TCRLA_Public/190404.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

          Thursday, April 4, 2019, Vol. 20, No. 68

                           Headlines



B R A Z I L

BIOSEV SA: Fitch Affirms LT IDRs at B+, Outlook Stable
BRAZIL: Looks to Defense Industry for Economic Boost
COMPASS MINERALS: Moody's Puts Ba1 CFR on Review for Downgrade
JALLES MACHADO: Fitch Affirms LT IDRs at 'BB-', Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Eyes Grid Fix With US$600MM From China
DOMINICAN REPUBLIC: Rum Makers to Fight Tax Dodgers
DOMINICAN REPUBLIC: Sluggish Economic Trend Concerns Experts


E L   S A L V A D O R

TITULARIZADORA DE DPRS: Fitch Rates Series 2019-1 Notes 'BB-'


J A M A I C A

CABLE & WIRELESS: Fitch Rates Proposed $400MM Notes 'BB-'
CABLE & WIRELESS: Moody's Rates Proposed $400MM Sr. Sec. Notes Ba3
CABLE & WIRELESS: S&P Rates New $400MM Sec. Notes 'BB-'


M E X I C O

GORE FREIGHT COMPANY: Hires Whitworth Law as Attorney


P U E R T O   R I C O

FERMARALIZ CORP: Seeks to Hire Fraticelli as Accountant
KONA GRILL: BBS-Zheng Group Has 37.3% Stake as of March 27
KONA GRILL: Hires Financial Advisor to Evaluate Alternatives


V E N E Z U E L A

VENEZUELA: Locals Break Through Blockade on Bridge to Colombia
VENEZUELA: President Sacks Minister Amid Power Outages

                           - - - - -


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B R A Z I L
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BIOSEV SA: Fitch Affirms LT IDRs at B+, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Biosev S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'B+' and its
Long-Term National Scale Rating at 'A-(bra)'. The Rating Outlook is
Stable.

The ratings affirmation reflects Biosev's diversified product
portfolio and its position as the second largest sugar and ethanol
(S&E) producer in Brazil, and the company's important challenges to
improve operating efficiency and fill its mills to their 34.6
million capacity. Biosev's heavy investments to improve
agricultural yields are expected to hold back FCF amid a scenario
of relatively depressed commodity prices in fiscal 2020 and fiscal
2021. Biosev's IDRs remain pressured by high business risk inherent
to the S&E industry, which is very volatile and exposed to weather
conditions.

The ratings also incorporate Biosev's affiliation with Louis
Dreyfus Company and the important operational synergies and
financial support, either directly through capital injections or
through access to long-term credit lines. Following the
improvements to Biosev's financial profile in 2018, Fitch forecasts
a relatively stable net adjusted leverage around 3.4x up to fiscal
2021.

KEY RATING DRIVERS

Challenging Business Environment: In Fitch's opinion, 2019 will be
a challenging year for Brazilian S&E producers. High global
inventory is expected to hold back a more significant increase in
sugar prices despite a more balanced global supply and demand
expected for the year. Fitch's base case projections incorporate
average global raw sugar prices of USD13 cents per pound in 2019,
fairly unchanged compared to 2018, and USD13.7 cents per pound in
2020. Ethanol prices are also not expected to increase, as they
should remain indirectly constrained by a relatively stable
combination of international oil prices and the Brazilian FX rate,
which should limit any significant increase in gasoline prices in
the year. Fitch expects price stability for ethanol in fiscal 2020
and lower prices in fiscal 2021, as average brent prices are
expected to drop to USD62/b from USD64/b.

Challenges to Improve Operating Efficiency: Biosev still faces
challenges to improve yields and to advance in key operating
indicators. Fitch acknowledges the company efforts to improve
operational results in the past three years, though the pace of
recovery has been slower than anticipated. Despite some
improvements, Biosev still operates with higher cash cost structure
and lower capacity utilization compared to peers. Fitch forecasts
the company to report crushed volumes of 30 million tons and 28
million tons in fiscal 2019 and fiscal 2020, respectively, out of
total crushing capacity of 34.6 million tons. Biosev crushed 28
million tons of sugar cane in the nine months through the third
quarter of 2019, comparing unfavourably with 29.1 million tons in
the same period of previous year, and implying an annualized
capacity utilization of only 86%.

As per the agency's calculations, the company's cash cost
(including crop care spending and investments to renew the cane
fields) reached BRL982/ton in the LTM through Dec.31, 2018,
comparing favourably with BRL1,018/ton in fiscal 2018. However,
operating performance declined in the 2018/2019 crop season after
three years of recovering yields, negatively affected by dry
weather conditions in the beginning of 2018. Biosev reported
average agricultural yield of around 73.3 ton/ha in the nine months
through the 3Q19, below the industry's average, while total
recoverable sugar was 3.7 million tons in the 9M19, a 2.5%
reduction compared to the previous year.

Positive Affiliation with Louis Dreyfus Company: Fitch believes the
affiliation of Biosev with Louis Dreyfus Company is credit positive
as it enhances its business model and financial flexibility, with
better access to long-term credit lines. Louis Dreyfus Company owns
94% of Biosev and supports the company both operationally and
financially, as demonstrated by the BRL3.5 billion capital
injection and the extension of BRL3.6 billion debt amortization
profile concluded in 2018. This affiliation also translates into
positive synergies and gives Biosev access to a broad range of data
and information, as well as the adoption of efficient risk
management practices that has been reflecting positively on the
attractive level of hedged sugar prices and helped to reduce the
impact of FX volatility.

Stable Leverage Expected: Fitch expects Biosev to report net
adjusted leverage at around 3.0x in fiscal 2019 and 3.4x in fiscal
2020, comparing with 2.9x on March 31, 2018. Fitch's projected
leverage incorporates the expectation of lower EBITDA generation,
while net adjusted debt should remain relatively stable at about
BRL4.1 billion. As of Dec. 31, 2018, Biosev had total adjusted debt
of BRL8.3 billion, including BRL2.3 billion of obligations related
to land lease as per Fitch's methodology, of which USD-denominated
debt accounted for about 65%. The company's debt consists of
exchange contract advance (48% of total debt), export prepayment
(24%), restructured debt (18%) and others (10%), of which 47% is
unsecured.

FCF to Remain Negative: Fitch expects Biosev to report negative
annual FCF of BRL100 million over the next three years, in the
absence of material improvement in crushed volumes and amid a
depressed commodity price scenario. Base case scenario projects
EBITDAR of BRL2.1 billion in fiscal 2019, with a 32% margin, and
BRL1.9 billion in fiscal 2020. In the LTM ended December 2018,
Biosev generated BRL2.2 billion of EBITDAR and BRL611 million of
cash flow from operations (CFFO). FCF will remain pressured by
average investments of about BRL1 billion per year, which should be
necessary to increase agricultural yields and capacity utilization
of its mills.

High Industry Risks: The Brazilian S&E industry is characterized by
intense price volatility and below average access to liquidity.
International sugar prices can fall below the marginal cash cost of
Brazil's lowest cost producers, which combined with the industry's
capital intensive nature can lead to negative FCF and rapidly erode
liquidity positions across the board. Price volatility is also
present in the Brazilian ethanol market following Petrobras's fuel
policy of setting domestic gasoline prices on a daily basis. S&E
companies' performance is also affected by weather conditions and
their impact on yields and cost dilution. Other risk is the FX
exposure due to Biosev's export orientation.

DERIVATION SUMMARY

The ratings reflect Biosev's challenge to rapidly advance in key
operating indicators and improve FCF generation. Biosev's heavy
investments to improve agricultural yields and fill its mills to
capacity are expected to keep FCF in negative territory amid a
scenario of relatively depressed commodity prices in fiscal 2020
and fiscal 2021. Biosev's affiliation with Louis Dreyfus Company is
perceived as highly accretive for the ratings and Fitch expects the
support to remain in place over the next years. While access to
liquidity in the industry is typically scarce, Biosev
differentiates itself through its proven track record and ability
to access funding from either the parent or local banking market,
as observed in 2018.

