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       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

          Tuesday, April 30, 2019, Vol. 20, No. 86

                           Headlines



B R A Z I L

JBS SA: Buys Pork Processor Adelle Industria for $60 Million


C A Y M A N   I S L A N D S

CONTINENTAL TRUSTEES: Fitch Affirms Jr. Subordinated Notes at BB+


C U B A

CUBA: Fear Return to Economic Woes of Early 1990s


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Affirms LT IDR at BB+, Outlook Negative
BANCO DE DESARROLLO: Fitch Affirms LT IDRs at BB, Outlook Negative
BANCO G&T: Fitch Affirms 'BB' LongTerm IDRs, Outlook Negative
BANCO INDUSTRIAL: Fitch Affirms LT IDRs at BB, Outlook Negative
BANTRAB: Fitch Hikes LT IDRs to BB- & Alters Outlook to Stable



M E X I C O

MONTERREY: Moody's Withdraws Ba1 Rating for Business Reasons


P E R U

BANCO DE CREDITO DEL PERU: Fitch Affirms BB- Jr. Sub. Debt Rating
BANCO INTERNACIONAL DEL PERU: Fitch Cuts Jr. Sub. Debt to 'BB-'
FENIX POWER: Moody's Cuts $340MM Notes to Ba1, Outlook Stable


P U E R T O   R I C O

DIAMONDS & DIAMONDS: Court Rejects WGD's Post-Judgment Bid


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Records First Profit in Five Years
PETROLEUM CO: Bondholder Group Rejects Bond Swap


U R U G U A Y

URUGUAY: Sign Memorandum With China to Improve Air Connections

                           - - - - -


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B R A Z I L
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JBS SA: Buys Pork Processor Adelle Industria for $60 Million
------------------------------------------------------------
Marcelo Teixeira at Reuters reports that Brazil's JBS SA said it
closed a deal to buy local pork processor Adelle Industria de
Alimentos Ltda for BRL235 million (US$59.8 million).

In a statement, JBS said the deal still has to be approved by local
regulators. Adelle is located in Rio Grande do Sul state, according
to Reuters.

The acquisition would boost its capacity to produce items such as
sausages and bacon, JBS said, the report adds.

As reported in the Troubled Company Reporter-Latin America on Oct.
22, 2018, Fitch Ratings has assigned an expected rating of 'BB-' to
a proposed benchmark USD-denominated senior unsecured notes issued
by JBS Investments II GmbH, a wholly-owned subsidiary of JBS S.A.
(JBS). These notes will be unconditionally guaranteed by JBS S.A.
The notes will rank pari-passu with JBS's other unsecured
obligations. The proceeds are expected to be used to refinance
existing indebtedness including JBS's 2020 notes pursuant to a cash
tender offer.




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C A Y M A N   I S L A N D S
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CONTINENTAL TRUSTEES: Fitch Affirms Jr. Subordinated Notes at BB+
-----------------------------------------------------------------
Fitch Ratings has affirmed BBVA Banco Continental's Viability
Rating and Issuer Default Ratings at 'bbb+' and 'BBB+',
respectively. The Rating Outlook is Stable.

KEY RATING DRIVERS

VR, IDRS AND SENIOR DEBT

BC's IDRs are driven by its VR of 'bbb+'. The operating environment
and the bank's robust company profile marked by its strong position
as the second largest bank in Peru with a sizable market share of
19.9% by loans and 20.8% by deposits, highly influence its VR. BC's
VR also reflects its solid although modestly deteriorating asset
quality and ample reserves, consistent and sound financial
performance, as well as its ample and diversified funding base.
Capital metrics are good and continue to strengthen. However, core
metrics are still pressured in respect to regional peers, although
capitalization is enhanced by ordinary support. BC's ratings are
constrained to the sovereign level due to limited geographic
diversification outside of Peru and material exposure to foreign
currency.

BC's conservative risk appetite, as well as appropriate credit
policies and risk management tools have contributed to a track
record of asset quality that is among the best in the country. BC's
asset quality declined during 2018, mainly explained by its modest
portfolio growth. 90-days past-due loans, reached 2.67% at YE 2018
(2.38% at YE 2017). Nevertheless, BC's asset quality remained
adequate and still compares better than the industry average and
were covered by ample reserves (1.8x PDL). Fitch expects PDL ratio
to slightly improve during 2019 based on higher loan growth. Loan
concentrations are low, as top 20 borrowers represented 1x equity
as of the same date.

The bank's efficiency, solid credit risk management and low funding
costs have contributed to stabilize its operating profit at 3.1% as
a percentage of risk weighted assets at YE 2018. Operating expenses
were well controlled and loan loss provisions were deftly managed.
Non-interest expense to gross revenues ratio improved to 38.8%,
better to that of 2015-2017 (41.2% in average). In Fitch's opinion,
profitability should slightly improve due to expected benign
operating environment in 2019, if loan demand increases.

Robust profitability and earnings retention underpin BC's capital,
which is also supported by a controlled portfolio growth, with a
FCC ratio of 12.1% at YE 2018, which negatively compares with
regional peers. However, Fitch views BC's loss absorption capacity
as adequate given its profitability, excess reserve coverage and
ordinary parent support. Furthermore, BC's loan participation notes
could absorb losses prior to the bank becoming non-viable, further
enhancing capitalization levels.

Funding is stable and diversified with wider access to domestic and
abroad capital markets, providing the bank with low funding costs
and long-term funding, improving asset/liability matching. Like the
banking system as a whole, BC accesses central bank funding and
hedging facilities to help close its funding mismatch by currency,
although the importance of this funding is been decreasing. The
core Fitch metric of loans to deposits ratio (111.6% at YE 2018) is
in line to that of the largest domestic and regional peers.

SUPPORT RATING

The bank's Support Rating of '2' reflects its role as one of BBVA's
important subsidiaries in Latam. In Fitch's opinion, BC is
strategically important for BBVA's strategy and institutional
support should be forthcoming, if required. BBVA's ability to
support BC is illustrated by its 'A-' rating.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Fitch has affirmed BC's subordinated notes at 'BBB', maintaining a
one notch difference with the bank's VR. As per Fitch's criteria,
notching reflects increased loss severity (one notch) but no
notches for incremental non-performance risk relative to the bank's
VR.

CONTINENTAL TRUSTEES (CAYMAN) LTD (CTCL)

Fitch has affirmed the rating of the loan participation notes
issued by CTCL at 'BB+', maintaining a four notch difference with
the IDR of BC's parent, BBVA. The notes are secured by the rights
to a junior subordinated loan extended to BC and have strong
equity-like features including the non-cumulative deferral of
coupons and a deeper subordination. The rating reflects a level
that a similar issue from the parent would have.

CONTINENTAL SENIOR TRUSTEES (CAYMAN) LTD (CSTC)

Fitch has affirmed the rating of the loan participation notes
issued by CSTC at 'BBB+'. The notes are secured by the rights to a
senior loan extended to BC, hence, are equalized with the Long-Term
Foreign Currency IDR of BC.

RATING SENSITIVITIES

VR, IDRS AND SENIOR DEBT

Upside potential for BC's VR and IDRs is limited given the
sovereign's current rating and Outlook. Any negative rating action
on the sovereign would also lead to a similar action on BC's IDRs,
VR and debt ratings. However, downside potential to the bank's
current IDRs is limited to 'BBB+', which is the implied floor as to
the potential support of BBVA considering BC's role as a
strategically important subsidiary. Given Fitch's view of BBVA's
propensity to provide such support, BC's IDRs are less sensitive to
a deterioration of its financial performance.

BC's IDRs could also benefit from a significant improvement of its
parent's ability to provide support, as evidenced by BBVA's IDR
(A-).

BC's VR could be negatively affected if the bank's asset quality
deteriorates significantly causing a sustained decline of the
bank's operating performance and capital cushions (a sustained
decline in the bank's FCC/adjusted RWA ratio to less than 10%
assuming the maintenance of excess reserves and non-core loss
absorbing capital or operating profit to RWA below 2.5%).

SUPPORT RATING

BC's Support Rating would be affected by a change in BBVA's ability
or willingness to support the bank.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The subordinated notes' rating is sensitive to any changes in BC's
VR and will typically be rated one notch below BC's VR.

CONTINENTAL TRUSTEES (CAYMAN) LTD

The rating of the securities issued by this SPV would move in line
with an upgrade of BC's ratings. The rating would be negatively
affected by a downgrade of BC's parent, BBVA.

CONTINENTAL SENIOR TRUSTEES (CAYMAN) LTD

The ratings of the securities issued by this SPV would move in line
with those of BC.

