/raid1/www/Hosts/bankrupt/TCRLA_Public/190510.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, May 10, 2019, Vol. 20, No. 94

                           Headlines



B R A Z I L

COSAN OVERSEAS: Moody's Hikes $500MM Senior Unsecured Bonds to Ba2
COSAN SA: Moody's Affirms Ba2 CFR, Outlook Stable


C A Y M A N   I S L A N D S

BCP VII: Moody's Lowers Corp. Family Rating to 'B2'


C H I L E

CHILE: Inflation Rate Runs at 0.30% in April


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Needs More Resources for Services


E C U A D O R

ECUADOR: Egan-Jones Lowers Senior Unsecured Ratings to B


J A M A I C A

JAMAICA: NIR Declined in April by $65 Million


M E X I C O

BANCO VE: Fitch Affirms 'BB' Long-Term IDRs, Outlook Stable
GRUPO BIMBO: Fitch Affirms BB+ Rating on $500MM Sub. Notes


T R I N I D A D   A N D   T O B A G O

PETROLEUM CO: Company Lay-Offs Funded From Infrastructure Budget

                           - - - - -


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B R A Z I L
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COSAN OVERSEAS: Moody's Hikes $500MM Senior Unsecured Bonds to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the notes
issued by Cosan Overseas Limited and Cosan Luxembourg SA and
guaranteed by Cosan S.A. to Ba2 from Ba3. At the same time, Moody's
America Latina has affirmed Cosan's corporate family ratings at Ba2
in the global scale and Aa1.br in the national scale rating. The
outlook is stable.

Ratings upgraded:

Issuer: Cosan Luxembourg SA

  - USD500 million (USD 121 million outstanding) gtd senior
    unsecured notes due 2023 to Ba2 from Ba3

  - USD650 million gtd senior unsecured notes due 2027 to
    Ba2 from Ba3

Issuer: Cosan Overseas Limited

  - USD500 million gtd senior unsecured perpetual bonds to
    Ba2 from Ba3

Outlook Actions:

Issuer: Cosan Luxembourg SA

  - Outlook, Remains Stable

Issuer: Cosan Overseas Limited

  - Outlook, Remains Stable

RATINGS RATIONALE

The Ba2 corporate family rating reflects the credit risk of Cosan
S.A., a conglomerate supported by a diversified portfolio of
businesses, including the entire sugar-ethanol chain, fuel and gas
distribution, and lubricants production and distribution, and its
adequate liquidity profile. The company's diversification,
especially towards stable and resilient businesses such as the fuel
and gas distribution, translates into a stable cash source over the
long-term.

Moody's expects Raizen, formed by Raizen Energia S.A. (Raizen
Energia, Ba1/Aaa.br stable) and Raizen Combustiveis S.A. (Raizen
Combustiveis, Ba1/Aaa.br stable), and Cia de Gas de Sao Paulo -
COMGAS ("Comgas", Ba1/Aaa.br stable) to distribute a significant
amount of dividends over the next several years, which will be the
primarily liquidity source to service Cosan's obligations. For
2019, Moody's expects over BRL 2 billion in dividends from
subsidiaries, compared to an average BRL 1.8 billion per year in
the last 4 years.

Constraining Cosan's ratings are it's still-complex structure,
ongoing possibility of further corporate restructuring, possibility
of high dividend upstream to Cosan Limited (although the company is
likely to generate more than enough cash to fund those dividends
and reduce leverage) and an acquisitive growth history. At the
holding level, there has not been any significant acquisitions over
the past few years, but Raizen has made a $918 million acquisition
in Argentina, pushing leverage temporarily higher on pro forma
figures. Despite the Raizen 50%/50% joint venture (controlled by
Cosan and Shell Brazil Holdings BV, a 100% subsidiary of Royal
Dutch Shell Plc ("Shell", Aa2 stable)) not being consolidated in
Cosan's audited financials, the pro-forma metrics incorporate
Raizen's proportional EBITDA, therefore the underlying volatility
in the sugar-ethanol business, and proportional debt.

Moody's views Cosan S.A. as a conglomerate with no particular
dominant business and for that reason it is applying the Investment
Holding Companies and Conglomerates methodology to assess the
group´s ratings. The credit risk assessment of a conglomerate
needs to incorporate a balanced view about the credit risk in each
business segment and its overall contribution to the credit quality
of the group. A conglomerate rating under this particular
definition is more likely to be a weighted sum-of-the-parts, as
opposed to a weak-link risk or best credit risk within a group of
companies.

