TCRLA_Public/190604.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

          Tuesday, June 4, 2019, Vol. 20, No. 111

                           Headlines



A R G E N T I N A

ARGENTINA: Opposition Candidate Fernandez Pledges No Default
ENEL GENERACION: Moody's Withdraws B2 CFR for Business Reasons


B E R M U D A

ENSTAR GROUP: Fitch Affirms BB+ Rating on $110MM Preference Shares


B R A Z I L

BRF SA: In Talks to Form Meatpacking Heavyweight With Marfrig
BRF SA: S&P Puts All Ratings on CreditWatch Positive
GLOBAL PAYMENTS: Moody's Puts Ba2 CFR Under Review for Upgrade
USJ ACUCAR: Fitch Ups IDR to CCC- & Rates 2021 Secured Notes CCC


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Issues Bond of US$2.5 Billion
DOMINICAN REPUBLIC: Releases US$584MM From Bank Reserve For Loans


J A M A I C A

DIGICEL GROUP: Antigua Prevented From Confiscating Spectrum


M E X I C O

CELADON GROUP: Inks 17th Amendment to Credit Facility
VINTE VIVIENDAS: S&P Affirms 'BB' Global Scale ICR, Outlook Stable

                           - - - - -


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

ARGENTINA: Opposition Candidate Fernandez Pledges No Default
------------------------------------------------------------
Ken Parks at Bloomberg News reports that Argentine opposition
candidate Alberto Fernandez said he won't lead the country into
default if he wins the presidential election in October, seeking to
reassure investors who fear a new government might renege on its
borrowings.

"What we can guarantee is that we aren't going to fall into a new
default.  I received an Argentina in default.  I don't want
Argentina to fall back into that," Fernandez, 60, said in reference
to his stint in Nestor Kirchner's government at the beginning of
the century when the country was emerging from a devastating debt
default, according to Bloomberg News.

Fernandez and his running mate, former President Cristina Kirchner,
are trying to broaden support among independents and their Peronist
movement ahead of the August primary elections to represent the
party in the Oct. 27 national election, the report notes.  The mere
possibility of populist Kirchner returning to power roiled markets
in April. Business-friendly President Mauricio Macri is the
favorite of investors, though since taking office in late 2015 he
has presided over two recessions, soaring inflation and a collapse
in the currency that forced him to seek an IMF bailout last year,
the report relays.

Fernandez said that he will pull his country out of its latest
crisis by falling back on his experience in turning around
Argentina in the wake of the 2002 default and banking crisis, the
report says.

"I've already lived this before and I know how to get out of this,"
he told reporters in Montevideo, the report notes.

Fernandez met with Uruguayan political leaders including former
President Jose Mujica and Mercosur legislators during a one-day
visit to Uruguay's capital, the report adds.

                        About Argentina

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in June 2018 affirmed its 'B+' long-term sovereign
credit ratings on the Republic of Argentina. S&P's long-term
sovereign credit ratings on Argentina was raise to 'B+' from 'B' in
October 2017. The outlook on the long-term ratings remains stable.

In May 2018, Fitch Ratings affirmed Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised the
Outlook to Stable from Positive.

In December 2017, Moody's Investors Service upgraded the Government
of Argentina's local and foreign currency issuer and senior
unsecured ratings to B2 from B3. The senior unsecured shelves were
upgraded to (P)B2 from (P)B3. The outlook on the ratings is
stable.

At the same time, Argentina's short-term rating was affirmed at Not
Prime (NP). The senior unsecured ratings for unrestructured debt
were affirmed at Ca and the unrestructured senior unsecured shelf
affirmed at (P)Ca. Moody's said the key drivers of the upgrade of
the rating to B2 are: (1) a record of macro-economic reforms that
are beginning to address long existing distortions in Argentina's
economy; and (2) the likelihood that reforms will continue and in
turn sustain the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  Earlier that day, talks with a court-appointed mediator
ended without resolving a standoff between the country and a group
of hedge funds seeking full payment on bonds that the country had
defaulted on in 2001. A U.S. judge had ruled that the interest
payment couldn't be made unless the hedge funds led by Elliott
Management Corp., got the US$1.5 billion they claimed. The country
hasn't been able to access international credit markets since its
US$95 billion default 13 years ago. On March 30, 2016, Argentina's
Congress passed a bill that will allow the government to repay
holders of debt that the South American country defaulted on in
2001, including a group of litigating hedge funds that won
judgments in a New York court. The bill passed by a vote of 54-16.