Biosev's IDR is positioned one notch below Tereos Union de
Cooperatives Agricoles a Capital Variable (Tereos; IDR BB-/Stable)
due to Tereos's strong business model underpinned by high degree of
geographic and product diversification and capacity to use raw
materials from many different sources and countries. Biosev's
ratings are the same as Corporacion Azucarera del Peru S.A.
(Coazucar, IDR B+/Stable) as both companies report weak and
volatile operating performance whereas their liquidity remains
supported by their shareholders mostly. Biosev is also rated the
same as Usina Santo Angelo Ltda. (USA, A-(bra)/Stable), as Biosev's
higher scale and product mix flexibility is tempered by USA's
performance excellence on a low cash cost base that enables the
company to generate neutral to positive FCF amid relatively
depressed sugar price scenarios.

KEY ASSUMPTIONS

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

  -- Average sugar prices of USD15 cents/pound for 2018/2019 are
based on hedged prices and volumes as of Dec. 31, 2018. Fitch
assumes average sugar prices of USD14 cents/pound in fiscal 2020
and 2021 including polarization premium for Brazilian sugar.

  -- Average Brent crude prices of USD65/b in 2019 and USD62.5/b in
2020. The combination of oil prices and the FX rate will lead
Petrobras to keep adjusting domestic gasoline prices, directly
affecting hydrous and anhydrous ethanol prices.

  -- Average FX rate of BRL3.90/USD in the forecasted period.

  -- Fitch forecasts 30 million tons of sugar cane crushed in
fiscal 2019 and 28 million tons in 2020 due to divestitures carried
out in Brazil's Northeast. As from fiscal 2020, the agency
forecasts annual increases of 2% in crushed volumes.

  -- Product mix favouring ethanol over sugar production.

  -- Capex of BRL1.2 billion in fiscal 2019 and BRL900 million in
fiscal 2020.

RATING SENSITIVITIES

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

  -- Further improvements on the company's key operational
indicators;

  -- FCF neutral or positive following a lower cash cost
structure.

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

  -- Any demonstration of diminishing support from Louis Dreyfus
Company would be viewed negatively by Fitch.

LIQUIDITY

Satisfactory Liquidity: Fitch forecasts Biosev to report
satisfactory liquidity in fiscal years 2019 and 2020 due manageable
bank debt maturities in the period. The agency estimates that the
company will close fiscal 2019 with cash position of BRL865 million
and short-term debt of BRL570 million, comparing unfavourably with
BRL1.5 billion and BRL600 million reported in fiscal 2018. As of
Dec. 31, 2018, when inventories for S&E players are typically high,
Biosev reported satisfactory liquidity with cash of BRL900 million
and short-term debt of BRL560 million, on top of inventories of
finished goods at market value estimated at BRL688 million.
Biosev's liquidity benefited from the BRL3.5 billion capital
increase and renegotiation of terms and conditions of about BRL3.6
billion of debt concluded in fiscal 2018.

Biosev has about BRL500 million of debt maturities in fiscal 2020
and BRL400 million in fiscal 2021. Higher debt maturities of more
than BRL4.5 billion are due between April 2021 and March 2023, and
Fitch expects Louis Dreyfus Company to continue to financially
support the company either directly through capital injections or
through access to long-term credit lines.

FULL LIST OF RATING ACTIONS

Fitch has affirmed Biosev's ratings as follows:

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

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

  -- Long-Term National Scale Rating at 'A-(bra)'.

The Rating Outlook is Stable.


BRAZIL: Looks to Defense Industry for Economic Boost
----------------------------------------------------
EFE News reports that the Brazilian government hopes that President
Jair Bolsonaro's push for the modernization and re-equipping of the
armed forces will bolster the defense industry and help Brazil's
economy recover.

The new policy was disclosed by the vice president, reserve army
Gen. Hamilton Mourao, as well as by the defense minister, Gen.
Fernando Azevedo e Silva, during the opening ceremony of the new
edition of LAAD Defense & Security, the biggest defense industry
expo in Latin America, being held in Rio de Janeiro, according to
EFE News.

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

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

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

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

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

COMPASS MINERALS: Moody's Puts Ba1 CFR on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the Ba1 corporate family rating,
Ba1-PD probability of default rating and instrument ratings of
Compass Minerals International, Inc. under review for downgrade
following the company's announcement that it plans to acquire the
remaining 65% ownership in Brazilian specialty plant nutrition
company, Produquimica Industria e Comercio S.A. (Produquimica). The
expected price for the remaining 65 percent of equity in
Produquimica is expected to range from $460million to $480 million,
including assumption of debt.  The company plans to finance the
transaction with debt.

"Weaker earnings as a result of a mild 2015-2016 winter, weak
agricultural markets, continued elevated capital spending for
capacity expansions in 2016 and 2017 combined with the high
valuation multiple associated with the acquisition of the remaining
equity in Produquimica elevates the risk that leverage could remain
above expected levels for the Ba1 rating for an extended period of
time," said Moody's analyst, Anastasija Johnson.

                         RATINGS RATIONALE

On Review for Downgrade:

Issuer: Compass Minerals International Inc

   -- Probability of Default Rating, Placed on Review for
      Downgrade, currently Ba1-PD
   -- Corporate Family Rating, Placed on Review for Downgrade,
      currently Ba1
   -- Senior Secured Revolving Credit Facility due July 2021,
      Placed on Review for Downgrade, currently Ba1 (LGD3)
   -- Senior Secured Term Loan, Placed on Review for Downgrade,
      currently Ba1 (LGD3)
   -- Senior Unsecured Notes due July 2024, Placed on Review for
      Downgrade, currently Ba2 (LGD5)

Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Negative

Ratings Unchanged:

   -- Speculative Grade Liquidity Rating, unchanged at SGL-3

The placement of Compass Minerals ratings under review reflects
expectations that leverage could remain elevated due to the high
multiple paid for Produquimica and the lack of free cash generation
at Compass.  Additionally, the company will likely face increased
headwinds in 2017 due to lower crop prices, as well as weaker
earnings from its salt segment following a mild 2015-2016 winter
season.  Pro forma for the acquisition, leverage increases to 3.5
times in the twelve months ended June 30, 2016, from 2.7 times
actual.  However, Moody's expects leverage to rise close to 4 times
by the end of 2016 as a result of the expected decline in salt and
specialty potash fertilizer volumes and prices.  Leverage is also
rising at a time when the company continues to have elevated
capital expenditures for its capacity expansion projects and is not
expected to generate free cash flow for debt repayment. In
addition, it is acquiring a lower margin business.  Therefore,
deleveraging over the next two years would depend on a recovery in
salt pricing and volume increases to generate higher than expected
earnings and cash flow.  The review will focus on the target
company's audited financials and liquidity arrangements.  The
review will also focus on Compass Minerals projections, its ability
to reduce leverage below 3.5 times within two years and expected
liquidity given seasonal nature of working capital needs in both
salt and fertilizer businesses.  If Moody's determines that
subsequent to the acquisition of Produquimica Compass' leverage is
likely to remain above 3.5x for more than two years, the company's
CFR could be lowered by a notch.

Compass Minerals' Ba1 corporate family rating reflected
historically low leverage and strong margins over most of the
cycle.  The rating also reflected Compass Minerals' secure access
to high quality and low-cost salt deposits, and efficient
distribution network that utilizes low-cost water transportation.
The company is also the largest North American producer of sulfate
of potash (SOP) fertilizer and benefits from its low-cost
production of SOP from naturally occurring brines.  The ratings are
limited by Compass Minerals small scale as measured by net sales,
net assets, as well as a narrow product portfolio that is
significantly exposed to weather-driven demand volatility for rock
salt.  Compass Minerals' salt segment represents approximately 80%
of net sales, while the plant nutrition fertilizer business
contributes roughly 20%.  The weather-dependent highway deicing
business, which is a part of the salt segment, alone generates
around 50% of the company's net sales.  The warm winter of 2015/16
has put pressure on rock salt prices in the current contract season
and volumes may decline further if the beginning of the 2016/17
winter is warm as well.  Additionally, Compass' credit profile
reflects the mature and seasonal nature of the highway deicing
business in the US, as well as the company's need to pursue capital
projects or acquisitions in order to provide a more attractive
increase in revenue and earnings growth for its shareholders.

