TCRLA_Public/190506.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, May 6, 2019, Vol. 20, No. 90

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: St. Kitts & Nevis to Provide EC$1-Mil. in Emergency Funding


B R A Z I L

BANCO ABC: Fitch Affirms 'BB' Long-Term Foreign Currency IDRs
MARFRIG GLOBAL: Fitch Retains BB- IDR Amid NBM US' Notes Issue


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Lack of Local Qualified Professionals Cited
DOMINICAN REPUBLIC: Must 'Bury' US$3.9BB Cost of Red Tape, Paz Says
DOMINICAN REPUBLIC: Santiago Province Seeks Higher Gov't Investment


P A R A G U A Y

BIOCEANICO SOVEREIGN: Moody's Rates $732MM Secured Notes 'Ba1'
BIOCEANICO SOVEREIGN: S&P Gives (P)BB Rating on $732MM Sec. Notes


P E R U

NAUTILUS INKIA: S&P Affirms 'BB' ICR on Reorganization Completion


P U E R T O   R I C O

ASOCIACION DE PROPIETARIOS: Seeks to Hire Accountant
ASOCIACION DE PROPIETARIOS: Seeks to Hire Justiniano's as Counsel
FIRST BANCORP: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable
JJE INC: Seeks to Hire Gratacos Law Firm as Legal Counsel
KONA GRILL: Case Summary & 30 Largest Unsecured Creditors

POPULAR INC: Fitch Hikes Long-Term IDR to 'BB', Outlook Stable
SKYTEC INC: May 17 Approval Hearing on Disclosure Statement Set


X X X X X X X X

[*] BOND PRICING: For the Week April 29 to May 3, 2019

                           - - - - -


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A N T I G U A   A N D   B A R B U D A
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LIAT: St. Kitts & Nevis to Provide EC$1-Mil. in Emergency Funding
-----------------------------------------------------------------
Caribbean360.com reports that the St Kitts and Nevis Government has
agreed to provide emergency funding support of over EC$1 million
(US$370,031) to the cash-strapped regional airline LIAT, even as
shareholder governments are reported to be considering a proposal
for financing the carrier.

The Government said in a statement that the decision to help the
Antigua-based airline followed a presentation to the Cabinet by a
three-member LIAT delegation on March 11, according to
Caribbean360.com.  

An advisory committee had been established to review the
delegation's proposals and make recommendations on the way forward,
according to Caribbean360.com.

The LIAT high-level representatives -- including LIAT's General
Counsel and Corporate Secretary, Diane Shurland along with LIAT's
Chief Financial Officer, Rojer Inglis and Chief Commercial Officer,
Audra Walker -- had also proposed for the Government to enter into
a Minimum Revenue Guarantee (MRG) arrangement with the airline, the
report relays.

"The Government of St. Kitts and Nevis agrees in principle with the
idea of participating in an MRG arrangement on the basis of further
discussions and negotiations with high-level representatives of
LIAT," the statement said, the report notes.

The report relays that the announcement came on the same day LIAT
shareholders met in Antigua to discuss the future of the airline,
amid concerns that it would be near closure without financial
assistance from regional governments.

Host Prime Minister Gaston Browne put forward a proposal at that
meeting. He is expected to have the proposal, which he made orally,
in writing for the stakeholders to consider, the report notes.

                     About LIAT

LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT,
is an airline headquartered on the grounds of V. C. Bird
International Airport in Antigua.  It operates high-frequency
inter-island scheduled services serving 15 destinations in the
Caribbean.  The airline's main base is VC Bird International
Airport, Antigua and Barbuda, with bases at Grantley Adams
International Airport, Barbados and Piarco International Airport,
Trinidad and Tobago.

The airline is owned by seven Caribbean governments, with three
being the major shareholders: Barbados, Antigua & Barbuda and St.
Vincent and the Grenadines along with Dominica(94.7 %); other
Caribbean governments, private shareholders and employees (5.3%).

In the last few years, LIAT has been challenged with financial
difficulties, often needing additional funding as the airline dealt
with the high cost of operations.  In November 2016, the Barbados
government defended LIAT's operations, even as opposition
legislators called for a cessation of the business.  In early 2015,
LIAT offered early retirement packages to employees in efforts to
downsize.  In 2014, LIAT knew it had to deal with unprofitable
routes to make operations viable.  In the third quarter of 2013,
the airline's top management was shaken, with news Chief Executive
Officer Captain Ian Brunton's sudden resignation.

LIAT's current chief executive officer is Julie Reifer-Jones and
chief financial officer is Rojer Inglis.

Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.




===========
B R A Z I L
===========

BANCO ABC: Fitch Affirms 'BB' Long-Term Foreign Currency IDRs
-------------------------------------------------------------
Fitch Ratings has affirmed Banco ABC Brasil S.A.'s ratings
including its Long-Term Foreign Currency Issuer Default Ratings at
'BB', LT Local Currency IDR at 'BB+' and LT National Rating at
'AAA(bra)'; Outlook Stable.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SUPPORT RATING

ABCBr's IDRs and Nacional Ratings are driven by the expected
institutional support that Fitch believes ABCBr would receive from
its parent, Arab Banking Corporation B.S.C. (ABC, Long-Term IDR
'BBB-'/Stable). The Stable Outlook on the IDRs is in line with that
of the bank's parent, and also mirrors the Outlook on the sovereign
ratings. ABCBr's LT Foreign Currency IDR is constrained by Brazil's
Country Ceiling of 'BB', while its LT Local Currency IDR is two
notches above Brazil's long-term rating (LT Foreign Currency and
Local Currency IDRs BB-/Stable), which is the usual maximum uplift
Fitch applies to Brazilian financial institutions owned by strong
foreign shareholders.

The bank's Support Rating of '3' reflects the expected support from
ABC, which is based in Bahrain. Given the subsidiary's relevant
contribution to the parent's revenues and the brand, Fitch believes
that, in the unlikely event it is needed, the Brazilian subsidiary
would likely receive support from its majority shareholder.

VR

ABCBr's VR of 'bb- continues to be driven by the bank's credit
metrics that reflect a low risk profile, stable profitability,
comfortable capitalization and liquidity and sound risk management.
Although lower than previous years, the bank's profitability during
2018 remained satisfactory and was driven by more diverse sources
of revenue which served to offset lower NIMs.

The bank's credit metrics continued to be aided by ABCBr's
relatively low funding costs, its strategic focus and the better
asset quality metrics when compared to some of its other
competitors. The bank's credit portfolio tenors continue to be
conservatively matched to the tenors of its funding, providing
comfortable levels of liquidity. ABCBr's ratings also reflect the
well-positioned franchise and its overall sound financial profile
as a wholesale-funded bank.

The bank operates under a well-defined strategy of providing credit
and other banking services mainly to the large corporate segment
(annual revenues over BRL800 million) and also corporates (annual
revenues between BRL100 million and BRL800 million). The bank
maintains a very strong liquidity position which enables lower
funding costs.

The bank continues to focus on the business segments that it knows
well. During the past year, total loan, or on-balance-sheet
exposure, only rose 7.3% and the expanded credit portfolio which
includes guarantees and corporate securities rose 7%. The amount of
guarantee exposure experienced a combined 6% increase during the
LTM and this was mostly concentrated in the corporate segment which
saw a 46.5% growth. Despite the high rate of growth in the
corporate segment, this segment only represents 20% of total
expanded credit portfolio.

The bank's corporate securities portfolio saw 9% growth during 2018
where most of the growth came from the corporate segment.

For 2019, management provided an expanded credit portfolio growth
guidance of 11% to 15% which was above the 7% recorded in 2018.
However it is likely to be achieved given the election
uncertainties have passed and the improved economic outlook appears
favorable. Management is expecting a higher demand from existing
and new clients in the lower corporate segment whose risk will be
mitigated by real guarantees and strict risk controls.

Management also expects to continue to mitigate the pressured NIM
by increasing fee revenues and lower credit costs. Fitch believes
these expectations are reasonable. ABCBr's conservative
underwriting standards are regularly monitored by various risk
committees to avoid sector and client concentrations and to ensure
good quality assets.

