TCRLA_Public/190603.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

          Monday, June 3, 2019, Vol. 20, No. 110



BARBADOS: Clashes With Creditors in Talks to Cut Greece-Like Debt


ATVOS AGROINDUSTRIAL: Alvarez & Marsal Named as Administrator
ULTRAPAR INT'L: Moody's Rates New $500MM Unsec. Notes 'Ba1'
ULTRAPAR INT'L: S&P Rates New $500MM Unsec. Notes 'BB+'


CORPORACION DEL COBRE: Workers Vote to Authorize Strike


CUBA: Should Respond to US Pressure by Opening Economy, EU Says

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fitch Rates 2026 Peso & 2049 USD Notes 'BB-'


JAMAICA: Signs GIDP Agreement With CHEC


MEXICO: President Confident US Will Retreat on Tariff Threat


FERREYCORP: Moody's Withdraws Ba1 CFR on Senior Notes Repayment

P U E R T O   R I C O

EL CANO DEVELOPMENT: June 20 Hearing on Disclosure Statement


PETROLEOS DE VENEUELA: Moody's Withdraws 'C' Sec. & Unsec. Rating


[*] BOND PRICING: For the Week May 27 to May 31, 2019

                           - - - - -


BARBADOS: Clashes With Creditors in Talks to Cut Greece-Like Debt
Ezra Fieser at Bloomberg News reports that Barbados' prime minister
is butting heads with creditors over how to cut one of the world's
largest sovereign debt loads, creating a sticking point in the
year-long negotiations to restructure the Caribbean nation's
defaulted dollar bonds.

Talks with foreign creditors have dragged on since last June, when
Prime Minister Mia Mottley said she would restructure the island's
"unsustainably high" debt burden, according to Bloomberg News.  

While both sides said they are open to continued negotiation, they
appear far from consensus, Bloomberg News cites.

A committee of creditors, who hold 55% of outstanding dollar debt,
said that they plan to unanimously reject a government proposal to
exchange defaulted bonds for new debt unless the two sides
negotiate together, Bloomberg News relays.

"The committee strongly believes that the launch of a unilateral
exchange offer by the government of Barbados without the support of
the committee will be highly detrimental to the country's economic
stability," they said in a statement obtained by the news agency.

Both sides agree the country of 300,000 people needs to cut debt
levels, the report notes.  Yet talks have soured in recent weeks
over how much of the burden should be borne by creditors in the
form of deep haircuts or other terms, Bloomberg News discloses.
For its part, the government said it isn't willing to negotiate
targets established when it took a bailout from the International
Monetary Fund last year, Bloomberg News says.

                            No Compromise

At that time, Bloomberg notes, the government estimated debt had
ballooned to about 175% of gross domestic product, meaning it owed
around $9 billion.  That would have made it one of the world's
most-indebted countries, trailing only a handful of others,
including Greece, according to IMF figures, Bloomberg News relays.
Mottley said she "will not compromise" on the goal of bringing that
ratio down to 60% by 2033, Bloomberg News notes.

"We leave it to creditors to decide whether this is achieved
through a par deal with long tenors and low interest rates, or face
value haircuts with shorter tenors and higher interest rates. But
the targets must be met in full," she said in a written response to
questions, Bloomberg News says.

Bloomberg News relays that Mottley inherited a troubled $5 billion
economy when she took office last May.  The island known for its
white sand beaches had been struggling for years amid competition
from less-pricey Caribbean tourism destinations, crumbling
infrastructure, and a currency that's pegged to the U.S. dollar,
Bloomberg News notes. She quickly struck a $290 million deal with
the IMF and restructured about $6 billion in local currency debt,
Bloomberg News says.

Bloomberg News notes that the government owes around $700 million
in dollar bonds, plus bank loans and other foreign debts, according
to a spreadsheet posted to a website for creditors in January.
Bonds maturing in 2035 have rarely traded in recent months,
according to data compiled by Bloomberg.

Bloomberg News relays that the creditors committee said it put
forth an offer "based on terms that aim to support the government's
debt and reform objectives while creating restructured instruments
with broad market acceptance."  The committee said it is made up of
long-term investors, regional central banks, individual bondholders
and financial institutions and represented by advisers Newstate
Partners and Washington-based law firm Arnold & Porter Kaye Scholer
LLP, Bloomberg News notes.

The creditors contend that their offer would have allowed the
government to reach its debt target a year later than it wants,
according to people familiar with the committee's negotiations,
Bloomberg News says.  The committee's position is that the
government's estimates fail to take into account certain revenue
variables and that it is trying force severe restructuring terms on
creditors to meet its debt targets, said the people, who were not
authorized to discuss the negotiations, Bloomberg News relays.

