TCRLA_Public/190426.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, April 26, 2019, Vol. 20, No. 84

                           Headlines



B E R M U D A

TEEKAY CORP: Moody's Rates New Sr. Secured Notes Due 2024 'B2'


C A Y M A N   I S L A N D S

AYTU BIOSCIENCE: Armistice Capital Has 41.1% Stake as of April 18


D O M I N I C A N   R E P U B L I C

PUNTA CATALINA PLANT: Contractor Claims More Than RD$8,700MM Loss
PUNTA CATALINA PLANT: Supplies 210MW to National Grid


E C U A D O R

ECUADOR: To Strengthen Fiscal Sustainability With $500MM-IDB Loan


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Alters Outlook on BB+/BBB- IDRs to Neg.
CEMENTOS PROGRESO: Fitch Alters Outlook on 'BB+' FC IDR to Negative


P E R U

RUTAS DE LIMA: S&P Affirms 'BB' Rating on Sr. Secured Notes


P U E R T O   R I C O

LUBY'S INC: Posts $6.6MM Net Income for Qtr. Ended March 2019


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Oil Revenue Under New Threat


U R U G U A Y

BANCO DE LA NACION: Fitch Affirms 'B' LongTerm IDRs, Outlook Neg.
PROVINCIA CASA: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative

                           - - - - -


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B E R M U D A
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TEEKAY CORP: Moody's Rates New Sr. Secured Notes Due 2024 'B2'
--------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Teekay
Corporation's proposed senior secured notes due in 2024.
Concurrently, Moody's affirmed Teekay's B3 Corporate Family Rating
and SGL-3 Speculative Grade Liquidity rating, denoting adequate
liquidity. The outlook is stable.

Proceeds of the new senior secured notes along with about $155
million in cash are anticipated to partially refinance the senior
unsecured bonds due in January 2020 (of which about $500 million
remain outstanding) and cover transaction fees and expenses. The
Caa1 rating on the senior unsecured 2020 bonds is unchanged at this
time.

RATINGS RATIONALE

The affirmation of the B3 CFR considers Teekay's significant market
position in its respective shipping segments, its financial profile
and stabilizing to improving industry fundamentals. It also
reflects Moody's expectation of an adequate liquidity profile that
should cover the Parent's now reduced near term debt obligations
and G&A expenses. The liquidity profile is supported by
Parent-level pro forma cash balances of about $65 million and full
availability under its equity margin revolver of approximately $143
million based on current market values. Additional support is
provided by the improved cash flow generation of the Parent's
remaining (owned) operating assets, which have benefited from bonus
tariffs tied to higher production and oil prices. However, these
cash flows are volatile and vulnerable to unplanned equipment and
production challenges. With the underlying offshore and LNG markets
exhibiting signs of improvement and continued deliveries of new
builds on long term contracts that should start generating cash
flow, Teekay should de-lever from the high front-loaded debt levels
undertaken for the new build projects on a consolidated basis. The
underlying conventional tanker markets are also showing signs of
stabilization and should support an improvement in consolidated
leverage. However, a meaningful recovery seems unlikely over the
near term.

Nevertheless, the Parent's standalone ability to cover its
financial obligations remains limited by the substantial decline in
its expected aggregate cash distributions from its master limited
partnership entities. Potential distributions were lowered by the
significant dilution of the Parent's ownership interests in Teekay
Offshore Partners, L.P. ("TOO", rated B3 stable), following a
strategic sale to Brookfield Business Partners L.P in September
2017. Positively, the cash distribution from Teekay LNG Partners
L.P. will increase by 36% (to about $20 million) effective 2019 but
still far below the approximately $100 million level in 2014 (and
about $83 million in 2015). While such cash streams are not
contractually mandated, they are a major support to the rating and
are very unlikely to be restored to historical levels in the near
to intermediate timeframe. Similarly, the near-term prospects for
market values of the Parent's equity interests in the subsidiaries
recovering to restore asset coverage of Parent debt are also
unlikely. Moody's estimates Parent-level debt-to-EBITDA to remain
elevated for some time given its operating profile, albeit
improving towards the low 6x range from over 7x following the bond
refinancing, noting also it provides subsidiary guarantees of
approximately $166 million.

The stable outlook anticipates that stabilizing to improving
fundamentals in the underlying LNG and offshore markets and
upcoming project deliveries will support an improvement in the
family's cash flow generation and leverage profile. It also
reflects expectations of adequate liquidity to cover Parent
financial obligations over the next 12 months, including the
ability to address the likely remaining balance of its unsecured
2020 bonds (about $75 million pro forma) well before maturity. The
stable outlook assumes timely extension of contracts, amortization
payments and refinancing of debt maturities across the Teekay
family.

The B2 rating on the proposed senior secured notes due in 2024, one
notch above the CFR, reflects the senior position of this class of
debt relative to the senior unsecured claims in the event of a
default. The notes are expected to be secured primarily by the
Parent's remaining operating assets, comprising three floating,
production, storage and offloading (FPSO) units. The notes will
have a first priority lien on the Banff and Hummingbird FPSO units,
a negative pledge the Foinaven FPSO, all equity interests in the
FPSO-holding companies and a share pledge of all of the common
stock of Teekay Finance Limited, which owns a majority of Teekay's
equity ownership interests in the publicly traded subsidiaries.