Also, during the last four years, the bank had benefitted from
reduced levels of competition while maintaining its conservative
underwriting, which is reflected in its low level of non-performing
loans. As of Dec. 31, 2018, ABCBr reported a low level of NPLs over
90 days to total credit exposure of 0.4%, while its impaired loan
(D-H) to total loans ratio remained stable at 5.3% from 5.2% a year
earlier. The over-90 day NPL ratio compares very well to the
banking system average. ABCBr's favorable NPL ratio is a reflection
of the focus on lower-risk companies and its conservative
underwriting. The bank's loan loss reserve coverage ratio on NPLs
over 90 days remained strong at 2.9% of total credit exposure.

The bank continues to focus on ensuring a stable liquidity position
through conservative asset liability management policies to
mitigate gaps through hedging and funding diversification.
Strategies include the sourcing of longer-term funding, which
includes the use of longer-term instruments.

ABCBr continues to maintain satisfactory capital ratios. At Dec.
31, 2018, the Fitch core ratio had remained relatively stable at
13.4% (14.0% a year earlier). The bank already well-exceeds the
Central Bank regulatory minimum total capital requirement just by
means of its FYE 2018 Tier I regulatory capital ratio of 13.4%.
ABCBr had a total Regulatory Capital ratio of 17.2% at the end of
fourth-quarter 2018.

RATING SENSITIVITIES

IDRS

Positive Rating Action: ABCBr's IDR is constrained by Brazil's
operating environment; as a result, an upgrade of these ratings is
unlikely in the near future.

Negative Rating Action: The bank's IDRs could be affected by a
deterioration of Arab Banking Corporation's rating as the support
rating is potentially sensitive to any change in assumptions around
the propensity and ability of Arab Banking Corporation to provide
timely support to the bank. ABCBr's ratings could also be affected
by a further deterioration in the Sovereign rating, as the bank is
closely linked with Brazil's operating environment.

VR

Positive Rating Action: ABCBr's VRs are constrained by Brazil's
operating environment; as a result, an upgrade of these ratings is
unlikely in the near future.

Negative Rating Action: Although unlikely in Fitch's view, a
significant deterioration of ABCBr's asset quality that results in
credit costs that severely limit its profitability and ability to
grow its capital, combined with a reduction in its liquidity or
capitalization position could lead toward a downgrade of the bank's
ratings. An unlikely decline in the FCC-to-risk-weighted assets
ratio consistently below 11%, along with an operating
profit-to-average risk weighted asset ratio consistently below 1.5%
could result in a ratings review. ABCBr's VR rating could also be
affected by a further deterioration in the Sovereign rating, as the
bank is closely linked with Brazil's operating environment.

NATIONAL

Changes in ABCBr's IDRs or in the bank's credit profile relative to
its Brazilian peers could result in changes in its National
Ratings. Given that ABCBr's National Rating is currently at the top
of the rating scale, an upgrade of this rating is not possible.

SUPPORT RATING

The SR is potentially sensitive to any change in assumptions around
the propensity or ability of ABC to provide timely support to the
bank.

Fitch has affirmed the following ratings:

Banco ABC Brasil:

  -- Long-Term Foreign Currency IDRs at 'BB'; Outlook Stable;

  -- Long-Term Local Currency IDRs at 'BB+'; Outlook Stable;

  -- Short-Term Foreign and Local Currency IDRs at 'B';

  -- Viability Rating at 'bb-';

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

  -- Short-Term National rating at 'F1+(bra)';

  -- Support Rating at '3'.


MARFRIG GLOBAL: Fitch Retains BB- IDR Amid NBM US' Notes Issue
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to NBM US Holdings,
Inc.'s proposed 7-year benchmark-sized senior unsecured notes. NBM
US Holdings is a wholly-owned subsidiary of Marfrig Global food
S.A. The notes are also unconditionally and irrevocably guaranteed
by Marfrig, MARB BondCo PLC, Marfrig Holdings (Europe) B.V. and
Marfrig Overseas Limited. The notes will be unsecured senior
obligations and will rank pari passu with all unsecured and
unsubordinated obligations of Marfrig and the subsidiaries
guarantors. The proceeds are expected to be used to refinance
existing indebtedness including existing notes due in 2021 and
2023.

KEY RATING DRIVERS

Evolving Business Profile: Marfrig divested Keystone to Tyson
Foods, Inc (BBB/Stable) for a total enterprise value of USD2.4
billion at the end of 2018. The Keystone divestment came on the
heels of Marfrig's acquisition of 51% of National Beef Packing
Company, LLC for USD969 million in June 2018. Through these
transactions Marfrig has increased its exposure to beef, however,
some of the risks related to a single commodity are offset by the
lack of historical correlation between the U.S. and Brazilian
cattle cycles. Further, Marfrig will own 51% of much larger
National Beef versus 100% of Keystone, and although National Beef's
EBITDA will be consolidated 100%, there will be cash flow leakage
due to substantial minority interests. The impact of this leakage
on cash flow will be somewhat offset by lower capital expenditure
needs at National Beef.

Gradual Deleveraging: Fitch estimated that pro forma adjusted net
debt/ EBITDA (excluding minority dividends) was about 3.5x in 2018
compared to 5.1x as of fiscal year-end 2017 (FYE17). Fitch expects
Marfrig's net leverage to be below 3.5x in 2019 as a result of
improved EBITDA due to positive domestic consumption in the USA and
Brazil and the reopening of export markets. On February 8, 2019,
Uruguay and Japan entered into a sanitary agreement that authorized
exports of fresh beef between the two countries, which will benefit
Marfrig, as it is the largest beef exporter in Uruguay. The company
also made some bolt-on acquisitions in early 2019 which included
Quickfood in Argentina (USD54.9 million), Varzea Grande from BRF in
Brazil (BRL100 million) and Iowa Premium LLC (USD150 million) in
the US.

Product Concentration: While helping the company achieve its credit
leverage targets, the sale of Keystone increased the company's
product concentration and therefore business risk, as Keystone
provided relatively stable cash flow as most of its sales were
processed poultry products sold to McDonalds in the U.S.; the
company is now a pure beef player with a processing capacity of
33,500 head/day. National Beef is the fourth largest beef processor
in the United States with approximately 13% of the beef processing
capacity in the U.S. (12,000 head/day). In South America business,
Marfrig is one of the region's leading beef producers, with a
primary processing capacity of over 21,000 head/day.

Geographical diversification: Marfrig's ratings incorporate the
company's geographic diversification in the volatile protein
commodity industry. Fitch estimated that National Beef represented
about 60% of the group EBITDA and the remaining in South America
(mostly in Brazil). The geographic diversification helps to
decrease risks related to disease and currency fluctuation. In
addition, most of beef produced by National Beef is consumed in the
U.S. and a small part exported to Japan and South Korea, which
reduces the risks of tariffs and quotas faced by the company's
operations in South America.

Favorable Beef Outlook: Marfrig's competitive advantages stem from
a favorable environment to raise cattle in Brazil and the U.S., the
large scale of operations, access to exports markets from Brazil
and the U.S. and long-term relationship with farmers, customers,
and distributors. Global beef fundamentals are expected to remain
positive in the next couple years for Brazilian and U.S. producers
due to increased demand and better cattle availability. U.S. beef
production is forecast to grow by nearly 2% in 2019 according to
the USDA. In exports, Brazil and Argentina are poised to remain top
suppliers to China as the country makes a concerted effort to boost
its beef supplies as pork production will be hindered by disease
issues. Among the significant industry risks are a downturn in the
economy of a given export market, the imposition of increased
tariffs or sanitary barriers, and strikes or other events that may
affect the availability of ports and transportation.

