/raid1/www/Hosts/bankrupt/TCRLA_Public/190522.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 22, 2019, Vol. 20, No. 102

                           Headlines



B R A Z I L

BRISTOW GROUP: Davis Polk Advises Ad Hoc Group of Noteholders


C A Y M A N   I S L A N D S

TRANSOCEAN SENTRY: S&P Rates New Private $500MM Sec. Notes 'B+'


C O L O M B I A

ESSMAR ESP: Fitch Affirms BB-/B Ratings & Alters Outlook to Neg.


C O S T A   R I C A

BANCO DE COSTA RICA: Fitch Affirms Then Withdraws B+ IDRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Santiago Merchants Face Hurdles


J A M A I C A

JAMAICA: BOJ Discloses Reduction in Interest Rate Corridor


M E X I C O

CUAUTITLAN IZCALLI: Moody's Withdraws 'Ba3' Issuer Rating
MEXICO: Leader Blasts Predecessors for Forgiving $20BB in Taxes


P A R A G U A Y

BIOCEANICO SOVEREIGN: S&P Assigns 'BB' Rating on 2019-1 Sec. Notes


P U E R T O   R I C O

KONA GRILL: U.S. Trustee Forms 5-Member Committee


V E N E Z U E L A

VENEZUELA: Maduro Calls Talks With Opposition Positive

                           - - - - -


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B R A Z I L
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BRISTOW GROUP: Davis Polk Advises Ad Hoc Group of Noteholders
-------------------------------------------------------------
Davis Polk is advising an ad hoc group of holders of nearly 90% of
the $350 million in first-lien senior secured notes issued by
Bristow Group Inc.  On May 10, 2019, the ad hoc group entered into
three agreements with Bristow to support a comprehensive
reorganization of its businesses: (i) The ad hoc group entered into
a prepetition $75 million term loan credit agreement with Bristow,
the proceeds of which will be used for general corporate purposes;
(ii) The restructuring support agreement contemplates that, upon
consummation of the Bristow's plan of reorganization, among other
things, the prepetition senior secured noteholders will equitize
their notes and have the ability to participate in a rights
offering to purchase a percentage of the equity of reorganized
Bristow at a discount to the plan of reorganization's equity value;
(iii) Under the debtor-in-possession commitment letter, the ad hoc
group provided a commitment for a further $75 million in
post-petition debtor-in-possession financing that would be
available upon approval by the Bankruptcy Court.

On May 11, 2019, Bristow filed voluntary chapter 11 petitions in
the Bankruptcy Court for the Southern District of Texas and a
"first day" hearing was held on May 14, 2019.  After a largely
consensual hearing, the Bankruptcy Court approved all of the first
day relief sought.

Bristow is the leading provider of industrial aviation services,
offering helicopter transportation, search and rescue, and aircraft
support services to government and civil organizations worldwide.

With headquarters in Houston, Texas, Bristow has major operations
in the North Sea, Nigeria, the United States 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.

The Davis Polk restructuring team includes partner Damian S.
Schaible, counsel Natasha Tsiouris and associates Jonah A.
Peppiatt, Erik Jerrard and Stephanie Massman.  The finance team
includes partner Kenneth J. Steinberg, counsel Andrei Takhteyev and
associates Vanessa L. Jackson and Scott G. Johnsson.  Partner James
I. McClammy provided litigation advice. All members of the Davis
Polk team are located in the New York office.

Haynes and Boone, LLP is acting as local counsel and PJT Partners
LP is acting as financial adviser to the ad hoc group.

                      About Bristow Group

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.
It also provides search and rescue services for governmental
agencies and the oil and gas industry.  Headquartered in Houston,
Bristow Group employs approximately 3,000 individuals around the
world.

Bristow Group and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case Nos. 19-32713 to
19-32720) on May 11, 2019.  As of Sept. 30, 2018, the Debtors had
$2.861 billion in assets and $1.886 billion in liabilities.  