Moody's took the following actions:

Issuer: Teekay Corporation

Assignments:

  Senior Secured Regular Bond/Debenture, assigned at B2

Affirmations:

  Corporate Family Rating, affirmed at B3

  Speculative Grade Liquidity rating, affirmed at SGL-3

Outlook Actions:

  Outlook remains stable

Upward ratings could develop with a substantial reduction in Teekay
Parent debt, supported by successful execution of its asset
disposal strategy, such that debt-to-EBITDA approaches 4x. This
would be accompanied by a meaningful increase in MLP cash
distributions that also enable Teekay Parent to comfortably cover
its debt obligations and general and administrative expenses.

The ratings could be downgraded with deteriorating liquidity or an
inability to refinance approaching Parent or subsidiary debt
maturities or to address their financial obligations on a timely
basis. Additional reductions in the cash distributions received by
Parent, an increase in its funded debt or declines in the market
capitalizations of its subsidiaries that exert pressure on the
market value of its limited or general partnership units could also
drive downwards rating pressure. Repurchases of Parent's common
shares or more aggressive financial policies could also result in
ratings pressure.

The principal methodology used in these ratings was Shipping
Industry published in December 2017.

Teekay Corporation, a Marshall Islands Corporation and
headquartered in Bermuda with executive offices in Vancouver
Canada, develops and operates projects in the marine midstream
space. It does this through its general partnership interests in
two master limited partnerships (MLPs), Teekay LNG Partners L.P.
(NYSE: TGP, unrated ) and Teekay Offshore Partners L.P. (NYSE: TOO,
rated B3 stable), its controlling ownership of Teekay Tankers Ltd.
(NYSE: TNK, unrated) and its fleet of directly-owned offshore
units. Teekay manages and operates over 200 vessels comprising
liquefied gas, offshore, and conventional tanker assets, including
vessels on order, and ownership interests in a number of joint
ventures. Consolidated revenues were approximately $1.7 billion as
of fiscal year ended December 31, 2018. Teekay Corporation is
publicly traded and the founder's charitable organization, the
Kattegat Trust, owns approximately 40% of the company through
affiliates.



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C A Y M A N   I S L A N D S
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AYTU BIOSCIENCE: Armistice Capital Has 41.1% Stake as of April 18
-----------------------------------------------------------------
Armistice Capital, LLC, Armistice Capital Master Fund Ltd., and
Steven Boyd disclosed in a Schedule 13D/A filed with the Securities
and Exchange Commission that as of April 18, 2019, they
beneficially own 5,120,064 shares of common stock of Aytu
Bioscience, Inc., representing 41.1 percent of the shares
outstanding.

Armistice Capital is an investment adviser registered with the SEC
that is principally engaged in the business of providing investment
management services to private investment vehicles, including the
Master Fund.  The principal business address of Armistice Capital
is 510 Madison Avenue, 7th Floor, New York, New York 10022.

The Master Fund is principally engaged in the business of investing
in securities.  The principal business address of the Master Fund
is c/o dms Corporate Services Ltd., 20 Genesis Close, P.O. Box 314,
Grand Cayman KY1-1104, Cayman Islands.  The board of directors of
the Master Fund consists of Steven Boyd, Kevin A. Phillip and
Gregory S. Bennett.

Steven Boyd is the managing member of Armistice Capital and a
director of the Master Fund.  Mr. Boyd's business address is 510
Madison Avenue, 7th Floor, New York, New York 10022. The funds for
the purchase of the 5,120,064 Shares beneficially owned by the
Reporting Persons came from the working capital of the Master Fund,
which is the direct owner of the Shares.  The net
investment costs (including commissions, if any) of the Shares
beneficially owned by the Reporting Persons is approximately
$2,980,000.  No borrowed funds were used to purchase the Shares,
other than any borrowed funds used for working capital purposes
(including certain leverage arrangements) in the ordinary course of
business.

A full-text copy of the regulatory filing is available for free
at:
https://is.gd/CFCjnq

                       About Aytu BioScience

Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com/-- is a commercial-stage specialty
pharmaceutical company focused on global commercialization of novel
products addressing significant medical needs.  The company
currently markets Natesto, the only FDA-approved nasal formulation
of testosterone for men with hypogonadism, ZolpiMist, an
FDA-approved, commercial-stage prescription sleep aid indicated for
the short-term treatment of insomnia characterized by difficulties
with sleep initiation, and recently acquired Tuzistra XR, the only
FDA-approved 12-hour codeine-based antitussive oral suspension.
Additionally, Aytu is developing MiOXSYS, a novel, rapid semen
analysis system with the potential to become a standard of care for
the diagnosis and management of male infertility caused by
oxidative stress.  MiOXSYS is commercialized outside of the U.S.
where it is a CE Marked, Health Canada cleared, Australian TGA
approved, Mexican COFEPRAS approved product, and Aytu is planning
U.S.-based clinical trials in pursuit of 510k de novo medical
device clearance by the FDA. Aytu's strategy is to continue
building its portfolio of revenue-generating products, leveraging
its focused commercial team and expertise to build leading brands
within large, growing markets.