The bulk of Cosan's cash generation comes from dividends from
Raizen and Comgas and, consequently, Moody's sees the debt at the
holding level as structurally subordinated to the debt at the
operating companies. In December 2018, at the holding level there
was BRL2.1 billion in cash with no relevant maturities in the short
term. Its consolidated cash position in the same period was BRL5.9
billion, including Comgas and Raizen, which represents a cash
coverage of short-term debt of 2.0x. Furthermore, Cosan's
subsidiaries have good market access in Brazil and abroad, which
reduces liquidity risks associated with large investment programs.

Cosan's leverage considering the proportional consolidation of
Raizen's EBITDA and debt increased to 4.4x in December 2018 from
3.7x in December 2017. The increase reflects mainly a lower EBITDA
contribution along with working capital needs associated with high
inventory levels from Raizen Energia and the debt raised by Raizen
Combustiveis to fund its USD 918 million acquisition of Shell
refining and fuel distribution assets in Argentina. Moody's expects
Cosan's leverage to decline to 3.9x to 3.5x in the next 12 to 18
months, even considering Cosan's debt increase to fund the
acquisition of an additional stake in Comgas shares.

The stable outlook reflects its view that Cosan will maintain an
adequate liquidity and consistent coverage of interest expenses
with dividend upstream from its subsidiaries. It also considers
that the company will conduct any future acquisition plans in a
prudent manner, in order not to impact its current credit metrics.

A downgrade of Cosan's ratings could result from negative rating
actions on Comgas or Raizen or if liquidity deteriorates. In
addition, the ratings could be downgraded if total adjusted debt to
EBITDA is sustained above 4.0x. (All pro-forma ratios including
Raizen figures).

An upgrade of Cosan's ratings could result from positive rating
actions on Comgas or Raizen. In addition, the company would have to
maintain an adequate liquidity and gross leverage below 3.2x (All
pro-forma ratios including Raizen figures).

Headquartered in Sao Paulo, Brazil, Cosan S.A. (Cosan) is a holding
company with a stake in Raizen, a 50/50 joint venture with Shell
Brazil Holdings BV, a 100% subsidiary of Royal Dutch Shell Plc
("Shell", Aa2 stable), and a 94.9% stake in Comgas. Raizen
delivered revenues of BRL98.9 billion (around $27.0 billion) in
2018. Raizen Energia is one of the leading global companies in the
sugar-ethanol segment with an installed crushing capacity of over
70 million tons. Raizen Combustiveis is the second-largest
Brazilian fuel distributor, operating 6,524 gas stations, operating
under the Shell brand name. Comgas, with annual net revenue of
around BRL6.8 billion (around $1.9 billion) in 2018, is Brazil's
largest natural gas distributor, providing natural gas to
industrial, residential, commercial, automotive, thermal-power
generation and cogeneration consumers. The company benefits from an
attractive concession area strategically located in one of the most
densely populated and economically robust regions in the country.


COSAN SA: Moody's Affirms Ba2 CFR, Outlook Stable
-------------------------------------------------
Moody's America Latina has affirmed Cosan S.A.'s corporate family
ratings at Ba2 in the global scale and Aa1.br in the national scale
rating. The outlook is stable.

Ratings affirmed:

Issuer: Cosan S.A.

  - Corporate Family Rating: Ba2

  - Corporate Family Rating (NSR): Aa1.br

Outlook Actions:

Issuer: Cosan S.A.

  - Outlook, Remains Stable

RATINGS RATIONALE

The Ba2 corporate family rating reflects the credit risk of Cosan
S.A., a conglomerate supported by a diversified portfolio of
businesses, including the entire sugar-ethanol chain, fuel and gas
distribution, and lubricants production and distribution, and its
adequate liquidity profile. The company's diversification,
especially towards stable and resilient businesses such as the fuel
and gas distribution, translates into a stable cash source over the
long-term.

Moody's expects Raizen, formed by Raizen Energia S.A. ("Raizen
Energia", Ba1/Aaa.br stable) and Raizen Combustiveis S.A. ("Raizen
Combustiveis", Ba1/Aaa.br stable), and Cia de Gas de Sao Paulo -
COMGAS ("Comgas", Ba1/Aaa.br stable) to distribute a significant
amount of dividends over the next several years, which will be the
primarily liquidity source to service Cosan's obligations. For
2019, Moody's expects over BRL 2 billion in dividends from
subsidiaries, compared to an average BRL 1.8 billion per year in
the last 4 years.

