TCRLA_Public/190401.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, April 1, 2019, Vol. 20, No. 65

                           Headlines



B R A Z I L

COMPANHIA ENERGETICA: S&P Affirms 'B' GS Rating, Outlook Now Stable
MINERVA S.A.: S&P Affirms BB- Global Scale ICR, Outlook Stable


C A Y M A N   I S L A N D S

ODEBRECHT DRILLING VIII/IX: S&P Affirms 'B-' Rating, Outlook Stable
ODEBRECHT OFFSHORE: S&P Affirms CCC+ Rating, Outlook Now Stable


C H I L E

LATAM AIRLINES 2015-1: S&P Affirms 'BB-' ICR, Put on Watch Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: American Airlines Pull 9 Boeing Out of Airport
DOMINICAN REPUBLIC: Big Firms Deny Push to Nix Severance Pay
DOMINICAN REPUBLIC: Northwest Farmers Get Rains
DOMINICAN REPUBLIC: Pres. Medina Back After Meeting with Trump


E L   S A L V A D O R

BANCO AGRICOLA: Fitch Affirms Long-Term IDR at 'B', Outlook Stable
BANCO DAVIVIENDA: Fitch Affirms 'B' Long-Term IDR, Outlook Stable


J A M A I C A

JAMAICA: Advancing Integrated Resource Plan


M E X I C O

BANCO AHORRO: Moody's Gives B1 LT Deposit Rating, Outlook Stable


P U E R T O   R I C O

PUERTO RICO: Court Ruling in Bankruptcy Fans Revenue Bond Fears
PUERTO RICO: White House Backing Oversight Board
SKYTEC INC: Logistic Systems Object to Disclosure Statement


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: PM Did Not Negotiate Gas Prices, Says Minister


V I R G I N   I S L A N D S

LIMETREE BAY: S&P Affirms BB- Sr. Term Loan Rating, Outlook Neg.


X X X X X X X X

[*] BOND PRICING: For the Week March 25 to March 29, 2019

                           - - - - -


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B R A Z I L
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COMPANHIA ENERGETICA: S&P Affirms 'B' GS Rating, Outlook Now Stable
-------------------------------------------------------------------
On March 28, 2019, S&P Global Ratings revised the outlook to stable
from positive on its ratings on Companhia Energetica de Minas
Gerais - CEMIG (CEMIG) and on its operating subsidiaries, Cemig
Distribuicao S.A. (CEMIG-D) and Cemig Geracao e Transmissao S.A.
(CEMIG-GT). S&P also affirmed the 'B' global scale and 'brA+'
Brazil national scale ratings on all three entities. The 'b'
stand-alone credit profile (SACP) remains unchanged.

At the same time, S&P affirmed its 'B' issue-level rating on
CEMIG-GT's $1.5 billion bonds due 2024.

The rating affirmation and the outlook revision reflect S&P's
expectation that the group's deleveraging will depend mostly on its
ability to sell some assets, which is taking longer than it
expected. Although S&P still expects CEMIG's credit metrics to
improve gradually over the next few years, following its
initiatives to improve its overall operating efficiency, including
its voluntary workforce retirement program, a substantial debt
reduction would require the company to divest some of its assets.

In 2017, CEMIG announced a R$8 billion divestiture program, but at
this point, given market conditions and investor appetite, the
group wasn't able to sell its stakes in Light S.A. (not rated) and
in the Santo Antonio and Belo Monte hydro projects. These are the
main non-core assets that CEMIG plans to sell, and in S&P's view,
would bolster credit measures, given not only the equity value to
be received but the release of almost R$6 billion that CEMIG is
guaranteeing.

In addition, CEMIG-D faced higher electricity costs in the past
quarters, while the rate flag mechanism isn't sufficient to cover
the company's working capital needs. S&P said, "Given that we
expect these higher costs to be incorporated into rates in the
annual reset to occur in May 2019, cash flow generation should
remain weaker during the first half of this year, but improving
afterwards. Therefore, we expect CEMIG to have a lower cushion on
its financial covenants in the next few quarters."

Recently, CEMIG has announced that it will increase its stake in
Renova Energia S.A., which won't involve any cash outflows, because
the group will use existing credits from the power purchase
agreements with Renova to increase the stake. Therefore, S&P views
this transaction as neutral for CEMIG from a credit perspective.

MINERVA S.A.: S&P Affirms BB- Global Scale ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale issuer credit
and issue-level ratings on Minerva S.A., as well as its 'brAA+'
national scale rating on the company.

The outlook is stable. S&P forecasts FOCF generation of above R$400
million per year, leading to debt to EBITDA of 3.5x-4.0x in 2019
and 3.0x-3.5x in 2020 and funds from operations (FFO) to debt of
10%-15% and 15%-20% for the same years. The affirmation reflects
S&P's view that Minerva will continue deleveraging by internal cash
generation and repaying debt, supported by its expanded business
that now includes 25 plants in five countries. S&P expects debt to
EBITDA of about 3.5x in 2019 and about 3.2x in 2020, compared to
4.0x in 2018, and FOCF generation of more than R$400 million per
year.




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C A Y M A N   I S L A N D S
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ODEBRECHT DRILLING VIII/IX: S&P Affirms 'B-' Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issue-level rating on
Odebrecht Drilling Norbe (ODN) VIII/IX's tranche 1 senior secured
notes. The outlook remains stable. S&P also revised the recovery
rating of the notes to '3', reflecting its expectation for 50%-70%
recovery in the event of a default, from '4'.

