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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

          Wednesday, May 8, 2019, Vol. 20, No. 92

                           Headlines



A R G E N T I N A

ARCOR SAIC: Fitch Cuts LongTerm Local Currency IDR to 'BB-'
GENNEIA SA: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
MASTELLONE HERMANOS: Fitch Affirms 'B' LT IDRs, Outlook Negative


B R A Z I L

ALBAUGH LLC: Moody's Hikes CFR & Senior Secured Ratings to Ba3
AVIANCA BRASIL: Court Suspends Bankruptcy Auction of Airport Slots
BANPARA: S&P Affirms BB-/B Issuer Credit Ratings, Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Orders Purchase of Agro Products W/O Middlemen
DOMINICAN REPUBLIC: Tourism Thrives Despite Rough Waters


J A M A I C A

JAMAICA: County's Brand Not Maximized, British Commissioner Says


M E X I C O

GRUPO MINSA: Moody's Affirms 'Ba3/Baa1.mx' CFRs, Outlook Stable


P U E R T O   R I C O

PUERTO RICO: Board Gets 60-Day Court Extension For Reappointments

                           - - - - -


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A R G E N T I N A
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ARCOR SAIC: Fitch Cuts LongTerm Local Currency IDR to 'BB-'
-----------------------------------------------------------
Fitch Ratings has downgraded Arcor S.A.I.C's Long-Term Currency
Local Currency IDR to 'BB-' from 'BB' and unsecured notes to
'B+'/'RR4' from 'BB-'/'RR3'. In addition, Fitch has affirmed
Arcor's Long-Term Foreign Currency IDRs at 'B+', one notch higher
than Argentina's 'B' Country Ceiling rating.

Arcor's 'B+' FC IDR continues to reflect Fitch's expectation that
the company would be able to cover its hard currency interest
expenses with some combination of cash held abroad, export earnings
and cash flow generation in subsidiaries located outside of
Argentina. The Negative Outlook on Arcor's FC IDR mirrors
Argentina's sovereign Rating Outlook.

The downgrade of the LC IDR reflects increased economic and
political risk in Argentina, which has led to an economic
contraction and weakened the Argentine peso, resulting in higher
leverage than projected by Fitch (under the new accounting method
including inflation adjustment). Arcor's solid business position is
a key credit consideration in maintaining the LC IDR at 'BB-', as
well as its ability to adjust prices slowly to offset elevated
inflation. The Rating Outlook for the LC IDR is Stable.

For corporates that have a two notch gap between the LC IDR and the
FC IDR Fitch gives a one-notch uplift to bond issuances for above
average recovery expectations, as outlined in Fitch's criteria
'Country-Specific Treatment of Recovery Ratings.' The downgrade of
the unsecured bond to 'B+'/'RR4' follows the downgrade of the LC
IDR to 'B+', which is only one notch higher than the FC IDR.

KEY RATING DRIVERS

Strong Business Position: Arcor's 'BB-' LC IDR reflects the
company's strong business position as a leading Latin American
producer of confectionary and cookie products. The company's
vertical integration ensures the quality of supplies as well as the
availability of main inputs. Arcor's brand names and distribution
platform support its leading market shares in chocolates, candies,
cookies and packaging in its main market, Argentina. The company's
brands reach consumers in 120 countries. Argentina, including
exports to third parties, contributed 69% of Arcor's revenues and
79% of its EBITDA in 2018. The balance of its revenue and EBITDA
came from the Andean region (12% and 14%, respectively) and Brazil
(10% and negative 2%, respectively).

FC IDR Above Country Ceiling: Fitch's criteria for rating FC IDRs
higher than an issuer's applicable Country Ceiling takes into
consideration the relationship between 12 months of foreign
currency debt service and cash held abroad, cash generated by
exports, undrawn committed credit lines and cash flow from foreign
operations. If the ratio of these factors covers debt service by
more than 1.0x-1.5x for 12 months, issuers' FC IDRs may be notched
one level above the applicable Country Ceiling. For Arcor, Fitch
projects this ratio to comfortably exceed this threshold during the
next 12 months.

Deleveraging Expected: Arcor's credit leverage peaked in 2018
because of the sharp devaluation of the ARS against the US Dollar,
weak consumer environment and high inflation in Argentina. Fitch
expects Arcor's gross debt/EBITDA to improve toward below 3.7x in
2019 from 5x in 2018 due to EBITDA growth resulting from pricing
increases in the domestic market, improved performance of its
Brazilian operation, lower capex and dividends.

Arcor and Bagley call Option: Arcor S.A.I.C. and Bagley Argentina,
S.A. together own 42.64% of the shares of Mastellone stake in
Mastellone Hermanos S.A., a leading dairy producer in Argentina for
a total investment made of USD 120 million. Arcor has a call option
for the outstanding corporate stock of Mastellone starting in 2020
until 2025.Mastellone has also a put option between the years 2020
and 2025. Fitch expects Arcor and Bagley to reach 49% by 2020.
Fitch sees Mastellone as strategic for Arcor in the long term. The
full acquisition of Mastellone is unlikely to change Arcor's
ratings given Mastellone projected low leverage. Fitch projects
Mastellone debt/EBITDA ratio to be around 3x by 2020 for a debt of
USD200 million.

DERIVATION SUMMARY

Arcor's 'B+' rating is well-positioned in its rating given its
vertically integrated model as a leading Latin American producer of
confectionary and cookie products. The group's export capacity and
presence in several countries in Latin America outside Argentina
support the ratings.