Aytu Bioscience reported a net loss of $10.18 million for the year
ended June 30, 2018, compared to a net loss of $22.50 million for
the year ended June 30, 2017.  As of Dec. 31, 2018, Aytu Bioscience
had $42.39 million in total assets, $22.50 million in total
liabilities, and $19.89 million in total stockholders' equity.

EKS&H LLLP, in Denver, Colorado, the Company's auditor since 2015,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended June 30, 2018,
citing that the Company has suffered recurring losses from
operations and has an accumulated deficit that raise substantial
doubt about its ability to continue as a going concern.




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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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PUNTA CATALINA PLANT: Contractor Claims More Than RD$8,700MM Loss
-----------------------------------------------------------------
Listin Diaro reports that the Odebrecht-Tecnimont-Estrella
consortium, which is responsible for the construction of the Punta
Catalina Thermoelectric Power Plant, alleged losses at the close of
fiscal year 2018 higher than the RD$8,700 million, in order not to
pay the bonus to its employees, explained the delegate of the Union
of Workers of the Construction Branch of the Punta Catalina Plant
(Sintrapunca), Hector Puello.

He said that as a union, they should investigate the sworn
statement made by the consortium to verify the veracity of it,
according to Listin Diaro.

The president of the National Confederation of Trade Union Unity
(CNUS), Rafael-Pepe-Abreu, assured that so far no agreement has
been signed between the union and the consortium, so they will set
up another meeting at the Ministry of Labor to try to reach an
agreement between both parties, the report notes.

The report relays that he said that his interest is that the
situation be normalized and that workers receive the benefit they
have to receive.

He indicated that the employers maintain the position that they did
not obtain profits, but that they are looking for ways to reach an
agreement, the report discloses.

Regarding the cancellations, Pepe Abreu said that since this is a
temporary project, there are cancellations scheduled as work
progresses, however, he did not rule out the possibility that the
recent cancellations are due to the demonstrations made by the
employees of the plant, the report says.

                      About Punta Catalina Plant

The Punta Catalina Thermoelectric Power Plant is a 770-megawatt
coal-fired power plant in Punta Catalina-Hatillo, Dominican
Republic.  The construction of the plant is under the charge of
the Odebrecht-Tecnimont-Estrella consortium (a contractor group
composed of Italian company Maire Tecnimont SpA, Brazilian
contractor Construtora Norberto Odebrecht S.A, and Chile-based
Ingenieria Estrella SRL). Groundbreaking for the project,
estimated to cost US$2 billion, was held in late 2013.  Unit 1 of
the Power Plant became operational on Feb. 27, 2019, with an
initial 36.5 megawatts to the national grid (SENI).

The Project has had its shares of financing delays and funding
scandal.  In February 2017, a U.S. court discovered that main
contractor Odebrecht had paid $92 million in bribes to Dominican
officials between 2001 and 2014, as a means of securing a number
of contracts, including the contract to build the Punta Catalina
plant. The project's staff have pleaded with politicians to stand
behind continued construction work on the plant, despite the
corruption allegations. Some environmental groups also opposed the
plant construction, citing harmful impact on the Caribbean coasts
and climate in general.

The plant's parent company and sponsor is the Dominican Republic's
state electric utility, Corporacion Dominicana de Empresas
ElÇctricas Estatales (CDEEE).


PUNTA CATALINA PLANT: Supplies 210MW to National Grid
-----------------------------------------------------
Dominican Today reports that despite the conflicts pitting workers
and the builders, the Punta Catalina Power Plant continues its
technical testing, contributing an average of 210 megawatts to the
national electric grid.

The plant remained available over the weekend but didn't supply
electricity, according to Dominican Today.

The coal-fired plant generates 220 MW since last April 21.

The workers demands that the builders headed by Odebrecht pay a
bonus and although an agreement was announced, the unionists
denounce threats of layoffs and the facility continues militarized,
the report adds.

                   About Punta Catalina Plant

The Punta Catalina Thermoelectric Power Plant is a 770-megawatt
coal-fired power plant in Punta Catalina-Hatillo, Dominican
Republic.  The construction of the plant is under the charge of
the Odebrecht-Tecnimont-Estrella consortium (a contractor group
composed of Italian company Maire Tecnimont SpA, Brazilian
contractor Construtora Norberto Odebrecht S.A, and Chile-based
Ingenieria Estrella SRL). Groundbreaking for the project,
estimated to cost US$2 billion, was held in late 2013.  Unit 1 of
the Power Plant became operational on Feb. 27, 2019, with an
initial 36.5 megawatts to the national grid (SENI).

The Project has had its shares of financing delays and funding
scandal.  In February 2017, a U.S. court discovered that main
contractor Odebrecht had paid $92 million in bribes to Dominican
officials between 2001 and 2014, as a means of securing a number
of contracts, including the contract to build the Punta Catalina
plant. The project's staff have pleaded with politicians to stand
behind continued construction work on the plant, despite the
corruption allegations. Some environmental groups also opposed the
plant construction, citing harmful impact on the Caribbean coasts
and climate in general.

The plant's parent company and sponsor is the Dominican Republic's
state electric utility, Corporacion Dominicana de Empresas
ElÇctricas Estatales (CDEEE).