Fitch has affirmed the following ratings:

BBVA BANCO CONTINENTAL

  -- Long-Term Foreign and Local Currency IDR at 'BBB+'; Outlook
Stable;

  -- Short-Term Foreign and Local Currency IDR affirmed at 'F2';

  -- Viability Rating at 'bbb+';

  -- Support Rating at '2';

  -- Senior unsecured debt at 'BBB+';

  -- Subordinated debt at 'BBB'.

CONTINENTAL TRUSTEES (CAYMAN) LTD

  -- Junior subordinated loan participation notes at 'BB+'.

CONTINENTAL SENIOR TRUSTEES (CAYMAN) LTD

  -- Senior secured loan participation notes at 'BBB+'.




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C U B A
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CUBA: Fear Return to Economic Woes of Early 1990s
-------------------------------------------------
EFE News reports that almost 30 years after suffering one of the
worst crises in its history, the specter of the economic woes of
the 1990s has come back to haunt Cuba at a time when the island is
caught between a battered economy and new pressure from
Washington.

"They were very hard times during which we turned violent and
selfish," recalled the actor and playwright Luis Mesa in the book
"No Hay que Llorar" (There's No Need to Cry), a grim memorial of
the difficult years in the 1990s when the collapse of the Soviet
Union left the island without subsidies or any immediate solution,
according to EFE News.

As reported in the Troubled Company Reporter-Latin America on Dec.
12, 2017, Moody's Investors said that the credit profile of Cuba
(Caa2 stable) reflects significant credit challenges due to
diminished growth prospects as rapprochement with the United States
(Aaa stable) stalls. Other credit weaknesses constraining Cuba's
creditworthiness include limited access to external financing, a
high dependence on imported goods and, most importantly, a lack of
data transparency. Structural inefficiencies directly hinder
economic growth.

As reported in the Troubled Company Reporter-Latin America on Dec.
12, 2017, Moody's Investors said that the credit profile of Cuba
(Caa2 stable) reflects significant credit challenges due to
diminished growth prospects as rapprochement with the United States
(Aaa stable) stalls. Other credit weaknesses constraining Cuba's
creditworthiness include limited access to external financing, a
high dependence on imported goods and, most importantly, a lack of
data transparency. Structural inefficiencies directly hinder
economic growth.




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G U A T E M A L A
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BANCO AGROMERCANTIL: Fitch Affirms LT IDR at BB+, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Agromercantil de Guatemala, S.A.'s
(BAM) Long-Term Foreign Currency Issuer Default Rating at 'BB+' and
the Long-Term Local Currency IDR at 'BBB-'. The Rating Outlook is
Negative. Fitch has also affirmed the Viability Rating at 'bb' and
the Support Rating at '3'. In addition, the national ratings of
BAM, Financiera Agromercantil, S.A. and Mercom Bank Ltd. were
affirmed. The Rating Outlook for all National Long-Term ratings is
Stable.

KEY RATING DRIVERS

BAM

IDRs AND NATIONAL RATINGS

BAM's IDRs and national ratings are driven by potential support
from its ultimate shareholder Bancolombia, S.A. if required.
Bancolombia is the Colombia's largest bank in terms of assets,
deposits and loans rated 'BBB'/Outlook Stable by Fitch. The IDRs
reflects the sound owner's commitment to its subsidiary. The bank's
FC IDR is rated at the country ceiling of 'BB+', which captures
transfer and convertibility risks, and the LC IDR is given the
maximum uplift of two notches above the sovereign rating. In its
assessment, Fitch considers that the Bancolombia's ability and
propensity to provide assistance to BAM reflects that any required
support would be manageable, as the bank represents about 5.2% of
its consolidated assets. Also, the huge reputational risk that
BAM's default could constitute to its parent, which would damage
its franchise.

VR

BAM's VR is highly influenced by a challenging operating
environment and the company profile, which is supported by its
moderate franchise in Guatemala, being the fourth largest bank with
a market share of 8.1% in term of assets. Additionally, the VR
considers its good asset quality, its modest profitability, its
reasonable capital position, as well as its diversified and stable
funding.

In Fitch's view, the asset quality is good although it has
exhibited a deteriorating trend, which has also affected the
industry. In 2018, the impaired loans to gross loan ratio resulted
in 2.3% (2017: 2.0%), while the system registered 2.2%. The agency
believes the loan quality will remain at similar to current levels
due to the reinforcement of its credit risk control framework and
despite the increase of participation in the retail segment.

The bank's profitability is modest and lower than its closest peers
and the system. At YE 2018, the operating profit to risk weighted
assets metric decreased to 0.7% from 1.5% in 2017, especially for
an important loan impairment charge and also for higher operating
expenses. For 2019, the profitability prospects remains positive
driven by the actions made by the bank. So, the agency estimates
the indicator will return to similar levels than past years.

In Fitch's opinion, BAM's capitalization is reasonable but it is
the weakest factor in its financial profile. In 2018, the Fitch
Core Capital to RWA ratio was 10.0%, while the industry registered
14.1%. Fitch expects the bank's capital position to remain at
reasonable levels in the rating horizon.

BAM's funding structure is appropriate. The entity has a good
financial flexibility benefited by Bancolombia's support and its
recognized franchise. In 2018, the customer deposits represented
76.4% of its funding, showing these a good track record of
stability. The bank's funding is complemented with an ample number
of institutions. At the same date, the deposits grew 10.8%,
resulting in loans to deposits ratio of 109.8% (industry: 75.8%).

SUPPORT RATING

According to Fitch's criteria, the bank's IDR of 'BB+' maps to a SR
of '3'. BAM's SR reflects the Bancolombia's moderate ability and
propensity to provide support to BAM, in case of needing it. This
SR is mostly influenced by the current level of the country
ceiling.

FINANCIERA AGROMERCANTIL and MERCOM

NATIONAL RATINGS

In Fitch's opinion, the national ratings of 'AAA(gtm)' assigned to
Financiera Agromercantil and Mercom, are based on the ability and
propensity of their ultimate parent, Bancolombia, to support them
if needed. The ratings reflect the relative strength of their
shareholder, which is rated several notches above Guatemala's
sovereign rating, relative to other rated issuers in the country.

In its assessment, Fitch considers that the Bancolombia's ability
and propensity to provide assistance to the Guatemalan subsidiaries
reflects that any required support would be manageable, as well as
the huge reputational risk that the institutions' default could
constitute to its parent, damaging its franchise. Fitch also
believes that the entities are relevant for the group in Guatemala
due to they operate in complementary market segments, enhancing
BAM's business model.

RATING SENSITIVITIES

BAM

IDRs and VR

The Negative Outlook on the Local and Foreign Currency IDRs of BAM
is aligned with the sovereign. A downgrade of Guatemala's sovereign
ratings and Country Ceiling would trigger similar rating actions on
the bank's IDRs and VR. The Rating Outlook could return to Stable
if Guatemala's sovereign rating Outlook would be revised to
Stable.

In addition, the VR could be downgraded in a scenario of a material
deterioration on the local operating environment. Also, it could be
pressured if the metric of operating profit to RWA remains below 1%
and/or the Fitch Core Capital ratio consistently falls below 9%.

SUPPORT RATING

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

BAM, FINANCIERA AGROMERCANTIL and MERCOM

NATIONAL RATINGS

The ratings are at the highest level of the national rating scale
and therefore have no upside potential. In turn, a rating downgrade
could occur if Fitch's assessment of Bancolombia's ability or
willingness to support its subsidiaries is modified.

Fitch has affirmed the following ratings:

Banco Agromercantil de Guatemala, S.A.

  -- Long-Term Foreign Currency IDR at 'BB+'; Outlook Negative;

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

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

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

  -- Viability Rating at 'bb';

  -- Support Rating at '3';

  -- National Scale Long-Term rating at 'AAA(gtm)'; Outlook
Stable;

  -- National Scale Short-Term rating at 'F1+(gtm)'.

Financiera Agromercantil, S.A.

  -- National Scale Long-Term rating at 'AAA(gtm)'; Outlook
Stable;

  -- National Scale Short-Term rating at 'F1+(gtm)'.

Mercom Bank Ltd.

  -- National Scale Long-Term rating at 'AAA(gtm)'; Outlook
Stable;

  -- National Scale Short-Term rating at 'F1+(gtm)'.


BANCO DE DESARROLLO: Fitch Affirms LT IDRs at BB, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de Desarrollo Rural S.A.'s
Long-Term Issuer Default Rating at 'BB', Short-Term IDR at 'B' and
Viability Rating at 'bb'. The Rating Outlook on the Long-Term IDR
is Negative. Fitch has also affirmed the National Ratings of
Banrural and Financiera Rural S.A. and revised the Outlooks on the
Long-Term National Ratings to Negative from Stable.

National Ratings are local relative rankings of creditworthiness
within a particular jurisdiction. The Outlook revision of the
Long-Term National Ratings to Negative, reflect the weakening of
Banrural's financial profile compared to local peers due to lower
asset quality.

