TCRLA_Public/190611.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 11, 2019, Vol. 20, No. 116

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Barbados Confirms Stake Sale to Antigua & Barbuda


B A R B A D O S

BARBADOS: Prime Minister Meets with Regional Private Sector


B O L I V I A

SEGUROS PROVIDA: Moody's Withdraws 'Caa2/Caa1.bo' IFS Ratings


B R A Z I L

BRASKEM SA: Faces Suit From Over Compensation For Mining Damage
ROTA DAS BANDEIRAS: Moody's Puts Outlook on Review for Upgrade


C H I L E

PAMPA CALICHERA: S&P Alters Outlook to Stable on Refinancing Risk


M E X I C O

ASEGURADORA PATRIMONIAL: Moody's Affirms Ba1 IFS Rating
CLUBCORP HOLDINGS: Moody's Cuts CFR to B3, Outlook Stable


P U E R T O   R I C O

CARLOS ROBLES: Oriental Bank Objects to Disclosure Statement
REMLIW INC: Hires Marcelino Garcia as Real Estate Broker
SPANISH BROADCASTING: Posts $3.93 Million Net Loss in 1st Quarter
SPANISH BROADCASTING: Signs Separation Agreement with Former CFO


T R I N I D A D   A N D   T O B A G O

CARIBBEAN CEMENT: Pulls Back From Exports as Local Business Booms


V E N E Z U E L A

CITGO PETROLEUM: Search for CEO progresses, Includes Ex-PDVSA Exec
VENEZUELA: Closing Consulates in Canada Amid Diplomatic Tensions

                           - - - - -


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A N T I G U A   A N D   B A R B U D A
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LIAT: Barbados Confirms Stake Sale to Antigua & Barbuda
-------------------------------------------------------
ch-aviation.com reports that Barbados has confirmed plans to
downsize its financial involvement in LIAT by selling some of its
stake to Antigua & Barbuda, Prime Minister Mia Mottley revealed in
a ministerial statement to the country's parliament on June 4.

The government will sell part of the major shareholding it has held
since the regional airline's inception 45 years ago, she said, but
did not specify the likely size of the shareholding to be
transferred, the Caribbean Media Corporation reported. Barbados
currently has a 49% stake in LIAT, Antigua & Barbuda a 34% stake,
according to ch-aviation.com.

A negotiating team will be appointed to decide the eventual number
of shares to be offered to the government of Antigua & Barbuda,
where LIAT is headquartered, so that Antigua can take over as the
airline's biggest shareholder, Mottley said, the report notes.

The report relays that she referred to an agreement Barbados
concluded in May with the International Monetary Fund (IMF), which
provided about USD49 million to the country, bringing the total
disbursement to almost USD98 million in an effort to turn around
the ailing economy.

"There is only so much that Barbados can responsibly do at this
time given our current circumstances and our current position," she
admitted, but insisted that Barbados remained committed to regional
transportation and would continue to hold minimum shares in the
carrier.

"We have taken the determination, a decision as a cabinet, that it
is time for us to step back while at the same time allowing other
governments to continue with their proposals to restructure LIAT in
the way which they have determined," the report quoted Ms. Mottley
as saying.

The revelation follows Antigua & Barbuda Prime Minister Gaston
Browne telling Pointe FM Radio on May 18 that he had received a
letter from his Barbados counterpart expressing her willingness to
sell all but 10% of her country's shareholding in the airline, the
report adds.

                          About LIAT

LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT,
is an airline headquartered on the grounds of V. C. Bird
International Airport in Antigua.  It operates high-frequency
inter-island scheduled services serving 15 destinations in the
Caribbean.  The airline's main base is VC Bird International
Airport, Antigua and Barbuda, with bases at Grantley Adams
International Airport, Barbados and Piarco International Airport,
Trinidad and Tobago.

The airline is owned by seven Caribbean governments, with three
being the major shareholders: Barbados, Antigua & Barbuda and St.
Vincent and the Grenadines along with Dominica(94.7 %); other
Caribbean governments, private shareholders and employees (5.3%).

In the last few years, LIAT has been challenged with financial
difficulties, often needing additional funding as the airline dealt
with the high cost of operations.  In November 2016, the Barbados
government defended LIAT's operations, even as opposition
legislators called for a cessation of the business.  In early 2015,
LIAT offered early retirement packages to employees in efforts to
downsize.  In 2014, LIAT knew it had to deal with unprofitable
routes to make operations viable.  In the third quarter of 2013,
the airline's top management was shaken, with news Chief Executive
Officer Captain Ian Brunton's sudden resignation.

LIAT's current chief executive officer is Julie Reifer-Jones,
chairman is Jean Holder, and chief financial officer is Rojer
Inglis.

Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.




===============
B A R B A D O S
===============

BARBADOS: Prime Minister Meets with Regional Private Sector
-----------------------------------------------------------
Caribbean360.com reports that Prime Minister Mia Mottley has
underscored the importance of the regional private sector becoming
a type of associate institution of CARICOM, saying it would be good
for the Caribbean.

She expressed that view recently when she met at her official
residence, Ilaro Court, with the regional private sector's Chief
Executive Officers to discuss the establishment of a regional body
and implementation of the CARICOM Single Market and Economy (CSME),
according to Caribbean360.com.

The Prime Minister said it was ironic that after more than four
decades of CARICOM'S existence, formal steps were now being taken
"assiduously" to ensure the labour movement and the regional
private sector's formal participation in the regional organisation,
the report notes.

She explained that the work with respect to the integration of the
financial markets and the ability to allow the unlocking of access
to capital would soon be completed by the CSME Unit, the report
relays.

The Barbadian leader added that those decisions would then be put
before the Finance Ministers and Heads of Government over the next
few months, the report notes.

According to Mottley, those important decisions would not only be
significant for the regional private sector and governments who
wanted to see growth in the economies, but a signal to the
international community that this region was not prepared to speak
to them in a mendicant framework, but would do its part to ensure
its growth and development, the report relays.

She said the international community should be held partially
accountable for the consequences of the current economic
circumstances in the region, the report notes.