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E C U A D O R
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ECUADOR: To Strengthen Fiscal Sustainability With $500MM-IDB Loan
-----------------------------------------------------------------
Ecuador will strengthen its fiscal sustainability with $500 million
in financing approved by the Inter-American Development Bank
(IDB).

The resources will be used to support the country in implementing
its reform program, which is aimed at reestablishing macroeconomic
stability; restoring fiscal sustainability; strengthening the
institutional framework of the Central Bank; and safeguarding
social expenditure in support of vulnerable populations.

This loan is extended through Special Development Financing (SDL),
an emergency program. It will play an essential role in ensuring
the success of the fiscal consolidation process and the launch of a
structural reform agenda, which enables the private sector to take
over from the public sector as the main driver of Ecuador's
economic growth, as the government intends.

The framework for structural reforms includes optimization of the
fuel-subsidy system for the benefit of the poor and vulnerable;
adjustment of the State's salary account; and optimization of
external-debt management through greater transparency.

These reforms are intended to generate a reduction in spending
levels and public debt and an increase in international reserves.
As part of the program, the government has committed to
establishing a floor of 1% of GDP in social-assistance spending for
the period 2020-2021, in addition to increasing spending on social
assistance by $370 million in 2019.

The IDB $500-million financing has a repayment term of 7 years with
3 years of grace and an interest rate based on LIBOR.

                 About Inter-American Development Bank

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance and
training to public and private sector clients throughout the
region.




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G U A T E M A L A
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BANCO AGROMERCANTIL: Fitch Alters Outlook on BB+/BBB- IDRs to Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed all Foreign and Local Currency Issuer
Default Ratings and revised the Outlooks on the Long-Term IDRs to
Negative from Stable of the following Guatemalan banks:

  Banco Agromercantil de Guatemala S.A. (BAM)
  Banco Industrial S.A. (Industrial)
  Banco de Desarrollo Rural, S.A. (Banrural)
  Banco G&T Continental S.A. (G&TC)

Fitch has also affirmed the National Ratings of two
Panamanian-related companies and revised the Outlook on the
Long-Term National Ratings to Negative from Stable.

  BI Bank, S.A. (BI Bank)
  GTC Bank, Inc. (GTC)

Fitch has also affirmed the Viability Ratings, Support Ratings and
Support Rating Floors, where assigned. The National Ratings of the
four Guatemalan banks and their subsidiaries in Guatemala were
unaffected.

KEY RATING DRIVERS

IDRS AND VRS

BAM

BAM's IDRs are rated above the sovereign to reflect potential
support from its shareholder Bancolombia, S.A. (BBB/Stable) if
required. The bank's IDR is rated at the country ceiling of 'BB+',
which captures transfer and convertibility risks, and the LC IDRs
are given the maximum uplift of two notches above the sovereign
rating, which in Fitch's opinion reflects the sound owner's
commitment to its subsidiary. Fitch considers that the
Bancolombia's ability and propensity to provide assistance to BAM
reflects that any required support would be manageable. Also, the
huge reputational risk that BAM's default could constitute to its
parent, which could damage its franchise.

BAM's VR is highly influenced by a challenging operating
environment and the company profile, which is supported by its
recognized franchise in Guatemala, being the fourth largest bank in
term of assets.

Industrial, Banrural and G&TC

Industrial, Banrural and G&TC's IDRs, which are driven by their
VRs, are rated at the sovereign level. The country's mild economic
prospects and heightened political tensions could influence the
business environment and the local banks' performance, and limits
the banks' international ratings, as reflected in the Negative
Outlook. The three banks' VRs are highly influenced by the
operating environment and their strong local franchises.

SUPPORT RATING AND SUPPORT RATING FLOOR

BAM's SR of '3' reflects the Bancolombia's ability and propensity
to provide assistance to BAM, in case of needing it.

Industrial, G&TC and Banrural's SRs of '3' reflect Fitch's opinion
about the moderate probability of extraordinary support that the
bank will receive from the sovereign if needed. Fitch's assessment
of support is based on the sovereign ability to provide support, as
reflected in its rating and the small relative size of the banking
system. The SRs also reflect the banks' deposit-based funding
structure and systemic importance in Guatemala.

Industrial, G&TC and Banrural's SRFs are one notch below the
sovereign rating of Guatemala and according to Fitch's criteria,
indicate the minimum level to which the entity's Long-Term IDR
could fall as long as Fitch's assessment of the support factors
does not change.

SUBSIDIARIES AND AFFILIATED COMPANIES

BIBank

BIBank's National Ratings in Panama reflect the potential support
from its sister company, Industrial through their holding company
Bicapital Corporation. Its support assessment considers that a
default would constitute high reputational risk to its parent and
to Industrial. The Negative Outlook on the National Long-Term
Rating indicates that the ratings would be downgraded should
Industrial's IDR be downgraded.

GTC

GTC Bank Inc.'s, Panamanian National Scale Ratings' reflect the
potential support from its parent G&TC. Fitch's assessment of
support considers its relevant role within the group's strategy and
that a default would constitute a very high reputational risk to
its parent. The Negative Outlook reflects that the ratings would be
downgraded should G&TC's IDRs be downgraded.