KEY RATING DRIVERS

IDRs AND VR

Banrural's IDRs are driven by its intrinsic creditworthiness
reflected in its VR, which is highly influenced by a challenging
operating environment and a relatively strong company profile in
Guatemala. The VR also considers its good profitability, liquidity
levels and sufficient capital cushion to absorb unexpected losses
in the context of increasing impaired loans.

Banrural is rated at the sovereign level while the country's mild
economic prospects and heightened political tensions remain a
constraint to the bank's VR. Fitch also factors in Banrural's
strong local franchise as the second largest bank in terms of loans
(17%) and deposits (23%) and its consistent business model reaching
business segments and rural areas historically less serviced by
other large banks.

As of December 2018, impaired loans classified as past due loans
over 90 days reached close to 4.0%, which are deemed as manageable
despite being the highest delinquency level among local peers.
Fitch's opinion is sustained by reserves coverage levels (126%)
that provide an adequate buffer to absorb losses without materially
impacting high capital metrics (Fitch Core Capital or FCC: 17.2%).
Pre-impairment operating profits have above average levels, which
means the bank is also well-positioned to withstand additional
impairment charges. Management created in April 2018 an internal
collection and recovery department in order to improve asset
quality.

As of December 2018, operating profits to RWAs stood close to 3.1%,
underpinned by an ample net interest margin that compensates for
moderate income diversification and relatively high operating
costs. Fitch believes capital metrics (FCC: 17.2%) will remain at
current levels until the bank reaches higher loan growth rates as
government securities do not require capital charges under local
regulation.

As of December 2018, loans to deposits ratio represented 57.6%,
which is viewed by Fitch as reflecting a high liquidity at the
balance sheet. Customer deposits accounted for 97.8% of total
funding with a continuously growing deposit base that maintains
moderate deposit concentration. Top 20 depositors accounted for 22%
of total deposits (13.6% corresponding to the Guatemalan Institute
of Social Security).

SUPPORT RATING AND SUPPORT RATING FLOOR

Banrural's Support Rating and Support Rating Floor reflect Fitch's
opinion regarding the likelihood that the bank will receive
extraordinary support from the sovereign.

The bank's SR of '3' reflects Fitch's opinion that there is a
moderate probability of support from the state. The SRF is one
notch below the sovereign rating at 'BB-', which indicates the
minimum level to which the entity's Long-Term IDR could fall if the
agency does not change its view on potential sovereign support.

Fitch's assessment considers the relative size of the banking
system relative to the size of the economy, and Banrural's local
systemic importance as one of the largest banks in Guatemala.

FINANCIERA RURAL NATIONAL RATINGS

Finrural's ratings are driven by the support it would receive from
Banrural, if required. In the agency's view, Finrural is highly
integrated to Banrural and a default of Finrural would constitute
an important reputational risk for the bank. Finrural provides
services to Banrural as managing trustees while its relative size
is considered to be immaterial relative to the ability of Banrural
to provide support.

RATING SENSITIVITIES

IDRs AND VR

There is limited upside potential given the sovereign's Negative
Outlook. Banrural's IDRs could be downgraded if Guatemala's
sovereign rating is downgraded. The Rating Outlooks could return to
Stable if Guatemala's sovereign Rating Outlook would be revised to
Stable. Banrural's VR is also constrained by its operating
environment (Guatemala's IDR is BB/Negative). A sustained decline
in profitability (operating profit to RWAs below 2%) along with a
decline in capitalization (FCC/risk-weighted assets close to 12%)
would also affect the ratings.

SUPPORT RATING

Banrural's SR and SRF are sensitive to changes in the sovereign
rating as well as its capacity and/or propensity to provide
support.

NATIONAL RATINGS

A sustained deterioration in asset quality in terms of impaired
loans and restructured loans that would impact profitability
(operating profit to RWAs below 2.5%) could result in negative
rating actions. A sustained decline in capitalization
(FCC/risk-weighted assets below 14%) could also affect the
ratings.

FINANCIERA RURAL NATIONAL RATINGS

Changes in Finrural's ratings would mirror movements in Banrural's
ratings as well as changes in its capacity and/or propensity to
provide support.

Fitch has affirmed the following ratings:

Banco de Desarrollo Rural, S.A.

  -- Foreign Currency Long-Term IDR at 'BB'; Rating Outlook
Negative;

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

  -- Local Currency Long-Term IDR at 'BB'; Rating Outlook
Negative;

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

  -- Viability at 'bb';

  -- Support at '3';

  -- Support Floor at 'BB-'.

  -- National long-term rating at 'AA+(gtm)'; Rating Outlook
     revised to Negative from Stable;

  -- National short-term rating at 'F1+(gtm)'.

Financiera Rural, S.A.:

  -- National long-term rating at 'AA+(gtm)'; Rating Outlook
     revised to Negative from Stable;

  -- National short-term rating at 'F1+(gtm)'.


BANCO G&T: Fitch Affirms 'BB' LongTerm IDRs, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Banco G&T Continental S.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings at 'BB' and
Viability Rating at 'bb'. G&TC's Rating Outlook on the Long-Term
IDRs is Negative. Fitch has also affirmed the National Scale
ratings of the bank and its subsidiaries. The Rating Outlook for
all the National Long-Term ratings in Guatemala and Costa Rica is
Stable; while the National Long-Term ratings in Panama is Negative.


KEY RATING DRIVERS

G&TC's IDRs, VR AND NATIONAL RATINGS

G&TC's IDRs and National ratings are driven by its intrinsic
profile, as reflected in its VR. The bank's VR is highly influenced
by the operating environment and its company profile due to its
sound local franchise. The country's mild economic prospects and
heightened political tensions could influence the business
environment and the local banks' performance, and limit the bank's
international ratings, as reflected in their Negative Outlook.
G&TC's IDRs are rated at the sovereign level.

G&TC's VR also reflects with high importance its sound franchise in
the Guatemalan banking system along with its business orientation
toward corporate segment; however, in a global basis, its business
model and franchise is still moderate. G&TC is the main entity of
the third largest financial group in Guatemala, Grupo Financiero
G&T Continental, with an important franchise in the local financial
system and regional positioning through subsidiaries in El
Salvador, Costa Rica and Panama. The entity's main focus is
corporate and big company segments (around 87% of total loans as of
December 2018) although management will seek to expand its service
toward medium-sized enterprises and consumer segments in order to
increase diversification and profitability.

The VR also reflects, but with moderate influence, the bank's
financial performance observed on its loan book's moderate quality
and risk concentrations, modest profits, tight capital levels, and
its diversified deposit-based funding structure.

G&TC's asset quality reflects the challenges associated to its
corporate orientation, such as its large concentration by debtors
and economic sector relative to the entity's Fitch Core Capital
(FCC). The bank's impairment levels remain high compared to its
local peers although similar to 2017. As of December 2018, the
above 90-day past-due loans ratio was 2.1% (2017: 2.3%, 2016:
1.7%). The 20 largest economic groups represented 33.1% of loans
and 2x its FCC. This higher concentration levels are a constraint
to its loan portfolio's quality and indicate a relevant exposure in
case of significant deterioration in one of its largest debtors. In
Fitch's opinion, G&TC's risk controls would be relevant for
maintaining its loans soundness under control, particularly
considering its higher concentration by debtor and the challenges
around the local operating environment along local economy's
current moderate conditions.

G&TC's profitability is commensurate with its corporate orientation
and remains moderate and below its local peers'. In Fitch's
opinion, the entity's profitability focus would drive to modest
raises on its profits as it will maintain its corporate
orientation. As of December 2018, the operating profitability to
risk weighted assets (RWAs) was 0.8%, lower to previous periods. It
was explained by higher impairment charges the entity applied given
its improved credit controls and risk management practices leading
to absorb close to 64% of pre-impairment operating profits; however
these would decrease in 2019.

G&TC's capital position remains at narrow but stable levels. As of
December 2018, its FCC ratio was 11.95%, exhibiting a slight
increase (2017: 11.1%) although remains relatively tight and
evidences the bank's modest ability for absorbing unforeseen losses
without affecting its equity levels. This is particularly relevant
considering the important concentration by debtor the entity
possesses which might affect its capital in case of unexpected
deterioration on its largest debtors. Management expects to raise
its equity levels through earnings retention; however, as its
profit increase would be moderate, G&TC's capital would only
improve gradually.

