TCRLA_Public/190516.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

          Thursday, May 16, 2019, Vol. 20, No. 98

                           Headlines



A R G E N T I N A

ARGENTINA: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
BANCO CETELEM: Moody's Cuts Deposit Ratings to Caa1, Outlook Stable
BANCO HIPOTECARIO: S&P Lowers ICR to 'B-' on Weaker Asset Quality


B E R M U D A

GP INVESTMENTS: S&P Withdraws 'BB-' LongTerm Issuer Credit Rating


B R A Z I L

OI SA: Revenue Continues to Fall in Q1


C A Y M A N   I S L A N D S

BRISTOW GROUP: Moody's Cuts PDR to D-PD on Bankruptcy Filing


C H I L E

MASISA SA: S&P Withdraws 'B' LongTerm Issuer Credit Rating


C O L O M B I A

AVIANCA HOLDINGS: S&P Lowers ICR to 'CCC+, On CreditWatch Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Northeast Gas Stations to Shut Down


M E X I C O

PETROLEOS MEXICANOS: HSBC, J.P. Morgan Help Firm Refinance Debt


P U E R T O   R I C O

MONITRONICS INT'L: Forbearance Extension Was Thru May 15
STONEMOR PARTNERS: Reports Q1 Net Loss of $22.5 Million


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: PM Says Government Not 'Panicked' Over Economy

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
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Fitch Ratings has affirmed Argentina's Long-Term Foreign-Currency
Issuer Default Rating at 'B' with a Negative Outlook.

KEY RATING DRIVERS

The Negative Outlook reflects a fragile macroeconomic backdrop and
risks to sovereign debt sustainability and financing flexibility,
which are amplified by uncertainties surrounding upcoming
elections. An IMF SBA programme remains on track, helping to
mitigate near-term financing risks. However, medium-term prospects
for fiscal consolidation and recovery of market access as IMF funds
run out remain uncertain. Election outcomes resulting in policy
disruptions or a negative market reaction pose a major downside
risk, but challenges to growth, macroeconomic stability and fiscal
consolidation may persist even if such a scenario is avoided.

The Macri administration has faced difficult trade-offs to advance
needed policy adjustments under the SBA while supporting its
prospects in the upcoming October elections. Policy tightening amid
a recession has weighed on its popularity without yet delivering
some of the benefits originally hoped for, namely lower inflation,
prompting some populist measures (eg price controls) but not a
major policy drift. The medium-term policy outlook hinges on the
elections. A Macri victory would support policy continuity and
market sentiment, but needed adjustment measures and reforms could
prove even more politically difficult than those enacted already.
The outlook is more uncertain should an opposition candidate win.
This could be especially negative should it derail policy
adjustments or prompt a negative market reaction that undermines
macroeconomic stability and financing access.

Fitch estimates sovereign financing needs of around USD48 billion
in 2019 (largely FX-denominated) are covered by scheduled IMF
disbursements, pre-financing, and rollover of intra-public debt
holdings and repo lines. However, a funding gap will re-emerge in
2020 as IMF funds run out. The sovereign will need to refinance a
sizeable stock of domestic bonds in 2020, which could be
facilitated in part by the large share (over 40%) held within the
public sector. External bond repayments become more burdensome
starting in 2021. Risks of covering these funding gaps could rise
should fiscal slippage or the election results impair market
access. The government has been able to maintain healthy rollovers
of T-bills (a stock of USD25 billion), but liquidity pressures
could emerge should this become more difficult and deplete cash
buffers, which is possible in the event of increased election
uncertainties.

The government has met its fiscal consolidation targets so far,
keeping the IMF program on track. The federal primary deficit fell
to 2.6% of GDP (in line with the 2.7% target) from 3.8% in 2017,
and the overall deficit to 5.2% from 5.9%. Provincial deficits also
improved, lowering the general government deficit to 5.5% from
6.2%. Further deficit reduction is proving increasingly difficult
in 2019, however. So far this year, new export taxes have fallen
well below prior estimates, and other revenues have weakened amid
the economic downturn. The authorities recently hiked import taxes
to support the fiscal target, but additional measures may be
needed. Fitch projects a 0.5%-of-GDP federal primary deficit in
2019, implying full use of the "adjustors" to the 0% target
permitted in the SBA, and a 3.6% overall deficit.

