TCRLA_Public/190322.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

          Friday, March 22, 2019, Vol. 20, No. 59



ARGENTINA: Monthly Inflation Remains High, IMF Says
BUENOS AIRES: Fitch Affirms B Ratings, Outlook Still Negative


AVIANCA BRASIL: Flights Operating Normally After Court Order
AVON PRODUCTS: Fitch Affirms 'B+' IDR & Alters Outlook to Negative
DESENVOLVE SP: Fitch Affirms Then Withdraws 'BB-/B' IDRs
ECONORTE: Fitch Lowers Rating on BRL246MM Debentures to CC(bra)
GLOBO: S&P Affirms BB+ ICR on Solid Cash Position, Outlook Stable

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Big Business Split on Medina's Reelection Bid


INTERNATIONAL AIRPORT: Fitch Rates $400MM Sr. Secured Notes 'B'


MEXICO: President Signs One-Term Pledge


NICARAGUA: Opposition Sets Forth its Agenda in Negotiations

P U E R T O   R I C O

STONEMOR PARTNERS: Needs Additional Time to File its Form 10-K


VENEZUELA: Brazil Says Terrorists Threaten Venezuela

                           - - - - -


ARGENTINA: Monthly Inflation Remains High, IMF Says
An International Monetary Fund (IMF) mission led by Mr. Roberto
Cardarelli visited Argentina during February 11-22, 2019 to conduct
discussions on the Third Review of Argentina's IMF-supported
program under the Stand-By Arrangement (SBA). Talks continued in
Washington DC after the end of the mission.

Mr. Cardarelli issued the following statement today:

"IMF staff and the Argentine authorities have reached an agreement
on the third review of the economic program supported by the
Stand-By Arrangement. Subject to the approval of the Executive
Board, Argentina would have access to about US$10.87 billion
(equivalent to SDR 7.8 billion). The Executive Board's review is
expected in the coming weeks.

"We commend the authorities' policy efforts and strong
determination to address macro-economic imbalances and advance
their economic stabilization plan. The high fiscal and external
deficits, the two imbalances at the heart of the 2018 financial
crisis, are in the midst of a significant correction. Economic
activity has been weak but there are good prospects for a gradual

"Monthly inflation remains high and breaking inflation inertia will
be a lengthy process that will require persistence and consistency
in the Central Bank's cautious approach to monetary base targeting.
Staff, therefore, welcomes the authorities' decision to extend the
zero-base money growth until November and to lessen the pace at
which the edges of the non-intervention zone will increase. This
tightening of the monetary framework will contribute to bringing
down inflation and re-anchoring inflation expectations.

"The authorities have met their 2018 primary deficit target,
demonstrating their resolve to eliminate the vulnerability
associated with Argentina's fiscal imbalance. Achieving a zero
primary deficit in 2019 will require further restraint in
government spending. Such efforts will place Argentina's
debt-to-GDP on a decisive downward path. It will be critical that
high-impact social spending programs are preserved during the
course of this year and beyond.

"Staff is supportive of the government's plan to undertake
transparent, pre-announced daily FX auctions (of US$60 million per
day that start in mid-April) to meet the federal government's
fiscal spending needs of US$ 9.6 billion. Insofar as the currency
is more appreciated than the central bank's non-intervention zone,
sales will be made directly to the central bank in the amount
consistent with its announced unsterilized FX purchase policy.

The authorities' strategy will allow for a smooth utilization of
IMF budget support.

"Weak economic activity and high inflation are taking a toll. We
strongly support the authorities' efforts to mitigate the social
impact of the needed stabilization policies, including through
recently announced increases in social spending (which will be
accommodated with the program through an increase in the adjustor
for social assistance spending from 0.2 to 0.3 percent of GDP).

"Continued steadfast implementation of the Argentine government's
stabilization plan remains essential to solidify Argentina's return
to macroeconomic stability, to lower inflation, and to lay the
ground for strong, equitable, and sustainable growth. A new impetus
for supply side reforms will also be needed to consolidate the
gains already made by the government and to ensure a sustained
improvement in the living standards for all of Argentina's

"The mission met with the Minister of the Economy Nicolas Dujovne,
the Governor of the Central Bank Guido Sandleris, as well as other
government officials and members of the private sector and civil
society. The mission team wishes to thank the authorities and all
other interlocutors for their warm welcome, constructive dialogue,
and cooperative spirit."

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.

BUENOS AIRES: Fitch Affirms B Ratings, Outlook Still Negative
Fitch Ratings affirms the City of Buenos Aires' (CBA) ratings at
'B'. The Rating Outlook remains Negative due to the cap from the
sovereign rating of Argentina (B/Negative).


The affirmation of Buenos Aires' ratings is based on the city's
positive and sustained operating margins even in a macroeconomic
context of structurally high inflation and currency depreciation.
Other factors include the city's low leverage, adequate debt
sustainability, and its key economic importance within the national
context. The main limitations are moderate unhedged foreign
currency debt exposure and high staff expenditure pressures and
urban infrastructure needs.

Institutional Framework: Weak, Stable

Fitch considers Argentina's institutional framework weak given the
country's complex and imbalanced fiscal regime with no equalization
funding. Recent agreements between the nation and provinces tracked
fiscal improvements for most Argentine subnational entities. Fitch
believes the sustainability of fiscal improvements will depend on
economic activity accompanying the process of fiscal convergence.
CBA has high budgetary flexibility and adequate capability to make
yearly adjustments, according to 2018 provisory information the
city posted a positive overall surplus after net financing
equivalent to 3.3% of total revenues, aligned with the Fiscal
Pact's principles.

Economy: Weak, Stable

Buenos Aires is the economic centre and capital of the country and
has a diversified economic profile, with business and financial
services along with commerce being the main activity drivers.
However, Fitch views the economy as weak for all Argentine
subnationals compared to international peers, because they operate
in a macroeconomic context of volatility, high inflation and
currency depreciation, structural characteristics of Argentina's
weak economy.