G&TC's deposits continue to exhibit its stable trend. As of
December 2018, its loan to deposit ratio was 64.2%, which compares
favourably with some similarly rated local peers and with the
banking system average of 75%; however, recently benefited by its
lower loan growth. Its funding strategy is focused mainly on demand
deposits and in the retail segment. Additionally, the entity has
been progressively reducing its concentration by depositor as the
20 largest depositors represented 13.9% of total (2017: 16.8%,
2016: 20.1%). Management plans to maintain its current deposits
composition which might continue benefiting its funding costs,
although it implies relative pressure in its short-term buckets. On
the other hand, G&TC's holds a good liquid position as its liquid
assets represented close to 67% of total deposits as of December
2018, which is adequate in responding to liquidity requirements.

G&TC's SUPPORT RATING AND SUPPORT RATING FLOOR

G&TC Support Rating of '3' reflects 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 SR also reflects the bank's deposit-based funding structure and
systemic importance in Guatemala. At YE 2018, the bank was the
third largest bank in Guatemala, with a market share in loans and
deposits of around 13.5% and 16%, respectively.

G&TC's Support Rating Floor of 'BB-' is 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.

CONTICREDIT, FIN G&TC, GTC AND FIN G&TC CR AND DEBT ISSUANCES
NATIONAL RATINGS

G&T Conticredit S.A., Financiera G&T Continental, S.A. and GTC Bank
Inc. Guatemalan National Ratings are aligned with G&TC's based on
the institutional support they would receive from their
shareholder, G&TC, if needed. Fitch's opinion of the support is
based on the relevant role these subsidiaries possess in its
parent's strategy and the significant reputational risk that a
default of one of them would pose to G&TC.

GTC's National Ratings in Panama also reflect the potential support
from G&TC and its risk profile within the Panamanian operating
environment. The Negative Outlook on the National Long-Term Rating
indicates that the ratings would be downgraded should G&TC's IDR be
downgraded.

Financiera G&T Continental Costa Rica, S.A.'s National Ratings in
Costa Rica are also based on the institutional support they would
receive from G&TC, if needed, and also mirror G&TC's relative
strength compared to other Costa Rican entities. Fitch's opinion on
the support considers the relative importance of the subsidiary on
its parent's regional strategy along the significant reputational
risk that a default of Fin G&TC CR would pose to G&TC.

Additionally, Conticredit and Fin G&TC CR's debt issuances National
Ratings are aligned to those of their respective issuer given they
do not possess specific collateral.

RATING SENSITIVITIES

G&TC's IDRS, VR AND NATIONAL RATINGS

The Negative Outlooks on the Local and Foreign Currency IDRs of
G&TC are aligned with the sovereign. The bank's Outlooks would only
return to Stable in case of similar action on the sovereign's
Rating Outlook. A downgrade of Guatemala's sovereign ratings and
Country Ceiling would trigger similar rating actions on these
banks' IDRs and VR. Significant deterioration of its main
customers, which increases the bank's impairment levels, reducing
its operating profits consistently below 1% and continuously
affecting its FCC below 9% would also trigger negative movements.

Conversely, potential upgrades on G&TC's national ratings would
come from sustained improvements on its profitability, if reaching
and maintaining a ratio of operating earnings to its RWAs
consistently above 2%, coupled with an FCC ratio consistently above
12%.]

SUPPORT RATING AND SUPPORT RATING FLOOR

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

CONTICREDIT, FIN G&TC, GTC AND FIN G&TC CR AND DEBT ISSUANCES
NATIONAL RATINGS

The National Ratings of G&TC's subsidiaries will mirror changes in
its parent's ability and propensity to provide timely support when
required. Additionally, changes on Conticredit and Fin G&TC's debt
issuances National Ratings would reflect movements on the issuer's
ratings.

Fitch has affirmed the following ratings:

Banco G&T Continental S.A.

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

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

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

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

  -- Viability Rating at 'bb';

  -- Support at '3';

  -- Support Rating Floor at 'BB-';

  -- Long-Term National Rating at 'AA-(gtm)'; Outlook Stable;

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

G&T Conticredit S.A.

  -- Long-Term National Rating at 'AA-(gtm)'; Outlook Stable;

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

  -- Short-Term senior unsecured debt national ratings at
     'F1+(gtm)'.

Financiera G&T Continental, S.A.

  -- Long-Term National Rating at 'AA-(gtm)'; Outlook Stable;

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

GTC Bank Inc.

  -- Long-Term National Rating at 'AA-(gtm)'; Outlook Stable;

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

  -- Long-Term National Rating at 'A+(pan)'; Outlook Negative;

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

Financiera G&T Continental Costa Rica, S.A.

  -- Long-Term National Rating at 'AA-(cri)'; Outlook Stable;

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

  -- Long-Term senior unsecured debt national ratings at
     'AA-(cri)';

  -- Short-Term senior unsecured debt national ratings at
     'F1+(cri)'.


BANCO INDUSTRIAL: Fitch Affirms LT IDRs at BB, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Banco Industrial, S.A.'s Long-Term
Foreign and Local currency Issuer Default Ratings at 'BB', Foreign
and LC Short-Term IDRs at 'B' and Viability Rating at 'bb'. The
Rating Outlook on the LT IDRs is Negative. Fitch also affirmed the
national ratings of the bank and the following subsidiaries in
Guatemala and affiliated bank in Panama:

Westrust Bank (International) Limited (Westrust Bank);
Contecnica, S.A. (Contecnica);
Financiera Industrial S.A. (Financiera Industrial);
BIBank, S.A. (BIBank).

The Rating Outlooks for all the National Long-Term ratings in
Guatemala are Stable; while the Outlook for BIBank's National
Long-Term rating in Panama is Negative.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

Industrial's IDRs, which are driven by its VR, 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 limit
Industrial's international ratings, as reflected in the Negative
Outlook of its IDRs.

In addition to the operating environment, Industrial's strong local
franchise has a high influence on its VR. The bank is the largest
in the country with market shares of 28.6% of the banking system
assets and 25.4% of deposits; however, on a global basis its
business model and franchise is still moderate. In Fitch's view,
its franchise in Guatemala supports its low funding costs and its
above-peers' efficiency.

Industrial consolidates three regulated subsidiaries that provide
complementary financial services in Guatemala: Westrust Bank
(International) Limited (Westrust Bank), an off-shore operation in
Bahamas, Contecnica, S.A. (Contecnica), a credit card company, and
Financiera Industrial S.A. (Financiera Industrial), a financing
entity; and a small banking operation in El Salvador.

Industrial's VR also considers, with moderate importance, its
improved Fitch Core Capital metric, stable profitability and sound
liquidity, as is reflected in its loan to deposits ratios that are
consistently below 85%.

The bank's FCC to Risk Weighted Assets ratio remains below peers'
but maintains a moderate increasing trend driven by higher profits,
consistent capital increases and moderate asset growth. In Fitch's
view, Industrial's loss absorption capacity is strengthened by a
moderate buffer above the local capital requirement, reinforced by
non-core loss absorbing hybrid capital, as well as its good
reserves coverage, of 1.72% of total loans as of December 2018.

Industrial's profitability is stable and consistent with its
rating. In the agency's view, the bank's funding structure based on
local deposits underpins low funding cost and ample net interest
margins. As of December 2018, Industrial's operating profit to RWAs
remained slightly above 2%, driven by dynamic loan growth,
improvements in delinquency rates, and controlled operating
expenses.

NPLs have been consistently below 1% as a result of good
underwriting practices and strong focus on high quality Guatemalan
corporate clients. Concentration risk by individual client and
economic sectors is a concern, as in Fitch's view, more challenging
economic conditions may affect the performance of the loan book.
Concentration is expected to remain high given the conditions of
the Guatemalan economy.

SUPPORT RATING AND SUPPORT RATING FLOOR

Industrial's support rating of '3' reflects 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's ability to provide support, as
reflected in its rating and the small relative size of the banking
system. Fitch's assessment of the sovereign's propensity to support
the bank mainly considers the large relative size and relevance of
Industrial in Guatemala. Fitch's support assessment also considers
its deposit-based funding structure.

Industrial's SRF is one notch below the sovereign rating of
Guatemala and, according to Fitch's criteria, indicates the minimum
level to which the entity's LT IDR could fall in the event of a VR
driven downgrade.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Industrial's subordinated Tier I capital notes (IST-I) are rated
four notches below the bank's VR given its deep subordination
status and discretionary coupon omission. Fitch has removed the
notes Recovery Rating of 'RR6' as it is not considered relevant to
the agency's coverage, since the issuer's senior unsecured rating
is in the 'BB' category.

Industrial Subordinated Trust's Notes (ISbT) are rated one notch
below Industrial's VR, reflecting the subordinated status, ranking
junior to all Industrial's present and future senior indebtedness,
pari passu with all other unsecured subordinated debt and senior to
Industrial's capital and tier I hybrid securities.

Industrial Senior Trust's Notes' ratings are in line with
Industrial's VR, reflecting that the senior unsecured obligations
rank equally to Industrial's unsecured and unsubordinated
obligations.

