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

          Friday, March 29, 2019, Vol. 20, No. 64



USJ ACUCAR: Fitch Cuts Long Term IDRs to 'C'
USJ ACUCAR: S&P Lowers Global Scale ICR to 'CC', Put on Watch Neg.

C A Y M A N   I S L A N D S

ZHENRO PROPERTIES: Moody's Rates Proposed Sr. Unsec. USD Notes 'B3'

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dominguez Discuss Issues w/ Business Group
DOMINICAN REPUBLIC: Refinery Spat Widens Rift With Venezuela


JAMAICA: GCT Returns for February Due Today


MEXICO: Slim Promises to Help Gov't., President Says
TV AZTECA: Fitch Affirms B+ Long-Term IDRs, Outlook Stable


TELEFONICA CELULAR: Fitch Rates Proposed $300MM Sr. Notes 'BB+'
TELEFONICA CELULAR: Moody's Hikes CFR 'Ba1', Outlook Stable


TELEFONICA DEL PERU: Moody's Assigns Ba1 CFR, Outlook Stable

P U E R T O   R I C O

FNJCC CORP: Plan, Disclosures Hearing Scheduled for April 25
WESTERN HOST: Wants to Use Insurance Proceeds for Hotel Repairs

T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: Court Greenlights Sale of MHIL, Trincity Hotel

                           - - - - -


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

The downgrade reflects USJ's March 25, 2019 announcement of a
private exchange offer for any and all of its outstanding 9.875%
senior unsecured notes due 2019 and 9.875%/12.0% senior secured PIK
toggle notes due 2021 for newly issued 8.5%/9.875% senior secured
PIK notes due 2023 and, in the case of the 2019 notes only, new
notes and cash. The proposal includes deferral of coupon payments
due in 2019. USJ also requests consent to eliminate all restrictive
covenants, certain events of default, related provisions as well as
terminate the security agreements and release the security
interests in the collateral securing the 2021 notes. The haircut is
limited to 5% if the bond holders miss the deadline to accept the
offer. According to Fitch's methodology, this exchange proposal is
viewed as a distressed debt exchange (DDE) as it weakens the
original conditions for bondholders while the company tries to
avoid a default.

The conclusion of the debt exchange offer and consent solicitation
is conditioned upon the valid tender of at least 67% of the
aggregate principal amount of the outstanding 2019 notes and at
least 95% of the aggregate principal amount of the outstanding 2021

Key Rating Drivers

Very Weak Credit Profile: USJ's credit profile is pressured by its
operations in the very volatile sugar and ethanol (S&E) sector,
with above-average industry risks. The company also presents poor
cash flow performance with cash flow from operations (CFFO) at
break-even level and negative free cash flow (FCF) of BRL156
million in the last 12 months (LTM) ended on Dec. 31, 2018. USJ
also presents high leverage, with total adjusted debt/EBITAR and
net adjusted debt/EBITDAR of 7.6x and 7.1x, respectively at the end
of the same period.


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

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


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

  -- Crushed volumes at 3.4 million tons in FY19 and 3.5 million
tons from FY20 onwards;

  -- Sugar prices of USD13 cents/pound for FY19 including
polarization premiums. Fitch assumes that prices will be
USD13.4/pound and USD14.2/pound in fiscal 2020 and 2021,

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

  -- Average FX rate of BRL3.8/USD

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

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

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


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

  -- Fitch has assumed a 10% administrative claim.

Liquidation Approach:

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

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

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

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

  -- The 50% stake into SJC's book value has been included in the

  -- The waterfall results in a 100% recovery corresponding to
'RR1' for the secured notes and 95% recovery corresponding to 'RR1'
for the unsecured notes, but both are limited to 'RR4' given the
soft cap on Brazilian issuers.


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

According to Fitch's criteria for DDEs, the company's IDRs and
National Scale rating will be downgraded to Restrict Default ('RD')
and 'RD(bra)', respectively, once the exchange offer is approved or
if the company defaults on its scheduled amortization/interest

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

Following a downgrade to 'RD', an upgrade to the 'CC' or 'CCC'
category could be possible, as a consequence of improvements in the
company's liquidity position.


Poor Liquidity: Fitch expects USJ to continue to report a weak cash
position and very limited financial flexibility to face short-term
debt obligations. In December 2018, USJ reported cash and
marketable securities of BRL105 million and short-term debt of
BRL398 million. This compares unfavorably with 0.7x reported for
fiscal 2018. USJ's refinancing risks are high, as the company faces
semi-annual coupon payments of USD13 million in May and November
2019, and USD29 million of principal amortization in November 2019
under the 2019 bonds. Fitch considers that the company will not be
able to meet these payments if the debt restructuring proposal is
not accepted.


Fitch has downgraded the following ratings:

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

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

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

  -- USD197 million senior secured notes due 2021 to 'C'/'RR4' from

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

USJ ACUCAR: S&P Lowers Global Scale ICR to 'CC', Put on Watch Neg.
On March 27, 2019, S&P Global Ratings lowered its global scale
issuer credit rating on Brazilian sugarcane processor USJ Acucar e
Alcool S/A (USJ) to 'CC' from 'CCC-' and placed it on CreditWatch
with negative implications. S&P also placed the 'C' unsecured
issue-level rating on USJ on CreditWatch negative.

The CreditWatch listing reflects S&P's view that the exchange
proposal is a distressed offer, because it believes the company
wouldn't be able to meet its interest, principal, and other
obligations under the normal schedule of maturities. USJ's
unsustainable capital structure and weak cash generation lead S&P
to consider this exchange as tantamount to a default.