RATING SENSITIVITIES

IDRS and VRS

The Negative Outlooks on the Local and Foreign Currency IDRs of
Industrial, BAM, Banrural and G&TC are aligned with the sovereign.
A downgrade of Guatemala's sovereign ratings and Country Ceiling
would trigger similar rating actions on these banks' IDRs and VRs.


SUPPORT RATING AND SUPPORT RATING FLOORS

BAM's SR is sensitive to modifications in Guatemala's sovereign
rating, or in the assessment of the Bancolombia' propensity or
ability to provide support to its subsidiary.

A moderate downgrade in the sovereign rating would not affect
Industrial, GT&C and Banrural's SRs and SRFs; however, they are
sensitive to changes in Fitch's view of the sovereign's propensity
to support the bank.

SUBSIDIARIES AND AFFILIATED COMPANIES

Changes in the National Scale Ratings of BIBank are contingent on
changes in Industrial's capacity, as reflected by its Foreign
Currency IDR, and propensity to provide support.

Changes in GTC's Panamanian scale ratings will mirror changes in
its parent's ability and propensity to provide timely support when
required.

Fitch has affirmed the following ratings and revised Outlooks as
indicated:

Banco Agromercantil de Guatemala, S.A.

  -- Foreign Currency Long-Term IDR at 'BB+',
     Rating Outlook revised to Negative from Stable;

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

  -- Local Currency Long-Term IDR at 'BBB-', Rating
     Outlook revised to Negative from Stable;

  -- Local Currency Short-Term IDR at 'F3';

  -- Viability at 'bb';

  -- Support at '3'.

Banco Industrial S.A.

  -- Foreign Currency Long-Term IDR at 'BB', Rating Outlook
     revised to Negative from Stable;

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

  -- Local Currency Long-Term IDR at 'BB'; Rating Outlook
     revised to Negative from Stable;

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

  -- Viability at 'bb';

  -- Support at '3';

  -- Support Floor at 'BB-'.

Banco de Desarrollo Rural, S.A.

  -- Foreign Currency Long-Term IDR at 'BB'; Rating Outlook
     revised to Negative from Stable;

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

  -- Local Currency Long-Term IDR at 'BB'; Rating Outlook
     revised to Negative from Stable;

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

  -- Viability at 'bb';

  -- Support at '3';

  -- Support Floor at 'BB-'.

Banco G&T Continental S.A.

  -- Foreign Currency Long-Term IDR at 'BB'; Rating Outlook
     revised to Negative from Stable;

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

  -- Local Currency Long-Term IDR at 'BB'; Rating Outlook
     revised to Negative from Stable;

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

  -- Viability at 'bb';

  -- Support at '3';

  -- Support Floor at 'BB-'.

GTC Bank, Inc.

  -- National Long-Term ratings at 'A+(pan)'; Rating Outlook
     revised to Negative from Stable;

  -- National Short-Term ratings at 'F1(pan)'.

BI Bank, S.A.

  -- National Long-Term ratings at 'A(pan)'; Rating Outlook
     revised to Negative from Stable;

  -- National Short-Term ratings at 'F1(pan)'.


CEMENTOS PROGRESO: Fitch Alters Outlook on 'BB+' FC IDR to Negative
-------------------------------------------------------------------
Fitch Ratings has affirmed the ratings and/or revised the Outlooks
of the following corporates as a result of Fitch's recent revision
of Guatemala's Rating Outlook to Negative from Stable.

  -- Cementos Progreso, S.A. (Cempro);

  -- Comcel Trust (Comcel);

  -- Energuate Trust (Energuate).

KEY RATING DRIVERS

The revision of Guatemala's Outlook to Negative reflects heightened
political tension and uncertainty, and steady erosion in the
government's already low tax collection. Presidential and
congressional elections scheduled for this year may result in a
government with a weak mandate, and are likely to lead to a
fractured congress, resulting in continued political gridlock and
diminishing reform prospects. The failure to enact reforms at the
tax administration as well as pass new tax measures would lead to
further erosion of revenues.

Guatemala's ratings are supported by a track record of
macroeconomic stability and conservative policies, low public debt
to GDP and sound external liquidity. These strengths are
counterbalanced by a narrow tax base that constrains policy
flexibility and limits debt tolerance, as well as weak governance,
investment levels and human development indicators.

KEY ASSUMPTIONS

Key Assumptions Related to Guatemala:

  -- Fitch forecasts that Guatemala's economy and balance
     of payments will continue to benefit from strong remittance
     inflows from the U.S.;

  -- The global economy performs largely in line with Fitch's
Global
     Economic Outlook (March 2019).

RATING SENSITIVITIES

The foreign-currency (FC) ratings of these companies could be
negatively affected by a downgrade of the sovereign rating of
Guatemala and/or of its country ceiling.

Factors that could lead to a downgrade of Guatemala include:

  -- A slowdown in growth, which may be due to a disruption of
     remittances, social unrest and/or governability challenges;

  -- Continued erosion of the revenue base that undermines fiscal
     flexibility;

  -- Political gridlock that constrains government financing
     flexibility and effective policy making.