Prospects for achievement of the 1%-of-GDP federal primary surplus
target for 2020 are less clear given uncertainty around the policy
agenda and political strength of the next government. Fitch
projects a 0.5% primary surplus and a 2.7% overall deficit.
Transitory factors that have helped fiscal consolidation so far
will also wear off. Much of the real decline in primary
expenditures so far has reflected surging inflation rather than
intentional cuts, and backward indexation of much of these (namely
social benefits, 60% of the total) will entail real increases when
inflation declines. High tax pressure leaves narrow room for
revenue increases. This will put the burden of consolidation on
salaries, subsidies and discretionary outlays, involving political
difficulties and trade-offs with microeconomic priorities.

Federal government debt rose to 86.2% of GDP in 2018 from 56.6% in
2017. The increase was driven by peso depreciation but was much
larger than expected in the SBA despite compliance with fiscal
targets due to additional "below-the-line" borrowing. General
government debt (federal and provincial, consolidated with social
securities holdings) reached 84.9% of GDP, well above the 49%
historic 'B' median even net of the large share (20pp) held by the
BCRA.

Fitch expects federal government debt will moderate to 80% of GDP
by 2020, above the latest SBA projections. Risks to debt
sustainability are considerable given uncertainty regarding the
achievement of future primary surpluses, medium-term economic
recovery prospects, and the exchange rate. In the absence of strong
growth or fiscal surpluses, projected declines in debt-to-GDP rely
instead on an expectation that the peso will depreciate more slowly
than inflation and the GDP deflator (i.e. recover in real terms),
but this is highly uncertain.

After a turbulent 2018, risks of another major peso selloff in 2019
could be more contained given more dollarized (and hence less
peso-denominated) local portfolios, the better ability of the
central bank (BCRA) to manage peso supply via Leliq notes (held
only by regulated banks), and a falling current account deficit
(Fitch projects 2.4% of GDP in 2019, down from 5.4% in 2018).
Nonetheless, FX pressures have re-emerged since March as election
jitters have intensified and surging inflation has eroded real peso
rates. In response, the BCRA has validated sharply higher rates on
its Leliq notes of over 70% (annualized) and secured IMF support
for more discretionary FX intervention, ending the previous
"non-intervention band".

Another sell-off of the peso could add to inflationary pressures,
hinder economic recovery prospects, and heighten risks to debt
sustainability. Aggressive FX intervention to avoid such a scenario
could pose risks, however, given an already weak external liquidity
position. BCRA gross reserves were USD69 billion as of early May,
but net reserves (after deducting corresponding FX liabilities)
were just USD19 billion.

The BCRA has met its targets for the monetary base since October,
but inflation has far overshot prior projections. The persistence
of inflation despite a recession and tight monetary conditions
reflects weak money demand, utility rate hikes, and strong inertia
in wage- and price-setting behaviour (exemplified by rising use of
backward wage indexation clauses). Fitch projects inflation will
end 2019 at 40%, down from 47.6% in 2018.

Fitch projects real GDP will contract 1.7% in 2019, following a
2.5% contraction in 2018. Monthly activity indicators do not yet
signal a firm economic recovery is underway, after some signs of
stabilization early in the year. Consumption faces headwinds from
surging inflation, which is postponing the expected recovery in
real wages and salaries after large declines in 2018, as well as
collapsing credit. Investment is falling sharply on cuts to public
works and private-sector caution. Market sensitivities surrounding
elections could pose further downside risks to growth in 2019.

The post-election growth outlook is unclear and will hinge on the
next government's policy orientation and ability to advance reforms
and improve confidence. Rigid labour laws and high tax pressures
stand out as key growth bottlenecks, but political challenges and
fiscal constraints could make it difficult to tackle these.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Argentina a score equivalent to a
rating of 'B' on the Long-Term Foreign-Currency (LT FC) IDR scale.


Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main risk factors that, individually or collectively, could
trigger a downgrade are:

  -- Deterioration of local financing conditions and/or failure to
recover access to external market financing;

  -- Policy and political developments and/or economic weakness
that heighten risks to debt sustainability or jeopardise access to
IMF funding;

  -- A significant depreciation of the peso and/or erosion of
international reserves.

The Rating Outlook is Negative. Consequently, Fitch does not
currently anticipate developments with a high likelihood of leading
to a positive rating change. However, the main factors that,
individually or collectively, could lead to a stabilization of the
Outlook are:

  -- Greater confidence that fiscal consolidation targets can be
achieved and external market financing access re-established beyond
2019;

  -- Evidence of recovery in economic activity, avoidance of
renewed macroeconomic instability;

  -- A sustained strengthening of the external liquidity position.