S&P said, "The stable outlook reflects our expectations that the
two assets will receive charter payments corresponding to 98%
economic uptime, resulting in a debt service coverage ratio (DSCR)
of around 1.50x in 2019. The rating affirmation reflects our
expectation that ODN VIII/IX's assets will continue to post sound
operating performance (as seen in the expectation of an average
operational uptime of 94%) and predictable cash flows, sufficient
to maintain an average DSCR of 1.35x between 2019 and the 2021
maturity of the tranche 1 of the notes."


ODEBRECHT OFFSHORE: S&P Affirms CCC+ Rating, Outlook Now Stable
---------------------------------------------------------------
On March 28, 2019, S&P Global Ratings revised its outlook on the
'CCC+' issue-level rating on Odebrecht Offshore Drilling Finance
Ltd's first tranche of the 6.72% senior secured notes due 2022 to
stable from positive. At the same time, S&P affirmed the debt
rating, and the '4' recovery rating on the notes remains
unchanged.

S&P said, "The outlook revision reflects our understanding that the
upside that could come from the recontracting of Norbe VI didn't
materialize, given that the vessel is likely to stay idle for more
than one year. We maintained the 'CCC+' issue-level rating because
the project's financial performance is unsustainable, in our view.
In the absence of a new contract for Norbe VI, we estimate that all
reserve accounts will be fully depleted before the 2022 maturity of
tranche 1."

At the time of the 2017 refinancing, the new structure contemplated
a cushion for a one-year idle period for Norbe VI. As such, aside
from the minimum reserve account, the project faces lower principal
repayments in 2019 under the tranche 1 maturity schedule. Despite
the sound performance of ODN I and ODN II, S&P expects the
project's debt service coverage ratios (DSCR) to be below 1.0x
starting in 2020 and OODFL to use its reserve accounts to meet
obligations on a timely basis.



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C H I L E
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LATAM AIRLINES 2015-1: S&P Affirms 'BB-' ICR, Put on Watch Neg.
---------------------------------------------------------------
On March 28, 2019, S&P Global Ratings placed its issue-level
ratings on Chile-based Latam Airlines' series 2015-1 EETCs on
CreditWatch with negative implications.

At the same time, S&P affirmed its 'BB-' global scale issuer credit
and 'B+' issue-level ratings on Latam. S&P also affirmed its
'clBBB' Chilean national scale credit issuer and 'clBBB-'
issue-level ratings on Latam.

The CreditWatch placement reflects the increased legal uncertainty
relating to the protections provided by the CTC in Brazil following
the domestic court's decision to allow Avianca Brasil (not rated)
to keep possession of aircraft beyond the 30-day stay period set
forth in the agreement. Avianca Brasil filed for bankruptcy in
December after lessors requested the repossession of their
aircraft, given that the airline was noncurrent on monthly
payments.

The terms of CTC, which Brazil ratified in 2012, are one of S&P's
base-case assumptions for rating Latam's EETCs. This is because
they establish international interest in mobile equipment and
aircraft equipment-specific protocols. Therefore, in the
hypothetical scenario in which Latam goes bankrupt, this legal
precedent raises concerns whether creditors would be able to
repossess their aircraft registered in the country in a timely
fashion. Latam's EETCs have a unique structure because they're
exposed to two jurisdictions. Out of 17 aircraft under this
structure, Latam subleases seven of them to its Brazilian
subsidiary, TAM S.A. The mitigating factor is that the majority of
planes backing the EETCs are located in Chile, because of S&P's
view of the country's stronger and more predictable judicial system
relating to insolvency proceedings and creditor rights, although it
hasn't ratified the CTC. In addition, the EETCs are supported by a
21-month liquidity facility, three months longer than is typical
for this type of debt, which could pay timely cash interest in a
bankruptcy scenario.

S&P said, "Despite the deterioration of the legal and regulatory
factors in Brazil that may weaken the certificates'
creditworthiness, we affirmed our issuer credit rating on Latam. In
addition, in a distress scenario for Latam, we still view a high
likelihood of its debt restructuring in a bankruptcy
reorganization, rather than liquidation, given the airline's
importance to several economies in Latin America. Also, the pool of
assets in this transaction remains liquid and attractive in the
secondary market. As a result, our loan-to-value analysis remains
unchanged."

The credit rating affirmation reflects Latam's resilient operating
performance amid challenging macroeconomic and industry conditions
in 2018. Latam posted adjusted EBITDA margin of 22.5% in 2018,
compared with 22.9% in 2017. Such a margin reflects still rational
conditions in the regional airline industry, especially in Brazil,
in terms of capacity addition, allowing airlines to pass cost
increases and currency depreciations to average airfares. Margin
resilience also reflects Latam's cost-reduction initiatives since
2016, as well as benefits from the company's new sales model with
fare segmentation strategy.

S&P said, "In the next two years, we expect Latam's EBITDA margins
to rise to 23%-25% thanks to improving demand, lower fuel prices,
and the company's efforts to continue increasing asset utilization
and revenue from ancillaries. We expect Latam to expand its
capacity in Brazil by about 3% and international operations by 4%
in 2019." The company's plan to raise capacity by roughly 9% in the
Spanish Speaking Countries (SSC), especially in Peru and Colombia,
follows the solid demand in the region, given that some players in
these jurisdictions have ceased operations. In addition, a
competitor, Avianca Holding S.A. (B/Stable/--), has announced it
would focus on international routes in Peru, reducing its domestic
operations in the country.