Constraining Cosan's ratings are it's still-complex structure,
ongoing possibility of further corporate restructuring, possibility
of high dividend upstream to Cosan Limited (although the company is
likely to generate more than enough cash to fund those dividends
and reduce leverage) and an acquisitive growth history. At the
holding level, there has not been any significant acquisitions over
the past few years, but Raizen has made a $918 million acquisition
in Argentina, pushing leverage temporarily higher on pro forma
figures. Despite the Raizen 50%/50% joint venture (controlled by
Cosan and Shell Brazil Holdings BV, a 100% subsidiary of Royal
Dutch Shell Plc ("Shell", Aa2 stable) not being consolidated in
Cosan's audited financials, the pro-forma metrics incorporate
Raizen's proportional EBITDA, therefore the underlying volatility
in the sugar-ethanol business, and proportional debt.

Moody's views Cosan S.A. as a conglomerate with no particular
dominant business and for that reason it is applying the Investment
Holding Companies and Conglomerates Methodology to assess the
group´s ratings. The credit risk assessment of a conglomerate
needs to incorporate a balanced view about the credit risk in each
business segment and its overall contribution to the credit quality
of the group. A conglomerate rating under this particular
definition is more likely to be a weighted sum-of-the-parts, as
opposed to a weak-link risk or best credit risk within a group of
companies.

The bulk of Cosan's cash generation comes from dividends from
Raizen and Comgas and, consequently, Moody's sees the debt at the
holding level as structurally subordinated to the debt at the
operating companies. In December 2018, at the holding level there
was BRL2.1 billion in cash with no relevant maturities in the short
term. Its consolidated cash position in the same period was BRL5.9
billion, including Comgas and Raizen, which represents a cash
coverage of short-term debt of 2.0x. Furthermore, Cosan's
subsidiaries have good market access in Brazil and abroad, which
reduces liquidity risks associated with large investment programs.

Cosan's leverage considering the proportional consolidation of
Raizen's EBITDA and debt increased to 4.4x in December 2018 from
3.7x in December 2017. The increase reflects mainly a lower EBITDA
contribution along with working capital needs associated with high
inventory levels from Raizen Energia and the debt raised by Raizen
Combustiveis to fund its USD 918 million acquisition of Shell
refining and fuel distribution assets in Argentina. Moody's expects
Cosan's leverage to decline to 3.9x to 3.5x in the next 12 to 18
months, even considering Cosan's debt increase to fund the
acquisition of an additional stake in Comgas shares.

The stable outlook reflects its view that Cosan will maintain an
adequate liquidity and consistent coverage of interest expenses
with dividend upstream from its subsidiaries. It also considers
that the company will conduct any future acquisition plans in a
prudent manner, in order not to impact its current credit metrics.

A downgrade of Cosan's ratings could result from negative rating
actions on Comgas or Raizen or if liquidity deteriorates. In
addition, the ratings could be downgraded if total adjusted debt to
EBITDA is sustained above 4.0x. (All pro-forma ratios including
Raizen figures).

An upgrade of Cosan's ratings could result from positive rating
actions on Comgas or Raizen. In addition, the company would have to
maintain an adequate liquidity and gross leverage below 3.2x (All
pro-forma ratios including Raizen figures).

Headquartered in Sao Paulo, Brazil, Cosan S.A. is a holding company
with a stake in Raizen, a 50/50 joint venture with Shell Brazil
Holdings BV, a 100% subsidiary of Royal Dutch Shell Plc ("Shell",
Aa2 stable), and a 94.9% stake in Comgas. Raizen delivered revenues
of BRL98.9 billion (around $27.0 billion) in 2018. Raizen Energia
is one of the leading global companies in the sugar-ethanol segment
with an installed crushing capacity of over 70 million tons. Raizen
Combustiveis is the second-largest Brazilian fuel distributor,
operating 6,524 gas stations, operating under the Shell brand name.
Comgas, with annual net revenue of around BRL6.8 billion (around
$1.9 billion) in 2018, is Brazil's largest natural gas distributor,
providing natural gas to industrial, residential, commercial,
automotive, thermal-power generation and cogeneration consumers.
The company benefits from an attractive concession area
strategically located in one of the most densely populated and
economically robust regions in the country.




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C A Y M A N   I S L A N D S
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BCP VII: Moody's Lowers Corp. Family Rating to 'B2'
---------------------------------------------------
Moody's Investors Service has downgraded BCP VII Jade Holdco
(Cayman) Ltd's corporate family rating to B2 from B1 and downgraded
the probability of default rating to B2-PD from B1-PD.
Concurrently, Moody's downgraded to B2 from B1 the equivalent $630
million of senior secured term loans B due 2023 (split in a $ and
EUR tranche) and the EUR65 million senior secured revolving credit
facility due 2022 raised by Jade Germany GmbH, a direct subsidiary
of Cerdia. The outlook has been changed to negative from stable.