The Prime Minister emphasized the importance of this region putting
in place air bridges, saying if this was not done, the
opportunities would be constrained, the report discloses.

She said that since there was $47 billion available in savings,
appropriate instruments should be introduced to allow governments
to find a level of participation for ordinary Caribbean people with
respect to how renewable energy enterprises were financed, the
report relays.

President and Group Chief Executive Officer of the Massy Group of
Companies, Gervase Warner, said they were examining how they could
create a Caribbean private sector organization to engage with the
Heads of Government on issues surrounding the CSME implementation,
the report notes.

He said they spent time thinking how to constitute a body that
would be representative of all member countries of CARICOM, the
report adds.

Warner stated that Haiti, Jamaica, Trinidad and Tobago, OECS,
Barbados, Guyana, Suriname and Belize were represented by the
regional group and work had to be done on the initial agenda, the
report adds.

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

TCLRA reported 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 'CC'.




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B O L I V I A
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SEGUROS PROVIDA: Moody's Withdraws 'Caa2/Caa1.bo' IFS Ratings
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, S.A. has
withdrawn the Caa2 global local currency and Caa1.bo Bolivian
national scale insurance financial strength ratings of Seguros
Provida S.A. At the time of the withdrawal, the outlook of the
ratings was stable.

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




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B R A Z I L
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BRASKEM SA: Faces Suit From Over Compensation For Mining Damage
---------------------------------------------------------------
Alberto Alerigi at Reuters reports that prosecutors for the
Brazilian northeastern state of Alagoas filed a lawsuit against
Braskem SA seeking to guarantee compensation for damages caused by
the firm, the Alagoas government said.

In the lawsuit, the state asks a local court to block any attempt
from Braskem's controlling shareholder, the Odebrecht conglomerate,
to spin off the business based in Alagoas to facilitate a possible
deal to sell the petrochemical company, according to Reuters.

Odebrecht, which is struggling to restructure its BRL80 billion
(US$20.63 billion) in debt, had plans to sell a controlling stake
in Braskem, the report notes.  Local newspaper O Globo said that
the construction group could separate the business in Alagoas as a
way to facilitate a deal, the report relays.

The Alagoas government said Braskem's mining activities in the
state have caused hundreds of residences and commercial buildings
in three villages to present cracks. State prosecutors gave the
lawsuit a value of BRL30 billion, the report discloses.

"Braskem cannot be sold in parts.  They cannot spin off the Alagoas
part and let it be the sole party responsible to compensate
families and the state for the damage caused," Alagoas' governor,
Renan Filho, said in a statement obtained by the news agency.

Earlier, European holding company LyondellBasell Industries NV
announced the end of talks with Odebrecht for a controlling stake
in Braskem. It did not disclose reasons for its decision, the
report says.

The announced failure of the deal to sell Braskem to LyondellBasell
is expected to further deteriorate Odebrecht's finances, the report
adds.

As reported in the Troubled Company Reporter-Latin America on Aug.
24, 2017, Moody's Investors Service confirmed Braskem S.A.
corporate family rating at Ba1 and the ratings on the foreign
currency debt issuances of Braskem Finance Ltd and Braskem America
Finance Company, fully guaranteed by Braskem S.A, at Ba1. The
rating outlook is negative.


ROTA DAS BANDEIRAS: Moody's Puts Outlook on Review for Upgrade
--------------------------------------------------------------
Moody's America Latina has confirmed the Ba3 global scale corporate
family rating and senior secured rating assigned to Rota das
Bandeiras S.A. (RdB). At the same time, Moody's upgraded the
national scale corporate family rating and senior secured rating to
A1.br from A3.br. The outlook has been changed to positive from
rating under review. This concludes the review for upgrade process
that was initiated on February 8, 2019.

Upgrades:

Issuer: Rota das Bandeiras S.A.

Corporate Family Rating, Upgraded to A1.br from A3.br

Senior Secured Regular Bond/Debenture, Upgraded to A1.br from
A3.br

Outlook Actions:

Issuer: Rota das Bandeiras S.A.

Outlook, Changed To Positive From Rating Under Review

Confirmations:

Issuer: Rota das Bandeiras S.A.

Corporate Family Rating, Confirmed at Ba3

Senior Secured Regular Bond/Debenture Confirmed at Ba3

RATINGS RATIONALE

These rating actions reflect the expectation that the company is
better positioned to obtain the sources of funds it needs to
conclude its large capital investment program while at the same
time maintaining a solid liquidity profile following the conclusion
of its sale process on May 28, 2019 as well as changes to its
additional debt covenants.

On May 28 2019, Odebrecht Rodovias S.A., formerly owner of 100% of
RdB's shares, closed the sale of 85% of its shares to a vehicle
directly owned by Farallon Capital Management LLC and Mubadala
Investment Company, Abu Dhabi, UAE, for a total price of
approximately BRL1.65 billion, including assumption of debt. The
agreement was announced on February 2019, but remained subject to
regulatory and creditor approvals, including the temporary increase
of the Net Debt to EBITDA covenant to 4.5x from 3.0x, which will
allow the company to obtain additional funds to move forward with
its capital investment program.

As part of this process, the company will also be able to free up
funds in the amount of approximately BRL200 million available in
the debt service reserve account by replacing it with a letter of
credit provided by Banco ABC Brasil S.A. (Ba1 (cr), stable). These
amounts are also to be used in its capital investment program. The
company also concluded the process to formally take over the
debentures issued by Odebrecht Transport S.A. (OTP) in the amount
of BRL433 million, which was backed by a subordinated intercompany
loan RdB owed OTP. This transaction sets-off the intracompany loan
obligation and is credit neutral to the company. The obligation
remains subordinated to the debentures issued by RdB.

RdB's credit profile reflects its significant capital investment
program, sized at approximately BRL1.1 billion between 2019 and
2025, and a low liquidity profile in light of its amortizing senior
debt and large subordinated debt payment in 2025. The company
carries a moderate leverage profile, with FFO/Debt and the
Concession Live Coverage Ratio registering 13% and 2.4x as of
December 2018. Moody's expects cash flow available for debt service
(CFADS) will grow from approximately BRL540 million in 2019 to
approximately BRL600 million by 2025, but scheduled principal and
interest payments are expected to reach an annual amount of BRL600
million by 2022, providing for low debt service coverage ratios.
Combined to the expansion capital investment program, the company
needs additional funds to manage liquidity.