For the 2019 notes, USJ has offered to pay $0.333 in cash and
exchange $0.667 on each $1, and exchange the 2021 notes on par for
new notes due 2023, before April 5, 2019. From that date until
April 19, 2019, the conditions offered change to $0.316 in cash and
exchange $0.634 on each $1 for the 2019 notes, and exchange $0.95
on each $1 for the 2021 notes. The new notes will have a
payment-in-kind (PIK) feature for the next two coupon payments,
with a coupon rate of 9.875%, with a third payment warranting the
option to pay a coupon of 4% in cash and the remaining 5.875% also
accrued. After the first three payments, the company will begin
paying cash interest with a coupon rate of 8.5%, if the outstanding
amount is lower than $200 million, and 9.875%, if the outstanding
amount is above $200 million.

S&P's also maintaining its recovery rating at '6' on USJ's
outstanding unsecured notes due 2019, which indicates a negligible
recovery of 0%-10%.

C A Y M A N   I S L A N D S

ZHENRO PROPERTIES: Moody's Rates Proposed Sr. Unsec. USD Notes 'B3'
Moody's Investors Service has assigned a B3 rating to Zhenro
Properties Group Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.


"The proposed bond issuance will not materially change Zhenro's
credit metrics in the next 12 to 18 months, and will help address
its short-term refinancing needs," says Cedric Lai, a Moody's
Assistant Vice President and Analyst.

Moody's forecasts that Zhenro's debt leverage--as measured by
revenue/adjusted debt--will show an improving trend over the next
12-18 months from 53% in 2018 and 44% in 2017, as revenue increases
on the back of strong contracted sales in the past 1-2 years.

At December 31, 2018, Zhenro had short-term debt of RMB23.8
billion, compared to cash holdings (including restricted cash) of
RMB28.4 billion. The proposed bond issuance will improve Zhenro's
liquidity profile and alleviate its short-term refinancing needs.

Zhenro's B2 corporate family rating reflects the company's quality
and geographically diversified land reserve, large scale, and
strong sales execution.

On the other hand, the rating is constrained by its weak financial
metrics, as a result of its debt-funded rapid growth and moderate
liquidity position.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This subordination risk refers to the fact that the majority of
Zhenro's claims are at its operating subsidiaries and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months, Zhenro can execute its sales plan and
maintain healthy profit margins and sufficient liquidity.

Upward ratings pressure could emerge if Zhenro improves its
contracted sales cash collection rate, liquidity position, debt
leverage and interest coverage, while maintaining strong contracted
sales growth.

Credit metrics indicative of upward ratings pressure include: (1)
adjusted revenue/debt exceeding 60%-65%; (2) EBIT/interest above
2.5x; and (3) cash/short-term debt above 1.25x on a sustained

The ratings could be downgraded if: (1) Zhenro fails to deleverage,
or if its EBIT/interest coverage falls below 1.25x-1.50x due to
aggressive land acquisitions; (2) its contracted sales or revenues
fall short of Moody's expectations; or (3) its liquidity position
weakens, or cash/short-term debt falls below 0.8x on a sustained

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At 31 December 2018, Zhenro had 145 projects in 28
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
57.70% of Zhenro Properties at 27 August 2018. His sons, Mr. Ou
Guowei and Mr. Ou Guoqiang, together owned 10.55% of the company as
of the same date.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dominguez Discuss Issues w/ Business Group
Dominican Today reports that the Dominican Republic president and
executives of the Roundtable of Commonwealth Countries in the
Dominican Republic met with ruling party (PLD), presidential
hopeful Francisco Dominguez to discuss a variety of issues.

Fernando Gonzalez Nicolas suggested to the aspirants in the 2020
elections to prioritize in their government programs to strengthen
legal security, foreign investment and exports, factors that he
considers determinant to ensure economic development, according to
Dominican Today.

The business leader spoke at a meeting hosted by the Commonwealth
Board Directors with at the Sheraton Hotel, which marked the
beginning to a cycle of meetings with the presidential candidates,
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

DOMINICAN REPUBLIC: Refinery Spat Widens Rift With Venezuela
Dominican Today reports that Felix Jimenez, CEO of the Dominican
Petroleum Refinery (PDV), affirmed that the State-owned company
does not owe one dollar to Venezuela for the supply of crude or

The affirmations comes just weeks after the Dominican Republic in
the OAS voted to recognize Venezuela opposition leader Juan Guaido
as interim president, according to Dominican Today.

Mr. Jimenez refuted statements by Nicolas Maduro's communication
minister Jorge Rodriguez, noting that the last dispatch of crude
from Venezuela was received on December 15, 2015, and paid on
January 10, 2016.

He said the purchases have always been made through the Finance
Ministry, since Refidomsa PDV has never bought oil directly from
Venezuela, the report relays.

Regarding the finished products, the official said that the last
shipment of diesel and jet fuel (avtur) from that country was
received on March 8, 2017, and paid on March 22 of that same year,
the report notes.

In a press conference, Mr. Jimenez responded to recent statements
by Rodriguez in which he referred to an alleged debt of US$240
million, the report says.

He also refuted Rodriguez's claim on the value of the 49% stake
held by PDV Caribe, a PDVSA subsidiary, on Refidomsa PDV, "which is
far from reaching 600 or 700 million dollars," the report relays.

He said the sanctions of the United States and the European Union
against Maduro's government affect Refidomsa's operations, the
report discloses.  "For that reason, president Danilo Medina asked
president Maduro about the Dominican government's need to buy the
shares from Venezuela," he added.

Mr. Jimenez revealed that the two leaders agreed to the sale,
during a bilateral meeting during the inaugural of Mexico
president, Andres Manuel Lopez Obrador, on December 1, 2018, "in
which they specifically spoke of 200 million of dollars," the
report notes.