RATINGS RATIONALE

The rating action takes into account Cerdia's very high adjusted
gross leverage for the B1 rating category at around 8.0x debt /
EBITDA, as a result of the sharp deterioration in operating
profitability from continuous weak price levels for filter tow as
well as additional costs and lost volumes related to the failed
joint venture with Celanese U.S. Holdings LLC's (Baa3, positive)
Cellulose Derivatives business in March 2018 (blocked by the EU
commission for anti-trust reasons). Further, it incorporates its
expectations that Cerdia's leverage will only decline below 6.0x by
the end of 2020 due to only moderate EBITDA growth and no
meaningful amortization.

The B2 CFR reflects the company's (i) established position in the
global filter tow niche industry, which is consolidated and is
protected by high entry barriers; (ii) vertically integrated
business model, with in-house production of flakes required to
manufacture filter tows; (iii) highly predictable end user tobacco
market, with good revenue visibility based on multi-year customer
contracts; and (iv) high EBITDA margins of around 20% -25% in
combination with low capex requirements translating into solid free
cash flows.

These positives are balanced by the company's (i) small size, with
2018 revenues of $494m, and very narrow product portfolio focused
on filter tow and acetate flakes, which end market tobacco is in a
structural decline; (ii) high customer concentration, with top 6
key accounts representing c.60% of Cerdia's volumes; (iii) high
operational concentration, given most of filter tow is produced at
the Freiburg site in Germany; and (iv) exposure to fierce
competition resulting in competitive price pressure driven by the
oligopolistic market structure and structurally declining end
markets.

LIQUIDITY

The liquidity of Cerdia is good. It is supported by $39 million
cash on balance sheet and $50.8 million availability under its
equivalent $72.72 million RCF due in May 2022. Moody's forecasts
Cerdia's net leverage springing covenant to improve from 5.0x net
debt / reported EBITDA by the end of 2018 towards 4.0x by the end
of 2019, hereby comfortably increasing the headroom under its 6.0x
test level. Positive free cash flow is expected to cover all basic
cash needs in 2019 and 2020 due to moderate capex and working
capital requirements in combination with an only modest scheduled
debt amortization at 1% ($6.5 million) per year until May 2023 when
the term loan B matures. Moody's does not anticipate any dividends
or distribution to shareholders throughout its rating horizon.

RATIONALE FOR OUTLOOK:

Moody's has changed the outlook to negative from stable as the
expected deleveraging is largely dependent on the successful
execution of a $33 million cost saving initiative in combination
with the recovery of lost volumes in 2018. The market for filter
tow remains characterized by production overcapacities with
utilization rates of around 90% and structurally declining sales by
around 1% to 3% annually of its end market, traditional cigarettes.
Filter tow prices have stabilized after declining for four years in
the second half of 2018, as tobacco companies finalized their
destocking campaign started in 2015. However, Moody's does not
expect any material recovery of price levels anytime soon.

WHAT COULD CHANGE THE RATINGS UP / DOWN

Moody's, currently does not anticipate upward pressure on the B2
CFR. While Cerdia displays good liquidity and positive free cash
flow generation, it is highly leveraged and exposed to the
structural declining end market tobacco with very limited pricing
power. However, an upgrade could be considered if Cerdia
diversifies its product offering meaningfully and reduces leverage
to well below 5.0x adj. debt/EBITDA on a sustained basis.

Downgrade pressure on the rating could arise if the cost saving
program fails to improve adj. EBITDA margins back to mid-twenties,
resulting in leverage to decline towards 6.0x adj. debt / EBITDA
over the next 12- 18 months. A weakening of the group's liquidity,
negative free cash flows and/or corporate action delaying the
deleveraging prospects of the company could also contribute to a
rating downgrade.




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C H I L E
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CHILE: Inflation Rate Runs at 0.30% in April
--------------------------------------------
The Latin American Herald reports that Chile's consumer price index
(CPI) rose 0.30 percent in April, a figure that was in line with
economists' and investors' expectations, officials said.

Inflation in the South American country is running at an annualized
rate of 0.90 percent in 2019, while prices are up 2 percent on a
year-on-year basis, the National Statistics Institute (INE) said,
according to The Latin American Herald.

In April, according to the INE, eight of the 12 categories in the
basic basket of essential goods posted price increases, while
prices fell in the other four categories, the report notes.

