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

          Thursday, May 9, 2019, Vol. 20, No. 93

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Virgin Atlantic Boss Expresses Interest in Investing


A R G E N T I N A

TELECOM ARGENTINA: Fitch Affirms 'B/BB-' IDRs, Outlook Negative


B R A Z I L

BRAZIL: Poor Budget Management Costs 3.9% of GDP, IDB Says
KLABIN SA: Fitch Affirms BB+ Long-Term IDRs, Outlook Stable


J A M A I C A

[*] JAMAICA: Farmers, Agro-Processors Get More Support From RADA


M E X I C O

BANCA MIFEL: Fitch Affirms 'BB+' Longterm IDRs, Outlook Stable
MEXICO: US to Levy Tariff on Imported Tomatoes in Trade Spat


P U E R T O   R I C O

LA CANASTA: Disclosures OK'd; June 5 Plan Confirmation Hearing
SAN JUAN ICE: June 5 Plan and Disclosure Statement Hearing Set
STONEMOR PARTNERS: Axar Capital Has 20.3% Stake at April 30
STONEMOR PARTNERS: Hellman Has 12.4% Stake at April 30
STONEMOR PARTNERS: Signs First Amendment to Merger Agreement



V E N E Z U E L A

VENEZUELA: Scraps Exchange Controls

                           - - - - -


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

LIAT: Virgin Atlantic Boss Expresses Interest in Investing
----------------------------------------------------------
Caribbean360.com reports that business magnate Sir Richard Branson
is reported to be interested in investing in cash-strapped regional
airline LIAT Ltd., formerly known as Leeward Islands Air Transport
or LIAT.

Chief of Staff within the Office of the Prime Minister in Antigua
and Barbuda, Lionel Hurst, told reporters following a Cabinet
meeting that discussions had been held with the British business
magnate, investor and philanthropist, according to
Caribbean360.com.  He said the talks involved helping the
Antigua-based LIAT out of its struggling financial situation to
become a profit-making enterprise, the report relays.

"The entrepreneur has proposed investing several million dollars.
He would wet lease several aircraft - jets - and they would fly
from Fort Lauderdale to Jamaica, Haiti and down into Antigua and
Barbados. The whole idea is to enlarge LIAT, rather than collapse
LIAT or making it a smaller entity," Mr. Hurst said, explaining
that this would allow the air carrier to fly to destinations
outside the region, the report discloses.

He added that the Virgin Group founder would put his resources into
a smaller LIAT that would not be able to achieve a profitable
status, the report says.

"There just is not [enough] passengers and other kinds of
possibilities to make LIAT profitable within the Caribbean," Hurst
said.

Meanwhile, according to the Antigua Observer newspaper, Antigua and
Barbuda is having discussions with Barbados, LIAT's largest
shareholder, to purchase its shares in the regional carrier, the
report notes. The newspaper quoted Hurst as saying that Barbados
has indicated its shares in LIAT have been a burden on the country,
the report relays. However, he said the value of Barbados' shares
in LIAT has not yet been determined, the report says.

LIAT shareholders met in Antigua and agreed to further examine a
proposal by host Prime Minister Gaston Browne regarding the future
direction of the airline, the report adds.

                           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.




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A R G E N T I N A
=================

TELECOM ARGENTINA: Fitch Affirms 'B/BB-' IDRs, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Telecom Argentina S.A.'s ratings,
including the Long-Term Foreign Currency Issuer Default Rating at
'B' and the Local Currency IDR at 'BB-', as the company's credit
quality remains stable despite macroeconomic stress in Argentina.
The Rating Outlook is Negative. Telecom Argentina's ratings reflect
the company's business position as the leading integrated telecom
operator in Argentina. The company benefits from a robust financial
profile, underpinned by its operational cash flow generation and
relatively conservative capital structure. The company has
demonstrated an ability to largely pass through inflation to
consumers, which blunt macroeconomic concerns to a degree.

Telecom Argentina's FC IDR of 'B' is constrained by Argentina's
Country Ceiling of 'B', while the LC IDR of 'BB-' is two notches
above the sovereign, reflecting the company's strong underlying
credit profile. The Negative Outlook mirrors the Rating Outlook on
the sovereign. Telecom Argentina's 2021 senior unsecured notes
Recovery Rating of 'RR3' reflects good recovery prospects in the
event of default given the company's solid balance sheet and cash
flow generation.

KEY RATING DRIVERS

LC IDR Above Sovereign Rating: Telecom Argentina's 'BB-' LC IDR
reflects its strong financial profile and solid business position.
Following the merger, Telecom Argentina is the leading convergent
telecom provider in Argentina; the combined entity benefits from
increased operating scale, enhanced product offerings, and cost
synergies, all of which support the Telecom Argentina's cash flow
generation. The company's USD5 billion investment plan, which
foreign competitors are not expected to match, should solidify the
company's prospects in the medium term.

FC IDR Capped by Country Ceiling: Telecom Argentina's FC IDR is
constrained by Argentina's 'B' Country Ceiling. Fitch believes that
the company's default would most likely be driven by transfer and
convertibility restrictions, not by a material deterioration of the
company's business or financial profile. In the case where there is
a two notch gap between the FC and LC IDRs of an issuer, Fitch's
criteria allows for recovery ratings to be notched above the
Argentina soft cap of 'RR4'; therefore, Fitch has assigned a
recovery rating of 'RR3' to the 2021 senior unsecured notes,
enabling a rating uplift of one notch above the FC IDR to 'B+'.