"President Maduro assured that on March 17 he would send a
representative of PDVSA to negotiate with us and, nevertheless, the
17th has passed, we are still waiting for him," he said, the report

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


JAMAICA: GCT Returns for February Due Today
RJR News reports that Tax Administration Jamaica (TAJ) is reminding
business persons that General Consumption Tax (GCT) returns for the
month of February are due [to]day, March 29.

This is in keeping with the requirement for registered GCT
taxpayers to make their monthly GCT returns and payments on the
last working day of the month, after the end of the taxable period,
according to RJR News.

Therefore, GCT returns filed and paid after the last working day of
the month, will be considered late and penalties and interest
charges applied, the report notes.

Business persons have the option of making payments online using a
valid credit card, via automated direct banking or in a tax office,
the report relays.

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.


MEXICO: Slim Promises to Help Gov't., President Says
EFE News reports that President Andres Manuel Lopez Obrador said
that billionaire Carlos Slim would like to retire from business
during the current presidential term, which ends in 2024, and
promised to help the government in the economic and social areas.

"He wants to finish his business life helping economic growth and
(social) well-being during this six-year presidential term,
according to EFE News.  That's what he offered me, that he wants to
retire and wants to do it during this six-year term," the
president, popularly known as AMLO, said, the report notes.

TV AZTECA: Fitch Affirms B+ Long-Term IDRs, Outlook Stable
Fitch Ratings has affirmed TV Azteca, S.A.B. de C.V.'s (TV Azteca)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'B+'. The Rating Outlook is Stable.

TV Azteca's ratings reflect the company's second largest market
position in the Mexican broadcasting industry and its solid content
production. The ratings also reflect the company's initiatives to
focus its strategy in its core broadcasting operations through the
strengthening of its production, with emphasis in live
entertainment shows, which has shown increasing audiences. The
ratings are tempered by the company's volatile operating results
and inability to maintain a steady financial profile; additional
limitations to ratings include low financial flexibility stemmed
from the breach of its debt incurrence covenant, its limited
revenue diversification, the mature stage of the broadcast industry
and Fitch's view of TV Azteca's aggressive treatment toward
different stakeholders throughout the company's history, which
weakens Governance.

Going forward, Fitch expects the company to maintain relatively
stable EBITDA and capex to be fully covered by its operational cash
flow generation over the medium term, which will allow it to
improve its financial profile, in the absence of any
worse-than-expected competitive pressures or sizable shareholder
distributions and acquisitions.


2018 Results below Expectations: TV Azteca's EBITDA contracted by
40% during 2018 compared to the previous year mainly due to the
World Cup exhibition rights amortization, weaker than expected
government advertising demand and rising production costs. The
company's EBITDA margin fell to 16.5% YE2018 compared to 27.7%
YE2017. The increase in costs is related to production efforts of
higher quality programs. Also during the 4Q18, the company renewed
the concession of all of its television channels for 20 years,
effective as of Jan. 1, 2022 and made the corresponding payment of
MXN3,940 million, which decreased its available cash at YE2018.
Excluding the amortization rights, the company's total net
debt/EBITDA ratio would have been 4.0x, which is in the weak level
of the negative rating sensitivities; Fitch expects that TV Azteca
will be able to gradually decrease its net leverage level to 3.6x
in line with the current rating level.

Competitive Environment: Fitch believes TV Azteca is well
positioned to address the increasing industry competitive
pressures, due to the company disciplined investment strategy into
content production. In the near term, Fitch expects that the
advertising demand outlook in Mexico for free-to-air broadcasters
will remain stable as television continues to be the most important
mass media in Mexico for advertisers. Negatively, the entrance of
Grupo Imagen into the market, the evolving media consumption
patterns to on demand viewing and the internet as alternate
advertising platform could limit the industry long-term headroom.

FCF Generation: During the past years, internally generated cash
has been the company's main source to finance capex and cash
distributions to shareholders. The company's strategy continues to
be focused in content production, which requires investment in
talent and facilities. During 2018, cash flow generation was used
mainly to cover MXN3,940 million related to the renewal of
concessions for 20 years. Fitch forecasts TV Azteca's FCF
generation to be broadly positive in the short to medium term. The
company's annual capex is expected to remain light at about MXN560
million during 2019 and MXN590 million in 2020 without any cash
contribution to its overseas telecom operations or any sizable
investment needs for its broadcasting segment. Fitch forecasts
about a 3.6% FCF margin by YE 2019 and 2020 amid stable CFO
generation of about MXN1.1billion during the period.

Temporarily High Net Leverage Expected: Fitch's previous
expectations for TV Azteca's net leverage were in the 2.5x-3.0x
range, mainly supported by stable cash from operations generation
and debt reduction completed with the proceeds from the Azteca
America divestiture in 2017. The EBITDA erosion reported at YE2018
and the payment for the concession extension deteriorated the
company's net debt/EBITDA to 4.9x from 2.8x at YE2017. While the
current net leverage is weak within the current rating level, Fitch
forecasts TV Azteca's FCF generation to be broadly positive in the
medium term, which should enable it to gradually improve its
financial profile and net leverage below 4.0x by the end of 2019
and forward. Additional factors that support operating cash flows
are derived from lower U.S. dollar denominated debt and interest
expense, after the company's liability management completed in 2017
and the renegotiation of the ATC agreement in 2018; however, FX
balance sheet exposure remains.


TV Azteca's direct peers in the region are in different rating
categories. TV Azteca's competitor, Grupo Televisa, which is rated
'BBB+'/Outlook Stable, boasts stronger market share, formats and
financial profile, as well as more diversified cash flow generation
with strong cable and Direct-to-Home operations. Compared to the
company's regional peer, Globo Comunicacao e Participacoes (Globo),
which is rated 'BB+'/Outlook Stable, TV Azteca's relative market
position and financial profile are considered significantly weaker.
Also, Globo's ratings are constrained by the Country Ceiling of
Brazil. No Parent/Subsidiary Linkage is applicable and no Country
Ceiling constraint or operating environment influence was in effect
for these ratings.