The prices of food and non-alcoholic beverages rose 0.50 percent,
while transportation was up 0.60 percent and general goods and
services rose 0.60 percent, the report discloses.

The clothing and footwear category posted a price decrease of 0.50
percent, while alcoholic beverages and tobacco saw prices decline
0.20 percent, the report says.

Among general goods and services, the price of tomatoes rose 8.2
percent, milk prices went up 4.3 percent and gasoline rose 3.5
percent, while the price of lemons fell 13.6 percent, the report
notes.

The core inflation rate, which excludes volatile food and energy
prices, inched up just 0.10 percent last month, bringing the
year-to-date increase to 1.2 percent and the year-on-year rate to
1.9 percent, the report discloses.

Chile finished 2018 with an inflation rate of 2.6 percent, a figure
that was three-tenths of a percentage point lower than the prior
year, the report says.

The Central Bank is forecasting an inflation rate of 2.6 percent
for 2019, the report adds.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Needs More Resources for Services
-----------------------------------------------------
Dominican Today reports that the Dominican Republic needs more
resources to meet the population's demand for services and
infrastructure, Economy minister Isidoro Santana, affirmed.

He stressed that this cannot be achieved without a fiscal pact,
according to Dominican Today.

The official spoke at the IX Seminar of the Network of National
Public Investment Systems of Latin America and the Caribbean
(SNIPs), where he noted that the issue of public investment in
Latin America is a matter of increasing attention by international
organizations, "since it's considered that the region has to
substantially increase its infrastructure construction effort, the
report notes.

"Countries are expected to dedicate from 4% to 6% of their GDP to
public investment given the inadequacies and precariousness of the
regional infrastructure, while the tax capacity severely limits
this purpose," he said, the report relays.

Mr. Santana added that as an authority he seeks to concentrate the
resources that are for priority items and make use of them in an
efficient manner, the report discloses.  "The country needs much
more resources and that is not resolved outside of a fiscal pact,"
he added.

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




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E C U A D O R
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ECUADOR: Egan-Jones Lowers Senior Unsecured Ratings to B
--------------------------------------------------------
Egan-Jones Ratings Company, on May 1, 2019, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by the Republic of Ecuador to B from B+. EJR also downgraded the
rating on commercial paper issued by the Company to C from B.

Ecuador is a country straddling the equator on South America's west
coast. Its diverse landscape encompasses the Amazon jungle, Andean
highlands, and the wildlife-rich Galapagos Islands.




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

JAMAICA: NIR Declined in April by $65 Million
---------------------------------------------
RJR News reports that Jamaica's Net International Reserves (NIR)
declined in April.

At the end of the month, it was valued at a little more than US$3
billion, according to RJR News.

It was down by US$65 million when compared to the previous month,
the report notes.

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
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BANCO VE: Fitch Affirms 'BB' Long-Term IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency long-term
Issuer Default Ratings at 'BB' and foreign and local currency
short-term IDRs at 'B' for of Banco Ve por Mas, S.A. Institucion de
Banca Multiple (BBX+). Fitch also affirmed BBX+'s Viability Rating
at 'bb' and its national scale ratings at 'A(mex)'/'F1(mex)'. The
Rating Outlook on the long-term ratings is Stable.

In addition, Fitch has affirmed the national scale ratings of Casa
de Bolsa Ve por Mas, S.A. de C.V. (CBBX+) and Arrendadora Ve por
Mas, S.A. de C.V. Sofom E.R. (AXB+) at 'A(mex)'/'F1(mex)'. The
Rating Outlook on the long-term ratings is Stable.

KEY RATING DRIVERS - BBX+

IDRS, VR AND NATIONAL RATINGS

BBX+'s IDRs and national ratings are driven by its intrinsic
creditworthiness that is reflected by its VR of 'bb'. The bank's
modest sized franchise and concentrated business model focused on
serving large to medium sized companies as well as its reasonable
levels of capitalization, highly influencing BBX+'s VR. The ratings
also factor in the bank's lower, albeit improving, profitability
metrics as well as the bank's controlled asset quality and
diversified funding structure.

BBX+ is a mid-sized bank focused on offering financial services to
large companies, financial entities, as well as small and medium
enterprises of different economic sectors. Despite the bank's
comprehensive national footprint, its franchise is still modest on
a global basis. According to the Mexican banking regulator, BBX+'s
market share of total assets, gross loans and customer deposits
reached 0.6%, 0.7% and 0.6% respectively, at the end of February
2019.