SUBSIDIARY AND AFFILIATED COMPANY

The national ratings of Industrial's subsidiaries in Guatemala:
Westrust Bank, Contecnica and Financiera Industrial, are aligned
with Industrial's national ratings. The national ratings of the
subsidiaries reflect Fitch's assessment of the potential support
they would receive from Industrial, if necessary. Fitch's
assessment of Industrial's ability to support its subsidiaries is
reflected in the bank's rating and the agency's assessment of the
bank's propensity to support the subsidiaries considers the
integral role these entities have for Industrial's local business
model and strategy.

BIBank

BIBank's National Ratings in Panama reflect the potential support
from its sister company, Industrial through their holding company
Bicapital Corporation. Fitch's support assessment considers that a
default would constitute high reputational risk to its parent and
to Industrial.

RATING SENSITIVITIES

IDRS, VRS AND NATIONAL RATINGS

The Negative Outlooks on the Local and Foreign Currency IDRs of
Industrial are aligned with the sovereign. A downgrade of
Guatemala's sovereign ratings and Country Ceiling would trigger
similar rating actions on Industrial's IDRs and VRs. The Outlooks
on the IDRs would return to Stable only if the Outlook of the
sovereign is revised to Stable.

The Bank's VR has limited upside potential given the constraining
operating environment. A sustained deterioration in the bank's
asset quality and financial performance that drives its FCC ratio
to a level consistently below 9% could negatively affect the bank's
IDRs VR and National ratings.

A national ratings upgrade could be driven by consistent increases
in the bank's FCC ratio to a level above 12%, while the bank
sustains its current asset quality and profitability metrics.

SUPPORT RATING AND SUPPORT RATING FLOOR

A moderate downgrade in the sovereign rating would not affect
Industrial SRs and SRFs; however, it is sensitive to changes in
Fitch's view of the sovereign's propensity to support the bank.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Changes in the ratings of IST-I, ISnT and ISbT's, are contingent on
changes in Industrial's VR.

SUBSIDIARY AND AFFILIATED COMPANY

Changes in the ratings of Contecnica, Financiera Industrial,
Westrust Bank are contingent on changes in Industrial's ability and
propensity to provide support.

Changes in the National Scale Ratings of BIBank are contingent on
changes in Industrial's ability, as reflected by its Foreign
Currency IDR, and propensity to provide support. The Negative
Outlook on the National Long-Term Rating indicates that the ratings
would be downgraded should Industrial's IDR be downgraded.

Fitch has affirmed the following ratings:

Banco Industrial S.A.

  -- Foreign Currency Long-Term IDR at 'BB', Rating Outlook
Negative;

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

  -- Local Currency Long-Term IDR at 'BB'; Rating Outlook
Negative;

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

  -- Subordinated Tier I Capital Notes debt at 'B-'; the 'RR6'
Recovery Rating has been removed;

  -- Viability at 'bb';

  -- Support at '3';

  -- Support Floor at 'BB-'.

  -- National scale long-term rating at 'AA(gtm)'; Outlook Stable;

  -- National scale short-term rating at 'F1+(gtm)'.

Industrial Senior Trust:

  -- Long-term senior unsecured debt at 'BB'.

Industrial Subordinated Trust:

  -- Industrial Subordinated Trust Tier II debt at 'BB-'.

Contecnica S.A.:

  -- National scale long-term rating at 'AA(gtm)'; Outlook Stable;

  -- National scale short-term rating at 'F1+(gtm)'.

Financiera Industrial S.A.:

  -- National scale long-term rating at 'AA(gtm); Outlook Stable;

  -- National scale short-term rating at 'F1+(gtm)'.

Westrust Bank (International) Limited:

  -- National scale long-term rating at 'AA(gtm)'; Outlook Stable;

  -- National scale short-term rating at 'F1+(gtm)'.

BI Bank, S.A.

  -- National Long-Term ratings at 'A(pan)'; Outlook Negative;

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


BANTRAB: Fitch Hikes LT IDRs to BB- & Alters Outlook to Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Banco de los Trabajadores' (Bantrab)
Viability Rating to 'bb-' from 'b+'. In turn, Fitch has upgraded
the bank's Long-Term Issuer Default Ratings to 'BB-' from 'B+' and
revised the long-term Rating Outlook to Stable from Positive.

Fitch also upgraded Bantrab's Long-Term National Rating to
'A-(gtm)' from 'BBB+(gtm)'. The Outlook remains Positive.

The upgrade of Bantrab's IDRs, VR and national scale ratings
reflects the gradual reduction of Fitch's concerns about the bank's
risks in terms of corporate governance and risk management
framework due to its recent strengthening. The ratings are now
aligned with the bank's intrinsic credit profile level based on
Fitch's assessment of its business and financial condition.

Fitch has also upgraded Bantrab Senior Trust's long-term rating to
'BB-' from 'B+'/'RR4'. The 'RR4' recovery rating has been
removed.'

KEY RATING DRIVERS

IDRS, VR and NATIONAL RATINGS – Bantrab

Bantrab's IDRs are driven by its intrinsic profile, as reflected in
its VR. The VR is mainly driven by the bank's improved risk control
framework and risk appetite, which are similar to the industry
average. Bantrab's underwriting standards and risk controls
indicate a favorable evolution towards better practices. Fitch also
takes into account Guatemala's economic prospects and heightened
political tensions that could hinder the overall business
environment and limit the bank's financial prospects.

The bank's growth prospects are also buttressed by solid
capitalization, which compares favorably with the industry average
and its main competitors. Its 2018 Fitch Core Capital ratio was
16.4%, which compares favorably with the Guatemalan banking system
and most of its competitors.

Bantrab registers good loan quality indicators for its
consumer-focused business model due to debt collection via
automatic payroll deductions. The nonperforming loan ratio over
total gross loans for 2018 was 1.9%, while reserve loan coverage
was an adequate 111%. Bantrab ranks second in consumer loans in the
Guatemalan market.

The bank's profitability is sound, based on a high net interest
margin, acceptable operational efficiency and moderate loan loss
provisions. As of YE18, operating profitability on risk weighted
assets was 3.7% versus the industry's 2.1%.

The issuer's funding structure is based on term deposits of higher
than average cost but with good stability. This has led to a
greater financial cost than the local average (7.7% versus 4.2% for
the industry). According to Fitch, the bank's funding structure,
less diversified compared to its peers, would improve in the medium
term via more correspondent bank relationships. Also, Fitch
believes financial cost will remain high in relation to the
industry median and higher-rated peers due to term deposit costs.

Bantrab's liquidity is above industry parameters and would allow a
timely response to liquidity needs that might arise. The bank
benefits from the stability of its deposits through the economic
cycles. Liquid asset (cash and equivalents) coverage of total
deposits is higher than the Guatemalan industry average.

Fitch maintains the ESG relevance scores and highlights those with
scores of '4' and '5' on governance factors, as it believes they
could be relevant to the rating.

SUPPORT RATING AND SUPPORT RATING FLOOR – Bantrab

Bantrab's SR and SRF of '5' and 'NF', respectively, indicate that,
although possible, external support cannot be relied upon given the
currently low state ownership and relatively limited systemic
importance.

SENIOR DEBT - Bantrab Senior Trust

Bantrab's Senior Trust's seven-year U.S.-dollar loan participation
notes' rating is in line with Bantrab's VR, reflecting that the
senior unsecured obligations rank equally with the bank's unsecured
and unsubordinated obligations. The Recovery Rating of these notes
has been withdrawn, in lines with Fitch's practice for issuers
rated in the 'BB' category or higher.

NATIONAL RATINGS – Fintrab

Fintrab's National ratings are underpinned by institutional support
it would likely receive from its shareholder, Bantrab. Fitch's
opinion of support is based on the significant reputational risk
that a default would pose to Bantrab. As a result, Fintrab's
National ratings are aligned with Bantrab's credit profile.

RATING SENSITIVITIES

IDRS, VR and NATIONAL RATINGS - Bantrab

Bantrab's IDR and VR have limited upside potential in the medium
term due to the constraining operating environment. On the other
hand, if a negative rating action on the sovereign were severe
(i.e. a downgrade of more than notch) or if the bank's evolution of
its risk framework and financial profile regressed, its ratings
would be downgraded accordingly.

National Ratings would be upgraded if the bank's structural changes
are accompanied by further improvements of its funding and
liquidity profiles that bring up the bank to the level of
higher-rated competitors. Namely, the establishment of more
alternative funding sources, including additional correspondent
banking relationships, while further demonstration of a strong
refinancing capacity. In contrast, National Ratings would remain at
their current levels if the bank's funding profile does not
continue to progress in accordance to current expectations.

SR and SRF – Bantrab

Guatemala's propensity or ability to provide timely support to
Bantrab is not likely to change given the bank's low systemic
importance. As such, the SR and SRF remain at their current
levels.