On the other hand, fiercer competition, especially in SSC, from
low-cost carriers and low predictability in Argentina because of
its still volatile macroeconomic conditions are some of the
challenges Latam will be facing for the next few years. In the
medium term, S&P believes insufficient infrastructure in some
countries of the region may prevent air travel demand from booming.
This is the case in Peru, whose main airport in Lima is having
trouble accommodating the high-growth demand.

The more favorable operating conditions, combined with Latam's
business strengths, such as its extensive route network and
leadership in several regional markets, support S&P's expectation
of the airline's FOCF generation in the next two years. Another
contributing factor is the reduction in fleet commitments of about
$2.2 billion for 2018-2021, despite necessary capex for cabin
retrofits, which are in line with the company's new sales model.
S&P believes Latam will be able to fund these expenditures with its
internal cash flows. However, we assume Latam will continue
accessing capital markets for debt refinancing and funding needs.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: American Airlines Pull 9 Boeing Out of Airport
------------------------------------------------------------------
Dominican Today reports that several Boeing 737 Max 8 and 9
aircraft of American Airlines that operated daily flights from US
territory to various Dominican Republic airports were transferred
to the US after the Federal Aviation Administration (FAA) banned
its operations.

American Airlines told Listin Diario that all Boeing 737 Max, 8 and
9 aircraft that covered the routes through Dominican airports were
pulled from service and sent to US soil, according to Dominican
Today.

The measure comes after the crash of Ethiopian Airlines plane near
Nairobi, Kenya, shortly after takeoff, killing 157 people, and the
Lion Air plane that went down in the sea near Indonesia, killing
all 189 on board, the report notes.

DOMINICAN REPUBLIC: Big Firms Deny Push to Nix Severance Pay
------------------------------------------------------------
Dominican Today reports that two business leaders denied heading a
push to eliminate the severance pay, the unions' main allegation,
which prompted a walkout from the talks leading to a reform of the
Dominican Labor Code.

"That's a fable.  We have not made any proposal about severance
pay.  What we have ratified all the time is that we will not
attempt against any of the acquired rights of any worker," said
National Business Council (CONEP) president Pedro Brache, according
to Dominican Today.

Labor also drew a response from Industries Association (AIRD)
executive vice president Circe Almanzar: "That's what they say.
What we want is to modernize the Code as nearly all countries have
done," the report notes.

                               Never Recover

National Unions Federation (CNUS) President Rafael (Pepe) Abreu,
said labor made that decision because "if the severance pay is lost
it will never be recovered" and would put the future of all workers
at risk, the report adds.

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

DOMINICAN REPUBLIC: Northwest Farmers Get Rains
-----------------------------------------------
Dominican Today reports that the local irrigation canal board
president said the recent rains have increased the water supply to
the farms in various areas.

Jose Eugenio de la Rosa told Diario Libre that they hope the rains
will continue to supply the water for banana, rice and other crops
in the Northwest, according to Dominican Today.

"Our members are receiving 100% of the water to irrigate bananas,
rice and other farm goods, which we hope will hold," Mr. de la Rosa
said, the report notes.

He added that in past months, hundreds of hectares both bananas and
rice couldn't be planted because of the lack of water, the report
relays.

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

DOMINICAN REPUBLIC: Pres. Medina Back After Meeting with Trump
--------------------------------------------------------------
Dominican Today reports that President Danilo Medina arrived in the
country on a flight from Miami, Florida, where he met with
President Donald Trump along with four other leaders of the
region.

Upon his arrival, Medina said that the meeting was satisfactory
because of the interest shown by President Trump in terms of trade
for the region, mainly for the Dominican Republic, according to
Dominican Today.

He was pleased with the progress that the Dominican Republic has
made in economic matters, the report notes.

Regarding China, President Medina said that this issue was absent
from the meeting, which was based on listening to the position of
those countries on the situation in Venezuela, the report relays.

The meeting, held behind closed doors, was attended by Medina, the
presidents of Haiti, Jovenel Moise, and the Prime Ministers Hubert
A. Minnis of the Bahamas, Andrew Holness of Jamaica, and Allen
Michael Chastanet of Saint Lucia, the report says.

Medina was received by the Minister of Defense and protocol staff
of the National Palace, the report adds.

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



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BANCO AGRICOLA: Fitch Affirms Long-Term IDR at 'B', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Agricola, S.A.'s (Agricola)
Long-Term Issuer Default Rating (IDR) at 'B'/Outlook Stable and its
Viability Rating (VR) at 'b-'. Fitch Ratings also affirmed
Agricola's Senior Trust Loan Participation Notes at 'B'/'RR4', and
the national ratings in El Salvador of the bank and its local
holding company Inversiones Financieras Banco Agricola (IFBA) at
'AAA(slv)'/Outlook Stable.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT

Agricola's IDRs, national and senior debt ratings reflect the
potential support it would receive from its shareholder the
Colombian bank Bancolombia S.A. (BBB/Stable).

Fitch's assessment of Bancolombia's propensity to support Agricola
mainly reflects that any required support would likely be
manageable relative to the ability of the parent to provide it and
that default by this subsidiary would constitute high reputational
risk to its parent. El Salvador's country ceiling of 'B', which,
according to Fitch's criteria, captures transfer and convertibility
risks, constrains the bank's rating to a lower rating than would be
possible based solely on Bancolombia's ability and propensity to
provide support.

Agricola's issuer and senior debt national ratings are at the
highest point of the national ratings scale given the relative
strength of the shareholder compared with other rated issuers in El
Salvador.