Profitability remains lower than its peers (Latin American
mid-sized commercial banks), and is still a credit weakness of
BBX+. However, investments in banking infrastructure and innovation
technology resulted in operational efficiencies that contributed to
the positive trend in the bank's profitability metrics. Lower
funding costs through a larger base of zero interest deposits also
supported the bank's recent improvement in profitability. As of
YE18, the operating profit to risk weighted assets (RWAs) ratio was
1.8%, considerably better than the average of 0.9% from the last
four years. Fitch highlights that recent improvements in
profitability also benefited from a sale of a land that generated a
considerable gain due to a reversal of reserves. Excluding this
effect, the profitability ratio drops to 1.3%, however, it is still
better than the previous year's results.

BBX+'s asset quality deteriorated slightly last year with higher
non-performing loans, lower loan growth, as well as higher
charge-offs in the second half of 2018. However, in Fitch's view,
asset quality ratios remain commensurate with the bank's rating
level despite being slightly weaker than peers. BBX+'s NPLs are
higher than peers due to the bank's focus on the agribusiness
segment. The impaired loans to gross loans ratio reached 2% as of
YE18. The bank's asset quality is pressured by the relatively high
risk concentrations by client, business segment, geographic area
and economic sector. The top 20 creditors represented 1.6x the
Fitch Core Capital (FCC).

BBX+'s capitalization metrics have been stable over the years. The
FCC to RWAs ratio was 12.8% as of YE18, similar to the average of
12.9% over the past four years. A deceleration in loan growth and
recurrent capital injections from its shareholders supported
capitalization last year. During 2018 the bank received MXN150
million of capital, while shareholders injected MXN1,150 million
from 2015 to 2017. In Fitch's view, BBX+'s main challenge to
sustaining its capital metrics will be to maintain improvements in
profitability to reduce its dependence of capital injections from
its shareholders.

In Fitch's view, BBX+'s funding and liquidity profile remains one
of its main strengths. As of YE18, the loans to customer deposits
ratio was 134.5%, comparing better than the average of 142.1% from
the last years. Although this ratio is similar to that of its
peers, in Fitch's view, BBX+'s funding profile is stronger as is
structure more oriented to core retail deposits.

SUPPORT RATING AND SUPPORT RATING FLOOR

BX+'s Support Rating and Support Rating Floor of '5' and 'NF',
respectively, reflect the bank's low systemic importance. Although
possible, external support cannot be relied upon.

KEY RATING DRIVERS - ABX+ AND CCBX+

NATIONAL RATINGS

The ratings of ABX+ and CCBX+ are aligned with BBX+'s national
scale ratings, and consider the Grupo Financiero Ve por Mas, S.A.
de C.V.'s (GFBX+) legal obligation to support its subsidiaries, as
well as Fitch's perception that these remain core to the group's
overall strategy and business profile. GFBX+'s creditworthiness in
Fitch view is totally aligned to that of its main subsidiary BBX+.


RATING SENSITIVITIES - BBX+

IDRS AND NATIONAL RATINGS

BBX+'s ratings could be upgraded if the bank is able to maintain
its recent improvement in profitability, specifically if the
operating profit to RWAs ratio is consistently above 2% while
maintaining reasonable and stable metrics of other financial
factors.

BBX+ ratings could be downgraded if the bank's profitability
deteriorates due to increases in credit costs. Specifically, a
sustained deterioration of the bank's operating profitability to
RWAs below 1% or a Fitch Core Capital to RWAs ratio below a 12%
would be negative for creditworthiness.

SUPPORT RATING AND SUPPORT RATING FLOOR

Upside potential for the SR and SRF is limited and can only occur
over time with a material growth of the bank's systemic
importance.

RATING SENSITIVITIES - ABX+ AND CCBX+

Any movement in ABX+ and CBBX+ national ratings would be driven by
a movement of BBX+'s ratings.

Fitch has affirmed the ratings as follows:

Banco Ve por Mas, S.A. Institucion de Banca Multiple

  -- Foreign currency long-term IDR at 'BB'; Outlook Stable;

  -- Foreign currency short-term IDR at 'B';

  -- Local currency long-term IDR at 'BB'; Outlook Stable;

  -- Local currency short-term IDR at 'B';

  -- Viability Rating at 'bb';

  -- Support Rating at '5';

  -- Support Rating Floor at 'NF';

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

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

Casa de Bolsa Ve por Mas, S.A. de C.V.

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

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

Arrendadora Ve por Mas, S.A. de C.V. Sofom E.R.