The principal methodology used in these ratings was Global
Chemical
Industry Rating Methodology published in December 2013.

Headquartered in Kansas, US, Compass Minerals International, Inc.
is a leading North American producer of salt used for highway
deicing, agriculture applications, water conditioning, and other
consumer and industrial uses.  The company is also a significant
producer of SOP used on specialty crops, such as fruits and nuts,
in the US and Canada.  For the twelve months ended June 30 2016,
Compass Minerals generated net sales (gross revenues after shipping
and handling) and a Moody's-adjusted EBITDA of $792 million and
$306 million, respectively.

JALLES MACHADO: Fitch Affirms LT IDRs at 'BB-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Jalles Machado S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. At the
same time, Fitch has upgraded the company's long-term National
Scale Rating to 'A+(bra)' from 'A(bra)'. The Rating Outlook is
Stable.

The affirmation of the IDRs reflects Fitch's expectation that
Jalles Machado will keep generating robust cash flow from
operations (CFFO) and operating margins in the next four years,
with a moderate net leverage comparable with its peers at the 'BB-'
rating level. Fitch also views positively Jalles Machado's
liquidity profile underpinned by its track record and ability to
access different sources of finance at adequate tenors. The ratings
also incorporate Fitch's view that the company will gradually
increase crushed volumes, generating positive FCF while it invests
to raise total capacity to 5 million tons. The intrinsically high
volatility of the sugar and ethanol (S&E) industry continues to
constrain the IDRs.

The national scale rating upgrade reflects Jalles Machado's strong
business model relative to peers that allows it to operate on a low
cash cost structure and bear the intrinsic price volatility of its
products. The company is able to offer a more balanced product mix
while it benefits from a premium portfolio of products that
includes branded organic and crystal sugar sold in the Brazilian
retail market. Low land lease costs and presence of fiscal
incentives also benefits the company's business model.

KEY RATING DRIVERS

Positive FCF: Fitch forecasts Jalles Machado will report positive
FCF over the next three years as capacity utilization is expected
to remain high and the focus on ethanol and presence of organic
sugar in the product portfolio mitigate the impact of relatively
depressed sugar prices. While diverting 60% of all sucrose into
ethanol, Fitch expects the company to sell relatively large volumes
of retail white and organic sugar at attractive prices, the latter
estimated at 1.7 million bags as from FY20, comparing to 1.6
million bags expected for FY19. Fitch also expects Jalles Machado
to report agricultural yields in line with historical average and
to crush an average of 4.6 million tons of sugar cane as from the
2019/2020 crop season, up 6% from 4.3 million tons in 2018/2019.

Fitch projects Jalles Machado to report BRL556 million of EBITDAR
in FY19 and BRL602 million in FY20, with margins around 72%,
benefiting from the company's good operating performance. In the
LTM ended Dec. 31, 2018, Jalles Machado reported BRL576 million of
EBITDAR and cash flow from operations (CFFO) was BRL479 million.
Base case projections incorporate annual investments of about
BRL400 million, including investments in crop care and planting as
the company is self-sufficient in sugar cane.

Strong Business Model: Jalles Machado has a strong business model
that allows it to operate with a low cash cost structure and more
stable operating margins, comparing favorably with the industry
average. Fitch estimates the company will close FY19 with cash
costs plus maintenance investments of USD12 cents/pound, some USD3
cents/pound below industry average. High operating margins also
reflect the fiscal incentives provided by the State of Goias on the
sale of sugar and ethanol. On top of receiving state fiscal tax
rebates, leased-land costs are lower when compared to Sao Paulo. In
addition, the warmer climate of the state and the use of irrigation
benefits agricultural yields.

Jalles Machado offers a differentiated product portfolio, including
the sale of branded organic and crystal sugar. Prices for both
products command large premiums compared to Very High Polarizaton
(VHP) sugar. Product mix also includes sale of hydrous, anhydrous,
industrial ethanol, sanitizers, and dry yeast. The company has good
flexibility to switch production between sugar and ethanol,
according to prevailing commodity prices. In the 2019/2020 crop
season, ethanol is expected to represent about 60% of product mix
and sugar 40%, compared to 62% and 38%, respectively, in 2018/2019.


Challenging Business Environment: In Fitch's opinion, 2019 will be
a challenging year for Brazilian S&E producers. High global
inventory is expected to hold back a more significant increase in
sugar prices despite a more balanced global supply and demand
expected for the year. Fitch's base case projections incorporate
average global raw sugar prices of USD13 cents per pound in 2019,
fairly unchanged compared to 2018, and USD13.7 cents per pound in
2020. Ethanol prices are also not expected to increase, as they
should remain indirectly constrained by a relatively stable
combination of international oil prices and the Brazilian FX rate,
which should limit any significant increase in gasoline prices in
the year. Fitch expects price stability for ethanol in FY20 and
lower prices in FY21, as average brent prices are expected to drop
to USD62/b from USD64/b.

Moderate Leverage: Fitch expects Jalles Machado to report net
adjusted leverage at around 1.9x in fiscal 2019 and 1.7x in fiscal
2020, comparing slightly better with 2.1x on March 31, 2018.
Fitch's projected decline in net leverage ratios in the ongoing
crop season reflects the expectation of higher EBITDAR and a
gradual reduction in net adjusted debt. As of Dec. 31, 2018,
consolidated adjusted debt was BRL1.6 billion, including
obligations related to land lease, of which USD-denominated debt
accounted for 25%. FX risk is well managed as about 25% of revenues
come from exported organic sugar and principal and interest
payments up to 2020/2021 are protected through a combination of
USD-denominated assets and derivatives. Jalles Machado remains with
good access to long-term financing both in the domestic banking and
capital markets on an unsecured basis.

High Industry Risks: The Brazilian S&E industry is characterized by
intense price volatility and below average access to liquidity.
International sugar prices are highly volatile and can fall below
the marginal cash cost of Brazil's lowest cost producers. Price
volatility and the industry's capital intensive nature can lead to
negative FCF and erode liquidity positions across the board. Price
volatility is also present in the Brazilian ethanol market
following Petrobras's fuel policy of setting domestic gasoline
prices on a daily basis. S&E companies' performance is also
affected by weather conditions and their impact on yields and cost
dilution. Other risks include the FX exposure due to Jalles
Machado's export orientation.

DERIVATION SUMMARY

Jalles Machado has a robust business model, with low cash cost
structure and differentiated product portfolio, which enables the
company to generate resilient CFFO and above average operating
margins in an industry characterized by intense price volatility
and performance exposure to weather conditions. While access to
liquidity in the industry is typically scarce, Jalles Machado
differentiates itself through its proven track record and ability
to access different sources of finance.

Jalles Machado's IDR is positioned at the same level as Tereos
Union de Cooperatives Agricoles a Capital Variable (Tereos; IDR
BB-/Stable) due to Tereos's strong business model underpinned by
high degree of geographic and product diversification and capacity
to use raw materials from many different sources and countries,
tempered by Tereos' higher leverage. Jalles Machado's ratings are
one notch above Corporacion Azucarera del Peru S.A. (Coazucar, IDR
B+/Stable) due to Coazucar's weaker and more volatile performance,
high leverage and weak liquidity position that it is primarily
bolstered by its shareholders. Despite Biosev S.A. (IDR B+/Stable)
position as the second largest S&E producer in Brazil, the company
has important challenges to improve operating efficiency, and
agricultural yields and cash cost are weaker than Jalles Machado.
Biosev also benefits from its affiliation with Louis Dreyfus
Company. Jalles Machado is also rated above Usina Santo Angelo
Ltda. (USA, A-(bra)/Stable) given its larger scale, better product
mix and superior financial flexibility.

