/raid1/www/Hosts/bankrupt/TCRLA_Public/190617.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Monday, June 17, 2019, Vol. 20, No. 120

                           Headlines



B R A Z I L

AEGEA SANEAMENTO: Fitch Alters Outlook on 'BB' LT IDRs to Stable
ELETROBRAS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
ODEBRECHT SA: Expects to Take Part in 2019 Petrobras Auctions


C A Y M A N   I S L A N D S

BANORTE: S&P Rates New Tier 1 Hybrid Notes of Up to $1.5-Bil. 'BB'


C O L O M B I A

COLOMBIA: Defense Minister Avoids Congressional Censure


M E X I C O

DOCUFORMAS SAPI: Fitch Affirms 'BB-' LT IDRs, Outlook Stable


P U E R T O   R I C O

AMADO AMADO: Unsecureds to Get $5,891 in 10 Semiannual Payments
PRESERBA COMPANIA: Unsecured Creditors to Get 5% in 60 Months
REMLIW INC: Files Chapter 11 Liquidating Plan
SPANISH BROADCASTING: Stockholders Elect Six Directors


T R I N I D A D   A N D   T O B A G O

PETROLEUM CO: Espinet Warned About Firing Company Police


U R U G U A Y

MINERAL LOGISTICS: Fitch Assigns BB+(EXP) Rating to Notes Due 2037


X X X X X X X X

[*] BOND PRICING: For the Week June 10 to June 14, 2019

                           - - - - -


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B R A Z I L
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AEGEA SANEAMENTO: Fitch Alters Outlook on 'BB' LT IDRs to Stable
----------------------------------------------------------------
Fitch Ratings affirmed Aegea Saneamento e Participacoes S.A.'s
Long-Term Foreign and Local Currency Issuer Default Ratings at 'BB'
and National Long-Term Rating at 'AA(bra)'. The Rating Outlook was
revised to Stable from Negative. Fitch also affirmed the NLTRs of
Aegea's subsidiaries Aguas Guariroba S.A. (Guariroba), Prolagos
S.A. - Concessionaria de Servicos Publicos de Agua e Esgoto
(Prolagos), Nascentes do Xingu Participacoes e Administracao S.A.
(Xingu) and Aguas de Teresina Saneamento SPE S.A. (Aguas de
Teresina) at 'AA(bra)' with Outlook Stable.

At the same time, Fitch has assigned the NLTR 'AA(bra)' to
Prolagos' proposed 4th debenture issuance in the amount of BRL100
million due 2024. The proposed debentures are senior unsecured and
the use of proceeds is mainly to support capex and dividends
distribution.

The Outlook revision to Stable of Aegea's ratings is based on
Fitch's perception of enough financial headroom for the holding to
manage its capital structure at moderate levels by leveraging its
main subsidiaries within the next three years. In addition, the
adequate performance of recent incorporated operations strengthens
the expectation of higher diversification of upstream dividends and
improves Aegea's deleveraging capacity to sustain the rating level.
Fitch assumes debt amount at the holding level should stabilize or
even reduce going forward.

The ratings of Aegea and subsidiaries are supported by the low
business risk inherent to the water/wastewater utility sector in
Brazil, with the operational subsidiaries benefiting from an almost
monopolistic position in their concession areas with highly
predictable and resilient demand. Fitch's base case scenario
considers Aegea will be able to manage its consolidated net
financial leverage limited to 3.5x from 2021 (peaking at 4.1x in
2019) combined with extended debt maturity profile and proven
financial flexibility.

Fitch rates Aegea based on its consolidated credit profile, given
the holding guarantees most of the subsidiaries' debt with cross
acceleration clauses in the event of default at the Aegea level.
The company's consolidated strong credit profile continues to be
supported by the operational and financial performance of the two
main subsidiaries, Prolagos and Guariroba. The assessment
incorporates development of recent acquisitions that should improve
the company's business profile with diversification of relevant
operations. The agency considers this higher diversification as
positive as dilutes operational, regulatory and political risks
within the group.

KEY RATING DRIVERS

Reduced Industry Risk: Fitch considers the risk of the Brazilian
water/wastewater industry to be low, given the high predictability
and resilience of demand, even in adverse macroeconomic scenarios,
and due to its quasi-monopolistic positions in the provision of an
essential service to the population. The industry challenge is
capex execution for expansion of coverage ratios, mainly related
with collection and treatment of sewage. This requires adequate
sources of financing for the long-term return on investment. Fitch
believes tariff setting to be overall satisfactory in Aegea's main
concessions in order to sustain their economic and financial
balance based on the concession agreements. The sector faces
inherent hydrologic risk, which has been manageable for the Aegea.

Consolidated Leverage to Reduce: On a consolidated basis, Fitch
believes Aegea will be able to reduce its net leverage sustainably
to below 3.5x, peaking at 4.1x in 2019 pressured by recent
acquisitions, according to its methodology. Fitch considers this
deleverage trend important for the group to maintain credit metrics
more in line with the current ratings. In the LTM ended March 31,
2019, consolidated gross and net leverage were 4.8x and 3.8x,
respectively. This forecast does not consider any additional
acquisition from Aegea, which, if occurs, may pressure the rating
if debt financed.

Capex Pressures Cash Flow: Fitch's expects consolidated FCF to
remain negative on BRL661 million on annual average during
2019-2021, pressured by estimated relevant capex and dividend
distributions. Fitch expects the increase in the volumes of water
and sewage billed, in addition to tariff increases, to continue
supporting consolidated cash flow from operations (CFFO) expansion,
mitigating FCF pressure. CFFO should total BRL270 million in 2019,
increasing to BRL445 million by 2020. During the LTM ended March
31, 2019, CFFO was BRL270 million, which resulted in negative FCF
of BRL560 million.

High Operating Margins: As per Fitch's projections, Aegea's
consolidated financial profile will continue to register high
operating margins at its main subsidiaries, Prolagos and Guariroba.
Consolidated EBITDA margins should gradually increase to 56% by
2021 benefiting from efficiency improvements and low cost
structure, as compared to peers. Consolidated EBITDA estimates is
BRL986 million in 2019 (equivalent to 50% margin) growing to BRL1.4
billion by 2021 mainly supported by development of recent
incorporate operations such as Manaus and Teresina. During the LTM
ending March 31, 2019, EBITDA and EBITDA margin were BRL925 million
and 51%, respectively.