Robust Financial Profile: Telecom Argentina's financial structure
is among the strongest of Fitch-rated telecom companies in the
region, due to the company's conservative capital structure and
consistent EBITDA margins. Fitch forecasts total adjusted debt
(including capitalized operating leases)/EBITDAR to increase to
around 1.8x-2.0x in the medium term, up from 1.6x as of YE 2018,
and 0.7x (pro forma for merged entity, including IAS29 adjustments)
as the company is able to mostly pass through inflation to
consumers. The company's stable margins and operational cash flow
generation enable it to cover its capital outlays, which Fitch
expects to remain around 20%-25% of revenues.

Leading Provider in Mature Market: Competitive dynamics and price
sensitivity in the fixed line markets mean that the company is
generally able to pass on inflation there. The company has
subscriber shares of approximately 32% in mobile, 49% in broadband,
and 35% in pay TV. These competitive strengths help the company
offset a relatively mature telecommunications market in Argentina,
where Fitch estimates that penetration rates exceed 130% for
mobile, 63% for broadband, and 70% for pay TV. These factors will
contribute to limited growth headroom going forward, although the
market hasn't experienced the same level of price competition as
other countries in the region.

Adequate Liquidity and Low Refinancing Risk: Despite the
macroeconomic turmoil in Argentina beginning in mid-2018, the
company has consistently been able to access international
financing on an unsecured basis. Fitch expects refinancing risk to
remain low, despite the company's relatively short-dated
amortization profile. The company's liquidity position is further
supported by its operational cash flow generation, as well as the
high proportion of its cash and investment balances in dollars,
which provide a natural hedge to FX risk. Fitch does not expect
shareholder distributions to compromise the company's liquidity.

DERIVATION SUMMARY

Telecom Argentina's FC IDR is capped by the 'B' Country Ceiling of
Argentina. The company's LC IDR is rated 'BB-', two notches above
the sovereign LC IDR, reflecting the company's underlying credit
profile. Telecom Argentina's Negative Outlook reflects the Rating
Outlook on the Argentine Sovereign.

The majority of the company's operations and assets are in
Argentina, an operating environment which is characterized by
macroeconomic instability. The company has largely been able to
pass through inflation to consumers; however, ongoing recessionary
pressure remains a key credit concern.

The company's business profile as the leading convergent player in
the country is stronger than diversified speculative grade peers
such as Oi (B-/Stable), as well as less-diversified peers such as
Millicom International Cellular (BB+/Stable). The company's
financial profile, especially leverage, compares well with
investment grade peers such as Telefonica Moviles Chile S.A.
(BBB+/Stable).

No parent/subsidiary linkage is applicable.

KEY ASSUMPTIONS

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

  -- Inflation of approximately 31% in 2019, 21% in 2020, and 16%
     in 2021, which the company will be able to mostly pass on,
     depending on the business segment.

  -- Continued peso devaluation with year-end USD/ARS of 47 in
     2019, 52 in 2020, and 55 in 2021

  -- EBITDA margins in the low-30% range as the company has
     demonstrated an ability to maintain margins.

  -- Capital intensity of approximately USD1 billion per year
     over the medium term.

  -- Some deterioration in working capital position as bad debt
     expenses rise and consumers and suppliers lengthen their
     payment cycles.

  -- Dollar-denominated debt levels to remain around USD2.1
     billion-USD2.3 billion as the company successfully
     refinances maturing debt.

RATING SENSITIVITIES

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

  -- An upgrade to the FC IDR is unlikely in the near term, as
     the rating is constrained by the country ceiling of Argentina;


  -- An upgrade to the LC IDR is unlikely in the near term, as
     company's operations and assets are substantially located
     in Argentina.

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

  -- A downgrade to Telecom Argentina due to operational
     deterioration is unlikely; however, the FC ratings would be
     downgraded in case of a downgrade of Argentina's sovereign
     rating.

LIQUIDITY

Solid Liquidity, Low Refinancing Risk: As of Dec. 31, 2018, Telecom
Argentina held cash and short-term investments of approximately
ARS8.3 billion (USD219 million), against the current portion of
long-term debt plus accrued interest of approximately ARS20.0
billion (USD532 million).

In February 2019, the company paid off its remaining syndicated
loan balance of USD100 million. In March 2019, the company entered
into a loan agreement with the International Finance Corporation
for an amount of up to USD450 million.

Fitch does not expect shareholder returns to compromise the
company's liquidity position. Fitch assumes the company will pay
dividends of approximately ARS6.3 billion for 2019. Shareholder
Cablevision Holdings S.A. is in litigation with the Argentine
securities regulator regarding a potential public tender offer for
outstanding shares.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Telecom Argentina S.A.

  -- Long-Term Foreign Currency Issuer Default Rating (IDR)
     at 'B'/Outlook Negative;

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

  -- 2021 senior unsecured notes at 'B+'/'RR3'.




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

BRAZIL: Poor Budget Management Costs 3.9% of GDP, IDB Says
----------------------------------------------------------
The Latin American Herald reports that inefficient public spending
costs Brazil an amount equivalent to 3.9 percent of the gross
domestic product (GDP) each year, the Inter-American Development
Bank (IDB) said in a report released.

The IDB said Brazil's poor budget management generated a loss of
some $68 billion annually in a country that still has not
completely recovered from the severe 2015-2017 recession, according
to The Latin American Herald.

The report notes that the regional financial institution criticized
the South American nation's pension and retirement system, whose
cost has amounted to about 12.5 percent of GDP annually since 2015,
with the figure expected to reach a staggering 50 percent of GDP by
2065 if reforms are not enacted.