KEY ASSUMPTIONS

  -- Fitch expects growth in key trading partner Brazil to remain
subdued, after reaching 1.1% in 2018.

Fitch has affirmed Argentina's ratings as follows:

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

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

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

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

  -- Country Ceiling at 'B';

  -- Issue ratings on long-term senior unsecured foreign-currency
bonds at 'B'.


BANCO CETELEM: Moody's Cuts Deposit Ratings to Caa1, Outlook Stable
-------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded Banco Cetelem Argentina S.A.'s global local and foreign
currency deposit ratings to Caa1, from B3 and its national scale
local and foreign currency deposit ratings to Ba3.ar, from Baa3.ar.
In addition, Moody's downgraded the standalone baseline credit
assessment to c, from ca, the adjusted BCA to caa1, from b3, and
the long term Counterparty Risk Assessment to B3(cr), from B2(cr).
The bank short term deposit ratings at Not Prime and the short term
CRA at Not Prime(cr) were affirmed. The outlook on the ratings was
changed to stable, from negative.

The following ratings assigned to Banco Cetelem Argentina S.A. were
downgraded:

Baseline credit assessment to c, from ca

Adjusted baseline credit assessment to caa1, from b3

Long term local currency deposit rating to Caa1, from B3; outlook
changed to stable from negative

Long term foreign currency deposit rating to Caa1, from B3; outlook
changed to stable from negative

Long-term Argentinean national scale local currency deposit rating
to Ba3.ar, from Baa3.ar; outlook changed to stable from negative

Long term Argentinean national scale foreign currency deposit
rating to Ba3.ar, from Baa3.ar; outlook changed to stable from
negative

Long term counterparty risk assessment to B3(cr) from B2(cr)

The following ratings assigned to Banco Cetelem Argentina S.A. were
affirmed:

Short term local currency deposit rating at Not Prime

Short term foreign currency deposit rating at Not Prime

Short term counterparty risk assessment at Not Prime(cr)

Outlook:

Outlook: changed to stable from negative

RATINGS RATIONALE

The downgrade of Cetelem's ratings reflects the ongoing losses
reported in 2018 and early 2019, resulting from sharp rise in its
delinquencies, rising credit costs and high operating expenses. The
bank's BCA lowered to c also incorporates its fragile
capitalization that relies on frequent injections from
shareholders, as well as its weak funding structure, and very low
levels of liquidity, which increases the bank's vulnerability
during the current economic downturn in Argentina.

Given the rising inflation and already high levels of unemployment
there is a high probability that delinquencies will continue to
rise in the next quarters, which will likely require additional
extraordinary support from its parent bank BNP Paribas (Aa3,
stable), to limit capital deterioration, even if loan growth
remains flat. Over the past two years, Cetelem received material
capital injections from its parent bank, totaling ARS 732 million
($ 16.3 million), to offset the impact of credit and operating
losses, preventing capitalization to fall below the regulatory
minima. The bank's tangible common equity ratio increases to 50.8%
of adjusted risk-weighted asset as of December 2018 from 20.9% in
the previous year. Following a rapid expansion of Cetelem's loan
book in 2017 and 1Q 2018, non-performing loans (NPLs) jumped to
41.8% of gross loans as of December 2018, from 26.9% in 2017,
despite the sale of bad loans made in the second half of 2018. In
light of a continued deterioration in asset quality, the bank
increased reserve coverage level in 2018 to 71.2% of gross loans,
from 50.2% one year prior. Moreover, even if the bank continues to
clean up its balance sheet in the coming quarters, delinquencies
are likely to remain high.

Cetelem has a largely unsecured lending book offered to low and
medium income individuals, a segment that has been severely
affected by the ongoing rising inflation, eroding borrowers'
repayment capacity. Over the past two years, the bank's
profitability has been severely hurt by high provisions and
operating expenses and also hiking funding costs, pressures that
will likely remain in the next 12 months. In 2018, Cetelem
registered a net loss equal to 42.5% of tangible assets, primarily
resulting from increased credit costs, equivalent to 29.7% of gross
loans in 2018, up from 11.4% in 2017. Reliant on interbank loans,
Cetelem's outstanding obligations - except deposits - are fully
guaranteed by its parent BNP Paribas. Based on these signs of
strong commitment from the shareholder, including the frequent
capital injections, Moody's continues to assess a very high
probability of support and dependence from BNP Paribas, which lifts
the bank's long-term GLC deposit ratings by four notches to Caa1
from its BCA of c.