ENEL GENERACION: Moody's Withdraws B2 CFR for Business Reasons
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn Enel Generacion El Chocon S.A. B2/A1.ar Corporate Family
Ratings for its own business reasons.

The following ratings were withdrawn:

  LT Corporate Family Rating: Issuer Rating: B2

  NSR LT Corporate Family Rating: A1.ar

  Outlook: Stable

Enel Generacion El Chocon S.A. engages in the generation of
electricity in Argentina.




=============
B E R M U D A
=============

ENSTAR GROUP: Fitch Affirms BB+ Rating on $110MM Preference Shares
------------------------------------------------------------------
Fitch Ratings has affirmed Enstar Group Limited's Long-Term Issuer
Default Rating at 'BBB', senior unsecured notes at 'BBB-', senior
shelf registration at 'BBB-' and preference shares at 'BB+'. The
Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch's rating affirmation reflects Enstar's solid business
franchise acquiring and managing non-life runoff companies, strong
profitability derived from consistent favorable reserve development
in non-life runoff business and reasonable financial leverage.
Offsets to these positives include the company's risk profile,
which is potentially subject to change based on future acquisitions
and capital needs, considerable exposure to long-tailed reserves,
declining fixed charge coverage, a sizable reinsurance recoverable
balance from runoff business, and active non-life business that
adds potential risk outside of the company's core non-life runoff
business.

Fitch views Enstar's overall business profile as moderate compared
to other non-life (re)insurance organizations, maintaining a
leading position in its core non-life runoff (re)insurance
operations, with a very experienced, disciplined and highly
knowledgeable management team. Enstar has been successful with its
runoff acquisition strategy, generating favorable returns and
significant growth in book value per share.

The key source of Enstar's positive performance is its ability to
ultimately settle reserves below acquired fair value through both
effective claims management and commutations. Over the most recent
five-year period (2014-2018), Enstar reduced its estimates of net
ultimate prior-period losses in its non-life runoff business by
$1.4 billion. This includes $318 million in 2018, representing 10%
and 7% of beginning of the year shareholders' equity and net
non-life runoff loss/loss adjustment expense (LAE) reserves,
respectively.

Enstar's financial leverage ratio (FLR) increased to 24.0% from
20.5% at March 31, 2019, pro forma for a new $500 million May 2019
senior note issuance due 2029 and approximately $250 million
repayment of borrowings outstanding under the company's revolving
credit facility and term loan facility, but remains reasonable.

Enstar's fixed-charge coverage ratio averaged a very strong 10.7x
from 2014 to 2018. However, fixed-charge coverage was a lower 5.8x
in 2018 driven by a sizable underwriting loss at StarStone
Insurance Bermuda Limited. Fitch expects fixed-charge coverage of
3x-4x in 2019, reflecting recent operating earnings pressure, and
additional interest expense and preferred dividends from Enstar's
$510 million of preference shares issued in 2018.

Enstar's consolidated reinsurance recoverables on unpaid losses and
loss expenses totaled $2.3 billion at March 31, 2019, with 77%
derived from the non-life runoff business. This level represents a
sizable 53% of shareholders' equity (44% net of collateral), and
creates a credit risk exposure as well as increased potential for
reinsurer disputes.

The company's StarStone active underwriting segment posted elevated
recent combined ratios of 132.6% in 1Q19 and 135.1% in 2018. These
results reflect a higher frequency and severity of large losses in
international property, construction, marine cargo and marine hull
and war lines of business, and prior year adverse reserve
development of 23.5 points in 1Q19 and 13.2 points in 2018,
primarily from U.S. healthcare, excess casualty, marine, aviation
and construction lines of business. These weak underwriting results
prompted the appointment of new executive leadership that has
undertaken a strategic review to reposition the portfolio in 2019
to achieve underwriting profitability, including exiting several
unprofitable lines of business and locations.