The IDB's projections are in line with those of President Jair
Bolsonaro's administration, which is trying to implement unpopular
pension reforms, the report relays.

The report discloses that the administration has proposed phasing
out the current system over the next 10 years and introducing an
individual retirement savings system similar to the one adopted in
Chile in the 1980s.

Brazil, according to the IDB, currently spends seven times more on
the elderly than on children, resulting in inadequate investment
"in the future," the report says.

Spending on pensions has been the biggest contributor to the budget
deficits plaguing Latin America's largest economy since 2015,
limiting investment in health care and education, and increasing
the national debt, the report notes.

The IDB report also identifies other areas in which public spending
is not being properly targeted in Brazil due, in part, to a tax
regime designed more to finance the bureaucracy than to promote
social well-being, the report relates.

In addition to recommending that Brazil reform its retirement
system and invest more and in better ways in education, the IDB
said the South American nation should improve the quality of public
spending by focusing on better management of infrastructure funds
to reduce the huge delays and cost overruns that plague public
works projects, the report notes.

The report also recommended that the government overhaul spending
on security, an area that currently consumes 3.7 percent of the
national budget, the report adds.

As reported on the Troubled Company Reporter-Latin America on Feb.
11, 2019, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Brazil. The outlook on the long-term ratings remains stable. At the
same time, S&P affirmed its transfer and convertibility assessment
of 'BB+'. S&P also affirmed its 'brAAA' national scale rating, and
the outlook remains stable.

KLABIN SA: Fitch Affirms BB+ Long-Term IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Klabin S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings at 'BB+' and national scale
long-term rating at 'AAA(bra)'. The Rating Outlook for the
corporate ratings is Stable.

Klabin's ratings reflect the company's leading position in the
Brazilian packaging sector, large forestry base providing a low
production cost structure, access to inexpensive fiber and a high
degree of vertical integration, which enhances product flexibility
in the competitive but fragmented packaging industry. Because of
its strong market business position in packaging products and
integrated operations, Klabin is a price leader in the domestic
market and is able to preserve more stable sales volume and
operating margins during more instable economic scenarios in Brazil
than its competitors that have significantly lower scale of
operations and have high exposure in production costs. The company
also benefits from its position as a low-cost producer of market
pulp, in the lowest quartile, and maintain pulp production volumes
above 90% of nominal capacity.

The ratings also incorporate Fitch's expectation of strong
operating cash flow, benefiting from the favourable pulp pricing
environment. Pulp prices strengthened in the last 18 months and
should remain elevated up to 2020 due to a dearth of new projects.
The expected stronger cash flow generation should allow Klabin's
balance sheet to comfortably absorb a period of higher investments
and the start of a new project, which will further strengthen the
company's leading market position in the packaging business.

The ratings incorporate an expectation that net leverage will
increase to about 4x during the new investment cycle, considering
current price fundamentals remain intact. Net leverage is expected
to decline to lower levels only after 2023. Fitch expects Klabin to
continue to manage its capital structure conservatively during the
expansion phase, and take proactive steps if net leverage begins to
approach 4.5x. If net leverage ratio exceeds 5.0x, with no
expectation of a quick deleverage trend after the start-up of the
new production capacity, ratings could be pressured.

KEY RATING DRIVERS

Leading Position in the Brazilian Packaging Segment: Klabin is the
leader in the Brazilian corrugated boxes and coated board sectors
with market shares of 18% and 50%, respectively. In the Brazilian
market, the company is the sole producer of liquid packaging board
and is the largest producer of kraftliner and industrial bags, with
market shares of 42% and 50%, respectively. In Fitch's opinion, the
expansion project is very strategic for Klabin and will add 920
thousand tons of annual production capacity of kraftliner by 2023,
positioning the company as the world's third largest kraftliner
player. Klabin's strong market shares allow it to be a price leader
in Brazil. The company's competitive advantage is viewed as
sustainable due to its scale, high level of integration, and
diversified client base in the more resilient food sector. This
allows Klabin to preserve EBITDA margins above 30% throughout the
cycle, while small players have margins below 15%.

Pulp Mill and Forestry Assets Positive Rating Considerations:
Klabin has a 1.6 million-ton pulp mill that started operations in
2016. Klabin sources much of its fiber requirements from hardwood
and softwood trees grown on 230,000 hectares of plantations it has
developed on 501,000 hectares of land it owns; this ensures a
competitive production cost structure in the future. During the
first quarter of 2019, the company cash cost of production was
USD185 per ton, which placed it firmly in the lowest quartile of
the cost curve. The accounting value of the land owned by Klabin
was about BRL2.1 billion as of Mar. 31, 2019, and the value of the
biological assets on its forest plantations was BRL4.5 billion. If
needed, some of the forestry assets could be monetized to lower
debt and improve liquidity.

Leverage to Increase Due to New Investment Cycle: Fitch expects net
leverage to increase to about 4x during the new investment cycle,
considering current price fundamentals are preserved. Net debt is
expected to peak at around BRL18 billion in 2022, compared with
BRL12.8 billion in March 2019. Net leverage is expected to decline
to lower levels only after 2023. Fitch expects Klabin to continue
to manage its capital structure conservatively during the expansion
phase, and take proactive steps if leverage begins to approach
4.5x. In the LTM ended March 2019, net debt/EBITDA reduced to 3.0x,
benefiting from higher pulp sales volume, higher pulp and
kraftliner prices, and real depreciation, after a period of higher
leverage due to high investments in the pulp mill. Net leverage
average was 5.5x between 2015 and 2017.