VR

Agricola's VR is highly influenced by El Salvador's operating
environment that, in addition to the country's GDP per capita and
to the World Bank's Ease of Doing Business ranking, reflects the
country's sovereign rating (B-/Stable), its still developing
economic prospects and its evolving regulatory framework (compared
with other countries). The operating environment poses limitations
to banks' international ratings, especially for larger banks - as
in Agricola`s case.

Agricola's VR also reflects, with moderate importance, the bank's
strong franchise in the local market and its solid financial
profile. Agricola is the largest bank in El Salvador, with a market
share close to 25.8% of total loans and total deposits, as of
December 2018. The bank maintains sound and consistent
profitability metrics, stable and controlled delinquency rates,
stable deposit based funding, and adequate capital.

Profitability is a credit strength. Operating profits to Risk
Weighted Assets (RWA) have been consistently above 2.4% since 2015,
underpinned by consistently low funding costs and controlled credit
and operating costs. Agricola's ample franchise sustains a stable
and granular deposit base that maintains its low funding cost and
drives asset growth. As of December 2018, customer deposits
accounted for 82% of total funding.

Agricola's capital position is consistent with its rating level and
the relatively high risk of the operating environment. As of
December 2018, the bank's Fitch Core Capital to RWA metric
decreased to 15.1%, pressured by higher asset growth and consistent
dividend payments to its shareholder. Fitch forecasts that the
bank's capital position is likely to stabilize at its current level
and to maintain an adequate buffer above local regulatory
requirements. As of December 2018, Agricola's regulatory capital
position of 14.4% is above El Salvador's 12% minimum.

Agricola's lending standards are consistent and perform well
against the banking system and other similarly rated peers, as
demonstrated by the performance of the loan book and investment
portfolio. Delinquency levels remain consistently below 1.7%;
although with a slightly increasing trend that, in Fitch's view,
reflects the challenging economic conditions and moderate loan book
concentration. Loan Loss Allowances cover 1.8x impaired loans and
3.1% total loans, well above the banking system average.

SUPPORT RATING

The bank's Support Rating reflects Fitch's opinion on Bancolombia's
ability and propensity to support Agricola, should it be required.
Agricola's support rating is also constrained by El Salvador's
sovereign rating, as reflected in the country ceiling. As per
Fitch's criteria, Agricola's IDR of 'B' maps to a support rating of
'4'.

AGRICOLA SENIOR TRUST LOAN PARTICIPATION NOTES

The rating for Agricola Senior Trust's (AST) five-year U.S.
dollar-denominated loan participation notes is aligned with the
bank's IDR. The loan under the Senior Unsecured Loan Agreement
ranks pari passu in right of payment to all of Agricola's existing
and future senior indebtedness and is effectively subordinated to
all of the bank's secured indebtedness with respect to the value of
the assets securing such indebtedness and to all of the existing
and future liabilities of its subsidiaries.

INVERSIONES FINANCIERAS BANCO AGRICOLA

IFBA's national ratings reflect its shareholder Bancolombia's
ability and propensity to support it. The 'AAA(slv)' ratings show
the relative strength of the shareholder, which is rated several
notches above El Salvador's sovereign rating.

RATING SENSITIVITIES

IDRS

Agricola's ratings remain sensitive to changes in El Salvador's
sovereign and Country Ceiling ratings. Changes in the bank's IDR
would mirror changes in El Salvador's country ceiling as it
constrains Agricola's IDR.

VR

Agricola's VR is sensitive to changes in El Salvador's operating
environment, including its sovereign rating. Downgrades in
Agricola's VR could also come from a material deterioration in the
bank's financial profile, although the latter is not Fitch's base
case scenario.

SUPPORT RATING

Agricola's support rating is constrained but could be upgraded if
El Salvador's sovereign and Country Ceiling rating are upgraded by
more than one notch as this would reflect a reduction in the
potential constraints on the bank's capacity to receive
extraordinary support. A downgrade of the support rating is also
possible should the sovereign rating and Country Ceiling be
downgraded.

AGRICOLA SENIOR TRUST LOAN PARTICIPATION NOTES

The rating of the notes is aligned with the bank's long term IDR,
hence would mirror any change in the bank's ratings.

NATIONAL RATINGS

The Rating Outlook is Stable as Fitch does not anticipate any
changes to Agricola's and IFBA's national ratings. The ratings are
at the highest point of the national rating scale and therefore
have no upside potential. In turn, a rating downgrade is unlikely
given the strength of the parent relative to other rated issuers in
El Salvador.

Fitch has affirmed the following ratings:

Banco Agricola

  -- Long-term IDR at 'B'; Outlook Stable;

  -- Short-term IDR at 'B';

  -- Viability Rating at 'b-';

  -- Support Rating at '4';

  -- National Long Term Rating at 'AAA(slv)'; Outlook Stable;

  -- National Short Term at 'F1+(slv)';

  -- Senior Unsecured Debt at 'AAA(slv)';

  -- Senior Secured Debt at 'AAA(slv)'.

Agricola Senior Trust

  -- Loan participation notes at 'B'/'RR4'.

Inversiones Financieras Banco Agricola S.A.

  -- National Long Term Rating at 'AAA(slv)'; Outlook Stable;

  -- National Short Term at 'F1+(slv').