Relevant Operations to Develop: Fitch's assessment of Aegea
incorporates the group's aggressive growth strategy through
acquisitions and successful concession bids, which require
improvement of recently incorporated operations and financial
support to subsidiaries under development. The group has been
successful in reducing operational bottlenecks and in capturing
efficiencies of subsidiaries, which mitigates growth strategy
risks. For the next three years, Fitch expects Aegea to benefit
from the gains of scale through organic growth and developing
recent acquired operations to strengthen the diversification of its
portfolio. Fitch projects no relevant concession addition for Aegea
in the mid-term.

Political Risk Inherent to Business: The company's water/wastewater
operations are supported by concession contracts providing a
regulatory framework for the group's activities. There is no
ring-fence approach against political interference by municipal
governments that could jeopardize the operational and financial
performance of one or more concessionaries, despite the diversified
concession-granting powers of subsidiaries. Positively, Aegea's
operations are subject to different regulatory agencies, which
imply risk dilution. The favorable track record of concession
agreement enforceability for the two main subsidiaries during
recent years and the satisfactory capacity of the group to interact
with various public agents and regulators are an important
consideration for the analysis.

DERIVATION SUMMARY

Aegea's credit profile benefits from diversification of concessions
within Brazil. Companhia de Saneamento Basico do Estado de Sao
Paulo (Sabesp; LC and FC IDRs BB/Stable) operates exclusively in
the State of Sao Paulo, Brazil, which brings higher operational and
regulatory risks. Aegea and Sabesp have similar and strong EBITDA
margins, although Aegea's presents high indebtedness at the holding
company level and higher consolidated leverage. Sabesp carries
higher political risk, since it is state-owned, and high FX debt
exposure. Sabesp is the country's largest water/wastewater utility,
which benefits the company in terms of economy of scale.
Transmissora Alianca de Energia Eletrica S.A. (LC IDR BBB-/Stable
and FC IDR BB/Stable), a power transmission company, presents a
better credit profile than Aegea. This is due to its even more
predictable CFFO, strong financial profile and lower regulatory
risk.

Aegea's activity in Brazil is influenced by the operating
environment in the country, which is subject to volatile
macroeconomic scenarios and mostly explains the difference from
Wessex Water Limited's (WWL; BBB/Negative), a holding company with
water operation in England. WWL subsidiary presents strong
operational and regulatory performance despite higher net leverage
ratios close to 6.0x.

KEY ASSUMPTIONS

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

  -- Average increase in consolidated annual volume of water and
sewage billed around 12% over the next three years, supported
mainly by the expansion of infrastructure on recently incorporated
operations.

  -- Tariff readjustments in line with inflation estimates except
at Guariroba with tariff recomposition in 2019 (as compensation of
exemption of minimum consumption tariff) and Prolagos, which has a
real increase in the annual tariff of 5.5% by 2020.

  -- Average annual capex of BRL700 million from 2019-2021.

  -- Average annual dividend distribution of BRL395 million within
the next three years.

RATING SENSITIVITIES

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

An upgrade in LC IDR and National Scale Rating may occur if:

  -- Consolidated net debt/EBITDA goes below 2.5x sustainably;

  -- EBITDA margins and CFFO improve above Fitch's expectations,
based on operating performance enhancement of recent incorporated
subsidiaries.

An upgrade of the FC IDR may occur only in the case Aegea's LC IDR
is upgraded associated with upgrade of Brazil's country ceiling.

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

  -- Consolidated net leverage trending to sustain above 3.5x;

  -- Cash/short-term debt below 0.8x on a consolidated basis and/or
weaker financial flexibility mainly at the holding level;

  -- Relevant debt-financed acquisitions.

LIQUIDITY

Satisfactory Financial Flexibility: Fitch expects Aegea to sustain
satisfactory financial flexibility and liquidity profile during the
next three years at the same time the company implements relevant
capex and distribute significant dividends. Aegea's proven access
to local and international credit markets is favorable for its
financial profile. The expected manageable debt maturity schedule
should also benefit its liquidity ratios.

Aegea's consolidated cash balance of BRL579 million, as of March
31, 2019, already excludes the restricted cash of BRL225 million
blocked by legal decision related with 'Operacao Savandija'
investigation. Legal decision has been partially reverted with
return of BRL105 million in May 2019. Going forward, Fitch assumed
no deterioration on the company's financial flexibility coming from
governance issues. In the same period, cash balance represented
adequate coverage of 1.2x of its adjusted short term debt of BRL464
million, which included BRL109 million related with acquisition
payment obligations.

By the end of March 2019, total debt was BRL4.0 billion, on a
consolidated basis, of which BRL2.0 billion at the holding level,
including the bonds issued by Aegea Finance S.a.r.l.. Debt
structure consisted mainy of bond issuance (BRL1.2 billion -
adjusted by hedging derivatives), debentures (BRL1.2 billion) and
BNDES and Caixa's issuance (BRL1.0 billion). The company's debt
profile presents 5.5 years average terms with no FX exposure and
around 70% of its coupon linked with basic interest rate (CDI).

FULL LIST OF RATING ACTIONS

Fitch has affirmed Aegea's and its subsidiaries' ratings, revised
Aegea's Rating Outlook to Stable from Negative and maintain the
Rating Outlook Stable on its subsidiaries.

Aegea Saneamento e Participacoes S.A. (Aegea)

  -- Long-Term Foreign Currency IDR at 'BB'; Outlook revised to
Stable from Negative;

  -- Long-Term Local Currency IDR at 'BB'; Outlook revised to
Stable from Negative;

  -- Long-Term National Scale Rating at 'AA(bra)'; Outlook revised
to Stable from Negative.

Aegea Finance S.a.r.l.

  -- USD400 million senior unsecured at 'BB'.

Aguas Guariroba S.A.

  -- Long-Term National Scale Rating at 'AA(bra)'; Outlook Stable;

  -- BRL400 million senior unsecured 3rd debenture issuance at
'AA(bra)'.

Prolagos S.A. - Concessionaria de Servicos Publicos de Agua e
Esgoto

  -- Long-Term National Scale Rating at 'AA(bra)'; Outlook Stable;

  -- BRL100 million senior unsecured 3rd debenture issuance at
'AA(bra)'.

Nascentes do Xingu Participacoes e Administracao S.A.

  -- Long-Term National Scale Rating at 'AA(bra)'; Outlook Stable;

  -- BRL155 million senior unsecured 3rd debenture issuance at
'AA(bra)'.

Aguas de Teresina Saneamento SPE S.A.

  -- Long-Term National Scale Rating at 'AA(bra)'; Outlook Stable;

  -- BRL200 million senior unsecured 1st debenture issuance at
'AA(bra)'.