EBITDA Projected to Grow: Consolidated EBITDA is expected to be
around BRL3.9 billion for 2019 and BRL4.3 billion in 2020. Klabin
generated BRL4.3 billion of EBITDA and BRL2.7 billion of cash flow
from operations in the LTM ended March 2019. Klabin's EBITDA margin
is expected to remain between 37% and 39% in the next couple of
years. Klabin's flexibility and product diversification softened
the impact of the severe economic downturn in Brazil during the
last two years.

Negative Free Cash Flow Projected: Fitch expects negative FCF of
about BRL1.8 billion in 2019 and BRL2.5 billion in 2020, due to
investments in Puma II project. Fitch's base case incorporates
investments of BRL9.1 billion for the expansion project, of which
about BRL6 billion will be invested during 2019 to 2021; better
pulp prices; and a gradual recovery in demand for packaging
products. In 2018, Klabin sold 1.8 million tons of paper and 1.4
million tons of pulp, and Fitch's projections considered 1.9
million tons of paper and packaging, and 1.45 million tons of pulp
for 2019. Pulp sales represented 37% of total net revenues in
2018.

Cyclicality of Pulp Prices: The market pulp industry is very
cyclical; prices move sharply in response to changes in demand or
supply. Market fundaments for pulp producers are favourable
although demand from China has softened during the past six months
due to the lack of new projects. As a result, Klabin and other pulp
producers should be able to build cash positions for new projects
or reduce debt accumulated during recent pulp mill projects. China
will continue to play a key role in determining if prices climb
back to levels seen in the first half of 2018.

Rating Pierces Country Ceiling: Klabin's 'BB+' Foreign Currency IDR
is one notch higher than Brazil's 'BB' Country Ceiling due to a
combination of the following factors: exports of BRL4.5 billion,
approximately BRL550 million of cash held outside of Brazil and the
USD500 million unused revolving credit facility. As of Dec. 31,
2018, the pro forma ratio of EBITDA from exports, plus cash held
abroad and revolving credit facility covered hard currency debt
service over the next 24 months by more than 1.5x. In line with
Fitch's "Non-Financial Corporates Exceeding the Country Ceiling
Rating Criteria" this could allow the company to be rated up to
three notches above the Brazilian Country Ceiling. However,
Klabin's Foreign Currency IDR is constrained by the company's 'BB+'
Local Currency IDR, which is a reflection of the company's
underlying credit quality.

DERIVATION SUMMARY

Klabin has a leading position in the Brazilian packaging segment.
Klabin's size, access to inexpensive fiber and high level of
integration relative to many of its competitors give it competitive
advantages that are viewed to be sustainable. Its business profile
is consistent with a rating in the 'BBB' category.

Klabin's leverage is high compared to Latin America peers Suzano
(BBB-/Stable), Fibria (BBB-/Stable), Empresas CMPC (BBB/Stable),
and Celulosa Arauco (BBB/Stable). That is a key reason Klabin,
which used to be rated investment grade, is now rated 'BB+'.
Klabin's leverage increased as a result of the construction of the
Puma pulp mill and low pulp prices following the completion of the
mill have prevented a quick deleveraging process. Klabin's net
leverage should increase to around 4x due to the new investment
cycle.

Klabin is more exposed to demand from the local market than Suzano,
Fibria, CMPC and Arauco, as these companies are leading producers
of market pulp sold globally. This makes Klabin more vulnerable to
macroeconomic conditions than its peers, which is also a negative
consideration. Positively, its concentration of sales to the food
industry, which is relatively resilient to downturns in Brazil's
economy, and its position as the sole producer of liquid packaging
board, adds stability to operating results. As a result, if Klabin
would lower its net leverage to between 2.5x (low pulp prices) and
1.5x (high pulp prices) it would likely be rated 'BBB-'. These
ratios could be around 1x higher if the company was in the midst of
a large expansion project.

KEY ASSUMPTIONS

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

- Paper and packaging sales volume of 1.9 million tons for 2019;
- Pulp sales volume of 1.45 million tons in 2019;
- Average hardwood pulp price delivered to Asia between USD800
   and USD825 per ton in 2019 and 2020;
- Average FX rate of 3.80 BRL/USD;
- Investments of BRL9.1 billion for the expansion project, of
   which about BRL6 billion will be invested during 2019 to 2021;
- Dividends: 20% of EBITDA.

RATING SENSITIVITIES

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

- Strong cash generation during 2019 that would result in the
   company's debt/EBITDA ratio and net debt/EBITDA ratios  
   approaching 3.5x and 2.5x;

- Proactive steps by the company to materially bolster its
   capital structure in the absence of higher operating cash flow.

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

- Expectation that net leverage ratio above 5.0x;

- More unstable macroeconomic environment that weakens demand
   for the company's packaging products as well as prices;

- Sharp deterioration of market conditions with significant
   reduction in pulp prices.

LIQUIDITY

Solid Liquidity: Klabin's solid liquidity position and low
refinancing risk remain key credit considerations. As of Mar. 31,
2019, the company had BRL7.5 billion of cash and marketable
securities and BRL20.2 billion of total debt. Financial flexibility
is enhanced by a USD500 million unused revolving credit facility.
Klabin plans to finance the expansion project with a combination of
new debt and operating cash flow.

Fitch expects Klabin to continue to preserve an extended debt
amortization profile and strong liquidity, conservatively
positioning it for the price and demand volatility, which is an
inherent risk of the packaging industry. Since December 2018,
Klabin successfully closed several transactions, totalling about
BRL8 billion, that significantly improved the company's debt
amortization profile. As of March 2019, Klabin had about BRL1.3
billion due in the short term, BRL1.2 billion from April to
December 2020 and BRL1.1 billion in 2021.