Conversely, factors that could lead to a stabilization of
Guatemala's Outlook and therefore the FC ratings of these companies
include:

  -- Improvements in tax collection that enhance fiscal policy
     flexibility;

  -- Higher investment and growth prospects;

  -- Improvements in governance and human development indicators
     relative to peers.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings and revised Outlooks where
indicated:

Cementos Progreso, S.A.:

  -- Long-Term FC Issuer Default Rating at 'BB+'; Outlook revised
     to Negative from Stable;

  -- Long-term Local-Currency IDR at 'BB+'; Outlook revised to
Stable
     from Positive;

  -- USD350 million senior unsecured notes at 'BB+'.

Cempro's LC Outlook Revision to Stable from Positive reflects the
company's domestic operational focus and its exposure to a
potential deterioration of Guatemala's operating environment.

Comcel Trust

  -- Long-Term FC IDR at 'BB+'; Outlook revised to Negative
     from Stable.

  -- Long-Term LC IDR at 'BB+'; Outlook Stable;

  -- USD800 million senior unsecured notes at 'BB+'.

Energuate Trust

  -- Long-Term FC IDR at 'BB'; Outlook Stable.

  -- Long-Term LC IDR at 'BB'; Outlook Stable.

  -- Senior unsecured notes rating at 'BB'.

The affirmation of Energuate's ratings reflects the company's
consistent operating performance, continued deleveraging trajectory
as well as the strategic nature and importance of the electricity
sector for the Guatemalan government.




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RUTAS DE LIMA: S&P Affirms 'BB' Rating on Sr. Secured Notes
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On April 24, 2019, S&P Global Ratings affirmed its 'BB' rating on
Rutas de Lima S.A.C.'s senior secured notes. S&P believes that
although the tariff increase that Rutas de Lima is entitled to was
delayed and traffic growth levels were marginally lower than
expected, the Panamericana Norte and Sur toll roads will maintain
adequate financial and operating performances until the notes are
due.

The municipality of Lima remains behind schedule for expropriating
the lands required for the construction of the greenfield toll road
"Ramiro Priale." Thus, S&P continues to exclude the associated
construction works from our analysis.

The stable outlook reflects S&P's expectation that the Panamericana
Norte and Panamericana Sur roads will deliver stable operational
and financial performance over the next two years, supported by
traffic growth of between 3.0% and 3.5%, and will generated
projected annual DSCRs at or above 1.07x, consistently.




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P U E R T O   R I C O
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LUBY'S INC: Posts $6.6MM Net Income for Qtr. Ended March 2019
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Luby's, Inc., has filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting net income of $6.63
million on $74.42 million of total sales for the quarter ended
March 13, 2019, compared to a net loss of $11.57 million on $81.79
million of total sales for the quarter ended March 14, 2018.

For the two quarters ended March 13, 2019, the Company reported a
net loss of $856,000 on $177.34 million of total sales, compared to
a net loss of $17.10 million on $195.29 million of total sales for
the two quarters ended March 14, 2018.

As of March 13, 2019, the Company had $197.58 million in total
assets, $82.49 million in total liabilities, and $115.08 million in
total shareholders' equity.

Cash used in operating activities was approximately $7.6 million in
the two quarters ended March 13, 2019, an approximate $5.5 million
increase from the two quarters ended March 14, 2018.  The
approximate $5.5 million increase in cash used in operating
activities is due to an approximate $5.0 million increase in cash
used for working capital purposes and an approximate $0.5 million
increase in net loss after adjusting for non-cash items.

The Company generally reinvests available cash flows from
operations to maintain and enhance existing restaurants and support
Culinary Contract Services.  Cash provided by investing activities
was approximately $18.7 million in the two quarters ended March 13,
2019 and an approximate $4.5 million use of cash in the two
quarters ended March 14, 2018.  Capital expenditures were
approximately $1.8 million in the two quarters ended March 13, 2019
and approximately $8.0 million in the two quarters ended March 14,
2018.  Proceeds from the disposal of assets were approximately
$20.4 million in the two quarters ended March 13, 2019 and
approximately $2.8 million in the two quarters ended March 14,
2018.  Insurance proceeds received as a result of claims made from
property damage caused by Hurricane Harvey were approximately $08
million in the two quarters ended March 14, 2018.

Cash used in financing activities was $17,000 in the two quarters
ended March 13, 2019 compared to an approximate $7.1 million source
of cash during the two quarters ended March 14, 2018.  Cash flows
from financing activities was primarily the result of the Company's
2018 Credit Agreement.  During the two quarters ended March 13,
2019, net cash provided by the Company's 2018 Term Loan was $58.4
million, cash used in Revolver borrowings was approximately $20.0
million, cash used for Term Loan re-payments was approximately
$35.2 million, cash used for debt issuance costs was approximately
$3.2 million, and cash used for equity shares withheld to cover
taxes was $12,000.  During the two quarters ended March 14, 2018,
cash provided by borrowings on the Company's Revolver were
approximately $8.6 million, cash used for Term Loan re-payments was
approximately $1.4 million, and cash used for equity shares
withheld to cover taxes was $70,000.

Chris Pappas, president and CEO, commented, "We continue to make
positive progress through our turn-around efforts to reduce costs
while repositioning our brands for improved sales and increased
store-level profit efficiencies to drive better financial results
in 2019 and beyond.  Since the beginning of the second quarter last
year, we have closed 27 underperforming units and through our $45.0
million asset sales program that began last year, we have generated
proceeds of $34.7 million.