At the same time, Fitch has assigned a 'AA(bra)' to Prolagos BRL
100 million 4th debentures issuance.


ELETROBRAS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Centrais Eletricas Brasileiras S.A.
(Eletrobras) and its wholly owned subsidiary Furnas Centrais
Eletricas S.A.'s Long-Term Foreign and Local Currency Issuer
Default Ratings at 'BB-' and Long-Term National Scale Ratings at
'AA(bra)'. In addition, Fitch has also revised its assessment of
Eletrobras' consolidated stand-alone credit profile (SCP) to 'b'
from 'b-'. The Rating Outlook is Stable.

Per Fitch's Government Related Entity Criteria, Eletrobras' ratings
are equalized with Brazil's sovereign rating (BB-/Stable) due to
the agency's assessment of the company's strong linkage with the
government and the strong to very strong incentive of government
support. Fitch views Eletrobras' linkage with the government as
strong given Brazil's 51% ownership of the company's voting shares.
The government also has broad control over Eletrobras' operational,
strategic and financing activities and guarantees 15% of
Eletrobras' consolidated on-balance sheet debt. Fitch's assessment
of the government's incentive to support Eletrobras is based on the
strong social-political implications that a default may have on the
company's ability to provide quality service. The Brazilian power
system relies on Eletrobras' asset portfolio of generation plants
and transmission lines as the largest player in this sector. In
terms of financial implications, Fitch believes the impact of
Eletrobras' default on the availability and cost of domestic or
foreign financing options for the sovereign and/or other
government's subsidiaries would be strong.

On a standalone basis, Fitch views Eletrobras' IDR as consistent
with a 'b' rating due to its still pressured FCF generation and
high leverage, despite its low business risk and relevant size in
the sector. Management's initiatives to reduce costs and sell
assets to improve the group's capital structure are positive, but
may take time to improve the overall credit profile. Fitch believes
Eletrobras' divestment strategy and the recent privatization of six
energy distribution companies that Eletrobras was managing are
positive for the company. The government's intention to privatize
Eletrobras was not considered in this analysis, as it is an
uncertain event. The two-notch rating difference between
Eletrobras' SCP and the sovereign, along with the considerations
related to the strength of linkage and incentive to support, lead
to rating equalization with the parent, including the Stable
Outlook for the IDRs, as per GRE Criteria. If the federal
government loses its controlling shareholder position in the
company, Eletrobras' ratings would likely still be pressured given
the weak capital structure.

KEY RATING DRIVERS

Strong Linkage to the Sovereign: Eletrobras' ratings reflect the
Brazilian government's strong incentive to support the company due
to its shareholding control and strategic importance as the largest
electricity generation and transmission company in the country,
with 30% of installed generation capacity and 47% of transmission
lines above 230 kv as of March 2019. Its size and active presence
in several relevant energy operational assets in Brazil makes it
strategically important to the country's economy and development.

Supportive Government: The Brazilian government has shown
increasing commitment to Eletrobras' turnaround, supporting
management's decision to sell assets and cut costs. In addition,
government support as come through the National Treasury acting as
guarantor of loans to 15% of total consolidated on-balance-sheet
debt at the end of the first quarter of 2019 and equity injections
of BRL2.9 billion in 2016. Federal banks and Petrobras are the
counterparty of around 50% of the group's on-balance sheet debt,
when excluding a sectorial fund managed by Eletrobras in the past.


Improving SCP: Eletrobras' SCP materially improved during 2018 as
the company sold off assets to significantly strengthen its EBITDA,
due to poor operational results in its distribution segment
operations. Eletrobras' 'b' SCP reflects its capital structure
improvement reported over the past three years. It also reflects
Fitch's expectation that the company will maintain or further
improve its capital structure going forward. As of the end of March
2019, Eletrobras' leverage of 4.9x, as measured by consolidated net
debt to EBITDA, had decreased to approximately 2.2x from the 7.1x
at Dec. 31, 2017.

Cash Generation to Improve: EBITDA generation should achieve an
annual average of BRL9.4 billion in 2019-2020, according to Fitch's
projections, considering the current asset portfolio and the cash
inflow from compensation revenues of the transmission concessions
renewed early in 2013. In LTM ended March 31, 2019, adjusted EBITDA
amounted to BRL8.5 billion, benefiting from compensation revenues
bookings since July 2017.

Cash flow from operations (CFFO) is expected to be around BRL6.0
billion in the next two years. The strong growth in the investment
level in the Strategic Plan for 2019-2023 to BRL28.2 billion from
BRL14.2 billion for 2018-2022 should pressure FCF from 2019 on.
Nevertheless, Fitch's base case projections do not incorporate
BRL12.0 from the construction of the nuclear plant, Angra 3, as it
is unlikely Eletrobas will finance the remaining portion of this
project. Without this investment, Fitch expects the company's FCF
will be positive, with BRL758 million in 2019. In the LTM ending
March 2019, consolidated CFFO of BRL2.7 billion was enough to
support capex of BRL1.0 billion and return of dividends of BRL65
million, generating a positive FCF of BRL712 million.

High Leverage: Fitch expects Eletrobras' adjusted leverage ratios
to remain high, with net adjusted debt/adjusted EBITDA in the range
of 6.5x-7.5x until 2021. As a mitigating factor, Eletrobras'
consolidated risk profile benefits from an extended debt maturity
schedule. For the LTM ended March 31, 2019, total adjusted
debt/adjusted EBITDA and net adjusted debt/adjusted EBITDA were
8.7x and 7.8x, respectively. Total adjusted debt of BRL80.9 billion
includes the sectorial fund Reserva Global de Reversao (RGR) of
BRL5.7 billion and off-balance-sheet debt of BRL25.7 billion
related to guarantees provided to non-consolidated subsidiaries.
Excluding these debts, net leverage would remain high at 4.9x.

Strategic Sector for the Country: In Fitch's analysis, the credit
profile of agents in the Brazilian electricity sector benefits from
its strategic importance to sustain the country's economic growth
potential and foster new investments. The federal government has
acted to circumvent systemic problems that impact the cash flow of
companies and guided discussions to improve the current regulatory
framework in order to reduce the risk of the sector

DERIVATION SUMMARY

Eletrobras' 'BB-' IDRs mirrors the Brazilian sovereign's 'BB-'
rating, given the company's strong linkage with the government and
high importance to the country. Compared with other state-owned
electric utility companies in Latin America, Eletrobras' IDRs are
lower than the Mexican company Comission Federal de Electricidad
(CFE) (BBB/Stable), and the Colombian group Interconexion Electrica
S.A. E.S.P (BBB+/Stable). CFE's ratings are fully supported by the
Mexican sovereign rating of 'BBB'/Stable due to its monopoly
position in the country. ISA's ratings are higher than the
Colombian sovereign 'BBB'/Stable rating, but capped by the
sovereign ceiling at 'BBB+', reflecting its asset base
diversification in terms of segments and geographic operation,
resulting in adequate credit metrics. Conversely, Eletrobras' IDRs
are better than Corporacion Electrica Nacional S.A.'s (Corpoelec)
'RD' rating, which reflects the very low sovereign rating for
Venezuela 'RD' and Corpoelec's dependence on current public
transferences to carry out its day-to-day operations and to meet
financial obligations.

