TCRLA_Public/190515.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

          Wednesday, May 15, 2019, Vol. 20, No. 97

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Antigua and Barbuda Makes a Bid for Barbados' Shares


A R G E N T I N A

BUENOS AIRES: Moody's Rates New $250MM Unsecured Notes 'B2/A3.ar'
COOL HOLDINGS: Subpoenaed by SEC Over Share Price Volatility
COOL HOLDINGS: Will Buy Simply Mac from GameStop
GAUCHO GROUP: Appoints New Member to Board of Directors


B E R M U D A

WEATHERFORD INT'L: Moody's Cuts CFR & Sr. Unsecured Rating to Ca


B R A Z I L

AUTOVIAS SA: Moody's Withdraws Ba2/Aa2.br CFR for Business Reasons
BANCO INDUSTRIAL: Moody's Rates New BRL100-Mil. Bank Notes 'Ba2'
BRISTOW GROUP: Case Summary & 30 Largest Unsecured Creditors
BRISTOW GROUP: Files Chapter 11 to Facilitate Restructuring
BRISTOW GROUP: Receives Noncompliance Notice From NYSE

JBS SA: Posts Q1 Net Income of $273MM, Beats Analysts' Estimates
JBS SA: Sees All Units Benefiting From Hog Virus Outbreak In China


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Petroleum Derivatives Consumption Fell


M E X I C O

GRUPO SENDA: S&P Withdraws 'D' Global Scale Issuer Credit Rating


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Mixed Views on Budget Review

                           - - - - -


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

LIAT: Antigua and Barbuda Makes a Bid for Barbados' Shares
----------------------------------------------------------
Dominica News Online reports that Antigua and Barbuda's Prime
Minister Gaston Brown has made good on his intention to bid for the
purchasing of Barbados shares in cash trapped LIAT Ltd., formerly
known as Leeward Islands Air Transport or LIAT.

In fact, the Government officially submitted a document to
authorities in Barbados indicating its interest in purchasing the
shares that country owns in LIAT, according to Dominica News
Online.

Mr. Browne confirmed in an interview with our freelance reporter in
St John's, that the proposal was submitted and the government is
anticipating a favorable response, the report notes.

"We are looking towards the sustainability and viability of LIAT.
We now have to await a response from Barbados and then we will
develop an action plan on the way forward," the report quoted Mr.
Browne as saying.

The report notes that his decision comes on the heels of a recent
meeting of LIAT's shareholder governments in Antigua.

During the meeting, Browne presented the proposal which involves,
among other things, a way to finance the retention of the three
planes owned by the Caribbean Development Bank, the report relays.

There was also a suggestion that the planes be sold as part of the
downsizing of LIAT and there is agreement among some shareholders
that this is a matter which merits very serious consideration, the
report discloses.

The shareholder governments have been asking other Caribbean
governments to provide financial assistance to the Antigua-based
airline that services 15 Caribbean countries, the report says.

St. Kitts-Nevis, Antigua and Barbuda, Dominica and Grenada have
responded positively to the call for raising US $5.4 million to
help the airline deal with its current financial problems, the
report notes.

Antigua's leader has insisted, "My government is determined that
LIAT should remain in the air and we will oppose any decision to
collapse the airline," the report relays.

Meantime, according to recent reports, Grenada has joined Antigua
and Barbuda, Barbados, Dominica, and St. Vincent and the Grenadines
to become the fifth shareholder in LIAT, 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.




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

BUENOS AIRES: Moody's Rates New $250MM Unsecured Notes 'B2/A3.ar'
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has assigned
a B2 -Global Scale foreign currency debt rating- and an A3.ar --
National Scale in foreign currency- to the proposed senior
unsecured Notes up to USD 250million to be issued by the Province
of Buenos Aires. The ratings are in line with the province's long
term foreign currency issuer ratings. The outlook is stable.

RATINGS RATIONALE

The B2/A3.ar assigned ratings to the Notes reflect Moody's view
that the willingness and capacity of the Province of Buenos Aires
to honor these Notes is in line with the province's credit quality
as reflected in the B2/A3.ar foreign currency issuer ratings. The
planned Notes issuance has been authorized by the Provincial Law
NÂș15.077.

The notes will be issued and denominated in US dollars for an
amount of up to 250 million. The notes will mature in November 2019
and will amortize fully at maturity.

The Province of Buenos Aires will use the net proceeds of these
Notes to fund social programs, infrastructure and/or other public
investments as well as to finance cash deficits, make debt service
payments and/or improve the debt maturity profile or debt
conditions of the Province.

The assigned B2/A3.ar ratings to the Notes are based on preliminary
documentation received by Moody's as of the rating assignment date.
Moody's does not expect changes to the documentation reviewed over
this period, nor does it anticipate changes in the main conditions
that the Notes will carry. Should issuance conditions and/or final
documentation of the Notes deviate from the original ones submitted
and reviewed by the rating agency, Moody's will assess the impact
that these differences may have on the ratings and act
accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of Argentina's sovereign rating or a systemic
improvement, or both, along with lower idiosyncratic risks arising
from this province (that is, for instance, a sustained record of
operating surpluses), could exert upward pressure on the province's
current issuer and debt ratings.

A downgrade of Argentina's bond rating or a deterioration in the
province's liquidity hindering its ability to service its
short-term debt service payments in foreign currency, or both,
could exert downward ratings pressure. In addition, if the province
records a deterioration in its operating and financial results,
leading to higher-than-expected debt levels, its issuer and debt
ratings could be downgraded.


COOL HOLDINGS: Subpoenaed by SEC Over Share Price Volatility
------------------------------------------------------------
Cool Holdings, Inc., received on March 25, 2019, a subpoena issued
by the staff of the Securities and Exchange Commission requesting
certain documents and information relating to the Company and to
volatility in the Company's share price and volume during September
2018.  Three Company executives also received a subpoena for
testimony in connection with the investigation.  The Company said
it is fully cooperating with the SEC regarding this non-public,
fact-finding inquiry, but cannot predict or determine whether any
proceeding may be instituted by the SEC in connection with the
subpoena or the outcome of any proceeding that may be instituted.