KEY ASSUMPTIONS

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

  -- Average raw sugar prices of USD14 cents/pound for the next
four years including polarization premium for Brazilian sugar.
Fitch projections assume organic sugar will keep paying high
premiums compared to VHP and crystal sugar.

  -- Average Brent crude prices of USD65/b in 2019 and USD62.5/b in
2020. The combination of oil prices and the FX rate will lead
Petrobras to keep adjusting domestic gasoline prices, directly
affecting hydrous and anhydrous ethanol prices.

  -- Average FX rate of BRL3.90/USD.

  -- Crushed volumes flat at 4.6 million tons from 2019/2020 on
with agricultural yields at the historical levels.

  -- While 60% of all sucrose its expeted to be diverted into
ethanol, Fitch expects Jalles Machado to maximize white and organic
sugar as much as possible. Fitch expects Jalles to report average
sales volumes of 2.5 million bags and 1.7 million bags,
respectively, as from FY20.

  -- Average capex of BRL390 million as from FY20. CAPEX is
estimated at BRL420 million in FY19.

  -- Dividends of 20% of net profts as from FY21. Fitch expects
dividends of BRL8.6 million for FY19.

RATING SENSITIVITIES

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

  -- An upgrade of the IDR is unlikely in the medium term due to
intrinsically high volatility and funding limitations in this
sector.

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

  -- Net adjusted debt to EBITDAR above 3.0x on a sustainable
basis;

  -- Consistently negative FCF;

  -- Any signs of deterioration in financial flexibility.

LIQUIDITY

Comfortable Liquidity: Fitch expects Jalles Machado to report cash
and short-term debt of BRL425 million and BRL205 million,
respectively, in fiscal year ended March 31, 2019, resulting in
robust cash to short-term debt coverage ratio of over 2.0x. The
strong cash position of BRL394 million in the third quarter of
fiscal 2019, exceeding short-term debt of BRL319 million,
incorporated the sale of 60% participation in the cogeneration
asset located at the Jalles Machado mill to Albioma Participaoes do
Brasil (Albioma) for BRL66 million. Jalles Machado has an extended
debt amortization profile, with BRL309 million of debt maturing
during 2020 and BRL372 million during 2021. Fitch expects the
company to use FCF generation to amortize part of debt maturities.
Jalles Machado also has good access to long-term financing in the
domestic banking and capital markets.

Liquidity also benefitted from the company's strategy to accelerate
ethanol sales in November in order to capitalize on the biofuel's
relatively high market prices. This strategy proved to pay off
considering the decline in ethanol prices seen in January and
February of 2019 in the State of Goias. In volume terms Jalles
Machado reported a 45% decline in ethanol inventories in Dec 31
2018 compared to the same period of previous year. Overall,
inventories at market value amounted to BRL329 million as of 3Q19,
down 5% from 3Q18.

FULL LIST OF RATING ACTIONS

Jalles Machado S.A

Fitch has affirmed the following ratings

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

  -- Long-Term Local Currency IDR at 'BB-'.

Fitch has upgraded the following rating:

  -- Long-Term National Scale Rating to 'A+(bra)' from 'A(bra)'.

The Rating Outlook is Stable.



===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Eyes Grid Fix With US$600MM From China
----------------------------------------------------------
Dominican Today reports that the draft for the US$600 million
financing agreed with China's government last November in Shanghai
to be used to rebuild the electricity grid isn't ready yet.

They're working on it, however, according to government sources who
revealed that a National Palace meeting dealt with the financing,
according to Dominican Today.

Currently, the Dominican Government continues to work on the
project to then send it to Congress and for the funds to enter the
economy, through the State Electric Utility (CDEEE), the report
notes.

During the meeting in Shanghai, Dominican officials affirmed that
the interest rate will be preferential and between 2% and 3%, 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: Rum Makers to Fight Tax Dodgers
---------------------------------------------------
Dominican Today reports that rum distillers praised Internal Taxes'
(DGII) high security measure to combat evasion and the black market
in alcohols, beers and cigars, through the "Control and
Trazabilization System."

The Dominican Rum Producers Association (Adopron) said they'll
support the DGII to combat bootleg alcoholic beverages, according
to Dominican Today.

"The members of this guild will collaborate with the collecting
entity in the implementation of this initiative, confident of its
compliance by all actors in the alcoholic beverage sector,
regardless of the tax regime in which they operate," said Adopron
president Mario Pujol, the report notes.

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

DOMINICAN REPUBLIC: Sluggish Economic Trend Concerns Experts
------------------------------------------------------------
Dominican Today reports that the current economic slowdown concerns
economists of the State University UASD, who cautioned that if the
trend continues, growth would reach only 4% by 2023.

"If by 2023 the economy falls to a growth that we estimate of 4%,
we'll face difficulties in meeting international commitments," said
Juan Del Rosario, of the UASD Economic Faculty, according to
Dominican Today.

"After weighing the risk, the downward trend in the projected real
GDP growth rate for 2019 for the Dominican economy is explained by
the global uncertainty related to the moderate slowdown in the
economy of the United States, which grew 3.0% in 2018 and is
projected to be 2.7% in 2019, in the European Union and in mainland
China," indicates the report by Del Rosario and researchers Eduardo
Vasquez, Teresa Amelia Pelletier and Juan Leonel, the report
notes.

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



=====================
E L   S A L V A D O R
=====================

TITULARIZADORA DE DPRS: Fitch Rates Series 2019-1 Notes 'BB-'
-------------------------------------------------------------
Fitch Ratings has affirmed the outstanding series issued by
Titularizadora de DPRs Limited. Fitch has also assigned final
ratings to the up to USD85 million series 2019-1 variable funding
loan to be issued under the same program considering a maximum
program size of USD150 million.

The future flow program is backed by existing and future U.S.
dollar-denominated diversified payment rights (DPRs) originated by
Banco Cuscatlan de El Salvador, S.A. (BC). The majority of DPRs are
processed by designated depository banks (DDBs) that have signed
acknowledgement agreements (AAs).

The series 2019-1 variable fund loan closed on April 2, 2019 and is
expected to fund in one single drawdown during the next 12 months
known as the commitment period. Upon the funding of the 2019-1
series, the total program size will be approximately USD150
million. Fitch's ratings address timely payment of interest and
principal on a quarterly basis.

KEY RATING DRIVERS

Originator's Credit Quality: The rating of the transaction is tied
to the credit quality of the originator, BC's Long-Term (LT) Issuer
Default Rating (IDR) is limited by El Salvador's Country Ceiling of
'B' and is driven by the potential support that Fitch believes BC
would receive from its shareholder, Grupo Terra, if needed. Fitch's
assessment of the group's financial ability is strongly linked to
that of Petroholding, S.A. de C.V.

Going Concern Assessment (GCA): Fitch uses a GCA score to gauge the
likelihood that the originator of a future flow transaction will
stay in operation throughout the transaction's life. Fitch assigned
BC a going concern assessment (GCA) score of 'GC2' based on the
bank's moderate systemic importance and potential support from
Petroholdings, allowing for a maximum uplift of four notches.
However, Fitch tempers notching uplift for this transaction taking
into account the constraints.

Uplift from LT IDR: The GCA score of 'GC2' allows for a maximum
uplift of four notches from the originator's IDR, but uplift is
tempered to two notches due to factors mentioned below, including
that BC's IDR is support-driven, the program size as a percentage
of non-deposit funding, the potential exposure to diversion risk
and El Salvador's lack of last resort lender.