Fiscal Performance: Strong, Stable

According to provisory fiscal 2018 information, CBA's operating
margin reached 23.4% of operating revenues, averaging 14.6% during
2014-2018 and a higher 17% in 2016-2018 after a re-composition of
federal automatic transfers from the nation to the provinces and
CBA, coupled with expenditure control policies.

The city's autonomous status and economic weight translates into a
high level of fiscal autonomy, with local revenue providing around
73% of total revenues. Compared with international peers argentine
subnationals have structurally high levels of staff expenditure due
to inflation pressures, CBA's staff expenditure/total expenditure
ratio averaged 46% during 2014-2018. CBA's positive fiscal
performance and high tax autonomy will provide buffer against the
current macroeconomic recessionary context. Fitch estimates that
for 2019 the city's margin will be close to the budgeted 22%,
considering a real-term deceleration in operating revenues and
expenditure re-composition.

Debt and Other Long-Term Liabilities: Neutral, Stable
In 2018, direct debt grew about 58% compared to year-end 2017
mainly because of currency depreciation, totalling around ARS104.5
billion equivalent to 42.2% of operating revenues. In the provisory
fiscal year-end debt in foreign currency, unhedged, represented
67.6% of direct debt, Fitch estimates that in 2019 the ratio will
lower to around 60.5% after the city re-taped a local market bond
issuance for an additional ARS13 billion during February, which
also proves the entity's favorable market access.

Even with currency depreciation and local market rate hikes debt
sustainability metrics remain low, at year-end 2018 CBA's debt
payback ratio was 2.32x its current balance with a debt servicing
coverage ratio of 2.7x its operating balance. CBA's policies aim
towards maintaining a coverage level above 2x, Fitch estimates that
in 2019 coverage will be above this target and around 2.3x. At
year-end liquidity remained at adequate levels, with cash deposits
totalling 4.1% of total revenues. CBA has an authorized short-term
Treasury bill program for 2019 of ARS15.0 billion to mitigate cash
fluctuations, to date around ARS3.7 billion were issued in February
and historically treasury bill issuances are low at less than 5% of
total revenues.

To date, there are no relevant contingent risks for the city's
finances. However, Fitch monitors the financial performance of the
city's main public entities, including the Bank of the City of
Buenos Aires, Autopistas Urbanas, S.A., and the city's subway
system. At this time, Fitch believes any possible contingencies are
manageable and under control.

Management and administration: Neutral, Stable

Fitch evaluates this attribute as Neutral. CBA's administration has
a proven track record of policy continuity and financial prudence,
especially regarding debt policies, which the city constantly seeks
to re-profile and improve debt terms and conditions. CBA also funds
an important part of its yearly capex with its current balance, and
when debt is acquired it is mainly for public investments or debt
improvements. Fitch will monitor policy continuity towards the
coming years, as 2019 is an electoral year.


A downgrade of Argentina's sovereign rating would impact the City
of Buenos Aires's ratings, as per Fitch's criteria, which states
that no subnational in Argentina can be rated above the sovereign.
A stabilization of the Outlook on the sovereign rating would also
stabilize CBA's Rating Outlooks.


Fitch has affirmed the following ratings:

-- Long-Term Foreign-Currency IDR at 'B'; Outlook Negative;

-- Long-Term Local-Currency IDR at 'B'; Outlook Negative;

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

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

-- Euro medium-term note programme (EMTN) up to USD2.29 billion
    at 'B';

-- Series 11 8.950% senior unsecured notes for USD500 million due

    2021 at 'B';

-- Series 12 7.50% senior unsecured notes for USD890 million due
    2027 at 'B'.


AVIANCA BRASIL: Flights Operating Normally After Court Order
Marcelo Rochabrun at Reuters reports that all Avianca Brasil
flights were operating normally, a spokeswoman for the carrier
said, a day after a Brazilian appeals judge lifted an order that
allowed the carrier to operate 10 of its planes despite missed
leasing payments.

She added that the decision, which could disrupt the airline's
ability to complete scheduled flights, would be appealed, according
to Reuters.  The ruling, a copy of which was reviewed by Reuters,
is the latest development in a bitter legal fight between lessors
and the carrier, which is going through bankruptcy protection, the
report notes.

Avianca Brasil filed for bankruptcy protection in December after
falling behind on lease payments for most of its fleet of more than
45 Airbus planes, the report notes.  Since then, it has obtained
several court rulings that allowed it to hold onto the planes
despite vigorous protests from its lessors, the report relays.

The appellate judge said the carrier had failed to meet one of the
conditions to keep the planes: That it resume and keep up with its
regular monthly payments, the report says.

Rival airline Azul struck a tentative deal earlier this month to
take over most of Avianca Brasil's jet leases and landing slots,
the report discloses.  That transaction could be formalized in a
March 29 bankruptcy court auction, the report says.  No other
potential bidders have yet publicly come forward, the report

Lessor Aircastle Ltd filed the appeal.  Avianca Brasil is its
single biggest customer and operates 10 Airbus planes owned by
Aircastle, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2018, Ana Mano and Marcelo Rochabrun at Reuters said that
Brazil's fourth-largest airline, Avianca Brasil, filed for
bankruptcy protection, saying its operations had been threatened
by potential repossession of aircraft, which could prevent the
carrier from continuing to operate.  The unlisted airline said in
its bankruptcy filing that leasing companies seeking to take back
some 30 percent of its all-Airbus fleet threatened its ability to
fly some 77,000 passengers in December, according to Reuters.

Avianca said in a statement that the bankruptcy filing resulted
from a failure to reach a "friendly agreement." It also said its
flights would not be affected, the report relayed.  The aircraft
are still under Avianca Brasil's control for now and it remains
unclear what their fate will be as the carrier is asking a
Brazilian court to allow it to keep the planes for now, the report
noted.  The report disclosed that the airline said in the filing
it largely blamed high fuel prices and a strong dollar for its

AVON PRODUCTS: Fitch Affirms 'B+' IDR & Alters Outlook to Negative
Fitch Ratings has affirmed Avon Products, Inc.'s (API) Long-Term
Issuer Default Rating (IDR) at 'B+'. Fitch has also assigned a
'BB+'/'RR1' rating to Avon International Capital p.l.c.'s (AIC)
EUR200 million secured revolving credit facility due February 2022.
The Rating Outlook has been revised to Negative from Stable.