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

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

GRUPO BIMBO: Fitch Affirms BB+ Rating on $500MM Sub. Notes
----------------------------------------------------------
Fitch Ratings has affirmed Grupo Bimbo, S.A.B. de C.V.'s Long-Term
Foreign and Local Currency Issuer Default Ratings at 'BBB'. Fitch
has also affirmed Bimbo's National long-term rating at 'AA+(mex)'.
The Rating Outlooks on the IDRs and National long-term rating
remain Stable.

Bimbo's ratings reflect its solid business position as a global
leader producer of baked goods with a portfolio of leading brands,
extensive distribution network in key markets, and geographically
diversified operations. The rating affirmation also incorporates
the gradual recovery of the company's leverage metrics and Fitch's
expectation that Bimbo's adjusted gross debt-to-EBITDAR and
adjusted net debt-to-EBITDAR will continue strengthening to around
3.0x and 2.9x, respectively, in the next 12 to 24 months.

KEY RATING DRIVERS

Strong Business Position: Bimbo's ratings incorporate its solid
business position as a global leading producer of baked goods with
operations in Mexico, the U.S., Canada, Latin America, Europe and,
to a lesser extent, Asia and Africa. The company has a product
portfolio of well-known brands with leading positions in markets in
which it participates. Bimbo has maintained relatively stable
market positions across its territories despite strong competition
in markets such as the U.S., Canada and Iberia. Its competitive
advantages include its position as a low-cost producer and an
extensive distribution network among its main markets.

Geographic Diversification: Bimbo has good geographic
diversification with around 69% of its total revenues and 44% of
its total EBITDA generated from operations outside Mexico. Its
acquisitions in the U.S., Canada and Europe have provided access to
hard currency revenue and EBITDA generation. This has helped the
company to counterbalance the exposure between mature and emerging
economies. In 2018, Bimbo concluded the acquisition of Mankattan
Group in China and acquired some relatively small bread producers
in Chile, Colombia and Peru that complement its operations in the
region.

Moderate Revenue Growth: Fitch projects in its base case rating
that Bimbo's consolidated revenues will grow annually around 5% in
2019 and 2020. Organic growth of key brands, positive effect of
foreign currency from U.S.'s operations and the effect of
acquisitions in Asia and Latin America, are projected to mainly
support revenue growth. Headwinds are expected to continue from
weak private label volumes in the U.S., tough economic environment
in Argentina, and challenging operations in Brazil. For the last 12
months as of March 31, 2019, revenues increased 8% when compared to
the same period in 2018.

Stable Profitability: Bimbo's EBITDA margin had a gradual recovery
in 2018 as previously expected by Fitch. For 2019 and 2020, Fitch
forecasts that EBITDA margin of the company will remain relatively
stable at around 11% despite expected pressures from main raw
materials, energy, freight costs in U.S. and continued
restructuring charges. Bimbo should be able to compensate for some
of these pressures with the projected revenue growth, internal
efficiencies and lower expenses coming from the initiatives
implemented in 2018 as the voluntary separation program in the U.S.
and reorganization in Canada.

Leverage Strengthening: Bimbo's leverage has steadily strengthened
in 2018, and Fitch expects this trend to continue during 2019-2020.
For the LTM as of March 31, 2019, Bimbo's total adjusted
debt-to-EBITDAR calculated by Fitch was 3.3x and total adjusted net
debt-to-EBITDAR was 3.1x. These metrics compare to pro forma YE2017
of 3.8x and 3.6x, respectively, including the full year result of
East Balt Bakeries. Fitch projects that Bimbo's adjusted gross and
net leverage will be around 3.3x and 3.2x, respectively, by YE2019
and then gradually decline to 3.0x and 2.9x by YE2020. Leverage
recovery should be mainly associated to EBITDA growth. Fitch's
adjusted total debt of Bimbo for MXN119.5 billion includes USD250
million coming from the subordinated hybrid notes, operating
leases, and the effect of hedging instruments.

Weak FCF in 2019: Fitch projects Bimbo will maintain neutral to
slightly negative free cash flow (FCF, after capex and dividends)
in 2019. Fitch estimates the company will generate in 2019 around
MXN17.3 billion of cash flow from operations (CFFO) to cover capex
of MXN15.5 billion and dividends of MXN2.1 billion. Despite a
projected growth of close to 8% in EBITDA in 2019, Bimbo's CFFO is
expected to be pressured by higher requirements of net working
capital. Positive FCF should resume in 2020. For the LTM as of
March 31, 2019, Bimbo's Fitch-calculated FCF was negative MXN2.8
billion.