Future Flow Debt Size: Considering the maximum program size of
USD150 million, BC's total outstanding future flow debt is
estimated to represent around 11% of the bank's consolidated
liabilities and 60% of non-deposit funding. While Fitch considers
these ratios adequate enough to differentiate the credit quality of
the transaction from the originator's LT IDR, the future flow debt
size is a constraint on the DPR rating.

Strong Program Performance: The reported quarterly maximum debt
service coverage ratio (DSCR) has been close to 70x on average
since the 2016 disbursement. BC's DPR business line is supported by
the bank's well-regarded franchise, branch network, and
longstanding relationships with key corporate clients.

Potential Redirection/Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until
collection of periodic debt service amount. In Fitch's view,
diversion risk is partially mitigated by the acknowledgments signed
by two designated depositary banks (DDBs). The largest DDB,
Citibank N.A., has been processing more than 80% of DPR flows this
past year. While the trend is decreasing, Fitch believes the DDB
concentration still exposes the transaction to a higher degree of
diversion risk than other Fitch-rated Central American DPR
programs. The future flow rating reflects this exposure.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the performance
of BC. The future flow ratings are sensitive to changes in the
credit quality of Banco Cuscatlan de El Salvador, S.A., the ability
of the DPR business line to continue operating (as reflected by the
GCA score) and the performance of the DPR program. A downgrade of
the bank's IDRs may trigger a downgrade to the future flow ratings.
In addition, severe reductions in coverage levels or an increase in
the level of future flow debt as a percentage of the bank's
liabilities could result in rating downgrades.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

Fitch has affirmed the following rating:

  -- Series 2016-1 due 2021 at 'BB-'; Outlook Stable.

Fitch has assigned the following final rating:

  -- Series 2019-1 due 2024 'BB-'; Outlook Stable.



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

CABLE & WIRELESS: Fitch Rates Proposed $400MM Notes 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB-'/'RR4' to Cable &
Wireless Communications Limited (CWC) proposed USD400 million notes
issuance due 2027. The notes will be issued out of Sable
International Finance Limited (SIFL), an indirect subsidiary of
CWC. The notes will be guaranteed on a senior basis by CWC, Cable &
Wireless Limited, as well as other guarantors in the CWC corporate
structure. The proceeds from the notes will be used to partially
refinance an existing term loan, as well as partially repay
existing SIFL unsecured notes.

CWC's ratings reflect its leading market positions across
well-diversified operating geographies and offerings, underpinned
by solid network competitiveness. The long-term growth
opportunities for data use and the concentrated nature of these
markets -- often with only one major competitor -- provide
additional support for the 'BB-' ratings. Further factored in the
ratings are the company's strong liquidity position and manageable
debt amortization schedule. Pressured growth in its mobile and
fixed-voice segments due to unfavorable near-term industry trends,
high leverage, and cash flow leakage remain credit concerns that
constrain the rating at 'BB-'.

KEY RATING DRIVERS

Strong Diversified Operator: The company's operations are well
diversified into mobile and fixed services, and it has the No. 1 or
No. 2 market position in the majority of its markets. The company's
revenue mix per service is well balanced, with mobile accounting
for 29% of total sales during 2018, fixed-line at 24%, and business
to business services (B2B) at 46% of revenues. The company's
geographic diversification is also solid, with a substantial fixed
and mobile presence in line operations in both Panama and Jamaica,
which together account for approximately 77% of mobile and 49% of
fixed subscribers. Finally, the company's B2B and subsea networks
across the Caribbean provide strong growth prospects.

Favorable Market Structure: The market structure in the Caribbean
is mostly a duopoly between CWC and Digicel Group Limited
(Digicel). Due to Digicel's stressed capital structure, pricing is
expected to remain rational in the near term and Fitch does not
believe the risk of a sizable new entrant to be high, given the
relatively small size of each market amid the increasing market
maturity, especially for mobile services. Under this environment,
Fitch expects the company's market positions to remain stable over
the medium term. CWC's continued high investment for network
upgrades should bode well for its network competitiveness in the
coming years.

High Leverage: Fitch expects that EBITDA leverage will likely
remain above 4.0x in the medium term, as CWC employs a leveraged
equity return model, where excess cash is upstreamed to parent
company LLA for dividends and/or M&A activity. Fitch expects
leverage should remain below recent highs following an aggressive
investment cycle during a period of stagnant cash flows. Fitch
forecasts modest EBITDAR (subtracting for dividends paid to
minority shareholders) growth and average capex of approximately
USD350 million-USD400 million, which should result in improved FCF.


Stagnant Cash Flow: Fitch believes that CWC's broadband and managed
services segments will be the main growth drivers backed by its
increasing subscriber base and relatively low service penetrations,
and growing corporate/government clients' IT service demands. Fitch
does not expect data ARPU improvements in the mobile segment to
fully mitigate voice ARPU trends. Legacy fixed-voice revenue
erosion is also unlikely to abate due to waning demand given cheap
mobile voice or Voice-over-internet-protocol (VoIP) services.

Potential Refinancing and Restructuring Activities: CWC intends to
simplify its capital structure in the future in a manner that would
lead to the creation of a new holding company, as well as the
refinancing of all existing CWC senior notes. Fitch expects the
group to continue holding debt through its credit facilities at
SIFL and Coral-US Co-Borrower LLC (Coral), as well as the proposed
SIFL notes, and the SPV notes. The group's SPV notes have been
structured in a manner that would allow them to be moved to the new
holding company. At that time, the SPV notes would be both
subordinated to CWC's credit facilities, including its Term Loan
B-4 (TLB), revolving credit facility (RCF), the proposed notes, and
operating company debt, and would likely be downgraded, based on
their diminished recovery prospects.

Capped Recovery Ratings: The ratings have been capped at 'RR4' due
to Fitch's Country-Specific Treatment of Recovery Rating Criteria,
which does not allow uplift for issuance of by companies that
operate in countries where concerns exists about whether the law is
supportive of creditor rights, and/or where there is significant
volatility in the enforcement of the law and legal claims.

DERIVATION SUMMARY

CWC's leading market position and diversified operations and
relatively stable EBITDA generation compare in line or favourably
against other regional telecom operators in the 'BB' category. This
strength is offset by its higher leverage than most peers in the
'BB' rating category, as well as LLA's financial strategy, which
could limit any material deleveraging. The company's overall
financial profile is stronger than its regional competitor, Digicel
Group Limited (B-/Stable), which recently restructured its debt.
The company has a weaker financial profile and higher leverage than
Millicom Group (BB+/Stable), which supports a multi-notch
differential.

No country ceiling, parent-subsidiary linkage, or operating
environment aspects impact the ratings.

KEY ASSUMPTIONS

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

  -- Low single-digit revenue growth, primarily driven by B2B
segment as residential revenue growth remains stagnant;

  -- EBITDA margin to remain stable at 35% in medium term;

  -- Capex to sales ratio of 15%-17% in the medium term.

For the purposes of projecting recovery rates, Fitch makes
estimates for maintenance capex, interest and rent payments.
Stressed EBITDA from operating entities in Panama and the Bahamas
have been excluded from the recovery analysis, based on CWC's
minority ownership stake and expected treatment in a default
scenario. Fitch uses a 5.5x multiple, based on historical precedent
and the duopoly structure in CWC's main markets.

RATING SENSITIVITIES

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

  -- A positive rating action is not like to occur given
management's history of maintaining moderately high levels of
leverage, which have been in excess of 4.0x.

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

  -- Sustained EBITDAR-based adjusted net leverage ratios above
5.0x;

  -- An erosion of the company's strong business position or
liquidity position.

LIQUIDITY

CWC's liquidity profile is sound, backed by its long-term debt
maturities profile, relatively stable operational cash flow
generation, as well as committed revolving credit facility. As of
Dec. 31, 2018, the company held cash and equivalents of USD416
million, against current portion of debt and capital leases of
USD201 million. Since that time, the group has completed the
repayment of the 2019 Sterling bonds (USD107 million), issued an
additional USD300 million of SPV notes due 2027, and partially
repaid USD115 million of existing SIFL notes.