The Company noted that affiliates of the Company currently own
15.4% of its outstanding common shares, and none of its executive
officers or other insiders have ever sold any stock.  The SEC has
informed the Company that this inquiry should not be construed as
an indication that any violations of law have occurred or that the
SEC has any negative opinion of any person, entity or security.

                     About Cool Holdings

Cool Holdings, Inc., formerly known as InfoSonics Corporation --
http://www.coolholdings.com-- is a Miami-based company focused on
premium retail brands.  Currently, the Company's business is
comprised of OneClick, a chain of 16 retail consumer electronics
stores authorized under the Apple Premier Partner, APR (Apple
Premium Reseller) and AAR MB (Apple Authorized Reseller Mono-Brand)
programs, and Cooltech Distribution, an authorized distributor to
the OneClick stores and other resellers of Apple products and other
high-profile consumer electronic brands. During 2018, the Company
discontinued its verykool brand of Android-based wireless handsets,
tablets and related products the Company sold to carriers,
distributors and retailers in Latin America.  The Company
incorporated under the laws of the State of California on Feb. 7,
1994, under the name InfoSonics Corporation.  On Sept. 11, 2003,
the Company reincorporated under the same name under the laws of
and into the State of Maryland. On June 8, 2018, the Company
changed its name to Cool Holdings, Inc.

Cool Holdings reported a net loss of $27.27 million for the year
ended Dec. 31, 2018, compared to a net loss of $7.54 million for
the year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Company had
$13.69 million in total assets, $16.44 million in total
liabilities, and a total stockholders' deficit of $2.75 million.

Kaufman, Rossin & Co., P.A., in Miami, Florida, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 16, 2019, on the Company's consolidated
financial statements for the year ended Dec. 31, 2018, citing that
the Company's significant operating losses raise substantial doubt
about its ability to continue as a going concern.


COOL HOLDINGS: Will Buy Simply Mac from GameStop
------------------------------------------------
Cool Holdings, Inc. has entered into a definitive agreement to
purchase all of the outstanding capital stock of Simply Mac, Inc.
from its parent company GameStop Corp.  Simply Mac, based in Salt
Lake City, Utah, is the largest Apple Premier Partner in the United
States, and operates 43 stores in 18 states.  Consideration for the
purchase will be based in part on the value of inventories and
other working capital at the date of closing. The transaction is
expected to close by early August 2019.

"This transaction enables us to advance our growth strategy in the
Americas as we move aggressively to reach our goal of 200 stores,"
said Mauricio Diaz, CEO and executive chairman of Cool Holdings'
board of directors.  "Upon closing, we will have 59 stores with 46
in the U.S., 6 in Argentina and 7 in the Dominican Republic, and a
clear focus on North America, including potential opportunities in
Canada.  We are excited to work with the Simply Mac team, because
we each bring synergistic strengths to the table that we believe
will improve the operating efficiency and profitability of the
combined company.  We believe our direct relationships with
third-party accessory manufacturers can help strengthen Simply
Mac's product offerings and gross margins. Simply Mac's focus on
Apple authorized service and smaller market locations could help us
further expand our U.S. presence and improve our existing store
efficiencies and product-services mix."

No financial advisors were involved in this transaction from either
party.  Dorsey & Whitney LLP is acting as legal counsel to Cool
Holdings and Holland & Hart LLP is acting as legal counsel to
GameStop.

                      About Cool Holdings

Cool Holdings, Inc., formerly known as InfoSonics Corporation --
http://www.coolholdings.com-- is a Miami-based company focused on
premium retail brands.  Currently, the Company's business is
comprised of OneClick, a chain of 16 retail consumer electronics
stores authorized under the Apple Premier Partner, APR (Apple
Premium Reseller) and AAR MB (Apple Authorized Reseller Mono-Brand)
programs, and Cooltech Distribution, an authorized distributor to
the OneClick stores and other resellers of Apple products and other
high-profile consumer electronic brands. During 2018, the Company
discontinued its verykool brand of Android-based wireless handsets,
tablets and related products the Company sold to carriers,
distributors and retailers in Latin America.  The Company
incorporated under the laws of the State of California on Feb. 7,
1994, under the name InfoSonics Corporation.  On Sept. 11, 2003,
the Company reincorporated under the same name under the laws of
and into the State of Maryland. On June 8, 2018, the Company
changed its name to Cool Holdings, Inc.

Cool Holdings reported a net loss of $27.27 million for the year
ended Dec. 31, 2018, compared to a net loss of $7.54 million for
the year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Company had
$13.69 million in total assets, $16.44 million in total
liabilities, and a total stockholders' deficit of $2.75 million.

Kaufman, Rossin & Co., P.A., in Miami, Florida, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 16, 2019, on the Company's  consolidated
financial statements for the year ended Dec. 31, 2018, citing that
the Company's significant operating losses raise substantial doubt
about its ability to continue as a going concern.


GAUCHO GROUP: Appoints New Member to Board of Directors
-------------------------------------------------------
Dr. Steven A. Moel, as approved by the Board on April 29, 2019, was
appointed by the Board as a director of Gaucho Group Holdings, Inc.
and member of the Audit Committee of the Company.

Dr. Moel served as a senior business advisor for the Company since
2008 and began serving as a director of its subsidiary, Gaucho
Group, Inc. as of November 2018.  Dr. Moel is a medical doctor and
licensed attorney (currently inactive).  Dr. Moel had a private
legal practice as a business and transactional attorney and is a
member of the California and American Bar Associations and has
served as legal counsel to many corporations.  The Board has
determined that he would be a valuable member of the Board due to
his extensive and broad experience and knowledge in business.  In
addition to serving as a member of the Company's Board of Advisors,
Dr. Moel is presently a member of the board of directors of
Hollywood Burger Holdings, Inc., a related party to the Company
(International Fast Food Restaurants).