A constraining factor on the business profile is Arcor's moderate
size relative to other large consumer goods companies such as
Mondelez International, Inc. (BBB/Stable), Unilever NV (A+/Stable),
Nestle SA (AA-/Negative) or Grupo Bimbo, S.A.B. de CV (BBB/Stable),
which have achieved a global presence. Also, most of Arcor's EBITDA
is generated in Argentina (B/ Negative) and the company has
reported losses in Brazil for many years. Arcor has grown
organically and non-organically and entered into partnerships to
increase its regional presence. Fitch expects the company to pursue
this strategy, notably related to the potential acquisition of
Mastellone Hermanos in the future. The company's gross leverage is
in line for the FC IDR rating, and Fitch expects the group to
further deleverage in 2019.

KEY ASSUMPTIONS

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

  -- Revenue growth in line with inflation;

  -- EBITDA of about USD281m million in 2019;

  -- Capex of about USD80 million;

  -- Debt/EBITDA toward 3.7x in 2019.

Key Going-Concern Assumptions Include:

Arcor would have a going-concern EBITDA of ARS4.5billion. This very
conservative figure is 40% below the company LTM EBITDA of ARS7.4
billion. It takes into consideration factors such as intense price
competition, depressed consumer environment, cost inflation and
currency risks.

A distressed multiple of 6.5x, which reflects the company's
well-established brands in the confectionary, cookies and packaging
segments.

A distressed entreprise value (EV) of AR26.2 billion (post 10% of
administrative claims).

Total debt of ARS16.5 billion. The recovery performed under this
scenario resulted in a recovery level of 'RR2', which is an
anticipated range of 71%-90% indicating superior recovery prospect
given default. Because of the 'RR4' cap for Argentine corporates,
Fitch limits the recovery for the senior unsecured bond at 'RR4'
despite a higher projected recovery. The RR4 signifies average
recovery prospects Given Default.

RATING SENSITIVITIES

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

  -- An upgrade of Argentina's sovereign rating would lead to an
     upgrade of Arcor's FC IDR, given the high cash generated
     from Argentine operations;

  -- Higher than expected cash generation from investment-grade
     countries, such as Chile, Mexico or a turnaround of
     performance in Brazil would be viewed positively and could
     lead to a two notch rating uplift for the FC IDR from the
     Country Ceiling;

  -- Gross debt/EBITDA at about 2.5x on a sustained basis could
     lead to a Stable Outlook or upgrade of the LC IDR.

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

  -- Debt/EBITDA above 4.0x on a sustained basis could lead to
     a downgrade of Arcor's LC IDR;

  -- Debt service ratios of exports, cash abroad and committed
     bank lines not covering 1.5x hard currency interest expenses
     and debt amortization by a ratio of between 1.0x and 1.5x
     over a 12 month period could lead to a downgrade of the
     FC IDR.

  -- A downgrade of Argentina's Country Ceiling would likely
     lead to a negative rating action or Outlook on the FC IDR.
     The negative rating drivers of Argentina are: policy and
     political developments and/or economic weakness that
     heighten risks to debt sustainability or jeopardize
     access to IMF funding; further bouts of macroeconomic
     instability and/or erosion of international reserves;
     and failure to recover access to external market financing.

LIQUIDITY

Liquidity: As of Dec. 31, 2018, Arcor had ARS4.8 billion of cash
and cash equivalents and short-term debt of ARS11 billion, which is
about 33% of total debt; 69% of the debt was in U.S. dollars. Most
of the short-term debt is bank debt. The company has strong access
to bank lines to finance exports. The USD500 million senior
unsecured note is due in 2023.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Arcor S.A.I.C

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

Fitch has downgraded the following ratings:

Arcor S.A.I.C

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

  -- International senior unsecured bonds to 'B+'/'RR4' from
     'BB-'/'RR3'.


GENNEIA SA: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Genneia S.A.'s Long-Term Foreign
Currency and Local Currency Issuer Default Ratings at 'B'. The
Rating Outlook is Negative. Fitch has also affirmed Genneia's
senior unsecured notes due 2022 at 'B'/'RR4'.

Genneia's 'B' LT FC IDR is constrained by the Republic of
Argentina's Country Ceiling of 'B', which limits the foreign
currency rating of most Argentine corporates. Fitch's Country
Ceilings are designed to reflect the risks associated with
sovereigns placing restrictions upon private sector corporates,
which may prevent them from converting local currency to any
foreign currency under a stress scenario, and/or may not allow the
transfer of foreign currency abroad to service foreign currency
debt obligations.

Genneia's ratings also reflect the Argentine electricity industry's
regulatory risk, as the system continues to require financial
support by the Argentine government, thus, Fitch aligns Genneia's
ratings with its counterparty risk, CAMMESA/Argentina sovereign
(B/Negative). The ratings are constrained by the macro-economic
environment, including high inflation and steep currency
devaluation.

The Negative Outlook, which mirrors that of the Argentina
sovereign, reflects sharply weaker economic activity and uncertain
prospects for multi-year fiscal consolidation and market financing
availability as IMF funds are used up, posing risks to sovereign
debt sustainability. Fitch assumes that in 2019, the Argentine
government will achieve the fiscal adjustment targeted in the
budget and that the recently renegotiated IMF program will help it
fully cover its financing needs but sees downside risks amid a
nascent economic recession and election cycle. After 2019,
prospects for further fiscal consolidation, economic recovery and
restoration of external market access are uncertain and are likely
to be sensitive to the election outcome.

The 'B'/'RR4' rating on the USD500 million senior unsecured notes
due 2022 is based on Genneia's equal FC and LC IDRs. Fitch's
"Country-Specific Treatment of Recovery Ratings" criteria no longer
allows for a rating uplift for these obligations. Genneia is capped
at an average Recovery Rating of 'RR4' since Argentina, per the
aforementioned criteria, is categorized within Group D with a soft
cap of 'RR4'. This assumes a recovery in the range of 31% to 50%,
although a bespoke recovery analysis for each of these companies
yields a higher than 70% recovery given a default.