DERIVATION SUMMARY

Marfrig ratings reflect its solid business profile and geographic
diversification as a pure play in the beef industry with a large
presence in South America (notably Brazil) and in the U.S. with
National Beef. Marfrig is well positioned to compete in the global
protein industry due to its size and geographic diversification.
The business compares favorably regarding size with its regional
peer Minerva S.A. (BB-/Stable), which is mainly a beef processor in
South America. JBS S.A. (BB-/Stable) and Tyson Foods (BBB/Stable)
enjoy a higher level of scale of operations, stronger FCF, and
higher product and geographical diversification than Marfrig. JBS's
rating is constrained by ongoing litigation issues.

Regarding net leverage, Marfrig compares favorably to Minerva
(BB-). Marfrig's leverage is higher than Tyson's. Marfrig is
subject to a put option from minorities' shareholders. The put
option related to National Beef could be exercised in January 2023
(payable one-third each year). The put option would be accelerated
in the event of a change in control of Marfrig Global Foods S.A.

KEY ASSUMPTIONS

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

  - Sales are driven by positive consumer demand in the U.S. and
Brazil;

  - Bolt-on acquisitions

  - Adjusted Net debt/ EBITDA below 3.5x in 2019;

RATING SENSITIVITIES

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

  -- Sustainable and positive FCF;

  -- Improved and resilient operating margins in Marfrig Beef;

  -- Substantial decrease in gross and adjusted net Debt/
     EBITDA (excl.dividends paid to minorities) to below 4.5x
     and 3.0x, respectively, on a sustained basis.

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

  -- Negative FCF on a sustained basis;

  -- Net leverage above 4.5x on a sustainable basis.

LIQUIDITY

Adequate Liquidity: As of Dec. 30, 2018, Marfrig had USD1.85
Billion of cash and cash equivalent compared to USD946 million of
short-term debt. The short-term debt is mainly related to the 2019
senior unsecured notes (USD0.5 billion) and trade finance lines.

FULL LIST OF RATING ACTIONS

Fitch currently rates Marfrig as follows:

Marfrig Global Foods S.A.

  -- Long-Term Foreign and Local Currency IDR 'BB-';

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

The Rating Outlook is Stable.

Marfrig Holdings (Europe) B.V.

  -- Senior unsecured notes due 2019, 2021, 2023 'BB-'.

MARB BondCo PLC

  -- Senior unsecured notes due 2024 and 2025 'BB-'.

NBM US Holdings, Inc

Fitch has assigned a 'BB-' rating to the proposed senior unsecured
notes guaranteed by Marfrig Global Food S.A.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Lack of Local Qualified Professionals Cited
---------------------------------------------------------------
Dominican Today reports that representatives of the main business
organizations in the Dominican Republic warned that just like the
free zones, the industries find it impossible to get qualified
professionals in engineering, chemistry and English proficiency in
the country.

National Business Council (Conep) president Pedro Brache said the
situation forces them to hire foreigners, according to Dominican
Today.

He said the production equipment is increasingly sophisticated, for
which demands a highly qualified professional, the report notes.

For Industries Association vice president Circe Almanzar, "the
government should evaluate in which areas to give scholarships,
because what's coming out of the university isn't what's required,"
the report adds.

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


DOMINICAN REPUBLIC: Must 'Bury' US$3.9BB Cost of Red Tape, Paz Says
-------------------------------------------------------------------
Dominican Today reports that Dominican Republic red tape is to
blame for part of the failure of some micro, small and medium
businesses, hurdles that are holding back the entrepreneurial
capacity of Dominican citizens.

National Competitiveness Council director, Rafael Paz, said the
country should "bury" and put an end to the culture of stamps and
certifications, because in the Dominican nation, its' believed that
"a seal must be put on everything and that everything has to be
controlled and verified," according to Dominican Today.

The report notes that Mr. Paz said that when in a country obstacles
persist that interfere in the interaction of the State and its
citizens, economic activity is limited, thus "harming the social
welfare that is intended to be achieved with regulations that
should not be an impediment to development."

"The regulations for 43 institutions and ministries, translated
into 1,873 procedures and services, generate a social cost in the
Dominican Republic of RD$197.2 billion (US$3.9 billion) per year
which represents 5.46% of gross domestic product," the report
quoted Mr. Paz as saying.

The official said that to eradicate the problem that he affirms
jeopardizes the business sector, a Regulatory Improvement Plan will
be initiated that would reduce 70% of the social spending on
regulations, the report notes.

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


DOMINICAN REPUBLIC: Santiago Province Seeks Higher Gov't Investment
-------------------------------------------------------------------
Dominican Today reports that the Dominican Republic's second
biggest city and the Cibao region remain firm in their demand for
higher Government investment for that part of the country, in
keeping with its fiscal contribution to the national GDP.

According to Santiago Merchants and Industries Association (ACIS)
figures, Santiago province accounts for 17% of Dominican Republic's
GDP, but receives just 3%, Dominican Today says.

"It is difficult for a region to develop without the creation of a
clear policy design, which could lead to the investment of what the
same zone produces," said ACIS president, Sandy Filpo, the report
discloses.

Interviewed by the El Caribe media group, the business leader said
that if the economic activities were to be tallied, the measurement
would likely show that Santiago's contribution to GDP is higher
than 17%, according to Dominican Today.

"For example, what banks produce . . . They're taxed in Santo
Domingo and it's seen as a single levy, not from Santiago, not from
Cibao, but from the capital," he said, the report adds.

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




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

BIOCEANICO SOVEREIGN: Moody's Rates $732MM Secured Notes 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to Bioceanico
Sovereign Certificate Limited $732 million senior secured notes.
The outlook is stable.

Proceeds from notes will be used by the issuer SPV (Bioceanico
Sovereign Certificate Limited) to purchase construction
certificates called Certificados de Reconocimiento de Obligacion de
Pago or CROPs to be issued by the Government of Paraguay (Ba1
Stable) for the construction of the Corredor Vial Bioceanico'
project, which is part of an ongoing road integration plan between
Chile, Argentina, Paraguay and Brazil. The Project will be
developed by a consortium formed by the sponsors Construtora
Queiroz Galvao S.A. (50%) and Ocho A S.A. (50%) and will be
financed through a combination of equity contributions, working
capital facilities granted by public and private financial
institutions and by the senior secured notes to be issued by the
issuer, an Special Purpose Vehicle (SPV) domiciled in the Cayman
Islands.

Moody's has reviewed the preliminary draft legal documentation
provided to date related to the debt issuance. The assigned rating
assumes that there will be no material variation from the drafts
reviewed and that all agreements will be legally valid, binding and
enforceable.

RATINGS RATIONALE

The Ba1 rating and stable outlook reflect the proposed financing
structure whereby the repayment of the notes will rely on payments
made by the Government of Paraguay (Ba1 Stable) on the CROPs, which
are certificates representative of direct, unconditional and
irrevocable payment obligations from the government and payable in
US dollars that the consortium formed by Construtora Queiroz Galvao
S.A. and Ocho A S.A. will receive after performing certain
construction work milestones. The assigned ratings also aknowledge
that the CROPS constitute public external debt of the Republic of
Paraguay as defined in Paraguay's sovereign debt documentation.

The assigned rating recognizes that the proposed structure isolates
the repayment of the notes from any performance and construction
risks related to the sponsors, because the issuer of the notes will
hold cash or will make investments according to a permitted
investments policy until all CROPS generated after the completion
of the construction milestones are purchased. Permitted investments
under the debt documentation will consist of highly liquid
investment grade securities that are not subject to price
variations that could diminish their value at any time. Once
construction is completed and all CROPs are acquired, repayment of
the debt under the Notes will rely on the future payments under
such CROPs, which are direct payment obligations from the
Government of Paraguay.

Moody's has incorporated into the rating that under the proposed
structure, a construction delay that prevents the SPV from buying
the minimum amount of CROPs by the specific dates detailed in the
financing documents could lead to a partial or total termination
event. Moody's understands that in the case of a delay in
construction or a termination event, any potential shortfall in the
SPV to repay bondholders would be at all times covered by a
combination of funds in escrow accounts and a letter(s) of credit
(LC) issued by a financial institution(s) rated at least at the
same level of the Government of Paraguay. Moody's therefore
understands that full completion of the project is not as critical
as in a typical project finance structure because purchased CROPs
will subsist as a contractual payment obligation of the Government
of Paraguay even if the project is not finalized. The rating also
incorporates the fact that the protection provided by the LC will
remain in place at all times and that any potential required
substitution of the LC or the LC provider will be made with
sufficient anticipation to prevent lack of full coverage at all
times during the construction period.