As of March 31, 2019, about 74% of total debt was denominated in US
dollars. Debt with BNDES totals BRL3.0 billion (15% of total debt)
and is secured by land, buildings, improvements, machinery,
equipment and facilities of the plants. Most of the rest of debt is
related to export prepayment and export credit notes with banks
(33%), debentures (3%), bonds (31%), Agribusiness Receivables
Certificate (CRA, 9%) and others (9%).

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Klabin S.A.

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

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

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

The Rating Outlook for the corporate ratings is Stable.

Klabin Finance S.A.

  -- Senior Unsecured Notes rating, in the amount of
     USD500 million and due in 2024 at 'BB+';

  -- Senior Unsecured Notes rating, in the amount of
     USD500 million and due in 2027 at 'BB+'.

The Senior Notes were issued by Klabin Finance S.A. (Luxembourg)
and guaranteed by Klabin S.A.

Klabin Austria Gmbh

  -- Senior Unsecured Notes rating, in the amount of USD1
     billion and due in 2029 and 2049 at 'BB+'.

The transaction was issued by Klabin Austria Gmbh and guaranteed by
Klabin.




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

[*] JAMAICA: Farmers, Agro-Processors Get More Support From RADA
----------------------------------------------------------------
RJR News reports that small farmers and agro-processors in Jamaica
are to benefit from increased support under the Agro-Processing
Incubator Project of the Rural Agricultural Development Authority
(RADA), aimed at supporting the development of small-scale rural
enterprises.

The agency recently signed a memorandum of understanding with
CNET-OUTAONE, to further strengthen the program by offering
training, technical advice and marketing support to users of the
incubators, according to RJR News.

The support will be facilitated under OUTAONE's Agro-economic Zone
Project, which involves partnership with the Ministry of Industry,
Commerce, Agriculture and Fisheries, for the establishment of
agro-processing facilities throughout Jamaica, the report notes.

Robert Miller, Senior Advisor and Consultant in the Ministry, said
the partnership between the entities will facilitate growth in the
economy through increased value-added production and effective
utilization of resources as well as provide greater linkages with
agricultural suppliers, producers and buyers, the report adds.

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.




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

BANCA MIFEL: Fitch Affirms 'BB+' Longterm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Banca Mifel, S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings at 'BB+' and its
Viability Rating at 'bb+'. Fitch has also affirmed Mifel's
Long-Term National Scale Rating at 'A+(mex)'. The Rating Outlook
for the long-term ratings is Stable.

KEY RATING DRIVERS

IDRs, VR AND NATIONAL RATINGS

Mifel's IDRs and National Ratings are driven by its intrinsic
creditworthiness, as reflected in its 'bb+' VR. Mifel's company
profile and business model as well as its solid profitability
highly influence the bank's VR. The bank's ratings also factor in
its comparatively tight capitalization ratios and adequate funding.


Despite the bank's modest regional franchise within Mexico, it is
well recognized and its consolidated business model has proven to
be resilient through economic cycles. The bank's competitive
position relies on its offering of tailored finance products and
its strong customer relationships that have allowed Mifel to
increase its business volume in both credits and deposits.

Mifel's profitability continues to improve. The bank's operating
profits to RWA ratio reached 2.8% as of March 2019, compared to a
four year average of 2.2%. Loan growth, higher non-interest income
and controlled operating expenses that offset the higher funding
cost as a response of interest rate hikes drove improvements in
profitability.

In Fitch's view, Mifel's asset quality slightly deteriorated but
remained moderate and consistent with its ratings. The adjusted
impairment ratio (NPL ratio plus charge-offs) increased to 2.3% as
of March 2019, higher than the four year average of 1.9% but still
below the banking system (4.5%). The bank's acquired mortgage
portfolio accounted for most of the increase delinquency levels.
Individual borrower concentrations weigh on the bank's asset
quality, as the 20 largest exposures represented 2.3x the Fitch
Core Capital (FCC.) In Fitch view, the good collateral scheme
including those granted by developments banks partially ease
pressures on Mifel's asset quality.

The bank's funding profile benefits from a growing deposit base,
which represented 65% of total funding excluding derivatives and
repurchase agreements as of 1Q19. The bank's loan to customer
deposit ratio has been stable, it was 143.7% compared to the
four-year average of 147.3%. Mifel still has a moderate depositor
concentration, as its 20 largest clients represented 21.8% of total
deposits. The bank also finances its operations with wholesale
funding coming from development banks to better match its balance
sheet and the structure of its credit products. Liquidity position
is appropriate as reflected in its LCR that has been steadily above
100% during the past four years.

Mifel's VR also factors in its moderate capitalization metrics,
which are relatively tight at its rating level. As of March 2019,
the FCC to risk-weighted asset (RWAs) ratio was 12% similar to the
previous three years. Mifel's profitability and full earnings
retention underpin its FCC ratio. Fitch expects this metric to
remain close to that figure as long as the bank maintains its
capacity to generate profits and considering that the expected loan
growth could be more modest than in previous years.

SUPPORT RATINGS

Mifel's Support Rating and Support Rating Floor were affirmed at
'5' and 'NF', respectively, in view of the bank's low systemic
importance, which indicates that although possible, external
support cannot be relied upon.