The conclusion of the sale process and temporary covenant increase
were important milestones that will allow the company to move
forward. Moody's also believes Farallon and Mubadala have financial
capacity to support RdB temporarily in case of a specific liquidity
crunch, and are incentivized to do so given the present value of
dividend distributions, particularly those beyond full debt
maturity in 2025.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of the assigned ratings could be considered if the
issuer successfully obtains additional resources in the form of
additional debt or some form of equity support to honor medium term
debt service and capital investment obligations.

On the other hand, the rating could be downgraded if (i) the
company is not able to secure additional funding in sufficient
amount to comply with its capital investment program; (ii) the
expansion works show further cost overruns or delays lead the
regulator to apply penalties; or (iii) the company distributes
dividends prior to securing all the sources needed to honor capex
and debt service, further deteriorating its liquidity position.

RdB is a privately managed toll road under concession, which
include five roads throughout the Dom Pedro I corridor in the State
of São Paulo for a total extension of 297 kilometers. The
concession was awarded in 2009 for a period of 30 years. The
company's main shareholders are Farallon Capital Management LLC and
Mubadala Investment Company, Abu Dhabi, UAE that through a private
equity fund control 85% of RdB. The remaining 15% is owned by
Odebrecht Rodovias S.A.




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C H I L E
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PAMPA CALICHERA: S&P Alters Outlook to Stable on Refinancing Risk
-----------------------------------------------------------------
S&P Global Ratings, on June 7, 2019, revised its outlook on Pampa
Calichera S.A. to stable from positive. At the same time, S&P
affirmed all ratings, including its 'B-' issuer credit and
issue-level ratings.

S&P said, "The outlook revision reflects our belief that weaker
forecasts in 2019 and 2020 for SQM will pressure Pampa Calichera's
financial flexibility and refinancing operations. SQM's
disappointing first-quarter earnings and guidance on
lower-than-expected lithium prices for 2019 have taken a toll on
SQM's stock price. On May 29, SQM-A stock dropped to a low of
CLP20,001 (about $28.4), leaving Pampa Calichera with a very tight
cushion under its guarantee requirements. Furthermore, the
persistent fall in SQM's stock price since May 2018 prevented Pampa
Calichera from completing arbitrage operations last year, leaving
the company with a higher leverage position. During the first half
of 2018, Pampa Calichera took on about $300 million in debt to buy
5.3 million SQM-B shares at an average price of $53 for arbitrage
operations. But since then, the share price fell and given the
currently low prices, we don't expect the company to sell shares in
the short term to reduce leverage.
  
"We believe the somewhat weaker prospects for SQM, the low price of
the stock, and the higher leverage will place Pampa Calichera in a
relatively weaker financial position at the time that significant
maturities are coming due in 2020, which might further pressure the
company's liquidity. Pampa Calichera has $260 million in maturities
in 2020. According to our projections, the company will have enough
funds to pay the international bond amortization, but will need to
refinance bank loans for about $230 million.

"Our issuer credit rating on Pampa Calichera reflects an
eight-notch negative ratings differential relative to SQM's
stand-alone credit profile (SACP). SQM is the sole asset for Pampa
Calichera and its related parties, and their stake in the miner is
approximately 32%. The notching differential reflects the deep
structural subordination of Pampa Calichera relative to SQM's
distributions, which it doesn't control. The main factors
constraining our rating on Pampa Calichera include its cash-flow
reliance on a single asset, the latter's vulnerability to commodity
price volatility (especially lithium), Pampa Calichera's limited
influence on SQM's board, the aggressive financial policy, the very
high leverage, and low interest coverage that could fall below 1.5x
in 2020."




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M E X I C O
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ASEGURADORA PATRIMONIAL: Moody's Affirms Ba1 IFS Rating
-------------------------------------------------------
Moody's de Mexico affirmed the global scale ratings and national
scale ratings insurance financial strength ratings of 13 insurance
companies in Mexico. The outlook of 12 insurers remains stable,
whereas the outlook of MBIA Mexico remains developing.

This portfolio-wide rating action on the Mexican insurers follows
Moody's Investors Service's outlook change to negative from stable
on Mexico's A3 sovereign bond ratings, and the deterioration in the
country's insurance operating environment, as reflected in Moody's
Investors Service's updated sovereign credit factor assessment,
particularly with regards the worsening of the country's
institutional strength assessment.

RATINGS RATIONALE

Moody's said that the ratings' affirmation of 12 Mexican insurers,
with stable outlooks, reflects that a potential downgrade of the
Mexican sovereign rating would not exert significant downward
pressure on the companies' credit profiles. While these insurers'
direct and indirect exposure to the sovereign is relatively high, a
potential downgrade on the Mexican sovereign would have a limited
effect on their ratings because they are all positioned below the
sovereign rating. Furthermore, Moody's notes that Mexican insurers'
benefit from very modest reliance on debt funding and financing,
and their liquidity positions are relatively strong, given good
premium revenue streams and the relative lack of credit-sensitivity
of insurance premiums. Insurers also benefit from their
profitability and from the internal capital generation that derives
from insurance underwriting, in addition to investment activities.
These considerations broadly support rating stability of the
sector.

The rating agency went on to say that the deterioration in Mexico's
insurance operating environment has not created significant
downward pressure on the insurers ratings because they are all
comfortably positioned at their current level. That said, further
deterioration in Mexico's insurance operating environment may
result in rating downgrades because the country-specific trends and
developments that it captures can over time have as much of a
bearing on insurers' long-term credit profile and viability as the
intrinsic strength of their own operations.