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

  -- Low single digits domestic advertising revenue growth in 2019
and 2020.

  -- EBITDA margin between 20% and 21% in 2019 and 2020.

  -- Capex to sales ratio of about 3.8%-3.9% over the next two

  -- Average FCF margin of 3.6% over the next two years.

  -- Net leverage to remain in the range of 3.6x-3.4x in 2019 and

For issuers with IDRs of 'B+' and below, Fitch performs a recovery
analysis for each class of obligations of the issuer. The issue
rating is derived from the IDR and the relevant Recovery Rating
(RR) and notching, based on the going concern enterprise value of a
distressed scenario or the company's liquidation value.

The recovery analysis assumes that TV Azteca would be considered a
going-concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim. Fitch's recovery analysis for TV Azteca
places a going concern value under a distressed scenario of
approximately MXN5.9 billion; based on a going-concern EBITDA of
MXN1.65 billion and a 4.0x multiple. The going-concern EBITDA
estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which it bases the valuation
of the company.

Fitch assumes that any potential distress that provoked TV Azteca's
default could occur due to weak economic factors, dampened
advertising demand for free-to-air TV, and potential unpopular
content amid high production costs. The MXN1.65 billion
going-concern EBITDA assumption reflects a 45% discount from the
forecasted annual EBITDA generation for 2019, which should be
sufficient to cover its interest expenses, and maintenance capex.
An EV multiple of 4x is used to calculate a post-reorganization
valuation and reflects Mexican operating environment and a
mid-cycle multiple.

Fitch calculates the recovery prospects for the senior unsecured
debtholders in the 31%-50% range based on a waterfall approach
after covering the company's available credit facility. This level
of recovery results in the senior unsecured notes being rated in
line with its IDR at 'B+'/'RR4'.


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

  -- An upgrade is unlikely in the medium term given the aggressive
management strategy that negatively impacts Fitch's view on the
company's Governance, which translates into limited financial

  -- A material EBITDA turnaround is necessary for any positive
rating action.

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

  -- Weak advertising industry growth coupled with the company's
gradual market share loss.

  -- Weaker than expected EBITDA recovery due to the company's
inability to curb rising production costs.

  -- Net leverage increasing above 4.0x on a sustained basis.

  -- Persistent negative FCF.

  -- A further deterioration in Governance perception.


Adequate Liquidity Position: TV Azteca's liquidity position and
financial flexibility are adequate based on its cash holdings of
about MXN1.7 billion at YE 2018 and Fitch's expectations that the
company will generate FCF. Total debt outstanding as Dec. 31, 2018
was MXN13.3 billion. During the 3Q18, TV Azteca disposed a credit
loan with Banco Azteca in MXN pesos to pay USD59.5 million in cash
and extinguished its loan agreement with ATC. The company does not
face any debt maturity until 2020, when this MXN1.7 billion bank
loan becomes due. The renegotiation with ATC modestly reduced TV
Azteca's total debt, interest expenses and its exposure to exchange
rate movements; nevertheless it limits the company's position with
creditors that may result in a reduced access to capital markets
and other financial alternatives. The company's balance sheet debt
is mainly composed of MXN4 billion local notes due in 2022 and
USD400 million senior notes due in 2024.

Azteca's current leverage level is higher than the senior notes
financial covenant, which prevents the company from incurring in
additional indebtedness, if not for refinancing. This limits TV
Azteca's financial flexibility.


Fitch has affirmed the following ratings:

TV Azteca S.A.B. de C.V.

  -- Long-Term Foreign and Local Currency IDRs at 'B+'; Outlook

  -- Senior unsecured notes due 2024 at 'B+'/'RR4'.


TELEFONICA CELULAR: Fitch Rates Proposed $300MM Sr. Notes 'BB+'
Fitch Ratings has assigned a long-term rating of 'BB+' to
Telefonica Celular del Paraguay S.A.'s (Telecel) proposed USD300
million senior unsecured notes issuance due 2027. The proceeds will
be used to refinance Telecel's existing senior unsecured notes due

Telecel's ratings reflect its leading market positions in Paraguay,
supported by its extensive network and distribution coverage, and
the strong brand recognition of Tigo. The company's competitive
strengths have enabled stable operational cash flow generation and
high margins, resulting in the company's solid financial profile,
with leverage that is considered low for the rating category. The
company's ratings are constrained by its persistent negative FCF
generation, amid intense competition.

Telecel's ratings also reflect a strong linkage between the company
and its parent, Millicom International Cellular S.A. (MIC;
BB+/Stable), given Telecel's strategic and financial importance to
the parent. The company also benefits from synergies related to
MIC's larger scale and management expertise. Telecel is a
100%-owned subsidiary of MIC.


Solid Market Position: Fitch believes Telecel's market leadership
will remain intact over the medium term, supported by continued
expansion in its fixed-line services. Telecel is a wholly owned
subsidiary of MIC and the largest mobile operator in Paraguay, with
an estimated mobile market share of 53%. Telecel has an entrenched
position with the most extensive network in Paraguay under the Tigo

Positive Revenue Diversification: Fitch expects Telecel's home and
business-to-business segment to represent close to 30% of total
revenues by 2021, supported by the continued expansion of its
network coverage. Telecel's mobile segment, which generates about
64% of its revenues, is expected to weaken over the medium to long
term as a result of declining voice/SMS revenues and high
competition. Demand in fixed-line services remains strong, given
the low penetration of services in Paraguay.

