from a good liquidity
position, given the company's large cash position which fully
covers short-term debt. As of Dec. 31, 2018, the consolidated
group's readily available cash was USD769 million, which
comfortably covers its short-term debt obligations of USD543
million. Fitch expects the company to finance the acquisition of
the new mobile assets with new debt. Fitch does not foresee any
liquidity problem for both the operating companies and the holding
company given the operating companies' stable cash generation and
consistent cash upstreaming to the holding company. MIC has a good
track record, in terms of access to capital markets when in need of
external financing, supporting liquidity management.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Millicom International Cellular, S.A.

  -- Long-term foreign currency IDR at 'BB+'; Outlook Stable;

  -- Long-term local currency IDR at 'BB+'; Outlook Stable;

  -- Senior unsecured debt at 'BB+'.

The Rating Outlook is Stable.



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P U E R T O   R I C O
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CHARLOTTE RUSSE: Has Interim Order to Commence Store-Closing Sales
------------------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware has issued an interim order authorizing
Charlotte Russe Holding, Inc. and affiliates to commence
store-closing or similar-themed sales in accordance with the terms
of (a) the Consulting Agreement, dated as of Feb. 1, 2019, by and
between a contractual joint venture comprised of Gordon Brothers
Retail Partners, LLC and Hilco Merchant Resources, LLC, and
Charlotte Russe Holdings Corp. and its subsidiaries, on the other
hand; and (b) the store-closing sale guidelines.

The Final Hearing on the Motion will be held on March 6, 2019 at
1:00 p.m. (ET).  The objection deadline is Feb. 27, 2019 at 4:00
p.m. (ET).

The requirements of Bankruptcy Rule 6007(3) are waived, to the
extent applicable to the relief provided for in the Interim Order.

Notwithstanding Bankruptcy Rule 6004(h), the Interim Order will
take effect immediately upon its entry.

The Debtors are authorized, on an interim basis pending the Final
Hearing to immediately continue and conduct Store Closing Sales at
the Closing Stores in accordance with the Interim Order, the Sale
Guidelines, and the Agreement, as may be modified by any Side
Letters between the Debtors and/or Consultant and the landlords at
the Closing Stores.

The Sale Guidelines are approved in their entirety on an interim
basis.

The Debtors are authorized to discontinue Operations at the Closing
Stores in accordance with the Interim Order and the Sale
Guidelines.

Notwithstanding any other relief set forth in the Interim Order,
the Debtors and Consultant will only be authorized to sell
Non-Merchandise if the owners of such Non-Merchandise have
affirmatively consented to the sale, and the Debtors will identify
for Consultant items of Non-Merchandise which may not be sold.

Except for proceeds from the sale of Non-Merchandise which will be
segregated for the sole benefit of the owners of Non-Merchandise,
the Debtors are authorized and directed to remit all net proceeds
from the sale of the Store Closure Assets in the Store Closing
Sales (after payment of any fees and expenses owed to Consultant,
including without limitation, the fees and expenses owed to
Consultant related to the sale of Non-Merchandise) to the DIP Agent
for payment of the Debtors' secured obligations in accordance with
the terms and conditions of the DIP Facility.

In accordance with and subject to the terms and conditions of the
Agreement, the Consultant will have the right to use the Closing
Stores and all related Closing Store services, furniture, fixtures,
equipment, and other assets of the Debtors for the purpose of
conducting the Store Closing Sales, free of any interference from
any entity or person, subject to compliance with the Sale
Guidelines and the Interim Order.

Subject to the relief sought in the Debtors' Motion for Entry of an
Order Authorizing Maintenance, Administration and Continuation of
Certain Customer Programs, the Consultant will accept the Debtors'
validly issued rewards certificates and gift cards that were issued
by the Debtors prior to the Sale Commencement Date in
accordance with the Debtors' rewards certificate and gift card
policies and procedures, and accept returns of merchandise sold by
the Debtors prior to the Sale Commencement Date.

All sales of Store Closure Assets will be "as is" and final; and
free and clear of all Encumbrances.

To the extent that the Debtors propose to sell or abandon computers
(including software) and/or cash registers and any other point of
sale FF&E located at the Closing Stores or any other files or
records which may contain personal and for confidential information
about the Debtors' employees and/0r customers , the Debtors (and
not the Consultant) will remove the Confidential Information from
such items before such sale or abandonment, and unless otherwise
notified by the Debtors in writing to the contrary, the Consultant
will be entitled to assume and presume that the Debtors have
satisfactorily completed such steps at or prior to the time of any
such sale, abandonment or other disposition.

In accordance with the Agreement, the Consultant is authorized on
an interim basis to supplement the Merchandise in the Store Closing
Sales with goods of like kind and no lesser quality as customarily
sold in the Stores.