Eletrobras 'b' SCP is five notches below the 'BBB-' Local Currency
IDR of the the Brazilian generation company Engie Brasil Energia
S.A. and the Brazilian Transmission group's Alupar Investmentos
S.A. and Transmissora Alianca de Energia Eletrica S.A. (Taesa) due
to its poor operating performance and credit profile.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case For The Issuer
Include:

  -- Receipt of BRL35.9 billion from compensation value for the
transmission concession renewal in monthly installments from April
2019 to July 2025;

  -- Receipt of BRL1.3 billion in 2019 from assets already sold
with no additional assets sales;

  -- Average annual capex (not including equity contributions) of
BRL3.3 billion from 2019 to 2022;

  -- Dividends of 25% of net profit in the coming years;

  -- No further impairments and investigations findings impacting
the financial statements.

RATING SENSITIVITIES

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

  -- Positive rating action on the sovereign;

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

  -- Negative rating action on the sovereign;

  -- Perception of a weakening on Brazilian government support;

  -- Significant deterioration on the company's SCP.

LIQUIDITY

Manageable Debt Maturity: Eletrobras has historically maintained a
strong liquidity position and counts on the potential financial
flexibility provided by the sovereign. Unlike previous periods, the
company's consolidated cash and marketable securities of BRL8.2
billion was below its short-term debt of BRL11.4 billion at the end
of the first quarter of 2019, as the USD1 billion notes are
maturing on July 2019. Considering the recent BRL5.0 billion
debenture issuance will refinance the bond, the refinancing risk
has been mitigated. The group's cash position should slightly
benefit from the agreement signed with Eletropaulo in 2018, which
will represent a cash inflow of BRL1.5 billion to be received in
five annual instalments, in addition to BRL1.1 billion in asset
sales.

Eletrobras group's debt is concentrated in Brazilian state owned
entities. Federal banks hold 32% of the consolidated on balance
sheet debt, with Petrobras responsible for 24% and RGR, 10%, which
strengths the linkage with the government. Foreign currency debt
comprised by Eurobonds and loans with international development
banks, such as CAF, BID and KfW, represents around 23% of group's
debt. Brazilian Federal Government provides guarantee in the total
amount of BRL8.2 billion, representing around 17% of total debt
(ex-RGR).

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following:

Eletrobras

  -- Long-Term Foreign-Currency IDR at 'BB-';

  -- Long-Term Local-Currency IDR at 'BB-';

  -- Long-Term National Scale Rating at 'AA(bra)';

  -- USD1 billion senior unsecured notes due 2019 at 'BB-';

  -- USD1.75 billion senior unsecured notes due 2021 at 'BB-'.

Furnas

  -- Long-Term Foreign-Currency IDR at 'BB-';

  -- Long-Term Local-Currency IDR at 'BB-';

  -- Long-Term National Scale Rating at 'AA(bra)'.

The Rating Outlook on the corporate ratings is Stable.


ODEBRECHT SA: Expects to Take Part in 2019 Petrobras Auctions
-------------------------------------------------------------
Rodrigo Viga Gaier at Reuters reports that Brazilian conglomerate
Odebrecht SA's construction unit expects to speed up talks with
Petroleo Brasileiro SA to resume providing services to the
state-run oil company and participate in its public auctions in the
second half of 2019, an Odebrecht executive said.

Olga Pontes, Odebrecht's compliance director, says Odebrecht
Engenharia e Construcao (OEC) should be able to resume its
relationship with Petrobras because of steps taken by the
conglomerate to improve governance and compliance in the wake of a
2016 leniency deal tied to a corruption scandal, according to
Reuters.

The report notes that Odebrecht along with other firms was ensnared
in a major global corruption investigation into billions of dollars
in bribes that were paid to win contracts with Petrobras in the
last two decades.

Pontes said Odebrecht and Petrobras representatives will meet in
the next few days, when the conglomerate's compliance and
governance reforms will be presented to the oil company, the report
relays.

Brazil's largest banks are negotiating a potential out-of-court
debt restructuring with Odebrecht, Banco Bradesco SA said, the
report relays.

With a total debt of approximately BRL70 billion (US$18.23
billion), Odebrecht has been trying to avoid the same fate of its
sugar and ethanol unit, Atvos Agroindustrial Participacoes SA,
which filed for bankruptcy at the end of May, the report notes.

"We are not cleared yet to provide engineering work (to Petrobras).
We are in quarantine and at the stage of demonstrating that all
recommendations given to us are being implemented," Pontes said,
the report adds.

                        About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American engineering
and construction company fully owned by the Odebrecht Group, one of
the 10 largest Brazilian private groups.  Construtora Norberto is
the world's largest builder of hydroelectric plants, of sanitary
and storm sewers, water treatment and desalination plants,
transmission lines and aqueducts.  The Group's main businesses are
heavy engineering and construction based in Rio de Janeiro, Brazil,
and Braskem S.A., its chemicals/petrochemicals company, based in
Sao Paulo, Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2016, The Wall Street Journal related that Marcelo Odebrecht,
the jailed former head of Brazilian construction giant Odebrecht
SA, agreed to sign a plea-bargain agreement in connection with
Brazil's largest corruption probe ever, according to a person close
to the negotiations.  The move could roil the nation's political
class yet again.  The testimony of the former industrialist, which
is part of the deal, has the potential to implicate numerous
politicians who allegedly took kickbacks from contractors as part
of a years-long graft ring centered on Brazil's state-run oil
company, Petroleo Brasileiro SA, known as Petrobras, according to
The Wall Street Journal.




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BANORTE: S&P Rates New Tier 1 Hybrid Notes of Up to $1.5-Bil. 'BB'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to Banco
Mercantil del Norte S.A. Institucion de Banca Multiple Grupo
Financiero Banorte's (Banorte; BBB+/Negative/A-2), through its
Grand Cayman Branch, perpetual callable subordinated non-preferred
non-cumulative Tier 1 capital notes for up to $1.5 billion. Banorte
plans to use the proceeds to keep strengthening its asset liability
management.