The Outlook revision to Negative reflects profitability pressures,
elevated leverage, accelerated declines in reps and volume, and
continued challenges in Brazil, its largest market representing 23%
of total revenue. Avon's revenue will continue to exhibit greater
volatility due to the company's focus on emerging markets, foreign
currency fluctuations and continued declines in active reps and
orders, all of which contributed to a 9.5% revenue decline in 2018,
which excludes the impact of a new revenue recognition standard
(ASC 606). In 2018, Avon's EBITDA declined 29% to USD347 million,
FCF declined to negative USD2 million from USD165 million and gross
leverage increased to 5.1x from 4.4x relative to 2017.

In order to stabilize the Outlook, Avon needs to demonstrate
stabilization in reps, volume and organic revenue growth, refinance
its USD386 million of 4.6% notes due March 2020 prior to Dec. 15,
2019 to avoid early termination of the RCF and sustain gross
leverage in the mid-4x range, implying EBITDA of USD520 million
absent any incremental debt reduction. Gross leverage sustained at
or above 5x would likely result in a downgrade.


Profitability Pressures: Avon's EBITDA declined to USD347 million,
or 29%, in 2018 compared with Fitch's expectations for relatively
flat EBITDA on a like-for-like (LFL) basis, which excludes the
effects of ASC 606. Revenue was in-line with Fitch's 2018 forecast
but margins declined markedly in the second half of 2018 due to
adverse foreign exchange movements, increased investments in
representatives and advertising, and supply chain inflation in
material and logistics costs, partially offset by cost reduction

On a LFL basis, EBITDA margin in the second half of 2018 declined
320 basis points to 7.1% versus the corresponding year-ago period,
resulting in a full year 2018 EBITDA margin of 6.9%, which is 193
basis points less than the 8.8% achieved in 2017. Fitch estimates
negative FX and operational challenges accounted for 49% and 51%,
respectively, of the nearly USD143 million year-over-year decline
in EBITDA in 2018. There is increased risk that
greater-than-anticipated supply chain inflation may mitigate the
benefits of Avon's cost reduction initiatives, which are required
to offset increased investments associated with the company's Open
Up Avon strategy. This would make it more challenging for the
company to improve its profit margin and FCF, particularly if
revenue trends remain negative.

Elevated Leverage: As a result of the aforementioned profitability
pressures, Avon's gross leverage increased to approximately 5x, the
upper end of Fitch's negative rating sensitivity, at year-end 2018
compared with 4.4x in 2017, despite USD300 million of debt
reduction in 2018. Fitch estimates year-over-year gross leverage
remained flat at 4.4x in 2018, excluding the negative effects of
foreign currency fluctuations.

Fitch forecasts gross leverage will remain relatively flat at
approximately 5x in 2019 due to continued FX headwinds in the first
half of 2019 and inflationary pressures, partially offset by cost
savings and pricing actions to mitigate inflation. The company has
the option of pursuing incremental debt reduction in the first half
of 2019 funded with at least USD60 million of proceeds from asset
sales. The company's decision to repay incremental debt using
divestiture proceeds is contingent on market conditions in 2019
when the company seeks to refinance its USD386 million of sr.
unsecured notes due in March 2020.

Accelerated Declines in Reps and Volume: Declines in certain of
Avon's key performance indicators (KPIs) accelerated in the second
half of 2018, particularly active representatives and volume,
despite turnaround efforts made to date. Active reps declined
nearly 6% in the second half of 2018 led by South Latin America
(largely Brazil), down 7%, and EMEA (largely Russia), down 6%.
Avon's total active reps declined to approximately five million at
year-end 2018 compared with approximately six million at year-end
2017. Lack of improvement in active reps and volume may jeopardize
Fitch's expectations for gradual improvement in organic revenue
growth trends on a constant currency basis through 2022 and
potentially result in negative rating actions.

On the positive side, revenue declines attributable to lower reps
and volume in the fourth quarter of 2018 were mitigated by
increasing rep productivity as evidenced by 4% growth in average
rep sales, which also bodes well for rep retention, and 6% increase
in price/mix due to greater product bundling and enhanced revenue
management, including inflationary pricing in Argentina.

Brazil Underperforms Key Markets: Brazil is Avon's largest (23% of
revenue) and worst performing market relative to Avon's top five
markets, reflecting the scale and depth of the challenges in
Brazil. Quarterly revenue from Brazil has declined at a mid- single
to low double-digit rate at constant currency since the second
quarter of 2017. Avon's results in Brazil continue to be negatively
affected by competitive pressures, a difficult macroeconomic
environment, weaker volume and lower appointments of new
representatives, partly attributable to stricter credit
requirements. Avon appointed a new general manager in Brazil,
effective Sept. 17, 2018, to lead the company's efforts to improve
service quality and training for reps.

Downsized RCF Reduces Liquidity: Avon International Capital p.l.c.
(AIC), obtained a new EUR200 million, or USD230 million, senior
secured RCF due Feb 2022, which replaced a prior USD400 million
secured RCF. Borrowings under the new RCF are available for general
corporate and working capital purposes. The credit implications of
the downsized RCF are partially offset by greater flexibility to
issue secured debt to refinance existing borrowings. The prior
facility restricted secured borrowings to a USD600 million basket,
of which Avon had previously issued USD500 million of secured debt
due August 2022, which limited the company's ability to issue
incremental first-lien secured debt to refinance existing unsecured

The new RCF credit agreement allows incremental secured debt beyond
Avon's existing secured debt, consisting of the secured RCF and
USD494 million of secured notes due August 2022, and is a
Euro-denominated facility, which more closely aligns the company's
capital structure to its operations.