KEY RATING DRIVERS

Heightened Counterparty Exposure: Genneia depends on payments from
CAMMESA, which acts as an agent on behalf of an association
representing agents of electricity generators, transmission,
distribution and large consumers or the wholesale market
participants (Mercado Mayorista Electrico; MEM). Although over the
past 24 months CAMMESA's payment track record has been consistent
and on time, historically, payments have been volatile given that
the agency depends partially on the Argentine government for funds
to make payments. The notable exceptions were a delay in September
and December 2018 in the FX portion of CAMMESA's payment to market
participants due to Argentina's currency crisis. This risk is
slightly mitigated in the RenovAR program with the presence of the
FODER trust fund, which is prefunded, and is designed to be a
payment guarantee to cover, ongoing power purchase agreement (PPA)
payments and termination payment obligation arising from the rights
of IPP to sell their project to the FODER in specific macroeconomic
or sector risk occur. The Banco de Inversion y Comercio Exterior is
the administrator of the FODER and the Federal Government of
Argentina is required to fund the FODER, to assure it meets its
obligations.

Uncertain Regulatory Environment: Fitch believes Argentina's
current economic and political environment increases the regulatory
uncertainty. With the recent announcement that tariffs will be
hiked and the presidential elections in October 2019, Fitch
believes power companies are exposed to uncertain regulatory
changes, which could negatively impact their bottom lines, which is
reflected in its ratings, aligned to the sovereign. The companies
operate in a highly strategic sector where the government both has
a role as the price/tariff regulator and also controls subsidies
for industry players. Fitch believes the government may adjust
prices paid to generation companies to offset the increased cost of
the system caused by the peso devaluation and continued high energy
losses realized by distribution companies and higher expected
delinquency payments due the challenging economic environment.
Fitch believes the government may force generation companies to
absorb some of the cost.

Balanced Installed Capacity: Genneia's credit quality benefits from
the company's diversified asset base between thermal and
renewables. Although Genneia is a relatively small power generator
in its market with only 2.7% of the system's installed capacity,
the company leading market share in wind power generation with
approximately 42% of the renewable installed capacity in Argentina
supports its robust EBITDA margins and very favourable contracted
position.

Aggressive Capacity Expansion: Genneia's aggressive expansion is
expected to continue through 2020 exposing the company to greater
execution risk. Upon completion of its current project pipeline,
Genneia will have nine windfarms on line, cementing its position as
a leading renewables player in Argentina. By YE 2020, EBITDA is
expected to have increased by 84% when compared to YE 2018, with
renewable generation representing 74% of Genneia's EBITDA (versus
32% as of YE 2017). Genneia added 237MW of capacity in 2018 with
the completion of Madryn I (71MW), Chubut Norte I (29MW),
Villalonga I & II (55MW) and Ullum I,II and III (82MW). Genneia is
in the process of constructing seven wind farms and one biomass
project adding another 487MW by 2021. Fitch estimates 468MW of
which will be added between 2019-2020.

Predictable Operating Cash Flow: Genneia's cash flow generation is
relatively stable and predictable. Almost all of the company's
revenue is related to sales to the wholesale electricity market
(MEM, for its Spanish acronym) under contracts signed under
resolutions 220/07 and 21/16. The company benefits from
USD-denominated PPAs expiring between 2018-2027 for its thermal
capacity and between 2027-2041 for renewables. These PPAs support
the company's cash flow stability and predictability through fixed
payments and fuel supplied by CAMMESA.

Strong EBITDA Margins: Fitch expects the company's EBITDA to be
USD225 million in 2019, 61% of which from renewables. The company's
EBITDA margins remained high in 2018 at 75% in line with 2017.
Fitch estimates EBITDA margins to be nearly 90% in 2019, explained
by more cash flows associated to renewable projects, the
devaluation of the Argentina peso and the company's relatively
fixed operating costs for the thermal plants, as Genneia does not
need to acquire fuel.

Improving Credit Metrics: Genneia's gross leverage, as measured by
total debt to EBITDA, peaked at 6.1x in 2018. Fitch estimates
Genneia will have to raise an additional USD215 million in project
finance debt to finance its expansion, but the increase of debt is
offset by the higher cash flows from expansion projects. Fitch
estimates gross leverage will be 4.8x in 2019 and average 3.5x
thereafter through 2022. Fitch estimates Genneia will be FCF
positive starting in 2020 and will begin paying dividends in 2021
of USD100 million per year or 50% of net income.

DERIVATION SUMMARY

Genneia's FC rating is constrained by the country ceiling of
Argentina, similar to its Argentine utility peers: Capex
(B/Negative), Pampa (B/Negative) and AES Argentina (B/Negative).
Nonetheless, the company's metrics and capital structure are strong
and consistent with a higher rating. Fitch estimates that Genneia's
gross leverage as of YE 2018 peaked at 6.1x and drop to 4.1x in
2019 and flatten thereafter from 2020-2022 at an average of 3.5x
once it completes its scheduled project expansion. Genneia's 2018
leverage was higher than AES Argentina at 2.5x, Capex S.A. at 2.5x,
Pampa at 2.8x, and Albanesi at 4.4x, but lower than MSU Energy at
9.3x. Fitch acknowledges that Genneia is currently in a period of
expansion and will have high leverage during this process but
expects the company to de-lever quickly to a gross leverage in line
with its Argentine peers.