The cases are assigned to Judge David R. Jones.

The Debtors tapped Baker Botts LLP as bankruptcy counsel; Wachtell,
Lipton, Rosen & Katz as co-counsel with Baker Botts; Alvarez &
Marsal and Houlihan Lokey Capital, Inc. as financial advisors; and
Prime Clerk LLC as claims, noticing and solicitation agent.




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C A Y M A N   I S L A N D S
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TRANSOCEAN SENTRY: S&P Rates New Private $500MM Sec. Notes 'B+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '1'
recovery rating to the proposed $500 million of senior secured
notes due 2023 that will be issued by Transocean Sentry Ltd, a
Cayman Islands indirect subsidiary of offshore drilling contractor
Transocean Ltd.

The '1' recovery rating on the notes indicates S&P's expectation
for very high recovery (90%-100%; rounded estimate: 95%) for
creditors in a payment default. The notes are secured by the harsh
environment semi-submersible drilling rigs Transocean Endurance and
Transocean Equinox, which are under long-term contract with Equinor
Energy ASA through June 2023 and December 2022, respectively,
currently at above market dayrates of $488,000. The notes are fully
and unconditionally guaranteed by parent companies Transocean Inc.
and Transocean Ltd. and their collateral rig-owning subsidiaries.

S&P expects the company to use the proceeds from these notes for
general corporate purposes, including the repayment of upcoming
debt maturities in 2020-21.

S&P has also affirmed its 'B+' issue-level rating on Transocean's
existing secured debt (including the company's secured credit
facility), its 'B' issue-level rating on the company's unsecured
debt with subsidiary guarantees, and its 'B-' issue-level rating on
the company's unsecured debt without guarantees, although it is
revising the recovery rating on the unsecured debt to '3' from '4'
based on a higher estimate of enterprise value. All of S&P's other
ratings remain unchanged.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors:

-- S&P values the company on a discrete asset-value basis based
    on its net book value and its estimated valuation for the
    company's fleet.

-- S&P estimates that for the company to default it would require
    a sustained period of minimal demand for offshore contract
    drilling services. This would likely occur due to sustained
    low oil prices or a permanent shift away from offshore
    resources and toward onshore resources.

-- S&P bases its recovery analysis on a net enterprise value for
    Transocean (net of 7% administrative expenses) of about $8.2
    billion. In S&P's view, the company's creditors would realize
    greater value through a reorganization of the company rather
    than through a liquidation of its assets.

-- S&P's analysis assumes the company's secured credit facility
    has a first-priority security interest in the Invictus,
    Inspiration, Asgard, Barents, and Spitsbergen, Dhirubhai
    Deepwater KG2 and Skyros rigs, and that its secured notes
    have a first-priority security interest in the Proteus,
    Thalassa, Conqueror, Pontus, and Poseidon drillships, and
    the Encourage, Enabler, Equinox and Endurance harsh
    environment rigs. Parent companies Transocean Inc. and
    Transocean Ltd. guarantee the credit facility and secured
    notes other than the notes that are secured by the
    Conqueror.

-- With regard to Transocean's unsecured debt with subsidiary
    guarantees, S&P's recovery expectations numerically exceed
    90%, but it caps the recovery rating on unsecured debt for
    companies in the 'B' rating category at '2', indicating
    its anticipation of substantial recovery (70%-90%) of
    principal. S&P caps the rating to reflect the heightened
    risk that additional priority or pari passu debt will be
    added along the path to default.

-- S&P assumes the company's secured debt is senior in right
    of payment relative to its unsecured debt without
    guarantees with respect to its other non-pledged assets
    (other than Global Marine Inc.).

-- Notes issued by Global Marine Inc. do not benefit from
    guarantees and S&P bases its recovery analysis for the
    notes on its assessment of recovery value at the
    subsidiary in a hypothetical default scenario.