Favorably, the company's Atrium segment continues to produce
underwriting profits, with combined ratios of 87.7% and 94.5% in
1Q19 and 2018, respectively.

RATING SENSITIVITIES

Key rating sensitivities that could lead to an upgrade include
maintaining a FLR at or below 20%, fixed-charge coverage of at
least 10.0x, sustained risk-adjusted capital growth with a
capitalization score under Fitch's Prism factor-based model of at
least 'Very Strong' and a net leverage ratio at or below 2.5x.

Any potential future upgrade would likely be limited to one notch,
however, due to the nature of the company's business model in
acquiring large blocks of runoff business, that can materially
alter the company's balance sheet. While this risk has been managed
well to date, it adds potential capital, earnings and
business/exposure mix variability at levels greater than
experienced by most insurance companies operating under more
traditional business models.

Key rating sensitivities that could result in a downgrade include
the following:

  -- Failure to generate continued material levels of
     favorable non-life runoff reserve development;

  -- Additional capital needs to support the current runoff
     business;

  -- Significant new transaction(s) that Fitch views as
     materially increasing the overall risk profile;

  -- Net leverage ratio above 3.5x;

  -- Declines in the financial strength of the active
     business due to sizeable underwriting losses or
     other factors;

  -- FLR approaching 30%; and

  -- Fixed-charge coverage below 5.0x.

Enstar's preference share ratings could also be lowered by one
notch to reflect higher non-performance risk should Fitch view
Bermuda's regulatory environment as becoming more restrictive in
its supervision of (re)insurers with respect to hybrid features.

FULL LIST OF RATING ACTIONS

Fitch affirms the following ratings with a Stable Outlook:

Enstar Group Limited

  -- IDR at 'BBB';

  -- Senior shelf registration at 'BBB-';

  -- $500 million 4.95% senior unsecured notes due 2029 at 'BBB-';

  -- $350 million 4.5% senior unsecured notes due 2022 at 'BBB-';

  -- $400 million 7.0% fixed-to-floating rate preference shares,
series D at 'BB+';

  -- $110 million 7.0% preference shares, series E at 'BB+'.




===========
B R A Z I L
===========

BRF SA: In Talks to Form Meatpacking Heavyweight With Marfrig
-------------------------------------------------------------
Carolina Mandl, Tatiana Bautzer, Ana Mano at Reuters reports that
Brazilian food processors BRF SA and Marfrig Global Foods SA
disclosed exclusive talks for a potential tie-up that would create
one of the world's largest meat producers, according to securities
filings.

A deal could combine BRF's poultry business, which leads the world
in chicken exports, and Marfrig's beef business, which is second to
JBS SA globally, according to Reuters.

Two people with knowledge of the talks said they are expected to
reach an all-share deal, with no cash payments, the report notes.

Two other sources close to the companies said their aim is to
create a complete protein portfolio to compete with global giants
such as Tyson Foods Inc and JBS, the report relays.

The companies said they were entering a 90-day negotiation period
to define the terms of a deal, but an initial valuation suggested
BRF shareholders would hold a stake of roughly 85% in a combined
company, with the rest held by Marfrig shareholders, the report
adds.

As reported in the Troubled Company Reporter-Latin America on April
3, 2019, Fitch Ratings has downgraded BRF S.A.'s (BRF) Long-Term
Foreign and Local Currency Issuer Default Rating and senior
unsecured notes to 'BB' from 'BBB-' and revised the Rating Outlook
to Stable from Negative. Fitch has also downgraded BRF's National
Rating to 'AA+(bra)' from 'AAA(bra)'. The Rating Outlook for the
national scale rating was also revised to Stable from Negative.


BRF SA: S&P Puts All Ratings on CreditWatch Positive
----------------------------------------------------
S&P Global Ratings placed all of its credit issuer and issue-level
ratings on BRF S.A. and Marfrig Global Foods S.A. on CreditWatch
with positive implications.

The CreditWatch positive listing reflects S&P's view that a merger
could have a positive impact on the combined entity's credit
quality. The transaction would create a R$80 billion revenue
company, turning it into one of the world's largest protein
conglomerates. The new company would have a significant footprint
in South America, the U.S., and Middle East. In addition, the new
entity would have operations in branded package food, poultry and
beef protein, along other products. These factors would increase
the merged company's ability to absorb external shocks, which are
common in the protein industry.