Refinancing Risk: Avon's EUR200 million RCF is subject to early
termination in mid-December 2019 if the company fails to redeem,
repay or otherwise refinance in full its USD387 million of
unsecured notes due March 2020 by Dec. 15, 2019. In addition to
first-lien debt, AVP also has the flexibility to issue second-lien
debt to refinance the notes due 2020.

Increased Investments to Support Strategy: Avon's strategy to
strengthen the company's competitive position and modernize the
core business requires USD300 million of incremental investments,
including USD230 million of capex, from 2019-2021. The investments
will be in two areas: commercial spend and digital/IT
infrastructure. Commercial spend consists of tools and training for
reps, advertising to modernize the Avon brand, processes to
accelerate the pace of product innovation, new expansion into
markets, such as China and India, and channel investments,
primarily e-commerce.

Digital and IT infrastructure spend targets data center
modernization and digital tools, including individual, personalized
on-line store pages for reps, new mobile tools to assist with the
rep's sale process, analytics and digital marketing. Fitch expects
the costs of these investments will be cash flow neutral in
aggregate through 2021 due to USD400 million of targeted costs
savings across manufacturing, distribution, procurement, back
office, as well as lower taxes and interest expense due to Avon's
early debt prepayment in June 2018.

FX, Emerging Markets Exposure: Avon's revenue base is
geographically diverse, selling or distributing products in 56
countries and territories. Avon's top-10 markets, mostly emerging
markets, account for 70% of revenue. Latin America represents 52%
of revenue, with Brazil, the single largest market, contributing
23% of total revenue in 2018. Negative FX translation has an
outsized impact on Avon's financials as most its cash flows and
profits are generated outside the U.S. Economic and political
volatility also can have a significant impact.

Strong Competition: The beauty industry is structurally attractive
and tends to be a resilient category throughout economic cycles,
but it's a highly competitive market, the degree of which varies by
Avon's end market. Avon's competitors include large and well-known
cosmetics, fragrance and skincare companies and niche firms that
have benefitted from lower barrier to entry due to low cost
marketing via social media. Avon's competes with other direct
selling companies as well as products sold to consumers via
alternate distribution channels, including e-commerce, mass market
retail and prestige retail.


Avon's rating (B+/Stable) reflects its significant scale as a
leading direct-selling beauty company with USD5.4 billion revenue
in 2018 and its well-recognized brand in the beauty industry. The
Outlook revision to Negative reflects profitability pressures,
elevated leverage, accelerated declines in reps and volume, and
continued challenges in Brazil, its largest market representing 23%
of total revenue. Avon's revenue and profitability will continue to
exhibit greater volatility due to the company's focus on emerging
markets, foreign currency fluctuations and continued declines in
active reps and orders, all of which contributed to a 9.5% revenue
decline in 2018. In 2018, Avon's EBITDA declined 29% to USD347
million, FCF declined to -USD2 million from USD165 million and
gross leverage increased to 5.1x from 4.4x relative to 2017.

In order to stabilize the Outlook, Avon has to demonstrate
stabilization in reps, volume and organic revenue growth, refinance
its USD387 million of 4.6% notes due March 2020 prior to Dec. 15,
2019 to avoid early termination of the RCF and sustain gross
leverage in the mid-4x range. Gross leverage sustained at or above
5x would likely result in a downgrade.

In terms of comparable companies, Fitch rates Anastasia
Intermediate Holdings, LLC's (ABH), a prestige cosmetics brand
primarily focused in the U.S., 'BB-'/Stable Outlook. The ratings
reflect the company's strong track record of growth and customer
connections, good financial profile including above-average EBITDA
margin, positive FCF and leverage of mid-3x following a
debt-financed dividend. Fitch projects leverage will trend toward
high 2x over the next two to three years. The rating also considers
the company's narrow product and brand profile, recent explosive
growth that could reverse course, and risk that continued beauty
industry market share shifts could weaken ABH's projected growth
through the risk of new entrants or existing players regaining


Fitch's Key Assumptions Within Its Rating Case For The Issuer To
Stabilize the Outlook Include:

  -- Revenue is forecast to decline nearly 7%, including a 5%
headwind from FX, to USD5.1 billion in 2019 and remain relatively
flat through 2022, barring further currency movements;

  -- Operating EBITDA is forecast to be approximately USD365
million in 2019 and approximately USD450-USD475 million through
2022 due to cost savings, enhanced revenue management and
increasing rep productivity;

  -- Fitch expects the incremental investment plan, which also
includes USD230 million of capex and USD130 million for cash
restructuring, will be cash flow neutral through 2021 due to
expense reductions, working capital improvements from inventory,
tax planning and lower interest expense;

  -- FCF is expected to be approximately USD30 million in 2019,
including approximately USD130 million of cash restructuring
charges and incremental capex associated with Avon's investment
plan. Fitch expects FCF will increase to approximately USD100
million in 2020, reflecting EBITDA margin expansion and lower cash
restructuring costs, and exceed USD150 million in 2021 and 2022.
Fitch assumes the company's dividend remains suspended throughout
the forecast period and cash interest on the cumulative preferred
stock continues to be deferred;

  -- Fitch expects gross leverage (total debt to operating EBITDA)
to remain flat in 2019 at approximately 5.0x and decline to the low
4.0x range through 2022.


Future Developments That May, Individually or Collectively, Lead
Stabilization of the Rating

  -- Signs of stabilization in reps, volume and organic revenue

  -- Refinances USD387 million of 4.6% notes due March 2020 prior
to Dec. 15, 2019, which also avoids early termination of the RCF;

  -- Gross leverage (total debt to operating EBITDA) in the mid-4x

  -- Lease adjusted gross leverage (total adjusted debt/EBITDAR)

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

  -- Flat-to-modestly positive reps and volume growth as well as
low-single digit organic growth;

  -- Gross leverage of 3.5x;

  -- Lease adjusted gross leverage of 4x;

  -- FCF margin sustained at or above 1.5%.