DERIVATION SUMMARY

Bimbo's ratings reflect its solid business position as a global
leader producer of baked goods with a portfolio of well recognized
brands and geographically diversified operations in Mexico, the
U.S., Canada, Latin America, Europe and, to a lesser extent, Asia
and Africa. The company is comparable with others peers in the
region such as Flower Foods (BBB/Stable), which has a smaller size
and scale and weaker geographic diversification but a higher
expected profitability in the U.S. (EBITDA margin close to 12%) and
lower leverage metrics (adjusted net leverage around 2.8x). Others
peers in the packaged food industry are Sigma Alimentos, S.A. de
C.V. (BBB/Stable), Gruma, S.A.B. de C.V. (BBB/Stable), Mondelez
International (BBB/Stable) and The Kraft Heinz Company
(BBB-/Stable).

Bimbo's credit profile is similar to Sigma Alimentos' as both
companies have geographically diversified operations and strong
portfolios of diversified products and brands, while their
profitability levels are around 10% to 12%, and net adjusted
leverage metrics are between 3.0x-3.5x. When compared to Gruma
(EBITDA margin 16%, net adjusted leverage 1.5x), Bimbo has a
stronger brand position and product portfolio, higher size and
scale but a weaker financial profile with higher leverage and lower
profitability. Compared to Mondelez and Kraft Heinz, Bimbo's
business profile is well positioned as it possesses global brands
and geographic diversification despite having lower size and scale
as well as profitability. This is partially offset by Bimbo's
relatively stronger financial structure across the business cycle
with lower leverage metrics.

KEY ASSUMPTIONS

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

  - Revenue increase of around 5% in 2019 and 2020;

  - EBITDA margin around 11% in 2019 and 2020;

  - Capex around MXN15.5 billion in 2019 and MXN16.3 billion in
2020;

  - Dividends around MXN2.1 billion in 2019 and MXN2.2 billion in
2020;

  - Neutral to slightly negative FCF in 2019 and turning positive
in 2020;

  - Total adjusted debt-to-EBITDAR and total adjusted net
debt-to-EBITDAR at around 3.3x and 3.2x, respectively, by 2019.

RATING SENSITIVITIES

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

Fitch does not foresee positive rating actions in the short to
medium term, but the following would be considered positive for its
credit quality:

  -- Debt reduction above Fitch's expectation,

  -- EBITDA margin above 15%,

  -- Strong FCF margin above 3.5% on a sustained basis;

  -- Improvement in total net debt-to-EBITDA and total adjusted net
debt-to-EBITDAR below to 2.0x and 2.5x, respectively.

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

  -- Sustained deterioration in its revenue growth and
profitability margins;

  -- Negative FCF margin over the business cycle;

  -- Significant debt-financed acquisitions;

  -- Total net debt-to-EBITDA and a total adjusted net
debt-to-EBITDAR above 3.0x and 3.5x, respectively.

LIQUIDITY

Strong liquidity: Bimbo's liquidity is supported by its cash
balance of around MXN7.1 billion as of March 31, 2019, undrawn
committed credit facility of USD2 billion, and good cash flow
generation capacity. The company's next significant debt
amortization in 2020 is related to its USD800 million senior
unsecured notes. Fitch expects Bimbo will refinance this maturity
before it is due.

FULL LIST OF RATING ACTIONS

Fitch has affirmed Bimbo's ratings as follows:

  -- Long-Term Foreign Currency IDR at 'BBB';

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

  -- National Scale long-term rating 'AA+(mex)';

  -- USD800 million senior notes due 2020 at 'BBB';

  -- USD800 million senior notes due 2022 at 'BBB';

  -- USD800 million senior notes due 2024 at 'BBB';

  -- USD500 million senior notes due 2044 at 'BBB';

  -- USD650 million senior notes due 2047 at 'BBB';

  -- USD500 million subordinated perpetual notes at 'BB+'

  -- Local Certificados Bursatiles Issuances at 'AA+(mex)'.

The Rating Outlook is Stable.



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

PETROLEUM CO: Company Lay-Offs Funded From Infrastructure Budget
----------------------------------------------------------------
Anna Ramdass at Trinidad Express reports that Trinidad and Tobago
Finance Minister Colm Imbert said that government withdrew some
$709 million from the country's Infrastructure Development Fund
(IDF) to assist in paying termination benefits to former employees
of the Petroleum Company of Trinidad and Tobago (Petrotrin).

The Parliament's Standing Finance Committee approved that the 2019
appropriation for the Finance Ministry be supplemented by
$729,187,071, according to Trinidad Express.

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



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

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