Moody's noted that unlike the rest of the Mexican rated insurers,
Chubb Fianzas Monterrey intrinsic credit profile was negatively
impacted by the deterioration in Mexico's operating environment,
because its standalone fundamentals were less solidly positioned
than those of its peers. That said, the company's IFS ratings
remain unchanged, in recognition of a 1-notch rating uplift from
its standalone credit profile, resulting from its affiliation with
Chubb Limited (NYSE: CB) and Chubb Tempest Reinsurance Ltd. (IFS
Aa3 positive), from which it receives support in the form of
reinsurance protection, brand sharing, and oversight of the Mexican
subsidiary.

The following 12 insurers' GSR and NSR IFS ratings were affirmed,
and their outlooks remain stable:

  - Aseguradora Aserta, S.A. de C.V., Grupo: Baa2/Aa2.mx

  - Aseguradora Insurgentes, S.A. de C.V., Grupo: Baa2/Aa2.mx

  - Aseguradora Patrimonial Danos, S.A.: Ba1/A1.mx

  - Aserta Seguros Vida, S.A. de C.V.: Ba1/A1.mx

  - Coface Seguro de Credito Mexico, S.A. de C.V.: Baa1/Aa1.mx

  - Liberty Fianzas, S.A. de C.V.: Baa1/Aa1.mx

  - Plan Seguro, S.A. de C.V., Co. de Seguros: Baa3/Aa3.mx

  - Prudential Seguros Mexico, S.A. de C.V.: Baa2/Aa2.mx

  - Seguros Sura, S.A. de C.V.: Baa3/Aa3.mx

  - Seguros Azteca Danos, S.A. de C.V.: Ba1/ A1.mx

  - Seguros Azteca, S.A de C.V.: Ba1/A1.mx

  - Chubb Fianzas Monterrey, Aseguradora de Caucion S.A.:
Baa1/Aa1.mx

In the case of MBIA Mexico, Moody's said that the change in the
Mexican sovereign outlook and the deterioration in its insurance
operating environment does not exert any influence in the company's
GLC rating, because it is well below the sovereign rating and
insurance operating environment rating level. Moreover, MBIA
Mexico's ratings and outlook remain closely linked to its parent,
MBIA Insurance Corporation, given their close linkages, as
reflected by brand sharing, reinsurance agreements, and through a
net worth maintenance agreement from the parent.

The following insurer's IFS ratings were affirmed, with a
developing outlook:

  - MBIA Mexico, S.A. de C.V: Caa1/B3.mx

Among the factors that could lead to a rating downgrade for the 12
insurers with stable outlooks are: 1) a multi-notch downgrade of
the Mexican sovereign bond rating, 2) further deterioration in the
country's operating environment, and 3) deterioration in companies'
asset quality, profitability or its capital adequacy. Conversely,
factors that could lead to an upgrade include 1) improved capital
adequacy and profitability metrics for insurers, and 2) substantial
and consistent improvement in companies' business profile.

In the case of MBIA Mexico, Moody's said that its ratings could be
downgraded in case of 1) a downgrade of MBIA Corp. 's ratings, 2) a
significant deterioration in MBIA Mexico's capital adequacy, and 3)
fail to comply with minimum regulatory solvency margins. MBIA
Mexico's ratings could be upgraded if MBIA Corp's ratings
substantially improve.

The principal methodology used in rating, Aseguradora Aserta, S.A.
de C.V., Aseguradora Insurgentes, S.A. de C.V., Aseguradora
Patrimonial Danos, S.A., Chubb Fianzas Monterrey, Aseguradora de
Caucion S.A., Plan Seguro, S.A. de C.V., Co. de Seguros, Liberty
Fianzas S.A. de C.V., Seguros Azteca Danos, S.A. de C.V., and
Seguros Sura, S.A. de C.V. was Property and Casualty Insurers
published in May 2018. The principal methodology used in rating
Aserta Seguros Vida, S.A. de C.V., Prudential Seguros Mexico, S.A.
de C.V., and Seguros Azteca, S.A de C.V. was Life Insurers
published in May 2018. The principal methodology used in rating
Coface Seguro de Credito Mexico, S.A. de C.V. was Trade Credit
Insurers published in May 2018. The principal methodology used in
rating MBIA Mexico, S.A. de C.V. was Financial Guarantors published
in May 2018.

The period of time covered in the financial information used to
determine Aseguradora Aserta, S.A. de C.V., Aseguradora
Insurgentes, S.A. de C.V., Aseguradora Patrimonial Danos, S.A.,
Chubb Fianzas Monterrey, Aseguradora de Caucion S.A., Plan Seguro,
S.A. de C.V., Co. de Seguros, Liberty Fianzas S.A. de C.V., Seguros
Azteca Danos, S.A. de C.V., Seguros Sura, S.A. de C.V., Aserta
Seguros Vida, S.A. de C.V., Prudential Seguros Mexico, S.A. de
C.V., Seguros Azteca, S.A de C.V., Coface Seguro de Credito Mexico,
S.A. de C.V., and MBIA Mexico, S.A. de C.V.'s rating is between
December 2014 and December 2018 (source: CNSF and audited financial
statements provided by the companies).


CLUBCORP HOLDINGS: Moody's Cuts CFR to B3, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded ClubCorp Holdings, Inc.'s
Corporate Family Rating and Probability of Default Rating to B3
(from B2) and to B3-PD (from B2-PD), respectively. In addition,
Moody's downgraded the ratings on each of the company's senior
secured first lien credit facilities to B2 from B1, including its
$1.175 billion term loan B due 2024 and its $175 million revolver
maturing 2022. Concurrently, Moody's downgraded the rating on the
company's $425 million senior unsecured notes due 2025 to Caa2 from
Caa1. The outlook was also changed to stable from negative.

"ClubCorp's downgrade reflects the increase in leverage and
weakened interest coverage since the LBO, combined with free cash
flow that remains pressured by a high annual interest expense
burden and continued investment in growth and IT related capital
expenditures. Credit metrics are only expected to gradually improve
over the next 12-18 months but remain weaker than previously
anticipated, as growth in dollars from membership dues is met with
ongoing headwinds from wage pressure and continued inefficiencies
stemming from the implementation of new technologies," according to
Brian Silver, Moody's lead analyst for ClubCorp. "In addition, we
believe the state of Texas' recent suit pertaining to the company's
membership deposits may lead to a higher likelihood of event risk,
which could result in incremental rating pressure depending on the
outcome," continued Silver.