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

  -- Accelerating declines in key performance indicators in 2019,
particularly active reps and orders, which would indicate a greater
probability of extended declines in revenue;

  -- Significant currency challenges in key markets, such as Brazil
or Russia, which affect Avon's ability to service its
dollar-denominated debt;

  -- Sustained increase in gross leverage and lease adjusted gross
leverage over 5.0x and 5.5x, respectively;

  -- Sustained FCF margin less than 1%.


Adequate Liquidity: As of Dec. 31, 2018, Avon had nearly USD533
million of cash and USD201 million in revolver availability, net of
USD29 million in outstanding letters of credit. The new senior
secured revolving credit facility has total capacity of EUR200
million, or USD230 million, and expires in February 2022, provided
that it shall terminate on the 91st day prior to the maturity of
the 4.60% Notes due 2020, if on such 91st day, the applicable notes
are not redeemed, repaid, discharged or otherwise refinanced in

New EUR200 million Senior Secured RCF: Avon's U.K.-based financing
subsidiary, Avon International Capital p.l.c. (AIC), obtained a new
three-year EUR200 million, or USD230 million, senior secured RCF,
which replaced a prior USD400 million secured RCF. Borrowings under
the new RCF are available for general corporate and working capital
purposes. The RCF maturity date is not to exceed (a) the maturity
date of Feb. 12, 2022 and (b) the date falling 91 days prior to the
final scheduled maturity date of the existing USD387 million of
outstanding notes due March 15, 2020, which equates to Dec. 15,
2019, if the notes have not been redeemed, repaid or otherwise
refinanced in full on such date.

The credit implications of a downsized RCF are partially offset by
greater flexibility to issue secured debt to refinance existing
borrowings. The prior facility restricted secured borrowings to a
USD600 million basket, of which Avon had previously issued USD500
million of secured debt due August 2022, which limited the
company's ability to issue incremental secured debt to refinance
existing unsecured debt. Furthermore, the new RCF is a
Euro-denominated facility, which more closely aligns the company's
capital structure to its operations.

All obligations of AIC under the 2019 facility, and AIO under the
senior secured notes are unconditionally guaranteed by the API, AIO
and each other material United States or English restricted
subsidiary of the API (collectively, the Obligors), in each case,
subject to certain exceptions. The obligations of the Obligors are
secured by first priority liens on and security interests in
substantially all of the assets of the Obligors, in each case,
subject to certain exceptions.

Capital Structure: As of Dec. 31, 2018, Avon had total debt
principal outstanding of USD1.8 billion, consisting of USD500
million of senior secured bonds due 2022, USD1.09 billion of senior
unsecured bonds, and USD492 million of preferred stock (includes
accrued dividends), which Fitch assigned 50% equity credit. AIC is
the borrower for the revolving credit facility, AIO is the borrower
for the senior secured notes, whereas the senior unsecured notes
are obligations of the parent, Avon Products Inc. The revolving
credit facility contains a minimum interest coverage ratio and a
maximum total leverage ratio.

Recovery Analysis: Fitch's recovery analysis assumes USD370 million
of operating EBITDA on a going concern basis. The going concern
EBITDA assumes the company exits smaller or underperforming
markets, potentially including Brazil, and the remaining markets
benefit from greater senior management attention and allocation of
financial resources, resulting in an operating profit margin in the
low teens on a smaller revenue base of approximately USD3.5
billion. Fitch then applies a recovery multiple of 4x, resulting in
an estimated enterprise value (EV) of nearly USD1.5 billion. The
recovery multiple of 4x EV/EBITDA multiple is at the low end of
recent consumer products transactions, but considers Avon's
operating challenges, particularly top-line growth, reliance on a
single distribution channel (direct selling) and greater relative
risk profile due to its emerging market focus.

AIC's senior secured revolver and AIO's senior secured notes are
expected to have outstanding recovery prospects (91%-100%) and as
such are rated 'BB+'/'RR1' with 100% recovery prospect. The RCF is
secured by first-priority liens on and security interests in
substantially all of the assets of AIC, the subsidiary guarantors
and by certain assets of API, in each case, subject to certain
exceptions and permitted liens. The collateral package for the
senior secured notes consists of the equity of AIO and Avon Capital
Corp. and the intellectual property rights of AIO. Avon's senior
unsecured notes are perceived to have good recovery prospects
(51%-70%) due to Avon's repayment of USD300 million of unsecured
debt in 2018. However, Fitch believes there is a strong possibility
that Avon issues secured debt to refinance its existing unsecured
debt in 2019 and, therefore, assumes average recovery prospects
(31%-50%) for the unsecured debt ('B+'/'RR4') and recovery is based
on the midpoint (40%) of the 'RR4' recovery range.


Fitch has affirmed these ratings:

Avon Products, Inc.

  -- Long-Term IDR at 'B+';

  -- Senior unsecured notes at 'B+'/'RR4'.

Avon International Operations, Inc.

  -- Long-Term IDR at 'B+';

  -- Senior secured notes at 'BB+'/'RR1'.

Fitch has assigned this rating:

Avon International Capital p.l.c.

  -- Senior secured revolver at 'BB+'/'RR1';

The Rating Outlook has been revised to Negative from Stable.

DESENVOLVE SP: Fitch Affirms Then Withdraws 'BB-/B' IDRs
Fitch Ratings has affirmed and withdrawn the ratings for Desenvolve
SP - Agencia de Fomento do Estado de Sao Paulo SA's (Desenvolve
SP). Fitch is withdrawing the ratings for commercial reasons and
will no longer provide ratings (or analytical coverage) for the


The affirmation of Desenvolve SP's ratings reflects limited change
in its credit profile since Fitch's last review on Dec. 17, 2018.
The Rating Outlook was Stable prior the withdrawal.