Solid Profitability: Telecel's EBITDA margin remained flat at 50%
during 2018, backed by operating cost reductions and higher
proportion of service during the period. Fitch believes that
further margin expansion will be limited due to competitive
pressures and an increasing revenue contribution from lower-margin
pay-TV and broadband services. Nevertheless, Telecel's average
projected margin over the medium to long term is expected to remain
solid compared with its regional telecom peers.

Negative FCF: Telecel's negative FCF generation is unlikely to
reverse in the medium term due to its high dividends to its parent,
MIC. Fitch expects cash upstream to remain high, given its
relatively stable financial position, pressuring FCF margin into
negative territory. Fitch projects cash flow from operations (CFFO)
to remain solid and increase to PYG1.2 trillion annually over the
medium term, covering annual capex of roughly PYG600 billion,
resulting in solid pre-dividend FCF.

Low Leverage: Fitch believes Telecel's solid financial profile will
remain intact over the medium term, backed by its operational cash
flow generation. The company's net leverage ratio increased to 2.0x
as of Dec. 31, 2018, but is still considered low for the rating
category. Telecel's net leverage should remain around 2.0x over the
medium term, despite the expected continued negative FCF, as a
result of its growing revenues mainly driven from growth in the
home business.


Telecel is well-positioned relative to its regional telecom peers
in the 'BB' category based on its high profitability and low
leverage, and its leading mobile market position, backed by its
solid network competitiveness and strong brand recognition. Telecel
boasts a strong financial profile with high profitability and low
leverage for the rating level, compared to its regional telecom
peers in the same rating category. The company's credit profile is
in line with its peer Comcel Trust (BB+/Stable), an integrated
telecom operator and MIC's other subsidiary in Guatemala, as well
as Colombia Telecomunicaciones S.A. E.S.P. (BB+/Stable), an
integrated telecom operator in Colombia. Telecel's credit profile
is stronger than Axtel (BB-/Stable) and VTR Finance (BB-/Stable)
given their lack of service diversification and weaker financial
profiles. The company's lack of geographic diversification and weak
revenue diversification, as well as its high shareholder return
temper the credit. Parent/subsidiary linkage is applicable given
MIC's strong influence over Telecel's operations and MIC's reliance
on Telecel's dividend upstream.


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

  -- Low-single-digits revenue growth mainly driven by growth in
the fixed-line operation;

  -- EBITDA margins to slightly deteriorate due to increased
competition and higher contribution from fixed-line services;

  -- Negative FCF generation to remain uncurbed in the medium term,
as a result of dividend distributions to parent;

  -- Net leverage remaining around 2.0x over the medium term.


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

  -- A positive rating action on Telecel would likely be linked to
a positive rating action on MIC. MIC's business position and
overall financial profile continue to be solid for the rating

  -- Continued improvement in MIC's overall financial results could
lead to positive rating actions for both entities.

  -- Positive rating action on sovereign ratings of Paraguay.

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

  -- Continued deterioration in the company's EBITDA generation
along with weak revenue growth due to competitive pressures,
including material loss in mobile market share, ARPU erosion, and
substantial increase in marketing expenses.

  -- Persistent negative FCF generation due to higher than expected
shareholder distributions and/or capex.

  -- A negative rating action on MIC.


Telecel's liquidity position is adequate, supported by its readily
available cash balance, low leverage and solid cash flow
generation. As of Dec. 31, 2018, the company held a cash balance of
PYG148 billion. The company has short-term debt of PYG213 billion,
which Fitch expects to be serviced with cash flow generation, and
no other material debt repayments until 2022; which further
bolsters its financial flexibility. The company's total debt as of
Dec. 31, 2018 was PYG3,004 billion, which consisted mainly of a
USD300 million senior unsecured bond due 2022, Inter-American
Development Bank loan of PYG364 billion, and local currency
unsecured bank debt.


Fitch currently rates the following:

Telefonica Celular del Paraguay S.A.

  -- Long-Term Foreign Currency Issuer Default Rating 'BB+';
Outlook Stable;

  -- Senior unsecured debt at 'BB+'.

TELEFONICA CELULAR: Moody's Hikes CFR 'Ba1', Outlook Stable
Moody's Investors Service has upgraded the Corporate Family Rating
(CFR) of Telefonica Celular Del Paraguay S.A. (Telecel) to Ba1 from
Ba2. At the same time, Moody's upgraded to Ba1 from Ba2 the rating
on the company's $300 million senior unsecured global notes due
2022 and assigned a Ba1 rating to the proposed $300 million senior
unsecured global notes due 2027. The outlook is stable.

The rating of the proposed notes assumes that the issuance will be
successfully completed and that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date. It also assumes that these agreements
are legally valid, binding and enforceable.

List of affected ratings:


Issuer: Telefonica Celular Del Paraguay S.A.

Corporate Family Rating: upgraded to Ba1 from Ba2

$300 million senior unsecured notes due 2022: upgraded to Ba1 from

The outlook for all ratings was changed to Stable from Positive

Rating assigned:

Issuer: Telefonica Celular Del Paraguay S.A.