Following the rating action, the outlook on Cetelem's ratings is
stable, since Cetelem's baseline credit assessment is now at the
bottom of the BCA scale, reflecting its extremely weak credit
profile, and Moody's does not expect any changes to the very high
probability of parental support.

WHAT COULD CHANGE THE RATING UP/DOWN

An indication of reduced willingness of parental support could put
downward pressure on Cetelem's deposit ratings. Downward rating
pressures could also arise if the bank continues to generate losses
with further erosion to its capital position, increasing the
expected loss rate at its financial obligations. Continued
deterioration in Cetelem's asset quality or reduced access to
funding could also exert negative pressure on its ratings.
Conversely, upward pressure could arise from a strong recovery in
profitability levels that would be sufficient to stabilize its
capitalization, and material improvement in asset risk metrics.


BANCO HIPOTECARIO: S&P Lowers ICR to 'B-' on Weaker Asset Quality
-----------------------------------------------------------------
S&P Global Ratings lowered its credit issuer and senior unsecured
debt ratings on Banco Hipotecario S.A. to 'B-' from 'B'. The
outlook is stable.

The rating action on Banco Hipotecario reflects a deterioration in
its risk profile because Argentina's difficult economy weakened
credit quality of the bank's loans in the commercial and retail
segments. Exacerbating this dynamic was the loan portfolio
contraction. This resulted in a jump in delinquency metrics with
NPLs accounting for 11.9% of total loans as of the end of March
2019, from 6% at the end of 2018, and in additional provisions.

The weakening credit quality of some corporate loans, which
occurred in the system as well, has particularly hit Banco
Hipotecario's metrics because the bank has somewhat higher
exposures to these borrowers. As a result, S&P saw a more
pronounced drop in its asset quality metrics and profitability
compared with the industry average. Furthermore, Banco
Hipotecario's retail portfolio also continued to deteriorate
because to the bank's greater focus to lower income segment of the
population.

Despite the bank's efforts to contain credit risk, S&P expects
metrics in the upcoming quarters to keep a higher differential
compared to historical levels, given that it expects asset quality
to continue slipping amid the still weak macroeconomic conditions
in the country and considering the bank's business mix.
Furthermore, S&P expects the resolution of punctual commercial
cases to be complete over the intermediate term.

Higher provision levels and additional severances have hampered
bottom-line results. S&P said, "We expect profitability to remain
somewhat weak in 2019, weighing on the bank's capitalization
metrics despite low asset growth. In this sense, we expect our
projected risk-adjusted capital (RAC) ratio to slip to 4.2% in the
next 18 months from 4.5% as of the end of 2018 and the previously
projected level of 5.0%."

Banco Hipotecario's funding base has a larger proportion of market
debt compared with the banking system average, which S&P believes
is less stable than customer deposits. Although this helps increase
the duration of the bank's liabilities to match those of its
mortgage portfolio, it exposes Banco Hipotecario to market
fluctuations and to higher funding costs. Banco Hipotecario has
comfortable liquidity to cover upcoming maturities in the next 12
months, with a broad liquid assets ratio over short-term wholesale
funding (BLAST) ratio of 3x. In early April 2019, Banco Hipotecario
repurchased $53 million of its class XXIX senior unsecured note
(out of the outstanding amount of $349 million) as part of its
liability management. The bank faces a large maturity at the end of
2020, which S&P expects would be covered.




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GP INVESTMENTS: S&P Withdraws 'BB-' LongTerm Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on GP Investments Ltd. At the time of the withdrawal, the
outlook on the rating was stable. S&P also withdrew its 'BB-'
rating on the company's perpetual bonds.

At the time of the withdrawal, the ratings on GP Investments
reflected the sovereign rating on Brazil, where the company
holdsmost of its investments and generates revenues. S&P rarely
rates financial firms above the foreign currency ratings on the
countries to which they have material exposures because it
considers it's unlikely that these institutions would remain
unaffected by developments in these economies. GP Investments' 'bb'
stand-alone credit profile (SACP) reflected its weak business risk
profile compared with those of other global asset managers,
stemming from a moderately high country risk of Brazil and
intermediate industry risk for asset managers. The ratings on the
entity also reflected our assessment of its financial risk profile
as intermediate.

GP Investments is an alternative asset manager based in Bermuda
that belongs to the Brazilian GP group created in 1993 with
operations focused in Brazil. Since its foundation, GP Investments
has raised $5 billion from investors worldwide and has completed
investments in more than 50 companies in 15 sectors. Over the
years, GP Investments has accumulated extensive experience of
investing and managing third-party capital in Latin America,
exercising control or joint control in several of the largest
Brazilian corporations.

S&P said, "Our assessment of the company's business risk profile
reflected its smaller assets under management (AUM) base than those
of other global asset managers and limited diversification, with an
investment portfolio focused on few companies, most of which are
located in Brazil. The entity compares less favorably with other
global private equity firms that have greater geographic reach and
portfolio diversification.

"Our financial risk profile assessment of GP Investments as
intermediate was based on our adjusted debt-to-equity core ratio of
about 0.45x for the next two years, in conjunction with highly
leveraged supplementary ratios. We believe GP Investments carries
significant on-balance-sheet investments, which are the result of
seed capital for new funds or investments in alternative asset
classes that diversify the business mix at its core business of
managing third-party assets. As a result, we believe
debt-to-adjusted total equity is an important indicator of leverage
because of the significant on-balance-sheet risks it carries. Our
assessment of the financial risk profile also incorporated GP
Investments' EBITDA interest coverage, which we view as a
supplementary ratio."




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OI SA: Revenue Continues to Fall in Q1
--------------------------------------
Reuters reports that Brazilian telecommunications firm Oi SA
reported a first-quarter net profit of BRL679 million (US$170
million), in a quarter its revenue continued to fall.

This compares to a profit of BRL30.5 billion in the first quarter
of 2018 after Oi reached an agreement with creditors in an in-court
debt reorganization of the company, according to Reuters.

A debt for equity swap and a new capital injection were approved
last year. The capital raise was completed in January, the report
notes.

In a securities filing, Brazil's largest fixed-line operator said
its net revenue fell 9.5% year-on-year to BRL5.1 billion due to a
fiercer competition in Brazil, the report says.

Recurring earnings before interest, taxes, depreciation and
amortization (EBITDA) increased by 3.5% in the first quarter to
BRL1.6 billion, Reuters notes.  Including one-time items, EBITDA
rose 42% to BRL2.2 billion, the report relays.

Oi's total debt at the end of March stood at BRL16.3 billion, 0.5%
lower than that at the end of 2018, the report adds.

As reported on the Troubled Company Reporter-Latin America on Sept.
27, 2018, S&P Global Ratings assigned its 'B' issue-level rating to
Oi S.A.'s (global scale: B/Stable/--; national scale:
brA/Stable/--) existing $1.6 billion senior unsecured notes due
2025. S&P also assigned a '4' recovery rating to the notes, which
indicates average recovery expectation of 30%-50% (rounded estimate
40%) in the event of payment default.




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BRISTOW GROUP: Moody's Cuts PDR to D-PD on Bankruptcy Filing
------------------------------------------------------------
Moody's Investors Service downgraded Bristow Group Inc.'s
Probability of Default Rating to D-PD from Caa3-PD following the
announcement that the company filed a voluntary petition for relief
under Chapter 11 of the U.S. Bankruptcy Code in the Southern
District of Texas. Moody's also downgraded the senior unsecured
notes to C. The company's other ratings were affirmed, including
the Caa3 Corporate Family Rating, Caa2 senior secured notes rating,
and the SGL-4 Speculative Grade Liquidity Rating. The outlook
remains negative.

The Chapter 11 filing pertains only to certain Bristow entities in
the US and two of its Cayman Island subsidiaries. Bristow's non-US
entities, including those holding Bristow's non-US air operating
certificates are not included in the Chapter 11 filings.

Shortly after the actions, Moody's will withdraw all of Bristow's
ratings.

Issuer: Bristow Group Inc.

Downgraded:

Probability of Default Rating, Downgraded to D-PD from Caa3-PD

Senior Unsecured Notes, Downgraded to C (LGD6) from Ca (LGD5)

Affirmed:

Corporate Family Rating, Affirmed Caa3

Senior Secured Rating, Affirmed Caa2 (LGD2)

Speculative Grade Liquidity Rating, Affirmed SGL-4

Outlook:

Maintain Negative Outlook

RATINGS RATIONALE

The downgrade of the PDR to D-PD from Caa3-PD reflects Bristow's
bankruptcy filing on May 11, 2019. The Caa3 CFR, Caa2 senior
secured notes rating and C senior unsecured notes ratings reflect
Moody's view on expected recovery.

Bristow is looking to reduce its heavy debt burden and return to a
more sustainable capital structure through the restructuring
process. The company has entered into a restructuring support
agreement with the majority holders of the 8.75% senior secured
notes and is having ongoing dialogue with various stakeholders.
Bristow's senior secured noteholders have committed to providing a
new-money $75 million term loan as well as $75 million in
Debtor-in-Possession financing to support the company's operations
during the reorganization.

Bristow Group Inc., headquartered in Houston, Texas, is a leading
provider of helicopter transportation services to the oil and gas
industry worldwide.




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MASISA SA: S&P Withdraws 'B' LongTerm Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Chile-based panel producer Masisa S.A. at its request. The
outlook was negative at the time of the withdrawal.





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AVIANCA HOLDINGS: S&P Lowers ICR to 'CCC+, On CreditWatch Negative
------------------------------------------------------------------
S&P Global Ratings, on May 13, 2019, lowered its issuer credit
rating on Colombia-based airline operator Avianca Holdings S.A. to
'CCC+' from 'B' and its issue-level ratings to 'CCC' from 'B-'.
Additionally, S&P lowered its issuer credit rating on LifeMiles LTD
and its issue-level rating on the company's senior secured term
loan to 'B' from 'BB-'. S&P placed all ratings on CreditWatch with
negative implications.

Avianca's plans to refinance its $550 million senior unsecured
notes has taken longer than expected, given several reasons. These
include delays to clear certain contractual proceedings with
Avianca's shareholders associated with a breach of covenants by BRW
Aviation LLC (Avianca's main shareholder) under the November 2018
loan agreement between it and United Airlines Inc., which are
necessary to prevent a breach of the company's financial
commitments. S&P believes Avianca faces a higher refinancing risk
due to the approaching maturity of its $550 million senior
unsecured notes on May 10, 2020, and potential implications in the
cost of financing associated with the reputational risk that stems
from the bankruptcy filing of related party Oceanair Linhas Aereas
S.A., a Brazilian airline that licenses the trademark Avianca
Brasil. The refinancing risk leaves the company dependent on
favorable economic conditions to meet its financial commitments
despite the management's progress toward completing a potential
refinancing of the notes. However, if end-market demand
deteriorates or financial markets weaken, we believe Avianca would
face difficulties securing new financing.

S&P said, "We're also revising our liquidity assessment on Avianca
to weak from less than adequate, given that we expect the company's
sources of liquidity to be sharply lower than its uses in the next
12 months, well below 1.0x, reflecting a wide deficit as a result
of its now $550 million short-term debt maturity. Avianca could
face liquidity pressures if it's unable to refinance these notes in
the next 12 months. However, we still believe that Avianca has a
relatively solid bank relationships in Colombia and
internationally."




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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: Northeast Gas Stations to Shut Down
-------------------------------------------------------
Dominican Today reports that National Gasoline Retailers
Association (Anadegas) president Arnulfo Rivas said they won't sell
gas in the northeast to demand the elimination of an alleged black
market of fuels controlled by a mafia.

"It is regrettable that president Danilo Medina Sanchez, on
February 20, instructed Industry and Commerce to confront and put
an end to the mafia that exists in the illicit fuel business,
however, the cartel in the importation of fuels continues," he
said, according to Dominican Today.

"The mafia that transports fuels is evident even next to our
stations, where tanks are installed to sell fuels, and this
irregular action counts on the sponsorship of Industry and Commerce
officials," he said, the report notes.

Mr. Rivas said the protests are already scheduled, including
escalating regional strikes, a national strike, a march to the
National Palace, which will be definitively initiated, the report
discloses.

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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M E X I C O
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PETROLEOS MEXICANOS: HSBC, J.P. Morgan Help Firm Refinance Debt
---------------------------------------------------------------
EFE News reports that investment banks J.P. Morgan, HSBC and Mizuho
Securities showed their confidence in the Mexican government,
agreeing to refinance the debt of Petroleos Mexicanos (Pemex) and
provide the state-owned oil company with two lines of credit
totaling $8 billion.

"It's being expanded in terms of the amount and we're talking about
an available fund of $8 billion. And the interest rate has also
been reduced," President Andres Manuel Lopez Obrador said during
his daily morning press conference at the National Palace,
according to EFE News.

                     *      *      *

As reported in the Troubled Company Reporter on October 2016,
Mexican Petroleum filed its report on form 6-K, disclosing a net
loss of MXN145.47 billion on MXN480.70 billion of total sales for
the six-month period ended June 30, 2016, compared to a net loss of
MXN185.18 billion on MXN588.36 billion of total sales for the same
period in the prior year. As of June 30, 2016, the Company had
MXN2.05 trillion in total assets, MXN3.50 trillion in total
liabilities and a total stockholders' deficit of MXN1.44 trillion.
The Company has experienced recurring losses from its operations
and have negative working capital and negative equity, which raises
substantial doubt regarding its ability to continue as a going
concern.




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

MONITRONICS INT'L: Forbearance Extension Was Thru May 15
--------------------------------------------------------
Monitronics International, Inc., on April 1, 2019, failed to make
the interest payment due on its 9.125% Senior Notes due 2020 and
such failure constituted a default under that certain Indenture,
dated as of March 23, 2012.  The Company's failure to make the
Interest Payment within 30 days after it was due and payable
constitutes an "event of default" under the Indenture.  As active
discussions are still ongoing regarding the Company's evaluation of
strategic alternatives, the board of directors of the Company
determined that the Company would not make the Interest Payment
prior to the expiration of the thirty day grace period.  An event
of default under the Indenture also constitutes an "event of
default" under the Company's Credit Agreement, dated as of March
23, 2012.

The Company, certain of its subsidiaries party to the Credit
Agreement, Bank of America, N.A., as administrative agent and
certain lenders entered into a Forbearance Agreement (as amended
and as further amended by Amendment No. 5 and Amendment No. 6 and
the Company and the guarantors of the Notes entered into a
forbearance agreement with certain holders of the Notes.  On May 7,
2019 and May 10, 2019, the Company received e-mail notices from the
Forbearing Noteholders that the Notes Forbearance Agreement will be
extended to May 10, 2019 and May 15, 2019, respectively, unless
certain specified circumstances cause an earlier termination,
pursuant to Section 2(g) of the Notes Forbearance Agreement.

Further, the parties to the Credit Forbearance Agreement extended
the Credit Forbearance Agreement to May 10, 2019 and May 15, 2019,
pursuant to that certain Amendment No. 5 to the Credit Forbearance
Agreement dated as of May 8, 2019 and by that certain Amendment No.
6, dated as of May 10, 2019, respectively, unless certain specified
circumstances cause an earlier termination.

                        About Monitronics

Farmers Branch, Texas-based Monitronics International, Inc. --
http://www.mymoni.com/-- operates as Brinks Home Security, a home
security and alarm monitoring company.  Headquartered in the Dallas
Fort-Worth area, Brinks Home Security provides residential
customers and commercial client accounts with monitored home and
business security systems, as well as interactive and home
automation services, in the United States, Canada and Puerto Rico.
Brinks Home Security customers are obtained through its
direct-to-consumer sales channel or its exclusive authorized dealer
network, which provides product and installation services, as well
as support to customers.  Monitronics is a wholly-owned subsidiary
of Ascent Capital Group, Inc.

Monitronics reported a net loss of $678.75 million for the year
ended Dec. 31, 2018, compared to a net loss of $111.29 million for
the year ended Dec. 31, 2017.  As of Dec. 31, 2018, Monitronics had
$1.30 billion in total assets, $1.89 billion in total liabilities,
and a total stockholders' deficit of $588.97 million.

KPMG LLP, in Dallas, Texas, the Company's auditor since 2011,
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 substantial
indebtedness classified within current liabilities that raises
substantial doubt about its ability to continue as a going
concern.

                           *    *    *

In April 2019, S&P Global Ratings lowered the issuer credit rating
on Monitronics International Inc. to 'SD' from 'CC'.  The downgrade
follows Monitronics' election not to make an approximately $26.7
million in interest on its 9.125% unsecured notes due 2020.

Moody's Investors Service downgraded Monitronics' Corporate Family
Rating to Ca from Caa2, as reported by the TCR on April 10, 2019.
The downgrade reflects the Company's near-term debt maturities and
the high likelihood of a default event under Moody's definition in
the near term.


STONEMOR PARTNERS: Reports Q1 Net Loss of $22.5 Million
-------------------------------------------------------
StoneMor Partners L.P. filed with the U.S. Securities and Exchange
Commission on May 10, 2019, its quarterly report on Form 10-Q
reporting a net loss of $22.53 million on $71.46 million of total
revenues for the three months ended March 31, 2019, compared to a
net loss of $17.92 million on $77.94 million of total revenues for
the three months ended March 31, 2018.

As of March 31, 2019, the Company had $1.72 billion in total
assets, $1.75 billion in total liabilities, and a total partners'
deficit of $28.83 million.

Net cash used in operating activities was $13.1 million during the
quarter ended March 31, 2019, a change of $19.3 million from $6.2
million in net cash provided by operating activities during the
quarter ended March 31, 2018.  The $19.3 million unfavorable
movement resulted from $13.7 million net cash outflow to fund
changes in working capital and a $5.6 million increase in net loss
excluding non-cash items.  The increase in net working capital was
primarily the result of managing the Company's working capital
through an increased focus on collection of accounts receivable.
The increase in net loss excluding non-cash items was due to a
decrease in revenues coupled with increased general and
administrative expense due to increased consulting and professional
fees resulting from the potential C-Corp conversion and due to
various changes in the Company's senior management.

Net cash used in investing activities was $1.9 million during the
quarter ended March 31, 2019, a decrease of $3.3 million from $5.2
million during the quarter ended March 31, 2018.  Net cash used in
investing activities during 2019 consisted of $1.9 million for
capital expenditures.  The decrease was primarily attributable to a
$2.5 million decrease in capital expenditures compared to the
quarter ended March 31, 2018, which included $1.4 million related
to the construction of a funeral home on an existing cemetery
location. In addition the prior year had a use of cash of $0.8
million related to acquisitions.

Net cash provided by financing activities was $21.3 million for the
quarter ended March 31, 2019, an increase of $18.7 million from
$2.6 million for the quarter ended March 31, 2018.  Net cash
provided by financing activities during 2019 was driven by proceeds
from long-term debt of partially offset by financing costs incurred
of $2.6 million.

StoneMor said, "While the Partnership relies heavily on its cash
flows from operating activities and borrowings under its credit
facility to execute its operational strategy and meet its financial
commitments and other short-term financial needs, the Partnership
cannot be certain that sufficient capital will be generated through
operations or available to the Partnership to the extent required
and on acceptable terms.  Moreover, although the Partnership's cash
flows from operating activities have been positive, the Partnership
has experienced negative financial trends which, when considered in
the aggregate, raise substantial doubt about the Partnership's
ability to continue as a going concern."

These negative financial trends include:

  * the Partnership has continued to incur net losses for the
    three months ended March 31, 2019 and has an accumulated
    deficit as of March 31, 2019, due to an increased competitive
    environment, increased expenses due to the proposed
    conversion of the Partnership to a C-corporation and
    increases in professional fees and compliance costs.

  * a decline in billings coupled with the increase in
    professional, compliance and consulting expenses, tightened
    the Partnership's liquidity position and increased reliance
    on long-term financial obligations, which, in turn,
    eliminated the Partnership's ability to pay distributions;

  * the Partnership's failure to comply with certain covenants of
    its Credit Agreement, as amended due to its prior inability
    to complete timely filings of its Annual Reports on Form 10-K
    and Quarterly Reports on Form 10-Q, exceeding the maximum
    consolidated leverage ratio financial covenant for the
    periods ended Dec. 31, 2017 and March 31, 2018, exceeding the
    maximum consolidated secured net leverage ratio financial
    covenant for the periods ended June 30, 2018, Sept. 30, 2018
    and Dec. 31, 2018 and not being able to achieve the minimum
    consolidated fixed charge coverage ratio for the periods
    ended June 30, 2018, Sept. 30, 2018 and Dec. 31, 2018.

"If the Partnership's planned and implemented actions are not
completed and cash savings realized and the Partnership fails to
improve its operating performance and cash flows, or the
Partnership is not able to comply with the covenants under its
amended credit facility, the Partnership may be forced to limit its
business activities, implement further modifications to its
operations, further amend its credit facility and/or seek other
sources of capital, and the Partnership may be unable to continue
as a going concern.  Additionally, a failure to generate additional
liquidity could negatively impact the Partnership's access to
inventory or services that are important to the operation of the
Partnership's business," added StoneMor.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/e5t5sc

                      About StoneMor Partners

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

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

                           *    *    *

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

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




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

TRINIDAD & TOBAGO: PM Says Government Not 'Panicked' Over Economy
-----------------------------------------------------------------
Anna Ramdass at Trinidad Express reports that Trinidad and Tobago
Prime Minister Dr Keith Rowley leaves at the end of May to meet
with energy executives in Holland, England and the United States.

He knocked the Opposition for rejoicing over "fake" negative news
as he urged them to get rid of the "bad vibes" and wish the country
well in the interest of all the people, according to Trinidad
Express.



                           *********


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.

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of the same firm for the term of the initial subscription or
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