The following ratings have been downgraded for ClubCorp Holdings,
Inc.:

Downgrades:

Issuer: ClubCorp Holdings, Inc.

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Corporate Family Rating, Downgraded to B3 from B2

Senior Secured First Lien Term Loan, Downgraded to B2 (LGD3) from
B1 (LGD3)

Senior Secured First Lien Revolving Credit Facility, Downgraded to
B2 (LGD3) from B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD5)
from Caa1 (LGD5)

Outlook Actions:

Issuer: ClubCorp Holdings, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

ClubCorp's B3 CFR reflects the company's elevated financial risk,
as evidenced by its high financial leverage of roughly 7 times
Moody's-adjusted debt-to-EBITDA for the twelve months ended March
19, 2019 and Moody's view that it will remain above 6.5 times over
the next 12-18 months. The financial policy is aggressive
considering the potential cyclicality and volatility of the
company's core business as a golf and city club owner/operator that
is dependent on highly discretionary consumer spending and factors
such as varying regional weather conditions. High capital outlays
for ongoing reinvestment and maintenance of the clubs is necessary
to retain a premium service offering. The company has also had
weaker than anticipated cash flow generation since its 2017 LBO,
which Moody's expects to remain pressured because of the company's
high interest expense burden. ClubCorp also faces event risk
stemming from the potential for large outlays associated with
refunds of initiation deposits, of which the current portion of the
liability exceeds $200 million. Moody's expects the company to
remain acquisitive in the highly fragmented golf club space, but
this risk is somewhat tempered by the low likelihood of a
transformational acquisition, owing to a limited number of
owner/operators with a large amount of clubs. The company's private
equity ownership could also lead to cash distributions.

However, ClubCorp's credit profile is supported by its leadership
position in the private club membership business and its solid and
growing recurring revenue base, which is underpinned by a
dues-based business model and affluent clientele. ClubCorp is also
expected to realize gradual profitability growth and associated
deleveraging over the next 12-18 months, largely driven by the
realization of ongoing cost-saving initiatives. Moody's also views
some of the company's recent challenges as transitory, including
inclement weather, which has had a material impact on golf rounds
played and associated ancillary spend like food and beverage, and
improvement in future periods can materially benefit operating
performance and profitability. ClubCorp benefits by strategically
acquiring clubs near densely populated and affluent areas,
typically with the goal of clustering its properties to enhance the
value proposition of its new village concept, as well as its
primary upgrade offering (Optimal Network Experience, or O.N.E.)
that provides members various benefits at other ClubCorp
properties. Finally, the company is expected to have adequate
liquidity, supported in part by Moody's expectation that the
company will generate moderately positive free cash flow on an
annual basis and maintain unfettered access to its $175 million
revolver.

The stable outlook reflects Moody's view that ClubCorp's operating
performance and cash flow generation will gradually improve over
the next 12-18 months, assuming more normalized weather patterns.
It also incorporates the assumption that there will be limited, if
any, litigation-related cash outflows over this period.

The ratings could be upgraded if ClubCorp's leverage as measured by
Moody's-adjusted debt-to-EBITDA is sustained below 6.5 times,
(EBITDA-Capex)-to-interest expense is sustained above 1.25 times,
and the company generates comfortably positive free cash flow.
Moody's would also need to gain comfort that cash outlays related
to membership deposit refunds would be manageable within the
company's liquidity. Alternatively, the ratings could be downgraded
if Moody's-adjusted debt-to-EBITDA approaches 8 times, or if
(EBITDA-Capex)-to-interest expense is sustained below 1 time. The
ratings could also be downgraded if membership deposit refunds
increase, litigation event risk grows, liquidity or free cash flow
deteriorates, or if the company undertakes sizeable debt-financed
acquisitions or pays a material dividend to its sponsor.

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

Headquartered in Dallas, Texas, ClubCorp Holdings, Inc., through
its subsidiaries, is one of the largest owners, operators and
managers of private golf, country, city, sports and alumni clubs in
North America, and the largest owner of golf clubs in the US. As of
March 19, 2019, the company operated 208 clubs (167 golf & country
clubs and 41 city clubs, formerly known as business, sports &
alumni clubs), with locations in 27 states, the District of
Columbia and two foreign countries (Mexico and China) serving more
than 430,000 individual members via over 181,000 memberships. In
September 2017, the company was acquired and taken private by
affiliates of investment funds managed by Apollo Global Management,
LLC in an LBO transaction valuing the firm at approximately $2.3
billion. The company is private and does not publicly disclose its
financial results. ClubCorp generated revenue of approximately $1.1
billion for the twelve-month period ended March 19, 2019.




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

CARLOS ROBLES: Oriental Bank Objects to Disclosure Statement
------------------------------------------------------------
Oriental Bank objects to the Disclosure Statement explaining the
Chapter 11 Plan filed by Carlos Robles Tile & Stone, Inc.

Oriental points out that on the Amended Plan, the Debtor provided
to pay Oriental Bank no later than 90 days from the filing of the
plan a lump sum discounted payment of $400,000 as total payout and
settlement of Oriental's claim no. 7 and 8, Oriental submits that
the Debtor should disclose an alternate scenario for the treatment
of Oriental's claims, in the event that it fail to obtain the funds
for the proposed lump sum payment.

Oriental further points out that on the Disclosure Statement, the
Debtor listed Small Business Administration's allowed secured claim
in the amount of $25,000.  The Debtor has failed to disclose or
explain how it reached such value.

Oriental asserts that the Debtor must explain how it will be able
to make plan payments of $12,406, when the Debtor's monthly
operating reports show that during the last seven months the
Debtor's net income has been average negative $3,933.

According to Oriental, the Debtor must explain and disclose
post-petition intercompany transactions and payments made to
related company Bath Tile and Stone by Carlos Robles, in addition,
the Debtor inform or disclose in the Disclosure Statement whether
pre-petition intercompany transactions were made, to allow all
parties to determine if the prosecution of any preference action is
appropriate.