White Oak Advisory, which is representing the government in
negotiations, said the creditors' offer "fails to meet IMF test for
debt sustainability, and by quite some margin," according to an
email statement, Bloomberg News notes.  "It is disappointing that
Barbados continues to be faced with this kind of position after
almost a year of negotiations," Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on Nov.
22, 2018, S&P Global Ratings raised its long- and short-term local
currency sovereign credit ratings on Barbados to 'B-/B' from
'SD/SD' (selective default). At the same time, S&P Global Ratings
assigned its 'B-' issue-level rating to Barbados' long- term debt
issued in its debt exchange. S&P Global Ratings also affirmed its
'SD/SD' long- and short-term foreign currency credit ratings on the
country, and its 'D' (default) ratings on Barbados'
foreign-currency issues. Finally, S&P Global Ratings raised its
transfer and convertibility assessment on the country to 'B-' from


ATVOS AGROINDUSTRIAL: Alvarez & Marsal Named as Administrator
Carolina Mandl at Reuters reports that a Brazilian judge has named
restructuring firm Alvarez & Marsal as judicial administrator of
ethanol company Atvos' in-court restructuring, according to a

Atvos, a unit of industrial conglomerate Odebrecht SA, filed for
bankruptcy protection after creditor Lone Star Funds got a court
decision blocking its cash position, according to Reuters.

ULTRAPAR INT'L: Moody's Rates New $500MM Unsec. Notes 'Ba1'
Moody's Investors Service assigned a Ba1 rating to the $500 million
proposed senior unsecured notes due 2029 to be issued by Ultrapar
International S.A., fully and unconditionally guaranteed by
Ultrapar Participacoes S.A. ("Ultrapar", Ba1/ and Ipiranga
Produtos de Petroleo S.A. ("Ipiranga", Ba1/ The outlook is

Proceeds from the proposed notes are part of Ultrapar's liability
management strategy and will be used for the repurchase of up to
$200 million of the outstanding 5.250% senior unsecured notes due
2026, other debt payments and general corporate purposes.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

Ratings assigned:

Issuer: Ultrapar International S.A.

  - $500 million senior unsecured notes due 2029: Ba1 (global

The outlook is stable


Ultrapar's rating reflects the company's solid business model,
low-risk profile, stable cash flow and leading positions in
different segments such as fuel and liquefied petroleum gas
distribution, specialty chemicals, storage of liquid bulk and
retail drugstores. Over the past few years, the company has
demonstrated its ability to continue to grow its sales and sustain
cash generation despite adverse market conditions and a sizable
capital spending plan. Nonetheless, in 2018, EBITDA and leverage
metrics were considerably strained by the negative impact of a
nationwide trucker's strike and losses on inventories following the
introduction of fuel subsidies by the Brazilian government. Since
the fourth quarter of 2018, fuel market volumes started to
normalize and Moody's expects that this trend will continue in the
following quarters, improving EBITDA generation and reducing
leverage toward 3.6x in the next 12 to 18 months from 5.0x in March

At the same time, Ultrapar Ba1 ratings are constrained by the
company's high capital spending, acquisitive growth strategy and
dependence on a few key suppliers for raw materials. The more
cyclical nature of the company's specialty chemicals business is
also credit negative, although to a lesser extent. Ratings are
constrained by the Government of Brazil's Ba2 rating, and,
currently, by the high gross leverage. Since most of the proceeds
of proposed issuance will be channeled to debt reduction, Moody's
expects gross debt pro-forma to increase by less than 0.1x.
Liquidity is adequate with BRL 6.4 billion in cash and BRL 1.9
billion in short-term debt.

The stable outlook reflects Moody's view that Ultrapar will
maintain its leading position in its relevant business segments and
will continue to maintain prudent financial policies, including the
maintenance of an adequate liquidity profile and financial
leverage. Moreover, while dividends are expected to remain robust,
they should not prevent positive free cash flow generation.

An upgrade of Ultrapar's rating could happen in case of an upgrade
of Brazil's sovereign rating, and is dependent on the company
maintaining strong credit metrics and liquidity.

Negative actions on Brazil's sovereign rating could trigger a
downgrade of Ultrapar's ratings. Quantitatively, negative pressure
on the ratings could arise in case of a deterioration in the
group's liquidity position, an increase in leverage to above 4.0x
debt/EBITDA without prospects of deleveraging in the near term. A
drop in interest coverage, as measured by EBIT/interest expense, to
below 2.5x for a prolonged period and operating margins below 3.0%,
could negatively pressure the rating.