Commercial and operational synergies could arise from the merger,
with the integration of distribution channels and assets, export
platforms, and commercial teams. Nonetheless, these potential
synergies are difficult to assess at this point. S&P's assuming
that the transaction wouldn't require any debt; therefore, S&P
expects the combined metric of adjusted net debt to EBITDA in the
4.0-4.5x range in fiscal 2019.

Despite the signs of a potential strengthening of the combined
business, S&P believes execution risks exist because the merger
could affect both companies' ability to improve operating
performance in the short term. Marfrig has recently acquired
National Beef and it posted significant working capital cash burn
in the last quarter. BRF divested several of its assets to tackle
leverage, while its operating performance is still subdued. Also,
integration risks could arise from the different cultures of both
companies, and how leadership and management positions would be
accommodate and aligned under a new structure.

Any positive rating action would also rely on S&P's view of the
ability of the new company to be rated above the sovereign rating
on Brazil, majority of the assets of the new company will be in
this country.

Ratings List

BRF S.A.
CreditWatch Action
                        To                 From
BRF S.A.
Issuer Credit Rating
Global Scale           BB-/Watch Pos/--   BB-/Stable/--
Brazil National Scale  brAA+/Watch Pos/-- brAA+/Stable/--

BRF S.A.
Senior Unsecured       BB-/Watch Pos   BB-
  Recovery Rating       3(50%)       3(50%)

BFF International LTD
Senior Unsecured       BB-/Watch Pos   BB-
  Recovery Rating       3(50%)       
BRF GmbH
Senior Unsecured       BB-/Watch Pos   BB-
  Recovery Rating       3(50%)       

Marfrig Global Foods S.A.

Ratings Affirmed; CreditWatch/Outlook Action
                        To         From
Marfrig Global Foods S.A.
Issuer Credit Rating
Global Scale            BB-/Watch Pos/--  BB-/Stable/--
Brazil National Scale   brAA+/Watch Pos/-- brAA+/Stable/--

MARB BondCo PLC
Senior Unsecured       BB-/Watch Pos   BB-
  Recovery Rating       3(50%)       3(50%)

Marfrig Holdings Europe B.V.  
Senior Unsecured       BB-/Watch Pos   BB-
  Recovery Rating       3(50%)       3(50%)

NBM US Holdings Inc
Senior Unsecured       BB-/Watch Pos   BB-
  Recovery Rating       3(50%)       


GLOBAL PAYMENTS: Moody's Puts Ba2 CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service placed the credit ratings of Global
Payments Inc. under review for upgrade, including the Ba2 Corporate
Family Rating and Ba2 senior secured credit facility rating. This
rating action follows the announcement of an agreement by Global
Payments to merge with Total System Services, Inc ("TSYS", Baa3
stable) in an all-stock transaction which is expected to close in
the second half of 2019.

Global Payments will be the surviving parent company following the
merger. Global Payments' shareholders' pro forma ownership share in
the combined company is expected to be 52%.

RATINGS RATIONALE

The pending merger will create a leading company in the payments
industry with projected combined revenue of $8.5 billion in 2019
(including Global Payments' network fees and excluding synergies)
diversified across merchant acquiring, issuer card processing and
consumer payment services. The three business lines of the
combined
company are complementary and synergistic, notably in international
markets. The merger of the merchant acquiring businesses of Global
Payments and TSYS creates a scaled leader in small and medium sized
enterprise merchant acquiring in the US with leading integrated
payments capabilities. The complementary end market vertical
strengths and similar distribution strategies of the two companies
create opportunities to both enhance revenue growth and generate
cost efficiencies over time. Moody's views the announced cost
synergies of $300 million and revenue synergies of $100 million as
achievable (though Moody's base case forecast incorporates a
modestly lower amount).