Regional peers include Peruvian generators, Orazul Energy Egenor S.
en C. por A. (BB/Stable) and Nautilus Inkia Holdings LLC
(BB/Negative) and Central American operator, Investment Energy
Resources Limited (B+/Stable). Unlike its Argentine peers, Peruvian
utilities are not constrained by a country ceiling, and the
operating environment in Peru has historically been more stable and
open, in which generation companies are on average exposed to
higher credit quality off-takers, and benefit from greater
diversification in their counterparty risk. Nautilus Inkia and
Orazul shows a weaker capital structure than Genneia, with leverage
estimated to be an average of 5.0x for Nautilus and Orazul through
the rating horizon. Their high leverage is mitigated by their asset
diversification. Additionally, Orazul's natural gas production
business makes it uniquely vertically integrated among Peruvian
generation companies.

Similar to Genneia, Investment Energy Resources Limited's
comparatively diverse portfolio is hampered by exposure to
relatively weak operating environments, particularly Honduras and
Nicaragua (B-/Negative), putting additional downward pressure on
its overall risk profile. IERL's leverage of between 4.5x and 5.0x
through Fitch's rating horizon, like Genneia's is consistent with a
higher rating.

KEY ASSUMPTIONS

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

  - Total installed capacity of 1,031MW in 2018, 1,343MW in 2019
    and 1,493MW for 2020 and 1512MW 2021 and 2022;

  - Average monomic price of USD87.07MW for thermal power plants;

  - Average price of USD85MWh in 2019, USD79MWh from 2020 and
    thereafter for renewable projects;

  - Total capex of USD580 million during 2019-2022, an average
    of USD115 million per year;

  - Additional debt of USD215 million to finance to expansion
    capex;

  - Dividends of 50% of previous year's net income starting in
    2020.

RATING SENSITIVITIES

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

  - An upgrade to the ratings of Argentina could result in a
    positive rating action;

  - Maintain a gross leverage ratio of below 4.0x on a consistent
    basis.

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

  - A downgrade of Argentina's ratings would result in a downgrade
    of the issuer's ratings, given that the company's ratings are
    constrained by the sovereign's credit quality.

  - A significant deterioration of credit metrics and/or
significant
    payment delays from CAMMESA;

  - Material delays or cancellation of its expansion projects that

    results in penalties or significant increase in the company's
    leverage may be viewed negatively by Fitch.

  - A significant deterioration of credit metrics to total
debt/EBITDA
    of 5.5x on a sustained basis.

LIQUIDITY

Adequate Liquidity: Cash and equivalents amounted to approximately
USD154 million as of December 2018 relative to 1.8 years of
interest expense. As of December 2018, Genneia had leverage of
6.1x. The company continues to face financing needs as it embarks
on its expansion plan. Historically, Genneia has strong access to
financing in Argentina as has been evidenced by the company's
relationship with local banks. Additionally, some of its
shareholders are significant holders of Banco Macro. Genneia's
funding capacity and financial flexibility are considered adequate
given its pro forma debt level.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Genneia S.A.

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

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

  -- International senior unsecured bond ratings at 'B'/'RR4'.


MASTELLONE HERMANOS: Fitch Affirms 'B' LT IDRs, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Mastellone Hermanos Sociedad Anonima's
Long-Term Local- and Foreign-Currency Issuer Default Ratings and
its senior unsecured notes at 'B'/'RR4'. The Rating Outlook is
Negative.

Mastellone's 'B' ratings reflect the company's weak Argentine
operating environment, as well as its exposure to raw milk
production, and the currency mismatch of its U.S. dollar
denominated debt versus its Argentine peso operating cash flow.

KEY RATING DRIVERS

Lower Leverage Expected: Fitch expects Mastellone's debt/EBITDA
ratio to improve toward 3x during 2019 from 4.3x during 2018. The
decrease in leverage is due to an increase of EBITDA, as a result
of price increases in the domestic market and operating efficiency
improvements; reduced capex should also enhance operating cash
flow. Fitch expects lower commercial rebates and discounts in the
domestic market and a sharp decrease in exports, as volumes are
re-directed toward the domestic market to attend public bids. The
operating environment in Argentina remains challenging due to
depressed economic conditions and weak local production of milk.

Geographic Concentration: Mastellone generates almost all of its
sales in Argentina (B/Negative). Outside of its home market, the
company generated about 10% of sales in Brazil (BB-/Stable) and
Paraguay (BB+/Stable) and 5% from exports as of Dec. 31, 2018. The
company is exposed to hyper inflation in Argentina and other direct
and indirect sovereign-related risks, including currency
depreciation. Fitch revised Argentina's Outlook to Negative on Nov.
7, 2018, reflecting sharply weaker economic activity and uncertain
prospects for multiyear fiscal consolidation and market financing
availability as International Monetary Fund monies are used up,
posing risks to sovereign debt sustainability.

Exposure to Currency Risk: Mastellone's debt is U.S.
dollar-denominated, which creates currency risk, as its sales are
mainly in Argentine pesos. The company has not entered into any
agreements to hedge exposure to depreciation risk. Over time,
Mastellone has historically been able to increase prices to offset
the high level of inflation in Argentina.

Volatility of Raw Milk Production: Mastellone's business is divided
between sales to Argentine, Brazilian and Paraguayan domestic
markets and exports. The excess in raw milk supply is exported. A
shortage of raw milk production could lead to the interruption of
the company's export and foreign business or an increase in
production costs.

Strong Business Position: Mastellone is the largest dairy company
and the leading processor of dairy products in Argentina.
Mastellone is first in the fluid milk market, based on physical
volume, with a market share of approximately 63%. The company
maintains the No. 1 or No. 2 market position in most of its product
lines. Strong market shares allow Mastellone to benefit from
economies of scale in production, marketing, and distribution. The
company purchases about 13% of all raw milk in Argentina, which
provides it with a degree of negotiating power.