The proceeds from the proposed transaction would be used to
continue paying down SIFL debt, as well as the company's Term Loan
B-4 facility. Fitch expects cash and cash equivalents of USD314
million following the proposed transaction.

The company has an undrawn USD625 million revolving credit facility
due 2023, which bolsters its financial flexibility. The company has
good access to international capital markets, when in need of
external financing.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following rating:

Sable International Finance Limited

  -- USD400 million senior notes due 2027 'BB-'/'RR4'.

CABLE & WIRELESS: Moody's Rates Proposed $400MM Sr. Sec. Notes Ba3
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the proposed
USD400 million senior secured notes due 2027, to be issued by Sable
International Finance Limited (SIFL), an indirect wholly-owned
subsidiary of Cable & Wireless Communications Limited (CWC). At the
same time, Moody's has affirmed the Ba3 corporate family rating
(CFR) of CWC, and the ratings of all other debt instrument ratings
within the group. The outlook on all ratings is stable.

CWC will use the issuance proceeds to repay USD150 million of its
existing 2022 notes at SIFL (rated B2) and about USD235 million of
its existing term loan (rated Ba3), and pay fees and expenses
related to the issuance and debt repayments.

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

The following rating actions were taken:

Assignment:

Issuer: Sable International Finance Limited

USD400 million Senior Secured Regular Bond/Debenture, Assigned Ba3

Affirmations:

Issuer: Cable & Wireless Communications Limited

Corporate Family Rating, Affirmed Ba3

Issuer: CORAL-US CO-BORROWER LLC

Senior Secured Bank Credit Facility, Affirmed Ba3

Issuer: Sable International Finance Limited

Senior Secured Bank Credit Facility, Affirmed Ba3

Senior Unsecured, Affirmed B2

Issuer: C&W Senior Financing Designated Activity

Senior Unsecured, Affirmed B2

Rating withdrawn:

Issuer: Cable & Wireless Communications Limited

Probability of Default Rating, previously rated Ba3-PD

Outlook Actions:

Issuer: C&W Senior Financing Designated Activity

Outlook, Remains Stable

Issuer: Cable & Wireless Communications Limited

Outlook, Remains Stable

Issuer: CORAL-US CO-BORROWER LLC

Outlook, Remains Stable

Issuer: Sable International Finance Limited

Outlook, Remains Stable

RATINGS RATIONALE

The Ba3 rating of the proposed USD400 million senior secured notes
reflects their pari passu ranking with the existing term loan and
revolving credit facility (RCF) at SIFL, both rated Ba3. The USD400
million notes will have the same guarantors and share the same
collateral as the term loan and RCF. The USD400 million notes, as
well as the term loan and RCF, rank ahead of the 2026 and 2027
notes issued by C&W Senior Financing Designated Activity Company
and the 2022 notes issued by SIFL, all rated B2. The issuance
proceeds will serve to repay a portion of the group's term loan
rated Ba3 and a portion of the 2022 notes rated B2 and will not
materially change the proportion of debt of each class, leaving
notching unchanged.

Proceeds of the USD400 million issuance will essentially be used to
repay existing debt of the group and has therefore no material
impact on the group debt level.

The affirmation of CWC's Ba3 corporate family rating reflects its
effective business model, strong profitability and leading market
positions throughout the Caribbean and Panama. At the same time,
the rating also takes into consideration the company's large
exposure to emerging economies, high competitive pressures in most
of its markets and its fairly high leverage (i.e. gross
debt/EBITDA, including Moody's adjustments) for the Ba3 rating, at
about 4.5x.

The stable outlook on CWC's rating reflects Moody's expectations
that the company's revenue growth will be modest, with its EBITDA
margin (including Moody's adjustments) maintained at around 40% and
liquidity remaining adequate in the next 12-18 months. The outlook
also incorporates slightly positive free cash flow for the next
12-18 months and a gradual decline in adjusted debt/EBITDA.

A rating upgrade could be considered if more conservative financial
policies lead to deleveraging to under 2.5x (adjusted debt/EBITDA)
on a consolidated basis, while maintaining a stable adjusted EBITDA
margin and generating strong positive free cash flow, all on a
sustained basis.

CWC's ratings could be downgraded if (1) the company's adjusted
debt/EBITDA remains over 4.0x (on a consolidated basis) on a
sustained basis; (2) its adjusted EBITDA margin declines toward 35%
on a sustained basis; (3) the company's market shares decline or
its liquidity position weakens; (4) it makes a large cash
distribution to its parent company.

CWC is an integrated telecommunications provider offering mobile,
broadband, video, fixed-line, business and IT services in Panama,
Jamaica, the Bahamas, Trinidad and Tobago, and Barbados in addition
to 13 other markets in the Caribbean and Seychelles. In 2018, the
company generated revenue of USD2.3 billion. CWC is a subsidiary of
Liberty Latin America Ltd., which was split off from Liberty Global
plc (Ba3 stable) on December 29, 2017, and is listed on the
NASDAQ.

Moody's has decided to withdraw the probability of default rating
for its own business reasons.

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

CABLE & WIRELESS: S&P Rates New $400MM Sec. Notes 'BB-'
-------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating on Sable
International Finance Ltd.'s new $400 million secured notes due
2027. Sable International Finance is a subsidiary of Cable &
Wireless Communications Limited (CWC; BB-/Stable/B).

S&P said, "We view the transaction to be debt neutral because CWC
will use proceeds to repay $235 million of the existing $1.875
billion term loan B-4 due 2026 at Coral-US Co-Borrower LLC, the
$150 million principal amount of its $360 million at Sable
International Finance's notes due 2022, and pay any fees in
connection with the new notes. The new notes will also have several
incurrence covenants in line with those of CWC's current notes: net
senior proportionated debt incurrence ratio of maximum of 4.0x and
net proportionated debt ratio maximum of 5.0x.

"Our ratings on CWC reflect its leading position as a wireline and
wireless telecommunications and cable TV provider in most of the
markets in which it operates; solid profitability; wide geographic,
product, and customer diversification; intense competitive
pressures; and overall relatively high country risk. The stable
outlook on CWC reflects our expectations that its performance has
recovered from damage following Hurricanes Irma and Maria in 2017.
The company bolstered its EBITDA despite the stiff competition it
continues to face in some markets. We expect CWC's adjusted debt to
EBITDA ratio to remain closer to 4.0x and funds from operations to
debt of 20%."

  RATINGS LIST

  Cable & Wireless Communications Limited   
    Issuer credit rating                 BB-/Stable/B

  Rating Assigned

  Sable International Finance Ltd.
    Senior secured                       BB-




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

GORE FREIGHT COMPANY: Hires Whitworth Law as Attorney
-----------------------------------------------------
Gore Freight Company, LLC, seeks authority from the U.S. Bankruptcy
Court for the Southern District of Texas to employ JS Whitworth Law
Firm, as attorney to the Debtor.

Gore Freight Company requires Whitworth Law to:

   (a) provide legal advice with respect to Debtor's rights and
       duties as debtor-in-possession and continued business
       operations;

   (b) assist, advise and represent the Debtor in analyzing the
       Debtor's capital structure, investigating the extent and
       validity of liens, cash collateral stipulations or
       contested matters;

   (c) assist, advise and represent the Debtor in post-petition
       financing transactions;

   (d) assist, advise and represent the Debtor in the sale of
       certain assets;

   (e) assist, advise and represent the Debtor in the formulation
       of a disclosure statement and plan of reorganization and
       to assist the Debtor in obtaining confirmation and
       consummation of a plan of reorganization;

   (f) assist, advise and represent the Debtor in any manner
       relevant to preserving and protecting the Debtor's estate;

   (g) investigate and prosecute preference, fraudulent transfer
       and other actions arising under Debtor's bankruptcy
       avoiding powers;

   (h) prepare on behalf of the Debtor all necessary
       applications, motions, answers, orders, reports, and other
       legal papers;

   (i) appear in Court and to protect the interests of the Debtor
       before the Court;

   (j) assist the Debtor in administrative matters;

   (k) perform all other legal services for the Debtor which may
       be necessary and proper in these proceedings;

   (l) assist, advise and represent the Debtor in any litigation
       matters, including, but not limited to, adversary
       proceedings;

   (m) continue to assist and advise the Debtor in general
       corporate and other matters related to the successful
       reorganization of the Debtor; and

   (n) provide other legal advice and services, as requested by
       the Debtor, from time to time.