The combined entity's financial policy pro forma for the merger
will reflect a balance of maintaining prudent leverage levels,
investment in organic growth opportunities and acquisitions, and
capital return to shareholders. Management's publicly stated
financial policy contemplates a target leverage level of 2.5x based
on the company's definition of the leverage ratio, which translates
into leverage of approximately 3.0x based on the Moody's
methodology. As the company's EBITDA generation is projected to
grow over time, Moody's expects debt balances to increase gradually
through issuance of incremental debt as the company maintains the
target leverage ratio. Use of proceeds from such incremental debt
issuance may include capital return to shareholders among other
uses. While Moody's expects the company to continue to make
acquisitions over time after a significant portion of merger
integration work is completed, Moody's expects debt-financed
acquisitions to be followed by prompt deleveraging back to the
stated target leverage level.

Based on the proposed transaction structure and assuming no
material deviations in financial policies and performance from
Moody's current expectations, Moody's would expect to assign an
unsecured rating of Baa3 with a stable outlook upon conclusion of
the review. Moody's is unlikely to conclude the review until
regulatory approvals are obtained and the transaction closes.
Moody's would expect to withdraw Global Payments Ba2 CFR, Ba2-PD
Probability of Default Rating, SGL-1 Speculative Grade Liquidity
Rating (unchanged at this time) and Ba2 secured credit facility
rating upon the closing and repayment of the secured credit
facility.

On Review for Upgrade:

Issuer: Global Payments Inc.

  Probability of Default Rating, Placed on Review for Upgrade,
  currently Ba2-PD

  Corporate Family Rating, Placed on Review for Upgrade, currently
  Ba2

  Senior Secured Bank Credit Facility, Placed on Review for
  Upgrade, currently Ba2 (LGD3)

Issuer: Global Payments Inc.

  Outlook, Changed To Rating Under Review From Positive

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

With reported net revenues of $3.4 billion in 2018, Global Payments
is a leading provider of merchant acquiring and payment technology
services in 32 countries in North America, Europe, the Asia-Pacific
region, Brazil and Mexico.


USJ ACUCAR: Fitch Ups IDR to CCC- & Rates 2021 Secured Notes CCC
----------------------------------------------------------------
Fitch Ratings has upgraded U.S.J. Acucar e Alcool S.A.'s Long-Term
Foreign and Local Currency Issuer Default Ratings to 'CCC-' from
'RD' and the National Scale Rating to 'CCC(bra)' from 'RD(bra)'.
Fitch has also upgraded USJ's currently outstanding USD4.0 million
senior secured notes due 2021 and USD8.7 million senior unsecured
notes due 2019 to 'CCC-'/'RR4' from 'C'/'RR4'. At the same time,
Fitch has assigned a 'CCC-'/'RR4' rating to the newly issued senior
secured notes due 2023.

Key Rating Drivers

The upgrade follows the conclusion of the debt exchange offer of
USJ's outstanding 9.875% senior unsecured notes due 2019 and
9.875%/12.0% senior secured PIK toggle notes due 2021 for newly
issued 8.5%/9.875% senior secured PIK notes due 2023. All notes
together, acceptance involved 95.15% adhesion, 69.95% adhesion for
the 2019 notes, with outstanding amount of USD29 million at the
time of acceptance, and 98.40% adhesion on the 2021 notes, with
outstanding amount of USD248 million at the time the transaction
was concluded. Adhesion exceeded the minimum acceptance thresholds
of 60% and 90% on the 2019 and 2021 notes, respectively. No haircut
was involved.

In Fitch's opinion, the debt renegotiation brings only a temporary
relief to USJ's persistently high refinancing risks. USJ's capital
structure remains unsustainable and, in the absence of any material
asset sales, the company will continue to face very limited
financial flexibility to face debt obligations up to 2021. Fitch
expects refinancing risks to reduce during 2019 and base case
projections indicate higher refinancing risks from 2020 on. Fitch's
rating case considers that USJ will remain capable to keep rolling
over bank debt in 2019 and 2020, of about BRL400 million.

Fitch expects USJ to generate neutral-to-positive FCF in the next
two years, benefiting from the deferral of coupon payments in 2019
and 2020, with FCF at breakeven in fiscal 2019 and positive about
BRL40 million in fiscal 2020. According to the terms of the new
notes, almost 70% of outstanding under the 2019 notes, totalling
USD29 million, and around 98% of the USD248 million outstanding
under the 2021 notes was extended to 2023. The company will also
have the option to defer coupon payments in 2019 and pay accrued
interest at maturity.