Arcor and Bagley call Option: Arcor S.A.I.C. and Bagley Argentina,
S.A., which together own 42.6% of the shares of Mastellone. Arcor
have a call option for the outstanding corporate stock of
Mastellone starting in 2020 and are expected to continue to
increase their stake in the company. Fitch sees Mastellone as
strategic for Arcor in the long term.

DERIVATION SUMMARY

Mastellone is the largest dairy company and the leading processor
of dairy products in Argentina. The 'B'/Negative rating reflects
the concentration of the company's operations in Argentina.
Argentina's 'B' rating reflects high inflation and economic
volatility that has persisted despite efforts to tighten policies
in recent years.

Mastellone displays a weaker position in terms of scale, product
diversification, profitability and geographic diversification,
compared with international peers such as Fonterra Co-operative
Group Limited (A/ Negative), Nestle, SA (AA-/Negative), Sigma
Alimentos, S.A. de C.V. (BBB/Stable) and Arcor (B+/ Negative) in
Argentina. Gross leverage is expected to decrease toward 3x which
is in line with a 'B' rating category.

KEY ASSUMPTIONS

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

  -- Revenues grow, driven by domestic price increases;

  -- EBITDA of about to USD71 million in 2019;

  -- Capex of around USD28 million in 2019;

  -- Debt/EBITDA toward 3x in 2019.

Key Recovery Rating Assumptions

Fitch believes that a debt restructuring would likely occur under
stressed economic conditions in Argentina and/or external shocks
such as climatic events or lack of access to certain export
markets, Therefore, Fitch has performed a going-concern recovery
analysis for Mastellone that assumes the company would be
reorganized rather than liquidated.

Key Going-Concern Assumptions

  -- Mastellone would have going-concern EBITDA of about ARS1
     billion. This figure is conservative at 40% below the
     company's LTM EBITDA of ARS1.7 billion and takes into
     consideration factors such as climatic events, changes
     in raw material costs, sourcing and logistic issues,
     potential strikes or a shutdown of exports markets;

  -- A distressed multiple of 6.5x due to strong brands and
     dominant position the Argentina dairy business;

  -- A distressed enterprise value of ARS6 billion (after
     10% of administrative claims);

  -- Total debt of ARS7.4 billion.

The recovery performed under this scenario resulted in a Recovery
Rating of 'RR2', consistent with securities historically recovering
71%-90% of current principal and related interest. Because of
Fitch's 'RR4' soft cap for Argentina, which is outlined in Fitch's
criteria, Mastellone's Recovery Rating has been capped at 'RR4',
reflecting average recovery prospects.

RATING SENSITIVITIES

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

  -- An upgrade of the Foreign Currency (FC) IDR and senior
     unsecured notes is not expected in the future.

  -- Sustained gross leverage of 3.0x or lower could lead
     to change of Outlook or an upgrade of the Local Currency
     (LC) IDR;

  -- Refinancing of the international bond;

  -- Increased ownership above 50% in Mastellone by Arcor
     and Bagley could result in positive actions on the LC IDR;

  -- If the Outlook for Argentina was revised to Stable at
     the 'B' rating level, the Outlook of Mastellone might
     also be revised to Stable.

     The main factors that, individually or collectively,
     could lead to a stabilization of the sovereign's Outlook
     are: compliance with near-term fiscal targets, greater
     confidence that fiscal consolidation can be sustained and
     external market financing access re-established beyond 2019;
     evidence of recovery in economic activity, avoidance of
     renewed macroeconomic instability; and a sustained
     strengthening of its external liquidity position.

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

  -- Debt to EBITDA above 4.0x on a sustained basis;

  -- Weak liquidity;

  -- A downgrade of Argentina's Country Ceiling would likely lead
     to a negative rating action on both the FC IDR and LC IDR.
     The negative rating drivers of Argentina are: policy and
     political developments and/or economic weakness that
     heighten risks to debt sustainability or jeopardize
     access to IMF funding; further bouts of macroeconomic
     instability and/or erosion of international reserves;
     and failure to recover access to external market financing.

LIQUIDITY

Strong Liquidity: Mastellone's liquidity is strong. The company
reported cash and equivalents of about ARS576 million and no
short-term debt. The debt is mainly composed of the 12.625% senior
unsecured notes (USD200 million) due on July 3, 2021.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Mastellone Hermanos Sociedad Anonima

  -- Foreign-Currency IDR at 'B';

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

  -- Senior unsecured notes at 'B'/'RR4'.

The Rating Outlook is Negative.




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

ALBAUGH LLC: Moody's Hikes CFR & Senior Secured Ratings to Ba3
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Albaugh, LLC to Ba3 from B1, the probability of default rating to
Ba3-PD from B1-PD and senior secured ratings to Ba3 from B1. The
outlook is stable.

"The upgrade reflects sales and earnings growth despite some
headwinds from raw material cost increases and trade disruptions,"
said Anastasija Johnson, senior analyst at Moody's. "The company's
modest leverage and strong retained cash flow generation support a
higher rating despite the company's concentration in commodity
glyphosate herbicide."

Upgrades:

Issuer: Albaugh, LLC

  Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

  Corporate Family Rating, Upgraded to Ba3 from B1

  Senior Secured Bank Credit Facility, Upgraded to Ba3 (LGD3)
  from B1 (LGD3)

Outlook Actions:

Issuer: Albaugh, LLC

  Outlook, Remains Stable

RATINGS RATIONALE

The Ba3 corporate family rating reflects Albaugh's position as one
of the smaller global off-patent crop protection producers with a
growing new product portfolio, but a high concentration in
commodity herbicides. The rating also reflects strong credit
metrics such as modest leverage (Moody's adjusted debt/EBITDA of
2.3 times at the end of 2018) and strong retained cash flow
generation. The rating is constrained by the company's heavy
concentration in generic herbicides (76% of sales), particularly in
glyphosate (42% of sales), although the company continues expanding
is geographic presence and product portfolio. The company currently
has a portfolio of 88 active ingredients compared to 38 in 2014 and
its growth portfolio represents roughly one third of its sales.