Rating Sensitivities do not apply as the ratings have been

Fitch has affirmed and withdrawn the following ratings:

Desenvolve SP

- Long-term Foreign and Local Currency IDRs at 'BB-'
- Short-term Foreign and Local Currency IDR at 'B'
- Support Rating at '3'
- National Long-Term Rating at 'AA(bra)'
- National Short-Term Rating at 'F1+(bra)'

ECONORTE: Fitch Lowers Rating on BRL246MM Debentures to CC(bra)
Fitch Ratings downgraded from CCC (bra) to 'CC (bra)', the National
Long-Term Rating of the third issuance of debentures issued by
Companhia Concessionaria de Rodovias do Norte SA (Econorte) in the
amount of BRL246 million and maturing in 2020.


The lowering of the rating of the third issue of Econorte's
debentures reflects the increase in uncertainty regarding the
payment of the debt resulting from the inability to fill the
payment account, as a consequence of the reduction in cash
generation of the project. Despite the reversal of the tariff
discount, the low liquidity is a result of the lack of reopening of
the Jacarezinho or Cambara toll plazas in the State of Parana.

Predicting the difficulties of filling the payment account in
March, Econorte convened a general meeting of debenture holders,
which approved the "waiver" of this obligation for sixty days. In
return, the debenture holders requested partial payment of the
installment of the maturing debt service in April 2019. Payment was
made with the cash that was available in the payment account, and
corresponded to approximately 83% of the estimated amount. Fitch
expects the concessionaire to seek a debt restructuring to
accommodate the amortization of the debentures to the company's new
cash generation profile.


Developments that may, individually or collectively, lead to a
positive rating action include:

- A rating upgrade is unlikely in the short term.

Developments that may, individually or collectively, lead to a
negative rating action include:

- Announcement of a plan to restructure debt, setting up
   Distressed Debt Exchange (DDE).

- Default or Standstill in the residual debt service of April

- Announcement of request for judicial recovery.

GLOBO: S&P Affirms BB+ ICR on Solid Cash Position, Outlook Stable
S&P Global Ratings revised downward Globo's stand-alone credit
profile (SACP) to 'bbb' from 'bbb+' on weaker profitability

Still, S&P affirmed its 'BB+' issuer credit and issue-level ratings
on the company.

The stable outlook primarily reflects the company's exceptional
liquidity that would allow it to focus on improving profitability
without significant financial pressure or refinancing risk. S&P
expectd Globo to post EBITDA margin slightly below 15% in the
coming years, compared with a record low of 9.9% in 2018.

S&P said, "We believe Globo will continue facing challenges to
improve and stabilize profitability in the next two years, mainly
due to the still depressed advertising market in Brazil and the
company's relatively high fixed-cost structure. Globo implemented
some efficiency measures in the past years, such as labor force
reduction and revision of third-party contracts. However, these
measures weren't enough to offset the high-cost structure to
support future growth and long-term contracts with strategic
casting, authors, and producers. Consequently, we now forecast
Globo to post EBITDA margin of 13.0%-14.5% in the next two years.
Weaker profitability prompted our revision of Globo's business risk
profile to fair from satisfactory, and consequently, its
stand-alone credit profile to 'bbb' from 'bbb+'."

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Big Business Split on Medina's Reelection Bid
Dominican Today reports that prominent business leaders expressed
their for-and-against president Danilo Medina's reelection during
the inaugural of a soft drink company's new production line.

However, National Business Council (Conep) vice president Cesar
Dargam, said it's not the time to talk about the Constitutional
amendment needed to reelect the president, according to Dominican

For Campos de Moya, of the Vinci group, on a personal level he
agrees with the reelection, citing the country's economic growth,
the report notes.

The report relays that Mr. Dargam said the President's reelection
is not on Conep's agenda but respects individual positions voiced
by some of its members.  "In the Conep we have prioritized for this
year that Congress can expedite a productive agenda," the report
quoted Mr. Dargam as saying.

The report relays that business leader Circe Almanzar agrees, "I'm
proud that the Dominican economy keeps growing and the need to
continue supporting the investment and the measures that the
Competitiveness Council is adopting to continue creating jobs."

"We're in competitiveness and productivity and we're not going to
wrap ourselves with the issue of the political agenda.

"For this growth is why all Dominicans have to work regardless of
who you are, whoever comes, whoever is behind, who can be in
front," she said, as quoted by Diario Libre, 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


INTERNATIONAL AIRPORT: Fitch Rates $400MM Sr. Secured Notes 'B'
Fitch Ratings has assigned a 'B' rating to the fixed-rate senior
secured notes (the notes) for USD400 million issued by
International Airport Finance S.A. (the issuer) in connection with
Corporacion Quiport S.A. (Quiport), the concessionaire of Ecuador's
Aeropuerto Internacional Mariscal Sucre. The Rating Outlook is


Summary: The rating reflects Quiport's strategic but somewhat
modest traffic base, comprising mostly origin and destination (O&D)
and leisure-oriented passenger traffic, a history of moderate
volatility, and some competition from Guayaquil's Jose Joaquin de
Olmedo International Airport, the country's second largest airport.
It also reflects a tariff setting mechanism that allows for
adjustments for local and U.S. consumer prices and the rated debt's
strong structural features. The rated debt has no refinancing risk
and includes additional liquidity, most notably a 12-month offshore
Debt Service Reserve Account (DSRA) and a capex reserve account
covering staggered percentages of the next 18 months of capex

Quiport's ability to service its debt can withstand domestic
economic shocks, supported by the participation of international
traffic-related revenues of over 50% of total revenue and the
proven resiliency of the concession framework to adverse political
environments. Break-even analysis shows minimal dependency on
domestic traffic and no dependency on international traffic

Average rating case debt service coverage ratio (DSCR) is 1.8x,
while minimum DSCR is 1.4x in year 2032; maximum leverage, measured
as net debt to cash flow available for debt service (CFADS), is
4.5x in year 2020. Credit metrics are commensurate with higher
ratings according to Fitch's applicable criteria. An additional
layer of comfort is provided by the eight-year tail before the
concession's maturity. However, the rating is constrained by
Ecuador's sovereign risk. The presence of a 12-month DSRA provides
sufficient liquidity to preserve debt service should short lived
capital controls be imposed, supporting a rating of 'B' with a
Negative Outlook, one notch above Ecuador's Country Ceiling (B-).