Fitch expects the deferral of coupon payments for the exchanged
notes to save USJ approximately USD45 million of interest and
principal payments in 2019 and about USD3.8 million in 2020.

DERIVATION SUMMARY

USJ's ratings reflects the company's much weaker liquidity and
capital structure than Jalles Machado S.A (Jalles, BB-/Stable) and
Usina Santo Angelo S.A (USA, A-(bra)/Stable) whose cash to
short-term debt coverage ratios stand at above 1.0x and net
adjusted leverage is below 2.0x. USJ's ratings also compare
unfavorably with those of Biosev S.A (B+/Stable), which improved
liquidity and brought leverage down to 2.9x in fiscal 2018
following a BRL3.5 billion (equivalent to USD1.1 billion) capital
injection from the parent, Louis Dreyfus Commodity Holding group
(LD). With USD-denominated debt accounting for over 80% of its
total adjusted debt and focus on the domestic market, USJ is also
more exposed to foreign exchange (FX) risks compared to all peers
rated by Fitch.

Operationally, USJ has a weaker business profile than Jalles, as
the latter has higher product mix flexibility, above-average
agricultural yields and presence of high value added products in
the mix, whereas USJ's high focus on sugar is a disadvantage in
times of depressed commodity prices. USJ also lacks the scale and
presence of a large shareholder like Biosev; and the high yields
and low cost structure of USA.

KEY ASSUMPTIONS

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

  -- Crushed volumes at 3.3 million tons in fiscal 2019 and 3.5
million tons from fiscal 2020 onwards;

  -- Sugar prices of USD13 cents/pound for fiscal 2019 including
polarization premiums. Fitch assumes that prices will be
USD13.4/pound and USD14.2/pound in fiscal 2020 and 2021,
respectively;

  -- The combination of oil prices and the FX rate will lead
Petrobras to keep increasing domestic gasoline prices, paving the
way for a gradual increase in hydrous ethanol prices;

  -- Average FX rate of BRL3.8/USD;

  -- Costs (harvesting and industrial) are forecasted to increase
by 5% annually;

  -- CAPEX of BRL110 million in fiscal 2019 and BRL120 million in
the following years;

  -- No dividends from SJC, the joint venture with Cargill.

KEY RECOVERY RATING ASSUMPTIONS

  -- The recovery analysis assumes that USJ would be liquidated in
bankruptcy.

  -- Fitch has assumed a 10% administrative claim.

Liquidation Approach:

  -- The liquidation estimate reflects Fitch's view of the value of
land properties and other assets that can be realized in a
reorganization and distributed to creditors.

  -- The 80% advance rate for its land and sugar cane plantations
is typical for the sector and reflects the good location of such
assets, near urban areas and other sugar and ethanol (S&E) players.


  -- The 20% advance rate for fixed assets like machinery,
equipment and the mill itself reflect the low liquidity of such
assets.

  -- Inventories have been discounted at 20% to reflect the above
average liquidation prospects of S&E assets.

  -- The 50% stake into SJC's book value has been included in the
calculations.

  -- The waterfall results in a 100% recovery corresponding to
'RR1' to secured notes and 95% recovery corresponding to 'RR1' to
unsecured notes, but both limited to 'RR4' given the soft cap on
Brazilian issuers.

RATING SENSITIVITIES

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

The company's ratings could be downgraded if liquidity deteriorates
further and/or the expected positive FCF for fiscal 2020 does not
materialize. Ratings will be downgraded to 'D' and D(bra) if the
company formally files for bankruptcy protection.

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

An upgrade could occur should the company succeed in performing the
sale of assets that materially improves both its capital structure
and liquidity.