Whitworth Law will be paid at these hourly rates:

         Attorney                 $300
         Legal Assistants         $125

The Debtor paid Whitworth Law the sum of $20,000: (i) with an
initial payment for a comprehensive bankruptcy analysis of $2,278
(fees of $2,250 and expenses of $28); (ii) $1,7170 to be applied to
the filing fee; and (iii) the balance of $16,005, deposited into
the attorney fee retainer held in the Firm's Trust Account.

Whitworth Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Jana Smith Whitworth, a partner at JS Whitworth Law Firm, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Whitworth Law can be reached at:

     Jana Smith Whitworth, Esq.
     JS WHITWORTH LAW FIRM, PLLC
     P.O. Box 2831
     McAllen, TX 78502
     Tel: (956) 371-1933
     Fax: (956) 265-1753
     E-mail: jana@jswhitworthlaw.com

                  About Gore Freight Company

Gore Freight Company, LLC is a general freight trucking company
specializing in the delivery and shipments between Mexico, the
United States, and Canada. The Company offers door-to-door
delivery, cross-border shipping, fleet service, trans-loading,
bonded freight services, and cross-docking.
http://www.gorefreight.com/

Gore Freight Company, LLC, based in San Juan, TX, filed a Chapter
11 petition (Bankr. S.D. Tex. Case No. 19-70090) on March 20, 2019.
In the petition signed by Eduardo Castano, member, the Debtor
disclosed $2,241,213 in assets and $1,917,084 in liabilities.  The
Hon. Eduardo V. Rodriguez oversees the case.  Jana Smith Whitworth,
Esq., at JS Whitworth Law Firm, serves as bankruptcy counsel.



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

FERMARALIZ CORP: Seeks to Hire Fraticelli as Accountant
-------------------------------------------------------
Fermaraliz Corp has filed an amended application with the U.S.
Bankruptcy Court for the District of Puerto Rico seeking approval
to hire Cynthia Garcia Fraticelli, as accountant to the Debtor.

Fermaraliz Corp requires Fraticelli to:

   -- prepare its monthly operating reports and periodic
      statements of its operations;

   -- represent the Debtor in tax investigation; provide tax and
      management counseling;

   -- prepare tax returns; and

   -- provide other accounting services necessary to administer
      its bankruptcy estate.

Fraticelli will be paid $150 per month.

Fraticelli will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Fraticelli assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their/its estates.

Fraticelli maintains an office at:

     Cynthia I. Garcia Fraticelli
     Urb. Bella Vista
     4111 Calle Nuclear
     Ponce, PR 00716
     Tel: (787) 613-0411
     Fax: (787) 812-3409

                      About Fermaraliz Corp.

Fermaraliz Corp., based in Coamo, PR, filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 18-06456) on Nov. 1, 2018.  In the petition
signed by Jose F. Espada Colon, president, the Debtor disclosed
$389,300 in assets and $1,046,703 in liabilities.  The Hon. Edward
A. Godoy oversees the case.  Modesto Bigas Mendez, Esq., at Modesto
Bigas Law Office, is the Debtor's bankruptcy counsel.

KONA GRILL: BBS-Zheng Group Has 37.3% Stake as of March 27
----------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of common stock of Kona Grill, Inc. as of March 27, 2019:

                                    Shares       Percent
                                 Beneficially      of
  Reporting Person                   Owned       Class
  ----------------               ------------   ---------
BBS Capital Fund, LP              1,330,000        10%
BBS Capital Management, LP        1,330,000        10%
BBS Capital GP, LP                1,330,000        10%
BBS Capital, LLC                  1,330,000        10%
Berke Bakay                       2,290,581        17.2%
Bakay Family Trust                  152,602        1.2%
Zheng, Nanyan                     2,701,261        20.3%
Ahwanova Limited                  2,651,261        19.99%
Wisdom Sail Limited               2,651,261        19.99%
Audrey & Aaron Holdings Limited   2,651,261        19.99%

This Schedule 13D is being filed jointly by the BBS-Zheng Reporting
Persons pursuant to Rule 13d-1(k) promulgated by the SEC under
Section 13 of the Securities Exchange Act of 1934, as amended.  The
BBS-Zheng Reporting Persons are making this single joint filing
because they may be deemed to constitute a "group" within the
meaning of Section 13(d)(3) of the Exchange Act with respect to the
transactions described in Item 4 of this statement.  The "group"
may be deemed to beneficially own the total of 4,991,842 shares of
Common Stock beneficially owned by all the BBS-Zheng Reporting
Persons, or 37.3% of the outstanding shares of Common Stock.

A full-text copy of the regulatory filing is available for free
at:

                    https://is.gd/AeneL4

                      About Kona Grill

Headquartered in Scottsdale, Arizona, Kona Grill, Inc. --
http://www.konagrill.com/-- currently owns and operates 44
restaurants in 22 states and Puerto Rico.  Its restaurants feature
a global menu of contemporary American favorites, award-winning
sushi and craft cocktails.  Additionally, Kona Grill has two
restaurants that operate under a franchise agreement in Dubai,
United Arab Emirates, and Vaughan, Canada.

Kona Grill incurred a net loss of $23.43 million in 2017 and a net
loss of $21.62 million in 2016.  As of Sept. 30, 2018, Kona Grill
had $78.59 million in total assets, $75.74 million in total
liabilities, and $2.84 million in total stockholders' equity.

The Company has incurred losses resulting in an accumulated deficit
of $88.5 million and outstanding borrowings under a credit facility
of $33.5 million as of Sept. 30, 2018.  As of Sept. 30, 2018, the
Company has cash and cash equivalents and short-term investment
balance totaling $4.0 million and net availability under the credit
facility of $2.2 million, subject to compliance with certain
covenants.  The Company has implemented various initiatives to
increase sales and reduce costs to increase profitability.

"Management expects to utilize existing cash and cash equivalents
and short-term investments, along with cash flow from operations,
and the available amounts under the credit facility, to provide
capital to support the business, to maintain and refurbish existing
restaurants, and for general corporate purposes.  Any reduction of
cash flow from operations or an inability to draw on the credit
facility may cause the Company to take appropriate measures to
generate cash.  The failure to raise capital when needed could
impact the financial condition and results of operations.

Additional equity financing, to the extent available, may result in
dilution to current stockholders and additional debt financing, if
available, may involve significant cash payment obligations or
financial covenants and ratios that may restrict the Company's
ability to operate the business.  There can be no assurance that
the Company will be successful in its plans to increase
profitability or to obtain alternative capital and financing on
acceptable terms, when required or if at all," the Company stated
in its Quarterly Report for the period ended Sept. 30, 2018.

KONA GRILL: Hires Financial Advisor to Evaluate Alternatives
------------------------------------------------------------
Kona Grill, Inc. has retained Piper Jaffray as its financial
advisor to assist the Company in exploring and evaluating potential
strategic alternatives focused on maximizing stockholder value such
as a sale of the Company, merger, financing transactions, or other
potential alternatives, according to a Form 8-K filed with the
Securities and Exchange Commission.