Previously, Dr. Moel served in many roles, including most recently
as a senior business advisor for Global Job Hunt (International
Recruiting and Education).  He was also founder of Akorn, Inc.,
NASDAQ: AKRX (Biotechnology/Pharmaceutical Mfg.), where he served
as a Director on the Executive Board and as vice president of
Mergers & Acquisitions.  Dr. Moel previously served as: the vice
president, Mergers & Acquisitions and Business Development of
Virgilian, LLC (Nutraceuticals/Agricultural); CEO of U.S. Highland,
Inc. BB:UHLN (Mfg. of Motorcycles/Motorsports); CEO of Millennial
Research Corp. (Mfg./Ultra-high efficiency motors); Chairman and
COO of WayBack Granola Co. (Granola Manufacturing); Executive VP,
Mergers and Acquisitions of Agaia Inc. (Green Cleaning Products).

He has also served as: president, COO and executive director of
American Wine Group (Wine Production/Distribution); senior business
and advisor, of viaMarket Consumer Products, LLC (Manufacturer of
Consumer Products); as a member of the Board of Directors of
Grudzen Development Corp. (Real Estate); COO and chairman of the
Board of Directors of Paradigm Technologies (Electronics/Computer
Developer); president and CEO of Sem-Redwood Enterprises (Stock
Pool), and as a member of the Advisory Board of Mahlia Collection
(Jewelry Design/ Manufacturing).

Dr. Moel is a board-certified ophthalmologist who was in private
practice and academia.  He is an Emeritus Fellow of the American
Academy of Ophthalmology and his academic history includes
Washington University-St. Louis, University of Miami-Coral Gables,
Marshall University, West Virginia University, University of
Colorado, Harvard University, Louisiana State University-New
Orleans, University of Illinois-Chicago, and the College of Law in
Santa Barbara.

Also on April 29, 2019, the Board of Directors extended Scott
Mathis' employment agreement with the Company, dated Sept. 28, 2015
for an additional 60 days to expire on June 30, 2019.  All other
terms of the Employment Agreement remain the same.

                      About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com/-- was incorporated on April 5, 1999.  

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss attributable to common
stockholders of $6.40 million for the year ended Dec. 31, 2018,
compared to a net loss attributable to common stockholders of $8.25
million for the year ended Dec. 31, 2017.  As of Dec. 31, 2018,
Gaucho Group had $5.64 million in total assets, $6.71 million in
total liabilities, $9.02 million in series
B convertible redeemable preferred stock, and a total stockholders'
deficiency of $10.09 million.

Marcum LLP, in New York, NY, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated  April
1, 2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.




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B E R M U D A
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WEATHERFORD INT'L: Moody's Cuts CFR & Sr. Unsecured Rating to Ca
----------------------------------------------------------------
Moody's Investors Service downgraded Weatherford International
Ltd.'s (Bermuda) (Weatherford, a Bermuda incorporated entity)
Corporate Family Rating to Ca from Caa2 and Probability of Default
Rating to Ca-PD from Caa2-PD. Moody's also downgraded the senior
unsecured notes of both Weatherford and Weatherford International,
LLC (Delaware) (Weatherford LLC, incorporated in Delaware) to Ca
from Caa3. Weatherford's SGL-4 Speculative Grade Liquidity Rating
was affirmed. The outlook remains negative.

"These downgrades follow Weatherford's May 10, 2019 announcement
that it has entered into a restructuring support agreement (RSA)
with the majority of holders of its senior unsecured notes, which
contemplates implementing a financial restructuring through a
prepackaged Chapter-11 plan of reorganization under the US
Bankruptcy Code," said Sajjad Alam, Moody's Senior Analyst.

Downgraded:

Issuer: Weatherford International Ltd. (Bermuda)

Corporate Family Rating, Downgraded to Ca from Caa2

Probability of Default Rating, Downgraded to Ca-PD from Caa2-PD

Senior Unsecured Notes, Downgraded to Ca (LGD4) from Caa3 (LGD4)

Senior Unsecured Shelf, Downgraded to (P)Ca from (P)Caa3

Subordinate Shelf, Downgraded to (P)C from (P)Ca

Preferred Shelf, Downgraded to (P)C from (P)Ca

Preference Shelf, Downgraded to (P)C from (P)Ca

Issuer: Weatherford International, LLC (Delaware)

Senior Unsecured Notes, Downgraded to Ca (LGD4) from Caa3 (LGD4)

Senior Unsecured Shelf, Downgraded to (P)Ca from (P)Caa3

Subordinate Shelf, Downgraded to (P)C from (P)Ca

Affirmed:

Issuer: Weatherford International Ltd. (Bermuda)

Speculative Grade Liquidity Rating, Affirmed SGL-4

Senior Unsecured Commercial Paper, Affirmed NP

Outlook actions:

Issuer: Weatherford International Ltd. (Bermuda)

Outlook, Remains Negative

Issuer: Weatherford International, LLC (Delaware)

Outlook, Remains Negative

RATINGS RATIONALE

Weatherford's Ca CFR reflects its high probability of default and
Moody's estimates around potential recoveries for creditors in the
event of a restructuring. The company has an unsustainable capital
structure relative to its cash flow prospects with roughly $8.9
billion of total adjusted debt and over $600 million in annual
interest expense. The company is also facing over $3 billion of
debt maturities through 2021 in a challenged and slowly improving
industry environment. The company's extensive ongoing business
transformation initiatives will continue to present elevated
execution risk. Additionally, the company will face reduced
liquidity from the expiration of roughly two-thirds of its revolver
commitment early in the third quarter of 2019.

Weatherford has weak liquidity based on its upcoming debt
maturities, which is reflected in the SGL-4 rating. As of March 31,
2019, the company had $598 million of cash and only $93 million in
available borrowing capacity under revolving credit facilities that
had a combined commitment amount of $846 million. The company will
have only $303 million of revolver commitment after August 15,
2019, and that remaining commitment will expire on July 13, 2020.
Moreover, Weatherford will have a $250 million term loan due and a
$364 million bond maturity in 2020, and is facing $2 billion of
bond maturities in 2021.

The negative outlook reflects the high and imminent risk of a
bankruptcy filing. Weatherford's PDR will be downgraded to D if the
company files for bankruptcy. Ratings are unlikely to be upgraded
in the near future absent material debt reduction.