LIQUIDITY

Poor Liquidity: Fitch expects USJ to continue to report a weak cash
position to face debt maturities. In Fitch's opinion, the debt
renegotiation brings only a temporary relief to USJ's persistently
high refinancing risks and, absence of any material asset sales,
the company will continue to face very limited financial
flexibility to face debt obligations up to 2021. On a pro forma
basis, considering the terms of the new notes, the company had
short-term debt of approximately BRL230 million as of March 31,
2019, comparing unfavorably with cash position of about BRL100
million.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

U.S.J. - Acucar e Alcool S.A:

  -- Long-Term Foreign and Local Currency IDRs upgraded to 'CCC-'
     from 'RD';

  -- Long-Term National Scale rating upgraded to 'CCC(bra)' from
     'RD(bra)';

  -- USD272 million senior secured notes, due 2023, assigned
     rating of 'CCC-'/'RR4';

  -- USD8.7 million senior unsecured notes due 2019, upgraded
     to 'CCC-'/'RR4' from 'C'/'RR4';

  -- USD4 million senior unsecured notes due 2021, upgraded
     to 'CCC-'/'RR4' from 'C'/'RR4'.




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

DOMINICAN REPUBLIC: Issues Bond of US$2.5 Billion
-------------------------------------------------
Dominican Today reports that the Dominican government disclosed a
bond of US$2.5 billion, comprised of a 7-year local currency of
RD$50.0 billion (US$1.0 billion), and a 30-year US dollar bond for
US$1.0 billion.

"The placement is part of this year's Financing Plan, duly recorded
and approved in Law 61-18, which approves the General State Budget
for 2019, as well as Law 64-18 on Public Debt Securities," the
Presidency said in its website, according to Dominican Today.

It said the proceeds obtained through the issue will allow
compliance with the year's investment plan and meet the
government's obligations, the report notes.

"The transaction in local currency was made at an interest or
coupon rate of 9.75%; while the 30-year issue was made at an
interest rate of 6.492%, the lowest coupon rate issued by the
country for this term," said Finance minister Donald Guerrero, the
report relays.

As reported in the Troubled Company Reporter-Latin America on
June 3, 2019, 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.


DOMINICAN REPUBLIC: Releases US$584MM From Bank Reserve For Loans
-----------------------------------------------------------------
Dominican Today reports that the Monetary Board
authorized the release of up to RD$29.2 billion (US$584.0 million)
from the bank reserve, to be channeled by the financial
intermediators into loans from the national productive sectors.

Dominican central banker Hector Valdez Albizu said the released
funds will be channeled to new projects and productive activities,
at fixed rates of up to 9% and a term up to six years, according to
Dominican Today.

The official said the funds are earmarked for the export,
manufacturing, agro, housing and SME sectors, as well as consumer
loans, the report relays.  "The measure will contribute to maintain
the high dynamism of economic activity, in a context of low
inflationary pressures," the official added.

As reported in the Troubled Company Reporter-Latin America on
June 3, 2019, 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.




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

DIGICEL GROUP: Antigua Prevented From Confiscating Spectrum
-----------------------------------------------------------
RJR News reports that Digicel Group secured a court order against
the Government of Antigua & Barbuda.

The Court order prevents the Antigua Government from confiscating
any of the 850 MHz spectrum which Digicel said has been lawfully
allocated to deliver its communications services to customers and
giving it to APUA to use for its LTE service, according to RJR
News.

The order also provides the necessary time for the courts to
examine the fairness and legality of the Government's decision, the
report notes.

Digicel has used this spectrum to deliver its services to the
people of Antigua and Barbuda since 2006, the report relays.

Digicel said it was forced into this legal challenge to protect its
customers and services from being put in jeopardy on foot of the
Government of Antigua & Barbuda's anti-competitive and
protectionist decision handed down to Digicel on 8th May that
Digicel be compelled to return a significant portion of its 850 MHz
spectrum by May 31, the report relays.

The Antigua government has described it as a move towards
"equitable distribution" of the spectrum, the report adds.

As reported in the Troubled Company Reporter on January 2019,
Moody's Investors Service upgraded the rating of the new 2022 notes
issued at Digicel Group One Limited to Caa1 from Caa2, assigned a
Caa3 rating to the new 2022 notes at Digicel Group Two Limited and
downgraded the rating of the new 2024 notes at DGL2 to Caa3 from
Caa2. Moody's affirmed Digicel's Caa1 corporate family rating, as
well as the ratings of its other debt instrument. The outlook on
all ratings remains stable.