Within three business days of entry of the Interim Order, the
Debtors will serve copies of the Interim Order, the Agreement, and
the Sale Guidelines von: (i) the Attorney General's office for each
state where the Store Closing Sales are being held, (ii) the county
consumer protection agency or similar agency for each county where
the Store Closing Sales are being held, (iii) the division of
consumer protection for each state where the Store Closing Sales
are being held; (iv) if applicable, the chief legal officer for
each local jurisdiction where the Store Closing Sales are being
held; and (v) the Debtors' landlords of the Closing Stores.

No later than five days prior to the Final Hearing, the Consultant
will file a declaration disclosing connections to the Debtors,
their creditors, and other parties in interest in these Cases.

All amounts due to the Consultant under the Agreement will be
earmarked and paid by the Debtors from proceeds of the Sales and
will not be reduced or capped by the terms or conditions of any
pre- or post-petition financing facilities or orders related
thereto.

The Debtors are authorized to issue post-petition checks, or to
effect post-petition fund transfer requests, in replacement of any
checks or fund transfer requests in respect of payments made in
accordance with the Interim Order that are dishonored or rejected.

A copy of the Agreement attached to the Interim Order is available
for free at:

     http://bankrupt.com/misc/Charlotte_Russe_97_Order.pdf  

                  About Charlotte Russe Holding Inc.

Charlotte Russe Holding, Inc. is a specialty fashion retailer of
young women's apparel and accessories comprised of seven entities.
The company and its affiliates are headquartered in San Diego,
California and have one distribution center located in Ontario,
California.  In addition, the companies lease office space in Los
Angeles, California and San Francisco, California, where they
primarily conduct merchandising, marketing, e-commerce and
technology functions.

The companies sell their merchandise to customers in the contiguous
48 states, Hawaii, and Puerto Rico through their online store and
512 Charlotte Russe brick-and-mortar stores located in various
regional malls, outlet centers, and lifestyle centers.  The bulk of
the companies' apparel and accessory products are sold under the
Charlotte Russe brand with ancillary brands for denim and perfume
(Refuge), young women's plus-size apparel (Charlotte
Russe Plus), and cosmetics (Charlotte by Charlotte Russe).

Charlotte Russe Holding and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos.
19-10210 to 19-10216) on Feb. 3, 2019.

At the time of the filing, Charlotte Russe Holding estimated assets
of $100 million to $500 million and liabilities of $100 million to
$500 million.

The cases are assigned to Judge Laurie Selber Silverstein.

The Debtors tapped Bayard, P.A. and Cooley LLP as their bankruptcy
counsel; Guggenheim Securities, LLC as their investment banker; A&G
Realty Partners, LLC as lease disposition consultant and business
broker; Gordon Brothers Retail Partners LLC, Hilco Merchant
Resources LLC and Malfitano Advisors, LLC as liquidation
consultant; and Donlin, Recano & Company, Inc. as claims and
noticing agent.

SPANISH BROADCASTING: Reports Prelim. Q4 & Full Year 2018 Results
-----------------------------------------------------------------
Spanish Broadcasting System, Inc., reported select preliminary
estimated financial results for the quarter- and year-ended Dec.
31, 2018.

Financial Highlights

For the fourth quarter 2018, the Company currently estimates
consolidated Net Revenue to be between approximately $38.9 million
and $39.6 million, an increase of between 7% and 9% over 2017 and
Adjusted OIBDA to be between approximately $16.8 million and $17.5
million, an increase of between 21% and 26% over 2017.

For the full year 2018, the Company currently estimates
consolidated Net Revenue to be between approximately $141.7 million
and $142.4 million, an increase of between 5% and 6% over 2017 and
Adjusted OIBDA to be between approximately $49.5 million and $50.2
million, an increase of between 36% and 38% over 2017.

Discussion and Results

"Over the past several years we have embarked upon a concerted
strategy of unlocking and monetizing the combined power of our
leading radio, television, digital and experiential platforms
targeting the U.S. Hispanic consumer," commented Raul Alarcon,
Chairman and CEO.  "Our preliminary fourth quarter and full-year
2018 results have, once again, validated that strategy by
demonstrating the true value of our integrated assets and
management's ability to grow the top line while simultaneously
implementing strict cost controls at all of our operating units."

"During the fourth quarter and full-year 2018, we grew our revenue
by 7% to 9% and 5% to 6%, respectively, while maintaining our
margins at industry-leading levels.  We currently expect our
full-year 2018 Adjusted OIBDA* to be approximately $50 Million, a
36% or greater increase over the prior year and one of the best
operating results in our 35-year history.  In addition, our audio
rankings, as well as our TV, digital and mobile engagement metrics,
also grew significantly."

"Looking to 2019, we will continue to invest in our future, with a
focused approach to maximizing revenues, containing costs, and
delivering solid, sustainable growth across all our business
lines."

                      About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience.