Oriental submits that the Debtor must disclose the real tax
consequences if the proposed plan is confirmed.

Oriental complains that as of this date, the Debtor has not filed
the Monthly Operating Report corresponding to April 2019. This
report is necessary to allow creditors and parties in interest to
determine if the plan is feasible.

Counsel for Oriental Bank:

     Maristella Sanchez Rodriguez, Esq.
     DELGADO & FERNANDEZ, LLC
     PO Box 11750
     Fernandez Juncos Station
     San Juan, PR 00910-1750
     Tel: (787) 274-1414
     Fax: (787) 764-8241
     Email: msanchez@delgadofernandez.com

            About Carlos Robles Tile & Stone

Carlos Robles Tile & Stone, Inc., operates a store that sells
tiles, stones and related materials.  Its business and office are
located at 383 Ave. Cesar Gonzalez, Urb. Eleanor Roosevelt, San
Juan, Puerto Rico.

Carlos Robles Tile & Stone previously sought bankruptcy protection
on March 19, 2015 (Bankr. D.P.R. Case No. 15-02004).

Carlos Robles Tile & Stone sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 18-05145) on Sept. 5,
2018.  In the petition signed by Carlos Robles Marin, president,
the Debtor disclosed $486,000 in assets and $3,517,613 in
liabilities.  Judge Mildred Caban Flores presides over the case.
The Debtor tapped the Law Offices of Luis D. Flores Gonzalez as its
legal counsel.


REMLIW INC: Hires Marcelino Garcia as Real Estate Broker
--------------------------------------------------------
Remliw, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Marcelino Garcia, as real
estate broker to the Debtor.

Remliw, Inc., requires Marcelino Garcia to market and assist the
Debtor's real property identified as Motel Destiny, located at
State Road No. 639, Km. 2.1, Sabana Hoyos Ward, Arecibo, Puerto
Rico.

Marcelino Garcia will be paid a commission of 5% of the gross sales
price.

Marcelino Garcia, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

Marcelino Garcia can be reached at:

     Marcelino Garcia
     2338 N. Loop 1604, Suite 120
     San Antonio, TX 78231
     Tel: (210) 381-3722

                       About Remliw, Inc.

Remliw Inc. is a privately held company, which owns a motel located
at Carr 639 Km 2.1 Arecibo, Puerto Rico.

Remliw Inc. filed a voluntary Chapter 11 petition (Bankr. D.P.R.
Case No. 19-01179) on March 2, 2019.  In the petition signed by
Wilmer Tacoronte Negron, administrator, the Debtor disclosed
$2,776,090 in total liabilities.  Damaris Quinones Vargas, Esq., at
LCDA Damaris Quinones, is the Debtor's counsel.


SPANISH BROADCASTING: Posts $3.93 Million Net Loss in 1st Quarter
-----------------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the U.S. Securities
and Exchange Commission on May 15, 2019, its quarterly report on
Form 10-Q reporting a net loss of $3.93 million on $37.33 million
of net revenue for the three months ended March 31, 2019, compared
to a net loss of $3.36 million on $33.90 million of net revenue for
the three months ended March 31, 2018.

As of March 31, 2019, the Company had $455.09 million in total
assets, $538.40 million in total liabilities, and a total
stockholders' deficit of $83.31 million.

For the quarter ended March 31, 2019, consolidated net revenue
increased $3.4 million or 10% due to a net revenue increase in the
Company's radio segment partially offset by a decrease in its
television segment.  The Company's radio segment net revenue
increased $4.8 million or 17% due to increases in special event
revenue and barter, network and national sales, which were offset
by decreases in digital and local sales.  The Company's radio
segment special events revenue increased primarily due to a greater
number of events and revenue.  The Company's television segment net
revenue decreased by $1.4 million or 30%, due to the decreases in
special event revenue and subscriber fees, which were offset by
increases in local, digital and national sales.

Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $8.3
million compared to $9.7 million for the same prior year period,
representing a decrease of $1.4 million or 14%.  The Company's
radio segment Adjusted OIBDA decreased $0.8 million or 7%,
primarily due to the increase in operating expenses of $5.6 million
partially offset by the increase in net revenue of $4.8 million.

Radio station operating expenses increased mainly due to the
positive impact of a legal settlement in the prior year and
increases in special events, barter, advertising, allowance for
doubtful accounts and commission expenses partially offset by
decreases in digital content production costs related to the
LaMusica application.  The Company's television segment Adjusted
OIBDA decreased $0.6 million, due to the decrease in net revenue of
$1.4 million partially offset by the decrease in operating expenses
of $0.8 million.  Television station operating expenses decreased
primarily due to a decrease in special events expenses partially
offset by increases in programming related production costs,
barter, commissions and professional fee expenses.  The Company's
corporate expenses decreased less than $0.1 million, mostly due to
decreases related to professional fees offset by an increase in
compensation related expenses.

Operating income totaled $5.6 million compared to $7.6 million for
the same prior year period, representing a decrease of $2.0
million.  This decrease was primarily due an increase in net
revenue partially offset by increases in operating expenses and
recapitalization costs.

"During the first quarter we again generated robust consolidated
revenue gains while simultaneously undertaking a number of
strategic investments aimed at paving the way for future growth.

"These initiatives included bolstering the external marketing of
our leading audio brands, improving and expanding our video content
offerings and strengthening the infrastructure of our various sales
departments," commented Raul Alarcon, chairman and CEO.

"We continue to maintain leading ratings, revenue and margin
thresholds across the nation's largest Hispanic markets and our
digital and social media engagement metrics remain at all-time
highs, as does our ability to impact and engage audiences audibly,
visually and experientially.

"This was exemplified recently in radio as we are the only group
owner (in any language) to have registered audience growth in 2018
(as compared to 2017), according to a Nielsen Audio Nationwide
survey; and in television, our prime time news commentator, Jaime
Bayly, was the only American news source quoted by the irate
Venezuelan dictator, Nicolas Maduro, when complaining about his
media coverage in the U.S.

"At all times and in every way, we strive to be uppermost in the
minds of our diversified audiences and advertisers.