The rating on the bank's notes is four notches below the issuer
credit rating (ICR), reflecting:

-- The notes' contractual subordination to other senior debt;

-- An additional notch downward for its discretionary and
    mandatory non-payment clause, which allows the instrument
    to defer coupon payments;

-- One additional notch for its regulatory Tier 1 classification,
    which heightens the potential for coupon non-payment on a
    going-concern basis when it comes to the regulatory capital
    buffer requirements for systemically important financial
    institutions such as Banorte; and

-- An additional notch for its mandatory contingent capital
    clause that would lead to a principal write-down.

S&P said, "At the same time, we are assigning intermediate equity
content to Banorte's Tier 1 hybrid capital instrument primarily
because in our view, the instrument can absorb losses through
non-payment of coupon and principal write-down, and the maturity is
perpetual. There are no material restrictions on deferrals, because
the bank can discretionally suspend coupon payments, and it doesn't
contain step-up clauses that could increase the incentive to redeem
the notes (although they can be redeemed under other
circumstances).

"According to our criteria, a hybrid capital instrument with
intermediate equity content is eligible for the total adjusted
capital calculation until the aggregate amount of all instruments
with intermediate equity content is equivalent to 33% of the bank's
adjusted common equity). Therefore, considering Banorte's
outstanding hybrid issuances, we allocated intermediate equity
content to about 65% of the total notes amount, equivalent to about
$975 million. Once we included this amount in Banorte's
capitalization metrics, we revised our forecast risk-adjusted
capital (RAC) ratio to 13.7% on average for the next two years from
11.0% in our previous forecast. The RAC ratio, nonetheless, doesn't
affect our current view of the bank and the group's capital and
earnings assessment, because we already consider it strong.

"The proposed notes also don't affect our view of Banorte's funding
and liquidity. The notes only make up 3.1% of the bank's total
funding base. Our assessment of Banorte's funding keeps reflecting
a structure that's similar to that of the Mexican banking system,
and we don't expect it to change in the near future. As of last
March, core customer deposits--which we view as more stable during
adverse market and economic situations--represented the bulk of its
funding structure; 76% of its funding base (versus 85% for the
Mexican banking industry). Banorte has a high share of retail
deposits within its large deposit base--as of March 2019, its
market share of deposits was 14.2%--which positively affects our
funding assessment. Moreover, Banorte's wholesale deposits have
remained stable, which underscores its long-standing relationships
with institutional clients. Therefore, its large and stable deposit
base and its sound capital allows for an adequate stable funding
ratio (SFR). The bank's SFR was 99.3% as of March 31, 2019, and it
has averaged 101% during the past three years. We expect the SFR to
remain above 100% during the next two years because we don't
anticipate any changes in its funding structure, and it will
finance its long-term funding needs (such as infrastructure loans)
with long-term liabilities to avoid significant mismatches in the
balance sheet.

"Low refinancing risk--through a manageable debt maturity
profile—and modest short-term liquidity needs continue to support
the bank's liquidity. As of March 31, 2019, our broad liquid assets
to short term wholesale funding was 1.3x, in line with the 1.3x
average for the past three years. The liquidity also reflects
prudent management and a proactive stance towards refinancing
future debt, which the proposed notes also highlight. We expect
these factors to remain in place, so we don't have concerns about
Banorte's liquidity position for the remainder of 2019."

S&P's ratings on Banorte are supported by:

-- Its sound RAC ratio, which we now project to average 13.7% for
the next two years;

-- Its strong brand recognition;

-- Its well-diversified business and funding mix;

-- Its stable market share in total consolidated loans in the
banking system;

-- Its healthy asset quality, with nonperforming assets (NPAs) and
credit loss ratios in line with those of the Mexican banking
system; and

-- Its funding structure, which benefits from a stable deposit
base with a liquidity position that provides a comfortable cushion
to meet its short-term obligations.

S&P said, "We continue to view Banorte as a highly systemically
important bank. This reflects the top-tier position the bank holds
in the country in terms of total deposits, which we don't expect to
change over the next few years. We also factor in the bank's market
share in retail banking, which was 11.2% as of March 31, 2019, and
which has grown consistently over the past five years. We expect
the bank to sustain at least an 11% share. In addition, we
incorporate Banorte's designation in category II as a systemically
important institution by the Mexican regulator."

  Ratings List

  Banco Mercantil del Norte S.A. Institucion de Banca Multiple
  Grupo Financiero Banorte
  Issuer credit rating
  Global scale                    BBB+/Negative/A-2
  CaVal (Mexico) national scale   mxAAA/Stable/mxA-1+

  New Rating

  Banco Mercantil del Norte S.A. Institucion de Banca Multiple
  Grupo Financiero Banorte (Cayman Islands Branch)
  Tier 1 hybrid notes             BB




===============
C O L O M B I A
===============

COLOMBIA: Defense Minister Avoids Congressional Censure
-------------------------------------------------------
EFE News reports that Colombian lawmakers voted overwhelmingly
against censuring the defense minister for allowing the military
brass to order field commanders to increase the number of criminals
and militants killed, captured or forced to surrender.

The censure motion against Guillermo Botero was rejected by a vote
of 121-20 in the House of Representatives, according tp EFE News.




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

DOCUFORMAS SAPI: Fitch Affirms 'BB-' LT IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Docuformas S.A.P.I. de C.V.'s Long-Term
Local- and Foreign-Currency Issuer Default Ratings at 'BB-' and
Short-Term Foreign- and Local-Currency ratings at 'B'. In addition,
the Long- and Short-term National Scale ratings were affirmed at
'A-(mex)' and 'F2(mex)', respectively.

The Rating Outlook for the Long-Term ratings is Stable.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS AND SENIOR DEBT

Docuformas' ratings are mainly influenced by its well-positioned
and growing franchise among Mexican independent leasing companies
built through organic and inorganic growth -- although small within
the Mexican financial system -- as well as its stable and
specialized business model that generates recurrent core earnings
through the economic cycles. Inherent risks of its high loan growth
and a higher-than-peers appetite for inorganic growth, although
reasonably executed, also highly influence the ratings.

The ratings reflect the company's asset quality ratios, which
remain relatively stable but weaker than the segment, improved
capital metrics after a recent capitalization, recurrent but
decreasing profits affected by a higher reference interest rate and
volatility (mostly as a result of non-cash items), funding mix with
an adequate portion of unsecured funding sources, and an adequate
liquidity position reflected in positive maturity gaps. Although
Fitch believes management and the corporate governance structure
exhibit some improvements, other areas that require improvements
were still factored in the ratings.