$300 million senior unsecured notes due 2027: Ba1


The ratings upgrade is a result of Telecel's sustained strong
operating performance and credit metrics along with lower exposure
to foreign exchange and higher profitability observed during the
last three years amidst a highly competitive operating environment.
Accordingly, the company reduced its US dollar denominated debt to
57% of total debt in 2018 from 81% in 2016. The upgrade also
considers that the operating gains are a result of tight cost
control and efficiency initiatives that increased Moody's adjusted
EBITDA margin to 48.3% in 2018 from 43.4% in 2015, while keeping
leverage measured by total debt to EBITDA at around 2 times. Fitch
believes the improvements are sustainable and that Telecel will
continue to be successful in defending its leading market

Telecel's Ba1 ratings reflect the company's leading market position
in Paraguay, effective business model and track record of resilient
operating performance. Telecel's low-debt profile coupled with
comfortable amortization schedule and adequate liquidity
furthermore promote long-term financial stability. The company's
close relationship with its controlling shareholder -- Millicom
International Cellular S.A. (Millicom, Ba1 stable) -- also supports
the Ba1 ratings.

Telecel's ratings are constrained by its modest revenue size
compared to global peers, although the company generates high
profits for the rating category. Revenues that have contracted from
2013 to 2016 gained momentum in 2017 and staled in 2018 with lower
handset sales, strong competition of the Paraguayan telecom market
and the shift to lower margin services that will continue to
pressure revenue growth and margins. Despite the reduction in US
denominated debt and a more stable currency performance in
Paraguay, Telecel's exposure to foreign currency fluctuation
remains a credit negative.

The proceeds raised with the proposed notes will be used in the
repurchase of Telecel's $300 million notes due 2022 in a tender
offer that will be launched in conjunction with the new notes
resulting in no increase in leverage metrics.

Telecel has strong credit metrics and good financial stability
compared to other globally rated peers in the same category.
Although the company has no formal target ratios, Fitch expects
leverage to remain around 2 times and coverage to remain strong for
the rating category given limited opportunities for large
debt-funded acquisitions.

Telecel generates more than enough cash flow from operations to
cover capital expenditures, but free cash flow depends on the level
of dividend payout. As such, dividend payments have been driving
negative free cash flow generation in past years as it was the case
in 2017 and 2018, when it amounted to -8.1% and -9.6% of total
adjusted debt respectively. With the group's cash management
centralized at Millicom's headquarters Fitch expects that the
company will continue with aggressive dividend payments to its
holding company pressuring its free cash flow generation.

Telecel's liquidity is adequate. Pro-forma for a new loan of PGY
117 billion ($20 million), the company had a cash balance of $45
million, which is more than sufficient to cover short-term debt
maturities. Telecel has a comfortable maturity profile with minor
amortizations of around $37 million per year until 2023. Its main
maturity will relate to the proposed $300 million senior unsecured
notes due 2027. Telecel does not have committed revolving credit
facilities, but has intercompany short term receivables with
Millicom that amounted to around $230 million in the end of 2018
and could be used as an alternative source of liquidity if needed.

The stable rating outlook reflects Moody's expectation that Telecel
will be able to sustain strong market shares as well as its solid
credit metrics, including low leverage, high margins and good

Although unlikely in the near term an upgrade would require an
increase in Telecel's revenues along with the maintaining of strong
operating performance, credit metrics and liquidity coupled with
dividend and Capex discipline in the competitive Paraguayan telecom
market. An upgrade would be also dependent on an upgrade of
Paraguay's Ba1 sovereign bond rating.

A downgrade would be considered if Paraguay's sovereign bond rating
suffers a downgrade, or if operating margins decline further than
anticipated as a consequence a more intense competitive
environment. A negative rating action could also be triggered by a
debt leverage that increases above 3 times for a prolonged period
of time without a clear path to subsequent de-leveraging.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Telecel is the largest telecommunications service provider in
Paraguay, with 3.3 million subscribers and a mobile market share of
about 50% as of December 31, 2018. Operating under the Tigo
trademark through four business segments, Telecel offers
diversified mobile, cable and broadband products with the majority
of revenues derived from the mobile business. Telecel is a
fully-owned subsidiary of Millicom, representing 12% of
consolidated revenues in 2018 as Millicom's third largest
contributor. During 2018, Telecel's revenues totaled around $540
million with an adjusted EBITDA margin of 48.3%.


TELEFONICA DEL PERU: Moody's Assigns Ba1 CFR, Outlook Stable
Moody's Investors Service assigned a Ba1 corporate family rating
(CFR) to Telefonica del Peru S.A.A. At the same time, Moody's
assigned a Ba1 rating to the company's proposed up to PEN1,700
million senior unsecured notes with a medium term or intermediate
maturity payable in US dollars. The rating outlook is stable.

This is the first time Moody's assigns a rating to Telefonica del

The rating of the proposed notes assumes that the issuance will be
successfully completed and that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date. It also assumes that these agreements
are legally valid, binding and enforceable.

Ratings Assigned:

Issuer: Telefonica del Peru S.A.A.

  - Corporate Family Rating: Ba1

  - Up to PEN1,700 million Senior Unsecured Regular Bond/Debenture
with a medium term or intermediate maturity payable in US dollars:

Outlook Actions:

Issuer: Telefonica del Peru S.A.A.

  - Outlook Assigned: Stable


Telefonica del Peru's Ba1 CFR reflects the company's strong
competitive position in Peru as the largest telecommunications
service provider in terms of revenues and its diversification into
a full suite of services, which allows it to offer bundled services
in the Peruvian market. The rating also takes into consideration
the company's strong debt protection metrics and adequate liquidity
for a comfortable debt maturity profile. Telefonica del Peru's
strong shareholder structure being owned and controlled by
Telefonica S.A. (Baa3 stable) and Moody's expectations of stronger
profitability over the next three years are also factors imbedded
into the Ba1 rating.

On the other hand, the Ba1 rating considers Peru's highly
competitive and price-sensitive Telecom market, which has been
pressuring top line and margin sustainability, despite some
positive underlying subscriber trends in the past six months. The
entrance of two aggressive competitors in 2014 has disrupted the
competitive landscape of a previously comfortable two-player market
driving down market shares, and profitability of the previously
existing players -- Telefonica del Peru and America Movil S.A.B de
C.V.'s (A3 stable) subsidiary Claro. According to Moody's
projections the positive momentum for stronger profitability should
result in positive free cash flow generation only in 2021.
Telefonica del Peru's small scale relative to global peers is also
taken into consideration.