The Negative Outlook on the notes reflects the Negative Outlook on
Ecuador's Long-Term Foreign-Currency Issuer Default Rating (LT FC
IDR) of 'B-'.

O&D, Leisure-Oriented Airport - Revenue Risk: Volume - Midrange
The airport is located in Quito's metropolitan region, which
accounts for 16% of the country's population (2.7 million people),
and has an enplanement base of 2.6 million paying passengers (pax).
The airport's traffic base is mostly O&D, with leisure-oriented
exceeding business traffic. Traffic volatility is moderate with the
largest historic peak to trough of 13.7% occurring between 2014 and
2016, with traffic yet to recover. Positively, traffic increased
between 2017 and 2018. Carrier concentration in terms of revenue is
low. There is some competition from Ecuador's second largest
airport, Guayaquil's Jose Joaquin de Olmedo International Airport.

Dual Till Regulation - Revenue Risk: Price - Midrange
Regulated revenue tariffs are readjusted according to inflation in
Ecuador and the U.S., and commercial revenues have no
tariff-setting restrictions. The framework does not include a price
recovery model or an adjustment mechanism for declines in pax.

Modern Infrastructure - Infrastructure Development/Renewal:
The airport is modern and well-maintained and has detailed short-
and long-term expansion plans. Future expansions are to be funded
with internal cash flow generation, while the associated
expenditures are smoothed through a rolling capex reserve. The
concession framework does not provide a recovery of expenditures
via rate adjustment.

Fully Amortizing Debt Structure - Debt Structure: Stronger
Senior secured debt composed of a single U.S. Dollar-denominated
tranche with a fully amortizing repayment profile. Structural
features include offshore debt service, O&M, maintenance and capex
reserve accounts, as well as robust debt incurrence and dividend
distribution tests.

Financial Profile

Rating case financial metrics are consistent with higher ratings,
according to applicable criteria for airports with midrange
attributes for volume and price risks. Leverage, measured as net
debt to CFADS, is 4.5x at its maximum in year 2020 and decreases
progressively. Coverage, measured as average DSCR for 2019-2033, is
at 1.8x, while minimum DSCR is at 1.4x for 2032.


Quiport's closest peer is ACI Airports Sudamerica (ACI;
BBB-/Stable), the indirect owner of Puerta del Sur S.A., who holds
the concession for Montevideo's Carrasco International Airport in
Uruguay. Both airports are the main international gateways to their
countries, and both are O&D assets that share volume and price risk
attributes. Conversely, Quiport is more exposed to leisure-oriented
traffic than ACI. Maximum leverage at Quiport is expected to be
4.5x in 2020, slightly higher than ACI's 4.4x. ACI's average DSCR
for 2019-2031 is 1.5x, lower than Quiport's 1.8x. Sovereign risk is
materially different for the two projects, with Quiport located in
Ecuador (LT FC IDR: B-/Negative; Country Ceiling: B-) and ACI in
Uruguay (LT FC IDR: BBB-/ Negative; Country Ceiling: BBB+).


Future developments that may, individually or collectively, lead to
negative rating action:

-- A negative rating action on Ecuador's sovereign rating;

-- Severe and prolonged traffic underperformance with respect to
    Fitch's rating case.

Future developments that may, individually or collectively, lead to
positive rating action:

-- A positive rating action on Ecuador's sovereign rating.


The issuer used the net proceeds of the notes to (i) irrevocably
purchase and assume all of Quiport's existing lenders' rights and
obligations under the existing loans, and (ii) make new loans to
Quiport (the new loans). Quiport applied part of the proceeds of
the new loans to repay in full all amounts outstanding under its
intercompany loans and for certain general corporate purposes and
will apply the reminder of the proceeds to make a retained dividend
earnings distribution to its shareholders following completion of
its corporate reorganization,. The aggregate principal amount of
the new loans will equal the aggregate principal amount of the

Aeropuerto Mariscal Sucre is Ecuador's main airport, with 48% of
the country's offer (6.2 million seats), and acts as its main
international gateway both for passengers and cargo. The airport is
owned by Empresa Publica Metropolitana de Servicios Aeroportuarios
- Municipality of Quito (EPMSA) and is currently operated by
Quiport under a 35-year concession agreement; the airport will be
handed back to EPMSA at the end of the concession in 2041.

The concession included the administration and maintenance of the
old airport until cease of operations. It also included
development, design, financing and construction of the new airport,
as well as its operation, administration, and maintenance once
completed and until January 2041. Quiport transitioned to the new
airport in 2013, with operations in the old airport ceasing that
same year. The new airport allows more efficient and safer
operations (larger runaway and capacity for larger planes to
operate), adaptable facilities (land available for expansions), and
compliance with all international regulations.

Fitch Cases

Key Assumptions:

-- Inflation rate for base case (BC) and rating case (RC) in
    Ecuador: 2019: 0.5%; 2020: 1.5%; onward: 2.0% / year;

-- Inflation rate for BC and RC in the U.S.: 2019: 2.1%; 2020
    onwards: 2.0% / year;

-- International PAX compounded average growth rate (CAGR): 3.5%
    (BC); 1.3% (RC);

-- Domestic PAX CAGR: 3.2% (BC); 1.0% (RC);
-- Opex: +3% (BC); +5% (RC);
-- Capex: +3% (BC); +5% (RC);
-- Litigations Cost: 0 (BC); USD100 million amortized over 10
    yearly payments of USD10 million (RC).

Credit Metrics:

-- Average DSCR: 2.2 x (BC); 1.8x (RC);
-- Minimum DSCR: 1.9x (BC); 1.4x (RC);
-- Net Debt / CFADS: 3.8x (BC); 4.5x (RC).