The Ca rating on the senior unsecured notes reflects Moody's
recovery estimates for noteholders in the event of a default, which
is likely to be in the 35%-65% range. The unsecured notes of
Weatherford and Weatherford LLC are contractually and structurally
subordinated to Weatherford's credit facilities, including the term
loan. Weatherford's credit facilities have upstream guarantees from
a material portion of its operating and holding company
subsidiaries. The term loan has a first lien security on a
substantial portion of Weatherford's assets and the $317 million
364-day revolver has a second-lien claim. Neither the unsecured
notes of Weatherford nor Weatherford Delaware benefit from upstream
guarantees from operating subsidiaries, where nearly all of the
consolidated company's assets, leases, and non-debt liabilities
reside.

Weatherford International Ltd. (Bermuda) and Weatherford
International, LLC (Delaware) are wholly-owned subsidiaries of
Weatherford International plc, which is headquartered in
Switzerland and is a diversified international company that
provides a wide range of services and equipment to the global oil
and gas industry.




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B R A Z I L
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AUTOVIAS SA: Moody's Withdraws Ba2/Aa2.br CFR for Business Reasons
------------------------------------------------------------------
Moody's America Latina Ltda. has withdrawn the Ba2 global scale and
Aa2.br national scale Corporate Family Ratings assigned to Autovias
S.A. Prior to the withdrawal, the outlook was stable.

The following ratings were withdrawn:

Issuer: Autovias S.A.

  - Corporate Family Ratings: Ba2 (Global Scale Rating),
    Aa2.br (National Scale Rating)

  - Outlook, changed to rating withdrawn from stable

RATINGS RATIONALE

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

The last rating action on Autovias S.A. was taken on March 17, 2017
when Moody's affirmed the company's ratings at Ba2/Aa2.br and
changed the outlook to stable from negative.

Autovias is the company responsible for operating the toll road
system encompassing state toll roads, SP-255, SP-318, SP-345,
SP-330 and SP-334, pursuant to a 20-year concession agreement
granted by the State of Sao Paulo in 1998. The operation of the
five adjacent roads covers 316 km and encompasses five toll plazas.
The concession is currently set to expire in June 2019, although
financial rebalancing claims may lead to contractual extensions. As
of December 2018, the company held no financial debt.


BANCO INDUSTRIAL: Moody's Rates New BRL100-Mil. Bank Notes 'Ba2'
----------------------------------------------------------------
Moody's America Latina Ltda. has assigned a Aa3.br Brazilian
long-term local currency national scale senior unsecured debt
rating to Banco Industrial do Brasil S.A.'s BRL100 million
financial banknotes (letras financeiras). Moody's also assigned a
Ba2 local currency debt rating in its global scale. The proposed
notes will mature in 2021. The outlook on the global debt rating is
stable.

The following ratings were assigned to Banco Industrial do Brasil
S.A.'s proposed financial banknotes:

  - Local currency senior unsecured debt rating - Ba2; stable
outlook

  - Brazilian long-term national scale senior unsecured debt rating
- Aa3.br

RATINGS RATIONALE

The debt ratings derive from BIB's ba2 baseline credit assessment
and incorporate BIB's adequate financial metrics, supported by a
consistent business strategy that results in stable and recurring
profitability, strong capital position and adequate asset quality.
Moody's adjusted capital ratio of tangible common equity to risk
weighted assets for BIB has been consistently above 15%, even after
accounting for dividend payout ratios above 50%. In 2018, BIB
expanded its loan portfolio by 16.5%, which was far above the 5.5%
system's growth, which partially reduced its 90-day problem loan
ratio to 0.8%, from 1.4% in 2017. The bank's asset quality performs
better than the industry's average metrics, supported by BIB's high
volume of short-term, collateralized loans, backed by
self-liquidating receivables, which help mitigate credit risk.

These strengths are counterbalanced by the bank's modest liquidity
cushion and concentrated funding base within highly
confidence-sensitive wholesale depositors. Asset managers,
investment funds, financial institutions and private pension
investors represent more than 70% of the bank's local funding base,
with top 20 investors, accounting for around 50% of such
resources.

BIB's rating is at the same level as Brazil's Ba2 sovereign rating
and the stable outlook on the bank's ratings is in line with the
stable outlook on the sovereign rating.

WHAT COULD CHANGE THE RATINGS UP/DOWN

BIB's ratings are at the same level as Brazil's sovereign rating,
and therefore, upward ratings movement is unlikely at this point,
unless the sovereign rating of Brazil is upgraded and provided the
bank's financial strength, including its above peers' asset quality
and capital remains robust.

However, BIB's ratings could be downgraded if the sovereign rating
is downgraded, because the bank's standalone BCA is at same level
as the sovereign rating. Also, material asset-quality deterioration
and lower profitability derived from higher provisions and funding
costs could negatively affect the ratings. A consistent decline in
profitability could hurt the bank's capacity to replenish capital
through earnings, which could be negative in the long run.

METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.

Banco Industrial do Brasil S.A. is headquartered in Sao Paulo,
Brazil. As of December 30, 2018, BIB reported consolidated assets
of BRL3.2 billion and shareholders' equity of BRL510 million.


BRISTOW GROUP: Case Summary & 30 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: Bristow Group Inc.
             2103 City West Blvd., 4th Floor
             Houston, TX 77042

Business Description: Bristow Group Inc. --
                      http://www.bristowgroup.com-- provides
                      industrial aviation and charter services to
                      offshore energy companies in Europe, Africa,

                      the Americas, and the Asian Pacific.  The
                      Company also provides search and rescue
                      services for governmental agencies and the
                      oil and gas industry.  Headquartered in
                      Houston, the Company currently employs
                      approximately 3,000 individuals around the
                      world.