Ultrapar Participacoes S.A., headquartered in Sao Paulo, Brazil, is
engaged in fuel (Ipiranga) and liquefied petroleum gas (Ultragaz)
distribution, specialty chemicals production (Oxiteno), storage for
liquid bulk (Ultracargo) and retail drugstore (Extrafarma). In the
last twelve months ended March 31, 2019, Ultrapar reported
consolidated net revenues of BRL 90.6 billion (about USD 24.0
billion). Ipiranga is the group's largest business segment,
representing 82% of consolidated net revenues and 62% of EBITDA in
the same period.

ULTRAPAR INT'L: S&P Rates New $500MM Unsec. Notes 'BB+'
S&P Global Ratings assigned its 'BB+' issue-level rating and
recovery rating of '3' to Ultrapar International S/A's proposed
$500 million senior unsecured notes due 2029. The recovery rating
of '3' indicates that bondholders can expect a meaningful (50%-70%)
recovery in the event of a payment default.

Ultrapar International S/A is a subsidiary of the Brazilian
conglomerate, Ultrapar Participacoes S.A. (Ultrapar;
BB+/Stable/--), which unconditionally and irrevocably guarantees
the notes. The issuance won't change our exéctations for
Ultrapar's net leverage, with net debt to EBITDA at around
2.0x-2.5x in 2019, because the company plans to use the proceeds
for debt refinancing such as repurchasing the 5.250% notes due 2026
and other corporate debt.

  Ratings List
  New Rating
  Ultrapar International S/A

  Senior Unsecured
  US$0 mil nts         BB+
  Recovery Rating  3(55%)


CORPORACION DEL COBRE: Workers Vote to Authorize Strike
The Latin American Herald reports that workers at Chuquicamata, one
of the largest mines operated by Chile's Corporacion del Cobre
(Codelco), rejected the latest offer from management and voted to
authorize a strike, union officials said.

Representatives of the three unions at Chuquicamata and officials
of the state-owned mining company said a strike can still be
averted through mediation and further negotiations, according to
The Latin American Herald.

Some 86 percent of members rejected the latest proposal made on May
24 by Codelco, which offered CUP9.85 million (US$14,500) in
compensation per worker, union leaders said, the report notes.

Codelco made its latest proposal after the unions rejected a larger
offer of CUP13.7 million ($19,680) per worker on a 36-month
contract, the report discloses.

The report relays that the mining company's new proposal calls for
a 27-month collective bargaining agreement.

Of the 2,929 members voting, 2,755 cast ballots in favor of
authorizing a strike, while just 169 voted to accept Codelco's
latest offer, union officials said, the report notes.

The report discloses that with a strike now authorized, the two
sides can turn to mediation by the Chilean Labor Board to try to
reach a deal.

Mediation takes place in five-day rounds, with additional five-day
extensions, if the parties agree, the report relays.

Codelco Chief Executive Officer Nelson Pizarro said there might
still be some kind of "interruption" in production at the mine, but
a lesser one since the two sides could still turn to mediation or
hold additional negotiations, the report notes.

"We believe that we have an excellent opportunity to reach an
agreement," Pizarro said during the presentation of the company's
first-quarter earnings release, the report says.

Finance Minister Felipe Larrain said he was concerned about the
situation and called on the two sides to avoid a strike, the report

"We always hope that strikes can be avoided and until the last
minute, the last effort by both sides, there can be flexibility to
avoid interrupting the negotiations," the report quoted Mr. Larrain
as saying.

Labor Minister Nicolas Monckeberg, for his part, said that while
the government respected the right to strike, "we all know it's a
last resort and all other options for dialogue must be exhausted
before going on strike," the report notes.

The unions said in a statement that members' vote to strike was a
rejection of management's latest offer and, "in addition, reflected
the failure of a human resources and labor relations policy that is
dominated daily by threats and all types of pressure on the
personnel," the report relays.

Chuquicamata is in the process of being converted from an open pit
mine to an underground mine at a cost of about $5.5 billion, making
it one of Codelco's main investment projects, the report notes.

Codelco is undertaking several structural projects aimed at
extending the operating lives of its main mines by about 50 years
at a cost of $18 billion, the report adds.


CUBA: Should Respond to US Pressure by Opening Economy, EU Says
EFE News reports that the Cuban government should turn a negative
into a positive by liberalizing the economy in response to recent
moves by the United States to tighten the embargo on the
Communist-ruled island, the European Union's envoy to Cuba said.