"Cost management remains a primary focus throughout our
organization and even after adjusting for the number of closed
stores, our cost run-rate came down in the second quarter.
Store-level profit as a percentage of restaurant sales improved in
the second quarter to 10.7% compared to 7.7% in the same quarter
last year due primarily to effective cost controls to reduce food
and supply expenses, efficient hourly labor scheduling, and
reductions in repairs and maintenance expense.

"While our same-store sale results for the quarter are below our
expectations for the full year, they improved sequentially at both
our Luby's Cafeteria and Fuddruckers brands.  Our chief operating
officer, Todd Coutee, continues to realign our organization by
putting the right people in the right positions.  Todd and the team
are also hard at work at several initiatives to enhance sales at
each brand with new everyday value choices, focus on convenience
and the dinner meal part, and re-introducing a breakfast service
option at several Luby's locations.

"Lastly, as we transition to primarily a franchise model for
Fuddruckers, we converted five company-operated Fuddruckers
restaurants to franchise-operated restaurants.  These restaurants
are in the San Antonio market and were transferred in early April
to a new franchise operator with prior Fuddruckers experience.  We
continue to work on additional re-franchising opportunities in
markets outside of our home market in Houston, Texas."

Second Quarter Restaurant Sales:

   * Luby's Cafeterias sales decreased $2.9 million versus the
     second quarter fiscal 2018, due to the closure of seven
     locations over the prior year and a 2.2% decrease in Luby's
     same-store sales.  The decrease in same-store sales was the
     result of a 4.0% decrease in guest traffic, partially offset
     by a 1.9% increase in average spend per guest.

   * Fuddruckers sales at company-owned restaurants decreased $3.8

     million versus the second quarter fiscal 2018, due to 14
     restaurant closings and a 5.3% decrease in same-store sales.
     The decrease in same-store sales was the result of a 9.3%
     decrease in guest traffic, partially offset by a 4.4%
     increase in average spend per guest.

   * Combo location sales decreased $0.3 million, or 7.0%, versus
     second quarter fiscal 2018.

   * Cheeseburger in Paradise sales decreased $1.9 million.  The
     decrease in sales is related to reducing operations to a
     single store compared to operating seven locations in the
     second quarter fiscal 2018.

   * Income from continuing operations was $6.6 million, or $0.22
     per diluted share, compared to a loss of $11.5 million, or
     $0.38 per diluted share, in the second quarter fiscal 2018.

   * Store level profit, defined as restaurant sales plus vending
     revenue less cost of food, payroll and related costs, other
     operating expenses, and occupancy costs, was $7.0 million, or

     10.7% of restaurant sales, in the second quarter compared to
     $5.7 million, or 7.7% of restaurant sales, in the second
     quarter fiscal 2018.  The improvement in store level profit,
     despite a decline in same-store sales, was the result of
     effective cost management in several areas.  Food costs as
     percent of restaurant sales decreased as we focused on on a
     return to "classic favorites" with favorable food costs as
     well as an overall higher average spend per guest.  The
     Company's restaurant supplies expense and repairs and
     maintenance expense each experienced significant reductions
     over prior year as these expenses continued to be
     opportunities of focus.  The Company also managed to reduce
     its hourly labor costs on a per store basis through efficient

     restaurant staffing.  Store level profit is a non-GAAP
     measure, and reconciliation to loss from continuing
     operations is presented after the financial statements.

   * Culinary Contract Services revenues increased by $1.7 million

     to $7.5 million with 33 operating locations during the second

     quarter.  New locations contributed approximately $1.4
     million in revenue and locations continually operated over
     the prior full year increased revenue approximately $0.3
     million.  Culinary Contract Services profit margin increased
     to 11.0% of Culinary Contract Services sales in the second
     quarter compared to 3.6% in the second quarter fiscal 2018.

   * Selling, general and administrative expenses decreased $0.2
     million.  Removing one-time proxy-solicitation and
     communication costs of approximately $1.0 million, selling,
     general and administrative expenses decreased $1.2 million.
     The decrease reflects reductions in corporate staff and
     related costs as well as reductions in other overhead
     expenses, including general liability claims expense,
     corporate travel, and corporate supplies expense.  Included
     in selling, general, and administrative expenses was
     approximately $0.8 million in marketing and advertising
     expense which represents 1.0% of total sales.

              Balance Sheet and Capital Expenditures

The Company ended the second quarter with net debt (total debt less
cash) of $29.6 million, a decrease from $35.8 million at the end of
fiscal 2018.  During the second quarter, its capital expenditures
decreased to $0.7 million compared to $3.7 million in the second
quarter fiscal 2018.  At the end of the second quarter, the Company
had $3.9 million in available cash, $10.8 million in restricted
cash, and $115.1 million in total shareholders' equity.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/lRhLmq

                          About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 136 restaurants nationally as
of March 13, 2019: 81 Luby's Cafeterias, 54 Fuddruckers, one
Cheeseburger in Paradise restaurants.  Luby's is the franchisor for
102 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, Colombia, and Panama.
Luby's Culinary Contract Services provides food service management
to 33 sites consisting of healthcare, corporate dining locations,
sports stadiums, and sales through retail grocery stores.

Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017.  As of Dec. 19, 2018, Luby's had $208.89
million in total assets, $100.83 million in total liabilities, and
$108.05 million in total shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and net
cash used in operating activities of approximately $8.5 million.
The Company's term and revolving debt of approximately $39.5
million is due May 1, 2019.  The Company was in default of certain
debt covenants of its term and revolving credit agreements maturing
on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to waive the
existing events of default resulting from any breach of certain
financial covenants or the limitation on maintenance capital
expenditures, in each case that may have occurred during the period
from and including May 9, 2018 until Aug. 24, 2018, and any related
events of default.  Additionally, the lenders agreed to waive the
requirements that the Company comply with certain financial
covenants until Dec. 31, 2018, at which time the Company will be in
default without an additional waiver or alternative financing.
These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Oil Revenue Under New Threat
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Aleem Khan at Trinidad Express reports that as Trinidad and Tobago
government, unlike its Caribbean counterparts, continues to fail to
get T&T removed from a European Union (EU) blacklist even once, T&T
could be about to lose close to millions of dollars in oil revenue
this year, a French tax attorney confirmed over the Easter
weekend.

France is getting ready to charge a 75 per cent withholding tax on
payments made by French companies to blacklisted countries. In
T&T's case, that would be oil and gas producer Perenco's payments
to T&T, according to Trinidad Express.




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U R U G U A Y
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BANCO DE LA NACION: Fitch Affirms 'B' LongTerm IDRs, Outlook Neg.
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Fitch Ratings has affirmed Banco de la Nacion Argentina's Long-Term
Foreign Currency and Local Currency Issuer Default Ratings at 'B'.
The Rating Outlook is Negative.

KEY RATING DRIVERS

IDRs

BNAUY's IDRs are aligned with Argentina's sovereign ratings
(B/Negative Outlook) as it is a full branch of Banco de la Nacion
Argentina (BNA), which is fully owned by the Argentine state. In
addition, BNA's liabilities (including its branches abroad) are
guaranteed by the sovereign.

BNA has a leading franchise and systemic importance in Argentina as
the largest bank in terms of loans and deposits. In Fitch's view,
regardless of BNA's overall adequate financial condition, its
creditworthiness is heavily affected by Argentina's low sovereign
rating, given the influence of the operating environment on the FIs
performance.

BNAUY is the smallest bank in Uruguay due to its narrow business
focus. It is fully integrated with the head office's structure,
strategies, corporate governance practices and risk management
procedures. BNAUY operates through one main office. BNAUY has
volatile profitability, a fairly liquid balance sheet and adequate
capitalization metrics.

RATING SENSITIVITIES

IDRs

BNAUY's ratings are sensitive to changes in Argentina's sovereign
rating and/or willingness or ability to provide support to BNA and
its branches.

Fitch has affirmed the following ratings:

BNAUY

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

  -- Long-term Local Currency IDR at 'B'; Negative Outlook.


PROVINCIA CASA: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
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Fitch Ratings has affirmed Provincia Casa Financiera's Long-Term
Foreign and Local Currency Issuer Default Ratings at 'B'. The
Rating Outlook is Negative.

KEY RATING DRIVERS

IDRs

Provincia is a branch of Banco de la Provincia de Buenos Aires and
part of the same legal entity. Therefore, Provincia's IDRs reflect
Fitch's opinion of BAPRO's credit profile, which is highly
influenced by its leading franchise and its systemic importance in
Argentina and to the Province of Buenos Aires, as the second
largest bank in terms of deposits and the third by loans with
market shares of 9.9% and 8.7%, respectively, as of January 2019.
Fitch also considers the bank's improving financial performance and
ample liquidity, as well as its low capital base, above industry
delinquency and high exposure to the public sector.

In addition, BAPRO and Provincia are wholly owned by the government
of the Province of Buenos Aires. BAPRO's liabilities (including
those of its branches abroad like Provincia) are fully guaranteed
by the government of the Province of Buenos Aires.

In Uruguay, Provincia is small due to its narrow business focus.
Its legal status is a casa financiera, which differs from a banking
license because it is not allowed to raise residents' deposits and
has much lower regulatory costs. However, in terms of regulatory
capital limits, Provincia has to comply with the rules applied to
banks. Provincia is in the process of changing its legal status to
an Institucion Financiera Externa, which is only allowed to do
businesses with non-residents.

Being part of the same legal entity, Provincia is fully integrated
with its head office's structure, strategies, corporate governance
practices and risk management procedures. It operates through one
office and reports to the Finance Division of BAPRO.

Provincia has an improving profitability, low credit risk, a highly
liquid balance sheet and adequate capitalization metrics.

RATING SENSITIVITIES

IDRS

Provincia's IDRs are sensitive to changes in BAPRO's credit
profile. Provincia's Negative Outlook on the IDRs reflects the
potential impact in BAPRO's financial and business profile of a
downgrade in Argentina's sovereign ratings, which currently have a
Negative Outlook.

Fitch has affirmed the following ratings:

Provincia Casa Financiera:

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

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



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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
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Chapman, Editors.

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

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