Chapter 11 Petition Date: May 11, 2019

Eight affiliates that have filed voluntary petitions seeking
relief
under Chapter 11 of the Bankruptcy Code:

      Debtor                                 Case No.
      ------                                 --------
      Bristow Group Inc. (Lead Case)         19-32713
      BHNA Holdings Inc.                     19-32714
      BriLog Leasing Ltd.                    19-32715
      Bristow Alaska Inc.                    19-32716
      Bristow Equipment Leasing Ltd.         19-32717
      Bristow Helicopters Inc.               19-32718
      Bristow U.S. Leasing LLC               19-32719
      Bristow U.S. LLC                       19-32720

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Hon. Marvin Isgur

Debtors'
Bankruptcy
Counsel:               James R. Prince, Esq.
                       Omar J. Alaniz, Esq.
                       Ian E. Roberts, Esq.
                       Kevin Chiu, Esq.
                       BAKER BOTTS L.L.P.
                       2001 Ross Avenue, Suite 900
                       Dallas, Texas 75201-2980
                       Tel: (214) 953-6500
                       Fax: (214) 953-6503
                       Email: jim.prince@bakerbotts.com
                              omar.alaniz@bakerbotts.com
                              ian.roberts@bakerbotts.com
                              kevin.chiu@bakerbotts.com

                         - and -

                       Emanuel C. Grillo, Esq.
                       Chris Newcomb, Esq.
                       BAKER BOTTS L.L.P.
                       30 Rockefeller Plaza
                       New York, New York 10112-4498
                       Tel: (212) 408-2500
                       Fax: (212) 408-2501
                       Email: emanuel.grillo@bakerbotts.com
                              chris.newcomb@bakerbotts.com

Debtors'
Co-Counsel:            Richard G. Mason, Esq.
                       Amy R. Wolf, Esq.
                       WACHTELL, LIPTON, ROSEN & KATZ
                       51 West 52nd Street
                       New York, New York 10019
                       Tel: (212) 403-1000
                       Fax: (212) 403-2000
                       Email: rgmason@wlrk.com
                              arwolf@wlrk.com

Debtors'
Financial
Advisor:               ALVAREZ & MARSAL
                       700 Louisiana Street, Suite 3300
                       Houston, Texas 77002

                         - and -

                       HOULIHAN LOKEY CAPITAL, INC.
                       1001 Fannin Street #4650
                       Houston, Texas 77002

Debtors'
Claims,
Noticing &
Solicitation
Agent:                 PRIME CLERK LLC
                       https://cases.primeclerk.com/Bristow

Total Assets as of Sept. 30, 2018: $2,860,804,000

Total Debts as of Sept. 30, 2018: $1,885,623,000

The petition was signed by Brian J. Allman, senior vice president
and chief financial officer.

A full-text copy of Bristow Group's petition is available for free
at:

             http://bankrupt.com/misc/txsb19-32713.pdf

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
1. Wilmington Trust,             6.25% Senior Notes  $415,893,717
National Association
Indentured Trustee
Attn: Peter Finkel
Vice President
50 South Sixth Street, Suite 1290
Minneapolis, MN 55402
Tel: 612-217-5624
Fax: 302-427-4919
Email: pfinkel@wilmingtontrust.com

2. Wilmington Trust,             4.5% Convertible    $146,609,116
National Association                Senior Notes
Indentured Trustee
Attn: Peter Finkel
Vice President
50 South Sixth Street, Suite 1290
Minneapolis, MN 55402
Tel: 612-217-5624
Fax: 302-427-4919
Email: pfinkel@wilmingtontrust.com

3. Milestone Aviation Group        Lease Claims       $20,192,292
Attn: Clifford Work                  & Leases
General Counsel
Minerva House, 2nd Floor
Simmonscourt Road
Ballsbridge
Dublin, Irelan
Tel: 353-1-216-5700
Email: cwork@milestoneaviation.com

4. Infosys Limited                Trade Payable        $1,390,758
Attn: Salil Parekh
Chief Executive Officer
Electronics City
Hosur Road
Bengaluru, 560100
India
Tel: 91-80-2852-0261
Fax: 91-80-2852-0362
Email: salil_parekh@infosys.com

5. Agustawestland                 Trade Payable          $519,606
Attn: William Hunt, President
3050 Red Lion Road
Philadelphia, PA 19114
Tel: 215-281-1485
Fax: 215-268-9104
Email: william.hunt@agustawestland.com

6. VIH Aviation Group Ltd.            Leases             $208,687
Attn: Ken Norie, President
1962 Canso Road
North Saanich, BC V8L 5B5
Canada
Tel: 250-656-3987
Email: knorie@vih.com

7. Sikorsky Commercial Inc.       Trade Payable           $187,754
Attn: Daniel C. Schultz
President
6801 Rockledge Drive
Bethesda, MD 20817
Tel: 301-897-6000
Email: daniel.c.schultz@lmco.com

8. Pratt & Whitney Canada Corp    Trade Payable           $185,924
Attn: Maria Della Posta, President
1000 Marie-Victorin Boulevard
Longueuil, QC J4G 1A1
Canada
Tel: 450-677-9411
Email: maria.della.posta@pwc.ca

9. General Electric Company       Trade Payable           $172,193
Attn: H. Lawrence Culp Jr.
Chief Executive Officer
41 Farnsworth Street
Boston, MA 02210
Tel: 617-443-3000
Email: larry.culp@ge.com

10. Infosys McCamish               Trade Payable          $159,897
Attn: Gordon Beckham
President
6425 Powers Ferry Road
Suite 300
Atlanta, GA 30339
Tel: 770-690-1500
Fax: 770-690-1800
Email: gbeckham@mccamish.com

11. Speedcast Communications, Inc. Trade Payable          $146,180
Attn: Pierre-Jean Beylier
Chief Executive Officer
4400 S. Sam Houston Pkwy East
Houston, TX 77048
Tel: 832-668-2300
Email: pj@speedcast.com

12. Helifleet 2013-01, LLC             Leases             $129,216
Attn: Jeffrey G. Tougas
General Counsel
181 Bay Street, Suite 2830
Toronto, ON M5J 2T3
Canada
Tel: 514-908-0759
Fax: 514-908-0991
Email: jtougas@ecncapitalcorp.com

13. Precision Heliparts            Trade Payable          $106,999
Attn: Keith Stringer
Director of Sales
220 Burgess, Unit #2
Broussard, LA 70518
Tel: 404-768-9090
Fax: 404-768-9006
Email: kstringer@precisionaviationgroup.com