"As in 2018, we see a clear path to accelerated performance this
year as we continue to deliver on our goal of creating long-term
sustainable value for our shareholders."

                Liquidity and Capital Resources

Spanish Broadcasting said, "We continue to evaluate all options to
effect a successful recapitalization or restructuring of our
balance sheet, including a refinancing of the Notes.  Our
refinancing efforts have been made more difficult and complex with
the litigation with certain purported holders of our Series B
preferred stock and the foreign ownership issue.

"Our primary source of liquidity is our current cash and cash
equivalents.  We do not currently have a revolving credit facility
or other working capital lines of credit.  Our cash flows from
operations are subject to factors impacting our customers and
target audience, such as overall advertising demand, shifts in
population, station listenership and viewership, demographics,
audience tastes and fluctuations in preferred advertising media. We
do not expect to raise cash by increasing our indebtedness for
several reasons, including the need to repay the Notes, the
existence of an event of default under the Indenture that arose on
April 17, 2017 and the existence of the Voting Rights Triggering
Event.  In addition, we also face the risk of the potential
negative impact of an adverse ruling of the Series B preferred
stock litigation."

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

                   https://is.gd/F0txKl

                 About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience.
SBS also owns MegaTV, a network television operation with
over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico, produces a nationwide roster
of live concerts and events, and owns a stable of digital
properties, including La Musica, a mobile app providing
Latino-focused audio and video streaming content and HitzMaker, a
new-talent destination for aspiring artists.

Spanish Broadcasting reported net income of $16.49 million for the
year ended Dec. 31, 2018, compared to net income of $19.62 million
for the year ended Dec. 31, 2017.

Crowe LLP, in Fort Lauderdale, Florida, the Company's auditor since
2013, issued a "going concern" opinion in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the 12.5% Senior Secured
Notes had a maturity date of April 15, 2017.  Cash from operations
or the sale of assets was not sufficient to repay the notes when
they became due.  In addition, at Dec. 31, 2018 the Company had a
working capital deficiency.  These factors raise substantial doubt
about its ability to continue as a going concern.


SPANISH BROADCASTING: Signs Separation Agreement with Former CFO
----------------------------------------------------------------
Spanish Broadcasting System, Inc., entered into a separation
agreement on May 31, 2019, with Mr. Jose Antonio Garcia, the
Company's former senior executive vice president, chief financial
officer, chief administrative officer, and secretary.  Mr. Garcia
had ceased employment with the Company effective on Jan. 28, 2019.

Under the Separation Agreement, Mr. Garcia will receive his earned
base salary and expenses through the Separation Date, plus
$1,750,000 in cash severance.  The cash severance amount represents
two times Mr. Garcia's base salary (that he is entitled to receive
under his employment agreement with the Company, dated as of Aug.
4, 2008, as amended as of April 19, 2011, plus an additional
$700,000, and the cash severance will be paid out over a 12 month
period.  Mr. Garcia's vested stock options will also remain
exercisable following the Separation Date, until the expiration of
the applicable option term.  Mr. Garcia will also be entitled to
continue to participate in the Company's group health plan for six
months following the Separation Date at the Company's expense.

Thereafter, Mr. Garcia may elect COBRA continuation coverage
(subject to eligibility and timely election), and if he elects such
coverage, the Company will pay a cash lump sum amount to Mr. Garcia
equivalent to 18 months of monthly COBRA premiums for the coverage
elected by Mr. Garcia.

In connection with the receipt of the severance benefits, Mr.
Garcia has entered into a customary release of claims in favor of
the Company.  The Separation Agreement also includes mutual
non-disparagement provisions and provides that Mr. Garcia will
continue to abide by the restrictive covenants in the Employment
Agreement (including employee and customer non-solicitation
provisions and non-competition provisions with respect to the
Company's Spanish broadcasting businesses, programs or services).

                  About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience.
SBS also owns MegaTV, a network television operation with
over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico, produces a nationwide roster
of live concerts and events, and owns a stable of digital
properties, including La Musica, a mobile app providing
Latino-focused audio and video streaming content and HitzMaker, a
new-talent destination for aspiring artists.

Spanish Broadcasting reported net income of $16.49 million for the
year ended Dec. 31, 2018, compared to net income of $19.62 million
for the year ended Dec. 31, 2017.  As of March 31, 2019, the
Company had $455.09 million in total assets, $538.40 million in
total liabilities, and a total stockholders' deficit of $83.31
million.

Crowe LLP, in Fort Lauderdale, Florida, the Company's auditor since
2013, issued a "going concern" opinion in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the 12.5% Senior Secured
Notes had a maturity date of April 15, 2017.  Cash from operations
or the sale of assets was not sufficient to repay the notes when
they became due.  In addition, at Dec. 31, 2018 the Company had a
working capital deficiency.  These factors raise substantial doubt
about its ability to continue as a going concern.




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

CARIBBEAN CEMENT: Pulls Back From Exports as Local Business Booms
-----------------------------------------------------------------
RJR News reports that the local construction boom has caused Carib
Cement to pull back from the export market.

The company said domestic business is so good it does not need to
look outside, according to RJR News.

It is a change from the strategy adopted a few years ago when the
local market appeared hostile to Carib Cement, forcing it to
offload excess production in export markets, the report relays.

But with a rapidly expanding construction sector, General Manager
Peter Donkersloot said things have changed, the report adds.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 30, 2017, RJR News said that Caribbean Cement Limited is
reporting improved profits for the three months ending September.
For the quarter, the company earned J$747.8 million compared with
a loss of J$81 million for the corresponding period last year,
according to RJR News.

TCRLA reported on Aug. 18, 2014, RJR News disclosed that Caribbean
Cement said it racked up a loss of $89 million in the three months
to the end of June, compared to a $359 million profit in the
corresponding period a year ago.  The report noted that Caribbean
Cement said the loss was due to the shutdown of a clinker line to
facilitate maintenance work.

According to a TCR-LA report on Aug. 7, 2013, RJR News related
that Caribbean Cement Company Limited suffered a consolidated loss
of J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News.  The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.