Simulated default assumptions:

-- Simulated year of default: 2021

-- Jurisdiction (Rank A): Although Transocean Ltd. is
    headquartered in Switzerland, S&P believes it would most
    likely file for bankruptcy protection or restructure under
    the U.S. bankruptcy code given its nexus in the U.S.

-- Transocean's $1.36 billion revolving credit facility
    (which matures in 2023) is 60% utilized, with total
    outstanding borrowings (including six months' interest)
    at the time of S&P's hypothetical default of about $840
    million. S&P's 60% assumption is in accordance with its
    general guidelines for asset-backed lending facilities.

Simplified waterfall:

-- Net enterprise value (after 7% bankruptcy administrative
    costs): $8.2 billion
-- Secured first-lien debt at hypothetical default (including
    the credit facility and secured notes): $3.8 billion
-- Recovery expectations: 90%-100% (rounded estimate: 95%)
-- Total value available to unsecured claims: $4.4 billion
-- Senior unsecured debt (with subsidiary guarantees): $2.6
    billion
-- Recovery expectations: 70%-90% (rounded estimate: 85%)
-- Total value available to subordinated unsecured claims:
    $1.8 billion
-- Senior subordinated unsecured debt: $3.7 billion
-- Recovery expectations: 50%-70% (rounded estimate: 50%)

Simplified waterfall (Global Marine):

-- Net enterprise value (after 7% administrative costs): $15
    million
-- Senior unsecured debt: $310 million
-- Recovery expectations: 0%-10% (rounded estimate: 5%)

Note: All debt amounts include six months of prepetition interest.

  Ratings List

  Transocean Ltd.
   Corporate Credit Rating                B-/Negative/--

  Ratings Affirmed; Recovery Rating Unchanged

  Transocean Inc.
   Senior Unsecured                       B                  
    Recovery Rating                       2(85%)

  Transocean Inc.
  Transocean Phoenix 2 Ltd
  Transocean Pontus Ltd
  Transocean Poseidon Ltd
  Transocean Proteus Ltd.
  Transocean Guardian Ltd
   Senior Secured                         B+                 
    Recovery Rating                       1(95%)

  Global Marine Inc.
   Senior Unsecured
    Local Currency                        CCC                
    Recovery Rating                       6(5%)              

  Ratings Affirmed; Recovery Rating Revised
                                          To          From
  Transocean Inc.
   Senior Unsecured                       B-          B-
    Recovery Rating                       3(50%)      4(45%)

  New Rating

  Transocean Sentry Ltd
   Senior Secured
    US$500 mil nts due 2023               B+                 
     Recovery Rating                      1(95%)




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C O L O M B I A
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ESSMAR ESP: Fitch Affirms BB-/B Ratings & Alters Outlook to Neg.
----------------------------------------------------------------
Fitch affirmed the national long and short term ratings of Public
Services Company of the District of Santa Marta (ESSMAR ESP) in
'BB- (col)' and 'B (col)', respectively. Likewise, it revised the
Rating Perspective to Negative from Stable.

KEY FACTORS OF THE RATINGS

ESSMAR ESP's ratings reflect the existing link with the Santa Marta
district, rated by Fitch in 'A- (col)' with Stable Perspective,
which derives from a bottom-up rating approach based on the
individual rating of the entity. In Fitch's opinion, this link was
favored by the decision of the Santa Marta district to commit
future amounts for COP890,000 million (at constant 2018 prices) to
finance aqueduct and sewerage infrastructure works to be executed
by ESSMAR ESP. The individual credit quality of ESSMAR ESP is
commensurate with a rating of 'B (col)' which, by incorporating the
levels derived from its link with the Santa Marta district, results
in a long-term national rating of 'BB- ( cabbage)'

The individual qualification of ESSMAR ESP takes into account the
incorporation of street lighting as a new business unit that is
expected to generate positive cash flow and strengthen the
company's EBITDA generation. ESSMAR ESP expects to make investments
for COP58,000 million to provide an adequate service of public
lighting.