"Beyond looking toward the past and criticizing the Helms-Burton
Act (US legislation targeting Cuba), there is also an opportunity
here to improve the security of investments, to facilitate trade
and investment.  And on that, the European Union will be with you,"
Ambassador Alberto Navarro said, according to EFE News.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fitch Rates 2026 Peso & 2049 USD Notes 'BB-'
Fitch Ratings has assigned a 'BB-' rating to Dominican Republic's
DOP50.523 billion notes (equivalent to USD1 billion ), maturing
2026 and to the USD1.5 billion bonds maturing 2049.

The DOP notes are denominated in Dominican pesos, pay principal and
interest in U.S. dollars, and carry a coupon of 9.75%. The USD
bonds carry a yield to maturity of 6.492%.

Proceeds from the issuance will be used for general purposes of the
government, including the partial financing of the 2019 budget.


The bond ratings are in line with Dominican Republic's Long-Term
Foreign Currency Issuer Default of 'BB-'. As per Fitch's Sovereign
Criteria, a bond issued in local currency and payable in foreign
currency is assigned an issue rating at the level of the Long-Term
Foreign Currency IDR.


The bonds aresensitive to any change in Dominican Republic's
Long-Term Foreign Currency IDR. Fitch affirmed Dominican Republic's
Long-Term Foreign Currency IDR at 'BB-' with a Stable Outlook on
Sept. 20, 2018.  


JAMAICA: Signs GIDP Agreement With CHEC
RJR News reports that Jamaica signed a Memorandum of Understanding
with the China Harbour Engineering Company (CHEC) for the Greater
Infrastructure Development Program (GIDP).

The MOU was signed by Senator Pearnel Charles Jr, Minister without
Portfolio in the Ministry of Economic Growth and Job Creation, in
Macao SAR, China, according to RJR News.
Senator Charles Jr. said the GIDP is expected to bring
unprecedented infrastructure development to Jamaica and is intended
to succeed the soon to be concluded Major Infrastructure
Development Program, the report notes.

He said it will be a comprehensive infrastructure program which
will include not just road works but water and sewerage
development, as well as, multiple bypasses for several major towns
including Kingston, the report relays.

Senator Charles Jr. is attending the 5th China-LAC Infrastructure
Forum and the 10th International Infrastructure Investment and
Construction Forum in China, the report adds.


MEXICO: President Confident US Will Retreat on Tariff Threat
EFE News reports that Mexico's president said he is confident the
United States will desist from its threat to impose tariffs on the
Aztec nation.

US President Donald Trump said the US will impose escalating
tariffs on Mexico unless it takes aggressive steps to stop the flow
of illegal migrants from Central America, according to EFE News.


FERREYCORP: Moody's Withdraws Ba1 CFR on Senior Notes Repayment
Moody's Investors Service has withdrawn Ferreycorp S.A.A.'s Ba1
corporate family rating and stable outlook. At the time of
withdrawal, there was no instrument rating outstanding.


Moody's has withdrawn the ratings following the recent repayment of
the company's senior secured global notes.

Headquartered in the city of Lima, Peru, Ferreycorp S.A.A.
(Ferreycorp) is Caterpillar Inc.'s sole distributor in Peru,
Guatemala, El Salvador and Belize. The company also distributes
products under Massey Ferguson, Kenworth, Iveco, DAF, Metso, Terex,
Kepler Weber, Landini, Sullair, Good Year, Exxon Mobil and Zaccaria
brand names, among others.

P U E R T O   R I C O

EL CANO DEVELOPMENT: June 20 Hearing on Disclosure Statement
A hearing on approval of disclosure statement of El Cano
Development Inc. is scheduled for June 20, 2019 at 9:30 AM at the
United States Bankruptcy Court, Southwestern Divisional Office, MCS
Building, Second Floor, 880 Tito Castro Avenue, Ponce, Puerto

Objections to the form and content of the disclosure statement
should be filed and served not less than fourteen (14) days prior
to the hearing.

                 About El Cano Development

El Cano Development Inc. sought protection under Chapter 11 of the

Bankruptcy Code (Bankr. D.P.R. Case No. 16-08122) on October 11,
2016.  The petition was signed by Adrian J. Hilera Vidal,
president.  At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of less than $500,000.

Modesto Bigas Law Office is the Debtor's bankruptcy counsel.


PETROLEOS DE VENEUELA: Moody's Withdraws 'C' Sec. & Unsec. Rating
Moody's Investors Service has withdrawn all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.


Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.


[*] BOND PRICING: For the Week May 27 to May 31, 2019
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP


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 * * *