Proceeds from the proposed issuance will be used for liability
management, CAPEX investments and other general corporate purposes
increasing the company's Moody's adjusted leverage measured by
total debt to EBITDA to around 2.3 times in the end of 2019 from
1.6 times in the end of 2018.

Telefonica del Peru has a small scale relative to global peers, but
is a solid competitor in Peru's telecommunications market,
positioned as the largest player in the mobile and fixed markets.
Its good revenue diversification and access to Telefonica S.A.'s
emerging markets expertise and regional purchasing and supply
chains support a solid business model. The mobile segment generates
42% of Telefonica del Peru's total revenues, while fixed broadband
and fixed voice account for 28%, pay-TV for 17% and B2B for 12%.
Despite the intense competition, Moody's expects that Telefonica
del Peru's performance over the next several quarters will be
characterized by positive momentum as a consequence of a more
rational market environment coupled with the implementation of a
well-defined strategy to recover profitability to levels comparable
with other industry peers in the region. Accordingly, the company
plans to recover profitability by cutting costs and selling
convergent services to its clients, consequently reducing churn,
growing revenues and improving margins.

Telefonica del Peru's liquidity is good. As of December 2018, the
company had only PEN89 million in cash, but also had a substantial
available capacity of PEN3.2 billion under its local bond program
to support liquidity needs plus the issuance of the proposed
PEN1,700 million senior unsecured notes. The company has low
indebtedness and a comfortable debt maturity profile, with PEN260
million on average coming due annually through 2024. Its next major
sum of debt maturities comes due in 2020 for PEN344 million. The
proposed notes will mature in the medium term or intermediate
maturity. Telefonica del Peru does not have any committed credit
facilities, but has good access to the local bank market.

The stable outlook reflects Moody's expectation that Telefonica del
Peru's performance will be characterized by positive momentum as a
consequence of a more rational market environment over the next few
years, and the company's well defined strategy to recover
profitability while defending its leadership position. As such,
Moody's expects recoveries in the company's profitability, free
cash flow generation and leverage along with the maintenance of its
market participation, capital expenditures and liquidity at
adequate levels.

Positive pressure on Telefonica del Peru's rating could arise if
the company posts better than expected and sustained improvements
in profitability and revenue growth while maintaining its leading
market position and strong credit metrics. Quantitatively, an
upgrade would be considered if the company posts sustained revenue
growth and strong profitability while maintaining leverage close to
2.0 times and stronger interest coverage measured by
(EBITDA-CAPEX)/Interest Expense 3.5x or higher on a sustained

The rating could be downgraded if the company is not able to
maintain its market position and turnaround profitability to
healthier levels in the aggressive competitive scenario in Peru
that would lead to further cash burn and increase in leverage to
finance capital expenditures and activities. Quantitatively ratings
could be downgraded if leverage increases to a level higher than
3.5 times for a prolonged period of time. Weaker liquidity and
persistent negative free cash flow generation could also built
negative rating pressure.

Telefonica del Peru is the largest telecommunication company in
Peru with a total market share of 46% as of December 2018. The
company is an integrated telecommunications provider offering
mobile, fixed, pay TV and B2B services through its Movistar brand.
They are Peru's largest player in terms of revenues, and leader in
all segments with over 13 million RGUs in mobile and almost 2
million RGUs in fixed broadband and pay-TV. For the fiscal year of
2018, Telefonica del Peru generated revenues of approximately PEN
8.1 billion (USD 2.5 billion).

Telefonica del Peru is controlled by Telefonica S.A., which
indirectly holds 98.57% of the shares. The remaining 1.43% are
traded in the Peruvian Stock market -- Bolsa de Valores de Lima.
The company is an important subsidiary of Telefonica S.A. being one
of the four fully convergent subsidiaries in the region,
representing around 3% of the group's consolidated assets and 4% of
revenues. Telefonica entered the Peruvian market in 1994 with the
acquisition of two government-owned telecom companies through a
privatization process and invested more than USD9.2 billion in the
country since then.

Telefonica S.A., domiciled in Madrid, Spain, is a leading global
integrated telecommunications provider. The company delivers a full
range of fixed and mobile telecommunications, servicing some 356.3
million customers worldwide as of the end of September 2018. In
Spain, Telefonica is the incumbent operator and provides services
to 41.4 million customers. In Latin America, the company has around
226.5 million customers and is the leading operator in Brazil,
Argentina, Chile and Peru, with substantial operations in Colombia,
Ecuador, El Salvador, Guatemala, Mexico, Nicaragua, Panama,
Uruguay, Costa Rica and Venezuela. In addition to its presence in
Latin America since 1991, the company has a strong footprint in the
UK and Germany, providing services to around 79.9 million
customers. Telefonica is a Spain-listed company, with a market
capitalization of around EUR39.6 billion as of 19 December 2018.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

P U E R T O   R I C O

FNJCC CORP: Plan, Disclosures Hearing Scheduled for April 25
Bankruptcy Judge Edward A. Godoy conditionally approved FNJCC
Corporation's disclosure statement referring to a chapter 11 plan
of reorganization dated March 15, 2019.

Written acceptances or rejections of the Plan and any objection to
the final approval of the Disclosure Statement and/or the
confirmation of the Plan may be filed 14 days prior to the date of
the hearing on confirmation of the Plan.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on April 25, 2019 at 9:30 AM at the United States Bankruptcy
Southwestern Divisional Office, MCS Building, Second Floor, 880
Tito Castro Avenue, Ponce, Puerto Rico.