Docuformas capital base was enhanced in the second half of 2018.
The company received USD27 million of fresh capital as part of a
transaction in which Alta Growth became shareholder, and changes
made with the Colony Capital and Adam Wiaktor's stakes. This
injection materially improved Docuformas' tangible leverage
position, as its debt to tangible equity ratio decreased to 4.3x as
of December 2018 from 9.2x at the close of 2017. Fitch believes
this stronger capital base provides a cushion to sustain estimated
double-digit balance sheet growth in 2019 and 2020, which Fitch
believes could lead to a ratio of 7x, still commensurate with the
company's ratings.

Docuformas profitability ratios exhibit deterioration and some
volatility since 2017, driven by net interest income (NII)
contraction, mainly due to higher interest expenses, non-cash items
that have increased earnings volatility and particular events in
2017 and 2018. As of December 2018, the company's pre-tax profit to
average assets ratio was 2.1%, reflecting FX and trading and
derivative gains, higher operating costs as part of the acquisition
of Mexarrend, S.A. de C.V. and Compania Mexicana de Arrendamiento,
S.A. de C.V.'s (Grupo Mexarrend) portfolio, and management's
decision to maintain loan rates unchanged despite higher funding
costs due to sustained increases in the reference rates.

Docuformas has access to relatively flexible and diverse funding
sources especially within the universe of NBFIs in Mexico; however,
it shows some concentration in market debt. As of March 2019, the
main source of funding was the global unsecured bond (1Q19; 52% of
total funding), followed with lines from commercial banks (21%),
two securitization transactions (11%), short-and-long term local
bonds (13%), financial entities and vendor financing (3.4%). At the
same date, 70% of its funding was unsecured. The later compares
positively against some competitors in the market and enhances the
company's unpledged asset base.

Liquidity risk is low as liquidity gaps are positive; nevertheless,
refinancing risk increased as the majority of its debt will mature
in a bullet payment in 4 years.

As of 1Q19, the NPL ratio (including the whole balance of all
leasing and loan contracts with payments overdue by more than 90
days) was 5.4% of gross loans, slightly below the 5.8% average from
2015 to 2018. The impairment ratio including foreclosed assets is
higher (7.1% as of 1Q19). Portfolio concentrations are relatively
high at Docuformas, although in line with the leasing segment. As
of 1Q19, the 10 main clients represented 1.1x its equity.

Although Fitch recognizes that key person risk was significantly
reduced with the new shareholder structure and the appointment of a
new CEO, together with the incorporation of independent members on
the board and enhancement of operating committees, the agency will
closely monitor the transition and maturity of recent changes.
Fitch still believes there is room for improvement regarding the
quality, accuracy, and the timeliness of the information provided
to the agency.

Docuformas' global issuance rating reflects senior unsecured
obligations that rank pari passu with other senior indebtedness,
and therefore, the rating is at the same level as the company's
IDRs. Three of the company's operating subsidiaries unconditionally
guaranteed the global notes. The local debt issues are at the same
level as Docuformas' Long- and Short-term national ratings,
reflecting its senior unsecured nature.

RATING SENSITIVITIES

IDRs, NATIONAL RATINGS AND SENIOR DEBT

Rating upside potential is limited in the short term. Docuformas'
ratings could be upgraded in the medium term if the company
materially improves its company profile through orderly growth and
business model diversification, together with the greater
flexibility and diversification of its funding mix and improving
asset quality, while it maintains a tangible leverage ratio
consistently close to 5x and relevantly improves its profitability
ratios.

Docuformas' ratings could be downgraded if its financial profile
considerably deteriorates as a result of an increased NPL ratio,
and its debt to tangible equity ratio increases to levels
consistently above 7x, from substantial deterioration of its
funding mix and/or from material pressures and volatility on its
profitability.

The ratings of the international and local debt issues will mirror
any movement in the company's Long-Term IDRs and National Ratings,
respectively, reflecting their senior unsecured nature. The notes'
rating may diverge from the IDRs if asset encumbrance increases to
the extent that it relevantly subordinates senior unsecured
bondholders.

Fitch Ratings has affirmed the ratings for Docuformas S.A.P.I. de
C.V. (Docuformas) as follows:

  -- Long-term Local- and Foreign-Currency IDRs at 'BB-'; Outlook
Stable;

  -- Short-Term Foreign- and Local-Currency IDRs at 'B';

  -- USD150 million Regs/144A senior unsecured notes at 'BB-';

  -- National long-term rating at 'A-(mex)', Outlook Stable;

  -- National long-term unsecured notes at 'A-(mex)';

  -- National short-term rating at 'F2(mex)';

  -- National short-term unsecured debt program at 'F2(mex)'.



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

AMADO AMADO: Unsecureds to Get $5,891 in 10 Semiannual Payments
---------------------------------------------------------------
Amado Amado Salon & Body Corp. and Amado Salon de Belleza Inc.
filed an amended Chapter 11 Plan and accompanying Amended
Disclosure Statement.

Class 5 - General Unsecured Creditors are impaired. The total
unsecured claim subject to distribution is $1,078.788, Class 5
claimant shall receive from Consolidated Debtor a non-negotiable,
interest bearing at 3.25% annually, promissory note dated as of the
Effective Date. Creditors in this class shall receive total
repayment of 5% of their claimed or listed debt which equals
$53,939.40 to be paid pro rata to all allowed claimants under this
class. Unsecured Creditors will receive 10 semiannual payments in
the amount of $5,891.11 to be distributed pro rata among them, for
the term of 10 semiannual periods beginning September 1, 2019.

Class 1 - Internal Revenue Service are impaired. IRS filed claim
number 2 in the amount of $156,351.65: $36,772.09 secured,
$72,575.93 priority and $47,003.63 as general unsecured. IRS's
secured claim number 2 and 5 in the total amount of $105,221.90
shall be paid in sixty monthly installments of $1,938.00 which
includes principal plus interest of 4% beginning April 5, 2018.

Class 2 - Centro De Recaudacion De Ingresos Municipales are
impaired. Secured portion of Claim 1 in the amount $2,229.93 for
personal property taxes was paid in full plus 4% annual interest on
March 1, 2019.

The funds will be obtained from Consolidated Debtor' businesses.

A full-text copy of the Amended Disclosure Statement dated May 29,
2019, is available at https://tinyurl.com/y54urdce from
PacerMonitor.com at no charge.