Likewise, the ratings include the adoption by ESSMAR ESP of the
operation of the aqueduct and sewage service, a business that poses
significant challenges both in terms of operation and execution of
demanding investment plans. The limited experience of ESSMAR ESP in
the operation of the aqueduct and sewerage system may limit its
ability to operate the service and execute the important
investments required by its infrastructure to strengthen the
operation and quality of the service. Although ESSMAR ESP would
benefit from the future validity resources committed by the Santa
Marta district for the funding of a significant amount of its
Aqueduct and Sewer Master Plan, it must execute said works in
addition to its Regulated Works and Investments Plan (POIR) ) for
COP100,000 million for the period 2019-2030.

For the execution of public lighting and sewage works, the company
plans to take debt for close to COP58,000 million, which according
to the base projection scenario of Fitch expects to result in high
leverage metrics of 7.9 times ( x), which, depending on the
amortization structure defined by the company, could further
pressure its cash position and weaken its credit profile. In its
baseline scenario, Fitch projects an average debt term of 10
years.

The stability of the rating is linked to the ability of the company
to operate the aqueduct and sewerage business, its ability to
execute its demanding investment plan that leads to the
strengthening of the service infrastructure and its operation; as
well as the definition of a debt structure according to its
operational flow capacity. While in principle the resources coming
from the public lighting business would be sufficient to service
the debt associated with this business, Fitch still has no
certainty as to what the debt amortization structure would
ultimately define the company and, considering that the expected
levels of leverage are high, A short-term debt amortization
schedule could compromise the company's ability to meet its
financial obligations. The agency carried out a proforma projection
exercise of the integrated operation since it did not have the
historical financial information on the performance of the aqueduct
and sewerage business.

Lastly, the ratings contemplate the participation of ESSMAR ESP
within a regulated and stable business, such as residential public
services, as well as its competitive position within its area of
influence. They also incorporate exposure to political risks
associated with management changes that could interfere with the
strategic direction of the company. The agency expects to resolve
the rating perspective once it can evaluate the performance of the
company's operation, the progress of the works execution and the
definition of the capital structure.

SUMMARY OF DERIVATION OF THE RATINGS

The infrastructure of ESSMAR ESP is weakened and has important
challenges in terms of quality, continuity, coverage, and recovery
of water losses. ESSMAR ESP compares negatively with the Public
Utilities Company of Duitama SAESP [Empoduitama, BB (col) /
Stable], which has managed to reduce its continuity indicator to
91% from 86%, while the ESSMAR ESP service is intermittent and has
reached almost 50% of its population without water service.
Likewise, ESSMAR ESP compares unfavorably with the aqueduct and
sewerage companies with a similar scale of operation, such as
Empresas Públicas de Neiva ESP [EPN, (BB- (col) / Positive
Perspective], which has been strengthening its operation with
margins of profitability EBITDA of 28% and operating generation of
COP58,000 million, with a prospective debt to EBITDA leverage of
1.0x, results that have exceeded Fitch's expectations. Although EPN
has a high loss indicator (59%), it has had sufficient robustness
to make investments to decrease this indicator. The indicator of
water losses of ESSMAR ESP is close to 67%.

Fitch projects ESSMAR ESP's EBITDA generation to be around
COP13,000 million for an EBITDA margin of 16%, with average
prospective leverage of 6.0x. This indicator is weak compared to
Empoduitama since it has a conservative capital structure, with
leverage of close to 1.0x.

The ESSMAR ESP rating is based on a credit quality commensurate
with the 'B (col)' category and includes the link with the Santa
Marta district, rated 'A- (col)' by Fitch, which results in a
rating of 'BB- (col)' with Negative Perspective.