Moody's recognizes that CROPs constitute public external debt of
the Republic of Paraguay as defined in the sovereign debt
documentation. Moody's also understands that each CROP expressly
precludes all set-off rights, and that all payment obligations
under the CROPS already issued and purchased by the issuer SPV will
have no relation to any termination events or breaches that may be
incurred in the construction of the remaining of project. Because
of this and due to the nature of the direct payment obligation of
the Government of Paraguay under the certificates, there is no a
debt service reserve account contemplated in the financing
structure, which is otherwise typical in many project finance
transactions. Moody's typically applies a notching down approach
for financial structures that lack a debt service reserve account.
However, in the case of Bioceanico Sovereign Certificate Limited
Moody's has not applied any notching adjustments because CROPs are
direct obligations from the government and any liquidity shortfall
at this level is already addressed by constraining the rating to
Paraguay's foreign currency issuer rating.

Outlook

The rating outlook is stable, in line with the stable outlook of
the Government of Paraguay, reflecting Moody's view that the
creditworthiness of the issuer cannot be de-linked from the credit
quality of the government as the repayment of the notes relies on
payments by the Government of Paraguay on the construction
certificates that the issuer is going to purchase. Moreover, the
outlook incorporates Moody's expectation that the proposed
structure will hold cash and liquid investments until the purchase
of all the CROPs is completed.

WHAT COULD CHANGE THE RATING UP/DOWN

The Ba1 rating is closely tied and constrained by Paraguay's
foreign currency issuer rating; therefore the rating could be
upgraded if Paraguay's foreign currency issuer rating is upgraded.

Similarly, a rating downgrade of the sovereign would likely result
in negative rating actions for the notes.

Corporate Profile

Bioceanico Sovereign Certificate Limited is an Special Purpose
Vehicle (SPV) domiciled in the Cayman Islands. Bioceanico Sovereign
Certificate Limited will issue Senior Secured Notes to finance its
CROP purchase commitment to a construction consortium formed by
Construtora Queiroz Galvao S.A. (50%) Ocho A S.A. (50%), in
connection with the financing for the design and construction of a
new road between Loma Plata and Carmelo Peralta located in the
Republic of Paraguay. The Project was awarded by the Ministry of
Public Works and Communications and countersigned by the Ministry
of Finance of Paraguay.


BIOCEANICO SOVEREIGN: S&P Gives (P)BB Rating on $732MM Sec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB' rating to
Bioceanico Sovereign Certificate Ltd.'s $732 million senior secured
notes series 2019-1.

The note issuance is a repack securitization backed by construction
payment obligations (in Spanish, "Certificados de Reconocimiento de
Obligacion de Pago", or "CROPs") issued by the Paraguayan Ministry
of Public Works and Communications and signed by the Ministry of
Finance, to finance the design and construction of a new road
between Loma Plata and Carmelo Peralta located in the Republic of
Paraguay (BB/Stable/B).

The preliminary rating is based on information as of May 2, 2019.
Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary 'BB' rating reflects:

  -- The credit quality of the CROPs, which S&P believes to be at
the same level as the foreign currency rating on Paraguay.

  -- The transaction's pass-through payment structure, which
mitigates the risk of shortfalls and payment mismatches between
assets and liabilities. The lack of construction, operating, or
performance risks associated with the CROPs. This is because the
Ministry of Finance (MOF) and Ministry of Public Works and
Communications (MOPC) will each sign and issue one CROP to the
issuer after Consorcio Corredor Vial Bioceanico (the consortium)
satisfactorily completes each of the 20 predefined milestones of
the project. Therefore, the CROP payments will not be contingent
upon any risk related to the project, the project contract, the
consortium, or the consortium's members.

  -- A CROP collection account held offshore that will be funded
with payments received from Paraguay under the purchased CROPs.

  -- A consortium commitment termination event (CTE) protection
account also held offshore and funded by the consortium as
collateral support, which is to be used following the occurrence of
either a total or partial CTE.

  -- Features within the transaction's structure that mitigate
foreseeable risks (e.g., administrative delays or purchase
extensions) of the generation of CROPs in exchange for additional
collateral posted by the seller via direct deposits in the
corresponding account and/or with a letter of credit (LOC) from an
entity with a minimum required creditworthiness.

  -- Key credit risks, including macroeconomic and political
factors that could affect S&P's rating on Paraguay and its view of
the LOC provider's creditworthiness, which could limit the
transaction's credit quality.

  -- The transaction's legal structure, asset isolation under the
relevant jurisdictions, and the issuer's legal status, which S&P
understands to be bankruptcy remote.




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

NAUTILUS INKIA: S&P Affirms 'BB' ICR on Reorganization Completion
-----------------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on Nautilus
Inkia Holdings LLC at 'BB' and the issue-level rating at 'BB-'.

I Square Capital (ISQ; not rated) decided to reorganize its
investments in Latin America in late 2018, pursuing gains in
efficiency. Therefore, the infrastructure fund decided to
consolidate several subsidiaries under Nautilus. The latter has
stakes in Nautilus Inkia Holdings LLC, Nautilus Distributions
Holdings LLC (Distributions; not individually rated), Nautilus
Isthmus Holdings LLC (Isthmus; not individually rated), which are
co-issuers and jointly responsible for the existing $600 million
bullet notes, and Nautilus Energy TopCo LLC (not rated). Nautilus
also consolidated Orazul (BB/Stable/--), Orazul Energy Guatemala
S.A. (not rated), Orazul El Salvador S.A. (not rated), Orazul
Energy Argentina S.A. (not rated), and Orazul Energy Chile S.A.
(not rated).

S&P now analyzes Inkia based on the Nautilus group's pro forma
figures, and view the reorganization as neutral from a credit
perspective, because the newly incorporated companies will generate
around 18% of the group's total EBITDA and most of them have
long-term contracts providing stability and predictability to its
cash flows. More importantly, although some of the new subsidiaries
have debt (the bulk of which is Orazul's $550 million bond), pro
forma after the reorganization, Nautilus' main credit metrics will
remain in line with our previous expectations. S&P expects adjusted
debt to EBITDA to be 4.0x-4.5x, considering a consolidated EBITDA
in the $750 million - $850 million range at Nautilus level. S&P
still forecasts Inkia's EBITDA of $550 million - $600 million for
the next two years.

In addition, the group's strategy of selling a significant portion
of its aggregate capacity under dollar-linked, long-term power
purchase agreements (PPAs) continues to support stable and
predictable cash flow generation. In 2018, 70% of the group's
aggregate energy sales (in gigawatts [GWh]) were through PPAs.
Given the PPAs' weighted average remaining life of 10 years at
competitive prices, S&P expects a stable EBITDA generation going
forward. Nautilus also participates in Guatemala's regulated
distribution segment, enjoying a certain amount of stability the
group's subsidiaries operate under a technical and independent
regulatory framework. The above-mentioned strengths offset the
group's presence in riskier jurisdictions such as Bolivia,
Nicaragua and El Salvador, among others, and its exposure to
competition (typical for unregulated power utilities).




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

ASOCIACION DE PROPIETARIOS: Seeks to Hire Accountant
----------------------------------------------------
Asociacion De Propietarios Condominio Radio Centro seeks approval
from the U.S. Bankruptcy Court for the District of Puerto Rico to
hire an accountant.

The Debtor proposes to employ Asdrubal Delgado Biaggi, a certified
public accountant, to prepare its monthly reports, financial
statements, tax returns and cash flow projections needed for its
bankruptcy plan, and provide other accounting services necessary to
administer its bankruptcy estate.

The accountant will charge an hourly fee of $50 for his services.