BANCO DAVIVIENDA: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda Salvadoreno, S.A.'s
(Davivienda Sal) Long-Term Issuer Default Rating (IDR) at 'B' and
Short-Term IDR at 'B'. The Rating Outlook on the Long-Term IDR is
Stable. At the same time, Fitch affirmed the bank's Viability
Rating (VR) at 'b-', as well as the national rating of its holding
Inversiones Financieras Davivienda, S.A. (IF Davivienda) at
'AAA(slv)'/Outlook Stable.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT

The IDRs, national ratings and senior debt of Davivienda Sal are
based on the potential support from its parent Banco Davivienda,
S.A. (Davivienda), if required. Davivienda is Colombia's
third-largest bank with presence in Central America and Miami rated
'BBB'/Outlook Stable by Fitch.

The IDRs are constrained by El Salvador's Country Ceiling of 'B',
which, according to Fitch's criteria, captures transfer and
convertibility risks. This caps the subsidiary's IDRs to a lower
rating than would be possible based solely on Davivienda's ability
and propensity to provide support; however, in Fitch's opinion, the
owner's commitment to its subsidiary is sufficiently strong to
allow Davivienda Sal is rated above the sovereign rating.

Fitch also believes Davivienda's propensity to support the
Salvadorian subsidiary reflects the huge reputational risk that the
bank's default would constitute to its parent, which would damage
its franchise. Also, any required help would be manageable relative
to the owner's ability to provide it, due to Davivienda Sal
represents close to 7.7% of total consolidated assets of
Davivienda.

Davivienda Sal's issuer and senior debt national ratings are at the
highest point of the national rating scale given the relative
strength of the shareholder in relation to other issuers rated in
El Salvador.

VR

Davivienda Sal's VR is highly influenced by El Salvador's operating
environment that, in addition to the country's GDP per capita and
to the World Bank's Ease of Doing Business ranking, reflects the
country`s sovereign rating (B-/Stable), its still developing
economic prospects and its evolving regulatory framework (compared
to other countries). The operating environment poses limitations to
banks' international ratings, especially for larger banks - as in
Davivienda Sal's case, which is the second largest bank in El
Salvador with a market share of 14.8% by assets.

Also, Davivienda Sal's VR reflects its company profile, reasonable
risk appetite, good asset quality, modest profitability,
appropriate capitalization and its stable funding.

In Fitch's opinion, the asset quality is good; it showed a positive
trend in the last years due to the decline in delinquency levels,
which is stabilized in 2018, positioning the impaired loans to
gross loans metric at 2.2% (2014: 2.7%), a percentage close to the
industry average (1.9%). The impairment coverage was 103.0% in
2018. The agency expects these ratios remain at similar levels in
2019.

The bank's profitability is modest and compares unfavorably with
the system, although in 2018 it exhibited a slight improvement with
an operating profit to risk weighted assets (RWA) ratio of 0.9%,
compared with 0.7% observed in 2016 and 2017, while the system was
1.5%. Fitch expects the positive trend to continue in 2019 as a
result of the different actions taken by the entity.

The capital levels are appropriate but lower than the market. In
2018, the Fitch Core Capital to RWA metric was 14.0% (industry:
17.0%), although it presented a declining trend since averaging
levels of 16.6%. The agency estimates that despite the bank
maintaining its dividend pay-out ratio close to 50% of net income,
the FCC indicator will remain above 12% for 2019.

Fitch believes the bank's funding structure has shown stability
supported by its well-recognized franchise in the country. Customer
deposits are the main source of financing (71.5% over the last five
years) and the institution complements it with debt issuances and
loans from diverse institutions. In 2018, the loans to deposits
ratio of 115.5%, was above of the local industry average of
101.9%.

SUPPORT RATING

According to Fitch's criteria, Davivienda Sal's IDR of 'B' maps to
a Support Rating of '4'. The bank's Support Rating is based on
Fitch's opinion of Davivienda's capacity and propensity to provide
assistance to Davivienda Sal, if necessary. The institution's
Support Rating is also constrained by El Salvador's sovereign
rating, as reflected in the Country Ceiling.

INVERSIONES FINANCIERAS DAVIVIENDA

IF Davivienda, subsidiary of Davivienda, is a holding company whose
exclusive purpose is the ownership of the subsidiaries of the
Davivienda financial group in El Salvador. The consolidated
financial profile of the conglomerate is a direct reflection of the
financial performance of Davivienda Sal, which at year-end 2018
represented 98.5% and 93.3% of its assets and equity,
respectively.

The national rating of 'AAA(slv)' assigned to IF Davivienda
reflects the ability and propensity of its shareholder Davivienda
to support it. This rating exhibits the relative strength of its
parent, which is rated seven notches above El Salvador's sovereign
rating, compared with other rated issuers in the country.

RATING SENSITIVITIES

IDRs

Davivienda Sal's ratings remain sensitive to a change in El
Salvador's sovereign and Country Ceiling ratings. Changes in the
bank's IDR would mirror variations in El Salvador Country Ceiling
as it constrains Davivienda Sal's IDR.

VR

Davivienda Sal's VR is sensitive to changes in El Salvador's
operating environment, including its sovereign rating. Downgrades
in the bank's VR could also come from a material deterioration in
its intrinsic financial profile, although this is not Fitch's base
case scenario.

SUPPORT RATING

Davivienda Sal's support rating is constrained but could be
upgraded if El Salvador's sovereign and Country Ceiling ratings are
upgraded by more than one notch as this would reflect a reduction
in the potential constraints on the bank's capacity to receive
extraordinary support. A downgrade of the support rating is also
possible should the sovereign rating and Country Ceiling be
downgraded.

NATIONAL RATINGS

The Rating Outlook is Stable as Fitch does not anticipate any
changes in Davivienda Sal's and IF Davivienda's national ratings.
The ratings are at the highest level of the national rating scale
and therefore have no upside potential. In turn, a rating downgrade
is unlikely given the strength of the parent relative to other
rated issuers in El Salvador.