The rating incorporates expectations that the company will continue
to expand its growth portfolio either through new product
registrations or acquisitions. Given high chemical industry
multiples in recent deals, potential acquisitions could lead to
higher leverage, although the company has, so far, maintained
modest credit metrics. Moody's expects the company to maintain
sales and earnings growth in 2019 driven by new formulations of
core products in Argentina, and new product sales in Brazil and
Europe; however, North American volumes most likely will be reduced
due by severe winter weather and flooding that negatively impacted
first quarter sales. The rating is constrained by exposure to
seasonal and weather-dependent agricultural segment, limited scale
in a competitive industry and narrow margins. Margins have been
negatively impacted by raw material increases, supply interruptions
from China and tariffs on Chinese-produced raw materials, as well
as foreign currency fluctuations. An escalation of the trade
dispute with China, albeit unlikely, would be temporary credit
negative for the company. The rating incorporates expectations that
the trade dispute with China will be resolved and that Nutrichem
will continue to hold a 20% stake in the company.

Albaugh is expected to have good liquidity. The company had $100.9
million of cash on hand as of December 31, 2018, primarily held in
the US, but generated negative free cash flow in 2018 due to a
build-up of working capital ahead of expected tariffs on Chinese
raw materials. The company is expected to generate minimal free
cash flow in 2019. Moody's expects the company to draw on the
revolver to fund seasonal working capital needs during the year.
The $125 million revolving facility is due in 2022. Annual
amortization payments on the $350 million term loan due 2024 are 1%
of the principal. The term loan has no financial covenants, but the
revolver has a total net leverage covenant of 4.25 times. The
company has sufficient headroom under the covenant and is expected
to remain in compliance over the next 12 months. The credit
facility allows for $125 million of incremental borrowing as long
as first lien net leverage ratio does not exceed 3.25 times. The
credit facility allows for increased dividend distribution for up
to $12.5 million and for future growth of the restricted payment
basket along with EBITDA growth.

The stable outlook reflects its expectations that the company will
continue to growth sales and earnings and maintain strong credit
metrics.

Moody's could upgrade the rating if the company increases revenues
sustainably above $2.5 billion and reduces reliance on core
commodity glyphosate to less than 25% of sales. The ratings could
be upgraded if the company generates positive free cash flow on a
more consistent basis, while maintaining Moody's adjusted leverage
below 3 times on a consistent basis and RCF/Debt above 20%.

Moody's could downgrade the rating if the there is a significant
deterioration in the company's operating conditions, if the company
increases its leverage above 4 times on a sustained basis, and
retained cash flow to debt declines below 10%.

Headquartered in Ankeny, Iowa, Albaugh, LLC is a global
manufacturer and seller of generic herbicides, fungicides,
insecticides, and seed treatments. Albaugh has operations in the US
and Canada, Argentina, Brazil, Mexico and Europe. The company
generated revenue of $1.4 billion in the twelve months ended
December 31, 2018. The company is majority owned by founder Dennis
Albaugh with a 20% stake owned by the Chinese agrochemical
developer and manufacturer and Albaugh's supplier, Nutrichem.


AVIANCA BRASIL: Court Suspends Bankruptcy Auction of Airport Slots
------------------------------------------------------------------
Marcelo Rochabrun at Reuters reports that a Brazilian appeals court
on May 6 suspended a bankruptcy auction set for May 7, in which
struggling carrier Avianca Brasil hoped to raise at least $140
million by selling some of its coveted airport takeoff and landing
rights, known as slots.

The suspension could put further stress on Avianca Brasil, Brazil's
No. 4 airline, which has been operating with very little cash since
filing for bankruptcy protection in December, according to
Reuters.

The airline said in a statement that it was still analyzing what it
would do in response and that it had not filed an appeal yet, the
report notes.  It was unclear when a new auction would be
scheduled, the report relays.

The auction would have capped an arduous process in which Avianca
Brasil fought aircraft lessors for months to try to keep operating
its fleet despite missed payments, the report adds.

The report recalls that the airline's operations have shrunk
dramatically since April, when lessors won definitive rulings
allowing them to repossess planes.  Its fleet is down to six
aircraft, from as many as 60 Airbus SE planes late last year, the
report says.

Suspension of the auction, first reported by newspaper O Estado de
S. Paulo, was requested by airport operator Swissport AG, which
runs several Brazilian airports and is owed some BRL17 million
(US$4.3 million), the report notes.

Swissport and several other Avianca Brasil creditors have expressed
anger at the outsize role played in the process by U.S. hedge fund
Elliott Management -- by far the airline's largest creditor, the
report discloses.  Under the current auction plan, much of the cash
raised would cover Elliott's debts, totaling over $400 million, and
much less would go to the rest of the creditors, the report adds.

                      About Avianca Brasil

Avianca Brazil, officially Oceanair Linhas Aereas S/A, is a
Brazilian airline based in Sao Paulo, Brazil. It operates passenger
services from more than 20 destinations.  It is hailed as the
fourth largest airline in Brazil.  Synergy Group is the parent
company of Avianca Brazil.

On December 10, 2018, Avianca Brazil filed for bankruptcy when
three lessors took a move to gain possession of 30% of the
airline's 50 all-Airbus fleet.  The airline further blamed high
fuel prices and a strong dollar for its troubles.  The airline
noted at that time that flights won't be affected.


BANPARA: S&P Affirms BB-/B Issuer Credit Ratings, Outlook Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale and
'brAA+/brA-1+' Brazilian national scale issuer credit ratings on
Banco do Estado do Para (Banpara). The outlook remains negative.
The bank's stand-alone credit profile (SACP) is 'bb-'.