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

CELADON GROUP: Inks 17th Amendment to Credit Facility
-----------------------------------------------------
Celadon Group, Inc. announced refinancing update and its entry
into a Seventeenth Amendment to its credit facility that is
intended to provide continued liquidity through maturity.

                       Refinancing Update

The Company's current primary focus areas are executing its
operational improvement plan and replacing its existing credit
facility with a long-term capital structure.  The operational
improvement plan is centered on refreshing the tractor fleet,
disposing of real estate not used in trucking operations, and
enhancing the operating discipline of its asset-based U.S. and
cross-border truckload services.  Management believes a long-term
capital structure and the continued execution of its operational
improvement plan will allow the Company to return to profitability
over time.

To replace the existing credit facility, the Company is reviewing
and seeking an entire range of financial and strategic alternatives
with a goal of maximizing repayment of the credit facility
obligations on a near-term basis.  Evercore has been engaged by the
Company to lead the Repayment Transaction efforts.

Chief Executive Officer, Paul Svindland, commented: "I am confident
in our turnaround plan and our ability to execute it with a stable
capital structure in place.  We are speaking with multiple parties
to negotiate a capital structure solution that most highly values
our ongoing potential.  We have already received support from
tractor manufacturers and financing sources with new tractor
deliveries underway and with an accelerated delivery schedule under
a new capital structure."

                      Seventeenth Amendment

On May 24, 2019, the Company entered into a Seventeenth Amendment
to its credit facility.  The purpose of the amendment is to provide
the Company with adequate liquidity through June 28 to allow an
evaluation of Repayment Transaction proposals.  The amendment
contains the following key terms:

   * Maturity date remains June 28, 2019.

   * Maximum outstanding amount of $122.7 million, including
     letter of credit sub-limit of $28.9 million and maximum
     borrowing of $93.8 million.

   * A mandatory weekly cash budget through June 28.  The budget
     and borrowing limit are designed to permit the Company to
     operate in the ordinary course of business.

                          About Celadon

Celadon Group, Inc. -- http://www.celadongroup.com/-- provides
long haul, regional, local, dedicated, intermodal,
temperature-protect, and expedited freight service across the
United States, Canada, and Mexico.  The Company also owns Celadon
Logistics Services, which provides freight brokerage services,
freight management, as well as supply chain management solutions,
including logistics, warehousing, and distribution.  The Company is
headquartered in Indianapolis, Indiana.

In a press release dated April 2, 2018, Celadon stated that based
on issues identified in connection with the Audit Committee
investigation and management's review, financial statements for
fiscal years ended June 30, 2014, 2015, 2016, and the quarters
ended Sept. 30 and Dec. 31, 2016, will be restated.  Celadon's new
senior management team, led by the Company's new chief financial
officer and new chief accounting officer, commenced a review of the
Company's current and historical accounting policies and
procedures.  The internal investigation and management review have
identified errors that will require adjustments to the previously
issued 2014, 2015, 2016, and 2017 financial statements.  

The New York Stock Exchange notified the Securities and Exchange
Commission on April 18, 2018, of its intention to remove the entire
class of the common stock of Celadon Group from listing and
registration on the Exchange on April 30, 2018, pursuant to the
provisions of Rule 12d2-2(b) because, in the opinion of the
Exchange, the Common Stock is no longer suitable for continued
listing and trading on the Exchange.


VINTE VIVIENDAS: S&P Affirms 'BB' Global Scale ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'mxA'
national scale issuer credit ratings on Mexican homebuilder Vinte
Viviendas Integrales S.A.B. de C.V.

S&P said, "The stable outlook reflects our view of Vinte's growth
prospects and resilient profitability due to its flexible product
offerings. We expect that the recently announced capitalization and
expected local bond issuances in the next few weeks will support
the company's investments in land acquisition and development,
containing its net debt to EBITDA at just below 2.0x in the next 12
months.

"Our ratings on Vinte Viviendas Integrales S.A. B. de C.V. (Vinte)
reflect our view of its flexible business model that allows the
company to mitigate effects from a softening Mexican economy. The
rating also accounts for the company's solid growth trajectory and
focus on profitability, illustrated by its stable margins above
other rated peers."



                           *********


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 * * *