                   About FNJCC Corp.

FNJCC Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-05552) on Sept. 26,
2018.  At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $500,000.  The
Debtor tapped Modesto Bigas Law Office as its legal counsel.

WESTERN HOST: Wants to Use Insurance Proceeds for Hotel Repairs
Western Host Associates, Inc., requests the U.S. Bankruptcy Court
for the District of Puerto Rico to authorize the use of the
insurance proceeds.

The Debtor proposes to use $633,806 in order to repair the damages
caused by the hurricanes and start operating so it can generate the
income necessary to make payments to its creditors and obligations,
and avoid the continuance of immediate and irreparable harm to the
estate. The Debtor estimates the costs of repairs amounts to
approximately $901,119.

Pre-petition, the Debtor entered into various loan agreements with
Westernbank Puerto Rico, from whom Banco Popular de Puerto Rico
obtained the loans, then later on, Triangle Cayman Asset Company 2
obtained the loans.

Triangle holds a secured interest over Debtor's property for a
commercial loan debt. The loan is secured by a real estate
collateral. The Debtor asserts, however, that Triangle has a right
of cash collateral only over the structure located at Old San Juan,
San Jose Street 202, San Juan, Puerto Rico 00901. Triangle has no
cash collateral right over the rents generated from the rooms of
the Hotel, no cash collateral right over the business interruption,
and no cash collateral right over the inventory. In its Schedule D,
the Debtor included Capital Crossing, which is Triangle's servicing
company, with a secured debt over that property in the amount of
$3.9 million.

On November 2017, the Debtor filed its claim with Integrand
Assurance to claim its structural damages, inventory damages, and
business interruption. The Debtor also requested a loan through
Small Business Administration which was denied. Once the claim over
the property was partially approved, as expressed before, Integrand
sent a check in the amount of $250,000 on January 2018 to the order
of Western Host Associates and Capital Crossing -- Triangle's
servicing company.

On the meeting between Debtor and Capital Crossing, they stated
that the only way they would endorse the check was if they had full
control over proceeds of such check. Since no agreement was
reached, the check was sent back to Integrand Assurance, but Debtor
afterwards sent various offers to Capital Crossing.

On Dec. 27, 2018, Integrand Assurance consigned the amount of
$721,112, which is composed of $633,806 for structural damages and
inventory loss for $87,306. As evidenced in the case, and expressed
by Integrand Assurance in the hearing held on Dec. 13, 2018,
Triangle has a right of cash collateral over the amount of $633,806
but not over the amount of $87,306 which is for inventory loss.
Triangle has no cash collateral right over the inventory.

Triangle argued that they should receive all the amount of the
insurance proceeds because of a mortgage deed signed stating that
they have the right where those insurance proceeds should be
applied. Nevertheless, the Debtor asserts (1) Triangle has no right
to all the amount of the $721,112 because, as expressed, the amount
of $87,306 are from inventory loss to which Triangle has no cash
collateral right; and (2) the amount of $633,806 should be used for
its purpose which is to repair the damages suffered because of
hurricane Maria.

Accordingly, the Debtor requests the Court to allow the use of cash
collateral. In exchange to its use of cash collateral, the Debtor
proposes to provide monthly payments of $4,000 to Triangle as
adequate protection.

A copy of the Debtor's Motion is available at


                About Western Host Associates

Western Host Associates, Inc., owns a four-story commercial hotel
building located at 202 San Jose Street, Old San Juan, Puerto

The hotel is currently non-operational and is valued by the company
at $1.35 million.

The company previously sought bankruptcy protection on Nov. 14,
2012 (Bankr. D.P.R. Case No. 12-09093) and on May 19, 2011 (Bankr.
D.P.R. Case No. 11-04152).

Western Host Associates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02696) on May 15, 2018.
In the petition signed by Luis Alvarez, president, the Debtor
disclosed $1.36 million in assets and $4.82 million in

Judge Brian K. Tester oversees the case.  

The Debtor tapped Gratacos Law Firm, PSC, as its legal counsel and
the Law Offices of Jose R. Olmo-Rodriguez, as special counsel.

T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: Court Greenlights Sale of MHIL, Trincity Hotel
Trinidad Express reports that the High Court in Port of Spain has
given the liquidators of CL Financial Limited the greenlight to
sell the group's direct 56.53 per cent shareholding in Oman-based
Methanol Holdings (International) Ltd (MHIL) as well as the group's
indirect interest in the Holiday Inn Express Hotel in Trincity.

The joint liquidators are also in the process of finalizing
valuations, agreeing a divestiture strategy with all key
shareholders and seeking the court's approval to progress the
divestment of Colfire, CL Marine, Caribbean Petrochemical
Manufacturing Ltd, 3,300 acres of land, two shopping malls
(Trincity and Long Circular) and other shareholdings, according to
Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders vowed to pay back a
TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration. said the Trinidad Government went to the High
Court with a petition to have the company liquidated.  Finance
Minister Colm Imbert had explained then that the move was
in response to attempts by the company's shareholders to take
control of the board. High Court Judge Kevin Ramcharan however
sided with the company shareholders, ruling that the action by the
Government was premature.

The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015,
that the Constitution Reform Forum (CRF) has called on Finance
Minister Larry Howai to refrain from embarking on an "unnecessary
drain on the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited.  The CRF
issued a release stating that if the decision is appealed, not
only will it be a waste of finance but such a course of action
will also demonstrate a "lack of commitment by the Government to
the spirit and intent of the Freedom of Information Act FOIA",
under which the request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, said
that the Trinidad and Tobago government welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd., related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


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
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