An acceleration in the state of Para's (not rated) infrastructure
spending and a passive revenue policy have resulted in weakening
fiscal results. Moreover, the state's liquidity position is
constrained by increasing spending pressures and limited access to
external financing. Despite the state's weakening fiscal results,
our ratings remain unchanged on Banpara at this point. Banpara's
role as the state's financial agent and the bank's mission to
expand banking services to Para's isolated municipalities have
supported its regional brand recognition and strong financial
resilience in the last few years.




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

DOMINICAN REPUBLIC: Orders Purchase of Agro Products W/O Middlemen
------------------------------------------------------------------
Dominican Today reports that President Danilo Medina issued an
executive order which, among other measures, orders the "exclusive"
purchase of domestic agro products directly from producers without
intermediaries, provided there's enough quantity and adequate
quality.

Mr. Medina said several institutions are in charge of executing the
provision including the Police, the Education Ministry and
hospitals, among others, according to Dominican Today.

The measure also provides for the purchase of drugs and supplies
from public health protection programs to encourage the national
pharmaceutical industry, improve its competitiveness and promote
its technological innovation, 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: Tourism Thrives Despite Rough Waters
--------------------------------------------------------
Dominican Today reports that the arrival of more tourists from the
United States, Canada and Panama compensated for the decline in the
number of visitors from Europe and South America.

Central Bank data show that 1.87 million tourists entered by air at
the end of the first quarter, an amount that contrasts with the
1.79 million arrivals in the same period last year, a year-on-year
climb of 4.5%, according to Dominican Today.

Although the growth rate was sharply reduced compared to the first
quarter last year, when the advance was almost 7.7%, the market
varied and Russia figured as the first new source of tourists from
Europe to the Dominican Republic, followed by France and Germany,
which until recently was in first place, the report notes.

All this movement included a sharp fall in the number of European
visitors, of -17%, or 22,794 fewer people, totaling about 111,871
tourists from that continent between January and March of this
year, the report discloses.

Quoted by Diario Libre, the economist Henri Hebrard cites several
reasons that explain that change. One is the fall of the euro
against the dollar, which has increased the cost for European
tourists by around 10%, according to the analyst, the report
relays.

But Germany's worsening economic situation has also impacted,
"which affects especially people with less purchasing power, which
is precisely the profile of the German who visits the Dominican
Republic," 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.




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

JAMAICA: County's Brand Not Maximized, British Commissioner Says
----------------------------------------------------------------
RJR News reports that British High Commissioner to Jamaica Asif
Ahmad has criticized the government for not leveraging the
country's brand.

He said while Jamaica fails to take advantage of its international
popularity, other countries are using the brand and reaping
significant benefits, according to RJR News.

The British High Commissioner said there are markets in the United
Kingdom that small businesses can tap into, the report relays.

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




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

GRUPO MINSA: Moody's Affirms 'Ba3/Baa1.mx' CFRs, Outlook Stable
---------------------------------------------------------------
Moody's de Mexico affirmed Grupo Minsa, S.A.B. de C.V.'s
Ba3/Baa1.mx corporate family rating and its MX-2 (Not-Prime)
commercial paper rating. The outlook is stable.

LIST OF AFFECTED RATINGS

Issuer: Grupo Minsa, S.A.B. de C.V.

Affirmations:

  Corporate family rating: Affirmed Baa1.mx

  Corporate family rating: Affirmed Ba3

  Commercial paper rating: Affirmed MX-2 / Not Prime

  Outlook: Stable

RATINGS RATIONALE

Minsa's ratings reflect the company's franchise strength as
Mexico's second largest corn flour producer, the high relevance of
the tortilla in the Mexican diet, strong credit metrics for the
rating category, and favorable longer term growth prospects for the
corn flour industry in Mexico. These credit positives are partly
offset by the company's limited operating scale and product
diversification, along with its exposure to volatile corn prices
and a seasonal cash flow pattern because of the corn purchase
cycle. The ratings also consider Minsa's high reliance on short
term debt to cover corn purchases that could pressure liquidity if
not timely refinanced.

The company's top line benefited in 2018 from the increase in
prices in the fourth quarter together with higher sales volumes.
Minsa's gross margin, as adjusted by Moody's, increased 200 basis
points to 25.8% in 2018. However, higher expenses related to the
increase in sales force, distribution chain, and administrative
area to support higher sales volumes partly offset the improvement
in gross margin. As a result, the company's adj. operating margin
improved modestly to 3.7% in 2018, up from 3.4% in 2017.

Minsa's credit metrics remain strong with adj. debt/EBITDA at 2.4x
as of December 31, 2018. Going forward, Moody's estimates Minsa's
adj. debt/EBITDA will slightly improve towards 2.0x by year-end
2020 from incremental EBITDA coming from higher revenues as the
company increases its sales volumes. Similarly, the company's adj.
EBIT/Interest expense will increase from 2.7x in 2018 to around
4.0x in 2020.

Minsa is the second largest player in the Mexican packaged corn
flour market, with a 16.5% share of total industry capacity. Market
leader Gruma is significantly stronger, with a 67.7% share of
industry capacity in Mexico. Despite the differences in scale
between both companies, the competitive landscape has been
historically stable. But since 2015, several small regional
companies started operations in Mexico increasing national
installed capacity in 9.6%. Although competition has intensified,
Minsa has been be able to hold to its market share, given its
national presence and track record. Also, there are enough
opportunities in the Mexican corn flour market that support the
entrance of new players without taking market share from existing
players.