HYBRID SUBORDINATED NOTES

The bank's global hybrid subordinated securities at 'BB-' are two
notches below the applicable anchor rating, Mifel's VR of 'bb+'.
The securities are notched down once for non-performance risk as
coupon deferral or cancellations will likely be triggered at
relatively high levels of capitalization. An additional notch
accounts for loss severity, which reflects the fact that these
securities are "subordinated preferred".

Similar securities would be two notches lower for non-performance
risk and an additional notch lower for loss severity. However, in
Mifel's case, the overall combined notching is limited to two
notches, due to compression considerations as per Fitch's actual
criteria at this issuer's rating level.

RATING SENSITIVITIES

IDRs, VR AND NATIONAL RATINGS

Mifel's upside potential is limited over the medium term. An
upgrade could be triggered by a material strengthening of its
franchise combined with the maintenance of FCC ratios consistently
above 14%, and a reduction in the bank's risk and business
concentrations on both sides of the balance sheet.

In turn, a downgrade of the Mifel's VR could be triggered by a
material deterioration in the bank's asset quality and
profitability that weaken its capital position. Specifically, a FCC
ratio consistently below 12% and operating profit to RWAs metric
below 2% would be negative for the bank's ratings.

SUPPORT RATINGS

A potential upgrade of Mifel's Support Rating and Support Rating
Floor is limited at present, since external support cannot be
relied upon due to its modest systemic importance.

HYBRID SUBORDINATED NOTES

The bank's subordinated debt rating will likely mirror any
downgrade in the bank's VR, as these are expected to maintain the
same relation to Mifel's intrinsic profile. However, if the bank's
rating is upgraded further, the notching of the notes' rating
relative to the bank's VR will probably widen as rating compression
will no longer apply per Fitch's current criteria.

Fitch has affirmed the following ratings:

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

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

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

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

  -- Viability Rating at 'bb+';

  -- Support Rating at '5';

  -- Support Rating Floor at 'NF';

  -- Long-term cumulative subordinated preferred notes at 'BB-';

  -- National Scale Long-Term Rating at 'A+(mex)'; Outlook Stable;

  -- National Scale Short-Term Rating at 'F1(mex)'.


MEXICO: US to Levy Tariff on Imported Tomatoes in Trade Spat
------------------------------------------------------------
David Shepardson at Reuters reports that the U.S. Commerce
Department said it will begin imposing a 17.5 percent tariff on
imported Mexican tomatoes, but said it is optimistic that a deal
can be reached to extend a 2013 agreement that suspended a U.S.
anti-dumping investigation.

"The Department of Commerce remains committed to ensuring that
American domestic industries are protected from unfair trading
practices," Secretary of Commerce Wilbur Ross said in a statement.
"We remain optimistic that there will be a negotiated solution,"
according to Reuters.

The tariff will go into effect in about a week, the report notes.

Mexican Deputy Economy Minister Luz Maria de la Mora said that U.S.
consumers will face financial impacts after they could not reach
agreement, the report relays.

"We're very disappointed but the good news is that negotiations
continue, looking for a solution. And we hope that in the coming
weeks we can in fact reach an agreement," Mr. de la Mora added.

Mexico exports around $2 billion worth of tomatoes to the United
States annually, according to de la Mora, Reuters discloses.

Mexican imports account for just over half of the U.S. tomato
market, according to the Florida Tomato Exchange, the report says.

The report notes that Mr. Ross said the United States will refund
any tariff deposits if a new deal is reached or if the U.S.
International Trade Commission determines there is no injury based
on its own independent investigation.

Mr. Ross said in early February that the United States would resume
an anti-dumping investigation into Mexican tomatoes, withdrawing
from a so-called suspension agreement that halted the anti-dumping
case as long as Mexican producers sold their tomatoes above a
pre-determined price. U.S. growers and lawmakers say that deal has
failed, the report relays.

A trade war over tomatoes has been averted twice since the 1990s,
most recently in the 2013 deal that put a price floor on Mexican
tomatoes sold in the United States while barring U.S. growers from
pursuing anti-dumping charges against Mexican exporters, the report
recalls.

Fruit and vegetable growers in the southeastern U.S. had persuaded
the Trump administration to seek the ability to impose seasonal
anti-dumping duties against Mexican produce in negotiations to
update the North American Free Trade Agreement. But the demand was
withdrawn in the final talks over the U.S.-Mexico-Canada trade deal
reached last October, Reuters says.

A month later, the Florida Tomato Exchange, which represents
growers in the state, petitioned the Commerce Department to
terminate the 2013 tomato pact, the report notes.  It argued that
the agreement could not be enforced and contained too many
loopholes through which Mexican growers could dump tomatoes in the
U.S. market, the report adds.




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

LA CANASTA: Disclosures OK'd; June 5 Plan Confirmation Hearing
--------------------------------------------------------------
Bankruptcy Judge Mildred Caban Flores approved La Canasta Inc.'s
disclosure statement referring to an amended plan dated April 1,
2019.

Acceptances or rejections of the Amended Plan, and any objection to
confirmation of the plan may be filed in writing 14 days prior to
the date of the hearing on confirmation of the Plan.

A hearing for the consideration of confirmation of the Plan and of
such objections as may be made to the confirmation of the Plan will
be held on June 5, 2019, at 9:00 AM at the Jose V. Toledo Federal
Building and US Courthouse, 300 Recinto Sur Street, Courtroom 3,
Third Floor, San Juan, Puerto Rico.

                     About La Canasta

Based in Caguas, Puerto Rico, La Canasta Inc. is the fee simple
owner of four properties in Caguas, Gurabo, and Juana Diaz, Puerto
Rico having a total current value of $3.84 million.  The Company
filed a Chapter 11 Petition on (Bankr. D.P.R. Case No. 18-06453) on
November 1, 2018, and is represented by Carmen D. Conde Torres,
Esq., in San Juan, Puerto Rico.