Attorney for the Consolidated Debtor is Gloria M. Justiniano
Irizarry, Esq., in Mayaguez, Puerto Rico.

           About Amado Amado Salon & Body Corp.

Amado Amado Salon & Body Corp. and Amado Salon De Belleza, Inc.
are
privately-held companies in San Juan, Puerto Rico, engaged in the
beauty salon business.  The Debtors first filed for Chapter 11
bankruptcy protection (Bankr. D.P.R. Case Nos. 14-10459 and
14-10460) on Dec. 23, 2014.

The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Lead Case No. 18-01144) on March 5, 2018.

In the petitions signed by Amado Navarro Elizalde, president, Amado
Amado Salon estimated assets and liabilities of $1 million to $10
million.  Amado Salon De Belleza estimated assets and liabilities
of less than $1 million.

Judge Mildred Caban Flores presides over the cases.


PRESERBA COMPANIA: Unsecured Creditors to Get 5% in 60 Months
-------------------------------------------------------------
Preserba Compania de Desarrollos, Inc., filed a Chapter 11 Plan and
accompanying Disclosure Statement.

The Debtor developed and constructed a 56-unit walk-up housing
project commercially known as Condominio Miraflor.

GENERAL UNSECURED CLAIMS. This class shall consist of any and all
unsecured claim scheduled or filed by any party. The Debtor listed
unsecured creditors in the total amount of $188,061.
Thereafter, Popular Auto filed Claim No. 1 in the amount of
$8,061.  Should any other claim by the unsecured creditors of the
Debtor be timely filed, the same will be reconciled and if allowed,
included in this class.  The Debtor proposes to pay holders of
allowed claims under this Class a 5% dividend of their allowed
claim in a term of 60 consecutive months, commencing on the
Effective Date. This class is impaired.

EQUITY SECURITY AND/OR OTHER INTEREST HOLDERS. This class includes
all equity and interest holders who are the owners of the stock of
the Debtor. This class shall not receive a dividend under the Plan
and is not entitled to vote.

The proposed plan will be funded with Debtor's own assets, the
lease of the 56 units of  Condominio Miraflor, the shareholder's
contribution, if needed and if Condado accepts the  alternative
treatment of payment on the Effective Date, a post petition
financing in the amount of  $5,000,000.00.

A full-text copy of the Disclosure Statement dated May 29, 2019, is
available at https://tinyurl.com/y3te3aa4 from PacerMonitor.com at
no charge.

Attorney for the Debtor:

     Carmen D. Conde Torres, Esq.
     C. CONDE & ASSOC.
     San Jose Street #254, 5th Floor
     San Juan, P.R. 00901-1253
     Tel: (787) 729-2900
     Fax: (787) 729-2203
     E-mail: condecarmen@condelaw.com

                About Inversiones Caribe

Inversiones Caribe owns a parcel of land in Dorado, Puerto Rico,
which is valued at $6 million, and a commercial property in Ponce,
Puerto Rico, which is valued at $1.4 million.

Inversiones Caribe Delta filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 19-00388) on Jan. 29, 2019.  In the petition signed by
Carlos F. Muratti, president, the Debtor disclosed $7,415,061 in
assets and $3,619,549 in liabilities.  The case has been assigned
to Judge Brian K. Tester.  Carmen D. Conde Torres, Esq., at C.
Conde & Assoc., is the Debtor's counsel.

The case is jointly administered with the Chapter 11 case of
Preserba Compania de Desarrollos, Inc. (Case No. 19-00387).


REMLIW INC: Files Chapter 11 Liquidating Plan
---------------------------------------------
Remliw, Inc., filed a disclosure statement describing its chapter
11 plan of liquidation dated May 31, 2019.

Class V under the liquidation plan consists of unsecured creditors
with claims totaling approximately $1,774,342. General unsecured
claims will be paid on the Effective Date or the Closing Date on a
pro-rata basis from the available funds on that dated after payment
of Classes I, II, III, and IV.

The funds for the payment to the Debtor's creditors will originate
from the Debtor's available funds and the sale of its remaining
assets. The Debtor will conduct a sale of the business as a going
concern to maximize the economic yield of its assets. The asking
price for sale of the real property is $1,300,000.

The proposed plan has the following risk: The funding of the plan
is contingent to the sale and liquidation of all the assets of the
estate up to the maximum realized value.

A copy of the Disclosure Statement dated May 31, 2019 is available
at https://tinyurl.com/y2t4kes8 from Pacermonitor.com at no
charge.

A copy of the Liquidation Plan is available at
https://tinyurl.com/y4hk5m9s from Pacermonitor.com at no charge.

                     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: Stockholders Elect Six Directors
------------------------------------------------------
Spanish Broadcasting System, Inc., held its Annual Meeting of
Stockholders on June 6, 2019, at which the stockholders elected
Raul Alarcon, Joseph A. Garcia, Manuel E. Machado, Jason L.
Shrinsky, Jose A. Villamil, and Mitchell A. Yelen as directors to
hold office until such time as their respective successors have
been duly elected and qualified.  The stockholders also approved,
on an advisory basis, executive compensation and recommended a
triennial frequency of non-binding vote on executive compensation.

                   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
=====================================

PETROLEUM CO: Espinet Warned About Firing Company Police
--------------------------------------------------------
Anna Ramdass at Trinidad Express reports that the Estate Police
Association (EPA) said it warned Trinidad Petroleum Holdings' (TPH)
chairman Wilfred Espinet that there would be theft and massive loss
of assets following the termination of the estate police officers
at now defunct State-owned oil company Petroleum Co. of Trinidad &
Tobago (Petrotrin).

EPA president Deryk Richardson told the Express that Espinet must
answer why no action was taken when the EPA on November 28, 2018,
indicated to him that there would be danger to the company's
assets.

"The EPA told him (Espinet) that terminating the estate police from
Petrotrin would result in massive losses because the environment at
Petrotrin is completely different from any other environment and it
is near impossible for anyone to provide the necessary service,"
the report quoted Mr. Richardson as saying.

He said the Petrotrin branch met and told the company its move to
terminate the estate police was illegal as it was in contravention
to good industrial relations, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.




=============
U R U G U A Y
=============

MINERAL LOGISTICS: Fitch Assigns BB+(EXP) Rating to Notes Due 2037
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+(EXP)' rating to the proposed
senior secured notes to be issued by Mineral Logistics in the
amount of US483 million, maturing in 2037. The Rating Outlook is
Stable.