In the upcoming years, Moody's expects the market to gradually move
towards the industrialization of tortillas, benefiting larger
players such as Minsa. While around half of the tortillas produced
in Mexico are made with traditional non-industrial methods, the
industrial method with packaged corn flour is cleaner and more
efficient. The production of packaged corn flour requires only 25%
of water when compared to the traditional non-industrial methods.
Yield is also higher for the industrial method with one metric ton
of corn producing 24% more kilograms of tortillas than the
traditional non-industrial method. Another positive development is
the increased penetration of supermarket chains in Mexico, as they
use packaged corn flour in their in-house tortillerías.

The stable outlook reflects its expectation that Minsa will be able
to improve its operating margins and maintain adequate credit
metrics.

A ratings upgrade is unlikely in the near to medium-term because
the company's limited scale and diversification makes it highly
vulnerable to negative external shocks such as unanticipated
commodity price increases. Longer term, upward ratings pressure
could build once the company materially increases its scale. Minsa
will also need to prove able to recover profitability through its
plan set out to increase operating efficiency. Quantitatively,
positive pressure will require Minsa's revenues to be close to $1
billion dollars with a sustained adj. EBIT margin of around 10%.

The rating could be downgraded if Minsa's margin recovery remains
behind expectations, for example due to missteps in its current
plan to increase efficiency or related to unexpected corn price
volatility. Ratings pressure could also arise from an increase in
debt due to an acquisition or a more aggressive capex plan that
results in weaker credit metrics. Specifically, if Minsa's adj.
EBIT margin remains below 5.0%, adj. debt/EBITDA exceeds 3.0 times,
or if adj. EBIT/Interest expense consistently stays below 3.0
times. A meaningful deterioration in liquidity or delays in timely
addressing short term debt maturities will also pressure the
ratings.

Minsa's cash position has strengthen after the sale of the US
business in January 2018. The company's cash on hand totaled MXN1.5
billion ($78 million) as of December 31, 2018 which can cover 2.2x
its short-term debt. Moody's notes that Minsa's debt level is
seasonal with higher balances during the second quarter which is
the peak of corn purchase period due to the Sinaloa's corn harvest.
In addition, the company benefits from its commercial paper program
to cover its working capital requirements. Minsa's free cash flow
(defined as cash from operations minus dividends minus capital
expenditures) benefited in 2017-2018 from the lack of dividend
payments resulting in positive free cash flow in 2018. Going
forward, Moody's estimates Minsa will continue to post positive
free cash flow in 2019-2020 with lower capital expenditures of
around MXN150 million ($7 million) per year and no-dividend
payments.

The principal methodology used in these ratings was Global Packaged
Goods published in January 2017.

Grupo Minsa, S.A.B. de C.V. is the second largest corn flour
producer in Mexico, with MXN4.4 billion (approximately $233
million) in revenues in 2018. The company owns six corn flour
plants in Mexico with total capacity of 746 thousand tons per year.
Key products are commercialized under the Minsa brand and include
corn flour tortillas, tamales, and chips, as well as corn seeds for
millers. Minsa is majority owned and controlled by the Gomez Flores
family and is listed on the Mexican stock exchange since 1997 with
a 17% public float.




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

PUERTO RICO: Board Gets 60-Day Court Extension For Reappointments
-----------------------------------------------------------------
Karen Pierog at Reuters reports that a U.S. Appeals Court gave
Puerto Rico's federally created financial oversight board another
60 days to allow for the constitutional reappointment of its
members by President Donald Trump and the Senate.

The board had faced a May 16 deadline set by the Boston-based First
Circuit court on Feb. 15 to be validly reappointed or replaced
after creditors of the bankrupt U.S. commonwealth successfully
challenged members' appointments on constitutional grounds,
according to Reuters.

The White House announced the U.S. Senate will be asked to confirm
the board's current seven members, the report notes.  The appeals
court's order sets a July 15 deadline for that process to be
completed, the report relays.

Both moves allow the board to continue to restructure Puerto Rico's
roughly $120 billion of debt and pension obligations under a form
of bankruptcy filed two years ago in federal court, the report
discloses.

However, the board's executive director, Natalie Jaresko, told
reporters the two-month extension may not be sufficient as the
Senate confirmation process could take longer, the report says.

The appeals court denied the board's request to stay its ruling in
the case until there is a final decision by the U.S. Supreme Court,
the report relays.

The report discloses that the board last month petitioned the high
court over the ruling, which determined the board had been
unconstitutionally appointed because its members are principal U.S.
officers and should have been selected by the president "with the
advice and consent of the Senate."

Under the 2016 federal PROMESA law, then-President Barack Obama
appointed six board members from lists of candidates recommended by
Congress, as well as a seventh member in a process that did not
require Senate confirmation, the report relays.

The lawsuit over the board members filed by creditors, including
Aurelius Investment LLC and bond insurer Assured Guaranty Corp,
also sought a dismissal of Puerto Rico's Title III bankruptcy cases
-- a move the appeals court rejected, the report notes.

Deals restructuring the island's sales tax-backed bonds and
Government Development Bank debt have won court approval, the
report says.  An agreement over Puerto Rico Electric Power
Authority debt was announced, the report discloses.

According to Jaresko, the board's recent lawsuits against
government vendors, banks and bondholders will not delay the filing
of a plan of adjustment for the commonwealth's core debt, which
includes its pension liabilities, the report relates.

She said a plan will be filed in court "as soon as reasonably
possible," the report notes.

Meanwhile, the commonwealth finally released a fiscal 2016
financial audit that showed a government-wide net deficit grew to
nearly $70.3 billion from $67.8 billion in fiscal 2015, the report
adds.

                        About Puerto Rico

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

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

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

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

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

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

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

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

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

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

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

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

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

                    Bondholders' Attorneys

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

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

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

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

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

                          Committees

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



                           *********


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 * * *