SENIOR DEBT

The debt issuances' ratings are aligned with the bank's national
ratings, so any change in the bank's ratings would be reflected in
the issuances.

Fitch has affirmed the following ratings:

Banco Davivienda Salvadoreno

  -- Long-Term IDR at 'B'; Outlook Stable;

  -- Short-Term IDR at 'B';

  -- Viability Rating at 'b-';

  -- Support Rating at '4';

  -- National Long-Term Rating at 'AAA(slv)'; Outlook Stable;

  -- National Short-Term Rating at 'F1+(slv)';

  -- Senior Unsecured Long-Term debt at 'AAA(slv)';

  -- Senior Secured Long-Term debt at 'AAA(slv');

  -- Senior Unsecured Short-Term debt at 'F1+(slv)';

  -- Senior Secured Short-Term debt at 'F1+(slv)'.

Inversiones Financieras Davivienda

  -- National Long-Term Rating at 'AAA(slv)'; Outlook Stable;

  -- National Short-Term Rating at 'F1+(slv)'.



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

JAMAICA: Advancing Integrated Resource Plan
-------------------------------------------
RJR News reports that Jamaica is advancing its Integrated Resource
Plan (IRP).

The IRP will establish the projected electricity demand over a
20-year period, determine the generation capacity and technologies
to be used, and establish agreements on the transmission and
distribution infrastructure, according to RJR News.

This was disclosed by Energy Minister Fayval Williams, while
addressing Mayberry Investments monthly Investor Forum, the report
notes.

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



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

BANCO AHORRO: Moody's Gives B1 LT Deposit Rating, Outlook Stable
----------------------------------------------------------------
Moody's de Mexico has assigned a baseline credit assessment (BCA)
and an adjusted BCA of b1 and long- and short-term global local and
foreign currency deposit ratings of B1 and Not Prime to Banco
Ahorro Famsa, S.A. (Banco Famsa). The rating agency has also
assigned long- and short-term Mexican national scale deposit
ratings of Baa3.mx and MX-3 to Banco Famsa. In addition, Moody's
assigned long- and short-term counterparty risk assessments of
Ba3(cr) and Not Prime(cr). The outlook on Banco Famsa's ratings is
stable.

The following ratings and assessments were assigned to Banco Ahorro
Famsa, S.A. (820539657):

Baseline credit assessment: b1

Adjusted baseline credit assessment: b1

Long-term global local currency deposit rating: B1, Stable

Short-term global local currency deposit rating: Not Prime

Long-term foreign currency deposit rating: B1, Stable

Short-term foreign currency deposit rating: Not Prime

Long-term Mexican National Scale deposit rating: Baa3.mx

Short-term Mexican National Scale deposit rating: MX-3

Long-term counterparty risk assessment of Ba3(cr)

Short-term counterparty risk assessment of Not Prime(cr)

Outlook: Stable

RATINGS RATIONALE

Banco Famsa's B1 ratings reflect the inherently high asset risks
stemming from its core consumer lending business, and the
associated credit costs that result in volatile earnings. Banco
Famsa's core capitalization is high, the result of a consistent
policy of earnings retention and frequent capital injections by its
shareholders Grupo Famsa, S.A.B. de C.V. The ratings also
incorporate Banco Famsa's granular and stable deposit franchise, a
credit strength. The bank's rating is nevertheless limited by its
narrow business scope, centered around consumer lending, and high
levels of related party loans relative to capital.

In line with Banco Famsa's focus on riskier consumer financing, its
nonperforming loan (NPL) ratio is high, at 11.4% in 2018, and
consistently among the highest in the banking system. The pace of
lending activity is primarily associated with Grupo Famsa's retail
sales, but nonetheless, Banco Famsa's loan growth has been higher
than the system's, with an expansion of about 20% in 2018 and
similar levels expected for 2019. By way of comparison, overall
loan growth in the system was 9.3% in 2018. However, Banco Famsa
plans to expand its loan book into less risky asset classes over
the next two years, including payroll linked loans and loans to
small and medium size companies, which will have a positive effect
on its asset quality because these loans tend to have lower non
performing ratios. A successful shift of the loan mix towards less
risky assets will benefit from lower credit costs and would be
credit positive to asset quality and profitability.

Banco Famsa's profitability, measured as net income relative to
tangible banking assets, of 1.3% in 2018 is well below that of its
closest peers in Mexico, owing to its much higher provisioning
costs, which from time to time have accounted for high percentage
of the bank's earnings. Nevertheless, Banco Famsa benefits from an
efficient operation that supports its bottom line results, whereby
operating costs represented around 40% of net revenues in 2018, a
level that compares well to its peers. The bank's core earnings are
mainly sourced from fees from credit card issuances, transactions,
and collection rights, which comprise 82% of net revenues. Were
credit costs to decline materially in light of the expected less
risky loan book, profitability could improve to levels closer to
that of its close peers in Mexico.

Capitalization ratios will decline slightly given Banco Famsa's
2019-2021 strategic plan, which calls for loan growth to be
financed with an issuance of subordinated debt. Banco Famsa has
traditionally retained all its earnings and has consistently
received capital injections from its shareholders in order to
support its loan growth and maintain a regulatory total capital
ratio of 12.5%. Moody's preferred measure of capitalization, its
Tangible Common Equity (TCE) to Risk Weighted Assets (RWAs) ratio,
deducts intangibles and risk weights the Mexican government
securities at 20%. As a result, Moody's TCE/RWAs of Banco Famsa was
12.3% as of year-end 2018. In a scenario that incorporates the
bank's future growth plans, its expected earnings retention and
assumes less frequent capital injections, Moody's would expect
Banco Famsa's capital to decline to a more moderate level, though
still above 11% by 2021.