Break-even analysis is performed on each of the Quiport's main risk
factors while using base case assumptions for the other variables;
break-evens represent the compounded average growth or decrease
rate of a single variable up until the year in which the
transaction no longer supports additional stresses in the relevant
variable. The additional liquidity in the transaction, mainly
present in the expansion capex reserve account and the DSRA,
provides enough support for it to withstand stresses in the key
variables as well as short lived capital controls.

Break-even results and the corresponding year are:

-- International pax growth: -7% - 2031
-- Domestic pax growth: -100%
-- Opex: +180% - 2020
-- Capex: +270% - 2032

The notes are secured for the benefit of the noteholders by a
first-priority security interest in (a) all of the capital stock of
the issuer, (b) the issuer's rights under the new loans, (c) the
issuer's debt service payment account and DSRA and amounts on
deposit therein, (d) all of the capital stock of Quiport, (e)
subordinated indebtedness incurred by the issuer or Quiport (with
limited exceptions) and (f) any proceeds of the foregoing clauses.


MEXICO: President Signs One-Term Pledge
EFE News reports that President Andres Manuel Lopez Obrador signed
a letter pledging not to seek a change to Mexico's constitution
that would allow him to seek a second term.

"We are going to sign a document, a commitment to the people of
Mexico.  I will read it and I will sign it so it can be published
and there is proof," he said during his morning press conference,
according to EFE News.

The lower house of Congress approved a constitutional amendment to
allow a referendum at the midpoint of the six-year presidential
term, giving voters the chance to decide whether the incumbent
should remain in office, the report notes.

The proposal is now before the Senate.

According to the report, critics say the real intent of the
initiative is to open the door to the possibility of presidential

In the letter he signed in front of reporters, Lopez Obrador
stressed that he submitted to a recall vote during his 2000-2005
tenure as Mexico City mayor and he had "reiterated that commitment
in the three subsequent presidential campaigns," the report says.

"I was elected for a six-year presidency, but according to the
constitution, the people have the right and the possibility to
change their government," he said of the referendum he plans for
2021, the report discloses.

The leftist president dismissed as "unfounded" the suggestion that
the proposed amendment represents a stealth attempt to eliminate
the existing one-term limit, the report relays.

The report notes that Lopez Obrador said that, like President
Francisco I. Madero, who was assassinated in 1913, he believes that
"power only has meaning and virtue when it is placed at the service
of others."

"I think that six years are enough to uproot corruption and
impunity. And to transform Mexico into a prosperous, democratic and
fraternal republic.  I have no doubt we will have enough time to
consummate the fourth transformation of the country's public life,"
he said, the report relays.

Lopez Obrador added that he does not favor eliminating term limits
for public office "under any circumstances," the report relays.

"Understand, conservative gentlemen, that I will leave the
presidency on the exact day set by the supreme law, and in 2024 I
will go to Palenque," he said, referring to the town in the
southern state of Chiapas where he has a ranch, the report notes.

By 2024, he said, he hopes to have effected sufficient change to
prevent Mexico from slipping back "into the stultifying and sad
times when the mafia of power dominated," the report adds.


NICARAGUA: Opposition Sets Forth its Agenda in Negotiations
EFE News reports that the opposition Civic Alliance for Justice and
Democracy set forth its agenda in its negotiations with the
Nicaraguan government to overcome the local crisis, noting that,
besides expected court proceedings and elections, it desires the
presence of international actors and guarantees that any agreements
reached with the Daniel Ortega regime will be fulfilled.

In a communique read by constitutional expert and Alliance member
Azahalea Solis, the opposition movement explained the five points
of its agenda whereby it seeks to establish democracy in Nicaragua
and obtain justice for the victims of violence, according to EFE

As reported in the Troubled Company Reporter-Latin America on
Jan. 29, 2019, Moody's Investors Service has changed the outlook to
negative from stable on the Government of Nicaragua's long-term
issuer ratings and affirmed the ratings at B2.

P U E R T O   R I C O

STONEMOR PARTNERS: Needs Additional Time to File its Form 10-K
StoneMor Partners L.P. has filed a Notification of Late Filing on
Form 12b-25 with respect to its Annual Report on Form 10-K for its
fiscal year ended Dec. 31, 2018.  

StoneMor Partners was unable to file its Annual Report by the
prescribed filing deadline (March 18, 2019) without unreasonable
effort or expense due to additional time needed for the Partnership
to compile and analyze certain information and documentation and
complete preparation of its financial statements in order to permit
the Partnership's independent registered public accounting firm to
complete its audit of the financial statements to be included in
the Form 10-K and complete its audit of the Partnership's internal
controls over financial reporting as of Dec. 31, 2018.  While there
can be no assurances, the Partnership is working to file its Annual
Report on Form 10-K on or before the fifteenth calendar day
extension provided by Rule 12b-25.

                      About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania -- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 90
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

Stonemor reported a net loss of $75.15 million for the year ended
Dec. 31, 2017, compared to a net loss of $30.48 million for the
year ended Dec. 31, 2016.  As of Sept. 30, 2018. StoneMor had $1.72
billion in total assets, $1.71 billion in total liabilities, and
$13.46 million in total partners' capital.

                           *    *    *

As reported by the TCR on Feb. 13, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD.  The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.

In February 2019, S&P affirmed its 'CCC+' issuer credit rating on
StoneMor Partners LP.

In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate
credit rating on StoneMor Partners L.P.  S&P said, "The rating
affirmation reflects our view that StoneMor's capital structure is
unsustainable and reflects our expectation that the company will
produce cash flow deficits in 2019."


VENEZUELA: Brazil Says Terrorists Threaten Venezuela
EFE News reports that Brazilian Foreign Minister Ernesto Araujo
said that "concern" exists about "the presence of terrorist
elements in Venezuela" that, he said, could represent a "threat" to
the security of the country and the region.

"Up until recently, it had not been admitted that there was
terrorism in South America and today it is known via intelligence
(departments) . . . that that is a threat for Venezuela," Araujo
said at a press conference in Brasilia after returning from an
official trip to the United States, 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
written permission of the publishers.

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.

                  * * * End of Transmission * * *