Mr. Biaggi disclosed in court filings that he is "disinterested"
as
defined in Section 101(14) of the Bankruptcy Code.

Mr. Biaggi maintains an office at:

     Asdrubal Delgado Biaggi
     3062 Monaco Street
     Cabo Rojo, PR 00623
     Mobile: 787-519-1963
     Fax: 787-986-7439
     Email: vipblock@hotmail.com

                 About Asociacion De Propietarios
                      Condominio Radio Centro

Asociacion De Propietarios Condominio Radio Centro sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 19-02202) on April 23, 2019.  At the time of the filing,
the Debtor estimated assets of less than $100,000 and liabilities
of less than $500,000.  Gloria Justiniano Irizarry, Esq., at
JUSTINIANO'S LAW OFFICE, is the Debtor's counsel.


ASOCIACION DE PROPIETARIOS: Seeks to Hire Justiniano's as Counsel
-----------------------------------------------------------------
Asociacion De Propietarios Condominio Radio Centro seeks approval
from the U.S. Bankruptcy Court for the District of Puerto Rico to
hire Justiniano's Law Office as its legal counsel.

The firm will advise the Debtor of its duties under the Bankruptcy
Code; examine officers as to the acts, conduct and property of the
Debtor; assist in the preparation of a plan of reorganization;
review proofs of claim; and provide other legal services in
connection with its Chapter 11 case.

Gloria Justiniano Irizarry, Esq., the firm's attorney who will be
handling the case, will charge an hourly fee of $250.  Her firm
received a retainer in the amount of $3,500.

Ms. Irizarry disclosed in court filings that she and other members
of Justiniano's Law Office are "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Gloria Justiniano Irizarry, Esq.
     Justiniano's Law Office
     Ensanche Martinez
     Calle A. Ramirez Silva #8
     Mayaguez, PR 00680-4714
     Phone: (787) 222-9272/(787) 805-2945
     Email: justinianolaw@gmail.com

                 About Asociacion De Propietarios
                      Condominio Radio Centro

Asociacion De Propietarios Condominio Radio Centro sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 19-02202) on April 23, 2019.  At the time of the filing,
the Debtor estimated assets of less than $100,000 and liabilities
of less than $500,000.  Gloria Justiniano Irizarry, Esq., at
JUSTINIANO'S LAW OFFICE, is the Debtor's counsel.


FIRST BANCORP: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded First BanCorp's Long-Term Issuer Default
Rating to 'B+' from 'B'. The Rating Outlook remains Stable.

The upgrade reflects the resilience of FBP's financial profile,
which was better than Fitch's expectations, despite a challenging
operating environment in recent years. The upgrade is further
supported by reduced uncertainty around FBP's operating environment
over the Outlook horizon. The bank's ratings were previously
constrained by potential weakening of its financial profile due to
Puerto Rico's challenged fiscal position and the destruction caused
by hurricanes Irma and Maria. However, this weakening did not
materialize.

Fitch upgraded FBP's ratings on Dec. 7, 2018 due to fundamental
improvements in the company's financial profile during the prior
years.

KEY RATING DRIVERS

IDRs and VRs

The rating action reflects a change in Fitch's view of FBP's
operating environment in Puerto Rico as well as Fitch's assessment
of the relative importance of the bank's U.S. mainland operations
in assessing its operating environment. Economic activity in Puerto
Rico has been better than Fitch expected following hurricanes Irma
and Maria in September 2017. Fitch's assessment of the operating
environment in Puerto Rico incorporates the expectation that
federal aid and reconstruction efforts will likely result in
economic growth over the rating time horizon.

Fitch expects that federal aid from the U.S. government and
rebuilding efforts will have a positive short- to medium-term
impact on the island's economy. Additionally, Fitch believes the
size of the aid package outweighs some of the uncertainty around
the timing and amount of federal aid that will Puerto Rico will
ultimately receive. The latest approved fiscal plan from the
Government of Puerto Rico estimates total aid of approximately $82
billion consisting of federal aid and insurance proceeds over a
15-year time period. Longer-term prospects for the island's
economy, outside of the current Outlook horizon, depend heavily on
the effectiveness of fiscal and structural reforms.

Despite its upgrade, FBP's ratings continue to be constrained by a
challenging and uncertain operating environment in Puerto Rico over
the longer term. Damage caused by the hurricanes has complicated
Puerto Rico's efforts to reverse outward migration, generate
sustainable economic growth, and address its fiscal and debt
imbalances.

Fitch's action also reflects Fitch's view that FBP's financial
profile has been more resilient than Fitch expected given the
challenging fiscal situation in Puerto Rico and damage stemming
from the hurricanes. Although FBP's asset quality is weaker
relative to Puerto Rican peers and to U.S. mainland banks,
deterioration in asset quality over the last several quarters has
been less than Fitch's expectations, supporting its upgrade. Asset
quality metrics such as net charge-offs and nonperforming assets to
loans and other real estate owned have improved meaningfully over
the last few years despite a challenging operating environment in
Puerto Rico. Fitch expects that FBP will continue to reduce its
nonperforming assets over the Outlook horizon.

FBP's earnings performance has also been better than Fitch's
expectations. Core earnings have improved and, importantly,
stabilized despite challenges caused by the fiscal situation and
hurricanes in Puerto Rico. Fitch still expects that earnings could
face headwinds going forward as FBP continues to work down its
relatively high levels of nonperforming assets, a rating
constraint.

In Fitch's view, capital remains a rating strength and should
provide an adequate buffer for losses stemming from potential
credit quality deterioration. At 1Q19, FBP's TCE and CET1 stood at
16.4% and 20.4%, respectively, which are among the highest in
Fitch's rated universe in the U.S. Given FBP's risk profile and
uncertainties that remain regarding the Puerto Rico economy, the
company's higher capital ratios are viewed as prudent and
supportive of the ratings. The rating action incorporates the
expectation that FBP's capital ratios could come down from current
levels to the extent FBP pursues merger and acquisition (M&A)
opportunities.

FBP's funding profile is well situated for its current ratings.
Fitch observes that there has been modest improvement over time
with the company reducing its reliance on noncore funding sources,
particularly brokered deposits. Historically, FBP's funding profile
has been weaker when compared to U.S. bank peers given greater
reliance on non-core funding sources.

LONG- AND SHORT-TERM DEPOSIT RATINGS

FBP's uninsured deposits at its subsidiary bank are rated one notch
higher than FBP's IDR because U.S. uninsured deposits benefit from
depositor preference. U.S. depositor preference gives deposit
liabilities superior recovery prospects in the event of default.

HOLDING COMPANY

FBP has a bank holding company structure with the bank as the main
subsidiary. The company's IDRs and VRs are equalized with those of
the operating company and bank, reflecting its role as the bank
holding company, which is mandated in the U.S. to act as a source
of strength for its bank subsidiary. Double leverage is below 120%
for the FBP parent company.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF' reflect
Fitch's view that FBP is not considered systemically important, and
therefore the probability of support is unlikely. The IDRs and VRs
do not incorporate any support.

RATING SENSITIVITIES

IDRs and VRs

With its rating action, Fitch view's FBP's ratings as well situated
at their current levels. FBP's operating environment continues to
be a higher influence factor on its ratings. Therefore, FBP's
ratings would be sensitive to Fitch's assessment economic and
demographic trends in Puerto Rico over the medium- and long-term
time horizons. Fitch expects that Puerto Rico's economy will likely
grow over the next few years but that longer-term growth prospects
are less certain and are dependent on the effectiveness of fiscal
and structural reforms in Puerto Rico.

Fitch will continue to monitor data such as population growth, GNP
per capita, and Ease of Doing Business rankings in its assessment
of the operating environment in Puerto Rico over the medium and
long term. Positive rating momentum could build over time if the
commonwealth's planned structural and fiscal reforms result in
stabilizing or improving demographic trends, economic growth and
Ease of Doing Business scores. Conversely, negative rating pressure
could develop if the planned structural and fiscal reforms are not
effective, resulting in weakening demographic trends, economic
growth and Ease of Doing Business scores.