                       Director Appointment

Shawn Hassel was appointed to Kona Grill's Board of Directors,
effective March 21, 2019.  Mr. Hassel is the co-founder and
managing partner of Bestige Holdings, LLC, a private investment
firm focused on building and developing a portfolio of debt and
long-term equity investments in high potential businesses.  Prior
to founding Bestige in 2016, Mr. Hassel was a managing director
with Alvarez & Marsal where he led the Phoenix Turnaround and
Restructuring Practice. Before joining A&M in 2001, Mr. Hassel was
a senior director with the Corporate Finance and Restructuring
practice of Arthur Andersen. He has served and continues to serve
as a member of multiple boards. Mr. Hassel earned a bachelor's
degree in finance and accounting from the University of Arizona.
Mr. Hassel will serve as Chair of the Company's Strategic
Alternatives Committee, utilizing his experience to advise the
Company in reviewing certain strategic alternatives for the purpose
of maximizing the enterprise value of the Company.
Mr. Hassel is to receive $50,000 for his first month of service on
the Board of Directors, with a minimum of $25,000 for each month
thereafter.  Mr. Hassel is to receive no less than $150,000 for his
services.

                       Officers' Resignations

Marcus Jundt informed the Company on March 22, 2019, that he was
resigning as chief executive officer and as a director effective
March 31, 2019.  The Company's Board of Directors agreed at its
Jan. 31, 2019 Board meeting to provide Marcus Jundt, the Company's
chief executive officer, cash compensation effective Jan. 1, 2019
at the rate of $360,000 per year.  Given Mr. Jundt's resignation
effective March 31, 2019, Mr. Jundt received an aggregate of
$90,000 pursuant to this annual cash compensation.

Berke Bakay, the Company's executive chairman, informed the Company
on March 27, 2019, that he was resigning as the Company's executive
chairman effective immediately.

Alex Nanyan Zheng informed the Company on March 27, 2019 that he
was resigning as a director effective immediately.

The Company's Board of Directors resumed the annual cash retainer
of $30,000 for each non-employee director, except for Shawn Hassel,
and resumed the annual cash retainer for the Chairperson of the
Audit Committee of $10,000 and Chairperson of the Compensation
Committee to $5,000.

On March 24, 2019, Kona Grill, Inc. and Continental Stock Transfer
& Trust Company entered into Amendment No. 2 to Rights Agreement
which amended the Final Expiration Date of that Plan from Sept. 6,
2019 to March 24, 2019.  A full-text copy of the Amended Agreement
is available for free at: https://is.gd/SpBCFz

                       About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona Grill,
Inc. -- http://www.konagrill.com/-- currently owns and operates 44
restaurants in 22 states and Puerto Rico.  Its restaurants feature
a global menu of contemporary American favorites, award-winning
sushi and craft cocktails.  Additionally, Kona Grill has two
restaurants that operate under a franchise agreement in Dubai,
United Arab Emirates, and Vaughan, Canada.

Kona Grill incurred a net loss of $23.43 million in 2017 and a net
loss of $21.62 million in 2016.  As of Sept. 30, 2018, Kona Grill
had $78.59 million in total assets, $75.74 million in total
liabilities, and $2.84 million in total stockholders' equity.

The Company has incurred losses resulting in an accumulated deficit
of $88.5 million and outstanding borrowings under a credit facility
of $33.5 million as of Sept. 30, 2018.  As of Sept. 30, 2018, the
Company has cash and cash equivalents and short-term investment
balance totaling $4.0 million and net availability under the credit
facility of $2.2 million, subject to compliance with certain
covenants.  The Company has implemented various initiatives to
increase sales and reduce costs to increase profitability.

"Management expects to utilize existing cash and cash equivalents
and short-term investments, along with cash flow from operations,
and the available amounts under the credit facility, to provide
capital to support the business, to maintain and refurbish existing
restaurants, and for general corporate purposes.  Any reduction of
cash flow from operations or an inability to draw on the credit
facility may cause the Company to take appropriate measures to
generate cash.  The failure to raise capital when needed could
impact the financial condition and results of operations.

Additional equity financing, to the extent available, may result in
dilution to current stockholders and additional debt financing, if
available, may involve significant cash payment obligations or
financial covenants and ratios that may restrict the Company's
ability to operate the business.  There can be no assurance that
the Company will be successful in its plans to increase
profitability or to obtain alternative capital and financing on
acceptable terms, when required or if at all," the Company stated
in its Quarterly Report for the period ended Sept. 30, 2018.



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

VENEZUELA: Locals Break Through Blockade on Bridge to Colombia
--------------------------------------------------------------
Spain's News reports that hundreds of Venezuelans crossed the Simon
Bolivar international bridge, which communicates the state of
Tachira with Cucuta, after breaking the security barriers of the
Bolivarian National Guard (GNB, militarized police) to reach
Colombian territory.

The people were dammed at the border of their country because they
could not go through the trails, which were flooded by the rising
Tachira River, so they threw themselves on the containers that the
president of Venezuela, Nicolas Maduro, had placed to obstruct the
bridge, according to Spain's News.

In this regard, the director of Migration Colombia, Christian
Kruger, blamed the Government of Maduro and the GNB "against what
may happen to the people who daily travel between Colombia and
Venezuela, due to the blockades" at the border crossings, the
report notes.

"As we had said almost a month ago, the decision of the usurper
Maduro to block bridges with containers and restrict the passage of
people through them, all he does is encourage irregularity," Kruger
told reporters, the report relays.

Spain's News discloses that many of the people climbed into the
cargo containers that were located on the Venezuelan side on
February 27 and that block the center of the bridge that connects
the Colombian city of Cucuta with the Venezuelan city of San
Antonio.

Four days earlier, Maduro broke relations with Colombia and closed
the three border crossings with Cucuta after the frustrated attempt
of opposition leader Juan Guaido, recognized by more than 50
countries as interim president of Venezuela, to bring humanitarian
aid, an initiative that ended in an outbreak of violence, the
report says.

Faced with this situation, thousands of people are daily engaged in
illegal steps, known as trails, seeking supplies in Colombia of
food, medicine and hygiene products, the report relays.

Mr. Kruger said that "Venezuelans have been forced to go on the
trails to cross into Colombia and back to their country," where
"not only are victims of bribery by the Bolivarian National Guard,
but now, in addition, They expose their life in front of the
torrential waters of the Tachira River," the report notes.

"Maduro is playing with the lives of Venezuelans and this must be
rejected by the international community," the official said, the
report discloses.

On March 15, the Colombian Police implemented controls for migrants
crossing the illegal crossings, the report says.

As part of the operation, they are tracking antecedents, "verifying
the legality of their identity documents, and is verifying what
elements they bring," then explained to reporters the Metropolitan
Police Commander of Cucuta, Colonel Jose Luis Palomino, the report
adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in May 2018 removed its long- and short-term local
currency sovereign credit ratings on Venezuela from CreditWatch
with negative implications and affirmed them at 'CCC-/C'. The
outlook on the long-term local currency rating is negative. At the
same time, S&P affirmed its 'SD/D' long- and short-term foreign
currency sovereign credit ratings on Venezuela.  S&P's transfer and
convertibility assessment remains at 'CC'.

VENEZUELA: President Sacks Minister Amid Power Outages
------------------------------------------------------
EFE News reports that President Nicolas Maduro has fired Electric
Energy Minister Gen. Luis Motta Dominguez and replaced him with
Igor Gavidia, an engineer whose top priority will be dealing with
the continuing power outages across Venezuela.

"I want to thank comrade . . . Motta Dominguez, who has gone
through four years of constant wars at the head of the Electricity
Ministry and Corpoelec.  I have asked him to rest for a while, I
have asked him to prepare for other responsibilities in the field
of revolution," Mr. Maduro said, according to EFE News.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in May 2018 removed its long- and short-term local
currency sovereign credit ratings on Venezuela from CreditWatch
with negative implications and affirmed them at 'CCC-/C'. The
outlook on the long-term local currency rating is negative. At the
same time, S&P affirmed its 'SD/D' long- and short-term foreign
currency sovereign credit ratings on Venezuela.  S&P's transfer and
convertibility assessment remains at 'CC'.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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