RATING RATIONALE

The rating reflects revenues supported by a long-term take or pay
(ToP) contract with a strong counterparty, the ability to adjust
tariffs annually by inflation and exchange rate and the recently
constructed terminal in a strategic location. The rating is further
supported by an adequate debt structure, with standard project
finance features and back-loaded amortization profile. Under the
rating case, Navios presents minimum and average DSCR of 1.10x and
1.15x, respectively. Leverage peaks at 11.8x upon issuance, slowly
delevering to 5.0x in 2030. Credit metrics are adequate for the
assigned rating, according to applicable criteria, in light of the
resilience of the revenue under the ToP contract.

KEY RATING DRIVERS

Long-Term Take-or-Pay Contracts [Revenue Risk: Volume - Midrange]:


Navios is a recently built iron ore transhipment terminal,
strategically located in a waterway at the tax-free zone in Nueva
Palmira, Uruguay. It benefits from a 20-year ToP contract with Vale
International, subsidiary of Vale S.A (BBB-/Rating Watch Negative
[RWN]). The ToP has already been tested and proved strong, backed
by a favorable ruling by the London Arbitration tribunal. The
contract establishes a minimum guaranteed quantity of 4 million
tons per annum and includes an incremental volume of 2 million tons
per year that is exercisable at Vale's option.

ToP Tariffs Track Inflation and FX Rate [Revenue Risk: Price -
Stronger]:

The ToP contract is annually adjusted based on the U.S. Inflation,
Uruguayan annual labor inflation and exchange rate. It also
establishes that the tariff adjustment formula should be reviewed
every three years, after which it could be reduced in so far as
there is an agreement between the two parties.

Required Investment for Ramp-up Phase Completed [Infra.
Development/Renewal - Midrange]:

The terminal is specialized in iron ore transhipment and was built
to meet Vale's specifications. It was constructed with proven and
resilient technology, appropriate for a bulk handling of minerals.
Navios also has the ability to stockpile 700,000 tons of storage
capacity, being able to suit both oceangoing vessels and river
barges. Over the life of the ToP, future investment should be
limited to maintenance and crane replacement, with the midrange
assessment explained by the short track record of operation.

Standard Back-Loaded Debt Structure [Debt Structure - Midrange]:

The rated notes are senior, fixed-rate and fully amortizing. Some
backloading is present as 73.8% of the debt is amortized from
2030-2037. The debt structure includes a six-month debt service
reserve as well as distribution trigger at 1.10x, that provides
additional support to the project under stressed scenarios.

Financial Profile

Under the rating case, Navios presents a stable debt service
coverage profile, with a minimum DSCR of 1.10x and average DSCR of
1.15x. Peak leverage occurs in the first year at 11.8x, gradually
deleveraging to approximately 5.0x in 2030. The OPEX breakeven is
considered strong, with the project being able to withstand an OPEX
and General and Administrative Expenses (G&A) increase of 74.6%
(considering the usage of the pre-funded DSRA) and still honor debt
service.

PEER GROUP

Navio's closest peer is THPA Finance Limited, whose senior debt is
rated 'BBB' with a Stable Outlook. Also a single asset, THPA
equally presents a volume assessment of midrange due to its
exposure to volatile cargo types and customer concentration.
However, it has stronger coverage metrics then Navios, with a
rating case average of 1.40x.

RATING SENSITIVITIES

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

  - DSCR profile consistently below 1.10x, under rating case.

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

  - DSCR profile consistently above 1.20x, under rating case, to
the extent that the offtaker counterparty credit quality does not
constrain the rating.

TRANSACTION SUMMARY

Mineral Logistics expects to issue senior secured notes in the
amount of USD483 million with a final maturity in August 2037 and a
maximum fixed interest rate of 7% per year. Mineral Logistics is a
Special Vehicle Purpose 100% owned by Corporacion Navios S.A.,
unconditional and irrevocable guarantor of the debt and owner of
the iron ore terminal facility.

The proceeds of the offering will be distributed to the parent
company, Navios South American Logistics Inc. to pay off corporate
level debt.

FINANCIAL ANALYSIS

Fitch Cases

Fitch scenarios reflect the following macroeconomic assumptions:

UYU CPI of 7.8% in 2019 and 7.5% in 2020, and a UYU/USD annual
average exchange of 34.71 in 2019 and 36.88 in 2020. US CPI was
considered at 2.2% (2019) and 2.3% (2020).

From 2021 onwards, the UYU CPI and the US CPI were considered at
7.5% and 2.0%, respectively. The UYU labor inflation was considered
2.0% higher than UYU CPI throughout the life of the debt.

Fitch's base case incorporates the minimum guaranteed throughput of
four million tons per year, the adjustment of tariffs according to
ToP formulas, operating expenses 5% higher than sponsor cases and
an investment of USD6.56 million in 2029 to replace the cranes.
Under Fitch's base case assumptions, average and minimum DSCRs are
1.20x and 1.14x, respectively.

Fitch's rating case reflects a reasonably likely combination of
uncorrelated stresses that could occur in a given year but are not
expected to persist every year. Fitch's rating case incorporates
the minimum guaranteed throughput of four million tons per year,
the adjustment of tariffs according to ToP formulas, operating
expenses 10% higher than base case and an investment of USD7.18
million in 2029 to replace the cranes. Under rating case
assumptions, average and minimum DSCRs are 1.15x and 1.10x,
respectively.

Asset Description

Navios completed the construction of the new iron ore transhipment
terminal in April 2017. The terminal is a state-of-the-art iron ore
transhipment facility located in the tax-free zone in Nueva
Palmira, Uruguay. The terminal has an annual throughput capacity of
10 million tons and static storage capacity of 700,000 tons.

The port is also located in an advantageous location, at the mouth
of the river, where the confluence of the Parana and Uruguay Rivers
meet the Atlantic, which suits both oceangoing vessels and river
barges.

Navios entered into a 20-year ToP contract with Vale International
SA. The ToP contract establishes a Minimum Guaranteed Quantity of
four million tons per annum and contemplates an incremental volume
of two million tons per year exercisable at Vale's option. Vale
International SA is a full subsidiary of Vale S.A (BBB-/RWN).

Per the readjustment formula established in the contract, 75% of
the tariff readjustment is based on the US CPI plus a fixed 2%
annual increase, while the remaining 25% of the tariff readjustment
is based on the rate of annual salary inflation in Uruguay as
recorded by the IMS Index (Indice Mensual de Salarios), and further
adjusted for any variation in the U.S. dollar to UY pesos exchange
rate.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week June 10 to June 14, 2019
-------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

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



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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
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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