FBP's ratings could also be sensitive to environmental factors such
as severe weather events that result in weaker demographic or
economic growth trends and/or sustained asset quality
deterioration.

FBP's ratings could come under pressure should the company manage
capital ratios below peers over time, particularly if the company's
nonperforming assets remain elevated on a relative basis. Positive
rating momentum could develop over time should FBP successfully
reduce its level of nonperforming assets to be more in line with
peers while maintaining capital levels in line with or higher than
peers. Conversely, Fitch could take negative action should FBP
engage in M&A resulting in capital ratios falling below peer
levels, absent credible plans to rebuild capital to levels in line
with or better than peers.

Over the longer term, positive rating momentum could stem from an
improved franchise indicated by profitable loan and deposit market
share growth in the commonwealth. Fitch considers FBP's current
relative market position as a limiting factor due to its market
share in Puerto Rico. FBP is currently the second largest bank on
the island with loan and deposit market shares of 19% and 12%,
respectively, as of 2Q18. This compares to BPOP's loan and deposit
market shares in Puerto Rico of 49% and 58%, respectively.

LONG- AND SHORT-TERM DEPOSIT RATINGS

The ratings of long- and short-term deposits issued by FBP's
subsidiary are primarily sensitive to any change in the company's
IDRs. FBP's deposit ratings could be similarly affected should the
company's Long-Term IDR change.

HOLDING COMPANY

If FBP became undercapitalized or increased double leverage
significantly, Fitch could notch the holding company IDR and VR
down from the ratings of the bank subsidiary. Additionally, upward
momentum at the holding company could be limited should FBP manage
its holding company liquidity aggressively over time.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary support
in case of need.

Fitch has upgraded the following ratings:

First BanCorp

  -- Long-Term IDR to 'B+' from 'B'; Outlook Stable;

  -- Viability Rating to 'b+' from 'b'.

FirstBank Puerto Rico

  -- Long-Term IDR to 'B+' from 'B'; Outlook Stable;

  -- Long-term deposit to 'BB-'/'RR3' from 'B+'/'RR3';

  -- Viability Rating to 'b+' from 'b'.

Fitch has affirmed the following ratings:

First BanCorp

  -- Short-Term IDR at 'B';

  -- Support at '5';

  -- Support floor at 'NF'.

FirstBank Puerto Rico

  --  Short-Term IDR at 'B';

  -- Short-term Deposits at 'B';

  -- Support at '5';

  -- Support floor at 'NF'.


JJE INC: Seeks to Hire Gratacos Law Firm as Legal Counsel
---------------------------------------------------------
JJE, Inc., seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire Gratacos Law Firm, P.S.C., as its
legal counsel.

The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code; assist the Debtor in negotiation with its
creditors concerning the orderly liquidation of its assets or the
formulation of a reorganization plan; and provide other legal
services in connection with its Chapter 11 case.

Gratacos Law Firm received the sum of $4,467 for legal expenses
including the filing fee, and $1,250 as a retainer.

Victor Gratacos Diaz, Esq., at Gratacos Law Firm, disclosed in
court filings that his firm is "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Victor Gratacos Diaz, Esq.
     Gratacos Law Firm, P.S.C.  
     P.O. Box 7571
     Caguas, PR 00726
     Phone: (787) 746-4772
     Fax: (787) 746-3633
     Email: bankruptcy@gratacoslaw.com

                         About JJE Inc.

JJE, Inc., is a home health care services provider based in Manati,
Puerto Rico.

JJE, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No.
19-02034) on April 12, 2019, and is represented by Victor Gratacos
Diaz, Esq., in Caguas, Puerto Rico.  In the petition signed by
Jenny Olivo, president, the Debtor disclosed $295,244 in total
assets and $1,953,718 in total liabilities.


KONA GRILL: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Lead Debtor: Kona Grill, Inc.
             15059 North Scottsdale Road, Suite 300
             Scottsdale, AZ 85254

Business Description: Kona Grill, Inc. --
                      https://www.konagrill.com -- owns and
                      operates 27 casual dining restaurants
                      in 18 states, as well as Puerto Rico,
                      serving contemporary American favorites,
                      sushi, and alcoholic beverages throughout
                      the United States and Puerto Rico.  In
                      addition, Kona Grill has two international
                      restaurants that operate under franchise
                      agreements.  As of April 30, 2019, the
                      Debtors employ approximately 2,400 people.

Chapter 11 Petition Date: April 30, 2019

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Nine affiliates that simultaneously filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                        Case No.
     ------                                        --------
     Kona Grill, Inc. (Lead Case)                  19-10953
     Kona Restaurant Holdings, Inc.                19-10954
     Kona Sushi, Inc.                              19-10955
     Kona Macadamia, Inc.                          19-10956
     Kona Texas Restaurants, Inc.                  19-10957
     Kona Grill International Holdings, Inc.       19-10958
     Kona Baltimore, Inc.                          19-10959
     Kona Grill International, Inc.                19-10960
     Kona Grill Puerto Rico, Inc.                  19-10961

Debtors'
Bankruptcy
Counsel:          Jeremy V. Richards, Esq.
                  James E. O'Neill, Esq.
                  John W. Lucas, Esq.
                  PACHULSKI STANG ZIEL & JONES LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 91899
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400
                  Email: jrichards@pszjlaw.com
                         jo'neill@pszjlaw.com
                         jlucas@pszjlaw.com

Debtors'
Investment
Banker:           PIPER JAFFRAY

Debtors'
Restructuring
Advisor:          ALVAREZ & MARSAL NORTH AMERICA, LLC

Debtors'
Claims &
Noticing Agent:   EPIQ CORPORATE RESTRUCTURING, LLC
                  https://dm.epiq11.com/case/KNG/info
                 
Total Assets as of Dec. 31, 2018: $53,613,000

Total Debts as of Dec. 31, 2018: $74,049,000

The petition was signed by Christopher J. Wells, chief
restructuring officer.

A full-text copy of Kona Grill's petition is available for free
at:

           http://bankrupt.com/misc/deb19-10953.pdf

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
1. Fashion Show Mall, LLC            Litigation      Undetermined
Attn: Drew Nieman
and/or Law/Lease Admin Dept.
c/o Fashion Show
Attn: Law/Lease Admin Dept.
110 N. Wacker Dr.
Chicago, IL 60606
Tel: 312.935.1968
Email: drew.nieman@cbre.com or
       sara.spicklemire@cbre.com

2. The Irvine Company LLC            Litigation      Undetermined
Attn: Blake Windal
and/or General
Counsel Retail Properties
101 Innovation
Irvine, CA 92617
Tel: 949.789.9180
Email: bwindal@irvinecompany.com

3. JFC                             Trade Payable         $572,375
Attn: Jason Koyama
7101 E. Slauson Ave.
Los Angeles, CA 90040
Tel: 323.721.6100
Email: jkoyama@jfc.com

4. Dolphin Mall                        Lease             $500,000
Associates, LLC                     Termination
Attn: Michele Walton                Settlement
c/o Taubman
200 E Long Lake Rd., Ste. 300
Bloomfield Hills, MI 48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com

5. Scottsdale Quarter Reit         Trade Payable         $326,847
Attn: Joshua Lindimore
180 E. Broad St., 21st Floor
Columbus, OH 43215
Tel: 614.887.5671
Email: Joshua.lindimore@
       washingtonprime.com

6. Taubman Cherry Creek LP         Trade Payable         $177,514
Attn: Michele Walton
c/o Taubman
200 E Long Lake Rd., Ste. 300
Bloomfield Hills, MI
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com

7. Edward Don & Company            Trade Payable         $163,451
Attn: Frederica Campbell
9801 Adam Don Parkway
Woodridge, IL 60517
Tel: 708.442.9400
Email: frederlcacampbell@don.com

8. TRG IMP LLC                     Trade Payable         $155,390
Attn: Michele Walton
c/o Taubman
200 E Long Lake Rd., Ste. 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com