SENIOR DEBT – BST

Changes to the notes' Long-Term Rating would be contingent upon
rating actions on Bantrab.

NATIONAL RATINGS – Fintrab

Fintrab's National ratings would mirror changes in the National
scale ratings of its parent.

Fitch has taken the following rating actions:

Banco de los Trabajadores:

  -- Long-term Foreign Currency IDR upgraded to 'BB-' from 'B+',
     Outlook to Stable from Positive;

  -- Short-term Foreign Currency IDR affirmed at 'B';

  -- Local Currency Long-term IDR upgraded to 'BB-' from 'B+',    
     Outlook to Stable from Positive;

  -- Local currency Short-term IDR affirmed at 'B';

  -- National Long-term Rating upgraded to 'A-(gtm)' from
     'BBB+(gtm)', Outlook Positive;

  -- National Short-term Rating affirmed at 'F2(gtm)';

  -- Viability Rating upgraded to 'bb-' from 'b+';

  -- Support Rating affirmed at '5';

  -- Support Rating Floor affirmed at 'NF'.

Financiera de los Trabajadores, S.A.

  -- National Long-term Rating upgraded to 'A-(gtm)' from
     'BBB+(gtm)', Outlook Positive;

  -- National Short-term Rating affirmed at 'F2(gtm)';

Bantrab Senior Trust

  -- Long-term Foreign Currency loan participation notes
     upgraded to 'BB-' from 'B+'/'RR4'. The 'RR4' recovery
     rating has been removed.




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

MONTERREY: Moody's Withdraws Ba1 Rating for Business Reasons
------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of the
Municipality of Monterrey at Ba1 (Global Scale, local currency) and
A1.mx (Mexico's National Scale). Moody's has also withdrawn the
stable outlook.

Moody's has decided to withdraw the ratings for its own business
reasons.




=======
P E R U
=======

BANCO DE CREDITO DEL PERU: Fitch Affirms BB- Jr. Sub. Debt Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco de Credito Del Peru's Viability
Rating and Issuer Default Ratings at 'bbb+' and 'BBB+',
respectively. The Rating Outlook is Stable.

KEY RATING DRIVERS

VR, IDRS AND SENIOR DEBT

BCP's IDRs are driven by its VR of 'bbb+'. The bank's ratings are
highly influenced by the operating environment and its leading
franchise and well diversified business model. BCP's VR also
reflects its solid asset quality, ample reserves, consistent
financial performance as well as its ample and diversified funding
base. Capital metrics are good although they were modestly
pressured by loan growth. BCP's ratings are constrained to the
sovereign level due to limited geographic diversification outside
of Peru and material exposure to foreign currency.

BCP is the largest bank in the Peruvian financial system. It shows
a consolidated market share of 35% by total assets, and 33% by
loans and customer deposits. It enjoys leadership in all major
segments and products including wholesale banking, SME,
microfinance, consumer, credit cards, mortgages, demand deposits,
savings and time deposits.

The bank's conservative underwriting, sound risk controls and
profile support its strong asset quality. BCP's consolidated loan
quality ratios improved during 2018, a similar trend to that of the
system. Consolidated PDL greater than 90 days declined to 2.2% at
YE18 from 2.5% at YE17. In addition, BCP's loan loss reserves
continued to amply cover PDLs by 2x at year-end 2018. Top 20
borrowers concentration is low at 1.03x equity.

BCP's capital position benefits from sustained profitability and
reasonable earnings retention policy. BCP's FCC and common equity
tier 1 ratio (CET1) had steadily increased during the past four
years, even though 2018 was affected by double digit loan growth.
As a result, at December 2018 BCP's FCC slightly decreased to
12.7%, down from 13.1% at YE17. BCP's capital levels are
commensurate with the 'bbb' category.

BCP's core ratio of operating profit to risk weighted assets (3.7%)
compares better than other regional peers. Sustained margin and
lower impairment charges, as well as higher operational expenses
resulted in profitability ratios similar to that of the 2015-2018
average. BCP's cost control continue to be one of the bank's
strategies and Fitch expects that the digital transformation will
result in better efficiency ratios over the medium term.

BCP benefits from a well-diversified and low cost deposit base
consisting predominantly of demand and savings deposits (65% of
customer deposits at YE18). BCP has the highest deposit market
share in the country across all major products and has historically
benefited from flight to quality in times of stress The bank's loan
to deposit ratio was rather stable at YE18, reaching 108.8%,
primarily reflecting the successful migration of deposits from
foreign to local currency.

SUPPORT RATING AND SUPPORT RATING FLOOR

Its size and systemic importance, makes BCP a crucial part of
Peru's financial sector. Support from the government should be
forthcoming in case of need. Peru's ability to provide such support
is reflected in its sovereign rating (Long-Term IDR 'BBB+') and
underpins BCP's Support and Support Rating Floor ratings.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

BCP's subordinated bonds are plain vanilla and with a probability
of non-performance equivalent to its senior bonds. However, the
bonds would entail a higher loss severity in case of default due to
their subordinated nature. Hence, they are rated only one notch
below the bank's VR.

BCP's junior subordinated bonds, rated five notches below the
bank's VR, have strong equity-like features including the
non-cumulative deferral of the coupons and a deeper subordination.
This notching reflects the incremental non-performance risk (three
notches) relative to that captured by the VR and the loss severity
(two notches) given its deeper subordination.

RATING SENSITIVITIES

VR, IDRS AND SENIOR DEBT

There is limited upside potential for BCP's ratings given the
sovereign's current rating and Outlook. On the other hand, any
negative rating action on the sovereign would also lead to a
similar action on BCP's IDRs, VR and debt ratings.

BCP's VR and IDRs could be negatively affected if the bank's asset
quality deteriorates significantly causing a sustained decline of
the bank's operating performance and capital cushions (a sustained
decline in the bank's FCC/adjusted RWA ratio to less than 10%
assuming the maintenance of excess reserves and non-core loss
absorbing capital or operating profit to RWA below 2.5%).

The ratings of BCP's senior debt would move in line with the bank's
IDRs

SUPPORT RATING AND SUPPORT RATING FLOOR

BCP's SR and SRF would be affected if Fitch changes its assessment
of the government's ability and/or willingness to support the
bank.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The subordinated and junior subordinated debt ratings would move in
line with BCP's VR.

Fitch has affirmed the following ratings for BCP:

  -- Long-Term Foreign and Local Currency IDR at 'BBB+'; Outlook
Stable

  -- Short-Term Foreign and Local Currency IDR affirmed at 'F2';

  -- Viability rating at 'bbb+';

  -- Support Rating at '2';

  -- Support Rating Floor at 'BBB';

  -- Senior unsecured debt at 'BBB+';

  -- Subordinated debt at 'BBB'.

  -- Junior Subordinated debt at 'BB-'.


BANCO INTERNACIONAL DEL PERU: Fitch Cuts Jr. Sub. Debt to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded Banco Internacional del Peru S.A.A.'s
(Interbank) Long-Term Issuer Default Ratings and Viability Rating
to 'BBB' from 'BBB+' and 'bbb' from 'bbb+', respectively. In
addition, Fitch has downgraded the IDRs of Interbank's holding
company, Intercorp Financial Services, Inc.'s to 'BBB-' from 'BBB'.
The Rating Outlooks on all Long-term IDRs are Stable.

The downgrade of Interbank's VR and its IDRs is driven by the
deterioration of its capital adequacy and funding metrics; the
current ratios and Fitch's expectations in the foreseeable future
are no longer consistent with a 'bbb+' VR, which explains the
downgrade to 'bbb'. Fitch's previous expectations considered the
bank's improved core capital ratio in recent years, which was on
track to surpass the 12% threshold. However, the ample loan growth
recorded in 2018 reverted this trend and the Fitch core capital
ratio declined to 11.1% from 11.7% at end-2017. This also had
material implications on the funding structure and metrics, with
the loans to deposit ratio deteriorating in 2018 to 104.7% from
92.5% in 2017.

The downgrade of IFS' ratings is an adjustment to reflect
Interbank's rating downgrade, as IFS' ratings are based on the
creditworthiness of its main subsidiary.

KEY RATING DRIVERS - INTERBANK

IDRs, VR AND SENIOR DEBT

Interbank's IDRs and senior debt ratings are driven by its VR or
standalone strength. In addition, they are highly influenced by its
company profile as the fourth largest universal commercial bank in
Peru with market share by assets of 12% at year-end 2018 (YE18),
and its leadership in retail banking in the country. The bank's
market share in credit cards and personal loans at year-end was
24.6% and 21.9%, respectively.