SBS also owns MegaTV, a network television operation with
over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico, produces a nationwide roster
of live concerts and events, and owns a stable of digital
properties, including La Musica, a mobile app providing
Latino-focused audio and video streaming content and HitzMaker, a
new-talent destination for aspiring artists.

The report from the Company's independent accounting firm Crowe
Horwath LLP, the Company's auditor since 2013, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the 12.5% Senior Secured Notes
had a maturity date of April 15, 2017.  Cash from operations or the
sale of assets was not sufficient to repay the notes when they
became due.  In addition, for the year ended Dec. 31, 2017, the
Company had a working capital deficiency and negative cash flows
from operations.  These factors raise substantial doubt about its
ability to continue as a going concern.

Spanish Broadcasting reported net income of $19.62 million for the
year ended Dec. 31, 2017, compared to a net loss of $16.34 million
for the year ended Dec. 31, 2016.  As of Sept. 30, 2018, Spanish
Broadcasting had $437.7 million in total assets, $530.24 million
in total liabilities, and a total stockholders' deficit of $92.57
million.

                          *     *     *

In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System.  "We
withdrew the ratings because we were unlikely to raise them from
'D', based on SBS' ongoing plans to restructure its debt," said S&P
Global Ratings' credit analyst Scott Zari.  S&P had downgraded SBS
to 'D' on April 21, 2017, following the company's announcement that
it didn't repay its $275 million 12.5% senior secured notes that
were due April 15, 2017, as reported by the TCR on May 25, 2017.

In April 2017, Moody's Investors Service downgraded SBS's corporate
family rating to 'Ca' from 'Caa2'.  SBS's 'Ca' corporate family
rating reflects an elevated expected loss rate following the
default under the company's 12.5% senior secured notes due April
2017, said Moody's.



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

VENEZUELA: Maduro Welcomes Medical Supplies From Russia
-------------------------------------------------------
Business Standard reports that Venezuelan President Nicolas Maduro
disclosed the arrival of 7.5 tons of medical supplies from Russia
amid mounting pressure on him from the opposition to accept
humanitarian aid from the United States and its allies.

"I must deeply thank the OPS (Pan American Health Organization) . .
. and President Vladimir Putin of Russia for this capability, this
steadfastness in the moment of bringing these medications," Maduro
said during a meeting with hospital directors, according to
Business Standard.

"The medicines we need, they are arriving in Venezuela every week
on a permanent basis," the leftist president said, the report,
citing EFE, relates.

The report discloses that Mr. Maduro spoke hours after
self-proclaimed acting president Juan Guaido, travelled to the
Venezuela-Colombia border to coordinate the entry of aid shipments
from the neighboring country.

The report recounts that Mr. Guaido, the speaker of the
opposition-controlled National Assembly, declared himself acting
head of state on January 23 and subsequently requested assistance
from the US and nearly 50 other countries that have recognized him
as Venezuela's legitimate leader.

Oil-rich Venezuela is contending with shortages of basic goods as
well as hyperinflation, the report says.

The medication, equipment and other supplies that arrived will be
sent to hospitals in Caracas and in the southern state of Bolivar,
Mr. Maduro said, the report notes.

"Who pays for it? The Bolivarian government, the Venezuelan
government. It's humanitarian assistance, humanitarian support
because it is defeating a blockade.  But we Venezuelans, I
reaffirm, are not anyone's beggars.  We Venezuelans pay all of our
obligations," he said, the report says.

The report discloses that Mr. Maduro uses the term "blockade" to
refer to Washington's sanctions on the Venezuelan government, which
began under Barack Obama but have been sharply escalated by Donald
Trump and now constitute a virtual financial quarantine of
Caracas.

Days after recognizing Mr. Guaido as acting president, the Trump
administration blocked the Mr. Maduro administration from receiving
proceeds from the sale of Venezuelan oil to the US, the report
notes.

The UK, which likewise recognizes Mr. Guaido, has refused Mr.
Maduro's request to repatriate Venezuelan gold reserves kept in
London, the report says.

Three years ago, the National Assembly declared a state of
emergency in response to chronic shortages of medical supplies and
the deterioration of health-care infrastructure, the report
relays.

The latest results of the latest National Survey of Hospitals,
released, show that 1,557 patients died due to a lack of medicines
or other vital supplies, 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: Some Aid Gets Into Country After Border Bridge Clash
---------------------------------------------------------------
EFE News reports that dawn broke at the Simon Bolivar bridge, the
main border crossing point between Colombia and Venezuela, amid a
tense and uncertain calm after a clash between Venezuelans, many of
them shouting and calling for their country's "freedom", who were
trying to bring humanitarian aid into their country and authorities
taking orders from Caracas.

On the order of Colombian President Ivan Duque, the bridge linking
the Colombian city of Cucuta with Venezuela's San Antonio del
Tachira was closed for two days while the damage resulting from the
failed aid delivery attempt is evaluated, according to EFE News.

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'.


                           *********


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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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