9. Masion LLP                      Trade Payable         $143,051
Attn: Doug Holod
3300 Wells Fargo Center
90 South 7th Street
Minneapolis, MN
Tel: 612.672.8200
Email: doug.holod@masion.com

10. TWC Chandler                   Trade Payable         $138,913
Attn: Guy Mercurio
c/o Macerich
11411 N. Tatum Blvd.
Phoenix, AZ 85028
Tel: 214.373.5222
Email: Guy.Mercurio@macerich.com

11. Country Club Plaza JV LLC      Trade Payable         $136,679
Attn: Michele Walton c/o Taubman
200 E. Long Lake, Suite 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com

12. Bear Stearns Com Mg             Trade Payable         $132,729
Sec Inc Mg Pt Ct
Series 2005 - Pwr 7 Remic I
Attn: Angelina Scarcelli
c/o Colliers International
3960 Howard Hughes
Pkwy., Ste. 150
Las Vegas, NV 89169
Tel: 702.836.3768
Email: Angelina.Scarcelli@colliers.com

13. Continental Atrium Corporation       Lease           $125,000
Attn: Larry Helfman                   Termination         
2780 Skypark Dr., Ste. 325             Settlement
Torrance, CA 90505
Tel: 310.640.1620
Email: lah@helfmanlaw.com

14. TB Mall at UTC, LLC              Trade Payable        $121,392
Attn: Michele Walton
c/o Taubman
200 E Long Lake Rd., Ste. 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com

15. Spgii Domain, LP                 Trade Payable        $120,166
c/o Simon Property Group
Attn: Debra Burns
and/or Legal Dept.
225 W. Washington St
lndianaoolis, IN 46204
Tel: 317-263-7134
Email: dburns@simon.com

16. Aramark                          Trade Payable        $118,987
Attn: Misti Jones
1515 E. Hadley St., Suite 100
Phoenix, AZ 85034
Tel: 602.254.6222
Email: Jones-Misti@aramark.com

17. ICRE Reit Holdings               Trade Payable        $111,755
Attn: Jennifer Roberts
c/o LPC Commercial Services, Inc.
4601 N. Fairfax Dr., Ste.1115
Arlington, VA 22203
Tel: 703.351.0000
Email: jroberts@lpc.com

18. Baybrook JV 1 LLC                Trade Payable        $104,202
Attn: Sherri Braddberry
110 N. Wacker Dr.
Chicago, IL 60606
Tel: 312.960.5859
Email: sherri.bradberry@ggp.com

19. Lincolnshire Propco, LLC         Trade Payable         $99,483
Attn: Amy Levin
clo Next Property Management
5215 Old Orchard Rd., Ste. 880
Skokie. IL 60077
Tel: 847.881.2000
Email: alevin@nextrealty.com

20. HG Galleria LLC                  Trade Payable         $97,146
Attn: Barb Deritter
and/or Legal Dept.
c/o HG Galleria I, II, III, LP
225 W. Washington St.
Indianapolis, IN 46204
Tel: 317.263.7949
Email: bderiter@simon.com

21. Crawfish, LLC                  Trade Payable          $92,531
Attn: Steve Sumell
c/o Trade Mark Property
1701 River Run, Ste. 500
Ft. Worth, TX 76107
Tel: 817.870.1122
Email: ssumell@trademarkproperty.com

22. Rich Taubman Associates        Trade Payable          $88,491
Attn: Michele Walton
200 E. Long Lake Rd., Ste. 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com

23. Hawaiian Fresh Seafood         Trade Payable          $87,212
Attn: Frank Porcelli
2290 Alahao Place, Unit 100
Honolulu, HI 96819
Tel: 800.845.8862
Email: frank@hawailanfresheafood.com

24. Banyan Street/Gap 1            Trade Payable          $85,780
East Pratt Holdings LLC
Attn: Zac Gruber
80 SW 8th St., Ste. 2200
Miami, FL 33130
Tel: 305.722.9400
Email: zgruber@banyanstreet.com

25. TWLDC Holdings, LP             Trade Payable          $81,293
Attn: Robin Parker
3 Waterway Square Place
c/o Howard Hughes Corp.
1790 Hughes Landing, Ste. 600
The Woodlands, TX 77380
Tel: 281.475.2111
Email: robin.parker@howardhughes.com

26. Plaza Internacional            Trade Payable          $80,384
Puerto Rico LLC
Attn: Michele Walton
c/o Taubman
200 E. Long Lake Rd., Ste. 300
Bloomfield Hills, Ml
48304-2324
Tel: 248.258.7225
Email: mwalton@taubman.com

27. CBL-T-C, LLC dba               Trade Payable          $79,518
Coolsprings Mall, LLC
CBL Center
Attn: Debbie Bell
2030 Hamilton Place
Blvd., Suite 500
Chattanooga, TN 37421
Tel: 423.855.0001
Email: Debble.bell@cblproperties.com

28. Excel Trust, LP                Trade Payable           $76,498
Attn: Debra Brigher,
Legal Dept.
c/o Shopcore Properties
Two Liberty Place, Ste. 3325
50 S. 16th St.
Philadelphia, PA 19102
Tel: 215.330-4201
Email: legal@shopcore.com

29. Freshpoint                     Trade Payable           $72,343
Attn: Brenden St. John
711 North Orlando
Ave., Ste. 201
Maitland, FL 32751
Tel: 404.831-2185
Email: Brenden.stjohn@freshpoint.com

30. True World Foods               Trade Payable           $62,482
Attn: Keiko Moreno
24 Link Drive
Rockleigh, NJ 07647
Tel: 201.750.0024
Email: k.moreno@trueworldfoods.com


POPULAR INC: Fitch Hikes Long-Term IDR to 'BB', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Popular Inc.'s Long-Term Issuer Default
Rating to 'BB' from 'BB-'. The Rating Outlook remains Stable.

The upgrade reflects the resilience of BPOP's financial profile,
which was better than Fitch's expectations, despite a challenging
operating environment in recent years. The upgrade is further
supported by reduced uncertainty around the BPOP's operating
environment over the Outlook horizon. The bank's ratings were
previously constrained by potential weakening of its financial
profile due to Puerto Rico's challenged fiscal position and the
destruction caused by hurricanes Irma and Maria would result in a
weakened financial profile. However, this weakening did not
materialize.

KEY RATING DRIVERS

IDRs, VRs AND SENIOR DEBT

The rating action reflects a change in Fitch's view of BPOP's
operating environment in Puerto Rico as well as Fitch's assessment
of the relative importance of the bank's U.S. mainland operations
in assessing its operating environment. Economic activity in Puerto
Rico has been better than Fitch expected following hurricanes Irma
and Maria in September 2017. Fitch's assessment of the operating
environment in Puerto Rico incorporates the expectation that
federal aid and reconstruction efforts will likely result in
economic growth over the rating time horizon.

Fitch expects that federal aid from the U.S. government and
rebuilding efforts will have a positive short- to medium-term
impact on the island's economy. Additionally, Fitch believes the
size of the aid package outweighs some of the uncertainty around
the timing and amount of federal aid that will Puerto Rico will
ultimately receive. The latest approved fiscal plan from the
Government of Puerto Rico estimates total aid of approximately $82
billion consisting of federal aid and insurance proceeds over a
15-year time period. Longer-term prospects for the island's
economy, outside the current Outlook horizon, depend heavily on the
effectiveness of fiscal and structural reforms.

Despite the upgrade, BPOP's ratings continue to be constrained by a
challenging and uncertain operating environment in Puerto Rico over
the longer term. The damage caused by the hurricanes has
complicated Puerto Rico's efforts to reverse outward migration,
generate sustainable economic growth, and address its fiscal and
debt imbalances.

Incorporated into its action is Fitch's view that BPOP's risk
appetite is in line with its current rating level and could limit
upward rating potential for BPOP over the longer term. Positively,
BPOP has meaningfully reduced its exposure to construction and
commercial loans to SMEs in Puerto Rico over the last several
years, which were responsible for the vast majority of BPOP's
commercial net charge-offs on the island since the financial
crisis. However, BPOP's has exhibited outsized growth in its U.S.
mainland CRE portfolio over the last several years. Fitch has
voiced concerns about outsized growth in CRE, particularly in
multifamily lending, due to weakening underwriting standards and
the risk stemming from overvaluation within the sector.