At the time of filing, the Debtor had total assets of $3,840,000
and total liabilities of $4,214,778.  The petition was signed by
Ricardo Rivera Irizarry, sub administrator.

The Company previously sought bankruptcy protection on Nov. 26,
2014 (Bankr. D. P.R. Case No. 14-09826).


SAN JUAN ICE: June 5 Plan and Disclosure Statement Hearing Set
--------------------------------------------------------------
Bankruptcy Judge Mildred Caban Flores conditionally approved San
Juan Ice, Inc.'s small business third amended disclosure statement
in support of its amended plan dated April 23, 2019.

Acceptances or rejections of the Amended Plan, and any objection to
the final approval of the Amended Disclosure Statement and/or the
confirmation of the Amended Plan may be filed in writing 14 days
prior to the date of the hearing on confirmation of the Plan.

A hearing for the consideration of the final approval of the
Amended Disclosure Statement and the confirmation of the Amended
Plan will be held on June 5, 2019, at 9:00 AM, at the U.S.
Bankruptcy Court, Jose V. Toledo U.S. Post Office and Courthouse
Building, 300 Recinto Sur Street, Courtroom 3, Third Floor, San
Juan, Puerto Rico.

The amended plan discloses that the Debtor will object to
duplication of claims made by creditor, Rafaela De La Cruz, and an
erroneous claim amount in claim #7 by PR Labor Department. Debtor
will avoid secured and judicial lien claims pursuant to 11 USC,
section 547 filed by creditor, Carmen Pena and Rafaela De La Cruz.

A copy of the Third Amended Disclosure Statement is available at
https://tinyurl.com/yxwjrqx9 from Pacermonitor.com at no charge.

                   About San Juan Ice, Inc.

San Juan Ice Inc., based in San Juan, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 18-01784) on April 3, 2018.  In
the petition signed by Ramiro Rodriguez Pena, president, the Debtor
disclosed $580,495 in assets and $1.17 million in liabilities.  The
Hon. Mildred Caban Flores presides over the case.  Robert Millan,
Esq., at Millan Law Offices, serves as bankruptcy counsel.


STONEMOR PARTNERS: Axar Capital Has 20.3% Stake at April 30
-----------------------------------------------------------
In a Schedule 13D/A filed with the U.S. Securities and Exchange
Commission, these entities reported beneficial ownership of common
units representing limited Partnership Interests of StoneMor
Partners L.P. as of April 30, 2019:

                                  Shares      Percent
   Reporting                   Beneficially     of  
    Person                         Owned      Class
   ---------                   ------------  ---------
Axar Capital Management, LP     7,748,435      20.3%
Axar GP, LLC                    7,748,435      20.3%
Andrew Axelrod                  7,748,435      20.3%

The percentages are calculated based upon 38,260,471 Common Units
reported to be outstanding as of March 29, 2019 in the Issuer's
Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2018,
filed with the SEC on April 3, 2019.

Funds for the purchase of the Common Units reported were derived
from general working capital of the Axar Vehicles.  A total of
approximately $51,449,176 was paid to acquire the Common Units
reported.

The Reporting Persons may be deemed to have economic exposure to an
additional 1,536,717 Common Units pursuant to certain cash-settled
equity swaps each between an Axar Vehicle and a broker-dealer
counterparty.  The cash-settled equity swaps shall continue until
terminated as elected by the parties, and currently have an initial
reference termination date of June 20, 2022.  The reference prices
for such swaps range from $3.1227 to $7.5565.  The Reporting
Persons do not have voting power or dispositive power with respect
to the Common Units referenced in such swaps and disclaim
beneficial ownership of the shares underlying those swaps.

On April 30, 2019, the Axar Entities entered into a Second
Amendment to the Voting and Support Agreement with the ACII
Entities, the General Partner, and the Issuer, pursuant to which
the VSA was amended to terminate the earliest of (x) the Expiration
Date (as defined in the VSA), (y) the date of any amendment to the
Merger Agreement (as defined in the VSA) that adversely affects the
rights of any Axar Entity without the written consent of the Axar
Entities, and (z) Oct. 1, 2019.

A full-text copy of the regulatory filing is available for free at:
https://is.gd/5R6bZc

                    About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 90
funeral homes in 27 states and Puerto Rico. StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

StoneMor reported a net loss of $72.69 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.15 million for the
year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Partnership had
$1.66 billion in total assets, $1.67 billion in total liabilities,
and a total partners' deficit of $6.57 million.

                           *    *    *

As reported by the TCR on Feb. 13, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD.  The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.  

In February 2019, S&P affirmed its 'CCC+' issuer credit rating on
StoneMor Partners LP.  S&P said "The rating affirmation reflects
our view that StoneMor's capital structure is unsustainable and
reflects our expectation that the company will produce cash flow
deficits in 2019.  However, we affirmed the rating because we
believe the company has sufficient liquidity over the next 12
months given the new bridge loan."