Interbank's overall asset quality is better than its closest peers
and comparable to the Peruvian system average, despite the bank's
greater retail orientation. The 90-day past due loans ratio
improved to 2.5% at YE18 from 2.7% the prior year (as well as
charge offs which were modestly reduced to 2.7% of average loans),
reflecting tightened underwriting standards in credit card loans to
mitigate the deterioration seen in early 2017 due to the Nino
phenomenon. Sound asset quality is also reflected in the ample
reserve coverage of 185.2% of PDLs at YE18, which is higher than
the banking sector average and relatively low concentration on top
20 borrowers of 86% of equity.

Interbank reported stable and solid performance in 2018, with an
operating profit over risk weighted assets of 3.1%, slightly better
than the Peruvian system's average. The bank's long track record of
strong operating performance has been mainly related to the
company's high interest margin bolstered by its retail segment
growth, as well as stable efficiency ratios and impairment charges
over multiple cycles.

Capital position has been the weakest link of the financial profile
of the company and deteriorated in 2018, as the bank grew its loan
portfolio in 16.7%, above the financial system average. Fitch core
capital declined to 11.1% of risk weighted assets at YE18 (11.7%
the year prior). Interbank's FCC ratio is lower than the system
average of 13.3%.

Fitch considers Interbank's funding and liquidity position to be
diverse and commensurate with its rating category. Nevertheless,
the bank's loan to deposit ratio deteriorated in 2018 to 104.7%
from 92.5% in 2017, due to the ample loan growth. Interbank is
primarily deposit funded, but also maintains ample access to
capital markets and wholesale funding. At December 2018, it
reported a Liquidity Coverage Ratio of 138%, compared to the 100%
minimum.

SUPPORT RATING AND SUPPORT RATING FLOOR

Interbank's Support Rating of '2' and Support Rating Floor of 'BBB'
reflect its sizeable market share in deposits, presence in all
business segments, as well as the Republic of Peru's ability and
propensity to provide support if required.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Interbank's subordinated bonds are plain vanilla and do not contain
going concern loss-absorption features. In Fitch's opinion, their
probability of non-performance is equivalent to that of Interbank's
senior bonds; however, they would entail a higher loss severity in
case of default, due to their subordinated nature. Hence, they are
rated only one notch below the bank's VR.

Interbank's junior subordinated bonds, rated four notches below the
bank's VR, have non-cumulative deferral coupons and a deeper
subordination. This notching reflects the incremental
non-performance risk relative to that captured by the VR and the
loss severity (two notches) given its deeper subordination.

KEY RATING DRIVERS - IFS

IDRs AND SENIOR DEBT

Intercorp Financial Services, Inc. is the Panamanian holding
company of Banco Internacional del Peru S.A.A. (Interbank), Peru's
fourth largest bank. IFS's other holdings include Interseguro
Compania de Seguros S.A. (Interseguro), one of Peru's largest
insurers and Inteligo Group Corp. (Inteligo), a provider of private
banking services, primarily to Peruvian clients.

The ratings assigned to IFS reflect the business and financial
profiles of its subsidiaries, particularly its main operating
subsidiary, Interbank (Long-Term IDR BBB/Stable), which has a
strong retail banking franchise and consistent financial
performance. IFS owned 99.3% of Interbank at year-end 2018, which
represented approximately 74% of consolidated assets and
contributed approximately 79% of consolidated net income before
eliminations of intercompany transactions.

IFS's IDRs are one notch below those of Interbank, reflecting IFS's
separate jurisdiction, the lack of regulatory focus on IFS on a
consolidated basis, and the potential for regulatory restriction of
liquidity upstreaming to IFS in the event of solvency pressures at
Interbank. The rating also considers IFS' low double leverage at
108% and its large majority ownership of Interbank.

RATING SENSITIVITIES - INTERBANK

IDRs, VR AND SENIOR DEBT

There is little upside potential for Interbank's VR and IDRs in the
foreseeable future given its current rating and considering Fitch's
assessment of the bank's financial and qualitative attributes.
However, Interbank's ratings could be downgraded if the bank's
asset quality deteriorates significantly causing a sustained
decline of the bank's operating performance to less than 2.0% of
risk-weighted assets and in the event that Interbank's loss
absorption capacity is further pressured, either in the form of a
FCC ratio below 10% and a relevant decline in reserve coverage.

SUPPORT RATING AND SUPPORT RATING FLOOR

Interbank's SR and SRF could be affected if Fitch changes its view
of Peru's ability or willingness to support the bank.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The subordinated and junior subordinated debt ratings would move in
line with Interbank's VR.

RATING SENSITIVITIES - IFS

IDRs AND SENIOR DEBT

IFS's ratings are sensitive to a change in Interbank's ratings. In
addition, the holding company's ratings would be negatively
impacted by changes in the group structure that would reduce the
importance of Interbank's role in the group or increase the
complexity of the group's structure. In addition, a material and
consistent increase in IFS's common equity double leverage above
120% or deterioration in its standalone liquidity profile could
negatively impact IFS's ratings.

Fitch has taken the following ratings:

Banco Internacional del Peru S.A.A.

  -- Long-Term Foreign Currency IDR downgraded to 'BBB' from
     'BBB+'; Stable Outlook;

  -- Short-Term Foreign Currency IDR downgraded to 'F3' from 'F2';

  -- Long-term Local Currency IDR downgraded to 'BBB' from
     'BBB+'; Stable Outlook;

  -- Short-Term Local Currency IDR downgraded to 'F3' from 'F2';

  -- Viability rating downgraded to 'bbb' from 'bbb+';

  -- Support rating affirmed at '2';

  -- Support floor affirmed at 'BBB';

  -- Senior unsecured debt downgraded to 'BBB' from 'BBB+';

  -- Subordinated debt downgraded to 'BBB-' from 'BBB';

  -- Junior subordinated debt downgraded to 'BB-' from 'BB'.

Intercorp Financial Services, Inc.

  -- Long-Term Foreign Currency IDR downgraded to 'BBB-'
     from 'BBB'; Outlook Stable;

  -- Short-Term Foreign Currency IDR affirmed at 'F3';

  -- Long-Term Local Currency IDR downgraded to 'BBB-'
     from 'BBB'; Outlook Stable;

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

  -- USD300 million senior unsecured notes downgraded to
     'BBB-' from 'BBB'.


FENIX POWER: Moody's Cuts $340MM Notes to Ba1, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
rating on Fenix Power Peru S.A.'s US$340 million notes due 2027 to
Ba1 from Baa3. The outlook changed to stable from rating under
review. This rating action concludes the review for downgrade
commenced on February 28, 2019.

RATINGS RATIONALE

The downgrade reflects the deterioration of the project's
standalone credit profile, largely a reflection of lower energy
demand and depressed spot prices in Government of Peru (A3 stable).
Fenix's Ba1 rating incorporates a two-notch uplift over its
standalone credit quality to reflect potential support from
controlling shareholder Colbun S.A. (Colbun, Baa2 stable).

The fundamentals of the Peruvian energy market have been affected
by a significant increase in energy supply not accompanied by
demand. Assured energy levels grew at a compound annual growth rate
of 7.9% between 2013 and 2018 while demand grew at a CAGR of 3.8%.
The country's energy reserve margin grew from 33% in 2013 to 54% in
2018, having peaked at 59% in between. The imbalance in supply and
demand, added to the current regulatory environment which
incentivizes natural gas fired thermal plants to declare lower than
actual marginal costs, has led to an environment where spot market
prices have hovered below US$10/MWh. Changes in legislation to
adapt declaration prices have been discussed and would be credit
positive developments, but are unlikely to happen in the short
term.

Despite carrying a high contracted load in the short to medium run,
Fenix is not immune to volume risks as Peruvian power purchase
agreements do not completely mitigate demand volatility. As a
result of the dynamics, Fenix significantly underperformed
financially in 2018. The company reported EBITDA of US$36 million,
the equivalent to approximately 70% of initial expectations. As a
result the ratio of Debt to EBITDA increased to 9.7x and Project
Cash Flow from Operations to Debt fell to 1.0% in 2018. Moody's
forecasts that an improvement in these metrics to around 5-6x and
3-7%, respectively, relies on an increase in energy demand and spot
prices.

The overall adjusted debt balance outstanding as of 2018 was US$349
million, with annual principal and interest payments between US$30
and US$40 million over the 2019-2021 period. The company ended 2018
with an unrestricted cash balance of US$23.7 million. Fenix also
held a stand-by letter of credit in the amount of US$13 million
that corresponds to the six-month debt service reserve account and
a committed credit facility in the amount of US$20 million. The
available liquidity mitigates the low debt service coverage ratios
expected to be around 1.0x in 2019 and 2020. DSCRs above 1.20x
would require a substantial increase in energy demand and spot
prices such that those reach levels above US$30/MWh between
2021-2023.