Fitch's action also reflects Fitch's view that BPOP's financial
profile has been more resilient than Fitch expected given the
challenging fiscal situation in Puerto Rico and damage stemming
from the hurricanes. Although BPOP's asset quality is weaker
relative to U.S. mainland banks, deterioration in asset quality
stemming from the hurricanes and fiscal challenges in Puerto Rico
has been minimal, supporting its upgrade. Fitch expects that asset
quality measures will stabilize or improve modestly over the
Outlook horizon.

BPOP's earnings performance over the last year has exceeded Fitch's
expectations. The company's core earnings have improved due to a
significant reduction in due to reduced provision expenses,
increased fee income and higher spread revenue, partially offset by
higher operating expenses.

In Fitch's view, capital remains a rating strength for BPOP and
should provide an adequate buffer to potential losses stemming from
credit quality deterioration. For 1Q19, BPOP's TCE and CET1 stood
at 9.8% and 16.4%, respectively, which are on the high end of
Fitch's rated universe in the U.S. Fitch views the company's higher
capital ratios as prudent and supportive of ratings and expects
that capital ratios may come down modestly from current levels over
the next few years through increased shareholder returns.

BPOP has a solid funding profile driven by its leading deposit
franchise in Puerto Rico and a favorable loan-to-deposit ratio. The
company's loan-to-deposit ratio has decreased over the past couple
of years to 64% at 1Q19 driven in part by weak organic loan demand
in Puerto Rico and an influx of public sector deposits that are
collateralized by high quality liquid securities.

LONG- AND SHORT-TERM DEPOSIT RATINGS

BPOP's uninsured deposit ratings at its subsidiary banks are rated
one notch higher than BPOP's IDR and senior unsecured debt rating
because U.S. uninsured deposits benefit from depositor preference.
U.S. depositor preference gives deposit liabilities superior
recovery prospects in the event of default.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

BPOP's hybrid capital instruments issued are notched down from the
company's Viability Rating in accordance with Fitch's assessment of
each instrument's respective non-performance and relative loss
severity risk profiles, which may vary considerably.

BPOP's preferred stock and trust preferred stock rating are rated
three notches below its VR in accordance with Fitch's assessment of
the instruments' non-performance and loss severity risk profiles
for issuers with VRs in the 'bb' category.

HOLDING COMPANY

BPOP has a bank holding company structure with the bank as the main
subsidiary. IDRs and VRs are equalized with those of the operating
companies and banks, reflecting its role as the bank holding
company, which is mandated in the U.S. to act as a source of
strength for its bank subsidiaries. Double leverage is below 120%
for the BPOP parent company.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF' reflect
Fitch's view that BPOP is not considered systemically important,
and therefore the probability of support is unlikely. The IDRs and
VRs do not incorporate any support.

RATING SENSITIVITIES

IDRs, VRs AND SENIOR DEBT

With its rating action, Fitch view's BPOP's ratings as well
situated at their current levels. BPOP's operating environment
continues to be a higher influence factor on its ratings.
Therefore, BPOP's ratings would be sensitive to Fitch's assessment
economic and demographic trends in Puerto Rico over the medium- and
long-term time horizons. Fitch expects that Puerto Rico's economy
will likely grow over the next few years, but that longer-term
growth prospects are less certain and are dependent on the
effectiveness of fiscal and structural reforms in Puerto Rico.

Fitch will continue to monitor data such as population growth, GNP
per capita, and Ease of Doing Business rankings in its assessment
of the operating environment in Puerto Rico over the medium and
long term. Positive rating momentum could build over time if the
commonwealth's planned structural and fiscal reforms result in
stabilizing or improving demographic trends, economic growth and
Ease of Doing Business scores. Conversely, negative rating pressure
could develop if the planned structural and fiscal reforms are not
effective, resulting in weakening demographic trends, economic
growth and Ease of Doing Business scores.

BPOP's ratings could also be sensitive to environmental factors
such as severe weather events that result in weaker demographic or
economic growth trends and/or sustained asset quality
deterioration.

BPOP's ratings would also be sensitive to changes in risk appetite
such that credit, market, or operational risk is likely to increase
over time from current levels. Negative rating pressure could
result from loan growth in excess of economic growth or increased
exposure to higher-risk loan types, particularly if accompanied by
materially weaker capital ratios. Positive rating pressure could
develop should BPOP exhibit a reduced risk appetite relative to
current levels, particularly if accompanied by stable capital
levels.

LONG- AND SHORT-TERM DEPOSIT RATINGS

The ratings of long- and short-term deposits issued by BPOP
subsidiaries are primarily sensitive to any change in the company's
IDRs. BPOP's deposit ratings could be similarly affected should the
company's Long-Term IDR change.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings of hybrid securities are sensitive to any change in
BPOP's Long-Term IDR or to changes in BPOP's propensity to make
coupon payments that are permitted but not compulsory under the
instruments' documentation.

HOLDING COMPANY

If BPOP became undercapitalized or increased double leverage
significantly, Fitch could notch the holding company IDR and VR
down from the ratings of the operating companies.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary support
in case of need.

Fitch has upgraded the following ratings:

Popular, Inc.

  -- Long-term IDR to 'BB' from 'BB-'; Outlook Stable

  -- Senior unsecured to 'BB' from 'BB-';

  -- Viability rating to 'bb' from 'bb-';

  -- Preferred stock to 'B' from 'B-'.

Popular North America, Inc.

  -- Long-term IDR to 'BB' from 'BB-'; Outlook Stable

  -- Senior unsecured to 'BB' from 'BB-';

  -- Viability rating to 'bb' from 'bb-'.

Popular Bank

  -- Long-term IDR to 'BB' from 'BB-'; Outlook Stable

  -- Long-term deposits to 'BB+' from 'BB';

  -- Viability rating to 'bb' from 'bb-'.

Banco Popular de Puerto Rico

  -- Long-term IDR to 'BB' from 'BB-'; Outlook Stable

  -- Viability rating to 'bb' from 'bb-'.

Popular Capital Trust I

  -- Trust preferred to 'B' from 'B-'.

Popular Capital Trust II

  -- Trust preferred to 'B' from 'B-'.

Popular North America Capital Trust I

  -- Trust preferred to 'B' from 'B-'.

Fitch has affirmed the following ratings:

Popular, Inc.

  -- Short-term IDR at 'B';

  -- Short-term Debt at 'B'.

  -- Support at '5';

  -- Support floor at 'NF'.

Popular North America, Inc.

  -- Short-term IDR at 'B';

  -- Short-term Debt at 'B'.

  -- Support at '5';

  -- Support floor at 'NF'.

Popular Bank

  -- Short-term IDR at 'B';

  -- Short-term deposits at 'B'.

  -- Support at '5';

  -- Support floor at 'NF'.

Banco Popular de Puerto Rico

  -- Short-term IDR at 'B';

  -- Short-term deposits at 'B'.

  -- Support at '5';

  -- Support floor at 'NF'.

Fitch has assigned the following rating:

Banco Popular de Puerto Rico

  -- Long-term deposits 'BB+';


SKYTEC INC: May 17 Approval Hearing on Disclosure Statement Set
---------------------------------------------------------------
Bankruptcy Judge Edward A. Godoy will convene a hearing on May 17,
2019 at 10:00 a.m. to consider final approval of Skytec, Inc.'s
amended disclosure statement.

The motion to appoint trustee, filed by Logistic Systems, Inc., at
docket number 149 is set for the same hearing. The debtor has been
granted an extension of time until April 29, 2019 to respond to
Logistic Systems' motion.

                    About Skytec Inc.

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




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

[*] BOND PRICING: For the Week April 29 to May 3, 2019
------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


                  * * * End of Transmission * * *