A stable deposit franchise is the bank's relative strength. With no
reliance on market funding, the bank's loan-to-deposit ratio is a
low 75%. While a relevant 88% of Banco Famsa's deposits are sourced
from individuals, these tend to be costlier time deposits, which
represented 80% of deposits, as of year-end 2018. This strength
helps offset Banco Famsa's very low level of liquid assets, at 4.5%
of total banking assets, as of year-end 2018.

The bank has a limited business scope and related party loans are
high. Banco Famsa's core consumer financing business is dependent
on the sales and performance of its affiliated retailer, as
evidenced by the sizable portion of its loan book that stems from
Group Famsa's customers. At the same time, the bank reports a
considerable level of related-party lending, at 23% of the bank's
TCE, as of year-end 2018.

WHAT COULD CHANGE THE RATINGS -- UP/DOWN

Upward pressure on Banco Famsa's ratings could derive from a
moderate loan growth rate that could stabilize its asset quality
and improve profitability, while capitalization remains robust.

Conversely, the ratings could be negatively affected if continuing
high loan growth translates into a sharp deterioration in asset
quality and profitability that could hurt its capital.

The principal methodology used in these ratings was Banks published
in August 2018.



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

PUERTO RICO: Court Ruling in Bankruptcy Fans Revenue Bond Fears
---------------------------------------------------------------
Karen Pierog at Reuters reports that a decision by a U.S. Appeals
Court in a lawsuit related to Puerto Rico's bankruptcy raises
concerns over the payment of municipal bonds backed by specific
revenues during future Chapter 9 cases, Fitch Ratings has said.

The Boston-based First Circuit court determined that municipalities
are not required to make payments on debt secured by special
revenues while bankruptcy proceedings are ongoing, although
municipalities can voluntarily opt to do so, according to Reuters.

"The ruling, by stating such payments are optional, creates
uncertainty about full and timely payment of special revenue
obligations during bankruptcy of the related municipality," Fitch
said, notes the report.

The credit rating agency added that if the ruling stands, it could
negatively affect ratings on certain bonds secured by utility,
transportation and tax revenue, the report notes.

The appeals court affirmed a ruling by U.S. District Court Judge
Laura Taylor Swain, who is overseeing the island's bankruptcy,
which was filed in 2017 in an effort to restructure about $120
billion of the U.S. commonwealth's debt and pension obligations,
the report says.

Swain had dismissed a lawsuit by insurance companies guaranteeing
payments on defaulted Puerto Rico Highways and Transportation
Authority bonds, the report relays.  The bond insurers claimed that
payments on the debt from pledged toll and other revenue should not
be halted during the bankruptcy, the report notes.

Assured Guaranty Corporation, one of the plaintiffs in the lawsuit,
said it is assessing options, including an appeal to the U.S.
Supreme Court, the report discloses.

"We disagree with the court's ruling, which is at odds with prior
court decisions and the legislative history relating to special
revenue bonds and has potential negative implications for revenue
bonds throughout the municipal bond market," Assured said in a
statement obtained by the news agency.

Chapter 9 municipal bankruptcy expert James Spiotto, managing
director of Chapman Strategic Advisors, said the appeals court
decision came as a surprise to the municipal bond market, which had
assumed Swain's ruling would be reversed, the report notes.

"This could have a very adverse effect on the use of special
revenues all over," he added.

Revenue bonds accounted for an average of 64 percent of annual
issuance in the $3.8 trillion municipal market since 1990,
according to Refinitiv data, the report relays.  Not all revenue
bonds qualify as being backed by special revenues under the
bankruptcy code, which specifies special excise taxes or revenue
derived from governmental projects or systems providing
transportation, utilities or other services, the report says.

                         About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations, the report discloses.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.

PUERTO RICO: White House Backing Oversight Board
------------------------------------------------
Tim Ahmann at Reuters, citing The Wall Street Journal, reports that
the White House is preparing to ask the U.S. Senate to confirm the
current members of Puerto Rico's fiscal oversight board.

In a move that would disappoint critics of the U.S. territory's
financial supervisors, the Journal said, the Trump administration
had begun the process of putting the board's seven voting members
up for a Senate vote, according to Reuters.

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years, the report recalls.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.

SKYTEC INC: Logistic Systems Object to Disclosure Statement
-----------------------------------------------------------
Logistic Systems, Inc., filed an objection to the approval of the
Disclosure Statement explaining Skytec, Inc.'s plan of
reorganization complaining that the Debtor's future viability and
its proposed Plan of Reorganization does not show how confirmation
will be in the best interest of the creditors.

Logistic Systems states, "The Debtor's ability to fund its future
operations and obligations under the Plan is doubtful, and,
therefore, the plan is not feasible.  The plan improperly
classifies and impairs claimants to obtain approval, clearly
indicates that Debtor has not considered potential avoidance
actions or other claims that it intends to release by the proposed
plan and expects that its shareholders maintain their equity on the
company without satisfying the absolute priority rule.  For these
reasons, the plan was filed in bad faith. Therefore, this Honorable
Court should deny the confirmation of the Plan of Reorganization."