14. Waypoint Leasing                  Leases              $103,569
Attn: John Petkovic
Chief Executive Officer
Two Embarcadero Center, Suite 200
San Francisco, CA 94111
Tel: 415-829-6800
Email: john.petkovic@macquarie.aero

15. Expeditors And Production      Trade Payable           $87,425
Services
Attn: Todd Matte, President
206 Magnate Drive
Lafayette, LA 70508
Tel: 337-839-2735
Email: todd.matte@epsteam.com

16. Hub Enterprises, Inc.          Trade Payable           $65,643
Attn: James H. "Chip" Romero
President
PO Box 3162
Lafayette, LA 70502
Tel: 800-873-0933
Fax: 800-436-4399
Email: chip@hubenterprises.com

17. GE Aircraft Engines            Trade Payable           $65,304
Attn: William Neth
Manager, Customer Programs
1000 Western Avenue
Lynn, MA 01919
Tel: 781-594-9157
Email: william.neth@ge.com

18. Bell Helicopter Textron, Inc.  Trade Payable           $57,960
Attn: Michelle Flores
Manager, Key Accounts
3255 Bell Flight Boulevard
Fort Worth, TX 76118
Tel: 817-280-3926
Fax: 817-280-2321
Email: mflores3@bellflight.com

19. Standard Aero Limited          Trade Payable           $50,827
Attn: Russell Ford
Chief Executive Officer
6710 N. Scottsdale Road
Suite 250
Scottsdale, AZ 85253
Tel: 480-377-3100
Fax: 480-377-3105
Email: russell.ford@standardaero.com

20. Open Text Corporation          Trade Payable           $46,943
Attn: Mark Barrenechea
Chief Executive Officer
275 Frank Tompa Drive
Waterloo, ON N2L 0A1
Canada
Tel: 519-888-7111
Fax: 519-888-0677
Email: mbarrenechea@opentext.com

21. Capgemini America, Inc.        Trade Payable           $45,937
Attn: Paul Hermelin
Chief Executive Officer
1100 Empire Central Place
Suite 200
Dallas, TX 75247
Tel: 214-253-6415
Fax: 973-337-2701
Email: paul.hermelin@capgemini.com

22. Acme Truck Line, Inc.          Trade Payable           $43,402
Attn: Mike Coatney, President
200 Westbank Expressway
Gretna, LA 70053
Tel: 504-368-2510
Fax: 888-345-2263
Email: mike.coatney@acmetruck.com

23. Ideagen Gael Limited           Trade Payable           $42,312
Attn: Ben Dorks
Chief Executive Officer
Ergo House
Mere Way
Ruddington Fields Business Park
Nottingham, NG11 6 JS
United Kingdom
Tel: 44-1355-593400
Fax: 44-1355-579191
Email: ben.dorks@ideagen.com

24. HRD Aero Systems               Trade Payable           $40,560
Attn: Tom Salamone
President
25555 Avenue Stanford
Valencia, CA 91355
Tel: 877-473-2376
Fax: 661-295-0672
Email: tom.s@hrd-aerosystems.com

25. Boeing Distribution            Trade Payable           $40,497

Services Inc.
Attn: Travis Sullivan
Vice President
3760 W. 108th Street
Miami, FL 33018
Tel: 305-925-2600
Fax: 305-507-7191
Email: travis.sullivan@boeing.com

26. Helicomb International, Inc.   Trade Payable           $35,818
Attn: Bill Cole
General Manager
1402 South 69th East Avenue
Tulsa, OK 74112
Tel: 918-835-3999
Fax: 918-834-4451
Email: bcole@pccstructurals.com

27. Composite Technology Inc.      Trade Payable           $34,825
Attn: Andy Warner
Chief Financial Officer
1727 S. Main Street
DFW Airport
Dallas, TX 75261
Tel: 972-456-6900
Fax: 972-456-0162

28. SAP America                    Trade Payable           $34,376
Attn: DJ Paoni
President of SAP North America
3999 West Chester Pike
Newtown Square, PA 19073
Tel: 610-661-1000
Fax: 610-595-2187
Email: dj.paoni@sap.com

29. IHS Global Inc.                Trade Payable           $33,579
Attn: Susan Farrell
Vice President
1300 Connecticut Avenue
Suite 800
Washington, DC 20036
Tel: 202-721-0337
Fax: 303-397-2599
Email: susan.farrell@ihsmarkit.com

30. Ernst & Young LLP              Trade Payable      Undetermined
Attn: Thierry Caruso, Partner
1401 Mckinney Street
Houston, TX 77010
Tel: 713-750-1392
Email: thierry.caruso@ey.com


BRISTOW GROUP: Files Chapter 11 to Facilitate Restructuring
-----------------------------------------------------------
Bristow Group Inc. on May 11, 2019, disclosed that the Company has
voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy
Court for the Southern District of Texas.  Bristow intends to use
the proceedings to restructure and strengthen its balance sheet and
achieve a more sustainable debt profile, while continuing to
provide safe, reliable and professional industrial aviation
services to its global clients well into the future.

All of Bristow's businesses are operating in the ordinary course
and are anticipated to continue to do so for the duration of the
Chapter 11 process.  The Chapter 11 filings pertain to certain of
Bristow's legal entities in the United States and two of its Cayman
Islands subsidiaries.

Bristow's other non-U.S. entities, including those holding
Bristow's non-U.S. air operating certificates ("AOCs"), are not
included in the Chapter 11 filings.

L. Don Miller, President and Chief Executive Officer of Bristow
Group Inc., said, "After working diligently with our advisors on a
thorough review of strategic financial alternatives, the Board of
Directors and management concluded that the best path forward for
Bristow and its stakeholders is to seek Chapter 11 protection. This
process will allow us to strengthen our balance sheet, achieve a
lower and more sustainable debt level and emerge as a stronger
company.  We have the support of the overwhelming majority of our
parent company senior secured noteholders, with whom we have
entered into a Restructuring Support Agreement that will help to
de-lever our balance sheet, and we are actively working with other
important stakeholders as we enter this process."