STONEMOR PARTNERS: Hellman Has 12.4% Stake at April 30
------------------------------------------------------
In a Schedule 13D/A filed with the U.S. Securities and Exchange
Commission, these entities reported beneficial ownership of common
units representing limited partner interests of StoneMor Partners
L.P. as of April 30, 2019:

                                   Shares      Percent
                                Beneficially     of
   Reporting Person                 Owned       Class
   ----------------             ------------  --------
American Cemeteries              2,364,162      6.2%
Infrastructure Investors, LLC

AIM Universal Holdings, LLC      2,364,162      6.2%

StoneMor GP Holdings LLC         2,332,878      6.1%

Matthew P. Carbone               2,364,162      6.2%

Robert B. Hellman, Jr.           4,732,751     12.4%

The percentages are calculated based upon 38,260,471 Common Units
outstanding on March 29, 2019, as disclosed by the Issuer on its
annual report on Form 10-K, filed April 3, 2019.

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

                    https://is.gd/ipA5Xg

                    About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 90
funeral homes in 27 states and Puerto Rico. StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

StoneMor reported a net loss of $72.69 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.15 million for the
year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Partnership had
$1.66 billion in total assets, $1.67 billion in total liabilities,
and a total partners' deficit of $6.57 million.

                           *    *    *

As reported by the TCR on Feb. 13, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD.  The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.  

In February 2019, S&P affirmed its 'CCC+' issuer credit rating on
StoneMor Partners LP.  S&P said "The rating affirmation reflects
our view that StoneMor's capital structure is unsustainable and
reflects our expectation that the company will produce cash flow
deficits in 2019.  However, we affirmed the rating because we
believe the company has sufficient liquidity over the next 12
months given the new bridge loan."


STONEMOR PARTNERS: Signs First Amendment to Merger Agreement
------------------------------------------------------------
StoneMor Partners L.P., StoneMor GP LLC, StoneMor GP Holdings LLC,
and Hans Merger Sub, LLC have entered into a First Amendment to
Merger and Reorganization Agreement.  The parties to the Merger
Agreement executed the First Amendment to Merger Agreement to
extend the Termination Date to Oct. 1, 2019.

On Sept. 27, 2018, StoneMor Partners L.P., a Delaware limited
partnership, StoneMor GP LLC, a Delaware limited liability company
and the general partner of the Partnership ("GP"), StoneMor GP
Holdings LLC, a Delaware limited liability company and the sole
member of GP ("GP Holdings"), and Hans Merger Sub, LLC, a Delaware
limited liability company and wholly owned subsidiary of GP
("Merger Sub"), entered into a Merger and Reorganization Agreement
pursuant to which, among other things, GP will convert from a
Delaware limited liability company into a Delaware corporation to
be named StoneMor Inc. and Merger Sub will merge with and into the
Partnership with the Partnership surviving and with the Company as
its sole general partner.

        Second Amendment to Voting and Support Agreement

In connection with the execution and delivery of the Merger
Agreement, on Sept. 27, 2018, the Partnership, GP, GP Holdings,
Robert B. Hellman, Jr., in his capacity as trustee under the Voting
and Investment Trust Agreement for the benefit of American
Cemeteries Infrastructure Investors, LLC, Axar Capital Management,
LP, a Delaware limited partnership, Axar GP, LLC, a Delaware
limited liability company and Axar Master Fund, Ltd., a Cayman
Islands exempted limited partnership entered into a voting and
support agreement, pursuant to which, among other things, the Axar
Entities were restricted from owning or acquiring more than 19.99%
in aggregate of the outstanding common units representing limited
partner interests in the Partnership prior to the closing of the
Merger.  The Original Voting and Support Agreement was subsequently
amended on Feb. 4, 2019 to permit the Axar Entities to acquire up
to 27.49% in the aggregate of the outstanding Common Units prior to
the closing of the Merger.

On April 30, 2019, and in connection with the execution of the
First Amendment to Merger Agreement, the parties to the Original
Voting and Support Agreement and First Amendment to Voting and
Support Agreement executed that certain Second Amendment to Voting
and Support Agreement to extend the termination date set forth
therein to Oct. 1, 2019.

In connection with the proposed reorganization, StoneMor GP LLC (to
be converted into a corporation named StoneMor Inc.) and StoneMor
Partners L.P. will jointly file with the Securities and Exchange
Commission a registration statement on Form S-4, which will include
a prospectus of GP and a proxy statement of the Partnership.  GP
and the Partnership also plan to file other documents with the SEC
regarding the proposed transaction.  After the registration
statement has been declared effective by the SEC, a definitive
joint proxy statement/prospectus will be mailed to the unitholders
of the Partnership.

A full-text copy of the First Amendment to Merger Agreement is
available for free at https://is.gd/TVrV7X.

                    About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 90
funeral homes in 27 states and Puerto Rico. StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

StoneMor reported a net loss of $72.69 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.15 million for the
year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Partnership had
$1.66 billion in total assets, $1.67 billion in total liabilities,
and a total partners' deficit of $6.57 million.

                           *    *    *

As reported by the TCR on Feb. 13, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD.  The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.  

In February 2019, S&P affirmed its 'CCC+' issuer credit rating on
StoneMor Partners LP.  S&P said "The rating affirmation reflects
our view that StoneMor's capital structure is unsustainable and
reflects our expectation that the company will produce cash flow
deficits in 2019.  However, we affirmed the rating because we
believe the company has sufficient liquidity over the next 12
months given the new bridge loan."




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

VENEZUELA: Scraps Exchange Controls
-----------------------------------
EFE News reports that the Central Bank of Venezuela (BCV) said that
individuals and firms will be allowed to freely trade foreign
currency, marking the end of exchange controls put in place in
2003.

The plan, which is posted on the BCV Web site, authorizes banks to
facilitate currency trades and to engage "in interbank
transactions, purchase and sale of foreign currency on the part of
natural and legal persons," according to EFE News.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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,
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.


                  * * * End of Transmission * * *