The Debtor, in response, countered that there are no preferential
transfers that Debtor could assert, no inclusion was warranted in
the disclosure statement and/or the liquidation analysis.  The
Debtor points out that Logistics includes as an exhibit the pages
of the monthly operating report for September 2018 wherein it
alleges that a payment in the amount of $166,666 was made and not
disclosed in the statement of financial affairs. Debtor further
points out that in the very same page wherein the alleged payment
is listed, a credit for the same amount is also listed.

The Debtor also points out that Logistics submits a list of
payments made to the Debtor's insiders, all of which were duly
disclosed in the statement of financial affairs. The Debtor asserts
that all of said payments are part of the insiders' compensation
package as thoroughly discussed not only in the 341 Meeting of
Creditors but also in the Rule 2004 Examination that was conducted
by Logistics. The Debtor points out there is no evidence whatsoever
that said payments were illegal and/or unwarranted.

The Debtor clarifies that it had no nonresidential real estate
leases to assume insofar as the only two leases of such nature are
month to month leases as duly disclosed in the schedules and
thoroughly discussed in the 341 Meeting of Creditors.

According to the Debtor, regarding the details of the collateral
held by Oriental Bank, the disclosure statement provided the
correct description. The Debtor points out this is a fact well
known by Logistics, who is the only entity objecting to the use of
cash collateral.

A full-text copy of Logistic Sysyem's Objection is available at
http://tinyurl.com/yxhktwjsfrom PacerMonitor.com at no charge.

Counsel for Creditor Logistic Systems, Inc.:

     Carlos A. Rodriguez-Vidal, Esq.
     Solymar Castillo-Morales, Esq.
     GOLDMAN ANTONETTI & CORDOVA, LLC
     Post Office Box 70364
     San Juan, PR 00936-8364
     Telephone No.: (787) 759-4117
     Facsimile No.: (787) 767-9177
     Email: crodriguez-vidal@gaclaw.com
            scastillo@gaclaw.com

        -- and --

     Bryan T. Glover, Esq.
     FOSTER PEPPER PLLC
     1111 Third Avenue, Suite 3000
     Seattle, WA 98101
     Telephone No.: (206) 447-4400
     Facsimile No.: (206) 447-9700
     Email: bryan.glover@foster.com

                    About Skytec Inc.

Skytec, Inc., is a privately-held company based in Puerto Rico that
provides wireless telecommunication solutions.  Skytec sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 18-05288) on Sept. 12, 2018.  In the petition signed by
Henry L. Barreda, president, the Debtor disclosed $2,119,734 in
assets and $5,848,090 in liabilities.  Judge Enrique S. Lamoutte
Inclan presides over the case.  The Debtor tapped Fuentes Law
Offices, LLC as its legal counsel.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: PM Did Not Negotiate Gas Prices, Says Minister
-----------------------------------------------------------------
Ria Taitt at Trinidad Express reports that communications Minister
Stuart Young, said Prime Dr. Keith Rowley Young did not negotiate a
"bad price" for natural gas supplied by multinational energy
companies operating in Trinidad and Tobago's waters when he
travelled to Houston in Texas in March 2017.

Addressing the post-Cabinet news conference, Young sought to
address claims made by certain persons about the Prime Minister's
role in the negotiations in Houston in 2017, according to Trinidad
Express.

He said, contrary to statements being made by these people, "NGC
and the technocrats were at all times part of these negotiations,"
Young said, the report notes.



===========================
V I R G I N   I S L A N D S
===========================

LIMETREE BAY: S&P Affirms BB- Sr. Term Loan Rating, Outlook Neg.
----------------------------------------------------------------
On March 28, 2019, S&P Global Ratings affirmed its 'BB-' project
finance rating on Limetree Bay Terminals LLC's senior secured term
loan B. The '1' recovery rating is unchanged, indicating its
expectation of very high (90-100%; rounded estimate: 95%) recovery
in the event of default.

Limetree Bay Terminals LLC is a 34 mmbbls crude oil and refined
product storage facility located in St. Croix of the U.S. Virgin
Islands. The asset is owned by a joint venture formed by an
affiliate of Arclight Capital Partners, a private equity firm based
in Boston, and Freepoint Commodities (collectively, the sponsor).
The sponsor, through Limetree Bay Terminals LLC, purchased the
mothballed asset in early 2016. Since then, the project gradually
restarted a number of tanks and performed other upgrades as it
acquired new tank lease contracts.

S&P said, "The negative outlook reflects the possibility that we
could lower the debt rating if Limetree Bay Terminals' cash flow
generation does not improve by the end of the third quarter of
2019.

"We could lower the rating if debt service coverage ratios declined
to below 1.3x over the next 12 months, or if the project
experienced delays in restarting additional tanks and completing
other capital expenditure (capex) work that prevented it from
bringing new contracts on lease. This could stem from an increased
scope of work or adverse weather conditions in the Caribbean. We
could also lower the rating if deleveraging did not occur in 2020,
the project continued to rely on sponsor equity contributions for
liquidity once all substantial capex work were complete, or it were
unable to renew expiring contracts or re-contract at lower rates.

"We could revise the outlook to stable if the project completed the
substantial capex work on time and on budget, but the revision
would also require improvements in cash flow generation. This could
stem from a track record of renewing existing third-party contracts
before expiring, increased ship visits, or the incremental revenue
from providing lease services to the adjacent refinery. To maintain
the current rating, we expect the project to maintain DSCRs at or
above 1.5x on a sustained basis, including in the period after
refinancing."



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

[*] BOND PRICING: For the Week March 25 to March 29, 2019
---------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP


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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.

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


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