KEY ASSUMPTIONS

Fitch's key assumptions for issuer rating include:

- the company has COP890,000 million (at constant 2018 prices)
   arranged in future periods for the development of its Aqueduct
   and Sewerage Investment Master Plan;

- income from the Interaseo concession increases with inflation
   estimated by Fitch;

- the revenues of the public lighting business behave according
   to the estimates made by the company;

- it is assumed that the company takes a credit for COP58,000
   million for the modernization of the public lighting business,
   with a term of 10 years and a grace period at a rate of
   DTF + 4%, a credit that is guaranteed by the expected flows
   of this business within a guarantee fiduciary and source of
   payment;

- the company makes investments for the public lighting
   business for COP46,400 million for 2019 and COP11,600 million
   in 2020;

- the base rate for aqueduct and sewerage is that approved by
   the Board of Directors in April of this year and is updated
   by the consumer price index once a year;

- the average consumption per subscriber is maintained at 16
   cubic meters during the projection period;

- the company makes annual investments of COP10,000 for
   aqueduct and sewerage;

- the company takes debt for working capital of aqueduct
   and sewerage for COP15,000 million at 2 years term, 6 months
   grace and with a rate of DTF + 6.5%.

SENSITIVITY OF THE RATINGS

Among the future developments that individually or collectively
could positively affect the company, are:

- strengthening the link with the district of Santa Marta;
- provision of the aqueduct and sewerage service that meets the
    quality and efficiency standards required by the regulation;
- strengthening of the capital structure;
- Strengthening infrastructure in such a way that supply risks
    associated with adverse weather conditions are mitigated.

Among the future developments that individually or collectively
could affect the company, are:

- weakening of the credit profile of the District of Santa Marta;
- weakening of operating generation due to poor service quality;
- additional investment needs that are financed mainly with debt;

- deterioration in a collection as a result of poor service
    provision.




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C O S T A   R I C A
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BANCO DE COSTA RICA: Fitch Affirms Then Withdraws B+ IDRs
---------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica's (BCR) Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'
and Viability Rating (VR) at 'b+'. The Rating Outlook is Negative.
At the same time, Fitch has withdrawn BCR's ratings for commercial
reasons.

The Negative Outlook on BCR's IDRs was aligned with the sovereign's
and indicates that the IDRs would have been downgraded in the event
of a Costa Rican sovereign downgrade. Conversely, a revision of the
sovereign's IDR Outlook to Stable would likely have prompted a
similar action on the bank's IDR Outlook.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS, AND SUPPORT RATINGS

BCR's IDRs were at the same level of the sovereign rating, the IDRs
were aligned with the sovereign reflecting the explicit guarantee
and complete ownership by the Costa Rican government, as well as
their important and long-lasting policy role and systemic
importance.

BCR's national ratings in Costa Rica were driven by the potential
support of the Costa Rican government (B+/Negative). As stated in
the National Banking System Law, all senior liabilities of the
Costa Rican state-owned banks' have the guarantee of the state and
the government is required to collaborate with the entity.

BCR's Support Rating (SR) of '4' reflected Fitch's opinion that
there is a moderate probability of support from the state. In
addition, the bank has a clear policy role and the explicit support
of the state. The SR level was limited by the sovereign rating. The
bank's Support Rating Floor (SRF) was equalized to the sovereign
rating, given the explicit guarantee from the government toward the
bank, and its systemic importance.

VR

BCR's VR was highly influenced by Costa Rica's operating
environment and sovereign rating, as well as by the bank's risk
appetite under the current economic conditions. Being a
systemically important bank, BCR has direct exposure to changes in
the domestic economy and the government's financial health through
its investment portfolio. In Fitch's view, further increases in
funding costs may pressure margins and profitability, while higher
foreign exchange rate volatility may stress asset quality and
capital metrics. BCR's VR also reflects, with moderate importance,
the bank's local market presence and diverse business model, as
well as its improved capital metrics and profitability levels and a
deteriorated asset quality as of March 2019.

DEBT RATINGS

The national ratings assigned to its issuances reflected the
creditworthiness of the bank in the domestic market since they were
senior unsecured.

RATING SENSITIVITIES

Not applicable as the ratings are being withdrawn.