The two notch ratings uplift for potential support from owners
reflects the strategic importance of the asset to Colbun's long
term strategy, as well as structural incentives stemming from
non-automatic early amortization clauses embedded in Colbun's notes
in the event a subsidiary defaults on debt of US$40 million or
more. Additionally, Colbun and Fenix's two minority owners have
demonstrated their willingness to provide support through the
execution of a cash support agreement added to the structure in
April 2019. The agreement establishes a clear mechanism for
shareholders to lend funds to Fenix on a subordinated basis, and it
creates an obligation for Colbun to lend up to US$101 million
through April 2022 if needed for Fenix's debt service. While
Moody's views the agreement as a strong indicator of support, its
credit view recognizes the limitations in term and amount, as well
as the inability of creditors to directly enforce Colbun's
obligation on a timely basis to avoid a payment default.

The stable outlook reflects the liquidity mechanisms in place,
including the cash support agreement, that allows the project to
continue to honor debt service until demand catches up with supply
or regulation is adapted, causing power prices to increase.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A rating upgrade is dependent on a general improvement in market
conditions that allows the project's DSCR to exceed 1.35x on a
sustainable basis.

A downgrade could be prompted should market fundamentals remain
subdued such that energy demand and spot power prices remain low,
leading to an expectation that projected DSCR will remain below
1.20x.

                  ABOUT FENIX

Headquartered in Lima, Fenix is a 565MW natural gas combined cycle
plant that started operations in 2014. Since December 2015, Fenix'
indirect shareholders are: the Chilean power generation company
Colbun S.A. (Baa2 stable; 51%), Blue Bolt A 2015 Limited (36%), a
wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA),
an investment institution established by the Government of Abu
Dhabi (Aa2 stable), as well as the investment fund Sigma Safi S.A.
(unrated; 13%).




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

DIAMONDS & DIAMONDS: Court Rejects WGD's Post-Judgment Bid
----------------------------------------------------------
Creditor World's Gold & Diamond, Inc. filed post-judgment motions
requesting additional facts or conclusions of law with respect to
the Court's Order denying its motion to dismiss Diamond & Diamonds,
Inc.'s case for failure to file a small-business plan within the
statutory period and the Court's finding that the Debtor is not a
small business debtor within the meaning of 11 U.S.C section 101.

Upon review, Bankruptcy Judge Mildred Caban Flores denied WGD's
post-judgment motions.

WGD filed a motion to add or amend findings regarding the Court's
bench order dated July 31, 2018. WGD requests the Court to add new
or amended findings because they allegedly "[(1)] pertain to
material facts proven during the hearing, or [(2)] material facts
and legal conclusions that WGD did not have an opportunity to
present because the Court ruled before the parties raised or argued
the issues at the hearing." WGD relies on Fed. R. Bankr. P. 7052
and Fed. R. Bankr. P. 7046 as its legal basis for the relief
requested.

WGD's arguments are threefold: First, WGD argues that Claim No. 5
is contingent because it is based on Debtor's conditional guaranty
should a third party -- San Juan Office Center, Inc. -- default
under the original note obligations. WGD cites In re Piovanetti,
496 B.R. at 63 in reliance for the proposition that a debt is
contingent if the debtor's liability stems from a joint and several
guaranty. Second, WGD also argues that the Puerto Rico Civil Code's
provisions on guaranty or surety, under 31 P.R. Laws. Ann. Section
4871, are controlling on the contingency aspect of Claim No. 5.
Lastly, it argues that Claim No. 5 is unliquidated because Banco
Popular did not attach the notes corresponding to Claim No. 5.

WGD implies that the Court raised the nature of Claim No. 5 sua
sponte the day of the hearing. As mentioned, both parties briefed
the Court on this issue in the days following up to the hearing.
Debtor raised it as a defense to the motion to dismiss for failure
to file a timely small business plan. WGD attempted to rebut the
defense by arguing that Claim No. 5 was contingent based on its
characterization of said claim as a "guarantee." WGD provided the
Court with an analysis based on Debtor's schedules filed on Docket
Nos. 14 & 38 for unsecured, noncontingent, liquidated claims in the
case; it computed a total amount of $693,032.67, causing it to fall
within the definition of a small business debtor. The parties
actually referenced to and argued the contents of Claim No. 5 at
the hearing. Based on the parties' written and oral arguments at
the hearing, the Court ruled that Debtor was not a small business
debtor  because Claim No. 5 was not contingent, thereby exceeding
the amount of "noncontingent liquidated secured and unsecured"
debts as of the date of the filing of the petition, pursuant to 11
U.S.C. section 101(51D).

This proposed amendment does not seek to correct a "manifest error"
of fact. WGD's proposed finding is an improper characterization of
the events that transpired leading to and at the July 31, 2018
hearing, and as such, is denied.

Next, WGD states that the original note documents missing from
Claim No. 5 should be considered as a factual finding.

The Court understands that this proposed amendment does not seek to
correct a "manifest error" of fact but to object to the evidence
the Court considered to reach its factual findings pertaining to
Claim No. 5. Although the main note documents do not appear
attached to the claim, Banco Popular attached the "Unlimited
Continuing Guaranty" and the amendment to the note documents
referring to the amounts due under the original notes as part of
Claim No. 5. These note amendments contain the amounts due under
the notes, which permit the Court to ascertain the amount due and
payable under the notes. As set out in detail below, Claim No. 5 is
liquid. As such, WGD's objection is overruled.

The Court concludes that the Debtor met its burden in demonstrating
that it is not a small-business debtor within the meaning of the
Bankruptcy Code, given that section 101(51D) excludes from its
definition any debtor with "aggregate noncontingent liquidated
secured and unsecured debts as of the date of the filing of the
petition or the date of the order for relief in an amount not more
than $2,566,0501. . ." WGD's post-judgment motion, as supplemented,
is denied.

A copy of the Court's Opinion and Order dated April 16, 2019 is
available at https://tinyurl.com/y6a42nw4 from Pacermonitor.com at
no charge.

                     About Diamond & Diamonds Inc.

Diamond & Diamonds, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04882) on July 10, 2017.
Magaly E. Hernandez Leon, vice-president, signed the petition.

At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $1 million and liabilities of less
than $500,000.

Hector Figueroa Vincenty, Esq., represents the Debtor as bankruptcy
counsel.




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

CARIBBEAN AIRLINES: Records First Profit in Five Years
------------------------------------------------------
RJR News reports that for the first time in at least five years,
Caribbean Airlines reported a profit of TT$42 million.

In a statement, the airline released a summary of its unaudited
statements for 2018, which show an operating profit of $111
million, according to RJR News.

Fuel costs were Caribbean Airlines' biggest expense, costing $597
million versus $471 million in 2017, which the company attributed
to the higher price of  oil on the international market, the report
notes.

Trinidad's Newsday newspaper said Caribbean Airlines last presented
annual financials to the public in 2015, for its 2014 performance,
where it recorded a loss, the report adds.

               About Caribbean Airlines

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-
provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited, quit after just 17
months on the job. The 48-year-old Canadian national, citing
personal reasons, resigned with immediate effect.  His resignation
was accepted by the airline's board of directors. Mr. DiLollo was
appointed Caribbean Airlines CEO in May 2014, following the sudden
resignation of Robert Corbie in September 2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


PETROLEUM CO: Bondholder Group Rejects Bond Swap
------------------------------------------------
Trinidad Express reports that a group of Petroleum Co. of Trinidad
& Tobago (Petrotrin) bondholders have formed themselves into a
committee and in a statement, the committee announced that its
members do not support the consent solicitation launched by
Trinidad Petroleum Holdings Ltd (TPHL) on April 16, 2019.

The committee is being organised by BroadSpan Capital, a
Miami-based investment banking firm that has done merger and
acquisition work in T&T, according to Trinidad Express.

Most recently, BroadSpan wrote a December 2017 fairness opinion for
the special committee of the Guardian Holdings board that concluded
the US$2.35 a share previously offered by Jamaica's NCB was "fair
from a financial point of view" to the GHL shareholders, the report
relays.  The committee purports to include large international
investment institutions which are holders of Petrotrin bonds due in
2019 and 2022, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.




=============
U R U G U A Y
=============

URUGUAY: Sign Memorandum With China to Improve Air Connections
--------------------------------------------------------------
EFE News reports that Uruguay and China signed a memorandum of
understanding seeking to improve air connections between the two
countries in both the commercial and tourist sectors, official
sources said.

The Uruguayan Foreign Ministry reported in a communique that
Foreign Minister Rodolfo Nin Novoa held a meeting in Montevideo
with China's top Civil Aviation Administration official, Feng
Zhenglin, within the framework of Uruguay's participation in the
second Belt and Road Forum in the Asian giant, according to EFE
News.



                           *********


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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