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

CITGO PETROLEUM: Search for CEO progresses, Includes Ex-PDVSA Exec
------------------------------------------------------------------
Marianna Parraga at Reuters reports that Citgo Petroleum Corp, the
U.S. arm of Venezuela's state-run oil firm PDVSA, is moving toward
appointing a new chief executive, with candidate names including
former executives from PDVSA and other companies soon to be
submitted to the board.

In February, former CEO Asdrubal Chavez and several other Citgo
executives close to Venezuelan President Nicolas Maduro were ousted
amid a battle for control of the subsidiary, according to Reuters.

The eighth-largest U.S. refiner has since been run by Chairwoman
Luisa Palacios and a group of senior U.S. and Venezuelan
executives, the report notes.

A Citgo search committee has begun evaluating more than a dozen
candidates, Palacios said in a statement to Reuters. It expects to
recommend an executive who possesses "the highest ethical
standards" and who can bring "a proven track record in leading
complex petroleum-related operations," she said, the report
relays.

The search, which is being conducted without a recruiting firm, has
identified candidates all of whom are Venezuelans and most of whom
are former PDVSA executives, according to people familiar with the
matter who asked not to be named.  Those include Julio Hasselmeyer,
Edgar Rasquin and Andres Riera, the report notes.

Two current members of Citgo's board, Luis Urdaneta and Edgar
Rincon, also submitted applications, the sources said, the report
says.

Reuters relays that Gustavo Baquero, who is senior vice president
of operations technology excellence at Norway's Equinor SA, and
Carlos Jorda, a former vice president of refining and marketing at
PDVSA who is currently at energy consultancy Gaffney, Cline &
Associates, also are in the running, the people said.

The report notes that the next chief will run an about $30 billion
a year business that includes refineries in Texas, Louisiana and
Illinois with combined crude processing capacity of up to 750,000
barrels per day. Citgo also operates an extensive pipeline network
and markets products through about 5,300 U.S. retail outlets.

Chavez, who ran Houston-based Citgo from an office in the Bahamas
and is a cousin of the late Venezuelan President Hugo Chavez,
remains recognized by Maduro's government as CEO but no longer has
effective control, the report says.

In February, a new Citgo board was appointed by the Venezuelan
opposition-run congress, whose chief, Juan Guaido, is recognized as
the South American country's interim leader by the United States
and some 50 other nations.  The board took over day-to-day
operations after Washington imposed sanctions designed to cripple
PDVSA's oil exports and pressure Maduro to step down, the report
says.

Citgo's day-to-day operations have been overseen by a group of
executives led by Executive Vice President Rick Esser, who reports
to Palacios, Reuters discloses.

The next CEO will face demands by the U.S. Department of Justice
for information on former officials' dealings with PDVSA.
Prosecutors last month requested Citgo documents as part of an
investigation into bribery by suppliers to PDVSA. Citgo has said it
is cooperating with the probe, the report notes.

The Justice Department's investigation has resulted in charges
against 21 people, 16 of whom have pleaded guilty as of this month.
Maduro has described the bribery investigation as politically
motivated and has said he will fight to regain control of Citgo,
the report says.

As reported in the Troubled Company Reporter-Latin America on
April 2, 2019, S&P Global Ratings said it assigned its 'B+'
issue-level rating and '1' recovery rating to U.S.-based refinery
and petroleum product marketer and distributor CITGO Petroleum
Corp.'s $1.2 billion senior secured term loan due in 2024. At the
same time, S&P Global Ratings placed the rating on CreditWatch with
developing implications.

The company plans to use the proceeds from the financing to provide
liquidity for ongoing business needs. In addition, the company
plans to terminate its revolving credit facility and AR
securitization facility.


VENEZUELA: Closing Consulates in Canada Amid Diplomatic Tensions
----------------------------------------------------------------
Amanda Connolly at Global News reports that Venezuela is
temporarily closing its consulates in three Canadian cities and
will leave open only its embassy in Ottawa.

In a statement posted online, the Venezuelan foreign ministry said
the decision to close its consulates in Vancouver, Toronto and
Montreal is a response to Canada's decision to shut down its
embassy in Caracas, the Venezuelan capital, amid worsening
diplomatic tensions, according to Global News.

"The Government of the Bolivarian Republic of Venezuela denounces
the decision of the Government of Canada to temporarily close its
Embassy in Caracas," the statement reads, the report notes.  It
goes on to accuse the decision of being "a political decision that
reflects the continued hostility of that government towards
Venezuela," the report says

It also accused Canada of "disciplined subordination to the
aggression of the Trump Administration against the Venezuelan
people and its democratic institutions," the report discloses.

The Venezuelan embassy in Ottawa will handle all consular services
until such point as the consulates reopen, the report relays.

Canadian officials said their decision to close the embassy in
Caracas came after Venezuelan President Nicolas Maduro, who Canada
and dozens of other democratic countries say is illegitimate
following a 2018 election widely condemned as fraudulent, refused
to issue accreditation for necessary staff, the report notes.

Foreign Affairs Minister Chrystia Freeland has indicated that
refusal is linked to Canada's participation in the Lima Group, the
report says.

The Lima Group is made up of 13 countries, including Canada, that
do not recognize the results of the May 2018 Venezuelan
presidential election and instead recognizes the democratically
elected National Assembly, which is Venezuela's legislature and led
by the opposition parties, the report relays.

The leader of the National Assembly, Juan Guaido, is recognized by
the Lima Group and more than 50 other countries as the interim
president of Venezuela, pending a legitimate election, the report
notes.

Maduro has, over the last several years, consolidated power using
means such as stripping the National Assembly of its power, and
moved the country deeper into the grip of authoritarian rule and
away from democracy, the report says.

Russia and China support Maduro as president, and the collapse of
democracy in a Western Hemisphere country has prompted significant
international mobilization to try to get the country back on track,
the report discloses.

But the democratic crisis comes amid severe economic problems
including hyperinflation and extreme shortages of everything from
food, power, and medicines, the report relays.

The United Nations estimates roughly four million Venezuelans have
fled the economic and humanitarian crisis since it began in 2015,
the report adds.



                           *********


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 * * *