Mr. Miller continued, "Bristow remains steadfast in its commitment
to safety and providing exceptional client service during the
Chapter 11 process.  For clients, it is business as usual at
Bristow, and our talented team will stay focused on delivering
safe, reliable and professional services around the globe
throughout the process and beyond. We expect to execute a prompt
and efficient reorganization, and to emerge from this restructuring
process as a stronger company that is an even better business
partner, employer and trusted service provider.

"We deeply appreciate the hard work of our dedicated employees and
their commitment to each other, our valued clients and our
passengers.  We are also grateful for the many years of support by
our suppliers and business partners, and we look forward to
continuing to work with them as we move through this process and
beyond."

To ensure its ability to continue operating in the ordinary course
of business, Bristow has filed customary motions with the
Bankruptcy Court seeking a variety of "first-day" relief for the
filing entities, including authority to pay employee wages and
benefits, vendors and suppliers in the ordinary course for goods
and services provided after the Petition Date.

In addition to executing the Restructuring Support Agreement (the
"RSA") with the Company, certain senior secured noteholders made a
$75 million term loan to the Company prior to the Court filing, and
provided a commitment for a further $75 million in
debtor-in-possession ("DIP") financing that would be available upon
Court approval.  The financing package provides Bristow with
capital that enables the Company to fund its global operations and
make continued investments in safety and reliability during the
Chapter 11 reorganization proceedings.

The following eight entities are included in the filing: Bristow
Group Inc., BHNA Holdings Inc., Bristow Alaska Inc., Bristow
Helicopters Inc., Bristow U.S. Leasing LLC, Bristow U.S. LLC,
BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd.

Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz are serving
as the Company's legal counsel and Alvarez & Marsal is serving as
the Company's restructuring advisor.  Houlihan Lokey is serving as
financial advisor to the Company.

Davis Polk & Wardwell LLP is serving as legal counsel and PJT
Partners is serving as financial advisor to the senior secured
noteholders.

                    About Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE: BRS) --
http://www.bristowgroup.com/-- is a global industrial aviation
services provider offering helicopter transportation, search and
rescue (SAR) and aircraft support services to government and civil
organizations worldwide.  Bristow has major transportation
operations in the North Sea, Nigeria and the U.S. Gulf of Mexico,
and in most of the other major offshore oil and gas producing
regions of the world, including Australia, Brazil, Canada, Russia
and Trinidad.  Bristow provides SAR services to the private sector
worldwide and to the public sector for all of the U.K. on behalf of
the Maritime and Coastguard Agency.

Bristow Group reported a net loss of $198.08 million for the fiscal
year ended March 31, 2018, following a net loss of $176.89 million
for the fiscal year ended March 31, 2017.  As of Sept. 30, 2018,
Bristow Group had $2.86 billion in total assets, $329.21 million in
total current liabilities, $1.39 billion in long-term debt, $28.48
million in accrued pension liabilities, $31.63 million in other
liabilities and deferred credits, $97.37 million in deferred taxes,
and total stockholders' investment of $975.18 million.

                          *     *     *

As reported by the TCR on April 22, 2019, Moody's Investors Service
downgraded Bristow Group Inc.'s Corporate Family Rating to 'Caa3'
from 'Caa2'.  "The downgrade follows Bristow's decision on April 15
to skip interest payment on its 6.25% senior unsecured notes due
October 2022, as it evaluates various strategic alternatives to
strengthen the capital structure and shore up liquidity," said
Sajjad Alam, Moody's senior analyst.  "The company has yet to file
its financial statements for the quarter ending December 31, 2018,
and is facing an elevated level of default risk over the near
term."

S&P Global Ratings had downgraded Bristow Group Inc.'s ICR to 'D'
from 'CCC-', according to a TCR report dated April 19, 2019.  The
downgrade reflects Bristow's decision to exercise its 30-day grace
period after electing not to make a $12.5 million interest payment
on its 6.25% unsecured notes due 2022.


BRISTOW GROUP: Receives Noncompliance Notice From NYSE
------------------------------------------------------
Bristow Group Inc. was notified by the New York Stock Exchange on
May 1, 2019 of its noncompliance with continued listing standards
because the average closing price of its common stock over a prior
30 consecutive trading day period had fallen below $1.00 per share,
which is the minimum average closing price per share required to
maintain listing on the NYSE.

Under the NYSE rules, Bristow has a period of six months following
the receipt of notice to regain compliance.  The Company's common
stock will continue to be listed and traded on the NYSE during this
six-month cure period, subject to the company's compliance with
other continued listing requirements set forth in the NYSE Listed
Company Manual.  The notice does not affect the Company's ongoing
business operations or its U.S. Securities and Exchange Commission
reporting obligations.

                     About Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group Inc. --
http://www.bristowgroup.com/-- is a global industrial aviation
services provider offering helicopter transportation, search and
rescue (SAR) and aircraft support services to government and civil
organizations worldwide.  Bristow has major transportation
operations in the North Sea, Nigeria and the U.S. Gulf of Mexico,
and in most of the other major offshore oil and gas producing
regions of the world, including Australia, Brazil, Canada, Russia
and Trinidad.  Bristow provides SAR services to the private sector
worldwide and to the public sector for all of the U.K. on behalf of
the Maritime and Coastguard Agency.

Bristow Group reported a net loss of $198.08 million for the fiscal
year ended March 31, 2018, following a net loss of $176.89 million
for the fiscal year ended March 31, 2017.  As of Sept. 30, 2018,
Bristow Group had $2.86 billion in total assets, $329.21 million in
total current liabilities, $1.39 billion in long-term debt, $28.48
million in accrued pension liabilities, $31.63 million in other
liabilities and deferred credits, $97.37 million in deferred taxes,
and total stockholders' investment of $975.18 million.

                           *    *    *

As reported by the TCR on April 22, 2019, Moody's Investors Service
downgraded Bristow Group Inc.'s Corporate Family Rating to 'Caa3'
from 'Caa2'.  "The downgrade follows Bristow's decision on April 15
to skip interest payment on its 6.25% senior unsecured notes due
October 2022, as it evaluates various strategic alternatives to
strengthen the capital structure and shore up liquidity," said
Sajjad Alam, Moody's senior analyst. "The company has yet to file
its financial statements for the quarter ending December 31, 2018,
and is facing an elevated level of default risk over the near
term."