Fitch has affirmed and withdrawn the following ratings:

Banco de Costa Rica:

-- Long-Term Foreign Currency IDR at 'B+'; Outlook Negative;
-- Short-Term Foreign Currency IDR at 'B';
-- Long-Term Local Currency IDR at 'B+'; Outlook Negative;
-- Short-Term Local Currency IDR at 'B';
-- Support Rating at '4';
-- Support Rating Floor at 'B+';
-- Viability Rating at 'b+';
-- Long-Term National Rating at 'AA+(cri)'; Outlook Stable;
-- Short-Term National Rating at 'F1+(cri)';
-- Long-term debt at 'AA+(cri)';
-- Short-term debt at 'F1+(cri)'.




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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: Santiago Merchants Face Hurdles
---------------------------------------------------
Dominican Today reports that Santiago's Merchants and Industries
Association (ACIS), created 58 years ago with 1,300 companies from
the north of the country, faces important challenges to maintain
the development achieved and continue on the path of growth as the
Cibao region main business entity.

The cost of transportation, of energy, the low purchasing power of
the population and the lack of infrastructure construction that
promote development are some of the hurdles, said Sandy Filpo,
president of the ACIS, accompanied by board members Luis Nunez and
Marcos Santana, according to Dominican Today.

Quoted by Diario Libre, Filpo said they wager on changes that
produce a regional business expansion, that the loss of employment
in recent years has significantly affected the city of Santiago,
which has lost its purchasing power, the ability to mobilize and
that about 50 million pesos that every Friday was spent on the
streets such as El Sol, "now have become businesses owned by
Chinese and Indian foreigners," 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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J A M A I C A
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JAMAICA: BOJ Discloses Reduction in Interest Rate Corridor
----------------------------------------------------------
RJR News reports that the Bank of Jamaica disclosed that the width
of the interest rate corridor is being reduced from 300 basis
points to 200 basis points.

The interest rate corridor is the difference between the Central
Bank's policy rate and the standard interest rate on its overnight
Standing Liquidity Facility, SLF, according to RJR News.

This adjustment will result in a reduction in the standard interest
rate on the SLF to 2.75 per cent per annum.

The SLF provides overnight liquidity to deposit-taking institutions
on demand, the report notes.

The Central Bank says the rates on its weekly 14-day repurchase
operations and 30-day Certificate of  Deposit will continue to be
determined by auction, the report adds.

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




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M E X I C O
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CUAUTITLAN IZCALLI: Moody's Withdraws 'Ba3' Issuer Rating
---------------------------------------------------------
Moody's de Mexico S.A. de C.V. withdrew the Ba3/Baa1.mx (Global
Scale, local currency/Mexico National Scale) issuer ratings of the
Municipality of Cuautitlan Izcalli and also withdrew the negative
outlook.

At the same time, Moody's de Mexico withdrew debt ratings of the
MXN 200 million loan (original face value) with BBVA Bancomer of
Baa3/Aa3.mx (Global Scale, local currency/Mexico National Scale)
and the MXN 75 million loan (original face value) with
Interacciones of Baa2/Aa2.mx (Global Scale, local currency/Mexico
National Scale).

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


MEXICO: Leader Blasts Predecessors for Forgiving $20BB in Taxes
---------------------------------------------------------------
The Latin American Herald reports that Mexican President Andres
Manuel Lopez Obrador said that his two immediate predecessors used
executive authority to write off more than $20 billion in taxes
owed by large corporations.

"In two six-year terms, large taxpayers were forgiven around MXN400
billion (US$20.9 billion). It's a kind of white-collar looting that
will be eliminated," he said during his daily morning press
conference, according to The Latin American Herald.

Fulfilling a promise he made, the leader of the leftist Morena
party signed a decree renouncing his authority as president to
write off tax debts, the report notes.

"It is about ending tax privileges and enforcing the constitution
in letter and spirit," Lopez Obrador said, the report says.

Margarita Rios-Fajart, director of Mexico's SAT tax service, said
at the press briefing that from 2007-2012, under then-President
Felipe Calderon, 18,302 taxpaying entities benefited from MXN161.93
billion (US$8.45 billion) in tax forgiveness, the report says.

Both figures increased substantially during the 2012-2018
administration of Enrique Pena Nieto, who wrote off MXN238.97
billion (US$12.47 billion) in taxes owed by 135,228 filers, the
report says.

The total amount of tax debt canceled over the 11 years was
MXN400.9 billion ($20.93 billion), according to the SAT, the report
says.

And just 108 entities accounted for 54 percent of all the taxes
forgiven, the report discloses.  Of that number, 45 managed to get
the records sealed, the report says.

The 2000-2006 presidency of Vicente Fox saw the advent of a "scheme
of cancelations" that did not treat all taxpayers equitably, Mr.
Rios-Fajart said, the report relays.

Lopez Obrador said that executive tax forgiveness would not be
extended to anyone during his 2018-2024 mandate, the report notes.

"The tax cancelations are going to end and we are already
completing the investigation of how thousands of millions of pesos
in taxes were forgiven," he said then, the report relays.

The Organization for Economic Cooperation and Development (OECD),
which comprises 36 mainly well-off countries, said in a 2017 report
that the total amount of revenue taken in as taxes by the Mexican
government was equivalent to 16.2 percent of the country's gross
domestic product, the report discloses.

The median tax take for the other 35 OECD member-states was 34.2
percent of GDP, the report adds.




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P A R A G U A Y
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BIOCEANICO SOVEREIGN: S&P Assigns 'BB' Rating on 2019-1 Sec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' rating to Bioceanico Sovereign
Certificate Ltd.'s $732 million senior secured notes series
2019-1.

The note issuance is a repack securitization backed by irrevocable
payment obligations issued by the Paraguayan Ministry of Public
Works and Communications (MOPC), and signed by the Ministry of
Finance (MOF), to finance the design and construction of a new road
between Loma Plata and Carmelo Peralta located in the Republic of
Paraguay (BB/Stable/B).

The 'BB' rating reflects:

-- The credit quality of the CROPs, which S&P believes to be at
the same level as the foreign currency rating on Paraguay.

-- The transaction's pass-through payment structure, which
mitigates the risk of shortfalls and payment mismatches between
assets and liabilities.

-- The lack of construction, operating, or performance risks
associated with the CROPs. This is because the MOF and MOPC will
each sign and issue one CROP to the issuer after Consorcio Corredor
Vial Bioceanico (the consortium) satisfactorily completes each of
the 20 predefined milestones of the project. Therefore, the CROP
payments will not be contingent upon any risk related to the
project, the project contract, the consortium, or the consortium's
members.

-- A CROP collection account held offshore that will be funded
with payments received from Paraguay under the purchased CROPs.

-- A consortium commitment termination event (CTE) protection
account also held offshore and funded by the consortium as
collateral support, which is to be used following the occurrence of
either a total or partial CTE.

-- Features within the transaction's structure that mitigate
foreseeable risks (e.g., administrative delays or purchase
extensions) of the generation of CROPs in exchange for additional
collateral posted by the seller via direct deposits in the
corresponding account and/or with a letter of credit (LOC) from an
entity with a minimum required creditworthiness.

-- Key credit risks, including macroeconomic and political factors
that could affect S&P's rating on Paraguay and its view of the LOC
provider's creditworthiness, which could limit the transaction's
credit quality.

-- The transaction's legal structure, asset isolation under the
relevant jurisdictions, and the issuer's legal status, which S&P
understands to be bankruptcy remote.

-- Since S&P published the presale for this transaction, the
discount rate at which the zero-coupon notes were sold to
investors, or the notes' effective yield, is equal to 5.375%.




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

KONA GRILL: U.S. Trustee Forms 5-Member Committee
-------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on May 16 appointed
five creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of Kona Grill, Inc. and its
affiliates.

The committee members are:

     (1) The Taubman Company
         Attn: Andrew Conway
         200 East Long Lake Road
         Bloomfield Hills, MI 48304
         Phone: 248-258-7427   

     (2) Brookfield Property REIT, Inc.
         Attn: Julie Minnick-Bowden
         350 N. Orleans Street, Suite 300
         Chicago, IL 60654-1607
         Phone: 312-960-2707
         Fax: 312-442-6374   

     (3) Edward Don & Company
         Attn: John Fahey
         9801 Adam Don Parkway
         Woodridge, IL 60517
         Phone: 708-883-8362
         Fax: 866-299-3038

     (4) Tracy Fortman
         c/o Robert R. Hopper & Associates, LLC
         Attn: Jason Juran
         333 S. 7th Street, Suite 2450
         Minneapolis, MN 55402
         Phone: 651-455-2199

     (5) True Worlds Foods, LLC
         Attn: Daniel Gray
         24 Link Drive
         Rockleigh, NJ 07647
         Phone: 914-260-9653
         Fax: 201-750-0025

Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                       About Kona Grill

Kona Grill, Inc. -- https://www.konagrill.com/ -- owns and operates
27 casual dining restaurants in 18 states, as well as Puerto Rico,
serving contemporary American favorites, sushi, and alcoholic
beverages throughout the United States and Puerto Rico.

Kona Grill, Inc., and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No.
19-10953) on April 30, 2019.  As of Dec. 31, 2018, the Debtors'
total assets is $53,613,000 and total liabilities of $74,049,000.
The petition was signed by Christopher J. Wells, chief
restructuring officer.

The Debtors tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Piper Jaffray as investment banker; Alvarez & Marsal North America,
LLC as restructuring advisor and Epiq Corporate Restructuring, LLC
as claims and noticing agent.




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

VENEZUELA: Maduro Calls Talks With Opposition Positive
------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro called
the first day of contacts with the opposition "very positive" as
the two sides launched a dialogue, while noting that he is not
naive and pledging to go on "preparing to defend the homeland,
wherever, whenever and however may be" necessary.

"We held the first day (of talks) with the mediation of the
Norwegian government," said President Maduro at an event with
supporters to celebrate the first anniversary of his re-election
victory, a victory that has been rejected by the opposition and
their foreign backers, according to EFE News.

Opposition leader Juan Guaido, who is recognized as Venezuela's
interim president by more than 50 nations, confirmed that contacts
are being pursued between the government and the opposition in
Oslo, sponsored by Norway, although he warned that these talks must
lead to the "end of the usurpation" of power, which is how he
refers to President Maduro's second term in office, the report
discloses.

However, Mr. Guaido said that the Maduro government is "so weak"
that it wants to "manipulate" the dialogue with the opposition, the
report relays.

President Maduro suggested pushing forward the country's
legislative elections scheduled for 2020, the report relays.

President Maduro remarked that the opposition-controlled assembly
is the "only institution that has not legitimized itself in the
last five years," referring to last year's presidential election
and to a series of state and municipal ballots as well as to a
round of voting in 2017 for a National Constituent Assembly (ANC),
the report discloses.

The National Assembly has been the only government body in the
hands of Venezuela's oppositions since winning legislative
elections in 2015, the report discloses.

Early in the term, however, the Supreme Court declared the assembly
in contempt over its insistence on seating several members accused
of electoral fraud, the report relays.

In 2017, President Maduro sponsored the creation of the ANC,
dominated by government supporters, which has since assumed duties
and responsibilities exclusive, the report adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in May 2018 removed its long- and short-term local
currency sovereign credit ratings on Venezuela from CreditWatch
with negative implications and affirmed them at 'CCC-/C'. The
outlook on the long-term local currency rating is negative. At the
same time, S&P affirmed its 'SD/D' long- and short-term foreign
currency sovereign credit ratings on Venezuela.  S&P's transfer and
convertibility assessment remains at 'CC'.



                           *********


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.
.


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