S&P Global Ratings had downgraded Bristow Group Inc.'s ICR to 'D'
from 'CCC-', according to a TCR report dated April 19, 2019.  The
downgrade reflects Bristow's decision to exercise its 30-day grace
period after electing not to make a $12.5 million interest payment
on its 6.25% unsecured notes due 2022.


JBS SA: Posts Q1 Net Income of $273MM, Beats Analysts' Estimates
----------------------------------------------------------------
Ana Mano at Reuters reports that Brazil-based food processor JBS SA
said that net profit rose by almost 116% in the first quarter,
after the company, which produces proteins on four continents,
registered revenue growth in all of its business segments.

JBS reported first-quarter net income of BRL1.09 billion ($273
million), almost double what analysts had expected, according to
Reuters.

The report relays that the company said overall net revenues rose
by 11.5% in the period to BRL44.37 billion, on the back of the
strength of its U.S. beef division and Pilgrim's Pride Corp U.S.
poultry division. In each of those segments, net revenues rose by
more than 15%.

The company's Seara processed foods division in Brazil reported a
margin contraction and reduction of sales volumes, however, because
of the loss of authorization that some of its plants had to export
to Saudi Arabia, the report discloses.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2019, S&P Global Ratings affirmed its 'BB' global scale
corporate credit ratings on JBS S.A. and JBS USA Lux S.A. and S&P's
'brAA-' national scale corporate credit rating on JBS.  S&P also
affirmed its 'BB' senior unsecured ratings on JBS and JBS USA.  In
addition, S&P raised senior secured debt ratings on JBS USA to
'BBB-' from 'BB'.   S&P revised the recovery rating on this debt to
'1', reflecting a very high (90%-100%) recovery, from '3'.
Moreover, S&P revised its recovery rating on JBS USA's unsecured
debt to '3', reflecting a meaningful (50%-70%; the lower band of
the range) recovery, from '4'.  Finally, S&P kept its recovery
rating on JBS's unsecured debt at '4', reflecting an average
(30%-50%; now in the lower band of the range) recovery, unchanged.


JBS SA: Sees All Units Benefiting From Hog Virus Outbreak In China
------------------------------------------------------------------
Ana Mano at Thomson Reuters that the world's largest meatpacker JBS
SA believes its plants in four continents will benefit from
additional demand for meat products after an outbreak of African
swine fever in China reduced pork output, causing a global supply
imbalance.

Already in the first four months of the year, the company's unit in
Australia rose beef sales to China by 80%, JBS executives said
during a conference call to comment on first quarter results,
according to Thomson Reuters.  The company said it expects sales of
all proteins to increase due to the deadly hog virus, not only
pork, the report adds.

As reported in the Troubled Company Reporter-Latin America on May
1, 2019, S&P Global Ratings affirmed its 'BB' global scale
corporate credit ratings on JBS S.A. and JBS USA Lux S.A. and S&P's
'brAA-' national scale corporate credit rating on JBS.  S&P also
affirmed its 'BB' senior unsecured ratings on JBS and JBS USA.  In
addition, S&P raised senior secured debt ratings on JBS USA to
'BBB-' from 'BB'.   S&P revised the recovery rating on this debt to
'1', reflecting a very high (90%-100%) recovery, from '3'.
Moreover, S&P revised its recovery rating on JBS USA's unsecured
debt to '3', reflecting a meaningful (50%-70%; the lower band of
the range) recovery, from '4'.  Finally, S&P kept its recovery
rating on JBS's unsecured debt at '4', reflecting an average
(30%-50%; now in the lower band of the range) recovery, unchanged.




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

DOMINICAN REPUBLIC: Petroleum Derivatives Consumption Fell
----------------------------------------------------------
Dominican Today reports that Dominican Republic's consumption of
petroleum derivatives was 1.24 billion gallons in 2018, or 97.5
million less, compared to the same period of 2017 when it reached
1.34 billion gallons.

National Statistics Office (ONE) Director Alexandra Izquierdo said
that in 2018, 38.55% of the consumption was liquefied petroleum gas
(LPG), regular diesel 15.29%, premium and regular gasoline were
12.46% and 11.47%, respectively, according to Dominican Today.

The four categories account for 77.78% of the total fuel
consumption in the country, the report relays.

Premium diesel accounts for 4.18% and fuel oil 8.95%, 13.13% of the
total amount consumed during 2018, the official said in a statement
obtained by the news agency.

She added that, according to the type of fuel, the categories that
most contributed to the decrease in consumption during 2018 were:
regular diesel with -28.56 million gallons, regular gasoline
-25.28 million gallons and premium diesel at special price, -20.25
million gallons, the report adds.

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




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

GRUPO SENDA: S&P Withdraws 'D' Global Scale Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'D' global scale and national scale
issuer credit ratings on Grupo Senda Autotransporte, S.A. de C.V.
(Grupo Senda) at its request. At the same time, S&P withdrew its
'D' short-term national scale issue-level rating on the company's
short-term unsecured notes program.

At the time of the withdrawal, Grupo Senda continued its
negotiations with its debtholders in order to reach an agreement.





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

TRINIDAD & TOBAGO: Mixed Views on Budget Review
-----------------------------------------------
Leah Sorias at Trinidad Express reports that the American Chamber
of Commerce of Trinidad and Tobago (Amcham T&T) says it is
concerned about Government's move to ramp up expenditure without
simultaneous increases in revenue.

Amcham was responding to the mid-year budget review presented by
Finance Minister Colm Imbert, according to Trinidad Express.

"Amcham T&T believes the focus on expenditure as opposed to results
remains a major flaw in our country's budget reporting process," it
noted in a statement obtained by the news agency.

Amcham said while the macro-indicators have stabilised and the
economy was indeed growing, T&T's gross domestic product (GDP) was
currently hovering around 2009 levels, the report notes.



                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *